Displaced by Mining, Peru Villagers Spurn Shiny New Town

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This remote town in Peru's southern Andes was supposed to serve as a model for how companies can help communities uprooted by mining. Named Nueva Fuerabamba, it was built to house around 1,600 people who gave up their village and farmland to make room for a massive, open-pit copper mine. The new hamlet boasts paved streets and tidy houses with electricity and indoor plumbing, once luxuries to the indigenous Quechua-speaking people who now call this place home. The mine's operator, MMG Ltd, the Melbourne-based unit of state-owned China Minmetals Corp, threw in jobs and enough cash so that some villagers no longer work. But the high-profile deal has not brought the harmony sought by villagers or MMG, a testament to the difficulty in averting mining disputes in this mineral-rich nation.…


US Sees Foreign Reliance on ‘Critical’ Minerals as Security Concern

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The United States needs to encourage domestic production of a handful of minerals critical for the technology and defense industries, and stem reliance on China, U.S. Interior Secretary Ryan Zinke said Tuesday. Zinke made the remarks at the Interior Department as he unveiled a report by the U.S. Geological Survey (USGS), which detailed the extent to which the United States is dependent upon foreign competitors for its supply of certain minerals. The report identified 23 out of 88 minerals that are priorities for U.S. national defense and the economy because they are components in products ranging from batteries to military equipment. The report found that the United States was 100 percent net import reliant on 20 mineral commodities in 2016, including manganese, niobium, tantalum and others. In 1954, the U.S.…


Greek Lawmakers Approve 2018 Budget Featuring More Austerity

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Greece's parliament on Tuesday approved the 2018 state budget, which includes further austerity measures beyond the official end of the country's third international bailout next summer.    All 153 lawmakers from the left-led governing coalition backed the budget measures in a late vote, while the 144 opposition lawmakers present rejected them. Three were absent from the vote. Prime Minister Alexis Tsipras promised that the country would smoothly exit the eight-year crisis that has seen its economy shrink by a quarter and unemployment hit highs previously unseen during peacetime. Tsipras argued that international money markets — on whose credit Greece will have to depend once its rescue loan program ends — are showing strong confidence in the country's prospects, with the yield on Greek government bonds dropping to a pre-crisis low…


Ex-Odebrecht CEO, Symbol of Brazil Graft Probe, Leaves Jail

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One of the most prominent people convicted in Latin America's largest corruption scandal left prison Tuesday for house arrest after serving two-and-a-half years behind bars at a time when many Brazilians are becoming disillusioned with the graft investigation once hailed as a political game-changer. Marcelo Odebrecht's release came a day after Brazil's top court halted investigations into several lawmakers, underscoring the limitations of the "Car Wash" investigation that uncovered nearly institutionalized corruption involving senior politicians in several countries and several major Brazilian companies. Odebrecht, who was CEO of his family's company of the same name, cooperated with prosecutors and testified that executives routinely paid bribes and made illegal campaign contributions to politicians in exchange for favors. He was originally sentenced to 19 years in prison but, once he began cooperating,…


Analysis: US Tax Cut to Deliver Corporate Earnings Gift

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A planned massive Republican tax overhaul has led Wall Street strategists to revise their 2018 corporate earnings forecasts sharply higher, but the jury is out on how long the accelerating effect on profits will last. The tax bill, which the U.S. House of Representatives approved on Tuesday, will cut the corporate income tax rate to 21 percent from 35 percent, beginning Jan. 1, and would be the biggest positive factor for U.S. earnings in 2018. A Senate vote was still awaited. Although there is a wide range of profit estimates for 2018, the expected tax plan benefit has strategists now calling for double-digit profit gains in 2018 over 2017, compared with their forecasts for mid-single-digit gains without the tax cuts. S&P 500 earnings growth for 2017 was an estimated 11.9…


Amnesty: Failed and Exploited, Nepal Migrant Workers Trapped in Debt Cycle

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Nepali migrant workers are trapped in a vicious cycle of debt and exploitation due to a failure by authorities to crack down on recruitment firms that charge illegally high fees for jobs abroad, human rights group Amnesty International said on Monday. Wages sent back by an estimated four million Nepalis - mainly employed working in construction or as domestic workers in the Middle East, Malaysia and South Korea - make up more than a quarter of the poor Himalayan nation's gross domestic product. Nepal permits recruitment agencies to charge 10,000 rupees ($100) from each migrant as a service charge for finding them work with foreign firms, who pay for workers' travel and visa. But a survey of over 400 Nepali migrants by Amnesty found workers are not only forced up…


CryptoKitties Brings Blockchain to the Masses

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How do you explain the abstract concepts of blockchain technology and cryptocurrencies? With adorable, digital kittens of course. CryptoKitties, an online game and marketplace featuring virtual kittens, has become an entry point for curious outsiders looking to dabble in cryptocurrencies - decentralized digital monies that rely on blockchain technology to enable peer-to-peer transactions. Company reps say their main goal is to teach people how to use blockchains; open, distributed ledgers of cryptocurrency transactions. Bitcoin is the most famous cryptocurrency and blockchain protocol, but there are others. “As part of launching this project, we were really trying to educate people who haven’t perhaps bought Ethereum before, people who aren’t in the crypto space.” said Elsa Wilk, marketing director at Axiom Zen, the Canadian tech consultancy that created CryptoKitties. That may have…


Brazil Court Approves Compensation for Decades-old Depositor Losses

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A Supreme Court justice on Monday approved an agreement to compensate bank depositors for losses caused by government policies several decades ago, settling more than a million legal disputes that have hung over Brazil's banking system since the 1980s. Depositors who lost their savings due to economic programs applied in the 1980s and 1990s to tackle hyperinflation will have two years to sign up for the compensation deal, Justice Dias Toffoli ruled. Those who are owed up to 5,000 reais ($1,520) will be fully reimbursed, while those with larger liabilities will get between 8 percent and 19 percent less. Around 60 percent of the depositors covered by the agreement are owed up to 5,000 reais, according to the Brazilian Federation of Banks (Febraban). The total value of reimbursements will depend…


Bitcoin Futures Begin Trading on CME, Price Declines

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Another security based on the price of bitcoin, the digital currency that has soared in value and volatility this year, began trading on the Chicago Mercantile Exchange on Sunday. The CME Group, which owns the exchange, opened up bitcoin futures for trading at 6 p.m. EST on Sunday. The futures contract that expires in January opened higher at $20,650, then declined steadily. The futures were trading at $18,775 at 9:00 p.m. EST, down $725. The CME futures, like the ones that CME competitor the Cboe started trading last week, do not involve actual bitcoin. The CME's futures will track an index of bitcoin prices pulled from several private exchanges. The Cboe's futures track the price of bitcoin prices on the particular private exchange known as Gemini. Each contract sold on…


Stake in Vietnam’s Top Brewer for Sale, But Bids Few

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Vietnam is set to auction up to a $5 billion stake in top brewer Sabeco on Monday, with Thai Beverage the only potential bidder to have expressed interest in a majority stake. The keenly anticipated sale of the state-owned maker of Bia Saigon gained momentum in recent months after being hampered for years by political resistance, fickle policy-making and complications over valuations. The government has set a minimum sale price of 320,000 dong or $14.10 a share for Saigon Beer Alcohol Beverage Corp (Sabeco), whose shares have nearly trebled to 309,200 dong since its listing a year ago. Thai Beverage, through a partly owned Vietnam unit, is the only company that has expressed interest in owning more than 25 percent of the company, which has roughly 40 percent of the…


Trump Sells Republican Tax Bill to Job Seekers, Middle Class

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U.S. President Donald Trump continued to tout the Republican tax bill Saturday, saying "everybody's going to benefit" if it is signed into law. "But I think the greatest benefit is going to be for jobs and for the middle class, middle income," Trump said to reporters on the White House South Lawn before departing for the presidential Camp David retreat in Maryland. Republican Senate and House negotiators finalized a final version Friday of their compromise $1.5 trillion tax bill, after appeasing Republican Senator Marco Rubio, who demanded an expansion of the child tax credit that provides benefits for low-income families. Republican lawmakers hammered out differences Wednesday between the House and Senate versions, and both chambers of Congress plan to vote on the final bill early next week, with the intent…


Britain Seeks ‘Bespoke’ EU Trade Deal, Pact With China

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British Finance Minister Philip Hammond said Saturday it is likely Britain will want to negotiate a bespoke arrangement for a future trade deal with the European Union, rather than copying existing arrangements like the Canada-EU deal. The European Union agreed Friday to move Brexit talks onto trade and a transition pact, but some leaders cautioned that the final year of divorce negotiations before Britain’s exit could be fraught with peril. Summit chairman Donald Tusk said the world’s biggest trading bloc would begin “exploratory contacts” with Britain on what London wants in a future trade relationship, as well as starting discussion on the immediate post-Brexit transition. No off-the-shelf deal Speaking in Beijing, Hammond it was probably not helpful to think in terms of off-the-shelf models like the Canada-EU deal. “We have…


Huge Tax Bill Heads for Passage as GOP Senators Fall in Line

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After weeks of quarrels and qualms and then 11th-hour horse-trading, Republicans revealed their huge national tax rewrite late Friday, along with announcements of support that all but guarantee approval next week. The legislation would slash tax rates for big business and lower levies on the richest Americans in a massive $1.5 trillion bill that the GOP plans to pass through Congress before the year-end break. Benefits for most other taxpayers would be smaller. "This is happening. Tax reform under Republican control of Washington is happening," House Speaker Paul Ryan of Wisconsin told rank-and-file members in a conference call. "Most critics out there didn't think it could happen. ... And now we're on the doorstep of something truly historic." According to the 1,097-page bill, today's 35 percent rate on corporations would fall…


Powerful CEOs Demand DACA Fix

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Two titans of U.S. business have come together to demand that Congress find an immediate solution for DACA recipients, whose legal immigration status will come to an end in March without intervention. Charles Koch, chairman and chief executive of Koch Industries, and Tim Cook, chief executive of Apple, wrote in an opinion piece published Thursday in The Washington Post that “we strongly agree that Congress must act before the end of the year to bring certainty and security to the lives of dreamers. Delay is not an option. Too many people’s futures hang in the balance.” Dreamers is another term for participants in the Deferred Action for Childhood Arrivals program, which has protected undocumented young people who were brought to the U.S. as children and provided them with work permits.…


Fish Farming Project Helps CAR Refugees Feed Themselves

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The United Nations says humanitarian needs in refugee camps in Cameroon are increasing, exceeding the means available to take care of the growing number of refugees. But some of the refugees have empowered themselves by making use of resources around them to earn a living for their families. At Gado refugee camp in eastern Cameroon,  200 refugee women have developed a fish pond by a river and are supplying fish not only to people in need in the camp but to surrounding villages. More than a hundred women sing here on the side of a river at Gado near the United Nations refugee camp. It is a day of harvest and many refugees have come to buy. Among the fish farmers is 31-year-old Christine Mboula, a Central African Refugee who…


Greek Unions Strike as Bailouts to End With Austerity Blitz

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Greece's workers walked off the job for a 24-hour general strike Thursday, as the country prepares to stop relying on European rescue loans but continues to pile more austerity measures on hard-hit taxpayers.   The strike halted ferry services to the islands, closed state schools, and left public hospitals accepting only emergency cases.   Airlines rescheduled and cancelled flights as some airport staff joined the labor action with a four-hour work stoppage, and public transport was operating only for certain hours during the day.   Thousands of people gathered in Athens for anti-government protests, while demonstrations were planned in more than 50 cities and towns across the country.   “The government is doing a dirty job at the expense of the Greek people,” said Greek Communist Party leader Dimitris Koutsoumbas,…


Decade Since Recession: Thriving Cities Leave Others Behind

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As the nation's economy was still reeling from the body blow of the Great Recession, Seattle's was about to take off. In 2010, Amazon opened a headquarters in the little-known South Lake Union district — and then expanded eight-fold over the next seven years to fill 36 buildings. Everywhere you look, there are signs of a thriving city: Building cranes looming over streets, hotels crammed with business travelers, tony restaurants filled with diners.   Seattle is among a fistful of cities that have flourished in the 10 years since the Great Recession officially began in December 2007, even while most other large cities — and sizable swaths of rural America — have managed only modest recoveries. Some cities are still struggling to shed the scars of recession.   In Las Vegas, half-finished…


US Central Bank Raises Interest Rate Slightly

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The U.S. central bank raised its key interest rate slightly Wednesday, but left the level low enough to continue stimulating economic growth. The Federal Reserve pushed up rates a quarter of a percent to a range between 1.25 and 1.5 percent. The increase leaves the benchmark rate below historic averages.       The Fed slashed rates nearly to zero during the recession in a bid to boost the economy and fight unemployment by making it cheaper to borrow the money needed to build factories, buy equipment and hire people. Janet Yellen, at her last press conference as chair of the Federal Reserve, said economic growth is "solid" as business investment and overseas demand grow. She said the impact of tax changes working their way through Congress is "uncertain" but would probably…


Sweet Victory: French Candymakers Win China Legal War

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Revenge is sweet for the makers of France's traditional "calisson" candies, who have won a months-long legal battle with a businessman who trademarked the product's name in China. The lozenge-shaped sweets, made of a mixture of candied fruit and ground almonds topped with icing, are widely enjoyed in France's southern Aix-en-Provence region. Their makers were none too pleased when Chinese entrepreneur Ye Chunlin spotted a sweet opportunity in 2015 to register the "Calisson d'Aix" name for use at home, as well as its Mandarin equivalent, "kalisong". The trademark was set to be valid until 2026, sparking angst among Provence's sweetmakers who worried Ye's move could have barred them from entering the huge Chinese market. But China's copyright office rejected Ye's claim to the brand name in a decision seen by…


Tanzania Orders Tighter Controls on Currency, Bank Crackdown as Growth Slows

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Tanzanian president John Magufuli ordered the central bank on Wednesday to tighten controls on the movement of hard currency and take swift action against failing banks in a bid to tackle financial crimes and protect the local shilling currency. The move comes as the International Monetary Fund (IMF) called on Tanzania to speed up reforms and spend more to prevent a slowdown in one of the world's fastest-growing economies. Magufuli pledged to reform an economy hobbled by red tape and corruption and begin a program to develop public infrastructure after he was elected in 2015. "We now have some 58 banks in Tanzania, the [central] Bank of Tanzania should closely monitor these banks and take swift action against failing institutions. It's better to have a few viable banks than many…


US, EU, Japan Slam Market Distortion in Swipe at China

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The United States, European Union and Japan vowed Tuesday to work together to fight market-distorting trade practices and policies that have fueled excess production capacity, naming several key features of China's economic system. In a joint statement that did not single out China or any other country, the three economic powers said they would work within the World Trade Organization and other multilateral groups to eliminate unfair competitive conditions caused by subsidies, state-owned enterprises, "forced" technology transfer and local content requirements. The move was a rare show of solidarity with the United States at a World Trade Organization meeting dominated by differences over U.S. President Donald Trump's "America First" trade agenda and U.S. efforts to stall the appointment of WTO judges. It reflected growing frustration among industrial countries over China's…


Afreximbank Pledges Up to $1.5B to Post-Mugabe Zimbabwe

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The African Export and Import Bank has pledged up to $1.5 billion in new loans and financial guarantees to Zimbabwe in a major boost for new President Emmerson Mnangagwa's government, the bank's president and chairman said Tuesday. Mnangagwa, who took over last month after veteran autocrat Robert Mugabe quit following a de facto military coup, has vowed to focus on reviving the struggling economy and provide jobs in a nation with an unemployment rate exceeding 80 percent. Afreximbank was the only international lender that stood by Zimbabwe throughout Mugabe's repressive 37-year rule, but its quick announcement of a fresh package of loans and guarantees appeared to be a vote of confidence in the new government. Cairo-based Afreximbank was a major funder of Zimbabwe while the country was cut off from…


Filipino Houses From Debris, Californian Fruit Pickers’ Homes Win Major Award

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A project in the Philippines that used debris to rebuild typhoon-ravaged houses and Californian homes providing year-round housing for migrant workers won one of the world's most prestigious housing awards on Tuesday. The development charity CARE used innovative techniques, such as teaching building skills to residents and using wreckage from destroyed homes, to rehouse more than 15,000 Filipino families devastated in 2013 by Typhoon Haiyan. "This is the first time self-recovery has been used on such a large scale," said David Ireland, director of British charity World Habitat, which co-hosts the World Habitat Awards together with the United Nations (U.N.) settlement program, UN-Habitat. "It has helped more people, more quickly, than traditional disaster recovery programs. The potential of this approach to be used elsewhere is absolutely huge." The winners of…


Waiting for Congress, Mnuchin Makes 2nd Emergency Debt Move

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Treasury Secretary Steven Mnuchin said Monday he is making a second emergency move to keep the government from going above the debt limit while awaiting congressional action to raise the threshold.   In a letter to congressional leaders, Mnuchin said he will not be able to fully invest in a large civil service retirement and disability fund. Skipped investments will be restored once the debt limit has been raised, he said.   In September, Congress agreed to suspend the debt limit, allowing the government to borrow as much as it needed. But that suspension ended Friday.   The government said the debt subject to limit stood at $20.46 trillion on Friday. Mnuchin has said he will employ various "extraordinary measures" to buy time until Congress raises the limit.   The…


US High Court Turns Away Dispute Over Gay Worker Protections

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The U.S. Supreme Court on Monday refused to hear an appeal by a Georgia security guard who said she was harassed and forced from her job because she is a lesbian, avoiding an opportunity to decide whether a federal law that bans gender-based bias also outlaws discrimination based on sexual orientation. The justices left in place a lower court ruling against Jameka Evans, who had argued that workplace sexual orientation discrimination violates Title VII of the landmark Civil Rights Act of 1964. Workplace protections are a major source of concern for advocates of rights for lesbian, gay, bisexual and transgender people. Gregory Nevins, an attorney at Lambda Legal, an LGBT legal advocacy group representing Evans, said it was unfortunate the court turned away the case. Lambda Legal had cited language…


EU-Mercosur Talks Hit Snags, Announcement Could Be Delayed

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Free-trade talks between the European Union and South American trade bloc Mercosur still face hurdles over beef and ethanol, and an expected deal announcement this week might not happen, officials involved in negotiations said on Monday. Mercosur diplomats involved in the talks on the sidelines of the World Trade Organization minister's meeting in Buenos Aires said EU officials had not presented improved offers on EU tariff-free imports of South American beef and ethanol as promised. “Basically, they want us to show our cards before they show theirs,” a senior diplomat from a Mercosur country told Reuters, asking not to be named due to the sensitive stage of the negotiations. Resistance by some EU member states to agricultural imports, such as Ireland and France, has delayed negotiation of the free trade…


US: WTO Losing Trade Focus, Too Easy on Some Developing Nations

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U.S. President Donald Trump's trade chief said on Monday that the World Trade Organization (WTO) is losing its focus on trade negotiations in favor of litigation, and was going too easy on wealthier developing countries such as China. With Trump's "America First" trade agenda casting a cloud over the WTO's 11th ministerial meeting in Buenos Aires, representatives of other major members criticized protectionism and advocated a stronger multilateral trading system, while acknowledging the WTO's shortcomings. U.S. Trade Representative Robert Lighthizer, who has said he does not want major agreements out of the meeting, voiced concern that the WTO was becoming a litigation-centered organization. "Too often members seem to believe they can gain concessions through lawsuits that they could never get at the negotiating table," he said. "We have to ask…


Russia Urges India to Back China’s Belt and Road Initiative

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Russia threw its weight behind China's massive Belt and Road plan to build trade and transport links across Asia and beyond, suggesting to India on Monday that it find a way to work with Beijing on the signature project. India is strongly opposed to an economic corridor that China is building in Pakistan that runs through disputed Kashmir as part of the Belt and Road initiative. India was the only country that stayed away from a May summit hosted by Chinese President Xi Jinping to promote the plan to build railways, ports and power grids in a modern-day recreation of the Silk Road. Russian Foreign Minister Sergei Lavrov said New Delhi should not let political problems deter it from joining the project, involving billions of dollars of investment, and benefiting…