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Economy

OPEC, non-OPEC to Look at Extending Oil-Output Cut by 6 Months

By Yeco on Sunday, March 26, 2017

A joint committee of ministers from OPEC and non-OPEC oil producers has agreed to review whether a global pact to limit supplies should be extended by six months, it said in a statement on Sunday. An earlier draft of the …

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Economy

Mnuchin: US Growth Prospects Not Fully Reflected in Markets

By Yeco on Friday, March 24, 2017

U.S. Treasury Secretary Steven Mnuchin said on Friday he believes financial markets could improve “significantly” once they fully reflect the potential for U.S. economic growth from President Donald Trump’s economic policies. Mnuchin said at an event sponsored by news website …

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Economy

Report: State Department to Approve Keystone Pipeline Friday

By Yeco on Friday, March 24, 2017

The Trump administration will approve the Keystone XL pipeline Friday, senior U.S. officials say, ending years of delay for a project that has served as a flashpoint in the national debate about climate change.   The State Department will recommend …

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Economy

Fight for $15, Black Lives Matter Groups Join Forces

By Yeco on Friday, March 24, 2017

A cluster of Black Lives Matter groups and the organization leading the push for a $15-an-hour wage are joining forces to combine the struggle for racial justice with the fight for economic equality, just as the Rev. Martin Luther King …

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Economy

Report: New US Home Sales Rise

By Yeco on Thursday, March 23, 2017

New data show U.S. home sales advanced in February while job layoffs rose slightly last week. Thursday’s Commerce Department report showed home sales rose 6.1 percent to hit a seven-month high in February. If newly-constructed homes sold at last month’s …

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Economy

Yellen: Growing Up Poor Hurts Adults’ Financial Success

By Yeco on Thursday, March 23, 2017

The head of the U.S. central bank says new research strengthens the case for investing in early childhood education. In a Washington speech Thursday, Federal Reserve Chair Janet Yellen said evidence shows “growing up poor makes it harder to succeed …

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Economy

India Doubles Maternity Leave, But Many Won’t Benefit

By Yeco on Thursday, March 23, 2017

Neda Saiyyada was among a handful of women in India whose company gave her six months of maternity leave last year instead of the mandatory three months. The extended leave helped the young mother enormously. “When I was pregnant, my …

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Economy

Venezuelans Line Up for Gasoline as OPEC Nation’s Oil Industry Struggles

By Yeco on Thursday, March 23, 2017

Grumbling Venezuelans were lining up for scarce gasoline across the OPEC nation on Wednesday, due to mounting oil industry woes in the country with the world’s largest crude reserves. Venezuela, which also has the world’s cheapest gasoline, has wrestled with …

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Economy

Officials: German Companies Interested in Train Crossing South America

By Yeco on Thursday, March 23, 2017

Dozens of German companies including Siemens attended meetings in Bolivia this week to discuss building a coast-to-coast railway through Brazil, Bolivia and Peru that could speed up the export of corn and soybeans to Asia, German and Bolivian officials said …

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Economy

Warmer US Winter Cuts Some Small Companies’ Revenue

By Yeco on Thursday, March 23, 2017

The big snowstorm in the U.S. Midwest and East last week was a respite for some small-business owners whose revenue took a hit from the generally mild winter and who now are rethinking their cold-weather strategies. Retailers who sell winter …

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Economy

Once Iconic US Retailer Sears Unsure of Its Future

By Yeco on Wednesday, March 22, 2017

Sears, once the monolith of American retail, says that there is “substantial doubt” that it will be able to keep its doors open.   Company shares, which hit an all-time low last month, tumbled more than 12 percent Wednesday.   …

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Economy

US Farm Interests Caution Trump on Mexico Trade War

By Yeco on Wednesday, March 22, 2017

Farmers in the U.S. agricultural heartland who helped elect Donald Trump are now pushing his administration to avoid a trade dispute with Mexico, fearing retaliatory tariffs that could hit over $3 billion in U.S. exports. The value of exports at …

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Economy

Oil Prices Fall on Bloated US Crude Storage

By Yeco on Wednesday, March 22, 2017

Oil prices dipped on Wednesday as rising crude stocks in the United States underscored an ongoing global fuel supply overhang despite an OPEC-led effort to cut output. Prices for front-month Brent crude futures, the international benchmark for oil, were at …

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Economy

Brazil Senate Leader Sees Huge Spending Freeze

By Yeco on Wednesday, March 22, 2017

Brazil’s government plans to announce spending freezes of 30 billion to 35 billion reais ($9.7 billion to $11.3 billion) this week to help meet part of its 2017 budget deficit target, the Senate leader said on Tuesday. The rest of …

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Economy

Venezuela’s Problems Could Doom US Heating Oil Charity

By Yeco on Wednesday, March 22, 2017

Amid continuing economic turmoil, Venezuela skipped heating oil contributions to a Massachusetts-based nonprofit for a second consecutive winter, signaling that the popular program that began with fanfare after Hurricane Katrina may be kaput. The decision by Venezuela’s Citgo Petroleum Corp. …

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Economy

Namibian President Calls for Land Expropriation

By Yeco on Wednesday, March 22, 2017

Namibia’s president said Tuesday that the government is considering radical land expropriation to spur the transfer of property to the country’s black majority. Speaking at Namibia’s 27th independence celebrations, President Hage Geingob said the government should evoke part of the …

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Economy

An African Trade Conference With No Africans

By Yeco on Tuesday, March 21, 2017

The University of Southern California each year hosts the African Economic and Development Summit, bringing delegations of African business leaders, government officials and others to network with their counterparts in the U.S. But this year, the African summit has no Africans. All were …

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Economy

African Region to Receive $45 Billion in Development Aid

By Yeco on Monday, March 20, 2017

The World Bank reports Africa will receive the bulk of the $75 billion the International Development Association, or IDA, will spend to finance life-saving and life-changing operations over the next three years mainly in 30 of the world’s poorest, most …

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Economy

UN Faces Unprecedented Number of Challenges Amid Proposed US Budget Cuts

By Yeco on Monday, March 20, 2017

There was bad news for the United Nations last week, as President Donald Trump announced he is seeking a 28 percent budget cut for diplomacy and foreign aid, which includes an unspecified reduction in funding to the United Nations and …

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Economy

China Begins Opening Up $9 Trillion Bond Market

By Yeco on Monday, March 20, 2017

China, the world’s third-largest bond market accounting for $9 trillion in debt instruments, has started the process of opening up to foreign investors. Two major investment banks, including Citigroup, have announced plans to join the fray and several others are …

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Economy

Germany’s Merkel and Japan’s Abe Urge Free Trade With Jabs at US

By Yeco on Monday, March 20, 2017

German Chancellor Angela Merkel and Japan’s Prime Minister Shinzo Abe spoke up for free trade at a major technology fair on Sunday with jabs clearly pointed at an increasingly protectionist United States. Both called for a free trade deal to …

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Economy

US Supports Fair Trade But Rejects Ban on Protectionism

By Yeco on Saturday, March 18, 2017

U.S. Treasury Secretary Steve Mnuchin said the meeting of finance ministers of the G20 countries was a success Saturday despite the ministers not reaching agreement on trade protectionism. “I will leave here confident that my colleagues and I are able …

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Economy

As Greek Economic Crisis Grinds On, Children Pay Price

By Yeco on Saturday, March 18, 2017

In Greece’s grinding economic crisis, a home for abused children is now taking in those whose parents are struggling to feed them. It is perhaps the darkest sign of economic devastation in Greece, where traditionally strong family ties are starting …

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Economy

Couple Quits Finance, Wins Brazil’s Top Coffee Prize

By Yeco on Saturday, March 18, 2017

It could be a Hollywood screenplay. Juliana Armelin and her husband Paulo Siqueira decided to radically change their lives in 2010, quitting jobs in Sao Paulo’s financial sector and moving to a farm seven hours away to start growing coffee. …

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