Trading Room home page

International financial news

Market watch top headlines

World reports

Stocks to watch

ARI, ASL, DOW, FXJ, TEN, SYD, TSE,

SYDNEY, Feb 26 AAP

February 26 2013, 07:25AM

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

INTERNATIONAL NEWS

PARIS - France says it needs an extra 6.0 billion euros ($A7.75 billion) in revenues next year, and the European Central Bank says it has to act fast to cut spending and retain credibility after slashing the 2013 growth forecast.

LONDON - British finance minister George Osborne has pledged to continue slashing the deficit after Moody's stripped Britain of its AAA rating, as the opposition Labour party labelled him the "downgraded Chancellor".

WASHINGTON - US President Barack Obama has warned warring politicians it is time to start governing as Washington heads into another manufactured crisis threatening the fragile economy.

MADRID - CaixaBank, Spain's biggest bank as measured by assets under management, plans to slash around 3,000 jobs as part of a restructuring.

STOCKHOLM - Swedish furniture giant Ikea has withdrawn some of its meatballs from sale in at least 15 European countries after horsemeat was found in the product by Czech authorities.

LONDON - Britain's offshore oil and gas sector will invest a record STG13 billion ($A19 billion) in 2013, boosted by the impact of taxation changes in the previous year, an industry survey shows.

NEW YORK - Chinese oil giant Sinopec is investing $US1.02 billion ($A995 million) in a US shale field as it teams up with Chesapeake Energy Corp in a 50-50 joint venture, the companies say.

MILAN - Italian airline Alitalia's chief executive Andrea Ragnetti has resigned after the troubled group announced a net loss of 280 million euros ($A362 million) last year.

NEW YORK - The New York Times Company says it will rename the Paris-based International Herald Tribune this year in a bid to boost its international presence.

LONDON - ESPN is withdrawing from British and Irish television, announcing that its channels are being sold to the BT Group.

NEW YORK - Shares of Barnes & Noble have soared after the bookseller's founder and largest shareholder proposed buying the company's retail and online businesses, but not its digital Nook businesses.

BARCELONA - Global financial groups are competing to control the lucrative future of "mobile money", which will enable people to use a smartphone to go shopping instead of cash and credit cards.

BARCELONA - The $US1.0 trillion ($A974.99 billion) global mobile industry has predicted a boom in subscribers to four billion people by 2018 as the world's largest mobile fair opened in Barcelona.

SAN FRANCISCO - Hewlett-Packard says it is selling its webOS mobile operating system to South Korean consumer electronics titan LG to use in internet-connected televisions.

THE HAGUE - Dutch manufacturing giant Philips says it intends to drop the word Electronics from its name as it shifts away from consumer-based entertainment towards health, well-being and lighting products.

WELLINGTON - The New Zealand dollar rose against the euro on signs of a hung parliament in Italy and tumbled against the yen as Japan's currency broadly recovered from a sell-off sparked by speculation over the next Bank of Japan governor.

LOCAL NEWS

SYDNEY - The Australian dollar is higher, despite losing ground after Italian election results added to concerns the debt-ladened country could abandon austerity measures.

SYDNEY - The Australian market looks set to open lower, following Wall Street's downward movement after Italian election exit polls indicated a coalition may be needed.