Global Glance: China steel, British politics, TPP

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

China, EU agree to steel working group amid dumping concerns

BEIJING (AP) — EU leaders said Wednesday that they have agreed with China to form a working group to discuss Beijing’s overproduction of steel, an issue they say is linked to whether they will grant market economy status to China. The status would mean that the EU treats China’s economy as one controlled by the market, not the state, and would open the doors to more Chinese imports. European steelmakers accuse China of dumping steel on the world market and have warned the 28-nation EU, China’s largest trading partner, not to open further to Beijing, saying this would cost tens of thousands of jobs. Read more

Cameron out, May in on dramatic day in British politics

LONDON (AP) — David Cameron is making a final appearance in the House of Commons as prime minister Wednesday before handing over to his successor, Theresa May. Cameron is stepping down less than three weeks after losing the campaign to keep Britain in the European Union. May, Britain’s home secretary – in charge of immigration and law and order – for the past six years, has the tough task of calming the country, and the financial markets, after upheaval following the result of the June 23 referendum. Read more

McConnell says ‘slim’ chance of vote on trade deal in 2016

WASHINGTON (AP) — Senate Majority Leader Mitch McConnell says “the chances are pretty slim” that the Senate will vote on a sweeping trade deal between the United States and Pacific Rim nations this year. The Trans-Pacific Partnership would erase many tariffs and other trade barriers between the U.S. and 11 other nations. Both Democratic presidential candidate Hillary Clinton and Republican rival Donald Trump have opposed it, as have many lawmakers concerned that it will take jobs away from Americans. The trade pact has been one of President Barack Obama’s priorities during his last year in office. Read more

Lower-cost biotech drug gets thumbs up from FDA panel

WASHINGTON (AP) — The second-biggest selling drug in the world could get some cheaper competition in the U.S., after a federal panel endorsed an alternative version of the pricey medication used to treat rheumatoid arthritis and other inflammatory diseases. A panel of Food and Drug Administration advisers voted unanimously in favor of Amgen’s version of AbbVie’s Humira, a biotech drug that raked in nearly $15 billion last year, according to IMS Health. While not binding, the recommendation likely paves the way for FDA approval of the knockoff drug. If approved, Amgen’s drug would join a new wave of so-called biosimilars, which have the potential to generate billions in savings for U.S. insurers, doctors and patients.Read more

Why you should care about that new Dow record

NEW YORK (AP) — It’s been a long time coming, and perhaps a cause for celebration. But when it comes to your finances, the new record high for the Dow Jones industrial average will probably have zero impact. Most retirement or brokerage accounts will be unaffected. The Dow index, a symbol of investor euphoria and despair for decades, climbed to a new high close on Tuesday – 18,347.67. It’s taken over a year – a long time in Dow terms – but it’s been a rocky one. Read more

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