Global Glance: OPEC deal shows cartel’s resolve; US economy grows in spring

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

OPEC deal shows cartel’s resolve – and desperation

ALGIERS, Algeria (AP) — OPEC’s unexpected understanding to trim production shows the cartel still has the resolve – and even desperation – to try to guide energy markets higher. But don’t expect triple-digit oil prices anytime soon. Ministers from the oil cartel reached a preliminary deal Wednesday in Algeria to cut production for the first time since the global financial crisis eight years ago. The size of the cut was modest – to between 32.5 million and 33 million barrels per day from just below current levels of around 33.2 million barrels per day. Read more

Yellen says economy likely ready for rate hike later in 2016

WASHINGTON (AP) — Federal Reserve Chair Janet Yellen said Wednesday that the central bank has no “fixed timetable” for raising interest rates but she believes the economy is ready for a rate hike by the end of the year. She said during an appearance before the House Financial Services Committee that when the Fed met last week, a majority of her colleagues believed it would be appropriate to raise rates before the end of this year. Read more

US economy grew at 1.4 percent in spring

WASHINGTON (AP) — The U.S. economy expanded at a slightly faster pace in the spring than previously reported, aided by new-found strength in business construction. The Commerce Department says the gross domestic product, the broadest measure of the economy, expanded at an annual pace of 1.4 percent in the April-June quarter. That is up from a previous estimate of 1.1 percent growth. Much of the upward revision reflected an increase in spending on structures such as office buildings. Read more

Automakers show off electric cars at Paris show

PARIS (AP) — Global automakers are showing off new electric vehicles at the Paris auto show as they look ahead to a world of tighter environmental standards and brace for rapid changes in technology. Volkswagen, trying to recover from revelations some of its diesel cars pollute far more than is allowed, displayed the I.D, a battery-powered compact it says will sell for about what a fully equipped Golf diesel does when a production version eventually goes on the market in 2020. Read more

Wells Fargo CEO to face lawmakers with better defense

WASHINGTON (AP) — Wells Fargo’s CEO, newly stripped of tens of millions in compensation in a scandal over sales practices, will face lawmakers with more defenses than he had in the last round, when some senators called for his resignation. Chief Executive John Stumpf comes into Thursday’s hearing before the House Financial Services Committee able to cite the millions he and another top executive will forfeit, her departure from the bank, and an earlier date for the aggressive sales quotas to end. Read more

Danish drugmaker Novo Nordisk to lay off 1,000 employees

COPENHAGEN, Denmark (AP) — Danish drugmaker Novo Nordisk says it plans to lay off some 1,000 employees globally to reduce operating costs because of “a challenging competitive environment, especially in its large U.S. market.” One of the world’s leading makers of diabetes medicines says half the job cuts are expected to be in Denmark. Read more

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