Finance news you need to know today

HERE are five things making news in business and finance today.

1. SYDNEY — The Australian dollar has dropped against its US counterpart. The local currency was trading at 72.03 US cents at 0630 AEDT on Friday, down from 72.45 US cents on Thursday.

2. SYDNEY — The Australian share market is likely to open flat, with global markets retreating since the post-US election rally. At 0635 AEDT on Friday, the local SPI 200 futures contract was up five points, or 0.09 per cent, at 5,618 points.

3. WASHINGTON — Billionaire investor Carl Icahn has targeted environmental and banking regulations as big drags on US corporate investment and says revamping them will be a top priority in his role as adviser to President-elect Donald Trump.

4. RIO DE JANEIRO — Brazilian President Michel Temer has refused to resign before the end of 2016, a move that would allow voters to elect his replacement to take office next year.

5. WASHINGTON — US consumer spending increased modestly in November as household incomes failed to rise for the first time in nine months, suggesting the economy slowed in the fourth quarter after growing briskly in the prior period.

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