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Global Glance: Trump, Dems disagree on DACA; China’s foreign investment plunges



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Here are today’s top business headlines from across the nation and world:

What happened at dinner? Trump, Dems don’t see eye to eye

WASHINGTON (AP) — President Donald Trump on Thursday denied an assertion by the Democratic leaders in Congress that they had an agreement to preserve protections for young immigrants living illegally in America and to bolster U.S.-Mexico border security, but without his coveted wall for now. “No deal was made last night on DACA,” Trump said in an early morning tweet about the program put in place under the Obama administration program. “Massive border security would have to be agreed to in exchange for consent. Would be subject to vote,” Trump said in a series of tweets about the Deferred Action for Childhood Arrivals initiative. Trump contradicted the characterization of a private White House dinner on Wednesday night by his guests, Sen. Chuck Schumer of New York and Rep. Nancy Pelosi of California, the top Democrats on Capitol Hill. Read more

China’s foreign investment plunges after official curbs

BEIJING (AP) — China’s investment in other countries has plunged since Beijing tightened controls to cool surging spending on British soccer teams, Manhattan real estate and other assets deemed unneeded for Chinese economic development. Outward investment in the first eight months of this year fell 41.8 percent from a year earlier to $68.7 billion, the Commerce Ministry said Thursday. Chinese companies, flush with cash from an economic boom, ramped up purchases of foreign technology and brands in recent years to speed their development. But after a flood of money into sports and entertainment, authorities tightened controls on the flow of capital out of the country last year. Read more

Confusion hits consumer market over US ban of Kaspersky

NEW YORK (AP) — Worries rippled through the consumer market for antivirus software after the U.S. government banned federal agencies from using Kaspersky Labs software on Wednesday. Best Buy said it will no longer sell software made by the Russian company, although one security researcher said most consumers don’t need to be alarmed. Best Buy Co. declined to give details about why it dropped Kaspersky products, saying that it doesn’t comment on contracts with specific vendors. The Minneapolis Star Tribune first reported that Best Buy would stop selling Kaspersky software. Read more

Ryan backs off promise not to add to deficit

WASHINGTON (AP) — House Speaker Paul Ryan backed off months of promises that the Republicans’ tax plan won’t add to the nation’s ballooning deficit, declaring in an AP Newsmaker interview that the most important goal of an overhaul is economic growth. Asked twice whether he would insist the emerging tax plan not pile more billions onto the $20 trillion national debt, Ryan passed up the chance to affirm that commitment. GOP leaders made that “revenue neutral” promise in a campaign manifesto last year and many times since. Read more

Home rebuilding: a long and costly burden for storm victims

Arlene Estle’s home sustained major damage from Hurricane Harvey, but she is among the fortunate ones. She has flood insurance and a longtime contractor who can start work soon. Most victims of Harvey have neither. Months will be spent struggling to assess damage, navigate federal assistance and apply for loans. Then, victims will have to compete for contractors who have already put prospective clients on waiting lists. All told, it could take years for some people to rebuild, if they can do it at all. The same could be true of many victims of Hurricane Irma, which caused its own catastrophic damage in Florida, though less than initially feared. Read more

Trump blocks Chinese purchase of US semiconductor maker

WASHINGTON (AP) — U.S. President Donald Trump on Wednesday blocked a Chinese government-financed firm’s acquisition of an Oregon semiconductor maker on national security grounds. A federal panel that reviews foreign investment in the United States for possible security threats ruled against the proposed $1.3 billion purchase of Lattice Semiconductor last week. The deal has been under scrutiny since it became clear the buyer, Canyon Bridge Capital Partners, is funded by the Chinese government. Read more

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