Global Glance: Japan’s leader vows to accelerate economy; Fed wants new limits on banks’ activities

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

Japan’s leader vows to accelerate economic measures, TPP

TOKYO (AP) — Japanese Prime Minister Shinzo Abe pledged Monday to accelerate his mix of policies to prop up Japan’s economic recovery and speed up parliamentary approval of the Trans-Pacific Partnership trade pact. In his policy statement opening the 66-day parliamentary session, Abe outlined an extra set of stimulus measures to help the economic recovery and spur more consumer and corporate spending. He aims to push through a supplementary budget to implement some of the measures as part of a larger package. Read more

Fed wants to put new limits on banks’ commodities activities

WASHINGTON (AP) — The Federal Reserve wants to put new limits on big banks’ activities in physical commodities businesses, with an eye to reducing financial risks from volatile trading and transport of sensitive materials. The Fed’s governors are proposing restrictions for banks’ holding, transporting and trading of commodities like oil, aluminum and coal. Banks would be required to beef up the capital they hold against potential losses in commodities and would face limits on the amount of their commodities trading. Read more

Snapchat debuts recording ‘spectacles,’ changes company name

NEW YORK (AP) — Social media app Snapchat is introducing video-recording glasses called Spectacles and is changing its company name to incorporate the new product. The glasses can record video 10 seconds at a time by tapping a button on the device. The video is then uploaded to the popular image-messaging app via Bluetooth or Wi-Fi. The glasses are the first hardware from the Los Angeles-based company. The glasses record so-called “circular video,” meaning it plays full-screen on any device in any orientation. Read more

Drugmaker Pfizer decides not to break up business

Pfizer will not split into two publicly traded companies, a decision that, at least for now, ends Wall Street speculation over the drugmaker’s future. The company believes it is best positioned to maximize shareholder value in its current form, but said Monday that it’s reserving the right to split in the future if the situation changes. The maker of Viagra and the pain treatment Lyrica has been talking about a split for several years, but the chances of the split actually taking place began to fade over the summer. Read more

UK CEOs consider pulling up stakes because of Brexit

LONDON (AP) — A survey of company CEOs in Britain suggests that a majority is considering moving some business away from the U.K. amid concerns about the country’s future outside the European Union. Research by KPMG shows that three fourths of the 100 executives questioned would consider moving their headquarters or some operations outside Britain in order to keep a link to the EU’s common, tariff-less market. Read more

Moody’s downgrades Turkey’s credit rating to ‘junk’ status

NEW YORK (AP) — Moody’s has downgraded Turkey’s credit rating to “junk” status, a further blow to an economy shaken by terrorist attacks, a failed military coup and a diplomatic spat with Russia. The rating agency on Friday lowered its rating on Turkey’s debt one notch, stripping it of investment-grade status. The move could mean higher borrowing costs as investors demand steeper interest rates to take on riskier Turkish debt. Moody’s indicated it expects Turkey’s economic growth to be weighed by political turmoil following July’s coup attempt that could scare off vital foreign investment and stall economic reforms. Read more

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