Finance News Update, what you need to know

WORLD FINANCE UPDATE:

The Australian dollar is stronger against the greenback, which fell as the New York Stock Exchange was hit by a lengthy outage.

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At 0630 AEST on Thursday, the currency was trading at 74.26 US cents, up from 73.84 cents on Wednesday.

And the Australian share market looks set to open lower after Wall Street slumped on worries about China and Greece in a session that was overshadowed by a lengthy outage at the New York Stock Exchange due to technical problems.

At 0645 AEST on Thursday, the September share price index futures contract was down 31 points at 5,370.

ELSEWHERE:

BRUSSELS – Greek Prime Minister Alexis Tsipras has vowed to present “credible” reform plans before a Thursday deadline set by exasperated European leaders, as Athens formally asked for a new bailout to avoid crashing out of the euro.

ATHENS – Greece has promised to start pension and tax reforms next week, as demanded by creditors, in return for a three-year eurozone loan to drag its financial system back from the brink of collapse.

ATHENS – Greek banks will remain closed until Monday, the finance ministry says as the government races to come up with a new proposal to present to creditors in a last-minute drive to avert a eurozone exit.

WASHINGTON – International Monetary Fund Managing Director Christine Lagarde says a new program to prop up Greece’s finances will require creditors to restructure debt.

LONDON – British finance minister George Osborne has unveiled fresh austerity measures to slash the country’s debt, evoking the plight of crisis-hit Greece in presenting the first purely Conservative budget for nearly 20 years.

WASHINGTON – Federal Reserve policymakers favoured caution last month about raising interest rates as they weighed weak spots in the economy and foreign risks, minutes to the meeting have shown.

WASHINGTON – There is no indication “at this time” that the halt in trading at the New York Stock Exchange is the result of any foul play, the US Department of Homeland Security says.

WASHINGTON – Microsoft has announced plans to cut 7800 jobs along with a reorganisation of its Windows Phone unit which has struggled in the mobile market.

LONDON – The first London Underground strike shutdown since 2002 has got underway, as drivers protest pay and plans for a new 24-hour service due to start in September.

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