Finance News Update, what you need to know

WORLD FINANCE UPDATE:

Australian dollar is higher as more investors bet on the US Federal Reserve tightening monetary policy amid global volatility.

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At 0700 AEDT on Wednesday, the local unit was trading at 70.56 US cents, up from 70.37 cents on Tuesday.

And the Australian share market looks set to open higher despite international markets putting on weak performances amid concern over world economic growth, ahead of Federal Reserve chair Janet Yellen’s Congressional testimony.

At 0645 AEDT on Wednesday, the share price futures index was up 10 points at 4,785.

ELSEWHERE:

WASHINGTON – US President Barack Obama has proposed a $US4.1 trillion spending plan for 2017 in a final White House budget that lays out his priorities for fighting Islamic State, raising taxes on wealthy Americans and helping the poor.

WASHINGTON – US companies advertised more available jobs in December and there were more resignations in a trend that could lift wages in the coming months.

ATLANTA, Georgia – Coca-Cola has reported fourth-quarter net income of $US1.24 billion ($A1.75 billion).

AKRON, Ohio – The Goodyear Tyre & Rubber Co has reported a fourth-quarter loss of $US380 million ($A536.80 million), after reporting a profit in the same period a year earlier.

PARIS – French drug maker Sanofi says its bottom line was roughly stable last year as it advanced efforts to reshape its drug portfolio and pursue research and development tie-ups in oncology and diabetes.

HANOVER – TUI Group, the world’s largest tour operator, says bookings to Turkey this (northern) summer are down around 40 per cent over security concerns, as it reported a narrower first-quarter loss.

LONDON – British supermarket Sainsbury’s has continued to outperform the industry in the early weeks of 2016, industry data shows.

NEW YORK, Feb 9 PA – The boss of Google has become America’s highest paid chief executive after being handed $US199 million ($A281.11 million) in shares.