Finance News Update, what you need to know

  • 05/19/2019

WORLD FINANCE UPDATE:

The Australian dollar is stronger against the greenback, which traded poorly despite better-than-expected economic data.

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At 0630 AEDT on Monday, the local unit was trading at 71.47 US cents, up from 71.12 cents on Friday.

And the Australian share market looks set to open flat after Wall Street closed hardly changed after a lift in tech stocks offset a renewed drop in oil prices.

At 0645 AEDT on Monday, the share price futures index was down one point at 4,919.

ELSEWHERE:

LONDON – Prime Minister David Cameron has met senior ministers to win endorsement of an EU deal he hopes will persuade voters to ratify Britain’s membership of the world’s largest trading bloc.

SHANGHAI – China has removed the head of its securities regulator following a turbulent period in the country’s stock markets, appointing a top state banking executive as his replacement, as leaders move to restore confidence in the economy.

SAO PAULO – The Brazilian government has announced more than $A8 billion in spending cuts in its 2016 budget amid the country’s worst recession in decades.

LA PAZ – Repsol SA has discovered 4 trillion cubic feet of possible natural gas reserves in Bolivia that it will start tapping in 2019, the government and company say – a finding that could boost the Andean country’s reserves by 40 per cent.

BOGOTA – Citibank is planning to sell the consumer banking operations it has run for a century in Argentina, Brazil and Colombia as South America’s three biggest economies suffer a major downturn.

SAN FRANCISCO – Yahoo’s board has hired three investment banking firms to evaluate potential bids for its internet operations in the clearest sign yet that CEO Marissa Mayer may not have much more time to turn around the struggling company.

FRANKFURT – US authorities have asked the German carmaker Volkswagen to produce electric vehicles in the United States as a way of making up for its rigging of emission tests.

COPENHAGEN – Sweden’s Volvo Cars says it is recalling 59,000 cars in 40 markets because of faulty software that can briefly shut down the engine and electric system while driving.

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