The day's business news at a glance
White collar job loss hurts many factory towns
With the abandoned smokestacks off the bay and ramshackle factories along 12th Street, it’s easy to ascribe the plight of Erie to the loss of manufacturing jobs to China and Mexico.
Many, including President Donald Trump, hold the belief that those diminished factories are what primarily ails Erie and other aging blue-collar company towns.
Yet since 2008, Erie has suffered a hidden and potentially more devastating exodus: The loss of well-paid white-collar jobs.
Trump reopens seemingly settled video-game debate
In the wake of the Florida school shooting, President Donald Trump is reviving an old debate over whether violent video games can trigger violent behavior.
There’s just one problem: Roughly two decades of research has repeatedly failed to uncover any such link. Trump plans to meet Thursday with representatives from the video game industry.
EU ready for trade war
if Trump slaps on tariffs
The EU said it is ready to retaliate against the U.S. over President Donald Trump’s proposed tariffs on steel and aluminum.
Counter-measures would target iconic U.S. products like Harley Davidson motorcycles, Levi’s jeans and bourbon.
EU Trade Commissioner Cecilia Malmstroem said Wednesday that the EU, the world’s biggest trading bloc, rejects Trump’s reasoning that tariffs are needed to protect national security.
Finance minister says China can handle gov’t debt risks
China’s finance minister has tried to defuse concern over the country’s rising debt, saying government borrowing is below danger levels and regulators can prevent financial system risks.
The comments follow Beijing’s criticism last year of global rating agencies for their decision to cut its credit rating due to China’s rising overall debt burden.
European clocks slowed
by lag in power grid
Millions of Europeans who arrived late to work or school have a good excuse — an unprecedented slowing of the frequency of the continent’s electricity grid.
The Brussels-based European Network of Transmission System Operators for Electricity says that the problem began in mid-January and affects 25 countries, from Portugal to Poland and Greece to Germany.