Global Glance: Yellen tells Congress to expect more rate hikes; GOP ready to push new health bill through Senate

Powered by The Associated Press

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

Yellen tells Congress to expect more rate hikes

WASHINGTON (AP) — Federal Reserve Chair Janet Yellen is telling Congress that the central bank expects to keep raising a key interest rate at a gradual pace and also plans to start trimming its massive bond holdings this year. In her semiannual testimony on the economy, Yellen takes note of a number of encouraging factors, including strong job gains and rising household wealth that she said should fuel economic growth over the next two years. Read more

GOP ready to try pushing new health bill through Senate

WASHINGTON (AP) — Senate Majority Leader Mitch McConnell says he’s ready to unwrap his latest bill repealing much of President Barack Obama’s health care law. Another top Republican says the measure will likely keep a pair of tax hikes on wealthier Americans that Obama’s statute imposed to help finance its expanded coverage. McConnell, R-Ky., said he will introduce his party’s altered health care bill Thursday and begin trying to muscle it through the Senate next week. The renewed effort comes two weeks after he abandoned his initial plan due to deep divisions within the GOP. Read more

EU’s Brexit negotiator sets out tough conditions for UK

BRUSSELS (AP) — The European Union’s chief Brexit negotiator said Wednesday that Britain must meet tough conditions in divorce talks – and doesn’t have long to do it – before the two sides can start looking at a future relationship. Showing frustration with what Europeans consider British grandstanding and impatience with a dearth of clear proposals, the EU’s Michel Barnier said Britain needs to make “sufficient progress” on all the initial issues – citizens’ rights, the bill that Britain must pay to the EU and the Irish border – before talks can move to a future trade deal. Read more

After 8 years of austerity, Greece gets EU budget approval

BRUSSELS (AP) — After eight years of toil by the Greek people, the European Union is finally recognizing that Greece’s budget is no longer breaking the bloc’s rules. The recommendation from the EU’s executive Commission to close the so-called excessive deficit procedure on Greece comes in the wake of the sharp improvement in the country’s public finances following years of austerity. Pierre Moscovici, the EU’s top economy official said this is “a very symbolic moment for Greece” and a “recognition of the massive reduction of Greece’s fiscal deficit, to below the euro area average.” Read more

Iraq plans to offer new exploration rights for oil, gas

BAGHDAD (AP) — Iraq says it will offer new oil and gas exploration rights as it looks to boost energy revenues to fund its war against the Islamic State group and shore up its finances amid low oil prices. Oil Minister Jabar Ali Al-Luaibi said late Tuesday that his ministry plans to put nine border exploration blocks up for bidding by international energy companies. Five are shared with Iran, three with Kuwait and one is in the Persian Gulf. He did not provide a timetable. Read more

Want the state’s top business and entrepreneurship news in your inbox? Sign up here for our newsletters.

Leave a Reply

Have you heard?

Missouri Business Alert is participating in CoMoGives2019!

Find out how we plan to use your gift to enhance training and programming for our students