Trump urges buying after stocks sink on D.C. dysfunction
President Trump suggested the stock market swoon is a buying opportunity, even though many analysts blame his policies for the plunge. “We have companies — the greatest in the world, and they’re doing really well,” Trump said Tuesday. “They have record kinds of numbers. So I think it’s a tremendous opportunity to buy. Really a great opportunity to buy.” US equities extended a weekslong slide into Christmas Eve, dragging the benchmark S&P 500 index to its lowest in 20 months. Trump has looked to the stock market as a barometer on his administration, and the declines have infuriated him. He has discussed firing Federal Reserve chairman Jerome Powell over the central bank’s interest rate increases, which Trump blames for the market plunge, though he concluded it wasn’t within his power, Treasury Secretary Steven Mnuchin said. — BLOOMBERG NEWS
Conn. bans questions about salary history in job interviews
Beginning next year, Connecticut employers will no longer be allowed to ask prospective employees about their salary histories. Dubbed the ‘‘pay equity bill,’’ the 2018 legislation was part of an effort to help women receive equal pay for equal work. Proponents, including Democratic Governor Dannel P. Malloy, argued women were disproportionately harmed when an employer asks about past salaries, because women who are underpaid in their first job continue to be underpaid throughout their careers. Malloy said that creates a cycle of harm, especially for minority women. The new law does not apply if the worker voluntary discloses his or her pay history. And it allows an employer to ask about other elements of a prospective worker’s compensation, such as stock options, so long as the employer doesn’t ask about their value. The law also allows prospective employees to sue within two years over an alleged violation.
— ASSOCIATED PRESS
Nissan American exec Greg Kelly released on bail in Japan
Nissan Motor Co. executive Greg Kelly was released on $635,600 bail in Japan Tuesday after being held for more than a month in connection with the alleged underreporting of his boss Carlos Ghosn’s pay. The release of Kelly, an American, followed Tokyo District Court’s approval earlier in the day of a bail request filed last week by his Japanese lawyer. Kelly was expected to go to a hospital for treatment of a chronic neck problem. Kelly and Ghosn were arrested Nov. 19, charged with underreporting Ghosn’s pay by about $44 million from 2011 to 2015. Charges for alleged underreporting of $36 million in the past three years are pending. No trial date has been set. Ghosn will be detained until Jan. 1 or longer since he also faces breach of trust allegations. Prosecutors say Ghosn and Kelly are flight risks. Kelly will have to follow rules set by the court, including regarding travel. Kelly, in a statement released Tuesday, said he is innocent. Nissan has removed Kelly as representative director and Ghosn as chairman, but they are still board members. Kelly joined Nissan North American in 1988 and worked in legal counsel and human resources and has been a member of the board since 2012. Ghosn has also denied the allegations. Kelly’s wife, Donna, had made a plea for her husbands’ early release, saying he was framed by Nissan.
— ASSOCIATED PRESS