Experts: More Stock Volatility Ahead, but No Reason to Panic

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It's been a tough week on Wall Street. The Dow Jones Industrial average closed more than 300 points higher Friday, after plunging more than 1,000 points the day before, the second steepest decline in history. The biggest dive happened Monday when the blue chip index fell more than 1,100 points. It's enough to make even the most experienced investors swoon. But does this mean the end of the nine-year bull market? Is it time to worry? Mil Arcega spoke with economic analysts to get some answers. ...


Ride-Sharing Uber and Self-Driving Car Firm Waymo Settle Legal Battle

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Ride-sharing giant Uber and the self-driving car company Waymo have agreed to settle their legal battle over allegedly stolen trade secrets. The surprise agreement Friday came as lawyers for the companies prepared to wrap up the first week of the case’s jury trial in San Francisco, California. As part of the agreement, Uber will pay $245 million worth of its own shares to Waymo. Waymo sued Uber last year, saying that one of its former engineers who later became the head of Uber’s self-driving car project took with him thousands of confidential documents. After the lawsuit was filed, Uber fired the employee and fell behind on its plans to roll out self-driving cars in its ride-sharing service. Waymo, a company hatched from Google, says the settlement also includes an agreement…


Russians Held for ‘Mining Bitcoin’ At Top Nuclear Lab

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Engineers at Russia's top nuclear research facility have been detained after they attempted to mine bitcoin on its computers, Russian news agencies reported Friday. Several employees at the Russian Federal Nuclear Center in the city of Sarov have been detained after making "an attempt to use the work computing facilities for personal ends, including for so-called mining," a spokeswoman for the center, Tatiana Zalesskaya, told Interfax news agency. "Their activities were stopped in time," she added. "The bungling miners have been detained by the competent authorities. As far as I know, a criminal case has been opened regarding them," she added, without saying how many were detained. The center is overseen by Rosatom, the Russian nuclear agency, and works on developing nuclear weapons. Such attempts "at our enterprises will be…


US Stocks Slump After Opening Higher in Last Trading Session of Turbulent Week

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U.S. stocks slumped Friday afternoon after opening higher in the last trading session of a turbulent week in which the Dow Jones industrial average and the Standard & Poor's 500 Index plunged into correction territory for the first time in two years. The Dow, the more broad-based S&P 500 and the technology-laden NASDAQ composite were all about one percent lower in afternoon trading. Earlier Friday, global stock indexes closed out the week in negative territory, deepening the weeklong sell-off. France's CAC 40 Index fell 1.2 percent, Britain's FTSE 100 Index lost seven-tenths of one percent and Germany's DAX finished 1.2 percent lower. Asian benchmarks fell more sharply. China's Shanghai Composite Index plummeted 4 percent, Tokyo's Nikkei 225 retreated 2.3 percent and Hong Kong's Hang Seng Index lost just over 3…


Kenya’s Flower Producers Eye US Market

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Kenya's cut-flower industry has blossomed since the 1980s, and now holds the biggest market share for exports to Europe. Kenya's flower producers are hoping direct flights set to open between Nairobi and New York City could help them put down roots in a new market — the United States. On the cutting floor of a factory in Naivasha, about a hundred workers dressed in red smocks stand at sorting tables, some with blades at the ready. The remnants of their work lay scattered about on the gray cement floor.  Naivasha is Kenya's floriculture heartland and workers at Van den Berg Kenya are trimming, packing and refrigerating bundles of roses.  With Valentine's Day just around the corner, this is the busiest time of year for flower growers in Kenya — the…


US Stocks Fall on Concern of Rising Rates, Inflation

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U.S. stocks tumbled again Thursday as investors continued to fret about the possibility of rising inflation and higher interest rates.  For the second time in four days, the Dow Jones industrial average sank more than 1,000 points, or 4.2 percent, to end Thursday day at 23,860. The Standard and Poor's Index, the benchmark for many index funds, also shed 100.66 points, or 3.8 percent, to close at 2,581. It last hit that low in mid-November. The two indexes have dropped 10 percent from their all-time highs, set on January 26. That means they are in what is known on Wall Street as a "correction," fueled by fears that a long stretch of low interest rates and tame inflation, which helped driven up stock prices, might be coming to an end. As…


Twitter Turns First Profit, But Problems Remain

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Twitter says it had first quarterly profit in history and returned to revenue growth in the fourth quarter.   Its stock increased in pre-market trading Thursday.   Though the results beat Wall Street's cautious expectations, they don't solve the company's broader problems.   It's been dealing with abuse, fake accounts and attempts by Russian agents to spread misinformation. The troubles have been compounded by stagnant user growth.   And with a prominent executive leaving shortly, and the CEO splitting its time with another company, Twitter's now facing questions about just who is minding the store.   Twitter has said it's dealing with the problems. The company has introduced a slew of new measures to weed out abusive accounts. Still, critics say the company is playing whack-a-mole with its problems, with…


China’s January Exports, Imports Surge; US Trade Deficit Grows

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China’s export growth accelerated in January amid mounting trade tension with Washington while imports surged as factories stocked up ahead of the Lunar New Year holiday. Exports rose 11.1 percent compared with a year earlier to $200.5 billion, up from December’s 10.9 percent growth, trade data showed Thursday. Imports surged 36.9 percent to $180.1 billion, up from the previous month’s 4.5 percent. China’s politically sensitive trade surplus with the United States widened by 2.3 percent from a year ago to $21.9 billion, while its global trade gap narrowed by 60 percent to $20.3 billion. “Export growth remained robust in January, indicating steady global demand momentum,” said Louis Kuijs of Oxford Economics in a report. “While we expect the favorable external setting to continue to support China’s exports, rising U.S.-China trade…


Dutch Bank to Pay $369 Million in Drug Cartel Money-Laundering

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Dutch lender Rabobank’s California unit agreed Wednesday to pay $369 million to settle allegations that it lied to regulators investigating allegations of laundering money from Mexican drug sales and organized crime through branches in small towns on the Mexico border. The subsidiary, Rabobank National Association, said it doesn’t dispute that it accepted at least $369 million in illegal proceeds from drug trafficking and other activity from 2009 to 2012. It pleaded guilty to one count of conspiracy to defraud the United States for participating in a cover-up when regulators began asking questions in 2013. The penalty is one of the largest U.S. settlements involving the laundering of Mexican drug money, though it’s still only a fraction of the $1.9 billion that Britain’s HSBC agreed to pay in 2012. It surpasses…


International Aid Group, Intel to Launch Job Training Program for Refugees in Germany   

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The International Rescue Committee has announced Project Core — a $1 million job training program for refugees in Germany. The IRC is collaborating with computer giant Intel to to equip at least 1,000 migrants with “critical skills in information and communications technology and other in-demand sectors of the German economy.” “It is exciting and encouraging to see that opportunities are being extended to refugees living in the country,” IRC President David Miliband said.  He thanked Intel for its cooperation and commitment. “The work we will do together epitomizes the power of partnerships to develop the right solutions and create meaningful impact,” Miliband said. The IRC says more than 1.5 million refugees have arrived in Germany since 2015, seeking asylum from war, terrorism, poverty, and little hope their lives will get…


Aid Group Launches Job Training Program for Refugees in Germany

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The International Rescue Committee on Wednesday announced the creation of Project Core, a $1 million job training program for refugees in Germany. The IRC said it would collaborate with computer giant Intel to equip at least 1,000 migrants with "critical skills in information and communications technology and other in-demand sectors of the German economy." "It is exciting and encouraging to see that opportunities are being extended to refugees living in the country," IRC President David Miliband said.  He thanked Intel for its cooperation and commitment. "The work we will do together epitomizes the power of partnerships to develop the right solutions and create meaningful impact," he said. The IRC said more than 1.5 million refugees had arrived in Germany since 2015, seeking asylum from war, terrorism and poverty, and having little hope their…


Report: Social Media Surveillance Unfairly Targeted Muslims

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A social media monitoring tool used by the Boston Police Department to identify potential threats swept up the posts of people using the hashtag #MuslimLivesMatter and a lawmaker's Facebook update about racial inequality, according to a report released Wednesday by the American Civil Liberties Union of Massachusetts. The ACLU says in a report based on documents obtained through a public records request that the police department's use of Geofeedia to mine the internet appears to have had little benefit to public safety while unfairly focusing on groups such as Muslims. Boston police say the ACLU's conclusions are misguided and that the program helped police successfully monitor events that could lead to demonstrations or crowds and threaten security. "Our main focus in all of this is public safety, not targeting speech,…


Wall Street Rollercoaster Continues

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The rollercoaster ride continued in financial markets Tuesday, with sharp swings rocking major indexes from Asia, Europe and North America. The volatility intensified just a day after the steepest drop on Wall Street on Monday, after the Dow Jones Industrial index plunged nearly 1,200 points. But if the sharp sell-off came as a shock to some, analysts who spoke with VOA say it's a shock many had been anticipating for some time. Mil Arcega explains. ...


Soaring Agave Prices Give Mexican Tequila Makers a Headache

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In the heartland of the tequila industry, in Mexico's western state of Jalisco, a worsening shortage of agave caused by mounting demand for the liquor from New York to Tokyo has many producers worried. The price of Agave tequilana, the blue-tinged, spiky-leaved succulent used to make the alcoholic drink, has risen six-fold in the past two years, squeezing smaller distillers' margins and leading to concerns that shortages could hit even the larger players. In front of a huge metal oven that cooks agave for tequila, one farmer near the town of Amatitan said he had been forced to use young plants to compensate for the shortage of fully grown agave, which take seven to eight years to reach maturity. He asked not to be identified because he did not want…


Peru Defends China as Good Trade Partner After US Warnings

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Peru’s trade minister defended China as a good trade partner on Tuesday, after U.S. Secretary of State Rex Tillerson warned Latin American countries against excessive reliance on economic ties with the Asian powerhouse. Eduardo Ferreyros said Peru’s 2010 trade liberalization deal with China had allowed the Andean nation of about 30 million people to post a $2.74 billion trade surplus with Beijing last year. “China is a good trade partner,” Ferreyros told foreign media, as Tillerson met with President Pedro Pablo Kuczynski in Lima, a stop on Tillerson’s five-nation Latin American tour. “We're happy with the results of the trade agreement.” The remarks were the Peruvian government’s first signal since Tillerson’s warning that it does not share Washington’s concerns about growing Chinese influence in the region. Before kicking off his…


Second Man Undergoes Gene Editing; Therapy Has No Safety Flags So Far

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A second patient has been treated in a historic gene editing study in California, and no major side effects or safety issues have emerged from the first man's treatment nearly three months ago, doctors said Tuesday. Gene editing is a more precise way to do gene therapy, and it aims to permanently change someone's DNA to try to cure a disease. In November, Brian Madeux, 44, became the first person to have gene editing inside the body for a metabolic disease called Hunter syndrome that's caused by a bad gene. Through an IV, he received many copies of a corrective gene and a genetic tool to put it in a precise spot in his DNA. "He's doing well and we were approved to go ahead with the second patient, who also…


US Stocks Seesaw Wildly After Day of Record Losses

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U.S. stock prices fluctuated wildly Tuesday after regaining ground following a sharply lower open on the heels of selloffs earlier in the day in Asia and Europe. The volatility continued unabated one day after The Dow Jones Industrial Average shed the most points in one day in its more than 120-year history. The Dow fell 530 points at the market open and the more broad-based Standard & Poors 500 Index (S&P 500) tumbled 1.3 percent. The technology heavy Nasdaq Composite Index dropped 1.1 percent. Earlier Tuesday, Asia's benchmark stock indexes collapsed, as Monday's massive selloffs on Wall Street rolled across the globe. Japan's Nikkei 225 index lost as much seven percent of its value at one point during the trading session, before closing at 21,610 points, a loss of nearly…


Following Foreign Trash Ban, China Fights Its Own Waste War

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China's decision last month to ban the import of certain types of waste and crack down on "foreign garbage" has had a ripple effect worldwide, forcing countries to quickly rethink their waste strategies. That includes China, where its own fight against recycled waste has only just begun, analysts say. Prior to the ban, China was the final resting place for about half of the globe's metal, plastic and paper recyclables. But in an effort to protect the environment and public health, Chinese authorities have banned the import of 24 categories of solid waste, sending shock waves through the international waste processing industry. In the wake of the ban, most developed countries including Britain, the United States and Australia are grappling with a growing mountain of unprocessed rubbish and trying to…


US Trade Gap Hits $566 Billion in 2017, Highest Since 2008

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The U.S. trade deficit hit the highest level in nine years in 2017, defying President Donald Trump's efforts to bring more balance to America's trade relationships.   The Commerce Department said Tuesday that the trade gap in goods and services rose to $566 billion last year, the highest level since $708.7 billion in 2008. Imports set a record $2.9 trillion, swamping exports of $2.3 trillion.   The U.S. ran an $810 billion deficit in the trade of goods and a $244 billion surplus in services such as banking and education.   The goods deficit with China hit a record $375.2 billion in 2017, and the goods gap with Mexico rose to $71.1 billion. Trump has sought to reduce the deficits with China and Mexico. His administration is weighing whether to…


Robots Replacing Workers is Nothing New

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What does the not-so-distant future look like when an increasing number of robots enters the workforce? What types of jobs will they do and would you be replaced by a robot? VOA’s Elizabeth Lee spoke to experts in the field of robotics at the Consumer Electronics Show earlier this year for the answer. ...


Glasses Capture 360 Video From Wearer’s Perspective

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Imagine putting on a pair of glasses and immediately being able to record 360-degree video, hands free, regardless of what you are doing. It will soon be possible with glasses made by Orbi. “We’re making the first 360-degree video recording eyewear,” said Adil Suranchin, chief of operations at Orbi, a company headquartered in Berkeley, California, with its software team in Russia and with hardware developed in Taiwan, Japan, China and Canada. Pair of glasses, four lenses The glasses have a built-in camera with four lenses, two in front and two in the back. The result is 4K resolution immersive video. The glasses allow video to be recorded from the user’s perspective. “You put them on, press the button, and you can say goodbye to all the mounts and rigs and…


Venezuela Announces 99.6 Percent Devaluation of Official Forex Rate

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Venezuela's central bank on Monday announced a devaluation of more than 99 percent of its official exchange rate with a new foreign exchange platform. The central bank said the first auction of its new DICOM system yielded an exchange rate of 30,987.5 bolivars per euro, equivalent to around 25,000 per dollar. That is a devaluation of 86.6 percent with respect to the previous DICOM rate and 99.6 percent from the subsidized rate of 10 bolivars per dollar, which was eliminated last week. The new rate is still dwarfed by the black market rate for greenbacks, currently at 228,000 bolivars per dollar according to website DolarToday, which is used as a reference. Venezuela is undergoing a major crisis, with quadruple-digit inflation and shortages of food and medicine. Economists consistently describe the…


UN: US Tax Overhaul May Drain $2 Trillion From Foreign Projects

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U.S. President Donald Trump's tax reform could bring almost $2 trillion back to the United States as U.S. firms repatriate cash piles from foreign affiliates, a U.N. report said Monday. Ending the incentive to hoard cash overseas could produce a stimulus effect in the United States, and Trump has credited the tax reform with spurring a $350 billion investment plan by Apple. "Now is the perfect time to bring your business, your jobs, and your investments to the United States of America," Trump told the World Economic Forum in Davos last month. The reform ends a system whereby companies defer tax on foreign earnings until the funds are repatriated. Instead it treats those earnings as if they were being repatriated, with an 8 percent tax on non-cash assets and a…


Wall St. Plunges, Dow Erases 2018’s Gains

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U.S. stocks plunged in highly volatile trading on Monday, with both the S&P 500 and Dow Industrials indices slumping more than 4.0 percent, as the Dow notched its biggest intraday decline in history with a nearly 1,600-point drop and Wall Street erased its gains for the year. The declines for the benchmark S&P500 index and the Dow Jones Industrial Average were the biggest single-day percentage drops since August 2011, a period of stock-market volatility marked by the downgrade of the United States' credit rating and the eurozone debt crisis, as a pullback from record highs deepened. The question now for investors, who have ridden a nearly nine-year bull run, is whether this is the long-awaited pullback that paves the way for stocks to again keep rising after finding some value,…


US Regulators to Back More Oversight of Digital Currencies

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Digital currencies such as bitcoin demand increased oversight and may require a new federal regulatory framework, the top U.S. markets regulators will tell lawmakers at a hotly anticipated congressional hearing on Tuesday. Christopher Giancarlo, chairman of the Commodity Futures Trading Commission, and Jay Clayton, chairman of the Securities and Exchange Commission, will provide testimony to the Senate Banking Committee amid growing concerns globally over the risks virtual currencies pose to investors and the financial system. Giancarlo and Clayton will say current state-by-state licensing rules for cryptocurrency exchanges may need to be reviewed in favor of a rationalized federal framework, according to prepared testimony published on Monday. Reporting by Michelle Price. ...


Israeli Entrepreneurs Invest in Tech Startups

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Five years ago, Israeli investor Jon Medved started OurCrowd, a business that lets people buy into some of the newest and most innovative tech startups in the world. Some of the most innovative new products were on display at the recent investor summit. VOA’s Kevin Enochs reports. Faith Lapidus narrates. ...