Global Glance: Wells Fargo CEO to apologize; Report finds wide racial wage gap

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

Wells Fargo CEO to apologize for betraying customers’ trust

WASHINGTON (AP) — The CEO of Wells Fargo plans to apologize before a congressional panel for betraying customers’ trust in a scandal over allegations that employees opened millions of unauthorized accounts, moved money into them and signed customers up for online banking in order to meet sales targets. In prepared testimony obtained by The Associated Press, Chief Executive John Stumpf says he is “deeply sorry” the bank failed to meet its responsibility to customers and didn’t act sooner to stem what he called “this unacceptable activity.” He testifies Tuesday before the Senate Banking Committee. Read more


Report finds racial wage gap widest in nearly 4 decades

WASHINGTON (AP) — As wages for American workers have stagnated for more than a generation, the income gap between black and white workers has widened, and discrimination is the main reason for the persisting disparity, according to a new report. The Economic Policy Institute also found that young black women are being hit the hardest. This gap remains even after controlling for factors like education, experience, or geography. The wage gap today is “worse now than it was 36 years ago,” said Valerie Wilson, director of the liberal-leaning think tank’s Program on Race, Ethnicity and the Economy. Read more


Feds preview rules of the road for self-driving cars

WASHINGTON (AP) — Obama administration officials are previewing long-awaited guidance that attempts to bring self-driving cars to the nation’s roadways safely – without creating so many roadblocks that the technology can’t make it to market quickly. Traditional automakers and tech companies have been testing self-driving prototypes on public roads for several years, with a human in the driver’s seat just in case. The results suggest that what once seemed like a technology perpetually over the horizon appears to be fast approaching, especially with car companies announcing a string of investments and acquisitions in recent months. Read more


US home construction slumped in August; big dip in the South

WASHINGTON (AP) — Southern homebuilders pulled back on construction in August, causing the pace of housing starts nationwide to fall to their lowest level in three months. Ground breakings dropped 5.8 percent to a seasonally adjusted annual rate of 1.4 million from 1.21 million in July, the Commerce Department said Tuesday. The pace of construction was the lowest since May. Starts plummeted 14.8 percent in the South, likely reflecting the monthly volatility of the government report. Building activity increased in the Northeast, Midwest and West. Read more


Bills would defend consumers’ right to leave bad reviews

WASHINGTON (AP) — Congress is defending your right to Yelp. Legislation in Congress would ensure that customers who want to post negative reviews on websites like Yelp or TripAdvisor can do so without legal repercussions. That’s in response to some businesses that have made customers sign non-disparagement clauses and then sued if a bad review showed up. Supporters say the legislation is needed to ensure freedom of speech in a growing online economy. Read more


Why It Matters: Infrastructure

JEFFERSON CITY, Mo. (AP) — The U.S. interstate highway system, celebrating its 60th birthday this year, is showing its age. Many roads and bridges are in need of repair or expansion. Similar problems exist for public drinking and wastewater systems, dams and levees, airports, railroads and mass transit systems. Politicians generally agree the nation’s infrastructure is in need of improvement. Deciding how to pay for it and which projects should take priority is more difficult. Read more


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