US Trade Deficit Narrows Sharply; Labor Market Tightening

The U.S. trade deficit narrowed sharply in March as exports increased to a record high amid a surge in deliveries of commercial aircraft and soybeans, bolstering the economy’s outlook heading into the second quarter. While other data on Thursday showed a modest increase in new applications for jobless benefits last week, the number of Americans …

South Korea Developing Economic Projects for North Korea

South Korea is looking into developing and financing economic projects with North Korea that could take effect if a nuclear deal is reached with the United States. South Korean Finance Minister Kim Dong-yeon said on Wednesday the government was “internally carrying out preparations” to organize, finance and implement possible inter-Korea projects. But he also emphasized …

Trump to Meet with Carmakers on Trade, Pollution

President Trump plans to meet next week with leaders from U.S. and foreign carmakers on trade and changes to emission standards. “When the White House wants to meet with us about our sector and policy, we welcome the opportunity,” Alliance of American Automobile Manufacturers spokeswoman Gloria Bergquist said Wednesday. The time and agenda of the …

IMF Censures Venezuela    

The International Monetary Fund censured Venezuela on Wednesday for failing to hand over essential economic data to the fund. “The [Executive] Board noted that adequate data provision was an essential first step to understanding Venezuela’s economic crisis and identifying possible solutions,” an IMF statement said. The board is giving Venezuela another six months to comply …

‘Amazing China’ Documentary More Fiction Than Fact

A Chinese company that manufactured Ivanka Trump shoes and has been accused of serious labor abuses is being celebrated in a blockbuster propaganda film for extending China’s influence around the globe.   The state-backed documentary “Amazing China” portrays the Huajian Group as a beneficent force spreading prosperity — in this case, by hiring thousands of …

Female Cabbies Hit Nairobi’s Roads as Taxi-Hailing Apps Mushroom

With their manicured nails, immaculate makeup and matching handbags and stilettos, you would be forgiven for mistaking the five women seated in the cafe of the upscale Nairobi hotel for a group of senior female executives. Sipping white hot chocolate from delicate porcelain cups, they discuss their long working hours and challenges in finding time with their children, and …

Marches, Rallies Mark May Day Around the World

Workers and protesters throughout the world observed May Day Tuesday with rallies and strikes demanding their governments address better working conditions and other labor issues. In addition to being an international day honoring workers or a traditional spring time festival, Tuesday is also International Worker’s Day in many countries. Russia In Moscow, about 120,000 people …

Pakistan Reopens Major Trade Route With Afghanistan

Pakistan has formally reopened a major trade route with landlocked Afghanistan after nearly four years. Authorities had closed the remote Ghulam Khan border crossing in North Waziristan in 2014 after launching a major army-led counter-militancy offensive in the tribal district, once condemned as the “epicenter” of international terrorism. Military officials say the Waziristan region has …

Trump Extends Steel, Aluminum Tariff Exemptions for EU, Canada, Mexico

U.S. President Donald Trump is extending tariff exemptions on aluminum and steel exports from the European Union, Canada, and Mexico for at least another month. The temporary exemptions of the tariffs already imposed on such nations as China, Japan, and Russia, were to have expired Tuesday. But the White House says it is giving negotiators …

Trump Postpones Steel Tariff Decision for Canada, EU, Mexico

U.S. President Donald Trump has postponed a decision on imposing steel and aluminum tariffs on Canada, the European Union and Mexico until June 1, and has reached an agreement in principle with Argentina, Australia and Brazil, a source familiar with the decision said on Monday. The decision came just hours before temporary exemptions were set …

Head of WhatsApp to Leave Company

The head of popular messaging service WhatsApp is planning to leave the company because of a reported disagreement over how parent company Facebook is using customers’ personal data.  WhatsApp billionaire chief executive Jan Koum wrote in a Facebook post Monday, “It’s been almost a decade since (co-founder) Brian (Acton) and I started WhatsApp, and it’s …

US Annual Inflation Measures Jump; Consumer Spending Rises

U.S. consumer prices accelerated in the year to March, with a measure of underlying inflation surging to near the Federal Reserve’s 2 percent target as weak readings from last year dropped out of the calculation. The rise in the annual inflation gauges reported by the Commerce Department on Monday was anticipated by economists and Fed …

US Wireless Carriers T-Mobile, Sprint Announce Merger

The third and fourth biggest U.S. wireless carriers, T-Mobile and Sprint, said Sunday they plan to merge, the third attempt they’ve made to join forces against the country’s two biggest mobile device firms, Verizon and AT&T. The deal, if it happens this time, calls for T-Mobile to buy Sprint for $26 billion in an all-stock …

Consumers Close Wallets, Trim US 1st Quarter Growth

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 …

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

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 …

Mexico Economy Minister Says NAFTA Revamp Talks ‘Not Easy’

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 …

Facebook’s Rise in Profits, Users Shows Resilience 

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, …

ConocoPhillips Wins $2 Billion Arbitration Against Venezuela

ConocoPhillips says it won a $2 billion arbitration award against Venezuela’s state oil company over the seizure a decade ago of investments in two projects in the OPEC nation. The award represents the equivalent of more than 20 percent of the cash-strapped Venezuelan government’s foreign currency reserves. The Houston-based company said in a statement the …

World Bank Disputes US Audit of Afghan Reconstruction Program

The World Bank has disputed U.S. government findings that billions of dollars of donor funds flowing into Afghanistan are at risk due to lack of oversight and transparency. The project in question is called Afghanistan Reconstruction Trust Fund, or ARTF, and is being administered by the World Bank. It is one of the largest sources …

Kenya Economy Seen Rebounding After Election Slowdown

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. …

Beijing Auto Show Highlights E-cars Designed for China

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 …

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

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 …

Amazon Boss Bezos Supports Scrutiny of Big Companies

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 …