Update On The Latest In Business:

This is source I found from another site, main source you can find in last paragraph

FINANCIAL MARKETS

Asian stocks higher ahead of likely US rate hike

BEIJING (AP) — Asian stocks were mostly higher Wednesday following overnight gains on Wall Street as investors looked ahead to a likely U.S. interest rate hike.

The Shanghai Composite Index rose 0.3 percent and Hong Kong’s Hang Seng advanced 1 percent. Tokyo’s Nikkei 225 declined 0.4 percent.

>        Federal Insights: Learn how agency and industry experts are exploring implications of the cybersecurity executive order.

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On Wall Street, big-name companies gained, delivering records for two of the major stock indexes. Banks and other financial stocks led the gainers as the Fed met to discuss interest rates. Technology stocks declined the most. Energy stocks also fell as crude oil prices closed lower. Bitcoin futures fell on their second day of trading. The Standard & Poor’s 500 index rose 0.2 percent to 2,664.11. The Dow Jones industrial average gained 0.5 percent to 24,504.80. The Nasdaq composite lost 0.2 percent to 6,862.32.

THE DAY AHEAD

Government set to release consumer price report

WASHINGTON (AP) — The Commerce Department is set later today to release the Consumer Price Index for November.

On Monday, the government reported that prices at the wholesale level rose 0.4 percent in November and 3.1 percent over the past year. It was the biggest annual jump in nearly six years and reflected a big spike in the price of gasoline and other energy products.

Last month’s increase in the producer price index, which measures inflation pressures before they reach the consumer, marked the third straight month that wholesale prices have risen by 0.4 percent. The 3.1 percent rise from November 2016 was the biggest 12-month gain since a matching 3.1 percent increase for the 12 months ending in January 2012.

>        More senior executive reassignments are likely coming, Interior deputy says

Also, the Federal Reserve is due to release a statement on interest rates in the afternoon.

CONGRESS-TAXES

Tax package would lower top tax rate for wealthy Americans

WASHINGTON (AP) — Congressional Republicans are rushing toward a deal on a massive tax package that would reduce the top tax rate for wealthy Americans to 37 percent and slash the corporate rate to a level slightly higher than what businesses and conservatives wanted.

It happened Tuesday in a flurry of last-minute changes that could profoundly affect the pocketbooks of millions of Americans. House and Senate negotiators agreed to expand a deduction for state and local taxes to allow individuals to deduct income taxes as well as property taxes. The deduction is valuable to residents in high-tax states like New York, New Jersey and California.

Negotiators also agreed to set the corporate income tax rate at 21 percent. That’s according to a pair of congressional aides who spoke on condition of anonymity because they were not authorized to publicly discuss private negotiations.

BUDGET DEFICIT

US budget deficit totals $138.5 billion in November

WASHINGTON (AP) — The federal government collected a record amount of tax income for the month of November and also had a record level of spending for the month. Taken together, it produced a budget deficit of $138.5 billion, up slightly from a year ago.

The November deficit was 1.4 percent higher than a year ago. The Treasury Department said that reflected. in part. higher spending to deal with disaster relief and also higher spending by the government on interest payments on the national debt.

For the first two months of this budget year, the budget deficit totals $201.8 billion, up 10.6 percent from the same period a year ago.

SEXUAL MISCONDUCT-RESTAURANT WORKERS

Female workers sue McCormick & Schmick’s over lewd behavior

BOSTON (AP) — A lawsuit contends that female kitchen workers at the McCormick & Schmick’s seafood restaurant in downtown Boston were subjected to constant groping and lewd comments from male supervisors and co-workers. The legal action also maintains that the women’s complaints to the company were routinely ignored.

The lawsuit filed by five women highlights the abuse and harassment women in low-wage hospitality positions routinely face, even as allegations of sexual misconduct roil white-collar industries like film, media and politics. That’s according to Sophia Hall, an attorney for the Lawyers’ Committee for Civil Rights and Economic Justice, which represents the women.

She said: “These are positions that society often overlooks. These women are particularly vulnerable, with limited English and no access to an effective reporting procedure.”

JAPAN-TOSHIBA

Toshiba, Western Digital deal to allow sale of chip unit

TOKYO (AP) — Toshiba Corp. and its joint venture partner Western Digital have made peace over the embattled Japanese electronics giant’s plan to sell its flash memory unit to raise cash to stay afloat.

The companies said Wednesday that the agreement allows Western Digital to participate in future investments in their joint venture, clearing the way for a consortium led by Bain Capital to buy Toshiba Memory Corp.

The deal also addresses concerns over protection of valuable patents and other intellectual property in the highly competitive field of flash memory products used in many high-tech products.

The two companies said it settles all disputes in litigation and arbitration over Western Digital’s objections to the planned sale of the companies’ NAND flash-memory SanDisk joint venture.

HARVARD-GRADUATE UNION

Labor panel rules against Harvard in student union dispute

CAMBRIDGE, Mass. (AP) — A federal panel has rejected Harvard University’s attempt to prevent a new election that would decide if graduate students will form a union, paving the way for a new vote.

The National Labor Relations Board on Tuesday upheld a decision by a regional labor panel that nullified the results of a November 2016 election. Early results from the election found that students voted against unionizing, but 300 ballots were challenged and weren’t counted.

The regional panel concluded Harvard published an incomplete list of students who were eligible to vote and ordered a new election.

Harvard appealed the decision.

FACEBOOK-CRITICS

Some of Facebook’s early friends are now its sharpest critics

NEW YORK (AP) — Some of Facebook’s former friends are starting to express some serious doubts about the social network they helped create.

Sean Parker, the company’s first president, said in a public forum last month that Facebook exploits a “vulnerability in human psychology” to addict its users. Chamath Palihapitiya, a former Facebook vice president who joined the company in 2007, recently told an audience at Stanford that the company is “ripping apart the social fabric of how society works.”

And Roger McNamee, a venture capitalist and early investor in both Facebook and Google, wrote that both companies “threaten public health and democracy” in an August USA Today op-ed .

VALUE VILLAGE-ATTORNEY GENERAL

Value Village sues Washington attorney general over demands

SEATTLE (AP) — The company that operates 300 Value Village, Savers and other thrift stores in the U.S., Canada and Australia is suing Washington state Attorney General Bob Ferguson. It says his office has violated the company’s rights by demanding $3.2 million to settle a three-year investigation.

TVI Inc., of Bellevue, said in the lawsuit filed in federal court Monday that it’s trying to head off an anticipated complaint from the attorney general’s office.

The for-profit company, which is represented by the prominent Seattle law firm of Davis Wright Tremaine, said Ferguson’s demand for payment does not appear to be connected to any alleged legal violations.

NAVAJO NATION-WELLS FARGO LAWSUIT

Navajo Nation sues Wells Fargo for alleged predatory tactics

WINDOW ROCK, Ariz. (AP) — The Navajo Nation has announced that it’s suing Wells Fargo for allegedly engaging in predatory and unlawful banking practices that targeted and harmed tribal members.

In a statement, Navajo Nation President Russell Begaye said Tuesday the tribe’s lawyer has been directed to seek restitution, damages and civil penalties based on Wells Fargo’s alleged violations of federal, state and tribal law.

The tribe alleges employees at Wells Fargo branches on the vast reservation “routinely misled customers into opening unnecessary accounts and obtained debit and credit cards without customers’ consent.”

They also allege Navajo elders “were purposely confused and deceived into purchasing products to help employees meet banking quotas.”

JOHNS HOPKINS-NO COAL

Johns Hopkins to stop buying stocks from coal producers

BALTIMORE (AP) — Johns Hopkins University will stop buying stocks and bonds of companies that produce coal for electric power as a major part of their business.

The university’s board of trustees voted last week to divest the university from separately managed investments in thermal coal.

The board voted for the divestment due to concerns related to the environmental and public health effects of climate change.

The university in Baltimore says it’s only the third time in Johns Hopkins’ history that the board has barred a particular type of investment because of broad social concerns. In the 1980s, Johns Hopkins divested from companies that did business in the then-apartheid state of South Africa. In 1991, the board ended all direct investment in tobacco company stocks and bonds.

CANADA AUSTRALIA-FIGHTER JETS

Canada to buy used Australian jets over new Boeing aircraft

TORONTO (AP) — Canada has ditched a plan to buy 18 Super Hornet jet fighters from U.S.-based Boeing and will instead buy 18 used F-18 fighters from Australia.

Prime Minister Justin Trudeau had previously warned that Canada would stop doing business with Boeing if it doesn’t drop a trade complaint against Canadian plane maker Bombardier. The government warned again on Tuesday that the company will have little chance of winning a new contract for 88 additional fighter jets under the status quo.

Trudeau’s government also said Tuesday it will assess companies’ overall impact on Canada’s economy before buying the 88 additional fighter jets to replace its aging F-18s.

This is source I found from another site, main source you can find in last paragraph

Source : https://federalnewsradio.com/government-news/2017/12/update-on-the-latest-in-business-616/

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