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Finance News Update, what you need to know

Reported by AAP
Monday, September 1, 2014
Super-rich getting richerThe world's super-rich could actually be wealthier than anyone first thought.

WORLD FINANCE UPDATE:

The Australian dollar has started the week lower following gains from its US counterpart.

At 0630 AEST on Monday, the currency was trading at 93.25 US cents, down from 93.56 cents on Friday.

The Australian sharemarket is tipped for a flat start ahead of a major week of data that will indicate how the economy is travelling.

The September share price index futures contract is down two points at 5,613.

ELSEWHERE:

WASHINGTON - The International Monetary Fund has approved the release of nearly $US1.4 billion ($A1.5 billion) in fresh funds for troubled Ukraine, as the country faces an escalation in fighting with pro-Russia separatists.

KUALA LUMPUR - Malaysia Airlines will slash thousands of staff, trim its route network, and replace its CEO under a plan announced Friday to stave off bankruptcy after two air tragedies plunged the already troubled carrier deeper into crisis.

WASHINGTON - US personal spending fell in July, putting a drag on third-quarter growth, as income gains slowed, government data shows.

PARIS - French President Francois Hollande has announced on Saturday that EU leaders will hold a summit in Italy in early October aimed at boosting growth and jobs in the bloc.

BRUSSELS - European leaders have named Polish Prime Minister Donald Tusk as the next EU president and Italian Foreign Minister Federica Mogherini to head the bloc's foreign service, current leader Herman Van Rompuy says.

OTTAWA - Canada's economy picked up momentum in the second quarter after starting the year in a slump, with activity increased in most sectors, the government statistical agency says.

BRASLIA - Brazil is in recession after Latin America's largest economy contracted during two successive quarters, the National Statistical Institute (IGBE) reports.

NEW DELHI - India says its economy grew by 5.7 per cent in the first financial quarter, its fastest pace in over two years, as the election of a new right-wing government spurred business confidence.

NEW YORK - The US government has issued an advisory that warns about the risks that Bitcoins and other virtual currencies pose to consumers.

MONROVIA - Liberia says it will deny permission for any crew to disembark from ships at the country's four seaports until the Ebola epidemic ravaging west Africa was under control.

TOKYO - Japan's Panasonic will develop a water purification system together with India's Tata Group, tapping into a fast-growing market in Asia.

MOSCOW - The ruble has slumped to a record dollar low and stocks have tumbled on investor fears of tighter Western sanctions towards Russia, prompting an appeal by foreign businesses against further ineffective measures.

SACRAMENTO, California - California lawmakers have approved a measure that would make the state the first in the US to impose a statewide ban on single-use plastic bags.

01/09/2014 17:29Sydney, Australia. 1 September,2014
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