WORLD FINANCE UPDATE:
The Australian dollar is higher after a batch of weak China economic data in recent weeks raised hopes that its central bank will soon cut the reserve requirement ratio (RRR).
At 0630 AEDT on Tuesday, the local unit was trading at 91.31 US cents, up from 90.90 cents on Monday.
And the Australian share market looks set to open lower after falls on Wall Street as Eastern Europe tensions escalate with Russian troops seizing Ukrainian ships and military installations in Crimea.
At 0645 AEDT on Tuesday, the June share price index futures contract was down 25 points at 5,323.
LONDON – A closely-watched survey of business activity across the 18-country eurozone is indicating that economic growth across the region is spreading and running at a near three-year high.
SIMFEROPOL – The rouble has become Crimea’s official currency as Russia seizes complete control of the peninsula, but businesses are still dealing mainly in the Ukrainian hryvnia.
PARIS – French bank BNP Paribas says it plans to cut 1,600 jobs at its Ukrainian unit UkrSibBank by 2015 due to political uncertainty in the country.
LONDON – Britain’s state-rescued Royal Bank of Scotland held initial talks with Japan’s Sumitomo Mitsui Financial Group about the sale of US retail division RBS Citizens, the Wall Street Journal (WSJ) reports.
LONDON – Britain’s crisis-hit Co-operative Bank has revealed that it needed another STG400 million ($A728 million) of fresh capital to help to fill a hole in its finances.
SHANGHAI – China’s major onshore oil firms Sinopec and PetroChina say profits rose in 2013, despite weakness in the world’s second largest economy.
LONDON – British financial services provider Standard Life says it is in “advanced” talks to purchase fund manager Ignis from owner Phoenix Group.
PARIS – Renault is to part ways with British specialist sports car manufacturer Caterham, sources say, but the dissolution of their joint venture will not keep the French carmaker from reviving its Alpine brand.
NEW YORK – Cisco says it plans to spend more than $US1 billion ($A1.10 billion) over the next two years to build up its cloud computing network.