Global Glance: China promises steel cooperation; Enbridge to buy Spectra Energy

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

China promises cooperation on steel at global summit

HANGZHOU, China (AP) — China agreed to cooperate more closely with its trading partners on its politically volatile steel exports as leaders of major economies ended a summit Monday with a forceful endorsement of free trade and a crowded agenda that included the Koreas, Syria and refugees. In a joint statement, Chinese President Xi Jinping, U.S. President Barack Obama and the leaders of Britain, Japan, Russia and other Group of 20 nations pledged to boost sluggish global growth by promoting innovation. There was no mention of a global stimulus or other joint action, which officials said earlier was unworkable because economic conditions vary widely from country to country. Read more


Pipeline operator Enbridge to buy Spectra Energy for $28B

NEW YORK (AP) — Canada’s Enbridge is buying Houston-based Spectra Energy for about $28 billion, creating North America’s largest energy infrastructure company. Both companies operate pipelines that deliver oil and natural gas. When the deal closes, which is expected to happen in the in the first quarter of 2017, Enbridge shareholders will own about 57 percent of the combined company and Spectra Energy shareholders will own about 43 percent. Read more


General Motors settles 2 bellwether ignition switch cases

DETROIT (AP) — General Motors Co. has settled two federal court cases related to its defective ignition switches, but its legal troubles stemming from the switches are far from over. GM settled the cases for an undisclosed amount, plaintiffs’ attorney Bob Hilliard said Monday. In both cases, the plaintiffs said they sustained serious injuries when the air bags in their vehicles didn’t deploy. GM has acknowledged that ignition switches in older cars could fall out of position without warning and shut off the engine and air bags. Read more


Obama makes trade deal top priority in his remaining months

WASHINGTON (AP) — Despite formidable opposition across the political spectrum, President Barack Obama is using his final months in office to fight for congressional approval of a 12-nation free trade pact called the Trans-Pacific Partnership. Obama plugged the trade agreement Monday in China, saying it is “indisputable that it would create a better deal for us than the status quo.” He said he doesn’t have to sell the deal to Asian leaders who were part of the negotiations because “they see this as the right thing to do for their own countries.” At home, presidential candidates Hillary Clinton and Donald Trump bash the agreement and public opinion polls show voters closely divided on its merits. Read more


Low taxes at dozens of firms in spotlight after Apple ruling

NEW YORK (AP) — It turns out some wealthy companies are just like some wealthy hedge fund managers: They’re taxed at far lower rates than nearly everyone else. Whether or not Apple used illegal breaks to pay virtually no taxes in Europe over 11 years, as regulators there contend and the company denies, the order last week that it pay billions in back taxes highlights a worrisome divide among the world’s biggest corporations: Some pay relatively little taxes, others a lot. Taxes paid in the U.S. and abroad by tech companies like Apple amounted to 24 percent of their profits in the 10 years through 2014, according to a Credit Suisse report. Energy companies paid 41 percent, nearly double. Read more


Progress slows on uninsured as health law blame game goes on

WASHINGTON (AP) — Progress in reducing the number of people without health insurance in the U.S. appears to be losing momentum this year even as rising premiums and dwindling choice are reviving the political blame game over President Barack Obama’s health care law. The future of the Affordable Care Act hinges on the outcome of the presidential election, and it’s shaping up as a moment of truth for Republicans. If Donald Trump wins and follows through on repealing “Obamacare,” Republicans will be judged on how many people are covered – or lose coverage – by the still-evolving GOP replacement plan. If Democrat Hillary Clinton wins, the single-minded Republican focus on repeal will look even more futile. Read more


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