Global Glance: White House to privately negotiate tax overhaul; Uber CEO resigns

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

White House to negotiate tax overhaul behind closed doors

WASHINGTON (AP) — The White House plans to privately negotiate a massive overhaul of the tax system with Republican leaders in Congress, possibly giving rank-and-file members little if any say over the finished product, according to a top aide to President Donald Trump. Gary Cohn, Trump’s top economic aide, said Tuesday the administration doesn’t want to engage in prolonged negotiations after the package is made public this fall. Cohn said the goal is to release the overhaul in the first two weeks of September. Read more

Uber CEO Kalanick resigns under investor pressure

DETROIT (AP) — Travis Kalanick, the combative and embattled CEO of ride-hailing giant Uber, has resigned under pressure from investors at a pivotal time for the company. Uber’s board confirmed the move early Wednesday, saying in a statement that Kalanick is taking time to heal from the death of his mother in a boating accident “while giving the company room to fully embrace this new chapter in Uber’s history.” He will remain on the Uber Technologies Inc. board. Tokyo-based Toshiba said the board of directors selected the bid, totaling about 2 trillion yen ($18 billion), from the consortium of Innovation Network Corp. of Japan, Bain Capital Private Equity and the Development Bank of Japan in the sale of Toshiba Memory Corp. Read more

Toshiba chooses US-Japan bidder for memory chip biz sale

TOKYO (AP) — Money-losing Toshiba Corp. said Wednesday that it has chosen a U.S.-Japan consortium as the preferred bidder in the sale of its lucrative memory chip business, but hurdles remain as an American joint-venture partner is opposing the move. Toshiba sorely needs the sale, with its U.S. nuclear unit Westinghouse Electric Co. racking up massive red ink and filing for bankruptcy protection. Read more

MSCI adds China-listed stocks to index in long-awaited move

HONG KONG (AP) — Global stock benchmark provider MSCI has made a long-awaited decision to add mainland China-listed shares to its widely followed stock indexes. MSCI said Tuesday that it’s including yuan-denominated “A-shares” of 222 large cap Chinese companies to its Emerging Markets Index. It’s an important step for China’s communist leaders, who have been pushing to more closely integrate their country’s markets and currency with the global financial system. Read more

As pot comes out of black market, regulators face scrutiny

DENVER (AP) — Take a black-market business that relies on cash. Move the business out of the shadows by giving it government oversight. Hire new regulators to keep watch on the business, all without any experience regulating a brand-new industry. The result can be a recipe for government corruption. Recent cases in Colorado and Washington are the first known instances of current or former pot regulators being accused of having improper dealings with the industry. The two recreational marijuana states are the nation’s oldest, approving legal weed in defiance of federal law in 2012. Read more

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