Global Glance: Trump leaving businesses to focus on presidency; OPEC agrees to cut production

Powered by The Associated Press

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

Trump says he’s leaving businesses to focus on presidency

WASHINGTON (AP) — President-elect Donald Trump said Wednesday that he’s leaving his business empire to focus on being the nation’s 45th president, bowing to pressure to avoid potential conflicts of interest between governing and profiting in the private sector. “I will be leaving my great business in total in order to fully focus on running the country in order to make America great again,” he tweeted in a series of missives sent before dawn. “While I am not mandated to do this under the law, I feel it is visually important, as president, to in no way have a conflict of interest with my various businesses.” He said legal documents are “being crafted which take me completely out of business operations,” he added, saying the presidency is “a far more important task!” Read more

OPEC agrees to cut production in drive to end global glut

OPEC clinched a deal to curtail oil supply, confounding skeptics as the need to clear a record global crude glut — and prove the group’s credibility — brought about its first cuts in eight years, Bloomberg News reports. OPEC will reduce production by 1.2 million barrels a day to 32.5 million a day, a delegate said Wednesday in Vienna, asking not to be identified as the decision isn’t yet public. Oil jumped 7.6 percent to $49.90 a barrel in London at 1:23 p.m. local time. Read more

Treasury nominee Mnuchin was Trump’s top fundraiser

WASHINGTON (AP) — Steven Mnuchin, President-elect Donald Trump’s expected choice to be the nation’s 77th treasury secretary, has had a long history as a successful financial executive and a shorter but significant period in a job that ushered him into Trump’s inner circle: head of Trump’s campaign finance operation. When Mnuchin, 53, was chosen by Trump as his national finance director in May, he told The Associated Press that the two men had been friends for 15 years. Through his work as finance chairman, Mnuchin (pronounced meh’NEW’-chen) is close to Trump’s children and son-in-law, Jared Kushner – a top adviser to Trump – and worked with them on fundraising events. Read more

GOP could repeal, before replacing, Obamacare

WASHINGTON (AP) — Congress may vote to repeal President Barack Obama’s health care law before coming up with a replacement, GOP leaders said Tuesday. The approach could allow congressional Republicans to take swift action on one of President-elect Donald Trump’s campaign promises, while putting off the hard part. And while repealing the law could be done with GOP votes alone, any replacement plan would likely require the cooperation of minority Democrats in the Senate, something that will not be easy to come by. Read more

Eurozone inflation running at highest since April 2014

LONDON (AP) — Food price increases helped push inflation across the 19-country eurozone to its highest rate in two and a half years, official figures showed Wednesday. However, the rise in the annual rate to 0.6 percent is unlikely to alter expectations that the European Central Bank will extend its stimulus program next week. The rise in the November rate as reported by Eurostat, the European Union’s statistics agency, was somewhat of a surprise in markets following lower than anticipated German figures. Most economists had penciled in an unchanged rate of 0.5 percent. Read more

US home prices surpass pre-recession peak amid healthy sales

WASHINGTON (AP) — U.S. home prices have fully recovered from their steep plunge during the housing bust and Great Recession, according to a private measure. The Standard & Poor’s CoreLogic Case-Shiller national home price index , released Tuesday, is slightly above the peak it set in July 2006, after rising 5.5 percent in September from a year earlier. The milestone comes after more than four years of steady gains. Still, prices have not fully recovered in many cities and other gauges show that home prices remain below their peaks. Read more


Carrier says it has deal with Trump to keep jobs in Indiana

WASHINGTON (AP) — Air conditioning company Carrier Corp. says it has reached a deal with President-elect Donald Trump to keep nearly 1,000 jobs in Indiana. Trump and Vice President-elect Mike Pence plan to travel to the state Thursday to unveil the agreement alongside company officials. Trump confirmed the meeting on Twitter late Tuesday, promising a “Great deal for workers!” Trump spent much of his campaign pledging to keep companies like Carrier from moving jobs overseas. His focus on manufacturing jobs contributed to his unexpected appeal with working-class voters in states like Michigan, which has long voted for Democrats in presidential elections. Read more


Want the state’s top business and entrepreneurship news in your inbox? Sign up here for our newsletters.

Leave a Reply

Have you heard?

Missouri Business Alert is participating in CoMoGives2019!

Find out how we plan to use your gift to enhance training and programming for our students