Month: January 2018

Financial crime fighters at the U.S. Treasury are "aggressively" pursuing virtual currency platforms that lack strong internal safeguards against money laundering, a top official told a Senate panel on Wednesday. With more criminals using the emerging asset class to store and transmit their ill-gotten gains, Treasury's Financial Crimes Enforcement Network (FinCEN) will pursue malfeasant virtual currency platforms even if they are located overseas, Sigal Mandelker, the U.S. Treasury Department's undersecretary for terrorism and financial crimes, told the Senate Banking Committee. U.S.-based platforms for bitcoin and other virtual currencies are required to comply with antimoney laundering (AML) rules including filing suspicious activity reports, with around 100 such platforms registered with FinCEN. But many other countries have no such requirements. "The real vulnerability that we all have to address is that while…

In a modest apartment near a Caracas slum, nutrition professor Nancy Silva and four aids spread rich, dark Venezuelan cocoa on a stone counter to make chocolate bars to be sold in local shops that cater to the crisis-hit country's dwindling elite. Like some 20 recently launched Venezuelan businesses, Silva uses the country's aromatic cocoa to make gourmet bars of the kind that can fetch more than $10 each in upscale shops in Paris or Tokyo. The oil-rich but recession-devastated nation's Byzantine bureaucracy makes large-scale exports nearly impossible for small businesses. As a result, most of her bars are sold locally for less than one U.S. dollar - well out of reach of millions of Venezuelans who earn less than that in a week, but reasonably priced for the well-heeled…

El Salvador is discussing a deal with Qatar under which Salvadoran migrants facing the loss of their right to stay in the United States could live and work temporarily in the Middle Eastern country, the government of the Central American nation said on Tuesday. Last week, U.S. President Donald Trump's administration said that as of September 2019, it would eliminate the temporary protected status, or TPS, that allows some 200,000 Salvadorans to live in the United States without fear of deportation. Presidential communications chief Eugenio Chicas said El Salvador was in talks to see how Salvadorans could be employed in Qatar, a wealthy country of some 2.6 million people that is scheduled to host the soccer World Cup in 2022. "The kingdom of Qatar ... has held out the possibility…

Car dealerships in Mexico City have kicked off the new year offering "clearance sales" and free insurance as 2017 models collect dust on their lots, a reminder that consumer nerves over high interest rates could slow the economy ahead of elections. The first drop in auto sales in eight years is the most visible sign that the great Mexican shopper, the heart and soul of Latin America's second-largest economy, is feeling the pinch of inflation at a 16½-year high and a battered peso. A government decision to scrap fuel subsidies last year has made running a car more expensive, while the central bank's battle with inflation has put car loans out of reach for many. "If I'm going to buy a new car and then not be able to fill…

Ethiopian Airlines says it has finalized an agreement with Zambia to re-launch the southern African country's national carrier. The partnership with Zambia comes as Ethiopian Airlines is opening new routes and hubs and is acquiring new aircraft. In a statement Tuesday, the airline said it will have a 45 percent stake in the Zambian carrier and it aims to make the Zambian capital, Lusaka, its newest aviation hub. The remaining 55 percent will be acquired by the Zambian government which is aiming to revive the country's aviation sector after Zambia Airways ceased operations on January 2009. "The launching of Zambia Airways will enable the traveling public in Zambia and the Southern African region to enjoy greater connectivity options," said Ethiopian Airlines CEO, Tewolde Gebremariam. "It is only through partnerships among…

Bitcoin slid as much as 18 percent on Tuesday to a four-week low, as fears of a regulatory crackdown on the market spread after reports suggested it was still possible that South Korea could ban trading in cryptocurrencies. Bitcoin’s slide triggered a selloff across the broader cryptocurrency market, with biggest rival Ethereum down 23 percent on the day at one point, according to trade website Coinmarketcap, and the next-biggest, Ripple, plunging by as much as a third. Bitcoin traded as low as $11,191.59 on the Luxembourg-based Bitstamp exchange. By 1400 GMT it has edged up to $11,650, but that was still down more than 14 percent, leaving it on track for its biggest one-day fall since September. Jamie Burke, chief executive of Outlier Ventures, a venture capital firm that is…

A Brazilian court on Monday ordered the world's largest iron ore miner Vale SA to repair environmental damages its operations caused in land belonging to a community of descendants of escaped slaves in northern Brazil. Federal prosecutors announced the ruling in a statement that said the electricity transmission lines and a bauxite pipeline damaged soil and silted up rivers in the Moju "quilombola" territory in the northeast of  Pará state. The court also ordered Vale to set up a project to generate income for the 788 families affected by the company's operations and compensate them with cash until it was implemented. No value was given for the cost of the reparations Vale must pay. The Rio de Janeiro-based company did not immediately respond to a request for comment. In a…

The European Union's trade tsar has no idea what Donald Trump will tell his audience at the World Economic Forum in Davos next week, but she is clear what the EU's message to the U.S. president will be. America is shooting itself in the foot by withdrawing from global leadership on trade, Cecilia Malmstrom, the 49-year-old Swede who has served as Europe's trade commissioner for the past three years, told Reuters. Under Malmstrom's direction, the EU has juggled a dizzying array of trade talks over the past year. In July it clinched a preliminary deal with Japan. And early this year it hopes to seal agreements with Mexico and the Latin American Mercosur bloc. The retreat of the United States under Trump has played a big role in this push,…

Indigenous women in Latin America must be at the center of efforts to adapt agriculture to deal with the threat of climate change and help tackle hunger and poverty, said a top U.N. food official. Jose Graziano da Silva, head of the Food and Agriculture Organization (FAO), said women were too often left out of development schemes, despite expert knowledge of the environment passed down through generations. "They have fundamental roles in the spiritual, social and family arenas and are seed guardians — critical carriers of specialized knowledge," Graziano da Silva told a Mexico City forum. "Their social and economic empowerment is ... a necessary condition to eradicate hunger and malnutrition in their communities," he said, according to a statement. Poor health care, malnutrition and illiteracy are other issues faced…

Crude oil prices reached a 30-month high this week. But the government agency that analyzes and disseminates energy information says the rally may have run its course. The Energy Information Administration predicts U.S. crude prices will stabilize to about 55 dollars a barrel for West Texas Crude and 60 dollars a barrel for Brent Crude, with slightly higher prices for both in 2019. One energy expert disagrees and says oil prices are on their way up. Mil Arcega explains. ...

Following an outcry over a significant disparity in pay between co-stars, Mark Wahlberg agreed Saturday to donate the $1.5 million he earned for reshoots for All the Money in the World to the sexual misconduct defense initiative Time’s Up. Wahlberg said he’ll donate the money in the name of his co-star, Michelle Williams, who reportedly made less than $1,000 on the reshoots. “I 100% support the fight for fair pay,” Wahlberg said in a statement. Williams issued a statement Saturday, saying: “Today isn’t about me. My fellow actresses stood by me and stood up for me, my activist friends taught me to use my voice, and the most powerful men in charge, they listened and they acted.” She noted that “it takes equal effort and sacrifice” to make a film.…

Tunisia plans to increase aid for poor families by $70.3 million, after nearly a week of protests over austerity measures, an official said Saturday. "This will concern about 250,000 families," Mohamed Trabelsi, minister of social affairs, said. "It will help the poor and middle class." President Beji Caid Essebsi was also scheduled to visit the poor district of Ettadhamen in the capital, Tunis, which was hit by protests. Essebsi was set to give a speech and open a cultural center, Reuters reported. It was to be the president's first visit to the district. Several hundred protesters took to the streets Saturday in Sidi Bouzid, where a 2011 uprising began, touching off the Arab Spring protests. And on Friday, protesters in cities and towns across the country waved yellow cards —…

Deadly traffic accidents are more than just individual tragedies. They're a drag on economic growth in developing countries, according to a new World Bank report. The study is among the first to show that investing in road safety in low- and middle-income countries would raise national incomes. Ninety percent of the world's annual 1.25 million traffic deaths happen in the developing world. The World Health Organization says traffic accidents are the leading cause of death worldwide for people between 15 to 29 years old. That includes crashes that kill pedestrians, bicyclists and motorcyclists. But the issue does not get much official attention, according to World Bank transportation expert Dipan Bose. "There is not a lot of political will in many low and middle income countries to take definitive actions to…

For Illinois farmer Garry Niemeyer, it’s a slow time of year, spent indoors fixing equipment, not outdoors tending his fields, which now lie empty. All of his corn and soybeans were harvested in what has turned out to be a good year. “This is the largest amount of corn we’ve had ever,” he said. And this bounty is not limited to Niemeyer’s farm. It can be seen throughout the United States. “We’re talking 14½ billion bushels of corn,” Niemeyer told VOA. “That’s a lot of production.” WATCH: Awash in Corn, Soybeans, US Farmers Focus on Trade Deals Piles of corn, soybeans That production is easy to see at nearby elevators, where large piles of corn under white plastic wrap extend into the sky. There is more corn and soybeans than…

The United States Department of Agriculture reports record harvests of corn and soybeans in the United States in 2017, with stocks overflowing at elevators and storage bins across the country. But as VOA's Kane Farabaugh reports, record yields don't necessarily translate into stronger bottom lines for farmers, who increasingly depend on international trade to move their product and improve their prices. ...