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Economy

Colorful Makeover Puts Mumbai Slum on Tourist Map

By Yeco on Wednesday, January 31, 2018

A colorful paint job has transformed one of Mumbai’s drab hilltop slums into a tourist destination, even prompting comparisons with Italy’s picturesque Amalfi Coast. During a recent journey on a Mumbai metro train, Dedeepya Reddy was struck by the grim …

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Economy

NEM Foundation: Coincheck Hackers Trying to Move Stolen Cryptocurrency

By Yeco on Tuesday, January 30, 2018

Hackers who stole around $530 million worth of cryptocurrency from the Coincheck exchange last week — one of the biggest such heists ever — are trying to move the stolen “XEM” coins, the foundation behind the digital currency said on …

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Economy

IMF Chief Says Middle Eastern Nations Must Broaden Tax Bases

By Yeco on Tuesday, January 30, 2018

Middle Eastern countries should pursue fiscal policies to support growth and build broader tax bases to fund infrastructure projects and social spending, the head of the International Monetary Fund said Tuesday. “A key priority is building broader and more equitable tax …

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Economy

As Trade Tensions Rise With US, China Prepares to Retaliate

By Yeco on Tuesday, January 30, 2018

As trade tensions grow between the United States and China, there is concern among foreign companies in China that a possible trade war between the two countries could leave them caught in the crossfire.   President Donald Trump has been …

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Economy

Nutella Scuffles: France Investigates Discounts After Frenzy

By Yeco on Tuesday, January 30, 2018

French consumer fraud authorities are investigating a promotional campaign for Nutella that prompted scuffles in several supermarkets – and even a police intervention. The Finance Ministry’s fraud agency said Tuesday it will examine whether the campaign by the Intermarche supermarket …

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Economy

Trump to Herald Economic Progress in State of the Union

By Yeco on Tuesday, January 30, 2018

President Donald Trump will herald a robust economy and push for bipartisan congressional action on immigration in Tuesday’s State of the Union address, as he seeks to rally a deeply divided nation and boost his own sagging standing with Americans. …

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Economy

Cuba Tourism Slides in Wake of Hurricane Irma, Trump

By Yeco on Tuesday, January 30, 2018

Tourism to Cuba, one of the few bright spots in its ailing economy, has slid in the wake of Hurricane Irma and the Trump administration’s tighter restrictions on travel to the Caribbean island, a Cuban tourism official said on Monday. …

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Economy

US Rejects Proposals to Unblock NAFTA, But Will Stay in Talks

By Yeco on Tuesday, January 30, 2018

U.S. President Donald Trump’s trade chief on Monday dismissed Canadian proposals for unblocking NAFTA modernization talks but pledged to stay at the table, easing concerns about a potentially imminent U.S. withdrawal from the trilateral pact. Trump, who described the 1994 …

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Economy

Argentina Freezes Some Government Salaries, Cuts Jobs in Austerity Push

By Yeco on Monday, January 29, 2018

Executive branch government employees in Argentina will get no pay raises this year and one out of every four “political positions” appointed by ministers will be cut, President Mauricio Macri said on Monday, deepening his austerity drive. The clampdown on …

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Economy

Mozambique Takes Legal Action Over $2 Billion Loans

By Yeco on Monday, January 29, 2018

Mozambique’s Attorney General has filed a legal complaint against officials and state-owned companies involved in securing $2 billion in loans that were not approved by parliament or disclosed publicly, her office said on Monday. Investigations into the debt found that …

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Economy

Experts: Amazon’s ‘HQ2’ Will Bring Strain as Well as Gain to Winning City

By Yeco on Monday, January 29, 2018

As the 20 shortlisted cities vying to host Amazon.com’s second North American headquarters hone their bids to attract thousands of high-paid jobs, they should also plan for rising housing costs and strains on infrastructure, experts said. The winning city should …

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Economy

Secret Service Warns Financial Firms of ATM Cyberattacks

By Yeco on Monday, January 29, 2018

The Secret Service is warning financial institutions about a type of cyberattack known as jackpotting. Secret Service officials say the crime involves installing malicious software or hardware at ATMs that force the machines to release large quantities of cash on …

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Economy

IKEA Furniture Magnate Ingvar Kamprad Dies at 91

By Yeco on Sunday, January 28, 2018

Ingvar Kamprad, who founded Sweden’s IKEA furniture brand and transformed it into a worldwide business empire, has died at the age of 91. Kamprad died Saturday of pneumonia in the southern Swedish region of Smaland where he grew up on …

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Economy

Mumbai’s Dharavi Breaks Stereotypes of Slum for Foreign Tourists

By Yeco on Sunday, January 28, 2018

Why has Mumbai’s largest slum, which packs some one million people in about two square kilometers, emerged as an unlikely stop for foreign tourists? The draw is not images of squalor and poverty in the heart of India’s largest city, …

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Economy

Trump Lauds US Economic Performance

By Yeco on Sunday, January 28, 2018

U.S. President Donald Trump touted the continued growth of the U.S. economy on Sunday, saying it is “better than it has been in many decades.” “Businesses are coming back to America like never before,” Trump said in a Twitter remark, …

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Economy

EPA Puts Brakes on Approval Process for Gold, Copper Mine

By Yeco on Saturday, January 27, 2018

In a surprise move, the U.S. Environmental Protection Agency reversed itself Friday and stopped the approval process for the proposed Pebble Mine copper and gold mine project in southwest Alaska’s Bristol Bay region. “It is my judgment at this time …

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Economy

Pacific Trade Deal Will Move Forward Without the US

By Yeco on Saturday, January 27, 2018

President Donald Trump’s “America First” policy on trade aims to reverse decades of lopsided exchange by withdrawing from international trade deals, renegotiating others and raising tariffs on foreign-made goods destined for the U.S. But, in a connected global economy, analysts …

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Economy

Alaska Delegation Wants Some Waters Out of Drilling Plan

By Yeco on Saturday, January 27, 2018

Alaska’s all-Republican congressional delegation three weeks ago praised Interior Secretary Ryan Zinke after he announced nearly all federal waters off the state’s coast could be offered for petroleum lease sales. But after hearing from critics who do not want drilling …

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Economy

US Trade Body Backs Canadian Plane Maker Bombardier Against Boeing

By Yeco on Saturday, January 27, 2018

A U.S. trade commission on Friday handed an unexpected victory to Bombardier Inc. against Boeing Co., in a ruling that allows the Canadian company to sell its newest jets to U.S. airlines without heavy duties, sending Bombardier’s shares up 15 percent. The U.S. …

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Economy

Trump Warns Rivals About Trade Practices in Davos Speech

By Yeco on Friday, January 26, 2018

President Donald Trump has warned that the United States will no longer tolerate unfair trade practices and will always put America first in future trade deals. Giving the closing speech at the World Economic Forum in the Swiss resort of …

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Economy

Tokyo-based Cryptocurrency Exchange Hacked, $530 Million Lost

By Yeco on Friday, January 26, 2018

Coincheck, a major cryptocurrency trading exchange in Tokyo, has been hacked into and has lost about $534 million worth of virtual money, national broadcaster NHK reported on Friday. Coincheck posted on its website on Friday afternoon that it had suspended …

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Economy

Analysts Skeptical of China’s Boast on Industrial Performance

By Yeco on Friday, January 26, 2018

The Chinese government recently claimed that 98 major state-run industries have turned in the best industrial and financial performance in 2017 compared to the past five years. These companies, which have assets totaling $9 trillion, produced a remarkable profit of …

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Economy

Trump Defends ‘America First’ Policy at Davos Forum

By Yeco on Friday, January 26, 2018

In a strong defense of his “America First” policies, U.S. President Donald Trump on Friday told a gathering of global business and political luminaries that the world would benefit from U.S. economic power and invited them to embrace his growth-oriented …

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Economy

Report Sees Profit in Restoring Degraded Land

By Yeco on Friday, January 26, 2018

There’s money to be made planting trees, according to a new report. Around the world, an area larger than all of South America has been deforested, eroded, drained or salinized. Governments have pledged billions to restore hundreds of millions of …

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