Finance news you need to know today

AUSTRALIAN retailers are looking to a galaxy far, far away for a much-needed to boost to their bottom line.

THE Australian market looks set to open comfortably higher after modest gains on Wall Street following a tepid US jobs report. At 0700 AEST on Monday, the share price futures index was up 24 points, or 0.42 per cent, at 5,725.

Meanwhile, the Australian dollar is continuing to gain ground on the US dollar, which itself has risen. The local currency was trading at 79.50 US cents at 0700 AEST on Monday, from 79.33 on Friday.

WORLD FINANCE UPDATE:

HOUSTON, TEXAS — Colonial Pipeline Co, the biggest US fuel system, has delayed reopening a segment of its system in Texas that was shut due to Hurricane Harvey, increasing worries about rising retail prices and the domestic distribution of gasoline and distillates.

XIAMEN, CHINA — The BRICS group of emerging economies must promote trade liberalisation and an open world economy, Chinese President Xi Jinping says as a three-day summit held in southeastern China begins.

LONDON — Prime Minister Theresa May has warned MPs Britain could face a Brexit “cliff edge” if they fail to back her EU repeal bill, as reports suggested momentum was growing within her party to unseat her.

MEXICO CITY — Mexican President Enrique Pena Nieto has defended free trade and young migrants in the United States, saying his government will not accept insults against “national dignity” from the administration of US President Donald Trump.

LOS ANGELES — US streaming device maker Roku has filed for an initial public offering, with the intention of raising as much as $US100 million ($A125 million).

HOUSTON — A foundation established by Dell Technologies chief executive Michael Dell and his wife is pledging $US36 million ($A45 million) for Harvey relief efforts in his hometown of Houston.

PARIS — French cosmetics giant L’Oreal has sacked its first transgender model to appear on a British advertising campaign after she described all white people as racist on Facebook.

FRIDAY HIGHLIGHTS:

TELSTRA — Telstra boss Andrew Penn will take home $5.2 million this year, almost $1.6 million less than he did a year ago as the telco’s plunging share price weighs on his share entitlements.

STAR WARS RETAIL — Australian retailers are looking to a galaxy far, far away for a much-needed to boost to their bottom line. Disney’s Force Friday retail event in 2015 helped Star Wars become the best- selling toy franchise in Australia for 18 consecutive months.

BINDAREE — Australian beef processor Bindaree Beef Group (BBG) has had another crack at securing a Chinese investment partner — this time successful.

ASX REVIEW — Primary Health Care will drop out of the Australian share market’s list of top 100 companies, while Isentia Group, Sky Network and Virtus Health will lose their place from the benchmark S&P/ASX 200 index.

CITI — Mentors are vital to helping more unemployed young Australians find jobs and remain employed, Treasurer Scott Morrison says.