Global Glance: IMF reduces economic growth forecast; Google unveils new smartphones, gadgets

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

IMF reduces its forecast for US economic growth this year

WASHINGTON (AP) — The International Monetary Fund is downgrading its forecast for the U.S. economy this year and warns that political discontent threatens global growth. The IMF on Tuesday cut its estimate for U.S. economic growth in 2016 to 1.6 percent from the 2.2 percent it had predicted in July. The American economy grew 2.6 percent in 2015. The fund’s dimmer outlook for the U.S. occurs even as the Federal Reserve is thought to be preparing to raise interest rates in December. Read more

Google gets aggressive with new phones, other gadgets

SAN FRANCISCO (AP) — Google ratcheted up its rivalry with Apple and Amazon by unveiling new smartphones, an internet-connected speaker that channels a digital assistant, and other gadgets the company hopes to make indispensable. The devices announced Tuesday are part of Google’s bold move to design and sell its own hardware, instead of just supplying Android and other software for other companies to make products. Google’s previous attempts at hardware have had limited distribution and included such high-profile flops as its internet-connected Glass headgear. Read more

Pence calm and steady, but dodges in defending Trump

WASHINGTON (AP) — Republican Mike Pence was calm and steady in the face of Democrat Tim Kaine’s fiery and frequent challenges. But when it came to defending Donald Trump, Pence dodged, sidestepped or was silent about some of his running mate’s most provocative words. Kaine aggressively pressured Pence to vouch for Trump throughout the 90-minute debate, often citing the brash businessman’s own words. Read more

US trade deficit in August rises 3 percent to $40.7 billion

WASHINGTON (AP) — The U.S. trade deficit rose in August as a flood of imports which offset the best showing for exports in 13 months. The politically sensitive deficit with China rose to the highest level in 11 months. The Commerce Department says the trade deficit increased 3 percent to $40.7 billion, up from a gap of $39.5 billion in July. Imports jumped 1.2 percent to $228.6 billion, reflecting big increases in shipments of foreign oil, autos and commercial aircraft. Read more

Report: Yahoo gave US intel agencies access to email

NEW YORK (AP) — Yahoo scanned hundreds of millions of incoming emails at the behest of U.S. intelligence or law enforcement, according to a report published Tuesday. The internet company conducted the surveillance last year after receiving a classified demand from the National Security Agency or the FBI, Reuters said in its story. The report cited three former Yahoo employees and another unidentified person familiar with the matter. Read more

Survey: US businesses add fewest jobs in 5 months

WASHINGTON (AP) — U.S. businesses added 154,000 jobs in September, the slowest pace of hiring since April, a private survey found. Payroll processor ADP says manufacturers cut jobs for the eighth straight month and professional and business services, which includes high-paying jobs such as accountants and engineers, added the fewest jobs in five months. The modest job gain adds to the mixed signals from recent economic reports. Consumer spending slipped in August to its lowest level since March, yet consumer confidence has jumped to a nine-year high. Read more


As demand for cars falters, auto prices are poised to fall

DETROIT (AP) — While the U.S. inched its way out of the Great Recession, consumers went car shopping in droves. As sales rebounded, the price of cars and trucks rose to record highs. Now, the price trend is set to reverse itself, partly because some buyers are unwilling or unable to pay the high prices and instead are opting for used cars. Read more


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