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SYDNEY, Nov 30 AAP

November 30 2012, 08:22AM

A roundup of news in finance, economics and business from around the world:

INTERNATIONAL NEWS

LONDON - A major inquiry has called for new laws to underpin a tougher watchdog for Britain's "outrageous" newspapers in a verdict that sets up Prime Minister David Cameron for a bruising political battle.

LONDON - Justice Brian Leveson has condemned the News of the World, saying the now-defunct tabloid had a general "loss of direction" and "lack of respect".

WASHINGTON - The US economy grew at a 2.7 per cent pace in the third quarter, faster than previously estimated, the Commerce Department says in a report that nevertheless points to a weaker fourth quarter.

NEW YORK - CNN has named former NBC Universal chief Jeff Zucker as its new top executive, searching for a way to turn around the original cable news network that has lagged behind rivals Fox News Channel and MSNBC.

MADRID - Spain is engulfed in a long recession with little hope of a quick recovery, the OECD club of industrialised nations says.

BEIJING - Standard & Poor's has affirmed China's sovereign credit rating, another sign that the world's second largest economy is rebounding as Beijing prepares to usher in new leaders.

LOCAL NEWS

SYDNEY, Nov 30 AAP - The Australian market is expected to open higher after gains on Wall Street overnight.

SYDNEY, Nov 30 AAP - The Australian dollar is around a third of a US cent lower on negative sentiment surrounding US debt negotiations.