Global Glance: Court blocks overtime pay plan; US home sales reach strongest pace in nearly a decade

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

Court blocks federal plan to extend overtime pay to many

LAS VEGAS (AP) — In a blow to the Obama administration’s labor-law plans, a federal court has blocked the start of a rule that would have made an estimated 4 million more American workers eligible for overtime pay heading into the holiday season. As a result of Tuesday’s ruling, overtime changes set to take effect Dec. 1 are now unlikely be in play before vast power shifts to a Donald Trump administration, which has spoken out against Obama-backed government regulation and generally aligns with the business groups that stridently opposed the overtime rule. Read more

US home sales reach strongest pace in nearly a decade

WASHINGTON (AP) — Americans bought homes in October at the fastest pace in nearly decade, helped out by low mortgage rates that have since started to climb following the presidential election of Donald Trump. The National Association of Realtors says sales of existing homes rose 2 percent to a seasonally adjusted annual rate of 5.6 million. That is the strongest pace since February 2007. Read more

Amid uncertainty, UK Treasury chief to offer bleak outlook

LONDON (AP) — Britain’s Treasury chief is likely to offer a stark outlook for the country’s finances Wednesday when he outlines his priorities in the first budget update since the U.K. voted to leave the European Union. As Philip Hammond delivers the biannual economic statement to lawmakers, the level of uncertainty is particularly high, with talks on Britain’s EU exit yet to even start. He can take some solace in the resilience of the British economy in the months following the seismic June 23 referendum. It has not fallen into recession, as some feared. Read more

UN agency says China led global patent applications last year

GENEVA (AP) — China continued to set the pace for patent applications last year, filing a record 1 million that nearly all focused on its giant home market, the U.N.’s intellectual property agency said Wednesday. The World Intellectual Property Organization says China comprised more than one in three of the total 2.9 million patent applications in 2015, followed by the United States and Japan with about a half-million each. Read more

Trump stance on illegal immigration may aid private prisons

BOISE, Idaho (AP) — President-elect Donald Trump’s promise to deport millions of immigrants in the country illegally and his selection of tough-on-crime Alabama Sen. Jeff Sessions as attorney general could mean big money for the private prison industry. Some analysts believe the prison population could climb under the Trump administration, and the stock market seems to agree. A day after the election, CoreCivic Co., formerly Corrections Corporation of America, saw the biggest percentage gain on the New York Stock Exchange with shares climbing 43 percent. Read more

US durable goods orders up 4.8 percent in October

WASHINGTON (AP) — Orders for big-ticket manufactured goods increased in October by the largest amount in a year, reflecting a surge in demand for commercial airplanes. The category that tracks business investment spending showed a far more modest advance, indicating this key category remains under stress. The Commerce Department says orders for durable goods rose 4.8 percent in October. That is the best showing since a similar advance in October 2015. The gain primarily reflected a 94.1 percent jump in demand for commercial airplanes, an extremely volatile category. Read more

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