Classifieds
Chinese President Xi Meets With US Executives as Investment Wanes
BEIJING — China’s President Xi Jinping met American business leaders at the Great Hall of the People in Beijing on Wednesday, as the government tries to woo back foreign investors and international firms seeking reassurance about the impact of new regulations. Beijing wants to boost growth of the world’s second-largest economy after foreign direct investment shrank 8% in 2023 amid heightened investor concern over an anti-espionage law, exit bans, and raids on consultancies and due diligence firms. Xi’s increasing focus on national security has left many companies uncertain where they might …
West Reliant on Russian Nuclear Fuel Amid Decarbonization Push
An analysis by Britain’s Royal United Services Institute has found that many Western nations still rely on Russian nuclear fuel to power their reactors, despite efforts to sever economic ties with the Kremlin following its 2022 full-scale invasion of Ukraine. Henry Ridgwell reports from London. …
Iran’s Currency Hits Record Low
Tehran — Iran’s currency fell to a record low on Sunday, plunging to 613,500 to the dollar, as its people celebrated the Persian New Year. On Sunday, people were trying to exchange rials for foreign currency at Tehran’s main hub of exchange shops in Ferdowsi Street, but most were closed due to the Nowruz holidays, which are run from March 20 to April 2. Mohsen, a 32-year-old employee at one of the exchange shops, said the holiday was contributing to the low prices, “The price is not real, the demand for …
China’s Renewables, Oil Consumption Fit Gulf States, Analysts Say
Tel Aviv, Israel — During China’s annual national legislature this month, Premier Li Qiang announced plans to construct more solar and wind farms as well as hydropower projects. China is already the world’s largest producer of renewable energy and also holds near-monopolies on the globe’s renewable energy manufacturing and supply chain. Last year alone China produced more solar panels than the U.S. has ever produced in total. China’s dominance in electric vehicle battery components and solar power panels has rattled Western governments, including those of the European Union and the United …
Cocoa Prices Triple in One Year as Climate Change Hits Crops
Nairobi, Kenya — With a week until Easter, chocolate lovers should brace themselves for higher prices when they purchase their favorite seasonal treats. A nonprofit environmental group says cocoa costs three times more than it did a year ago because of climate change and the El Nino weather effect. Prices reached $8,000 per ton this week, compared with $2,500 last year at this time. Amber Sawyer, a climate and energy analyst at the Energy and Climate Intelligence Unit, or ECIU, a U.K.-based nonprofit group, said the volatile weather patterns in the …
Ukrainian Drone Strikes Hit Russia’s Oil Revenues
A recent series of Ukrainian drone strikes targeting Russian oil refineries has significantly reduced Moscow’s processing capacity — as Kyiv and its allies aim to deprive Russia of its main source of revenue. Henry Ridgwell reports from London. …
Biden to Tout Government Investing $8.5 Billion in Intel’s Computer Chip Plants in Four States
Washington — The Biden administration has reached an agreement to provide Intel with up to $8.5 billion in direct funding and $11 billion in loans for computer chip plants in Arizona, Ohio, New Mexico and Oregon. President Joe Biden plans to talk up the investment on Wednesday as he visits Intel’s campus in Chandler, Arizona, which could be a decisive swing state in November’s election. He has often said that not enough voters know about his economic policies and suggested that more would support him if they did know. Commerce Secretary …
Home Price Key Reason Some Voters Frustrated by US Economy
WASHINGTON — Lori Shelton can’t fathom ever having the money to buy a home — and that’s a major reason why so many voters feel down on the economy ahead of this year’s presidential election. Shelton, 67, drives an Uber to help pay rent in Aurora, Colorado. An advance on her pay covered her apartment’s security deposit. But it also cut into her next paycheck, leaving her bank account dangerously low when the rent was due — a cycle that never seems to end. “I’m always one step behind,” said Shelton, …
Observers: US Investments in Philippines Seen Easing Reliance on China
Taipei, Taiwan — During a trade mission visit to Manila this week, U.S. Commerce Secretary Gina Raimondo announced plans to invest more than $1 billion in the Philippines’ tech sector and help double the number of semiconductor factories in the country. Observers say the pledge and visit highlight the Southeast Asian nation’s growing importance to Washington and will also help reduce the Philippine economy’s reliance on China. “U.S. companies have realized that our chip supply chain is way too concentrated in just a few countries in the world,” Raimondo said in …
US Inflation Rises in February in Sign Price Pressures Remain Elevated
WASHINGTON — Consumer prices in the United States picked up last month, a sign that inflation remains a persistent challenge for the Federal Reserve and for President Joe Biden’s reelection campaign, both of which are counting on a steady easing of price pressures this year. Prices rose 0.4% from January to February, higher than the previous month’s figure of 0.3%, the Labor Department said Tuesday. Compared with a year earlier, consumer prices rose 3.2% last month, faster than January’s 3.1% annual pace. Excluding volatile food and energy prices, so-called “core” prices …
Chinese Officials Acknowledge Economic Challenges
BEIJING — China needs to do more to boost employment and stabilize its property market, top officials acknowledged Saturday, as policymakers struggle to revive the country’s battered economy. Beijing is grappling with a prolonged property sector crisis, record youth unemployment and a global slowdown hammering demand for Chinese goods. Youth unemployment hit an unprecedented 21.3% in mid-2023 before officials paused publishing monthly figures. Home prices have in turn fallen for months, with several major property developers struggling to stay afloat. And on the sidelines of a weeklong annual meeting of the …
Egypt Says It Reached Deal With IMF to Increase Bailout Loan
CAIRO — Egypt said Wednesday it has reached a deal with the International Monetary Fund to increase a bailout loan to $8 billion. Prime Minister Moustafa Madbouly announced the news in televised comments on Wednesday. Egypt has for months negotiated with the IMF to increase a $3 billion bailout loan that both parties reached in 2022. Madbouly said the new deal will enable the government to receive loans from other financial institutions, including the World Bank. The announcement came hours after Egypt’s Central Bank raised its main interest rate and floated …
China Unveils Ambitious Economic Growth Target Despite Weak Public Confidence
Taipei, Taiwan — China’s top leaders set an ambitious economic growth target of 5% for 2024 Tuesday, vowing to “seek progress while maintaining stability” amid a sluggish economy and weak confidence among investors and consumers. Delivering his first work report since assuming the second-most powerful position in China last October, Chinese Premier Li Qiang acknowledged that China faces an environment characterized by opportunities, risks, and challenges but emphasized that favorable conditions still outweigh unfavorable factors, according to China’s official Xinhua News Agency. In the face of weak economic growth worldwide and …
China Unveils 5% Growth Target During Ceremonial Meeting of Parliament
China kicked off its annual session of parliament Tuesday in Beijing. VOA’s Bill Gallo, who attended the event, says Chinese leaders are trying to put a positive spin on the many economic problems they face. …
Federal Reserve’s Preferred Inflation Gauge Picked Up Last Month in Sign of Still-Elevated Prices
WASHINGTON — An inflation gauge favored by the Federal Reserve increased in January, the latest sign that the slowdown in U.S. consumer price increases is occurring unevenly from month to month. The government reported Thursday that prices rose 0.3% from December to January, up from 0.1% in the previous month. But in a more encouraging sign, prices were up just 2.4% from a year earlier, down from a 2.6% annual pace in December and the smallest such increase in nearly three years. The year-over-year cooldown in inflation is sure to be …
Facing Chinese EV Rivals, Europe’s Automakers Squeeze Suppliers on Costs
London — Europe’s automakers and their already-stretched suppliers face a tough year as they race to cut costs for electric models to counter leaner Chinese rivals which are bringing cheaper vehicles to challenge them on their home turf. A big question is how much more Europe’s automakers can squeeze out of suppliers that have already started laying off workers, with many smaller companies hard hit by supply chain issues during the pandemic. The difference between Europe’s legacy automakers and more EV-focused Chinese manufacturers will be on stark display this week at …
Tax-Free Status of Movie, Music and Games Traded Online Is on Table as WTO Nations Meet in Abu Dhabi
Geneva — Since late last century and the early days of the web, providers of digital media like Netflix and Spotify have had a free pass when it comes to international taxes on films, video games and music that are shipped across borders through the internet. But now, a global consensus on the issue may be starting to crack. As the World Trade Organization opens its latest biannual meeting of government ministers Monday, its longtime moratorium on duties on e-commerce products — which has been renewed almost automatically since 1998 — …