Global Glance: CenturyLink to buy Level 3; US political uncertainty weighs on global stocks

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

CenturyLink to buy Level 3 for about $24 billion

NEW YORK (AP) — CenturyLink is paying about $24 billion to buy Level 3, to expand its telecommunication services for businesses. CenturyLink provides internet, TV and phone services to consumers, as well as data and IT services for businesses. Level 3 provides data, video and other communication services to businesses and government agencies. Level 3 shareholders will receive about $66.50 in cash and a portion of CenturyLink stock for each share of Level 3 they own. The companies valued the deal at $34 billion, when debt is included. Read more

US political uncertainty weighs on global stocks

LONDON (AP) — The revelation that the FBI has opened a new investigation into U.S. presidential candidate Hillary Clinton’s private email server weighed on global stock markets on Monday, a little more than a week from election day. Investors around the world also have a raft of potentially market-moving data and events to monitor this week, culminating with Friday’s U.S. non-farm payrolls report for October. Read more

GE, Baker Hughes create powerful new player in energy sector

NEW YORK (AP) — General Electric and Baker Hughes are joining their oil and gas businesses to create a powerful player in an energy sector buffeted by years of weak prices. The deal could give the new company, which will be called the “New” Baker Hughes, more leverage both in technology and with oil drillers that are cutting back on contracts with oilfield service companies like Baker Hughes. Combined with GE, Baker Hughes’ annual estimated revenue will more than double to $32 billion, a lot closer to industry leader Schlumberger, which has annual revenue of $35.5 billion. Read more

Eurozone economy grows at muted rate as inflation picks up

LONDON (AP) — The 19-nation eurozone economy eked out another quarter of muted growth in the third quarter of the year, and saw inflation rise in October to its highest level in more than two years as oil prices rebound from decade-lows, official figures showed Monday. European Union statistics agency Eurostat said the eurozone economy grew by 0.3 percent in the July to September period, unchanged from the previous quarter, while inflation edged up to 0.5 percent in the year to October from 0.4 percent the previous month. Read more

Consumer spending rebounded in September

WASHINGTON (AP) — Consumers boosted their spending in September at the fastest pace in three months, while their incomes grew by a modest amount. Consumer spending increased 0.5 percent, a significant rebound from August when spending fell 0.1 percent, the Commerce Department said Monday. The increase was led by a 1.3 percent surge in spending on autos and other durable goods. Incomes increased 0.3 percent in September, slightly faster than the 0.2 percent gain in August. The overall economy grew at a 2.9 percent rate in the July-September quarter, more than double the 1.4 percent increase in the second quarter. That acceleration in activity came even though growth in consumer spending slowed after a burst in the spring. But the latest figure indicates that the quarter ended on a positive note, with solid spending momentum heading into the end of the year Read more

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