Month: January 2018

A new political dawn in Zimbabwe has sparked talk among farmers of land reform and the return of some whites who lost their land and livelihoods to President Robert Mugabe during a 37-year rule that drove the economy to collapse.

Mugabe, 93, resigned in November after the army and his ZANU-PF party turned against him, prompting optimism among some of the thousands of white farmers ousted in the early 2000s on the grounds of redressing imbalances from the colonial era.

For colonialists seized some of the best agricultural land that remained in the hands of white farmers after independence in 1980 leaving many blacks effectively landless and making land ownership one of Zimbabwe’s most sensitive political topics.

Now some white landowners hope the post-Mugabe regime may address the land issue, either through compensation or returning land, and try to resuscitate a once vibrant agricultural sector boosting an economy once seen as one of Africa’s great hopes.

“We are convinced positive signals will come quickly in terms of property rights,” Ben Purcel Gilpin, director of the Commercial Farmers Union (CFU), which represents white and black farmers, told the Thomson Reuters Foundation. “It would send a good signal to people outside Zimbabwe.” 

New president and long-time Mugabe ally, Emmerson Mnangagwa, has promised a raft of changes since he took office, including a return to the rule of law and respect for property rights.

Land ownership has been a key issue for decades in Zimbabwe dating back to British colonial rule in what was then Rhodesia.

At independence, white farmers owned more than 70 percent of the most fertile land and generated 80 percent of the country’s agricultural output, according to academics.

Reforms began after independence with a “willing buyer, willing seller” system aimed at redistributing land to poor black subsistence farmers. In the 1990s, compulsory acquisition of land began with some funding provided by Britain.

But for many Zimbabweans change was too slow and Mugabe approved radical land reforms that encouraged occupation of some 4,000 white-owned farms. Land went to his supporters with no knowledge of farming and thousands of white farmers fled.

The violent farm seizures saw Zimbabwe forfeit its status as the bread basket of Africa and led to a collapse of many industries that depended on agriculture. Among those were paper mills, textile firms, leather tanners and clothing companies.

As a result the country failed to generate foreign currency, resulting in the central bank printing money which led to unprecedented levels of hyper-inflation and high unemployment.

New start

Now some white farmers are starting to reclaim their land.

“White commercial farmers, like all other Zimbabweans, could apply for land from the Government and join the queue or go into joint ventures,” Mnangagwa told a former white commercial farmer during a recent visit to Namibia.

The CFU’s Gilpin – who quit farming and moved to Harare after his farm was compulsorily acquired by the government in 2005 – said sound policies from the new team could win support and help the economy.

He said compensation rather than putting people back into their properties might be the best route as many farmers are now too old to farm, some had died and others migrated.

The current situation – where resettled farmers had 99-year leases – was also untenable as the leases were not accepted by banks as collateral against borrowing.

Gilpin said this effectively made the land dead capital, as banks could not sell if farmers failed to pay back loans, so the government should instead offer farmers freehold titles.

Property rights expert Lloyd Mhishi, a senior partner in the law firm Mhishi Nkomo Legal Practice, said although Mnangagwa spoke about compensating farmers whose land was expropriated, he did not give specifics and title deeds of the former white farmers had no legal force after repossession.

Political way out

“As far as the law of the country is concerned, the title deeds that the former white commercial farmers hold do not guarantee them title,” Mhishi said in an interview.

But the lawyer said there were positive signs that the new administration realised land was a vital cog in the economy.

“I see there will be an attempt to make land useful, productive,” he said. “The land tenure side needs to be addressed to make land useful.”

Independent economist John Robertson, a former Advisor to the Reserve Bank of Zimbabwe, said, however, that any idea of compensation should be dropped and former white commercial farmers should get back to their land and resume work.

“I’d rather see them get back their land and start farming again than paid out and emigrating. We need their skills. If people who oppose that idea could be just successful, where have they been for the past 20 years?” he said.
…

Many refugees would like to buy low-carbon stoves and lights but poor access in camps and a lack of funding is forcing them to rely on “dirty and expensive” fuels, a report said Tuesday.

Millions of refugees worldwide struggle to access energy for cooking, lighting and communication and often pay high costs for fuels like firewood, which are bad for their health.

Yet two-thirds would consider paying for clean cookstoves and more than one-third for solar household products, according to a survey by the Moving Energy Initiative (MEI), a partnership among Britain, the United Nations and charities.

“Energy providers don’t tend to think of refugees as potential energy consumers, but the opportunities to build a relationship with them are huge,” Mattia Vianello, one of the report’s authors, told the Thomson Reuters Foundation by phone.

Clean energy for refugees is a global priority for the U.N. refugee agency, which provides free solar power to thousands of displaced people in camps in Jordan and Kenya.

Campaigners are seeking to create a market for cleaner-burning stoves and fuels to supply millions of households worldwide that are using inefficient, dangerous methods.

Perilous smoke

When burned in open fires and traditional stoves, wood, charcoal and other solid fuels emit harmful smoke that claims millions of lives each year, according to the Clean Cooking Working Capital Fund, which promotes stoves that produce less pollution.

In Uganda, refugees collect wood from surrounding areas, “devastating” the local environment and creating tensions with locals, Raffaela Bellanca, an energy adviser with the charity Mercy Corps, said in emailed comments.

Humanitarians should work with the private sector to provide more sustainable energy to displaced people, said the report, which surveyed about 500 refugees, business owners and aid workers in Burkina Faso and Kenya.

“Refugee camps have the potential to become energy innovation hubs with a spillover effect on surrounding host communities,” Bellanca said.
…

A colorful paint job has transformed one of Mumbai’s drab hilltop slums into a tourist destination, even prompting comparisons with Italy’s picturesque Amalfi Coast.

During a recent journey on a Mumbai metro train, Dedeepya Reddy was struck by the grim appearance of a slum in Asalpha in the city’s eastern suburbs as she stared out from her air-conditioned carriage.

Reddy, a Harvard University-educated co-founder of a creative agency, was keen to brighten the lives of slum residents, while also changing the perception of slums being dirty and dangerous, and decided on a simple makeover.

Armed with dozens of cans of colorful paint, Reddy and a team of about 700 volunteers painted the walls and alleyways of the hilltop slum over two weekends last month.

Residents, at first skeptical, also got involved and helped paint quirky murals, the 31-year-old said.

“When you look at slums, you think they are shabby and dirty, and that also becomes a reflection of the people who live there,” Reddy told the Thomson Reuters Foundation.

“We used bright colors to change how slums and their residents are viewed. It also gives residents a sense of pride and dignity about their homes.”

Up to 37 million households, or about a quarter of India’s urban population, live in informal housing including slums because of an acute shortage of affordable housing, according to social consultancy FSG.

In space-starved Mumbai, which has some of the priciest real estate in the world, the shortage is even more critical, with hundreds of migrants from rural areas cramming into the city every day to seek better prospects.

Reddy’s Chal Rang De (Let’s Color It) charity has seven other slums, similarly situated on hillocks, on its wishlist, she said.

Locals and tourists have thronged Asalpha in recent weeks, posting pictures on Instagram which have drawn comparisons to Italy’s Amalfi Coast.

Their interactions with residents are a welcome change, Reddy said.

For resident Aparna Chaudhuri, who has lived in Asalpha for about a dozen years, the paint job was welcome.

“Earlier, our house looked dull. Now it looks good,” said Chaudhuri, who picked pink for her home. “Everyone is also keeping the neighborhood clean now.”
…

Hackers who stole around $530 million worth of cryptocurrency from the Coincheck exchange last week — one of the biggest such heists ever — are trying to move the stolen “XEM” coins, the foundation behind the digital currency said on Tuesday.

NEM Foundation, creators of the XEM cryptocurrency, have traced the stolen coins to an unidentified account, and the account owner had begun trying to move the coins onto six exchanges where they could then be sold, Jeff McDonald said.

Hackers made off with roughly $533 million worth of the cryptocurrency from Tokyo-based exchange Coincheck Inc late last week, raising fresh questions about security and regulatory protection in the booming market. The location of the hackers’ account was not known.

“(The hackers are) trying to spend them on multiple exchanges. We are contacting those exchanges,” Singapore-based McDonald told Reuters.

NEM Foundation spokeswoman Alexandra Tinsman said the hacker had started sending out “XEM” coins to random accounts in 100 XEM batches, worth about $83 each.

“When people look to launder these types of funds, they sometimes spread it into smaller transactions because it’s less likely to trigger (exchanges’) anti-money laundering (mechanisms),” said Tom Robinson, co-founder of Elliptic, a cryptocurrency security firm in London.

Robinson said such hopping among different cryptocurrencies was becoming more prevalent among cybercriminals trying to cover their tracks.

The coins that the hackers had taken made up around 5 percent of the total supply of XEM, the world’s 10th biggest cryptocurrency, according to trade website Coinmarketcap.

McDonald said the hackers were unlikely to try to spend anything close to all of the stolen cryptocurrency at once, because the “market simply couldn’t absorb that much.”

If the hackers successfully moved the coins to an exchange, they were likely to try to swap them into another cryptocurrency before transferring the coins back into a conventional currency, he said. That would make the funds difficult or near impossible to trace.

“I would assume that they are going to get away with some of the money,” McDonald said.

At least three dozen heists on cryptocurrency exchanges since 2011 are known; many of the hacked exchanges later shut down. More than 980,000 bitcoins have been stolen, and few have ever been recovered.

In 2014, Tokyo-based Mt. Gox, which once handled 80 percent of the world’s bitcoin trades, filed for bankruptcy after losing bitcoins worth around half a billion dollars — then the biggest ever such heist, which triggered a huge sell-off in bitcoin.

“It shows how far the industry has come that a hack of this scale isn’t really an issue,” said Robinson at Elliptic. “This is just kind of a blip.”

As of 17:44 GMT, XEM was trading at around $0.83 per coin, with a total market value of around $7.5 billion. That was around 20 percent lower than trading levels on Friday, when the hack was announced, but XEM is still up almost 300 percent over the past two months.

Japan’s Financial Services Agency (FSA) on Monday ordered improvements to operations at Coincheck, which on Friday suspended trading in all cryptocurrencies except bitcoin.
…

Middle Eastern countries should pursue fiscal policies to support growth and build broader tax bases to fund infrastructure projects and social spending, the head of the International Monetary Fund said Tuesday.

“A key priority is building broader and more equitable tax bases. All must pay their fair share, while the poor must be protected,” IMF Managing Director Christine Lagarde told an economic conference in Marrakech, organized by the Washington-based fund and the kingdom.

That would allow them to spend more on social safety nets, health and education services than the current 11 percent of gross domestic product in the region. “Fiscal policy can and must be redesigned to support inclusive growth in the region,” Lagarde said.

More efforts are also needed to support the private sector, she said. The state, the dominant employer in many Arab countries with their young populations, can no longer hire newcomers to the labor market.

“This, too, can help make room for high-return social and infrastructure outlays,” Largarde said, adding that better access to finance, a more favorable business environment and fewer barriers such as red tape were necessary.

“Protracted regional conflicts, low commodity prices, weak productivity and poor governance have held back the considerable potential of the region,” the final statement issued by the IMF and two other international bodies said.

“Growth has not been strong enough to reduce unemployment significantly, and a staggering 25 percent of young people are jobless,” it added.
…

Venezuela is abandoning the most-overvalued of its two official foreign exchange rates, which had been used for state imports of food and medicine amid a worsening economic crisis.

The move could potentially encourage businesses to import more and put more goods on store shelves and in pharmacies, but only if the government carries it out as written, said Francisco Rodriguez, a former Venezuelan official who is now chief economist at the New York-based Torino Capital.

“This is not a place where there’s a good tradition of following the letter of the law,” Rodriguez said Tuesday. “I don’t think that one should get too optimistic.”

Oil-rich Venezuela is in the fifth year of a deepening economic crisis that has brought scarcities of basic foods and medicine after nearly two decades of socialist rule and mismanagement of the world’s largest crude oil reserves.

The exchange rate reforms became public Monday when published in the nation’s official gazette, signaling that all transactions will now use a second official exchange rate known as Dicom. That rate still contrasts sharply with the black market exchange rate.

One U.S. dollar buys 3,345 bolivars at the Dicom rate, while Venezuelans are paying an average of nearly 250,000 bolivars per U.S. dollar on the black market.

The rate being abandoned, known as the Dipro, was set at 10 bolivars per dollar.

Venezuela has been operating with two official exchange rates, though most Venezuelans can buy dollars only on the illegal black market.

Rodriguez cautioned that the shift in exchange rates may only allow for the import of high-value goods, which are out of reach from most Venezuelans.

The government decree goes beyond eliminating the official protected rate Dipro rate, opening up access to the exchange system by relaxing government controls, so more imports could begin to flow, he said.

On Tuesday, Maduro announced new government subsidies for millions of Venezuelans. But with the slipping value of the bolivar, their value adds up to tiny sums.

The monthly minimum wage many working Venezuelans earn is now worth the equivalent of just $3. A program for 315,000 pregnant Venezuelan women would provide each about $21 at the black market exchange rate. Eight million Venezuelans who will be eligible to receive state money for the upcoming Carnival season will receive the equivalent of about $2.81.

Venezuela’s inflation hit 2,616 percent last year, according to estimates by the opposition-controlled National Assembly. The International Monetary Fund estimates inflation could soar to 13,000 percent this year.
…

Tourism to Cuba, one of the few bright spots in its ailing economy, has slid in the wake of Hurricane Irma and the Trump administration’s tighter restrictions on travel to the Caribbean island, a Cuban tourism official said on Monday.

Although the number of visitors rose nearly 20 percent in 2017, it fell 10 percent on the year in December, and is down 7-8 percent this month, Jose Manuel Bisbe York, the president of Cuban state travel agency conglomerate Viajes Cuba, said.

Arrivals from the United States, which had surged in the wake of the U.S.-Cuban detente in 2014, took the worst hit, dropping 30 percent last December, he told Reuters.

“Since Hurricane Irma, we’ve seen arrivals shrink,” Bisbe York said on the sidelines of the event organized by U.S. travel agency insightCuba to dispel tourist misperceptions about Cuba.

Irma hit in September, just as the tourism sector was taking reservations for its high season from November to March.

Images of destruction put many would-be visitors off although Cuba had fixed its tourism installations within two months, said Bisbe York. Arrivals of Canadians, the largest group of tourists to Cuba, were down 4-5 percent.

“But we see this as a temporary thing and what we are seeing is that arrivals are recovering from month to month,” said Bisbe York, adding that Cuba would go ahead with its plans to launch more than 15 hotels island-wide this year.

“The first trimester will be the most difficult, because logically the change in the public perception takes time.”

Occupancy rates at the hotels in Cuba managed by Spain’s Meliá Hotels International S.A. were down around 20 percent on the year in December and January, said Francisco Camps, Meliá’s Cuba deputy general manager.

“From February though, we are already reaching figures similar to those we had in previous years,” he said.

Republican President Donald Trump’s more hostile stance towards Cuba than his Democratic predecessor Barack Obama looks set to have a more lasting impact than Irma.

The number of U.S. visitors had surged since the Obama administration created greater exemptions to a ban on tourism to the Caribbean’s largest island and restored regular commercial flights and cruises.

Arrivals reached a record 619,523 last year, up from 91,254 in 2014.

But the Trump administration in September issued a warning on travel there due to a spate of alleged health attacks on U.S. diplomats in Havana. In November, tighter travel regulations also went into effect.

The double whammy seriously depressed U.S. visits, American tour operators and a cruise line said at Monday’s event, although in reality the restrictions remain looser than before the detente and travel easier.

Cuba is also still one of the safest destinations worldwide, they said.

“While the regulations he changed very little the perception in the U.S. was that you no longer could travel to Cuba legally,” said insightCuba’s Tom Popper, noting his agency’s reservations were down 50 percent this year. “Part of hosting this event was to communicate that it is 100 percent legal to travel to Cuba.”
…

The European Union says that if U.S. President Donald Trump initiates unfair trade measures against the 28-nation bloc, it would stand ready “to react swiftly and appropriately.”

In a weekend interview, Trump said he was annoyed with EU trade policy since he claims the U.S. cannot sufficiently export to the EU. He said his problems with the EU “may morph into something very big” from a trade standpoint.

EU spokesman Margaritis Schinas retorted Monday that “while trade has to be open and fair it also has to be rules-based.”

Schinas said: “The EU stands ready to react swiftly and appropriately in case our exports are affected by any restrictive trade measure from the United States.”

 
…

Top trade representatives from Canada, Mexico and the United States are set to give an update Monday on the process of renegotiating the North American Free Trade Agreement, while people familiar with the process say a final deal could be pushed far beyond a March target date.

The three nations had tried to complete the talks by the end of 2017, but delayed the informal deadline as they worked to find common ground on several contentious issues.

The latest round of talks in Montreal included work on a dispute resolution mechanism and rules for the auto industry.

The United States wants to largely eliminate the dispute settlement panels and increase the percentage of U.S. content required to be in a vehicle. It has also proposed a clause that would end the trade agreement after five years unless all three countries agree to keep it going.

U.S. Representative Dave Reichert expressed optimism Sunday after he and a group of other lawmakers met with U.S. Trade Representative Robert Lighthizer. He said Lighthizer is “hopeful” while also recognizing “there’s a great deal of work to be done.”

Canada’s chief negotiator Steve Verheul said Saturday, “We’re moving in a slightly more positive direction.”

Lighthizer is meeting Monday with Canadian Foreign Minister Chrystia Freeland and Mexican Economy Minister Ildefonso Guajardo to review the progress made by their teams and to make an announcement about the state of the negotiations.

One reason the countries were targeting a March end date is the looming July presidential election in Mexico. 

Another round of negotiations is expected to start in Mexico City in about a month. A lack of an agreement by the end of March could push the process deep into 2018 with a potential break for the Mexican election and similar considerations surrounding the November U.S. congressional elections.

U.S. President Donald Trump has repeatedly threatened to withdraw from the trade agreement if changes favorable to the United Sates are not made.
…

Ingvar Kamprad, who founded Sweden’s IKEA furniture brand and transformed it into a worldwide business empire, has died at the age of 91.

Kamprad died Saturday of pneumonia in the southern Swedish region of Smaland where he grew up on a farm, and with some modest financial help from his father, starting selling pens, picture frames, typewriters and other goods. It was the start of what became IKEA, now with 403 stores across the globe, 190,000 employees and $47 billion in annual sales.

His brand became synonymous with the simplicity of Scandinavian design, modest pricing, flat-pack boxing and do-it-yourself assembly for consumers. It turned Kamprad into an entrepreneur with a reported net worth of $46 billion. The company name was an acronym of his initials, the name of his farm, Elmtaryd, and his town of origin, Agunnaryd.

Swedish Prime Minister Stefan Lofven said Kamprad “was a unique entrepreneur who had a big impact on Swedish business and who made home design a possibility for the many, not just the few.” King Carl XVI Gustaf called Kamprad a “true entrepreneur” who “brought Sweden out to the world.”

Kamprad’s life was not without controversy, however.

He faced sharp criticism for his ties to the Nazi youth movement in the 1940s. While Sweden was neutral during the war, its Nazi party remained active after the war. Kamprad said he stopped attending its meetings in 1948, later attributing his involvement to the “folly of youth,” and calling it “the greatest mistake of my life.”

While he eventually returned to Sweden, Kamprad fled his homeland’s high-tax structure for Denmark in 1973 and later moved to Switzerland in search of even lower taxes.

The European Commission last year launched an investigation into ways IKEA allegedly used a Dutch subsidiary to avoid taxes, with the Green Party contending the company avoided $1.2 billion in European Union taxes between 2009 and 2014. The Consortium of Investigative Journalists identified IKEA in 2014 as one of the giant multinationals that moved money to tax havens to avoid taxes.

Kamprad was known for his frugality, buying his clothes at thrift shops, driving an aging Volvo and bringing his lunch to work.
…

Why has Mumbai’s largest slum, which packs some one million people in about two square kilometers, emerged as an unlikely stop for foreign tourists? The draw is not images of squalor and poverty in the heart of India’s largest city, but a place where thriving entrepreneurship and stories of hope and success break many stereotypes of a slum. Anjana Pasricha reports.
…

U.S. President Donald Trump touted the continued growth of the U.S. economy on Sunday, saying it is “better than it has been in many decades.”

“Businesses are coming back to America like never before,” Trump said in a Twitter remark, a likely theme of his State of the Union address on Tuesday. “Unemployment is nearing record lows. We are on the right track!”

He said, “Chrysler, as an example, is leaving Mexico and coming back to the USA,” an exaggeration of Chrysler’s expansion plans. Fiat Chrysler, the world’s eighth biggest auto manufacturer, says it is investing $1 billion to manufacture its profitable Ram pickup trucks in the midwestern state of Michigan, shifting the production from Mexico, but at the same time is not cutting any of its vehicle manufacturing jobs in Mexico.

The U.S. jobless rate has held steady at 4.1 percent for the last three months, the lowest figure in 17 years. The U.S. economy, the world’s largest, advanced at a 2.3 percent pace last year, Trump’s first year in office, up from 1.5 percent in 2016.

The U.S. economy, however, slowed in the last three months of 2017, expanding at a 2.6 percent annual rate, down from the 3.2 percent figure in the July-to-September period.

Attack on Jay-Z

In praising the U.S. economic performance, Trump also attacked Jay-Z, after the rap musician had assailed Trump in a Saturday news talk show over the president’s recent reported vulgar descriptions of people from Haiti and Africa as he seeks to block their immigration to the United States.

“Somebody please inform Jay-Z that because of my policies, Black Unemployment has just been reported to be at the LOWEST RATE EVER RECORDED!” Trump said. The black unemployment rate in the U.S. has fallen to 6.8 percent, which is still higher than the 3.7 percent figure for whites.

Jay-Z told CNN interviewer Van Jones that economic advances for blacks do not outweigh Trump’s attacks on predominantly black countries.

“Everyone feels anger, but after the anger, it’s really hurtful because he’s looking down on a whole population of people. And he’s so misinformed because these places have beautiful people,” Jay-Z said, adding, “It’s not about money at the end of the day. Money doesn’t equate to happiness. It doesn’t. That’s missing the whole point.

“You treat people like human beings,” he said.

 
…

Officials trying to settle differences over how to update the North American Free Trade Agreement have made some progress and hope politicians decide the talks should continue, Steve Verheul, Canada’s chief negotiator, told Reuters on Saturday.

The United States, Canada and Mexico are due to finish the sixth of seven planned rounds of NAFTA discussions on Monday, with several major issues far from being resolved.

U.S. President Donald Trump, who describes the $1.2 trillion pact as a disaster, has frequently threatened to walk away from it unless major changes are made.

U.S. Trade Representative Robert Lighthizer, Canadian Foreign Minister Chrystia Freeland and Mexican Economy Minister Ildefonso Guajardo will hold a news conference later Monday to announce the next steps.

Asked whether he thought the three ministers would decide there is enough momentum to continue with the next round, Verheul said: “Well, that’s our hope.”

Later in the day, he told reporters: “We’re moving in a slightly more positive direction. We’ll take that encouragement where we can.”

On balance, a ‘positive’

A Mexican official, who asked not to be named, said “we don’t foresee a negative reaction to the round. We believe the balance will be positive.”

Work is moving ahead on less contentious parts of NAFTA, the Mexican official and a Canadian source close to the talks said Saturday, and the three nations have closed a chapter on measures to fight corruption.

Canada and Mexico initially dismissed some of the main U.S. demands as unworkable but later made it clear they were ready to be more flexible.

During the sixth round, Canada raised what it called creative ways of meeting U.S. demands for higher North American content in autos, a sunset clause that would allow one party to quit the treaty after five years, and major changes to existing conflict resolution mechanisms.

“I think we have demonstrated we have engaged on most of the big issues,” Verheul said in his remarks to Reuters. “We’ve made progress on some of the smaller ones, so I think [it was] not a bad week.”

The Mexican official said that Canada’s proposals on rules of origin for autos, the sunset clause and conflict resolution mechanism were “positive, inasmuch as they are an attempt to move things forward.”

Speaking separately, a second Canadian government source said Ottawa was cautiously optimistic about the round, given that the U.S. side had not summarily rejected the proposals for compromise.

But the source, who requested anonymity because of the sensitivity of the situation, said much would depend on Lighthizer’s reaction on Monday.

Fear for pact’s future

Markets and industries are worried about the possible collapse of the $1.2 trillion pact.

“It’s unclear to us that anything that anyone does here will be enough … which is concerning for agriculture,” said Brian Innes, president of the Canadian Agri-food Trade Alliance.

“Our position with all the political parties is that the negotiations must go on,” said Juan Pablo Castanon, president of the Consejo Coordinador Empresarial, the umbrella group representing Mexican private sector interests at the talks.

“We want free trade, but not at any cost,” he said.

The talks were initially scheduled to wrap up by the end of March to avoid clashing with Mexico’s presidential election in July. Guajardo told Reuters on Friday that the process could be extended if need be.

Andres Manuel Lopez Obrador, the leftist front-runner in the presidential race, said on Friday that the renegotiation should wait until after the election so that the next government, which he aims to lead, would get a say in the treaty’s future.
…

In a surprise move, the U.S. Environmental Protection Agency reversed itself Friday and stopped the approval process for the proposed Pebble Mine copper and gold mine project in southwest Alaska’s Bristol Bay region.

“It is my judgment at this time that any mining projects in the region likely pose a risk to the abundant natural resources that exist there,” EPA Administrator Scott Pruitt said in a statement.

President Donald Trump has championed increased domestic mining, and the EPA’s decision to halt the Pebble Mine’s approval process comes as a surprise.

“Until we know the full extent of that risk, those natural resources and world-class fisheries deserve the utmost protection,” Pruitt said.

The Obama administration blocked the proposed mine in 2014 over environmental concerns. Last year, Pruitt reversed that decision, allowing the Canadian company behind the mine project to apply for a permit from the U.S. Army Corps of Engineers.

The Pebble Limited Partnership, comprising Canadian miners Northern Dynasty Minerals Ltd and First Quantum Minerals Ltd, is planning to mine 1.2 billion tons of material, including 287 million pounds of copper.

Environmentalists, commercial and sport fishermen, many Alaska Native tribal organizations and even some Republican politicians have all criticized the project, which would be built on land near Lake Clark National Park.

Alaska Governor Bill Walker, an independent, applauded the decision and thanked Pruitt “for listening to my input and that of thousands of Alaskans” who oppose the mine.

Pruitt indicated the mine could ultimately be approved.

“This decision neither deters nor derails the application process of Pebble Limited Partnership’s proposed project,” he said.

“The project proponents continue to enjoy the protection of due process and the right to proceed. However, their permit application must clear a high bar, because EPA believes the risk to Bristol Bay may be unacceptable,” he said.
…

President Donald Trump’s “America First” policy on trade aims to reverse decades of lopsided exchange by withdrawing from international trade deals, renegotiating others and raising tariffs on foreign-made goods destined for the U.S. But, in a connected global economy, analysts warn the U.S. could find itself increasingly isolated as other countries rush forward to embrace new trade deals. Mil Arcega reports.
…