Global Glance: US economy to grow slower than Trump pledges; OPEC, non-cartel nations may extend oil cut another 6 months

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

US economy to grow slower than Trump pledges, survey finds

WASHINGTON (AP) — U.S. economic growth is expected to accelerate this year and next, yet remain modest, even if President Trump’s promised tax cuts and infrastructure spending are implemented, a survey found. The economy will grow a solid 2.3 percent this year and 2.5 percent in 2018, according to 50 economists surveyed by the National Association for Business Economics. Those rates would be up from 2016’s anemic pace of 1.6 percent. Still, those rates are below the 3 percent to 4 percent growth that Trump has promised to bring about through steep corporate and individual tax cuts and more spending on roads, airports and tunnels. Read more

OPEC, non-cartel nations may extend oil cut another 6 months

KUWAIT CITY (AP) — OPEC members and non-cartel nations are leaving open the possibility of a six-month extension on a deal to reduce oil production, according to a statement Sunday by a committee of ministers from OPEC and other oil-producing nations. The joint committee, which met in Kuwait, said that as of February, OPEC and participating non-OPEC countries achieved a conformity level of 94 percent on a voluntary six-month cut in output. The statement said the figure “demonstrates the willingness of all participating countries to continue their cooperation.” Read more

European regulators clear Dow Chemical-DuPont merger

BRUSSELS (AP) — The European Union approved the proposed merger of Dow Chemical and DuPont on Monday, declaring itself satisfied with commitments the companies have made to divest businesses. Both plan to join in a $62 billion deal and then break apart into three separate, publicly traded companies. Those companies would focus on agriculture, material science, and the production and sale of specialty products. Read more

Trump plans office to bring business ideas to government

WASHINGTON (AP) — President Donald Trump is set to announce a new White House office run by his son-in-law that will seek to overhaul government functions using ideas from the business sector. A senior administration official said Trump on Monday will announce the White House Office of American Innovation. The official sought anonymity to discuss the office in advance of the formal rollout. The innovation office will be led by Jared Kushner, a senior adviser to Trump, and will report directly to the president. Read more

EPA chief: Trump to undo Obama plan to curb global warming

WASHINGTON (AP) — President Donald Trump in the coming days will sign a new executive order that unravels his predecessor’s sweeping plan to curb global warming, the head of the Environmental Protection Agency said Sunday. EPA chief Scott Pruitt said the executive order to be signed Tuesday will undo the Obama administration’s Clean Power Plan, an environmental regulation that restricts greenhouse gas emissions at coal-fired power plants. The 2015 rule has been on hold since last year while a federal appeals court considers a challenge by coal-friendly Republican-led states and more than 100 companies. Read more

AP exclusive: ‘Bathroom bill’ to cost North Carolina $3.76B

RALEIGH, N.C. (AP) — Despite Republican assurances that North Carolina’s “bathroom bill” isn’t hurting the economy, the law limiting LGBT protections will cost the state more than $3.76 billion in lost business over a dozen years, according to an Associated Press analysis. Over the past year, North Carolina has suffered financial hits ranging from scuttled plans for a PayPal facility that would have added an estimated $2.66 billion to the state’s economy to a canceled Ringo Starr concert that deprived a town’s amphitheater of about $33,000 in revenue. The blows have landed in the state’s biggest cities as well as towns surrounding its flagship university, and from the mountains to the coast. Read more


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