Global Glance: ACA repeal teeters after Senate shelves vote; Macron’s government kicks off controversial labor reform

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

GOP ‘Obamacare’ repeal teeters after Senate shelves vote

WASHINGTON (AP) — The Republican Party’s long-promised repeal of “Obamacare” stands in limbo after Senate GOP leaders, short of support, abruptly shelved a vote on legislation to fulfill the promise. The surprise development leaves the legislation’s fate uncertain while raising new doubts about whether President Donald Trump will ever make good on his many promises to erase his predecessor’s signature legislative achievement. Senate Republican leader Mitch McConnell announced the delay Tuesday after it became clear the votes weren’t there to advance the legislation past key procedural hurdles. Trump immediately invited Senate Republicans to the White House, but the message he delivered to them before reporters were ushered out of the room was not entirely hopeful. Read more

Yellen: Banking reforms should avert future financial crisis

LONDON (AP) — Federal Reserve Chair Janet Yellen said Tuesday that she believes banking regulators have made enough improvements to the financial system that the world will not experience another financial crisis “in our lifetimes.” Addressing an audience at the British Academy in London on Tuesday, Yellen said the banking reforms put in place in recent years have made the financial system much safer. She said regulators are doing a better job of watching for the type of systemic risks that struck the global economy in 2008, bringing on the worst global downturn in seven decades. Read more

Macron’s government kicks off controversial labor reform

PARIS (AP) — President Emmanuel Macron’s government is launching an effort to redesign French labor rules, one of the most important and divisive promises of his presidency. Labor Minister Muriel Penicaud told RTL radio Wednesday the government is “moving the rules of the game” in hopes of tackling unemployment, hovering near 10 percent. A draft labor law is being presented at a Cabinet meeting Wednesday, and unions fear it strips hard-earned worker protections. The government proposes to cap the financial penalty for companies sued for firing employees, and to allow businesses more flexibility to define internal working rules. Read more

IMF trims economic forecast for US amid growth uncertainty

WASHINGTON (AP) — The International Monetary Fund has trimmed its outlook for the U.S. economy, citing the number of uncertainties that surround President Donald Trump’s plans to boost economic growth. The IMF forecast that the U.S. economy will grow this year at an annual rate of 2.1 percent. That would be an improvement over last year’s lackluster 1.6 percent growth rate but down from the IMF’s April forecast for growth this year of 2.3 percent. Read more

Number of people using Facebook reaches 2 billion

MENLO PARK, Calif. (AP) — Facebook is reaching another milestone, announcing that it now has more than 2 billion users. CEO Mark Zuckerberg says the new marker was reached early Tuesday and in a Facebook post said that he’s proud of the role his company is playing in connecting people around the world. Facebook says more than 175 million people declare they “love” something on the site daily and an average of more than 800 million people hit Facebook’s like button. Read more

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