Global Glance: Trump to become America’s 45th president; Yellen says Fed following prudent course on rates

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

Inauguration Day: Trump to become America’s 45th president

WASHINGTON (AP) — Donald Trump, the real estate mogul and reality television star who upended American politics and energized voters angry with Washington, will be sworn in Friday as the 45th president of the United States, putting Republicans in control of the White House for the first time in eight years. “It all begins today!” Trump tweeted at daybreak, before heading to a morning church service with his family as light rain fell. “THE MOVEMENT CONTINUES – THE WORK BEGINS!” Ebullient Trump supporters flocked to the nation’s capital for the inaugural festivities. But in a sign of the deep divisions Trump sowed during his combative campaign, dozens of Democratic lawmakers were boycotting the swearing-in ceremony on Capitol Hill. Read more

Will Trump end globalization? The doubt haunts Davos’ elite

DAVOS, Switzerland (AP) — It’s been impossible to escape the shadow of Donald Trump at this year’s gathering of the business elites at the World Economic Forum in Davos, Switzerland. Uncertainty over what Trump will do once he takes office Friday and whether his presidency will mark the end of globalization dominated discussions all week at this event, which more than any has become synonymous with international business. Sure, lofty ambitions were discussed, from fighting epidemics to dealing with inequalities across the world. But inevitably all talk turned to Trump, who has promised to rewrite free trade deals and even slap tariffs on China, the world’s second-largest economy. Read more

Yellen says Fed following prudent course on rates

WASHINGTON (AP) — While unemployment has fallen significantly and inflation is starting to tick higher, Federal Reserve Chair Janet Yellen said Thursday she does not believe that the central bank has fallen behind the curve and needs to start pushing interest rates up more quickly. But Yellen acknowledged that it would be “risky and unwise” to allow the economy to overheat by keeping interest rates too low for too long. In a speech at Stanford University, Yellen said she believes the central bank is on the “prudent” course of gradually raising rates. Read more

China’s growth in 2016 slumps as Trump trade struggle looms

BEIJING (AP) — China’s economic growth sank to a three-decade low in 2016 as its struggling exporters brace for a possible trade battle with President-elect Donald Trump. Growth in the quarter ending in December ticked up to 6.8 percent over 2015, supported by government spending and a real estate boom, a gain from the previous quarter’s 6.7 percent, government data showed Friday. Still, for the full year, growth came in at a lackluster 6.7 percent, down from 6.9 percent in 2015 and the weakest since 1990’s 3.9 percent. That temporary upturn is unlikely to last, economists said. Read more

Paramount inks $1B film co-finance deal with Chinese firms

HONG KONG (AP) — Paramount Pictures said Friday it has inked a co-financing deal with two Chinese companies for the Hollywood studio’s slate of movies over the next three years. Under the terms of the deal, Shanghai Film Group and Huahua Media will also set up an office on Paramount’s lot later this year, the studio said in a statement. The Chinese companies will provide roughly $1 billion to finance at least 25 percent of Paramount’s films, according to a person familiar with the deal who was not allowed to speak publicly. Read more

Uber pays $20 million to settle claims of driver deception

SAN FRANCISCO (AP) — Uber Technologies is paying $20 million to settle allegations that it duped people into driving for its ride-hailing service with false promises about how much they would earn and how much they would have to pay to finance a car. The agreement announced Thursday with the Federal Trade Commission covers statements Uber made from late 2013 until 2015 while trying to recruit more drivers to expand its service and remain ahead of its main rival, Lyft. The FTC alleged that most Uber drivers were earning far less in 18 major U.S. cities than Uber published online. Regulators also asserted that drivers wound up paying substantially more to lease cars than the company had claimed. Read more

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