Category: Business

Mexico's foreign minister on Wednesday criticized hold-ups in the flow of goods and people at the U.S-Mexico border, and said he planned to discuss the matter with U.S. Department of Homeland Security officials later in the day. After days of traffic delays at sections of the border that have alarmed businesses, Foreign Minister Marcelo Ebrard said the disruptions were raising costs for supply chains in both countries. "Slowing down the flow of people and goods at the northern border is a very bad idea," Ebrard said in a post on Twitter, using unusually frank language on an issue that has caused constant friction between Mexico and the administration of U.S. President Donald Trump. Ebrard said his ministry would get in contact on Wednesday with the new leaders of the U.S.…

Cloaked in black and carrying white buckets filled with artificial blood, the group filed in silence to the entrance of London's Downing Street, behind a troupe of child and teen activists. Ringing a bell as they walked, the 45 adults -- all participants in Extinction Rebellion, a protest movement seeking rapid action to curb global warming -- formed an arc facing the British prime minister's residence and poured out their buckets, turning the surrounding road into a sea of red. The liquid, they said, symbolized "the blood of our children," on the hands of politicians who have failed to act on climate change and stem its impacts, from worsening floods and droughts to growing poverty and water and food shortages. Among those at the protest in March were three members…

After generations of trawling the same waters, the fishermen on the coast of Tamil Nadu in southeastern India know where to cast a net or park a boat without resorting to signs or GPS maps. But their customary rights over this common space - a right won by families who have fished it for centuries - are under threat as the demands of modern life threaten age-old livelihoods and their once fertile habitat. First, families' land and precious sea access was usurped by factories and ports. Now, their rights are under fresh attack by a newly amended Coastal Regulation Zone (CRZ) law. "Governments have treated the coastline as an empty space that economic actors can take over, forgetting that it is common property of coastal villages, towns and cities," said…

Rob Garver contributed to this report The top Senate Democrat says President Donald Trump's picks to fill two vacant seats on the Federal Reserve Board are unqualified for the job. Trump has nominated former pizza chain boss Herman Cain and conservative economic commentator Stephen Moore for the Fed — posts that need Senate confirmation. Both are strong Trump supporters. "I don't see the qualifications of Cain or Moore fitting in with the mission of the Fed, which is to conduct monetary policy and not be political," Sen. Chuck Schumer said Tuesday. Cain is best known as the former CEO of the Godfather's Pizza chain and a failed 2012 Republican presidential candidate. He had several top positions at the Federal Reserve Bank of Kansas City. But local Fed boards do not set monetary…

Boeing's orders and deliveries sank in the first quarter, with zero new orders for the 737 MAX following a worldwide grounding in March in the wake of two fatal plane crashes. The groundings forced Boeing to freeze deliveries of the MAX, which had been its fastest-selling jetliner until a March 10 crash on Ethiopian Airlines that killed all 157 onboard, just five months after a similar crash on Lion Air that killed all 189 passengers and crew. Total orders, an indication of future demand, fell to 95 aircraft in the first quarter from 180 a year earlier, suggesting a wait-and-watch approach for airlines as Boeing rides out the worst crisis in its history. Still, Boeing is ahead of its European rival Airbus, which last week said it had won 62…

Britain's Standard Charter Bank has agreed to more than $1 billion in fines and forfeited assets to the U.S. and New York state for violating U.S. sanctions against trade with Iran. Federal and state prosecutors said Tuesday that between 2007 and 2011, the global financial institution processed about 9,500 financial transactions worth about $240 million through U.S. financial institutions to benefit Iranian entities. In addition, U.S. authorities said an unnamed former bank employee in the United Arab Emirates pleaded guilty in Washington to conspiring to defraud the U.S. and to violate the trade sanctions. Assistant Attorney General Brian Benczkowski said the case "sends a clear message to financial institutions and their employees: If you circumvent U.S. sanctions against rogue states like Iran — or assist those who do — you will…

More families of victims of the Lion Air crash in Indonesia are suing Boeing after its chief executive apologized and said a software update for the MAX 8 jet would prevent further disasters. Family members and lawyers said Monday that CEO Dennis Muilenburg's comment last week related to an automated flight system was an admission that helps their cases. The anti-stall system is suspected as a cause of the Lion Air crash in October and an Ethiopian Airlines crash in March that also involved a MAX 8 jet. The two crashes killed a total of 346 people. Preliminary reports into both crashes found that faulty sensor readings erroneously triggered the anti-stall system that pushed the plane's nose down. Pilots of each plane struggled in vain to regain control. Families of…

China and Pakistan say their ongoing multibillion-dollar infrastructure development cooperation program under Beijing’s global Belt and Road Initiative (BRI) has entered the next stage after achieving initial targets, dismissing reports the project increased Islamabad’s debt burden rather than boosting economic growth.  Officials in the neighboring countries, traditionally strong allies, say 22 "early harvest" projects, launched five years ago under what is known as the China-Pakistan Economic Corridor (CPEC), have been completed with an unprecedented Chinese investment of $19 billion.  It has built new roads, power plants and operationaliZed the deep-water strategic Arabian Sea commercial port of Gwadar, which overlooks some of the world’s busiest oil and gas shipping lanes and is celebrated as the gateway to CPEC. Responding to skeptics Chinese Foreign Ministry spokesman Lu Kang, while responding to skeptics…

Venezuela will "fulfill its commitments" to Cuba despite United States sanctions targeting oil shipments from the South American country to its ideological ally, Foreign Minister Jorge Arreaza said on Monday. Washington on Friday imposed sanctions on 34 vessels owned or operated by state-run oil company Petroleos de Venezuela as well as on two companies and a vessel that have previously delivered oil to Cuba, aiming to choke off a crucial supply of crude to the Communist-run island. Venezuela has long sent subsidized crude to Cuba. The United States describes the arrangement as an "oil-for-repression" scheme in which Havana helps socialist President Nicolas Maduro weather an economic crisis and power struggle with the opposition in exchange for fuel. Arreaza said he would not reveal Venezuela's "strategy," but that the sanctions would…

As the North Atlantic Treaty Organization (NATO) heads into its eighth decade amidst doubts in some quarters of its contemporary relevance, the Czech Republic’s Foreign Minister tells VOA that there’s “huge consensus” among political parties in his country in support of NATO membership and of America’s leadership within the alliance. “Our membership is very important, and America’s leading role is key to the success of NATO,” says Czech Foreign Minister Tomáš Petříček. This year marks the 20th anniversary of NATO membership for the Czech Republic, Hungary and Poland. Petříček recognizes NATO as an organization “of shared values, as well as an instrument to defend those values.”  Petříček says his country shares the prevailing opinion among NATO member states about what constitutes threats to NATO: “we’re facing a more assertive Russia,…

Japanese automaker Nissan has ousted from its board former chairman Carlos Ghosn and another executive, American Greg Kelly, who are facing charges of financial misconduct. Nissan shareholders approved the measure Monday after a three-hour extraordinary meeting at a Tokyo hotel. Both Ghosn and Kelly have denied the allegations against them. Ahead of the vote, Chief Executive Hiroto Saikawa and other Nissan Motor Company executives apologized and bowed deeply to shareholders attending the meeting. Shareholders also approved the appointment of French partner Renault SA's chairman Jean-Dominique Senard to replace Ghosn. Renault owns 43 percent of Nissan. Ghosn was initially detained in November on suspicion of conspiring to understate his Nissan income by about 50 percent between 2010 and 2015.  He was released on bail in early March and then re-arrested for…

American Airlines is extending by over a month its cancellations of about 90 daily flights as the troubled 737 Max plane remains grounded by regulators. American said Sunday it is extending the cancellations through June 5 from the earlier timeframe of April 24. The airline acknowledged in a statement that the prolonged cancellations could bring disruption for some travelers. The Boeing-made Max jets have been grounded in the U.S. and elsewhere since mid-March, following two deadly crashes in Ethiopia and Indonesia. Airlines that own them have been scrambling other planes to fill some Max flights while canceling others. American Airlines Group Inc., the largest U.S. airline by revenue, has 24 Max jets in its fleet. The Dallas-based airline said it is awaiting information from U.S. regulators, and will contact customers…

Top EU leaders meet Chinese Premier Li Keqiang this week at a summit in Brussels, but their hopes of winning solid commitments on trade look set for disappointment. Brussels is trying to beef up its approach to the Asian giant as it shows little willingness to listen to longstanding complaints about industrial subsidies and access to its markets, and as fears grow about growing Chinese involvement in European infrastructure. But the half-day summit on Tuesday is on course to fizzle out with little to show in terms of agreements, with European sources saying it looks highly unlikely a final joint statement will be agreed. EU officials say China is unwilling to give binding commitments on their key demands, including the inclusion of industrial subsidies as part of World Trade Organization…

in the United States rebounded in March as U.S. employers added a solid 196,000 jobs, up sharply from February's scant gain and evidence that many businesses still want to hire despite signs that the economy is slowing. The unemployment rate remained at 3.8 percent, near the lowest level in almost 50 years, the Labor Department reported Friday. Wage growth slowed a bit in March, with average hourly pay increasing 3.2 percent from a year earlier. That was down from February's year-over-year gain of 3.4 percent, which was the best in a decade. The employment figures reported Friday by the government suggest that February's anemic job growth — revised to 33,000, from an initial 20,000 — was merely a temporary blip and that businesses are confident the economy remains on a…

Secretary of State Mike Pompeo told visiting NATO foreign ministers Thursday that the 29 country alliance must alter its approach to developing threats, singling out Russian aggression and China's "strategic competition." Pompeo cautioned his NATO allies that there is a risk the U.S. will not be able to share information in the same way it could if there were not Chinese network supplier systems operating inside of their networks. VOA's diplomatic correspondent Cindy Saine reports. ...

The U.S. president and the vice premier of China confirmed on Thursday that while significant progress has been made, there is no new trade agreement yet between the world's two largest economies.  "We're certainly getting a lot closer," Trump said sitting at his desk in the Oval Office with Chinese Vice Premier Liu He alongside him. Announcement of a deal could come in "the next four weeks, maybe less, maybe more" and at that time, something "monumental could be announced," he said, adding, "We are rounding the turn. We've made a lot of progress."  Liu, speaking in English, praised the direct guidance of Trump and Chinese President Xi Jinping, adding: "Hopefully, we'll get a good result."   Trump said if a deal can be reached, then he will hold a…

U.S. lawmakers of both parties say hurdles remain for approving a new trade pact between the United States, Canada and Mexico, rejecting President Donald Trump’s call for prompt votes on a replacement for the North American Free Trade Agreement, NAFTA. Last year, the administration made good on one of Trump’s main campaign promises - negotiating a replacement for NAFTA, which went into effect in 1994, with a new trade accord, the United States-Mexico-Canada Agreement, or USMCA. Democratic House Speaker Nancy Pelosi of California made headlines Tuesday demanding changes to the pact to strengthen enforcement provisions and announcing the chamber will not vote on the accord until Mexico approves and implements tougher labor standards. “No enforcement, no treaty,” Pelosi said at a Politico event, adding, “It’s a big issue, how workers…

Joyce Huang contributed to this report. BEIJING - An online campaign protesting the long hours Chinese high-tech employees work has gone viral on the Internet in China. At the same time, it is putting an uncomfortable light on the labor practices of China’s biggest high-tech firms. The campaign known as 996.icu may have been small when it started on Microsoft’s code sharing website Github.com, but now, it is the second highest bookmarked project on the open source collaborative site. It has also spread quickly on Weibo, China’s version of Twitter, where it is a hotly discussed topic. One posting alone had more than half a million views. Chinese programmers came up with the ironic name 996.icu to draw attention to a work schedule reality and problem. The name is a…

Britain's government redoubled its efforts Thursday to win over the main opposition party in a last-gasp bid to avoid a chaotic exit from the European Union next week. The latest round of talks came after lawmakers tried to safeguard against a doomsday ending to the 46-year partnership by fast-tracking a bill Wednesday night seeking to delay Brexit. May is racing against the clock in a desperate search for votes that could push her ill-loved divorce deal with the other 27 EU leaders through parliament on the fourth attempt. May's spokesman said there would be "intensive discussions over the course of today", noting the "urgency" of the situation. Britain's latest deadline is April 12 and resistance to May's plan remains passionately strong. But increasingly weary EU leaders — tired of Britain's political…

The United States will not send high-level officials to attend China's second Belt and Road summit in Beijing this month, a spokesperson for the U.S. State Department said on Tuesday, citing concerns about financing practices for the project. China's top diplomat, Yang Jiechi, said on Saturday that almost 40 foreign leaders would take part in the summit due to be held in Beijing in late April. He rejected criticisms of the project as "prejudiced." The first summit for the project, which envisions rebuilding the old Silk Road to connect China with Asia, Europe and beyond with massive infrastructure spending, was held in 2017 and was attended by Matt Pottinger, the senior White House official for Asia. There are no such plans this year. "We will not send high-level officials from…

Trade tensions between China and the United States are putting a drag on economies in the region, with growth likely to continue to slow in the coming two years, the Asian Development Bank says in a report released Wednesday.   The Manila, Philippines-based regional lender's latest economic outlook forecasts that growth in developing Asia will slow slightly to 5.7 percent this year and 5.6 percent in 2020. In 2017 growth was at 6.2 percent.   "The main risk to the outlook is still the ongoing trade conflict, as heightened trade policy uncertainty can negatively affect investment and manufacturing activity," it said. "A sharper slowdown in the advanced economies or the PRC (People's Republic of China) is another risk."   The annual update comes as China and the U.S. prepare for…

Royal Dutch Shell on Tuesday became the first major oil and gas company to announce plans to leave a leading U.S. refining lobby due to disagreement on climate policies, citing its support for the goals of the Paris climate agreement. In its first review of its association with 19 key industry groups, Shell said it had found "material misalignment" over climate policy with the American Fuel & Petrochemical Manufacturers (AFPM) and would quit the body in 2020. The review is part of Shell's drive to increase transparency and show investors it is in line with the 2015 Paris climate agreement's goals to limit global warming by reducing carbon emissions to a net zero by the end of the century. It is the latest sign of how investor pressure on oil…

The World Trade Organization has cut its forecast for trade growth this year by more than a percentage point, to 2.6 percent, due to an economic slowdown and amid a trade conflict between the United States and China. The downgrade — from 3.7 percent forecast issued in September — reflects how quickly the prospects for global business are fading as, among other things, the U.S. and China struggle to agree on how to lift tariffs on hundreds of billions of dollars-worth of trade.   "With trade tensions running high, no one should be surprised by this outlook," WTO Director-General Roberto Azevedo said Tuesday.   Beyond the trade war, the WTO has cited weaker economic growth in North America, Europe and Asia — largely as the effect of fiscal stimulus by the Trump administration…

On April 4th, 2019, NATO members will mark the 70th anniversary of the signing of the North Atlantic Treaty — part of a successful effort to contain Soviet expansionism and to cajole the war-torn nations of Western Europe to forsake ancient enmities and to forge solidarity.  But for the transatlantic alliance to continue, Europe will have to make a greater contribution and share more of the burden, warn analysts. After the collapse of the Soviet Union, NATO appeared uncertain about what part to play, but the return of Russian assertiveness under President Vladimir Putin has partly changed that — and the alliance’s supporters say NATO’s traditional role of collective security has never been more important. Nonetheless, the U.S.-European alliance has been shaken by President Donald Trump’s episodic questioning of the…

NATO foreign ministers are gathering in Washington, D.C. this week to celebrate the 70th anniversary of the North Atlantic Treaty Organization. President Donald Trump has been critical of the alliance, blasting other members for under-investing on defense and relying too heavily on the United States. Observers will be watching closely to see how the alliance is weathering internal storms on this anniversary. Trump, who hosts NATO Secretary General Jens Stoltenberg for talks at the White House on Tuesday, made his views on NATO clear during the 2016 presidential campaign, shocking many on both sides of the Atlantic by calling the alliance "obsolete." He cited what he said was a missing focus on terrorism, while repeatedly claiming the United States was shouldering too much of the cost. Most U.S. foreign policy…

Kellogg is selling its iconic Keebler cookie brand and other sweet snacks businesses to Ferrero for $1.3 billion. The Battle Creek, Michigan-based Kellogg Co. says the brands in the deal generated sales of $900 million and profits of $75 million last year. Kellogg is also selling its Mother's and Famous Amos cookie brands, as well as its fruit-flavored snack, pie crust and ice cream cone businesses. Kellogg acquired Keebler Foods, which was founded in 1853, in 2001 for $3.86 billion. It expects to use sale proceeds to pay down debt. Ferrero, an Italian confectionary company best known for its Nutella hazelnut cream, said Monday it will also acquire six U.S. manufacturing plants from Kellogg in the deal. Kellogg is among many U.S. food companies that have sold off brands in…

South Dakota farmers this spring are expected to plant more corn than they did last year but less soybeans. The Agriculture Department projects South Dakota's corn crop at 6 million acres, up 13 percent from 2018. The soybean crop is forecast at 5.2 million acres, down 8 percent. Other crops with expected increases are oil sunflowers, barley and dry peas. Other crops with projected decreases are spring wheat, hay, oats and sorghum. ...

The boom times for the U.S. lobster industry are imperiled this year because of a shortage of a little fish that has been luring the crustaceans into traps for hundreds of years. Members of the lobster business fear a looming bait crisis could disrupt the industry during a time when lobsters are as plentiful, valuable and in demand as ever. America’s lobster catch has climbed this decade, especially in Maine, but the fishery is dependent on herring — a schooling fish other fishermen seek in the Atlantic Ocean. Federal regulators are imposing a steep cut in the herring fishery this year, and some areas of the East Coast are already restricted to fishing, months before the lobster season gets rolling. East Coast herring fishermen brought more than 200 million pounds…