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Brazil’s Nationalist Leader to Address Davos Globalist Crowd

Brazilian President Jair Bolsonaro will headline the first full day of the World Economic Forum in Davos, Switzerland, with a speech to political and business leaders.

 

The nationalist leader is attending an event that has long represented business’s interest in increasing ties across borders. But globalism is in retreat as populist leaders around the world put a focus back on nation states, even if that means limiting trade and migration.

 

After Bolsonaro’s speech on Tuesday, German Chancellor Angela and Japanese Prime Minister Shinzo Abe will address the gathering on Wednesday.

 

But several key leaders are not attending to handle big issues at home: U.S. President Donald Trump amid the government shutdown, British Prime Minister Theresa May to grapple with Brexit talks, and France’s Emmanuel Macron to face popular protests.

 

 

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Economists: Political Uncertainties, Trade Tensions Affect Economic Growth

Economists warn that political uncertainties and trade tensions could undermine global economic growth. Rights groups warn of the dangers of growing economic inequality. About 3,000 political and economic leaders have gathered in the Swiss resort town of Davos to discuss global business and economic trends at an annual economic forum. VOA’s Zlatica Hoke reports.

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Economists: Political Uncertainties, Trade Tensions Affect Economic Growth

Economists warn that political uncertainties and trade tensions could undermine global economic growth. Rights groups warn of the dangers of growing economic inequality. About 3,000 political and economic leaders have gathered in the Swiss resort town of Davos to discuss global business and economic trends at an annual economic forum. VOA’s Zlatica Hoke reports.

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UN Forecasts Global Economic Growth Around 3 Percent in 2019

The United Nations is forecasting that the global economy will grow by around 3 percent in 2019 and 2020, but says waning support for multilateralism, escalating trade disputes, increasing debt and rising climate risks are clouding prospects

The United Nations is forecasting that the global economy will grow by around 3 percent in 2019 and 2020, but says waning support for multilateralism, escalating trade disputes, increasing debt and rising climate risks are clouding prospects.

The U.N.’s report on the World Economic Situation and Prospects 2019 also stresses that economic growth is uneven and often doesn’t reach countries that need it most.

Per capital income is expected to stagnate or see only marginal growth this year in parts of Africa, western Asia, Latin America and the Caribbean.

U.N. Secretary-General Antonio Guterres says in the forward of the report launched Monday that while economic indicators remain “largely favorable,” the report “raises concerns over the sustainability of global economic growth in the face of rising financial, social and environmental challenges.”   

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UK Leader Unveils Brexit Plan B, Looks a Lot Like Plan A

British Prime Minister Theresa May unveiled her Brexit Plan B on Monday — and it looks a lot like Plan A.

May launched a mission to resuscitate her rejected European Union divorce deal, setting out plans to get it approved by Parliament after securing changes from the EU to a contentious Irish border measure.

May’s opponents expressed incredulity: British lawmakers last week dealt the deal a resounding defeat, and EU leaders insist they won’t renegotiate it.

Opposition leader Jeremy Corbyn of the Labour Party accused May of being in “deep denial” about her doomed deal.

“This really does feel a bit like Groundhog Day,” he said, referring to the 1993 film starring Bill Murray, in which a weatherman is fated to live out the same day over and over again.

Outlining what she plans to do after her EU divorce deal was rejected by Parliament last week, May said that she had heeded lawmakers’ concerns over an insurance policy known as the “backstop” that is intended to guarantee there are no customs checks along the border between EU member Ireland and the U.K.’s Northern Ireland after Brexit.

May told the House of Commons that she would be “talking further this week to colleagues … to consider how we might meet our obligations to the people of Northern Ireland and Ireland in a way that can command the greatest possible support in the House.

“And I will then take the conclusions of those discussions back to the EU.”

The bloc insists that it won’t renegotiate the withdrawal agreement.

“She is wasting time calling for a revision or clarification over the backstop,” said German politician Udo Bullmann, head of the socialist group in the European Parliament.

Amendments

While May stuck doggedly to her deal, she also acknowledged that control over Brexit wasn’t entirely in her hands. She noted that lawmakers will be able to amend her plan when it comes to a vote in the House of Commons on Jan. 29, exactly two months before Britain is due to leave the EU.

Groups of “soft Brexit”-backing lawmakers — who want to keep close economic ties to the bloc — are planning to use amendments to try to rule out a “no-deal” Brexit and make May ease her insistence that leaving the EU means quitting its single market and customs union.

Britain and the EU sealed a divorce deal in November after months of tense negotiations. But the agreement has been rejected by both sides of Britain’s divide over Europe. Brexit-backing lawmakers say it will leave the U.K. tethered to the bloc’s rules and unable to forge an independent trade policy. Pro-Europeans argue it is inferior to the frictionless economic relationship Britain currently enjoys as an EU member.

After her deal was thrown out last week by a crushing 432-202 vote in Parliament, May said she would consult with lawmakers from all parties to find a new way forward.

But Corbyn called the cross-party meetings a “stunt,” and other opposition leaders said the prime minister didn’t seem to be listening.

On Monday, May rejected calls from pro-EU lawmakers to delay Britain’s departure from the bloc or to hold a second referendum on whether to leave.

In a nod to opposition parties’ concerns, she promised to consult lawmakers, trade unionists, business groups and civil society organizations “to try to find the broadest possible consensus” on future ties between Britain and the EU, and said the government wouldn’t water down protections for the environment and workers’ rights after Brexit.

May also said the government had decided to waive a 65 pound ($84) fee for EU citizens in Britain who want to stay permanently after Brexit.

Guy Verhofstadt, the head of the EU Parliament Brexit steering group, welcomed news that the fee was being dropped for 3 million EU nationals, saying it had been a “key demand” for the EU legislature.

Irish border

May’s immediate goal is to win over pro-Brexit Conservatives and her party’s Northern Irish ally, the Democratic Unionist Party. Both groups say they won’t back the deal unless the border backstop is removed.

The backstop proposes to keep the U.K. in a customs union with the EU in order to avoid checks on the Irish border. It is meant as a temporary measure that would last until a permanent solution is found. But pro-Brexit U.K. lawmakers fear Britain could become trapped in it, indefinitely bound by EU trade rules.

Polish Foreign Minister Jacek Czaputowicz broke ranks with EU colleagues Monday by suggesting the problem could be solved by setting a five-year time limit on the backstop.

The idea got a cool reception. Irish Foreign Minister Simon Coveney said that “putting a time-limit on an insurance mechanism, which is what the backstop is, effectively means that it’s not a backstop at all.”

Britain’s political impasse over Brexit is fueling concerns that the country may crash out of the EU on March 29 with no agreement in place to cushion the shock. That could see tariffs imposed on goods moving between Britain and the EU, sparking logjams at ports and shortages of essential supplies.

Threat of ‘no deal’

Carolyn Fairbairn, director-general of the Confederation of British Industry, said Monday was “another bleak day for business.”

“Parliament remains in deadlock while the slope to a cliff edge steepens,” she said.

Several groups of lawmakers are trying to use parliamentary rules and amendments to May’s plan to block the possibility of Britain leaving the EU without a deal.

One of those legislators, Labour’s Yvette Cooper, said May was shirking her responsibility to the country by refusing to take “no deal” off the table.

“I think she knows that she should rule out ‘no deal’ in the national interest because it would be so damaging,” Cooper told the BBC. “She’s refusing to do so, and I think she’s hoping that Parliament will do this for her. That is not leadership.” 

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China’s 2018 Economic Growth Edges Down Amid Trade War

China’s 2018 economic growth decelerated to 6.6 percent after activity in the final quarter of the year declined amid a tariff battle with Washington.

Data announced Monday showed economic growth cooled to a post-global crisis quarterly low of 6.4 percent in the three months ending in December from the previous quarter’s 6.5 percent.

Chinese economic growth has been slowing since regulators tightened controls on bank lending in late 2017 to rein in a debt boom.

Growth held up through much of 2018 despite President Donald Trump’s tariff hikes on Chinese goods in a fight over Beijing’s technology ambitions. But exports contracted in December as the penalties began to dampen demand.

Growth in investment, retail sales and other indicators also slowed.

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Uganda Seeks to Regulate Lucrative Fish Maw Trade

The sale of Nile Perch fish maw in Uganda has become a lucrative business, especially for distributors. The fish maw – or dried swim bladder – is used as an aphrodisiac in China. But Ugandan fishermen bringing in the perch say they are being exploited while others are reaping the profits. Halima Athumani reports from Kampala.

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Trump Says a Deal ‘Could Very Well Happen’ With China

U.S. President Donald Trump said on Saturday progress is being made toward a trade deal with China and denied that he was considering lifting tariffs on Chinese products.

“Things are going very well with China and with trade,” he told reporters, adding that he had seen some “false reports” indicating that U.S. tariffs on Chinese products would be lifted.

“If we make a deal certainly we would not have sanctions and if we don’t make a deal we will,” Trump said. “We’ve really had a very extraordinary number of meetings and a deal could very

well happen with China. It’s going well. I would say about as well as it could possibly go.”

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