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Finance News Update, what you need to know

AAP logoAAP 19/12/2016

WORLD FINANCE UPDATE:

The Australian dollar is lower with the greenback's continuing strength trumping any local economic developments.

The local currency was trading at 72.51 US cents at 0700 AEDT on Tuesday, down from 72.90 US cents on Monday.

The Australian share market is set to open lower despite gains in US markets amid low volume trading as investors there remained cautiously optimistic about a fiscal boost from president-elect Donald Trump's administration.

At 0635 AEDT on Tuesday, the local SPI 200 futures contract was down seven points, or 0.13 per cent, at 5,521 points.

ELSEWHERE:

PARIS - French judges convicted IMF chief Christine Lagarde of negligence for a state payout made while she served as France's finance minister in 2008, but imposed no punishment, citing her preoccupation at the time with the global financial crisis.

BRUSSELS - The European Union extended economic sanctions against Russia by six months on Monday after completing the legislative process for a decision endorsed last week by national leaders at an EU summit.

WASHINGTON - German auto supplier Robert Bosch GmbH is expected to settle a lawsuit filed by US owners related to the Volkswagen pollution scandal for more than $US300 million ($A414 million), a source briefed on the matter said.

PARIS - Iran said it expects to get its first new jet within weeks under a multi-billion-dollar deal with Airbus for 100 planes, a senior official said, as Tehran and Western firms race to reopen trade almost a year after sanctions were lifted.

WASHINGTON - US Federal Reserve chair Janet Yellen has told university students that changing technologies and globalisation have put a premium on completing a college education in order to get and keep higher-paying jobs.

TEL AVIV/LONDON - Israeli authorities placed billionaire businessman Beny Steinmetz under house arrest on Monday over allegations of bribery and corruption in Africa linked to his mining company, BSG Resources (BSGR).

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