Finance News Update, what you need to know

WORLD FINANCE UPDATE:

The Australian dollar is higher, helped by a bounce in US stocks on the back of some strong US consumer confidence data.

At 0630 AEST on on Wednesday, the local unit was trading at 69.91 US cents, up from 69.47 cents on Tuesday.

And the Australian share market looks set to open higher after US shares mainly rose following a report showing that US consumer confidence had defied expectations and risen.

At 0645 AEST on Wednesday, the December share price index futures contract was up 41 points at 4,925.

ELSEWHERE:

WASHINGTON - US consumer confidence grew moderately in September, building on August's strong rebound, as consumers turned more positive about current economic conditions, the Conference Board says.

LONDON - Climate change and increasingly severe weather pose a grave risk to financial systems and long-term prosperity, the governor of the Bank of England says.

FRANKFURT - Volkswagen has revealed a plan to refit millions of vehicles affected by a worldwide pollution-cheating scam, as its new chief vowed to act ruthlessly to overcome the "severest test" in the car giant's history.

GENEVA - Mining giant Glencore, facing rumours in financial circles it would soon be delisted, has insisted its business remains robust, which sent its shares rebounding 20 per cent.

NEW YORK - Ralph Lauren is stepping down as CEO of the fashion and home decor empire that he founded nearly 50 years ago.

NEW YORK, Sept 29 AFP - Microsoft founder Bill Gates has retained his title as wealthiest American, while three founders of online companies joined the top 10, according to the latest Forbes 400 list.