THE RE­CAP

The Washington Post Sunday - - TAKING STOCK - From news ser­vices and staff re­ports

Busi­ness

Roger Ailes, who mas­tered the art of sell­ing po­lit­i­cal can­di­dates like Hol­ly­wood celebri­ties and was the ar­chi­tect of con­ser­va­tive-ori­ented TV news, died at 77. He was the long­time chair­man and chief ex­ec­u­tive of the Fox News Chan­nel, build­ing it over two decades into a po­lit­i­cally in­flu­en­tial jug­ger­naut un­til his abrupt ouster last year amid sex­ual ha­rass­ment al­le­ga­tions. Puerto Rico’s de­vel­op­ment bank en­tered into a deal with fi­nan­cial cred­i­tors that would al­low it to avoid a lengthy bank­ruptcy pro­ceed­ing. The deal fo­cused on the bank is one piece of an over­all $73 bil­lion pub­lic debt load that the gov­ern­ment of the strug­gling is­land is seek­ing to re­struc­ture. Puerto Rico is mired in a decade-long re­ces­sion. Two former Wal­mart em­ploy­ees filed a law­suit ac­cus­ing the re­tailer of treat­ing thou­sands of preg­nant work­ers as “sec­ond-class cit­i­zens” by re­ject­ing re­quests to limit heavy lift­ing, climb­ing on ladders and other po­ten­tially dan­ger­ous tasks. Amer­i­can In­ter­na­tional Group named an in­sur­ance in­dus­try vet­eran as its chief ex­ec­u­tive. In hir­ing Brian Du­per­reault, 70, AIG is giv­ing in to the de­mands of in­vestor Carl Ic­ahn, AIG’s fourth-largest share­holder, who has been push­ing for changes at the in­surer. Former Massey En­ergy chief ex­ec­u­tive Don Blanken­ship asked Pres­i­dent Trump to re­sist at­tempts in Congress to en­hance crim­i­nal penal­ties for coal ex­ec­u­tives who vi­o­late mine safety and health stan­dards. Blanken­ship served a year in prison af­ter be­ing con­victed of con­spir­ing to vi­o­late fed­eral mine safety stan­dards at Massey’s Up­per Big Branch mine in south­ern West Vir­ginia, where 29 work­ers died in a 2010 blast. Prose­cu­tors in Stuttgart, Ger­many, said they’re in­ves­ti­gat­ing whether Volk­swa­gen chief ex­ec­u­tive Matthias Müller and two oth­ers, in­clud­ing Müller’s pre­de­ces­sor, ma­nip­u­lated mar­kets by not re­leas­ing in­for­ma­tion about the Ger­man com­pany’s diesel cheat­ing soon enough.

Face­book will pay $122 mil­lion in fines to the Euro­pean Union over charges that it mis­led reg­u­la­tors dur­ing its 2014 ac­qui­si­tion of What­sApp. Euro­pean reg­u­la­tors said Face­book was not hon­est about its abil­ity to identify users who had both Face­book and What­sApp ac­counts and link those ac­counts.

Econ­omy

U.S. house­hold debt reached a record high in the first quar­ter, top­ping the pre­vi­ous peak reached in 2008, dur­ing the Great Re­ces­sion. The Fed­eral Re­serve Bank of New York said that house­hold debt, which in­cludes home eq­uity lines of credit, stood at $12.73 tril­lion in the first quar­ter.

The United Na­tions pre­dicts that the global econ­omy will ex­pand in the next two years, spurred by stronger growth and a mod­est re­cov­ery in trade and in­vest­ment. The world body fore­cast global eco­nomic growth of 2.7 per­cent this year and 2.9 per­cent in 2018, com­pared with a re­vised fig­ure of 2.3 per­cent in 2016. For the United States, it fore­cast eco­nomic growth of 2.1 per­cent in 2017 and 2018, com­pared with 1.6 per­cent in 2016.

Tran­si­tions

The world’s rich­est peo­ple lost $35 bil­lion Wed­nes­day when global eq­uity mar­kets were rocked by po­lit­i­cal tur­moil in the United States, ac­cord­ing to the Bloomberg Bil­lion­aires In­dex. Bill Gates, the world’s rich­est per­son, with $86.8 bil­lion, lost $1 bil­lion as shares of Mi­crosoft, his largest hold­ing, tum­bled 2.8 per­cent. Jean-Michel Basquiat’s paint­ing

of a skull sold for $110.5 mil­lion at Sotheby’s in New York, set­ting an auc­tion record for Amer­i­can artists and pro­vid­ing a wind­fall for the daugh­ter of two col­lec­tors who pur­chased it for $19,000 in 1984. The buyer was bil­lion­aire Yusaku Maezawa, founder of a Ja­panese fash­ion web­site and a new force in con­tem­po­rary art. The work led four days of bell­wether auc­tions in New York, where the world’s wealth­i­est in­vestors and fam­i­lies dropped more than $1.5 bil­lion on im­pres­sion­ist, mod­ern, post­war and con­tem­po­rary art.

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