Finance news you need to know today

MORE than half of Australia’s Topshop and Topman stores have closed as administrators continue to restructure the clothing retailer.

THE Australian market looks set to open higher as investors take the lead from Friday’s gains on Wall Street. At 0715 AEST on Monday, the share price futures index was up 14 points, or 0.25 per cent, at 5,704.

Meanwhile, the Australian dollar has retained most of its gains against its US counterpart after surging to a 15-month high late on Friday following the disappointing US inflation and retail data. At 0700 AEST on Monday, the Australian dollar was worth 78.21 US cents, up from 77.49 US cents on Friday.

WORLD FINANCE UPDATE:

WASHINGTON — Eight to 10 Republican U.S. senators have serious concerns about Republican healthcare legislation to roll back Obamacare, moderate Republican Senator Susan Collins, who opposes the bill, said on Sunday.

BRUSSELS — EU officials hope the British government shows more urgency about a Brexit deal when its negotiators come to Brussels on Monday for a first full round of talks aimed at smoothing Britain’s departure.

SHANGHAI/BEIJING — Bilateral talks aimed at reducing the U.S. trade deficit with China have yielded some initial deals, but U.S. firms say much more needs to be done as a deadline for a 100-day action plan expires on Sunday.

BERLIN — German Chancellor Angela Merkel rejected criticism from her SPD challenger on Sunday that she was neglecting the country’s infrastructure, pointing to already increased investment levels and capacity bottlenecks in some parts of the economy.

MOGADISHU — A severed marine cable has left Somalia without internet for weeks, triggering losses for businesses, residents said, and adding a layer of chaos in a country where Islamist insurgents are carrying out a campaign of bombings and killings.

FRIDAY HIGHLIGHTS:

WOOLWORTHS — Woolworths will be phasing out free plastic bags and instead will introduce 15 cent bags across its national supermarket and liquor stores.

TOPSHOP — More than half of Australia’s Topshop and Topman stores have closed as administrators continue to restructure the clothing retailer.

DAVID JONES — David Jones’ crucial like-for-like sales have fallen for the year with its parent company blaming the decline on weak consumer confidence in Australia.

PROGRAMMED — Shares in labour hire group Programmed Maintenance have risen strongly after a $778 million takeover bid by Japanese HR giant Persol.

CROPLOGIC — A New-Zealand-based agricultural technology firm that uses infield sensors to gather information on crops is seeking to raise up to $8 million and list on the Australian share market.

RIO ROCK — A rock formed 2.6 billion years ago and found in a Rio Tinto mine in Australia’s Pilbara region will be displayed at London’s Natural History Museum.

QUBE — Logistics giant Qube Holdings has secured a $150 million debt facility from the nation’s clean energy agency to fund its Sydney freight interchange.