Global Glance: Fed may delay hike; EU leaders gather for summit

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

A flurry of tepid economic data could lead Fed to delay hike

WASHINGTON (AP) — U.S. factory output fell, consumers cut back at retailers and wholesale prices went nowhere in August, the latest evidence of a less-than-robust economy. The weak numbers could give the Federal Reserve further reason to hold off on raising interest rates when it meets next week. “All the data seem to say the same thing: Not much is happening in the economy,” said Joel Naroff of Naroff Economic Advisors. “We have no inflation, not a lot of consumer spending, not much production … The data don’t demand that the Fed do anything right now.” Read more


EU leaders gather for summit to jumpstart stalling bloc

BRATISLAVA, Slovakia (AP) — In a centuries-old castle in the middle of their fractious continent, European Union leaders on Friday anxiously sought to forge a sense of common purpose in the face of the planned departure of Britain and fundamental disagreements over everything from uncontrolled migration to the economy. The 27 leaders, who are meeting without British Prime Minister Theresa May, hope their daylong talks in the Slovak capital will provide the broad outlines of a new “Bratislava roadmap” that should lead to a new-look EU by next spring. Read more


Truckers warn speed caps will cause crashes, jam highways

DETROIT (AP) — Truckers are warning that a government plan to electronically limit the speed of tractor-trailers will lead to highway traffic jams and possibly an increase in deadly run-ins with cars. More than 150 people, most identifying themselves as independent truckers, have filed comments recently with the government about the proposed rule, unveiled last month by two federal agencies. There were only a few comments in favor. The government has proposed requiring electronic speed limiters on all trucks and buses over 26,000 pounds manufactured after the regulation goes into effect. Read more


Economists say Trump’s economic plan is an impossible blend

NEW YORK (AP) — Donald Trump has attached a price tag to an economic vision promising what many economists say is impossible: lower taxes, a dramatic expansion in some federal programs and a slimmer government running a smaller deficit. In a speech Thursday to the Economic Club of New York, Trump said that his plan – a mix of tax cuts, regulation elimination and new spending – would reduce the nation’s tax burden by $4.4 trillion over 10 years and create 25 million new jobs. Trump and his advisers say that would lead to booming economic growth of as much as 4 percent a year, which would make up for most of that lost tax revenue along with an infusion of new money from trade, energy and regulatory reforms. Read more


Venezuela’s resort island devastated by economic crisis

MARGARITA ISLAND, Venezuela (AP) — This resort island was once mobbed with international tourists who loved the sparkling blue water, fine white sand and flawless sunny days. Now, swimming pools are empty, toilets don’t flush and many hotels can’t afford to offer meal service. Crisis-wracked Venezuela gave the island community of 600,000 a last-minute cleanup to host leaders from the developing world for a summit of the Non-Aligned Movement. But all the attention can’t hide the steep decline the island has suffered as the socialist country sinks into economic and social collapse. Read more


US consumer prices tick up in August

WASHINGTON (AP) — U.S. consumer prices edged up in August as a surge in medical care offset flat readings for food and energy. The Labor Department says consumer prices rose 0.2 percent in August after no change in July. Core inflation, which excludes the volatile categories of food and energy, rose 0.3 percent. It was the biggest monthly increase since February. The climb in core inflation was led by a record jump in drug prices and the biggest rise in doctor and hospital charges in a quarter-century. Read more


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