Tesla to sack 3600 workers
THE Australian share market looks set to open slightly lower despite a mainly positive lead from Wall Street following the denuclearisation deal struck between the US and North Korea. At 0700 AEST on Wednesday, the share price futures index was down eight points, or 0.13 per cent, at 6,047.
Meanwhile, the Australian dollar has slipped as a rise in its US counterpart dents other major currencies. The local currency was trading at 75.72 US cents at 0700 AEDT on Wednesday, from 76.10 on Tuesday.
WORLD FINANCE UPDATE:
CHINA - Beijing suggested the UN Security Council could consider suspending or lifting sanctions against North Korea if Pyongyang is in compliance with UN resolutions and making progress in diplomatic negotiations.
WASHINGTON - US consumer prices rose marginally in May amid a slowdown in the pace of increases in the cost of petrol, pointing to moderate inflation pressures.
WASHINGTON, DC - White House economic adviser Larry Kudlow, a staunch defender of President Donald Trump's tough stance on global trade, will remain in a Washington-area hospital but was expected to "make a full and speedy" recovery after suffering a heart attack.
LONDON - British Prime Minister Theresa May has defeated a rebellion in parliament over her Brexit plans, but not without having to compromise and hand lawmakers more control over Britain's departure from the European Union.
NEW YORK CITY - Tesla is cutting about 9 per cent of jobs across the company, billionaire chief executive Elon Musk says as it seeks to reduce costs without endangering the critical ramp-up of production of its Model 3 sedan.
WASHINGTON - AT&T Inc has won approval from a US court to buy Time Warner Inc for $US85 billion ($A112 billion), dealing a blow to President Donald Trump's move to block the deal and likely setting off a wave of corporate mergers.
HANOVER - Some 73,000 eggs due to be sold across six German states are contaminated with the insecticide fipronil, the Agriculture Ministry in the state of Lower Saxony says.
FARMERS - Farmer confidence has plummeted to a five-year low as much of rural Australia deals with drought.
HOUSING FINANCE - Home loan approvals fell in April, and while the drop was not as great as economists had forecast there are expectations the housing market has continued to soften in recent weeks.
AGL - AGL Energy has struck several deals for its proposed liquefied natural gas import jetty at Crib Point in Victoria, which could help deliver more gas to Victoria and South Australia.
VIRGIN AUST - Virgin Australia chief executive John Borghetti will leave his role in 2020, ending a decade at the company.
ATLAS IRON - Gina Rinehart's Hancock Prospecting has reportedly bought a significant stake in junior miner Atlas Iron, less than a week after Andrew Forrest's Fortescue Metals Group made a similar move on the Pilbara-based outfit.
TEGEL - The independent directors of New Zealand's biggest poultry producer, Tegel Group, have urged shareholders to accept a $NZ438 million ($A405m) takeover bid from Bounty Fresh Food of the Philippines.
CALTEX - Caltex Australia expects its first-half underlying profit to improve by as much as seven per cent, with a strong wholesale performance helping to offset lower retail fuel margins and the overhaul of its convenience store network.
CHINA INVESTMENT - Chinese investors are more wary about Australia, with a growing number saying they feel unwelcome.
BUDGET QLD - Queensland's resources sector has helped triple the state budget's projected operating surplus to $1.5 billion for the next financial year.