Global Glance: China a step closer to resuming US beef imports; administration looks to curb CFPB powers

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

China a step closer to resuming US beef imports

WASHINGTON (AP) — China is a step closer to allowing imports of U.S. beef for the first time in almost 14 years. The United States and China have agreed on final details of a deal to allow the imports, the Agriculture Department said Monday. The agreement is one part of a bilateral agreement reached following President Donald Trump’s meeting with Chinese President Xi Jinping in April. China imposed a ban on American beef in 2003 after a case of mad-cow disease, a ban that remained in place despite extensive efforts by the Bush and Obama administrations to get it removed. Before the ban, the United States was China’s largest supplier of imported beef. Read more

Administration looks to curb CFPB powers, change bank rules

WASHINGTON (AP) — The Trump administration is proposing to curb the authority of the consumer finance watchdog created following the economic crisis as it drives toward easing restrictions on banks and financial institutions. The Treasury Department issued Monday the first part of a review that was ordered by President Donald Trump in one of his earliest acts as president. The report reviewing the Dodd-Frank financial oversight law also urges changes to rules for banks that were put in place under the 2010 law. The law aimed to restrain banks – which received hundreds of millions in taxpayer bailouts – from the kind of misconduct that many blamed for the crisis. Read more

Trump to tout apprenticeships as way to fill jobs gap

WASHINGTON (AP) — President Donald Trump says apprenticeships could match workers with millions of open jobs, but he’s reluctant to devote more taxpayer money to the effort. Instead, Trump and Labor Secretary Alex Acosta say the administration is focused on getting universities and private companies to pair up and pay the cost of such learn-to-earn arrangements. The president has accepted a challenge from CEO Marc Benioff to create 5 million apprenticeships over five years. Now, as part of a week-long apprenticeship push, he is visiting Waukesha Technical College in Wisconsin Tuesday with his daughter, Ivanka, as well as Acosta and Wisconsin Gov. Scott Walker. Read more


Rates rise at US Treasury auction to highest since fall 2008

WASHINGTON (AP) — Interest rates on short-term Treasury bills rose in Monday’s auction to their highest levels since October 2008. The Treasury Department auctioned $39 billion in three-month bills at a discount rate of 0.990 percent, up from 0.980 percent last week. Another $33 billion in six-month bills was auctioned at a discount rate of 1.100 percent, up from 1.070 percent last week. The three-month rate was the highest since those bills averaged 1.250 percent on Oct. 20, 2008. The six-month rate was the highest since those bills averaged 1.400 percent on Oct. 27, 2008. Read more

Casino industry ramps up effort to repeal sports betting ban

LAS VEGAS (AP) — The casino industry’s largest lobbying group in the U.S. is ramping up its efforts to repeal a 25-year-old federal law that bans sports betting in most states. The American Gaming Association on Monday announced the creation of a coalition involving organizations of attorneys general and police, policymakers and others to advocate for the repeal of the ban that the industry says has fueled the $150 billion illegal sports betting market. Read more

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