Finance News Update, what you need to know

WORLD FINANCE UPDATE:

The Australian dollar is higher after US jobs data showed a decent rise in the number of people with jobs in the world's largest economy.

At 0721 AEDT on Monday, the currency was trading at 73.39 US cents, up from 73.30 cents on Friday.

And the Australian share market looks set to open flat despite solid gains on Wall Street following a decent US jobs report.

At 0645 AEDT on Monday, the December share price index futures contract was unchanged at 5,155.

ELSEWHERE:

ATHENS - Greek MPs have approved a "tough" 2016 budget, forecasting near zero growth for 2015 and a small contraction next year for the debt-ridden country in its sixth year of austerity.

VIENNA - OPEC members have failed to agree an oil production ceiling at a meeting that ended in acrimony, after Iran said it would not consider any production curbs until it restores output scaled back for years under Western sanctions.

WASHINGTON - US job growth has increased solidly in November in a show of the economy's resilience, which most likely paves the way for the Federal Reserve to raise interest rates this month for the first time in nearly a decade.

WASHINGTON - The US trade deficit widened unexpectedly in October as exports fell to a three-year low, suggesting that trade could again weigh on economic growth in the fourth quarter.

LONDON - Volkswagen's emissions scandal has so far had little impact on the broader European car market, Renault-Nissan boss Carlos Ghosn says, despite data showing VW saw a plunge in sales in Britain last month.

PARIS - Renault is drawing up proposals to relinquish some power over alliance partner Nissan, sources say, and will begin shoring up boardroom support in the final days before a likely clash with the French government.

BEIJING - China is forecast to become the world's biggest electric car market this year, with sales estimated at 220,000 to 250,000 vehicles, the official news agency Xinhua says, quoting the China Association of Automobile Manufacturers.