Business Briefs – February 12, 2017

Fed Board Member Tarullo Announces Resignation

WASHINGTON (AP) – Federal Reserve board member Daniel Tarullo has announced his resignation. He is a key official guiding the Fed’s bank regulation efforts. Tarullo’s decision will clear the way for President Donald Trump to select a candidate for the bank supervision position.

Amid Global Uncertainty, Greek Worries Stalk Markets — Again

ATHENS, Greece (AP) – As Europeans face key elections, Greece is rattled by uncertainty once again. There are doubts over the International Monetary Fund’s commitment to the country’s latest bailout program. That is holding up payment of more loans, which Greece needs by the summer to avoid default.

Reckitt Benckiser to Acquire Mead Johnson for $16.6 Billion

LONDON (AP) – British household products giant Reckitt Benckiser is acquiring U.S. baby formula maker Mead Johnson for $16.6 billion in a move that will help the company grow in China.

IMF Head: President Trump Good for U.S. Economy for Now as Trouble Looms

DUBAI, United Arab Emirates (AP) – The head of the International Monetary Fund said Sunday that U.S. President Donald Trump taking office is likely good for the American economy in the short term, though rising interest rates and a strengthening dollar will challenge global trade.

Christine Lagarde said President Trump’s plans for additional investment in U.S. infrastructure and his likely tax reforms will boost America’s economic fortunes.

However, Lagarde acknowledged that Mr. Trump’s policies likely will squeeze international markets.

“That’s a tightening that is going to be difficult on the global economy and for which economies have to prepare,” Lagarde said during an event at the World Government Summit in Dubai.

Goodyear to Pay $1.75M After 4 Deaths at Virginia Factory

RICHMOND, Va. (AP) – Goodyear will pay $1.75 million to settle workplace health and safety violations at its Danville, Virginia, tire plant where four workers died on the job over the course of a year, officials announced Friday. Goodyear, the United Steelworkers and the state Department of Labor and Industry reached a settlement agreement calling for the penalty and laying out a process to fix workplace hazards, the department said in a statement.

U.S. Government Records $51.3 Billion Surplus in January

WASHINGTON (AP) – The federal government ran a budget surplus in January that was smaller than last year’s surplus. The Treasury Department says the surplus this year was $51.3 billion, down 7.1 percent from the January surplus a year ago of $55.2 billion.

Fishermen in Legal Limbo Fill U.S. Plates for $1 an Hour Pay

HONOLULU (AP) – Foreign fishermen catch tuna and swordfish for upscale American plates, some receiving less than $1 an hour for their efforts while confined to vessels in Hawaii without visas. Hawaii officials point to a single federal immigration permit as evidence they can allow some 700 foreign fishermen to catch and sell seafood in the state. But they fail to mention that those papers are void, stamped by U.S. Customs with the word: “Refused.”

South Korean Investigators To Again Summon Samsung Heir

SEOUL, South Korea (AP) – South Korean prosecutors investigating the corruption scandal involving impeached President Park Geun-hye said Sunday that they plan to summon Samsung heir Lee Jae-yong again as they look into bribery allegations between Park and the country’s largest business group.

Lee, the billionaire vice chairman of technology giant Samsung Electronics, will be summoned along with two other group officials on Monday morning, said Lee Kyu-chul, the spokesman of the prosecution team.