Finance news you need to know today

AMAZON is exploring a technology first developed for the US military to produce tasty prepared meals that do not need refrigeration.

THE Australian market looks set to open flat after Wall Street closed positive but European and Asian markets ended sharply down amid rising tension between the US and North Korea and with US inflation data disappointing. At 0700 AEST on Monday, the share price futures index was down three points, or 0.05 per cent, at 5,638.

Meanwhile, the Australian dollar is higher against the US dollar which has been pulled down by the worse-than-expected US CPI data. The local currency was trading at 78.93 US cents at 0700 AEST on Monday, from 78.58 on Friday.

WORLD FINANCE UPDATE:

BRUSSELS — Fifteen countries have been affected by the widening scandal involving eggs contaminated with the insecticide fipronil, the European Commission says.

WASHINGTON DC — President Trump on Monday will call for his chief trade adviser to investigate China’s intellectual property practices, Politico reported, citing an unnamed administration official.

LONDON — Britain needs a transition period to soften its exit from the European Union, but it cannot be used to stop Brexit, two senior ministers say, signalling a truce between rival factions in Prime Minister Theresa May’s cabinet.

SAN FRANCISCO — Amazon.com Inc is exploring a technology first developed for the US military to produce tasty prepared meals that do not need refrigeration, as it looks for new ways to muscle into the $US700 billion ($A886 billion) US grocery business.

NEW YORK — Facebook has anonymously launched a new photo-sharing app in China in a new effort to make inroads in the world’s most populous country.

FRIDAY HIGHLIGHTS:

CBA ASIC — Commonwealth Bank is under regulator investigation over whether its reaction to allegations it had violated money laundering and terrorism financing laws had breached the Corporations Act.

RBA BANKS — The Reserve Bank of Australia governor Philip Lowe says trust in the country’s big banks is “strained”, joining the corporate regulator in slamming the culture in the industry.

RBA WAGES — Australia’s central bank expects to keep the cash rate steady for a while as consumers adjust to an extended period of low wage growth that will cap inflation.

NEWS CORP — Online real estate ads have been a powerhouse for News Corp as ad revenue slipped over the full year in the media company’s core news division.

REA GROUP — Revenue in REA Group’s Australian arm has soared despite a slowdown in the housing market but the online real-estate advertiser has warned it expects conditions to further decline in 2018.

BABY BUNTING — Prams, cots and car seats retailer Baby Bunting has played down the threat posed by Amazon, saying the US behemoth won’t take a huge chunk of its market.

NAB — National Australia Bank’s mortgage rate hikes have helped the lender lift third- quarter cash profit five per cent to $1.7 billion.

ARDENT — Ardent Leisure expects it will take another year or so for its Dreamworld theme park on the Gold Coast to recover from an accident that killed four people there in 2016.

OPTUS — Optus has enjoyed steady customer growth, thanks to a boost in NBN migration and 4G uptake, but the Singtel-owned telco reported a minor dip in profit for the June quarter.

NBN — Over two-and-a-half million Australian families, individuals and businesses are now going online through the National Broadband Network, the competition watchdog says.

SIGMA — Shares in pharmacies supplier Sigma Healthcare have been slashed after the company warned underlying earnings will come in below market expectations, citing “challenging” industry conditions.

AACO — The chief executive of beef producer Australian Agricultural Company (AACo), Jason Strong, has resigned, after four years in charge.