Month: October 2017

Amazon said Monday that it received 238 proposals from cities and regions in the United States, Canada and Mexico hoping to be the home of the company’s second headquarters. The online retailer kicked off its hunt for a second home base in September, promising to bring 50,000 new jobs and spend more than $5 billion on construction. Proposals were due last week, and Amazon made clear that tax breaks and grants would be a big deciding factor on where it chooses to land. Amazon.com Inc. said the proposals came from 43 U.S. states as well as Washington, D.C., and Puerto Rico, three Mexican states and six Canadian provinces. In a tweet, the company said it was “excited to review each of them.” Besides looking for financial incentives, Amazon had stipulated that it was seeking to be near a metropolitan area with more than a million people; be able to attract top technical talent; be within 45 minutes of an international airport; have direct access to mass transit; and be able to expand that headquarters to as much as 8 million square feet in the next decade. Generous tax breaks and other incentives can erode a city’s tax base. For the winner, it could be worth it, since an Amazon headquarters could draw other tech businesses and their well-educated, highly paid employees. The seven U.S. states that Amazon said did not apply were: Arkansas, Hawaii, Montana, North Dakota, South Dakota, Vermont and Wyoming. Ahead of the deadline, some cities turned to …

Sierra Leone hopes to raise millions of dollars for development projects by auctioning a huge uncut diamond, believed to be one of the world’s largest, in New York in December. It will be the government’s second attempt to sell the 709-carat gem, known as the “Peace Diamond”, after it rejected the highest bid of $7.8 million at an initial auction in New York in May. Over half of the proceeds from the sale will be used to fund clean water, electricity, education and health projects in Sierra Leone, and particularly in the village of Koryardu, in the Kono region in eastern Sierra Leone, where the diamond was discovered. “There’s a reason God gave these diamonds to the poorest people in the world and made the richest people want them. This is Tikun Olam [Hebrew for correcting the world], this is making the world a better place,” Martin Rapaport, chairman of Rapaport Group, a network of diamond companies which will manage the auction, told Reuters. The diamond, which the auctioneers described as the 14th largest in the world, was unearthed in Koryardu in March by a Christian pastor who gave it to the government. Diamonds fuelled a decade-long civil war in Sierra Leone, ending in 2002, in which rebels forced civilians to mine the stones and bought weapons with the proceeds, leading to the term “blood diamonds.” …

The U.S. Federal Reserve will raise interest rates in December and twice next year, according to a Reuters poll of economists, who now worry that the central bank will slow its tightening because of expectations that inflation will remain low. Most respondents expected the nation’s economy to determine future rate hikes, but a change in regime at the Fed could also affect monetary policy. U.S. President Donald Trump could decide this week whether to reappoint Fed Chair Janet Yellen, whose term ends in February, since he has concluded interviews with five candidates for that post. “There is a greater-than-usual degree of uncertainty around monetary policy next year, with the Fed’s leadership up in the air,” wrote RBC economist Josh Nye. A Reuters poll of economists published last week showed Fed Board Governor Jerome Powell getting the top job, although most said reappointing Yellen would be the best option. Still, a vast majority of the more than 100 economists in the latest poll expect rate hikes to depend largely on how the U.S. economy performs. “Despite intense speculation about the next Fed chair, the path of policy rates is still likely to be driven primarily by the data, regardless of who is nominated,” said Christian Keller, head of economics research at Barclays. Forty of the 50 economists who answered an extra question also said the U.S. economy, which is on a steady growth path, did not need a big fiscal stimulus in the form of sweeping tax cuts. The dollar rose …

Taiwan is offering visa waivers and setting up overseas investment offices across a swathe of countries to its south, the latest moves to deepen a rebalancing of economic relations away from political foe China. Officials in Taipei hope to foster more tourism, trade and higher education links with 18 countries covering most of South and Southeast Asia plus Australia and New Zealand. Stronger ties in theory would reduce the role of China, which is Taiwan’s top trading partner now, as the two sides struggle over political differences. In the latest phase of Taiwan’s effort, called the New Southbound Policy, Philippine citizens may visit Taiwan visa-free for 14 days during a trial period that starts next month and ends in July. Taiwan offered waivers to citizens of Brunei and Thailand in August 2016. Those efforts complement new investment offices, growth in the number of university students in Taiwan and more Taiwanese development aid. “The purpose of the New Southbound Policy is for us to hold a more advantageous position in international society,” Taiwan President Tsai Ing-wen said in a National Day speech earlier this month. “I also want to use this opportunity to tell our friends from around the world that faced with a rapidly changing Asia-Pacific region. Taiwan is ready to play a more important role in shaping regional prosperity and stability.” Shaky relations with China Tsai announced the New Southbound Policy after taking office in May 2016 to rebalance relations for Taiwan’s $529 billion economy. Taiwanese business people traditionally …

The sloping vineyards of New York’s Finger Lakes region known for producing golden-hued rieslings and chardonnays also are offering a splash of orange wine.   The color comes not from citrus fruit, but by fermenting white wine grapes with their skins on before pressing – a practice that mirrors the way red wines are made. Lighter than reds and earthier than whites, orange wines have created a buzz in trendier quarters. And winemakers reviving the ancient practice like how the “skin-fermented” wines introduce more complex flavors to the bottle.     “Pretty outgoing characteristics. Very spicy, peppery.  A lot of tea flavors, too, come through,” winemaker Vinny Aliperti said, taking a break from harvest duties at Atwater Estate Vineyards on Seneca Lake. “They’re more thoughtful wines. They’re more meditative.”   Atwater is among a few wineries encircling these glacier-carved lakes that have added orange to their mix of whites and reds. The practice dates back thousands of years, when winemakers in the Caucasus, a region located at the border of Europe and Asia, would ferment wine in buried clay jars. It has been revitalized in recent decades by vintners in Italy, California and elsewhere looking to connect wine to its roots or to conjure new tastes from the grapes. Or both. Clay jars are optional.   Aliperti has been experimenting with skin fermenting for years, first by blending a bit into traditional chardonnays to change up the flavor and more recently with full-on orange wines. This fall, he fermented Vignoles …

A bakery in a low-income area of Johannesburg slashed prices of its popular bread, with unexpected results. What started as a way to help feed the community became a recipe for success as the bakery has a lot more business than ever. VOA’s Arash Arabasadi reports. ((NARRATOR)) …

President Donald Trump is considering nominating Federal Reserve Governor Jerome Powell and Stanford University economist John Taylor for the central bank’s top two jobs, in an apparent bid to reassure markets and appease conservatives hungry for change. Under that scenario, either Powell or Taylor would take the reins from Fed Chair Janet Yellen when her term expires in early February, and the other would fill the vice chair position left vacant when Stanley Fischer retired this month. “That is something that is under consideration, but he hasn’t ruled out a number of options. He’ll have an announcement on that soon, in the coming days,” White House spokeswoman Sarah Sanders told reporters Friday. ​Powell a centrist Making Powell, a soft-spoken centrist who has supported Yellen’s gradual approach to raising interest rates, the next Fed chief would provide the continuity in monetary policy that investors crave. The addition of Taylor, who has backed an overhaul of the Fed and embraced a more rigid rule-oriented monetary policy, would be a feather in the cap of conservative Republicans who feel that monetary policy has been too loose under Yellen, who was named as Fed chair by Democratic President Barack Obama and has led the central bank since February 2014. “I think Powell might be the safer pick insofar as we know what we’re getting,” said Michael Feroli, chief U.S. economist at J.P. Morgan Chase. “He’s a guy who obviously knows the Fed culture, how the (policy-setting) committee operates, so for some of those soft …

Turkey’s banking regulator urged the public on Saturday to ignore rumors about financial institutions, in an apparent dismissal of a report that some Turkish banks face billions of dollars of U.S. fines over alleged violations of Iran sanctions. “It has been brought to the public’s attention that stories, that are rumors in nature, about our banks are not based on documents or facts, and should not be heeded,” the BDDK banking regulator said in a statement, adding that Turkey’s banks were functioning well. The Haberturk newspaper on Saturday reported that six banks potentially face substantial fines, citing senior banking sources. It did not name the banks. One bank faces a penalty in excess of $5 billion, while the rest of the fines will be lower, it said. Asked to comment, a spokesman for the U.S. Treasury, which is responsible for U.S. sanctions regimes, said only: “Treasury doesn’t telegraph intentions or prospective actions.” Two senior Turkish economy officials told Reuters Turkey has not received any notice from Washington about such penalties, adding that U.S. regulators would normally inform the finance ministry’s financial crimes investigation board. U.S. authorities have hit global banks with billions of dollars in fines over violations of sanctions with Iran and other countries in recent years. The administration of U.S. President Donald Trump last week adopted a harsh new approach to Iran by refusing to certify its compliance with a nuclear deal struck with the United States and five other powers including Britain, France and Germany under his …

Hong Kong’s last remaining stock market floor traders are taking their final orders as the exchange prepares to shut its trading hall. The bourse’s operator, Hong Kong Exchanges & Clearing, says it will close the trading hall by the end of the month and turn the space into a showcase for the city’s financial markets. Yip Wing-keung, a trading manager at brokerage Christfund Securities, donned his red trading jacket for the last time Friday, his final day on the floor. He and the other few floor traders left have been moving out ahead of the closure. Computerized trading The shutdown marks the end of an era for the stock market, which symbolized the city’s ascent as an Asian finance hub. Activity on the floor, one of a few such venues left worldwide, dwindled as stock dealing became fully computerized. “I feel sadness and regret,” said Yip, who has been a floor trader since the hall was opened in 1986 after four previous exchanges were merged. “Hong Kong is one of the world’s financial centers, but if we don’t have the stock market trading hall, it will be a little sorrowful. This is my own individual reflection.” Yip said the floor traders resisted the closure. They sent a protest letter to the government but it was in vain. “We wrote it but were overruled,” he said. “We can’t stop the times from changing.” Peers disappearing, too Hong Kong’s stock exchange, Asia’s third biggest by volume, follows other global peers like Tokyo, …

A California judge on Friday threw out a $417 million verdict against Johnson & Johnson in a lawsuit by a woman who claimed she developed ovarian cancer after using its talc-based products like Johnson’s Baby Powder for feminine hygiene. The ruling by Los Angeles Superior Court Judge Maren Nelson marked the latest setback facing women and family members who accuse J&J of not adequately warning consumers about the cancer risks of its talc-based products. The decision followed a jury’s decision in August to hit J&J with the largest verdict to date in the litigation, awarding California resident Eva Echeverria $70 million in compensatory damages and $347 million in punitive damages. New trial Nelson on Friday reversed the jury verdict and granted J&J’s request for a new trial. Nelson said the August trial was underpinned by errors and insufficient evidence on both sides, culminating in excessive damages. Mark Robinson, who represented the woman in her lawsuit, in a statement said he would file an appeal immediately. “We will continue to fight on behalf of all women who have been impacted by this dangerous product,” he said. J&J in a statement said it was pleased with the verdict, adding that it will continue to defend itself in additional trials. The judge added that there also had been misconduct of the jury during the trial. J&J said declarations by two jurors after the trial showed that three members of the 12-person jury who voted against finding the company liable were improperly excluded from …

Running 1,300 kilometers over the world’s highest mountain pass, the “Friendship,” or Karakoram, Highway is evidence of China’s willingness to spend big as a contributor to global development. Costing tens of billions of dollars, the road links western China with Pakistan, part of Beijing’s “One Belt One Road” Initiative, which seeks to rekindle ancient Silk Road trade routes linking China with Europe and Africa and is a central tenet of President Xi Jinping’s leadership, said professor Steve Tsang of London’s School of Oriental and African Studies.  “The government is committed to do whatever it can to make sure that it is successful,” Tsang said. “So a lot more money and resources will be put into it to support that.” But figures show that since the Karakoram Highway was built, Pakistani exports to China have fallen while imports have increased, raising concern China’s new Silk Road could become a one-way street.  WATCH: China to Spend Billions More on ‘One Belt’ Initiative, but Campaigners Want Focus on Poverty ​Address poverty Stephen Gelb of the Overseas Development Institute says Beijing should focus its investments on global development goals. “At the moment there’s a lot of focus on infrastructure and particularly transport, pipelines, that sort of thing, which don’t directly address poverty,” Gelb said. “And in fact there’s been in some cases some controversy about the social and environmental impacts. But I think the focus should be to address development, including poverty and related issues.” Gliding above the choking traffic of the Ethiopian capital, Addis …