International financial news

Thursday 23rd of February 2012 08:00:22 AM By AAP

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

INTERNATIONAL NEWS

ATHENS - Greek unions have staged fresh protests as parliament took up emergency legislation to implement a massive eurozone bailout and Fitch ratings warned the country was close to default.

ATHENS - A new 130 billion euro ($A162 billion) bailout deal "binds Greece to euro" and will shield the country from default, the finance minister says.

ATHENS - Greece is scrambling to adopt a batch of emergency laws that will further cut incomes and government spending, a day after securing a new bailout and debt relief deal designed to stave off bankruptcy.

BRUSSELS - Brussels is proposing to freeze 495 million euros ($A617 million) in EU funds destined for Hungary in 2013, the European Commission says, the first time it has ever taken such a measure.

CAPE TOWN - South Africa's growth will slow to 2.7 per cent this year as global financial woes put the brakes on the continent's biggest economy, Finance Minister Pravin Gordhan said on Wednesday.

ABUJA - Exxon Mobil Corp has signed 20-year leases on three major oil fields in Nigeria after strained negotiations between the company and the West African nation's government, officials say.

PARIS - General Motors Co is in talks about a possible alliance with France's leading car maker PSA Peugeot Citroen, a deal that could dwarf PSA's partnerships with BMW, Mitsubishi Motors and Toyota.

WASHINGTON - Japanese automaker Honda will recall nearly 46,000 Odyssey minivans in the United States next month to fix a problem with the power tailgate, US authorities say.

PARIS - Moet Hennessy, the wine and spirits arm of France's LVMH luxury group, says it will make red wine in China where a taste for the better things in life has boomed along with the economy.

WASHINGTON - US securities regulators have charged two Chinese executives of US-listed Puda Coal with looting the company's main asset and selling it to the huge Chinese investment group Citic.

NEW DELHI - Abu Dhabi-based telecom firm Etisalat says it will close its Indian joint-venture mobile operations after a court ruling cancelling its licence amid corruption allegations.

NEW YORK - US stocks have opened mixed as investors worry over the details of a new bailout plan for Greece.

LONDON - European stock markets have closed lower but the euro was steady in cautious trade as relief at a massive Greek debt bailout gave way to growing scepticism that the deal can really work.

HONG KONG - Asian shares were mostly higher on Wednesday as investors focused on domestic issues despite US and European markets giving Greece's crucial bailout only a lukewarm welcome.

WELLINGTON - New Zealand-born billionaire Richard Chandler has talked up the responsible investment approach he operates with, as he undertakes due diligence on Tasmanian timber company Gunns.

WELLINGTON - The New Zealand dollar fell as investors digest the details of a second bail-out package for Greece and uncertainty about Europe's future dims investor appetite for higher yields.

LOCAL NEWS

SYDNEY - The Australian dollar has fallen to its lowest level in a month, as the US dollar strengthens and leadership tensions re-ignite in Australia.

SYDNEY- The Australian market looks set to open flat as relief at a massive Greek debt bailout gives way to growing scepticism the deal can really work.