Electricity costs have tripled in the past decade under a utility company plagued by debt and corruption claims, wiping out decades of progress
Electricity, when it arrived in Nosisi Rasmeni’s life, seemed to promise a better future.
Like most black South Africans who grew up during apartheid, she was raised with gas stoves, candles and paraffin heaters. Her family’s shack was poorly lit and smelled of fumes. “Electricity was only for whites,” says Rasmeni, 37.
Continue reading...Overseas investment flowed to Cadre while Trump’s son-in-law works as US envoy, raising conflict of interest questions
A real estate company part-owned by Jared Kushner has received $90m in foreign funding from an opaque offshore vehicle since he entered the White House as a senior adviser to his father-in-law Donald Trump.
Investment has flowed from overseas to the company, Cadre, while Kushner works as an international envoy for the US, according to corporate filings and interviews. The money came through a vehicle run by Goldman Sachs in the Cayman Islands, a tax haven that guarantees corporate secrecy.
Continue reading...The Trump administration’s acting budget chief is asking for a delay in restrictions against Huawei products, according to a letter to Vice-President Mike Pence and nine members of Congress.
Related: ‘All I have done, no credit!’ Enraged Trump defends US-Mexico migrant deal
Continue reading...Pascal Lamy said Trump’s actions went against the spirit of diplomacy after Mexico agreed to expand asylum program
The immigration deal imposed on Mexico by Donald Trump under the threat of punitive tariffs is a victory for “hostage-taking” over international rules, a former head of the World Trade Organization (WTO) said on Saturday.
Related: Trump calls off tariffs after US-Mexico deal but Mnuchin says threat remains
Continue reading...Airport will be world’s first accredited for serving sustainably sourced fish
Heathrow is to become the world’s first airport accredited for serving sustainably sourced fish and seafood, as all its restaurants pledge to help tackle overfishing.
Outlets whose menus still include “red-rated” fish – deemed by the Marine Conservation Society to be the least sustainable – have pledged to remove them by June 2020. Fish in that category include wild atlantic salmon, bluefin tuna and king prawns from non-certified farms.
Continue reading...Dollar slides after America only created 75,000 new jobs last month, weaker than the 175,000 expected
Earlier:
Let’s get some details on the weakest US jobs report in three months.
The government cut 15,000 jobs in May, according to the Bureau of Labor Statistics, while private companies hired 90,000 people.
The unemployment rates for adult men (3.3 percent), adult women (3.2 percent), teenagers (12.7 percent), Whites (3.3 percent), Blacks (6.2 percent), Asians (2.5 percent), and Hispanics (4.2 percent) showed little or no change in May.
Continue reading...French government blamed as €33bn deal to create world’s third largest carmaker stalls
The proposed €33bn merger of Fiat Chrysler and Renault has collapsed after an intervention from the French government, Renault’s biggest shareholder.
Fiat Chrysler, an Italian-American company, withdrew from a 50-50 merger proposal for its French rival after a board meeting on Wednesday. A deal would have created the world’s third-largest carmaker behind Volkswagen and Toyota.
Continue reading...Officials say language classes and recreation programs for immigrant children staying in federal shelters ‘not directly necessary’
Vice President Mike Pence will meet Wednesday with top Mexican officials who are seeking to head off the administration’s threatened tariffs, the Hill reports.
Mexican Foreign Minister Marcelo Ebrard is representing his country at the talks and expected to argue Mexico is already taking steps to prevent migrants from crossing the US-Mexico border.
Rep. Alexandria Ocasio-Cortez says Paul Manafort should not be held in solitary confinement, and nor should anyone else. Manafort, Donald Trump’s former campaign chair, is reportedly heading for Rikers Island where he’s likely to be held in solitary while awaiting trial on New York state charges.
Yes - released from solitary.
NYT used the term solitary confinement, & that’s what I am commenting on.
“Protective custody” IS a separate practice, but does not necessarily exclude solitary. If he is in fact not being held in solitary, great. Release everyone else from it too.
Italy’s debt amounts to 132% and servicing it costs more than annual education budget
The EU is poised to punish Italy over its “snowballing” spending and borrowing, putting Brussels on a collision course with the populist government in Rome.
In a move expected to raise tensions with Italy, the European commission paved the way for an initial fine of as much as €3.5bn (£3.1bn) on Wednesday after advising the country had met the threshold for disciplinary action.
Continue reading...Christine Lagarde says world must avoid the ‘self-inflicted wounds’ of a tit-for-tat wrangle
The International Monetary Fund has called for a speedy end to the deepening trade war between the United States and China after calculating that the tit-for-tat tariffs will cost $455bn (£357.5bn) in lost output next year – more than the size of South Africa’s economy.
Christine Lagarde, the IMF’s managing director, underlined her organisation’s growing concern at the most serious outbreak of trade tension since the 1930s and said “self-inflicted wounds” had to be avoided.
Continue reading...Brexit and trade disputes push bank’s policy uncertainty index to record high, says report
Donald Trump’s trade wars with China, Mexico and Europe have sent global investment tumbling, according to a World Bank report that forecasts worldwide growth this year will slip back to levels not seen since 2016.
The Washington-based lender to developing world countries said in its half-yearly global health check that spiralling political uncertainty was to blame for a slowdown in trade and a collapse in investment spending that will push down GDP growth to 2.6% this year “before inching up to 2.7% in 2020”.
Continue reading...Airlines told to check aircraft as affected components may be at risk of premature failure
Safety regulators in the US have identified a further problem in Boeing’s grounded 737 Max model and the generation of planes that preceded it.
The Federal Aviation Administration has told airlines to check more than 300 737 aircraft, including 179 of the Max model, for improperly manufactured parts.
Continue reading...Research shows only four of biggest companies in £17bn industry said they conducted due diligence specifically to uncover abuses
The world’s biggest canned tuna brands are failing to tackle modern slavery in their Pacific supply chains, leaving thousands of workers at sea under threat of human rights abuses, a report has found.
According to findings published on Monday by the Business & Human Rights Resource Centre (BHRRC), an international corporate watchdog, only four of the world’s 35 largest tuna retail brands said they conducted due diligence with the specific aim of uncovering modern slavery in their supply chains.
Continue reading...Rolling coverage of the latest economic and financial news, as City investors fear the US-China trade war is intensifying
The UK factory sector was buffeted by ongoing Brexit uncertainty again in May, says Rob Dobson, dragging the PMI to a near three-year low.
He also fears that British manufacturing could continue to shrink in the comping months.
The trend in output weakened and, based on its relationship with official ONS data, is pointing to a renewed downturn of production.
“New order inflows declined from both domestic and overseas markets, as already high stock levels at manufacturers and their clients led to difficulties in sustaining output levels and getting agreement on new contracts.
Newsflash: Britain’s factory sector has suffered its worst contraction since the EU referendum almost three years ago.
Data firm Markit reports that new orders and employment both declined last month, hit by Brexit uncertainty and the knock-on impact of the US-China trade war.
New order inflows deteriorated from both domestic and overseas sources. New export business fell for the second month running and at the quickest pace in over four-and-a- half years. Manufacturers reported lower demand from Asia and Europe.
There was also mention of Brexit uncertainty, including clients diverting supply chains away from the UK, leading to lower demand from within the EU.
Continue reading...International Life Sciences Institute used by corporate backers to counter public health policies, says study
An institute whose experts have occupied key positions on EU and UN regulatory panels is, in reality, an industry lobby group that masquerades as a scientific health charity, according to a peer-reviewed study.
The Washington-based International Life Sciences Institute (ILSI) describes its mission as “pursuing objectivity, clarity and reproducibility” to “benefit the public good”.
Continue reading...Democrats are turning a president enraged at the blocking of his border wall into an unhinged beast
Donald Trump’s threats of higher import tariffs against Mexican goods can be better understood not as an escalation of his trade war with the rest of the world, but as the act of a desperate man, prepared to upset most US business leaders to achieve his aim of building a border wall with the country’s southern neighbour.
His anger, which he will bring with him on a state visit to London on Monday, is not so much with Andrés Manuel López Obrador’s administration in Mexico City as with Congress, which has blocked the border wall, or at least restricted funding to such an extent that its completion is unlikely before the next presidential race gets under way.
Continue reading...US president to use state visit to promote House of Trump as he doubles down on Brexit bet
Donald Trump’s state visit this week to the UK is being promoted as a celebration of a close alliance tempered through war.
It could be more accurately described as a personal lap of victory for the US president, performed largely at the expense of his hosts.
Continue reading...Mexico’s president hinted on Saturday that his country could tighten migration controls in order to defuse Donald Trump’s threat to impose tariffs on Mexican goods. Andrés Manuel López Obrador also said he expected “good results” from talks in Washington next week.
Related: 'No idea too lunatic': how Trump's shock troops attack US democracy
Continue reading...Two decades of public health improvements have stalled, says IPPR thinktank
More than 130,000 deaths in the UK since 2012 could have been prevented if improvements in public health policy had not stalled as a direct result of austerity cuts, according to a hard-hitting analysis to be published this week.
The study by the Institute for Public Policy Research (IPPR) thinktank finds that, after two decades in which preventable diseases were reduced as a result of spending on better education and prevention, there has been a seven-year “perfect storm” in which state provision has been pared back because of budget cuts, while harmful behaviours among people of all ages have increased.
Continue reading...Arizona authorities accuse Arcadia mogul of repeatedly touching instructor inappropriately – claims Green denies
Sir Philip Green has been charged with four counts of misdemeanour assault in the US after a pilates instructor alleged he repeatedly touched her inappropriately, Arizona authorities have said.
Lauren Deakin, a deputy county attorney in Pima county, said Green had been formally charged with four counts of “knowingly touching another person with the intent to injure, insult or provoke”.
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