George Kamau Githome uses a feather duster to clean off hardware and bootleg movies displayed for sale at his kiosk in Mathare, one of Nairobi, Kenya’s largest slums. Githome and his family of 10 kids recently lost everything they owned in a fire. But he was able to rebuild because …
The U.S. unemployment rate dropped slightly in July, while job gains were lower than many analysts predicted. Friday’s report from the Labor Department shows the jobless rate fell one-tenth of a percent to 3.9 percent, one of the lowest figures in years. The world’s largest economy also had a net …
U.S. President Donald Trump sought to ratchet up pressure on China for trade concessions by proposing a higher 25 percent tariff on $200 billion worth of Chinese imports, his administration said Wednesday. U.S. Trade Representative Robert Lighthizer said Trump directed the increase from a previously proposed 10 percent duty because China has refused to meet U.S. …
The Federal Reserve is leaving its benchmark interest rate unchanged while signaling further gradual rate hikes in the months ahead as long as the economy stays healthy. The Fed’s decision left the central bank’s key short-term rate at 1.75 percent to 2 percent – the level hit in June when …
European Union imports of U.S. soybeans were already rising substantially before a top EU official told President Donald Trump last week that the bloc would buy more. EU Commission figures released Wednesday show that 37 percent of the bloc’s soybean imports last month were coming from the U.S., compared with …
Each morning, Kamarunisa Poovummada sips her cup of tea while watching waves from the Arabian Sea crash around a water treatment plant opposite her house on Kavaratti island, off India’s southwest coast. She links the taste of her perfectly brewed cup to the desalination plant that has brought potable water …
Brazil’s three largest fuel distribution companies are under investigation for fixing prices at the pump, police said on Tuesday, reigniting debate over potential collusion among gas station owners in Latin America’s largest oil producer. The firms targeted by the probe are Petrobras Distribuidora SA, a subsidiary of state oil company …
The U.S. Treasury Department said on Tuesday that it had extended the deadline for investors to divest holdings in sanctioned Russian companies EN+, GAZ Group and Rusal to Oct. 23 from Aug. 5. The U.S. Treasury in April imposed sanctions against billionaire Oleg Deripaska and eight companies in which he …
Iran said on Tuesday U.S. President Donald Trump was mistaken to expect Saudi Arabia and other oil producers to compensate for supply losses caused by U.S. sanctions on Iran, after OPEC production rose only modestly in July. The comments, from Iran’s OPEC governor, came a day after a Reuters survey …
McDonald’s is fighting to hold onto customers as the Big Mac turns 50, but it isn’t changing the makings of its most famous burger. The company is celebrating the 1968 national launch of the double-decker sandwich whose ingredients of “two all-beef patties, special sauce, lettuce, cheese, pickles, onions and a …
U.S. companies seeking to be exempted from President Donald Trump’s tariff on imported steel are accusing American steel manufacturers of spreading inaccurate and misleading information, and they fear it may torpedo their requests. Robert Miller, president and CEO of NLMK USA, said objections raised by U.S. Steel and Nucor to …
Iran’s currency hit new lows with just under a week before new U.S. economic sanctions are due to take effect on August 4, despite the appointment of a new central bank governor and a new economic team. Arab and Iranian media reported the Iranian riyal hit a new low of …
Building on President Donald Trump’s “Indo-Pacific” strategy, U.S. Secretary of State Mike Pompeo will announce a series of investment initiatives in Asia on Monday focusing on digital economy, energy and infrastructure. The announcement, to be made at a U.S. Chamber of Commerce forum in Washington, comes at a time when …
White House economic adviser Larry Kudlow said Sunday he believes the 4.1 percent growth the U.S. recorded in the last three months is sustainable in the coming months despite skepticism expressed by independent economists. “There’s just a lot of good things going on,” Kudlow told CNN. He said President Donald …
Agriculture ministers from the G-20 countries criticized protectionism in a joint statement Saturday and vowed to reform World Trade Organization (WTO) rules, but did not detail what steps they would take to improve the food trade system. In the statement, they said they were “concerned about the increasing use of protectionist nontariff trade measures, inconsistently with …
President Donald Trump falsely claimed he’s pulled off “an economic turnaround of historic proportions.” Speaking at the White House Friday after the government reported that the economy grew at an annual rate of 4.1 percent in the second quarter, Trump declared that the gains were sustainable and would only accelerate. …
Friday’s positive numbers on the U.S. economic growth are “very, very sustainable,” according to U.S. President Donald Trump. His comments came after figures showed U.S. GDP growth hit 4.1 percent in the second quarter. The question is whether that growth is sustainable, as VOA’s Bill Gallo reports from the White …
Some European companies are rethinking their strategies to cushion the impact of trade tensions between the world’s two biggest economies, the United States and China. The focus will switch back to China after a truce on tariffs emerged from U.S. President Donald Trump’s meeting with European Commission President Jean-Claude Juncker …
Mattel, home of Barbie dolls and Hot Wheels, is cutting 2,200 jobs in order to save money after the closing of U.S. toy retail giant Toys R Us. The toymaker said the cuts amount to 22 percent of its nonmanufacturing employees worldwide. Mattel has about 28,000 employees. It also plans …
Mexican and Canadian officials are stressing that talks on the North American Free Trade Agreement will remain a three-way negotiation, despite suggestions by U.S. President Donald Trump that he might pursue separate trade deals with both countries. Mexican Foreign Minister Luis Videgaray says “Canada and Mexico not only share geography, …
Leaders from the five BRICS nations sounded the alarm over what South Africa’s president described as recent threats to multilateralism and sustainable global growth — a not-so-coded reference to a brewing trade war between the U.S. and BRICS’ wealthiest member, China. Chinese President Xi Jinping raised his concerns as the …
Sergio Marchionne, a charismatic and demanding leader who engineered two long-shot corporate turnarounds to save both Fiat and Chrysler from near-certain failure, died Wednesday. He was 66. The holding company of Fiat’s founders, the Agnelli family, announced in a statement Marchionne’s death after complications from surgery in Zurich. “Unfortunately …
Tariffs are set to top the agenda in a meeting Wednesday between U.S. President Donald Trump and European Commission President Jean-Claude Juncker. Juncker is coming to Washington with the hopes the European Union can avoid an all-out trade war by convincing Trump to hold off punitive tariffs on European cars. …
Qian Zhiya may be Starbucks’ worst nightmare. The 42-year-old Chinese entrepreneur says she is betting that her fledgling Luckin Coffee brand will eventually have more cafes in China than Starbucks, and she has Singapore’s sovereign wealth fund and other investors bankrolling her plan. Luckin, which only officially launched in January, …
Harley-Davidson executives said Tuesday they had seen no U.S. sales hit so far over its decision to relocate some American manufacturing overseas as it navigates amid trade conflicts. “We’ve actually done quite a lot of consumer research… and we see no discernible shift in the sales patterns” or to brand …
The International Monetary Fund warned Tuesday there are few indications international trade imbalances are narrowing, a trend that could raise trade tensions and lower economic growth. In its annual External Sector Report, the IMF also said almost half of the world’s current-account balances are excessive and that current-account surpluses and …