Indexes Point to Cooling Growth in China This Year 

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Growth in China’s manufacturing sector in February cooled to the weakest in more than 11/2 years, raising concerns of a sharper-than-expected slowdown in the world’s second biggest economy this year as regulators tighten the screws on financial risks. The weakness was driven by disruption to business activity by the Lunar New Year holidays and curbs to factory output from tougher pollution rules, but there are worries of a bigger loss in momentum. “Although a recovery looks possible in the short-run as the anti-pollution campaign winds down, the risk is still that the economy fares worse this year than is generally expected,” said Julian Evans-Pritchard, senior China Economist at Capital Economics. Index raises concern The official Purchasing Managers’ Index (PMI) released Wednesday fell to 50.3 in February, from 51.3 in January.…


US Proposes Anti-dumping Duties on Chinese Aluminum Foil

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The U.S. Commerce Department on Tuesday recommended raising import duties on Chinese-made aluminum foil it said is being sold at unfairly low prices due to improper subsidies to producers.   The ruling was praised by the Aluminum Association, a trade group that pressed the case and said cheap imports were threatening thousands of jobs.   Beijing faces complaints from the United States, European Union and other trading partners that a flood of Chinese aluminum, steel and other exports are being sold at unfairly low prices, threatening jobs abroad.   The Commerce Department said it concluded Chinese exporters were selling aluminum foil at 49 to 106 percent below fair value and were receiving unfair subsidies of 17 to 81 percent of the goods' value.   Importers will have to post cash…


Ford, Miami to Form Test Bed for Self-driving Cars

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Ford Motor Co. is making Miami-Dade County its new test bed for self-driving vehicles. The automaker and its partners — Domino's Pizza, ride-hailing company Lyft and delivery company Postmates — are starting pilot programs to see how consumers react to autonomous and semi-autonomous vehicles. Self-driving startup and Ford partner Argo AI already has a fleet of cars in the area making the highly detailed maps that are necessary for self-driving. Ford also will establish its first-ever autonomous vehicle terminal in Miami, where it will learn how to service and deploy its test fleet. More services will likely be introduced as the partnership goes on, including Chariot, an app-based shuttle service owned by Ford. It's all part of Ford’s effort to find viable business models for fully autonomous vehicles and get…


White House Reaches Informal Deal with Boeing for Air Force One

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U.S. President Donald Trump has reached an agreement with the Boeing Co to provide two Air Force One planes for $3.9 billion, the White House said on Tuesday. "President Trump has reached an informal deal with Boeing on a fixed-price contract for the new Air Force One Program," Deputy Press Secretary Hogan Gidley told Reuters. He said the contract will save taxpayers more than $1.4 billion, but those savings could not be independently confirmed. Trump has said Boeing's costs to build replacements for Air Force One aircraft - one of the most visible symbols of the U.S. presidency - were too high and urged the federal government in a tweet to "Cancel order!" The Boeing 747-8s are designed to be an airborne White House able to fly in worst-case security…


Fed’s Powell Nods to ‘Gradual’ Rate Hikes, Close eye on Inflation

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Federal Reserve Chairman Jerome Powell, pledging to “strike a balance” between the risk of an overheating economy and the need to keep growth on track, told U.S. lawmakers on Tuesday that the central bank would stick with gradual interest rate increases despite the added stimulus of tax cuts and government spending. Fed policymakers anticipate three rate increases this year, and Powell gave no indication in prepared remarks to the House Financial Services Committee that the pace needs to quicken even as the “tailwinds” of government stimulus and a stronger world economy propel the U.S. recovery. “The [Federal Open Market Committee] will continue to strike a balance between avoiding an overheating economy and bringing ... price inflation to 2 percent on a sustained basis,” Powell said in prepared remarks for his…


New Study Finds Diverse Audiences Drive Blockbusters

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Just as "Black Panther" is setting records at the box office, a new study finds that diverse audiences are driving most of the biggest blockbusters and many of the most-watched hits on television. UCLA's Bunche Center released its fifth annual study on diversity in the entertainment industry Tuesday, unveiling an analysis of the top 200 theatrical film releases of 2016 and 1,251 broadcast, cable and digital platform TV shows from the 2015-2016 season. Among its results: minorities accounted for the majority of ticket buyers for five of the top 10 films at the global box office, and half of ticket buyers for two more of the top 10. "There has been some progress, undeniably. Things are not what they were five years ago," said Darnell Hunt, director of the center,…


‘Disagree’ Banned on China Social Media

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Authorities in China have launched an intense crackdown on online commentary in the wake of a proposal by the country’s communist party leaders to amend the constitution and scrap a two-term limit on the president’s time in office. A wide range of phrases in Chinese have been banned such as “constitutional amendments,” “constitution rules,” “emigration” and “emperor.” Even the phrase “I disagree” has been blocked from China’s SinaWeibo social media site. Many were caught off guard by the announcement and the response online has been persistent, despite efforts to silence the debate. The announcement comes a little more than a week ahead of meetings for China’s rubber-stamp legislature, the National People’s Congress. During the gathering, which wraps up around mid-March, the proposal is widely expected to become China’s new reality. And…


Microsoft, Justice Department in Showdown Over Foreign-stored Data

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The U.S. Justice Department and Microsoft will face off against each other Tuesday when the Supreme Court hears arguments on whether tech companies’ desire to protect user data is at odds with the government’s interest in pursuing criminals who use the internet. The case, known as United States v. Microsoft Corp., has global implications and could potentially trigger an international backlash, subjecting Americans’ data to seizure by foreign governments, legal and digital rights experts warn. “The case is important for privacy, it’s important for security, it’s important for the future of the internet,” said Jennifer Daskal, a professor at American University Washington College of Law. At issue is whether a U.S.-based email provider can be forced, under the 1986 Stored Communications Act, to turn over communications stored outside the United…


Likely Centrist Brazil Presidential Contender Says He Would Sell Petrobras

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The governor of Sao Paulo and likely centrist presidential candidate Geraldo Alckmin said on Monday that he would privatize Brazil's state-run oil company Petroleo Brasileiro SA if he wins the elections in October. Alckmin, who has single digit support in opinion polls, said during a television interview with Band TV that he favored private ownership of Petrobras, as Brazil's biggest company is known, as long as the sale was conducted within a strict regulatory framework. Once a taboo issue in Brazilian politics because of national sovereignty concerns, the privatization of Petrobras is set to become a campaign issue this year as Brazil struggles to bring an unsustainable budget deficit under control. Brazil's left fiercely rejects the sale of Petrobras, but the leftist leader leading early opinion polls, former President Luiz…


Trump Org. Donates Foreign Profits, But Won’t Say How Much

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The Trump Organization said Monday it has made good on the president's promise to donate profits from foreign government spending at its hotels to the U.S. Treasury, but neither the company nor the government disclosed the amount or how it was calculated.   Watchdog groups seized on the lack of detail as another example of the secrecy surrounding President Donald Trump's pledges to separate his administration from his business empire.   "There is no independent oversight or accountability. We're being asked to take their word for it," said Noah Bookbinder, executive director of Citizens for Responsibility and Ethics in Washington. "Most importantly, even if they had given every dime they made from foreign governments to the Treasury, the taking of those payments would still be a problem under the Constitution."…


Greece Enters Final Round of Reform Talks With Creditors

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Greece entered a last round of reform talks with creditors Monday, just five months before the country's massive rescue program ends — and with the government and central bank publicly disagreeing on how to finance the nation after the bailout.   Government officials said the talks with representatives of Greece's European partners and the International Monetary Fund in Athens would cover privatizations and energy.   But the negotiations were upstaged by a continued spat between Greece's central bank governor, Yannis Stournaras, and the government over financing policies after the bailout runs out in August. The country will then have to raise money from international investors in bond markets — at a much higher rate than bailout creditors charge.   Stournaras repeated his argument that the government should consider setting up…


Cryptocurrency Newcomers Cope With Wild Swings

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After researching digital currencies for work last year, personal finance writer J.R. Duren hopped on his own crypto-rollercoaster. Duren bought $5 worth of litecoin in November, and eventually purchased $400 more, mostly with his credit card. In just a few months, he experienced a rally, a crash and a recovery, with the adrenaline highs and lows that come along. "At first, I was freaking out," Duren said about watching his portfolio plunge 40 percent at one point. "The precipitous drop came as a shock." The 39-year-old Floridian is part of the new class of crypto-investors who do not necessarily think bitcoin will replace the U.S. dollar, or that blockchain will revolutionize modern finance or that dentists should have their own currency. Dubbed by longtime crypto-investors as "the noobs" — online…


NASA Builds Atomic Clock for Deep-Space Navigation

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Only days after the spectacular liftoff of what is currently the heaviest space rocket, the privately built Falcon Heavy, NASA announced the next launch will carry a specially built atomic clock. The new device, much smaller and sturdier than earth-bound atomic clocks, will help future astronauts navigate in deep space. VOA’s George Putic reports. ...


French Farmers Heckle Macron at Agricultural Fair

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President Emmanuel Macron on Saturday faced heckles and whistles from French farmers angry with reforms to their sector, as he arrived for France's annual agricultural fair. For over 12 hours, Macron listened and responded to critics' rebukes and questions — only to return home to the Elysee Palace with an adopted hen. "I saw people 500 meters away, whistling at me," Macron said, referring to a group of cereal growers protesting against a planned European Union free-trade pact with a South American bloc, and against the clampdown on weedkiller glyphosate. "I broke with the plan and with the rules and headed straight to them, and they stopped whistling," he told reporters. "No one will be left without a solution," he said. Macron was seeking to appease farmers who believe they have no alternative…


Investor Warren Buffett: Good Deals Hard to Find on Wall Street

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Investor Warren Buffett says Wall Street’s lust for deals has prompted CEOs to act like oversexed teenagers and overpay for acquisitions, so it has been hard to find deals for Berkshire Hathaway. In his annual letter to shareholders Saturday, Buffett mixed investment advice with details of how Berkshire’s many businesses performed. Buffett blamed his recent acquisition drought on ambitious CEOs who have been encouraged to take on debt to finance pricey deals. “If Wall Street analysts or board members urge that brand of CEO to consider possible acquisitions, it’s a bit like telling your ripening teenager to be sure to have a normal sex life,” Buffett said. Berkshire is also facing more competition for acquisitions from private equity firms and other companies such as privately held Koch Industries. Sticking with…


Australia Failing to Curb Corruption, Global Survey Finds

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Australia appears to be failing in its efforts to crack down on bribery, according to the latest survey conducted by Transparency International, a non-governmental organization based in Germany. The group said developed countries - including Australia - appeared to be lagging in their efforts to combat corruption in the public sector.  It pointed to an inadequate regulation of foreign political donations in Australia, conflicts of interest in planning approvals, revolving doors and improper industry lobbying in large-scale mining projects.   While Australia's ranking is unchanged - it remains ranked 13th out of 180 countries - its corruption score has slipped eight points since the index started in its current form in 2012. Concern about Australia's ranking comes as debate continues about the need for a nationwide anti-corruption body similar to…


More US Companies End Marketing Programs With National Rifle Association

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Three more companies say they have ended marketing programs with the National Rifle Association (NRA), as gun control advocates stepped up pressure on firms to cut ties to the gun industry following last week’s school shooting in Florida. Activists have posted petitions online, identifying businesses that offer discounts to NRA members, in a push to pressure the companies to cut ties to the gun rights organization. Corporations that ended their discount programs with NRA members on Friday included insurance company MetLife, car rental company Hertz, and Symantec Corp., the software company that makes Norton Antivirus technology. The move comes after several other companies cut their ties to the NRA earlier this week, including car rental company Enterprise, First National Bank of Omaha, Wyndham Hotels and Best Western hotels. The NRA…


AP Fact Check: Toughest Sanctions on North Korea Ever? Not Likely

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The heaviest, the largest, the most impactful —  those were the superlatives the Trump administration used to describe its latest sanctions against North Korea. But were the Treasury Department designations of more than 50 companies and ships accused of illicit trading with the pariah nation really the toughest action yet by the U.S. and the wider world? Probably not. Here's a look at how President Donald Trump and a top lieutenant described Friday's sanctions to punish the North for its development of nuclear weapons and ballistic missiles — and how they stack up against past economic restrictions that have been piled on Kim Jong Un's government in response to its illegal weapons tests. Treasury Secretary Steven Mnuchin: "The Treasury Department is announcing the largest set of sanctions ever imposed in…


With Rates Still Low, Fed Officials Fret Over Next US Recession

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Federal Reserve policymakers fretted on Friday that they could face the next U.S. recession with virtually the same arsenal of policies used in the last downturn and, with interest rates still relatively low, those will not pack the same punch. In the midst of an unprecedented leadership transition, Fed officials are publicly debating whether to scrap their approach to inflation targeting, how much of its bond portfolio to retain, and how much longer they can raise interest rates in the face of an unexpectedly large boost from tax cuts and government spending. After years of near-zero rates and $3.5 trillion in bond purchases all meant to stimulate the economy in the wake of the 2007-09 recession, the Fed has gradually tightened policy since late 2015. Its key rate is now in the range of 1.25 to 1.5 percent, and while the Fed plans to…


EU Leaders Draw Up Battle Lines for Post-Brexit Budget

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European Union leaders staked out opening positions Friday for a battle over EU budgets that many conceded they are unlikely to resolve before Britain leaves next year, blowing a hole in Brussels' finances. At a summit to launch discussion on the size and shape of a seven-year budget package to run from 2021, ex-communist states urged wealthier neighbors to plug a nearly 10 percent annual revenue gap being left by Britain, while the Dutch led a group of small, rich countries refusing to chip in any more to the EU. Germany and France, the biggest economies and the bloc's driving duo as Britain prepares to leave in March 2019, renewed offers to increase their own contributions, though both set out conditions for that, including new priorities and less waste. Underlining…


Stocks Rally as Fed Eases Rate Worry, Tech Climbs

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U.S. stocks rallied on Friday, lifted by gains in technology stocks and a retreat in Treasury yields as the Federal Reserve eased concerns about the path of interest rate hikes this year. The U.S. central bank, looking past the recent stock market sell-off and inflation concerns, said it expected economic growth to remain steady and saw no serious risks on the horizon that might pause its planned pace of rate hikes. Investors largely expect the Fed to raise rates three times this year, beginning with its next meeting in March, the first under new Chair Jerome Powell. Traders currently see a 95.5 percent chance of a quarter-percentage-point hike next month, according to Thomson Reuters data. "Certainly bond yields pulling back today is helpful for stocks, at least for the short…


‘Sooner, Faster, Now’ — the Companies Surfing the E-Commerce Wave

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Amazon's assault on the retail industry has brought misery to traditional retailers without a strong web presence. Less well noticed is the patchwork of European companies that are turning the e-commerce revolution to their advantage, supplying online giants with everything from forklift trucks and storage space to cardboard boxes and automated warehouses. Mainly bricks-and-mortar retailers such as Debenhams, H&M, and Marks & Spencer have faced a torrid few years as stretched consumers increasingly look online for bargains. Online retail sales are growing at double-digit percentage rates in every western European country, according to consultancy the Centre for Retail Research. In Britain, a fifth of transactions are now conducted online, a five-fold increase over the last decade. The world's dominant online retailer Amazon, whose shares have soared 73 percent in the last…


Report: Trump, Officials to Discuss Changes to Biofuels Policy

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U.S. President Donald Trump has called a meeting early next week with key senators and Cabinet officials to discuss potential changes to biofuels policy, which is coming under increasing pressure after a Pennsylvania refiner blamed the regulation for its bankruptcy, according to four sources familiar with the matter. The meeting comes as the oil industry and corn lobby clash over the future of the Renewable Fuel Standard (RFS), a decade-old regulation that requires refiners to cover the cost of mixing biofuels such as corn-based ethanol into their fuel. Trump’s engagement reflects the high political stakes of protecting jobs in a key electoral state. Oil refiner Philadelphia Energy Solutions (PES), which employs more than 1,000 people in Philadelphia, declared bankruptcy last month and blamed the regulation for its demise. Oil, farm…


Defense Officials Support Targeted Steel Tariffs

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The U.S. Defense Department supports moves by the Commerce Department to impose tariffs on steel and aluminum imports, although it would prefer a system of targeted tariffs rather than a global quota or a global tariff. The Commerce Department on Feb. 16 recommended that President Donald Trump impose steep curbs on steel imports from China and other countries and offered the three options to the president, who has yet to make a decision. The Defense Department said in a statement issued Thursday that it was concerned about the potential impact on U.S. allies of the proposed measures and said that was the reason it preferred targeted tariffs. It recommended that while the tariffs on steel should proceed, the administration should wait before pressing ahead with the measures on aluminum. “The…


Saudis Promised Double the Fun in Drive to Lure Back Tourist Dollars

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Saudi Arabia will stage more than 5,000 shows, festivals and concerts in 2018, double the number of last year, as it tries to shake off its conservative image in a drive to keep tourist dollars at home and lure in visitors. The state wants to capture up to a quarter of the $20 billion currently spent overseas every year by Saudis seeking entertainment, lifting a ban on cinemas and putting on shows by Western artists. U.S. rapper Nelly performed in Jeddah in December, albeit to a men-only crowd, and Greek musician Yanni played to a mixed-gender audience. The gradual relaxing of gender segregation risks causing a backlash from religious conservatives, but public objections to a wider program of reforms have been more muted in recent months after several critics were…


US Companies Urged to Issue ‘Clearer’ Cyber Risk Disclosures

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The U.S. Securities and Exchange Commission on Wednesday updated guidance to public companies on how and when they should disclose cybersecurity risks and breaches, including potential weaknesses that have not yet been targeted by hackers. The guidance also said company executives must not trade in a firm's securities while possessing nonpublic information on cybersecurity attacks. The SEC encouraged companies to consider adopting specific policies restricting executive trading in shares while a hack is being investigated and before it is disclosed. The SEC, in unanimously approving the additional guidance, said it would promote "clearer and more robust disclosure" by companies facing cybersecurity issues, according to SEC Chairman Jay Clayton, a Republican. Democrats on the commission reluctantly supported the guidance, describing it as a paltry step taken in the wake of a…


To Get a Ride, Uber Says Take a Walk

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The latest variation of an Uber ride will require a short walk. In eight U.S. cities, the ride-hailing company is rolling out a service called "Express Pool," which links riders in the same area who want to travel to similar destinations. Once linked, riders would need to walk a couple of blocks to be picked up at a common location. They also would be dropped off at a site that would be a short walk from their final destinations. Depending on time of day and metro area, Express Pool could cost up to 75 percent less than a regular Uber ride and up to half the cost of Uber's current shared-ride service called Pool, said Ethan Stock, the company's product director for shared rides. Pool, which will remain in use,…