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Here are today’s top business headlines from across the nation and world:
TOKYO (AP) — Japanese technology company SoftBank Group Corp., owner of Kansas City-based Sprint Corp., is buying British ARM Holdings for $31 billion in a deal the British government hailed Monday as a vote of confidence in the country following last month’s vote to leave the European Union. The recommended cash deal underlines SoftBank’s desire to expand in the so-called “Internet of Things,” which refers to how a multitude of home devices from smart-thermostats to security cameras and domestic appliances can connect online and work in sync. Read more
NEW YORK (AP) — Bank of America’s earnings fell 20 percent in the second quarter as historically low interest rates make it less profitable to make loans. The Charlotte, North Carolina-based banking giant earned $3.87 billion, or 36 cents per share, before dividends to preferred shareholders. That’s down from $4.8 billion, or 43 cents per share, in the same period a year earlier. The results beat analysts’ expectations. Analysts polled by FactSet expected the bank to earn 33 cents per share. Read more
Uncompromising opposition to Obamacare has been a winning issue for Republicans, helping them gain control of Congress. Capturing the White House would finally let them make good on “repeal and replace.” But ripping apart the social safety net in the name of rolling back the government’s power would be politically self-defeating, a dilemma for Republicans. If Republicans can keep the Senate, they’re not expected to have a 60-vote majority that would allow them to ram through legislation. They might have to scale back their health care aspirations from the start. Possible outcomes could shift from full repeal to rescinding parts of the law that Democrats don’t much like either, such as its tax on high-value insurance plans, the employer coverage requirement, and a Medicare cost-control board. Read more
WASHINGTON (AP) — Americans spent more money at retailers and factories revved up production in June, offering encouraging signs of the U.S. economy’s resilience in the face of global headwinds. Industrial production shot up 0.6 percent, fueled by a big rebound in auto output. It was the best showing since last August. Meanwhile, retail sales also rose 0.6 percent last month, three times the gain in May, with demand strong in a number of areas. Inflation pressures remained modest, with consumer prices climbing 0.2 percent in June. Prices are up just 1 percent from a year ago, still well below the Federal Reserve’s 2 percent target. Read more
Nowhere has the plummet of the white working class been as merciless as here in central Appalachia. And nowhere have the cross-currents of desperation and boiling resentment that have devoured a presidential race been on such glaring display.
Anxiety turned to despair, and desperate people, throughout history, have turned to tough-talking populists. That is how, in one of America’s forgotten corners, the road was perfectly paved for the ascent of Donald Trump. He won by spectacular margins all across the coalfields. From Appalachia to the Rust Belt to the hollowing manufacturing towns in the Midwest, Trump collected his most ardent supporters in places like this. Read more
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