Global Glance: China pledges further cuts in steel, coal production; Trump son-in-law to take senior White House role

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

China pledges further cuts in excess steel, coal production

BEIJING (AP) — China’s top economic planner pledged Tuesday to continue cutting steel and coal production, which have been a source of trade friction with many countries. China reached targets for cuts in production capacity last year, said Xu Shaoshi, chairman of the National Development and Reform Commission, adding that hundreds of thousands of steel and coal workers have been transferred to other jobs. Other industries such as cement and glass are also “actively” cutting capacity, Xu said at a news conference. China’s trade partners accuse the country of dumping excess steel, coal, cement and glass on world markets. U.S. President-elect Donald Trump has engaged in a war of words with Beijing, accusing China of unfair trade practices and threatening punishing tariffs. Read more

Trump son-in-law Kushner to take senior White House role

NEW YORK (AP) — President-elect Donald Trump has appointed his influential son-in-law Jared Kushner as a White House senior adviser, putting the young real estate executive in position to exert broad sway over both domestic and foreign policy, particularly Middle East issues and trade negotiations. Trump has come to rely heavily on Kushner, who is married to the president-elect’s daughter Ivanka. Since the election, the political novice has been one of the transition team’s main liaisons to foreign governments, communicating with Israeli officials and meeting Sunday with Britain’s foreign minister. He’s also huddled with congressional leaders and helped interview Cabinet candidates. Read more

Yahoo to change name, trim board if Verizon deal gets done

SAN FRANCISCO (AP) — Yahoo will adopt a new corporate identity and slash the size of its board if the proposed $4.8 billion sale of its digital services to Verizon Communications goes through. The company plans to change its name to Altaba Inc. after it turns over its email, websites, mobile apps and advertising tools to Verizon. The new name is meant to reflect Yahoo’s transformation into a holding company for investments in China’s e-commerce leader, Alibaba Group, and Yahoo Japan that are worth about more than $40 billion combined. Yahoo CEO Marissa Mayer, co-founder David Filo and four other directors currently on the company’s 11-member board will resign after the planned sale to Verizon closes. Read more

Valeant sells $2B in assets to begin paying down debt

NEW YORK (AP) — Valeant will sell just over $2 billion in assets as it pays down debts after a year and a half of bruising backlash against some of its drug prices and government probes into the way it does business. The company said Tuesday that it would sell three skincare brands to L’Oréal for $1.3 billion. The three product lines, CeraVe, AcneFree and AMBI, generate about $168 million in annual revenue. That comes a day after Valeant said it would sell Dendreon Pharmaceuticals Inc. to China’s Sanpower Group Co. for about $820 million. Read more

FIFA to expand World Cup to 48 teams in 2026

ZURICH (AP) — FIFA will expand the World Cup to 48 teams, adding 16 extra nations to the 2026 tournament which is likely to be held in North America. President Gianni Infantino’s favored plan – for 16 three-team groups with the top two advancing to a round of 32 – was unanimously approved Tuesday by the FIFA Council. With 80 matches instead of 64, FIFA forecasts the equivalent of $1 billion extra income at current rates from broadcasting and sponsor deals, plus ticket sales, compared to $5.5 billion revenue forecast for the 2018 World Cup in Russia. Read more

Apple proved a phone can change the world in just 10 years

SAN FRANCISCO (AP) — Few people realized it at the time, but the world shifted fundamentally a decade ago when Steve Jobs pulled the first iPhone from Apple’s bag of technological tricks. “Every once in a while, a revolutionary product comes along that changes everything,” Jobs declared as he paced across a San Francisco stage. It obviously wasn’t an empty boast. We all know now that Jobs’ “magical product” has reshaped culture, shaken up industries, put computers in billions of pockets and made it possible to do just about anything with a few taps on a screen. Read more


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