Finance news you need to know today

SPENCER Johnson, whose book Who Moved My Cheese sold 25 million copies and became a business and self-help phenomenon, has died.

THE Australian market looks set to following in Wall Street’s upward path and open higher, after iron ore prices lifted. At 0700 AEST on Monday, the share price futures index was up 10 points, or 18 per cent, at 5,661.

Meanwhile, the Australian dollar is higher, just hanging on above the 76 US cent mark. The local currency was trading at 76.01 US cents at 0700 AEST on Monday, from 75.89 on Friday.

WORLD FINANCE UPDATE:

HAMBURG — Leaders of the world’s top economic powers have reaffirmed their support for free trade, but tempered their statement by acknowledging countries could defend their home companies and markets against unfair practices.

HAMBURG — The European Union is keen to agree on a trade pact with Australia as soon as possible, European Council President Donald Tusk has said after talks with Prime Minister Malcolm Turnbull.

HAMBURG — British Prime Minister Theresa May says she’s looking forward to welcoming US President Donald Trump to London, but both sides still are working to find a “suitable date”.

WASHINGTON — The US economy continues to churn out jobs and grow at a steady pace, with investment and consumer confidence both healthy and only moderate signs of risk in financial markets, the US Federal Reserve says in its semi-annual report to Congress.

WASHINGTON — US employers added a robust 222,000 jobs in June, the most in four months, a reassuring sign that businesses may be confident enough to keep hiring despite a slow-growing economy.

ENCINITAS, US — Spencer Johnson, whose book Who Moved My Cheese sold 25 million copies and became a business and self-help phenomenon, has died. He was 78.

FRIDAY HIGHLIGHTS:

BELLAMYS — The turnaround plan of troubled infant formula supplier Bellamy’s has hit an unexpected hurdle with Chinese authorities suspending a key licence of its recently-acquired Camperdown Powder canning facility.

TEN — The competition watchdog is examining whether the Lachlan Murdoch-Bruce Gordon takeover of the Ten Network will change Australia’s media landscape.

COKE — Coca-Cola Amatil says losing its supply contract with pizza giant Domino’s and the failure to launch its new No Sugar Coke onto Woolworths’ shelves will not hit the performance of the business.

NAB — National Australia Bank has apologised to at least 150,000 customers for failing to disclose that its advisers were cross-selling the bank’s products.

ENTREPRENEURS — Australia’s millennial entrepreneurs are more likely to go into business with the aim of helping their community than their older counterparts, a new survey has found.