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Finance news you need to know today

THE Australian market looks set to open modestly higher, following Wall Street’s positive lead as international tech stocks regrouped and investors anticipated an interest rate rise from the US central bank. At 0700 AEST on Wednesday, the share price futures index was up seven points, or 0.12 per cent, at 5,789.

Meanwhile, the Australian dollar is lower against its US counterpart amid a sharp fall in the price of iron ore. The local currency was trading at 75.37 US cents at 0700 AEST on Wednesday, from 75.50 on Tuesday.

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WORLD FINANCE UPDATE:

WASHINGTON — US inflation at the wholesale level stayed unchanged in May as food and energy prices slipped.

WASHINGTON — US senators have reached agreement on a new package of sanctions on Russia amid the firestorm over Russia’s meddling in the presidential election

WASHINGTON — The United States is weighing sanctions on countries doing business with North Korea and looking for ways to revive strained relations with Russia, US Secretary of State Rex Tillerson says.

WASHINGTON — US Secretary of State Rex Tillerson says Cuba “must begin to address human rights challenges” if it wants Washington to move toward more normal relations started under former President Barack Obama.

LONDON — House price growth in London has accelerated for the first time in nearly a year, according to an official index.

NEW YORK — Time Inc is eliminating 300 positions, or four per cent of its workforce, through lay-offs and buyouts, according to an internal memo seen by Reuters.

SAN FRANCISCO — Uber boss Travis Kalanick will take a leave of absence for an unspecified period and let his leadership team run the troubled ride-hailing company while he’s gone.

TUESDAY HIGHLIGHTS:

TEN — Ten Network directors have been urged not to “rush prematurely into administration” after billionaire shareholders Lachlan Murdoch and Bruce Gordon refused to back a new funding deal for the loss-making commercial free-to-air broadcaster.

CROWN — The Crown Resorts employees detained in China have all been charged with the illegal promotion of gambling on the Chinese mainland.

BELLAMYS — Infant formula supplier Bellamy’s will raise $60.4 million through a new issue of shares and acquire a canning facility that the company hopes will help improve margins and satisfy Chinese regulatory demands.

RIO TINTO — China’s Yancoal is waiting for Rio Tinto to make a determination on Glencore’s late offer for the global miner’s NSW energy coal operations before deciding whether to engage in a bidding war.

CSL — CSL has secured a foothold in the world’s fastest growing plasma therapeutics market with a $US352 million ($A466 million) stake in Chinese biotech Ruide.

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SUPER RETAIL — Robert Wright will step down as chairman of sports, auto and camping goods retailer Super Retail Group, after eight years in the role.

SPRINT — Phone and internet provider Sprint Telco has been fined $10,800 for allegedly tricking a consumer into believing it was an agent for Telstra and transferring them to its own service.

FARMERS — Farmers are feeling better about the year ahead as they fetch high prices for lamb, mutton, wool and beef.

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