Category: Business

The International Organization for Migration reports more than 270 Nigerian migrants who recently returned from Libya have completed a skills training course to help them start their own businesses. Migrants attending this weeklong event in the Nigerian capital Lagos have shared stories of the business frustrations that drove them to try to go to Europe in search of better economic opportunities. U.N. migration agency spokesman, Paul Dillon, told VOA the migrants also have shared stories of the abuse and suffering they endured at the hands of smugglers and traffickers in Libya. At the same time, he said returnees enrolled in this business course have spoken of their hopes for the future. "The goal of these types of initiatives is always to give people options and providing them with business skills…

Investment banks which lost out on big payouts for the work on the shelved listing of oil giant Aramco are lining up for a raft of other projects as Saudi Arabia pursues reforms. Banks including JPMorgan and Morgan Stanley worked for months to prepare what would have been the biggest ever stock market debut. But the plan to sell 5 percent of the company for a targeted $100 billion was pulled. The bankers were paid retainer fees but were expecting around $200 million would be shared among all the banks involved when the deal was done. Now, they are pinning their hopes on other projects from a privatization program that is part of Riyadh's economic reform plan to loosen its reliance on oil. Without the funds from the Aramco sale,…

The film industry organization that presents the Academy Awards is also developing young talent through a program called Academy Gold — an internship and mentoring program for students and young professionals from communities currently underrepresented in Hollywood. Some of the participants are either immigrants or children of immigrants who are trying to create an unorthodox career path for themselves. VOA's Elizabeth Lee reports from Los Angeles. ...

Community and conservation groups in Myanmar have branded a planned highway linking a port project to Thailand an “ecological and social disaster,” saying it would uproot indigenous people from their homes and farms. Critics said an environmental and social impact assessment for the road project, approved by the Myanmar government in June, failed to adequately specify compensation for loss of land and livelihoods, among other problems. “This is a road to an ecological and social disaster (in Myanmar),” said Christy Williams, Myanmar director for the World Wide Fund for Nature (WWF), an international conservation group. The highway is considered strategically important to both nations as it would link Thailand to a deep-sea port and planned Special Economic Zone (SEZ) in Dawei, a town on the Myanmar side of an isthmus…

U.S. President Donald Trump notified Congress on Friday of his intent to sign a trade agreement with Mexico after talks with Canada broke up earlier in the day with no immediate deal to revamp the tri-nation North American Free Trade Agreement. U.S. Trade Representative Robert Lighthizer said U.S. officials would resume talks with their Canadian counterparts next Wednesday with the aim of getting a deal all three nations could sign. All three countries have stressed the importance of NAFTA, which governs billions of dollars in regional trade, and a bilateral deal announced by the United States and Mexico on Monday paved the way for Canada to rejoin the talks this week. But by Friday the mood had soured, partly on Trump's off-the-record remarks made to Bloomberg News that any trade deal with Canada would be "totally on our terms." He later confirmed the…

Coca-Cola is hoping for a caffeine-fueled boost with the acquisition of British coffee chain Costa. Costa is Britain's biggest coffee company, with over 2,400 coffee shops in the U.K. and another 1,400 in more than 30 countries, including around 460 in China, its second-biggest market. Coca-Cola said Friday it will buy the Costa brand from Whitbread for 3.9 billion pounds ($5.1 billion) in cash. The deal, expected to close in the first half of 2019, comes on the heels of Coca-Cola's announcement earlier in August that it was buying a minority ownership stake in sports drink maker BodyArmor for an undisclosed amount. Coca-Cola's other investments in recent years have included milk that is strained to have more protein and a push into sparkling water. The move is Coca-Cola's latest diversification…

Top NAFTA negotiators from Canada and the United States increased the pace of their negotiations Thursday to resolve final differences to meet a Friday deadline, with their Mexican counterpart on standby to rejoin the talks soon. Despite some contentious issues still on the table, the increasingly positive tone contrasted with U.S. President Donald Trump’s harsh criticism of Canada in recent weeks, raising hopes that the year-long talks on the North American Free Trade Agreement will conclude soon with a trilateral deal. “Canada’s going to make a deal at some point. It may be by Friday or it may be within a period of time,” U.S. President Donald Trump told Bloomberg Television. “I think we’re close to a deal.” Trilateral talks were already underway at the technical level and Mexican Economy…

Hmong farmers in St. Paul, Minnesota have the best advocate for their business enterprises: themselves, working together. Originally from China, the Hmong are an Asian ethnic group that migrated to Vietnam and Laos in the 18th century. They have never had a country of their own. After the Vietnam War ended, many resettled in the U.S., giving the U.S. the largest Hmong population outside of Asia. The population in Minnesota is more than 60,000, second behind the state of California. The Hmong, who are long time farmers, did what they knew best when they got to Minnesota. And by the late 1980’s they spearheaded the revitalization of local farmers’ markets, making them some of the most vibrant in the city. But the Hmong also discovered that as immigrant farmers, they…

Nearly all of the currency removed from circulation in a surprise 2016 attempt to root out illegal hoards of cash came back into the financial system, India’s reserve bank has announced, indicating the move did little to slow the underground economy. Prime Minister Narendra Modi’s currency decree, which was designed to destroy the value of billions of dollars in untaxed cash stockpiles, caused an economic slowdown and months of financial chaos for tens of millions of people. Modi announced in a November 2016 TV address that all 500-rupee and 1,000-rupee notes, then worth about $7.50 and $15, would be withdrawn immediately from circulation. The banned notes could be deposited into bank accounts but the government also said it would investigate deposits over 250,000 rupees, or about $3,700. The government eventually…

U.S. President Donald Trump has signed proclamations permitting targeted relief from steel and aluminum quotas from some countries, the U.S. Commerce Department said on Wednesday. Trump, who put in place tariffs on steel and aluminum imports in March, signed proclamations allowing relief from the quotas on steel from South Korea, Brazil and Argentina and on aluminum from Argentina, the department said in a statement. “Companies can apply for product exclusions based on insufficient quantity or quality available from U.S. steel or aluminum producers,” the statement said. “In such cases, an exclusion from the quota may be granted and no tariff would be owed.” Trump, citing national security concerns, placed tariffs of 25 percent on steel imports and 10 percent on aluminum imports. The tariffs on steel and aluminum imports from…

The leaders of the United States and Canada expressed optimism on Wednesday that they could reach new NAFTA deal by a Friday deadline as negotiators prepared to talk through the night, although Canada warned that a number of tricky issues remained. Under pressure, Canada rejoined the talks to modernize the 24-year-old North American Free Trade Agreement after Mexico and the United States announced a bilateral deal on Monday. Canadian Foreign Minister Chrystia Freeland said late on Wednesday that talks were at "a very intense moment" but said there was "a lot of good will" between Canadian and U.S. negotiators. "Our officials are meeting now and will be meeting until very late tonight. Possibly they'll be meeting all night long," Freeland said. She and U.S. Trade Representative Robert Lighthizer had agreed…

The U.S. economy expanded at a 4.2 percent annual rate in April, May and June, the Commerce Department said Wednesday. The second-quarter growth figure for gross domestic product was one-tenth of a percentage point higher than initial estimates. "The economy is in good shape," said PNC Bank Chief Economist Gus Faucher. He wrote that this was the best "year-over-year increase in three years." But Faucher also said growth above 4 percent was "unsustainable" and that the economy was "set to slow somewhat in the second half of 2018," hitting 3.4 percent growth for the whole year. He predicted U.S. economic growth would slow further in 2019 and 2020 as the "stimulus from tax cuts and spending increases fades." U.S. President Donald Trump cheered the news: But Senate Minority Leader Chuck Schumer, a…

British officials have been turning to Japan for tips on how to dodge American sanctions on Iran, according to local media. Britain is already seeking from Washington exemptions from some U.S. sanctions, which are being re-imposed by President Donald Trump because of the U.S. withdrawal earlier this year from a controversial 2015 nuclear deal with Tehran. The British are especially keen to maintain banking links with Iran and to import Iranian oil. According to local media, U.K. officials have been asking their Japanese counterparts how they managed in the past to sidestep some aspects of the pre-2015 sanctions regime, which allowed Tokyo to sign oil deals with Iran as well as insurance contracts without incurring U.S. penalties. Re-imposed U.S. sanctions penalize any foreign companies that deal with Iran by barring…

President Donald Trump's trade deal with Mexico could struggle to win approval from Congress unless Canada comes on board, lawmakers from both parties said on Tuesday, saying support from Democrats would be needed to pass a purely bilateral deal. Trump unveiled the Mexico deal on Monday and threatened to slap tariffs on Canadian-made cars if Canada did not join the revamp of the trilateral North American Free Trade Agreement (NAFTA), which Trump has long criticized. If Trump, a Republican, tries to get the Senate to vote in favor of a bilateral deal as a replacement for NAFTA, he will face an uphill struggle to win passage, lawmakers said. Some lawmakers said only a trilateral pact would be eligible for fast-track, 51-vote Senate approval. A bilateral deal, on the other hand,…

Iraq will send a delegation to the United States seeking an agreement on financial transactions with Iran following Washington's reimposition of sanctions on Tehran, Prime Minister Haider al-Abadi said Tuesday. His statement was the first by an Iraqi official since Reuters reported last week that Baghdad was going to ask Washington for exemptions from some of the sanctions because Iraq's economy is closely linked with neighboring Iran. "We have requests for the American side, we have presented them and a delegation will go to negotiate within that framework," Abadi told a weekly news conference. "We have presented a clear vision of what Iraq really needs. This includes Iranian [natural] gas, which is very important, as well as other trade and the electricity sector." U.S. President Donald Trump withdrew the United…

The United States and Mexico agreed on Monday to a sweeping trade deal that pressures Canada to accept new terms on autos trade, dispute settlement and agriculture to keep the trilateral North American Free Trade Agreement (NAFTA). U.S. Trade Representative Robert Lighthizer said the White House was ready to notify the U.S. Congress by Friday of President Donald Trump's intent to sign the bilateral document, but that it was open to Canada joining the pact. The 24-year-old NAFTA is a trilateral deal between the United States, Canada and Mexico that underpins $1.2 trillion in North American Trade. Here are some of the main issues at the heart of the negotiations: Autos Dominate The new deal requires 75 percent of the value of a vehicle to be produced in the United…

Mexican president-elect Andres Manuel Lopez Obrador welcomed a deal between Mexico and the United States to overhaul the North American Free Trade Agreement (NAFTA) that he said preserved Mexican "sovereignty" in the energy sector. The U.S.-Mexico deal was announced by U.S. President Trump on Monday, putting pressure on Canada to agree to new terms and details that were only starting to emerge. Lopez Obrador said it was important that Canada be part of the deal. Lopez Obrador, who is scheduled to take office on Dec. 1, said Trump "understood our position" and accepted his incoming administration's proposals on the energy sector. The text of the new agreement has not yet been made public. "We put the emphasis on defending national sovereignty on the energy issue and it was achieved," Lopez…

Ethiopia has ousted state-run Metals and Engineering Corporation (METEC) from a $4 billion dam project on the River Nile due to numerous delays in completing the project. The Grand Renaissance Dam is the centerpiece of Ethiopia's bid to become Africa's biggest power exporter. Prime Minister Abiy Ahmed said at the weekend that the government had cancelled the contract of METEC, which is run by Ethiopia's military, and would award it to another company. Italian firm Salini Impregilo remains the main contractor building the dam, while METEC was the contractor for the electromechanical and hydraulic steel structure divisions of the project. The government has touted the 6,000-megawatt dam project, which is 60 percent finished, as a symbol of its economic reforms. "It is a project that was supposed to be completed…

The trade rift between the U.S. and China is taking on new dimensions with Washington scrutinizing the flow of technology to Chinese industries. Analysts said China might be in for both economic and political problems if the U.S. cuts off the supply of technologies that are essential for the survival of major Chinese companies. Such a move would affect the performance and industrial competitiveness of Chinese industry, said Scott Kennedy, Deputy Director of the Freeman Chair in China Studies at the Center for Strategic & International Studies. Beijing may be forced to overhaul its industrial policy to meet with the emerging situation. “It will put a lot of pressure on China to increase domestic consumption and domestic investments to replace the loss of opportunities with the United States and that…

Mexico's Economy Minister Ildefonso Guajardo said on Sunday that bilateral negotiations with the United States about the North American Free Trade Agreement (NAFTA) were in the "final hours." Speaking as he arrived for talks at the U.S. Trade Representative's office, Guajardo said the negotiators would need at least a week to work with Canada, the third country in the trilateral trade pact, pushing any possible final deal into at least September. U.S. President Donald Trump said on Saturday that the United States could reach a "big Trade Agreement" with Mexico soon as incoming Mexican trade negotiators signaled possible solutions to energy rules and a contentious U.S. "sunset clause" demand.     ...

John Cronin has never been one to let disability hold him back. The 22-year-old from Long Island, N.Y., was born with Down syndrome, a genetic disorder that causes developmental and intellectual delays. Motivated by his family’s love and encouragement, Cronin teamed up with his father 18 months ago to open a business. But not just any business. John's Crazy Socks sells, you guessed it, socks. And as Faiza Elmasry reports, it's a business worth $4 million. Faith Lapidus narrates. ...

Tesla Inc. CEO Elon Musk says investors have convinced him that he shouldn't take the company private, so the firm will remain on the public stock markets. The eccentric and sometimes erratic CEO said in a statement late Friday that he made the decision based on feedback from shareholders, including institutional investors, who said they have internal rules limiting how much they can sink into a private company. Musk met with the electric car and solar panel company's board on Thursday to tell them he wanted to stay public and the board agreed, according to the statement. In an Aug. 7 post on Twitter, Musk wrote that he was considering taking the company private. He said it would avoid the short-term pressures of reporting quarterly results. ...

U.S. Commerce Secretary Wilbur Ross has appointed a former federal prosecutor to monitor China's ZTE Corp — after people familiar with the matter said he rescinded an offer to a former U.S. official for signing a "Never Trump" letter before the 2016 presidential election. A new monitor for ZTE is required as part of a June settlement that ended a ban on U.S. companies selling components to China's No. 2 telecommunications equipment maker. The ban threatened ZTE's survival and became a source of friction in trade talks between Washington and Beijing. Roscoe Howard, a former U.S. attorney in Washington, will lead a compliance team designed to help ensure that ZTE does not illegally sell products with American parts to Iran and other sanctioned countries. Howard, who got his law degree…

Federal Reserve Chairman Jerome Powell will not lack for urgent topics to address when he gives the keynote speech Friday to an annual gathering of global central bankers in Jackson Hole, Wyoming. Fed watchers will be listening for anything Powell has to say about financial turmoil in emerging markets, the economic threats posed by the growing trade war launched by President Donald Trump, and Trump’s criticism of the Fed’s recent interest rate hikes. Investors will especially want to hear whether Powell addresses the central question of whether any of those developments might lead the Fed to alter its plan to raise interest rates two more times this year and to keep raising them next year as well. If Powell sounds confident that the economy won’t be unduly hurt by the…

Federal Reserve Chairman Jerome Powell signaled Friday that he expects the Fed to continue gradually raising interest rates if the U.S. economic expansion remains strong. Powell added that while annual inflation has risen to near the Fed's 2 percent target rate, it doesn't seem likely to accelerate above that point. That suggests that he doesn't foresee a need for the Fed to step up its rate hikes. Late next month, the Fed is widely expected to resume raising rates. Speaking to an annual conference of central bankers in Jackson Hole, Wyoming, Powell said the Fed recognizes that it needs to strike a careful balance between its mandates of maximizing employment and keeping price increases stable. He said a gradual approach is the best way for the Fed to navigate between…

A new set of tit-for-tat tariffs imposed by the United States and China on each other's goods took effect Thursday. The U.S. announced earlier this month that it would impose 25 percent tariffs on $16 billion worth of Chinese goods, on top of the 25-percent tariffs it imposed on $34 billion worth of Chinese products in early July. Beijing has followed suit in each case with an identical percentage of tariffs in retaliation. China's commerce ministry issued a statement Thursday criticizing the U.S. tariffs as a violation of World Trade Organization rules, and says it will file a legal challenge under the WTO's dispute resolution mechanism. The new round of tariffs took effect the day after delegations from both nations met in Washington for first of two days of talks…

French President Emmanuel Macron will make the tough political choices needed to meet his deficit commitments, his government spokesman said, as he looked to put a bodyguard scandal behind him at his first Cabinet meeting after the summer break. Macron and his ministers in all likelihood need to find savings in next year's budget, to be presented to parliament next month, if they are to prevent the deficit from ballooning once again. The president faced his first crisis in the summer when video surfaced of bodyguard Alexandre Benalla beating a protester. Macron's own aloof response fanned public discontent. Now the 40-year-old leader returns to work facing difficult political choices as he embarks on a new wave of reforms to reform the pensions system, overhaul public healthcare and shake-up the highly…

Saudi Arabia has called off both the domestic and international stock listing of state oil giant Aramco, billed as the biggest such deal in history, four senior industry sources said on Wednesday. The financial advisors working on the proposed listing have been disbanded, as Saudi Arabia shifts its attention to a proposed acquisition of a "strategic stake" in local petrochemicals maker Saudi Basic Industries Corp., two of the sources said. "The decision to call off the IPO was taken some time ago, but no-one can disclose this, so statements are gradually going that way — first delay then calling off," a Saudi source familiar with IPO plans. Saudi Aramco did not immediately respond to an emailed request for comment. The Saudi Royal Court had no immediate comment. The proposed listing of…