S. Korea official: GM 0ffers $2.8B Investment in S.Korea Over 10 Years

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General Motors has proposed $2.8 billion of fresh investment into its South Korean operations over the 10 years as part of its plan to restructure the embattled unit, a South Korean senior government official said on Wednesday. The offer comes as the Detroit carmaker and the South Korean government discuss restructuring options at loss-making GM Korea, one of GM's largest offshore operations. The official with direct knowledge of the matter said GM had also asked South Korea to inject funds into GM Korea in which the country's state bank also holds a stake. However, the official added that a close look into GM's proposal was necessary to determine whether the investment plan was sufficient to rescue the unit, which directly employs some 16,000 workers. "We need to have a closer…


S. Korea’s Cryptocurrency Industry Welcomes Regulator’s Dramatic Change of Heart

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South Korea's cryptocurrency industry is anticipating much better times as the market regulator changes tack from its tough stance on the virtual coin trade, promising instead to help promote blockchain technology. The regulator said Tuesday that it hopes to see South Korea — which has become a hub for cryptocurrency trade — normalize the virtual coin business in a self-regulatory environment. "The whole world is now framing the outline [for cryptocurrency] and therefore [the government] should rather work more on normalization than increasing regulation," Choe Heung-sik, chief of South Korea's Finance Supervisory Service (FSS), told reporters. FSS has been leading the government's regulation of cryptocurrency trading as part of a task force. Cryptocurrency operators have drawn a new optimism from Choe's comments, seeing them clearly indicating the government's cooperation in…


S. Korea Signs Free Trade Deals With 5 Central America Countries

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South Korea said on Wednesday it is signing free trade agreements with five Central American nations aimed at boosting market access for the Korean auto sector and electronics makers. Trade minister Kim Hyun-chong will meet representatives from Costa Rica, El Salvador, Honduras, Nicaragua and Panama in Seoul on Wednesday to sign five separate bilateral pacts which will eliminate duties on about 95 percent of traded goods and services, Korea’s trade ministry said in an e-mailed statement. The agreements are subject to parliamentary approval in each country, and is likely to take effect at different times depending on the ratification process. The five trade pacts open South Korea to key Central American countries after its deals with the U.S., the European Union and China helped boost exports. “The South Korea-Central America…


Artificial Intelligence Poses Risks of Misuse by Hackers, Researchers Say

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Rapid advances in artificial intelligence are raising risks that malicious users will soon exploit the technology to mount automated hacking attacks, cause driverless car crashes or turn commercial drones into targeted weapons, a new report warns. The study, published on Wednesday by 25 technical and public policy researchers from Cambridge, Oxford and Yale universities along with privacy and military experts, sounded the alarm for the potential misuse of AI by rogue states, criminals and lone-wolf attackers. The researchers said the malicious use of AI poses imminent threats to digital, physical and political security by allowing for large-scale, finely targeted, highly efficient attacks. The study focuses on plausible developments within five years. "We all agree there are a lot of positive applications of AI," Miles Brundage, a research fellow at Oxford's…


Illicit Financial Flows Outpace Development in Africa, OECD Says

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Through medication and narcotics smuggling, ivory and people trafficking, oil theft and piracy, Africa is, by conservative estimates, losing about $50 billion a year in illicit financial flows — more, in fact, than it receives in official development assistance.  A report by the Paris-based Organization for Economic Cooperation and Development offers a bigger look at the illegal economy behind the losses and how African and richer nations can fight it. The OECD report zooms in on West Africa, and one sector in particular stands out. Catherine Anderson, who heads governance issues as the OECD, said 80 percent of illicit financial flows from West Africa are generated from the theft of natural resouces, principally oil. But West African countries aren't the only ones losing out from illicit flows, Anderson said. So are developed nations. Migrant trafficking,…


Fearing Tourist Drought, Cape Town Charts a New Relationship with Water

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When Markus Rohner flew into Cape Town's airport this month, he found an unexpected line at the men's washroom. With the city facing an unprecedented water shortage, airport authorities had turned off all the sink taps but one, leaving visitors to wait in line to wash their hands, under the watchful eye of a bathroom attendant. "In Johannesburg, there were a lot of jokes about the situation. People were saying to each other: 'Let's go to Cape Town for a dirty weekend,'" said Rohner, who visited both cities recently for his job as a sales and marketing director for a Swiss machinery manufacturer. Cape Town, which is battling to keep its taps flowing as reservoirs run close to dry following a three-year drought, declared a national disaster this month. Without…


Off-grid Power Pioneers Pour Into West Africa

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Standing by a towering equatorial forest, Jean-Noel Kouame’s new breeze-block house may be beyond the reach of Ivory Coast’s power grid, but it’s perfectly located for solar power entrepreneurs. Buoyed by success in East Africa, off-grid solar power startups are pouring into West Africa, offering pay-as-you-go kits in a race to claim tens of millions of customers who lack reliable access to electricity. At least 11 companies, including leading East African players such as Greenlight Planet, d.light, Off-Grid Electric (OGE), M-KOPE Solar, Fenix International and BBOXX, have moved into the region, most within the last two years. With a potential market worth billions of dollars, major European energy companies such as French utilities EDF and Engie are taking notice too. “It’s important to be there now, because the race has…


Macron’s State Reform Tsar Looks to Technology to Cut Red-Tape

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France is ready to invest in artificial intelligence, blockchain and data mining to "transform" its sprawling bureaucracy instead of simply trimming budgets and jobs, its administration reform tsar said. The 39-year old former telecoms executive whom President Emmanuel Macron has charged with reforming the public sector said he believed technology would win support from government employees and in the end produce less costly public services. Macron himself is coming under pressure from budget watchdogs and Brussels to spell out how he plans to cut 60 billion euros ($74 billion) in public spending and 120,000 public sector jobs to fulfill pledges made in his election campaign. Chatbots - software that can answer users' questions with a conversational approach - or algorithms helping the taxman to target potential tax evaders, were some…


Ceramic Body Armor Stronger Than Steel

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Kevlar body armor saves lives, and the high end vests can even stop armor piercing rounds. But that kind of protection comes at the cost of added heavy weight. A Czech Republic university is using ceramics that bring the weight of safety way down. VOA's Kevin Enochs reports. ...


How US Coal Deal Warms Ukraine’s Ties With Trump

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For the first time in Ukraine's history, U.S. anthracite is helping to keep the lights on and the heating going this winter following a deal that has also helped to warm Kyiv’s relations with President Donald Trump. The Ukrainian state-owned company that imported the coal told Reuters that the deal made commercial sense. But it was also politically expedient, according to a person involved in the talks on the agreement and power industry insiders. On Trump’s side it provided much-needed orders for a coal-producing region of the United States which was a vital constituency in his 2016 presidential election victory. On the Ukrainian side the deal helped to win favor with the White House, whose support Kyiv needs in its conflict with Russia, as well as opening up a new…


Brazil Gov’t Acknowledges Pension Bill Going Nowhere

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Brazil's political affairs minister Carlos Marun said on Monday that passage of a bill to overhaul the country's costly social security system has effectively ground to a halt in Congress and would become a campaign issue in this year's election. Marun spoke to reporters after the head of the Senate, Eunicio Oliveira, said the federal government's military intervention in Rio de Janeiro would, by the rules of the country's constitution, block any vote on pension reform or any other measure requiring a constitutional amendment. But Marun acknowledged what President Michel Temer's critics believe is the real reason for holding up a pension vote: the unpopular bill never gained enough support and the government faced certain defeat. "We don't have the votes. I couldn't guarantee we would have the votes by…


Latvia’s Banking Sector Rocked by US Probe, Central Bank Chief’s Detention

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Latvia's ABLV Bank sought emergency support Monday after U.S. officials accused it of helping breach North Korean sanctions while the country's central bank chief faced bribery allegations, turning up the spotlight on its financial system. The Baltic country, which is a member of the euro zone and shares a border with Russia, has come under increasing scrutiny recently as a conduit for illicit financial activities. Last year, two Latvian banks were fined more than 2.8 million euros ($3.26 million) for allowing clients to violate sanctions imposed by the European Union and United Nations on North Korea. Three others received smaller fines. ABLV said it had sought temporary liquidity support from the central bank after depositors withdrew 600 million euros, about 22 percent of total deposits, following a warning by the…


Officials: Aid Sector Must Innovate to Deliver Value for Money

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The humanitarian sector lacks creativity and must innovate to deliver more value for the money, officials said Monday, amid fears of a funding shortfall following the Oxfam sex scandal. Aid groups must make better use of technology — from cash transfer programs to drones — to improve the delivery of services, said a panel of government officials in London. "For far too long, when faced with a challenge, we've looked inward and crafted a solution that doesn't work for the communities we're meant to serve," said Mark Green, head of the United States Agency for International Development (USAID). "Be it in London or [Washington] D.C., we humanitarians are way behind in terms of creativity," he added. Green was speaking at an event hosted by the Overseas Development Institute, a think-tank,…


Riding a 270-kilogram Walking Robot

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Robotic wheelchairs are already available in some countries. But what if a disabled person needs to travel over a bumpy stretch of a road or climb stairs? A lab in South Korea is experimenting with a walking robot with a comfortable seat for a human operator. VOA’s George Putic has more. ...


Anti-Corruption Police Arrest Latvian Central Bank Chief

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Latvian Prime Minister Maris Kucinskis assured the country and Europe "there is no sign of danger," after anti-corruption police arrested the head of the Latvian central bank Saturday. "For now, neither I, nor any other official, has any reason to interfere with the work of the Corruption Prevention Bureau," Kucinskis said. Neither Kucinskis nor the police gave any reason why central bank governor Ilmars Rimsevics was arrested. But a police spokeswoman said there will be an announcement "as soon as possible." The Latvian government plans an emergency meeting Monday. Along with heading the Baltic nation's central bank, Rimsevics is also one of 19 governors on the European Central Bank. The U.S. Treasury Department has proposed sanctions against a major Latvian bank for alleged money laundering linked to North Korea's weapons…


US Commerce Department Urges Curbs on Steel, Aluminum Imports

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The Commerce Department is urging President Donald Trump to impose tariffs or quotas on aluminum and steel imports from China and other countries. Unveiling the recommendations Friday, Secretary Wilbur Ross said in the case of both industries “the imports threaten to impair our national security.” As an example, Ross said only one U.S. company now produces a high-quality aluminum alloy needed for military aircraft. Raise US capacity The measures are intended to raise U.S. production of aluminum and steel to 80 percent of industrial capacity. Currently U.S. steel plants are running at 73 percent of capacity and aluminum plants at 48 percent. Ross emphasized that the president would have the final say, including on whether to exclude certain countries, such as NATO allies, from any actions. China’s Commerce Ministry said…


Robot Drives Itself to Deliver Packages

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Delivery robots could one day be part of the landscape of cities around the world. Among the latest to be developed is an Italian-made model that drives itself around town to drop off packages. Since the machine runs on electricity, its developers say it is an environmentally friendly alternative to fuel powered delivery vehicles that cause pollution. VOA's Deborah Block has more. ...


Facebook Forges Ahead With Kids App Despite Expert Criticism

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Facebook is forging ahead with its messaging app for kids, despite child experts who have pressed the company to shut it down and others who question Facebook’s financial support of some advisers who approved of the app. Messenger Kids lets kids under 13 chat with friends and family. It displays no ads and lets parents approve who their children message. But critics say it serves to lure kids into harmful social media use and to hook young people on Facebook as it tries to compete with Snapchat or its own Instagram app. They say kids shouldn't be on such apps at all — although they often are. "It is disturbing that Facebook, in the face of widespread concern, is aggressively marketing Messenger Kids to even more children,” the Campaign For…


Massive Fraud at Indian State-Owned Bank Linked to Celebrity Jeweler

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The uncovering of one of the biggest frauds at a state-owned bank in India has rocked the country's financial sector and brought scrutiny to a billionaire jeweler who counted Hollywood stars among his customers. The nearly $1.8 billion fraud reported at India's second-largest state-owned bank is a blow to the government's efforts to revive the state-owned banking sector, which is already staggering under a mountain of bad debt. Nirav Modi, whose jewelry boutiques span high-end streets from Hong Kong to London to New York and whose diamonds have been worn by Hollywood stars such as Dakota Johnson and Kate Winslet, is being investigated for the fraudulent transactions. His brand ambassador is Bollywood star Priyanka Chopra, who has also carved a niche in the United States. The fraud, which officials say…


When Will Robots Work Alongside Humans?

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Most analysts and economists agree, robots are slowly replacing humans in many jobs. They weld and paint car bodies, sort merchandise in warehouses, explore underground pipes and inspect suspicious packages. Yet we still do not see robots as domestic help, except for robotic vacuum cleaners. Robotics experts say there is another barrier that robots need to cross in order to work alongside humans. VOA's George Putic reports. ...


Iraq’s PM Declares Country Open for Business

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Iraq's prime minister was in Kuwait this week, selling his country as a promising investment opportunity. After years of war and sectarian violence, Iraq is moving toward stability and wants to attract the private sector to help fund its $88 billion reconstruction and recovery effort. From the Kuwaiti capital, VOA's Margaret Besheer reports investors are interested. ...


Mexico, US Express Cautious Optimism on NAFTA Deal

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Top U.S. and Mexican officials on Thursday expressed cautious optimism that the North American Free Trade Agreement will be renegotiated, speaking ahead of the next round of trade talks later this month. Asked on local television whether it was more likely the $1.2 trillion trilateral trade pact would survive or die, Mexico's Foreign Minister Luis Videgaray said there was cause for optimism, though Mexico should be prepared for all eventualities. "We should be prepared for a future with or without NAFTA," he said. In Washington, U.S. Treasury Secretary Steven Mnuchin said it was a priority for the Trump administration to renegotiate NAFTA, declining to speculate on the consequences if the United States withdraws from talks. The seventh round of negotiations in Mexico City will take place Feb. 25 to March…


White House Blames Russia for ‘NotPetya’ Cyber Attack

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The White House on Thursday blamed Russia for the devastating "NotPetya" cyber attack last year, joining the British government in condemning Moscow for unleashing a virus that crippled parts of Ukraine's infrastructure and damaged computers in countries across the globe. The attack in June of 2017 "spread worldwide, causing billions of dollars in damage across Europe, Asia and the Americas," White House Press Secretary Sarah Sanders said in a statement. "It was part of the Kremlin's ongoing effort to destabilize Ukraine and demonstrates ever more clearly Russia's involvement in the ongoing conflict," Sanders added. "This was also a reckless and indiscriminate cyber attack that will be met with international consequences." The U.S. government is "reviewing a range of options," a senior White House official said when asked about the consequences…


EU Not Happy With Facebook, Twitter Consumer Rule Remedies

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The European Commission says social media giants Facebook and Twitter have only partially responded to its demands to bring their practices into line with EU consumer law.   The Commission asked the two companies a year ago to change their terms of service following complaints from people targeted by fraud or scams on social media websites.   The EU's executive arm said Thursday that the firms only partly addressed “issues about their liability and about how users are informed of possible content removal or contract termination.”   It said changes proposed by Google+ appear to be in line with demands.   Europe's consumer affairs commissioner, Vera Jourova, said “it is unacceptable that this is still not complete and it is taking so much time.” She called for those flouting consumer…