Finance news you need to know today

BRITAIN will withdraw from an agreement that allows some other European countries to fish off its coast as it “takes back control” of fishing policy.

THE Australian market looks set to open higher after two of Wall Street’s indexes rose despite the negative trend of global markets. At 0700 AEST on Monday, the share price futures index was up 21 points, or 0.37 per cent, at 5,670.

Meanwhile, the Australian dollar is higher against its steadying US counterpart. The local currency was trading at 76.82 US cents at 0700 AEST on Monday, from 76.78 on Friday.

WORLD FINANCE UPDATE:

LONDON — Britain will withdraw from an agreement that allows some other European countries to fish between 10 and 19km from its coast as it “takes back control” of fishing policy, Environment Secretary Michael Gove says.

DUBAI — Etihad flights from Abu Dhabi to the United States have been exempted from a US ban on electronic devices, the airline says.

GENEVA — US President Donald Trump’s proposal to restrict imports of steel and aluminium for national security reasons has come under fire at the WTO with China, the European Union, Brazil, Australia, Taiwan and Russia raising concerns.

BEIJING — China’s launch of a new heavy-lift rocket, the Long March-5 Y2, carrying what the government says is its heaviest ever satellite, has failed, official news agency Xinhua says.

BERLIN — As anti-globalisation activists took to the streets in Hamburg ahead of this week’s G20 summit, German Chancellor Angela Merkel said leaders will have to focus on sustainable and inclusive economic growth rather than their own prosperity.

LONDON — British Prime Minister Theresa May is under pressure from her ministers to end the government’s economic austerity as a new poll shows her popularity has slumped, according to the Observer.

WASHINGTON — US President Donald Trump will speak with Chinese President Xi Jinping and Japanese Prime Minister Shinzo Abe on Sunday as frustration builds in the White House over North Korea’s nuclear program and overcapacity in the steel market.

JAKARTA — A leader of Indonesia’s second-largest Muslim organisation has called for a boycott of Starbucks, saying the international coffee chain’s pro-gay stand risks ruining the “religious and cultured” core of the Southeast Asian nation.

FRIDAY HIGHLIGHTS:

DAIRY — The dairy industry has introduced a new code of practice aimed at protecting farmers from retrospective cuts to milk prices and ensuring processors give substantial notice of any looming price reductions.

SOUTH32 — South32 has again suspended operations at its Appin underground coal mine in NSW over concerns of a build-up of methane gas levels.

SPOTLESS — Spotless Group has used favourable comments about its strategy from unwanted takeover bidder Downer EDI to urge remaining shareholders to retain their minority stake in the facilities services group.

TREASURY WINE — Treasury Wine Estates is increasing its French portfolio of wines in China and plans to establish warehouse facilities there to stock its major Australian, US and French brands as demand quickly grows.

ARDENT — The owner of Dreamworld amusement park, Ardent Leisure, has appointed the former chief financial officer of risk assessment company SAI Global to be its interim CFO.