Foreigners Sold Net $1.1 BLN of Saudi Stocks in Week to Oct 18

All, Business, News
Foreigners sold a net 4.01 billion riyal ($1.07 billion) in Saudi stocks in the week ending Oct. 18, exchange data showed on Sunday - one of the biggest selloff since the market opened to direct foreign buying in mid-2015. The selloff came during a week when investors were rattled by Saudi Arabia's deteriorating relations with foreign powers following the disappearance of journalist Jamal Khashoggi. Riyadh said on Saturday that Khashoggi died in a fight inside its Istanbul consulate, its first acknowledgment of his death after denying for two weeks that it was involved in his disappearance. A breakdown of the data showed foreigners sold 5 billion riyals worth of stocks and bought 991.3 million worth. The Saudi stock market is down about 4 percent since Khashoggi's disappeared. The market had…


Using Tech to Save World’s Most Endangered Species in Tanzania

All, News, Technology
In Tanzania, protecting endangered animals has become easier thanks to Earth Ranger. Earth Ranger is not a superhero, it's a technology platform, developed by Vulcan Inc., a company co-founded by U.S. philanthropist and Microsoft co-founder Paul Allen. The system helps rangers remotely monitor elephants and other animals to stay ahead of poachers. Faiza Elmasry has the story. VOA's Faith Lapidus narrates. ...


IMF Reaches Deal with Ukraine on New $4 Billion, 14-Month Loan

All, Business, News
The International Monetary Fund announced Friday it had reached an agreement with Ukraine on economic policies that would unlock a new loan deal that will provide nearly $4 billion. The new 14-month standby loan deal replaces an existing four-year financial aid package agreed in March 2015 and due to expire in five months, the IMF said in a statement. The agreement must be approved by the IMF board, which will come later in the year after authorities in Kyiv approve a 2019 budget "consistent with IMF staff recommendations and an increase in household gas and heating tariffs," a step the government had agreed on but never implemented. But the deal also stresses the need for "continuing to protect low-income households." Ukraine Prime Minister Volodymyr Groysman had been seeking the additional…


Financial Watchdog: Regulate Cryptocurrencies Now, Or Else

All, News, Technology
A global financial body says governments worldwide must establish rules for virtual currencies like bitcoin to stop criminals from using them to launder money or finance terrorism. The Financial Action Task Force said Friday that from next year it will start assessing whether countries are doing enough to fight criminal use of virtual currencies. Countries that don't could risk being effectively put on a "gray list" by the FATF, which can scare away investors. Marshall Billingslea, an assistant U.S. Treasury secretary who holds the FATF's rotating leadership, said, "We've made clear today that every jurisdiction must establish" virtual currency rules. "It's no longer optional." The FATF described how the Islamic State group and al-Qaida have used virtual currencies. Financial regulators worldwide have struggled to deal with the rise of electronic…


Former Deputy UK Leader Nick Clegg Takes Post with Facebook

All, News, Technology
Facebook has hired former U.K. deputy prime minister Nick Clegg to head its global policy and communications teams, enlisting a veteran of European Union politics to help it with increased regulatory scrutiny in the region. Clegg, 51, will become a vice president of the social media giant, and report to Chief Operating Officer Sheryl Sandberg. Clegg will be called upon to help Facebook and other Silicon Valley stalwarts grapple with a changing regulatory landscape globally. European Union regulators are interested in reining in mostly American tech giants who they blame for avoiding tax, stifling competition and encroaching on privacy rights. Clegg led the Liberal Democrats from 2007 to 2015, including five years in the coalition government with the Conservatives. He lost his Sheffield Hallam seat at last year's general election.…


Women-to-Women Business Fund Comes to Britain

All, Business, News
A women-to-women investment fund is coming to Britain next month to boost financing for female-owned businesses, its founder said Thursday, as efforts grow to close the gender investing gap. SheEO has lent more than $2 million to 32 female social entrepreneurs in the United States, Canada and New Zealand to grow their businesses since 2015 in an attempt to address a global gender investment gap. “Most of the people writing checks and investing are men,” founder Vicki Saunders told the Thomson Reuters Foundation. “SheEO wants to fund female innovators with great ideas to create stronger communities and a better world.” Support for female entrepreneurs It is the latest venture to support female entrepreneurs around the world, who often face more obstacles than men, including a lack of access to finance,…


Data Project Aims to Stop Human Trafficking Before It Occurs

All, News, Technology
Computer giant IBM Corp., financial services company Western Union Co. and European police launched a project Thursday to share financial data that  they said may one day be able to predict human trafficking before it occurs. The shared data hub will collect information on money moving around the world and compare it with known ways that traffickers move their illicit gains, highlighting red flags signaling potential trafficking, organizers said. "We will build and aggregate that material, using IBM tools, into an understanding of hot spots and routes and trends," said Neil Giles, a director at global anti-slavery group Stop the Traffik, which is participating in the project. Data collection, digital tools and modern technology are the latest weapons in the fight against human trafficking, estimated to be a $150 billion-a-year global business, according to the International Labor Organization. The U.N. has set a…


US Stocks Slide on Saudi Arabia, Italy Concerns

All, Business, News
U.S. stocks fell more than 1 percent on Thursday as the European Commission issued a warning regarding Italy's budget and concerns mounted about the possibility of strained relations between the United States and Saudi Arabia. S&P 500 technology stocks fell more than 2 percent, as did the tech-heavy Nasdaq. Wall Street's major indexes pared early losses in morning trading but reversed course to fall further as European markets closed. Italian bond yields jumped after the European Commission deemed the country's 2019 budget draft to be in breach of EU rules. U.S. stocks declined further after U.S. Treasury Secretary Steven Mnuchin pulled out of an investor conference in Saudi Arabia as the White House awaited the outcome of investigations into the disappearance of Saudi journalist Jamal Khashoggi. "It's a function of a lot of things coalescing into a concern," said Mark Luschini, chief…


Russian Firms Test Non-Dollar Deals to Sidestep US Sanctions

All, Business, News
Several major Russian companies are exploring ways to do deals abroad without using dollars, spurred on by a U.S. threat to broaden sanctions that have impeded access of some Russian firms to the international banking system. The Kremlin has been pushing companies to conduct more deals using other currencies to reduce reliance on the dollar. Russian Alrosa, the world's biggest producer of rough diamonds in carat terms, said it had completed a pilot deal with a Chinese client using yuan in the summer and another non-dollar transaction with an Indian client. Other companies working on similar transactions include energy firm Surgutneftegaz, agricultural company Rusagro and miner Norilsk Nickel. Russia's central bank said this week the amount of non-dollar dealings was growing, with the share of rouble settlements in the Russia-China…


Rural Americans Struggle with Poor Broadband Access

All, News, Technology
Even in the country that invented the internet, access has remained painfully slow for many rural residents in places like the central state of Arkansas, far from the big cities of the East and West coasts. That may be about to change. The Federal Communications Commission — a government agency — recently auctioned off almost $1.5 billion in subsidies to get broadband providers to serve an additional 700,000 American homes over the next 10 years. Additional such auctions are planned. For rural residents in Arkansas — ranked as one of the worst connected states in the country — it cannot come too soon. "Remember dial-up?" That's how Ashley Vaughan responds when she's asked to describe her internet speed at home. She's a resident of Pangburn, Arkansas, a town of about…


Why America Stopped Shopping at Sears

All, Business, News
In the late 1960s, while fledgling new retailers Walmart, Kohl's, Kmart and Target were hard at work establishing a foothold in the hearts, minds and wallets of the American consumer, the nation's dominant retailer was busy building the world's tallest building. In pouring its funds and focus into Chicago's Sears Tower, America's original super-store may have unwittingly become the architect of its own long, slow and painful demise. “Walmart, the strongest of all those four, wasn’t anywhere near where Sears was for a couple of decades," says James Schrager, professor of entrepreneurship and strategy at the University of Chicago's Booth School of Business. "So, if Sears was on top of things, even in the early 80s, they could have been Target or a better version of Kmart, they could have…


US Again Declines to Label China a Currency Manipulator 

All, Business, News
The Trump administration has again declined to label China a currency manipulator, but says it is keeping China and five other nations on a watch list. “Of particular concern are China’s lack of currency transparency and the recent weakness in its currency,” U.S. Treasury Secretary Steven Mnuchin said in his biannual report to Congress. “Those pose major challenges to achieving fairer and more balanced trade and we will continue to monitor and review China's currency practices, including thorough ongoing discussions with the People’s Bank of China,” he said. Mnuchin said China — along with Germany, India, Japan, South Korea and Switzerland — would be placed on a list of countries whose currency practices require what the report calls “close attention.” Governments manipulate currency by keeping the exchange rates artificially low…


Jubilant Customers Light Up as Marijuana Sales Begin in Canada

All, Business, News
Jubilant customers stood in long lines for hours then lit up and celebrated on sidewalks Wednesday as Canada became the world's largest legal marijuana marketplace. In Toronto, people smoked joints as soon as they rolled out of bed in a big "wake and bake" celebration. In Alberta, a government website that sells pot crashed when too many people tried to place orders. And in Montreal, Graeme Campbell welcomed the day he could easily buy all the pot he wanted.  "It's hard to find people to sell to me because I look like a cop," the clean-cut, 43-year-old computer programmer said outside a newly opened pot store. He and his friend Alex Lacrosse were smoking a joint when two police officers walked by. "I passed you a joint right in front…


Tesla Secures Land in Shanghai for First Factory Outside US

All, Business, News
Electric auto brand Tesla Inc. said it signed an agreement Wednesday to secure land in Shanghai for its first factory outside the United States, pushing ahead with development despite mounting U.S.-Chinese trade tensions. Tesla, based on Palo Alto, California, announced plans for the Shanghai factory in July after the Chinese government said it would end restrictions on full foreign ownership of electric vehicle makers to speed up industry development. Those plans have gone ahead despite tariff hikes by Washington and Beijing on billions of dollars of each other’s goods in a dispute over Chinese technology policy. U.S. imports targeted by Beijing’s penalties include electric cars. China is the biggest global electric vehicle market and Tesla’s second-largest after the United States. Tesla joins global automakers including General Motors Co., Volkswagen AG…


Twitter Releases Tweets Showing Russian, Iranian Attempts to Influence US Politics

All, News, Technology
On Wednesday, Twitter released a collection of more than 10 million tweets related to thousands of accounts affiliated with Russia’s Internet Research Agency propaganda organization, as well as hundreds more troll accounts, including many based in Iran. The data, analyzed and released in a report by The Atlantic Council’s Digital Forensic Research Lab, are made up of 3,841 accounts affiliated with the Russia-based Internet Research Agency, 770 other accounts potentially based in Iran as well as 10 million tweets and more than 2 million images, videos and other media. Russian trolls targeting U.S. politics took on personas from both the left and the right. Their primary goal appears to have been to sow discord, rather than promote any particular side, presumably with a goal of weakening the United States, the…


Twitter Releases Tweets Showing Foreign Attempts to Influence US Politics

All, News, Technology
Twitter has released a collection of more than 10 million tweets it says are related to foreign efforts to influence U.S. elections going back a decade, including many tied to Russia’s digital efforts to sow chaos and sway the 2016 election in favor of Donald Trump. Twitter says it made the cache, which includes tweets from Iran and Russia’s state-sponsored troll farm, Internet Research Agency, available so researchers around the world could conduct their own analyses. The non-partisan Atlantic Council's Digital Forensic Research Lab has been looking through the collection since last week.  In a preliminary analysis posted on Medium, the online publishing platform, the Lab noted operators from Iran and Russia appeared to have targeted politically polarized groups in order to maximize divisiveness in the United States’ political scene.…


Many CEOs Pull Out of Saudi Investment Conference

All, Business, News
Western corporate chiefs are continuing to pull out of an investment conference in Saudi Arabia next week, distancing themselves from questions about Riyadh's involvement in the disappearance and alleged killing of a U.S.-based Saudi journalist in Turkey. At first, many of the business leaders reserved judgment on what happened to the missing journalist, Jamal Khashoggi. But as reports from Turkey have mounted alleging that Saudi agents tortured, killed and dismembered Khashoggi two weeks ago inside the country's consulate in Istanbul, the chief executives have announced in recent days they will not be attending the three-day Future Investment Initiative conference in Riyadh starting Tuesday. Saudi Arabia has denied killing Khashoggi, a critic of the country's de facto leader, Crown Prince Mohammed bin Salman, in columns he wrote for The Washington Post.…


Hackers Accused of Ties to Russia Hit 3 E. European Companies: Cybersecurity Firm

All, News, Technology
Hackers have infected three energy and transport companies in Ukraine and Poland with sophisticated new malware and may be planning destructive cyber attacks, a software security firm said on Wednesday. A report by researchers at Slovakia-based ESET did not attribute the hacking activity, recorded between 2015 and mid-2018, to any specific country but blamed it on a group that has been accused by Britain of having links to Russian military intelligence. The report is the latest to raise suspicions in the West about Russia’s GRU spy agency, accused by London of conducting a “reckless campaign” of global cyber attacks and trying to kill a former Russian spy in England. Moscow denies the charges. Investigators at ESET said the group responsible for a series of earlier attacks against the Ukrainian energy…


Shanghai Airport Automates Check-in with Facial Recognition

All, News, Technology
It's now possible to check in automatically at Shanghai's Hongqiao airport using facial recognition technology, part of an ambitious rollout of facial recognition systems in China that has raised privacy concerns as Beijing pushes to become a global leader in the field.  Shanghai Hongqiao International Airport unveiled self-service kiosks for flight and baggage check-in, security clearance and boarding powered by facial recognition technology, according to the Civil Aviation Administration of China. Similar efforts are under way at airports in Beijing and Nanyang city, in central China's Henan province. Many airports in China already use facial recognition to help speed security checks, but Shanghai's system, which debuted Monday, is being billed as the first to be fully automated. "It is the first time in China to achieve self-service for the whole…


Uber Driver Charged with Kidnapping New York Woman

All, Business, News
An Uber driver in New York City kidnapped a woman who fell asleep in his vehicle, groped her in the back seat and then left her on the side of a highway in Connecticut, federal authorities said Tuesday. Harbir Parmar, 24, of Queens was charged in U.S. District Court with kidnapping. It wasn't immediately clear whether he had an attorney. The FBI said in court papers that Parmar picked the woman up in Manhattan at 11:30 p.m. on Feb. 21 for a trip to her home in White Plains, New York, about an hour away. The woman fell asleep, authorities said, and Parmar changed her destination to an address in Boston, Massachusetts. The woman woke up to find the driver "with his hand under her shirt touching the top of…


US to Open Trade Talks With Britain, EU, Japan

All, Business, News
The White House has announced plans to negotiate separate trade deals with Britain, the European Union and Japan. "We are committed to concluding these negotiations with timely and substantive results for American workers, farmers, ranchers and businesses," U.S. Trade Representative Robert Lighthizer said Tuesday. He added that the White House wanted to "address both tariff and non-tariff barriers and to achieve fairer and more balanced trade." As required by law, Lighthizer sent three separate letters to Congress announcing the intention to open trade talks. He wrote that the negotiations with Britain would begin "as soon as it's ready" after Britain's expected exit from the European Union on March 29. Lighthizer called the economic partnership between the U.S. and EU the "largest and most complex"in the world, noting the U.S. has a $151 billion trade…


Earnings Reports Send US Stocks Higher

All, Business, News
Major U.S. stock markets made strong gains Tuesday as strong earnings reports encouraged investors. The Dow Jones industrial average gained 547.87 points, or 2.2 percent, to close at 25,798.42. The Standard & Poor's 500 rose 59.13 points, or 2.2 percent, to 2,809.92 with all 11 sectors finishing higher. The Nasdaq composite, home to many tech stocks, jumped 214.75 points, or 2.9 percent, to 7,645.49. New U.S. economic data showing gains in job openings and industrial production also helped buoy prices. Tuesday's Dow gain marked a sharp turnaround from some recent trading sessions, when worries about rising interest rates sent stock market indexes down steeply. Those concerns also pushed down the value of European stocks, but the major indexes in France, Germany and Britain also posted gains Tuesday.    ...


Google to Charge for Apps on Android Phones in Europe

All, News, Technology
Google says it will start charging smartphone makers to pre-install apps like Gmail, YouTube and Google Maps on Android handsets sold in Europe, in response to a record $5 billion EU antitrust fine. The U.S. tech company's announcement Tuesday is a change from its previous business model, in which it let phone makers install its suite of popular mobile apps for free on phones running its Android operating system. It's among measures the company is taking to comply with the July ruling by EU authorities that found Google allegedly abused the dominance of Android to stifle competitors, even as it appeals the decision. The company will also let phone makers install rival versions of Android, the most widely used mobile operating system. ...


Huawei Launches New flagship Phones in Bid to Keep No. 2 Spot

All, News, Technology
Huawei unveiled new flagship smartphones with novel smart camera and video features on Tuesday, as it seeks to sustain momentum among price-conscious consumers. The Chinese company, which overtook Apple this year to become the No. 2 smartphone maker by units - behind South Korea’s Samsung (005930.KS) - introduced its Mate 20 phone series using Leica camera technology. Huawei’s new premium phone line-up has four models available around the world, expect in the United States where sales are effectively banned over whispered national security concerns. The new line-up includes the Mate 20, with list prices ranging from 799-849 euros ($925-$983), depending on memory configuration. The fuller-featured Mate 20 Pro, is priced as low as 799 pounds at some UK retailers and list priced at 849 pounds or 1,049 euros across Europe.…


Check-in With Facial Recognition Now Possible in Shanghai

All, News, Technology
It’s now possible to check in automatically at Shanghai’s Hongqiao airport using facial recognition technology, part of an ambitious rollout of facial recognition systems in China that has raised privacy concerns as Beijing pushes to become a global leader in the field. Shanghai Hongqiao International Airport unveiled self-service kiosks for flight and baggage check-in, security clearance and boarding powered by facial recognition technology, according to the Civil Aviation Administration of China. Similar efforts are underway at airports in Beijing and Nanyang city, in central China’s Henan province. Many airports in China already use facial recognition to help speed security checks, but Shanghai’s system, which debuted Monday, is being billed as the first to be fully automated. “It is the first time in China to achieve self-service for the whole check-in…


Facebook to Ban Misinformation on Voting in Upcoming US Elections

All, News, Technology
Facebook Inc will ban false information about voting requirements and fact-check fake reports of violence or long lines at polling stations ahead of next month's U.S. midterm elections, company executives told Reuters, the latest effort to reduce voter manipulation on its service. The world's largest online social network, with 1.5 billion daily users, has stopped short of banning all false or misleading posts, something that Facebook has shied away from as it would likely increase its expenses and leave it open to charges of censorship. The latest move addresses a sensitive area for the company, which has come under fire for its lax approach to fake news reports and disinformation campaigns, which many believe affected the outcome of the 2016 presidential election, won by Donald Trump. The new policy was…