Category: Business

An Egyptian court on Tuesday ordered authorities to revoke the operating licenses of the Uber and Careem ride-hailing services and block their mobile apps and software. The government and the companies are expected to appeal the administrative court verdict, which would prevent it from being implemented until a higher court weighs in. The administrative court in Cairo ruled that it is illegal to use private vehicles as taxis. Both companies provide smartphone applications that connect passengers with drivers who work as independent contractors. In a brief statement posted on its Facebook account, Careem said it "hasn't been notified officially to stop its operations" and was operating normally. There was no immediate comment from Uber. Uber was founded in 2010 in San Francisco, and operates in more than 600 cities across…

Nearly 50 countries expressed concern on Tuesday about the "serious threat" to the World Trade Organization posed by unilateral trade actions, a pointed reference to U.S. import tariffs that have caused a global outcry. Delivering concluding remarks after a two-day informal meeting of the WTO members in New Delhi, Indian Trade Minister Suresh Prabhu did not refer to the United States by name. He said members expressed deep concern over the "serious threat" posed to the credibility of the WTO, particularly on its principle of "non-discrimination" following the cycle of recent unilateral trade measures. "In some interventions, the need for WTO members taking urgent and coordinated action to address the underlying issues was highlighted," Prabhu said. "It was recognized by almost all the participants that it is the collective responsibility…

The European Union said on Tuesday that the right of citizens from poorer member states to work in richer ones on a low salary would be limited to 18 months under a reform of the bloc's labor laws sought by France. The new law, promoted by French President Emmanuel Macron and backed by Luxembourg, Belgium and the Netherlands, among others, would rein in current rules on the so-called posting of workers, which richer EU states say undercut their labor markets. Poorer EU states from Spain to Poland have opposed the change, saying their citizens should be allowed to work in a wealthier state on a lower salary than a worker from the host country under the bloc's competition rules. The deal, which had been tentatively agreed earlier this month, also…

A New York City councilman and a tenants' rights group said they will investigate allegations that the real estate company formerly controlled by Jared Kushner, a presidential adviser and President Donald Trump's son-in-law, falsified building permits. In allegations first uncovered by The Associated Press, the Kushner Companies is accused of submitting false statements between 2013 and 2016, stating it had no rent-controlled apartments in buildings it owned when it actually had hundreds. Rent-controlled apartments come under tighter oversight from city officials when there is construction work or renovations in buildings.  The councilman and tenants' rights group charged the Kushner Companies of lying about rent-control in order to harass and force out tenants paying low rents so it can move in those who would pay more. They also blame city officials…

Colombia proposed on Monday that the International Monetary Fund provide assistance to help several hundred thousand Venezuelan refugees who have fled an economic and political crisis to  neighboring countries, officials at the G20 summit said. The proposal was discussed at a meeting on Venezuela by leading finance ministers from the Western Hemisphere, the European Union and Japan, including U.S. Treasury Secretary Steven Mnuchin. "The consensus is that the situation is extremely negative and we must by any means possible try to influence a solution to the problem and a change in Venezuela's situation, mainly from the humanitarian point of view," Brazilian Finance Minister Henrique Meirelles told reporters. The fund, to be decided by the IMF next month, would only be used outside Venezuela and not by socialist President Nicolas Maduro's…

The Trump administration on Monday banned all use by Americans of Venezuelan cryptocurrency, saying that its introduction is intended to skirt U.S. sanctions. In a separate move, the administration also slapped sanctions on four current and former senior Venezuelan officials accused of corruption and mismanagement.   In an executive order that took effect immediately upon its issuance, President Donald Trump declared illegal all U.S. transactions related to Venezuelan digital currencies, coins or tokens. The prohibition applies to all people and companies subject to U.S. jurisdiction. The move follows the introduction last month of a Venezuelan cryptocurrency known as the "petro," for which the government says it has received investment commitments of $5 billion.   In the executive order, Trump said it was an "attempt to circumvent U.S. sanctions" imposed for…

Indonesian president Joko "Jokowi" Widodo has instructed ministers to keep fuel prices stable over the next two years, said Energy Minister Ignasius Jonan, which would, in effect, continue a controversial fuel subsidy scheme that analysts say has negatively impacted growth and the environment.  The Ministry said it would increase the per-liter subsidy for diesel and regular petrol from 500 Indonesian rupiah (about $0.35) to 700-1000 rupiah ($0.49-$0.70) while keeping pump prices unchanged. The measure indicates how protectionist measures have been hard to shake for the initially reform-minded Jokowi, who made several inroads against subsidies in 2014 and 2015.  Meanwhile, the rupiah continues to sink in the global market, due in part to Indonesia's widening current-account deficit. On Monday, Credit Suisse said "the rupiah is among the most vulnerable emerging market currencies…

Air bags in some Hyundai and Kia cars failed to inflate in crashes and four people are dead. Now the U.S. government’s road safety agency wants to know why. The National Highway Traffic Safety Administration says it’s investigating problems that affect an estimated 425,000 cars made by the Korean automakers. The agency also is looking into whether the same problem could happen in vehicles made by other companies. In documents posted on its website Saturday , the safety agency says the probe covers 2011 Hyundai Sonata midsize cars and 2012 and 2013 Kia Forte compacts. The agency says it has reports of six front-end crashes with significant damage to the cars. Four people died and six were injured. Electrical circuits  The problem has been traced to electrical circuit shorts in…

The pot revolution is alive and well in the state of Colorado where recreational cannabis has been legal since 2014. While the full impact of legal marijuana in Colorado has yet to be determined, what is clear is that cannabis has become a giant moneymaker for the state. And as Paula Vargas reports from Denver, women entrepreneurs — weed warriors, as some have called them — are leading the way. ...

Britain should consider a limited extension to its exit process from the European Union if needed to ensure details of its future relationship with the bloc are agreed, a committee of lawmakers said in a report. Prime Minister Theresa May formally notified the EU of Britain's intention to leave by triggering Article 50 of the membership treaty on March 29, 2017, setting the clock ticking on a two-year exit process. Britain has said it wants to have the basis of a trade deal set out with the EU by October, but the Exiting the EU Committee said in a report published Sunday that deadline would be tight. "In the short time that remains, it is difficult to see how it will be possible to negotiate a full, bespoke trade and market access agreement, along with a range of other agreements, including…

A former midlevel employee of German industrial giant Siemens pleaded guilty Thursday of conspiring to pay tens of millions of dollars to Argentine officials to win a $1 billion contract to create national ID cards. Eberhard Reichart, 78, who worked for Siemens from 1964 to 2001, appeared in federal court in New York to plead guilty to one count of conspiring to violate the anti-bribery Foreign Corrupt Practices Act and to commit wire fraud. Reichart was arraigned last December in a three-count indictment filed in December 2011 charging him and seven other Siemens executives and agents with participating in the decadelong scheme, the Justice Department said Thursday.  The men were accused of conspiring to pay more than $100 million in bribes to high-level Argentine officials to win the contract in…

White House trade adviser Peter Navarro said Thursday that President Donald Trump would soon consider new punitive measures against China for its alleged “theft” of intellectual property. U.S. officials, according to news accounts, are considering imposing as much as $60 billion in annual tariffs against Chinese information technology, telecommunications and consumer exports to the U.S. in an effort to trim its chronic annual trade deficit with Beijing by $100 billion. Last year, the U.S. says it imported Chinese goods worth $375 billion more than it exported to China. “In the coming weeks, President Trump is going to have on his desk some recommendations,” Navarro told CNBC. “This will be one of the many steps the president is going to courageously take in order to address unfair trade practices. “I don’t…

HSBC will reveal a gender pay gap of 59 percent at its main U.K. banking operation, the biggest yet disclosed by a British bank, according to a copy of the lender's report on the subject seen by Reuters on Thursday ahead of its publication. The bank will also disclose a mean gender bonus gap of 86 percent at HSBC Bank Plc, which is the biggest of the lender's seven entities in Britain and employs 23,507 people. A spokeswoman for the bank confirmed the contents of the report. The gender pay gap is the biggest yet reported by a British financial firm, according to government data, with some firms yet to provide figures ahead of an April deadline set by Prime Minister Theresa May last year. Almost 50 years since the…

Cooking is Chris Spear's passion. He's been professionally cooking since he was 16. Over the years, he worked for big restaurants and reached a point where he had almost 100 employees reporting to him. That's when he missed flexibility and wanted to be more creative. So, he quit working for restaurants and founded his own catering company, Perfect Little Bites in Frederick, Maryland. "Not that having your business is easy, but I want to have the flexibility to say, 'It's Valentine's Day, and it's more important to me to stay home with my wife,' or to be home cooking for someone. I really wanted something that I felt was mine," Spear explained. Spending long hours in the kitchen doesn't tire Spear, but he had often been concerned that becoming an independent…

President Donald Trump freestyled with the facts when talking trade with Canadian Prime Minister Justin Trudeau. The Republican described the discussion during a fundraising speech in St. Louis on Wednesday.   According to audio obtained by The Washington Post, Trump insisted that the United States runs a trade deficit with Canada.   Trump said Trudeau told him there was no trade deficit. Trump said he replied, "'Wrong, Justin, you do.' I didn't even know. ... I had no idea. I just said, 'You're wrong.'"   Trump claimed the figures don't include timber and energy.   However, the Office of the United States Trade Representative says the United States has a trade surplus with Canada. ...

President Donald Trump's recently proposed tariffs on steel and aluminum have spurred a hot debate in the U.S. that doesn't adhere to traditional party lines. Is the administration's move a boon to American workers or the beginning of a trade war? VOA's Plugged In with Greta Van Susteren examines the pros, cons, impact and history of tariffs on goods imported to the United States. VOA's Joan DeLuca reports: ...

U.S. Trade Representative Robert Lighthizer said Wednesday that the United States would challenge Indian government export subsidies because they hurt American workers and manufacturers. Lighthizer said he had requested "dispute settlement consultations" with the Indian government at the World Trade Organization because the subsidies allow India to sell goods at lower prices. He said his office "will continue to hold our trading partners accountable by vigorously enforcing U.S. rights under our trade agreements and by promoting fair and reciprocal trade through all available tools, including the WTO." The announcement is the latest step in President Donald Trump's trade offensive.The White House has announced tariffs on imported steel and aluminum as well as on imports of solar panels and washing machines. Lighthizer's office said India offers benefits valued at $7 billion annually…

General Motors, Fiat Chrysler, Volkswagen and Mercedes all knew of problems with dangerous exploding Takata air bag inflators years before issuing recalls, according to three class actions filed Wednesday with the federal court in Miami. The lawsuits cite company documents obtained through previous legal actions against other automakers over faulty Takata inflators. The plaintiffs allege that automakers were informed of inflator defects during tests but delayed taking action. Allegations against GM are among the most serious. Takata documents showed that GM employees expressed concerns about inflators rupturing as early as 2003. Messages were left Wednesday seeking comment from GM, VW and Mercedes. Fiat Chrysler declined comment, saying it had not been served with the lawsuit. Takata uses the chemical ammonium nitrate to create small explosions to inflate air bags. But…

U.S. President Donald Trump is naming Larry Kudlow, a longtime conservative economic analyst and television business show commentator, as his new top White House economic adviser. The 70-year-old Kudlow told news media he accepted Trump's offer Wednesday to become director of the White House's National Economic Council. Reports say a formal announcement could come Thursday. He will replace former Wall Street financier Gary Cohn, who resigned last week after breaking with President Trump on trade policy. Cohn had lost an internal debate, among Trump advisers, aimed at convincing the president not to impose steep new tariffs on steel and aluminum imports.   Kudlow, who was an informal economic adviser to Trump during the first year of his presidency, also opposed Trump's imposition of the 25 percent levy on steel and…

Behind the U.S. move to block Singapore-based Broadcom's hostile bid for U.S. chipmaker Qualcomm lies a new global struggle for influence over next-generation communications technology — and fears that whoever takes the lead could exploit that advantage for economic gain, theft and espionage. In the Broadcom-Qualcomm deal, the focus is on so-called "5G" wireless technology, which promises data speeds that rival those of landline broadband now. Its proponents insist that 5G, the next step up from the "4G" networks that now serve most smartphones, will become a critical part of the infrastructure powering everything from self-driving cars to the connected home. 5G remains in the early stages of development. Companies including Qualcomm, based in San Diego, and China's Huawei have been investing heavily to stake their claim in the underlying…

Sao Paulo investment firm SouthRock Capital has signed an agreement with Starbucks that gives it the right to develop and operate branches of the Seattle-based chain in Brazil, the companies said late on Monday. With the agreement, whose value was not disclosed, all of Starbucks' retail operations in Latin America are now wholly licensed rather than directly managed, the companies said. SouthRock founder Ken Pope said in a statement the fund would eye expansion opportunities in new and existing markets. Starbucks now has 113 stores across the populous states of Sao Paulo and Rio de Janeiro. "With Starbucks, we see continued opportunities for growth in existing markets ... as well as new markets like Brasilia and the South," he said. SouthRock, founded in 2015, also owns Brazil Airport Restaurants, which…

"Dona Edir, Dona Edir" — the call is heard frequently in the narrow lanes of Canaa, a slum on the outskirts of Rio de Janeiro. It is for Edir Dariux Teixeira, who is well known among the residents, having spent more than a third of her life trying to improve infrastructure and basic services in the ramshackle settlement. At the heart of that fight are legal property titles to the residents' homes — or, more accurately, the lack of them. "Without these documents we have no rights," she told the Thomson Reuters Foundation, sitting close to a fan to alleviate the near-40C (104°F) heat funneling from her asbestos roof. Debates on how to manage property rights in the world's informal settlements are becoming ever more pressing, as millions of people…

The daily commute from Mexico to California farms is the same as it was before Donald Trump became president. Hundreds of Mexicans cross the border and line the sidewalks of Calexico's tiny downtown by 4 a.m., napping on cardboard sheets and blankets or sipping coffee from a 24-hour doughnut shop until buses leave for the fields. For decades, cross-border commuters have picked lettuce, carrots, broccoli, onions, cauliflower and other vegetables that make California's Imperial Valley "America's Salad Bowl'' from December through March. As Trump visits the border Tuesday, the harvest is a reminder of how little has changed despite heated immigration rhetoric in Washington. Trump will inspect eight prototypes for a future 30-foot border wall that were built in San Diego last fall. He made a "big, beautiful wall'' a…

Chile's new government is preparing belt-tightening measures after inheriting a larger-than-anticipated fiscal deficit from its predecessor, but the measures will stop short of "mega-adjustments," Finance Minister Felipe Larrain said on Monday. Conservative billionaire Sebastian Pinera took office on Sunday vowing to combat economic "stagnation" and calling for a return to "fiscal equilibrium" as he seeks to transform Chile into a developed nation within a decade. "We're in a period of tight budgets, with levels of public debt that have doubled, which means we must begin with austerity measures, followed by a reassigning resources, in order to finance the president's program," Larrain told reporters as he entered the finance ministry for his first day on the job. Shortly before leaving office, outgoing President Michelle Bachelet's government reported it had left a…

U.S. President Donald Trump is blocking Singapore-based Broadcom, maker of computer and smartphone chips, from taking over U.S. chipmaker Qualcomm. Trump cited national security grounds in stopping the takeover, following the recommendation of the Committee on Foreign Investment in the United States (CFIUS). The committee reviews national security implications when foreign entities purchase U.S. corporations. The president's order said there is "credible evidence" that the takeover "might take action that threatens to impair the national security of the United States." Broadcom made an unsolicited bid last year to take over Qualcomm for $117 billion. The company has been in the process of moving its legal headquarters from Singapore to the United States to help it win approval for the takeover. Qualcomm, which is based in San Diego, has emerged as…

Labor strikes. Nationwide protests. Bank failures. In recent months, Iran has been beset by economic problems despite the promises surrounding the 2015 nuclear deal it struck with world powers. Its clerically overseen government is starting to take notice. Politicians now offer the idea of possible government referendums or early elections. Even Supreme Leader Ayatollah Ali Khamenei acknowledged the depths of the problems ahead of the 40th anniversary of Iran’s Islamic Revolution. “Progress has been made in various sectors in the real sense of the word; however, we admit that in the area of ‘justice’ we are lagging behind,” Khamenei said in February, according to an official transcript. “We should apologize to Allah the Exalted and to our dear people.” Whether change can come, however, is in question. ​An economy run…

China said Sunday it does not intend to ignite a trade war with the U.S. because the move would be disastrous for the entire world. “There are no winners in a trade war,” Minister of Commerce Zhong Shan said on the sidelines of China’s annual parliamentary session. “China does not wish to fight a trade war, nor will China initiate a trade war, but we can handle any challenge and will resolutely defend the interests of our country and our people,” Zhong said. President Donald Trump signed proclamations Thursday imposing a 25 percent tariff on imported steel and a 10 percent tariff on imported aluminum, with the new taxes set to go into effect this month. ​US, Japan, EU talk Trade representatives for Japan and the European Union met with…

Trade representatives for Japan and the European Union met with the U.S. trade representative Saturday in an effort to avoid a trade war over President Donald Trump's new tariffs on aluminum and steel. At the meeting in Brussels, U.S. Trade Representative Robert Lighthizer, EU Trade Commissioner Cecilia Malmstrom and Japanese counterpart Hiroshige Seko discussed the tariffs as part of a trilateral effort to combat unfair trade practices. The EU said in a statement that both Brussels and Tokyo had serious concerns about the U.S. tariffs. Both powers, two of the biggest trade partners with the United States, have asked for exemptions from the tariffs. After the meeting, Malmstrom tweeted, "No immediate clarity on the exact U.S. procedure for exemption ... so discussions will continue next week." Seko said at a news…