Category: News

Ford Motor Co. said on Tuesday it will close its oldest factory in Brazil and exit its heavy commercial truck business in South America, a move that could cost more than 2,700 jobs as part of a restructuring meant to end losses around the world. Ford previously said the global reorganization, to impact thousands of jobs and possible plant closures in Europe, would result in $11 billion in charges. Following that announcement, analysts and investors had expected a similar restructuring in South America. Ford Chief Executive Jim Hackett said last month that investors would not have to wait long for the South American reorganization plan. The factory slated for closure is in Sao Bernardo do Campo, an industrial suburb of Sao Paulo that has operated since 1967. It first produced…

Financiers who turnaround companies by injecting them with capital are increasingly considering the environmental and social impact of their investments, according to a survey published Tuesday by consulting firm PwC. The survey found a growing cohort of these financiers, called private equity firms, have embraced this ethical investment strategy, known as responsible investing or environmental, social and governance (ESG) investing. For a long time, responsible investing was a niche strategy within finance. But increasingly, investors are waking up to the fact that they can do good as well as achieving financial returns. PwC polled 162 finance companies from 35 countries, including 145 private equity companies, for its fourth Private Equity Responsible Investment Survey. It found 91 percent of respondents have adopted or are developing responsible investment policies, up from 80…

America's auto industry is bracing for a potential escalation in President Donald Trump's tariff war with the world, one that could weaken the global auto industry and economy, inflate car prices and trigger a backlash in Congress. Late Sunday, the Commerce Department sent the White House a report on the results of an investigation Trump had ordered of whether imported vehicles and parts pose a threat to U.S. national security. Commerce hasn't made its recommendations public, and the White House has so far declined to comment. If Commerce did find that auto imports imperil national security, Trump would have 90 days to decide whether to impose those import taxes. Trump has repeatedly invoked his duty as president to safeguard national security in justifying previous rounds of tariffs. An obscure provision…

Pyongyang is upgrading its overcrowded mass transit system with brand new subway cars, trams and buses in a campaign meant to show leader Kim Jong Un is raising the country's standard of living.   The long-overdue improvements, while still modest, are a welcome change for the North Korean capital's roughly 3 million residents, who have few options to get to work or school each day.  First came new, high-tech subway cars and electric trolleybuses — each announced by the media with photos of Kim personally conducting the final inspection tours. Now, officials say three new electric trams are running daily routes across Pyongyang.  Transport officials say the capacity of the new trams is about 300, sitting and standing. Passengers must buy tickets in shops beforehand and put them in a ticket…

Brazilian President Jair Bolsonaro on Monday fired one of his most senior aides and cabinet members, Gustavo Bebianno, amid a scandal involving campaign financing for some of his party's congressional candidates. Bebianno was secretary general of the president's office. His departure punctuated Bolsonaro's first cabinet crisis since he took office on Jan. 1 and has cast a shadow over the young government's plans. Brazilian markets fell on Monday as investors feared that the brewing scandal could hurt Bolsonaro's ability to pass a pension overhaul seen as key to fiscal and economic recovery. In a short video clip released late on Monday, Bolsonaro said he took the decision to dismiss Bebianno due to "differences of opinion on important issues," although he did not elaborate. Bebianno, who helped coordinate government affairs and…

A group representing some of Mexico's biggest companies told left-wing President Andres Manuel Lopez Obrador on Monday that politicians should resist "extortion" by labor unions after strikes and blockades in recent weeks. Alejandro Ramirez, president of the Mexican Business Council, said strikes at factories in the northern state of Tamaulipas and blockades of railways by a teachers union had caused more than a billion dollars in losses and could cause businesses to close. Critics of Obrador Members of the group, including Mexico's second-richest man, German Larrea, who controls mining and transport conglomerate Grupo Mexico, were critics of Lopez Obrador before his July 1 election, warning voters should be wary of populism. "In labor matters, we look favorably on Mexicans starting a new era of union freedom that will allow the…

Chinese police have investigated 380 online lenders and frozen $1.5 billion in assets following an avalanche of scandals in the huge but lightly regulated industry, the government announced Monday. Beijing allowed a private finance industry to flourish in order to supply credit to entrepreneurs and households that aren't served by the state-run banking system. But that threatens to become a liability for the ruling Communist Party after bankruptcies and fraud cases prompted protests and complaints of official indifference to small investors.   The police ministry said it launched the investigation because person-to-person, or P2P, lending was increasingly risky and rife with complaints about fraud, mismanagement and waste.   The ministry gave no details of arrests but said more than 100 executives were being sought by investigators and some had fled…

President Donald Trump said Sunday "big progress" is being made in U.S. trade talks with China on what he calls "so many different fronts." "Our country has such fantastic potential for future growth and greatness on an even higher level," the president tweeted. Trump said last week he might put off the March 1 deadline to increase tariffs on China if a trade deal is close. But a China trade expert who served in the Obama administration says he has only seen "incremental progress" toward a trade deal with China. "The realistic approach is that the deadline gets extended and the negotiations possibly go into the end of this year, I would suspect," former Assistant Trade representative for China Jeff Moon tells VOA. Moon believes negotiators on both sides are…

It’s billed as North America’s largest and longest-running auto show, now in its 111th year. The 2019 Chicago Auto Show offers a lineup of nearly 1,000 vehicles occupying nearly 1 million-square-feet of space at the McCormick Place Convention Center. A special preview for members of the media at the annual show is a chance for manufacturers to show off their latest and greatest products about to enter the market. What is notable about this year’s event is what some manufacturers aren’t showing off — new sedans. Customers want trucks, SUVs “Over 10 years, there has been a consistent movement of customers in the United States and around the world, but even more so in the United States, moving away from sedans and more traditional passenger sedans into more utility vehicles,”…

The store checkout line may be a thing of the past sooner than we think. A year after Amazon opened its first store without a cashier, retailers and start-ups are competing to get similar technology in other stores worldwide, so shoppers do not have to stand in line. VOAs Deborah Block has a report. ...

President Donald Trump received an update on trade talks with China on Saturday at his Florida retreat after discussions in Beijing saw progress ahead of a March 1 deadline for reaching a deal. Trump, at his Mar-a-Lago club, was briefed in person by U.S. Trade Representative Robert Lighthizer, Commerce Secretary Wilbur Ross, White House Chief of Staff Mick Mulvaney and trade expert Peter Navarro, said White House spokeswoman Sarah Sanders. Treasury Secretary Steven Mnuchin, economic adviser Larry Kudlow and other aides joined by phone.  The White House offered no additional detail.  Both the United States and China reported progress in five days of negotiations in Beijing this week, but the White House said much work remained to be done to force changes in Chinese trade behavior.  Shortly after the meeting with his trade team, Trump said on Twitter the talks in Beijing were…

Payless ShoeSource is shuttering all of its 2,100 remaining stores in the U.S. and Puerto Rico, joining a list of iconic names like Toys R Us and Bon-Ton that have closed down in the last year.    The Topeka, Kan.-based chain said Friday that it will hold liquidation sales starting Sunday and wind down its e-commerce operations. All of the stores will remain open until at least the end of March and the majority will remain open until May.    The debt-burdened chain filed for Chapter 11 bankruptcy protection in April 2017, closing hundreds of stores as part of its reorganization.    At the time, it had over 4,400 stores in more than 30 countries. It remerged from restructuring four months later with about 3,500 stores and eliminated more than $435 million in debt. …

Chinese President Xi Jinping met Friday with members of the U.S. trade delegation in Beijing where China and the U.S. are attempting to hammer out a trade deal. U.S. Treasury Secretary Steven Mnuchin posted on Twitter Friday that he and U.S. Trade Representative Robert Lighthizer had "productive meetings with China's Vice Premier Liu He." Another round of negotiations between the two countries will continue next week in Wahington, Chinese state media reported. Earlier, a top White House economic adviser expressed confidence in the U.S. – China trade negotiations in Beijing. "The vibe in Beijing is good," National Economic Council Director Larry Kudlow told reporters at the White House Thursday. Kudlow provided few details but said the U.S. delegation led by Lighthizer was “covering all ground.” “That's a very good sign…

Amazon will not be building a new headquarters in New York, a stunning reversal after a yearlong search. The online retailer faced opposition from some New York politicians, who were unhappy with the nearly $3 billion in tax incentives Amazon was promised. The Seattle-based Amazon had planned to bring 25,000 jobs to New York, and spend $2.5 billion building its offices.   "We are disappointed to have reached this conclusion — we love New York,'' the company said in a blog post, adding that it has 5,000 workers in the city and plans to grow those teams.   Amazon said Thursday it does not plan to look for another location at this time, and will continue to build out offices in Arlington, Virginia, and Nashville, Tennessee.     ...

Some taxpayers are getting a bitter surprise this year as their usual annual tax refunds have shrunk — or turned into tax bills — even though President Donald Trump loudly promised them largest tax cut "in American history." And with tax season under way, thousands of unhappy taxpayers have been venting their displeasure on Twitter, using hashtags like #GOPTaxscam, and some threatened not to vote for Trump again. "Lowest refund I have ever had and I am 50 yrs old. No wall and now this tax reform sucks too!!" a woman going by "Speziale-Matheny" wrote from the crucial political swing state of Florida. "Starting to doubt Trump. I voted for him and trusted him too." During the year, American wage earners see a portion of each paycheck withheld as income…