Finance News Update, what you need to know

WORLD FINANCE UPDATE:

The Australian dollar has drifted lower during weekend trade following its rally last week.

At 0630 AEDT on Monday, the Australian dollar was trading at 92.43 US cents, down from 92.66 cents on Friday.

And the Australian share market looks set to open higher, following Wall Street gains on better-than-expected US consumer incomes and spending data and as investors shrug off sabre-rattling over Ukraine.

At 0645 AEDT on Monday, the June share price index futures contract was up 12 points at 5,5368.

ELSEWHERE:

BERLIN - Experts at the German finance ministry are expecting the European Central Bank to raise key interest rates soon due to the economy picking up, news weekly Der Spiegel says, citing an internal document.

DOHA - Gas-rich Qatar, pushing ahead with a massive infrastructure drive in preparation for hosting the 2022 football World Cup, has unveiled a record budget of almost $US62 billion ($A67.12 billion).

BASRA, Iraq - One of the biggest undeveloped oilfields in the world has begun commercial production in south Iraq as part of ambitious plans by Baghdad to dramatically ramp up output.

HAVANA - Cuban lawmakers have approved a law aimed at making Cuba more attractive to foreign investors, a measure seen as vital for the island's struggling economy.

NEW DELHI - India's Sahara group says its employees are helping raise $US1.7 billion ($A1.84 billion) in bail money to free the financial giant's chief Subrata Roy from prison.

HONG KONG - China Southern Airlines, the country's biggest airline by fleet size, says net profit for 2013 has fallen more than 20 per cent, the latest Chinese carrier to be hit by a weak economy and stiff competition.

TAIPEI - Taiwan tech giant Hon Hai Precision, the world's largest contract manufacturer for electronics, has seen its net profit rise 12.7 per cent on-year in 2013, bolstered by demand for Apple's new products.

BERLIN - German car maker BMW plans to invest up to $US1 billion ($A1.08 billion) by 2016 to expand output of its X-series all-wheel drive SUV vehicles at its US factory.

SAN FRANCISCO - Google co-founders Larry Page and Sergey Brin have been paid their customary $US1 annual salaries, as executive chairman Eric Schmidt's pay packet more than doubled to $US19.3 million ($A20.89 million).

DETROIT - Ford chief executive Alan Mulally's compensation rose 11 per cent to $US23.2 million ($A25.12 million) in 2013, as the company reported record profits in North America and Asia.