Markets Sweat on Lopez Obrador’s ‘True Colors’ on Eve of New Mexican Presidency

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During Andres Manuel Lopez Obrador's successful campaign for the Mexican presidency, his advisers met representatives of dozens of investment funds to allay fears about the leftist's plans, saying he prized economic stability and wanted to attract foreign capital. Initially, it worked. When Lopez Obrador won office by a landslide on July 1, the peso and the stock market rose, buoyed by his conciliatory tone. The rally continued when Mexico and the United States reached a deal to rework the NAFTA trade pact in late August. But the mood has since changed. Lopez Obrador, who takes office Saturday, began saying in September that Mexico was "bankrupt." When he canceled a new $13 billion Mexico City airport on Oct. 29 on the basis of a widely-derided referendum, investors took flight. "[Lopez Obrador]…


Indian Politicians Spar Over Dodgy Economic Data as Election Nears

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It may be the world’s sixth largest, but most other things about India’s economy are up for debate. The ruling Bharatiya Janata Party (BJP) is under fire for the release of new historical GDP figures that significantly downgraded growth during the years the opposition Congress party was in power, replacing old government estimates and those prepared by an independent committee. The figures, released by the government’s Central Statistics Office (CSO), showed growth in the 10 years of Congress rule to 2014 averaged 6.7 percent, below an average of 7.4 percent under the current government. A previous government estimate had growth under Congress at 7.8 percent. P. Chidambaram, a former Congress finance minister, called the release “a joke”. In response India’s current finance minister, the BJP’s Arun Jaitley, said the CSO…


Rosenstein Calls for Tech Firms to Work With Law Enforcement

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U.S. Deputy Attorney General Rod Rosenstein called on social media companies and technology firms Thursday to work with law enforcement to protect the public from cybercriminals.     Speaking at a symposium on online crime, Rosenstein said that "social media platforms provide unprecedented opportunities for the free exchange of ideas. But many users do not understand that the platforms allow malicious actors, including foreign government agents, to deceive them by launching vast influence operations."    He said it was up to the companies to "place security on the same footing as novelty and convenience, and design technology accordingly."     He warned that if the technology sector failed to do so, government would have to step in.     "I think the companies now do understand if they do not take it upon…


Deutsche Bank Offices Raided in Money Laundering Probe

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Police raided six Deutsche Bank offices in and around Frankfurt on Thursday over money laundering allegations linked to the "Panama Papers", the public prosecutor's office in Germany's financial capital said. Investigators are looking into the activities of two unnamed Deutsche Bank employees alleged to have helped clients set up offshore firms to launder money, the prosecutor's office said. Around 170 police officers, prosecutors and tax inspectors searched the offices where written and electronic business documents were seized. "Of course, we will cooperate closely with the public prosecutor's office in Frankfurt, as it is in our interest as well to clarify the facts," Deutsche Bank said, adding it believed it had already provided all the relevant information related to the "Panama Papers". The news comes as Deutsche Bank tries to repair…


Trump Studying New Auto Tariffs After GM Restructuring

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U.S. President Donald Trump said Wednesday that new auto tariffs were "being studied now," asserting they could prevent job cuts such as the U.S. layoffs and plant closures that General Motors Co. announced this week.    Trump said on Twitter that the 25 percent tariff placed on imported pickup trucks and commercial vans from markets outside North America in the 1960s had long boosted U.S. vehicle production.    "If we did that with cars coming in, many more cars would be built here," Trump said, "and G.M. would not be closing their plants in Ohio, Michigan & Maryland."    The United States has a 2.5 percent tariff on imported cars and sport utility vehicles from markets outside North America and South Korea. The new North American trade deal exempts the first…


Stocks Leap as Fed Chief Hints Interest Rate Increases May Taper Off

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Federal Reserve Chair Jerome Powell boosted U.S. stock markets on Wednesday when he said interest rates were “just below" estimates of a level that neither brakes nor boosts a healthy economy. Many took his comments as a signal that the Fed's three-year tightening cycle is ending.  The S&P 500 and Dow posted their biggest percentage gains in eight months, while the Nasdaq saw its largest advance in just over a month following Powell's speech to the Economic Club of New York.  Powell said that while "there was a great deal to like" about U.S. prospects, "our gradual pace of raising interest rates has been an exercise in balancing risks."  Earlier in the day, in its first-ever financial stability report, the Fed cautioned that trade tensions, Brexit and troubled emerging markets could…


Trump: US Tariffs on More Foreign Vehicles Would Have Prevented GM Plant Closures

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U.S. President Donald Trump touted the use of U.S. tariffs on foreign small trucks Wednesday, saying their placement on other foreign vehicles would have prevented the closure of several General Motors plants and the loss of thousands of coveted manufacturing jobs. Trump noted on Twitter that brisk U.S. small truck sales in the country are due to a 25-percent tariff on small truck imports. The president reiterated on Twitter that "countries that send us cars have taken advantage of the U.S. for decades.” Trump added he has “great power on this issue,” which he said “is being studied now.” Trump has threatened to eliminate all federal subsidies to GM in response to the company’s planned closure of five plants and the elimination of 14,000 jobs in North America. Questions remain,…


Powell: Fed’s Gradual Rate Hikes Balance Against Risks

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U.S. Federal Reserve Chair Jerome Powell said on Wednesday that while there was "a great deal to like" about U.S. prospects, the Fed's gradual interest rate hikes are meant to balance risks as it tries to keep the economy on track. "We know that things often turn out to be quite different from even the most careful forecasts," Powell said in a speech that comes in the wake of last week's volatile market selloff. "Our gradual pace of raising interest rates has been an exercise in balancing risks." Powell offered few clues on how much longer the U.S. central bank would raise interest rates in the face of a slowdown overseas and market volatility at home. Instead he highlighted a new financial stability report the Fed published earlier on Wednesday.…


With An Eye on Past Problems, Facebook Expands Local Feature

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Facebook is cautiously expanding a feature that shows people local news and information, including missing-person alerts, road closures, crime reports and school announcements. Called “Today In,” the service shows people information from their towns and cities from such sources as news outlets, government entities and community groups. Facebook launched the service in January with six cities and expanded that to 25, then more. On Wednesday, “Today In” is expanding to 400 cities in the U.S. — and a few others in Australia. The move comes as Facebook tries to shake off its reputation as a hotbed for misinformation and elections-meddling and rather a place for communities and people to come together and stay informed. Here are some things to know about this effort, and why it matters: The big picture…


Porsche Shows off New Edition of Mainstay 911 Sports Car

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Porsche says its future is in electric cars but for now it is rolling out a more powerful version of its internal combustion mainstay, the sleek 911 sports car. Stuttgart-based Porsche, part of Volkswagen, is to show off the eighth version of its brand-defining model at the Los Angeles Auto Show.   The new 911 doesn't look much different than earlier editions of the car. The new one has bigger wheel housings and a slightly wider body but the same long hood, sloping roof and prominent headlights that have marked successive versions since 1963.   The company said in a news release Wednesday that the new 911 Carrera S and 4S have flat six-cylinder turbocharged engines putting out 443 horsepower, 23 horsepower more than the predecessor. The Carrera S has…


US Charges 2 Iranian Cyber Criminals in Ransomware Scheme

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In the first case of its kind, the U.S. Justice Department announced charges Wednesday against two alleged Iranian cybercriminals who used malware to infect the computer networks of U.S. municipalities, hospitals and other organizations in a scheme to extort millions of dollars from the victims. Faramarz Shahi Savandi, 34, and Mohammad Mehdi Shah Mansouri, 27, are accused of creating and deploying a sophisticated malware known as SamSam Ransomware to forcibly encrypt data on the computer networks of more than 200 organizations and other victims in the United States and Canada.   Savandi and Mansouri would then demand a ransom payment in the form of the virtual currency known as bitcoin in exchange for decryption keys for the encrypted data.   In all, the two allegedly received more than $6 million in…


Ikea Moving Into City Centers to Adapt to Consumer Changes

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An airport worker drops by Warsaw's newest Ikea store during her lunch break to finish up plans for a home refurbishment. Around her, people drift in and out of the shop, placing small houseware items in big yellow bags as cafe tables fill up with people just stopping in for lunch. The store is not one of Ikea's out-of-the-way, maze-like warehouses that require a car to visit, but a shop like any other in a city center shopping mall. The Swedish retailing giant plans to open 30 such smaller stores in major cities around the world as part of a broader transformation to adapt to changing consumer habits. Compared with just a decade ago, shoppers are more likely to be living in urban areas and not have a car, and…


Trump Threatens to Cut GM Subsidies in Retaliation for US Job Cuts

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U.S. President Donald Trump threatened on Tuesday to cut subsidies for General Motors after the largest U.S. automaker said it would halt production at five plants in North America and cut nearly 15,000 jobs. "The U.S. saved General Motors, and this is the THANKS we get! We are now looking at cutting all @GM subsidies, including ... for electric cars," Trump said on Twitter. Trump has made boosting auto jobs a key priority during his almost two years in office and has often attacked automakers on Twitter for not doing enough to boost U.S. employment. GM electric vehicles are eligible for a $7,500 tax credit under federal law, but it is not clear how the administration could restrict those credits or if Trump had other subsidies in mind. GM shares…


White House Adviser: US, China Could Reach New Trade Deal

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U.S. President Donald Trump and Chinese President Xi Jinping could reach a new trade deal between the world's two largest economies when they meet in Argentina this weekend, White House economic adviser Larry Kudlow said Tuesday. "The president said there is a good possibility that we can make a deal and he is open to it," he said of Trump. But he cautioned that obstacles remain. Kudlow said the two leaders must resolve the issues of "fairness and reciprocity" at the center of the dispute. "China should change its practices and come into the community of responsible trading nations," he said. "Their responses have disappointed because ... we can't find much change in their approach." The U.S. and China over several months have imposed tit-for-tat tariffs on hundreds of billions…


Google Blocks Gender-Based Pronouns From New AI Tool

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Alphabet Inc's Google in May introduced a slick feature for Gmail that automatically completes sentences for users as they type. Tap out "I love" and Gmail might propose "you" or "it." But users are out of luck if the object of their affection is "him" or "her." Google's technology will not suggest gender-based pronouns because the risk is too high that its "Smart Compose" technology might predict someone's sex or gender identity incorrectly and offend users, product leaders revealed to Reuters in interviews. Gmail product manager Paul Lambert said a company research scientist discovered the problem in January when he typed "I am meeting an investor next week," and Smart Compose suggested a possible follow-up question: "Do you want to meet him?" instead of "her." Consumers have become accustomed to…


Uber Fined $1.2 Million For 2016 Data Breach

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British and Dutch regulators have fined ride-hailing company Uber $1.2 million for what it said were inadequate security measures that left personal data at risk for a cyber attack. The fines are linked to a 2016 hack of Uber data that allowed attackers to download information about 32 million users, including 2.7 million accounts in Britain. The files included full names, mobile phone numbers, email addresses and some user passwords. Information about 3.7 million drivers, 82,000 of them in Britain, was also downloaded. Britain's Information Commissioner's Office said the hack was the result of "a series of avoidable data security flaws." "This was not only a serious failure of data security on Uber’s part, but a complete disregard for the customers and drivers whose personal information was stolen," ICO Director…


Lawmakers Criticize Facebook’s Zuckerberg for UK Parliament No-Show

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Facebook came under fire on Tuesday from lawmakers from several countries who accused the firm of undermining democratic institutions and lambasted chief executive Mark Zuckerberg for not answering questions on the matter. Facebook is being investigated by lawmakers in Britain after consultancy Cambridge Analytica, which worked on Donald Trump's presidential campaign, obtained the personal data of 87 million Facebook users from a researcher, drawing attention to the use of data analytics in politics. Concerns over the social media giant's practices, the role of political adverts and possible interference in the 2016 Brexit vote and U.S. elections are among the topics being investigated by British and European regulators. While Facebook says it complies with EU data protection laws, a special hearing of lawmakers from several countries around the world in London…


App Shows US, Canadian Commuters the Cleanest, Greenest Route Home

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A mobile application launched in dozens of U.S. and Canadian cities on Monday measures the planet-warming greenhouse gas emissions of inner-city travel, its creators said, letting concerned commuters map their so-called carbon footprints. Mapping app Cowlines can suggest the most efficient route as well which uses the least fuel, combining modes of transport such as bicycling and walking, within cities, its Vancouver, Canada-based creators said. Some two-thirds of the world's population is expected to settle in urban areas by 2050, according to the United Nations. The trend presents an environmental challenge, given that the world's cities account for the bulk of greenhouse gas emissions. Not only will the app measure a trip's emissions and suggest alternatives, it will provide the data to cities and urban planners working on systems from…


Experts: African Fishing Communities Face ‘Extinction’ as Blue Economy Grows

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Fishing communities along Africa's coastline are at a greater risk of extinction as countries eye oceans for tourism, industrial fishing and exploration revenue to jumpstart their "blue economies," U.N. experts and activists said on Monday. The continent's 38 coastal and island states have in recent years moved to tap ocean resources through commercial fishing, marine tourism and sea-bed mining, according to the United Nations Economic Commission for Africa (UNECA). "There is a great risk and a great danger that those communities will be marginalized," said Joseph Zelasney, a fishery officer at U.N.'s Food and Agriculture Organization (FAO). "The resources that they depend on will be decimated," he added at a side event at the Blue Economy Conference organized by Kenya, Canada and Japan in Nairobi. The world's poorest continent hosts…


Apple to Tutor Women in Tech in Bid to Diversify Industry

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Apple is launching a new program designed to address the technology industry's scarcity of women in executive and computer programming jobs.   Under the initiative announced Monday, female entrepreneurs and programmers will attend two-week tutorial sessions at the company's Cupertino, California, headquarters.   The camps will be held every three months beginning in January. For each round, Apple will accept up to 20 app makers founded or led by a woman. The app maker must have at least one female programmer in its ranks to qualify. Apple will cover travel expenses for up to three workers from each accepted company. Like other major tech companies, Apple has been trying to lessen its dependence on men in high-paying programming jobs. Women filled just 23 percent of Apple's technology jobs in 2017,…


UK Parliament Seizes Confidential Facebook Documents

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Britain's parliament has seized confidential Facebook documents from the developer of a now-defunct bikini photo searching app as it seeks answers from the social media company about its data protection policies. Lawmakers sought the files ahead of an international hearing they're hosting on Tuesday to look into disinformation and "fake news." The parliament's Digital, Culture, Media and Sport Committee has "received the documents it ordered from Six4Three relating to Facebook," Committee Chairman Damian Collins tweeted on Sunday. "Under UK law & parliamentary privilege we can publish papers if we choose to as part of our inquiry," he said. The app maker, Six4Three, had acquired the files as part of a U.S. lawsuit against the social media giant. It's suing Facebook over a change to the social network's privacy policies in…


EU, Iran Commit to Uphold Nuclear Pact Despite Trump

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The European Union and Iran are affirming their support for the international nuclear deal and say they aim to keep it alive despite U.S. President Donald Trump's decision to abandon the landmark pact. Ahead of EU-Iran talks on civil nuclear cooperation in Brussels Monday, EU Energy Commissioner Arias Canete said the deal is "crucial for the security of Europe, of the region and the entire world."   He said the agreement curbing Iran's nuclear ambitions is working and that "we do not see any credible peaceful alternative."   Iranian Vice President Ali Akbar Salehi said: "I hope that we can enjoy the niceties of this deal and not let it go unfulfilled."   Should the deal break down, he said, it would be "very ominous, the situation would be unpredictable."…


Tariffs Tapping Into US Craft Beer Industry

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U.S. tariffs on imported steel and aluminum, a move by the Trump administration to bolster the domestic industry and protect U.S. jobs, are just starting to have a far-reaching impact on different sectors of the U.S. economy, including the growing craft beer industry. As VOA’s Kane Farabaugh reports, one thing that wasn’t in the business model for a new brewery in the Midwestern United States was the cost tariffs would have on each can of beer. ...


British Lawmakers Warn They Will Vote Against Brexit Deal

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It took Britain’s Theresa May and 27 other European Union leaders just 40 minutes to sign the Brexit deal after two years of tortuous negotiations, but the trials and tribulations of Britain's withdrawal agreement approved Sunday in Brussels are far from over. As they endorsed the 585-page the agreement, and a 26-page accompanying political declaration that sets out the parameters of negotiating a possible free trade deal between Britain and the European Union, powerful political foes in London plotted strategies to undo it. There is little evidence Britain’s embattled prime minister will have sufficient support to win legislative endorsement of the deal in a House of Commons vote next month. That was clearly on the minds of European Commission officials Sunday as EU leaders gave their backing to the terms…


S&P 500 Slides Into ‘Correction’ for Second Time This Year 

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U.S. stocks closed lower after a shortened session Friday, bumping the benchmark S&P 500 index into a correction, or drop of 10 percent below its most recent all-time high in September.    Energy companies led the market slide as the price of U.S. crude oil tumbled to its lowest level in more than a year, reflecting worries among traders that a slowing global economy could hurt demand for oil.    "Oil is really falling sharply, continuing its downward descent, and that appears to be giving investors a lot of concern that there's slowing global growth,'' said Jeff Kravetz, regional investment director at U.S. Bank Private Wealth Management. "You have that, and then you have the recent sell-off in tech and in retail, and then throw on there trade tensions and rising rates.'' …