Finance News Update, what you need to know

WORLD FINANCE UPDATE:

The Australian dollar is marginally weaker as a disappointing American manufacturing barometer took some shine off the greenback.

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At 0630 AEDT on Tuesday, the local currency was trading at 76.41 US cents, down from 76.49 cents on Monday.

And the Australian share market looks set to open higher after Wall Street lifted more than one per cent as investors weighed the timing of US interest-rate increases after lower-than-forecast economic data.

At 0645 AEDT on Tuesday, the March share price index futures contract was up 49 points at 5,843.

ELSEWHERE:

ATHENS – Greek Prime Minister Alexis Tsipras has said his country’s cash crunch will be resolved by an EU summit this week, warning that any pro-austerity opponents would not be allowed to scupper a deal.

WASHINGTON – US industrial production barely rose in February after two consecutive months of declines, pulled higher by heating demand amid unusually cold weather.

WASHINGTON – Manufacturing activity in New York state expanded at a slightly slower pace in March.

NEW YORK – US homebuilders are feeling slightly less confident in their sales prospects, but their overall sales outlook remains favourable.

NEW YORK – McDonald’s workers in 19 US cities filed complaints over burns from grease, a lack of protective equipment and other workplace hazards, according to labour organisers.

KUWAIT CITY – Kuwait has sought help from the International Monetary Fund to introduce corporate taxes in a bid to diversify revenue in the face of falling oil prices, a minister says.

STOCKHOLM – Swedish telecoms group Ericsson says it has bought the telecom division of a Chinese IT services company, adding 1,000 employees to its payroll less than a week after announcing major redundancies in Sweden.

DUBLIN – Irish no-frills airline Ryanair on Monday confirmed its board has approved plans to start flying low-cost transatlantic routes in the next five years.

FRANKFURT – Shoemaker and sports gear company Adidas AG says it has decided not to renew its partnership as official outfitter of the National Basketball Association.

NEW YORK – US real estate investor Blackstone Group is buying the iconic 110-story Willis Tower in Chicago, the second-tallest building in the United States.