Finance News Update, what you need to know

WORLD FINANCE UPDATE:

The Australian dollar is higher after most commodity prices gained overnight.

At 0630 AEST on on Friday, the local unit was trading at 70.30 US cents, up from 69.80 cents on Thursday.

And the Australian share market looks set to open flat after US and European bourses closed lower on global growth fears and amid the spreading Volkswagen scandal.

At 0708 AEST on Friday, the share price index futures contract was up two points at 5,060.

ELSEWHERE:

WASHINGTON - New orders for US durable manufactured goods dipped in August because of a decline in transportation orders, according to the latest government data.

WASHINGTON - The number of Americans seeking unemployment benefits rose slightly last week yet remained at a low level consistent with solid job growth.

NEW YORK - Sales of new US single-family houses have jumped in August to a near eight-year high, according to the latest data from the Commerce Department.

NEW YORK - US manufacturing giant Caterpillar has announced a major cost-cutting program that could eliminate more than 10,000 jobs.

BRUSSELS - The EU has urged its 28 member states to investigate whether vehicles comply with European pollution rules, in the wake of revelations that Volkswagen cheated in emission tests on its diesel cars.

FRANKFURT - Standard & Poor's is threatening to downgrade Volkswagen's credit rating over a worldwide pollution cheating scandal.