Zimbabwe will introduce a new currency in the next 12 months, the finance minister said, as a shortage of U.S. dollars has plunged the financial system into disarray and forced businesses to close. In the past two months, the southern African nation has suffered acute shortages of imported goods, including …
Elon Musk’s rocket company SpaceX will reduce its workforce by about 10 percent of the company’s more than 6,000 employees, it said on Friday. The company said it will “part ways” with some of its manpower, citing “extraordinarily difficult challenges ahead.” “To continue delivering for our customers and to succeed …
The United States on Friday signaled it would not bow to the European Union’s request to keep agriculture out of planned U.S.-EU trade talks, publishing negotiating objectives that seek comprehensive EU access for American farm products. The objectives, required by Congress under the “fast-track” trade negotiating authority law, seek to …
Uganda’s growing debt is sustainable, and the country is not at risk of losing state assets to China, the country’s finance minister, Matia Kasaija, said this week. Uganda’s auditor-general warned in a report released this month that public debt from June 2017 to 2018 had increased from $9.1 billion to …
Despite the U.S. stock market recovery, Macy’s and American Airlines’ revised revenue forecasts for 2018 have sent their stock prices spiraling. Other retail stocks fell, too, including J.C. Penney, Nordstrom and Kohl’s. The reports come amid news of another iconic department store, Sears, fighting for survival. But U.S. trade and …
The 800,000 federal workers who are not being paid or are working without pay during the partial government shutdown were the first to feel its impact. But as Anna Kook reports, other segments of the economy are also being hurt, especially in Washington, home to the largest number of federal …
U.S. officials expect a visit from China’s top trade negotiator this month in Washington, signaling that higher-level discussions are likely to follow this week’s talks with midlevel officials in Beijing as the world’s two largest economies try to reach a deal to end a tit-for-tat tariff war. “The current intent …
Rising global authoritarianism, trade protectionism and the weakening of global institutions threaten U.S. businesses, the head of the U.S. Chamber of Commerce warned Thursday. In his annual address, Chamber of Commerce CEO Tom Donohue said for now the U.S. economy is strong and business owners are consistently optimistic, crediting “deregulation …
Jaguar Land Rover said Thursday it will cut 4,500 jobs as the carmaker addresses slowing demand in China and growing uncertainty about the U.K.’s departure from the European Union. The luxury carmaker, owned by India’s Tata conglomerate, said the cuts will be in addition to 1,500 people who left the …
India’s Parliament on Wednesday approved a bill providing a 10 percent quota in government jobs for the poor members of upper castes who have been excluded from existing quotas for low-ranking castes. The Congress party and other opposition parties supported the legislation, but criticized Prime Minister Narendra Modi’s government for …
Visitors to Singapore’s Orchard Road, the city’s main shopping belt, will find fancy malls, trendy department stores, abundant food courts — and a small farm. Comcrop’s 600-square-meter (6,450-square-foot) farm on the roof of one of the malls uses vertical racks and hydroponics to grow leafy greens and herbs such as …
The fight against poverty is getting help from a new direction: up. Satellite imagery is helping researchers map areas of extreme poverty. It may help officials identify faster and more accurately when development policies and programs are working, and when they aren’t. Eliminating extreme poverty by 2030 is the first …
For the women of Tuluroba village’s self-help group, the goal was simple: use their combined savings to buy cattle, fatten them and sell them to the beef industry for slaughter. But there was a problem. “We had no land to graze the cattle. Nor could we obtain a loan from …
China approved five genetically modified (GM) crops for import on Tuesday, the first in about 18 months in a move that could boost its overseas grains purchases and ease pressure from the United States to open its markets to more farm goods. The United States is the world’s biggest producer …
Venezuela’s opposition-run congress on Tuesday issued a resolution calling deals between state-run oil company PDVSA and U.S. and French companies announced this week illegal, since they had not been sent to lawmakers for approval. The body said the oilfield deals with France’s Maurel & Prom and little-known U.S. company Erepla violated …
The World Bank is downgrading its outlook for the global economy this year, citing rising trade tension, weakening manufacturing activity and growing financial stress in emerging-market countries. In a report titled “Darkening Skies,” the anti-poverty agency said Tuesday that it expects the world economy to grow 2.9 percent in 2019, …
Hospitals in Zimbabwe are turning away patients as a strike by doctors enters its sixth week. There is no end in sight to the strike, as President Emmerson Mnangagwa’s government says it cannot meet the doctors’ demands. The Parirenyatwa Group of Hospitals, Zimbabwe’s largest treatment center, is largely empty as …
U.S. Commerce Secretary Wilbur Ross said there is “a very good chance” that the United States and China will reach a trade agreement. Ross told CNBC he is hopeful such a deal would address “all the key issues.” Working-level trade talks between the United States and China began Monday in …
Mexican President Andres Manuel Lopez Obrador said on Monday that his crackdown against fuel theft was yielding positive results, even as the intervention sparked severe fuel shortages in parts of the country and long lines of angry motorists. In a bid to eliminate years of mounting theft, state oil firm …
A U.S. trade delegation has arrived in Beijing. The group is in China to hold two days of talks, beginning Monday, focusing on how best to carry out an agreement reached by U.S. President Donald Trump and Chinese President Xi Jinping to postpone new tariff hikes. On December 1, the …
A surge in U.S. job creation and some reassuring words from the head of the U.S. central bank sent U.S. stocks soaring Friday. The Labor Department reported a net gain of 312,000 jobs in December, far more than economists predicted. The unemployment rate, however, rose slightly, to 3.9 percent. Many …
Marriott International Inc said Friday that fewer than 383 million customer records were stolen in a massive cyberattack disclosed last month, down from its initial estimate that up to 500 million guests were affected. The hotel operator also said that some 25.55 million passport numbers were stolen in the attack …
It sounds like a Hollywood caper: A group of investors and officials convince European banks to loan a total of $2 billion to a resource-rich African nation trying to rebuild after a bruising civil war. The money promptly disappears, and then this caper turns tragic. The government doesn’t learn …
Asian markets rebounded Friday on hopes that upcoming trade talks between the U.S. and China will calm a trade dispute that has rattled global markets. After a global sell-off triggered by Apple’s warning of lower revenues, Hong Kong’s Hang Seng Index climbed 2.2 percent to 25, 626.03 and the Shanghai …
American envoys are due in Beijing for talks Monday in a tariff battle over Chinese technology ambitions that threatens to hobble global economic growth. The two days of meetings are aimed at carrying out the Dec. 1 truce by Presidents Donald Trump and Xi Jinping that postponed additional tariff hikes, …
Stock markets around the globe dropped Thursday after tech giant Apple said that sales of its devices had fallen sharply in China last month, perhaps signaling a broader slowing in the world economy. The widely watched Dow Jones industrial average of 30 prominent U.S. stocks plunged 2.8 percent — more …