The Australian dollar is slightly lower, in quiet trade as the currency consolidates after last week's fall. At 0700 AEDT on Tuesday, the local unit was trading at 89.37 US cents, down from 89.42 cents on Monday. At 0630 AEST on Friday, the local unit was trading at 93.97 US cents, slightly down from 94.01 cents on Thursday. And the Australian share market looks set to open higher following Wall Street's lead after a positive outlook from the International Monetary Fund and a major Apple deal in China. At 0647 AEDT on Tuesday, the March share price index futures contract was up 30 points at 5,299. WASHINGTON - The US Federal Reserve, a creation of the government and private bankers that has gained a global reputation for moving markets and exercises far-reaching power, has turned 100. WASHINGTON - Americans increased their spending in November by the most in five months, and their income edged up modestly. RIYADH - Saudi Arabia has announced a record budget of $US228 billion ($A256.24 billion) for 2014, slightly up from $US218.7 billion set aside for this year. BUCHAREST - Energy giants Enel and ArcelorMittal will pull out of the construction of two nuclear reactors in Romania after a Chinese company entered the deal, Romanian officials say. NEW YORK - Apple shares have risen after the company sealed a hard-won deal with China Mobile to significantly boost its iPhone offer on the world's biggest wireless operator. LONDON - Engine maker Rolls-Royce says that Britain's Serious Fraud Office has launched a formal investigation into alleged bribery linked to the group's overseas operations. SEOUL - South Korea's Hyundai group has announced a restructuring plan to sell off financial units for more than $US3 billion ($A3.37 billion) in an effort to reduce its debt and focus on shipping, logistics and elevator-machinery businesses. TAIPEI - Taiwan's struggling personal computer maker Acer has named a new chief executive officer following losses of hundreds of millions of dollars in the third quarter.