Finance news you need to know today

THE grocery industry has been rocked by Amazon’s announcement that it will buy Whole Foods in a deal valued at about $18 billion.

THE Australian market looks set to open modestly higher after Wall Street closed mixed although little changed in its last session despite Amazon’s purchase of Whole Food upsetting the retail sector. At 0700 AEST on Monday, the share price futures index was up nine points, or 0.16 per cent, at 5,723.

Meanwhile, the Australian dollar is higher against a weaker US dollar which fell on disappointing US consumer sentiment and housing data. The local currency was trading at 76.15 US cents at 0700 AEST on Monday, from 75.85 on Friday.

WORLD FINANCE UPDATE:

LONDON — The British government plans to have the next parliament hold a two- year session to deal with the expected onslaught of Brexit-related legislation.

LONDON — British Prime Minister Theresa May will face an immediate leadership challenge from eurosceptic MPs in her Conservative party if she tries to water down her plans for Brexit, the Sunday Telegraph reports.

HAVANA — Cubans watched television sets with dismay and anger on Friday as US President Donald Trump railed against their country in a speech from Miami that made many fear a return to an era of frostier US-Cuban relations.

NEW YORK — Amazon.com Inc says it will buy Whole Foods Market Inc in a deal valued at about $US13.7 billion ($A18 billion), including debt.

LONDON — British Airways cabin crew are set to stage a two-week strike in July as part of a long-running pay dispute with the airline.

LONDON — Britain has appointed a former New Zealand trade negotiator, Crawford Falconer, as its chief adviser on trade talks, just days before exit talks with the European Union are due to begin.

FRIDAY HIGHLIGHTS:

BHP — BHP Billiton’s chairman-elect Ken MacKenzie’s top priority will be to meet as many shareholders as possible, when he takes up the reins in September.

A2 MILK — Shares in the a2 Milk Company have risen to record levels after it lifted its full-year sales guidance for the second time in two months due to strong demand for its infant formula.

ARDENT — Ardent Leisure’s biggest shareholders have set the date for a vote on appointing new directors to the board, saying they have “significant concerns” about how the embattled theme parks operator has been run.

PAS — PAS Group’s largest shareholder has made a takeover bid that values the women’s apparel firm at $69.7 million.