Business Briefs – October 10, 2019

Trump Sets White House Meeting With Chinese Trade Negotiator

WASHINGTON (AP) – President Donald Trump says he’ll meet at the White House on Friday with the leader of the Chinese trade negotiating team that’s in Washington for the latest round of talks. The discussions are aimed at ending a 15-month trade battle, which is weighing on the global economy. With expectations for this week’s talks low, Mr. Trump tweeted Thursday that the negotiations were a “big day.” He said, “They want to make a deal, but do I?”

GM Workers Worry About Paying Bills as Strike Continues

TOLEDO, Ohio (AP) – Losses are piling up for both sides in the nearly four-week old strike against General Motors. Workers walking the picket line say they’re cutting back on groceries and some are taking on part-time jobs while trying to get by on weekly strike pay of $250. GM’s full-time workers are out roughly $1,000 each week while a Wall Street analyst estimates GM is losing about $82 million per day.

U.S. Consumer Prices Unchanged in September

WASHINGTON (AP) – Overall consumer prices were unchanged in September as a big decline in energy costs offset small gains in other areas. The Labor Department says the flat reading in its Consumer Price Index for September followed a tiny 0.1% August increase and left prices over the past 12 months rising at a modest annual rate of 1.7%.

Fed Approves Rules Loosening Dodd-Frank Bank Restrictions

WASHINGTON (AP) – The Federal Reserve is easing restrictions imposed on banks following the 2008 financial crisis, giving a victory to the banking industry and President Donald Trump. The Fed approved a set of rule changes that implement legislation passed by Congress last year to loosen restrictions, particularly for smaller community banks, imposed by the Dodd-Frank Act passed in 2010. Mr. Trump has often criticized Dodd-Frank, which he says has hurt economic growth by making it harder for banks to lend.

UK, Irish Leaders See ‘Pathway’ To Elusive Brexit Deal

LONDON (AP) – The leaders of Britain and Ireland say they have spotted a “pathway” to an elusive Brexit deal Thursday, keeping hopes of a breakthrough alive just three weeks before the U.K.’s deadline to leave the European Union. British Prime Minister Boris Johnson and Irish leader Leo Varadkar provided a status update on the issue after a private lunch meeting in northwest England that lasted for several hours.

Record Passenger Traffic Over The Summer Boosts Delta Profit

ATLANTA (AP) – Delta Air Lines set records for passengers and revenue over the summer, helping lift its third-quarter profit 13% higher, to $1.5 billion. However, the airline gave a cautious outlook for the fourth quarter, including higher costs, that fell short of Wall Street expectations. The CEO says bookings for the year-end season look good.