Category: Business

Foreign governments and businesses were hoping Chinese President Xi Jinping would use the opening of China’s first international import expo to make specific announcements about reforms for trade and investment.  But that did not happen, and some saw the measures Xi rolled out Monday as falling short of expectations.   “We were waiting today for President Xi to inform the world about the reform that will take place in the coming days, but what we wanted to hear, (such as) the complete steps on implementing the reform and a clear timetable did not appear,” said Carlo Diego D’Andrea, vice president and Shanghai Chapter chairman of the European Chamber of Commerce in China.   In his speech, President Xi said China would relax barriers to access in areas such as financial…

Chinese President Xi Jinping said Monday that China would take steps to widen access to its markets as he opened a huge trade fair amid criticism from other countries about China's economic and business practices. Xi said China would lower tariffs, take more action to punish violations of intellectual property rights, and work to boost domestic consumption of imported goods. Speaking at the trade expo in Shanghai, Xi pledged to "embrace the world" as China promotes the growing consumer market in the world's second-largest economy. He did not mention U.S. President Donald Trump by name, but alluded to Trump's "America first" economic policies by criticizing isolationism and citing a need to defend multilateral trade. ​The United States and China are locked in a battle over trade, with Trump complaining about…

When employees enter Saba — an Israeli restaurant started by award-winning chef Alon Shaya — they pass by the company’s mission statement, which emphasizes the importance of a safe and comfortable working environment. Only at the end does it really get around to food with the words: “Then, we will cook and serve and be happy.” “The team is number one and that is who we are as a company,” said Shaya, explaining the genesis of his and his wife’s new venture, Pomegranate Hospitality , which includes restaurants in New Orleans and Denver, and the environment he hopes to create for the company’s nearly 150 employees. Discussions about new restaurants generally revolve around the food. And at Saba the piping hot pita bread or the blue crab hummus is discussion-worthy.…

Facing a blizzard of trade complaints, China is throwing an "open for business'' import fair hosted by President Xi Jinping to rebrand itself as a welcoming market and positive global force.  More than 3,000 companies from 130 countries selling everything from Egyptian dates to factory machinery are attending the China International Import Expo, opening Monday in the commercial hub of Shanghai. Its VIP guest list includes prime ministers and other leaders from Russia, Pakistan and Vietnam.  The United States, fighting a tariff war with Beijing, has no plans to send a high-level envoy.  Xi's government is emphasizing the promise of China's growing consumer market to help defuse complaints Beijing abuses the global trading system by reneging on promises to open its industries.  "This says, look, we're not a global parasite that is creating…

A hungry American economy powered by a strong U.S. dollar saw record imports in September, driving the U.S. trade deficit to its highest level in seven months, the government reported Friday.  And amid President Donald Trump's trade war with Beijing, the U.S. trade deficit with China swelled again, as crucial soybean exports — a sore spot for Republicans in next week's midterm elections — continued to suffer.  With rising wages and low unemployment, Americans purchased more foreign-made telecommunications equipment, computers, mobile phones, aircraft engines, clothing and toys, the Commerce Department said.  The U.S. trade deficit posted its fourth straight monthly increase, rising 1.3 percent to a seasonally adjusted $54 billion, significantly overshooting analyst forecasts, as imports hit $266.6 billion, the highest level ever recorded. Exports also rose to $212.6 billion. …

U.S. employers added a stellar 250,000 jobs last month and boosted average pay by the most in nearly a decade in an effort to attract and keep workers.   The Labor Department's monthly jobs report, the last major economic data before the Nov. 6 election, also shows the unemployment rate remained at a five-decade low of 3.7 percent.   The influx of new job-seekers lifted the proportion of Americans with jobs to the highest level since January 2009.   Consumers are the most confident they have been in 18 years and are spending freely and propelling brisk economic growth. The U.S. economy is in its 10th year of expansion, the second-longest such period on record, and October marks the 100th straight month of hiring, a record streak.     ...

Washington ratcheted up pressure on Venezuela's leftist President Nicolas Maduro on Thursday with new measures aimed at disrupting the South American country's gold exports, U.S. national security adviser John Bolton said. Bolton promised a tough stance by the Trump administration toward "dictators and despots near our shores" and singled out Venezuela, Cuba and Nicaragua in a speech in Miami, which is home to large numbers of migrants from Cuba and Venezuela. He spoke days before U.S. elections next week that include close races for a Senate seat and the governorship in Florida. His remarks were likely to be well received by those Cuban-Americans and other Hispanics in Florida who favor stronger U.S. pressure on Cuba's Communist government and other leftist governments in Latin America. In his prepared remarks for the…

U.S. stocks rose on Thursday, as robust earnings reports supported a third day of recovery from a bruising selloff in October, but a drop in Apple's shares ahead of results kept technology stocks under pressure. Chemicals producer DowDuPont Inc rose 6.6 percent after quarterly profit topped estimates and the company announced a $3 billion share buyback. NXP Semiconductors climbed 8.6 percent after the chipmaker topped profit and revenue estimates, while American International Group Inc gained 4.7 percent after the insurer posted a smaller-than-quarterly loss. Markets also got a lift after U.S. President Donald Trump said in a tweet he had a "very good" talk with Chinese President Xi Jinping on trade and North Korea and that the two planned to meet at the upcoming G-20 summit. The rebound comes after…

U.S. President Donald Trump has not "set in stone" any decisions on escalating tariffs on Chinese goods and may withdraw some duties if there are promising policy discussions with China, White House economic adviser Larry Kudlow said on Wednesday. Kudlow said on CNBC that the meeting agenda between Trump and Chinese President Xi Jinping at the end of November in Buenos Aires has not yet been worked out, but "we may have a very good meeting in Argentina with President Xi.” Asked about whether Trump would proceed with tariffs if the meeting fails to ease trade tensions, Kudlow said: "I would say nothing is set in stone right now. By the way, the president on one of the cable shows, did say - it didn’t get picked up - that…

President Donald Trump's proposal to replace an Obama-era policy to fight climate change with a weaker plan allowing states to write their own rules on emissions from coal-fired power plants was criticized by coastal states, but applauded by coal interests on Wednesday. Under the proposed Affordable Clean Energy plan that acting Environmental Protection Agency (EPA) chief Andrew Wheeler issued in August, the federal government would set carbon emission guidelines, but states would have the leeway to set less stringent standards on coal plants, taking into account the age and upgrade costs of facilities. The heads of environmental and energy agencies from 14 mostly coastal states, including California, New York and North Carolina, told the EPA in joint comments on the Trump plan that it would result in minimal reductions of…

Cuba's foreign trade and investment minister said on Wednesday the country had signed nearly 200 investment projects worth $5.5 billion since it slashed taxes and made other adjustments to its investment law in 2014. Cuba began a major effort to attract foreign investment as socialist ally Venezuela's economy went into crisis and has ratcheted it up as export revenues decline and the Trump administration backtracks on a detente begun under then-U.S. President Barack Obama. "Foreign investment in Cuba is growing despite the recent strengthening of the U.S. economic, trade and financial blockade, though it is below what we want," the minister, Rodrigo Malmierca, said at an investment forum in Havana. Even as the forum unfolded, debate on an annual resolution condemning U.S. sanctions got under way at the U.N. General…

Fitch Ratings changed its outlook on Mexico's long-term foreign-currency debt issues Wednesday from “stable” to “negative,” citing the potential policies of President-elect Andres Manuel Lopez Obrador. The leftist Lopez Obrador has tried to smooth anxieties in the business community, but upset many on Monday by cancelling a partly built, $13 billion new airport on the outskirts of Mexico City. The private sector had strongly backed the airport project, but Lopez Obrador called it wasteful. Instead he plans to upgrade existing commercial and military airports. He made the decision based on a public referendum that was poorly organized and drew only about 1 percent of the country's voters.   Alfredo Coutino, Latin America director at Moody's Analytics, said the decision to cancel the airport project “added not only volatility but also…

The future economy minister tapped by Brazilian President-elect Jair Bolsonaro insisted on Tuesday that he wanted to fast-track an unpopular pension reform to help balance government finances despite mounting resistance to getting it done this year. Paulo Guedes, whom Bolsonaro selected as a "super minister" with a portfolio combining the current ministries of finance, planning and development, has urged Congress to pass an initial version of pension reform before the Jan. 1 inauguration. "Our pension funds are an airplane with five bombs on board that will explode at any moment," Guedes said on Tuesday. "We're already late on pension reform, so the sooner the better." He called the reform essential to controlling surging public debt in Latin America's largest economy and making space for public investments to jump-start a sluggish…

This is part of "Ocean Shock," a Reuters series exploring climate change's impact on sea creatures and the people who depend on them.  A lobster tattoo covers Drew Eaton's left forearm, its pincers snapping at dock lines connecting it to the American flag on his upper arm. The tattoo is about three-quarters done, but the 27-year-old is too busy with his new boat to finish it.  Eaton knows what people here in Stonington have been saying about how much the boat cost him.  “I've heard rumors all over town. Small town, everyone talks," he says. "I've heard a million, two million."  By the time he was in the third grade, Eaton was already lobstering here on Deer Isle in Downeast Maine. By the time he was in the eighth grade,…

A landmark 11-member trade deal aimed at slashing barriers in some of Asia Pacific's fastest growing economies will come into force at the end of December, the New Zealand government said on Wednesday. The deal would move forward after Australia informed New Zealand that it had become the sixth nation to formally ratify the deal, alongside Canada, Japan, Mexico and Singapore. "This triggers the 60 day countdown to entry into force of the Agreement and the first round of tariff cuts," said New Zealand Trade and Export Growth Minister David Parker. His country is responsible for official tasks such as receiving and circulating notifications made by members of the pact. The original 12-member deal was thrown into limbo early last year when President Donald Trump withdrew from the agreement to…

When massive gold deposits were discovered about a decade ago in Chimanimani, eastern Zimbabwe, the rural district became famous for attracting hundreds of artisanal miners from across the country every year. Wealthy small-scale prospectors regularly offer residents generous deals for their land, locals say. To many widows selling their unused land, that kind of money can be life-changing and a source of greater autonomy. But in recent years, widows in Chimanimani have found that taking a deal can have consequences. Many say they have been taken to tribal courts by their husbands' families for selling portions of their land. "I feel bruised," said Mavis, a 63-year-old widow from Haroni village who did not want to disclose her surname. "I lived in peace as a widow in my home until last…

Far more men than women think their companies offer equal pay and promote the sexes equally, yet younger generations are wising up, a U.S. entertainment industry survey found on Monday. Only a quarter of women think their employers pay them the same as men, while twice as many men believe their company has no gender pay gap, according to the survey by CNBC, a business news channel, and job-oriented social networking site LinkedIn. About one third of women said both sexes rise up the ranks at the same rate in their workplaces, while more than half of men think the promotion rates are equal, according to responses from at least 1,000 LinkedIn members who work in entertainment. "Men, typically we found across industries ... they're not as cognizant as their…

Demand for bitcoin could single-handedly derail efforts to limit global warming because the increasingly popular digital currency takes huge amounts of energy to produce, scientists said on Monday. Producing bitcoin at a pace with growing demand could by 2033 defeat the aim of limiting global warming to 2 degrees Celsius, according to U.S. research published in the journal Nature Climate Change. Almost 200 nations agreed in Paris in 2015 on the goal to keep warming to "well below" a rise of 2°C above pre-industrial times. But mining, the process of producing bitcoins by solving mathematical equations, uses high-powered computers and alto of electricity, the researchers said. "Currently, the emissions from transportation, housing and food are considered the main contributors to ongoing climate change," said study co-author Katie Taladay in a statement.…

Zimbabwe’s President Emmerson Mnangagwa met with business leaders Monday in an effort to assure the public his government can stabilize the sinking economy. But as one business leader explains, uncertainty about the cash supply and the currency in use makes it hard for the economy to function. Addressing business executives at the State House, President Emmerson Mnangagwa said his government was “working day and night to stabilize the economy.” Zimbabweans are dealing with an acute shortage of most essentials, including fuel, medical drugs, cooking oil, and clean drinking water. Prices have been rising, though not at the same rate as in 2008, when the official annual inflation rate reached 231 million percent. Mnangagwa asked businesses to fix the shortages by bringing more products to market. “I am advised that some…

A new report says African nations are failing to create enough jobs for a booming young population even as some countries have seen strong economic growth. The latest Ibrahim Index of African Governance sounds a warning for a continent where the sub-Saharan population is projected to double by 2050.   The report released Monday says Africa's overall GDP has risen nearly 40 percent over the past decade but the continent's average score for sustainable economic opportunity has increased just a fraction of 1 percent. Africa is seeing the rise of young opposition leaders in countries like Uganda, Zimbabwe and Cameroon who are impatient with some of the world's oldest or longest-serving heads of state. Earlier this month, some in East Africa said they would unite with like-minded colleagues in West…

China's yuan sank to a 10-year low against the dollar on Monday, coming close to breaking the politically sensitive level of seven to the U.S. currency. The yuan declined to 6.9644 per dollar at midday, passing its most recent low in 2016 before recovering slightly. It was the lowest level since May 2008. The currency's weakness is one of a series of elements fueling Washington's trade complaints against Beijing. The U.S. Treasury Department declined this month to label China a currency manipulator but said it was closely watching Beijing. Chinese authorities have promised to avoid "competitive devaluation" to boost exports amid a tariff war with U.S. President Donald Trump over Beijing's technology policy. But they are trying to make the state-controlled exchange rate more responsive to market forces, which are…

The leaders of Japan and India are reaffirming their ties amid growing worries about trade and regional stability. Indian Prime Minister Narendra Modi, who arrived Saturday, was meeting Japanese Prime Minister Shinzo Abe at a resort area near Mount Fuji on Sunday. Modi is also visiting a nearby plant of major Japanese robot maker Fanuc.   Relations with China are a major issue shared by Modi and Abe, as their cooperation may balance China's growing regional influence and military assertiveness.   "The India-Japan partnership has been fundamentally transformed and it has been strengthened as a 'special strategic and global partnership,'" Modi told Kyodo News service. "There are no negatives but only opportunities in this relationship which are waiting to be seized."   Modi chose Japan among the first nations to…

There is no risk of contagion from Italy's budget crisis in the European Union but the euro zone is not prepared enough to face a new economic crisis, French Finance Minister Bruno Le Maire told daily Le Parisien on Sunday. The European Commission rejected Italy's draft 2019 budget earlier this week for breaking EU rules on public spending, and asked Rome to submit a new one within three weeks or face disciplinary action. "We do not see any contagion in Europe. The European Commission has reached out to Italy, I hope Italy will seize this hand," he said in an interview. "But is the eurozone sufficiently armed to face a new economic or financial crisis? My answer is no. It is urgent to do what we have proposed to our…

Recep Tayyip Erdogan has held plenty of grand opening ceremonies in his 15 years at Turkey's helm. On Monday he will unveil one of his prized jewels — Istanbul New Airport — a megaproject that has been dogged by concerns about labor rights, environmental issues and Turkey's weakening economy. Erdogan is opening what he claims will eventually become the world's largest air transport hub on the 95th anniversary of Turkey's establishment as a republic. It's a symbolic launch, as only limited flights will begin days later and a full move won't take place until the end of the year.   Tens of thousands of workers have been scrambling to finish the airport to meet Erdogan's Oct. 29 deadline. Protests in September over poor working conditions and dozens of construction deaths…

China plans to provide an unspecified financial "grant" to Pakistan while the United Arab Emirates is actively considering Islamabad's request for a fiscal relief package of up to $6 billion to help the country deal with a looming balance-of-payments crisis, Chinese and Pakistani officials say.   News of the anticipated financial aid came days after Prime Minister Imran Khan secured more than $6 billion in immediate financial support from Pakistan's close ally, Saudi Arabia, during an official visit to Riyadh.  Pakistan urgently needs foreign currency to shore up its depleting reserves of less than $8 billion, which is barely enough for servicing its debt and paying import bills.  Khan's nascent government, which took office two months ago and has inherited a debt-ridden national economy, estimates the country urgently needs about $12 billion…

Stock markets around the world tumbled Friday while U.S. Treasury prices rose along with demand for safer bets as better-than-expected U.S. economic data did little to ease anxiety over disappointing corporate profits and trade wars. Wall Street closed above its session lows, but earnings reports from Amazon.com and Alphabet, issued late Thursday, rekindled a rush to dump technology and other growth sectors. MSCI's gauge of stocks across the globe shed 1.19 percent. The global index went 13.7 percent below its Jan. 26 record close and clocked its fifth straight week of consecutive losses for the first time since May 2013. With equities whip-sawing each day in reaction to the last big earnings beat or miss, investors braced for more volatility through the remainder of the U.S. earnings season and ahead…

U.S. stock market indexes fell sharply in Friday's early trading, but saw losses ease later in the day.  At one point the S&P 500 and the Dow were down by two percent or more, while the NASDAQ was off by 3.5 percent at one point.  Investors worried about faltering growth, rising interest rates, trade tensions, and weak profit outlook for major tech firms, including Amazon and Google's parent company. By afternoon, losses moderated with the S&P off by 1.3 percent, the Dow down six-tenths of a percent, and the NASDAQ sliding 1.9 percent.  Key European indexes dropped about one percent.Earlier in Asia, Hong Kong's Hang Seng was off a bit more than one percent, while Japan's Nikkei moved down four-tenths of a percent. The market turbulence comes at the same…

The U.S. economy grew at a robust annual rate of 3.5 percent in the July-September quarter as the strongest burst of consumer spending in nearly four years helped offset a sharp drag from trade.  The Commerce Department said Friday that the third quarter's gross domestic product, the country's total output of goods and services, followed an even stronger 4.2 percent rate of growth in the second quarter. The two quarters marked the strongest consecutive quarters of growth since 2014. The result was slightly higher than many economists had been projecting. It was certain to be cited by President Donald Trump as evidence his economic policies are working. But some private economists worry that the recent stock market declines could be a warning signal of a coming slowdown. The GDP report…