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Here are today’s top business headlines from across the nation and world:
NEW YORK (AP) — Disney is buying a large part of the Murdoch family’s 21st Century Fox for about $52.4 billion in stock, including film and television studios and cable and international TV businesses, as it tries to meet competition from technology companies in the entertainment business. The deal gives Disney film businesses including Twentieth Century Fox, Fox Searchlight Pictures and Fox 2000, which together are the homes of Avatar, X-Men, Fantastic Four and Deadpool. On the television side, Disney will get Twentieth Century Fox Television, FX Productions and Fox21, with shows including “The Simpsons” and “Modern Family.” Read more
WASHINGTON (AP) — Generous tax cuts for corporations and the wealthiest Americans would be delivered in a sweeping overhaul of the tax laws, under a new agreement crafted by Republicans in Congress. Middle- and low-income families would receive smaller tax cuts, though President Donald Trump and Republican leaders have billed the package as a huge benefit for the middle class. The agreement reached Wednesday by House and Senate GOP leaders also calls for scrapping a major tax requirement of the “Obamacare” health law, a step toward the ultimate GOP goal of unraveling the law. Read more
NEW YORK (AP) — As the federal government prepares to unravel sweeping net-neutrality rules that guaranteed equal access to the internet, advocates of the regulations are bracing for a long fight. The Thursday vote scheduled at the Federal Communications Commission could usher in big changes in how Americans use the internet, a radical departure from more than a decade of federal oversight. The proposal would not only roll back restrictions that keep broadband providers like Comcast, Verizon and AT&T from blocking or collecting tolls from services they don’t like, it would bar states from imposing their own rules. Read more
JERUSALEM (AP) — Teva Pharmaceutical Industries Ltd., the world’s largest generic drugmaker, on Thursday said it would lay off 14,000 workers as part of a global restructuring meant to salvage its ailing business. The company said the layoffs represent over 25 percent of its global workforce. The job cuts are to occur over the next two years, with most expected in 2018. The restructuring is expected to cut costs by $3 billion by the end of 2019. Read more
A fistful of cities have flourished in the 10 years since the Great Recession officially began in December 2007, even while most other large cities — and sizable swaths of rural America — have managed only modest recoveries. Some cities are still struggling to shed the scars of recession. In the decade since the recession began, the nation as a whole has staged a heartening comeback: The unemployment rate is at a 17-year low of 4.1 percent, down from 10 percent in 2009. Employers have added jobs for 86 straight months, a record streak. And last year, income for a typical U.S. household, adjusted for inflation, finally regained its 1999 peak. Yet the rebound has been uneven. Read more
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