Finance News Update, what you need to know

WORLD FINANCE UPDATE:

The Australian dollar has benefited from disappointing American manufacturing data coinciding with US Federal Reserve nominee Janet Yellen's comments in favour of continuing stimulus measures.

At 0700 AEDT on Monday, the Australian dollar was trading at 93.79 US cents, up from Friday's close of 93.36 cents.

And the Australian share market looks set to open higher following gains on international markets after Federal Reserve chief nominee Janet Yellen bolstered expectations of the Fed keeping the flow of easy money.

At 0655 AEDT on Monday, the December share price index futures contract was up eight points at 5,417.

ELSEWHERE:

MELBOURNE - Trading in takeover target Warrnambool Cheese and Butter shares is set to resume after the Victorian company's board backed an increased offer from Canadian dairy giant Saputo.

NEW YORK - JPMorgan Chase & Co will pay $US4.5 billion ($A4.84 billion) to settle claims by 21 institutional investors over mortgage-backed securities issued from 2005 to 2008, the largest US bank has announced.

WELLINGTON - The New Zealand government has announced it is to start the process of selling down its 73 per cent ownership of Air New Zealand to around 53 per cent.

DUBAI - Dubai Airshow has kicked off with whopping plane orders worth over $US100 billion ($A107.53 billion) for Boeing and Airbus from Gulf carriers, mostly clinched by the US aircraft manufacturer.

DUBAI - Abu Dhabi's Etihad Airways placed an order for 56 Boeing aircraft, including 25 yet-to-be-launched long-haul 777X passenger jets, as the Dubai Airshow opened.

SEOUL - South Korea's economy is likely to be growing at its full potential by late next year but it won't necessarily lead to an interest rate rise, its central bank chief says.

NEW YORK - Forbes Media, publisher of Forbes magazine, has hired investment bankers to explore a potential sale, the company's chief executive says.