Global Glance: Highlights of GOP health care legislation; Treasury bill rates rise to 8-year high

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

Highlights of the House GOP health care legislation

WASHINGTON (AP) — Here are highlights of the legislation unveiled Monday by House Republicans as they move to dismantle former President Barack Obama’s health care law and replace it with a system designed along conservative lines. Primarily affected would be some 20 million people who purchase their own private health plans directly from an insurer and the more than 70 million covered by Medicaid, the federal-state program for low-income people. Read more

Rates on US Treasury bills rise to highest level in 8 years

WASHINGTON (AP) — Interest rates on short-term Treasury bills rose in Monday’s auction to their highest levels in more than eight years. The Treasury Department auctioned $30 billion in three-month bills at a discount rate of 0.745 percent, up from 0.515 percent last week. Another $24 billion in six-month bills was auctioned at a discount rate of 0.835 percent, up from 0.670 percent last week. The three-month rate was the highest since those bills averaged 0.900 percent on Oct. 27, 2008, during the financial crisis. Read more

GM sheds money drain, gains cash with sale of European unit

DETROIT (AP) — By shedding the bulk of its European operations, General Motors is getting rid of a perennial money drain and gaining essential cash that it can use to reward shareholders and invest in future technology such as electric cars and ride-sharing. The Detroit automaker also indicated that it may pull out of more unprofitable markets in the future. GM on Monday sold its European Opel and Vauxhall brands to French carmaker PSA Group for roughly $2.33 billion, retreating from the world’s third-largest auto market after almost two decades of futile efforts to make money. The brands have lost $20 billion in the fiercely competitive region since last making a full-year profit in 1999. Read more

China’s foreign reserves rise following capital controls

BEIJING (AP) — China’s foreign exchange reserves rebounded unexpectedly from a six-year low in February after Beijing imposed controls to stop a flood of capital leaving the world’s second-largest economy. The reserves rose by a relatively modest $6.9 billion to just over $3 trillion, according to official data Tuesday, while private sector analysts had expected them to shrink. The central bank has been spending the reserves them to keep the currency in line with the dollar after expectations it would decline led companies and small investors to move money out of the country. The reserves are down from a peak of $3.99 trillion in June 2014. Read more

Trump cheers Exxon plan to spend $20B on Gulf coast projects

HOUSTON (AP) — President Donald Trump and Exxon Mobil Corp. exchanged praise for each other on Monday as the company announced plans to create thousands of jobs by spending $20 billion over 10 years on plants along the Gulf Coast. Exxon’s plan started long before Trump entered the White House, however. It includes investments that began in 2013. Exxon said Monday the work would create 12,000 permanent jobs – the energy giant currently has about 71,000 employees – and 35,000 construction jobs. Read more

Trump’s new travel ban comes without the chaos of first one

WASHINGTON (AP) — When President Donald Trump signed his first travel ban with scant warning and little planning seven days into his presidency, he meant to signal he was a man of action. After the lawsuits, chaos at airports and international criticism, Trump’s rewritten travel ban sent a different message: The White House has learned some lessons. The Trump administration’s unveiling of its revised restrictions on travel and refugees was deliberate and cautious, an implicit acknowledgement of some of the unforced errors from the first rollout. The executive order was announced by Trump’s Cabinet officials, some of whom felt cut out of consultations on the earlier version. It does not go into effect immediately, giving the world time to assess its impact. Read more

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