Global Glance: ACA repeal-only would leave 30 million uninsured; AT&T, Time Warner go before Senate

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

Study: ‘Obamacare’ repeal-only would make 30 million uninsured

WASHINGTON (AP) — Repealing President Barack Obama’s health care law without a clear replacement risks making nearly 30 million people uninsured, according to a study released Wednesday. Republicans say that won’t happen because they are working on replacement legislation for a President Donald Trump to sign. Nonetheless, the complex two-stage strategy the GOP Congress is contemplating has raised concerns. Read more

Innovation or a monopoly? AT&T, Time Warner go before Senate

WASHINGTON (AP) — The CEOs of AT&T and Time Warner are heading to Capitol Hill in a bid to convince senators that a merger of their two companies will mean innovative new experiences for consumers. They can expect a skeptical audience. The CEOs, Randall Stephenson of AT&T and Jeffrey Bewkes of Time Warner, are due to appear Wednesday before a Senate antitrust panel whose Republican chairman and senior Democrat have said the proposed $85.4 billion merger of the communications giants would potentially raise significant antitrust issues. Read more

Supreme Court upholds broad power to curb insider trading

WASHINGTON (AP) — A unanimous Supreme Court on Tuesday sided with the government in a legal clash over the nation’s insider trading laws, a victory for prosecutors seeking to curb corruption on Wall Street. The justices ruled that sharing corporate secrets with friends or relatives is illegal even if the insider providing the tip doesn’t receive anything of value in return. The ruling upheld the conviction of Bassam Yacoub Salman, an Illinois man convicted of making investments based on inside information he received from a member of his extended family. Read more

Alibaba, China Mobile announce development partnership

BEIJING (AP) — Chinese e-commerce giant Alibaba and the country’s biggest phone carrier, China Mobile, announced a partnership Wednesday to develop internet-related services as web users migrate to mobile devices. Chinese internet and telecoms companies are rushing to keep up as activity shifts to mobile phones and tablets. China has 710 million internet users, more than 90 percent of whom use wireless devices to go online, according to government data. Read more

EU fines 3 banks $520 million over rate market rigging

BRUSSELS (AP) — European Union regulators on Wednesday fined banks JPMorgan Chase, HSBC and Credit Agricole a combined $520 million for colluding to manipulate the price of financial products linked to interest rates. EU antitrust Commissioner Margrethe Vestager said the banks illegally exchanged sensitive information and colluded to make big profits in the market on the specialized financial products. JPMorgan Chase was fined 337 million euros, France’s Credit Agricole 114 million euros and London-based HSBC 33 million euros. Read more

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