Global Glance: Asia laments Trump rejection of trade pact; Volkswagen bets on new technology

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

Asia laments Trump rejection of Pacific trade pact

TOKYO (AP) — President-elect Donald Trump says he wants to pull out of the Trans-Pacific Partnership but other Pacific Rim leaders are vowing to push market-opening efforts they say are vital for growth. The possible decline of the 12-nation TPP could give a boost to alternative initiatives including one promoted by China in which the United States is not taking part. Read more

Volkswagen bets on new technology to bounce back from crisis

FRANKFURT, Germany (AP) — Volkswagen hopes to bounce back from its crisis with a shift in focus to more battery-powered cars, digital technologies such as autonomous vehicles, and an increase in sales of SUVs in the U.S. Herbert Diess, the head of the Volkswagen core brand, said Tuesday at a news conference that the goal of the Transform 2025 plan was “to fundamentally change Volkswagen” as it recovers from its scandal in which it rigged diesel cars to cheat on emissions tests. Read more

World Bank: Europeans still worried about job security

BUCHAREST, Romania (AP) — The World Bank says people in Europe and Central Asia remain worried about job security despite modest economic growth. The bank’s chief economist for Europe and Central Asia, Hans Timmer, said Tuesday that the region’s economies are expected to grow 1.6 percent this year, with similar growth levels in 2017 and 2018. Read more

Canada to phase out coal-fired electricity by 2030

TORONTO (AP) — Canada announced Monday it plans phase out the use of coal-fired electricity by 2030. The move is in stark contrast to President-elect Donald Trump’s vow to revive the American coal industry. Environment Minister Kathleen McKenna said the goal is to make sure 90 percent of Canada’s electricity comes from sustainable sources by that time – up from 80 percent today. Read more

Deficit complicates marriage between Trump, GOP lawmakers

WASHINGTON (AP) — President-elect Donald Trump promises big tax cuts, a border wall and massive spending on infrastructure. That’s a recipe for bigger deficits that conservative fiscally-minded Republicans have railed against during President Barack Obama’s tenure. Trump’s agenda runs counter to years of promises by congressional Republicans to try to balance the federal budget. It’s a marriage of conflicting priorities – on the budget at least – and that means that neither partner will get everything their own way. Read more

Dr. Pepper lays out $1.7B for low-calorie drink maker BAI

NEW YORK (AP) — Dr Pepper Snapple Group will pay $1.7 billion for Bai Brands, a fruity drink maker that counts pop star Justin Timberlake as an investor. It said Tuesday that Bai will help the company expand into the low-calorie beverage market. Bai markets its drinks as having 5 calories, antioxidants and no artificial sweeteners. Dr Pepper Snapple’s brands include its namesake Dr Pepper soda, A&W root beer and Canada Dry ginger ale. Read more


Trump’s pick for Justice Department could influence immigration

WASHINGTON (AP) — As a senator, Jeff Sessions became Congress’ leading advocate not only for a cracking down on illegal immigration, but also for slowing all immigration, increasing mass deportations and scrutinizing more strictly those entering the U.S. As attorney general, he’d be well positioned to turn those ideas into reality. Immigration laws are enforced by other agencies, but the Justice Department plays a crucial role in setting the policies and legal underpinnings that shape the system. And if Donald Trump sticks with his campaign promises, immigration will be a top priority for his administration. Read more


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