Global Glance: Conditions could warrant rate hike; Cisco laying off 5,500

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

Fed minutes: Conditions could ‘soon warrant’ a rate hike

WASHINGTON (AP) — Federal Reserve officials believed last month that near-term risks to the U.S. economy had subsided and that an interest rate increase could soon be warranted. But they did not indicate when they would likely raise rates. The minutes of their July 26-27 meeting, released Wednesday, show that officials were encouraged by a rebound in job growth. They also took note of a stabilization of financial markets after a bout of turbulence triggered by Britain’s June 23 vote to leave the European Union. The Fed officials believed those developments had lessened the risks for the economy in the short run. The minutes show that as a result, the officials thought a rate increase “was or would soon be warranted.” Read more

Cisco laying off 5,500 employees amid tech upheaval

SAN FRANCISCO (AP) — Cisco Systems is laying off 5,500 employees as the internet gear maker scrambles to adapt to a technology upheaval that has triggered similar cutbacks to other storied tech companies. The shake-up announced Wednesday means about 7 percent of Cisco’s roughly 74,000 workers will lose their jobs beginning this summer. The purge is the latest fallout from a relentless march of innovation that has forced some of the world’s biggest and oldest technology companies to head in new directions in search of revenue growth. Read more

ECB officials saw shock from UK vote as largely contained

FRANKFURT, Germany (AP) — Officials at the European Central Bank saw the initial impact from Britain’s vote to leave the EU as largely confined to that country despite much uncertainty about whether it would hurt the global economy in the future. That is the view contained in the written account of the eurozone central bank’s July 21 rate-setting meeting, released Thursday. The ECB had left unchanged its stimulus policies, which include 80 billion euros a month in bond purchases and a benchmark interest rate of zero. Read more

Wal-Mart raises annual profit

BENTONVILLE, Ark. (AP) — Wal-Mart raised its earnings outlook for the year and delivered strong profit and sales in the second quarter after the world’s largest retailer revamped its stores, improved the shopping experience, and won back customers. “Our strategy in the U.S. is working,” said CEO Doug McMillon. Wal-Mart is fighting off competition on multiple fronts, from Amazon.com and dollar stores, to grocers like Kroger, which are ramping up promotions and lowering prices. Read more

How the Trump and Clinton tax plans would affect Americans

WASHINGTON (AP) — For America’s wealthiest families, the presidential campaign presents a stark choice: A big tax increase if Hillary Clinton wins the election – or a big tax cut if Donald Trump wins. For everyone else? Right now, neither candidate is proposing major tax changes. Tax policy is probably where the two nominees differ the most. On trade, Clinton has backed off her previous support for free trade agreements and, like Trump, now opposes the Trans-Pacific Partnership, a pact involving the U.S. and 11 other nations. Read more


Kanye West to open 21 ‘Pablo’ pop-up stores worldwide

NEW YORK (AP) — Kanye West fans can buy a taste of “The Life of Pablo” this weekend following the rapper-turned-fashion mogul’s announcement of 21 pop-up stores worldwide that will be open just this weekend. West tweeted a map with red dots indicating the stores’ locations Wednesday night. Fourteen of the stores will be in major cities in the U.S. West appears to be expanding the pop-up store concept following a successful run at a New York City location in March. Read more


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