Consumers Close Wallets, Trim US 1st Quarter Growth

All, Business, News
The U.S. economy likely slowed in the first quarter as growth in consumer spending braked sharply, but the setback is expected to be temporary against the backdrop of a tightening labor market and large fiscal stimulus. Gross domestic product probably increased at a 2.0 percent annual rate, according to a Reuters survey of economists, also held back by a moderation in business spending on equipment as well as a widening of the trade deficit and decline in investment in homebuilding. Those factors likely offset an increase in inventories. The economy grew at a 2.9 percent pace in the fourth quarter. The government will publish its snapshot of first-quarter GDP Friday at 8:30 a.m.  Don't lose sleep The anticipated tepid first-quarter growth will, however, probably not be a true reflection of…


Amazon Delivers Profits, a $20 Prime Hike, NFL Games

All, Business, News
Amazon.com Inc. more than doubled its profit Thursday and predicted strong spring results as the world’s biggest online retailer raised the price for U.S. Prime subscribers, added U.S. football games and touted its cloud services for business. The results showed the broad strength of the company, which has been expanding far beyond shipping packages, the business that has drawn the ire of U.S. President Donald Trump. The forecast beat expectations on Wall Street, sending shares up 7 percent to a new record in afterhours trade and adding $8 billion to the net worth of Jeff Bezos, Amazon’s chief executive and largest shareholder. Seattle-based Amazon is winning business from older, big box rivals by delivering virtually any product to customers at a low cost, and at times faster than it takes…


Mexico Economy Minister Says NAFTA Revamp Talks ‘Not Easy’

All, Business, News
Much remains to be done before a new North American Free Trade Agreement is reached, Mexican Economy Minister Ildefonso Guajardo said Thursday, tempering hopes for a quick deal as ministers met in Washington for a third successive day. Negotiators from the United States, Mexico and Canada have been working constantly for weeks to clinch a deal, but major differences remain on contentious topics such as autos content. Complicating matters, the Trump administration has threatened to impose sanctions on Canadian and Mexican steel and aluminum on May 1 if not enough progress has been made on NAFTA. President Donald Trump, who came into office in January 2017 decrying NAFTA and other international trade deals as unfair to the United States, has repeatedly threatened to walk away from the agreement with Canada…


EU Piles Pressure on Social Media Over Fake News

All, News, Technology
Tech giants such as Facebook and Google must step up efforts to tackle the spread of fake news online in the next few months or potentially face further EU regulation, as concerns mount over election interference. The European Commission said on Thursday it would draw up a Code of Practice on Disinformation for the 28-nation EU by July with measures to prevent the spread of fake news such as increasing scrutiny of advertisement placements. EU policymakers are particularly worried that the spread of fake news could interfere with European elections next year, after Facebook disclosed that Russia tried to influence U.S. voters through the social network in the run-up to the 2016 U.S. election. Moscow denies such claims. "These [online] platforms have so far failed to act proportionately, falling short…


Facebook’s Rise in Profits, Users Shows Resilience 

All, News, Technology
Facebook Inc. shares rose Wednesday after the social network reported a surprisingly strong 63 percent rise in profit and an increase in users, with no sign that business was hurt by a scandal over the mishandling of personal data. After easily beating Wall Street expectations, shares traded up 7.1 percent after the bell at $171, paring a month-long decline that began with Facebook’s disclosure in March that consultancy Cambridge Analytica had harvested data belonging to millions of users. The Cambridge Analytica scandal, affecting up to 87 million users and prompting several apologies from Chief Executive Mark Zuckerberg, generated calls for regulation and for users to leave the social network, but there was no indication advertisers immediately changed their spending. “Everybody keeps talking about how bad things are for Facebook, but…


YouTube Overhauls Kids’ App

All, News, Technology
YouTube is overhauling its kid-focused video app to give parents the option of letting humans, not computer algorithms, select what shows their children can watch. The updates that begin rolling out April 26, 2018, are a response to complaints that the YouTube Kids app has repeatedly failed to filter out disturbing content. Google-owned YouTube launched the toddler-oriented app in 2015. It has described it as a “safer” experience than the regular YouTube video-sharing service for finding “Peppa Pig” episodes or watching user-generated videos of people unboxing toys, teaching guitar lessons or experimenting with science. Failure of screening system In order to meet U.S. child privacy rules, Google says it bans kids under 13 from using its core video service. But its official terms of agreement are largely ignored by tens…


Kenya Economy Seen Rebounding After Election Slowdown

All, Business, News
Kenya's economy is expected to rebound to 5.8 percent growth in 2018 after electoral uncertainty and drought cut last year's expansion to the lowest level in more than five years, Finance Minister Henry Rotich said Wednesday. The economy will benefit from increased investment in key areas like manufacturing, farming, housing and health care, he said. President Uhuru Kenyatta won re-election in November in a second vote after the first in August was annulled by the Supreme Court citing irregularities. Around 100 people, mainly opposition supporters, were killed mainly by police during the prolonged election season. "Despite the slowdown in 2017 our outlook is bright," Rotich said at the launch of the annual economic survey. "We expect growth to recover to 5.8 percent in 2018, and over the medium term the…


Will Robot Baristas Replace Traditional Cafes?

All, News, Technology
There has been a long tradition of making and drinking coffee across cultures and continents. Now, a tech company in Austin is adding to this tradition by creating robot baristas to make the coffee-drinking experience more convenient. For a similar price of a cup of Starbucks designer coffee, a robot can now make it, too. VOA’s Elizabeth Lee finds out whether robots will replace traditional baristas. ...


US Pecan Growers Seek to Break Out of the Pie Shell

All, Business, News
The humble pecan is being rebranded as more than just pie.   Pecan growers and suppliers are hoping to sell U.S. consumers on the virtues of North America's only native nut as a hedge against a potential trade war with China, the pecan's largest export market.   The pecan industry is also trying to crack the fast-growing snack-food industry.   The retail value for packaged nuts, seeds and trail mix in the U.S. alone was $5.7 billion in 2012, and is forecast to rise to $7.5 billion by 2022, according to market researcher Euromonitor.   The Fort Worth, Texas-based American Pecan Council, formed in the wake of a new federal marketing order that allows the industry to band together and assess fees for research and promotion, is a half-century in…


Beijing Auto Show Highlights E-cars Designed for China

All, News, Technology
Volkswagen and Nissan have unveiled electric cars designed for China at a Beijing auto show that highlights the growing importance of Chinese buyers for a technology seen as a key part of the global industry's future.  General Motors displayed five all-electric models Wednesday including a concept Buick SUV it says can go 600 kilometers (375 miles) on one charge. Ford and other brands showed off some of the dozens of electric SUVs, sedans and other models they say are planned for China.  Auto China 2018, the industry's biggest sales event this year, is overshadowed by mounting trade tensions between Beijing and U.S. President Donald Trump, who has threatened to hike tariffs on Chinese goods including automobiles in a dispute over technology policy.  The impact on automakers should be small, according…


Egypt’s Rice Farmers See Rough Times Downstream of Nile Mega-dam

All, Business, News
Rice farmers in Kafr Ziada village in the Nile River Delta have ignored planting restrictions aimed at conserving water for years, continuing to grow a medium-grain variety of the crop that is prized around the Arab world. A decision thousands of kilometers to the south is about to change that, however, in another example of how concern about water, one of the world's most valuable commodities, is forcing change in farming, laws and even international diplomacy. Far upstream, close to one of the sources of the Nile, Ethiopia is preparing to fill the reservoir behind its new $4 billion Grand Renaissance Dam, possibly as soon as this year. How fast it does so could have devastating consequences for farmers who have depended on the Nile for millennia to irrigate strategic…


Amazon Boss Bezos Supports Scrutiny of Big Companies

All, Business, News
Amazon Chief Executive Jeff Bezos said Tuesday that it was right that big companies are scrutinized and that his firm would respond to any new regulations by finding new ways to please its customers. Bezos was speaking in Berlin, where he received an award from German media company Axel Springer, and was responding to a question about how seriously he took recent criticism of Amazon by U.S. President Donald Trump. "All large institutions should be scrutinized or examined," Bezos said. "It is not personal." "We have a duty on behalf of society to help educate any regulators without cynicism or skepticism," he added. "We will work with any set of regulations that we are given. ... We will follow those rules and find a new way to delight customers." Trump has…


Venezuelan Banks Shrivel as Inflation Roars, Credit Dries Up

All, Business, News
Venezuela's hyperinflation has turned the struggling OPEC nation's once-powerful banks into warehouses of useless cash that are worth a total of only $40 million, according to a Reuters analysis of regulatory data. Although banks such as Citigroup Inc and Spain's BBVA are maintaining operations in the hopes of better times, the value of the country's 31 banks in 2017 was equivalent to that of a single mid-sized bank in the Dominican Republic, according to bank regulator data. The combination of annual inflation estimated at 8,000 percent and state-regulated interest rates has left banks with little motivation to lend and little reason to inject capital onto their balance sheets, meaning credit is steadily disappearing. The banks are unlikely to fold, due in large part to the huge potential upside if the…


Flying Taxi Start-Up Hires Designer Behind Modern Mini, Fiat 500

All, News, Technology
Lilium, a German start-up with Silicon Valley-scale ambitions to put electric "flying taxis" in the air next decade, has hired Frank Stephenson, the designer behind iconic car brands including the modern Mini, Fiat 500 and McLaren P1. Lilium is developing a lightweight aircraft powered by 36 electric jet engines mounted on its wings. It aims to travel at speeds of up to 300 kilometers (186 miles) per hour, with a range of 300 km on a single charge, the firm has said. Founded in 2015 by four Munich Technical University students, the Bavarian firm has set out plans to demonstrate a fully functional vertical take-off electric jet by next year, with plans to begin online booking of commuter flights by 2025. It is one of a number of companies, from…


Facebook Rules at a Glance: What’s Banned, Exactly?

All, News, Technology
Facebook has revealed for the first time just what, exactly, is banned on its service in a new Community Standards document released on Tuesday. It's an updated version of the internal rules the company has used to determine what's allowed and what isn't, down to granular details such as what, exactly, counts as a "credible threat" of violence. The previous public-facing version gave a broad-strokes outline of the rules, but the specifics were shrouded in secrecy for most of Facebook's 2.2 billion users. Not anymore. Here are just some examples of what the rules ban. Note: Facebook has not changed the actual rules - it has just made them public. Credible violence Is there a real-world threat? Facebook looks for "credible statements of intent to commit violence against any person,…


Cambridge Analytica Fights Back on Data Scandal

All, News, Technology
Cambridge Analytica unleashed its counterattack against claims that it misused data from millions of Facebook accounts, saying Tuesday it is the victim of misunderstandings and inaccurate reporting that portrays the company as the evil villain in a James Bond movie. Clarence Mitchell, a high-profile publicist recently hired to represent the company, held Cambridge Analytica's first news conference since allegations surfaced that the Facebook data helped Donald Trump win the 2016 presidential election. Christopher Wylie, a former employee of Cambridge Analytica's parent, also claims that the company has links to the successful campaign to take Britain out of the European Union. "The company has been portrayed in some quarters as almost some Bond villain," Mitchell said. "Cambridge Analytica is no Bond villain." Cambridge Analytica didn't use any of the Facebook data…


China Tech Firms Pledge to End Sexist Job Ads

All, News, Technology
Chinese tech firms pledged on Monday to tackle gender bias in recruitment after a rights group said they routinely favored male candidates, luring applicants with the promise of working with "beautiful girls" in job advertisements. A Human Rights Watch (HRW) report found that major technology companies including Alibaba, Baidu and Tencent had widely used "gender discriminatory job advertisements," which said men were preferred or specifically barred women applicants. Some ads promised candidates they would work with "beautiful girls" and "goddesses," HRW said in a report based on an analysis of 36,000 job posts between 2013 and 2018. Tencent, which runs China's most popular messenger app WeChat, apologized for the ads after the HRW report was published on Monday. "We are sorry they occurred and we will take swift action to…


Facebook Says It is Taking Down More Material About ISIS, al-Qaida

All, News, Technology
Facebook said on Monday that it removed or put a warning label on 1.9 million pieces of extremist content related to ISIS or al-Qaida in the first three months of the year, or about double the amount from the previous quarter. Facebook, the world's largest social media network, also published its internal definition of "terrorism" for the first time, as part of an effort to be more open about internal company operations. The European Union has been putting pressure on Facebook and its tech industry competitors to remove extremist content more rapidly or face legislation forcing them to do so, and the sector has increased efforts to demonstrate progress. Of the 1.9 million pieces of extremist content, the "vast majority" was removed and a small portion received a warning label…


Technology is Latest Trend Reshaping Fashion

All, News, Technology
Imagine wearing a computer in the form of a jacket. Now, it is possible. "When somebody calls you, your jacket vibrates and gives you lights and [you] know somebody is calling you," said Ivan Poupyrev, who manages the Google's Project Jacquard, a digital platform for smart clothing. Project Jacquard formed a partnership with Levi's to create the first Jacquard enabled garment in the form of Levi's Commuter Trucker Jacket. What makes the jacket "smart" includes washable technology, created by Google, woven into the cuff of the jacket. "These are highly conductive fibers, which are very strong and can be used in standard denim-weaving process," said Poupyrev. A tap on the cuff can also provide navigation and play music when paired with a mobile phone, headphones and a small piece of…


One of Sudan’s Lost Boys Finds a Way to Help Other Refugees

All, Business, News
A cup of coffee is a good way for many to start the day. But it can also do far greater good. Manyang Kher, a former Sudanese child refugee - one of the so-called Lost Boys and now a US citizen - is passionate about helping refugees build a brighter future. And he does it with coffee. VOA’s June Soh talked with the founder of a social enterprise, 734 coffee. VOA's Carol Pearson narrates her report. ...


Former Sudanese Lost Boy Finds a Way to Help Others

All, Business, News
Manyang Kher was three years old when he arrived at a refugee camp in Ethiopia's Gambella region. During the 13 years, the South Sudanese native lived there, he observed lots of other children die. From hunger. From cholera. From attempting to flee the camp. “You fear every day because you may die, too,” Kher says. Kher is one of the so-called Lost Boys of Sudan, some 20,000 Sudanese children who escaped when their villages were attacked during the 1980’s civil war and made the 1600 kilometer-walk to Ethiopia. Deeply affected by the camp, he has named his coffee company, 734 Coffee, after the geographical coordinates of the Gambella region: 7˚N 34˚E. Part of his larger humanitarian non profit project, Humanity Helping Sudan, 734 helps the 200,000 South Sudanese refugees still…


Bloomberg Donating $4.5 Million to Support Paris Climate Accord

All, Business, News
Former New York City Mayor Michael Bloomberg announced Sunday he is giving $4.5 million to the United Nations Climate Change Secretariat to cover a U.S. government funding gap for the international Paris climate accord. Bloomberg's charitable foundation said the money will support work developing countries are doing to achieve their targets under the agreement as well as "promoting climate action" among cities and businesses. The 2015 treaty signed by more than 200 nations and entities vowed to curb carbon dioxide and other greenhouse gas emissions in order to try to limit global temperature rise. Former President Barack Obama's administration was among the signatories, but President Donald Trump said he would pull out of the agreement. Trump campaigned as a booster of fossil fuels and a skeptic of climate change science,…


World Bank Shareholders Back $13 billion Capital Increase

All, Business, News
The World Bank’s shareholders on Saturday endorsed a $13 billion paid-in capital increase that will boost China’s shareholding but bring lending reforms that will raise borrowing costs for higher-middle-income countries, including China. The multilateral lender said the plan would allow it to lift the group’s overall lending to nearly $80 billion in fiscal 2019 from about $59 billion last year and to an average of about $100 billion annually through 2030. “We have more than doubled the capacity of the World Bank Group,” the institution’s president, Jim Yong Kim, told reporters during the International Monetary Fund and World Bank spring meetings in Washington. “It’s a huge vote of confidence, but the expectations are enormous.” The hard-fought capital hike, initially resisted by the Trump administration, will add $7.5 billion paid-in capital…


Russia Considers Banning Facebook After Blocking Telegram

All, News, Technology
Russia says it may block Facebook if the social media company does not put its Russian user database on servers in Russian territory. The warning Wednesday by the head of the country’s state media regulator Roskomnadzor comes just days after a Russian move to block Telegram, the encrypted messaging app. VOA's Iuliia Alieva has more in this report narrated by Anna Rice ...


EU, Mexico Reach New Free Trade Deal

All, Business, News
The European Union and Mexico reached an agreement Saturday on a new free trade deal, a coup for both parties in the face of increased protectionism from the United States under President Donald Trump. Since its plans for a trade alliance with the United States were frozen after Trump’s election victory, the EU has focused instead on trying to champion open markets and seal accords with other like-minded countries. The agreement in principle with Mexico follows a deal struck last year with Japan and comes ahead of talks next week with the Mercosur bloc of Argentina, Brazil, Paraguay and Uruguay. “With this agreement, Mexico joins Canada, Japan and Singapore in the growing list of partners willing to work with the EU in defending open, fair and rules-based trade,” said European…


IMF Says Trade Tensions, Debt Load Threaten World Economy

All, Business, News
The International Monetary Fund's policymaking committee said Saturday that a strong world economy was threatened by increasing tension over trade and countries' heavy debt burden. Longer-term prospects are clouded, it said, by sluggish growth in productivity and aging populations in wealthy nations. In a statement at the end of three days of meetings, the lending agency urged countries to take advantage of the broadest-based economic expansion in a decade to cut government debt and to enact reforms that will make their economies more efficient. The IMF expects the world economy to grow 3.9 percent this year and next, which would be the strongest since 2011. But an intensifying dispute between the U.S. and China over Beijing's aggressive attempt to challenge U.S. technological dominance has raised the prospect of a trade…