Global Glance: China works on growth initiative, Japan’s economy slows to snail’s pace

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

China working on growth initiative for economy summit

BEIJING (AP) — China will propose a joint initiative to revive weak global growth at next month’s meeting of leaders of Group of 20 major economies amid rising protectionist sentiment in the United States and Europe, officials said Monday. Speaking at a news conference, a senior Chinese diplomat made clear Beijing wants the Sept. 4-5 meeting to avoid political issues such as its territorial disputes with its neighbors in the South China Sea. The meeting in the eastern Chinese city of Hangzhou comes as an unusually weak global economic recovery is helping to fuel the popularity of U.S. and European political movements that advocate protection for local industries. Read more

What Trump and Clinton didn’t say in their economic speeches

WASHINGTON (AP) — Donald Trump and Hillary Clinton spelled out their economic visions in high-profile speeches in Michigan this week. They delved into taxes and regulations, trade deals and job growth. Yet perhaps most notable about their speeches is what they left out. Mostly unmentioned were major challenges that have slowed the U.S. economy and made good-paying jobs harder to find, particularly in struggling pockets of the country. They are challenges that tend to preoccupy economists and defy simple fixes. Read more

Japan’s economy slows to snail’s pace as exports falter

TOKYO (AP) — Japan’s economy barely grew in the April-June quarter, as weaker exports and business investment weighed on the faltering recovery. Growth for the world’s third-largest economy was flat on a quarterly basis, adding to pressure on the Bank of Japan to take further action to stimulate slack corporate spending. The economy expanded at a 0.2 percent annual pace in the last quarter, compared with a revised 0.8 percent rate in January-March period. Economists had forecast that it would maintain or even slightly better that pace in April-June. But private demand, which accounts for nearly two-thirds of business activity, rose only 0.2 percent. Read more

VW: Fix gets OK for 460,000 more cars with cheating software

BERLIN (AP) — German automaker Volkswagen says it’s received approval from the country’s motor vehicle authority for technical fixes for another 460,000 cars equipped with software to help them cheat emissions tests. Volkswagen said in a statement Sunday that the Federal Motor Transport Authority had approved the fix for vehicles with the 1.2-liter EA189 TDI diesel engine, including the smaller Polo and SEAT Ibiza models. VW says owners will be informed individually and given appointments at authorized workshops. Read more

RBS chief says bank would move HQ from Independent Scotland

LONDON (AP) — The chief executive of Royal Bank of Scotland says the company will move its headquarters out of Scotland if the country votes for independence. RBS said before Scotland’s 2014 independence referendum that it would leave in the event of independence. CEO Ross McEwan says Britain’s June 23 vote to leave the European Union had not changed that. He told the BBC on Sunday the bank “would just be too big for the economy” of Scotland, which has a population of about 5 million. Read more

Divided America: Global warming polarizes more than abortion

WASHINGTON (AP) — Tempers are rising in America, along with the temperatures. Two decades ago, the issue of climate change wasn’t as contentious. The leading U.S. Senate proponent of taking action on global warming was Republican John McCain. George W. Bush wasn’t as zealous on the issue as his Democratic opponent for president in 2000, Al Gore, but he, too, talked of regulating carbon dioxide. Then the Earth got even hotter , repeatedly breaking temperature records. But instead of drawing closer together, politicians polarized. Read more

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