Global Glance: Tillerson and Exxon part ways; Eurozone inflation spikes to highest in over 3 years

Powered by The Associated Press

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

Tillerson and Exxon part ways; $180 million retirement package

NEW YORK (AP) — Rex Tillerson, the nominee of President-elect Donald Trump for secretary of state, is severing ties with Exxon Mobil through a $180 million retirement package ahead of a Senate confirmation hearing. Tillerson will surrender all unpaid stock that was part of his pay package, more than 2 million shares. In exchange, the company will make a cash payment equal to the value of those shares to a trust to be overseen by a third party, according to a regulatory filing Wednesday with the Securities and Exchange Commission. Read more

Eurozone inflation spikes to highest in over 3 years

LONDON (AP) — The deflation bugbear that the European Central Bank has battled for the past couple of years appears to have been seen off, at least for now. Consumer prices across the 19 countries that use the euro grew in December at their fastest rate since Sept. 2013, official figures showed Wednesday. A surge in oil prices, triggered by the recent decision by crude-producing countries to cut output, contributed most to the near-doubling in the annual inflation rate to 1.1 percent from the previous month’s 0.6 percent. Read more

France’s Le Pen lauds Ford decision as win for protectionism

PARIS (AP) — French far right presidential candidate Marine Le Pen is cheering Ford Motor Co.’s decision to shift investment from Mexico to the U.S., calling it a victory for the protectionist policies she champions. In a New Year’s address to journalists Wednesday, Le Pen said it’s proof that “protectionism works, when it is led by determination, and when a country can exercise its economic independence. It is good for re-industrialization and good for jobs.” Le Pen, campaigning against immigration and the European Union, called Ford’s move an example of “what Donald Trump obtained,” apparently referring to his threats of tariffs on U.S. cars made in Mexico. Ford is canceling plans to build a new $1.6 billion factory in Mexico and will instead invest some of that money in a U.S. factory. Read more

GOP reverses decision to gut ethics office

WASHINGTON (AP) — The new GOP era in Washington got off to a messy start Tuesday as House Republicans, under pressure from President-elect Donald Trump, abruptly dropped plans to gut an independent congressional ethics board. The dizzying about-face came as lawmakers convened for the first day of the 115th Congress, an occasion normally reserved for pomp and ceremony under the Capitol Dome. Instead, House Republicans found themselves under attack not only from Democrats but from their new president, over their secretive move Monday to neuter the independent Office of Congressional Ethics and place it under lawmakers’ control. GOP leaders scrambled to contain the damage, and within hours of Trump registering his criticism on Twitter, they called an emergency meeting where House Republicans voted without opposition to undo the change. Read more

Chinese renewable power giant builds global empire

BEIJING (AP) — State-owned China Three Gorges Group is spending heavily to buy or build hydro, wind and solar projects at a time when Western utility investors are pulling back and President-elect Donald Trump’s pledge to revive coal use has raised doubt about U.S. support for renewables. Flush with cash and willing to tolerate risks that put off older rivals, CTG and other state-owned utilities including State Grid Corp., the world’s biggest power supplier, are expanding abroad in search of new revenue sources as economic growth and electricity demand at home cool. A decade ago, they built dams and power plants in Asia and Africa. Now, they also are taking on a longer-term role as operators of power companies in Europe and Australia and are looking at the U.S. market. 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