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Thursday, Dec 08th

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Trump's Carrier Victory Is the Economy's Loss

Trump carrier dealDonald Trump has scored a political victory by persuading Carrier Corp., a maker of air-conditioning and heating equipment, to keep about 1,000 jobs in the U.S. For that he deserves congratulations -- and a warning not to do this kind of thing again.

There is a long (if not always honorable) tradition of mayors, governors and even presidents pleading with or browbeating corporate executives for one reason or another. But using the power of the presidency to micromanage companies is an awful idea. The free market works in part because it relies on millions of individual enterprises to decide how best to employ their resources. The government's role is to protect their right to do so, and to intervene only in those cases where the market fails -- when misaligned incentives lead to environmental damage, for example, or financial instability.

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Carrier agrees to keep 1,000 jobs in Indianapolis

Carrier

Carrier Corp. is staying in Indianapolis after all.

Nearly nine months after announcing it would relocate its Indianapolis operations to Mexico, Carrier has reached an agreement with the incoming Trump administration to keep 1,000 jobs in the city. The company confirmed its plan on Twitter.

President-elect Donald Trump and Vice President-elect Mike Pence are scheduled to be in Indianapolis Thursday for a formal announcement, according to a transition official. Another source, who is familiar with the plan, said state incentives are part of the deal.

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Wells Fargo faces new restrictions from banking regulator

Wells Fargo A federal banking regulator has imposed tighter restrictions to Wells Fargo & Co.'s settlement regarding the company's fraudulent account sales scandal.

The Office of the Comptroller of the Currency released a statement announcing the bank will be required to seek permission before changing business plans, directors and senior executive officers and will be banned from offering "golden parachute" payments to departing employees.

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Ford CEO warns Trump's 35% car tariff would harm the economy

Mark FieldsFord Motors CEO Mark Fields said Tuesday that a 35% tariff on cars and trucks imported from Mexico — an idea promoted by President-elect Donald Trump — would have a "huge impact" on the entire U.S. economy.

Fields, who delivered the keynote speech at the Los Angeles Auto Show on Tuesday morning, spoke about Donald Trump for the first time in public since the businessman was elected to become the next president.

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GDP Grows 2.9% in Biggest Gain in 2 Years

US economyThe U.S. economy expanded at a 2.9% annual rate from July through September compared with the same time a year ago -- the fastest economic growth in two years.

It was the last reading on economic growth before the election, and it came as welcome news: Growth was sluggish in the first half of the year, averaging just above 1%.

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WEF: Gender wage gap will not close for 170 years

Gender wage gap not ot end for 170 yearsEfforts to close gender gaps in pay and workforce participation slowed so dramatically in the past year that men and women may not reach economic equality for another 170 years, according to the World Economic Forum.

Statistics just a year ago predicted the economic gap between genders could close in 118 years, but progress has decelerated, stalled or reversed in nations around the world, the Swiss non-profit WEF said in its annual gender gap index.

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Gannett to lay off two percent of workforce

Gannet to lay off 2 percent of workforceGannett, the largest U.S newspaper company, is cutting another two percent of its workforce. That cut, which should total about 350 or more positions throughout the company, was made official in an internal memo (reproduced below) to Gannett employees by CEO Bob Dickey moments ago.

On Friday, POLITICO had reported [“Gannett approaches possible billion dollar deal to buy Tronc – and layoffs, too”] the layoffs and other cost reductions would be announced this week.

Gannett will announce its third-quarter earnings on Thursday. Company insiders say they won’t be pretty, as print ad revenue losses largely between five and eight percent at many of its more than 100 properties swamp efforts at digital business revenue growth.

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