China’s imports from North Korea fell 37.9 percent in September from a year earlier, marking the seventh consecutive month of decline, the customs office said Friday.

China-U.S. ties have been strained by President Donald Trump’s criticism of China’s trade practices and by demands that Beijing do more to pressure North Korea over Pyongyan’s nuclear and missile programmes.

China’s exports to North Korea in September dropped 6.7 percent from a year ago, a spokesman for the General Administration of Customs told a briefing, adding no seafood imports from North Korea were recorded last month.

China’s imports from North Korea fell 16.7 percent on-year to $1.48 billion in Jannuary-September, while exports to North Korea rose 20.9 percent to $2.55 billion in the same period.

That created a trade surplus with North Korea at $1.07 billion in the first nine months of this year.
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The wildfires burning through Northern California are sending visitors packing, threatening the $2 billion-plus spent annually by tourists on wine tours, fine food, limousine rides and much more, business leaders said.

At the Inn on First bed and breakfast in the famous wine town of Napa, co-owner Jamie Cherry was encouraging callers to postpone rather than cancel visits, as wildfires burned largely unchecked across the region.

“People are canceling as far as November already,” Cherry said. “It’s going to be devastating in terms of financial loss for everybody.”

The fast-moving fires have killed at least 26 people and left hundreds missing in an area less than an hour’s drive from San Francisco.

With hundreds of wineries, expensive restaurants and bucolic rolling scenery, the wine country of Sonoma and Napa counties is a major draw for visitors. Limousines and buses clog parking lots at weekends as visitors sip Chardonnay and Cabernet Sauvignons in towns known for their mix of rural and cosmopolitan vibes.

Now, with at least 13 burned wineries, shuttered tasting rooms and thick smoke in the air from nearly two dozen fires that have charred more than 190,000 acres across the state, it is unclear how quickly the region can lure back tourists.

‘We’d go back’

Napa Valley welcomed 3.5 million visitors last year, with overnight guests spending on average $402 per day, according to Visit Napa Valley, the region’s tourism marketing group.

“There is a good amount of infrastructure that has burned down, homes have burned down, wineries have burned. There are restaurants that are not going to open quickly,” said Clay Gregory of Visit Napa Valley.

On Thursday, tasting rooms remained closed and the famous Napa Valley Wine Train, which ferries tourists through the vineyards, said it planned to reopen Sunday.

Dozens of limousines and tour buses, their polish dulled by a film of ash, sat in a parking lot and warehouse on the outskirts of Napa. The company’s owner, Michael Graham, said the business had just hit peak demand of 100 reservations a day, but since the fires that had slumped to two.

Graham remains hopeful, however, citing tourism’s quick recovery after the 6.0 earthquake that hit Napa in 2014: “People were out wine-tasting the same day.”

Graham said the region was still largely intact, with vast swathes of countryside untouched by fire.

“It’s just smoky. As soon as they get this contained it will be back to business as usual,” he said.

Others agreed the effect of the fires on tourism would be short-lived.

Roseanne Rosen has fond memories of the trip with her husband to wine country that she just finished ahead of the fires. The couple from Kansas City has been coming for the last decade and has no plans to abandon that tradition.

“It’s one of our favorite destinations and I don’t see that changing,” Rosen said by telephone. “Once people are open and ready for business, we’d go back in an instant.”
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The government of Peru’s President Pedro Pablo Kuczynski said Thursday that it will request special powers to legislate economic policies from the opposition-ruled Congress, after growth slowed sharply during his first year in office.

During a presentation in Congress, Prime Minister Mercedes Araoz said her cabinet wants to legislate policies aimed at consolidating an incipient economic recovery and making Peru a member of the Organization for Economic Co-operation and Development (OECD), a wealthy-country think tank.

In Peru, Congress traditionally grants legislative powers to the executive branch at the start of a president’s term, and it is rare for a prime minister to seek them so far into an administration – underscoring ongoing worries about the economy.

Growth in Peru, one of the region’s most robust economies, faltered early this year after a corruption scandal halted public work projects and severe flooding destroyed billions of dollars in infrastructure.

The government and central bank now expect the economy to grow by about 2.8 percent this year thanks to better prices for Peru’s key copper exports, down from 3.9 percent last year.

Araoz said the economy should expand by at least 4 percent in coming years.

It was unclear whether the opposition would grant the government its request for new legislative powers following a political crisis in September that ended with Congress ousting Kuczynski’s former cabinet.

Kuczynski appointed a more socially conservative cabinet led by Araoz that won initial praise from the right-wing populist party Popular Force, which has an absolute majority in Congress.

But Congress must approve the new cabinet with a vote of confidence scheduled for Thursday.

Araoz said that she would present the request for legislative powers in coming days.

Congress gave Kuczynski legislative authority on economic policies in September 2016, which his government used to pass laws aimed at reducing and expediting bureaucratic permits.
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New research finds nearly 14 million people a year are losing their homes because of sudden onset disasters such as floods and cyclones.

The Internal Displacement Monitoring Center, which analyzed the impact of sudden onset disasters in 204 countries and territories, warns that homelessness will continue to rise unless significant progress is made in managing disaster risk.

According to the research — officially released on Friday, marking International Day for Disaster Reduction — eight of the 10 disaster-prone countries with the highest levels of displacement are in East, South or Southeast Asia. India and China top this list. The two countries outside this region are Russia, ranked ninth, and the United States, ranked 10th.

The head of data and analysis at the center, Justin Ginnetti, said the 13.9 million people displaced by sudden onset disasters excluded those told to evacuate an area before a disaster struck. He called this a conservative figure, since homelessness due to drought was not included in the data.

Floods chiefly repsonsible

“Most of this displacement is being driven by floods, which is on the increase in a globally warming world and where population growth is increasing in flood-prone areas,” Ginnetti said. “Population exposure is indeed a key component of displacement risk. More people are likely to be displaced by disasters in countries with large populations.”

The data show displacement associated with disasters will mainly affect developing countries. However, the chief spokesman for the U.N. International Strategy for Disaster Reduction, Dennis McClean, said economic losses would be greatest in the richer countries. He said this year would probably be the worst year on record in terms of economic losses.

“If we look just at the Atlantic hurricane season, which is still ongoing, we see that economic losses in the United States alone are probably in the region of about $300 billion,” McClean said. “That is what the initial estimates are telling us. And, of course, the losses are perhaps even more significant in small island states in the Caribbean, which have also been devastated by these events.”

Specialists in disaster risk reduction are urging nations to improve land zoning and the quality of buildings, especially in seismic zones and on land exposed to storms and floods. They note that good early warning systems may not save homes but will save lives.
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Washington has increased tensions in talks to renew the North American Free Trade Agreement by insisting that any new deal be allowed to expire after five years, two officials familiar with the negotiations said on Thursday.

Canada and Mexico both strongly oppose the concept of a so-called sunset clause, a provision that had been floated earlier.

But the officials, who asked not to be identified because the talks are confidential, said the U.S. side formally proposed it late on Wednesday during the fourth of seven scheduled rounds to update the rules governing one of the world’s biggest trade blocs.

The Trump administration says the clause, causing NAFTA to expire every five years unless all three countries agree it should continue, is to ensure the pact stays up to date.

But Mexico and Canada insist there is no point updating the pact with such a threat hanging over it, arguing the clause would stunt investment by sowing too much uncertainty about the future of the agreement.

“It’s a source of total uncertainty,” said one of the NAFTA government officials familiar with details of the negotiations.

U.S. President Donald Trump says NAFTA, originally signed in 1994, has been a disaster for the United States and has frequently threatened to scrap it unless major changes are made.

Business and farm groups say abandoning the 23-year-old pact would wreak economic havoc, disrupting cross-border manufacturing supply chains and slapping high tariffs on agricultural products.

Trade between the United States, Canada and Mexico has quadrupled under NAFTA, now topping $1.2 trillion a year. As well as the sunset clause, the United States wants to boost how much North American content autos must contain to qualify for tax-free status and eliminate a dispute settlement mechanisms that Canada insists must stay.

Some trade observers said it is difficult to see how negotiators could reach an agreement given U.S. demands that many see as nonstarters.

The head of Unifor, Canada’s largest private sector labor union, said it was clear the United States did not want a deal.

“NAFTA is not going anywhere. This thing is going into the toilet,” Jerry Dias told reporters on Thursday.

Despite clear signs of impatience from Canada in particular, U.S. negotiators have yet to submit their proposal on rules of origin for the auto sector. That looked unlikely to come before Friday, another official familiar with the talks said.

Trump on Wednesday repeated his warnings that he might terminate the pact and said he was open to doing a bilateral deal with either Canada or Mexico if three-way negotiations fail.

He was speaking at the White House with Canadian Prime Minister Justin Trudeau, who said Canada was “braced” for Trump’s unpredictability but taking a serious approach to the NAFTA talks.

Negotiators were also set to cover the difficult issue of government procurement on Thursday.

Canada and Mexico want their companies to be able to bid on more U.S. federal and state government contracts, but this is at odds with Trump’s “Buy American” agenda. U.S. negotiators have countered with a proposal that would effectively grant the other countries less access, people familiar with the talks say.

On automotive rules of origin, NAFTA negotiators face tough new U.S. demands to increase regional vehicle content to 85 percent from 62.5 percent, with 50 percent required from the United States, according to people briefed on the plan.

The rules of origin demands are among several conditions that the U.S. Chamber of Commerce has labeled “poison pill proposals” that threaten to torpedo the talks.

U.S. Commerce Secretary Wilbur Ross said on Wednesday that he believed higher percentages for automotive content would be achieved, and “car companies will adapt themselves to it.”

However, a study released on Thursday by the Motor Equipment Manufacturers Association, which represents U.S. auto parts makers, showed the higher content requirements would lead to the loss of up to 24,000 U.S. jobs, as some companies would forgo NAFTA’s tariff-free benefits and ship in more components from other countries.
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The European Union’s Brexit negotiator said Thursday that that little progress was made with the U.K. in a fifth round of talks on the country’s departure from the EU in 2019, and that he cannot yet recommend broadening negotiations to include trade.

Michel Barnier said that despite the “constructive spirit” shown in this week’s negotiations in Brussels, “we haven’t made any great steps forward.” On the question of how much Britain has to pay to settle its financial commitments, he said: “We have reached a state of deadlock, which is disturbing.”

Barnier said he would not be able to recommend to EU leaders meeting next week that “sufficient progress” has been made to broaden the talks to future EU-British relations like trade.

The leaders meet in Brussels on Oct. 19-20, and it had been hoped they would agree to widen the talks.

The EU says this can only happen when there has been progress on the issues of the financial settlement, the rights of citizens affected by Brexit and the status of the Northern Ireland-Ireland border.

But Britain says these issues are closely intertwined with their future relations like trade and must be discussed together.

“I hope the member states will see the progress we have made and take a step forward” next week, British Brexit envoy David Davis told reporters.

“We would like them to give Michel the means to broaden the negotiations. It’s up to them whether they do it. Clearly I think it’s in the interests of the United Kingdom and the European Union that they do,” Davis said.

Barnier said the two sides would work to achieve “sufficient progress” in time for a subsequent meeting of EU leaders in December.

Britain must leave the EU on March 29, 2019, but the negotiations must be completed within about a year to leave time for EU states’ national parliaments to ratify the Brexit agreement.

Barnier reaffirmed that parting with “no deal will be a very bad deal.”

“To be clear, on our side, we will be ready to face any eventualities, and all the eventualities,” he said.
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China has a new richest man, according to the annual Hurun rich list of the country’s top movers and shakers.

Xu Jiayin, the chairman of developer China Evergrande Group, has seized top spot – beating out more familiar faces such as Alibaba Group Holding Ltd’s Jack Ma and rival property magnate Wang Jianlin of Dalian Wanda Group.

Xu’s reported $43 billion wealth – a gain of around $30 billion against last year – comes on the back of a surge in Evergrande’s shares, up over 450 percent so far this year amid plans to cut debt and focus on profit over scale.

The Hurun Report, established in 1999, is the leading China-based organization ranking the wealth of the country’s rich and famous, and its list gives a temperature check on the winners and losers in China.

Growth in China stabilized this year, but while the world’s second largest economy averted a hard landing, some major corporations have buckled under the weight of their debt or been sanctioned by authorities over risky investments overseas.

Wanda’s Wang – who took top spot for the last two years – dropped to fifth in the list after Wanda sold off much of the firm’s hotel and theme park assets to rivals in July, after coming under regulatory scrutiny over its high leverage.

Close behind Evergrande’s Xu were China’s top tech titans – Alibaba’s Jack Ma and Tencent Holdings Ltd’s Pony Ma, who has seen his firm’s value rise on the popularity of its WeChat messaging app and its popular online games.

The list also underlined those who have fallen from grace in corporate China.

Jia Yueting, founder of sprawling conglomerate LeEco that once looked to rival both Tesla Inc and Netflix, dropped to 1,978th place from 31st last year.

Yang Kai, chairman of embattled Huishan Dairy – 66th last year – dropped off the list entirely as his firm fights off creditors amid billions of dollars of unpaid debt.

On the up was Wuxi Pharma Tech’s Li Ge and his wife, propelled by China’s push towards drug innovation, Zhang Lei of fast-growing online news portal Toutiao and Li Shufu of carmaker Geely Automobile Holdings Ltd.

“It has been a good year for manufacturing, cars, education, TMT and healthcare,” Hurun founder Rupert Hoogewerf said.

While many of those on the 2,000-strong list were members of the National People’s Congress and Chinese People’s Political Consultative Conference, only a few were delegates at the upcoming five-yearly Party Congress that begins next week.

These included corn magnate Li Denghai, alcohol billionaire Wu Shaoxun and Pan Gang of dairy giant Yili.

The list, with a combined wealth of $2.6 trillion, saw average wealth rising 12.5 percent – faster than broader economic growth – pointing to the growing financial muscle of China’s super-rich elite.
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The Trump administration says coal is back and nuclear energy is cool. Not at the expense of natural gas, wind and solar, insists an unusual coalition of business and environmental groups.

Dow Chemical, Koch Industries and U.S. Steel Corp. are standing with environmentalists in opposing an Energy Department plan that would reward nuclear and coal-fired power plants for adding reliability to the nation’s power grid and are pressuring the administration to shift course.

Energy Secretary Rick Perry says the plan is needed to help prevent widespread outages such as those caused by Hurricanes Harvey, Irma and Maria and a 2014 “polar vortex” in the Eastern and Central U.S. The plan aims to reverse a steady tide of retirements of coal and nuclear plants, which have lost market share as natural gas and renewable energy flourish.

“The continued loss of baseload generation … such as coal and nuclear must be stopped,” Perry wrote in a Sept. 28 letter urging the Federal Energy Regulatory Commission to adopt the new rule. “These generation resources are necessary to maintain the resiliency of the electric grid” amid sharp shifts in the U.S. energy market.

Perry’s plan coincides with President Donald Trump’s vow to achieve U.S. “energy dominance” while ending what he and other Republicans call a “war on coal” waged by the Obama administration. Perry, who has said he wants to “make nuclear energy cool again,” is certain to face questions about the plan and the opposition at a congressional hearing Thursday.

Critics see a bailout

The plan would compensate power plant owners that maintain a 90-day fuel supply protected against the elements. Critics say it could result in subsidies worth billions of dollars.

Environmental groups say the plan would boost dirty fuels and harm consumers, while the energy industry warns about interference in the free market and manufacturers complain about higher energy prices that could be passed on to consumers.

“Rick Perry is trying to slam through an outrageous bailout of the coal and nuclear industries on the backs of American consumers,” said Kit Kennedy, an energy policy expert for the Natural Resources Defense Council. “This radical proposal would lead to higher energy bills for consumers and businesses, as well as dirtier air and increased health problems.”

A coalition of industry groups, ranging from the American Council on Renewable Energy to the American Petroleum Institute and the Natural Gas Supply Association, also blasted the plan, saying it could harm “entire industries and their tens of thousands workers.”

Amy Farrell, senior vice president of the American Wind Energy Association, said the proposal could “upend competitive markets that save consumers billions of dollars a year.”

Oil, gas: Let markets work

Marty Durbin, executive vice president of the petroleum institute, the top lobbying group for the oil and gas industry, said officials “need to be careful that government doesn’t put its thumb on the scale” in energy markets. “It’s better to let markets choose, which is what the United States is seeing with the growth of natural gas” as the leading U.S. electricity source, Durbin said.

The Industrial Energy Consumers of America, a trade group that represents Dow, Koch Industries and other manufacturing giants, is among those lobbying against the plan. In a letter to Congress, the group called the proposal “anti-competitive” and said it could distort or “destroy competitive wholesale electricity markets, increase the price of electricity to all consumers” and harm U.S. manufacturing.

The manufacturers and other critics say there is no evidence of a threat to the grid’s day-to-day reliability that would justify the emergency action Perry is seeking.

Indeed, in a report commissioned by Perry and delivered in August, the Energy Department said “reliability is adequate today despite the retirement of 11 percent of the generating capacity available in 2002, as significant additions from natural gas, wind, and solar have come online since then.”

Gerry Cauley, CEO of the North American Electric Reliability Corp., an international regulatory authority, said at a conference in June that “the state of reliability in North America remains strong, and the trend line shows continuing improvement year over year.”

Coal, nuclear groups hail plan

Even so, coal and nuclear groups hailed the plan. National Mining Association President and CEO Hal Quinn called Perry’s action “a long-overdue and necessary step to address the vulnerability of America’s energy grid,” while Maria Korsnick, president and CEO of the Nuclear Energy Institute, said disruptions caused by hurricanes and other extreme weather events show that “the urgency to act in support of the resiliency of the electric grid has never been clearer.”

The Energy Department seeks final action by mid-December, although industry groups and some members of Congress have pushed for a delay.

Sen. Maria Cantwell, D-Wash., said the energy commission should reject Perry’s plan.

“Secretary Perry has embraced an obsolete view of the grid (that) would bail out coal and nuclear power plants at the expense everyone else,” she said.
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The ranking of the 50 most powerful women by Fortune magazine is out. The list include such stalwarts as General Motors Mary Barra and PepsiCo’s Indra Nooyi. But it also seven newcomers, including the first foreign-born Latina CEO on the Fortune 500, Geisha Williams. VOA Correspondent Mariama Diallo was at their annual gathering in Washington this week and has this report.
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Billionaire philanthopist Michael Bloomberg has pledged an additional $64 million for the initiatives intended to slash the number of U.S. coal power plants. Bloomberg’s charity announced Wednesday the money will be donated to environmental groups working to replace coal-fired plants with cleaner forms of energy production. The move came after the Trump administration said it would repeal the Clean Power Plan. VOA’s Zlatica Hoke has this story.
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Over the past few years, Chinese companies have flooded the globe with investments, buying up everything from real estate to football clubs and entertainment companies. As a result, hundreds of billions of dollars in capital have flowed out of the country, draining China’s foreign exchange reserves. But that all has come to a halt this year with the Communist Party beginning to label such high-profile transactions a “national security” risk and bringing some of the country’s biggest dealmakers under scrutiny.

The first in a series of shockwaves came in January, when Xiao Jianhua, an eccentric and politically connected wealthy Chinese billionaire, was seized from his residence at the Four Seasons Hotel in Hong Kong by Chinese authorities.

When Xiao was taken away, reports suggested that he was helping Chinese authorities with an investigation into the country’s massive stock market crash of 2015 that saw stocks lose some $4 trillion in value.

But, it is Xiao’s reported ability to secretly move massive amounts of money and his political connections that most have focused on. In an earlier report, China analyst Willy Lam told VOA that Xiao is known as a “white glove” — a broker for powerful political families that include those with ties to former President Jiang Zemin.

The New York Times has described Xiao as a “banker for the ruling class and in 2013, the newspaper reported that he paid $2.4 million to buy shares in an investment firm held by the sister and brother-in-law of Chinese leader Xi Jinping. Xiao’s legal status is unclear and while he is believed to be helping authorities in China with investigations into the financial industry, authorities have made no formal statement about whether he is in custody.

A few months later, as the Communist Party, accompanied by state media, continued to hone its message about the financial risks of heavily-leveraged debt, and overseas investments started to slow dramatically, another jolt occurred with the detention of Wu Xiaohui, the chairman of Chinese financial and insurance giant Anbang.

One of China’s richest and most powerful companies, Anbang is known for its headline-grabbing overseas investments such as its purchase of New York’s iconic Waldorf Astoria Hotel and Manhattan’s JW Marriott Essex House Hotel — and ones that failed — like its $14 billion bid to purchase Starwood Hotels and Resorts Worldwide.

Anbang chairman Wu Xiaohui is married to Zhuo Ran, the granddaughter of former Chinese leader Deng Xiaoping. In a statement shortly after he was detained in early June, Anbang said Wu was temporarily stepping aside as chairman for “personal reasons.” Wu has not been seen in public since June.

Soon after Wu’s detention came a second and even broader shock, the ripples of which continue to be felt. News surfaced that China’s banking regulator was scrutinizing the investment and loan guarantees used to back the big overseas investments of not only Anbang, but other big dealmakers including HNA Group, Dalian Wanda Group and Fosun, whose chairman dubs himself the Warren Buffett of China.

Many of the companies, such as Dalian Wanda, have become the international face of China with their marquee acquisitions in recent years. Dalian’s shopping spree alone has been dazzling. Over the past two years, the company’s purchases have included the world’s largest cinema chain, a luxury yacht builder, a Spanish football club as well as Hollywood’s Legendary Entertainment media company.

So far, the heads of the four other companies appear to have avoided anything beyond scrutiny, and calls to sell off their assets overseas, but there are no signs that the pressure is easing.

When rumors surfaced online in early August that police detained Dalian Wanda chairman Wang Jianlin as he was about to leave China via private jet for London, the company had to work hard to stamp out the speculation.

The company called the accusations “groundless,” and noted that Wang was in China’s western province of Lanzhou.

Since his company came under scrutiny, Wang moved quickly and in July sold off 77 hotels and 13 theme parks to pay off nearly $10 billion in debt. Still, some continue to believe that he has been barred from leaving the country. In early September, Wang traveled to Hong Kong where he met with the port city’s former chief executive, Tung Chee-hwa. Pictures from the visit were posted on Dalian Wanda’s website.

According to Bloomberg, China has asked Anbang to sell its assets outside of the country. For now, the company says it has no plans to sell its overseas acquisitions.

 
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 Economic growth in sub-Saharan Africa is expected to be 2.4 percent in 2017, the World Bank said on Wednesday, down from the 2.6 percent projected in April.

It said the downgrade was due to a number of reasons, including Nigeria’s failing to meet expectations but also broader conditions.

“Regional per capita output growth is forecast to be negative for the second consecutive year, while investment growth remains low, and productivity growth is falling,” it said.

Growth across the region, however, was seen rising 3.2 percent in 2018 and 3.5 percent in 2019, forecasts unchanged from earlier this year.

In its latest Africa Pulse report, the Bank said the region would be helped by better commodity prices. Sub-Saharan African economies have been hit by lower commodity prices which slowed growth in the last few years, cutting government revenues.

Albert Zeufack, World Bank chief economist for Africa, said the region’s growth recovery would partly be driven by the continent’s two largest economies — Nigeria and South Africa — exiting recession.

He said the two countries need “deeper reforms” to get back to pre-2014 levels of growth and their political uncertainty needs to be reined in. He said they make up about half of sub-Saharan Africa’s GDP growth.

The World Bank said Nigeria’s economy, the largest in the continent, was expected to expand by 1 percent in 2017.

South Africa’s economy, hit by political worries, was expected to grow just 0.6 percent this year.
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