Category: Business

President Donald Trump plans to nominate David Malpass, a Trump administration critic of the World Bank, to lead the institution.   That's according to a senior administration official who spoke on condition of anonymity because the official wasn't authorized to comment publicly on personnel decisions.   Trump is expected to make an announcement later this week.   Malpass, the undersecretary for international affairs at the Treasury Department, has been a sharp critic of the World Bank, especially over its lending to China.   Malpass would succeed Jim Yong Kim, who announced in January that he is stepping down three years before his term was set to expire.   The final decision on a successor to Kim will be up to the bank's board.   Politico was first to report on…

Negotiating new World Trade Organization rules to try to rein in China's "mercantilist" trade practices would be largely a futile exercise, the Trump administration's trade office said on Monday, vowing to pursue its unilateral approach to protect U.S. workers, farmers and businesses. The U.S. Trade Representative's office used its annual report to Congress on China's WTO compliance in part to justify its actions in a six-month trade war with Beijing aimed at forcing changes in China's economic model. The report also reflects the United States' continued frustration with the WTO's inability to curb what it sees as China's trade-distorting non-market economic policies, and offered little hope that situation could change soon. "It is unrealistic to expect success in any negotiation of new WTO rules that would restrict China's current approach…

Brazil's government has opened discussions with congressional leaders, state governors and mayors on a pension reform bill that would set the minimum retirement age for men and women at 65, a government official said on Monday. The proposal is one of several under consideration, as President Jair Bolsonaro looks to get the legislative ball rolling on his ambitious plans to overhaul Brazil's creaking social security system. Currently, if workers have contributed into the system for at least 15 years, the earliest men can retire is 65 and for women it is 60. But men can retire at any age if they have paid into the system for at least 35 years, and women if they have contributed for 30 years. Speaking to reporters outside the Economy Ministry in Brasilia, Rogerio…

Huawei executive Meng Wanzhou, who was arrested in Canada and faces possible extradition to the United States, is exploring a defense that claims U.S. charges against her are politically motivated, the Globe and Mail newspaper reported on Monday. Meng, the chief financial officer of China's Huawei Technologies Co. Ltd., is the central figure in a high-stakes dispute between the United States and China. Canada arrested Meng in December at the request of the United States and last month she was charged with wire fraud that violated U.S. sanctions on Iran. "The political overlay of this case is remarkable," Richard Peck, lead counsel for Meng, told the Toronto newspaper in a telephone interview. "That's probably the one thing that sets it apart from any other extradition case I've ever seen. It's…

Nissan announced Sunday it has cancelled plans to make its X-Trail SUV in the UK — a sharp blow to British Prime Minister Theresa May, who fought to have the model built in northern England as she sought to shore up confidence in the British economy after it leaves the European Union. Nissan said it will consolidate production of the next generation X-Trail at its plant in Kyushu, Japan, where the model is currently produced, allowing the company to reduce investment costs in the early stages of the project. That reverses a decision in late 2016 to build the SUV at Nissan's Sunderland plant in northern England, which employs 7,000 workers. That plant will continue to make Nissan's Juke and Qashqai models. The announcement Sunday made no mention of any…

Finding a comfortable working environment can sometimes be difficult, especially for women working in male-dominated fields like science and technology. But some new startups are all about creating spaces that cater to and are dominated by women. VOA's Kevin Enochs reports. ...

The most recent round of trade talks between the United States and China concluded in Washington this week with no firm deal other than a commitment to keep talking. Nike Ching reports on the status of the talks between the world's leading economies, as they try to find common ground before more America tariffs come online in early March. ...

Although they can afford to purchase a home, more well-to-do Americans are choosing to rent instead. The number of U.S. households earning at least $150,000 annually that chose to rent rather than buy skyrocketed 175 percent between 2007 and 2017, according to an analysis by apartment search website RentCafe, which used data from the Census Bureau to reach its conclusions. This new breed of renters challenges long-held assumptions that Americans rent a place to live primarily because they can't afford to buy a home. "Lifestyle plays an important part in their decision to rent," study author Alexandra Ciuntu told VOA via email. "Renting in multiple cities at once has its perks, and so does changing one trendy location after another." Business and technology hubs like San Francisco and Seattle have…

U.S. employers shrugged off last month's partial shutdown of the government and engaged in a burst of hiring in January, adding 304,000 jobs, the most in nearly a year. The healthy gain the government reported Friday illustrated the job market's resilience nearly a decade into the economic expansion. The U.S. has now added jobs for 100 straight months, the longest such period on record. The unemployment rate did rise in January to 4 percent from 3.9 percent, the Labor Department said, but mostly for a technical reason: The number of people counted as temporarily unemployed jumped 175,000, with most of that increase consisting of federal workers and contractors affected by the shutdown. The government on Friday also sharply revised down its estimates of job growth in November and December. Still,…

Iranian crude oil imports by Asia's top four buyers dropped to the lowest volume in three years in 2018 amid U.S. sanctions on Tehran, but China and India stepped up imports in December after getting waivers from Washington. Asia's top four buyers of Iranian crude — China, India, Japan and South Korea — imported a total 1.31 million barrels per day (bpd) in 2018, down 21 percent from the previous year, data from the countries showed. That was the lowest since about 1 million bpd in 2015, when a previous round of sanctions on Iran led to a sharp drop in Asian imports, Reuters data showed. The United States reimposed sanctions on Iran's oil exports last November as it wants to negotiate a new nuclear deal with the country. U.S.…

Ghirardelli and Russell Stover have agreed to pay $750,000 in fines after prosecutors in California said they offered a little chocolate in a lot of wrapping. Prosecutors in Sacramento, San Joaquin, Shasta, Fresno, Santa Cruz and Yolo counties sued the candy makers, alleging they misled consumers by selling chocolate products in containers that were oversized or “predominantly empty.” Prosecutors also alleged that Ghirardelli offered one chocolate product containing less cocoa than advertised. The firms didn't acknowledge any wrongdoing but agreed to change their packaging under a settlement approved earlier this month. Some packages will shrink or will have a transparent window so consumers can look inside. San Francisco-based Ghirardelli and Kansas City-based Russell Stover are owned by a Swiss company, Lindt & Sprungli. ...

President Donald Trump will sign an executive order Thursday pushing those who receive federal funds to "buy American." The aim is to boost U.S. manufacturing. Peter Navarro, director of the White House National Trade Council, told reporters during a telephone briefing the policies are helping workers who "are blue collar, Trump people." Later he amended that, saying he "every American is a Trump person" because Trump's economic policies affect everyone.   Navarro said the order would affect federal financial assistance, which includes everything from loans and grants to insurance and interest subsidies.   He says some 30 federal agencies award over $700 billion in such aid each year. Recipients working on projects like bridges and sewer systems will be encouraged to use American products.     ...

Thousands of commuters flock to Manila's railway tracks every day, but rather than boarding the trains, they climb on to wooden carts pushed along the tracks, to avoid the Philippine capital's infamous traffic gridlock. The trolleys, as the carts are known, most of them fitted with colorful umbrellas for shade from the sun, can seat up to 10 people each, who pay as little as 20 U.S. cents per ride, cheaper than most train rides. "I do this because it gives us money that's easy to earn," said Reynaldo Diaz, 40, who is one of more than 100 operators, also known as "trolley boys," who push the carts along the 28-km (17-mile) track, most wearing flimsy flip-flops on their feet. "It's better than stealing from others," said Diaz, adding that…

U.S. lawmakers on Wednesday introduced legislation to limit the president’s power to levy import tariffs for national security reasons. The bills face an uncertain future but underscore bipartisan concerns on Capitol Hill over the rising costs of the Trump administration’s trade policies. The United States in 2018 slapped duties on aluminum and steel from other countries, drawing criticism from lawmakers who support free trade and complaints of rising supply chain costs across business sectors. Two bipartisan groups of lawmakers Wednesday introduced legislation known as the Bicameral Congressional Trade Authority Act in the Senate and the House of Representatives. The bills would require Trump to have congressional approval before taking trade actions like tariffs and quotas under Section 232 of the Trade Expansion Act of 1962. The law currently allows the…

The Trump Organization, responding to claims that some of its workers were in the U.S. illegally, said on Wednesday that it will use the E-Verify electronic system at all of its properties to check employees' documentation. A lawyer for a dozen immigrant workers at the Trump National Golf Club in New York's Westchester County said recently that they were fired on Jan. 18. He said many had worked there for a dozen or more years. Workers at another Trump club in Bedminster, New Jersey, came forward last month to allege managers there had hired them knowing they were in the country illegally. "We are actively engaged in uniforming this process across our properties and will institute E-verify at any property not currently utilizing this system,'' Eric Trump, executive vice president…

Pakistan's government has proposed to eliminate taxes associated with manufacturing of solar and wind energy equipment in the country, in an effort to boost the production and use of renewable power and overcome power shortages. A new government budget bill, expected to be approved in parliament within a month, would give renewable energy manufacturers and assemblers in the country a five-year exemption from the taxes. "Pakistan is paying the heavy cost of an ongoing energy crisis prevailing for the last many years," Finance Minister Asad Umar said last week in a budget speech. "In this difficult time, the promotion of renewable energy resources like wind and solar has become indispensable." Only about 5 to 6 percent of the power to Pakistan's national electrical grid currently comes from renewable energy, according…

Faced with potentially ruinous lawsuits over California's recent wildfires, Pacific Gas & Electric Corp. filed for bankruptcy protection Tuesday in a move that could lead to higher bills for customers of the nation's biggest utility and reduce the size of any payouts to fire victims. The Chapter 11 filing allows PG&E to continue operating while it puts its books in order. But it was seen as a possible glimpse of the financial toll that could lie ahead because of global warming, which scientists say is leading to fiercer, more destructive blazes and longer fire seasons. The bankruptcy could also jeopardize California's ambitious program to switch entirely to renewable energy sources. PG&E said the bankruptcy filing will not affect electricity or gas service and will allow for an "orderly, fair and expeditious…

Ireland has alerted the European Commission that it will seek emergency aid in the event of a no-deal Brexit and is considering a range of other ways to help firms cope, Prime Minister Leo Varadkar said on Tuesday. With close trading links with Britain, Ireland's export-focused economy is considered the most vulnerable among the remaining 27 European Union members to the impact of its nearest neighbor’s departure from the bloc. Ireland's finance department forecast earlier on Tuesday that economic growth could be 4.25 percentage points less than forecast by 2023 in a disorderly Brexit and would disproportionately hit agricultural goods and small- and medium-sized enterprises. Varadkar said last month that Dublin was discussing with the Commission what state aid might be available if Britain leaves the bloc without a deal,…

The U.S. has imposed sanctions on Venezuela's state-owned oil company, PdVSA, in an increased effort to pressure Nicolás Maduro to relinquish power to Juan Guaidó, now recognized by the U.S. and a number of other nations as the country's legitimate president. VOA's diplomatic correspondent Cindy Saine reports from the State Department. ...

Brazil eyes management overhaul for Vale after dam disaster Brazil's government weighed pushing for a management overhaul at iron ore miner Vale SA on Monday as grief over the hundreds feared killed by a dam burst turned into anger, with prosecutors, politicians and victims' families calling for punishment. By Monday night, firefighters in the state of Minas Gerais had confirmed that 65 people were killed by Friday's disaster, when a burst tailings dam sent a torrent of sludge into the miner's offices and the town of Brumadinho. There were still 279 people unaccounted for, and officials said it was unlikely that any would be found alive. Brazil's acting president, Hamilton Mourao, told reporters a government task force on the disaster response is looking at whether it could or should change…

Food shocks, or sudden losses of crops, livestock or fish, due to the combination extreme weather conditions and geopolitical events like war, increased from 1961 to 2013, said researchers at The University of Tasmania in a report released Monday. Researchers saw a steady increase in shock frequency over each decade with no declines. The report, published in Nature Sustainability, said that protective measures are needed to avoid future disasters. The authors studied 226 shocks across 134 countries over the last 53 years and, unlike previous reports, examined the connection between shocks and land-based agriculture and sea-based aquaculture. "There seems to be this increasing trend in volatility," said lead author Richard Cottrell, a PhD candidate in quantitative marine science at the University of Tasmania in Australia. "We do need to stop…

Malawi is the latest African country to look at legalizing cannabis – the plant that produces hemp and marijuana - after similar moves in Lesotho, South Africa, and Zimbabwe. As Malawi's tobacco industry - the country’s biggest foreign exchange earner - has dwindled due to anti-tobacco campaigns, farmers are now looking to grow cannabis. Lameck Masina reports from Lilongwe. ...

The first Starbucks coffee shop opened in Seattle, Washington, in 1971 - and grew into what is perhaps the world's best known American coffee company. But in Seattle, it is not the only brew in town, and as Natasha Mozgovaya discovered, locals never lost their love and appreciation for an individual approach and experimentation, and small coffee bars mushroomed in the city. Anna Rice has her report. ...

The World Economic Forum summit in Davos, Switzerland, that wrapped up Friday, had some notable absentees, including U.S. President Donald Trump. With a backlash against a perceived ruling elite gaining ground in many countries, analysts say some leaders steered clear of a gathering often seen as an inaccessible club for the world’s super-rich. Others argue it is vital they get together to discuss urgent issues like climate change and world trade. On the surface, though, it was business as usual: On a sealed off, snowbound mountaintop, world leaders rubbed shoulders with global executives, lobbyists and pressure groups. It remains a vital gathering of global decision-makers, said Leslie Vinjamuri, head of the U.S. and the Americas Program at policy group Chatham House. “They’re there to do business, they’re there to engage in an exchange…

A government-appointed commission laid out a plan Saturday for Germany to phase out coal use by 2038.    The commission — made up of politicians, climate experts, union representatives and industry figures from coal regions — developed the plan under mounting pressure on Europe's top economy to step up efforts to combat climate change. "This is a historic day," the commission's head, Ronald Pofalla, said after 20 hours of negotiations. The recommendations, which involve at least $45.6 billion in aid to coal-mining states affected by the move, must be reviewed by the German government and 16 regional states. While some government officials lauded the report, energy provider RWE, which runs several coal-fired plants, said the 2038 cutoff date would be "way too early." Despite its reputation as a green country, Germany…

Impatient with the lack of World Trade Organization rules to cover the explosive growth of e-commerce, 76 countries and regions agreed on Friday to start negotiating this year on a set of open and predictable regulations. The WTO’s 164 members were unable to consolidate some 25 separate e-commerce proposals at the body’s biennial conference at Buenos Aires in December, including a call to set up a central e-commerce negotiating forum. In a gathering on the sidelines of the World Economic Forum in Davos, ministers from a smaller group of countries including the United States, the European Union and Japan, agreed to work out an agenda for negotiations they hope to kick off this year on setting new e-commerce rules. “The current WTO rules don’t match the needs of the 21st…

A Republican U.S. representative on Thursday introduced White House-drafted legislation that would give President Donald Trump more power to levy tariffs on imported goods in an effort to pressure other countries to lower their duties and other trade barriers. The measure offered by Representative Sean Duffy, which has been touted by Trump administration officials, has already been declared unacceptable by some Republican senators, including Senate Finance Committee Chairman Chuck Grassley. Democrats, who control the House of Representatives and its legislative agenda, are unlikely to grant Trump more executive authority, especially as a standoff over the partial government shutdown drags on. A spokesman for House Speaker Nancy Pelosi could not immediately be reached for comment. The Reciprocal Trade Act, which Trump was expected to highlight in his now-delayed State of the…

European Trade Commissioner Cecilia Malmstrom said on Thursday that Europe should be more ambitious on issues such as climate change as a way to unite the bloc around a single vision. "We need a great debate on the future of Europe," she said in a wide-ranging debate at the World Economic Forum in Davos on the state of the continent and the rise of populism. Europeans vote for a new European parliament in May, at a time when citizens in many countries are backing populist parties. Italy's Foreign Minister Enzo Moavero Milanesi said the European Union had become like an archipelago of separate islands. "There is no real European vision at the moment, such as the vision which moved the founders. We need to find things that mobilize people, that…