Finance News Update, what you need to know

WORLD FINANCE UPDATE:

The Australian dollar is weaker after Japan's shock move to take one of its main interest rates into negative territory.

At 0630 AEDT on Monday, the local unit was trading at 70.84 US cents, down from 71.25 cents on Friday.

And the Australian share market looks set to open higher following gains on world markets after the Bank of Japan unexpectedly cut its interest rate to below zero.

At 0645 AEDT on Monday, the share price futures index was up 37 points at 5,002.

ELSEWHERE:

WASHINGTON - US economic growth braked sharply in the fourth quarter as businesses stepped up efforts to reduce an inventory glut and a strong dollar and tepid global demand weighed on exports.

BRUSSELS - Inflation appears to be picking up across the 19-country eurozone despite super-low oil prices.

PARIS - France's economy grew by a weak 1.1 per cent in 2015, as its last quarter was weighed down by the November 13 terror attacks in Paris and an unseasonably warm winter.

ANKARA - Iran has cancelled an oil conference in London in February, when Tehran was expected to reveal its new oil and gas contracts to investors, apparently over a delay in getting visas.

LONDON - James Murdoch is to return as chairman of Sky four years after a phone-hacking scandal forced him out, potentially taking the Murdoch family a step closer to a deal for full ownership of the European pay-TV group.

TOKYO - Toyota is planning to raise its half stake in minicar maker Daihatsu to full ownership, a move both sides said was aimed at becoming globally more competitive.

KUALA LUMPUR - Malaysia's state-owned fund 1Malaysia Development Berhad (1MDB) says it has not been contacted by foreign legal authorities on any matters relating to the company.