Chinese Entrepreneur Rescinds Offer to Create 1 Million US Jobs

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Chinese technology billionaire Jack Ma has rescinded his offer to create 1 million new jobs in the United States, saying it is no longer possible with the escalation of trade disputes between the world's two biggest economies. The Alibaba chief made the U.S. jobs pledge to then-President-elect Donald Trump in January 2017 at Trump Tower in New York, just before Trump assumed power. The prospective U.S. leader declared, "Jack and I are going to do some great things." But in an interview published late Wednesday by Xinhua, China's official news agency, Ma said tit-for-tat tariffs imposed by Washington and Beijing, including new levies this week on billions of dollars of trade between China and the U.S., have scuttled his investment plans in the U.S.. "This promise was on the basis…
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Canada Wants to See Flexibility in NAFTA Talks With US

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Canada said on Wednesday that it would need to see movement from the United States if the two sides are to reach a deal on renewing NAFTA, which Washington insists must be finished by the end of the month. Although the administration of U.S. President Donald Trump and its allies are increasing pressure on Canada to make the concessions they say are needed for the North American Free Trade Agreement, Canadian Prime Minister Justin Trudeau made clear he also wanted to see flexibility. "We're interested in what could be a good deal for Canada but we're going to need to see a certain amount of movement in order to get there and that's certainly what we're hoping for," he told reporters in Ottawa. Shortly afterwards, Canadian Foreign Minister Chrystia Freeland…
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Kenya’s Finance Minister Cuts Spending, Money Transfer Taxes to Rise

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Kenya's Finance Minister Henry Rotich has cut the government's spending budget by 55.1 billion shillings ($546.90 million), or 1.8 percent, for the fiscal year from July this year, a Treasury document showed on Wednesday. The government is facing a tough balancing act after a public outcry over a new 16 percent value added tax on all petroleum products forced President Uhuru Kenyatta to suggest to parliament to keep the VAT and cut if by half. In the document detailing the new spending estimates, Rotich said the budget had to be adjusted because of the amendments to tax measures brought by lawmakers when they first debated it and passed it last month. The proposed halving of the VAT rate on fuel has left the government with a funding shortfall, hence the…
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Amazon’s Use of Merchant Data Under EU Microscope

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EU regulators are quizzing merchants and others on U.S. online retailer Amazon's use of their data to discover whether there is a need for action, Europe's antitrust chief said on Wednesday. The comments by European Competition Commissioner Margrethe Vestager came as the world's largest online retailer faces calls for more regulatory intervention and even its potential break-up because of its sheer size. Vestager said the issue was about a company hosting merchants on its site and at the same time competing with these same retailers by using their data for its own sales. "We are gathering information on the issue and we have sent quite a number of questionnaires to market participants in order to understand this issue in full," Vestager told a news conference. "These are very early days…
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Critics Skewer Venezuelan President Over Feast as Country Starves

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Videos of Venezuelan President Nicolas Maduro feasting on steaks at an upscale restaurant have sparked worldwide outrage on behalf of the poverty-stricken people of his country. One video show celebrity chef Nusret Gokce, also known as "Salt Bae," carving meat for the president and his wife, Cilia Flores, at the Nusr-Et restaurant in Istanbul, where each cut of meat can cost hundreds of dollars. Florida Senator Marco Rubio slammed the chef who was filmed with the "dictator," who was shown eating "a five-star gourmet meal, smoking fine cigars while the people of Venezuela are literally starving." "It’s an outrage, disgusting ... this is a man starving human beings and [Salt Bae] is celebrating him as some sort of hero – I got pissed,” Rubio told the Miami Herald on Tuesday.…
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Mexico’s Next Anti-money Laundering Czar Vows Action After ‘Shameful’ Odebrecht

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Mexico's incoming financial intelligence chief said it was "shameful" how little had been done about bribes that Brazilian construction firm Odebrecht executives said were paid to secure Mexican public works contracts, and vowed to reexamine the case once in office. Santiago Nieto will head the finance ministry's Financial Intelligence Unit, which analyzes suspicious financial records, once the new leftist government takes office on Dec. 1. He said in an interview last week that the unit had been misused for political ends, without elaborating. "It's shameful that Mexico and Venezuela are the only countries in Latin America that haven't sanctioned anyone," he said of the Odebrecht case, which is at the heart of Brazil's Lava Jato, or Car Wash, corruption investigation that has reverberated across the region in recent years. "In…
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Audi Launches Electric SUV in Tesla’s Backyard

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German luxury car brand Audi this week staged the global launch of a new electric sport utility vehicle on the home turf of rival Tesla, and highlighted a deal with Amazon.com Inc. to make recharging its forthcoming e-tron models easier. The Audi e-tron midsize SUV will be offered in the United States next year at a starting price of $75,795 before a $7,500 tax credit. It is one of a volley of electric vehicles coming from Volkswagen AG brands, as well as other European premium brands including Daimler-owned Mercedes-Benz, BMW, Volvo Cars and Jaguar Land Rover. All aim to expand the market for premium electric vehicles and also to grab a share of that market from Palo Alto, Calif.-based Tesla, which has had the niche largely to itself. "I want…
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Ukrainians Relive Bloodshed of Kyiv’s Maidan in Virtual Reality

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A volunteer medic and the man whose life he saved. A lawmaker whose Facebook post calling for protests in Kyiv's Maidan square helped bring down a president. These are some of the characters featured in a virtual reality reconstruction of the bloodiest day in the 2013-14 street demonstrations in Ukraine, when dozens of protesters were killed in the final moments of Viktor Yanukovich's rule. Ahead of the fifth anniversary of the protests, a group of 14 journalists, designers and information technology engineers developed a program that lets a user to walk through the area around Maidan square. Videos of people who were there on Feb. 20 — the bloodiest day of violence — pop up to relate their experiences and explain the significance of particular spots. A transparent blue wall marks where…
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China Prepares Retaliation for $200 Billion in US Tariffs

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China says it has no choice but to retaliate to U.S. President Donald Trump's 10 percent tariffs on $200 billion in Chinese goods, risking a further escalation of trade tensions between the world’s two biggest economies.   In a brief statement posted online Tuesday, China’s Commerce Ministry said, "To protect its legitimate rights and interests and order in international free trade, China is left with no choice but to retaliate simultaneously."   The statement did not say how China might respond. China has previously said it would respond with a list of tariffs that includes products from liquified natural gas to aircraft.  On Monday, the Communist Party backed Global Times newspaper warned that if Trump went ahead with the tariffs, China would not just play defense.   At about the…
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Africa’s Youth Population, Poverty Spur Gates Foundation’s Giving

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Africa has the globe's fastest-growing youth population as well as 10 of the poorest countries, a volatile combination that warrants making it "the world's most important priority for the foreseeable future." The Bill & Melinda Gates Foundation lays out that argument in its second annual report on progress toward sustainable development goals set by the United Nations for 2030. This Goalkeepers Data Report, released Tuesday, urges targeting Africa with the same kind of investment intensity that lifted once-poor China and India into the ranks of middle-income nations. Sixty percent of Africans are younger than 24, numbers that Melinda Gates emphasized in a phone interview earlier this month with VOA's English to Africa Service. "If the world makes the right investments in health and nutrition and education," she said, it could…
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ADB Ramps Up Pacific Presence as Aid Donors Jostle for Influence

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The Asian Development Bank said on Tuesday it is expanding its presence in the Pacific islands, at a time of competition for influence there, opening seven new country offices and expecting its loans and grants in the region to top $4 billion by 2020. The pledge from the Japan-led bank comes amidst a vigorous new campaign by the United States and its allies to check China's rising sway in the region, where it has sought deeper diplomatic ties and emerged as the second-largest donor. The battle for influence in the sparsely populated Pacific matters because each of the tiny island states has a vote at international forums like the United Nations, and they also control vast swathes of resource-rich ocean. The ADB said it will open offices in the Cook…
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SpaceX’s First Private Passenger is Japanese Fashion Magnate Maezawa

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SpaceX, Elon Musk's space transportation company, on Monday named its first private passenger as Japanese businessman Yusaku Maezawa, the founder and chief executive of online fashion retailer Zozo. A former drummer in a punk band, billionaire Maezawa will take a trip around the moon planned for 2023 aboard its forthcoming Big Falcon Rocket spaceship, taking the race to commercialize space travel to new heights. The first person to travel to the moon since the United States' Apollo missions ended in 1972, Maezawa's identity was revealed at an event on Monday evening at the company's headquarters and rocket factory in the Los Angeles suburb of Hawthorne. Maezawa, who is most famous outside Japan for his record-breaking $110 million purchase of an untitled 1982 Jean-Michel Basquiat painting, said he would invite six…
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US General Eyes Laser Defense to Boost Air Tanker Security

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Lasers might soon be the newest line of defense for vulnerable aircraft that are key to keeping other military planes in battle. Air tankers are getting an upgrade next month with the introduction of the new Boeing KC-46 Pegasus, carrying up to about 96,000 kilograms of highly flammable aviation fuel. The long-awaited plane will be able to refuel other aircraft off its wings and to receive fuel from another tanker while its refueling a plane. VOA Pentagon correspondent Carla Babb has more. ...
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Macron Eyes Purchasing Power Boost to Ease Reform Fatigue

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With his popularity ratings in freefall, French President Emmanuel Macron is counting on a rebound in family purchasing power to keep voters from turning against his reforms. Macron's government has lined up several tax cuts taking effect in the coming months that should boost the closely tracked measure of disposable income in France. It could hardly come at a better time for Macron, with many voters saying the former investment banker has spent his first year in office cutting taxes for the wealthy and big companies. More purchasing power was the single biggest priority in voters' eyes, well ahead of cutting unemployment or the tax burden, according to a Kantar Sofres poll released on Sunday. Squeezed by tax hikes on petrol and tobacco as well as oil price-driven inflation, household…
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Trump Adviser Eyes Entitlement Cuts to Plug US Budget Gaps

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A top economic adviser to President Donald Trump said on Monday he expects U.S. budget deficits of about 4 to 5 percent of the country's economic output for the next one to two years, adding that there would likely be an effort in 2019 to cut spending on entitlement programs. "We have to be tougher on spending," White House economic adviser Larry Kudlow said in remarks to the Economic Club of New York, adding that government spending was the reason for the wider budget deficits, not the Republican-led tax cuts activated this year. Kudlow did not specify where future cuts would be made. "We're going to run deficits of about 4 to 5 percent of GDP for the next year or two, OK. I'd rather they were lower but it's…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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