Category: Business

Higher salaries, better working conditions, maternity leave, minimum wage and an end to discrimination against temporary or foreign workers: These were among the concerns as hundreds of thousands of union members and labor activists rallied around the world to mark May Day. The tradition of May Day marches for workers’ rights began in the United States in the 1880s. It quickly spread to other countries at a time when industrialization pitted poorly paid employees who had few protections and little power against increasingly dominant factory employers and landowners. Over the decades, the May Day protests have also become an opportunity to air general economic grievances or political demands. Here’s a look at Wednesday’s protests : VIOLENT RADICALS DISRUPT MAY DAY IN FRANCE French police clashed with stone-throwing protesters who set…

Higher salaries, better working conditions, maternity leave, minimum wage and an end to discrimination against temporary or foreign workers: These were among the concerns as hundreds of thousands of union members and labor activists rallied around the world to mark May Day. The tradition of May Day marches for workers' rights began in the United States in the 1880s. It quickly spread to other countries at a time when industrialization pitted poorly paid employees who had few protections and little power against increasingly dominant factory employers and landowners.  Over the decades, the May Day protests have also become an opportunity to air general economic grievances or political demands. Here's a look at Wednesday's protests: Puerto Rico Thousands of Puerto Ricans marched to traditional music while protesting austerity measures, with many…

Major cities around the world have ramped up security, increasing police presence and even using drones to monitor crowds expected at May Day rallies. International Workers' Day, which is commonly known as May Day, celebrates the international labor movement on the first day of May every year. It’s a national holiday in more than 80 countries around the world. France, which has been recently rankled by violent anti-government yellow vest protests, plans to deploy more than 7,400 police and dozens of drones in Paris.  Interior Minister Christophe Castaner said there was a risk that "radical activists" could join anti-government yellow vest protesters and union workers Wednesday in the streets of Paris and across the country. He said the goal was to protect demonstrators with "legitimate aspirations" and defend Paris from…

France has set more ambitious targets to cut carbon emissions by 2050 but few measures will take effect on President Emmanuel Macron's watch as the "yellow vest" protest movement limits his scope for environmental protection. A draft new "energy transition law," presented to cabinet on Tuesday and seen by Reuters, pledges to reduce carbon emissions by a factor of more than six by 2050 compared to 1990. That increases the emissions' reduction target from a factor of four stipulated in a 2015 energy law introduced by Macron's predecessor Francois Hollande. Months after coming to power in 2017, Macron dropped that law's key provision — despite a pledge to respect it — to reduce nuclear energy's share in French electricity production to 50 percent by 2025, from 75 percent currently. The…

Warren Buffett’s Berkshire Hathaway Inc committed $10 billion on Tuesday to Occidental Petroleum Corp’s $38 billion cash-and-stock bid for Anadarko Petroleum Corp, boosting its chances of snatching a deal from Chevron Corp. Occidental and Chevron are locked in the biggest oil-industry takeover battle in years as they eye Anadarko’s prized assets in West Texas’ huge Permian shale oil field. Anadarko on Monday agreed to start negotiations with Occidental, saying its bid could potentially be superior to Chevron’s existing deal to buy Anadarko for $33 billion in cash and stock. Berkshire’s cash provides Occidental with flexibility to fund and even increase its proposal. Anadarko has previously expressed reservations about the risk of Occidental having to get any deal voted through by its own shareholders. Occidental could now use the majority of…

The Trump administration is ready to provide more federal aid to farmers if required, a White House adviser said on Monday, after rolling out up to $12 billion since last year to offset agricultural losses from the trade dispute with China. "We have allocated $12 billion, some such, to farm assistance. And we stand ready to do more if necessary," White House economic adviser Larry Kudlow told reporters. The U.S. Department of Agriculture had previously ruled out a new round of aid for 2019. As of March, more than $8 billion was paid out as part of last year's program. On Monday, the department said it had extended the deadline to apply to May 17. A constituency that helped carry Republican President Donald Trump to victory in 2016, U.S. farmers…

Palm oil plantations in Liberia are billed as bringing jobs and development but actually leave locals poorer, said a Liberian lawyer who won the prestigious Goldman Environmental Prize on Monday. The U.S.-based Goldman Environmental Foundation gives the prize — often known as the Green Nobel — to six grassroots activists each year for efforts to protect the environment, often at their own risk. Alfred Brownell was awarded for his successful campaign to protect more than 500,000 acres of tropical forest from palm oil development in the West African country, after which he was forced to flee Liberia in fear for his life. He now lives in the United States but hopes to return to continue his work, as palm oil development continues to displace farmers without giving them an alternative…

Mexican President Andres Manuel Lopez Obrador on Monday symbolically launched work on a new airport for Mexico City to replace the nearly half-built $13 billion project he cancelled upon taking office.   Lopez Obrador promised the new Felipe Angeles airport northeast of the capital won't exceed its budget and will save the government money even with the cancellation of the partially built airport.   "It's going to resolve the problem of saturation at the current Mexico City airport, but also be an example of how you can carry out a rational, austere policy based on honesty that needs to establish itself as the way to live and the way to govern in our country," Lopez Obrador said.   The new airport — named for a general allied with revolutionary icon…

The International Monetary Fund is forecasting Iran's economy to shrink by 6% this year as it faces pressure from U.S. sanctions. In a report released Monday, the IMF said its estimates for Iran, which include the potential for inflation to top 40%, predate a U.S. decision to end waivers that have allowed some Iranian oil buyers to continue making their purchases despite new sanctions that went into effect last year. The Trump administration is due to formally end the waivers on Thursday for some of Iran's top crude purchasers, including China, India, Japan, Turkey and South Korea. The United States says it wants to deprive Iran of $50 billion in annual oil revenues to pressure it to end its nuclear and missile programs. The White House says it is working…

While many people have office jobs, working inside an office is not for everybody. And these days in the U.S. more people are turning to gig work — temporary jobs that allow them to work from home, hold multiple jobs and have flexible hours. More gig workers are now using smartphone apps to find jobs that set them free of office work. VOA's Mykhailo Komadovsky spent time with one gig worker in Washington. ...

U.S. President Donald Trump urged Japanese Prime Minister Shinzo Abe to have Japanese automakers produce more vehicles in the United States, according to a readout of their recent meeting provided Saturday by the U.S. ambassador to Japan. The two discussed recent public announcements by Japanese automakers, including Toyota Motor Corp.'s decision to invest more in U.S. plants. "We talked about the need to see more movement in that direction, but I think the president feels very positive that we will see such movement because all the economics support that," said Ambassador William Hagerty. Trump has prodded Japanese automakers to add more jobs in the United States as the White House threatens to impose tariffs of up to 25 percent on imported vehicles, on the ground of national security. Trump said Friday that it was possible that the United States and Japan…

Uber Technologies Inc., the world's largest ride-hailing company, plans an initial public offering that values the company lower than the startup's insiders had hoped, between $80.5 billion and $91.5 billion.  The valuation, outlined in a regulatory filing Friday, is less than the $120 billion that investment bankers told Uber last year it could fetch, and closer to the $76 billion valuation it attained in a private fundraising round in 2018.  This reflects the poor stock performance of its smaller rival Lyft Inc. following its IPO last month. Lyft shares ended trading Thursday down more than 20 percent from their IPO price, amid investor skepticism over its path to  profitability.  Lyft completed its IPO at a valuation of $24.3 billion, which corresponded to around 11 times its 2018 revenue. By comparison, the top end of Uber's valuation target is around eight times revenue…

Wisconsin Gov. Tony Evers and Foxconn Technology Group officials are talking about making changes to the contract signed in 2017 that was based on constructing a larger display screen manufacturing facility than is now proposed.    But neither side is giving details. So how might the deal be changed? And what's at stake for each side?    Here are five areas to watch as talks continue, based on interviews with people familiar with the Foxconn deal and others like it:    Jobs: It makes sense that Foxconn would want to open up the deal because it appears unlikely to meet the original jobs targets, said Bob O'Brien, president of U.S.-based Display Supply Chain Consultants, which tracks the global flat-panel industry.    Foxconn already came up well short of its first-year target of…

The U.S. Trade Representative said on Thursday it has added Pinduoduo.com, China's third-largest e-commerce platform, to its "notorious markets" list for a proliferation of counterfeit products, as the agency also called out China as a priority to watch for intellectual property rights concerns. In its annual review of trading partners' protection of intellectual properties rights and so-called "notorious markets," the U.S. Trade Representative said 36 countries warranted additional bilateral engagement over these issues. The agency kept China on the list and lifted Saudi Arabia up as a priority. The release of the report comes as the United States and China are embroiled in negotiations to end a tit-for-tat tariff battle that has roiled supply chains and cost both countries billions. The two countries are due to resume talks in Beijing…

Brent oil rose above $75 per barrel on Thursday for the first time this year as quality concerns forced the suspension of some Russian crude exports to Europe while the United States prepared to tighten sanctions on Iran. Brent crude futures were at $75.24 by 1156 GMT, up 67 cents. They earlier hit a session high of $75.60, their strongest since Oct. 31. U.S. West Texas Intermediate crude was at $66.14 per barrel, up 25 cents. Poland and Germany have suspended imports of Russian crude via the Druzhba pipeline, citing poor quality. Trading sources said the Czech Republic had also halted purchases. The pipeline can ship up to 1 million barrels per day, or 1 percent of global crude demand, with around 700,000 bpd of flows suspended, according to trading…

South Korea’s economy unexpectedly shrank in the first quarter, marking its worst performance since the global financial crisis, as government spending failed to keep up the previous quarter’s strong pace and as companies slashed investment.  The shock contraction reinforced financial market views that the central bank is likely to make a U-turn on policy, shifting to an easing stance and possibly cutting interest rates to counter declining business confidence and growing external risks. A worse-than-expected downturn in the memory chips sector hit first quarter capital investment, while slumping exports amid the Sino-U.S. trade dispute erased gains from private consumption, the Bank of Korea said Thursday. Gross domestic product (GDP) in the first quarter declined a seasonally adjusted 0.3 percent from the previous quarter, the worst contraction since a 3.3 percent…

Facebook Inc on Wednesday blew away Wall Street profit estimates in the first quarter as it kept a lid on the costs of making its social networks safer, and set aside $3 billion to cover a settlement with U.S. regulators, calming investors who had worried about the outcome of a months-long federal probe. Shares of the world's biggest online social network jumped more than 10% after hours. The U.S. Federal Trade Commission has been investigating revelations that Facebook inappropriately shared information belonging to 87 million of its users with the now-defunct British political consulting firm Cambridge Analytica. The probe has focused on whether the sharing of data and other disputes violated a 2011 agreement with the FTC to safeguard user privacy. Facebook set aside $3 billion to cover anticipated costs…

Stephen Moore, the economic commentator that U.S. President Donald Trump has said he will nominate to the Federal Reserve Board, is drawing new fire from top Democrats for his comments denigrating, among other targets, women and the Midwest. But Republicans, whose 53 to 47 majority in the U.S. Senate gives them the final say on whether Moore's pending nomination is confirmed, have not weighed in since news surfaced this week documenting Moore's long history of sexist remarks, some of which he says were made jokingly. As a Fed governor, Moore would have a say on setting interest rates for the world's biggest economy. Some economists and Democratic lawmakers have questioned his competence, citing his support for tying policy decisions to commodity prices and his fluctuating views on rates. This week…

Boeing reported lower first-quarter profits Wednesday as the global grounding of its 737 MAX plane following two crashes hit results. The US aerospace giant reported $2.1 billion in profits, down 13.2 percent from same period a year ago. Revenues dipped 2.0 percent to $22.9 billion, due to a tumble in commercial plane revenues following the suspension of 737 MAX deliveries. Boeing also withdrew its full-year profit forecast, citing uncertainty surrounding the 737 MAX. The aerospace giant has been under scrutiny since the March 10 crash of an Ethiopian Airlines jet, which came on the heels of an October Lion Air crash. Together the crashes claimed 346 lives. Boeing said it is "making steady progress" on a fix to the jet's anti-stall system that is thought to be a factor in…

China is getting ready to welcome representatives from 150 nations, including senior leaders of 40 countries, to discuss its international infrastructure program at the second Belt and Road Forum, beginning Thursday and running through Saturday in Beijing. Analysts say it is not merely a conference on infrastructure building, but an attempt by China to display its popularity and power as a political rallying force. This is significant in view of severe criticism by the United States, which has described the Belt and Road Initiative, or BRI, as China’s “vanity project.” “It is a political show of strength. BRI has assumed the characteristics of a global public good,” said Sourabh Gupta, senior fellow at the Institute for China-America Studies in Washington. “In a sense, conceptually, it is about China slipping itself…

U.S. Treasury Secretary Steven Mnuchin on Tuesday failed to meet a final congressional deadline for turning over President Donald Trump's tax returns to lawmakers, setting the stage for a possible court battle between Congress and the administration. The outcome, which was widely expected, could prompt House Ways and Means Committee Chairman Richard Neal to subpoena Trump's tax records as the opening salvo to a legal fight that may ultimately have to be settled by the U.S. Supreme Court. Neal set a final 5 p.m. EDT (2100 GMT) deadline for the Internal Revenue Service and Treasury to provide six years of Trump's individual and business tax records. But the deadline passed without the panel receiving the documents. After the deadline lapsed, Mnuchin released a letter to Neal in which he pledged…

Greece's budget performance in 2018 was better than expected following some revenue-boosting measures by the government. According to the country's statistical agency, Greece recorded a primary budget surplus, which excludes the cost of servicing the country's vast public debt, of 4.4 percent of its annual output. That's ahead of government projections of 4.1 percent.   The agency also said Tuesday that the country's debt mountain rose to 181 percent of GDP in 2018, from 176 percent in 2017.   Greece's debt dynamics have been shaken by a debt crisis that led to a deep recession and forced Athens in 2010 to seek a massive international bailout. In exchange for the loans, successive governments implemented strict austerity measures.   Though Greece ended its bailout era last summer, it still has to…

Every month, when his respiratory medicine runs out, Dionysis Assimakopoulos heads to the most unlikely pharmacy in Athens. Amid derelict stadiums dating from the 2004 Athens Olympic Games, the volunteer-staffed social pharmacy of Hellinikon has handed out free medicine to hundreds of poverty-stricken patients, keeping some of them out of death's reach. "My wife and I have been unemployed for over two years. We need about 150 euros for medicine every month," says Assimakopoulos, a former baker. Established at the height of the crisis in 2011, the pharmacy runs on donated medicine and disposables. Some 40,000 people have brought medicine, many from abroad, says on-duty pharmacist Dimitis Palakas. Another patient waiting in line is Achilleas Papadopoulos, a retired tenor. His pension of 700 euros is not enough to cover the…

Amazon and Walmart on Thursday kicked off a two-year government pilot program allowing low-income shoppers on government food assistance in New York to shop and pay for their groceries online for the first time.    ShopRite will join the two retailers on the program early next week, said the U.S. Department of Agriculture, which oversees the Supplemental Nutrition Assistance Program, or SNAP.    The USDA has long required customers using electronic benefits transfer, or EBT, to pay for their purchases at the actual time and place of sale. So the move marks the first time SNAP customers can pay for their groceries online. ShopRite and Amazon are providing the service to the New York City area, and Walmart is providing the service online in upstate New York locations. The agency said the…

The National Enquirer is being sold to the former head of the airport newsstand company Hudson News following a rocky year in which the tabloid was accused of burying stories that could have hurt Donald Trump's 2016 presidential campaign.    Tabloid owner American Media said Thursday that it plans to sell the supermarket weekly to James Cohen. Financial terms were not immediately disclosed for the deal, which included two other American Media tabloids, the Globe and National Examiner.      American Media said last week that it wanted to get out of the tabloid business to focus on its other operations, which includes its teen brand and broadcast platforms. Non-prosecution agreement Federal prosecutors in Manhattan agreed last year not to prosecute American Media in exchange for the company's cooperation in a…

The new North American free trade pact would modestly boost the U.S. economy, especially auto parts production, but may curb vehicle assembly and limit consumer choice in cars, a hotly anticipated analysis from the  U.S. International Trade Commission showed on Thursday.  The ITC report is a crucial step in the push for Congress to consider ratification of the U.S.-Mexico-Canada Agreement, which was signed by President Donald Trump and the leaders of the other two countries last year to replace the 25-year-old North American Free Trade Agreement.  The report estimates that annual U.S. real gross domestic product would increase by 0.35 percent, or $68.5 billion, on an annual basis compared with a NAFTA baseline, and would add 176,000 U.S. jobs, while raising U.S. exports.  The ITC's estimates are for year six of the trade deal, once it is fully implemented.  The trade…

The U.S. trade deficit fell to an eight-month low in February as imports from China plunged, temporarily providing a boost to President Donald Trump's "America First" agenda and economic growth in the first quarter. The surprise second straight monthly narrowing in the trade gap reported by the Commerce Department on Wednesday was also driven by soaring aircraft exports, which are likely to reverse after Boeing halted deliveries of its troubled 737 MAX aircraft. MAX planes have been grounded indefinitely following two deadly crashes. Economists warned the trade deficit would remain elevated regardless of whether the United States and China struck a trade deal that was to the White House's liking because of Americans' insatiable appetite for cheaper imports. Talks between Washington and China to resolve the bitter trade war have…

A long-hidden trove of unpublished works by Franz Kafka could soon be revealed following a decade-long battle over his literary estate that has drawn comparisons to some of his surreal tales. A district court in Zurich upheld Israeli verdicts in the case last week, ruling that several safe deposit boxes in the Swiss city could be opened and their contents shipped to Israel’s National Library. At stake are untouched papers that could shed new light on one of literature’s darkest figures, a German-speaking Bohemian Jew from Prague whose cultural legacy has been hotly contested between Israel and Germany. What’s in the vaults? Though the exact content of the vaults remains unknown, experts have speculated the cache could include endings to some of Kafka’s major works, many of which were unfinished…