WORLD FINANCE UPDATE:
The Australian dollar has sunk to its lowest level in seven weeks on the back of the Reserve Bank's interest rate cut and another fall in oil prices.
At 0700 AEST on Wednesday, the Aussie dollar was trading at 74.85 US cents, down from 75.92 cents on Tuesday.
And the Australian share market looks set to open more than one per cent lower following slumps on international bourses after weak economic data in China and Europe reignited worries about global growth, while a further drop in oil prices dragged down energy shares.
At 0645 AEST on Wednesday, the share price index was down 66 points at 5,289.
ELSEWHERE:
DUBAI - OPEC has yet to agree on a long-term strategy after Saudi Arabia objected to a proposal from arch-rival Iran that the exporter group aim for tighter control of the oil market, sources say.
LONDON - British manufacturing output unexpectedly shrank to hit its lowest level in three years in April, a survey shows.
OSLO - Norway's $US872 billion ($A1.1 trillion) sovereign wealth fund, the world's largest, says it press US oil majors ExxonMobil and Chevron to do more to report on the risks of climate change.
SAO PAULO - A Brazilian judge has overturned a suspension of Facebook Inc's WhatsApp messaging application that affected some 100 million users, after many people voiced frustration at the second such freeze in five months in the South American country.
LONDON - Two groups have signalled their interest in buying the British assets of Tata Steel, offering hope that thousands of jobs could be saved after weeks of uncertainty.
WASHINGTON - A customer has filed a $US5 million ($A6.5 million) lawsuit against Starbucks in the US, saying the chain puts "too much ice" in its cold drinks and consequently does not serve the volume of coffee or other liquid advertised.
ZURICH - UBS has reported weaker earnings and capital, triggering the biggest drop in the Swiss bank's shares in more than a year, despite efforts to reassure investors with details of cost and job cuts.
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