Global Glance: Yellen defends Fed independence; Snap values itself at up to $22B ahead of IPO

Powered by The Associated Press

Yellen defends Fed independence, banking regulations

WASHINGTON (AP) — Federal Reserve Chair Janet Yellen defended the central bank’s independence Wednesday from Republican lawmakers who are pushing for major changes in how the central bank operates and how regulators oversee the nation’s banking system. During a hearing that stretched over four hours, GOP lawmakers repeatedly challenged Yellen’s handling of the economy and her leadership in implementing the 2010 Dodd-Frank Act, a measure that President Donald Trump and Republicans have vowed to overhaul. Read more

Snap values itself at up to $22B ahead of IPO

NEW YORK (AP) — Snap Inc. is valuing the company at up to $22 billion as it prepares for the tech industry’s biggest initial public offering in years. The parent company of the social network Snapchat said in a regulatory filing Thursday that the IPO is likely to be priced between $14 and $16 per share. Had the IPO price matched the $30.72 per-share price obtained in its last round of financing, Snap would have a market value of about $30 billion, based on the quantity of outstanding stock listed in its IPO documents. Read more

‘Day without immigrants’ protests being held across US

PHILADELPHIA (AP) — Immigrants across the country are expected to stay home from school and work on Thursday to show how critical they are to the U.S. economy and way of life. “A Day Without Immigrants” actions are planned in cities including Philadelphia, Washington, Boston, Houston, Chicago and New York. The protest gained momentum on social media and by word of mouth. It comes in response to President Donald Trump, whose administration has pledged to increase the deportation of immigrants living in the country illegally. Read more

Boeing union bid fails in South averse to organizing

COLUMBIA, S.C. (AP) — Production workers at Boeing’s South Carolina plant have overwhelmingly rejected an effort to unionize, maintaining Southern reluctance toward unionization and setting up a picture-perfect stop for President Donald Trump, who visits the facilities this week. According to Boeing, nearly 74 percent of the more than 2,800 votes cast were against representation by the International Association of Machinists and Aerospace Workers. Read more

Trudeau hails EU-Canada deal in address to EU parliament

STRASBOURG, France (AP) — Canadian Prime Minister Justin Trudeau on Thursday hailed the new trade pact with the European Union, telling the bloc’s parliament that the deal they approved this week will create jobs and boost the middle class on both sides of the Atlantic. In his address, the first by a Canadian leader to the European parliament, Trudeau said that “trade that is free and fair means that we can make the lives of our citizens more affordable.” He presented the Comprehensive Economic and Trade Agreement, formally approved by the EU on Wednesday, as a “blue-print” for future trade deals and the outcome of Europe’s and Canada’s shared history and values. Read more

House GOP batting around options for revamping health law

WASHINGTON (AP) — With the Republican drive to craft a new health care plan sputtering, House GOP leaders are offering options to rank-and-file lawmakers for replacing President Barack Obama’s health care law with a conservative approach dominated by tax breaks and a transition away from today’s Medicaid program. House Speaker Paul Ryan, R-Wis., and other House leaders planned to discuss details of their plans with lawmakers Thursday and gauge their receptiveness. The briefing was coming hours before a weeklong recess sends Congress home to energized voters – mostly Democrats – who have recently crammed town hall meetings to complain noisily about GOP efforts to repeal Obama’s statute. Lawmakers are eager to have something to show constituents. Read more

Samsung’s billionaire heir tries to avert arrest in court

SEOUL, South Korea (AP) — The billionaire heir to Samsung, South Korea’s most successful and best known conglomerate, made his second attempt Thursday to block efforts by prosecutors to arrest him on bribery and other charges in connection with a corruption scandal that has engulfed the country’s president. A court hearing on whether to issue an arrest warrant for Lee Jae-yong, vice chairman at Samsung Electronics Co., dragged on for more than seven hours behind closed doors at Seoul Central District Court, highlighting how much prosecutors and the Samsung heir have at stake. 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