Finance News Update, what you need to know

WORLD FINANCE UPDATE:

The Australian dollar has plummeted to its lowest level in almost five years.

At 0630 AEDT on Monday, the local currency was trading at 80.81 US cents, down from 81.37 cents on Friday.

And the Australian share market looks set to open lower after major international markets mainly had a lacklustre start to 2015.

At 0645 AEDT on Monday, the March share price index futures contract was down 42 points at 5,361.

ELSEWHERE:

LONDON - Retired workers in the UK could be given the right to sell their pensions under plans being floated by a government minister.

SEOUL - North Korea has lashed out at fresh sanctions imposed by the United States in retaliation for its alleged cyber attack on Sony Pictures, criticising Washington for refusing a proposed joint investigation.

SEOUL - South Korea enjoyed record exports last year, data shows, despite slow economic growth in key market China and a sluggish recovery in Europe.

WASHINGTON - Growth in the US manufacturing sector has slowed for the second straight month in December, partly due to falling crude prices and the labour slowdown at west coast ports.

WASHINGTON - A sharp slowdown in government-built schools and infrastructure caused US construction spending to fall slightly in November.

BERLIN - German Chancellor Angela Merkel is prepared to let Greece leave the eurozone if Greeks elect a government that jettisons the country's current austerity course, a media report says.

ATHENS - Former Greek prime minister Georges Papandreou says he is creating a new political party just weeks before snap elections this month, sparking anger in his own Socialist party.

HONG KONG - Casino operator Melco Crown Entertainment, a joint venture involving Australian billionaire James Packer, plans to delist its shares in Hong Kong after gambling hub Macau reported its first ever fall in casino revenues.

DETROIT - An unusual home taking shape inside a General Motors assembly plant is intended to be part of a movement to rebuild Detroit's economy and deteriorating housing stock.