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Here are today’s top business headlines from across the nation and world:
WASHINGTON (AP) – Republican Donald Trump will deliver a speech outlining his trade policies on Tuesday – a talk that is sure to underscore the stark differences between his approach and that of likely Democratic rival Hillary Clinton when it comes to handling the economy. Trump favors big tax cuts that mainly would help the rich. Clinton wants to boost taxes on high earners. Clinton wants to raise the minimum wage nationwide. Trump favors leaving it to the states. Trump sees a middle class crushed by trade deals, globalization and shameless corporations moving jobs overseas. Clinton argues that rebuilding the middle class requires government aid for higher education and job training. Read more
SAN FRANCISCO (AP) – Volkswagen diesel owners can choose to either sell their car back to the company or get a repair that could diminish the vehicle’s performance under a settlement of claims tied to the German automaker’s emissions-cheating scandal. The settlement will cost VW $14.7 billion, a person briefed on the settlement talks said Monday, but does not resolve all the legal issues stemming from its admission that nearly a half million vehicles with 2-liter diesel engines were programmed to turn on emissions controls during government lab tests and turn them off while on the road. The figure represents the largest auto scandal settlement in U.S. Read more
SINTRA, Portugal (AP) — European Central Bank President Mario Draghi is calling for world leaders to agree on what ails the global economy and take more concrete action to promote growth and jobs. Draghi said in a speech Tuesday at an ECB conference that the current slow-growth world of high savings, low investment, and weaker productivity could be tackled with pro-growth policies such as more public spending.
Draghi said that divergence among the monetary policies of central banks – with, for example, the U.S. Federal Reserve looking to raise interest rates while the ECB is pumping more stimulus – risks creating uncertainty and volatility in currency markets. He called for “enhanced understanding among central banks on the relative paths of monetary policy.”
He said the key is a “shared diagnosis” and “alignment” rather than formal coordination. Read more
GENEVA (AP) — Nestle has selected health care industry executive Ulf Mark Schneider as its new CEO, as the Swiss food and drinks giant seeks to evolve into a nutrition, health and wellness company.
The company announced in a statement late Monday that Schneider, a 50-year-old German and American dual national, will take over starting Jan. 1 from current CEO Paul Bulcke. Bulcke is taking over as non-executive chairman from Peter Brabeck-Letmathe, who is retiring after 50 years with Nestle, which reported a 37 percent drop in net profit last year due to a stronger Swiss franc and one-time items linked to deal-making. It has also been beset by recent product recalls. Read more
HONG KONG (AP) — World stock markets rose on Tuesday after days of stomach-churning losses as investors started shaking off the jitters from Britain’s vote to quit the European Union and its messy aftermath.
European benchmarks rose in early trading, with Britain’s FTSE 100, France’s CAC 40 and Germany’s DAX each rising by more than 2 percent. U.S. stocks were poised to open higher. Dow and S&P 500 futures both rose more than 1 percent. The pound recovered 0.8 percent to $1.3336 but was still near its lowest levels since 1985.
Beyond the pound, currencies have been hugely volatile, with the Japanese yen strengthening in recent days because of its perceived status as a safe haven. The euro had fallen on concern that Britain’s trouble would hurt the rest of the region. Read more
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