WORLD FINANCE UPDATE:
The Australian dollar hit its highest level in almost a month after US Federal Reserve head Janet Yellen said she as no plans to change monetary policy set under predecessor Ben Bernanke.
At 0630 AEDT on Wednesday, the local unit was trading at 90.39 US cents, up from 90.03 cents on Tuesday.
And the Australian share market looks set to open higher following strong gains on Wall Street after new Federal Reserve chief Janet Yellen's Congressional testimony appeared to reassure investors.
At 0645 AEDT on Wednesday, the March share price index futures contract was up 42 points at 5,245.
ELSEWHERE:
WASHINGTON - New Federal Reserve chair Janet Yellen says she has no plans to change monetary policy from that mapped out by her predecessor Ben Bernanke.
WASHINGTON - House Republicans say they will introduce a measure this week to extend US borrowing authority with no conditions attached, marking a clear victory for President Barack Obama.
PARIS - Portugal took a big step towards shedding its bailout clothes and borrowing normally to finance its budget, with a successful 10-year bond issue.
ZURICH - Mining giant Glencore Xstrata says its copper production rose by 26 per cent in 2013 from output the previous year, reaching 1.5 million tonnes.
LONDON - Barclays has defied calls for pay restraint and announced a 10 per cent hike in its staff bonus pool to STG2.4 billion ($A4.42 billion) while confirming plans to cut up to 12,000 jobs.
LONDON - Thomas Cook has trimmed losses in its first quarter as deep cost-cutting offset a fall in sales caused by political turmoil in Egypt.
HELSINKI - Finnish national carrier Finnair says fourth quarter losses have worsened as a strong euro hurts it on key Asian routes, but cost cutting measures have helped it post an annual profit.
FRANKFURT - Lufthansa, Germany's number one airline, says its passenger numbers rose again in January.
