Global Glance: Italy faces political, economic uncertainty; China urges US to stop disrupting acquisitions

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

Italy faces political, economic uncertainty after referendum

MILAN (AP) — Italian voters dealt Premier Matteo Renzi a resounding rebuke by rejecting his proposed constitutional reforms, plunging Europe’s fourth-largest economy into political and economic uncertainty Monday. Renzi announced he would quit following Sunday’s referendum vote, in which 60 percent of voters rejected his proposals and signaled they wanted a change in political direction. Renzi, who had boldly staked his political future on winning the referendum, was expected to hand in his resignation to President Sergio Mattarella later Monday. Read more

China appeals to US to stop disrupting acquisitions

BEIJING (AP) — China urged Washington on Monday to stop disrupting its foreign corporate acquisitions after President Barack Obama blocked the purchase of a German maker of semiconductor manufacturing equipment as a security risk. The proposed acquisition of Aixtron SE by China’s Fujian Grand Chip was “pure market behavior,” said a foreign ministry spokesman, Lu Kang. On Friday, Obama ordered Fujian Grand Chip to drop its attempt to take over Aixtron’s California subsidiary. The government said Aixtron’s technology has “military applications.” Read more

UK Supreme Court hears landmark challenge to Brexit plans

LONDON (AP) — Britain’s Supreme Court began hearing a landmark case Monday that will decide who has the power to trigger the U.K.’s exit from the European Union – the government or Parliament. The legal battle has major constitutional implications for the balance of power between the legislature and the executive, and has inflamed Britain’s already raw wound over how and whether to leave the EU. Read more

North Dakota pipeline protestors vow to stay despite victory

CANNON BALL, N.D. (AP) — Protesters celebrated a major victory in their push to reroute the Dakota Access oil pipeline away from a tribal water source but pledged to remain camped on federal land in North Dakota anyway, despite Monday’s government deadline to leave. Hundreds of people at the Oceti Sakowin, or Seven Council Fires, encampment cheered and chanted “mni wichoni” – “water is life” in Lakota Sioux – after the Army Corps of Engineers refused Sunday to grant the company permission to extend the pipeline beneath a Missouri River reservoir. Read more

Get used to it: Economists see ‘new normal’ of slow growth

Americans should get used to a “new normal” of slow economic growth, business economists say. The median estimate from economists surveyed by the National Association for Business Economics calls for the American economy to grow 2.2 percent in 2017, up from a forecast 1.6 percent this year and unchanged from the previous survey in September. Read more

Hong Kong tycoon Li offers $5.4B for Australia energy firm

HONG KONG (AP) — Australian energy company Duet Group says it’s considering a multibillion dollar takeover offer from the infrastructure arm of Hong Kong tycoon Li Ka-shing’s business empire. Duet said Monday that it recently received an unsolicited cash offer from Cheung Kong Infrastructure Holdings for 3 Australian dollars a share. The offer is worth A$7.3 billion dollars ($5.4 billion). Read more


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