Finance news you need to know today

WORKERS in the “gig economy” driving for Uber or doing odd-jobs on Airtasker could be in for a rude shock down the line.

THE Australian market looks set to open higher after Wall Street mainly gained with investors remaining hopeful that US President Donald Trump will be able to progress his tax reform plan. At 0700 AEST on Friday, the share price futures index was up 14 points, or 0.25 per cent, at 5,660.

Meanwhile, the Australian dollar has recouped its previous local session’s losses as the US dollar index dropped 0.3 per cent in the offshore session. The local currency was trading at 78.57 US cents at 0700 AEST on Friday, from 78.13 on Thursday.

WORLD FINANCE UPDATE:

WASHINGTON — The US economy grew at an upgraded annual rate of 3.1 per cent in the spring, the fastest pace in more than two years.

NEW YORK — Toys R Us, trying to reorganise under bankruptcy leading into the holiday season, was seeing overall sales fall and those at established locations drop even more sharply as it was heading for a Chapter 11 filing.

LONDON — Ryanair has been ordered by the UK’s aviation regulator to sort out compensation for hundreds of thousands of travellers hit by mass flight cancellations by 5pm on Friday.

WATERLOO — BlackBerry has reported fiscal second-quarter net income of $US19 million, after reporting a loss in the same period a year earlier.

NEW YORK — Kellogg’s chief executive is retiring and will be succeeded by an executive from a vitamin and protein bar company, as packaged food makers try to keep customers who are looking for healthier products.

GENEVA — The World Health Organisation has advised governments to reject a plan by tobacco firm Philip Morris International to set up a Foundation for a Smoke- Free World.

LONDON — Prime Minister Theresa May has told Boeing its behaviour in a trade dispute with Canada’s Bombardier is undermining its commercial relationship with Britain.

HONG KONG — The number of millionaires in the world rose to an all-time high of around 16.5 million people, with record total wealth of $US63.5 trillion ($A81.2 trillion), according to a report by global consultancy firm Capgemini.

THURSDAY HIGHLIGHTS:

ORIGIN ENERGY — Kerry Stokes-backed Beach Energy has agreed to buy Origin Energy’s conventional oil and gas exploration business Lattice Energy for $1.585 billion.

JOB VACANCIES — The number of job vacancies has increased, indicating recent strong job growth will continue.

WORLD WEALTH AUST — Soaring house prices in Sydney and Melbourne and strong share markets drove a significant increase in the number of wealthy Australians in 2016.

WORLD WEALTH REPORT — Financial management firms could lose their next generation of wealthy clients to the lure of global giants like Amazon and Google, according to the latest report on the habits of the rich.

A2 MILK — Shares in infant formula suppliers The A2 Milk Company and Wattle Health Australia have lifted after both companies strengthened their regulatory position in the lucrative Chinese market.

GIG — Workers in the so-called “gig economy”, doing things like driving for Uber or odd-jobs on Airtasker, could find themselves short on superannuation in retirement and changes to super laws may be needed, a new paper warns.