Business Briefs -April 24, 2017

U.S. Treasury Secretary: Tax Cuts Won’t Raise Budget Deficit

WASHINGTON (AP) – Treasury Secretary Steven Mnuchin says that the administration’s tax reform will generate so much economic growth that the budget deficit will be held in check. Mnuchin said at the Monday White House news briefing: “The tax reform will pay for itself.” The Trump administration has yet to provide details about its planned tax reforms. Most economists say it’s unlikely that tax cuts can generate enough growth to prevent the budget deficit from rising.

Report: Companies Not Complying With Bangladesh Garment Plan

DHAKA, Bangladesh (AP) – An international rights group says dozens of global clothing companies are not complying with a plan to ensure better safety in Bangladesh garment factories following the deadly collapse of a building four years ago. Human Rights Watch said in a report Monday that only 29 out of 72 recently contacted companies are releasing information about how they source their products in Bangladesh.

The Sad Saga of North Korea’s ATMs

PYONGYANG, North Korea (AP) – The airport in the North Korean capital has two ATMs but according to bank employees, because of new Chinese sanctions, they don’t work. If sanctions are in fact why the ATMs aren’t working, that could be a sign that Beijing is squeezing Pyongyang over its nuclear weapons and long-range missile programs. China is isolated North Korea’s main economic lifeline and has been under increasing pressure to rein in its neighbor. The North’s finance and banking sectors are major targets.