Business Briefs – December 4, 2016

Job Deals Like Carrier’s Often Fall Short of Political Hype

JEFFERSON CITY, Mo. (AP) – When President-elect Donald Trump announced a deal to save hundreds of jobs at a Carrier plant in Indiana, it came with a cost to state taxpayers of about $7 million in tax breaks and grants.

Similar jobs-for-subsidies deals are struck nearly every day around the country by governors, mayors and other officials. But it’s debatable whether the economic impact ultimately lives up to the political hype.

Some projects fall short of their promises. Economists say other business deals likely would have occurred even without the incentives. And in some places, it’s hard for the public to track the exact amount of state and local subsidies that get provided.

Ford Recalls 680,000 Cars, Seat Belt May Not Hold in Crash

DETROIT (AP) – Ford is recalling more than 680,000 midsize sedans mainly in North America because the front seat belts may not hold people in a crash.

The recall covers certain 2013 to 2016 Ford Fusion, 2013 to 2015 Lincoln MKZ and 2015 and 2016 Ford Mondeo cars.

Singapore Fines Banks For 1MDB Links

SINGAPORE (AP) – Singapore regulators announced on Friday fines amounting to over $5.3 million for two banks that were found to have breached money laundering rules in dealings with an indebted Malaysian state fund.

The Monetary Authority of Singapore fined the local branch of Standard Chartered Bank, which is headquartered in London, 5.2 million Singapore dollars ($3.6 million) for “significant lapses” in customer due diligence measures and controls.

China to U.S.: Avoid Politics In Purchase of Germany’s Aixtron

BEIJING (AP) – China appealed to Washington and Berlin to avoid injecting politics into the proposed takeover of a German maker of semiconductor manufacturing equipment following a report President Obama plans to oppose it as a security risk.

The proposed 670 million euro ($740 million) acquisition of Aixtron SE by Fujian Grand Chip, a semiconductor maker, is “normal business activity,” said a foreign ministry spokesman, Geng Shuang.

U.S., China, EU, Others Fail to Reach Environmental Goods Deal

GENEVA (AP) – Forty-six countries including the U.S., China and EU nations failed Sunday to agree on a list of “environmental goods” like solar-powered air conditioners or LED light bulbs that could see lower tariffs.

The two-day meeting at World Trade Organization involved a bid to agree on reducing tariffs on over 200 environment-friendly goods worth around $1 trillion in trade annually, part of a process that EU trade commissioner Cecilia Malmstrom called important “to show that trade and the environment can go hand in hand.”

She and other officials said China’s presentation of a late list of goods to include threw a monkey wrench into the weekend negotiations.

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