Finance News Update, what you need to know

5.Finance News Update_ what you need to know

(Australian Associated Press)

WORLD FINANCE UPDATE:

The Australian dollar has drifted a little lower in quite offshore trade, with US markets closed for the Labor Day public holiday.

At 0630 AEST on Tuesday, the local unit was trading at 69.25 US cents, down from 69.33 cents on Monday.

And the Australian share market looks set to open flat with no lead from Wall Street which was closed for the US Labor Day public holiday.

At 0645 AEST on Tuesday, the September share price index futures contract was down three points at 5,019.

ELSEWHERE:

BEIJING – China’s foreign exchange reserves fell by a record $US93.9 billion ($A135.9 billion) last month, the government says, as Beijing sold US dollars to support its own currency following jitters over a sudden devaluation.

PARIS – France’s economic growth is picking up and should be slightly over 1.0 per cent this year and 1.5 per cent in 2016, but it remains too slow to reduce the jobless total, President Francois Hollande says.

NEW YORK – The European Union has approved a deal under which General Electric will acquire the energy business of French company Alstom for $US12 billion ($A17.36 billion), a source close to the transaction says.

ZURICH – Swiss mining giant Glencore, hit by collapsing commodities prices, has announced drastic moves to cut its $US30 billion-dollar ($A43.41 billion) debt by about a third.

SEOUL – British retailer Tesco PLC has agreed to sell its South Korean retail business to a locally led consortium in a deal worth about $US6 billion ($A8.67 billion).

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