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Here are today’s top business headlines from across the nation and world:
A record 43 million Americans are expected to travel this Independence Day weekend, with the overwhelming majority driving, according to AAA, a car lobbying group and one of the nation’s largest travel agencies. This tops the joint record set last year and in 2007. Lower gas prices, strong consumer confidence and a generally healthy domestic economy have led more families to take trips this summer. AAA estimates that U.S. drivers have saved $20 billion on gasoline so far this year compared to the same period last year. Gas prices as of June 20 were 46 cents per gallon below prices from a year ago. Read more
BEIJING (AP) — China is a potential winner if Britain and the European Union rework trade deals and look for investors after a British exit. Beijing faces a blow from weaker European demand for its exports and pressure to hold its yuan steady in turbulent currency markets. But economists and political analysts say if Britain and the EU split, both sides will look to cash-rich Chinese companies that are expanding abroad – with the possible bonus for Beijing of closer political ties. Read more
LONDON (AP) — Britain’s Treasury chief sought Monday to ease concerns about the vote to leave the European Union, saying the economy is as strong as it could be to face the uncertainty – even as a survey showed many companies are looking to move business out of the country. In his first public appearance since Thursday’s referendum, George Osborne stressed that Britain’s economy is in a far better position than it was at the start of the 2008 financial crisis. Read more
PANAMA CITY (AP) — A huge container ship made the inaugural passage through the newly expanded Panama Canal on Sunday, formally launching the Central American nation’s multibillion-dollar bet on a bright economic future despite tough times for global shipping. The waterway’s capacity doubles with the new locks, and canal authorities are hoping to better compete with the Suez Canal in Egypt and tap new markets such as natural gas shipments between the United States and Asia. The $5.25 billion project went online nearly two years late after construction delays, labor strife and apparent cost overruns, but officials were still bullish and in a celebratory mood as they declared the expanded canal open for business. Read more
Investors appear suspicious of a potential Tesla-SolarCity deal, particularly because billionaire Elon Musk is the chairman and largest shareholder of both companies. The glaring conflict of interest is fueling concerns about whether Musk is milking electric-car maker Tesla’s higher market value and better brand recognition to bail out SolarCity – a solar-panel installation company run by his cousin, Lyndon Rive. SolarCity’s shares have edged up by just 5 percent to $22.20 since the all-stock bid was made, well below the $23.56 to $25.30 currently being offered by Tesla. Meanwhile, Tesla’s stock has sank by 12 percent to $193.15. Read more
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