Finance News Update, what you need to know

WORLD FINANCE UPDATE:

The Australian dollar is lower in cautious as Russia builds up troops number on its border with the Ukraine.

At 0630 AEDT on Friday, the local unit was trading at 90.16 US cents, down from 90.51 cents on Thursday.

And the Australian share market looks set to open lower following sharp falls on Wall Street as Russia-Ukraine tension escalates and rhetoric between the US and Russia intensifies.

At 0645 AEDT on Friday, the March share price index futures contract was down 58 points at 5,355.

ELSEWHERE:

WASHINGTON - US retail sales have bounced back after suffering a steep decline during a bitterly cold January, with people spending more on cars, clothing and furniture.

WASHINGTON - New claims for US unemployment benefits have tumbled to their lowest level in more than three months, government data released on Thursday shows.

WASHINGTON - The US government is running a deficit that is 23.6 per cent lower than in the same period a year ago through the first five months of this budget year, another sign of improvement in the nation's finances.

DUBLIN - Eurozone member Ireland, which exited an international bailout program in December, saw its economy shrink by 0.3 per cent in 2013 after a weak fourth quarter, official data shows.

FRANKFURT - The German central bank or Bundesbank clocked up profit of 4.6 billion euros ($A7.15 billion) in 2013, all of which will be transferred to government coffers.

NEW YORK - Several lawsuits filed against McDonald's in the US this week say the fast-food chain engages in a variety of practices to avoid paying workers what they're owed.

NEW YORK - General Electric has filed papers for an initial public offering for its North American retail finance unit, its first step in a planned exit from the business in 2015.

MADRID - Italian luxury sports carmaker Ferrari is to open a 100-million-euro ($A155.21 million) amusement park in 2016 with rides and a five-star hotel in Spain, its first such venture in Europe.

BORDEAUX - Sales of Bordeaux wines have fallen 1.4 per cent, with exports dropping by six per cent as Chinese drinkers cut their purchases by nearly a fifth, winemakers say.

MUMBAI - Shares of Indian outsourcing giant Infosys slid almost nine per cent on Thursday after the firm warned quarterly revenues may be weaker-than-expected following project cancellations.

LOS ANGELES - Americans spent an all-time high of $US55.7 billion ($A62.20 billion) on their pets in 2013 and will creep close to $US60 billion this year.