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Economy

LVMH to Consolidate Hold on Dior in Multibillion-euro Deal

By Yeco on Tuesday, April 25, 2017

The magnate behind LVMH is to incorporate Christian Dior into his luxury goods empire in a multibillion-dollar deal.   It’s the latest business coup for businessman Bernard Arnault, who has expanded his LVMH empire to include dozens of leading luxury …

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Economy

Chinese Takeover Bid for US-based MoneyGram Scrutinized

By Yeco on Tuesday, April 25, 2017

The financial industry is closely watching Alibaba affiliate Ant Financial’s attempt to acquire Dallas-based MoneyGram International, the world’s second biggest money transfer company after Western Union. Ant is offering $1.2 billion, more than U.S.-based competitor Euronet Worldwide. If successful, the …

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Economy

US Senator Calls for ‘True Reciprocity’ in US-China Trade and Diplomacy

By Yeco on Tuesday, April 25, 2017

U.S. Senator Dan Sullivan on Monday called on both the American and Chinese governments to exercise “true reciprocity” in relations, including trade and diplomacy.    The Republican senator from Alaska, in a speech concerning Chinese outbound investment, and in an …

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Economy

Workers: GM Fires 2,700 in Venezuela After Plant Closure

By Yeco on Monday, April 24, 2017

General Motors’ Venezuelan subsidiary has sent a message to almost 2,700 staff informing them that they are no longer employed by the company and had received severance pay in their bank accounts, according to two employees. A Venezuelan court last …

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Economy

Toxin in Corn Adds to Woes of US Farmers, Ethanol Makers

By Yeco on Sunday, April 23, 2017

A fungus that causes “vomitoxin” has been found in some U.S. corn harvested last year, forcing poultry and pork farmers to test their grain, and giving headaches to grain growers wrestling with massive supplies and low prices. The plant toxin …

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Economy

Lawmakers Push to Extend Retired Coal Miners Benefits

By Yeco on Saturday, April 22, 2017

Lawmakers from coal-mining states are pushing to extend health benefits for more than 22,000 retired miners and widows whose medical coverage is set to expire at the end of April. West Virginia Sen. Joe Manchin and other coal-state Democrats threatened …

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Economy

In North Korea, Drivers Scramble to Find Gas

By Yeco on Saturday, April 22, 2017

Motorists in Pyongyang are scrambling to fill their tanks as gas stations begin limiting services or closing amid concerns of a spreading shortage.   A sign outside one station in the North Korean capital said Friday that sales were being …

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Economy

Colas, Cigarettes: N. Korea Airline Diversifies as Threats of Sanctions Mount

By Yeco on Saturday, April 22, 2017

Even after disembarking from North Korea’s Air Koryo plane at Pyongyang airport, it’s difficult to miss the airline’s brand. The Air Koryo conglomerate makes cigarettes and fizzy drinks, besides owning a taxi fleet and petrol stations – and all have …

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Economy

Trump Orders Wide Review of Financial System Regulations

By Yeco on Saturday, April 22, 2017

U.S. President Donald Trump has ordered a full review of the powers given to government regulators to oversee the banking and finance industries following the financial meltdown of 2008. Trump went to the Treasury Department on Friday to sign three …

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Economy

Greece Blows Away EU-IMF Bailout Targets With Strong Budget Performance

By Yeco on Saturday, April 22, 2017

Greece far exceeded its international lenders’ budget demands last year, official data showed on Friday, posting its first overall budget surplus in 21 years even when debt repayments are included. The primary surplus — the leftover before debt repayments that …

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Economy

Canadian PM Responds to Trump’s Criticism of Dairy Industry

By Yeco on Friday, April 21, 2017

Canadian Prime Minister Justin Trudeau said Friday that he plans to be respectful and engage the United States with a fact-based approach to solving problems a day after Donald Trump called Canada a “disgrace” for policies that hurt American farmers. …

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Economy

US Will Not Issue Drilling Waivers to Russia Sanctions

By Yeco on Friday, April 21, 2017

The U.S. government says it will not waive trade sanctions for U.S. companies seeking to drill for oil in Russia, including for U.S. oil giant ExxonMobil. Treasury Secretary Steven Mnuchin made the announcement Friday, indicating that the United States would …

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Economy

World Bank: Remittance Flows Slow

By Yeco on Friday, April 21, 2017

The global flow of remittances declined in 2016 for the second year in a row, potentially reducing access to health care, education and food for millions of families in developing nations. Friday’s report from World Bank experts says migrants sent …

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Economy

World Bank: Automation Could Wipe Out Two-Thirds of Jobs in Developing Countries

By Yeco on Friday, April 21, 2017

As economic and political leaders gather in Washington for the annual spring meetings of the World bank and International Monetary Fund — new warnings Thursday about the impact of rapid change on the global economy. At issue, the pace of …

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Economy

US Reviewing Venezuela’s Seizure of GM Assets

By Yeco on Thursday, April 20, 2017

U.S. officials are reviewing Venezuela’s seizure of General Motors’ assets in the country, U.S. State Department spokesman Mark Toner said Thursday. “We are reviewing the details of the case,” Toner said in a statement, saying the United States hoped to …

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Economy

Trump Orders National Security Probe of Steel Imports

By Yeco on Thursday, April 20, 2017

President Donald Trump has ordered an investigation into whether foreign steel imports are damaging U.S. national security, saying his administration would “fight for American workers and American-made steel.” The probe is authorized under a rarely used section of a 1962 …

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Economy

Former Brazil Minister Palocci Offers Details of Bribery Scheme

By Yeco on Thursday, April 20, 2017

Former Brazilian Finance Minister Antonio Palocci told a court hearing Thursday that he could provide details of a political kickback scheme, which could threaten former President Luiz Inacio Lula da Silva’s chances of running in the 2018 election. In the …

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Economy

Argentina Hopes for Agreement on EU-Mercosur Trade Deal in 2017

By Yeco on Thursday, April 20, 2017

Argentina hopes to have an agreement on a free-trade deal between the European Union and the South American Mercosur bloc by year’s end, its foreign minister said Thursday. The European Union and Mercosur launched trade negotiations in 1999, but they …

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Economy

GM: Venezuela Illegally Seizes Factory

By Yeco on Thursday, April 20, 2017

General Motors said Wednesday that Venezuelan authorities had illegally seized its plant in the industrial hub of Valencia and vowed to “take all legal actions” to defend its rights. The seizure comes amid a deepening economic crisis in leftist-led Venezuela …

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Economy

Princess Cruises Fined $40 Million for Water Pollution

By Yeco on Thursday, April 20, 2017

A federal judge in Miami fined Princess Cruise Lines $40 million Wednesday for illegally dumping oil waste into the Atlantic Ocean and Gulf of Mexico, and for falsifying records. It is the largest such water pollution fine in U.S. history. …

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Economy

Finance Minister: Peru Economy to Recover in 2018, 2019 After Flood Damage

By Yeco on Wednesday, April 19, 2017

Peru’s economy will recover in coming years with investment in construction after recent flooding, likely growing 4.5 percent in 2018 and 5 percent in 2019, Finance Minister Alfredo Thorne said on Wednesday. Previously, the government had expected growth of 4.3 …

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Economy

Sleepy Pakistani Village Rises as China’s Gateway to Middle East

By Yeco on Wednesday, April 19, 2017

Over the last six months, the skyline over the sleepy fishing city of Gwadar has been transformed by machines that dredge the Arabian Sea and cranes that set up shipping berths in what is projected to become Pakistan’s biggest international …

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Economy

Brazil Agrees to Lower Police Retirement Age After Violent Protest

By Yeco on Wednesday, April 19, 2017

The Brazilian government on Wednesday agreed to lower the minimum retirement age for police officers in its pension reform proposal, a day after members of their unions stormed Congress to protest the controversial bill. In the reform draft, congressman Arthur …

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Economy

IMF Urges Caution as Washington Eyes Slashing Regulations, Taxes

By Yeco on Wednesday, April 19, 2017

The International Monetary Fund said President Trump’s plans to cut regulations and taxes might encourage companies to make risky investments of the kind that preceded the financial crisis in 2008. The comment came Wednesday in the newest edition of the …

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