Category Archives: Business

economy and business news

Nigerian Governor: Buhari Says Economy in ‘Bad Shape’

Nigeria’s President Muhammadu Buhari said the country’s economy was in “bad shape,” the governor of a northwestern state told reporters Friday after a meeting with governors from across the country. 

Buhari will seek a second term in an election to be held in February in which the economy is likely to be a campaign issue. 

Africa’s top oil producer last year emerged from its first recession in 25 years, caused by low crude prices, but growth remains sluggish. 

“Mr. President, as usual, responded by telling us that the economy is in a bad shape and we have to come together and think and rethink on the way forward,” Abdulaziz Yari, who chairs the Nigeria Governors’ Forum, told reporters when asked how Buhari answered requests for a bailout to some states. 

“Mr. President talked to us in the manner that we have a task ahead of us. So, we should tighten our belts and see how we can put the Nigerian economy in the right direction,” said Yari, governor of Zamfara state. He spoke to journalists in the capital, Abuja. 

The main opposition candidate, businessman and former Vice President Atiku Abubakar, has criticized Buhari’s handling of the economy and said that, if elected, he would aim to double the size of the economy to $900 billion by 2025. 

Nigeria’s economy grew by 1.81 percent in the third quarter of this year, the statistics office said Monday. And on Friday, it said consumer prices had risen 11.28 percent in November compared with a year ago. 

US Budget Deficit Hits Record $204.9B for November 

The federal budget deficit surged to a record for the month of November of $204.9 billion, but a big part of the increase reflected a calendar quirk. 

 

In its monthly budget report, the Treasury Department said Thursday that the deficit for November was $66.4 billion higher than the imbalance in November 2017. 

 

But $44 billion of that figure reflected the fact that December benefits in many government entitlement programs were paid in November this year because Dec. 1 fell on a Saturday. 

 

For the first two months of this budget year, the deficit totals $305.4 billion, up 51.4 percent from the same period last year. The Trump administration is projecting that this year’s deficit will top $1 trillion, reflecting increased government spending and the loss of revenue from a big tax cut. 

 

The new report showed that the higher tariffs from President Donald Trump’s get-tough trade policies are showing up in the budget totals. Customs duties totaled $6 billion in November, up 99 percent from November 2017. 

 

Trump has imposed penalty tariffs on steel and aluminum imports from a number of countries and on $250 billion of Chinese imports as the administration seeks to apply pressure to other countries to reduce their barriers to American exports. However, China and other nations have retaliated by imposing penalty tariffs on U.S. exports, sparking a tit-for-tat trade war. 

 

The administration still believes it will prevail and is currently in talks with China over trade practices the administration feels are unfair to American companies and workers. 

Three years of $1 trillion deficits

 

Last year’s budget deficit totaled $779 billion. The administration is projecting that this year’s deficit, for a budget year that runs from October through September, will total $1.09 trillion. The administration sees the deficit remaining above $1 trillion for three straight years. 

 

The only time the government has run deficits of this size was for four years from 2009 through 2012 when the Obama administration was boosting spending to grapple with the 2008 financial crisis and the worst recession since the 1930s. 

 

Trump has said that the new budget he will unveil next February will require 5 percent spending cuts for domestic agencies in a bid to trim future deficits. The administration is also counting on government revenues to be increased by faster economic growth from the $1.5 trillion tax cut passed a year ago. 

 

The $204.9 billion deficit last month was the biggest deficit ever recorded in November, a month when the government normally runs a deficit. Outlays were also a record in the month of November. 

 

Through the first two months of this budget year, revenues total $458.7 billion, 3.4 percent higher than the same period a year ago. Outlays totaled $764 billion, up 18.4 percent from the same period a year ago.  

US Budget Deficit Hits Record $204.9B for November 

The federal budget deficit surged to a record for the month of November of $204.9 billion, but a big part of the increase reflected a calendar quirk. 

 

In its monthly budget report, the Treasury Department said Thursday that the deficit for November was $66.4 billion higher than the imbalance in November 2017. 

 

But $44 billion of that figure reflected the fact that December benefits in many government entitlement programs were paid in November this year because Dec. 1 fell on a Saturday. 

 

For the first two months of this budget year, the deficit totals $305.4 billion, up 51.4 percent from the same period last year. The Trump administration is projecting that this year’s deficit will top $1 trillion, reflecting increased government spending and the loss of revenue from a big tax cut. 

 

The new report showed that the higher tariffs from President Donald Trump’s get-tough trade policies are showing up in the budget totals. Customs duties totaled $6 billion in November, up 99 percent from November 2017. 

 

Trump has imposed penalty tariffs on steel and aluminum imports from a number of countries and on $250 billion of Chinese imports as the administration seeks to apply pressure to other countries to reduce their barriers to American exports. However, China and other nations have retaliated by imposing penalty tariffs on U.S. exports, sparking a tit-for-tat trade war. 

 

The administration still believes it will prevail and is currently in talks with China over trade practices the administration feels are unfair to American companies and workers. 

Three years of $1 trillion deficits

 

Last year’s budget deficit totaled $779 billion. The administration is projecting that this year’s deficit, for a budget year that runs from October through September, will total $1.09 trillion. The administration sees the deficit remaining above $1 trillion for three straight years. 

 

The only time the government has run deficits of this size was for four years from 2009 through 2012 when the Obama administration was boosting spending to grapple with the 2008 financial crisis and the worst recession since the 1930s. 

 

Trump has said that the new budget he will unveil next February will require 5 percent spending cuts for domestic agencies in a bid to trim future deficits. The administration is also counting on government revenues to be increased by faster economic growth from the $1.5 trillion tax cut passed a year ago. 

 

The $204.9 billion deficit last month was the biggest deficit ever recorded in November, a month when the government normally runs a deficit. Outlays were also a record in the month of November. 

 

Through the first two months of this budget year, revenues total $458.7 billion, 3.4 percent higher than the same period a year ago. Outlays totaled $764 billion, up 18.4 percent from the same period a year ago.  

Stocks Lose Steam as Nerves Persist, Euro Dips

A gauge of world equities was little changed after giving up early gains on Thursday, continuing a pattern seen for the past several sessions, while the euro eased after the European Central Bank formally ended its bond purchasing scheme.

In the United States, the S&P and Nasdaq finished in the red while the Dow closed well off its session highs as cautious trade optimism faded.

Nervousness has heightened volatility in stocks recently, with a tendency for stocks to lose morning gains as the day wears on. 

In Beijing, a commerce ministry spokesman said China and the United States were in close contact over trade, and any U.S. trade delegation would be welcome to visit.  

Although signs of a trade thaw have been welcomed by investors, other worries have kept stocks from sustaining gains.

“It’s a market that’s been very nervous. Investors get excited in the morning and then their fears come back,” said Omar Aguilar, chief investment officer of equities at Charles Schwab Investment Management in San Francisco. 

“We need a catalyst to get us a more consistent trend — it could be good economic data or more clarity on the Fed’s intentions for next year or more certainty in U.S.-China. I don’t think it’s going to happen any time soon.”

Dow Jones rises while S&P 500 dips

The Dow Jones Industrial Average rose 70.11 points, or 0.29 percent, to 24,597.38, the S&P 500 lost 0.53 points, or 0.02 percent, to 2,650.54 and the Nasdaq Composite dropped 27.98 points, or 0.39 percent, to 7,070.33.

U.S. economic data showed jobless claims fell last week to near 49-year lows, while import prices dropped as the cost of petroleum products tumbled. Shares in Europe edged lower to snap a two-session winning streak, as concerns about Britain’s exit from the European Union and euro zone growth outweighed a budget compromise in Italy.

The pan-European STOXX 600 index lost 0.17 percent and MSCI’s gauge of stocks across the globe gained 0.05 percent.

Help from ECB to continue

Britain’s weakened prime minister, Theresa May, survived a late night no-confidence vote, and then said she did not expect a quick breakthrough in Brexit talks that would help get the deal through parliament. 

The ECB officially ended its post-crisis asset purchase program but promised to keep feeding stimulus into an economy struggling with an unexpected slowdown and political turmoil.

The euro and sterling were choppy on the Brexit uncertainty and in the wake of comments from ECB President Mario Draghi investors viewed as dovish following the policy announcement.

Dollar index slightly up 

The dollar index rose 0.02 percent, with the euro down 0.04 percent to $1.1363.

Sterling, rebounding from earlier declines, was last trading at $1.2662, up 0.26 percent on the day.

Oil prices were higher after data showed inventory declines in the United States and as investors began to expect the global oil market could have a deficit sooner than previously thought.

U.S. crude settled up 2.8 percent at $52.58 per barrel and Brent was last at $61.45, up 2.16 percent.

 

  

  

Stocks Lose Steam as Nerves Persist, Euro Dips

A gauge of world equities was little changed after giving up early gains on Thursday, continuing a pattern seen for the past several sessions, while the euro eased after the European Central Bank formally ended its bond purchasing scheme.

In the United States, the S&P and Nasdaq finished in the red while the Dow closed well off its session highs as cautious trade optimism faded.

Nervousness has heightened volatility in stocks recently, with a tendency for stocks to lose morning gains as the day wears on. 

In Beijing, a commerce ministry spokesman said China and the United States were in close contact over trade, and any U.S. trade delegation would be welcome to visit.  

Although signs of a trade thaw have been welcomed by investors, other worries have kept stocks from sustaining gains.

“It’s a market that’s been very nervous. Investors get excited in the morning and then their fears come back,” said Omar Aguilar, chief investment officer of equities at Charles Schwab Investment Management in San Francisco. 

“We need a catalyst to get us a more consistent trend — it could be good economic data or more clarity on the Fed’s intentions for next year or more certainty in U.S.-China. I don’t think it’s going to happen any time soon.”

Dow Jones rises while S&P 500 dips

The Dow Jones Industrial Average rose 70.11 points, or 0.29 percent, to 24,597.38, the S&P 500 lost 0.53 points, or 0.02 percent, to 2,650.54 and the Nasdaq Composite dropped 27.98 points, or 0.39 percent, to 7,070.33.

U.S. economic data showed jobless claims fell last week to near 49-year lows, while import prices dropped as the cost of petroleum products tumbled. Shares in Europe edged lower to snap a two-session winning streak, as concerns about Britain’s exit from the European Union and euro zone growth outweighed a budget compromise in Italy.

The pan-European STOXX 600 index lost 0.17 percent and MSCI’s gauge of stocks across the globe gained 0.05 percent.

Help from ECB to continue

Britain’s weakened prime minister, Theresa May, survived a late night no-confidence vote, and then said she did not expect a quick breakthrough in Brexit talks that would help get the deal through parliament. 

The ECB officially ended its post-crisis asset purchase program but promised to keep feeding stimulus into an economy struggling with an unexpected slowdown and political turmoil.

The euro and sterling were choppy on the Brexit uncertainty and in the wake of comments from ECB President Mario Draghi investors viewed as dovish following the policy announcement.

Dollar index slightly up 

The dollar index rose 0.02 percent, with the euro down 0.04 percent to $1.1363.

Sterling, rebounding from earlier declines, was last trading at $1.2662, up 0.26 percent on the day.

Oil prices were higher after data showed inventory declines in the United States and as investors began to expect the global oil market could have a deficit sooner than previously thought.

U.S. crude settled up 2.8 percent at $52.58 per barrel and Brent was last at $61.45, up 2.16 percent.

 

  

  

Wall Street Gains on Better Signs in US-China Trade Talks

Wall Street stocks finished higher on Wednesday due to improved hopes for the US-China trade talks.

The Dow Jones Industrial Average added 0.6 percent at 24,527.27.

The broad-based S&P 500 advanced 0.5 percent to 2,651.07, while the tech-rich Nasdaq Composite Index jumped 1.0 percent to 7,098.31.

Wall Street stocks have been volatile in recent weeks in part due to unpredictable and ambiguous events connected to the Beijing-Washington trade negotiations.

The latest indicators have been more upbeat, with a Chinese Huawei executive granted bail in a Canadian court in a closely-watched legal case and confirmation from Commerce Secretary Wilbur Ross in a television interview that Beijing had offered to cut tariffs on autos imported from the United States and resume soybean purchases.

Unlike the last two sessions, there were no major gyrations lower on Wednesday. But stocks still finished well below their session highs, with the Dow falling about 300 points from its peak in the last three hours of trading.

Gainers included some equities that have been seen as vulnerable to a trade war with China. Boeing advanced 1.5 percent, Caterpillar 1.7 percent and Deere 0.8 percent.

Tech shares were also upward-bound, with Google parent Alphabet winning 1.1 percent, Amazon 1.2 percent and Netflix 3.6 percent.

Tencent Music, in its first session after going public, jumped 7.7 percent a day after the music streaming company raised $1.1 billion in an initial public offering.

Sustainable Tree Farming Means Better Lives for Kenyan Farmers

Wood consumption — including logging and the production of charcoal — is a leading cause of forest degradation in Africa. In some of Kenya’s coastal regions, recurring droughts have made the problem even worse.  Now, farmers in those regions are planting trees, putting their once-barren land to use in a venture that enables them to earn a living and conserve the environment at the same time. 

At Be Sulubu Tezo, in Kilifi county, Kenya, Kanze Kahindi Mbogo tends to her tree farm. She thins out the trees whose wood is now strong enough for her to sell for home-building and making fences.  

The money she makes is for her six children. 

A better life

Kahindi says she has been able to educate her children, pay a couple of debts and do lots of other things. She adds she was also able to take one of her sons to college and right now he is a driver.

Before growing trees, putting food on the table was difficult in this land where droughts are common and crops often fail.

With the help of NGOs and entrepreneurs, farmers are learning how agroforestry can make them money and at the same time save the environment. One of those firms is Komaza, a Kenyan firm that is working with 14,000 farmers to plant drought-resistant trees for harvest, reducing the drive to deforest. 

Help with the harvest

“Farmers are able to nurture the seedlings into trees, and then the trees become fully grown trees ready to harvest,” said Allan Ongang’a, a manager at Komaza.  “Once they are ready for harvest we have the operations team from the forestry department that identify trees that are ready for harvest, agree with the farmers on a fair price, the trees are marked and harvested.”

The firm trains farmers on cultivation and selective harvesting.  

But not all farmers have the resources to plant a tree and wait for it to grow, so some farm subsistence crops among the trees.  Researchers say this arrangement counters the effects of climate change. 

Everybody benefits

“Trees end up absorbing carbon dioxide when they making their food and therefore essentially the trees are actually getting to bring carbon from the atmosphere into the tree stem and therefore on land,” explained researcher John Recha with the Climate Change Agriculture and Food Security Program, a private entity in Nairobi.. “That means there is the benefit of reducing greenhouse gas emission through more enhanced agroforestry systems.”

For these Kenyan farmers, environmentalism begins to make sense when it starts to translate into a sustainable income. 

Sustainable Tree Farming Means Better Lives for Kenyan Farmers

Wood consumption — including logging and the production of charcoal — is a leading cause of forest degradation in Africa. In some of Kenya’s coastal regions, recurring droughts have made the problem even worse.  Now, farmers in those regions are planting trees, putting their once-barren land to use in a venture that enables them to earn a living and conserve the environment at the same time. 

At Be Sulubu Tezo, in Kilifi county, Kenya, Kanze Kahindi Mbogo tends to her tree farm. She thins out the trees whose wood is now strong enough for her to sell for home-building and making fences.  

The money she makes is for her six children. 

A better life

Kahindi says she has been able to educate her children, pay a couple of debts and do lots of other things. She adds she was also able to take one of her sons to college and right now he is a driver.

Before growing trees, putting food on the table was difficult in this land where droughts are common and crops often fail.

With the help of NGOs and entrepreneurs, farmers are learning how agroforestry can make them money and at the same time save the environment. One of those firms is Komaza, a Kenyan firm that is working with 14,000 farmers to plant drought-resistant trees for harvest, reducing the drive to deforest. 

Help with the harvest

“Farmers are able to nurture the seedlings into trees, and then the trees become fully grown trees ready to harvest,” said Allan Ongang’a, a manager at Komaza.  “Once they are ready for harvest we have the operations team from the forestry department that identify trees that are ready for harvest, agree with the farmers on a fair price, the trees are marked and harvested.”

The firm trains farmers on cultivation and selective harvesting.  

But not all farmers have the resources to plant a tree and wait for it to grow, so some farm subsistence crops among the trees.  Researchers say this arrangement counters the effects of climate change. 

Everybody benefits

“Trees end up absorbing carbon dioxide when they making their food and therefore essentially the trees are actually getting to bring carbon from the atmosphere into the tree stem and therefore on land,” explained researcher John Recha with the Climate Change Agriculture and Food Security Program, a private entity in Nairobi.. “That means there is the benefit of reducing greenhouse gas emission through more enhanced agroforestry systems.”

For these Kenyan farmers, environmentalism begins to make sense when it starts to translate into a sustainable income. 

Malaysian Ex-PM Slapped with New Charge Over 1MDB Scandal

Former Malaysian Prime Minister Najib Razak was charged Wednesday with tampering with the final audit report into a defunct state investment fund, adding to a long list of corruption allegations against him since his ouster in May elections.

Najib was charged along with Arul Kanda Kandasamy, the former head of the 1MDB fund, which is being investigated in the U.S. and other countries for alleged cross-border embezzlement and money laundering.

Najib pleaded not guilty to abusing power to order the modification of the report in February 2016 before it was presented to the Public Accounts Committee, in order to protect himself from disciplinary and legal action. Kandasamy, who was detained overnight by anti-graft officials, pleaded not guilty to abetting Najib.

​The charges came after the auditor-general revealed last month that some details had been removed from the 1MDB report. Kandasamy led 1MDB from 2015 until he was terminated in June. The two men were released on bail, and face up to 20 years in prison if found guilty.

Najib set up 1MDB when he took power in 2009 to promote economic development, but the fund amassed billions in debts. U.S. investigators say Najib’s associates stole and laundered $4.5 billion from the fund, including some that landed in Najib’s bank account. 

Public anger over the scandal led to the defeat of Najib’s long-ruling coalition in May 9 elections and ushered in the first change of power since Malaysia gained independence from Britain in 1957.

The new government reopened the investigations stifled under Najib’s rule. Najib, his wife and several top-ranking former government officials have been charged with multiple counts of corruption, criminal breach of trust and money laundering. 

Najib, 65, has accused the new government of political vengeance.

Malaysian Ex-PM Slapped with New Charge Over 1MDB Scandal

Former Malaysian Prime Minister Najib Razak was charged Wednesday with tampering with the final audit report into a defunct state investment fund, adding to a long list of corruption allegations against him since his ouster in May elections.

Najib was charged along with Arul Kanda Kandasamy, the former head of the 1MDB fund, which is being investigated in the U.S. and other countries for alleged cross-border embezzlement and money laundering.

Najib pleaded not guilty to abusing power to order the modification of the report in February 2016 before it was presented to the Public Accounts Committee, in order to protect himself from disciplinary and legal action. Kandasamy, who was detained overnight by anti-graft officials, pleaded not guilty to abetting Najib.

​The charges came after the auditor-general revealed last month that some details had been removed from the 1MDB report. Kandasamy led 1MDB from 2015 until he was terminated in June. The two men were released on bail, and face up to 20 years in prison if found guilty.

Najib set up 1MDB when he took power in 2009 to promote economic development, but the fund amassed billions in debts. U.S. investigators say Najib’s associates stole and laundered $4.5 billion from the fund, including some that landed in Najib’s bank account. 

Public anger over the scandal led to the defeat of Najib’s long-ruling coalition in May 9 elections and ushered in the first change of power since Malaysia gained independence from Britain in 1957.

The new government reopened the investigations stifled under Najib’s rule. Najib, his wife and several top-ranking former government officials have been charged with multiple counts of corruption, criminal breach of trust and money laundering. 

Najib, 65, has accused the new government of political vengeance.

Avianca Brasil Airline Declares Bankruptcy

Cash-strapped Avianca Brasil, the country’s fourth-largest airline, on Tuesday sought bankruptcy protection from creditors but reassured passengers that flights will continue.

“Due to resistance from the lessors (of their aircraft) to reaching a friendly settlement, we have filed seeking protection from creditors, to protect clients and passengers,” a company statement said.

Operations are not expected to be affected and “passengers can have complete peace of mind to make reservations and buy tickets, since all sales will be honored and flights will be operating,” it said.

The airline has debts of almost 493 million reais ($127 million) with multiple creditors, the business daily Valor reported.

Avianca Brasil, a brand of Oceanair Linhas Aereas SA (Oceanair), is not part of the group Avianca Holdings S.A, based in Colombia.

But both are parts of a holding company led by the same investor, German Efromovich.

Brazilian media said the carrier is in debt to creditors including state oil giant Petrobras and Sao Paulo’s Guarulhos Airport.

Avianca Brasil serves domestic and international routes with 60 jets. The company is facing lawsuits for the return of 26 planes and 52 engines, Valor said.

The airline recorded net losses in the first half of the year of 175.6 million reais, up 24.4 percent from the same period last year.

Protesters Disrupt US Fossil Fuel Event at Climate Talks

Protesters disturbed a U.S.-sponsored event promoting fossil fuels on the sidelines of U.N. climate change talks on Monday.

The event called “U.S. innovative technologies spur economic dynamism,” touting the benefits of burning fossil fuels more efficiently, infuriated campaigners and many government delegations who want the talks to focus on moving away from coal, oil and gas.

Some 100 protestors in the audience at the event seized a microphone and interrupted opening remarks by Wells Griffith, the man President Donald Trump appointed as senior director for energy at the National Security Council.

They waved banners and chanted: “keep it in the ground.”

“I’m 19 years old and I’m pissed,” shouted Vic Barrett, a plaintiff in the “Juliana vs U.S.” lawsuit filed in 2015 by 21 young people against the government for allowing activities that harm the climate.

“I am currently suing my government for perpetuating the global climate change crisis… Young people are at the forefront of leading solutions to address the climate crises and we won’t back down.”

Before the interruption, Griffiths said it was important to be pragmatic in dealing with climate change in a world still heavily reliant on fossil fuels.

“Alarmism should not silence realism… This administration does not see the benefit of being part of an agreement which impedes U.S. economic growth and jobs,” he said.

The conference, in Katowice, Poland, aims to work out the rules for implementing the Paris Agreement, the global pact on combating climate change.

The United States, the world’s top oil and gas producer, is the only country to have announced its withdrawal from the accord.

Protesters Disrupt US Fossil Fuel Event at Climate Talks

Protesters disturbed a U.S.-sponsored event promoting fossil fuels on the sidelines of U.N. climate change talks on Monday.

The event called “U.S. innovative technologies spur economic dynamism,” touting the benefits of burning fossil fuels more efficiently, infuriated campaigners and many government delegations who want the talks to focus on moving away from coal, oil and gas.

Some 100 protestors in the audience at the event seized a microphone and interrupted opening remarks by Wells Griffith, the man President Donald Trump appointed as senior director for energy at the National Security Council.

They waved banners and chanted: “keep it in the ground.”

“I’m 19 years old and I’m pissed,” shouted Vic Barrett, a plaintiff in the “Juliana vs U.S.” lawsuit filed in 2015 by 21 young people against the government for allowing activities that harm the climate.

“I am currently suing my government for perpetuating the global climate change crisis… Young people are at the forefront of leading solutions to address the climate crises and we won’t back down.”

Before the interruption, Griffiths said it was important to be pragmatic in dealing with climate change in a world still heavily reliant on fossil fuels.

“Alarmism should not silence realism… This administration does not see the benefit of being part of an agreement which impedes U.S. economic growth and jobs,” he said.

The conference, in Katowice, Poland, aims to work out the rules for implementing the Paris Agreement, the global pact on combating climate change.

The United States, the world’s top oil and gas producer, is the only country to have announced its withdrawal from the accord.

Global Stocks Buoyed by US-China Trade Talks

Stock markets around the world spiked higher Tuesday after Wall Street rebounded amid hopes the U.S. and China are back negotiating over their trade dispute.

KEEPING SCORE: In Europe, Germany’s DAX was up 2 percent to 10,831 while France’s CAC 40 was up 2 percent at 4,837. Britain’s FTSE 100 was up 1.7 percent at 6,834. Wall Street was set to open higher too, with Dow futures and the broader S&P 500 futures up 0.9 percent.

 

U.S.-CHINA RELATIONS: U.S. Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He have spoken by phone about “the promotion of the next economic and trade consultations,” a statement by China’s Commerce Ministry said Tuesday. It did not elaborate. This indicates that the detention of Meng Wanzhou, the chief financial officer of Chinese telecommunications giant Huawei, in Canada may not derail trade talks. Meng is wanted in the U.S. for allegedly misleading banks about the company’s business dealings in Iran. China has protested her arrest and a bail hearing for Meng is underway in Vancouver, British Columbia. Still, traders fear a 90-day tariffs cease-fire may not be enough for the countries to resolve deep-seated issues.

 

ANALYST TAKE: “We’re now seeing daily commentary it seems about the progress of talks between the U.S. and China but the reality is that this is going to be a process that moves at a glacial pace but the fact that talks are happening are a reason to be optimistic,” said Craig Erlam, senior market analyst at OANDA.

 

BREXIT AND THE POUND: A day after the pound tanked to 20-month lows against the dollar after British Prime Minister Theresa May pulled a vote on her Brexit deal with the European Union, the currency recovered somewhat after figures showed wages rising at their fastest rate in a decade. The pound was up 0.3 percent at $1.2610.

 

IPHONE BAN IN CHINA: On Monday, U.S. chipmaker Qualcomm said it won an order in a Chinese court banning sales of some Apple phones in China. This is part of a lengthy dispute over two Qualcomm patents allowing users to format photos and manage phone apps using a touch screen. Although Qualcomm said the ban applies to models of the iPhone 6S through X, Apple said all iPhones will remain available for customers in China. Qualcomm shares jumped 2.2 percent to $57.24 on the news.

 

ASIA’S DAY: Softer economic data from Japan and China weighed on some Asian indexes on Tuesday. Japan’s benchmark Nikkei 225 lost 0.3 percent to 21,148.02 and South Korea’s Kospi dropped less than 0.1 percent to 2,052.97. But Hong Kong’s Hang Seng edged 0.1 percent higher to 25,771.67. The Shanghai Composite rose 0.4 percent to 2,594.09.

 

ENERGY: Oil prices recovered a sharp decline overnight that erased gains from news of a production cut by OPEC countries and other major oil producers. U.S. benchmark crude was up 67 cents at $51.67 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, used to price international oils, rose 59 cents to $60.56 a barrel.

 

CURRENCIES: The euro was up 0.2 percent at $1.1378 while the dollar dropped 0.2 percent to 113.12 yen.

 

 

Global Stocks Buoyed by US-China Trade Talks

Stock markets around the world spiked higher Tuesday after Wall Street rebounded amid hopes the U.S. and China are back negotiating over their trade dispute.

KEEPING SCORE: In Europe, Germany’s DAX was up 2 percent to 10,831 while France’s CAC 40 was up 2 percent at 4,837. Britain’s FTSE 100 was up 1.7 percent at 6,834. Wall Street was set to open higher too, with Dow futures and the broader S&P 500 futures up 0.9 percent.

 

U.S.-CHINA RELATIONS: U.S. Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He have spoken by phone about “the promotion of the next economic and trade consultations,” a statement by China’s Commerce Ministry said Tuesday. It did not elaborate. This indicates that the detention of Meng Wanzhou, the chief financial officer of Chinese telecommunications giant Huawei, in Canada may not derail trade talks. Meng is wanted in the U.S. for allegedly misleading banks about the company’s business dealings in Iran. China has protested her arrest and a bail hearing for Meng is underway in Vancouver, British Columbia. Still, traders fear a 90-day tariffs cease-fire may not be enough for the countries to resolve deep-seated issues.

 

ANALYST TAKE: “We’re now seeing daily commentary it seems about the progress of talks between the U.S. and China but the reality is that this is going to be a process that moves at a glacial pace but the fact that talks are happening are a reason to be optimistic,” said Craig Erlam, senior market analyst at OANDA.

 

BREXIT AND THE POUND: A day after the pound tanked to 20-month lows against the dollar after British Prime Minister Theresa May pulled a vote on her Brexit deal with the European Union, the currency recovered somewhat after figures showed wages rising at their fastest rate in a decade. The pound was up 0.3 percent at $1.2610.

 

IPHONE BAN IN CHINA: On Monday, U.S. chipmaker Qualcomm said it won an order in a Chinese court banning sales of some Apple phones in China. This is part of a lengthy dispute over two Qualcomm patents allowing users to format photos and manage phone apps using a touch screen. Although Qualcomm said the ban applies to models of the iPhone 6S through X, Apple said all iPhones will remain available for customers in China. Qualcomm shares jumped 2.2 percent to $57.24 on the news.

 

ASIA’S DAY: Softer economic data from Japan and China weighed on some Asian indexes on Tuesday. Japan’s benchmark Nikkei 225 lost 0.3 percent to 21,148.02 and South Korea’s Kospi dropped less than 0.1 percent to 2,052.97. But Hong Kong’s Hang Seng edged 0.1 percent higher to 25,771.67. The Shanghai Composite rose 0.4 percent to 2,594.09.

 

ENERGY: Oil prices recovered a sharp decline overnight that erased gains from news of a production cut by OPEC countries and other major oil producers. U.S. benchmark crude was up 67 cents at $51.67 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, used to price international oils, rose 59 cents to $60.56 a barrel.

 

CURRENCIES: The euro was up 0.2 percent at $1.1378 while the dollar dropped 0.2 percent to 113.12 yen.

 

 

EU Will ‘Follow Closely’ French Deficit after Macron Measures

EU economics affairs commissioner Pierre Moscovici on Tuesday said Brussels will keep close watch over France’s new spending plans, a day after President Emmanuel Macron unveiled new measures to quell violent protests.

“The European Commission will closely monitor the impact of the announcements made by President Macron on the French deficit and any financing arrangements,” Moscovici told AFP.

“We are in constant contact with the French authorities,” added Moscovici, who was attending a plenary session of European Parliament in Strasbourg.

Meeting the EU’s three percent deficit limit has been a centrepiece of Macron’s European strategy in order to win the trust of powerful Berlin and its backing for EU reforms.

Before the “yellow vests” protests, the 2019 public deficit was expected to reach 2.8 percent of gross domestic product (GDP), just below the threshold.

Among the potentially costly measures Macron announced on Monday was a 100 euro ($113) monthly increase in the minimum wage as of next year paid for by the government, not employers.

The 40-year-old centrist also announced he would roll back most of an unpopular increase in taxes on pensioners introduced by his government.

And he called on all businesses “that can afford it” to give employees a one-off “end of year bonus” which would be tax free.

The EU rules on public spending are “binding for everybody that is clear,” said senior German MEP Manfred Weber, when asked by reporters about France’s new expenditure.

But he added that “what we should not do as the European Union is intervene in domestic policies so when a government in Italy is presenting its budget it is an Italian budget and in France it is the same.”

Italy’s budget for 2019 was the first in history to be rejected by Brussels for breaking bloc rules on spending.

 

 

 

US Diplomat: Russia Gas Pipeline to Boost Grip on Ukraine, Europe

Russia is seeking to boost its power in Europe and grip over Ukraine with the proposed Nord Stream 2 natural gas pipeline, the top U.S. energy diplomat said on Monday, in a step-up of Washington’s rhetoric against the pipeline.

“Through Nord Stream 2, Russia seeks to increase its leverage of the West while severing Ukraine from Europe,” Francis Fannon, the U.S. assistant secretary for energy resources at the State Department, told reporters in a teleconference.

The pipeline has been opposed both by President Donald Trump, a Republican, and his Democratic predecessor Barack Obama as a political tool for Russia to consolidate power over Europe.

Much of the gas that Europe currently gets from Russia via pipeline goes through Ukraine, which collects billions of dollars in transit charges making up to 3 percent of its gross domestic product.

If Nord Stream 2, which aims to bring Russian gas to Western Europe via the Baltic Sea, and TurkStream, a pipeline to bring gas from Russia to Turkey, are completed it would mean transit revenues would evaporate, “It’s kind of just what’s left over that would be transited, potentially transited, through Ukraine,” Fannon said. “Even then that’s only based on whether we can trust (Russia President Vladimir) Putin, I don’t think the record should indicate anyone should.”

Putin has said that Nord Stream 2, a consortium of Russia’s state-controlled Gazprom and five European companies, is purely economic and not directed against other countries. Russian gas could continue to go through Ukraine if the pipeline is completed, Putin has said.

But Russia has stopped shipments of gas to Ukraine in winter in recent years over a series of pricing disputes. Critics of Nord Stream 2 say it could increase Russia’s ability to manipulate European energy markets. In an increase in tensions, Russia last month seized three Ukrainian naval ships off the coast of Russia-annexed Crimea in the Sea of Azov after opening fire on them.

Germany’s foreign minister, Heiko Maas, said this month that Berlin will not withdraw its political support for Nord Stream 2 and that German Chancellor Angela Merkel had secured a pledge from Putin in August allowing gas shipments across Ukraine’s territory.

Fannon made his comments after traveling to Eastern Europe to discuss projects that could offer Europe a more diverse natural gas supply. Those included a floating liquefied natural gas terminal on the Adriatic island of Krk that could one day receive gas imports from the United States, which is increasing its exports of the fuel, or the eastern Mediterranean.

Fannon said he expected Russia’s aggression in the Sea of Azov to boost support for several bills in the U.S. Congress that include new sanctions on Russia’s energy sector, though he refrained from commenting on any particular legislation.

US Diplomat: Russia Gas Pipeline to Boost Grip on Ukraine, Europe

Russia is seeking to boost its power in Europe and grip over Ukraine with the proposed Nord Stream 2 natural gas pipeline, the top U.S. energy diplomat said on Monday, in a step-up of Washington’s rhetoric against the pipeline.

“Through Nord Stream 2, Russia seeks to increase its leverage of the West while severing Ukraine from Europe,” Francis Fannon, the U.S. assistant secretary for energy resources at the State Department, told reporters in a teleconference.

The pipeline has been opposed both by President Donald Trump, a Republican, and his Democratic predecessor Barack Obama as a political tool for Russia to consolidate power over Europe.

Much of the gas that Europe currently gets from Russia via pipeline goes through Ukraine, which collects billions of dollars in transit charges making up to 3 percent of its gross domestic product.

If Nord Stream 2, which aims to bring Russian gas to Western Europe via the Baltic Sea, and TurkStream, a pipeline to bring gas from Russia to Turkey, are completed it would mean transit revenues would evaporate, “It’s kind of just what’s left over that would be transited, potentially transited, through Ukraine,” Fannon said. “Even then that’s only based on whether we can trust (Russia President Vladimir) Putin, I don’t think the record should indicate anyone should.”

Putin has said that Nord Stream 2, a consortium of Russia’s state-controlled Gazprom and five European companies, is purely economic and not directed against other countries. Russian gas could continue to go through Ukraine if the pipeline is completed, Putin has said.

But Russia has stopped shipments of gas to Ukraine in winter in recent years over a series of pricing disputes. Critics of Nord Stream 2 say it could increase Russia’s ability to manipulate European energy markets. In an increase in tensions, Russia last month seized three Ukrainian naval ships off the coast of Russia-annexed Crimea in the Sea of Azov after opening fire on them.

Germany’s foreign minister, Heiko Maas, said this month that Berlin will not withdraw its political support for Nord Stream 2 and that German Chancellor Angela Merkel had secured a pledge from Putin in August allowing gas shipments across Ukraine’s territory.

Fannon made his comments after traveling to Eastern Europe to discuss projects that could offer Europe a more diverse natural gas supply. Those included a floating liquefied natural gas terminal on the Adriatic island of Krk that could one day receive gas imports from the United States, which is increasing its exports of the fuel, or the eastern Mediterranean.

Fannon said he expected Russia’s aggression in the Sea of Azov to boost support for several bills in the U.S. Congress that include new sanctions on Russia’s energy sector, though he refrained from commenting on any particular legislation.

Study: Illegal Gold Rush Destroying Amazon Rainforest

A rise in small-scale illegal gold mining is destroying swaths of the Amazon rainforest, according to research released on Monday that maps the scale of the damage for the first time.

Researchers used satellite imagery and government data to identify at least 2,312 illegal mining sites across six countries in South America – Brazil, Bolivia, Colombia, Peru, Ecuador and Venezuela.

The maps show the spread and scale of illegal mining and were produced by the Amazon Socio-environmental, Geo-referenced Information Project (RAISG), which brings together a network of nonprofit environmental groups in the Amazon.

“The scope of illegal mining in the Amazon, especially in indigenous territories and protected natural areas, has grown exponentially in recent years, with the rise in the price of gold,” said Beto Ricardo, head of the RAISG.

Soaring prices in the decade to 2010 sparked a gold rush and hundreds of thousands of illegal miners poured into the Amazon rainforest hoping to strike it rich.

The mercury they use to separate gold from grit is poisoning the rivers, the report said. Mercury seeps into soil, rivers and the food chain and can cause serious health problems.

“Illegal mining can kill us,” Agustin Ojeda, an indigenous leader of Venezuela’s Shirian indigenous people, is quoted as saying in the report.

“The mining wells allow for the reproduction of mosquitoes that bring diseases, such as malaria. The effect of mercury on water isn’t taken seriously either. It not only contaminates water but also the fish we eat.”

Environmentalists fear Brazil’s President-elect Jair Bolsonaro will open up more protected land for mining and other projects when he takes office on January 1, placing further pressure on the Amazon.

Right-wing Bolsonaro has said he plans to stop recognizing new native reservation lands, and he also favors a relaxation of environmental licensing processes for infrastructure projects and other businesses.

“The concern is enormous,” said Ricardo, who is also an anthropologist at Brazil’s Socioenvironmental Institute (ISA), one of the six groups that produced the report.

“The public narrative is to clear the area (of forests), weaken those institutions that monitor and control in favor of agribusiness and mining for the production and export of commodities, which will hasten the deterioration of the forest,” he told the Thomson Reuters Foundation.

Brazil is home to the world’s largest rainforest in the Amazon, whose preservation is seen by climate experts as critical to avoiding higher concentrations of carbon dioxide in the atmosphere that have been blamed for global warming.

In one of the worst hit areas, stretching between Brazil and Venezuela and home to the Yanomami indigenous people, the study showed there were 55 illegal mining sites in protected areas.

“Illegal mining is a serious threat to the Amazon rainforest and the indigenous peoples who call it home,” said Moira Birss, spokeswoman for Amazon Watch, a U.S.-based non-profit group.

“This report provides important new data and clearly demonstrates the scope of the problem, and as such is a call to action to regional governments and the companies that purchase the illegally-mined minerals to take bold, concrete action to stop the destruction.”

Study: Illegal Gold Rush Destroying Amazon Rainforest

A rise in small-scale illegal gold mining is destroying swaths of the Amazon rainforest, according to research released on Monday that maps the scale of the damage for the first time.

Researchers used satellite imagery and government data to identify at least 2,312 illegal mining sites across six countries in South America – Brazil, Bolivia, Colombia, Peru, Ecuador and Venezuela.

The maps show the spread and scale of illegal mining and were produced by the Amazon Socio-environmental, Geo-referenced Information Project (RAISG), which brings together a network of nonprofit environmental groups in the Amazon.

“The scope of illegal mining in the Amazon, especially in indigenous territories and protected natural areas, has grown exponentially in recent years, with the rise in the price of gold,” said Beto Ricardo, head of the RAISG.

Soaring prices in the decade to 2010 sparked a gold rush and hundreds of thousands of illegal miners poured into the Amazon rainforest hoping to strike it rich.

The mercury they use to separate gold from grit is poisoning the rivers, the report said. Mercury seeps into soil, rivers and the food chain and can cause serious health problems.

“Illegal mining can kill us,” Agustin Ojeda, an indigenous leader of Venezuela’s Shirian indigenous people, is quoted as saying in the report.

“The mining wells allow for the reproduction of mosquitoes that bring diseases, such as malaria. The effect of mercury on water isn’t taken seriously either. It not only contaminates water but also the fish we eat.”

Environmentalists fear Brazil’s President-elect Jair Bolsonaro will open up more protected land for mining and other projects when he takes office on January 1, placing further pressure on the Amazon.

Right-wing Bolsonaro has said he plans to stop recognizing new native reservation lands, and he also favors a relaxation of environmental licensing processes for infrastructure projects and other businesses.

“The concern is enormous,” said Ricardo, who is also an anthropologist at Brazil’s Socioenvironmental Institute (ISA), one of the six groups that produced the report.

“The public narrative is to clear the area (of forests), weaken those institutions that monitor and control in favor of agribusiness and mining for the production and export of commodities, which will hasten the deterioration of the forest,” he told the Thomson Reuters Foundation.

Brazil is home to the world’s largest rainforest in the Amazon, whose preservation is seen by climate experts as critical to avoiding higher concentrations of carbon dioxide in the atmosphere that have been blamed for global warming.

In one of the worst hit areas, stretching between Brazil and Venezuela and home to the Yanomami indigenous people, the study showed there were 55 illegal mining sites in protected areas.

“Illegal mining is a serious threat to the Amazon rainforest and the indigenous peoples who call it home,” said Moira Birss, spokeswoman for Amazon Watch, a U.S.-based non-profit group.

“This report provides important new data and clearly demonstrates the scope of the problem, and as such is a call to action to regional governments and the companies that purchase the illegally-mined minerals to take bold, concrete action to stop the destruction.”

Puerto Rico Overhauls Tax Laws to Help Workers, Businesses

Puerto Rico’s governor signed a bill Monday to overhaul the U.S. territory’s tax laws in a bid to attract foreign investment and help workers and some business owners amid a 12-year recession.

The bill creates an earned income tax credit, reduces a sales tax on prepared food and eliminates a business-to-business tax for small to medium companies, among other things.

Officials say the bill represents nearly $2 billion in tax relief at a time when the island is struggling to recover from Hurricane Maria and restructure a portion of its more than $70 billion public debt load.

“There’s still a lot of work to be done to completely transform the tax system … but we see it as a good first step,” said Cecilia Colon, president of Puerto Rico’s Association of Public Accountants.

Governor Ricardo Rossello said the earned income tax credit will result in benefits ranging from $300 to $2,000 for each worker, representing a total of $200 million in annual savings. He also said an 11.5 percent sales tax on processed food will drop to 7 percent starting in October 2019.

The bill also eliminates a business-to-business tax for businesses that generate $200,000 or less a year, representing $79 million in savings in five years, Rossello said. Nearly 80 percent of businesses in Puerto Rico will benefit from that measure, added Treasury Secretary Teresa Fuentes.

In addition, the new law reduces the tax rate for corporations from 39 percent to 37.5 percent.

“Today marks an important day for maintaining Puerto Rico’s competitiveness,” she said.

The measure also legalizes tens of thousands of slot machines, but also limits the number of machines owned, with legislators estimating they will generate at least $160 million a year. Up to $40 million of that revenue will go to the government’s general fund, with the remaining funds directed to help municipalities and police officers.

However, Natalie Jaresko, executive director of the federal control board that oversees Puerto Rico’s finances, has repeatedly said the island needs a much broader tax reform that improves revenue collection and promotes economic development. She said in a statement the board also is concerned that the government and legislature have not proved that the changes will not “cannibalize” revenues.

Antonio Fernos, a Puerto Rico economics and finance professor, questioned the effectiveness of the new law, which appears to generate less overall revenue.

“It doesn’t make sense,” he said. “Why are they doing this, especially on an island that is insolvent and needs more sources of revenue?”

Fernos also argued that the earned income tax credit is not enough to lure people out of the informal economy: “I don’t foresee anyone abandoning tax evasion schemes.”

More Than Half the World’s Population is Using the Internet

The International Telecommunication Union reports that for the first time in history, half of the global population is using the internet. A new report finds by the end of the year, 3.9 billion people worldwide will be online.

The report finds access to and use of information and communication technologies around the world is trending upwards. It notes most internet users are in developed countries, with more than 80 percent of their populations online. But it says internet use is steadily growing in developing countries, increasing from 7.7 percent in 2005 to 45.3 percent this year.

The International Telecommunication Union says Africa is the region with the strongest growth, where the percentage of people using the internet has increased from just over two percent in 2005 to nearly 25 percent in 2018.

The lowest growth rates, it says, are in Europe and the Americas, with the lowest usage found in the Asia-Pacific region.

In addition to data on internet usage, newly released statistics show mobile access to basic telecommunication services is becoming more predominant. ITU Senior Statistician, Esperanza Magpantay says access to higher speed mobile and fixed broadband also is growing.

“So, there is almost 96 percent of the population who are now covered by mobile population signal of which 90 percent are covered by 3G access. So, this is a high figure, and this helps explain why we have this 51 percent of the population now using the internet,” she said.

With the growth in mobile broadband, Magpantay says there has been an upsurge in the number of people using the internet through their mobile devices.

The ITU says countries that are hooked into the digital economy do better in their overall economic well-being and competitiveness. Unfortunately, it says the cost of accessing telecommunication networks remains too high and unaffordable for many.

It says prices must be brought down to make the digital economy a reality for the half the world’s people who do not, as yet, use the internet.

 

 

 

More Than Half the World’s Population is Using the Internet

The International Telecommunication Union reports that for the first time in history, half of the global population is using the internet. A new report finds by the end of the year, 3.9 billion people worldwide will be online.

The report finds access to and use of information and communication technologies around the world is trending upwards. It notes most internet users are in developed countries, with more than 80 percent of their populations online. But it says internet use is steadily growing in developing countries, increasing from 7.7 percent in 2005 to 45.3 percent this year.

The International Telecommunication Union says Africa is the region with the strongest growth, where the percentage of people using the internet has increased from just over two percent in 2005 to nearly 25 percent in 2018.

The lowest growth rates, it says, are in Europe and the Americas, with the lowest usage found in the Asia-Pacific region.

In addition to data on internet usage, newly released statistics show mobile access to basic telecommunication services is becoming more predominant. ITU Senior Statistician, Esperanza Magpantay says access to higher speed mobile and fixed broadband also is growing.

“So, there is almost 96 percent of the population who are now covered by mobile population signal of which 90 percent are covered by 3G access. So, this is a high figure, and this helps explain why we have this 51 percent of the population now using the internet,” she said.

With the growth in mobile broadband, Magpantay says there has been an upsurge in the number of people using the internet through their mobile devices.

The ITU says countries that are hooked into the digital economy do better in their overall economic well-being and competitiveness. Unfortunately, it says the cost of accessing telecommunication networks remains too high and unaffordable for many.

It says prices must be brought down to make the digital economy a reality for the half the world’s people who do not, as yet, use the internet.

 

 

 

World Marks Anti-Corruption Day

Corruption costs the world economy $2.6 trillion each year, according to the United Nations, which is marking International Anti-Corruption Day on Sunday.

“Corruption is a serious crime that can undermine social and economic development in all societies. No country, region or community is immune,” the United Nations said.

The cost of $2.6 trillion represents more than 5 percent of global GDP.

The world body said that $1 trillion of the money stolen annually through corruption is in the form of bribes.

Patricia Moreira, the managing director of Transparency International, told VOA that about a quarter of the world’s population has paid a bribe when trying to access a public service over the past year, according to data from the Global Corruption Barometer.

Moreira said it is important to have such a day as International Anti-Corruption Day because it provides “a really tremendous opportunity to focus attention precisely on the challenge that is posed by corruption around the world.”

​Anti-corruption commitments

To mark the day, the United States called on all countries to implement their international anti-corruption commitments including through the U.N. Convention against Corruption.

In a statement Friday, the U.S. State Department said that corruption facilitates crime and terrorism, as well as undermines economic growth, the rule of law and democracy.

“Ultimately, it endangers our national security. That is why, as we look ahead to International Anticorruption Day on Dec. 9, we pledge to continue working with our partners to prevent and combat corruption worldwide,” the statement said.

Moreira said that data about worldwide corruption can make the phenomena understandable but still not necessarily “close to our lives.” For that, we need to hear everyday stories about people impacted by corruption and understand that it “is about our daily lives,” she added.

She said those most impacted by corruption are “the most vulnerable people — so it’s usually women, it’s usually poor people, the most marginalized people in the world.”

The United Nations Development Program notes that in developing countries, funds lost to corruption are estimated at 10 times the amount of official development assistance.

What can be done to fight corruption?

The United Nations designated Dec. 9 as International Anti-Corruption Day in 2003, coinciding with the adoption of the United Nations Convention against Corruption by the U.N. General Assembly.

The purpose of the day is to raise awareness about corruption and put pressure on governments to take action against it.

Tackling the issue

Moreira said to fight corruption effectively it must be tackled from different angles. For example, she said that while it is important to have the right legislation in place to curb corruption, governments must also have mechanisms to enforce that legislation. She said those who engage in corruption must be held accountable.

“Fighting corruption is about providing people with a more sustainable world, with a world where social justice is something more of our reality than what it has been until today,” she said.

Moreira said change must come from a joint effort from governments, public institutions, the private sector and civil society.

The U.S. Statement Department said in its Friday statement that it pledges “to continue working with our partners to prevent and combat corruption worldwide.”

It noted that the United States, through the U.S. Department of State and U.S. Agency for International Development, helps partner nations “build transparent, accountable institutions and strengthen criminal justice systems that hold the corrupt accountable.”

Moreira said that it is important for the world to see that there are results to the fight against corruption.

“Then we are showing the world with specific examples that we can fight against corruption, [that] yes there are results. And if we work together, then it is something not just that we would wish for, but actually something that can be translated into specific results and changes to the world,” she said.

VOA’s Elizabeth Cherneff contributed to this report.