Category: News

Uber Technologies’ growth has slowed as a series of scandals has allowed the ride-hailing company’s chief U.S. competitor, Lyft, to grab more market share, digital research firm eMarketer said in a report on Monday. The research firm has lowered its forecasts for Uber’s growth for the next several years. It projects 48 million U.S. adults will use Uber at least once this year, up 18 percent from last year but well off eMarketer’s earlier forecast of more than 51 million. EMarketer based its analysis on data from Uber and Lyft, such as trip numbers and app downloads, as well as customer surveys from researchers at JP Morgan and other firms. Series of scandals The report quantifies the effect of a series of scandals at Uber last year, which included an…

U.S. President Donald Trump urged for a quick conclusion to a renegotiated North American Free Trade Agreement during a phone call Monday with Canadian Prime Minister Justin Trudeau.  The White House said Trump "underscored the importance" of quickly reaching a deal, while Trudeau’s office said the two spoke of the "possibility of bringing the negotiations to a prompt conclusion." The talks have come under increased pressure to quickly produce a deal after U.S. House Speaker Paul Ryan said this week he would need to be notified of a new agreement by May 17 to give the current Congress a chance to pass it this year. Canada, the United States and Mexico are renegotiating their 24-year-old free trade pact in a process triggered by the Trump administration. Trump has been highly…

U.S. President Donald Trump said Sunday that he is trying to find a way to let giant Chinese technology firm ZTE "to get back into business, fast" after the U.S. had barred the company from using American components. "Too many jobs in China lost," Trump said in a Twitter comment days after ZTE announced it had ceased "major operating activities" because of the cutoff of U.S.-made parts that provide a quarter or more of the parts needed to build its wireless stations, optical fiber networks and smartphones. Trump has often complained about China stealing U.S. jobs, but said he is working with Chinese President Xi Jinping to ease the economic fallout at ZTE and had ordered the U.S. Commerce Department "to get it done!" ZTE halted manufacturing at its Shenzhen…

There's a push to level the playing field for women in India, where women account for 42 percent of university graduates but only 24 percent are hired as entry level professionals. Of these, 19 percent are likely to reach senior level management. To make matters worse, the number of women who leave the work force is also higher than men. As Ritul Joshi reports, a specially designed management course for women in New Delhi is teaching them to make their way in a male dominated work force. ...

Senior officials from the United States, Canada and Mexico ended the latest round of talks on the North American Free Trade Agreement without any major breakthroughs on how to renegotiate the deal. U.S. Trade Representative Robert Lighthizer said Friday after a week of talks in Washington that the United States will continue to work with its partners to update the 1994 trade pact.  "The United States is ready to continue working with Mexico and Canada to achieve needed breakthroughs on these objectives," he said. The talks involved all three of the top officials in the NAFTA negotiations: Lighthizer, Canadian Foreign Minister Chrystia Freeland and Mexican Economy Minister Ildefonso Guajardo. The talks have come under increased pressure to produce a deal quickly after U.S. House Speaker Paul Ryan said this week…

British Prime Minister Theresa May and U.S. President Donald Trump agreed in a phone call Friday that talks were needed to discuss how U.S sanctions on Iran would affect foreign companies operating in the country. Trump's decision to pull the United States out of the Iranian nuclear deal and revive U.S. economic sanctions has alarmed the leaders of Britain, France and Germany who remain committed to the deal and who have significant trade ties with Tehran. "The prime minister raised the potential impact of U.S. sanctions on those firms which are currently conducting business in Iran," her spokeswoman said. "They agreed for talks to take place between our teams." The spokeswoman said May had told Trump that Britain and its European partners remained "firmly committed" to ensuring the deal was upheld as the best way to prevent Iran from developing a nuclear…

Mexico will not be rushed into revamping the North American Free Trade Agreement (NAFTA) just to get a deal, Economy Minister Ildefonso Guajardo said on Friday ahead of trilateral talks with his U.S. and Canadian counterparts. Guajardo said he would meet at 1 p.m. EDT (1700 GMT) with Canada's Foreign Minister Chrystia Freeland and U.S. Trade Representative Robert Lighthizer, and that the three are closer to agreeing new rules for autos that are vital for a deal. However, Guajardo, who is eager to reach an agreement on all the principal aspects of a modernized NAFTA before sealing a new deal, said plenty of other issues were outstanding. "I have to make very clear [that] the quality of the agreement and the balance of the agreement has to be maintained. So…

Burden or business opportunity? A new U.N.-backed study of refugees from the World Bank's International Financial Corporation argues for the latter. The IFC researchers examined one of Africa's oldest and largest refugee camps, Kakuma in northwest Kenya. What they found is a growing consumer base they say is ripe for more private investment in sectors like mobile banking and energy. The IFC took VOA's Daniel Schearf on a tour of the camp. He has this report. ...

A senior United Nations official says trade protectionism, rising private and corporate debt, and shortcomings in revenue raising are growing challenges to the economic outlook for the Asia Pacific. Shamshad Akhtar, executive secretary of the UN’s Economic and Social Commission for Asia and the Pacific (UNESCAP), noted the threats of trade wars undermining the region’s positive economic growth outlook. The United States has pressed states, notably China, to reduce trade and current account deficits with the U.S., recently imposing tariffs on steel exports from several countries. Akhtar said such trade protectionism represents “quite a big threat” along with nontariff barriers, which have been rising since the 2008 global financial crisis, such as cross border restrictions that further limit trade. “If you look at the trends, there has been a post-2008…

Mexico on Thursday indicated time was running out to see whether NAFTA nations could agree a new deal in the short term while Canada struck a upbeat tone, saying top-level talks this week had achieved a great deal. Major differences remain between the three members of the North American Free Trade Agreement after more than eight months of largely slow-moving negotiations launched at the insistence of Washington, which wants major changes to the 1994 pact. A source close to the talks said U.S. officials have told Canada and Mexico that May 17 or 18 is the deadline for a text that could be dealt with by the current U.S. Congress. A second source confirmed that those dates had been discussed. Need solutions before elections Mexico’s Economy Minister Ildefonso Guajardo said he…

Virginia Wallen is a wife, a mother of three, and a woodworker. She achieved what she has never imagined she would — turning her carpentry hobby into a business. The entrepreneur isn’t just succeeding in her new career, she’s tearing down stereotypes and building a new role model. It happens for a reason Wallen, who grew up helping out on her family's farm, developed all the skills required by a professional woodworker early on. “It wasn’t so much as a passion — growing up doing woodworking - as much as a requirement: help mend a fence or work on the farm or do things like that,” she recalls. “When given a choice in high school between home economics and woodshop class I picked woodshop and welding. But the passion happened a…

Wall Street surged on Wednesday as surging oil prices boosted energy stocks following U.S. President Donald Trump's decision the previous day to quit a nuclear agreement with Iran. Gains were broad and volume was high, with all but the utilities and telecom sectors advancing as investors who had moved to the sidelines in recent days ahead of Trump's decision returned to the market. "It's classic 'buy on the terrible news,' " said Ian Winer, director of trading at Wedbush Securities in Los Angeles, referring to the wider market's rally. "People had gotten way too nervous about this." Trump's decision for the United States pull out of the international agreement aimed at preventing Iran from obtaining a nuclear weapon was good news for investors betting on a rise in oil prices. Crude hit its highest level in 3½ years as investors bet the U.S.…

 A New York hedge fund founder was arrested Wednesday on charges that he exaggerated his company's performance by over $200 million to impress and preserve investors. Anilesh Ahuja, 49, of Manhattan, was charged with conspiracy, securities fraud and wire fraud. Federal officials said that the founder, chief executive officer and chief investment officer of the investment firm Premium Point Investments LP had carried out a fraud from 2014 through 2016 that was designed to make investors believe that the firm's hedge funds were doing much better than they were. Between 2008 and 2016, the firm managed billions of dollars in assets, exceeding $5 billion at one time at its peak, authorities said. Amin Majidi, 52, of Armonk, New York, a former Premium Point portfolio manager, and Jeremy Shor, 46, of…

Saudi Arabia is monitoring the impact of the U.S. withdrawal from the Iran nuclear deal on oil supplies and is ready to offset any shortage but it will not act alone to fill the gap, an OPEC source familiar with the kingdom's oil thinking said. U.S. President Donald Trump on Tuesday abandoned a nuclear deal with Iran and announced the "highest level" of sanctions against the OPEC member. The original agreement had lifted sanctions in exchange for Tehran limiting its nuclear program. Iran is the third-largest oil producer in the Organization of the Petroleum Exporting Countries after Saudi Arabia and Iraq. During the last round of sanctions, Iran's oil supplies fell by around 1 million barrels per day (bpd), but the country re-emerged as a major oil exporter, especially to…

A United Nations agency said on Tuesday an "unjust" U.S. financial and trade embargo on Cuba had cost the country's economy $130 billion over nearly six decades, coming up with the same estimate as the island's communist government. Although many U.S. allies join Washington in criticizing Cuba's one-party system and repression of political opponents, the United States has lost nearly all international support for the embargo since the collapse of the Soviet Union. The U.N. has adopted a non-binding resolution calling for an end to the embargo with overwhelming support every year since 1992. In a report ahead of the vote last year, Cuba estimated total damage from the embargo at $130 billion. "This country which welcomes us today .. is testing its own ways to face the brutal human…