Global Glance: Wells Fargo CEO out; Fed saw no-hike decision as ‘close call’

Powered by The Associated Press

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

Fed saw no-hike decision in September as ‘close call’

WASHINGTON (AP) — Federal Reserve officials last month kept a key interest rate unchanged but saw the decision as a “close call.” Many believed that the case for a rate hike had strengthened in recent months. Minutes of the Sept. 20-21 meeting released Wednesday showed Fed officials were inching closer to hiking rates for the first time since last December. But they decided to hold off, given that inflation was still running below their 2 percent target and there was little sign of rising wage pressures. Read more

Wells Fargo CEO is out as bank grapples with sales scandal

NEW YORK (AP) — Wells Fargo’s embattled CEO John Stumpf is stepping down as the nation’s second-largest bank is roiled by a scandal over its sales practices. The San Francisco bank said Stumpf is retiring effective immediately and also relinquishing his title as chairman. He won’t be receiving severance pay and the bank announced earlier that he will forfeit $41 million in stock awards. Wells Fargo’s chief operating officer, Tim Sloan, will succeed Stumpf as CEO and join the company’s board. Sloan has been with Wells Fargo for 29 years. Read more

China’s exports last month post biggest drop since February

BEIJING (AP) — China’s exports posted their biggest drop since February while imports also contracted in a sign that weak global demand continues to challenge the world’s second-largest economy. Exports contracted 10 percent last month to $184.5 billion over a year earlier, worse than August’s decline of 2.8 percent, customs data showed Thursday. Imports fell 1.9 percent to $142.5 billion, also down from a 1.5 percent rise in August. Economists had expected exports to fall 3.3 percent and imports to rise 1 percent. Read more

UK lawmakers press government for vote on Brexit talks

LONDON (AP) — British lawmakers pressured the Conservative government Wednesday to give Parliament a vote on the negotiating terms for the U.K.’s exit from the European Union, as uncertainty about what kind of deal the U.K. is seeking with the EU rattles business leaders and currency markets. Government ministers, however, insisted it would not be wise to give too much away while Britain’s stance is still being worked out. Read more

Amazon adding 120,000 workers to meet holiday demand

NEW YORK (AP) — Amazon.com will add 120,000 seasonal workers in an effort to meet an expected spike in demand during the holidays. The seasonal positions will be created at fulfillment centers, sorting centers and customer service sites in 27 states. The move marks a 20 percent boost from the 100,000 seasonal hires a year ago. Read more

Want the state’s top business and entrepreneurship news in your inbox? Sign up here for our newsletters.

Leave a Reply

Have you heard?

Missouri Business Alert is participating in CoMoGives2019!

Find out how we plan to use your gift to enhance training and programming for our students