Month: April 2018

Report: Sanctions-Hit Russian Firms Seek $1.6B in Liquidity

Russian companies hit by U.S. sanctions, including aluminum giant Rusal, have asked for 100 billion rubles ($1.6 billion) in liquidity support from the government, Finance Minister Anton Siluanov was quoted by the Interfax news agency as saying Friday.

The United States on April 6 imposed sanctions against several Russian entities and individuals, including Rusal and its major shareholder, Oleg Deripaska, to punish Moscow for its suspected meddling in the 2016 U.S. election and other alleged “malign activity.”

Rusal, the world’s second-biggest aluminum producer, has been particularly hard hit as the sanctions have caused concern among some customers, suppliers and creditors that they could be blacklisted, too, through association with the company.

“Temporary nationalization” is an option for some sanctions-hit companies, but not Rusal, Siluanov was quoted as saying. He did not name the companies he was referring to.

A Kremlin spokesman had said Thursday that temporary nationalization was an option for helping Rusal.

According to another news agency, RIA, Rusal has requested only government support with liquidity and with demand for aluminum so far, Siluanov said.

RIA quoted the minister as saying the government was not considering state purchases of aluminum for now.

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Top 5 Songs for Week Ending April 21

We’re firing up the five most popular songs in the Billboard Hot 100 Pop Singles chart, for the week ending April 21, 2018.

Things really jump on this week’s lineup as we welcome two new tracks — including the Hot Shot Debut.

Number 5: BlocBoy JB Featuring Drake “Look Alive”

BlocBoy JB crashes the Top Five party in fifth place, as “Look Alive” featuring Drake rises one slot. BlocBoy JB is James Baker, a 21-year-old rapper from Memphis, Tennessee. He started loading music on his SoundCloud page in 2012, and dropped his first mix tape in 2016. Last year, his song “Shoot” touched off a viral dance craze, and another single, “Rover,” caught Drake’s ear … leading to this collaboration.

Number 4: The Weeknd “Call Out My Name”

Things really heat up in fourth place, where The Weeknd opens with “Call Out My Name.” 

It’s a huge week for the Canadian artist: His EP “My Dear Melancholy” becomes his third chart-topping album, while all six songs open on the Hot 100. “Call Out My Name” is his eighth Top 10 hit, and his highest debut.

 

Number 3: Post Malone Featuring Ty Dolla $ign “Psycho”

While the new music is behind us, the news is still good for Post Malone and Ty Dolla $ign: “Psycho” jumps a slot to third place. Post had an unenviable task at last weekend’s Coachella Festival.

On April 14, Post performed at the Coachella Festival in Southern California … in an unenviable time slot. He essentially opened for Beyonce, who dominated the evening with a headline-making performance. Post returns to Coachella on April 21 … as will Beyonce.

Number 2: Bebe Rexha & Florida Georgia Line “Meant To Be”

Bebe Rexha and Florida Georgia Line spend yet another week in the runner-up slot with “Meant To Be.” Speaking with Billboard at last weekend’s Academy Of Country Music Awards, Bebe says the song’s success has changed her approach to her upcoming full-length album, “Expectations.” Bebe said the new album will be more stripped-down, with honest songs and more guitar than she originally planned. Bebe cited such early influences as Alanis Morissette, No Doubt, and Lauryn Hill. “Expectations” drops on June 22.

That’s not the only new album coming our way.

Number 1: Drake “God’s Plan”

Drake bookends this week’s Top Five lineup, as “God’s Plan” spends an 11th week at No. 1. It’s now Drake’s longest-lasting countdown champ. On April 16, Drake went on Instagram wearing a jacket bearing the words “Scorpion, June Twenty Eighteen, by Drake.” Rolling Stone confirms that “Scorpion” is the title of his next album.

So … there’s something to look forward to. We’re looking forward to seeing you next week on an all-new Top Five!

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Producer, DJ Avicii Found Dead

The Swedish-born producer and DJ known as Avicii has been found dead in Oman.

 

Publicist Diana Baron said in a statement that the 28-year-old DJ, born Tim Bergling, was in Muscat, Oman.

 

Avicii was a pioneer of the contemporary Electronic Dance Movement and a rare DJ capable of worldwide arena tour. He won two MTV Music Awards, one Billboard Music Award and earned two Grammy nominations. His biggest hit was “Le7els.”

 

His death comes just days after he was nominated for a Billboard Music Award for top dance/electronic album for his EP “Avicii (01).”

His hits include “Wake Me Up!”, “The Days'” and “You Make Me.”

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Wells Fargo to Pay $1B to Settle Customer Abuse Charges

American banking giant Wells Fargo has agreed to pay federal regulators $1 billion to settle charges that it failed to identify and avert problems related to its mortgage and auto lending operations.

The bank has admitted it sold unwanted or unnecessary automobile insurance to hundreds of thousands of its auto loan customers.

Wells Fargo, the largest mortgage lender in the U.S., has also admitted to forcing thousands of customers to pay unnecessary fees in order to lock in interest rates on their home mortgages.

The bank will pay $500 million to the Consumer Financial Protection Bureau and another $500 million to the Treasury Department’s Office of the Comptroller, the largest fines ever imposed by either agency.

None of the money will go directly to the victims, although the bank has agreed to offer restitution.

This is the latest chapter in broad and long-running scandals that have brought the bank under intense federal scrutiny.

Wells Fargo was also rocked by a widely-reported scandal during which the bank admitted employees activated as many as 3.5 million bank and credit card accounts without customer authorization.

Citing “widespread abuses,” the Federal Reserve, the central banking system of the U.S., took an historical action earlier this year by ordering that Wells Fargo could not grow beyond $1.95 trillion in assets. The Federal Reserve also required the bank to replace several board members.

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Cosby Lawyers Want Jurors to Hear from Accuser’s Confidante

Bill Cosby’s lawyers are scrambling to make sure jurors at his sexual assault retrial hear from accuser Andrea Constand’s confidante before deliberations get under way next week — but they’re having trouble getting the woman to cooperate.

Sheri Williams isn’t responding to subpoena attempts, Cosby’s lawyers said. Now they’re seeking a judge’s permission to read parts of her deposition into the record just as prosecutors did with Cosby’s old testimony.

The TV star entered the courthouse Friday for Day 10 of the retrial, which is expected to go to the jury next week.

Judge Steven O’Neill was expected to rule Friday on his lawyers’ request to use Williams’ deposition.

Constand testified at Cosby’s first trial last year that she and Williams were good friends and would speak “at all hours of the day: morning, noon, and night” and were in touch as she went to police in January 2005 with allegations Cosby drugged and molested her about a year earlier.

Cosby’s lawyers said they expected Williams’ testimony to refute Constand’s claims that she was unaware he was romantically interested in her. They said she’d show that Constand “could not have been the unwitting victim” prosecutors have portrayed.

Williams’ deposition was part of Constand’s 2005 lawsuit against Cosby, who wound up settling for nearly $3.4 million.

Two weeks in, Cosby’s case is rapidly winding down.

O’Neill told jurors that there are only a few more days of testimony. Cosby lawyer Tom Mesereau went into the case predicting it would last about a month.

Drug experts

A pair of drug experts — one for the prosecution and one for the defense — spent Thursday debating one of the case’s enduring mysteries: What drug did he give his chief accuser on the night she says he molested her?

Cosby has insisted he handed 1 ½ tablets of the over-the-counter cold and allergy medicine Benadryl to Andrea Constand to help her relax before their sexual encounter at his mansion outside Philadelphia. Constand testified he gave her three small blue pills that left her incapacitated and unable to resist as he molested her.

The experts agreed that paralysis isn’t known to be a side effect of Benadryl, though its active ingredient can cause drowsiness and muscle weakness, among other side effects.

Cosby’s expert, Harry Milman, said he didn’t know of any small blue pill that could produce the symptoms Constand described.

The Cosby Show star has previously acknowledged under oath he gave quaaludes — a powerful sedative and 1970s-era party drug that’s been banned in the U.S. for more than 35 years — to women he wanted to have sex with, but denied having them by the time he met Constand in the early 2000s.

Dr. Timothy Rohrig, a forensic toxicologist called by prosecutors, testified Thursday that quaaludes can make people sleepy. But he and Milman said the drug came in large white pills — not small and blue.

Prosecutors rested their case after Rohrig got off the witness stand.

The defense immediately asked Judge Steven O’Neill to acquit Cosby and send jurors home, arguing prosecutors hadn’t proved aggravated indecent assault charges. O’Neill refused.

Upcoming testimony

Cosby’s lawyers are expected to call several people who worked for him, including an executive assistant and employees of his talent agency and publicity firm. It’s likely part of a bid to challenge the prosecution’s contention that the alleged assault happened within the 12-year statute of limitations.

Williams’ deposition testimony could have insights into what led Constand to accuse Cosby and whether the encounter was a factor in her leaving her job a few months later as the director of women’s basketball operations at Temple University.

A private investigator working for the defense said he attempted to serve Williams at least six times at her North Carolina home before sending her a FedEx package containing a subpoena and instructions to call Cosby’s legal team.

Williams’ name already has come up several times at the retrial.

Constand testified that Williams was the friend she cut and pasted emails from for a business that Cosby’s lawyers described as a Ponzi scheme.

Cosby lawyer Kathleen Bliss questioned Constand’s mother about her daughter’s friendship with Williams and suggested that they were on the outs about a month before Constand went to police.

“What has Sheri got to do with this?” Gianna Constand replied.

Charles Kipps, a writer who worked with Cosby, testified he met Constand and Williams for dinner in New York as Constand was moving back to Canada in March 2004.

The Associated Press does not typically identify people who say they are victims of sexual assault unless they grant permission, which Constand has done.

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As Prince’s Health Waned, Alarm Grew in Inner Circle

Some of Prince’s closest confidants had grown increasingly alarmed about his health in the days before he died and tried to get him help as they realized he had an opioid addiction — yet none were able to give investigators the insight they needed to determine where the musician got the fentanyl that killed him, according to investigative documents released Thursday.

Just ahead of this weekend’s two-year anniversary of Prince’s death, prosecutors announced they would file no criminal charges in the case and the state investigation was closed.

“My focus was lasered in on trying to find out who provided that fentanyl, and we just don’t know where he got it,” said Carver County Attorney Mark Metz. “We may never know. … It’s pretty clear from the evidence that he did not know, and the people around him didn’t know, that he was taking fentanyl.”

Metz said Prince had suffered from pain for years and likely believed he was taking a common painkiller.

Prince was 57 when he was found alone and unresponsive in an elevator at his Paisley Park studio compound on April 21, 2016. His death sparked a national outpouring of grief and prompted a joint investigation by Carver County and federal authorities.

An autopsy found he died of an accidental overdose of fentanyl, a synthetic opioid 50 times more powerful than heroin.

The investigative materials — including documents , photos and videos — were posted online Thursday afternoon. Several images show the music superstar’s body on the floor of his Paisley Park estate, near an elevator. He is on his back, his head on the floor, eyes closed. His right hand is on his stomach and left arm on the floor.

The documents include interviews with Prince’s inner circle. That included longtime friend and bodyguard Kirk Johnson, who told investigators that he had noticed Prince “looking just a little frail,” but said he did not realize he had an opioid addiction until he passed out on a plane a week before he died.

 “It started to all making sense though, just his behavior sometimes and change of mood and I’m like oh this is what, I think this is what’s going on, that’s why I took the initiative and said let’s go to my doctor because you haven’t been to the doctor, let’s check it all out,” Johnson said, according to a transcript of an interview with investigators.

Johnson said after that episode, Prince canceled some concerts as friends urged him to rest. Johnson also said that Prince “said he wanted to talk to somebody” about his addiction.

Johnson asked his own doctor, Michael Todd Schulenberg, to see Prince on April 7, 2016. Schulenberg told authorities he gave Prince an IV; authorities said he also prescribed Vitamin D and a nausea medication — under Johnson’s name. Johnson then called Schulenberg on April 14, asking the doctor to prescribe a pain medication for Prince’s hip. Schulenberg did so, again under Johnson’s name, Metz said.

On the night of April 14 to April 15, Prince passed out on a flight home from Atlanta, and the private plane made an emergency stop in Moline, Illinois. The musician had to be revived with two doses of a drug that reverses effects of an opioid overdose.

A paramedic told a police detective that after the second shot of naloxone, Prince “took a large gasp and woke up,” according to the investigative documents. He said Prince told paramedics, “I feel all fuzzy.”

A nurse at the hospital where Prince was taken for monitoring told detectives that he refused routine overdose testing that would have included blood and urine tests. When asked what he had taken, he didn’t say what it was, but that “someone gave it to him to relax.” Other documents say Prince said he took one or two pills.

The documents show that Johnson contacted Schulenberg again on April 18, and expressed concern that Prince was struggling with opioids. At that time, Schulenberg told investigators, Johnson apologized for asking the doctor to prescribe the previous painkiller.

An assistant to Prince told investigators he had been unusually quiet and sick with the flu in the days before he was found dead. Meron Bekure said she last saw Prince a day earlier, when she was going to take him to the doctor for a checkup but that Prince told her he would go with Johnson instead.

On that day, Schulenberg saw Prince and ran some tests and prescribed other medications to help him. A urinalysis came back positive for opioids. That same day, Paisley Park staffers contacted California addiction specialist Dr. Howard Kornfeld. The doctor sent his son, Andrew, to Minnesota that night, and the younger Kornfeld was among those who found Prince’s body. Andrew Kornfeld was carrying buprenorphine, a medication that can be used to help treat opioid addiction.

Andrew Kornfeld told investigators that Prince was still warm to the touch when he was found, but that rigor mortis had begun to set in.

The documents also show that Prince’s closest confidants knew he was a private person and tried to respect that, with Johnson saying: “That’s what pisses me off cause it’s like man, how did he hide this so well?”

Metz said some of Prince’s friends might have enabled him as they tried to protect him.

“There is no doubt that the actions of individuals will be criticized, questioned and judged in the days and weeks to come,” Metz said. “But suspicions and innuendo are categorically insufficient to support any criminal charges.”

The U.S. attorney’s office also said Thursday it had no credible evidence that would lead to federal criminal charges. A law enforcement official close to the investigation told The Associated Press that the federal investigation is now inactive unless new information emerges. The official spoke on condition of anonymity because the federal case remains open.

But federal authorities announced that Schulenberg had agreed to pay $30,000 to settle a civil violation from the allegation that he illegally prescribed the opioid oxycodone for Prince in Johnson’s name. Schulenberg admitted to no facts or liability in the settlement, which includes stricter monitoring of his prescribing practices, and authorities said he is not the target of a criminal investigation.

Oxycodone, the generic name for the active ingredient in OxyContin, was not listed as a cause of Prince’s death. But it is part of a family of painkillers driving the nation’s addiction and overdose epidemic, according to the Centers for Disease Control and Prevention. Nearly 2 million Americans abused or were addicted to prescription opioids, including oxycodone, in 2014.

A confidential toxicology report obtained by the AP in March showed high concentrations of fentanyl in the singer’s blood, liver and stomach. The concentration of fentanyl in Prince’s blood alone was 67.8 micrograms per liter, which outside experts called “exceedingly high.”

Prince did not have a prescription for fentanyl.

Metz said several pills were found at the Paisley Park complex after Prince died, and some were later determined to be counterfeit.

The underground market for counterfeit prescription pain pills is brisk and can be highly anonymous, said Carol Falkowski, CEO of Drug Abuse Dialogues, a Minnesota-based drug abuse training and consulting organization. Buyers often don’t know who they’re dealing with or what’s in the drugs they purchase, she said.

The likelihood of people buying pain pills on the street or online that turn out to be counterfeits laced with fentanyl is “extremely high,” said Traci Green, a Boston University Medical Center epidemiologist who focuses on the opioid epidemic.

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Earth Day Call to Arms: Skip the Straw

The United Kingdom is proposing a ban on disposable plastic straws.

With Earth Day coming up this Sunday, advocates are asking everyone to follow suit and skip the straw.

Straws and stirrers are among the top 10 items found in coastal cleanups worldwide, according to the nonprofit Ocean Conservancy, which has been conducting annual trash pickups for more than 30 years.

The group says the ocean is littered with 150 million metric tons of plastic trash, clogging coastlines, ensnaring wildlife and even littering land far from any human settlement.

And each year, another 8 million tons wash in, according to a recent study.

At the Commonwealth Heads of Government Meeting in London on Thursday, U.K. Prime Minister Theresa May announced plans to ban plastic straws, stirrers and cotton ear buds.

May called on other Commonwealth nations to do the same.

Skipping the straw will not solve the problem on its own, acknowledges Nick Mallos, director of the Ocean Conservancy’s Trash Free Seas Program. 

“But they are a tangible action that all of us as individuals can take that do add up,” he said.

“It’s also about this mind shift that takes place when you start thinking about, ‘Oh, I don’t need a straw.’” Mallos added. “It cascades into other aspects of your consumer decision-making. Maybe after (skipping) the straw becomes habit, you think about the next step you might be able to take to reduce your waste footprint.”

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Scientists Coax Plastic-Munching Enzyme to Eat Faster

Recently, the world was stunned to learn that an island of mostly plastic trash, floating in the Pacific Ocean, grew to the size of France, Germany and Spain combined. Because plastics take centuries to decompose, could civilization someday choke in it? Scientists at Britain’s University of Portsmouth say they may have found a way to speed up the decomposition of plastics. VOA’s George Putic reports.

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‘Skip the Straw’: A Call For Earth Day

For every man, woman and child on Earth, there is roughly 1 ton of plastic trash, according to a recent study. Advocates say tackling such a huge problem can start with a tiny step. With Earth Day coming up April 22, they are asking people to “skip the straw.” VOA’s Steve Baragona has more.

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Palestinian-American Comedian Making Her Mark in Male Dominated Field

Comedy is a field still dominated by men, but that’s changing. Among the trendsetters is Suzie Afridi, a Palestinian-American stand-up comedian. Afridi says she’s probably not living the life her parents had wanted for her when she was growing up in the West Bank. But she says how else would a feminist Palestinian, married to a Muslim man, trying to raise a cross-cultural 9-year-old express herself, except by making people laugh? VOA’s Samina Ahsan takes a look at Afridi’s unlikely journey.

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Reports: $1B Fine for Wells Fargo for Illegal Sales

U.S. news reports say Wells Fargo will be fined as much as $1 billion for illegally selling customers car insurance policies they did not want or need, and for charging unnecessary fees in connection with mortgages.

This would be the largest fine ever imposed by federal bank regulators and the Consumer Financial Protection Bureau.

The fine is part of a settlement regulators negotiated with the bank.

Wells Fargo and federal officials have not commented on the reports.

The San Francisco-based lender admitted selling the unwanted insurance policies to hundreds of thousands of car loan customers. In many cases, the borrowers could not afford both the insurance and car payments and their cars were repossessed.

Many U.S. banks have enjoyed looser federal regulations under President Donald Trump’s pro-business administration.

But Trump denied reports that Wells Fargo would not be punished, tweeting in December that fines and penalties against the bank would, if anything, be substantially increased.

“I will cut regs but make penalties severe when caught cheating,” he wrote.

Wells Fargo previously paid a $185 million fine for opening bank and credit card accounts in its customers’ names without telling them.

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Senate Narrowly Confirms Trump’s Pick to Head NASA

NASA’s latest nail-biting drama was far from orbit as the Senate narrowly confirmed President Donald Trump’s choice of a tea party congressman to run the space agency in an unprecedented party-line vote.

In a 50-49 vote Thursday, Oklahoma Representative James Bridenstine, a Navy Reserve pilot, was confirmed as NASA’s 13th administrator, an agency that usually is kept away from partisanship. His three predecessors — two nominated by Republicans — were all approved unanimously. Before that, one NASA chief served under three presidents, two Republicans and a Democrat.

The two days of voting were as tense as a launch countdown.

A procedural vote Wednesday initially ended in a 49-49 tie — Vice President Mike Pence, who normally breaks a tie, was at Trump’s Mar-a-Lago estate in Florida — before Arizona Republican Jeff Flake switched from opposition to support, using his vote as leverage to address an unrelated issue.

Thursday’s vote included the drama of another delayed but approving vote by Flake, a last-minute no vote by Illinois Democrat Tammy Duckworth — who wheeled onto the floor with her 10-day-old baby in tow — and the possibility of a tie-breaker by Pence, who was back in town.

NASA is a couple years away from launching a new giant rocket and crew capsule to replace the space shuttle fleet that was retired in 2011.

“I look forward to working with the outstanding team at NASA to achieve the president’s vision for American leadership in space,” Bridenstine said in a NASA release after the vote. 

Sharply different views

Democrats opposing Bridenstine said his outspoken divisiveness, earlier rejection of mainstream climate change science and lack of space experience made him unqualified. Republicans praised him as a qualified war hero.

“His record of behavior in the Congress is as divisive as any in Washington, including his attacks on members of this body from his own party,” Florida Democrat Bill Nelson said.

Senator Edward Markey, a Massachusetts Democrat, cited past Bridenstine comments that rejected mainstream climate science, invoking the movie “Apollo 13.”

“Houston, we have a problem,” Markey said. “NASA’s science, NASA’s mission and American leadership will be in jeopardy under Congressman Bridenstine’s leadership.”

During his confirmation hearing, Bridenstine said he acknowledged that global warming was real and man-made, but wouldn’t say that it was mostly human-caused, as the overwhelming majority of scientists and scientific literature have done. And Bridenstine told Nelson, “I want to make sure that NASA remains, as you said, apolitical.”

Texas Republican Ted Cruz praised the NASA nominee as “a war hero.”

“NASA needs a strong leader and it will have that strong leader in Jim Bridenstine,” Cruz said.

Sean O’Keefe, who was NASA chief under President George W. Bush and was confirmed unanimously, said the close vote “is a consequence of an erosion of comity in the Congress, particularly in the Senate. Political fights will always break out, but now most policy choices are more likely to emerge based on the party with the majority than the power of the idea.”

Alan Ladwig, a top NASA political appointee under Democrats, said this was a case of both party politics and a divisive nominee who doesn’t accept science.

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No Criminal Charges to Be Filed in 2016 Death of Pop Star Prince

No criminal charges will be filed in the 2016 death of pop star Prince from an opioid overdose, a Minnesota prosecutor said on Thursday.

“We simply do not have sufficient evidence to charge anyone with a crime related to Prince’s death,” Carver County Attorney Mark Metz told a news conference following a two-year inquiry.

Prince, 57, was found dead at his Paisley Park home and recording studio complex near Minneapolis on April 21, 2016. The official cause of death was a self-administered overdose of the painkiller fentanyl, which is 50 times stronger than heroin.

Metz said the musician died after taking a counterfeit Vicodin pill laced with fentanyl.

“Nothing in the evidence suggests Prince knowingly ingested fentanyl,” Metz said, adding that there was “no evidence that the pills that killed Prince were prescribed by a doctor.”

“There is no reliable evidence showing how Prince obtained the counterfeit Vicodin laced with fentanyl or who else may had a role in delivering the counterfeit Vicodin to Prince,” Metz said.

Investigators found evidence that Prince suffered from severe pain for a number of years and that hundreds of various sorts of painkillers were found in his residence, according to Metz.

The probe included searches of Prince’s computer, mobile phone records of his friends and interviews with associates. Some of the pills were prescribed to his bodyguard, Metz said, to protect the singer’s privacy.

Prince, known for his androgynous style and sexually charged songs, crafted a public image of living a clean and healthy vegan lifestyle.

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US-China Trade Row Threatens Global Confidence: IMF’s Lagarde

The biggest danger from the U.S.-China trade dispute is the threat to global confidence and investment, International Monetary Fund Managing Director Christine Lagarde said on Thursday.

The IMF chief said the tariffs threatened by the world’s two largest economies would have a modest direct impact on the global economy but could produce uncertainty that choked off investment, one of the key drivers of rising global growth.

“The actual impact on growth is not very substantial, when you measure in terms of GDP,” Lagarde said of the tariffs, adding that the “erosion of confidence” would be worse.

“When investors do not know under what terms they will be trading, when they don’t know how to organize their supply chain, they are reluctant to invest,” she told a news conference in Washington where world financial leaders gathered for the start of the IMF and World Bank spring meetings.

In its World Economic Outlook released on Tuesday, the IMF cited 2016 research showing that tariffs or other barriers leading to a 10 percent increase in import prices in all countries would lower global output by about 1.75 percent after five years and by close to 2 percent in the long term.

In Beijing, China’s Foreign Ministry warned that the Trump administration’s tariff threats and other measures to try to force trade concessions from Beijing was a “miscalculated step” and would have little effect on Chinese industries.

In the latest escalations in the trade row, Washington said this week that it had banned U.S. companies from selling parts to Chinese telecom equipment maker ZTE for seven years, while China on Tuesday announced hefty anti-dumping tariffs on imports of U.S. sorghum and measures on synthetic rubber imports from the United States, European Union and Singapore.

The U.S. Trade Representative’s office also is planning to soon release a second list of Chinese imports targeted for an additional $100 billion of U.S. tariffs, tripling the amount of Chinese goods under a tariff threat.

Lagarde said the trade tensions would be a major topic of discussion among finance ministers and central bank governors at the IMF and World Bank meetings.

“My suspicion is that there will be many bilateral discussions to be had between the various parties involved,” Lagarde said, adding that the issue would also be discussed in larger sessions involving the Fund’s 189 member countries.

“Investment and trade are two key engines that are finally picking up. We don’t want to damage that,” Lagarde said.

If the tariffs go into effect, the hit to business confidence would be worldwide because supply chains are globally interconnected, she added.

 

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Unsold Aluminum Piling Up at Russian Sanctions-Hit Rusal Factory

Russian aluminum giant Rusal is stockpiling large quantities of aluminum at one of its plants in Siberia because U.S. sanctions imposed this month have prevented it from selling the metal to customers, five sources close to the company said.

With the firm’s own storage space filling up with unsold aluminum, Rusal executives in Sayanogorsk, in southern Siberia, have had to rent out additional space to accommodate the surplus stock, one of the sources told Reuters.

“Aluminum sales have broken down. And now the surplus aluminum is being warehoused in production areas of the factory itself,” said someone who works on the grounds of one of Rusal’s two plants in Sayanogorsk.

Several people connected to Rusal said that Oleg Deripaska, the company’s main shareholder who along with the company was included on a U.S. sanctions blacklist, visited Sayanogorsk this week for a closed-door meeting with staff.

Asked if the firm was stockpiling aluminum in Sayanogorsk, a Rusal spokeswoman declined to comment.

Rusal and Deripaska were included on a U.S. sanctions blacklist this month, scaring off many of its customers, suppliers and creditors who fear they too could be hit by sanctions through association with the company.

A number of traders and customers of Rusal’s aluminum have stopped buying the firm’s products, citing the sanctions risk, and Rusal has stopped shipping some of its products for export, according to a logistics firm and a railway operator that used to carry much of its aluminum.

While shipments have stalled, Rusal cannot readily reduce its production of aluminum because the electrolysis pots that are at the heart of the manufacturing process can be irreparably damaged if they are shut down.

At Rusal’s two plants in Sayanogorsk — which together accounted last year for about a quarter of the firm’s production — aluminum is now stacking up in ad hoc stockpiles dotted around the factory grounds, the sources said.

An employee with a Rusal subsidiary described how the unsold aluminum ingots were being stored in garages in the plant. He said his company had just agreed to rent out space to Rusal so it could store more of the ingots.

A contractor at the Sayanogorsk plants said the stockpiled ingots, stacked on pallets, were building up fast. He said two days’ worth of production would fill up a five-car train, but already a week had gone by with aluminum piling up.

“Can you imagine a week?” he said. “There’s a hell of a lot there, a hell of a lot. It’s being stockpiled, it’s not being shipped.”

An electrician working for Rusal said the ingots were being squeezed into all available space.

“The storage is not quite full,” said the electrician, who spoke on condition of anonymity to discuss internal company affairs. “Something is still being loaded all the same, some stuff is being shipped.”

Deripaska, who started his metals industry career in Sayanogorsk in the 1990s, visited the town this week and held a closed-door meeting with staff, according to several people with links to Rusal.

Deripaska himself was included on the U.S. sanctions blacklist, along with Rusal and other businesses where he has a controlling stake.

Washington said it took the measure against Deripaska and others because, it said, they were profiting from a Russian state engaged in “malign activities” around the world.

Since the sanctions were imposed on April 6, Rusal’s share price has slumped, the value of its bonds has plummeted and partners around the world have distanced themselves from Deripaska and his business empire.

U.S. customers cannot do business with Rusal any more under the sanctions, while major Japanese trading houses asked Rusal to stop shipping refined aluminum and other products and are scrambling to secure metal elsewhere, industry sources said.

Rusal is encountering problems at the other end of its production cycle too, with the sanctions affecting the overseas operations that supply it with the raw materials it uses to produce metal.

Rio Tinto, which supplies bauxite to some of Rusal’s refineries and buys refined alumina, said it will declare force majeure on some contracts.

Further besieging Rusal, creditors and bond-holders are trying to offload the firm’s liabilities because many financial market players believe that to handle Rusal debt could leave them too susceptible to U.S. sanctions.

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UN Health Agency: Dengue Vaccine Shouldn’t Be Used Widely

The World Health Organization says the first-ever vaccine for dengue needs to be dealt with in “a much safer way,” meaning that the shot should mostly be given to people who have previously been infected with the disease.

In November, the vaccine’s manufacturer, Sanofi Pasteur, said people who had never been sickened by dengue before were at risk of developing a more serious disease after getting the shot.

After a two-day meeting this week, WHO’s independent vaccines group said it now had proof the vaccine should only be used “exclusively or almost exclusively in people who have already been infected with dengue.”

The U.N. health agency said a test should be developed so doctors would be able to quickly tell if people had previously been sickened by dengue – but the group acknowledged doing that so isn’t straightforward.

“We see significant obstacles in using the vaccine this way, but we are confident this also spurs the development of a rapid diagnostic test,” said Dr. Joachim Hombach, executive secretary of WHO’s expert group, during a news conference Thursday.

Sanofi said last year that doctors should consider whether people might have been previously infected with dengue before deciding whether they should risk getting immunized. The company said it expected to take a 100 million euro ($118 million) loss based on that news.

People who catch dengue more than once can be at risk of a hemorrhagic version of the disease. The mosquito-spread virus is found in tropical and sub-tropical climates across Latin and South America, Asia, Africa and elsewhere. It causes a flu-like disease that can cause joint pain, nausea, vomiting and a rash. In severe cases, dengue can result in breathing problems, hemorrhaging and organ failure.

About half the world’s population is at risk of dengue; WHO estimates that about 96 million people are sickened by the viral infection every year.

Following Sanofi’s announcement last year, the Philippines halted its dengue immunization program, the world’s first national vaccination program for dengue. The government also demanded a refund of more than 3 billion pesos ($59 million) from Sanofi and is considering further legal action.

In February, the Philippines said the vaccine was potentially linked to the deaths of three people: all of them died of dengue despite having received the vaccine.

The country imposed a symbolic fine of $2,000 on Sanofi and suspended the vaccine’s approval, charging that the drugmaker broke rules on how the shot was registered and marketed.

More than 730,000 children aged 9 and above in the Philippines have received at least one dose of the dengue vaccine, usually delivered in three doses.

There is no specific treatment for dengue and there are no other licensed vaccines on the market.

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Russia Demands Compensation for US Tariffs on Aluminum, Steel

Russia demanded compensation from the U.S. for its worldwide tariffs on foreign aluminum and steel Thursday, becoming the third influential member of the World Trade Organization to do so.

China, the European Union and India have also objected, arguing the tariffs are a “safeguard” measure to protect U.S. domestic products from imports, which require compensation for major exporting countries.

The Trump administration has rejected that argument and says the tariffs are for national security reasons and are therefore allowed under international law.

The U.S. has agreed to negotiate with China and has informed the EU and India it is willing to discuss any other issue, while maintaining their compensation claims are unwarranted.

It is unclear what Moscow’s demand means in practice because it did not challenge the tariffs through a WTO appeals mechanism through which the organization’s 164 members can negotiate solutions to trade disputes.

China is the only country that has pursued that course and India has asked to be present at negotiations with the U.S. on the issue.

U.S. allies Australia, Canada, the EU, Mexico and South Korea have received temporary exemptions from the tariffs, pending negotiations with the U.S.

 

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ABBA Reunites With Avatars for TV Tribute

It’s the closest thing yet to an ABBA reunion: computerized avatars of Sweden’s legendary disco group will perform during a televised tribute to the quartet to be broadcast this autumn, ABBA member Bjorn Ulvaeus said Thursday.

Agnetha Faltskog, Anni-Frid Lyngstad, Bjorn Ulvaeus and Benny Andersson split up in 1982 after dominating the disco scene for more than a decade with hits like “Waterloo”, “Dancing Queen”, “Mamma Mia” and “Super Trouper”.

The group, which has sold more than 400 million albums, has not sung together on stage since 1986.

The avatars will perform an as yet unnamed ABBA song during the tribute show, produced by British broadcaster BBC and US network NBC. Other top musical artists are also expected to perform.

“It’s a kind of ABBA tribute show, but the centerpiece … will be something I call ‘Abbatars’. It is digital versions of ABBA, from 1979,” Ulvaeus told AFP.

“It’s the first time it’s ever been done.”

In order to create the avatars, “techno artists” from Silicon Valley measured the heads of the four ABBA members and photographed them from all angles.

“With videos and lipsynching, they’ll create digital copies of us from 1979,” he said, referring to the year the album “Voulez-vous” was released.

Ulvaeus was in Brussels on Thursday to try to persuade European Broadcasting Union (EBU) member networks to sign on to the show.

The EBU is the broadcaster of the Eurovision Song Contest, the competition that launched ABBA on the international scene when it won in 1974 with the hit “Waterloo”.

“I hope that some of them (European broadcasters) will join us and make this … a global program at the end of this autumn,” Ulvaeus said.

The show is expected to go on tour the following year.

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