Month: January 2019

Wild Coffee Disappearing, Threatening Future Harvests

Rising temperatures, changing rainfall and encroaching diseases are threatening the world’s coffee crops. A new study says many of coffee’s wild relatives, which could help the crop adapt to a warmer world, are also at risk. VOA’s Steve Baragona has more.

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Total Lunar Eclipse Meets Supermoon Sunday Night

Here comes a total lunar eclipse and supermoon, all wrapped into one.

The moon, Earth and sun will line up this weekend for the only total lunar eclipse this year and next. At the same time, the moon will be ever so closer to Earth and appear slightly bigger and brighter than usual — a supermoon.

“This one is particularly good,” said Rice University astrophysicist Patrick Hartigan. “It not only is a supermoon and it’s a total eclipse, but the total eclipse also lasts pretty long. It’s about an hour.”

The whole eclipse starts Sunday night or early Monday, depending on location, and will take about three hours.

It begins with the partial phase around 10:34 p.m. EST Sunday. That’s when Earth’s shadow will begin to nip at the moon. Totality — when Earth’s shadow completely blankets the moon — will last 62 minutes, beginning at 11:41 p.m. EST Sunday.

If the skies are clear, the entire eclipse will be visible in North and South America, as well as Greenland, Iceland, Ireland, Great Britain, Norway, Sweden, Portugal, and the French and Spanish coasts. The rest of Europe, as well as Africa, will have partial viewing before the moon sets.

During totality, the moon will look red because of sunlight scattering off Earth’s atmosphere. That’s why an eclipsed moon is sometimes known as a blood moon. In January, the full moon is also sometimes known as the wolf moon or great spirit moon.

So informally speaking, the upcoming lunar eclipse will be a super blood wolf — or great spirit — moon.

In the U.S., the eclipse will begin relatively early Sunday evening, making it easier for children to stay up and enjoy the show. Plus the next day is a federal holiday, with most schools closed. But the weather forecast for much of the U.S. doesn’t look good.

Parents “can keep their kids up maybe a little bit later,” said, Hartigan, who will catch the lunar extravaganza from Houston. “It’s just a wonderful thing for the whole family to see because it’s fairly rare to have all these things kind of come together at the same time.

“The good thing about this is that you don’t need any special equipment,” he added.

Asia, Australia and New Zealand are out of luck. But they had prime viewing last year, when two total lunar eclipses occurred.

The next total lunar eclipse won’t be until May 2021.

As for full-moon supermoons, this will be the first of three this year. The upcoming supermoon will be about 222,000 miles (357,300 kilometers) away. The Feb. 19 supermoon will be a bit closer and one in March will be the farthest.

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Gloomy Davos: Plenty of Crises, Few World Leaders

An array of crises will keep several world leaders away from the annual World Economic Forum (WEF) in Davos next week, which takes place against a backdrop of deepening gloom over the global economic and political outlook.

Anxieties over trade disputes, fractious international relations, Brexit and a growth slowdown that some fear could tip the world economy into recession are set to dominate the Jan. 22-25 Alpine meeting.

The WEF’s own Global Risks Report set the tone this week with a stark warning of looming economic headwinds, in part because of geopolitical tensions among major powers.

​No Trump, Macron or May

Some 3,000 business, government and civil society figures are scheduled to gather in the snow-blanketed ski resort, but among them are only three leaders of the Group of Seven most industrialized countries: Japanese Prime Minister Shinzo Abe, German Chancellor Angela Merkel and Italian Premier Giuseppe Conte.

Donald Trump, who stole the Davos limelight last year with a rare appearance by a sitting U.S. president, pulled out of this year’s event as he grapples with a partial U.S. government shutdown.

On Thursday, the White House said Trump had also canceled his delegation’s trip to Davos because of the shutdown, now in its 27th day. Treasury Secretary Steven Mnuchin and Secretary of State Mike Pompeo had been expected to lead the U.S. team, according to two senior administration officials.

French President Emmanuel Macron is also skipping the meeting as he seeks to respond to the “yellow vest” protests, while British Prime Minister Theresa May battles to find a consensus on Brexit.

​No Xi, either

Outside the G7, the leaders of Russia and India are shunning Davos, while China —whose president, Xi Jinping, was the first Chinese leader to attend the elite gathering in 2017 to offer a vigorous defense of free trade — is sending Xi’s deputy instead.

That will leave the likes of British Finance Minister Philip Hammond, Chinese Vice President Wang Qishan and a host of central bankers with the task of trying to reassure business chiefs.

“Davos will be dominated by a high level of anxiety about stock markets, a slowdown in growth and international politics,” said Nariman Behravesh, chief economist at IHS Markit. “The leadership presence is lower than last year but those who are going … will be seeking to impart a sense of confidence and calm business and investors’ nerves.”

​Forum still has its glitz

Before the U.S. cancellation, a Trump administration official had said the U.S. delegation would also discuss the importance of reforming institutions such as the World Trade Organization, the International Monetary Fund and the World Bank.

Trump has harshly criticized globalization and questioned U.S. participation in multilateral institutions such as the WTO, calling for a revamp of international trade rules.

Davos watchers said the absence of so many top leaders this year did not mean the glitzy forum had lost its status as a global stage for top politicians to present their agendas.

“Abe is going to Davos not just as Japanese prime minister but also as chair of the G20. It will be a perfect opportunity to lay the groundwork of upcoming G20 meetings,” said a Japanese government source familiar with international affairs.

“Of course there may be inconveniences such as missing opportunities to hold bilateral meetings, but that won’t undermine the importance of Davos,” he said.

A Chinese official who has attended Davos regularly but will not go this year said China had never expected to make progress at the meeting on the trade dispute with the United States. 

“It’s just an occasion for making a policy statement,” he said.

​Networking opportunities

The low turnout among major Western leaders may also give more prominence to political personalities who may otherwise be upstaged. Davos will be the first major international outing for Brazilian President Jair Bolsonaro, elected on a wave of anti-establishment and conservative nationalism also seen elsewhere.

He said on Twitter he would present “a different Brazil, free of ideological ties and widespread corruption.”

For business chiefs, the value of Davos lies not so much in the public sessions but in the networking and deal-making opportunities on the sidelines of the main conference.

“It’s the best place to pitch for ideas, build connections and get your brand known,” said Chen Linchevski, chief executive of Precognize, an Israel-based start-up developing software that prevents technical or quality failures at manufacturing plants.

“It’s the kind of place where in a few days you meet people you wouldn’t easily meet otherwise,” said Linchevski, who is paying 50,000 Swiss francs ($50,495) to attend the event.

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Guinea Worm Disease Could Soon be Wiped Out, Experts Say

There were just 28 reported human cases of Guinea worm disease (GWD) last year, the U.S.-based Carter Center said Thursday.

The nongovernmental organization founded by former President Jimmy Carter said the disease is gradually moving toward eradication.

The Carter Center says there were about 3.5 million human cases of GWD in Africa and Asia every year before it took the lead of the Guinea Worm Eradication Program in 1986.

“These aren’t just numbers, these are people,” program director Adam Weiss said. “This is why tens of thousands of volunteers, technical advisers, and staff are working in thousands of villages to find and contain the last cases of this miserable disease and show people how to wipe it out once and for all.”

People and animals get Guinea worm disease from drinking water contaminated with tiny crustaceans that carry the worm larvae. The larvae mate inside the victim and after the male dies, the female emerges from a blister on the skin and can only be gradually pulled out.

Guinea worm disease is rarely fatal. But the Carter Center said it can incapacitate victims for months — something that villagers who work, farm or go to school cannot afford.

There is no vaccine against GWD and no medicine to treat it.

But the disease can be easily prevented by teaching communities how to filter drinking water and keeping Guinea worm patients and animals away from water sources.

While Guinea worm disease may be on the brink of eradication in people, the Carter Center said there were still thousands of cases in animals in several African nations, where violence and insecurity are making effective prevention difficult.

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Study: Asteroids Smacking Earth Twice as Often as Before

Giant rocks from space are falling from the sky more than they used to, but don’t worry.

For the past 290 million years, large asteroids have been crashing into Earth more than twice as often as they did in the previous 700 million years, according to a new study in Thursday’s journal Science.

But no need to cast a wary glance up. Asteroids still only smack Earth on average every million or few million years, even with the increased crash rate. NASA’s list of potential big space rock crashes shows no pending major threats. The biggest known risk is a 4,200-foot (1.3-km) wide asteroid with a 99.988 percent chance that it will miss Earth when it whizzes very near here in 861 years.

Tell that to the dinosaurs. Most scientists think dinosaurs and a lot of other species went extinct after a huge space rock crashed into Central America about 65 million years ago.

“It’s just a game of probabilities,” said study lead author Sara Mazrouei, a University of Toronto planetary scientist. “These events are still rare and far between that I’m not too worried about it.”

Mazrouei and colleagues in the United Kingdom and United States compiled a list of impact craters on Earth and the moon that were larger than 12 miles (20 km) wide and came up with the dates of them. It takes a space rock that’s half a mile (800 meters) wide to create holes that big.

The team counted 29 craters that were no older than 290 million years and nine between 291 million years and 650 million years old.

But we can see relatively few big craters on Earth because the planet is more than 70 percent ocean and past glaciers smoothed out some holes, said University of Toronto planetary scientist Rebecca Ghent, a study co-author.

Extrapolating for what can’t be seen brings the total to about 260 space crashes on Earth in the last 290 million years. Adding in other factors, the science team determined that the current space crash rate is 2.6 times more than the previous 700 million years.

Craters older than 650 million years are mostly wiped off on Earth by glacial forces so the scientists used impact craters on the nearby moon as a stand-in for holes between 650 million and 1 billion years old. The moon is a good guide for estimating Earth crashes, because it is close enough to be in the same bombardment path and its craters last longer.

Mixed reactions

So what happened nearly 300 million years ago?

“Perhaps an asteroid family was broken up in the asteroid belt,” Mazrouei speculated. The space rocks then headed toward the Earth and moon, and the planet got slightly more because it is a bigger target and it has higher gravity, Ghent said.

Outside scientists are split about the research. Jay Melosh at Purdue said he found the number of craters too small to come to a reasonable conclusion, but Harvard’s Avi Loeb said the case was convincing.

Humans might not have emerged without mass extinctions from space rocks about 250 million and 65 million years ago, Loeb said in an email, adding, “but this enhanced impact rate poses a threat for the next mass extinction event, which we should watch for and attempt to avoid with the aid of technology.”

“This demonstrates how arbitrary and fragile human life is,” Loeb wrote.

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US Appeals Court Will Not Delay Net Neutrality Case

A federal appeals court said Thursday it would not delay oral arguments set for Feb. 1 on the Trump administration’s decision to repeal the 2015 landmark net neutrality rules governing internet providers.

The Federal Communications Commission (FCC) on Tuesday asked the court to delay the arguments over its December 2017 repeal, citing the partial government shutdown. Without comment, the court denied the request.

The FCC had no immediate comment on the decision.

A group of 22 state attorneys general and the District of Columbia have asked the court to reinstate the Obama-era internet rules and block the FCC’s effort to pre-empt states from imposing their own rules guaranteeing an open internet.

Several internet companies are also part of the legal challenge, including Mozilla Corp, Vimeo Inc and Etsy Inc, as well as numerous media and technology advocacy groups and major cities, including New York and San Francisco.

The FCC voted to reverse the rules that barred internet service providers from blocking or throttling traffic, or offering paid fast lanes, also known as paid prioritization.

The FCC said providers must disclose any changes in users’ internet access.

‘Misguided’ repeal

The net neutrality repeal was a win for providers like Comcast Corp, AT&T Inc and Verizon Communications Inc, but was opposed by internet companies like Facebook Inc, Amazon.com Inc and Alphabet Inc.

Major providers have not made any changes in how Americans access the internet since the repeal.

FCC Commissioner Jessica Rosenworcel, a Democrat, said on Thursday that the lawsuits are aimed at overturning the agency’s “misguided” repeal of the Obama rules. “The fight for an open internet continues,” she wrote on Twitter.

The panel hearing the case is made up of Judges Robert Wilkins and Patricia Millett, two appointees of Barack Obama, and Stephen Williams, an appointee of Republican Ronald Reagan.

In October, California agreed not to enforce its own state net neutrality law until the appeals court’s decision on the 2017 repeal and any potential review by the U.S. Supreme Court.

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WSJ: US Treasury Secretary Mnuchin Weighs Lifting Tariffs on China

U.S. Treasury Secretary Steven Mnuchin discussed lifting some or all tariffs imposed on Chinese imports and suggested offering a tariff rollback during trade discussions scheduled for Jan. 30, the Wall Street Journal reported Thursday, citing people familiar with the internal deliberations.

But Trade Representative Robert Lighthizer has resisted the idea, and the proposal had not yet been introduced to President Donald Trump, according to the Journal.

U.S. stocks advanced on the news even as a Treasury spokesman working with the administration’s trade team denied the report.

“Neither Secretary Mnuchin nor Ambassador Lighthizer have made any recommendations to anyone with respect to tariffs or other parts of the negotiation with China,” the spokesman said.

“This an ongoing process with the Chinese that is nowhere near completion.”

Chinese Vice Premier Liu He will visit the United States on Jan. 30 and 31 for the latest round of trade talks aimed at resolving a bitter trade dispute between the world’s two largest economies.

In December, Washington and Beijing agreed to a 90-day truce in a trade war that has disrupted the flow of hundreds of billions of dollars of goods.

Mid-level U.S. and Chinese officials met in Beijing last week to discuss China’s offers to address U.S. complaints about intellectual property theft and increase purchases of U.S. goods and services.

Lighthizer did not see any progress made on structural issues during those talks, Republican U.S. Senator Chuck Grassley said earlier this week.

The Trump administration is scheduled to increase tariffs March 2 on $200 billion worth of Chinese goods to 25 percent from 10 percent.

The timeline is seen as ambitious, but the resumption of face-to-face negotiations has bolstered hopes of a deal.

China has repeatedly played down complaints about intellectual property abuses, and has rejected accusations that foreign companies face forced technology transfers.

Industrial stocks, which have been sensitive to trade developments, jumped 1.4 percent after the Wall Street Journal report.

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Professor Offers Students Higher Grade for More Sleep

No amount of lecturing seems to persuade students to get more sleep.

But one professor uses bait they can’t resist.

Michael Scullin teaches the science of sleep to psychology students at Baylor University in Waco, Texas.  He lectures about physical and mental health problems caused by a lack of sleep. Those problems include difficulty focusing and controlling one’s emotions, and increased risk of disease.

“When you are at your most sleep deprived is when you are least likely to be able to judge how sleepy you are, and how much that sleepiness is impacting you,” Scullin says.

The U.S. Centers for Disease Control and Prevention advises adults to get at least seven hours of sleep a night to stay healthy, but more and more Americans report getting fewer than six hours of sleep per night.

His students seemed to enjoy the class, Scullin says. But when he asked if they were getting more sleep after what they learned in class, most of them said no.

So Scullin came up with a plan to get his students to sleep more: He offered them extra points on their final exam, the most important test in the class.

The plan worked better than Scullin expected. Students who slept more performed better in two different classes, and Scullin published his findings in two academic publications last November.

​How did the study work?

Scullin started the experiment with his psychology students. He told them that if they agreed to sleep at least eight hours a night for the five nights before the final exam, they would get several extra credit points. But if they agreed to take part in the study and failed to get the required amount of sleep, they would lose points on the exam. The students would wear special devices that recorded their sleep data.

Only eight out of the 18 total students in that first group agreed to take part in the experiment. Yet all the students who took part performed better on the exam than those who did not, even before the extra credit points were added. On average, they earned about five points more on the exam.

Scullin decided to repeat the study with another group of 16 design students. He chose not to punish students who failed to sleep the full eight hours per night, and got the same results.

Daniel Bessesen, as associate director of the Anschutz Health and Wellness Center at the University of Colorado, researches sleep. He says Scullin’s study supports the idea that sleep helps academic performance while students who cram — or stay up the night before the test trying to memorize the material — are likely worse off.

While Scullin’s study fits in with other sleep research, Bessesen says for it to be more scientific, the two groups should have been studying the same subject and taking the same test. In addition, students should have been randomly chosen for sleeping or staying awake.

How to get people to sleep more

Scullin and Bessesen offer some advice on how to get more sleep each night:     

Parents, try to get enough sleep to role model good habits to children. Bessesen notes that some medical school programs require student doctors to sleep more to prevent accidents.
Avoid looking at electronics before you fall asleep.
Don't consume caffeinated drinks less than six hours before you go to sleep.
Try to go to sleep at the same time every night.
If you are lying in bed and cannot calm your mind, get out of bed and spend five to 10 minutes writing down all of your thoughts.
If you wake up in the middle of the night and cannot fall back asleep, do not turn on the lights!  Instead, get out of bed and go into another room. Wait there until you feel tired.

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Indonesian Presidential Candidates Spar Over Corruption

Indonesian President Joko Widodo has accused his election rival of allowing corrupt candidates on his legislative ticket and failing to include women in senior positions.

Widodo and former General Prabowo Subianto, along with their running mates, faced off Thursday in the first of five debates before the April 17 election. The debate focused on terrorism, human rights, corruption, and law and order.

Opinion polls show Widodo commanding 52 percent to 54 percent popular support and Subianto 30 percent to 35 percent. About 10 percent of voters are undecided and another 15 percent are considered swing voters, meaning the race has the potential to tighten.

Subianto, making his second bid for president after being narrowly defeated by Widodo in 2014, waffled when asked why his party has the highest number of candidates with corruption records.

“Maybe the corruption they did was not huge, maybe he or she just, what I mean is, the theft was indeed wrong, but the most important thing to be eradicated was a corrupter who stole trillions of rupiah (hundreds of millions of dollars) of state money, of people’s money,” he said.

Questioning Subianto’s opening statement of a commitment to empowering women, Widodo said he has nine women in important Cabinet positions but there are few women in the leadership of Subianto’s Gerindra party.

Subianto said his party has many female candidates and criticized the quality of decision making by Widodo’s women ministers.

Widodo, the first Indonesian president from outside the country’s Jakarta elite, has made upgrading Indonesia’s infrastructure the signature policy of his five year-term.

In debating human rights, none of the candidates addressed Subianto’s involvement in human rights abuses during the dictator Suharto’s regime that ended two decades ago.

 

 

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Tunisia Hit by General Strike, Amid Economic Tensions

Workers around Tunisia went on strike Thursday to demand higher pay in a standoff with a government struggling to reduce unemployment, poverty and social tensions.

All flights in and out of the North African country’s main airport were cancelled, and schools nationwide were closed. Ports, public transport, hospitals and other public services were also disrupted.

 

Marathon last-minute negotiations between the government and union umbrella group UGTT failed to avert Thursday’s strike by public sector workers.

 

Thousands of people gathered at the national union headquarters in Tunis and marched through the capital’s main thoroughfare, carrying signs reading “Get Out!” and “The People Want the Fall of the Regime.” Rallies were also held in other cities.

 

Addressing the crowd in Tunis, the head of the UGTT, Noureddine Tabboubi, accused the government of “neglecting the workers” as runaway inflation has eroded purchasing power.

 

The International Monetary Fund has urged public sector salary freezes and other reforms in exchanges for loans to Tunisia’s struggling economy.

 

The union boss accused the government of being afraid to “move a little finger without the green light” of the IMF. Unions want an end to salary freezes for Tunisia’s 600,000 public sector workers.

 

President Beji Caid Essebsi has called for calm. Thursday’s strike comes after new tensions erupted last month when a journalist set himself on fire to protest unfulfilled promises of Tunisia’s 2011 Arab Spring revolution.

 

Similar rallies were held throughout the country, notably in southern provinces where the strike nearly paralyzed public services.

 

Prime Minister Youssef Chahed warned that the strike would result in a “considerable cost” to an already fragile economy and might push the government to seek further foreign loans with tough conditions.

 

Speaking on public television Wataniya 1 on Wednesday night, Chahed said, “We did everything possible to avoid the strike in presenting proposals that improve purchasing power while at the same time taking into account the country’s capabilities.”

 

He invited the unions back to the negotiating table after Thursday’s strike.

 

 

 

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Chinese Trade Negotiator to Visit US in Late January

China’s economic czar, Vice Premier Liu He, will travel to the United States later this month for the second round of negotiations aimed at resolving the ongoing trade war between the global economic giants.

Commerce Ministry spokesman Gao Feng told reporters in Beijing Thursday that Liu will visit Washington on January 30-31. He was invited by U.S. Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer.

U.S. negotiators were optimistic after the first round of talks in Beijing last week that the two sides would be able to resolve tariff disputes that have upset global markets.

The trade talks are the result of an agreement last month between President Trump and Chinese President Xi Jinping to stop the tit-for-tat tariff conflict between the two countries for 90 days starting on New Year’s Day.

The United States has long complained about access to the vast Chinese market and Beijing’s demands U.S. companies reveal their technology advances.

If no deal is reached by March 2, U.S. tariffs on $200 billion Chinese goods will rise from 10 percent to 25 percent.

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Want to Buy Ethical Food? Scan with Your Phone for Fast Facts

Whether buying a fish fillet at a supermarket or ordering steak in a restaurant, consumers will soon be able to use their phones to check instantly whether their food is green and ethical. Launched by environmental group WWF and investment firm BCG Digital Ventures, OpenSC is a website that harnesses blockchain technology to allow users to scan a QR code on a product or menu that reveals the full history and supply chain before they buy.

“For those catching and producing things in a very unsustainable way, it’s quite easy for them to hide behind the complexity of supply chains,” said Paul Hunyor, Asia region head at BCG Digital Ventures in Sydney.

“There is a lack of carrots for those doing good at the production end because it is very hard for them to make the end consumer aware of all the good work they’re doing,” he told the Thomson Reuters Foundation.

Globally, consumers and retailers are demanding more information about what they procure, buy and eat, to ascertain that its production and transportation does not damage the environment, or use illegal and unethical business practices. In response, large consumer goods companies, restaurants and other businesses are looking at ways to attract more customers by offering sustainable products that are guaranteed as free of deforestation or slave labor, for example.

The OpenSC platform, conceived in 2017 when WWF was piloting a tuna fisheries traceability project in the Pacific Ocean, will initially focus on fish and beef. It plans to expand in the next two years to cover other commodities like palm oil and timber. OpenSC allows consumers to cut through the complexity and lack of transparency in supply chains, said Hunyor. The digital tool will cover environmental, social and human rights, and hopes to attract sustainability bodies and schemes, as well as corporations and major commodities producers, said Dermot O’Gorman, CEO of WWF-Australia.

“There is … growing momentum around the world with corporates who are doing and want to do the right thing because their customers are increasing demand,” he said. Austral Fisheries, which is part of the Maruha Nichiro Group, has committed to implement OpenSC this year across its fleet which catches Patagonian toothfish. Customers and staff of supermarkets and restaurants, as well as wholesalers, can use the tool to access instant information.

For fish, that would include where it was caught, if the area is a verified sustainable fishing zone, and conditions along the supply chain. Fish tracked by OpenSC, set up as a social enterprise, will be served at a dinner for world leaders at the World Economic Forum in Davos next week.

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John Bogle, Founder of Vanguard, Dies at 89 

John C. Bogle, who simplified investing for the masses by launching the first index mutual fund and founded Vanguard Group, died Wednesday, the company said. He was 89.

Bogle did not invent the index fund, but he expanded access to no-frills, low-cost investing in 1976 when Vanguard introduced the first index fund for individual investors, rather than institutional clients.

The emergence of funds that passively tracked market indexes, like the Standard & Poor’s 500, enabled investors to avoid the higher fees charged by professional fund managers who frequently fail to beat the market. More often than not, the higher operating expenses that fund managers pass on to their shareholders cancel out any edge they may achieve through expert stock-picking.

Mutual fund industry critic

Bogle and Vanguard shook up the industry further in 1977. The company ended its reliance on outside brokers and instead began directly marketing its funds to investors without charging upfront fees known as sales loads.

Bogle served as Vanguard’s chairman and CEO from its 1974 founding until 1996.

He stepped down as senior chairman in 2000, but remained a critic of the fund industry and Wall Street, writing books, delivering speeches and running the Bogle Financial Markets Research Center.

The advent of index funds accelerated a long-term decline in fund fees and fostered greater competition in the industry. Investors paid 40 percent less in fees for each dollar invested in stock mutual funds during 2017 than they did at the start of the millennium, for example. But Bogle continued to maintain that many funds were overcharging investors, and once called the industry “the poster-boy for one of the most baneful chapters in the modern history of capitalism.”

Bogle also believed that the corporate structure of most fund companies poses an inherent conflict of interest, because a public fund company could put the interests of investors in its stock ahead of those owning shares of its mutual funds. Vanguard has a unique corporate structure in which its mutual funds and fund shareholders are the corporation’s “owners.” Profits are plowed back into the company’s operations, and used to reduce fees.

$5 trillion under management

Vanguard, based in Valley Forge, Pennsylvania, manages $5 trillion globally. It helped usher in a new era of investing, and index funds have increasingly become the default choice for investors. In 2017, investors plugged $691.6 billion into index funds while pulling $7 billion out of actively managed funds, according to Morningstar.

Vanguard offers both index and managed funds, but remains best-known for its index offerings. Vanguard’s original index fund, now known as the Vanguard 500 Index, is no longer the company’s biggest, but remains among the company’s lowest-cost funds.

Bogle spent the first part of his career at Wellington Management Co., a mutual fund company, then based in Philadelphia. He rose through the ranks and, in his mid-30s, was tapped to run Wellington.

He engineered a merger with a boutique firm that was making huge sums, but was ousted after the stock market tanked in the early 1970s, wiping out millions in Wellington’s assets. He said he learned an important lesson in how little money managers really know about predicting the market.

Knack for math

Bogle suffered several heart attacks and underwent a heart transplant in 1996, the year he stepped down as CEO. He reached the mandatory retirement age of 70 for Vanguard directors in 1999 and left as senior chairman the next year.

Vanguard did not provide a cause of death. Philly.com is reporting he died of cancer, citing Bogle’s family.

John Clifton Bogle was born in May 1929 in Montclair, New Jersey, to a well-off family; his grandfather founded a brick company and was co-founder of the American Can Co. in which his father worked.

Bogle attended Manasquan High School in Manasquan, N.J, for a time, then got a scholarship to the prestigious all-boys Blair Academy in Blairstown, New Jersey. It was at Blair that Bogle discovered his knack for math. He graduated from Blair in 1947 and was voted most likely to succeed.

Bogle graduated from Princeton with a degree in economics in 1951. His thesis was on the mutual fund industry, which was then still in its infancy.

Bogle is survived by his wife, Eve, six children, 12 grandchildren and six great-grandchildren.

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Study: Human Diet Causing ‘Catastrophic’ Damage to Planet

The way humanity produces and eats food must radically change to avoid millions of deaths and “catastrophic” damage to the planet, according to a landmark study published Thursday. 

The key to both goals is a dramatic shift in the global diet — roughly half as much sugar and red meat, and twice as many vegetables, fruits and nuts — a consortium of three dozen researchers concluded in The Lancet, a medical journal. 

 

“We are in a catastrophic situation,” co-author Tim Lang, a professor at the University of London and policy lead for the EAT-Lancet Commission that compiled the 50-page study, told AFP. 

 

Currently, nearly a billion people are hungry and another 2 billion are eating too much of the wrong foods, causing epidemics of obesity, heart disease and diabetes.  

Unhealthy diets account for up to 11 million avoidable premature deaths every year, according to the most recent Global Disease Burden report. 

 

At the same time the global food system is the single largest emitter of greenhouse gases, the biggest driver of biodiversity loss, and the main cause of deadly algae blooms along coasts and inland waterways. 

 

Agriculture — which has transformed nearly half the planet’s land surface — also uses up about 70 percent of the global fresh water supply. 

 

“To have any chance of feeding 10 billion people in 2050 within planetary boundaries” — the limits on Earth’s capacity to absorb human activity — “we must adopt a healthy diet, slash food waste and invest in technologies that reduce environmental impacts,” said co-author Johan Rockstrom, director of the Potsdam Institute for Climate Change Impact Research.

“It is doable but it will take nothing less than global agricultural revolution,” he told AFP.  

The main culprit

 

The cornerstone of “the great food transformation” called for in the study is a template human diet of about 2,500 calories per day.

“We are not saying everyone has to eat in the same way,” Lang said by phone. “But broadly — especially in the rich world — it means a reduction of meat and dairy, and a major increase in plant consumption.”

The diet allows for about 7 grams (.25 ounce) of red meat per day, and up to 14. A typical hamburger patty, by comparison, is 125 to 150 grams. 

 

For most rich nations, and many emerging ones such as China and Brazil, this would represent a drastic five- to tenfold reduction.   

 

Beef is the main culprit.  Not only do cattle pass massive quantities of planet-warming methane, huge swaths of carbon-absorbing forests — mostly in Brazil — are cut down every year to make room for them.

“For climate, we know that coal is the low-hanging fruit, the dirtiest of fossil fuels,” said Rockstrom. “On the food side, the equivalent is grain-fed beef.”  

It takes at least 5 kilos of grain to produce a kilo of meat.  

 

And once that steak or lamb chop hits the plate, about 30 percent will wind up in the garbage bin.

Dairy is also limited to about one cup (250 grams) of whole milk — or its equivalent in cheese or yogurt — per day, and only one or two eggs per week. 

At the same time, the diet calls for a more than 100 percent increase in legumes such as peas and lentils, along with vegetables, fruits and nuts. 

 

Grains are considered to be less healthy sources of nutrients. 

 

“We can no longer feed our population a healthy diet while balancing planetary resources,” said Lancet editor-in-chief Richard Horton. “For the first time in 200,000 years of human history, we are severely out of sync with the planet and nature.” 

Pushback

 

The report drew heavy fire from the livestock and dairy industry, and some experts. 

 

“It goes to the extreme to create maximum attention, but we must be more responsible when making serious dietary recommendation,” said Alexander Anton, secretary-general of the European Dairy Association, noting that dairy products are “packed” with nutrients and vitamins. 

 

Christopher Snowdon of the Institute of Economic Affairs in London said the report “reveals the full agenda of nanny-state campaigners.” 

 

“We expected these attacks,” said Lang. “But the same food companies pushing back against these findings realize that they may not have a future if they don’t adapt.

“The question is: Does this come by crisis, or do we start planning for it now?”  

 

Some multinationals responded positively, if cautiously, to the study. 

 

“We need governments to help accelerate the change by aligning national dietary guidelines with healthy and sustainable requirements, and repurposing agricultural subsidies,” the World Business Council for Sustainable Development said in a statement.

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Giant US Bank Reveals 29 Percent Pay Gap Between Men, Women

Female employees at Citigroup Inc around the world are paid just 71 percent of what men earn, the giant bank said on Wednesday, declaring its intentions to close its gender pay gap.

A Citigroup shareholder group that sought data on the pay gap said the bank is the first U.S. company to disclose such figures.

The U.S.-based bank employs more than 200,000 people in more than 100 countries, and more than half those employees are female, it said.

Tackling the 29 percent gap means increasing the number of women in senior and higher-paying roles, promoting women to at least 40 percent of assistant vice president through managing director jobs, Citigroup said in a statement.

Citigroup said it disclosed the data in response to a shareholder proposal from Arjuna Capital, an investment management firm.

The bank said its “raw pay gap” showed median pay for females globally was 71 percent of the median for men.

The raw gap measures the difference in median total compensation not adjusted for job function, level and geography.

With those adjustments, women are paid an average of 99 percent of what men are paid, it said.

“We have work to do, but we’re on a path that I’m confident will allow us to make meaningful progress,” Sara Wechter, head of human resources, said in a statement.

In the United States overall, women last year working full-time year-round earned 80 percent of what men earned, according to commonly cited data from the U.S. Census Bureau.

Congress outlawed pay discrimination based on gender in 1963, yet public debate over why wages still lag drastically for women has snowballed in recent years.

Globally, the World Economic Forum reported an economic gap of 58 percent between the sexes for 2016, costing the global economy $1.2 trillion annually.

Last January, Citigroup said it was increasing compensation for women and minorities to bridge pay gaps in the United States, the United Kingdom and Germany, becoming the first big U.S. bank to respond to a shareholder push to analyze and disclose its gender pay gap.

This past year it expanded its pay equity review beyond those three countries to its workforce globally, it said.

 

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Busiest US Port Sets All-Time Cargo Record in 2018

The Ports of Los Angeles and Long Beach on Wednesday said they set all-time records for moving cargo in 2018, after U.S. retailers and manufacturers pulled forward imports to avoid higher tariffs on Chinese goods. The Port of Los Angeles, North America’s busiest container port, handled 9.46 million 20-foot equivalent units (TEUs) last year, the most in its 111-year history and 1.2 percent more than in 2017.

The neighboring Port of Long Beach processed more than 8 million TEUs for the first time last year, after container cargo totals jumped 7 percent from 2017.

“This is a rush of cargo based on political trade policy,” said Gene Seroka, executive director for the Port of Los Angeles, where direct trade with China accounted for just over half of the $284 billion in cargo the port handled in 2017. “Many people were fearful that we were going to go from a 10 percent tariff on certain items to 25 percent on January 1,” Seroka said.

The U.S. and China in late November agreed to a 90-day cease-fire in their bitter trade war. Under that deal, the U.S. will keep tariffs on $200 billion worth of Chinese imports at 10 percent.

That news came after many importers sped up orders for everything from apparel to auto parts to avoid the higher tariffs.

The cargo surge at Los Angeles/Long Beach and other major U.S. ports spurred disruptions that are rippling through the supply chain. U.S. warehouses are stuffed to the rafters, forcing some importers to delay port cargo pickups or to park containers in parking lots.

The National Retail Federation and Hackett Associates’ Global Port Tracker expect 2018 imports to jump 5.3 percent to a record 21.6 million TEUs. They also project cooling in the early months of 2019, as imports typically soften due to a post-holiday drop in demand and Lunar New Year factory shutdowns in Asia.

“We’ll see a little bit of a lull during Lunar New Year and thereafter. That in and of itself will allow us to catch up,” Seroka said.

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The Best Rx for Teens Addicted to Vaping? No One Knows

The nation’s top health authorities agree: Teen vaping is an epidemic that now affects some 3.6 million underage users of Juul and other e-cigarettes. But no one seems to know the best way to help teenagers who may be addicted to nicotine.

E-cigarettes are now the top high-risk substance used by teenagers, according to the latest U.S. figures, which show that Juul and similar products have quickly outpaced cigarettes, alcohol, marijuana and other substances that have been tracked over more than four decades.

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The handheld devices heat a liquid solution that usually contains nicotine into an inhalable vapor. Federal law prohibits sales to those under 18, though many high schoolers report getting them from older students or online.

In recent months, government officials have rolled out a series of proposals aimed at keeping the products away from youngsters, including tightening sales in convenience stores and online. In November, vaping giant Juul voluntarily shut down its Facebook and Instagram accounts and pulled several flavors out of retail stores.

But there’s been little discussion of how to treat nicotine addiction in children as young as 11 years old. While some adolescents should be able to quit unaided, experts say many will be hampered by withdrawal symptoms, including anxiety, irritability, difficulty concentrating and loss of appetite.

Physicians who treat young people now face a series of dilemmas: The anti-smoking therapies on the market — such as nicotine patches and gums — are not approved for children, due to lack of testing or ineffective results. And young people view the habit as far less risky, which poses another hurdle to quitting.

The harshness of cigarette smoke often limits how much teenagers inhale, sometimes discouraging them from picking up the habit altogether. That deterrent doesn’t exist with e-cigarette vapor, which is typically much easier to inhale, according to experts.

Kicking any addiction requires discipline, patience and a willingness to follow a treatment plan — something that doesn’t come easily to many young people, experts said.

“Teenagers have their own ideas of what might work for them, and they’re going to do what they do,” said Susanne Tanski, a tobacco prevention expert with the American Academy of Pediatrics. “But we desperately need studies to figure out what’s going to work with this population.”

Since debuting in the U.S. in 2007, e-cigarettes and other vaping devices have grown into a $6.6 billion business. Driving the recent surge in underage use are small, easy-to-conceal devices like Juul, which vaporizes a high-nicotine solution sold in flavors such as creme, mango and cucumber. Despite industry worries of a crackdown on flavors, the FDA has made no effort to ban the array of candy and fruit varieties that companies use to differentiate their offerings.

E-cigarettes have become a scourge in U.S. schools, with students often vaping in the bathroom or between classes. One in 5 five high schoolers reported vaping in the last month, according to 2018 federal survey figures.

Juul and other brands are pitched to adult smokers as a way to quit smoking, but there’s been little research on that claim or their long-term health effects, particularly in young people. Nicotine can affect learning, memory and attention in the teenage brain, but there’s virtually no research on how e-cigarette vapor affects lungs, which do not fully mature until the 20s.

“It’s frightening for me as a pediatrician because I really feel like there’s this uncontrolled experiment happening with our young people,” Tanski said. “They don’t perceive the harm, and we can’t show them what it’s going to be.”

Tanski and other experts will meet this Friday at the Food and Drug Administration to discuss the potential role for pharmaceutical therapies and non-prescription medications such as nicotine gums and patches.

Regulators acknowledge they are starting from square one: The FDA “is not aware of any research examining either drug or behavioral interventions” to help e-cigarette users quit, the agency noted in its announcement.

The FDA will also hear from researchers, vaping executives, parents and teenagers.

“We want to make sure our voices are heard and that — most importantly — our kids’ voices are heard,” said Meredith Berkman, who plans to speak at the meeting with her 10th-grade son.

Berkman said she first realized her son and his friends were “Juuling” last year when she heard them repeatedly opening and closing his bedroom window. With two other New York City mothers, she formed the group Parents Against Vaping E-cigarettes, which is asking the FDA to ban all e-cigarette flavors.

“Unless the flavors are off the market, kids are going to continue to be seduced by these highly addictive nicotine-delivery systems like Juul,” Berkman said.

Quitting smoking is notoriously difficult, even for adults with access to various aids and programs. More than 55 percent of adult smokers try to quit each year, yet only about 7 percent succeed, according to government figures.

Nicotine gums, patches and lozenges are available over-the-counter for those 18 and older, and are occasionally prescribed “off-label” for younger patients. They provide low levels of nicotine to help control cravings. Prescription drugs include Zyban, an antidepressant, and Chantix, which blocks the effects of nicotine on the brain. But neither has shown positive results in teenagers, and both carry worrisome side effects, including suicidal thinking for Zyban and nausea and abnormal dreams for Chantix.

That leaves counseling as the go-to option for teenagers trying to quit cigarettes.

In November, Colorado dropped the minimum eligibility age for its quit-smoking hotline from 15 to 12, in response to the explosion in vaping among students as low as 6th grade. The state’s underage vaping rate is the highest in the U.S., with 1 in 4 high school students reportedly using the products in the last month, according to federal data. The state’s over-the-phone and online programs provide free coaching to help users create a quit plan, manage cravings and avoid relapse.

But even counseling has shown only “limited evidence” in helping teenagers, according to an exhaustive review of the medical literature published in 2017.

Still, addiction specialists see growing demand for such programs, particularly group sessions that often have the most promising results.

Addiction psychiatrist Jonathan Avery says he gets four to five calls a week from pediatricians referring patients or asking about treatment options. One of the biggest problems is an education gap — many doctors haven’t heard of Juul and don’t even recognize the vaping devices brought in by parents.

On the other side, teenagers are often “suspicious” when he informs them that they are inhaling a highly addictive substance, said Avery, of New York Presbyterian Hospital.

About two-thirds of U.S. teenagers do not realize that Juul contains nicotine, according to a recent survey by the Truth Initiative, an anti-smoking advocacy group.

The U.S. Surgeon General, Jerome Adams, hammered that point home in a rare public advisory last month. He said even his 14-year-old son believed that e-cigarette vapor was essentially harmless.

“Youth like my son have no clue what’s in these products most of the time,” he said.

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Grammy-nominated Album Shines Light on Transgender Pioneer

For decades, Jackie Shane was a musical mystery: a riveting black transgender soul singer who packed out nightclubs in Toronto in the 1960s, but then disappeared after 1971. 

Some speculated she had died, but her legacy lived on among music historians and R&B collectors who paid big money for her vinyl records. But in 2010, the Canadian Broadcasting Company produced an audio documentary about her, awakening a wider interest in the pioneering singer. Today her face is painted on a massive 20-story musical mural in Toronto with other influential musicians like Muddy Waters.

In 2014, Doug Mcgowan, an A&R scout for archival record label Numero Group, finally reached her via phone in Nashville, Tennessee, where she was born in 1940. After much effort, Mcgowan got her agree to work with them on a remarkable two-CD set of her live and studio recordings that was released in 2017 called “Any Other Way,” which has been nominated for best historical album at this year’s Grammy Awards. 

A very private life

Shane, now 78, has lived a very private life since she stopped performing. In fact, no one involved in the album has yet to meet her in person as she only agrees to talk on the phone. But she realized after the CBC documentary that she could no longer hide. News outlets began calling and her photos started appearing in newspapers and magazines after the release of the album. RuPaul and Laverne Cox have tweeted stories about Shane. 

“I had been discovered,” Shane told The Associated Press in a recent phone interview. “It wasn’t what I wanted, but I felt good about it. After such a long time, people still cared. And now those people who are just discovering me, it’s just overwhelming.”

Grammy-winning music journalist Rob Bowman spent dozens of hours on the phone with Shane interviewing her for the liner notes in the album. Her story, Bowman says, is so remarkable that even Hollywood couldn’t dream it up. 

Born in the Jim Crow era and raised during the heyday of Nashville’s small but influential R&B scene, Shane was confident in herself and musically inclined since she was a child. She learned how to sing in Southern churches and gospel groups, but she learned about right and wrong from watching a con artist posing as a minister selling healing waters to the faithful.

Mother offers early support

From an early age, she knew who she was and never tried to hide it.

“I started dressing (as a female) when I was five,” Shane said. “And they wondered how I could keep the high heels on with my feet so much smaller than the shoe. I would press forward and would, just like Mae West, throw myself from side to side. What I am simply saying is I could be no one else.”

By the time she was 13, she considered herself a woman in a man’s body and her mother unconditionally supported her.

“Even in school, I never had any problems,” Shane said. “People have accepted me.”

She played drums and became a regular session player for Nashville R&B and gospel record labels and went out on tour with artists like Jackie Wilson. She’s known Little Richard since she was a teenager and later in the `60s met Jimi Hendrix, who spent time gigging on Nashville’s Jefferson Street. 

To this day, Shane playfully scoffs at Little Richard’s antics and knows more than a few wild stories about him. “I grew up with Little Richard. Richard is crazy, don’t even go there,” Shane said with a laugh. 

But soon the South’s Jim Crow laws became too harsh for her to live with. 

“I can come into your home. I can clean your house. I can raise your children. Cook your food. Take care of you,” Shane said. “But I can’t sit beside you in a public place? Something is wrong here.”

Headed north

One day in Nashville she had been playing with acclaimed soul singer Joe Tex when he encouraged her to leave the South and pursue her musical career elsewhere. 

She began playing gigs in Boston, Montreal and eventually Toronto, which despite being a majority white city at the time still had a budding R&B musical scene, according to Bowman. She performed with Frank Motley, who was known for playing two trumpets at once. 

“Jackie was a revelation,” Bowman said. “Quite quickly the black audience in Toronto embraced her. Within a couple of years, Jackie’s audiences were 50-50 white and black.”

Bowman said that in the early `60s, the term transgender wasn’t widely known at all and being anything but straight was often feared by people. Most audiences perceived Shane as a gay male, Bowman said. In the pictures included in the album’s liner notes, her onstage outfits were often very feminine pantsuits and her face is adorned with cat eyes and dramatic eyebrows. 

‘I’m the show’

For Shane, her look onstage was as important as the music.

“I would travel with about 20 trunks,” Shane said. “Show business is glamour. When you walk out there, people should say, `Whoa! I like that!’ When I walk out onstage, I’m the show.”

She put out singles and a live album, covering songs like “Money (That’s What I Want),” “You Are My Sunshine,” and “Any Other Way,” which was regionally popular in Boston and Toronto in 1963. Her live songs are populated with extended monologues in which Shane takes on the role of a preacher, sermonizing on her life, sexual politics and much more. 

“I humble myself before my audience,” Shane explained. “I am going to sing to you and talk to you and do all the things I can so when you leave here, you’ll be back here again.”

She was beloved in Toronto and still considers it her home.

“You cannot choose where you are born, but you can choose where you call home,” Shane said. “And Toronto is my home.”

But her connection to her mother was so strong that ultimately it led Shane to leave show business in 1971. Her mother’s husband died and Shane didn’t want to leave her mother living alone. But she also felt a bit exhausted by the pace. 

“I needed to step back from it,” Shane said. “Every night, two or three shows and concerts. I just felt I needed a break from it.”

Return to stage?

Since the release of “Any Other Way,” Shane often gets the question about whether she would ever perform again now that so many more people are discovering her music. 

“I don’t know,” Shane said. “Because it takes a lot out of you. I give all I can. You are really worn out when you walk off that stage.”

She wavered on an answer, saying she’s thinking about it. Her record’s nomination in the best historical album category only go to producers and engineers, not the artists, so Shane is not nominated herself. But Mcgowan, who is nominated as a producer, said he has invited her to come with him to the ceremony in Los Angeles on Feb. 10 as his guest. 

“It’s like my grandmamma would say, Good things come to those who wait,''' Shane said. “All of the sudden it's like people are saying,Thank you, Jackie, for being out there and speaking when no one else did.’ No matter whether I initiated it or not, and I did not, this was the way that fate wanted it to be.”

 

         

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