Global Glance: Yellen calls economy solid but uncertain, Zuckerberg gets hacked

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

Yellen’s view of the economy: Solid but laced with uncertainties

WASHINGTON (AP) — Federal Reserve Chair Janet Yellen went out of her way Monday to stress that the U.S. economy appears fundamentally solid. Yet the Fed chair also sent a contrasting message in a speech in Philadelphia: So many uncertainties surround the economy that it’s impossible to sketch any timetable for when the Fed might raise interest rates again. Read more


London’s powerful financial hub: EU exit would be nightmare

From the international banks in the skyscrapers of Canary Wharf to the traditional home of Britain’s financial industry in the City of London and the hedge funds of Mayfair, bankers and money managers across the capital await the June 23 referendum on EU membership with trepidation. Many fear a vote to leave would undermine London’s position as the world’s pre-eminent financial center and damage an industry that underpins the British economy. Read more


Facebook’s Mark Zuckerberg loses control of social media

NEW YORK (AP) — Facebook founder Mark Zuckerberg briefly found his Twitter account hijacked, as were at least two of his other social media accounts. Facebook Inc. said Monday morning that none of the company’s systems or accounts were accessed and that Zuckerberg’s affected accounts have since been re-secured. Read more


Eurozone Q1 economic growth revised back up to 0.6 percent

BRUSSELS (AP) — Economic growth across the 19-country eurozone in the first quarter has been revised back up to a quarterly rate of 0.6 percent from 0.5 percent previously. Figures published Tuesday by statistics agency Eurostat show growth was helped by stronger domestic demand, spending and investment. Read more


China pledges to cut steel glut, avoid race to devalue yuan

BEIJING (AP) — China promised Tuesday to rein in steel production that is flooding global markets and to work with Washington to enforce anti-nuclear sanctions against North Korea, but the two sides ended high-level talks with no announcements of progress on simmering disputes in the South China Sea. Read more


US worker productivity slumped again in Q1

WASHINGTON (AP) — American workers were less productive again in the January-March quarter, although the decline wasn’t as severe as first thought. Meanwhile, labor costs climbed at a faster pace than initially estimated. The Labor Department said Tuesday that productivity declined at an annual rate of 0.6 percent in the first quarter after a 1.7 percent drop in the fourth quarter. Read more


Adviser’s serial firings show ‘big problem’ at brokerages

An academic study from March found that 15 to 20 percent of the brokers at some of the largest financial services firms in the country have disciplinary records. Moreover, nearly half of financial advisers fired for misconduct find a new job in the industry within a year – and are at greater risk of re-offending, according to researchers at the universities of Chicago and Minnesota. Read more

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