Immunotherapy is one of the newer ways the medical community is trying to fight cancer. Immunotherapy is a way to get the body’s natural defenses to fight cancer. It has great promise, and has documented results, but it is not for everyone. VOA’s Kevin Enochs explains. …
SEC: 2016 Hack May Have Enabled Illegal Trades
The Securities and Exchange Commission says a cyber breach of a filing system it uses may have provided the basis for some illegal trading in 2016. In a statement posted Wednesday evening on the SEC’s website, Chairman Jay Clayton says a review of the agency’s cybersecurity risk profile determined that the previously detected incident was caused by a software vulnerability in its EDGAR filing system. The SEC chairman says this breach did not result in exposing personally identifiable information. The SEC files financial market disclosure documents through its EDGAR system, which processes more than 1.7 million electronic filings in any given year. Clayton’s statement also mentioned that a 2014 internal review was unable to locate some agency laptops that may have contained nonpublic information. …
Huge Sea Turtles Slowly Coming Back From Brink of Extinction
Sea turtles are lumbering back from the brink of extinction, a new study says. Scientists found more populations of the large turtles improving than declining when they looked at nearly 60 regions across the globe. That’s a big change from a decade or two ago, experts said. Long-living sea turtles have been pushed to endangered levels by hunting, accidentally being caught in fishing nets, habitat loss, plastics pollution and climate change, experts say. But massive efforts to save the egg-laying turtles by changing fishing nets and creating protected and darkened beaches are working, said study lead author Antonios Mazaris, an ecology professor at Aristotle University of Thessaloniki in Greece. “There’s a positive sign at the end of the story,” Mazaris said. “We should be more optimistic about our efforts in society.” Seven species of sea turtles The research was published Wednesday in the journal Science Advances. There are seven different species of sea turtles, all but one endangered. The slow creatures live for several decades with some species weighing about 100 pounds and others well over 1,000 pounds. Mazaris pointed to Hawaiian green sea turtles, once in trouble 40 years ago, as story of success. Maybe too much success. “They have more turtles than they know what to do with,” said Roderic Mast, a sea turtle advisory group co-chairman at the International Union for Conservation of Nature, which determines the global list of endangered species. ‘Good problem to have’ “Tourists seeking sea turtles create traffic problems and fishermen …
Scientists Remove Gene in Human Embryos to See What It Does
British scientists have used a genome editing tool known as CRISPR/Cas9 to knock out a gene in embryos just a few days old, testing the technique’s ability to decipher key gene functions in early human development. The researchers said their experiments, using a technology that is the subject of fierce international debate because of fears that it could be used to create babies to order, will deepen understanding of the biology of early human development. CRISPR/Cas9 can enable scientists to find and modify or replace genetic defects. Many describe it as game changing. Role of key gene “One way to find out what a gene does in the developing embryo is to see what happens when it isn’t working,” said Kathy Niakan, a stem cell scientists who led the research at Britain’s Francis Crick Institute. “Now we have demonstrated an efficient way of doing this, we hope that other scientists will use it to find out the roles of other genes.” She said her hope was for scientists to decipher the roles of all the key genes embryos need to develop successfully. This could then improve IVF treatments for infertile couples and also help doctors understand why so many pregnancies fail. “It may take many years to achieve such an understanding, our study is just the first step,” Niakan said. No gene, no protein Niakan’s team decided to use it to stop a key gene from producing a protein called OCT4, which normally becomes active in the first few days …
Study Finds Stereotypes About Boys, Girls Begin at Early Age
Whether children live in Baltimore, Beijing, Nairobi or New Delhi, by the time they are 15, boys are told to go outside and have adventures, while girls are told to stay indoors and do housework. Furthermore, most girls are told that if they are raped or have sex, they are the ones at fault. A new study by adolescent-health specialists interviewed 450 poor children and their parents about gender expectations in a total of 15 high-, low- and middle-income countries. The children included in the study, the first of its kind, were between the ages of 10 and 14. “When we started this work, there was no research at all, no understanding at all of young adolescents,” said Robert Blum, director of the Global Early Adolescent Study at Johns Hopkins University in Baltimore, Maryland. “There was an assumption that these were young children, and they aren’t cued into gender-based violence, gender messages, rape and things of that nature. “What we see is that around the world, young people have keen awareness, and they’re very cued in to what’s going on.” The key finding was that rigidly held and enforced gender expectations are linked to increased lifelong health risks — everything from HIV and depression to violence and suicide. Messages internalized “We found children at a very early age, from the most conservative to the most liberal societies, quickly internalize this myth that girls are vulnerable and boys are strong and independent,” Blum told VOA. “And this message is being constantly …
California Condors Return to the Skies After Near Extinction
In a remote, rugged valley overlooking the Pacific Ocean, researchers closely monitor an endangered icon: the California condor. The giant vultures flap their wings and circle the sky before perching on branches and observing their observers. Wildlife biologist Amy List uses a handheld antenna to track the birds, which wear radio transmitters and numbered tags. “If we don’t know what they’re doing, we don’t know what’s going wrong,” said List, who works for the Ventana Wildlife Society, which manages the condor sanctuary in Big Sur. Three decades after being pushed to the brink of extinction, the California condor is making a comeback in the wild, but constant vigilance is needed to ensure the endangered bird doesn’t reverse course. One of the world’s largest birds with a wingspan up to 10 feet, the condor once patrolled the sky from Mexico to British Columbia. But its population plummeted in the 20th century due to lead poisoning, hunting and habitat destruction. In 1987, wildlife officials captured the last remaining 22 condors and took them to the San Diego and Los Angeles zoos to be protected and bred in captivity. Those efforts have led to a slow but steady recovery for a species that reproduces slowly compared with other birds. There are now roughly 450 condors, including about 270 in the wild in California, Arizona, Utah and northeastern Mexico. Plans also are underway to release some captive-bred condors in Redwood National Park in 2019 to establish a population near the …
Epidemic at Work?: Businesses Forced to Deal With Drug Abuse
After a troubled youth himself, Phillip Cohen made it a practice to hire people at his woodworking business who have also struggled with addiction and mental health issues. But when an employee died from a drug overdose, he adopted a zero-tolerance policy. “I think I have saved lives,” says the owner of Cohen Architectural Woodworking in St. James, Missouri — an area hit very hard by the nation’s growing opioid epidemic. Opioids range from prescription pain medicine like oxycodone to illegal drugs like heroin. Cohen still hires former drug addicts, felons and people who have been traumatized in life. One person, now a top employee, was hired right after he finished drug rehabilitation. Another used to sell illegal drugs. Still, Cohen says, if a worker fails a periodic random drug or alcohol test, “we’ll fire them on the spot.” The epidemic of drug use — a report from the surgeon general last year said that 20 million Americans have a substance use disorder — is forcing many small business owners to think about what they would do if they suspect an employee is abusing drugs or alcohol. Between 1999 and 2015 the number of overdose deaths from opioids and heroin quadrupled, the National Institute on Drug Abuse says. The government also reported more than 15 million adults with what’s called alcohol use disorder in 2015. Over 70 percent of employers with 50 or more workers have been affected by prescription drugs, according to a survey released this year by the …
China Announces Trade Secrets Crackdown to Assure Investors
China has announced a crackdown on violations of patents and trade secrets in an effort to mollify foreign companies ahead of a visit to Beijing by U.S. President Donald Trump. The crackdown might give Beijing diplomatic ammunition to respond to mounting U.S. and European trade complaints. But it fails to address what foreign companies say are bigger problems with intellectual property protection. The four-month campaign will attack theft of foreign trade secrets and violations of patents, copyrights and trademarks, according to a Ministry of Commerce announcement this month. It says the goal is to “increase foreign investment.” Investment into China fell in the first half of 2017 following two decades of regular double-digit annual increases. That reflects what business groups say is growing frustration with difficult operating conditions and regulatory and other hurdles. Companies complained for years that China was the global center for unlicensed copying of goods ranging from Hollywood movies and designer clothes to drugs and computer software. More recently, companies complain that Chinese entities try to steal technology and other trade secrets, sometimes with government encouragement. Beijing has increased some penalties, but business groups say the Communist government needs to go much further in developing its enforcement and court system to protect intellectual property rights on which its economy increasingly depends. “As welcome as further public commitments to protecting IPR are, this cannot be achieved through a campaign-style approach,” said Lance Noble, policy director for the European Union Chamber of Commerce in China. “It requires a sustained …
«Нафтогаз»: зрив реформ компанії може призвести до припинення фінансування від ЄБРР
У Національній компаній «Нафтогаз» заявляють, що фінансування від Європейського банку реконструкції та розвитку (ЄБРР) і Світового банку може бути припинено у разі зриву корпоративних реформ компанії. «Одне із зобов’язань, прописане в договорі з ЄБРР, це виконати план корпоративних реформ, що був затверджений урядом. У разі порушення цього зобов’язання ЄБРР має право призупинити фінансування», – сказав заступник голови правління «Нафтогазу» Сергій Коновець. За його словами, якщо буде припинено фінансування від ЄБРР, то також фінансування призупинить і Світовий банк. «Це зобов’язання уряду, не наше. Але це впливає на наш фінансовий стан», – додав Коновець. Директор з розвитку бізнесу «Нафтогаз України» Юрій Вітренко уточнив, що в разі порушення домовленостей з ЄБРР щодо реформування компанії, ця установа, за угодою, має право оголосити дефолт «Нафтогазові», після чого йому автоматично оголосить дефолт Світовий банк. У свою чергу в ЄБРР висловив жаль у зв’язку з відставкою незалежних членів наглядової ради компанії. В установі також переконані, що Україна не може собі дозволити подальше зволікання в реалізації реформ. «Другий етап трансформації «Нафтогазу» мав розпочатися вже давно. Ефективне управління надало можливість цій компанії повернутися до прибутковості і усунути значні можливості для корупції. Тепер настав час зібратися і рухатися далі шляхом реформ», – зазначають в банку. Водночас в уряді сьогодні заявили, що реформи «Нафтогазу» продовжать і прискорять. У «Нафтогазі України» 19 вересня повідомили, що усі незалежні члени наглядової ради компанії мають намір подати у відставку через політичне втручання. У заяві компанії вказувалося, що своє рішення Пол Ворвік і Маркус Річардс пов’язують зі згортанням реформ з боку уряду. «Нафтогаз України» здійснює повний цикл операцій …
Moody’s: Egypt Economy Still Recovering From 2011 Uprising
Egypt’s economy has started to improve but has yet to recover from the country’s 2011 uprising and the years of unrest that followed, an international credit rating agency said. Moody’s hailed recent economic and fiscal reforms in its annual report released Tuesday, saying they point to “improved government effectiveness and policy predictability.” Weak finances, however, remain a “key challenge” for the government, it added. Egypt embarked on an ambitious economic reform plan shortly after President Abdel-Fattah el-Sissi took office in 2014. The government has slashed subsidies, imposed a value-added tax and allowed currency devaluation in order to qualify for a $12 billion bailout loan from the International Monetary Fund. The austerity measures have hit the public hard, however, with inflation hovering around 30 percent for months, many import products unavailable, and soaring electricity and fuel costs. Moody’s said reforms and financial support provided by international lenders have helped in restoring Egypt’s foreign reserves, which are currently above $36 billion, their highest level since December 2010. “We also expect that Egypt’s high fiscal deficits and government debt levels will gradually reduce,” said Steffen Dyck, a Moody’s vice president. Egypt’s Finance Minister Amr el-Garhy announced earlier this week that the country will face a $10-$12 billion budget deficit for the current fiscal year 2017-18, which started in July. He also said the government plans to plug the gap by increasing foreign debt issuance, and will announce future bond offerings in the coming weeks. Egypt’s sovereign rating by Moody’s remains unchanged at B3, …
Workers in India’s Brick Kiln Industry Trapped in Perpetual Poverty
A human rights organization says millions of workers in India’s brick kiln industry are trapped in a perpetual cycle of imposed debt and low wages, which forces them to bring their children to work alongside them in the hot, dusty kilns. An estimated 23 million workers are employed in at least 100,000 brick kilns operating across the northern state of Punjab, according to a study released Wednesday by Anti-Slavery International. Nearly all the workers are provided loans from the kiln owners before the brick making season begins, immediately putting them into debt. The owners withhold their wages during the entire season, which lasts up to 10 months, and keep no records, allowing them to pay their workers far less than what is due. Up to 80 percent of children under 14 years old working an average of nine hours a day during the hot weather months. Because workers are paid for each piece of brick they make, families are forced to put their children to work to increase their output. The report also says living conditions at the kilns are dire, with the air filled with dust and other chemicals and no access to running water, and entire families living in cramped rooms of just under eight meters. Volunteers for Social Justice, which partnered with Anti-Slavery International in the report, is urging India’s government to enact a minimum wage for the brick kiln workers, along with child labor laws to ensure that children get a proper education. “It is time …
Giant Antennas in New Mexico Search for Cosmic Discoveries
Employing an array of giant telescopes positioned in the New Mexico desert, astronomers have started a massive surveying project aimed at producing the most detailed view ever made of such a large portion of space using radio waves emitted from throughout the Milky Way and beyond. The National Radio Astronomy Observatory announced the project this week, saying the Very Large Array will make three scans of the sky that’s visible from the scrubland of the San Augustin Plains. It is one of the best spots on the planet to scan space, with 80 percent of the Earth’s sky visible from the location. The array works like a camera. But instead of collecting light waves to make images, the telescopes that look like big satellite dishes receive radio waves emitted by cosmic explosions and other interstellar phenomenon. Astronomers expect the images gathered by the array will allow them to detect in finer detail gamma ray bursts, supernovas and other cosmic events that visible-light telescopes cannot see due to dust present throughout the universe. For example, the array can peer through the thick clouds of dust and gas where stars are born. Scientists involved in the project say the results will provide valuable information for astrophysics researchers. “In addition to what we think [the survey] will discover, we undoubtedly will be surprised by discoveries we aren’t anticipating now,” project director Claire Chandler said in a statement. “That is the lesson of scientific history and perhaps the most exciting part of a project …
Україна і Молдова домовилися прискорити створення спільних пунктів пропуску на кордоні – Мінекономрозвитку
Посадовці України і Молдови домовилися активізувати роботу щодо спільних контрольно-пропускних пунктів на кордоні двох країн, повідомило Міністерство економічного розвитку і торгівлі України. На засіданні в Одесі Міжурядової українсько-молдовської мішаної комісії з питань торговельно-економічного співробітництва сторони домовилися залучити експертні групи, щоб до кінця 2017 року завершити підготовку і підписання проекту Міжурядової угоди про спільний контроль осіб, транспортних засобів і товарів у спільних пунктах пропуску через молдовсько-український державний кордон, мовиться в повідомленні. Після цього будуть проведенні консультації для напрацювання конкретних пропозицій щодо запровадження спільного контролю на пунктах пропуску «Кучурган – Первомайськ» і «Рені – Джурджулешти», а тому числі в рамках реалізації проекту технічної допомоги ЄС, повідомили в міністерстві. Серед інших розглянутих на зустрічі питань була домовленість розробити план спільних дій щодо інтеграції української та молдовської енергосистем із континентальною енергосистемою Європи ENTSO-E. «Це дозволить відключитися від енергосистем Росії і Білорусі», – наголосив перший віце-прем’єр, міністр економічного розвитку і торгівлі України Степан Кубів. Згаданий у повідомленні пункт пропуску «Кучурган – Первомайськ» лежить на фактично непідконтрольній Кишиневу придністровській ділянці кордону і є найбільшим на цій ділянці. Нині на ньому, як і на ще кількох пунктах пропуску, що не межують із сепаратистським Придністров’ям, уже понад два місяці діє спільний українсько-молдовський прикордонно-митний контроль, але ще не в повному обсязі. Він, зокрема, працює наразі головно в режимі моніторингу вантажообігу, а до кінця року планується запровадити застосування норм молдовського законодавства до перевізників при перетині молдовського кордону на неконтрольованій ділянці. Ці плани різко розкритикували і придністровські сепаратисти, підтримувані Росією, які втратять частину можливостей переміщувати свої вантажі поза митним контролем Кишинева, …
US Current Account Deficit Hits $123.1 Billion
The deficit in the broadest measure of U.S. trade rose to the highest level in more than eight years this spring, reflecting in part a drop in fines and penalties paid by foreign companies. The deficit in the current account increased to $123.1 billion, up 8.5 percent from an imbalance of $113.5 billion in the first quarter, the Commerce Department reported Tuesday. It was the biggest deficit since a gap of $150 billion in the fourth quarter of 2008. The current account is the most complete measure of trade because it includes not only goods and services but investment flows and other payments between the United States and the world. President Donald Trump has promised to reduce America’s trade deficit, contending it costs U.S. factory jobs. One of the biggest contributing factors to the larger deficit in the April-June quarter was a decline in receipts from foreigners after they had risen sharply in the first quarter. The government attributed the $5.2 billion decrease in receipts of secondary income from foreigners to a decline in fines and penalties paid by foreign companies. That category had risen sharply in the first quarter. Exports of goods and services increased $2.2 billion in the second quarter. Exports are getting a lift from a pickup in global growth and a drop in the value of the U.S. dollar against other currencies. A weaker dollar makes American products more competitive on foreign markets. Imports of goods and services were also up …
У Мінфіні сподіваються, що Україна отримає черговий транш від МВФ цього року
У Міністерстві фінансів сподіваються, що Україна отримає черговий транш кредиту Міжнародного валютного фонду цього року. Про це повідомила перший заступник міністра фінансів Оксана Маркарова. За її словами, Мінфін також очікує на приїзд місії фонду. Маркарова також зазначила, що уряд підготував проект держбюджету-2018, який відповідає цілям програми співпраці з МВФ. Минулого тижня в МВФ повідомили, що ще не визначилися з датою прибуття місії фонду до України. У березні 2015 року між МВФ і Україною була затверджена чотирирічна програма розширеного фінансування на суму близько 17,5 мільярдів доларів США. Наразі МВФ надав Україні за цією програмою близько 8 мільярдів 380 мільйонів доларів. Метою програми є відновлення економіки України, відновлення її незалежності від зовнішніх джерел, зміцнення державних фінансів, утримання фінансової стабільності і підтримка економічного зростання шляхом структурних і управлінських реформ за одночасного захисту найменш вразливих верств. …
Popular US Toy Store Files for Bankruptcy
Toys ‘R’ Us, an iconic United States toy store, has filed for bankruptcy after struggling to compete with online retailers and racking up about $5 billion worth of debt. In a statement Monday, the company said it is voluntarily seeking relief through the U.S. bankruptcy process, but that its international holdings would not be affected. “The company’s approximately 1,600 Toys ‘R’ Us and Babies ‘R’ Us stores around the world, the vast majority of which are profitable, are continuing to operate as usual,” the statement reads. “Customers can also continue to shop for the toy and baby products they are looking for online.” The company said it has begun the process of working with creditors to restructure the debt that its stores will remain open as the bankruptcy plays itself out. The bankruptcy filing, CEO Dave Brandon said in a statement, “will provide us with greater financial flexibility to invest in our business … and strengthen our competitive position in an increasingly challenging and rapidly changing retail marketplace worldwide.” The company said it is “well-stocked” for the upcoming holiday season, which has historically been a time when retailers can pad their bottom-line at the end of the year. Toys ‘R’ Us has seen its popularity fall since the 1980s and ‘90s, when it began losing customers to big-box stores like Wal-Mart and Target, and more recently with the advent of online shopping giants like Amazon. …
Jet Fuel Shortage Disrupts Travel To-From New Zealand’s Main Airport
As many as three dozen domestic and international flights at New Zealand’s Auckland Airport have been canceled Tuesday as it struggles to deal with a weeklong fuel shortage. New Zealand’s main airport has lost 70 percent of its jet fuel supplies since a digger ruptured the main pipeline that carries fuel to the facility, forcing many air carriers to refuel at other airports in the Pacific region. The accident has also cut off supplies of high-grade gasoline at Auckland gas stations, although fuel supplier Z Energy says stocks of regular gasoline are still plentiful. The pipeline’s owner says the repairs will not be completed until sometime next week. Prime Minister Bill English says a naval tanker and military trucks have been assigned to transport fuel to ease the shortage, and has ordered all lawmakers and public employees to avoid any unnecessary air travel until the situation is resolved. The fuel disruption has placed enormous pressure on English with Saturday’s national elections on the horizon. Jacinda Ardern, the leader of the main opposition Labour Party, accused English of ignoring warnings about the pipeline’s vulnerability. “One pipeline, one digger, and New Zealand grinds to a halt,” Ardern told reporters Tuesday. The 37-year-old politician has led the Labour Party from a certain electoral defeat to a tight race with English’s ruling National Party. …
Probe into State Firms Reveals Nagging Corruption Problem in Vietnam
A multi-million-dollar banking flap being investigated in Vietnam this month casts light on a tough corruption problem that nips at the Southeast Asian country’s explosive economic growth. The Vietnamese Ministry of Public Security last week began investigating three companies under state-owned gas and oil giant PetroVietnam on suspicion of trying to divert $5.2 million from OceanBank, a domestic financial institution. Widespread corruption The case, analysts say, points to widespread corruption Vietnam. They point to construction, land use contracts and government procurement as particular sore spots. People are also asked for side payments to process official paperwork or get out of traffic violations. “In terms of corruption in Vietnam, I do think it’s a serious problem here and I think the government recognizes that,” said Frederick Burke, partner with the international law firm Baker McKenzie in Ho Chi Minh City. Corruption, known to cause waste in business, could hobble economic growth. Growth driven by export manufacturing makes Vietnam a darling in Asia among foreign investors. The economy grew between 5.2 percent and 6.68 percent each year from 2012 to 2016. The nonprofit advocacy group Transparency International placed Vietnam at 113th out of 176 countries and regions that it evaluated in 2016 for perceptions of corruption. “It doesn’t constrain growth. It’s just an added cost of business,” said Song Seng Wun, Southeast Asia-specialized economist with the private banking unit of CIMB in Singapore. “When it’s corrupt, that’s just wastage without any addition to capacity or contribution to productive economic activities.” New York-based …
Virtual Reality Therapy to Treat the World’s Most Common Vision Problem
Amblyopia or Lazy Eye, as it is called, is a vision problem in which the brain doesn’t receive or process signals from the affected eye. It can be caused by any number of physical issues, but the real problem is that it can’t be fixed with glasses. But it can be fixed, through therapy, and that therapy is now getting a high tech makeover using VR technology. Kevin Enochs reports …
Coffee Rivals Square Off in Italy Ahead of Starbucks Invasion
Two of Italy’s biggest coffee houses are reinforcing their brands with flagship cafes in Milan near the spot where U.S. rival Starbucks is set to begin operations next year. Lavazza opens its first flagship cafe in the coffee-obsessed city on Tuesday, not far from the renovated 19th century palazzo where Starbucks will open its first Italian store, a ‘Reserve Roasteries’ outlet offering specialty blends and fine food. Another top Italian brand, illycaffe, opened its own luxury cafe close to the Starbucks site in May, in a cozy courtyard in Milan’s most fashionable street. Lavazza, which is opening near the city’s famous La Scala opera house, and illycaffe both deny their moves are a response to a global rival’s impending arrival, a first step in what may become a 200-store expansion. Industry experts suspect it is no coincidence. “Lavazza and illycaffe are the purists of coffee, they want to show they are there when Starbucks arrives,” says Jean-Paul Gaillard, who ran Nespresso for 10 years before founding the Ethical Coffee Company, a Swiss firm selling coffee pods. Milan’s battle of the coffee palaces reflects global competition among major brands to capture a growing market for people who are prepared to pay a premium for quality espresso coffees in upmarket boutique cafes. Nestle last week bought California-based Blue Bottle Coffee, one of the top boutique U.S. chains whose single-origin and cold-brewed coffees have proven popular with hipsters and have made inroads into the Starbucks franchise. JAB Holdings, the investment vehicle of Germany’s …
Economy Minister: Mexico Sees ‘Elephants in the Room’ in NAFTA Talks
Mexico’s economy minister said on Monday a successful retool of the North American Free Trade Agreement (NAFTA) would hinge on two or three complex areas that he called “elephants in the room,” just days before the next round of treaty talks in Canada. Speaking at an event in Mexico City, Ildefonso Guajardo said four chapters in the agreement could be renegotiated in the third round of talks, due to take place Sept. 23-27 in Ottawa. The areas cover smaller companies, transparency and food safety. The “elephants,” such as the U.S. trade deficit with Mexico and rules of origin, will determine the success of the trade treaty’s renegotiation, he said. Rules of origin specify the percentage of components in a product that must be from the three NAFTA nations for it to qualify as duty free. “This challenge of resolving two or three un-traditional topics at the trade negotiation tables is what is going to determine if, at the end of the day, we’re going to have an agreement or not,” Guajardo said in a Forbes Mexico talk. In addition, Guajardo added that as many as 13 other chapters would also be tough to negotiate. Asked by journalists if Mexico would accept national content rules that would require a portion of products to be made in the United States, the minister said the topic had yet to reach the negotiating table. “We would analyze it, but I believe as of today there is no trade agreement that contains this type of …
US Trade Envoy says WTO Dispute Settlement ‘Deficient’
The WTO dispute settlement system is “deficient” and has often ruled in favor of free trade that overlooks details of a trade agreement, U.S. trade envoy Robert Lighthizer said on Monday. Speaking at the Center for Strategic and International Studies, Lighthizer, a trade lawyer, made clear that the administration was poised to push for major changes to the global trade system during upcoming meetings of the Geneva-based trade body. WTO member countries will meet in Buenos Aires on Dec 10. U.S. President Donald Trump called the World Trade Organization a “disaster” during his presidential campaign and his administration has sought to unilaterally go after countries like China that it thinks is breaking trade rules. “There are a number of issues on which there is pretty broad agreement that the WTO dispute settlement understanding is deficient,” said Lighthizer, highlighting problems with WTO staffing and transparency. “The United States sees numerous examples where the dispute settlement process over the years has really diminished what we’ve bargained for or imposed obligations that we do not believe we agree to,” he said. He added: “There have been a lot of cases in the trade remedies laws where in my opinion the decisions are really indefensible.” Since its launch in 1995 the WTO has become the main venue for resolving trade disputes between countries. The Trump administration has begun to launch trade investigations under statutes seldom used in the WTO era, including a “Section 301” probe of China’s intellectual property practices. Lighthizer did not threaten …
Peru’s PM: New Cabinet to Revive Slumping Public Investments
Peru’s prime minister said on Monday that the country’s new Cabinet will focus on reviving public investments as it seeks to mend fences with the opposition party that forced President Pedro Pablo Kuczynski to form a new government. Congress ousted the former Cabinet last week following a dispute over education reforms, fueling fears that political fighting might hurt economic growth that has already slowed sharply this year due to floods and a graft scandal. Mercedes Araoz, Peru’s new prime minister, said on local broadcaster RPP that she was optimistic about rebuilding a working relationship with the opposition. A key test will be efforts to rapidly rebuild parts of Peru hit by flooding, Araoz said. Congress will likely vote on whether to give Araoz’ Cabinet a vote of confidence in the first week of October, she added. Araoz is a ruling party lawmaker and former finance minister in the 2006-2011 term of former President Alan Garcia. Forecasts for an economic recovery in Peru hinge on the government increasing public investments that fell 10.4 percent year-on-year in the first half of 2017. “Now’s the time. We can’t fall behind in this process” of increasing public investments, Araoz said. President Kuczynski, a center-right politician and former Wall Street banker, vowed to work to modernize Peru and strengthen the economy of the world’s second-biggest copper producer. But his first year in office has been marked by slowing economic growth and clashes with Congress, where the right-wing populist party of his former rival Keiko Fujimori …
Federal Reserve Expected to Hold US Interest Rates Steady
U.S. central bank leaders are expected to hold the key interest rate steady this week, but they may begin trimming a huge bond-buying program that was intended to boost economic growth. Federal Reserve Chair Janet Yellen is scheduled to speak with reporters about those decisions Wednesday afternoon, following a two-day strategy meeting in the U.S. capital. Surveys of economists show they do not expect the Fed to raise interest rates at this time. During the 2008 financial crisis, Washington slashed the key interest rate nearly to zero in a bid to boost growth and jobs. Over the years, it has worked well enough to help cut the unemployment rate to its current low of 4.4 percent. As the jobless rate improved, interest rates have been raised, but remain below historic averages. An additional effort to boost growth involved purchasing trillions of dollars’ worth of bonds. The Fed is expected to gradually reduce this program over the next few years. Some experts worry that cutting back stimulus efforts too sharply or too soon could cause the economy to stumble back into recession. But continuing ultra-low interest rates or bond-purchase programs for too long could spark a sudden and sharp increase in prices. That inflation could also damage the economy. …