Finance News Update, what you need to know

Reported by AAP
Thursday, May 28, 2015
Australia's richest and poorest postcodesOne pocket of Sydney's eastern suburbs earn close to nine times more than those who live in the country's poorest area.

WORLD FINANCE UPDATE:

The Australian dollar is weaker after the greenback strengthened overnight as traders focused on ongoing Greek debt negotiations.

At 0630 AEST on Thursday, the local unit was trading at 77.30 US cents, down from 77.61 cents on Wednesday.

The Australian market looks set to open higher, after the Nasdaq index on Wall Street bolted to a fresh record peak.

At 0646 AEST on Thursday, the June share price index futures contract was up 10 points at 5,750.

ELSEWHERE:

ATHENS - Technical experts representing Greece and its creditors are to start drafting a long-awaited agreement that would release much needed bailout loans for the struggling euro zone country, a Greek government source says.

NEW YORK - McDonald's says it will stop reporting its monthly sales results as the company works to fix its struggling business.

WASHINGTON - US banks' earnings rose 6.9 per cent in the first quarter from a year earlier as revenues increased, delinquent loans continued to fall and the number of "problem" banks reached a six-year low.

PARIS - Luxury jeweller Cartier says it doesn't intend to climb on the smartwatch bandwagon, viewing none of the hi-tech gadgets equal to the traditional timepieces the 168-year-old company makes.

MILAN - Super sports carmaker Lamborghini has confirmed it will enter the luxury SUV market and has signed a deal to produce the vehicle in Italy after receiving more than 80 million euros ($A113 million) in government incentives.

SANTIAGO - Foreign direct investment in Latin America and the Caribbean fell 16 per cent in 2014, reversing a decade-long growth trend as the region's economies slowed, a UN panel says.

29/05/2015 06:04Sydney, Australia. 29 May,2015
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