Finance News Update, what you need to know

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(Australian Associated Press)

WORLD FINANCE UPDATE:

The Australian dollar is weaker against US counterpart which remains strong following comments from the Federal Reserve on the timing of an interest rate rise.

At 0630 AEST on Tuesday, the local currency was trading at 73.32 US cents, down from 73.90 cents on Monday.

And the Australian share market looks set to open higher after gains on US and European markets after Greece made massive loan repayments to creditors and reopened its banks.

At 0645 AEST on Tuesday, the September share price index futures contract was up nine points at 5,651.

ELSEWHERE:

WASHINGTON – The International Monetary Fund says Greece is no longer in default on its loans after remitting about two billion euros ($A2.93 billion) to make up for missed debt payments.

ATHENS – Capital controls imposed by the Greek government are taking a heavy toll on the country’s businesses, with nearly a quarter seeking to move their headquarters abroad.

WASHINGTON – The US Federal Reserve set Monday tough new capital surcharges for the country’s eight largest banks in a new post-economic crisis effort to reel in “too-big-to-fail” institutions.

WASHINGTON – White House economic adviser Maurice Obstfeld is to become the International Monetary Fund’s chief economist.

NEW YORK – US defence giant Lockheed Martin says it had agreed to buy Sikorsky Aircraft, maker of Black Hawk helicopters, from United Technologies Corporation for $US9 billion ($A12.19 billion) in cash.

NEW YORK – PayPal shares have jumped in its first day as a separate and publicly-traded company as the firm outlines plans to capitalise on the rise of mobile payments and the growing digitisation of money.

PARIS – French telecom group Orange says it is in exclusive negotiations to purchase four African subsidiaries from India’s biggest mobile company, Bharti Airtel.

MILAN – Italy sports car giant Ferrari has recalled 2600 cars globally because of a default in airbags supplied by Japanese company Takata, the company says.

NEW YORK – Subway’s chief marketing officer Tony Pace is leaving the company to start a marketing consultancy.

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