Finance News Update, what you need to know

Finance News Update, what you need to know

WORLD FINANCE UPDATE:

The Australian dollar is lower after early results of Greece's bailout referendum pointed to a rejection of fresh austerity demands from international creditors.

At 0630 AEST on Monday, the local unit was trading at 74.58 US cents, down from 75.84 cents on Friday.

And the Australian share market looks set to open lower with European markets slipping ahead of Greece's referendum on its bailout and future in the eurozone.

At 0645 AEST on Monday, the September share price index futures contract was down seven points at 5,480.

ELSEWHERE:

ATHENS - Greece's government has claimed "a clear mandate" for less stringent bailout conditions as voters looked set to overwhelmingly back its rejection of further austerity in a key referendum.

NEW YORK - The euro is dropping against the dollar after early results of the Greece bailout referendum suggested the country rejected fresh austerity demands from EU-IMF creditors.

ATHENS - Greece's conservative opposition chief Antonis Samaras has announced his resignation after the country was on course to soundly reject further austerity cuts in a referendum.

BERLIN - German Chancellor Angela Merkel has discussed the outcome of Greece's referendum with French President Francois Hollande in a telephone call, with both agreeing the 'No' vote must be respected, a German government spokesman says.

ATHENS - Hundreds of 'No' voters have begun celebrating in Athens after early results showed those who rejected further austerity measures in a crucial bailout referendum were poised to win.

BEIJING - The World Bank has removed a critical portion from a recently released report on China's economy, saying the section had not been adequately reviewed.

TOKYO - Japan has pledged Y750 billion ($A7.98 billion) in financial aid to the "Mekong Five" countries as it pushes infrastructure exports and courts influence in a region where rival China has an increasing presence.

BRASLIA - Brazil's antitrust body has announced a probe into alleged foreign exchange market rigging by 15 banks including Citigroup and HSBC, accused of colluding to form a secret cartel.

NEW DELHI - European aerospace giant Airbus and India's Mahindra group have inked a deal to jointly build helicopters as the Indian government moves to upgrade the country's ageing military hardware, the companies say.

MONTREAL - Canada's finance minister has denied that the country is heading for recession, a day after two major banks predicted economic doomsday.


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3 min read

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Source: AAP



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