Global Glance: Temer inherits Brazilian presidency; G20 governments endorse trade

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

Brazil’s Michel Temer inherits presidency on shaky ground

RIO DE JANEIRO (AP) — The permanent ouster of deeply unpopular President Dilma Rousseff by Brazil’s Senate means that a man who is arguably just as unpopular is now faced with trying to ease the wounds of a divided nation mired in recession. Long known as an uncharismatic backroom wheeler-dealer, Michel Temer inherits a shrinking economy, a Zika virus outbreak that has ravaged poor northeastern states and political instability fed by a sprawling corruption probe that has tarred much of the country’s political and business elite – himself included. So far he’s struggled in the nearly four months he’s served as interim president following Rousseff’s May impeachment, which suspended her from office while a final trial was prepared. The Senate’s 61-20 vote on Wednesday to permanently remove her means Temer, who had been her vice president, will now serve out her term, which ends in late 2018. Read more

G20 governments endorse trade but tighten controls

BEIJING (AP) — Leaders of the United States, China and other Group of 20 major economies who meet this weekend say more trade would shore up sluggish global growth but are tightening their own controls on imports. China hopes its status as G20 host will give it more sway in managing the global economy and has made trade a theme of the meeting in Hangzhou, a scenic lakeside city southwest of Shanghai. Chinese officials say Beijing will propose a plan to promote commerce through cooperation in finance, tax and energy. Governments also have said they want to discuss climate change, efforts to reduce surplus production capacity in steel and other industries and limits on use of tax havens, though no detailed agreements are expected. Read more

Apple says several billion dollars set aside for US taxes

LONDON (AP) — Apple’s chief executive says the company has put aside “several billion dollars” to pay tax liabilities in the United States as it repatriates some of its huge overseas earnings. Tim Cook told Irish state network RTE in an interview broadcast Thursday that the money, part of profits from 2014, should be brought back to the U.S. next year. He did not specify how much would be repatriated. Apple holds nearly $215 billion in cash and securities outside the U.S., much of that generated by its Irish subsidiaries. Cook has complained in the past that high U.S. taxes have discouraged the company from bringing those earnings home. Read more

McDonald’s taps relative outsider to lead key US business

NEW YORK (AP) — McDonald’s says the president of its U.S. business is retiring after about two years on the job, marking the latest executive change as the fast-food giant tries to reinvent itself by bringing in a relative outsider to lead its flagship region. The Oak Brook, Illinois-based company said Wednesday that Mike Andres, who is 58 and stepped into his role in October 2014, will retire at the end of the year. He will be replaced effective Jan. 1 by Chris Kempczinski, 47, who joined the company last year from Kraft Heinz and is executive vice president of strategy, business development and innovation. Read more

The quest to end lost airline luggage

LINTHICUM, Md. (AP) — Victor DaRosa stands under a scorching afternoon sun, loading bags onto a jet heading to Detroit. As each suitcase climbs up the conveyor belt into the plane, a small computer verifies that it actually belongs on that flight. If one bag didn’t, a red light would flash and the belt would stop until somebody acknowledges the mistake and reroutes the luggage. This is the future of baggage handling. Delta Air Lines is investing $50 million to soothe one of air travel’s biggest headaches: lost and delayed luggage. Read more

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