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Finance News Update, what you need to know

Friday, October 31, 2014
Topics in this article:
Bhp Billiton,Rio Tinto
Companies forced to change their nameConflict in Iraq and Syria is causing serious headaches for companies who happen to share the ISIS moniker

WORLD FINANCE UPDATE:

The Australian dollar is higher as it starts to recover the losses made after the US Federal Reserve's policy meeting.

At 0630 AEDT on Friday, the local unit was trading at 88.34 US cents, up from 87.65 cents on Thursday.

And the Australian share market looks set to open higher after Wall Street rallied as data showed faster-than-estimated economic growth, fuelling speculation the economy is strong enough to withstand higher interest rates.

At 0645 AEST on Friday, the December share price index futures contract was up 17 points at 5,475.

ELSEWHERE:

FRANKFURT - The European Central Bank says it will start its purchases of asset-backed securities or ABS in November in a bid to kick-start credit in the euro area.

WASHINGTON - The US economy grew at a solid annual rate of 3.5 per cent in the July-September quarter, propelled by solid gains in business investment, export sales and the biggest jump in military spending in five years.

WASHINGTON - New claims for US unemployment insurance benefits last week held to the recent low levels that have underpinned the tightening US jobs market, the Labour Department reports.

ATHENS - The Athens stock market has fallen 3.6 per cent in trading, with the banking index plunging 7.3 per cent over concern about the state of the Greek economy.

FRANKFURT - Inflation in Germany, Europe's biggest economy, remained at the ultra-low level of 0.8 per cent for the fourth month in October, initial data shows, against a background of eurozone deflation worries.

KIEV - Ukraine says its economy shrank by 5.1 per cent on a 12-month basis in the third quarter, less than expected and signalling a pause in the war-torn country's accelerating economic decline.

RIO DE JANEIRO - Brazil mining giant Vale, the world's largest ore producer, has posted a surprise net loss in the third quarter due to depreciation of the real and a drop in iron-ore prices.

NEW YORK - Financial information and media group Thomson Reuters says its profits fell 15 per cent from a year ago following a major restructuring.

NEW YORK - The New York Times Co says it has narrowed its losses from the same period a year ago, while touting progress in its transition to a digital news operation.

PARIS - Fighting back from a series of crises, telecommunications equipment group Alcatel-Lucent has surprised with the extent of its success in cutting losses.

WASHINGTON - Apple CEO Tim Cook has come out as gay, saying that fighting for equality is at the core of his personal and business ethos.

01/11/2014 14:56Sydney, Australia. 1 November,2014
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