Finance News Update, what you need to know

3.Finance News Update_ what you need to know

(Australian Associated Press)

WORLD FINANCE UPDATE:

The Australian dollar is lower after Wall Street and commodity prices dropped overnight in risk-off trade.

At 0630 AEST on Tuesday, the local unit was trading at 70.86 US cents, down from 71.52 cents on Tuesday.

And the Australian share market looks set to open lower after Wall Street tumbled on worries about global growth and the burgeoning Volkswagen emissions scandal.

At 0645 AEST on Wednesday, the share price index futures contract was down 70 points at 5,086.

ELSEWHERE:

FRANKFURT – Volkswagen’s pollution cheating scandal has escalated dramatically after the automaker revealed 11 million of its cars worldwide could be affected, wiping a third off the company’s market value and threatening to topple its chief executive.

NEW YORK – The United Nations has described as “extremely troubling” Volkswagen’s admission that it had equipped 11 million of its cars with devices to cheat emission tests and urged the auto giant to correct the situation.

LONDON – Britain has called on the European Commission to urgently investigate the cheating of vehicle emissions tests following the scandal that has rocked German auto giant Volkswagen.

PARIS – French carmakers have backed their government’s call for a Europe-wide probe into the monitoring of vehicle emissions systems in the wake of the scandal rocking Volkswagen.

PARIS – France’s highest court has confirmed a ban on controversial ride-sharing service UberPOP, dismissing a constitutional appeal by the US company.

NEW YORK – New York regulators have approved their first licence to a company dealing in virtual currency such as bitcoin.

NEW YORK – Groupon is cutting 1,100 jobs in the coming year, roughly 10 per cent of its work force.

KIEV – IMF chief Christine Lagarde has pressed Ukraine’s hold-out creditors, including Russia, to write off some of the crisis-wrecked country’s massive debt.

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