Finance news you need to know today

A FURNITURE store chain is set to recall almost 100,000 dining chairs after two people had part of their toes cut off by sharp metal edges..

Jaclyn Gross and her son Trae McGovern, 11, were at a friend's enjoying a weekend barbecue in October. Trae was handing out pretzels when he stubbed his foot on a chair. He started crying and fell over. He'd cut off a third of his toe. Pic by Luke Marsden.

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

1. SYDNEY — Fantastic furniture is set to recall almost 100,000 dining chairs after two people had part of their toes cut off by sharp metal edges on the legs, News Corp Australia has revealed. The recall comes after an 11-year-old Queensland boy lost a third of his toe after stubbing his foot on a $39 Worx chair.

2. NEW YORK — Oil has fallen for a fifth straight day, losing 10 per cent on the week, and Goldman Sachs says more losses are needed to force producers to cut supplies adequately to balance the glut and bleak demand outlook in the market.

3. BEIJING — China’s consumer inflation edged up in December, while companies’ factory-gate prices continued to fall, adding to concerns about growing deflation risks in the world’s second-largest economy.

4. WASHINGTON — US consumers boosted their borrowing in November, as higher credit card spending partially offset slower growth in auto and student loans.

5. BERLIN — Volkswagen engineers have reportedly come up with a catalytic converter that could be fitted to around 430,000 cars in the United States as a fix for vehicles capable of cheating emissions tests.

6. LONDON — Asda, the British supermarket arm of US retailer Wal-Mart, will spend a further STG500 million pounds ($A1.04 billion) cutting prices, firing 2016’s first shot in a price war that has raged for two years.

7. DETROIT — Some Tesla Motors vehicles will be able to park themselves without a driver inside with a software update beamed to customers this weekend.