Finance news you need to know today

MERCEDES is recalling a million cars worldwide because of a dangerous flaw that could spark a fire.

HERE are six things making news in business and finance around the world today.

1. SYDNEY — The Australian market looks set to open higher after Federal Reserve chair Janet Yellen says a March US interest rate rise is not just live but alive. At 0700 AEDT on Monday, the share price futures index was up 21 points at 5,728.

2. SYDNEY — The Australian dollar on Monday is higher against the US dollar which fell against a basket of currencies on profit taking. The local currency was trading at 75.95 US cents at 0700 AEDT on Monday, from 75.54 on Friday.

3. BEIJING — China’s top economic official has set this year’s growth target at about 6.5 per cent, down from last year’s 6.7 per cent expansion as Beijing tries to build a consumer-driven economy and reduce reliance on trade and investment.

4. DETROIT — Mercedes is recalling about 1 million cars and SUVs worldwide because a starter part can overheat and cause fires.

5. BARCELONA — Spotify has reported via Twitter that it now has 50 million paid subscribers, a rise of 25 per cent in less than six months, and extending the music streaming service’s lead over its closest rival, Apple Music.

6. LONDON — British adults consume around a whopping 100 million fast food and takeaway meals every week, resulting in an “increased cancer risk”, a report reveals.