China is set to overtake France as the world’s top tourist destination by 2030 as a growing middle class in Asia looks to spend more on travel, according to experts at market research group Euromonitor International. 

In a report published Tuesday at an industry conference in London, Euromonitor said it was predicting that 1.4 billion trips would be taken in 2018, up 5 percent from last year. Stronger growth in many major economies means industry receipts will rise by an estimated 11 percent. 

By 2030, international arrivals are expected to have risen by another billion, corresponding to around $2.6 trillion in receipts. China is expected to have overtaken France by then to become the world’s No. 1 destination. 

Much of the sustained boom in travel and tourism, which has outpaced growth in the global economy for eight years, is centered in the Asia-Pacific region, where trips are expected to grow by 10 percent this year. The region has benefited from rapidly growing economies as well as an expanding middle class that seeks to spend disposable income on leisure. 

Euromonitor’s senior travel analyst, Wouter Geerts, said the gradual process of loosening visa restrictions has made traveling in the region easier, with 80 percent of arrivals in Asia originating from the region. He also said sporting events would most likely further boost the region, with Tokyo hosting the 2020 Summer Olympic Games and Beijing the 2022 winter event. 

“Tourism is a key pillar of the Chinese economy, and much investment has been made to improve infrastructure and standards, in addition to tourism-friendly policies and initiatives,” he said. 

Egypt doing well

Other bright spots in the forecast are countries like Egypt, Tunisia and Turkey, which have seen sharp falls in tourist numbers over the past few years linked to security concerns. 

Egypt, in particular, appears to be doing well, following a long period of decline largely linked to the political upheaval since a popular uprising in 2011 and the downing of a Russian passenger plane over Egypt’s Sinai Peninsula in 2015 by an affiliate of the Islamic State group, killing 224 people. 

Though Egypt’s bookings were up 134 percent in 2017-18 from the year before, according to Euromonitor, the industry is still short of where it was in 2010. Egyptian government figures show 8 million tourists visited the country last year, well down from the 14 million recorded in 2010. 

Europe is also proving resilient and growing strongly despite economic and political turmoil in some countries and a slew of extremist attacks in recent years. 

One source of uncertainty for the outlook centers on Brexit. A “no-deal” Brexit, which would see Britain crashing out of the European Union in March, would see millions opt to stay at home — an estimated 5 million in 2022 — rather than book overseas holidays, the report says. That would have a ripple effect across many destinations, notably in Spain, where U.K. travelers account for around a fifth of the tourist-related revenues. 

Euromonitor also warned that the U.S. tourism industry could face a hit if the trade tensions between the U.S. and China escalate. 
…

Amazon isn’t commenting on reports that it plans to split its new headquarters between facilities in two cities rather than choosing just one.

The New York Times, citing unnamed people familiar with the decision-making process, said the company is nearing deals to locate in Queens in New York City and in the Crystal City area of Arlington, Va., outside Washington, D.C. The Wall Street Journal, which also reported the plan to split the headquarters between two cities, says Dallas is still a possibility as well.

Spokesman Adam Sedo said Amazon, which will also keep its original headquarters in Seattle, would not comment on “rumors and speculation.”

Amazon’s decision to set up another headquarters set off an intense competition to win the company and its promise of 50,000 new jobs. Some locations sought to stand out with stunts, but Amazon emphasized it wanted incentives like tax breaks and grants. It also wanted a city with more than 1 million people, an airport within 45 minutes, direct access to mass transit and room to expand.

The company received 238 proposals before narrowing the list to 20 in January.

The unexpected decision to evenly divide the 50,000 jobs between two cities will allow the company to recruit enough talent and also relieve pressures from demand for housing and transportation, the Wall Street Journal reported.

The New York Times said Amazon executives met last month with New York Gov. Andrew Cuomo and the state had offered possibly hundreds of millions of dollars’ worth of subsidies. They also met with New York City Mayor Bill de Blasio, it said.

“I’ll change my name to Amazon Cuomo if that’s what it takes,” the report cited Cuomo as saying.

Amazon has said it could spend more than $5 billion on the new headquarters over the next 17 years, about matching the size of its current home in Seattle, which has 33 buildings, 23 restaurants and 40,000 employees.

Amazon founder and CEO Jeff Bezos has said the new headquarters will be “a full equal” to its current home.

Amazon already employs 600,000 people. That’s expected to increase as it builds more warehouses across the country to keep up with online orders. The company recently announced that it would pay all its workers at least $15 an hour, but the employees at its second headquarters will be paid a lot more — Amazon says they’ll make an average of more than $100,000 a year.
…

Nigerian trade unions and the government agreed to a new minimum wage proposal on Tuesday, in an attempt to avert a planned nationwide strike following threats to shutdown Africa’s biggest economy, a union official said.

Unions, which have been discussing with the government a new minimum wage proposal, had planned to commence a strike on Tuesday.

Nigerian Labor Congress (NLC) General Secretary Peter Ozo-Eson said a committee set up with the government was recommending 30,000 naira as the new monthly minimum wage, after a series of meetings, up from the current minimum of 18,000 naira.

He said the proposal, which was negotiated by senior government officials including Labor Minister Chris Ngige, would be recommended to President Muhammadu Buhari on Tuesday.

“Following … the signing of the final report recommending 30,000 naira as the recommended new national minimum wage … the strike called to commence tomorrow has been suspended,” Ozo-Eson said.

“We all need to stand ready in a state of full mobilization in case future action becomes necessary to push for the timely enactment and implementation of the new minimum wage.”

Nigeria’s main unions launched a strike in September after the wage talks broke down. Unions initially wanted the monthly minimum wage raised to about 50,000 naira ($164). But the government, which is facing dwindling revenues due to lower oil prices, declined the proposal.

Unions later suspended strikes on their fourth day, saying the government had agreed to hold talks to discuss raising the minimum wage.

Buhari had vowed to review the wage due to a fuel price hike and currency devaluation in the last two years aimed at countering the effects of a global oil price plunge that hit the country hard. Nigeria is Africa’s biggest crude producer.

Buhari plans to stand for a second term at an election next February and his economic record will come under scrutiny, given previous pledges to raise living standards, tackle corruption and improve security.
…

Nigerian trade unions and the government agreed to a new minimum wage proposal on Tuesday, in an attempt to avert a planned nationwide strike following threats to shutdown Africa’s biggest economy, a union official said.

Unions, which have been discussing with the government a new minimum wage proposal, had planned to commence a strike on Tuesday.

Nigerian Labor Congress (NLC) General Secretary Peter Ozo-Eson said a committee set up with the government was recommending 30,000 naira as the new monthly minimum wage, after a series of meetings, up from the current minimum of 18,000 naira.

He said the proposal, which was negotiated by senior government officials including Labor Minister Chris Ngige, would be recommended to President Muhammadu Buhari on Tuesday.

“Following … the signing of the final report recommending 30,000 naira as the recommended new national minimum wage … the strike called to commence tomorrow has been suspended,” Ozo-Eson said.

“We all need to stand ready in a state of full mobilization in case future action becomes necessary to push for the timely enactment and implementation of the new minimum wage.”

Nigeria’s main unions launched a strike in September after the wage talks broke down. Unions initially wanted the monthly minimum wage raised to about 50,000 naira ($164). But the government, which is facing dwindling revenues due to lower oil prices, declined the proposal.

Unions later suspended strikes on their fourth day, saying the government had agreed to hold talks to discuss raising the minimum wage.

Buhari had vowed to review the wage due to a fuel price hike and currency devaluation in the last two years aimed at countering the effects of a global oil price plunge that hit the country hard. Nigeria is Africa’s biggest crude producer.

Buhari plans to stand for a second term at an election next February and his economic record will come under scrutiny, given previous pledges to raise living standards, tackle corruption and improve security.
…

When Han Siyuan first decided to apply for a job as a pilot cadet in 2008, she was up against 400 female classmates in China on tests measuring everything from their command of English to the length of their legs.

Eventually, she became the only woman from her university that Shanghai-based Spring Airlines picked for training that year. She is now a captain for the Chinese budget carrier, but it has not become much easier for the women who have come after her.

Han is one of just 713 women in China who, at the end of 2017, held a license to fly civilian aircraft, compared with 55,052 men. Of Spring Airlines’ 800 pilots, only six are women.

“I’ve gotten used to living in a man’s world,” she said.

China’s proportion of female pilots — at 1.3 percent — is one of the world’s lowest, which analysts and pilots attribute to social perceptions and male-centric hiring practices by Chinese airlines.

But Chinese airlines are struggling with an acute pilot shortage amid surging travel demand, and female pilots are drawing attention to the gender imbalance.

Chinese carriers will need 128,000 new pilots over the next two decades, according to forecasts by planemaker Boeing, and the shortfall has so far prompted airlines to aggressively hire foreign captains and Chinese regulators to relax physical entry requirements for cadets.

“The mission is to start cutting down the thorns that cover this road, to make it easier for those who come after us,” said Chen Jingxian, a Shanghai-based lawyer who learned to fly in the United States and is among those urging change.

‘Token Efforts’

Such issues are not confined to China; the proportion of female pilots in South Korea and Japan, where such jobs do not conform to widespread gender stereotypes, is also less than 3 percent.

But it is a sharp contrast to the situation in India, which, like China, has a fast-growing aviation market. But thanks to aggressive recruiting and support such as day care, India has the world’s highest proportion of female commercial pilots, at 12 percent.

China’s airlines only hire cadets directly from universities or the military. They often limit recruitment drives to male applicants and very rarely take in female cohorts.

In addition, unlike in other markets, such as the United States, China does not allow people to convert private flying licenses to commercial certificates for flying airliners.

Li Haipeng, deputy director of the Civil Aviation Management Institute of China’s general aviation department, said many airlines were also dissuaded to hire women by generous maternity leave policies. That has been further aggravated by Beijing’s move in 2015 to change the one-child policy, he added.

“Male pilots do not have the issue of not being able to fly for two years after giving birth, and after the introduction of the second-child policy, airlines are not willing to recruit and train a pilot only to have her not being able to fly for about five years,” he said.

He said Air China, China Eastern Airlines and China Southern Airlines had all made some effort to recruit female pilots, adding “nearly all other companies do not.”

China Eastern  and China Southern declined to comment while Air China did not respond to Reuters’ requests for comment.

Pilots said that hiring decisions were usually left to individual airlines and did not appear to be driven by the country’s regulator, the Civil Aviation Administration of China, whose recruitment requirements do not mention gender.

Xiamen Airlines, a China Southern subsidiary, told Reuters it offers up to 540 days of maternity leave. It started recruiting female pilots in 2008, and paused for a few years in between before resuming last year. Out of its 2,700 pilots, 18 are women while another 18 are in training.

“Allowing more women to become pilots is undoubtedly a good way to supplement (an airline’s) flying capability,” a spokesman for the carrier said.

Persuasion and Publicity

The strongest calls for change are coming mostly from Chinese female pilots, thanks to a slew of returnees who learned how to fly while living abroad in countries like the United States.

In March, the China Airline Pilots Association (ChALPA) established a female branch at an event attended by pilots from the People’s Liberation Army Air Force and local airlines, according to media reports.

Chen, the lawyer who also serves as a vice president of the ChALPA’s women’s branch, said she and others have been trying to spread the word by speaking about the issue at air shows in China.

Eventually, she said, the organization hopes to persuade Chinese airlines to adjust their recruitment and maternity policies.

Another key obstacle to tackle, she added, was the inability of general aviation pilots to shift to the commercial sector.

“It’s a systemic issue,” she said. “We hope that change can happen in three to five years, but this is not something that is up to us.”

Others like Han, who in recent months has appeared in Spring Airlines promotional videos, said she hoped the growing publicity would help to raise awareness.

“I can’t personally give people opportunities,” she said.

“But I hope that (the publicity) can slowly help open the door for companies or for girls with dreams to fly.”
…

When Han Siyuan first decided to apply for a job as a pilot cadet in 2008, she was up against 400 female classmates in China on tests measuring everything from their command of English to the length of their legs.

Eventually, she became the only woman from her university that Shanghai-based Spring Airlines picked for training that year. She is now a captain for the Chinese budget carrier, but it has not become much easier for the women who have come after her.

Han is one of just 713 women in China who, at the end of 2017, held a license to fly civilian aircraft, compared with 55,052 men. Of Spring Airlines’ 800 pilots, only six are women.

“I’ve gotten used to living in a man’s world,” she said.

China’s proportion of female pilots — at 1.3 percent — is one of the world’s lowest, which analysts and pilots attribute to social perceptions and male-centric hiring practices by Chinese airlines.

But Chinese airlines are struggling with an acute pilot shortage amid surging travel demand, and female pilots are drawing attention to the gender imbalance.

Chinese carriers will need 128,000 new pilots over the next two decades, according to forecasts by planemaker Boeing, and the shortfall has so far prompted airlines to aggressively hire foreign captains and Chinese regulators to relax physical entry requirements for cadets.

“The mission is to start cutting down the thorns that cover this road, to make it easier for those who come after us,” said Chen Jingxian, a Shanghai-based lawyer who learned to fly in the United States and is among those urging change.

‘Token Efforts’

Such issues are not confined to China; the proportion of female pilots in South Korea and Japan, where such jobs do not conform to widespread gender stereotypes, is also less than 3 percent.

But it is a sharp contrast to the situation in India, which, like China, has a fast-growing aviation market. But thanks to aggressive recruiting and support such as day care, India has the world’s highest proportion of female commercial pilots, at 12 percent.

China’s airlines only hire cadets directly from universities or the military. They often limit recruitment drives to male applicants and very rarely take in female cohorts.

In addition, unlike in other markets, such as the United States, China does not allow people to convert private flying licenses to commercial certificates for flying airliners.

Li Haipeng, deputy director of the Civil Aviation Management Institute of China’s general aviation department, said many airlines were also dissuaded to hire women by generous maternity leave policies. That has been further aggravated by Beijing’s move in 2015 to change the one-child policy, he added.

“Male pilots do not have the issue of not being able to fly for two years after giving birth, and after the introduction of the second-child policy, airlines are not willing to recruit and train a pilot only to have her not being able to fly for about five years,” he said.

He said Air China, China Eastern Airlines and China Southern Airlines had all made some effort to recruit female pilots, adding “nearly all other companies do not.”

China Eastern  and China Southern declined to comment while Air China did not respond to Reuters’ requests for comment.

Pilots said that hiring decisions were usually left to individual airlines and did not appear to be driven by the country’s regulator, the Civil Aviation Administration of China, whose recruitment requirements do not mention gender.

Xiamen Airlines, a China Southern subsidiary, told Reuters it offers up to 540 days of maternity leave. It started recruiting female pilots in 2008, and paused for a few years in between before resuming last year. Out of its 2,700 pilots, 18 are women while another 18 are in training.

“Allowing more women to become pilots is undoubtedly a good way to supplement (an airline’s) flying capability,” a spokesman for the carrier said.

Persuasion and Publicity

The strongest calls for change are coming mostly from Chinese female pilots, thanks to a slew of returnees who learned how to fly while living abroad in countries like the United States.

In March, the China Airline Pilots Association (ChALPA) established a female branch at an event attended by pilots from the People’s Liberation Army Air Force and local airlines, according to media reports.

Chen, the lawyer who also serves as a vice president of the ChALPA’s women’s branch, said she and others have been trying to spread the word by speaking about the issue at air shows in China.

Eventually, she said, the organization hopes to persuade Chinese airlines to adjust their recruitment and maternity policies.

Another key obstacle to tackle, she added, was the inability of general aviation pilots to shift to the commercial sector.

“It’s a systemic issue,” she said. “We hope that change can happen in three to five years, but this is not something that is up to us.”

Others like Han, who in recent months has appeared in Spring Airlines promotional videos, said she hoped the growing publicity would help to raise awareness.

“I can’t personally give people opportunities,” she said.

“But I hope that (the publicity) can slowly help open the door for companies or for girls with dreams to fly.”
…

Foreign governments and businesses were hoping Chinese President Xi Jinping would use the opening of China’s first international import expo to make specific announcements about reforms for trade and investment.  But that did not happen, and some saw the measures Xi rolled out Monday as falling short of expectations.

“We were waiting today for President Xi to inform the world about the reform that will take place in the coming days, but what we wanted to hear, (such as) the complete steps on implementing the reform and a clear timetable did not appear,” said Carlo Diego D’Andrea, vice president and Shanghai Chapter chairman of the European Chamber of Commerce in China.

In his speech, President Xi said China would relax barriers to access in areas such as financial services, agriculture, mining and education and boost the consumption of imported goods as well as lower tariffs.  He also said China would create a better business environment with a sound regulatory system, including bolstering punitive measures for violations of intellectual property rights.

On the issue of protection of intellectual property rights, Xi admitted China has room to improve, but he also followed up by saying those who complain about Chinese commercial practices should not hold a flashlight that only exposes others and not themselves.

Xi did not mention the United States directly or President Donald Trump’s tariffs, but some of his remarks appeared to be directed towards Washington.

As trade frictions with the United States continue, Xi pledged to boost imports and said China would import as much as $30 trillion in goods and $10 trillion in services during the next 15 years.  Last year, China imported $1.84 trillion in goods and $458 billion in services.

“China will lower tariffs, make customs clearance more convenient, reduce institutional costs in the import sector, and accelerate the development of new business models,” Xi said.

Although the China International Import Expo was planned well before trade tensions with the United States began to peak, some believe Beijing is using its hosting of the exhibition as an attempt to shift the country’s growing buying power elsewhere.

China’s middle class is nearly as large as the entire population of the United States.

Thousands of foreign companies are participating in the expo.  Some countries, such as Kenya, even have national pavilions at the event to help attract interest in their products and to boost ties.  Kenya’s President Uhuru Kenyatta was among several leaders who spoke at the opening ceremony Monday in addition to Xi.

Kenyatta was optimistic about trade opportunities with Beijing.  The Kenyan president noted how China is his nation’s biggest trading partner, with trade growing from $471 million in 2007 to $4 billion in 2017.

“This trade, however, was skewed heavily in favor of China,” Kenyatta said, noting concerns similar to those coming out of Washington.  “It is important therefore to correct the trade imbalance and enable a fairer share of trade.”

Xi voiced support for CIIE host city Shanghai as a center for technology and innovation, noting that it would continue to take the lead going forward.

China wants Shanghai to be one of the world’s leading global financial centers by 2020 and Xi expressed his support for the Shanghai stock indexes’ technology and innovation bourse that was launched in 2015, but has had lackluster appeal.

Tang Xuan, an assistant to the chairman of Nanliv Nano Technology, which is based in Shanghai, hoped the comments would give the index a boost.

“With Chairman Xi’s support, the high-tech innovation stock index may likely become more open and more active in future, which will perhaps spell good news for companies like ours and provide a stepping stone for us before we list on the main bourse,” Tang said.

But analysts say boosting confidence and growing the country’s attractiveness for investment will take more than just soundbites or massive trade shows.

Despite all of its proclaimed allegiance to openness and progress during the past four decades, China remains one of the world’s most protectionist economies.  The Organization for Economic Cooperation and Development ranks China 59 out of 62 countries in terms of openness for foreign direct investment.

D’Andrea said the expo will definitely help many countries reduce their trade deficits with China, but it will not address the country’s internal reform deficit.

“At the moment, the lack of internal reform, plus the external pressure made by the Trump administration and the trade dispute behind the U.S. and China may put on hold further investment from European countries into Chinese markets,” D’Andrea said.
…

Foreign governments and businesses were hoping Chinese President Xi Jinping would use the opening of China’s first international import expo to make specific announcements about reforms for trade and investment.  But that did not happen, and some saw the measures Xi rolled out Monday as falling short of expectations.

“We were waiting today for President Xi to inform the world about the reform that will take place in the coming days, but what we wanted to hear, (such as) the complete steps on implementing the reform and a clear timetable did not appear,” said Carlo Diego D’Andrea, vice president and Shanghai Chapter chairman of the European Chamber of Commerce in China.

In his speech, President Xi said China would relax barriers to access in areas such as financial services, agriculture, mining and education and boost the consumption of imported goods as well as lower tariffs.  He also said China would create a better business environment with a sound regulatory system, including bolstering punitive measures for violations of intellectual property rights.

On the issue of protection of intellectual property rights, Xi admitted China has room to improve, but he also followed up by saying those who complain about Chinese commercial practices should not hold a flashlight that only exposes others and not themselves.

Xi did not mention the United States directly or President Donald Trump’s tariffs, but some of his remarks appeared to be directed towards Washington.

As trade frictions with the United States continue, Xi pledged to boost imports and said China would import as much as $30 trillion in goods and $10 trillion in services during the next 15 years.  Last year, China imported $1.84 trillion in goods and $458 billion in services.

“China will lower tariffs, make customs clearance more convenient, reduce institutional costs in the import sector, and accelerate the development of new business models,” Xi said.

Although the China International Import Expo was planned well before trade tensions with the United States began to peak, some believe Beijing is using its hosting of the exhibition as an attempt to shift the country’s growing buying power elsewhere.

China’s middle class is nearly as large as the entire population of the United States.

Thousands of foreign companies are participating in the expo.  Some countries, such as Kenya, even have national pavilions at the event to help attract interest in their products and to boost ties.  Kenya’s President Uhuru Kenyatta was among several leaders who spoke at the opening ceremony Monday in addition to Xi.

Kenyatta was optimistic about trade opportunities with Beijing.  The Kenyan president noted how China is his nation’s biggest trading partner, with trade growing from $471 million in 2007 to $4 billion in 2017.

“This trade, however, was skewed heavily in favor of China,” Kenyatta said, noting concerns similar to those coming out of Washington.  “It is important therefore to correct the trade imbalance and enable a fairer share of trade.”

Xi voiced support for CIIE host city Shanghai as a center for technology and innovation, noting that it would continue to take the lead going forward.

China wants Shanghai to be one of the world’s leading global financial centers by 2020 and Xi expressed his support for the Shanghai stock indexes’ technology and innovation bourse that was launched in 2015, but has had lackluster appeal.

Tang Xuan, an assistant to the chairman of Nanliv Nano Technology, which is based in Shanghai, hoped the comments would give the index a boost.

“With Chairman Xi’s support, the high-tech innovation stock index may likely become more open and more active in future, which will perhaps spell good news for companies like ours and provide a stepping stone for us before we list on the main bourse,” Tang said.

But analysts say boosting confidence and growing the country’s attractiveness for investment will take more than just soundbites or massive trade shows.

Despite all of its proclaimed allegiance to openness and progress during the past four decades, China remains one of the world’s most protectionist economies.  The Organization for Economic Cooperation and Development ranks China 59 out of 62 countries in terms of openness for foreign direct investment.

D’Andrea said the expo will definitely help many countries reduce their trade deficits with China, but it will not address the country’s internal reform deficit.

“At the moment, the lack of internal reform, plus the external pressure made by the Trump administration and the trade dispute behind the U.S. and China may put on hold further investment from European countries into Chinese markets,” D’Andrea said.
…

Chinese President Xi Jinping said Monday that China would take steps to widen access to its markets as he opened a huge trade fair amid criticism from other countries about China’s economic and business practices.

Xi said China would lower tariffs, take more action to punish violations of intellectual property rights, and work to boost domestic consumption of imported goods.

Speaking at the trade expo in Shanghai, Xi pledged to “embrace the world” as China promotes the growing consumer market in the world’s second-largest economy.

He did not mention U.S. President Donald Trump by name, but alluded to Trump’s “America first” economic policies by criticizing isolationism and citing a need to defend multilateral trade.

​The United States and China are locked in a battle over trade, with Trump complaining about the trade gap between the two countries and accusing China of stealing intellectual property and imposing policies that make it more difficult for U.S. companies to access the Chinese market.

Trump has announced boosted tariffs on $250 billion of Chinese goods, while China has countered with $110 billion in tariffs on U.S. products. Xi and Trump are expected to meet later this month.

The European Union has also complained about China’s trade policies, including criticizing Xi for not following through on earlier reform pledges. The EU called last week for Xi to present concrete steps to opening its market.
…

Chinese President Xi Jinping said Monday that China would take steps to widen access to its markets as he opened a huge trade fair amid criticism from other countries about China’s economic and business practices.

Xi said China would lower tariffs, take more action to punish violations of intellectual property rights, and work to boost domestic consumption of imported goods.

Speaking at the trade expo in Shanghai, Xi pledged to “embrace the world” as China promotes the growing consumer market in the world’s second-largest economy.

He did not mention U.S. President Donald Trump by name, but alluded to Trump’s “America first” economic policies by criticizing isolationism and citing a need to defend multilateral trade.

​The United States and China are locked in a battle over trade, with Trump complaining about the trade gap between the two countries and accusing China of stealing intellectual property and imposing policies that make it more difficult for U.S. companies to access the Chinese market.

Trump has announced boosted tariffs on $250 billion of Chinese goods, while China has countered with $110 billion in tariffs on U.S. products. Xi and Trump are expected to meet later this month.

The European Union has also complained about China’s trade policies, including criticizing Xi for not following through on earlier reform pledges. The EU called last week for Xi to present concrete steps to opening its market.
…

When employees enter Saba — an Israeli restaurant started by award-winning chef Alon Shaya — they pass by the company’s mission statement, which emphasizes the importance of a safe and comfortable working environment. Only at the end does it really get around to food with the words: “Then, we will cook and serve and be happy.”

“The team is number one and that is who we are as a company,” said Shaya, explaining the genesis of his and his wife’s new venture, Pomegranate Hospitality , which includes restaurants in New Orleans and Denver, and the environment he hopes to create for the company’s nearly 150 employees.

Discussions about new restaurants generally revolve around the food. And at Saba the piping hot pita bread or the blue crab hummus is discussion-worthy. But long before the first plate of shakshouka was served, Shaya and his team focused on how to create an inclusive work environment different than the toxic restaurant workplaces exposed by the #MeToo movement.

Just over a year ago, Shaya was part owner and executive chef of three restaurants in the Besh Restaurant Group, headed by New Orleans chef John Besh, including his James Beard-awarding winning namesake Israeli restaurant.

Then a story in NOLA.com/The Times-Picayune detailed allegations of sexual misconduct in Besh’s company, causing Besh to step down. Shaya wasn’t personally accused of misconduct but the story detailed allegations of harassment at two of his restaurants. Shaya was quoted in the story about concerns he had over BRG’s then-lack of a human resources department. Shaya has said that’s what led to his firing — something Besh’s company disputed. A messy legal battle ensued during which Shaya lost all rights to his namesake restaurant.

Fast forward to current day: Shaya sits at Saba discussing the policies and procedures Pomegranate has put in place to ensure a safe working environment.

The interview process includes questions way beyond whether a person has waited tables before (‘What was the last gift you bought for somebody?’). Management holds 30- and 90-day chats with new employees and then every six months. The restaurants are closed Monday and Tuesday so everyone has a guaranteed two days in a row off.

Women populate high-profile roles including executive chef in New Orleans. About 60 percent of each restaurant’s staff is women. They’ve adopted ideas from other restaurants including a system used by Erin Wade at the Oakland, California-based Homeroom to deal with sexual harassment and a code of conduct for guest chefs used by Raleigh, N.C.-based restaurateur Ashley Christiansen.

Service is limited during 2:30 to 4 p.m. so the staff can sit together for a meal, often accompanied by staff presentations to their co-workers. Some topics are work-related. But employees are also encouraged to share what interests them. During a recent session, cook Timmy Harris talked to the waiters, managers, and cooks about existentialism, Southern literature and author Walker Percy.

“It kind of drives home the point that this is a place for people to develop themselves. It’s not just a restaurant. We’re not just slinging pita,” Harris said after.

Shaya said he can’t talk much about what happened while working at BRG for legal reasons but says now that he and his wife own their company they’re able to create the structure they want.

“Even in our restaurants someone will be inappropriate at some point,” Shaya said. “And I know that when that happens people are going to jump on it because people have really bought into the values.”

Experts say many issues have contributed to sexual misconduct in the restaurant industry, including a tipping structure that can inhibit servers — often women — from complaining about out-of-line customers, little training for managers and high turnover. Restaurants’ small size — often family-owned or single units — has historically meant they don’t have strong HR policies, said Juan Madera, an associate professor at the Conrad N. Hilton College of Hotel and Restaurant Management.

Allegations of sexual misconduct at restaurants and the wider #MeToo discussion have been a “wakeup call for restaurants,” Madera said. He’s hearing from restaurant associations and others who want to figure out how to prevent sexual harassment in the workplace.

Raleigh, N.C.-based chef and restaurateur Ashley Christiansen, who talked with Shaya about his new venture, says a restaurant’s HR presence is as important as the food or the linen service. She says it’s difficult to measure how much progress has been made across the industry since the growth of the #MeToo movement, but she sees cause for optimism.

“I feel like it’s the thing I talk about more than food now, and I think that’s a positive thing,” she said.

Shaya says his new venture hasn’t been without problems. He’s fired one person who was cursing at another employee. But he’s also been inspired by staff members calling out someone who makes an off-color joke or not tolerating negativity.

“We’ve taken it down to the very basics of kindness, and we stick to it and I feel that we’ve attracted a lot of people who believe in that,” he said.
…

When employees enter Saba — an Israeli restaurant started by award-winning chef Alon Shaya — they pass by the company’s mission statement, which emphasizes the importance of a safe and comfortable working environment. Only at the end does it really get around to food with the words: “Then, we will cook and serve and be happy.”

“The team is number one and that is who we are as a company,” said Shaya, explaining the genesis of his and his wife’s new venture, Pomegranate Hospitality , which includes restaurants in New Orleans and Denver, and the environment he hopes to create for the company’s nearly 150 employees.

Discussions about new restaurants generally revolve around the food. And at Saba the piping hot pita bread or the blue crab hummus is discussion-worthy. But long before the first plate of shakshouka was served, Shaya and his team focused on how to create an inclusive work environment different than the toxic restaurant workplaces exposed by the #MeToo movement.

Just over a year ago, Shaya was part owner and executive chef of three restaurants in the Besh Restaurant Group, headed by New Orleans chef John Besh, including his James Beard-awarding winning namesake Israeli restaurant.

Then a story in NOLA.com/The Times-Picayune detailed allegations of sexual misconduct in Besh’s company, causing Besh to step down. Shaya wasn’t personally accused of misconduct but the story detailed allegations of harassment at two of his restaurants. Shaya was quoted in the story about concerns he had over BRG’s then-lack of a human resources department. Shaya has said that’s what led to his firing — something Besh’s company disputed. A messy legal battle ensued during which Shaya lost all rights to his namesake restaurant.

Fast forward to current day: Shaya sits at Saba discussing the policies and procedures Pomegranate has put in place to ensure a safe working environment.

The interview process includes questions way beyond whether a person has waited tables before (‘What was the last gift you bought for somebody?’). Management holds 30- and 90-day chats with new employees and then every six months. The restaurants are closed Monday and Tuesday so everyone has a guaranteed two days in a row off.

Women populate high-profile roles including executive chef in New Orleans. About 60 percent of each restaurant’s staff is women. They’ve adopted ideas from other restaurants including a system used by Erin Wade at the Oakland, California-based Homeroom to deal with sexual harassment and a code of conduct for guest chefs used by Raleigh, N.C.-based restaurateur Ashley Christiansen.

Service is limited during 2:30 to 4 p.m. so the staff can sit together for a meal, often accompanied by staff presentations to their co-workers. Some topics are work-related. But employees are also encouraged to share what interests them. During a recent session, cook Timmy Harris talked to the waiters, managers, and cooks about existentialism, Southern literature and author Walker Percy.

“It kind of drives home the point that this is a place for people to develop themselves. It’s not just a restaurant. We’re not just slinging pita,” Harris said after.

Shaya said he can’t talk much about what happened while working at BRG for legal reasons but says now that he and his wife own their company they’re able to create the structure they want.

“Even in our restaurants someone will be inappropriate at some point,” Shaya said. “And I know that when that happens people are going to jump on it because people have really bought into the values.”

Experts say many issues have contributed to sexual misconduct in the restaurant industry, including a tipping structure that can inhibit servers — often women — from complaining about out-of-line customers, little training for managers and high turnover. Restaurants’ small size — often family-owned or single units — has historically meant they don’t have strong HR policies, said Juan Madera, an associate professor at the Conrad N. Hilton College of Hotel and Restaurant Management.

Allegations of sexual misconduct at restaurants and the wider #MeToo discussion have been a “wakeup call for restaurants,” Madera said. He’s hearing from restaurant associations and others who want to figure out how to prevent sexual harassment in the workplace.

Raleigh, N.C.-based chef and restaurateur Ashley Christiansen, who talked with Shaya about his new venture, says a restaurant’s HR presence is as important as the food or the linen service. She says it’s difficult to measure how much progress has been made across the industry since the growth of the #MeToo movement, but she sees cause for optimism.

“I feel like it’s the thing I talk about more than food now, and I think that’s a positive thing,” she said.

Shaya says his new venture hasn’t been without problems. He’s fired one person who was cursing at another employee. But he’s also been inspired by staff members calling out someone who makes an off-color joke or not tolerating negativity.

“We’ve taken it down to the very basics of kindness, and we stick to it and I feel that we’ve attracted a lot of people who believe in that,” he said.
…

Facing a blizzard of trade complaints, China is throwing an “open for business” import fair hosted by President Xi Jinping to rebrand itself as a welcoming market and positive global force. 

More than 3,000 companies from 130 countries selling everything from Egyptian dates to factory machinery are attending the China International Import Expo, opening Monday in the commercial hub of Shanghai. Its VIP guest list includes prime ministers and other leaders from Russia, Pakistan and Vietnam. 

The United States, fighting a tariff war with Beijing, has no plans to send a high-level envoy. 

Xi’s government is emphasizing the promise of China’s growing consumer market to help defuse complaints Beijing abuses the global trading system by reneging on promises to open its industries. 

“This says, look, we’re not a global parasite that is creating massive deficits, we are buying goods,” said Kerry Brown, a Chinese politics specialist at King’s College London. 

The event also is part of efforts to develop a trading network centered on China and increase its influence in a Western-dominated global system. 

President Donald Trump and his “America First” trade policies that threaten to raise import barriers to the world’s biggest consumer market loom in the background. 

Exporters, especially developing countries, want closer relations with China to help “insulate themselves from what is happening with Trump and the U.S.,” said Gareth Leather of Capital Economics. 

China has cut tariffs and announced other measures this year to boost imports, which rose 15.9 percent in 2017 to $1.8 trillion. But none addresses the U.S. complaints about its technology policy that prompted Trump to impose penalty tariffs of up to 25 percent on $250 billion worth of Chinese imports. Beijing has responded with tariff hikes on $110 billion worth of American imports. 

Chinese ambitions

Chinese leaders have rejected pressure to roll back plans such as “Made in China 2025,” which calls for state-led creation of global champions in robotics and other fields, ambitions that some American officials worry will undermine U.S. industrial leadership. 

To keep the economy growing, China needs to nurture its consumer market, and that requires more imports. 

But foreign companies say regulators are still trying to squeeze them out of promising industries and that they face pressure to hand over technology. 

The Shanghai expo “will be of little consequence to U.S. and other companies unless its pageantry is matched by meaningful and measurable changes in China trade practices,” Kenneth Jarrett, president of the American Chamber of Commerce in Shanghai, said in an email. 

Some companies might get a brief sales boost, “but its long-run impact will be defined by China’s willingness to end many of its unfair trade practices,” said Jarrett. 

Europe, Japan and other trading partners have been leery of Trump’s tactics but echo U.S. complaints. 

They say Beijing improperly hampers access to finance, logistics and other service industries. European leaders are frustrated that Beijing bars foreign acquisitions of most assets while its own companies are on a global buying spree. 

Writing in a Chinese business magazine, the French and German ambassadors to Beijing appealed for changes including an end to requirements that foreign companies operate in joint ventures with state-owned partners. They called for an overhaul of rules they say hinder companies from profiting from and protecting their technology. 

“We encourage China to address these issues through concrete and systematic measures that go beyond tariff adjustments,” Ambassadors Jean-Maurice Ripert of France and Clemens von Goetze of Germany wrote in the magazine Caixin. 

China already is the No. 1 trading partner for all its Asian neighbors, though a big share of the iron ore, industrial components and other goods it buys are turned into smartphones, TV sets and other goods for export. 

Better access to some goods

Tariff cuts announced over the past year were aimed at giving Chinese consumers better access to foreign goods. Chinese leaders emphasize those include anti-cancer drugs and other medical products. But many are specialty goods such as high-end baby strollers, avocados and mineral water that don’t compete with Chinese suppliers. 

The Shanghai expo also gives Beijing a chance to repair its image following complaints about its “Belt and Road Initiative” to expand trade by building ports, railways and other infrastructure across a vast arc of 65 countries from the South Pacific through Asia to Africa and Europe. 

Governments including Nepal, Sri Lanka and Thailand have scrapped or scaled back projects because of high costs or complaints that too little work goes to local companies. Sri Lanka, Kenya and other nations have run into trouble repaying Chinese loans. 

“It’s become too associated with debt and China getting what it wants,” said Brown. “They are trying to get out this more positive message that China is open for business.”  
…

A hungry American economy powered by a strong U.S. dollar saw record imports in September, driving the U.S. trade deficit to its highest level in seven months, the government reported Friday. 

And amid President Donald Trump’s trade war with Beijing, the U.S. trade deficit with China swelled again, as crucial soybean exports — a sore spot for Republicans in next week’s midterm elections — continued to suffer. 

With rising wages and low unemployment, Americans purchased more foreign-made telecommunications equipment, computers, mobile phones, aircraft engines, clothing and toys, the Commerce Department said. 

The U.S. trade deficit posted its fourth straight monthly increase, rising 1.3 percent to a seasonally adjusted $54 billion, significantly overshooting analyst forecasts, as imports hit $266.6 billion, the highest level ever recorded. Exports also rose to $212.6 billion. 

The U.S. trade gap has increased a steep 10.1 percent so far this year. 

The expanding trade gap should weigh on GDP calculations in the third quarter, although many estimates may already have factored in the trade drag. 

Record imports from China

Trade with China, a central target of Trump’s aggressive economic agenda, was a clear culprit, as the deficit in goods with the world’s second-largest economy jumped $3 billion to $37.4 billion, seasonally adjusted. 

Goods imports from China hit a record of $47.7 billion, seasonally adjusted, an increase of $3.5 billion from August. 

The trade report showed American producers sold more gold, petroleum products and civilian aircraft, but exports of soybeans fell $700 billion from August, also largely the result of the trade spat with China. 

U.S. imports rose faster than exports on robust spending by companies and consumers — driving the U.S. goods deficit to its highest level ever recorded at $76.3 billion. 

U.S. goods imports also were the highest ever, at $217.6 billion. 

Analysts say recent tax cuts and fiscal stimulus should support demand that outstrips domestic production, keeping imports high and allowing the trade gap to widen further. 

Excluding oil and aircraft, U.S. exports fell at an annual rate of 8.6 percent, something Ian Shepherdson of Pantheon Macroeconomics called “grim.” 

Trump said Thursday that he had spoken to Chinese President Xi Jinping about trade confrontation, and the leaders are expected to meet late this month at the Group of 20 summit in Argentina. 

That will be a chance for the two to work toward ending a deadlock, which has imposed steep tariffs on hundreds of millions of dollars in two-way trade. 

No high hopes

However, senior White House economic adviser Larry Kudlow poured cold water on expectations for a breakthrough. 

“Look, there’s no massive movement to deal with trade,” Kudlow told CNBC on Friday. 

Markets, manufacturers and importers are bracing for a stiff increase in U.S. duties on Chinese goods, which are due to rise to 25 percent on January 1. 

Trump has slapped tariffs on more than $250 billion in imports from China, alleging massive state intervention and technological theft, and has sought leverage in talks by threatening to put duties on all Chinese imports. 

Wall Street interrupted this week’s rally, closing down sharply on fears the U.S.-China trade war could worsen. 

“The risks from a trade war remain our biggest concern in light of recent events,” Oxford Economics said in a research note. 
…

A hungry American economy powered by a strong U.S. dollar saw record imports in September, driving the U.S. trade deficit to its highest level in seven months, the government reported Friday. 

And amid President Donald Trump’s trade war with Beijing, the U.S. trade deficit with China swelled again, as crucial soybean exports — a sore spot for Republicans in next week’s midterm elections — continued to suffer. 

With rising wages and low unemployment, Americans purchased more foreign-made telecommunications equipment, computers, mobile phones, aircraft engines, clothing and toys, the Commerce Department said. 

The U.S. trade deficit posted its fourth straight monthly increase, rising 1.3 percent to a seasonally adjusted $54 billion, significantly overshooting analyst forecasts, as imports hit $266.6 billion, the highest level ever recorded. Exports also rose to $212.6 billion. 

The U.S. trade gap has increased a steep 10.1 percent so far this year. 

The expanding trade gap should weigh on GDP calculations in the third quarter, although many estimates may already have factored in the trade drag. 

Record imports from China

Trade with China, a central target of Trump’s aggressive economic agenda, was a clear culprit, as the deficit in goods with the world’s second-largest economy jumped $3 billion to $37.4 billion, seasonally adjusted. 

Goods imports from China hit a record of $47.7 billion, seasonally adjusted, an increase of $3.5 billion from August. 

The trade report showed American producers sold more gold, petroleum products and civilian aircraft, but exports of soybeans fell $700 billion from August, also largely the result of the trade spat with China. 

U.S. imports rose faster than exports on robust spending by companies and consumers — driving the U.S. goods deficit to its highest level ever recorded at $76.3 billion. 

U.S. goods imports also were the highest ever, at $217.6 billion. 

Analysts say recent tax cuts and fiscal stimulus should support demand that outstrips domestic production, keeping imports high and allowing the trade gap to widen further. 

Excluding oil and aircraft, U.S. exports fell at an annual rate of 8.6 percent, something Ian Shepherdson of Pantheon Macroeconomics called “grim.” 

Trump said Thursday that he had spoken to Chinese President Xi Jinping about trade confrontation, and the leaders are expected to meet late this month at the Group of 20 summit in Argentina. 

That will be a chance for the two to work toward ending a deadlock, which has imposed steep tariffs on hundreds of millions of dollars in two-way trade. 

No high hopes

However, senior White House economic adviser Larry Kudlow poured cold water on expectations for a breakthrough. 

“Look, there’s no massive movement to deal with trade,” Kudlow told CNBC on Friday. 

Markets, manufacturers and importers are bracing for a stiff increase in U.S. duties on Chinese goods, which are due to rise to 25 percent on January 1. 

Trump has slapped tariffs on more than $250 billion in imports from China, alleging massive state intervention and technological theft, and has sought leverage in talks by threatening to put duties on all Chinese imports. 

Wall Street interrupted this week’s rally, closing down sharply on fears the U.S.-China trade war could worsen. 

“The risks from a trade war remain our biggest concern in light of recent events,” Oxford Economics said in a research note. 
…

U.S. employers added a stellar 250,000 jobs last month and boosted average pay by the most in nearly a decade in an effort to attract and keep workers.

The Labor Department’s monthly jobs report, the last major economic data before the Nov. 6 election, also shows the unemployment rate remained at a five-decade low of 3.7 percent.

The influx of new job-seekers lifted the proportion of Americans with jobs to the highest level since January 2009.

Consumers are the most confident they have been in 18 years and are spending freely and propelling brisk economic growth. The U.S. economy is in its 10th year of expansion, the second-longest such period on record, and October marks the 100th straight month of hiring, a record streak.

 
…

U.S. employers added a stellar 250,000 jobs last month and boosted average pay by the most in nearly a decade in an effort to attract and keep workers.

The Labor Department’s monthly jobs report, the last major economic data before the Nov. 6 election, also shows the unemployment rate remained at a five-decade low of 3.7 percent.

The influx of new job-seekers lifted the proportion of Americans with jobs to the highest level since January 2009.

Consumers are the most confident they have been in 18 years and are spending freely and propelling brisk economic growth. The U.S. economy is in its 10th year of expansion, the second-longest such period on record, and October marks the 100th straight month of hiring, a record streak.

 
…

Washington ratcheted up pressure on Venezuela’s leftist President Nicolas Maduro on Thursday with new measures aimed at disrupting the South American country’s gold exports, U.S. national security adviser John Bolton said.

Bolton promised a tough stance by the Trump administration toward “dictators and despots near our shores” and singled out Venezuela, Cuba and Nicaragua in a speech in Miami, which is home to large numbers of migrants from Cuba and Venezuela.

He spoke days before U.S. elections next week that include close races for a Senate seat and the governorship in Florida.

His remarks were likely to be well received by those Cuban-Americans and other Hispanics in Florida who favor stronger U.S. pressure on Cuba’s Communist government and other leftist governments in Latin America.

In his prepared remarks for the speech, Bolton said President Donald Trump had signed an executive order to ban U.S. persons from dealing with entities and individuals involved with “corrupt or deceptive” gold sales from Venezuela.

“Many of you in the audience today have personally suffered unspeakable horrors at the hands of the regimes in Cuba, Venezuela, and Nicaragua, only to survive, fight back, conquer, and overcome,” Bolton said in his prepared remarks.

“The troika of tyranny in this hemisphere – Cuba, Venezuela and Nicaragua – has finally met its match,” he said.

Bolton spoke at Freedom Tower – a building where Cuban refugees were welcomed in the 1960s following Fidel Castro’s revolution – a day after Trump campaigned in Florida for Republican candidates in tight Senate and gubernatorial races.

Florida has traditionally been a swing state and former President Barack Obama was scheduled to rally Democrats in Miami on Friday ahead of the Nov. 6 elections.

Trump has taken a harder line on Cuba after Obama sought to set aside decades of hostility between Washington and Havana. He has rolled back parts of Obama’s 2014 detente by tightening rules on Americans traveling to the Caribbean island and restricting U.S. companies from doing business there.

On Thursday, the U.S. State Department added more than two dozen entities to a list of Cuban organizations associated with country’s military and intelligence services, Bolton said in his prepared remarks. U.S. persons and companies are banned from doing business with the restricted companies.

Bolton said Cuba is aiding Maduro’s government in Venezuela, referring to the close ties between the two countries since Maduro’s predecessor, Hugo Chavez, came to power in 1999.

‘Robust sanctions’

Almost 2 million Venezuelans have fled their country since 2015, driven out by food and medicine shortages, hyperinflation, and violent crime. Thousands have made their way to south Florida.

Maduro, who denies limiting political freedoms, has said he is the victim of an “economic war” led by U.S.-backed adversaries.

Venezuela exported 23.62 tonnes of gold worth $900 million to Turkey in the first nine months of this year, compared with zero in the same period last year, official Turkish data showed – an illustration of how the South American country is shifting its pattern of trade following a wave of U.S. sanctions that

began last year.

Bolton also singled out Nicaragua for criticism over leftist President Daniel Ortega’s crackdown on political opponents, saying its government “will feel the full weight of America’s robust sanctions regime.”

Colombian President Ivan Duque and Brazil’s president-elect, Jair Bolsonaro, are “likeminded leaders,” Bolton said, adding the United States would partner with them and leaders in Mexico, Argentina and other Latin American nations to boost security and the economy in the region.

Also on Thursday, the United Nations General Assembly overwhelmingly adopted its 27th annual resolution calling for an end to the U.S. economic embargo on Cuba after a failed attempt by Washington to amend the text to push Cuba to improve its human rights record.
…

Washington ratcheted up pressure on Venezuela’s leftist President Nicolas Maduro on Thursday with new measures aimed at disrupting the South American country’s gold exports, U.S. national security adviser John Bolton said.

Bolton promised a tough stance by the Trump administration toward “dictators and despots near our shores” and singled out Venezuela, Cuba and Nicaragua in a speech in Miami, which is home to large numbers of migrants from Cuba and Venezuela.

He spoke days before U.S. elections next week that include close races for a Senate seat and the governorship in Florida.

His remarks were likely to be well received by those Cuban-Americans and other Hispanics in Florida who favor stronger U.S. pressure on Cuba’s Communist government and other leftist governments in Latin America.

In his prepared remarks for the speech, Bolton said President Donald Trump had signed an executive order to ban U.S. persons from dealing with entities and individuals involved with “corrupt or deceptive” gold sales from Venezuela.

“Many of you in the audience today have personally suffered unspeakable horrors at the hands of the regimes in Cuba, Venezuela, and Nicaragua, only to survive, fight back, conquer, and overcome,” Bolton said in his prepared remarks.

“The troika of tyranny in this hemisphere – Cuba, Venezuela and Nicaragua – has finally met its match,” he said.

Bolton spoke at Freedom Tower – a building where Cuban refugees were welcomed in the 1960s following Fidel Castro’s revolution – a day after Trump campaigned in Florida for Republican candidates in tight Senate and gubernatorial races.

Florida has traditionally been a swing state and former President Barack Obama was scheduled to rally Democrats in Miami on Friday ahead of the Nov. 6 elections.

Trump has taken a harder line on Cuba after Obama sought to set aside decades of hostility between Washington and Havana. He has rolled back parts of Obama’s 2014 detente by tightening rules on Americans traveling to the Caribbean island and restricting U.S. companies from doing business there.

On Thursday, the U.S. State Department added more than two dozen entities to a list of Cuban organizations associated with country’s military and intelligence services, Bolton said in his prepared remarks. U.S. persons and companies are banned from doing business with the restricted companies.

Bolton said Cuba is aiding Maduro’s government in Venezuela, referring to the close ties between the two countries since Maduro’s predecessor, Hugo Chavez, came to power in 1999.

‘Robust sanctions’

Almost 2 million Venezuelans have fled their country since 2015, driven out by food and medicine shortages, hyperinflation, and violent crime. Thousands have made their way to south Florida.

Maduro, who denies limiting political freedoms, has said he is the victim of an “economic war” led by U.S.-backed adversaries.

Venezuela exported 23.62 tonnes of gold worth $900 million to Turkey in the first nine months of this year, compared with zero in the same period last year, official Turkish data showed – an illustration of how the South American country is shifting its pattern of trade following a wave of U.S. sanctions that

began last year.

Bolton also singled out Nicaragua for criticism over leftist President Daniel Ortega’s crackdown on political opponents, saying its government “will feel the full weight of America’s robust sanctions regime.”

Colombian President Ivan Duque and Brazil’s president-elect, Jair Bolsonaro, are “likeminded leaders,” Bolton said, adding the United States would partner with them and leaders in Mexico, Argentina and other Latin American nations to boost security and the economy in the region.

Also on Thursday, the United Nations General Assembly overwhelmingly adopted its 27th annual resolution calling for an end to the U.S. economic embargo on Cuba after a failed attempt by Washington to amend the text to push Cuba to improve its human rights record.
…

U.S. stocks rose on Thursday, as robust earnings reports supported a third day of recovery from a bruising selloff in October, but a drop in Apple’s shares ahead of results kept technology stocks under pressure.

Chemicals producer DowDuPont Inc rose 6.6 percent after quarterly profit topped estimates and the company announced a $3 billion share buyback.

NXP Semiconductors climbed 8.6 percent after the chipmaker topped profit and revenue estimates, while American International Group Inc gained 4.7 percent after the insurer posted a smaller-than-quarterly loss.

Markets also got a lift after U.S. President Donald Trump said in a tweet he had a “very good” talk with Chinese President Xi Jinping on trade and North Korea and that the two planned to meet at the upcoming G-20 summit.

The rebound comes after the benchmark S&P 500 in October posted its worst monthly performance since September 2011, battered by worries over rising borrowing costs, global trade disputes and a possible slowdown in U.S. corporate profits.

“Over the past few days, we’ve seen the pressure valve taken off the selling which certainly helps from a sentiment perspective,” said Michael Antonelli, managing director, institutional sales trading at Robert W. Baird in Milwaukee.

The S&P technology index slipped 0.1 percent after two days of solid gains, with Apple, last among the major technology names to report earnings, falling 0.2 percent ahead of earnings after markets close.

Netflix, Facebook and Alphabet also fell, pushing the communication services index down 0.3 percent.

Shares in Spotify Technology fell about 10 percent after the paid music streaming service reported quarterly revenue and margins in line with expectations and a modest rise in premium subscribers.

S&P 500 companies are on pace to have posted a 26.3 percent rise in third-quarter earnings with more than half of the constituents having reported, according to IBES data from Refinitiv. Despite the big overall profit increase, some high-profile companies have issued disappointing reports.

At 10:12 a.m. ET, the Dow Jones Industrial Average was up 147.40 points, or 0.59 percent, at 25,263.16, the S&P 500 was up 12.40 points, or 0.46 percent, at 2,724.14. The Nasdaq Composite was up 23.57 points, or 0.32 percent, at 7,329.47.

Eight of the 11 major S&P sectors were higher, with a 2 percent jump in the materials index leading the gainers after DowDuPont’s results.

Health insurer Cigna Corp rose 3.1 percent after beating quarterly profit estimates and raising its full-year earnings forecast on tight cost controls.

Advancing issues outnumbered decliners by a 2.99-to-1 ratio on the NYSE. Advancing issues outnumbered decliners by a 2.28-to-1 ratio on the Nasdaq.

The S&P index recorded 6 new 52-week highs and 2 new lows, while the Nasdaq recorded 12 new highs and 29 new lows.
…

U.S. stocks rose on Thursday, as robust earnings reports supported a third day of recovery from a bruising selloff in October, but a drop in Apple’s shares ahead of results kept technology stocks under pressure.

Chemicals producer DowDuPont Inc rose 6.6 percent after quarterly profit topped estimates and the company announced a $3 billion share buyback.

NXP Semiconductors climbed 8.6 percent after the chipmaker topped profit and revenue estimates, while American International Group Inc gained 4.7 percent after the insurer posted a smaller-than-quarterly loss.

Markets also got a lift after U.S. President Donald Trump said in a tweet he had a “very good” talk with Chinese President Xi Jinping on trade and North Korea and that the two planned to meet at the upcoming G-20 summit.

The rebound comes after the benchmark S&P 500 in October posted its worst monthly performance since September 2011, battered by worries over rising borrowing costs, global trade disputes and a possible slowdown in U.S. corporate profits.

“Over the past few days, we’ve seen the pressure valve taken off the selling which certainly helps from a sentiment perspective,” said Michael Antonelli, managing director, institutional sales trading at Robert W. Baird in Milwaukee.

The S&P technology index slipped 0.1 percent after two days of solid gains, with Apple, last among the major technology names to report earnings, falling 0.2 percent ahead of earnings after markets close.

Netflix, Facebook and Alphabet also fell, pushing the communication services index down 0.3 percent.

Shares in Spotify Technology fell about 10 percent after the paid music streaming service reported quarterly revenue and margins in line with expectations and a modest rise in premium subscribers.

S&P 500 companies are on pace to have posted a 26.3 percent rise in third-quarter earnings with more than half of the constituents having reported, according to IBES data from Refinitiv. Despite the big overall profit increase, some high-profile companies have issued disappointing reports.

At 10:12 a.m. ET, the Dow Jones Industrial Average was up 147.40 points, or 0.59 percent, at 25,263.16, the S&P 500 was up 12.40 points, or 0.46 percent, at 2,724.14. The Nasdaq Composite was up 23.57 points, or 0.32 percent, at 7,329.47.

Eight of the 11 major S&P sectors were higher, with a 2 percent jump in the materials index leading the gainers after DowDuPont’s results.

Health insurer Cigna Corp rose 3.1 percent after beating quarterly profit estimates and raising its full-year earnings forecast on tight cost controls.

Advancing issues outnumbered decliners by a 2.99-to-1 ratio on the NYSE. Advancing issues outnumbered decliners by a 2.28-to-1 ratio on the Nasdaq.

The S&P index recorded 6 new 52-week highs and 2 new lows, while the Nasdaq recorded 12 new highs and 29 new lows.
…

President Donald Trump’s proposal to replace an Obama-era policy to fight climate change with a weaker plan allowing states to write their own rules on emissions from coal-fired power plants was criticized by coastal states, but applauded by coal interests on Wednesday.

Under the proposed Affordable Clean Energy plan that acting Environmental Protection Agency (EPA) chief Andrew Wheeler issued in August, the federal government would set carbon emission guidelines, but states would have the leeway to set less stringent standards on coal plants, taking into account the age and upgrade costs of facilities.

The heads of environmental and energy agencies from 14 mostly coastal states, including California, New York and North Carolina, told the EPA in joint comments on the Trump plan that it would result in minimal reductions of greenhouse gases, and possibly result in increased emissions, relative to having no federal program on the pollution.

“We urge EPA to abandon this proposal and instead to maintain or update the (Obama era) Clean Power Plan,” which the states said would fulfill EPA’s obligations under federal clean air law and support the efforts of states to mitigate the effects of climate change. Some states including New York and Virginia have threatened to sue the EPA if the plan becomes law.

The comment period on the plan ends on Wednesday night and a final rule from the EPA is expected later this year.

Coal and some utility interests lauded the Trump plan.

“The proposed ACE rule is a welcome return to federal restraint after years of punitive overreach,” said Hal Quinn, the president and CEO of the National Mining Association, an industry group.

The coal industry had said President Barack Obama’s climate regulations represented a “war on coal,” but Trump’s promises to reduce regulations have not led to a revival, as the industry struggles with competition from an abundance of cheap natural gas. 

Ongoing closings of coal-fired plants have pushed U.S. coal consumption by utilities this year to the lowest since 1983, according to the Energy Information Administration.

In August, the EPA projected the plan would result in $400 million a year in economic benefits and reduce retail power prices by up to 0.5 percent by 2025. The EPA also forecast that under the rule, coal production would rise by up to 5.8 percent by 2025.

The Obama-era plan, which had been put on hold by the U.S. Supreme Court, set overall carbon-reduction goals for each state.
…

President Donald Trump’s proposal to replace an Obama-era policy to fight climate change with a weaker plan allowing states to write their own rules on emissions from coal-fired power plants was criticized by coastal states, but applauded by coal interests on Wednesday.

Under the proposed Affordable Clean Energy plan that acting Environmental Protection Agency (EPA) chief Andrew Wheeler issued in August, the federal government would set carbon emission guidelines, but states would have the leeway to set less stringent standards on coal plants, taking into account the age and upgrade costs of facilities.

The heads of environmental and energy agencies from 14 mostly coastal states, including California, New York and North Carolina, told the EPA in joint comments on the Trump plan that it would result in minimal reductions of greenhouse gases, and possibly result in increased emissions, relative to having no federal program on the pollution.

“We urge EPA to abandon this proposal and instead to maintain or update the (Obama era) Clean Power Plan,” which the states said would fulfill EPA’s obligations under federal clean air law and support the efforts of states to mitigate the effects of climate change. Some states including New York and Virginia have threatened to sue the EPA if the plan becomes law.

The comment period on the plan ends on Wednesday night and a final rule from the EPA is expected later this year.

Coal and some utility interests lauded the Trump plan.

“The proposed ACE rule is a welcome return to federal restraint after years of punitive overreach,” said Hal Quinn, the president and CEO of the National Mining Association, an industry group.

The coal industry had said President Barack Obama’s climate regulations represented a “war on coal,” but Trump’s promises to reduce regulations have not led to a revival, as the industry struggles with competition from an abundance of cheap natural gas. 

Ongoing closings of coal-fired plants have pushed U.S. coal consumption by utilities this year to the lowest since 1983, according to the Energy Information Administration.

In August, the EPA projected the plan would result in $400 million a year in economic benefits and reduce retail power prices by up to 0.5 percent by 2025. The EPA also forecast that under the rule, coal production would rise by up to 5.8 percent by 2025.

The Obama-era plan, which had been put on hold by the U.S. Supreme Court, set overall carbon-reduction goals for each state.
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Cuba’s foreign trade and investment minister said on Wednesday the country had signed nearly 200 investment projects worth $5.5 billion since it slashed taxes and made other adjustments to its investment law in 2014.

Cuba began a major effort to attract foreign investment as socialist ally Venezuela’s economy went into crisis and has ratcheted it up as export revenues decline and the Trump administration backtracks on a detente begun under then-U.S. President Barack Obama.

“Foreign investment in Cuba is growing despite the recent strengthening of the U.S. economic, trade and financial blockade, though it is below what we want,” the minister, Rodrigo Malmierca, said at an investment forum in Havana.

Even as the forum unfolded, debate on an annual resolution condemning U.S. sanctions got under way at the U.N. General Assembly in New York and the Trump administration said that on Thursday it would announce new sanctions aimed at Cuba’s military and security services.

Malmierca said 40 new projects were signed over the last year valued at $1.5 billion.

Many agreements are in the tourism sector and are often simple management and marketing accords. Others are in manufacturing, oil exploration and, to a lesser extent, areas such as pharmaceuticals, agriculture and logistics.

Cuba says it wants a minimum $2.5 billion per year in direct foreign investment to dig its way out of years of crisis and stagnation.

While $5.5 billion in deals may have been signed since 2014, the government has said only around $500 million has actually been invested annually, including foreign government credits and donations.

Diplomats and business officials report that many projects are hard pressed to obtain financing and the Communist-run country’s bureaucracy also slows deals from getting off the ground.

For example, since 2014 five golf resorts valued at close to $2.5 billion were signed with British, Chinese and Spanish investors, but ground has yet to be broken on any of them, according to foreign business officials and diplomats with knowledge of the projects.

Malmierca said the country was working to overcome numerous obstacles for investors, such as lengthy delays for project approval, lack of experience among Cuban negotiators and Cuba’s dual monetary system with fixed exchange rates.

Under then-leader Fidel Castro, foreign investment was first nationalized, then, after the fall of former benefactor the Soviet Union it was viewed as an unfortunate necessity. Today it is lauded as an integral part of the country’s development strategy.
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