Oil prices climbed sharply Friday after OPEC and other producers led by Russia agreed to cut output to reduce global inventories of crude oil. OPEC countries and the Russian-led coalition agreed to collectively slash oil production by 1.2 million barrels a day, said OPEC president Suhail Mohamed al-Mazrouei, more than the …
The U.S. International Trade Commission said on Friday it made a final determination that American producers were being harmed by imports of common alloy aluminum sheet products from China, a finding that locks in duties on the products. The ITC determination means that duties ranging from 96.3 percent to 176.2 …
U.S. stocks clawed most of their way back from a deep slide Thursday that at one point had wiped out the market’s gains for the year. An early plunge briefly knocked more than 700 points off the Dow Jones industrial average as the arrest of a senior Chinese technology …
The US trade deficit hit a 10-year high in October as Americans used a stronger dollar to snap up record imports, the government reported Thursday. The result showed the trade gap has continued to swell despite the punitive tariffs imposed this year on allies and adversaries alike by US President …
OPEC countries were gathered Thursday to find a way to support the falling price of oil, with analysts predicting the cartel and key ally Russia would agree to cut production by at least 1 million barrels per day. Crude prices have been falling since October because major producers — including …
OPEC and Russia moved closer on Wednesday to agreeing cuts in oil production from next year despite pressure from U.S. President Donald Trump to reduce the price of crude. OPEC meets on Thursday in Vienna, followed by talks with allies such as Russia on Friday. OPEC’s de facto leader, Saudi …
A new study estimates 164 million people are migrating to foreign countries in search of work, an increase of 9 percent since 2013. The majority of migrant workers are men between the ages of 25 and 64, according to the International Labor Organization’s second edition of Global Estimates on International …
U.S. President Donald Trump, who rattled global markets Tuesday after declaring himself “a Tariff Man,” predicted in a series of tweets Wednesday the United States and China would negotiate a new trade deal. Trump said China is planning to resume buying U.S. soybeans and natural gas, which he said confirms …
Vimla Yadav, a farmer from India’s Haryana state, says agriculture costs, such as fertilizers and seeds, have soared, yet produce prices have plunged, leaving her family of 10 with virtually no profit from their four-acre farm. “We don’t even get the fruits of the labor that the entire family puts …
Volkswagen’s chief executive said on Tuesday after a meeting at the White House that the German automaker was building an alliance with Ford Motor Co and might use the U.S. automaker’s plants to build cars. VW CEO Herbert Diess said the company was also “considering building a second car plant,” …
Americans are consuming less coal in 2018 than at any time since Jimmy Carter’s presidency, a federal report said Tuesday, as cheap natural gas and other rival sources of energy frustrate the Trump administration’s pledges to revive the U.S. coal industry. A report by the U.S. Energy Information Administration projected …
After a month strolling the gold market in Libya’s capital, retired public servant Milud Farhat was unable to find any jewelry he could afford for his daughter’s wedding. The 60-year-old is typical of Libya’s once well-to-do middle class, impoverished by high inflation and devaluation during years of conflict in what used to be …
The World Bank will give equal weight to curbing emissions and helping poor countries deal with the “disastrous effects” of a warming world as it steps up investments to tackle climate change in the first half of the 2020s, it said on Monday. The bank and its two sister organizations …
White House economic adviser Larry Kudlow said on Monday the Trump administration wants to end subsidies for electric cars and other items, including renewable energy sources. Asked about plans after General Motors announced U.S. plant closings and layoffs last week, Kudlow pointed to the $2,500-to-$7,500 tax credit for consumers who …
Federal Reserve Chairman Jerome Powell said Monday that despite solid economic progress, the country still faces a number of challenges ranging from slow wage-growth for lower-income workers to sluggish productivity and an aging population. Powell said in remarks at a Fed award ceremony that these challenges remain even though …
China and the United States have agreed to put tariffs on hold and give negotiations a chance. But the short 90-day period the two have to finish negotiations, which includes major holidays both in Washington and Beijing, will require quick steps, analysts say. China’s pledges to purchase what the …
Asia stocks rallied Monday on the news that the United States and China, the world’s two largest economies, would not impose any new tariffs during a 90-day grace period, during which the two sides are to negotiate a detailed agreement. In early trading Monday China’s main market index (the Shanghai …
Energy experts are urging Africa to use more of its gas reserves to fuel economic development. The group gathered in Washington to discuss the role of natural gas in helping to meet the continent’s electricity, health and environmental goals. The meeting coincides with the release of a report funded by …
U.S. President Donald Trump has returned home from the Group of 20 meeting of the world’s top economies. After the curtain came down on the summit, the spotlight lingered on the leaders of the two top economies. As VOA’s White House bureau chief Steve Herman reports from Buenos Aires, in …
The data stolen from the Marriott hotel empire in a massive breach is so rich and specific it could be used for espionage, identity theft, reputation attacks and even home burglaries, security experts say. Hackers stole data on as many as 500 million guests of former Starwood chain properties over four …
A U.S. judge in California has granted preliminary approval of a $48 million settlement for investors who said Volkswagen AG made false and misleading statements about its excess diesel emissions. Lawyers for the investors, who include police and other municipal pension funds, had estimated that the maximum they could have recovered was $147 million. But …
World leaders are preparing for a potentially fiery G20 summit starting Friday in Buenos Aires. As Henry Ridgwell reports, the two-day meeting is being held against the backdrop of a spiraling trade war that has set the global economy on edge, plus a series of dangerous security flashpoints from Ukraine …
U.S. President Donald Trump has challenged car giant GM’s decision to close five plants across the United States and Canada just weeks before the holidays. GM says changing car habits are to blame for the closings, which impact thousands of workers across North America. VOA’s Katherine Gypson reports from the …
Police raided six Deutsche Bank offices in and around Frankfurt on Thursday over money laundering allegations linked to the “Panama Papers”, the public prosecutor’s office in Germany’s financial capital said. Investigators are looking into the activities of two unnamed Deutsche Bank employees alleged to have helped clients set up offshore …
U.S. President Donald Trump said Wednesday that new auto tariffs were “being studied now,” asserting they could prevent job cuts such as the U.S. layoffs and plant closures that General Motors Co. announced this week. Trump said on Twitter that the 25 percent tariff placed on imported pickup trucks …
Federal Reserve Chair Jerome Powell boosted U.S. stock markets on Wednesday when he said interest rates were “just below” estimates of a level that neither brakes nor boosts a healthy economy. Many took his comments as a signal that the Fed’s three-year tightening cycle is ending. The S&P 500 and Dow …