Travis Kalanick, the combative and troubled CEO of ride-hailing giant Uber, resigned Tuesday under pressure from investors. The company’s board confirmed the move early Tuesday, saying in a statement that Kalanick is taking time to heal from the death of his mother in a boating accident -while giving the company …
The United States Treasury Department announced additional sanctions Tuesday against Russia, pro-Russian separatists in eastern Ukraine, and individuals and companies associated with them. The move comes on the heels of a White House meeting Tuesday between President Donald Trump and Ukrainian President Petro Poroshenko. The increased sanctions is in response …
It’s so hot in the southwestern United States that flights out of Phoenix, Arizona are being cancelled because of the extreme heat. Temperatures on Tuesday were expected to reach 49C, which is too hot for some planes to operate. American Airlines said it was going to cancel 38 flights leaving …
Ford Motor Co. will export the next-generation Focus compact car from China to North America in 2019, rather than from Mexico as earlier planned, saving the company $500 million, a top executive said on Tuesday. It’s the first major manufacturing investment decision made by new Chief Executive Officer Jim Hackett, …
As South Korea’s new leadership works toward easing long strained inter-Korean relations, U.S. experts are eyeing the country’s conciliatory overtures to the Kim Jong Un regime, worried that a possible resumption of the Kaesong Industrial Complex could provoke discord with the Trump administration. Shortly after South Korean President Moon Jae-in …
The U.S. Supreme Court on Monday handed a victory to Chevron Corp. by preventing Ecuadorean villagers and their American lawyer from trying to collect on an $8.65 billion pollution judgment issued against the oil company by a court in Ecuador. The justices turned away an appeal by New York-based lawyer …
The U.S. Supreme Court on Monday tightened rules on where injury lawsuits may be filed, handing a victory to corporations by undercutting the ability of plaintiffs to bring claims in friendly courts in a case involving litigation over the Bristol-Myers Squibb Co. blood-thinning medication Plavix. The justices, in an 8-1 …
Climate change, trade and terrorism were highlighted Monday at a Beijing meeting of foreign affairs officials from Brazil, Russia, India, China and South Africa, known collectively as the BRICS nations. The five nations are seeking to further align their views on key issues at a time when President Donald Trump …
When Wal-Mart Stores Inc. bought online retailer Jet.com for $3 billion last year, it marked a crucial moment — the world’s largest brick-and-mortar retailer, after years of ceding e-commerce leadership to arch rival Amazon, intended to compete. On Friday, Amazon.com Inc. countered. With its $14 billion purchase of grocery chain Whole …
A key part of House Republicans’ plan to overhaul the way corporations pay taxes is on life support, leaving lawmakers scrambling to save one of President Donald Trump’s biggest priorities and increasing the chances the GOP will simply pass a tax cut instead of overhauling the tax code. A proposed …
U.S. farm groups criticized President Donald Trump’s decision to retreat from his predecessor’s opening toward Cuba, saying it could derail huge increases in farm exports that totaled $221 million last year. A trade delegation from Minnesota, one of the largest U.S. agriculture states, vowed to carry on with its planned …
The key to success for ride-hailing providers like Uber is keeping drivers happy so they run their app, ensuring that enough cars respond to passenger demand. Estonia upstart Taxify is hoping to win over drivers and take on Uber Technologies Inc., the industry leader, by offering a larger share of …
Colombia on Friday reached a deal with public school teachers to end a 37-day strike that has kept millions of children out of classes, amid criticism the government has failed to keep its promise to improve public education after a peace deal with Marxist rebels. Union members participating in the …
Nationwide strikes left commuters and tourists stranded across Italy on Friday, as transport unions called for better job conditions for workers and protested against privatization. Underground and overground trains, airplanes and buses were cancelled in a series of strikes over a 24-hour period starting on Thursday evening. Transport Minister Graziano …
Greek stocks rallied to two-year highs Friday after the government struck a deal with European creditors that means the country won’t face another brush with bankruptcy anytime soon. However, for austerity-weary Greeks, the deal does little to lift the pall from years of belt-tightening. After months of haggling that raised …
Amazon announced Friday that it will purchase Whole Foods for $13.7 billion. It is the e-commerce giant’s biggest acquisition to date, and highlights the company’s continued attempt to penetrate the $800 billion grocery industry. “Millions of people love Whole Foods Market because they offer the best natural and organic foods, …
From the president of Mozambique to the US Secretary of Commerce, greater US economic engagement in Africa is the dominant theme at this year’s business summit organized by the Corporate Council on Africa. VOA Correspondent Mariama Diallo was there and reports. …
U.S. authorities moved on Thursday to seize a Picasso painting given to American movie star Leonardo DiCaprio and the rights to two Hollywood comedies, as they filed complaints to recover about $540 million they say was stolen from the 1Malaysia Development Berhad sovereign wealth fund. The U.S. Justice Department filing …
The White House lacks a unified plan to increase the government’s borrowing cap as a likely September deadline is drawing near, said Mick Mulvaney, director of the Office of Management and Budget. A failure by Congress to raise the debt ceiling could send dangerous shock waves through the global economy. …
The U.S. central bank raised its benchmark interest rate Wednesday amid concerns about sluggish growth, a slowdown in consumer spending and low inflation. But the head of the U.S. Federal Reserve says the one-quarter of 1 percent increase in the federal funds rate demonstrates the committee’s confidence in the overall …
The real estate firm owned by the family of Jared Kushner has withdrawn a request for a big tax break for one its buildings in Jersey City, New Jersey, the latest setback for the company in the area. The Kushner Cos. sent a letter withdrawing its application for a …
Fierce competition among car manufacturers requires constant search for ways to cut expenses without compromising safety and other standards. One of the areas with room for improvement is in manufacturing of car bodies, which could be made lighter but still strong enough to protect passengers. VOA’s George Putic visited the …
China’s three big Internet-driven companies, Alibaba, Tencent, and Baidu, are set to influence a vast section of the country’s business because they control data concerning the consumer and social behavior of millions of people. The awesome power comes from the government’s drive to develop a “big data” industry, which is thriving in China. …
Panama’s business community on Tuesday cheered the Central American country’s decision to establish full diplomatic ties with China and ditch Taiwan, hoping to deepen links with a key customer of the nation’s shipping canal. Although there was regret at the cost to Taiwan, an ally of various Central American nations, …
Mexico’s ancient civilizations cultivated crops such as maize, tomatoes and chilies for thousands of years before the Spanish conquerors arrived — and now those native plants could hold the key to sustainable food production as climate change bites, said a leading ecologist. José Sarukhán Kermez, who helped set up Mexico’s …
The World Bank on Tuesday approved a $500 million loan to support Tunisia’s budget, a government official for the North African country said on Tuesday. The funding followed the release by the International Monetary Fund of a delayed $320-million tranche of Tunisia’s IMF loan, after the government agreed to speed …