Month: January 2018

A new political dawn in Zimbabwe has sparked talk among farmers of land reform and the return of some whites who lost their land and livelihoods to President Robert Mugabe during a 37-year rule that drove the economy to collapse. Mugabe, 93, resigned in November after the army and his ZANU-PF party turned against him, prompting optimism among some of the thousands of white farmers ousted in the early 2000s on the grounds of redressing imbalances from the colonial era. For colonialists seized some of the best agricultural land that remained in the hands of white farmers after independence in 1980 leaving many blacks effectively landless and making land ownership one of Zimbabwe's most sensitive political topics. Now some white landowners hope the post-Mugabe regime may address the land issue,…

Many refugees would like to buy low-carbon stoves and lights but poor access in camps and a lack of funding is forcing them to rely on "dirty and expensive" fuels, a report said Tuesday. Millions of refugees worldwide struggle to access energy for cooking, lighting and communication and often pay high costs for fuels like firewood, which are bad for their health. Yet two-thirds would consider paying for clean cookstoves and more than one-third for solar household products, according to a survey by the Moving Energy Initiative (MEI), a partnership among Britain, the United Nations and charities. "Energy providers don't tend to think of refugees as potential energy consumers, but the opportunities to build a relationship with them are huge," Mattia Vianello, one of the report's authors, told the Thomson…

A colorful paint job has transformed one of Mumbai's drab hilltop slums into a tourist destination, even prompting comparisons with Italy's picturesque Amalfi Coast. During a recent journey on a Mumbai metro train, Dedeepya Reddy was struck by the grim appearance of a slum in Asalpha in the city's eastern suburbs as she stared out from her air-conditioned carriage. Reddy, a Harvard University-educated co-founder of a creative agency, was keen to brighten the lives of slum residents, while also changing the perception of slums being dirty and dangerous, and decided on a simple makeover. Armed with dozens of cans of colorful paint, Reddy and a team of about 700 volunteers painted the walls and alleyways of the hilltop slum over two weekends last month. Residents, at first skeptical, also got…

Hackers who stole around $530 million worth of cryptocurrency from the Coincheck exchange last week — one of the biggest such heists ever — are trying to move the stolen “XEM” coins, the foundation behind the digital currency said on Tuesday. NEM Foundation, creators of the XEM cryptocurrency, have traced the stolen coins to an unidentified account, and the account owner had begun trying to move the coins onto six exchanges where they could then be sold, Jeff McDonald said. Hackers made off with roughly $533 million worth of the cryptocurrency from Tokyo-based exchange Coincheck Inc late last week, raising fresh questions about security and regulatory protection in the booming market. The location of the hackers’ account was not known. “(The hackers are) trying to spend them on multiple exchanges.…

Middle Eastern countries should pursue fiscal policies to support growth and build broader tax bases to fund infrastructure projects and social spending, the head of the International Monetary Fund said Tuesday. "A key priority is building broader and more equitable tax bases. All must pay their fair share, while the poor must be protected," IMF Managing Director Christine Lagarde told an economic conference in Marrakech, organized by the Washington-based fund and the kingdom. That would allow them to spend more on social safety nets, health and education services than the current 11 percent of gross domestic product in the region. "Fiscal policy can and must be redesigned to support inclusive growth in the region," Lagarde said. More efforts are also needed to support the private sector, she said. The state, the dominant…

Venezuela is abandoning the most-overvalued of its two official foreign exchange rates, which had been used for state imports of food and medicine amid a worsening economic crisis.   The move could potentially encourage businesses to import more and put more goods on store shelves and in pharmacies, but only if the government carries it out as written, said Francisco Rodriguez, a former Venezuelan official who is now chief economist at the New York-based Torino Capital.   "This is not a place where there's a good tradition of following the letter of the law,'' Rodriguez said Tuesday. "I don't think that one should get too optimistic."   Oil-rich Venezuela is in the fifth year of a deepening economic crisis that has brought scarcities of basic foods and medicine after nearly…

Tourism to Cuba, one of the few bright spots in its ailing economy, has slid in the wake of Hurricane Irma and the Trump administration's tighter restrictions on travel to the Caribbean island, a Cuban tourism official said on Monday. Although the number of visitors rose nearly 20 percent in 2017, it fell 10 percent on the year in December, and is down 7-8 percent this month, Jose Manuel Bisbe York, the president of Cuban state travel agency conglomerate Viajes Cuba, said. Arrivals from the United States, which had surged in the wake of the U.S.-Cuban detente in 2014, took the worst hit, dropping 30 percent last December, he told Reuters. "Since Hurricane Irma, we've seen arrivals shrink," Bisbe York said on the sidelines of the event organized by U.S.…

The European Union says that if U.S. President Donald Trump initiates unfair trade measures against the 28-nation bloc, it would stand ready "to react swiftly and appropriately."   In a weekend interview, Trump said he was annoyed with EU trade policy since he claims the U.S. cannot sufficiently export to the EU. He said his problems with the EU "may morph into something very big" from a trade standpoint.   EU spokesman Margaritis Schinas retorted Monday that "while trade has to be open and fair it also has to be rules-based."   Schinas said: "The EU stands ready to react swiftly and appropriately in case our exports are affected by any restrictive trade measure from the United States."     ...

Top trade representatives from Canada, Mexico and the United States are set to give an update Monday on the process of renegotiating the North American Free Trade Agreement, while people familiar with the process say a final deal could be pushed far beyond a March target date. The three nations had tried to complete the talks by the end of 2017, but delayed the informal deadline as they worked to find common ground on several contentious issues. The latest round of talks in Montreal included work on a dispute resolution mechanism and rules for the auto industry. The United States wants to largely eliminate the dispute settlement panels and increase the percentage of U.S. content required to be in a vehicle. It has also proposed a clause that would end…

Ingvar Kamprad, who founded Sweden's IKEA furniture brand and transformed it into a worldwide business empire, has died at the age of 91. Kamprad died Saturday of pneumonia in the southern Swedish region of Smaland where he grew up on a farm, and with some modest financial help from his father, starting selling pens, picture frames, typewriters and other goods. It was the start of what became IKEA, now with 403 stores across the globe, 190,000 employees and $47 billion in annual sales. His brand became synonymous with the simplicity of Scandinavian design, modest pricing, flat-pack boxing and do-it-yourself assembly for consumers. It turned Kamprad into an entrepreneur with a reported net worth of $46 billion. The company name was an acronym of his initials, the name of his farm,…

Why has Mumbai's largest slum, which packs some one million people in about two square kilometers, emerged as an unlikely stop for foreign tourists? The draw is not images of squalor and poverty in the heart of India's largest city, but a place where thriving entrepreneurship and stories of hope and success break many stereotypes of a slum. Anjana Pasricha reports. ...

U.S. President Donald Trump touted the continued growth of the U.S. economy on Sunday, saying it is "better than it has been in many decades." "Businesses are coming back to America like never before," Trump said in a Twitter remark, a likely theme of his State of the Union address on Tuesday. "Unemployment is nearing record lows. We are on the right track!" He said, "Chrysler, as an example, is leaving Mexico and coming back to the USA," an exaggeration of Chrysler's expansion plans. Fiat Chrysler, the world's eighth biggest auto manufacturer, says it is investing $1 billion to manufacture its profitable Ram pickup trucks in the midwestern state of Michigan, shifting the production from Mexico, but at the same time is not cutting any of its vehicle manufacturing jobs…

Officials trying to settle differences over how to update the North American Free Trade Agreement have made some progress and hope politicians decide the talks should continue, Steve Verheul, Canada's chief negotiator, told Reuters on Saturday. The United States, Canada and Mexico are due to finish the sixth of seven planned rounds of NAFTA discussions on Monday, with several major issues far from being resolved. U.S. President Donald Trump, who describes the $1.2 trillion pact as a disaster, has frequently threatened to walk away from it unless major changes are made. U.S. Trade Representative Robert Lighthizer, Canadian Foreign Minister Chrystia Freeland and Mexican Economy Minister Ildefonso Guajardo will hold a news conference later Monday to announce the next steps. Asked whether he thought the three ministers would decide there is enough…

In a surprise move, the U.S. Environmental Protection Agency reversed itself Friday and stopped the approval process for the proposed Pebble Mine copper and gold mine project in southwest Alaska’s Bristol Bay region. “It is my judgment at this time that any mining projects in the region likely pose a risk to the abundant natural resources that exist there,” EPA Administrator Scott Pruitt said in a statement. President Donald Trump has championed increased domestic mining, and the EPA’s decision to halt the Pebble Mine’s approval process comes as a surprise. “Until we know the full extent of that risk, those natural resources and world-class fisheries deserve the utmost protection,” Pruitt said. The Obama administration blocked the proposed mine in 2014 over environmental concerns. Last year, Pruitt reversed that decision, allowing…

President Donald Trump's "America First" policy on trade aims to reverse decades of lopsided exchange by withdrawing from international trade deals, renegotiating others and raising tariffs on foreign-made goods destined for the U.S. But, in a connected global economy, analysts warn the U.S. could find itself increasingly isolated as other countries rush forward to embrace new trade deals. Mil Arcega reports. ...