Global Glance: Fed leaves rates alone, Shanghai Disneyland opens

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

Leaving rates alone, Fed sees ultra-slow pace of hikes ahead

WASHINGTON (AP) — The Federal Reserve signaled Wednesday that it foresees an exceedingly slow pace of interest rate hikes ahead – and is in no hurry to resume them. In explaining its decision to keep interest rates unchanged, the Fed expressed concern about a recent slump in U.S. job growth and about the potential consequences of Britain’s vote next week on whether to leave the European Union. Read more

Feds propose shutting down big for-profit college accreditor

BOSTON (AP) — The U.S. Department of Education proposed on Wednesday to shut down the nation’s largest accreditor of for-profit colleges, a rare move that could put dozens of schools at risk of losing federal funding. The recommendation from the department’s staff would sever ties with the Accrediting Council for Independent Colleges and Schools, a national group that oversees 900 campuses and wields the seal of approval that colleges need to receive federal aid. The group has been under intense scrutiny after critics, including attorneys general in 13 states, accused it of overlooking deception at some schools. Read more

Shanghai Disneyland opens with hopes that cash will rain down

SHANGHAI (AP) — Walt Disney Co. opened Shanghai Disneyland, its first theme park in mainland China, with a lavish celebration Thursday featuring Communist Party leaders, a children’s choir, Sleeping Beauty and other Disney characters. A vice premier joined Disney CEO Bob Iger in cutting the grand opening’s red ribbon, showing the ruling party’s support for the $5.5 billion investment in promoting tourism at a time of slowing economic growth. Read more

Wal-Mart to eliminate 1,500 back-office jobs at U.S. stores

NEW YORK (AP) — Wal-Mart Stores Inc. said Wednesday it is cutting jobs in accounting and other back-office positions at about 500 locations in the Western region of the U.S. The move will affect two or three people per store, totaling as many as 1,500 workers, Wal-Mart spokesman Kory Lundberg said. But those employees are expected to be offered positions that will involve direct contact with shoppers, such as working in the online pickup department or as pharmacy technicians. Read more

Volkswagen to launch more electric cars after diesel scandal

FRANKFURT, Germany (AP) — German automaker Volkswagen plans to ramp up its offerings of electric vehicles as it fights to bounce back from a scandal over diesel cars rigged to cheat on emissions tests. CEO Matthias Mueller said Thursday the company plans to introduce more than 30 electric-powered vehicles by 2025, and to sell 2 to 3 million of them a year. Read more

Macy’s reaches tentative deal with union

NEW YORK (AP) — Macy’s says it has reached a tentative deal with the union representing workers at its flagship store in New York City, avoiding a strike. Macy’s Inc. said Thursday that it worked overnight with the union on negotiations. The union’s big issues had included health care, unpredictable schedules and pension plans for senior employees. Read more

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