Category: Business

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…

The European Union on Wednesday warned countries running lucrative schemes granting passports and visas to rich foreigners to toughen checks on applicants amid concern they could be flouting security, money laundering and tax laws. EU countries have welcomed in more than 6,000 new citizens and close to 100,000 new residents through golden passport and visa schemes over the past decade, attracting around 25 billion euros ($28 billion) in foreign direct investment, according to anti-corruption watchdogs Transparency International and Global Witness.   In a first-ever report on the schemes, the EU Commission said that such documents issued in one country can open a back door to citizenship or residency in all 28 states.   Justice Commissioner Vera Jurova said golden visas are the equivalent of "opening the golden gate to Europe…

The hottest job of the future might be app developer. All you have to do is look at what you're holding in the palm of your hand to figure out why. “All of us use our cellphones probably more than we should be every day, and that is what is driving the demand for app developers," said Stacy Rapacon, online editor at personal finance website Kiplinger.com, which has identified the best jobs for the future. "More apps mean more people to develop them.” The median salary for app developers is $100,000, and the industry is expected to grow by 30 percent over the next decade, according to Kiplinger. Nurse practitioner is the next best job on Kiplinger's list. The median income for nurse practitioners is $103,000, and the field is…

The annual World Economic Forum opened today in Switzerland against a backdrop of anxieties over trade disputes, Brexit and a growth slowdown that some fear could tip the world economy. VOA’s Mariama Diallo reports. ...

The White House on Tuesday said high-level trade talks with Beijing were proceeding uninterrupted, quickly rebutting media reports that progress toward resolving their trade war had faltered. Chinese Vice Premier Liu He is to meet his U.S. counterparts in Washington next week as the two sides work to resolve their trade disagreements by March 1, when a 90-day truce is due to expire, allowing U.S. import duties on Chinese goods to increase sharply. Washington and Beijing imposed tit-for-tat tariffs on more than $360 billion worth of goods in two-way trade last year. Trump initiated the trade war because of complaints over unfair Chinese trade practices — concerns shared by the European Union, Japan and others. The Financial Times and CNBC both reported Tuesday afternoon that Washington had canceled a preliminary…

Nigeria is to send a bill recommending a national minimum monthly wage rise of 50 percent to 27,000 naira ($88) to lawmakers in the national assembly, the labor minister said on Tuesday. Cost of living is a major campaign issue ahead of a presidential election on 16 February and unions want the minimum wage to be raised from 18,000 naira. Inflation stood at a seven-month high of 11.44 percent in December. Disagreements over the minimum wage saw labor unions striking across Nigeria in September. President Muhammadu Buhari said in January that he would increase the minimum wage, but did not specify by how much. "The 27,000 naira minimum wage is the benchmark," Labor Minister Chris Ngige told reporters in Abuja on Tuesday. Ngige said some government workers could receive a…

Brazilian President Jair Bolsonaro will headline the first full day of the World Economic Forum in Davos, Switzerland, with a speech to political and business leaders.   The nationalist leader is attending an event that has long represented business's interest in increasing ties across borders. But globalism is in retreat as populist leaders around the world put a focus back on nation states, even if that means limiting trade and migration.   After Bolsonaro's speech on Tuesday, German Chancellor Angela and Japanese Prime Minister Shinzo Abe will address the gathering on Wednesday.   But several key leaders are not attending to handle big issues at home: U.S. President Donald Trump amid the government shutdown, British Prime Minister Theresa May to grapple with Brexit talks, and France's Emmanuel Macron to face…

Economists warn that political uncertainties and trade tensions could undermine global economic growth. Rights groups warn of the dangers of growing economic inequality. About 3,000 political and economic leaders have gathered in the Swiss resort town of Davos to discuss global business and economic trends at an annual economic forum. VOA's Zlatica Hoke reports. ...

The United Nations is forecasting that the global economy will grow by around 3 percent in 2019 and 2020, but says waning support for multilateralism, escalating trade disputes, increasing debt and rising climate risks are clouding prospects The United Nations is forecasting that the global economy will grow by around 3 percent in 2019 and 2020, but says waning support for multilateralism, escalating trade disputes, increasing debt and rising climate risks are clouding prospects. The U.N.'s report on the World Economic Situation and Prospects 2019 also stresses that economic growth is uneven and often doesn't reach countries that need it most. Per capital income is expected to stagnate or see only marginal growth this year in parts of Africa, western Asia, Latin America and the Caribbean. U.N. Secretary-General Antonio Guterres…

Prime Minister Theresa May was set to unveil her new plan to break Britain's Brexit deadlock on Monday — one expected to look a lot like the old plan that was decisively rejected by Parliament last week. May was scheduled to brief the House of Commons on how she intends to proceed. There were few signs she planned to make radical changes to her deal, though she may seek alterations to its most contentious section, an insurance policy known as the "backstop" that is intended to guarantee there are no customs checks along the border between EU member Ireland and the U.K.'s Northern Ireland after Brexit.   The EU insists it will not renegotiate the withdrawal agreement, and says the backstop is an integral part of the deal.   "This…

The International Monetary Fund has cut its forecast for world economic growth this year, citing heightened trade tensions and rising U.S. interest rates. The IMF said Monday that it expects global growth this year of 3.5 percent, down from 3.7 percent in 2018 and from the 3.7 percent it had forecast for 2019 back in October.   "After two years of solid expansion, the world economy is growing more slowly than expected and risks are rising,'' said IMF Managing Director Christine Lagarde as she presented the new forecasts at the World Economic Forum in Davos, Switzerland.   The fund left its prediction for U.S. growth this year unchanged at 2.5 percent — though a continuation of the partial 31-day shutdown of the federal government poses a risk. The IMF trimmed the…

At the Gaba landing site in Kampala, fishermen dock their boats filled with both tilapia and Nile perch. Waiting along the shores, donning white gum boots and white coats, fish traders wait to offload the Nile perch that has turned profitable for many traders. The fish’s commodity, known as a swim bladder, is used as an aphrodisiac in China and is now being recognized by the Ugandan government as water gold, but fishermen at the forefront say they are being exploited. A study by the Lake Victoria Fisheries Organization has shown that a growing appetite in Asia has seen the former waste by-product becoming a multi-million-dollar export. Idrisa Walusimbi began working as a fisherman 20 years ago. Now, he has his own boat and is chairman of the fish protection…

The sale of Nile Perch fish maw in Uganda has become a lucrative business, especially for distributors. The fish maw - or dried swim bladder - is used as an aphrodisiac in China. But Ugandan fishermen bringing in the perch say they are being exploited while others are reaping the profits. Halima Athumani reports from Kampala. ...

U.S. President Donald Trump said on Saturday progress is being made toward a trade deal with China and denied that he was considering lifting tariffs on Chinese products. "Things are going very well with China and with trade," he told reporters, adding that he had seen some "false reports" indicating that U.S. tariffs on Chinese products would be lifted. "If we make a deal certainly we would not have sanctions and if we don't make a deal we will," Trump said. "We've really had a very extraordinary number of meetings and a deal could very well happen with China. It’s going well. I would say about as well as it could possibly go." ...

World stock indexes jumped on Friday, with Wall Street posting a fourth straight week of gains, and the dollar had its first positive week since mid-December as optimism increased that an end is in sight to the U.S.-China trade conflict. Stocks were boosted by a Bloomberg report that said China sought to raise its annual goods imports from the United States by more than $1 trillion in order to reduce its trade surplus to zero by 2024.     That followed a report on Thursday that U.S. Treasury Secretary Steven Mnuchin was considering lifting some or all tariffs imposed on Chinese imports. The Treasury denied Mnuchin had made any such recommendation. Progress in trade talks While the equity rally lifted all major sectors, trade-sensitive industrials posted among the biggest S&P 500…

U.S. consumer sentiment tumbled in early January to its lowest level since President Donald Trump was elected more than two years ago as a partial shutdown of the federal government and financial market volatility stoked fears of a sharp deceleration in economic growth. The drop in confidence reported by the University of Michigan on Friday was the clearest sign yet that the impasse in Washington over Trump's demands for $5.7 billion to help build a wall on the U.S. border with Mexico was negatively affecting the economy. Trump has touted high consumer confidence as an indication of the good job he is doing on the economy. While consumer sentiment remains relatively high, the gathering clouds over the economy could make households more cautious about spending, leading to slower growth. Consumer spending accounts for more than two-thirds of the U.S. economy. "This report…

The European Union insisted Friday that agriculture be kept out of the EU-U.S. trade negotiations, despite Washington’s wishes to include the vast sector, and said any overall deal will be limited in scope. The EU Commission announced its pro posals for a negotiating mandate from the 28 member states and said that the EU negotiations will be “strictly focused on the removal of tariffs on industrial goods, excluding agricultural products.” EU Trade Chief Cecilia Malmstrom also said that she is preparing a target list of American products it will hit with punitive tariffs if the Trump administration goes through with its threat to impose duties on European auto imports. Last July, during a period of heightened tensions over trade, U.S. President Donald Trump and EU Commission President Jean-Claude Juncker agreed…

An array of crises will keep several world leaders away from the annual World Economic Forum (WEF) in Davos next week, which takes place against a backdrop of deepening gloom over the global economic and political outlook. Anxieties over trade disputes, fractious international relations, Brexit and a growth slowdown that some fear could tip the world economy into recession are set to dominate the Jan. 22-25 Alpine meeting. The WEF’s own Global Risks Report set the tone this week with a stark warning of looming economic headwinds, in part because of geopolitical tensions among major powers. ​No Trump, Macron or May Some 3,000 business, government and civil society figures are scheduled to gather in the snow-blanketed ski resort, but among them are only three leaders of the Group of Seven…

U.S. Treasury Secretary Steven Mnuchin discussed lifting some or all tariffs imposed on Chinese imports and suggested offering a tariff rollback during trade discussions scheduled for Jan. 30, the Wall Street Journal reported Thursday, citing people familiar with the internal deliberations. But Trade Representative Robert Lighthizer has resisted the idea, and the proposal had not yet been introduced to President Donald Trump, according to the Journal. U.S. stocks advanced on the news even as a Treasury spokesman working with the administration's trade team denied the report. "Neither Secretary Mnuchin nor Ambassador Lighthizer have made any recommendations to anyone with respect to tariffs or other parts of the negotiation with China," the spokesman said. "This an ongoing process with the Chinese that is nowhere near completion." Chinese Vice Premier Liu He…

Indonesian President Joko Widodo has accused his election rival of allowing corrupt candidates on his legislative ticket and failing to include women in senior positions. Widodo and former General Prabowo Subianto, along with their running mates, faced off Thursday in the first of five debates before the April 17 election. The debate focused on terrorism, human rights, corruption, and law and order. Opinion polls show Widodo commanding 52 percent to 54 percent popular support and Subianto 30 percent to 35 percent. About 10 percent of voters are undecided and another 15 percent are considered swing voters, meaning the race has the potential to tighten. Subianto, making his second bid for president after being narrowly defeated by Widodo in 2014, waffled when asked why his party has the highest number of…