AT&T's office building in downtown St. Louis | Photo by Nicole Lunger/Missouri Business Alert

Global Glance: AT&T win may herald new wave of media mergers; anticipation surrounds Fed’s rate forecasts



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

AT&T antitrust win may herald new wave of media mergers

WASHINGTON (AP) — Brace yourself for a likely new era of media megamergers. AT&T’s victory over the government’s attempt to block its $85 billion takeover of Time Warner underscores just how much the way people watch — and pay for — TV has changed. It also highlights how corporate America wants to adapt to deal with its new environment. In short: Bigger is better. Read more

Anticipation surrounds Fed’s rate forecasts after next hike

WASHINGTON (AP) — The Federal Reserve is set Wednesday to modestly raise its key short-term interest rate for the second time this year. But attention will be focused mainly on any hints that the Fed might accelerate its rate hikes in the coming months. Some economists think the Fed will signal that it expects to raise rates four times this year, up from its current projection of three hikes. Others believe the central bank will stick with its projection of three rate increases, partly out of concern that rising trade tensions triggered by President Donald Trump’s aggressive policies might slow global growth. Read more

Toyota investing $1 billion in ride-hailing company Grab

TOKYO (AP) — Japan’s top automaker Toyota Motor Corp. is investing $1 billion in Grab, the leading ride-hailing company in Southeast Asia, the company said Wednesday. Toyota said it reached a deal with Grab Holdings to strengthen the existing partnership to grow in mobility services in the region. A Toyota executive will be appointed to Grab’s board and another Toyota official is being tapped to be an executive officer at Grab, the company said. Read more

Will Amazon’s work to kill Seattle tax spook other cities?

SEATTLE (AP) — A tax on large companies such as Amazon that was meant to fight a growing homelessness crisis got rolled back during a raucous Seattle City Council meeting that exposed divisions over how much companies that have fueled booming economies should help pay to alleviate the downsides of success. The vote showed Amazon’s ability to aggressively push back on government taxes, especially in its affluent hometown where it’s the largest employer with more than 45,000 workers and where it has been criticized for contributing to a widening income gap. It remains to be seen whether Seattle’s retreat will have a chilling effect on other cities considering taxes on big tech companies to help mitigate the effects of growth. Read more

Massachusetts sues opioid maker, executives over drug crisis

BOSTON (AP) — Massachusetts sued the maker of prescription opioid painkiller OxyContin and its executives on Tuesday, accusing the company of spinning a “web of illegal deceit” to fuel the deadly drug abuse crisis while boosting profits. Purdue Pharma is already defending lawsuits from several states and local governments, but Massachusetts is the first state to personally name the company’s executives in a complaint, Attorney General Maura Healey said. It names 16 current and former executives and board members, including CEO Craig Landau and members of the Sackler family, which owns Purdue. Read more

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