From news services and staff reports
Tim Buckley, 48, was tapped to run Vanguard Group, the world’s second-largest money manager, which oversees $4.4 trillion and is responsible for the savings of more than 20 million investors. The Harvard MBA joined the firm in 1991 as an assistant to Jack Bogle and rose through the ranks, overseeing its technology operations and then its core retail unit. Morris Chang, chairman of the world’s largest contract chipmaker, Taiwan Semiconductor Manufacturing Co., has become a billionaire thanks to expected demand for Apple’s new iPhone. Taiwan Semiconductor shares have surged 27 percent in the past year. PepsiCo chief executive Indra Nooyi echoed what companies such as Target and retail analysts have long been saying: More spending is happening online and for experiences, health and wellness instead of possessions. Royal Bank of Scotland will pay $5.5 billion to U.S. authorities to resolve claims related to its underwriting and sale of toxic mortgage securities. Nestlé is selling Nespresso capsules outside its retail outlets as it seeks to restart flagging growth of the coffee-making system amid a battle with knockoffs.
Uber Technologies is merging with Yandex’s ride-hailing businesses in Russia. Uber will invest $225 million and take a 36.6 percent stake in a new, yet-to-be-named venture that will be valued at $3.73 billion, the companies said.
Federal Reserve Board Chair Janet L. Yellen told Congress that the U.S. economy is gathering strength, warranting further gradual increases in the Fed’s benchmark interest rate and a reduction in its balance sheet later this year. Yellen described an economy that appears generally strong, with job gains and low unemployment, but that is dogged by low inflation. The Fed has lifted interest rates twice this year, in March and June, bringing its benchmark rate to between 1 percent and 1.25 percent. President Trump’s budget would not add to economic growth or eliminate the deficit in coming years, the nonpartisan Congressional Budget Office said, casting doubt on a plan the White House has touted as central to achieving the president’s domestic agenda. The CBO projected that the economy would grow at 1.9 percent under the White House’s plan — far below the 3 percent goal the administration continued to outline as recently as Thursday. It also warned that contrary to White House claims that deep cuts to the safety net in the budget would lead to a financial surplus in a decade, the deficit would be $720 billion.
The federal government is canceling the search for a new FBI headquarters, according to officials familiar with the decision, putting a decade-plus-long effort by the bureau to move out of the crumbling J. Edgar Hoover Building back at square one. The decision follows years of failed attempts by federal officials to persuade Congress to back a plan for a campus in the Washington suburbs paid for by trading away the Hoover Building to a real estate developer and putting up nearly $2 billion in taxpayer funds to cover the remaining cost. President Trump once again vowed action to protect the U.S. steel industry from foreign competition, but two weeks after the White House’s self-imposed deadline for a decision, it was still considering options.
The eclipse set to darken skies next month threatens to sideline solar farms and rooftop panels in a wide swath of the United States, wiping out enough power generation to supply about 7 million homes. This rare event, when the moon will obscure the sun, will cast a shadow along a 70-mile-wide corridor stretching from Oregon to South Carolina on Aug. 21. More than 9,000 megawatts of solar power might go down — the equivalent of about nine nuclear reactors.