Global Glance: South Korean president impeached; UK Brexit chief not interested in transitional deal

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

South Korean president is impeached in stunning fall

SEOUL, South Korea (AP) — South Korean lawmakers on Friday impeached President Park Geun-hye, a stunning and swift fall for the country’s first female leader amid protests that drew millions into the streets in united fury. After the vote, parliamentary officials hand-delivered formal documents to the presidential Blue House that stripped Park of her power and allowed the country’s No. 2 official, Prime Minister Hwang Kyo-ahn, to assume leadership until the Constitutional Court rules on whether Park must permanently step down. The court has up to six months to decide. Read more

Report: UK Brexit chief not interested in transitional deal

LONDON (AP) — British Brexit Secretary David Davis told London financial-sector bosses that he is “not really interested” in seeking a transitional deal with the European Union to soften the process of the U.K.’s exit from the bloc, the Financial Times reported Friday. The newspaper cited an internal memo of Davis’ Nov. 15 meeting with the City of London Corporation, which runs the British capital’s financial district. Read more

Japan ratifies Pacific trade pact that Trump plans to dump

TOKYO (AP) — Japanese Prime Minister Shinzo Abe won parliamentary approval Friday for ratification of the Trans-Pacific Partnership, despite U.S. President-elect Donald Trump’s plan to withdraw from the 12-nation trade pact. Upper house lawmakers approved the TPP on Friday, heeding Abe’s calls to push ahead with it despite Trump’s rejection of the free-trade initiative championed by President Barack Obama. Read more

Americans’ odds of earning more than parents have plunged

WASHINGTON (AP) — The likelihood that young adults will earn more than their parents has plummeted in recent decades, a study has found, fueling concerns that the American dream of steady upward mobility is foundering amid a widening wealth gap. Just half of Americans born in 1984 earned more at age 30 than their parents did at that age, down from 92 percent in 1940, according to research released Thursday by Stanford economist Raj Chetty and five colleagues. Read more

Banking on change: Tech startups target financial services

SAN FRANCISCO (AP) — It may not be much longer before bank branches join video-rental stores and record shops as relics of a bygone era. Silicon Valley is pressuring banks to change their ways or risk becoming the latest industry overtaken by technology. Hundreds of startups are offering easier and cheaper ways to save, borrow, spend and invest. They are doing it by shifting the battleground to smartphone apps and websites, which function as digital offices that are accessible around the clock with minimal staffing, and by lowering fees. Read more

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