Asian Lender Says Trade Wars, Debt Adding to Financial Risks

Trade conflicts, rising debt and the potential impact from rising interest rates in the U.S. will likely dampen growth in the coming year, the Asian Development Bank said Wednesday in an update of its regional economic outlook report.  The Manila, Philippines-based regional lender said Wednesday that it expects economic growth to remain at a robust …

Brazil’s Jobs Crisis Lingers, Posing Challenge for Next President

After losing his job with a foreign food company in March, Alexander Costa surveyed Brazil’s anemic labor market and decided to start selling cheap lunches by the beach in Rio de Janeiro to try and provide for his young family. “I could have stayed home, looking for work, sending out resumes, with few jobs and …

Former Trump Hotel in Panama City Rebranded as JW Marriott

A luxury hotel in Panama City that used to bear the Trump name has formally been rebranded after a bitter dispute over control. The 70-story, sail-shaped tower is now the JW Marriott. It’s operated by U.S. hotelier Marriott International, which took over management. Owners and administrators unveiled the new name Tuesday on a granite wall …

American Expands Inflight Food Options on Domestic Routes

American Airlines is expanding its inflight food options with the addition of a light and healthy Mediterranean menu. The world’s largest carrier on Monday announced an agreement with the restaurant chain Zoe’s Kitchen.   American, which is based in Fort Worth, Texas, says the new Zoe’s Kitchen menu will be sold on most domestic flights …

Argentina’s Central Bank Chief Resigns Amid IMF Negotiations

Argentina’s central bank chief resigned Tuesday amid negotiations with the International Monetary Fund. The surprise resignation of Luis Caputo was announced in a bank statement that said he was leaving for personal reasons. But it comes as the government is pushing for a new financing deal with the IMF. Caputo had only been in the …

Trump and Moon Sign Revised Trade Agreement

U.S. President Donald Trump and South Korean President Moon Jae-in signed a revised free trade agreement between the two countries Monday afternoon in New York, following their bilateral meeting on the sidelines of the United Nations General Assembly (UNGA). “I’m very excited about our new trade agreement,” Trump said during a joint press conference with …

Iran’s Currency Hits Another Record Low, With Six Weeks to US Sanctions

Iran’s currency has hit another record low against the dollar, six weeks before the United States is due to reimpose sanctions on Iranian oil exports that are Tehran’s main revenue source. The Bonbast.com website, which tracks Iran’s unofficial exchange rates, showed a new low of 16,000 tomans, or 160,000 rials, to the dollar Monday. The …

Senegalese Chef Puts Supergrain on New York Menus to Boost African Farmers

A gluten-free grain that grows in Africa’s impoverished and semi-arid Sahel region is taking off as a health food in New York, the Senegalese chef who masterminded its revival said Monday, outlining plans to almost double production by 2023. Pierre Thiam began exporting fonio to New York last year, hoping to help smallholder communities in …

International Organizations Join Tech Powerhouses to Fight Famine

The United Nations, the World Bank and the International Committee of the Red Cross are partnering with technology powerhouses to launch a global initiative aimed at preventing famines. “The fact that millions of people — many of them children — still suffer from severe malnutrition and famine  in the 21st century is a global tragedy,” …

Comcast Outbids Fox With $40B Offer for Sky

Comcast beat Rupert Murdoch’s Twenty-First Century Fox in the battle for Sky after offering 30.6 billion pounds ($40 billion) for the British broadcaster, in a dramatic auction to decide the fate of the pay-television group. U.S. cable giant Comcast bid 17.28 pounds a share for control of London-listed Sky, bettering a 15.67 offer by Fox, the Takeover Panel said …

UK PM’s Team Makes Plans for Snap Election

British Prime Minister Theresa May’s aides have begun contingency planning for a snap election in November to save both Brexit and her job, the Sunday Times reported. The newspaper said that two senior members of May’s Downing Street political team began “war-gaming” an autumn vote to win public backing for a new plan, after her Brexit proposals …

US-China Tensions Rise as Beijing Summons US Ambassador

Tensions between China and the United States escalated Saturday as China’s Foreign Ministry summoned U.S. Ambassador to China Terry Branstad to issue a harsh protest against U.S. sanctions set for the purchase of Russian fighter jets and surface-to-air missiles. The move came hours after China canceled trade talks with the U.S. following Washington’s imposition of …

Rising Oil Prices Haven’t Hurt US Economy

America’s rediscovered prowess in oil production is shaking up old notions about the impact of higher crude prices on the U.S. economy. It has long been conventional wisdom that rising oil prices hurt the economy by forcing consumers to spend more on gasoline and heating their homes, leaving less for other things. Presumably that kind …

US Official ‘Optimistic’ About Resolving Trade Dispute with China 

The United States is optimistic about finding a way forward in trade talks with China, but no date has yet been determined for further talks between the two countries, according to a senior White House official.  The official told reporters Friday at the White House that China “must come to the table in a meaningful …

NAFTA Deal Not Yet in Sight, Canada Stands Firm on Auto Tariffs

Canada and the United States showed scant sign on Thursday of closing a deal to revamp NAFTA, and Canadian officials made clear Washington needed to withdraw a threat of possible autos tariffs, sources said. The administration of U.S. President Donald Trump wants to be able to agree on a text of the three-nation North American …

Analysts: Poor Economy, Unemployment Lure Tunisians to Extremism

Seven years after the Arab Spring, little has been done to address youth unemployment in Tunisia, a key factor in extremist groups’ ability to recruit marginalized youth, rights groups and experts warn. “Someone who is marginalized with nothing to lose, no stability in life, no vision of the future, no hope for change, can become a very …

Scrounge for Workers Sees US Jobless Claims Hit 48-Year Low

New U.S. claims for jobless benefits fell for the third week in a row, hitting their lowest level in nearly 49 years for the third straight week, the Labor Department reported Thursday. The new figures suggest the U.S. economy’s vigorous job creation continued unabated this month as the data were collected during the survey week …

China’s Alibaba Scraps Plan to Create 1M US Jobs

Alibaba Chairman Jack Ma said Wednesday that the Chinese e-commerce giant had canceled plans to create 1 million jobs in the U.S., blaming the ongoing trade war for the decision, according to Chinese news agency Xinhua. “This commitment is based on friendly China-U.S. cooperation and the rational and objective premise of bilateral trade,” Ma told …

Kenya’s Finance Minister Cuts Spending, Money Transfer Taxes to Rise

Kenya’s Finance Minister Henry Rotich has cut the government’s spending budget by 55.1 billion shillings ($546.90 million), or 1.8 percent, for the fiscal year from July this year, a Treasury document showed on Wednesday. The government is facing a tough balancing act after a public outcry over a new 16 percent value added tax on …

Report: Cryptocurrency Exchanges at Risk of Manipulation

Several cryptocurrency exchanges are plagued by poor market surveillance, pervasive conflicts of interest and lack sufficient customer protections, the New York Attorney General’s office said in a report published on Tuesday. The study found that online platforms where virtual currencies such as bitcoin can be bought and sold by individuals operate with lower safeguards than …

European Nations Plan to Use More Hydrogen for Energy Needs

Dozens of European countries are backing a plan to increase the use of hydrogen as an alternative to fossil fuels to cut the continent’s carbon emissions.   Energy officials from 25 countries pledged Tuesday to increase research into hydrogen technology and accelerate its everyday use to power factories, drive cars and heat homes.   The …

EBRD to Boost Investments in Arab Countries to 2.5 Billion Euros in 2018

The European Bank for Reconstruction and Development (EBRD) aims to boost investments in Arab countries to 2.5 billion euros ($2.92 billion) at the end of 2018 from 2.2 billion in 2017, a senior official said Tuesday. The bank, set up by governments in 1991 to support the ex-Communist states of eastern Europe, has expanded its …

Africa’s Youth Population, Poverty Spurs Gates Foundation’s Giving

Africa has the globe’s fastest-growing youth population as well as 10 of the poorest countries, a volatile combination that warrants making it “the world’s most important priority for the foreseeable future.” The Bill & Melinda Gates Foundation lays out that argument in its second annual report on progress toward sustainable development goals set by the …