A firm owned by the Gulf emirate of Qatar has acquired a 50 per cent stake in Londons legendary Savoy Hotel. Source: Supplied

THE Australian dollar has plummeted, reaching fresh four-and-a-half-year lows, after the head of the Reserve Bank said the currency needed to fall to 75 US cents.

At 0630 AEDT on Friday, the local currency was trading at 82.51 US cents, down from 83.29 cents on Thursday.

And the Australian share market looks set to open flat despite a surge on Wall Street where stocks rebounded from a sell-off in energy shares after positive retail and unemployment data came out. At 0645 AEST on Friday, the December share price index futures contract was steady at 5,232.

ELSEWHERE:

WASHINGTON US retail sales and jobless claims data show a strengthening economy, but prices for exports and imports have both fallen, signalling little added inflationary pressure in the past month.

WASHINGTON The White House says President Barack Obama will sign a $US1.1 trillion ($A1.19 trillion) spending bill that has drawn widespread opposition from Democrats over its inclusion of banking and campaign money provisions they dislike.

FRANKFURT The European Central Bank has handed out 130 billion euros ($A195 billion) in cheap, long-term loans to banks part of its effort to stimulate the struggling eurozone economy.

MOSCOW The rouble has hit another record low against the US dollar even after Russias Central Bank sought to ease the selling pressure on the currency by raising interest rates again.

ATHENS Greek stocks have plunged for a third straight day as the prime minister urged deputies to elect a new president next week and safeguard the countrys fragile economic recovery.

SHANGHAI Chinas central bank has stepped up its efforts to pump more cash into its banking system with a $US65 billion ($A70 billion) fund injection, Dow Jones Newswires has reported.

LONDON The Bank of England will change the way it conducts meetings to decide on the level of British interest rates, in the interest of more transparency.

PARIS World cereal output is expected to hit record highs in 2014 but food insecurity is worsening across the globe thanks to Ebola and civil conflicts, the UNs food agency says.

NEW DELHI Russia will build 10 more nuclear reactors in energy-starved India, Prime Minister Narendra Modi says, after talks with President Vladimir Putin aimed at shoring up ties between the long-time allies.

THE HAGUE Dutch oil and gas group SBM Offshore says it will cut 1200 jobs worldwide in a bid to slash costs as oil prices plunge.

RIYADH A firm owned by the Gulf emirate of Qatar has acquired a 50 per cent stake in Londons legendary Savoy Hotel, its Saudi-based partner says.