Report: Machines to Handle Over Half Workplace Tasks by 2025

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More than half of all workplace tasks will be carried out by machines by 2025, organizers of the Davos economic forum said in a report released Monday that highlights the speed with which the labor market will change in coming years. The World Economic Forum estimates that machines will be responsible for 52 percent of the division of labor as share of hours within seven years, up from just 29 percent today. By 2022, the report says, roughly 75 million jobs worldwide will be lost, but that could be more than offset by the creation of 133 million new jobs. A major challenge, however, will be training and re-training employees for that new world of work. “By 2025, the majority of workplace tasks in existence today will be performed by…


Saudi Sovereign Fund Invests $1 Billion in US Electric Car Firm

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Saudi Arabia's sovereign wealth fund invested $1 billion Monday in an American electric car manufacturer just weeks after Tesla CEO Elon Musk earlier claimed the kingdom would help his own firm go private. Tesla stock dropped Monday on reaction to the news, the same day that the Saudi fund announced it had taken its first loan, an $11 billion borrowing from global banks as it tries to expand its investments. The Saudi Public Investment Fund said it would invest the $1 billion in Newark, California-based Lucid Motors. The investment "will provide the necessary funding to commercially launch Lucid's first electric vehicle, the Lucid Air, in 2020," the sovereign wealth fund said in a statement. "The company plans to use the funding to complete engineering development and testing of the Lucid…


Report: UN Poverty Targets Remain Off Course

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Aid money urgently needs to be redirected to the poorest countries in order to reach the United Nations' goal of ending extreme poverty by 2030, according to a report. The London-based Overseas Development Institute (ODI) says middle-income countries receive more aid than the 30 poorest nations. It also warns that at least 400 million people will still be living on less than $1.90 a day, despite government pledges to eliminate all extreme poverty. In northern Ethiopia, teams of workers dig irrigation channels through orchards and grain fields. Such projects have turned arid plains into fertile farmland, which has quadrupled agricultural production. The report from the ODI credits Ethiopia's "Productive Safety Net Program," launched in 2005, with lifting 1.4 million people out of extreme poverty. It also enabled Ethiopia to avoid…


Bloomberg: Trump Wants Tariffs on About $200 Billion in Chinese Goods

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U.S. President Donald Trump has instructed aides to proceed with tariffs on about $200 billion more in Chinese products, despite Treasury Secretary Steven Mnuchin's attempts to restart talks with China about resolving the trade war, Bloomberg reported on Friday. Reuters could not immediately verify the report, which had an immediate effect on financial markets. It led U.S. stocks to trade lower, fueled drops in the Chinese yuan in offshore trading and gains in the dollar index, and sent the S&P 500 index negative. The step comes exactly one week since Trump raised the possibility of duties on the $200 billion of imports and also threatened tariffs on $267 billion worth of goods. Trump has already levied duties on $50 billion worth of Chinese goods. The United States only imported $505…


Turkey’s Central Bank Defies Erdogan, Hikes Rates

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The Turkish central bank caught international markets by surprise Thursday as it aggressively hiked interest rates in an effort to strengthen consumer confidence, stem inflation and rein in the currency crisis.  Interest rates were increased to 24 percent from 17.75 percent, which is more than double the median of investor predictions of a 3 percent hike. The Turkish lira surged above 5 percent in response, although the gains subsequently were pared back. International investors broadly welcomed the move. "TCMB [Turkish Republic Central Bank] did show resolve in hiking the one-week repo rate substantially and going back to orthodoxy," chief economist Inan Demir of Nomura International said. The central bank had drawn sharp criticism for failing to substantially raise interest rates to rein in double-digit inflation and an ailing currency. The…


Zuckerberg Says Facebook ‘Better Prepared’ for Election Meddling

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Facebook is better prepared to defend against efforts to manipulate the platform to influence elections and has recently thwarted foreign influence campaigns targeting several countries, chief executive Mark Zuckerberg said Thursday. Zuckerberg, posting on his Facebook page, outlined a series of steps the leading social network has taken to protect against misinformation and manipulation campaigns aimed at disrupting elections. "We've identified and removed fake accounts ahead of elections in France, Germany, Alabama, Mexico and Brazil," Zuckerberg said. "We've found and taken down foreign influence campaigns from Russia and Iran attempting to interfere in the US, UK, Middle East, and elsewhere — as well as groups in Mexico and Brazil that have been active in their own country." Zuckerberg repeated his admission that Facebook was ill-prepared for the vast influence efforts…


In Cuba, Street Vendors Sing to Sell, From Salsa to Reggaeton

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Cuba’s street vendors are bringing back the pregon, the art of singing humorous, rhyming ditties with double entendres about the goods they are selling, with some modernizing the tradition by setting their tunes to reggaeton. The pregon is a centuries-old tradition that has inspired famous songs like “El Manisero” (the peanut vendor), composed in the late 1920s by Cuban musician Moises Simons on son music, the backbone of salsa. It faded out in Cuba after Fidel Castro’s 1959 revolution did away with most free enterprise. With the tentative liberalization of the centralized economy over the last few decades, however, it has made a comeback. Cubans can now get a permit to make and sell their own goods on the street, from coconut ice cream to juices. Vendors often opting for…


Survey: US Tariffs Hurting American Businesses in China

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Even before U.S.-China trade tensions began escalating dramatically, foreign businesses who operate in China were warning about the impact tariffs could have. And now, according to a newly released joint survey from the American Chamber of Commerce in China and AmCham Shanghai, many are already feeling the pinch. More than 60 percent say the initial $50 billion in tariffs rolled out by the United States and China are having a negative impact on business, increasing the demand of manufacturing and slowing demand for products. That number is expected to rise to nearly 75 percent if a second round of tariffs, an additional $200 billion in tariffs from Washington and another $60 billion from Beijing, goes ahead. The administration of President Donald Trump has threatened it could go ahead with $200…


Anti-Corruption Watchdog: Most Countries Ignore Anti-Foreign Bribery Laws  

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A new report by Transparency International suggests foreign bribery is alive and well.  The report, by the Berlin-based, anti-corruption watchdog, suggests little has changed in recent years in the way governments enforce their anti-bribery laws. Today, only seven major exporting countries actively crack down on companies that offer bribes to foreign officials in exchange for favorable business deals. The United States is one of the seven countries, which together account for 27 percent of world exports, Transparency International said. The others are Germany, Israel, Italy, Norway, Switzerland and the United Kingdom.  2016 a record year Between 2014 and 2017, the United States launched at least 32 investigations, opened 13 cases and concluded 98 cases involving foreign bribery, according to the report. Enforcement activity surged in 2016, resulting in a record…


Argentine Austerity Protests Mount Over Macri-Backed IMF Measures

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Labor unions and social groups blocked streets in downtown Buenos Aires on Wednesday, with more marches planned over the days ahead over   austerity measures proposed by the government and backed by the International Monetary Fund. Protesters are angry about the belt-tightening policies, which are cutting services to low-income Argentines already walloped by inflation of 31 percent and climbing. But Argentine leader Mauricio Macri says he needs to carry out such measures to regain investors' confidence by reducing the country's fiscal deficit. The outlook for Latin America's third biggest economy is grim, according to orthodox and left-leaning economists alike. Planned cuts to public utility subsidies, forcing Argentines to pay more for transportation and electricity, are expected to keep upward pressure on consumer prices for the rest of 2018. "The day to…


Updated Apple System Takes on Smartphone Addiction

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Apple's polished iPhone line-up comes with tools to help users dial back their smartphone obsessions, amid growing concerns over "addiction" and harmful effects on children. An iOS 12 mobile operating system that will power new iPhones unveiled on Wednesday, and be pushed out as an update to prior models, has new features to reduce how much they distract people from the real world. Apple senior vice president of software engineering Craig Federighi said of iOS 12 at a developers conference earlier this year the new system offers "detailed information and tools" to help users and parents keep tabs on device use. A new "Screen Time" tool generates activity reports showing how often people pick up their iPhones or iPads, how long they spend in apps or at websites, and numbers…


Apple Unveils Larger iPhones, Health-Oriented Watches

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Apple Inc unveiled larger iPhones and watches based on the design of current models on Wednesday, confirming Wall Street expectations that the company is making only minor changes to its lineup. The world's most valuable tech company wants users to upgrade to newer, more expensive devices as a way to boost revenue as global demand for smartphones levels off. The strategy has helped Apple become the first publicly-traded U.S. company to hit a market value of more than $1 trillion earlier this year. Its shares were down 1.2 percent on Nasdaq. Apple uses the 'S' suffix when it upgrades components but leaves the exterior design of a phone the same. Last year's iPhone X — pronounced "ten" — represented a major redesign. The new phones are the XS, with a…


US Median Household Income Reaches Record High

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The median U.S. household income reached $61,372 last year — its highest level ever, the U.S. Census reported Wednesday. The new median figure, meaning that half of U.S. families earned more money and half less, was a reflection of the robust U.S. economy, the world's largest, that expanded 4.1 percent in the April-to-June period even as the unemployment rate held steady in August at 3.9 percent. The 2017 household income was 1.8 percent higher than the $60,309 figure in 2016. Middle-class income in the U.S. has been expanding in recent years as the country continues its recovery from the steep recession of a decade ago — a time when millions of people lost their jobs, and many lost their homes through foreclosure when they no longer had enough money to…


S. Korea Jobless Rate Hits Highest Since Global Financial Crisis

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South Korea's unemployment rate hit an eight-year high in August as mandatory minimum wages rose, adding to economic policy frustrations and political challenges for President Moon Jae-in whose approval rating is now at its lowest since inauguration. The unemployment rate rose to 4.2 percent in August from 3.8 percent in July in seasonally adjusted terms as the number of unemployed rose by 134,000 people from a year earlier. This was the labor market's worst performance since January 2010, when the economy was still reeling from the global financial crisis, when 10,000 jobs were lost. Finance Minister Kim Dong-yeon said on Wednesday the government will need to adjust its wage policies, signaling some future soft-pedaling in the drive to raise minimum wages. "(The government) will discuss slowing the speed of minimum…


Internet Group Backs ‘National’ Data Privacy Approach

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A group representing major internet companies including Facebook, Amazon.com and Alphabet said on Tuesday it backed modernizing U.S. data privacy rules but wants a national approach that would preempt California's new regulations that take effect in 2020. The Internet Association, a group representing more than 40 major internet and technology firms including Netflix, Microsoft and Twitter, said "internet companies support an economy-wide, national approach to regulation that protects the privacy of all Americans." The group said it backed principles that would ensure consumers should have "meaningful controls over how personal information they provide" is used and should be able to know who it is being shared with. Consumers should also be able to seek deletion of data or request corrections or take personal information to another company that provides similar…


Water Shortages to Cut Iraq’s Irrigated Wheat Area by Half

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In Iraq, a major Middle East grain buyer, will cut the irrigated area it plants with wheat by half in the 2018-2019 growing season as water shortages grip the country, a government official told Reuters. Drought and dwindling river flows have already forced Iraq to ban farmers from planting rice and other water-intensive summer crops. Water scarcity was one of the issues galvanizing street protests in the country this year. An investigation by Reuters in July revealed how Nineveh, Iraq's former breadbasket, was becoming a dust bowl after drought and years of war. This latest move is likely to significantly raise wheat imports. Deputy Agriculture Minister Mahdi al-Qaisi said irrigated land grown with winter grains, namely wheat and barley, would be halved. "The shortage of water resources, climate change and…


In Posh Bangkok Neighborhood, Residents Trade Energy with Blockchain

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Residents in a Bangkok neighborhood are trying out a renewable energy trading platform that allows them to buy and sell electricity between themselves, signaling the growing popularity of such systems as solar panels get cheaper. The pilot project in the center of Thailand's capital is among the world's largest peer-to-peer renewable energy trading platforms using blockchain, according to the firms involved. The system has a total generating capacity of 635 KW that can be traded via Bangkok city's electricity grid between a mall, a school, a dental hospital and an apartment complex. Commercial operations will begin next month, said David Martin, managing director of Power Ledger, an Australian firm that develops technology for the energy industry and is a partner in the project. "By enabling trade in renewable energy, the…


Indonesia Battles Currency Woes

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Policymakers in Indonesia are grappling to deal with a weakened currency, the rupiah, which was valued at just 14,930 per U.S. dollar last week — its lowest point since the 1998 Asian financial crisis. But unlike 20 years ago, when economic turmoil led to major political upheaval in Indonesia, most observers say that Southeast Asia’s largest economy is now far better positioned to endure a poorly performing currency. The United States Federal Reserve’s planned interest rate hikes have impacted emerging markets worldwide as investors sell assets in countries such as Indonesia in favor of American ones. The Argentine peso and Turkish lira both crashed in late August, crises that sent major shockwaves across developing economies. President Donald Trump’s trade war with Beijing has also seen a devaluation of the Chinese…


13-Year-Old Kurdish-American Boy Becomes Entrepreneur

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United States is a land of opportunity. We have all heard this saying, but what does it mean and how does it happen? A Kurdish-American family in the state of Virginia is seeing how their 13-year-old son has made the most of a unique opportunity. VOA’s Yahya Barzinji recently visited this family and filed this report narrated by Bezhan Hamdard. ...


Study: US Teens Prefer Remote Chats to Face-to-Face Meetings

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American teenagers are starting to prefer communicating via text instead of meeting face-to-face, according to a study published Monday by the independent organization Common Sense Media. Some 35 percent of kids aged 13 to 17 years old said they would rather send a text than meet up with people, which received 32 percent. The last time the media and technology-focused nonprofit conducted such a survey in 2012, meeting face-to-face hit 49 percent, far ahead of texting's 33 percent. More than two-thirds of American teens choose remote communication -- including texting, social media, video conversation and phone conversation -- when they can, according to the study.  In 2012 less than half of them marked a similar preference. Notably, in the six-year span between the two studies the proportion of 13- to…


Japan’s Bid to End Whaling Ban is Top Issue at Conference

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Japan will once again try to get the international ban on whale hunting overturned at the global conference of the International Whaling Commission (IWC), which opened in Brazil on Monday. The proposal presented by Japan says, "Science is clear: there are certain species of whales whose population is healthy enough to be harvested sustainably.'' While the Japanese proposal is supported by other traditional whaling countries, such as Iceland and Norway, it faces fierce opposition from countries such as Australia and Brazil, and the European Union, as well as from numerous environmental groups. Japan, which has pushed for an amendment to the ban for years, accuses the IWC of siding with anti-whaling nations rather than trying to reach a compromise between conservationists and whalers. Whale meat has been a a traditional…


DOE: US, Saudi Energy Ministers Meet in Washington 

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U.S. Energy Secretary Rick Perry met with Saudi Energy Minister Khalid al-Falih on Monday in Washington, the U.S. Energy Department said, as the Trump administration encourages big oil-producing countries to keep output high ahead of Washington’s renewed sanctions on Iran’s crude exports. Perry and Falih discussed the state of world oil markets, the potential for U.S.-Saudi civil nuclear cooperation and efforts to share technologies to develop “clean fossil fuels,” the department said in a statement. The Saudi Embassy in Washington did not immediately respond to a request for comment. Perry will also meet with Russian Energy Minister Alexander Novak, on Thursday in Moscow, a U.S. source and a diplomatic source said Sunday night. High oil prices are a risk for President Donald Trump and his fellow Republicans in Nov. 6…


Canada’s Freeland to Hold NAFTA Talks Tuesday as Time Runs Short

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Canadian Foreign Minister Chrystia Freeland will meet U.S. Trade Representative Robert Lighthizer in Washington on Tuesday for another round of talks to renew the NAFTA trade pact, an official said on Monday, as time runs short to seal a deal. Freeland spokesman Adam Austen did not give details. After more than a year of negotiations, Canada and the United States are still trying to resolve differences over the North American Free Trade Agreement, which also includes Mexico. U.S. officials say time is running out to agree on a text on which the current Congress can vote. Canadian officials say they are working on the assumption they have until the end of September. Freeland spent three days in Washington last week and said on Friday as she prepared to leave that…


Survey: Number of Americans Getting News on Social Media Slows

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About two-thirds of American adults say they occasionally get their news from social media, according to a survey released Monday by the Pew Research Center. The number is 1 percent more than last year, indicating a slowdown in the growth of news consumption on social media. Despite the popularity of social media, 57 percent said they expected the news they received on these platforms to be inaccurate. Republicans were far more negative than Democrats about social media news, with 72 percent saying they expect it to be inaccurate. Forty-six percent of Democrats and 55 percent of independents reported feeling the same. Pew surveyor Katerina Eva Matsa said this falls in line with years of research on political attitudes toward news media in general. "We've seen stark differences between Republicans and…


Creditors Warn Greece on Debt Relief as Inspectors Return

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Greece's lead creditor warned the country on Monday not to stray from reforms agreed upon before the end of its international bailout, as European monitors arrived to check the nation's finances. The five-day inspection is expected to focus on government promises over the weekend to offer tax relief as well as plans to scrap promised pension cuts that are due to take effect in 2019. Klaus Regling, managing director of the European Stability Mechanism, the eurozone's rescue fund, told Austria's Die Presse newspaper that Greece needed to stick to its commitments. `We are a very patient creditor. But we can stop debt relief measures that have been decided for Greece if the adjustment programs are not continued as agreed," he said. "The debt level appears to be frighteningly elevated. But…