Global Glance: India scraps largest banknote; OPEC sees oil prices rising more slowly

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

Millions scramble after India scraps its largest banknotes

NEW DELHI (AP) — Indians awakened to confusion Wednesday as banks and ATMs remained closed after the government withdrew the highest-denomination currency notes overnight to halt money laundering in a country where many in the poor and middle-class still rely mainly on cash. Roadside vegetable sellers, kiosks selling biscuits and tea, small mom-and-pop stores selling groceries, all saw a sharp drop in customers on Wednesday, the day after Prime Minister Narendra Modi’s surprise televised announcement. Read more

EU says British growth to almost halve next year amid Brexit

BRUSSELS (AP) — The European Union says that economic growth in Britain is set to “almost halve” next year because of the impact of the June referendum vote to leave the 28-nation bloc. In Wednesday’s publication of the Autumn forecasts, the EU said that GDP growth in Britain is set to fall from a projected 1.9 percent for this year, to just 1 percent next year, before slightly picking up to 1.2 percent in 2018. The bi-annual report says that it reflects the “impact of heightened uncertainty following the referendum and its impact on business confidence.” Read more

OPEC sees oil prices rising more slowly amid glut of crude

DALLAS (AP) — OPEC now sees oil prices rising more slowly over the next few years than it had expected, as the oversupply of crude takes longer to work off. The Organization of the Petroleum Exporting Countries said Tuesday it expects crude will rise $5 a year to $60 per barrel by 2020. A year ago, OPEC forecast that oil would hit $80 by 2020. Brent crude, which is used to price international oils, fell 11 cents to $46.04 a barrel on Tuesday. Read more

Southwest Airlines pilots approve 4-year deal, higher pay

DALLAS (AP) — Southwest Airlines Co. pilots have ratified a new four-year contract that includes higher pay and bonuses. The Dallas-based carrier on Monday announced approval of the deal. About 84 percent of Southwest Airlines Pilots’ Association members who cast ballots voted in favor of the agreement. The contract includes an immediate 15 percent pay raise. Read more

Thanksgiving Day shopping is here to stay – with some tweaks

NEW YORK (AP) — Thanksgiving Day shopping – a delight to some, an anathema to others – isn’t going away, but some stores are rethinking their strategies on whether it makes sense to be open on the holiday itself. Many of the nation’s major mall operators and the big retailers that anchor them, such as Toys R Us, J.C. Penney, and Macy’s, are sticking with what they want to be a new tradition, kicking off the holiday shopping season on Thanksgiving Day. Read more

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