Global Glance: Yellen cites economic gains; Trump’s future role looms over Asia-Pacific summit

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

Yellen cites economic gains as December rate hike seems likely

WASHINGTON (AP) — Federal Reserve Chair Janet Yellen is sketching a picture of a U.S. economy that’s still not at full health but is showing enough gains in hiring and growth to raise expectations of a Fed interest rate hike in December. In prepared testimony to a congressional committee, Yellen says the Fed at its meeting this month thought the case for boosting its benchmark rate had strengthened and that a rate hike “could well become appropriate relatively soon.” Read more

Trump’s future role looms over Asia-Pacific summit in Peru

LIMA, Peru (AP) — Donald Trump will be on the minds of world leaders as they gather for an Asia-Pacific trade summit. The president-elect has made it clear that he is hostile to the kind of free trade deals that tend to be the focus of the annual Asia Pacific Economic Cooperation forum, taking place this year in Peru’s capital. He’s also singled out group members China and Mexico in a populist campaign standing up for displaced American workers. Read more

Vast shale oil field in Texas could yield 20 billion barrels

DALLAS (AP) — A vast field of shale rock in West Texas could yield 20 billion barrels of oil, making it the largest source of shale oil the U.S. Geological Survey has ever assessed, agency officials said. The Wolfcamp Shale geologic formation in the Midland area also contains an estimated 16 trillion cubic feet of natural gas and 1.6 billion barrels of natural gas liquids, the agency said in a release. The discovery is nearly three times larger than the shale oil found in 2013 in the Bakken and Three Forks formations in the Dakotas and Montana, said Chris Schenk, a Denver-based research geologist for the agency. Read more

End Dodd-Frank? Unlikely, but consumer agency in crosshairs

WASHINGTON (AP) — President-elect Donald Trump pledged in his campaign to throw out what he called stifling regulations, including the stricter financial rules that Congress built to prevent another crisis. Now, as his transition team asserts itself, an all-out repeal of the 2010 Dodd-Frank law – Trump called it a “disaster” and a “disgrace” – seems unlikely. But experts foresee a gradual but potentially significant chipping away of key parts of the law. Read more

Tesla, SolarCity shareholders prepare to vote on merger

Tesla Motors CEO Elon Musk will learn Thursday if shareholders support his plan to merge with SolarCity Corp. after a lengthy debate over the merits of the deal. Musk says the combination will create a one-stop shop for solar panels and electric cars. Shareholders of both companies are scheduled to vote Thursday afternoon at two separate meetings near the companies’ California headquarters. The all-stock deal was worth $2.6 billion when the companies approved it in August, but their shares have fallen since, so the value of the deal has dropped. Read more

US factory production improves in October

WASHINGTON (AP) — U.S. factory output rose slightly in October, aided by greater production of automobiles, home electronics and appliances. The Federal Reserve said Wednesday that manufacturing production improved 0.2 percent last month, matching the gain in September. The broader industrial production category, which includes mining and utilities, was flat as warmer weather reduced the demand for heating. Read more

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