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Ford cancels Mexico plant; plans to add around 700 jobs in Michigan

Ford cancels Mexico plantFord is reportedly canceling its plans to build a new facility in Mexico, according to CNN

Instead, Ford said it plans to invest $700 million in Michigan, creating 700 new U.S. jobs.

According to Ford CEO Mark Fields, the decision was a “vote of confidence” in the type of pro-business environment he believes President-elect Trump is creating.

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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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Deutsche Bank faces new blow as Justice Department demands record $14B

Deutche bankDeutsche Bank faces the prospect of having to tap shareholders for more cash after the U.S. Department of Justice asked Germany’s flagship lender to pay $14 billion to settle an investigation into alleged mis-selling of mortgage-backed securities. The record fine marks the latest blow to the bank, which has run a gauntlet of setbacks since the 2008 financial crisis.

The Department of Justice move was only the first salvo in what could be a lengthy negotiation over the size of the fine, but it raised fears the final penalty will be far greater than expected. Deutsche Bank said on Friday it has “no intent” to settle the issue at “anywhere near the number cited.”

The negotiations are only just beginning. The bank expects that they will lead to an outcome similar to those of peer banks which have settled at materially lower amounts.

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US corporations have $1.4tn hidden in tax havens, claims Oxfam report

US corporations hide 1.4t in tax havensUS corporate giants such as Apple, Walmart and General Electric have stashed $1.4tn (£980bn) in tax havens, despite receiving trillions of dollars in taxpayer support, according to a report by anti-poverty charity Oxfam.

The sum, larger than the economic output of Russia, South Korea and Spain, is held in an “opaque and secretive network” of 1,608 subsidiaries based offshore, said Oxfam.

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U.S. watchdog to probe Fed's lax oversight of Wall Street

Janet YellinA U.S. watchdog agency is preparing to investigate whether the Federal Reserve and other regulators are too soft on the banks they are meant to police, after a written request from Democratic lawmakers that marks the latest sign of distrust between Congress and the central bank.

Ranking representatives Maxine Waters of the House Financial Services Committee and Al Green of the Subcommittee on Oversight and Investigations asked the Government Accountability Office on Oct. 8 to launch a probe of "regulatory capture" and to focus on the New York Fed, according to a letter obtained by Reuters.

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Macy's announces closure of 36 stores, layoffs after slow holiday sales

Macy'sRetailer Macy's Inc. announced the elimination of more than 4,500 jobs and the closure of 36 stores after disappointing sales during the holiday season.

It said Wednesday it would initiate "a series of cost-efficiency and process-improvement measures" by reducing the workforce at each of about 770 Macy's and Bloomingdale's stores, closing other stores, and offering a "voluntary separation opportunity" to some senior executives. The downsizing actions are set to begin early this year.

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