Finance News Update, what you need to know

04_Finance News Update what you need to know

(Australian Associated Press)

WORLD FINANCE UPDATE:

The Australian dollar is higher, as Wall Street stocks gain and metal prices rise.

At 0700 AEDT on Tuesday, the local unit was trading at 71.88 US cents, up from 71.66 cents on Monday.

And the Australian share market looks set for a flat open to trade, despite a strong lead from Wall Street.

At 0652 AEDT on Tuesday, the March share price index futures contract was down three points at 5,066.

ELSEWHERE:

BRUSSELS – The European Union has extended economic sanctions against Russia until the end of July next year after the deadline for raising objections passed without any member state challenging the decision.

MADRID – Spain has entered the political unknown after the most fragmented national election in its history, as old and new parties fire the first salvos in coalition talks that are likely to be long and complex.

COLUMBUS – JPMorgan Chase has agreed to pay $US150 million ($A209 million) to public pension funds and individuals hurt by its $US6 billion so-called London Whale trading loss.

DETROIT, Michigan – German carmaker BMW is facing a $US40 million ($A56 million) penalty from US safety regulators for moving too slowly to fix Mini brand cars that didn’t pass federal crash tests.

LONDON – A London trader who became the first man to be jailed for rigging Libor rates has had his 14-year jail sentence cut by three years.

NEW YORK – The latest iPhones come with the ability to turn still images into video – but sharing options had been limited to other Apple apps.

TOKYO – A database for Sanrio, the Japanese owner of the Hello Kitty brand, has reportedly been breached, putting 3.3 million of its users’ data at risk.

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