Finance News Update, what you need to know

WORLD FINANCE UPDATE:

The Australian dollar has bounced above the 82 US cent level after US jobs figures showed a decline in wages.

At 0630 AEDT on Monday, the local currency was trading at 82.06 US cents, up from 81.40 cents on Friday.

And the Australian share market looks set to open lower after falls on Wall Street following a mixed jobs report.

At 0645 AEST on Monday, the March share price index futures contract was down 40 points at 5,382.

ELSEWHERE:

RIO DE JANEIRO - Brazil's coffee harvest last year was hit by one the country's worst droughts in decades, with effects on the world's largest producer now threatening to spill over into this year, pushing prices ever higher.

NEW DELHI - Prime Minister Narendra Modi has vowed to provide round the clock electricity for India's capital as he kicked off his party's campaign in elections to Delhi's state assembly.

YANGON - Myanmar (Burma) will open its first-ever stock market later this year, the deputy finance minister says.

ALGIERS - Algeria's state-owned energy giant Sonatrach plans to invest at least $US70 billion ($A75 billion) over the next 20 years to exploit shale gas in the southern desert, its managing director says.

NEW YORK - Irish drugmaker Shire PLC says it will pay $US5.2 billion ($A5.63 billion) to acquire NPS Pharmaceuticals Inc, which specialises in drugs for rare conditions.

NICOSIA - Cyprus has announced the "immediate termination" of Cyprus Airways flights after EU regulators ordered Nicosia to recover illegal state aid granted to the ailing carrier.