Category: Business

International Monetary Fund chief Christine Lagarde on Sunday met Pakistani Prime Minister Imran Khan and assured him that IMF stands ready to support his country. The meeting took place on the sidelines of the World Government Summit in Dubai, hosted by the United Arab Emirates, both IMF and prime minister Imran Khan's office said. "I reiterated that the IMF stands ready to support Pakistan," Lagarde said in a statement following meeting Khan. A team from the International Monetary Fund visited Pakistan in November to discuss a possible bailout with officials, though the talks ended without agreement, but since then the government official said talks were still ongoing on a possible bailout. Pakistan — which has gone to the IMF repeatedly since the late 1980s — is facing a balance of payments crisis.…

A joint study by the International Labor Organization and U.N. Children’s Fund finds the vast majority of the world’s children lack effective social protection coverage. It says this dooms them to a life of extreme poverty, with negative implications for society. The study finds only one third of children between zero and 14 years of age have any social protection. That means two-thirds, or 1.3 billion children live without a social safety net. International Labor Organization Social Protection Department Director Isabel Ortiz says just slightly more than one percent of GDP is allocated to social protection for children. She says this huge under-investment gap needs to be covered. “And, of course, the numbers worsen as we go by region. In Africa, for instance, children represent 40 percent of the African…

A portion of TransCanada Corp's Keystone oil pipeline remained shut on Thursday for investigation of a possible leak on its right-of-way near St. Louis, Missouri, a company spokesman said. TransCanada shut the pipeline on Wednesday between Steele City, Nebraska and Patoka, Illinois and sent crews to assess the situation, spokesman Terry Cunha said in an email. The 590,000 barrels-per-day Keystone pipeline is a critical artery taking Canadian crude from northern Alberta to U.S. refineries. Two pipelines operating near the release site will be excavated on Friday to determine the source of the leak, said Darius Kirkwood, a spokesman for the U.S. Department of Transportation's Pipeline and Hazardous Materials Safety Administration. The agency is monitoring the response to the reported leak, he said. Canadian pipelines are already congested because of expanding…

Twitter said Thursday profits rose sharply in the fourth quarter, lifted by gains in advertising despite a drop in its global user base. The short-messaging platform said it posted a $255 million profit in the final three months of 2018, compared with $91 million a year earlier, as revenues rose 24 percent to $909 million. But Twitter's base of monthly active users declined to 321 million — a drop of nine million from a year earlier and five million from the prior quarter. Twitter said it would stop using the monthly user base metric and instead report "monetizable" daily active users in the US and worldwide. Using that measure, Twitter showed a base of 126 million worldwide, up nine percent over the year. "2018 is proof that our long-term strategy is…

Fiat Chrysler Automobiles NV and Robert Bosch have agreed to pay lawyers representing owners of U.S. diesel vehicles $66 million in fees and costs, according to court filing on Wednesday and people briefed on the matter. In a court filing late on Wednesday in U.S. District Court in San Francisco, lawyer Elizabeth Cabraser said after negotiations overseen by court-appointed settlement master Ken Feinberg, the companies agreed not to oppose an award of $59 million in attorney’s fees and $7 million in costs. The lawyers had originally sought up to $106.5 million in fees and costs. Under a settlement announced last month, Fiat Chrysler and Bosch, which provided emissions control software for the Fiat Chrysler vehicles, will give 104,000 diesel owners up to $307.5 million or about $2,800 per vehicle for…

President Donald Trump says Treasury Department official David Malpass is his choice to lead the World Bank. Trump introduced Malpass on Wednesday as the "right person to take on this incredibly important job." Malpass is a sharp critic of the 189-nation lending institution. Malpass says he's honored by the nomination. He says a key goal will be to implement changes to the bank that he and Treasury Secretary Steven Mnuchin helped negotiate, and to ensure that women achieve full participation in developing economies. Malpass would succeed Jim Yong Kim, who departed in January three years before his term was to end. Other candidates will likely be nominated for the post by the bank's member countries. A final decision on a new president will be up to the bank's board. ...

Treasury Secretary Steven Mnuchin said Wednesday that President Donald Trump had a "quite productive" dinner with Federal Reserve Chairman Jerome Powell. He says they discussed a wide range of subjects, from the state of the economy to the Super Bowl and Tiger Woods' golf game. Talking to reporters at the White House, Mnuchin said that Trump was very engaged during the casual dinner Monday night. It took place in the White House residence and marked the first time Powell and Trump have met since Powell took office as Fed chairman a year ago.   Mnuchin said that Powell's comments were consistent with what he has been saying publicly about the economy. The Fed said in a statement that Powell did not discuss the future course of interest rates.    …

Rwanda said on Tuesday it had signed a $400 million deal to produce bottled gas from Lake Kivu, which emits such dense clouds of methane it is known as one of Africa's "Killer Lakes." The project by Gasmeth Energy, owned by U.S. and Nigerian businessmen and Rwandans, would suck gas from the lake's deep floor and bottle it for use as fuel. This should, in turn, help prevent toxic gas bubbling to the surface. The seven-year deal, signed on Friday, was announced on Tuesday. Rwanda already has two companies that extract gas from Lake Kivu to power electricity plants. Clare Akamanzi, chief executive of the Rwanda Development Board, told Reuters bottled methane would help cut local reliance on wood and charcoal, the fuels most households and tea factories use in…

When he was younger, the only thing that Enrique Morales knew about marijuana was that you smoked it to get high.   Today, the former driver is a horticulturist on a cannabis plantation about 80 miles (130 kilometers) west of the Uruguayan capital of Montevideo and he says drops of marijuana oil have been key to treating his mother's osteoarthritis.   "My perception has now changed. It is a plant that has a lot of properties!" he said.   The company that owns the plantation, Fotmer SA, is now part of a flourishing and growing medical cannabis industry in Uruguay.   The country got a head start on competitors in December 2013 when it became the first in the world to regulate the cannabis market from growing to purchase, a…

Taxi-drivers in the Spanish capital seeking tighter regulation of Uber and other ride-hailing services called off their indefinite strike on Tuesday after 16 days during which they obtained no concessions from the Madrid regional government. Madrid's refusal to accept drivers' demands came after ride-hailing companies Uber and Cabify said last week they were suspending their services in Barcelona in response to the regional government's imposition of limits on how they operate in the city. Union representatives in Madrid said the strike had demonstrated the unity and power of the drivers, which would help them continue the fight for their demands. "It is a long war, in which you can lose battles, but in the end I'm sure we can win," Julio Sanz, head of the Taxi Federation union, told reporters.…

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,…