Finance news you need to know today

A BAVARIAN start-up is developing a five-seat “flying taxi” after successful test flights over Germany of a smaller version of the electric jet.

HERE are nine things making news in business and finance today.

1. SYDNEY — The Australian market looks set to open solidly higher following a round of strong earnings pushed Wall Street equities up. At 0706 AEST on Friday, the share price futures index was up 30 points, or 0.52 per cent, at 5,833.

2. SYDNEY — Meanwhile, the Australian dollar is slightly higher against its US counterpart with investors seemingly more willing to return to riskier assets. The local currency was trading at 75.28 US cents at 0706 AEST on Friday, from 75.20 on Thursday.

3. LOS ANGELES — President Trump has shut down speculation the US will join talks to revive the Trans-Pacific Partnership, describing the colossal free trade pact proposal with Australia, Japan, New Zealand and eight other nations as a “catastrophe”.

4. WASHINGTON — International Monetary Fund Managing Director Christine Lagarde believes the IMF can work successfully with the Trump administration to improve the global trading system, but adds that open trade must be preserved as a growth engine.

5. BRUSSELS — Britain will be paying off obligations to Brussels for years after Brexit, remain subject to EU courts and go on letting relatives of European immigrants settle in the UK, draft EU negotiating documents show.

6. FRANKFURT — A Bavarian start-up is developing a five-seat “flying taxi” after successful test flights over Germany of a smaller version of the electric jet, the company says.

7. PARIS — Up to 4,100 children in France suffered major malformations in the womb after their mothers took a treatment against epilepsy and bipolar disorders known as valproate between 1967 and 2016, France’s drug regulator says.

8. NEW YORK — Bill O’Reilly will receive a maximum of one year’s salary following his ousting from Fox News, a source familiar with the situation says.

9. NEW YORK — Tesla will recall 53,000 of its Model S and Model X cars globally for a parking brake issue, according to a statement on its website.