WORLD FINANCE UPDATE:
The Australian dollar has rallied as the greenback continues to be pounded on reduced odds of a near-term US rate rise.
At 0700 AEST on Tuesday, the local unit was trading at 73.66 US cents, up from 73.35 cents on Monday.
And the Australian share market looks set to open higher after Wall Street rose as Federal Reserve Chair Janet Yellen painted a mostly upbeat picture of the US economy but gave little sense of when a rate rise may be coming.
At 0645 AEST on Tuesday, the share price index was up 14 points at 5,377.
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ELSEWHERE:
PHILADELPHIA - Federal Reserve Chair Janet Yellen says interest rate hikes are likely on the way because "positive economic forces have outweighed the negative" for the United States now that risks from earlier this year have diminished.
WASHINGTON - More than 450 groups have called on the US Congress to reject the Trans-Pacific Partnership if it comes up for a vote later this year, saying the trade deal will allow fossil fuel companies to contest US environmental rules in extrajudicial tribunals.
WASHINGTON - The US Supreme Court has rejected Ecuador's challenge to a $US96 million ($A130 million) international arbitration award in favour of energy company Chevron Corp in a dispute over the development of oil fields in the South American country.
LONDON - Burberry chief executive Christopher Bailey has taken a 75 per cent pay cut after the luxury retailer failed to hit profit targets amid a challenging global environment, including a slowdown in the Chinese economy.
NANJING, China - Chinese retail giant Suning Commerce Group has agreed to buy nearly 70 per cent of famed Italian soccer club Inter Milan for 270 million euros ($A416 million), the highest-profile takeover of a European team so far by a Chinese firm.
