Global Glance: Trump a mixed blessing for Chinese leaders; Samsung biotech unit debuts

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

Taxes? Trade? How Trump could affect key areas of economy

Donald Trump won the presidency by pledging to restore a vanished and golden economic era, when growth roared, factory jobs flourished and America sat unchallenged atop the global economy. Yet he never offered much of a roadmap. Which is why it’s far from clear how Trump will affect the economy, even though his agenda enjoys the advantage of Republican control of both the House and Senate. Read more

Donald Trump is a mixed blessing for Chinese leaders

BEIJING (AP) — Donald Trump’s threats to tear up trade deals and hike tariffs on Chinese goods look ominous. If carried out, they could chill thriving commercial ties at a time when Beijing is struggling to shore up economic growth. At the same time, Trump’s suggestion he might reduce Washington’s global strategic presence to focus on domestic issues would be a gift to Chinese leaders. They could expand their political and military profile in East Asia with less risk of conflict. Read more

Samsung’s biotech unit debuts in Seoul

SEOUL, South Korea (AP) — Samsung Biologics Co., the contract drug making unit of Samsung Group, made its market debut in Seoul on Thursday in South Korea’s largest initial public offering in six years. Samsung is looking to biotech to be a new core business on a par with its semiconductor manufacturing. The company has included bio tech and health care in the five businesses it named as future growth engines for the next decade, to counter slowing growth in its key consumer electronics businesses. Just as it has made huge profits suppling microchips to Apple and other tech companies, Samsung believes it can supply biologic drugs to global pharmaceutical companies. Read more

GM laying off over 2,000 at 2 car plants as sales slow

DETROIT (AP) — Shifting demand from cars to trucks and SUVS is forcing General Motors to lay off more than 2,000 workers indefinitely at two assembly plants in Ohio and Michigan starting in January. The company said Wednesday it will suspend the third shifts at factories in Lordstown, Ohio, and in Lansing, Michigan, because of the market change, which is growing and shows no sign of abating. About 1,250 workers will be furloughed at the Lordstown plant, which makes the Chevrolet Cruze compact car, starting Jan. 23. Another 840 will be idled at the Lansing Grand River factory, which makes the Chevrolet Camaro muscle car and the Cadillac ATS and CTS luxury cars, when their shifts end Jan. 16. Read more

Egypt secures $2 billion ahead of IMF bailout

CAIRO (AP) — Egypt’s Central Bank is bolstering the country’s foreign reserves by securing $2 billion dollars in international funding, hours before the International Monetary Fund’s board meets to approve Egypt’s $12 IMF billion loan. The bank said on Thursday that a “consortium of international banks” had agreed to purchase $2 billion worth of newly issued sovereign bonds with maturity dates ranging from December 2017 to November 2028. The bonds are listed on the Irish stock exchange. Read more

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