Day: April 17, 2019

Astronaut to Eclipse Record for Longest US Spaceflight by a Woman

A female astronaut is due to set a record for the longest spaceflight by a woman, the U.S. space agency said Wednesday, the same astronaut who was to have been in the first all-female spacewalk scrapped over lack of a right-sized spacesuit.

Astronaut Christina Koch, who completed the space walk with a man instead of a female colleague last month, will remain in orbit on board the International Space Station until February, the National Aeronautics and Space Administration (NASA) said.

Part of NASA’s study of the effects of long spaceflights on the human body, Koch will spend 328 days in space.

The 40-year-old astronaut has been in orbit since last month.

“One month down. Ten to go,” Koch wrote Wednesday on Twitter. “Privileged to contribute my best every single day of it.”

In late March, NASA canceled what would have been the first all-female spacewalk with Koch and astronaut Anne McClain due to a lack of a spacesuit in the right size for McClain.

The walk was would have occurred during the final week of Women’s History Month.

On board the orbiting space station, astronauts work on a range of experiments in biology, biotechnology, health, earth, space and other sciences.

The typical stay for astronauts is six months, NASA said.

“NASA is looking to build on what we have learned with additional astronauts in space for more than 250 days,” Jennifer Fogarty, a chief scientist for NASA’s Human Research Program, said in a statement.

Record holders

Astronaut Peggy Whitson holds the record for the longest single spaceflight by a woman, staying in orbit 288 days in 2016 and 2017, NASA said.

“It’s my honor to follow in Peggy’s footsteps,” Koch said in a video from the International Space Station, orbiting over 200 miles (322 km) above Earth.

Of the more than 500 people who have traveled to space, fewer than 11 percent have been women.

But Koch graduated from NASA’s 2013 class of astronauts that was 50 percent women.

The overall NASA record of 340 days, set in 2016, is held by astronaut Scott Kelly in an experiment to compare his physical and mental health to his identical twin Mark Kelly, who remained on Earth.

more

US Trade Deficit Hits 8-Month Low on Weak Chinese Imports

The U.S. trade deficit fell to an eight-month low in February as imports from China plunged, temporarily providing a boost to President Donald Trump’s “America First” agenda and economic growth in the first quarter.

The surprise second straight monthly narrowing in the trade gap reported by the Commerce Department on Wednesday was also driven by soaring aircraft exports, which are likely to reverse after Boeing halted deliveries of its troubled 737 MAX aircraft. MAX planes have been grounded indefinitely following two deadly crashes.

Economists warned the trade deficit would remain elevated regardless of whether the United States and China struck a trade deal that was to the White House’s liking because of Americans’ insatiable appetite for cheaper imports.

Talks between Washington and China to resolve the bitter trade war have been dragging. The United States is also embroiled in conflicts with other trading partners, including the European Union, contributing to big swings in exports and imports data in recent months.

“Even if trade negotiations are resolved in such a way as to reduce the bilateral trade deficit with China, one of the Trump administration’s stated goals, this would likely divert trade flows to other countries and have little impact on the top-line U.S. trade deficit,” said Emily Mandel, an economist at Moody’s Analytics in West Chester, Pennsylvania.

The trade deficit tumbled 3.4% to $49.4 billion in February, the lowest level since June 2018. Economists polled by Reuters had forecast the trade shortfall widening to $53.5 billion in February.

The politically sensitive goods trade deficit with China – a focus of the Trump administration’s protectionist trade policy – decreased 28.2% to $24.8 billion in February as imports from the world’s No. 2 economy plunged 20.2%. U.S. exports to China jumped 18.2% in February.

Washington last year imposed tariffs on $250 billion worth of goods imported from China, with Beijing retaliating with duties on $110 billion worth of American products. Trump has defended the duties as necessary to protect domestic manufacturers from what he says is unfair foreign competition.

Trump has delayed tariffs on $200 billion worth of Chinese imports. The White House argues that substantially reducing the trade deficit would lift annual economic growth by at least 3% on a sustainable basis, a feat that economists have said is impossible because of low productivity and population growth.

The economy grew 2.9% in 2018.

The dollar was little changed against a basket of currencies, while U.S. Treasury debt prices rose marginally.

Stocks on Wall Street fell.

Growth estimates raised

February’s smaller trade deficit suggests the economy will probably avoid a sharp slowdown in growth that had been feared at the start of the year. The goods trade deficit declined 1.7% to an eight-month low of $72.0 billion in February.

When adjusted for inflation, the overall goods trade deficit fell $1.8 billion to $81.8 billion, also the lowest since last June. Goldman Sachs raised its first quarter gross domestic product estimate by four-tenths of percentage point to a 2.1% annualized rate.

The Atlanta Federal Reserve bumped up its GDP forecast to a 2.4% pace from a 2.3% rate. The economy grew at a 2.2% rate in the fourth quarter.

“It sounds like pencils are being sharpened in order to revise up first-quarter GDP forecasts,” said Jennifer Lee, a senior economist at BMO Capital Markets in Toronto.

In February, goods exports increased 1.5% to $139.5 billion. The surge in goods exports is unlikely to be sustained given slowing global economic growth. The dollar’s strength last year means U.S.-manufactured goods are less competitive on foreign markets.

Shipments of civilian aircraft soared by $2.2 billion in February. Exports of motor vehicles and parts increased by $0.6 billion. There was a small rise in soybean exports. Economists expect soybean exports to remain moderate because of an outbreak of swine flu that has reduced demand for soybean meal in China.

In February, imports rose 0.2% to $259.1 billion.

Consumer goods imports increased by $1.6 billion in February, led by a $2.1 billion rise in imports of cellphones and other household goods.

Imports of industrial supplies and materials fell by $1.2 billion. Capital goods imports rose slightly, pointing to slower business spending on equipment.

Crude oil imports fell to 173.7 million barrels, the lowest since March 1992, from 223.1 million barrels in January. An increase in domestic production has seen the United States become less dependent on foreign oil.

“We see more potential for stronger imports in coming months, which would reestablish a trend toward wider deficits,” said Andrew Hollenhorst, an economist at Citigroup in New York.

 

more

Human Tissue Used to Print 3-D Heart

Scientists in Israel have revealed what they say is the world’s first 3D-printed heart, using human tissue. It’s hoped the small heart will pave the way for transplants without donors, when every hospital might have access to 3D organ printers. Faith Lapidus reports.

more

Beyonce Drops Surprise New Album

Beyonce has surprised her fans by releasing a soundtrack to her Netflix documentary “Homecoming.” 

 

The 37-year-old superstar debuted “Homecoming: The Live Album” Wednesday, the same day a Netflix documentary exploring her historic performances at the 2018 Coachella Valley Music and Arts Festival was released.

She was the first black woman to headline the event in which she paid tribute to America’s historically black colleges.

The album features 40 tracks including “Single Ladies” and “Crazy in Love.” There’s also a special version of “Lift Every Voice and Sing” by her oldest daughter, Blue Ivy. 

 

It is available through most major streaming services.

Beyonce first surprised fans when she unexpectedly dropped her fifth studio album, “Beyonce,” in 2013.

more

France Launches Global Contest to Replace Notre-Dame Spire

France on Wednesday announced it would invite architects from around the world to submit designs for replacing the spire of Notre-Dame cathedral after a devastating blaze, as the government braced for a mammoth restoration challenge.

Prime Minister Edouard Philippe said the contest would decide whether the monument should have a new spire at all and if so, whether it should be identical to the fallen 19th-century model or be a wholly new design.

The world looked on in horror Monday as flames engulfed the 850-year-old gothic masterpiece seen as encapsulating the soul of Paris and the spire came crashing down.

Explaining that having no new spire at all was an option, Philippe noted that Notre-Dame had been without a steeple for part of its history.

“The international contest will settle the question of whether we should build a new spire, whether we should rebuild the spire that was designed and built by [Eugene] Viollet-Le-Duc, in identical fashion, or whether we should… endow Notre-Dame cathedral with a new spire adapted to the techniques and the challenges of our era.”

Philippe described the task of rebuilding it as “a huge challenge and historic responsibility,” a day after President Emmanuel Macron said the entire restoration should be completed in just five years.

The bells of French cathedrals were to ring out at 1650 GMT on Wednesday to mark the exact moment when the fire started on Monday.

Macron had vowed to rebuild the iconic monument, the real star of Victor Hugo’s “Hunchback of Notre Dame” by 2024 when France hosts the summer Olympics.

“We can do it,” he said Tuesday, calling France “a nation of builders.”

On Wednesday afternoon, he was set to chair a meeting of senior government, church, conservation and Paris city officials to launch the reconstruction process.

Rebate debate

No sooner had firefighters extinguished the flames than pledges of donations towards restoring France’s best-loved monument, which attracted 12 million visitors in 2018, began to pour in.

Within 24 hours, the pledges had reached more than 800 million euros ($900 million), with French business magnates and corporations jostling to outshine each other with displays of generosity.

But the slew of announcements raised eyebrows in France, with some leftist politicians arguing that the ultra-rich could best help protect the country’s cultural heritage by fully paying their taxes — or helping the “human cathedral” of people in need.

The huge tax breaks available on the donations also caused some unease, prompting Francois-Henri Pinault, the billionaire CEO of the Kering luxury goods empire, to announce he would forfeit his rebate.

“The donation for Notre-Dame of Paris will not be the object of any tax deduction. Indeed, the Pinault family considers that it is out of the question to make French taxpayers shoulder the burden,” Pinault said in a statement.

Pinault had led the pledges of donations starting Monday night with a promise of 100 million euros.

Billionaire Bernard Arnault and his LVMH luxury conglomerate, Total oil company and cosmetics giant L’Oreal also each pledged 100 million euros or more, while US tech giant Apple said it would give an unspecified amount.

French corporations are eligible for a 60-percent tax rebate on cultural donations.

The government said Wednesday that figure would remain unchanged, but increased the rebate to 75 percent on individual donations for Notre-Dame of up to 1,000 euros.

Bigger private donations will continue to qualify for the standard 66 percent rebate.

Rebuilding for 2024 Olympics

On Tuesday evening, Macron set out an ambitious timeline for restoring the landmark that took nearly two centuries to build and which has played a role in many of the defining moments of French history.

“We will rebuild the cathedral even more beautifully and I want it to be finished within five years,” Macron said in an address to the nation, in which he hailed how the fire had shown the capacity of France to mobilize and unite.

In a sign of the monument’s resilience, the copper rooster that topped its spire was found Tuesday in the rubble of the roof, “battered but apparently restorable” according to a spokesperson for the culture ministry.

The walls, bell towers and the most famous circular stained-glass windows also remain intact.

But the floor of the nave was left strewn with blackened roof beams and chunks of the collapsed upper vaulting.

Experts have warned that full restoration could take longer than five years, with one of the biggest tasks involving replacing the precious oak “forest” that propped up the roof.

“I’d say decades,” Eric Fischer, head of the foundation in charge of restoring the 1,000-year-old Strasbourg cathedral, told AFP.

‘Long, complex’ investigation

Investigators trying to determine the cause of the blaze are questioning workers who were renovating the steeple, an operation suspected of accidentally triggering the blaze.

The police have already spoken to around 30 people from five different construction companies.

Public prosecutor Remy Heitz has said the investigation threatened to be “long and complex”.

Meanwhile, work to secure the cathedral continues.

Junior interior minister Laurent Nunez said Tuesday that although “some weaknesses” had been identified, overall the building was “holding up OK”.

more

Time Releases Its 100 Most Influential People Issue

Taylor Swift, TV journalist Gayle King and soccer star Mohamed Salah are among the six famous faces featured on the covers of Time’s annual “100 Most Influential People in the World” issue.

The other cover stars also included House Speaker Nancy Pelosi and actors Sandra Oh and Dwayne Johnson.

Fellow Democrat Hillary Clinton wrote Pelosi “is living proof that when it comes to getting the job done, more often than not, it takes a woman.”

Johnson was praised for establishing a positive work environment, while Oh is cited for her creative life.

Musician Shawn Mendes wrote Swift “makes anyone older feel young again.”

The issue is comprised of short tributes written by fellow global luminaries throughout all industries.

Beyonce penned an essay on former first lady Michelle Obama. President Donald Trump and Special Counsel Robert Mueller were also on this year’s list.

more

UN: Smartphones, Digital Technology Can Improve Health Care

The World Health Organization (WHO) has issued its first guidelines on digital health intervention.

The U.N. agency said governments can improve the health of their citizens by using digital technology to make health systems more efficient and responsive to their patients.

The United Nations said 51 percent of the world’s population has access to broadband internet service.

Chief WHO scientist Soumya Swaminathan said increased availability and use of digital technology offers new opportunities to improve people’s health.

She told VOA the technology enables people, even in the remotest settings, to leapfrog into the development of a more effective, inclusive health system. With the use of mobile phones, computers and laptops, she said it is possible to bypass the intervening stages many countries have had to go through.

“So, a health worker in Congo can directly start using a mobile phone if the government is able to provide one to the health worker and get away from filling 30 paper registers, which occupy about one-third of front-line health workers time,” she added.

New recommendations

The new guidelines include 10 recommendations on how governments can use digital technology for maximum impact on their health systems.

A WHO scientist specializing in digital innovations and research, Garrett Mehl, said the recommendations deal with issues such as birth notification.

“Knowing that a baby has been born is critical to knowing how to provide vaccinations; knowing that the mother needs different post-natal care visits,” he said. “But without knowing that there was a birth that has happened, it is difficult to trigger those events in the health system.”

The guidelines also address privacy concerns.They have recommendations for ensuring that sensitive data, such as issues of sexual and reproductive health, are protected and not put at risk.

more

Fashion Capital New York Considers Banning Sale of Fur

A burgeoning movement to outlaw fur is seeking to make its biggest statement yet in the fashion mecca of New York City.

Lawmakers are pushing a measure that would ban the sale of all new fur products in the city where such garments were once common and style-setters including Marilyn Monroe, Jacqueline Kennedy Onassis, Joe Namath and Sean “Diddy” Combs have all rocked furs over the years.

A similar measure in the state Capitol in Albany would impose a statewide ban on the sale of any items made with farmed fur and ban the manufacture of products made from trapped fur.

Whether this is good or bad depends on which side of the pelt you’re on. Members of the fur industry say such bans could put 1,100 people out of a job in the city alone. Supporters dismiss that and emphasize that the wearing of fur is barbaric and inhumane.

“Cruelty should not be confused with economic development,” said state Assemblywoman Linda Rosenthal, a Democrat from Manhattan, who is sponsoring the state legislation. “Fur relies on violence to innocent animals. That should be no one’s business.”

The fate of the proposals could be decided in the coming months, though supporters acknowledge New York City’s measure has a better chance of passage than the state legislation.

The fur trade is considered so important to New York’s development that two beavers adorn the city’s official seal, a reference to early Dutch and English settlers who traded in beaver pelts.

At the height of the fur business in the last century, New York City manufactured 80% of the fur coats made in the U.S, according to FUR NYC, a group representing 130 retailers and manufacturers in the city. The group says New York City remains the largest market for fur products in the country, with real fur still frequently used as trim on coats, jackets and other items.

If passed, New York would become the third major American city with such a ban, following San Francisco, where a ban takes effect this year, and Los Angeles, where a ban passed this year will take effect in 2021.

Elsewhere, Sao Paulo, Brazil, began its ban on the import and sale of fur in 2015. Fur farming was banned in the United Kingdom nearly 20 years ago, and last year London fashion week became the first major fashion event to go entirely fur-free.

Fur industry leaders warn that if the ban passes in New York, emboldened animal rights activists will want more.

“Everyone is watching this,” said Nancy Daigneault, vice president at the International Fur Federation, an industry group based in London. “If it starts here with fur, it’s going to go to wool, to leather, to meat.”

When asked what a fur ban would mean for him, Nick Pologeorgis was blunt: “I’m out of business.”

Pologeorgis’ father, who emigrated from Greece, started the fur design and sales business in the city’s “Fur District” nearly 60 years ago.

“My employees are nervous,” he said. “If you’re 55 or 50 and all you’ve trained to do is be a fur worker, what are you going to do?”

Supporters of the ban contend those employees could find jobs that don’t involve animal fur, noting that an increasing number of fashion designers and retailers now refuse to sell animal fur and that synthetic substitutes are every bit as convincing as the real thing.

They also argue that fur retailers and manufacturers represent just a small fraction of an estimated 180,000 people who work in the city’s fashion industry and that their skills can readily be transferred.

“There is a lot of room for job growth developing ethically and environmentally friendly materials,” said City Council Speaker Corey Johnson, who introduced the city measure.

New Yorkers asked about the ban this week came down on both sides, with some questioning if a law was really needed.

“It is a matter of personal choice. I don’t think it’s something that needs to be legislated,” said 44-year-old Janet Thompson. “There are lots of people wearing leather and suede and other animal hides out there. To pick on fur seems a little one-sided.”

Joshua Katcher, a Manhattan designer and author who has taught at the Parsons School of Design, says he believes the proposed bans reflect an increased desire to know where our products come from and for them to be ethical and sustainable.

“Fur is a relic,” he said.

 

more

Long-Hidden Kafka Trove Within Reach After Series of Trials

A long-hidden trove of unpublished works by Franz Kafka could soon be revealed following a decade-long battle over his literary estate that has drawn comparisons to some of his surreal tales.

A district court in Zurich upheld Israeli verdicts in the case last week, ruling that several safe deposit boxes in the Swiss city could be opened and their contents shipped to Israel’s National Library.

At stake are untouched papers that could shed new light on one of literature’s darkest figures, a German-speaking Bohemian Jew from Prague whose cultural legacy has been hotly contested between Israel and Germany.

What’s in the vaults?

Though the exact content of the vaults remains unknown, experts have speculated the cache could include endings to some of Kafka’s major works, many of which were unfinished when they were published after his death.

Israel’s Supreme Court has stripped an Israeli family of its collection of Kafka’s manuscripts, which were hidden in Israeli bank vaults and in a squalid, cat-filled Tel Aviv apartment. But the Swiss ruling would complete the acquisition of nearly all his known works, after years of lengthy legal battles over their rightful owners.

Kafkaesque saga

The saga could have been penned by Kafka himself, whose name has become known as an adjective to describe absurd situations involving inscrutable legal processes. Kafka was known for his tales of everyman protagonists crushed by mysterious authorities or twisted by unknown shames. In “The Trial,” for example, a bank clerk is put through excruciating court proceedings without ever being told the charges against him.

“The absurdity of the trials is that it was over an estate that nobody knew what it contained. This will hopefully finally resolve these questions,” said Benjamin Balint, a research fellow at Jerusalem’s Van Leer Institute and the author of “Kafka’s Last Trial,” which chronicles the affair. “The legal process may be ending, but the questions of his cultural belonging and inheritance will remain with us for a very long time.”

Manuscripts not burned

Kafka bequeathed his writings to Max Brod, his longtime friend, editor and publisher, shortly before his death from tuberculosis in 1924 at the age of 40. He instructed his protege to burn it all unread.

Brod ignored his wishes and published most of what was in his possession — including the novels “The Trial,” “The Castle” and “Amerika.” Those works made the previously little-known Kafka posthumously one of the most celebrated and influential writers of the 20th century.

But Brod, who smuggled some of the manuscripts to pre-state Israel when he fled the Nazis in 1938, didn’t publish everything. Upon his death in 1968, Brod left his personal secretary, Esther Hoffe, in charge of his literary estate and instructed her to transfer the Kafka papers to an academic institution.

Instead, for the next four decades, Hoffe kept the papers stashed away and sold some of the items for hefty sums. In 1988, for instance, Hoffe auctioned off the original manuscript of “The Trial” at Sotheby’s in London. It went for $1.8 million to the German Literature Archive in Marbach, north of Stuttgart.

When Hoffe died in 2008 at age 101, she left the collection to her two daughters, Eva Hoffe and Ruth Wiesler, both Holocaust survivors like herself, who considered Brod a father figure and his archive their rightful inheritance. Both have since also passed away, leaving Wiesler’s daughters to continue fighting for the remainder of the collection.

Legitimate inheritance or cultural assets?

Jeshayah Etgar, a lawyer for the daughters, downplayed the significance of the potential findings in Zurich, saying they were likely replicas of manuscripts Hoffe had already sold. Regardless, he said the ruling was the continuation of a process in which “individual property rights were trampled without any legal justification.” He said his clients legitimately inherited the works and called the state seizure of their property “disgraceful” and “first degree robbery.”

Israel’s National Library claims Kafka’s papers as “cultural assets” that belong to the Jewish people. Toward the end of his life, Kafka considered leaving Prague and moving to pre-state Israel. He took Hebrew lessons with a Jerusalem native who eventually donated her pupil’s vocabulary notebook to the library. In recent years, the library also took possession of several other manuscripts the courts had ordered Hoffe’s descendants to turn over.

“We welcome the judgment of the court in Switzerland, which matched all the judgments entered previously by the Israeli courts,” said David Blumberg, chairman of the Israel National Library, a nonprofit and non-governmental body. “The judgment of the Swiss court completes the preparation of the National Library of Israel to accept to entire literary estate of Max Brod, which will be properly handled and will be made available to the wider public in Israel and the world.”

Other scholars question Israel’s adoption of Kafka, noting that he was conflicted about his own Judaism. The German Literature Archive, for instance, has sided with Hoffe’s heirs and aimed to purchase the collection itself, arguing the German-language writings belong in Germany. Dietmar Jaegle, an archive official, said he would not comment on the Zurich verdict as he had not yet seen it.

Balint cautioned that the contents of the hidden archive may not live up to everyone’s expectations.

“It is very unlikely we are going to discover an unknown Kafka masterpiece in there, but these are things of value,” Balint said, noting the fierce competition over any original Kafka material. “There is something about the uncanny aura of Kafka that is attracted to all this.”

more

Human Tissue Used to Create 3D Printed Heart

Scientists in Israel have revealed what they say is the world’s first 3D-printed heart using human tissue. It’s hoped the small heart will pave the way for transplants without donors, when every hospital might have access to 3D organ printers. Faith Lapidus reports.

more

China’s Economic Growth Steady Amid Tariff Fight With US

China’s economic growth held steady in the latest quarter despite a tariff war with Washington, in a reassuring sign that Beijing’s efforts to reverse a slowdown might be gaining traction.

The world’s second-largest economy expanded by 6.4% over a year earlier in the three months ending in March, the government reported Wednesday. That matched the previous quarter for the weakest growth since 2009.

“This confirms that China’s economic growth is bottoming out and this momentum is likely to continue,” said Tai Hui of JP Morgan Asset Management in a report.

Government intervention

Communist leaders stepped up government spending last year and told banks to lend more after economic activity weakened, raising the risk of politically dangerous job losses.

Beijing’s decision to ease credit controls aimed at reining in rising debt “is starting to yield results,” Hui said.

Consumer spending, factory activity and investment all accelerated in March from the month before, the National Bureau of Statistics reported.

The economy showed “growing positive factors,” a bureau statement said.

​Recovery later this year

Forecasters expect Chinese growth to bottom out and start to recover later this year. They expected a recovery last year but pushed back that time line after President Donald Trump hiked tariffs on Chinese imports over complaints about Beijing’s technology ambitions.

The fight between the two biggest global economies has disrupted trade in goods from soybeans medical equipment, battering exporters on both sides and rattling financial markets.

The two governments say settlement talks are making progress, but penalties on billions of dollars of each other’s goods are still in place.

China’s top economic official, Premier Li Keqiang, announced an annual official growth target of 6% to 6.5% in March, down from last year’s 6.6% rate.

Li warned of “rising difficulties” in the global economy and said the ruling Communist Party plans to step up deficit spending this year to shore up growth.

Beijing’s stimulus measures have temporarily set back official plans to reduce reliance on debt and investment to support growth.

Also in March, exports rebounded from a contraction the previous month, rising 14.2% over a year earlier. Still, exports are up only 1.4% so far this year, while imports shrank 4.8% in a sign of weak Chinese domestic demand.

Auto sales fell 6.9% in March from a year ago, declining for a ninth month. But that was an improvement over the 17.5% contraction in January and February.

Tariffs’ effect long-lasting

Economists warn that even if Washington and Beijing announce a trade settlement in the next few weeks or months, it is unlikely to resolve all the irritants that have bedeviled relations for decades.

The two governments agreed Dec. 1 to postpone further penalties while they negotiate, but punitive charges already imposed on billions of dollars of goods stayed in place.

Even if they make peace, the experience of other countries suggests it can take four to five years for punitive duties to “dissipate fully,” said Jamie Thompson of Capital Economics in a report last week.

Chinese leaders warned previously any economic recovery will be “L-shaped,” meaning once the downturn bottomed out, growth would stay low.

Credit growth accelerated in March, suggesting companies are stepping up investment and production.

Total profit for China’s national-level state-owned banks, oil producers, phone carriers and other companies rose 13.1% over a year ago in the first quarter, the government reported Tuesday. Revenue rose 6.3% and investment rose 9.7%.

more

Argentine Presidential Hopeful Massa Says Would Revamp IMF Deal

Argentine presidential hopeful Sergio Massa would renegotiate the country’s unpopular financing deal with the International Monetary Fund if he wins office later this year, the former congressman told reporters on Tuesday.

The $56 billion IMF standby financing agreement includes fiscal cuts that have enraged wide segments of the public, denting the popularity of President Mauricio Macri.

“We need to find a longer-term mechanism to ensure that Argentina meets its debt obligations, ” the 46-year-old Massa said in a briefing with international correspondents.

Macri was forced to negotiate the IMF deal last year amid a sell-off in the peso that raised questions about Argentina’s ability to pay dollar-denominated bond obligations. Many Argentines blame the IMF for policies that set the stage for the country’s 2002 sovereign debt default and economic meltdown.

Popular protests supported by Massa’s Peronist party have gained momentum in recent weeks as the Macri administration pursues IMF-backed public utility subsidy cuts and other austerity measures aimed at erasing the primary fiscal deficit this year, a goal included in the IMF pact.

Massa, who wants to unseat Macri in the October election, spoke just hours after Macri’s government announced that consumer prices shot 4.7 percent higher in March alone, bringing 12-month inflation to 54.7 percent.

More than three years into his first term, Macri’s re-election is less than certain as his government strains to jumpstart a shrinking economy while cutting the fiscal deficit and trying to tame one of the world’s highest inflation rates.

Previous Argentine leader and possible October candidate Cristina Fernandez, a free-spending populist with wide support among low-income voters, has risen in the opinion polls while discontent rises over Macri’s policy of cutting public utility subsidies and other austerity measures.

Massa once served in Fernandez’s cabinet but broke with her over what he called her top-down leadership style. He is running behind both Fernandez and Macri in the opinion polls.

Argentina’s economy will remain subject to shocks until clarity emerges regarding the country’s October presidential election, ratings agency Moody’s said this month.

more

Venezuelan Scavengers Vie with Vultures for Brazilian Trash

Surrounded by vultures perched on trees awaiting their turn, Venezuelan migrants scrape out a living scavenging for metal, plastic, cardboard and food in a Brazilian border town’s rubbish dump.

Trapped in a wasteland limbo, they barely make enough to feed their families and cannot afford a bus ticket to get away and find regular work in Brazilian cities to the south.

They blame leftist President Nicolas Maduro for mismanaging their oil-producing nation’s economy and causing the deep crisis that has driven several million Venezuelans to emigrate across Latin America.

“I left because I was dying of hunger. We are trying to get ahead looking through this rubbish. Every night I pray to God to take me out of here,” said Rosemary Tovar, a 23-year-old mother from Caracas.

Tens of thousands of Venezuelans have fled the political and economic upheaval in their country through Pacaraima, the only road crossing to Brazil, overloading social services and causing tension in the northern border state of Roraima. More than 40,000 Venezuelans have swollen the population of state capital Boa Vista by 11 percent, Mayor Tereza Surita told Reuters.

The influx has also been a headache for Brazil’s new, far-right government of President Jair Bolsonaro, who has so far resisted U.S. pressure to take a more forceful attitude against Maduro. About 3.7 million people have left Venezuela in recent years, mostly via its western neighbor Colombia, according to the World Bank.

A dozen Venezuelans scramble to grab bags of rubbish that tumble from the Pacaraima trash truck twice a day. They then sift through the piles as fetid plumes of smoke rise from the smoldering landfill. Sometimes they scavenge at night using headlamps.

“We are looking for copper and cans, and hopefully something valuable, even food,” said Astrid Prado, who is eight months pregnant. “My goal is to get out of here. Nobody wants to spend their life going through garbage.”

Charly Sanchez, 42, arrived in Brazil a year ago and has not been able to get to Boa Vista to get his work papers so that he can find employment.

“We live off this. We make enough to buy rice, maybe some sausage, but not enough to buy a ticket to Boa Vista,” he said.

Copper pays best, 13 reais ($3.30) a kilo, but it takes Sanchez a whole week to gather that much “wire by wire.”

On a lucky day he said he had found a discarded cellphone, but not today. Some spaghetti, a small jar of sugar and a bit of cooking oil was Sanchez’s pickings for the day.

Samuel Esteban, using a breathing mask for the smoke, stuffed cardboard into a large sack. For 50 kilos he will earn five reais, one third of the minimum monthly wage in Venezuela but just enough to buy a liter of milk in Brazil and some bread.

Tovar criticized Maduro for denying that Venezuela is facing a humanitarian crisis.

“He is so wrong. Look at us here in this dump,” she said. “If Maduro does not leave Venezuela, I will never return there.”

more

Argentina Unveils New Measures to Shield Peso as Inflation Quickens

Argentina’s inflation rate accelerated for the third straight month in March, the government statistics agency said on Tuesday, prompting the central bank to unveil fresh measures to temper raging inflation and protect the embattled peso currency.

The recession-hit country’s consumer prices rose 4.7% for the month, taking the year-to-date increase to 11.8%. Rolling 12-month inflation is running at 54.7%, the National Institute of Statistics and Censuses (INDEC) said.

“That’s a very bad number,” said Alberto Bernal, chief emerging markets strategist at XP Investments in New York, adding it would force the country’s central bank to keep already-sky-high rates elevated to help protect the peso currency.

Argentina has been taking measures to fight inflation since last year, when prices rose 47.6%, battering consumers’ spending power and dampening President Mauricio Macri’s popularity ahead of make-or-break national elections later this year.

Latin America’s No. 3 economy has also been hit by broader financial turmoil that has left a third of the population in poverty, forced interest rates upward and sent the beleaguered peso currency tumbling against the dollar.

Argentine central bank chief Guido Sandleris said in a press conference after the data that the bank believed the pace of inflation would start to ease from April.

He added the central bank would reinforce the “contractionary bias” of monetary policy, which includes freezing a non-intervention peso trading range until year-end and holding off from buying dollars to rein in the currency if it strengthens outside the range until the end of June.

The bank had bought nearly $1 billion at the start of the year to help bring the currency back inside the range.

The International Monetary Fund said it welcomed the central bank’s announcements.

“We are confident that continued efforts in this direction will help to bring inflation down in the coming months,” IMF spokesman Gerry Rice said in a tweet.

‘Intense’ Data

Goldman Sachs said in a client note that the significantly larger-than-expected jump had been driven by rising prices for food, clothing, regulated tariffs and seasonal school tuition fees.

The investment bank described the March data as “intense,” adding that while the annual inflation figure should moderate, it would still likely end 2019 at an “extraordinarily high” 36%.

Argentina’s peso, one of the year’s worst-performing currencies globally, fell 1.79 percent on Tuesday after recovering last week from recent record lows against the dollar.

Economists polled by Argentina’s central bank earlier this month sharply raised their forecast for full-year 2019 inflation to 36% from a previous estimate of 31.9%.

Analysts said price rises could be starting to peak and should start to slow from next month. March was the fastest rise since October last year when prices rose 5.4%.

“Only in May we will be able to see monthly inflation slowing, due to lower impact of tariffs and because it is a month with few seasonal increases,” said Lorenzo Sigaut Gravina, a director at consultancy Ecolatina.

more

Zimbabwe’s White Farmers Hopeful After Promise of Compensation

In Zimbabwe, white farmers whose land was taken by the government are cautiously hopeful about a promise from President Emmerson Mnangagwa to give them at least partial repayment. The promise came a few days before Zimbabwe celebrates 39 years of independence.

On Sunday, state media quoted President Mnangagwa promising partial compensation for white commercial farmers whose land was seized under former president Robert Mugabe and redistributed to blacks.

He said the government would pay for improvements to the land, such as buildings or dams.

Ex-farmers are now submitting requests for compensation at the offices of the Zimbabwe Commercial Farmers Union.

One of them is Glen Johnston, whose mother, Agnes, was displaced from her farm about 17 years ago. Since then, she has been living in Harare with her son.

Johnston says he is taking the president’s promise with caution.

 

WATCH: Zimbabwe Makes Promise to White Farmers

“Basically, it looks like we’ve been promised that we have steps to be taken. So now, taking the steps, will we get the money at the end of the day? Obviously time will tell,” he said.

The land seizures began in 2000 with the backing of Mugabe, who said they would correct colonial imbalances. Farm production plunged, and critics blamed the seizures for the collapse of Zimbabwe’s economy.

Others blamed the collapse on targeted Western sanctions imposed in 2002, in response to alleged election rigging and human rights abuses.

Douglas Mahiya of the ruling ZANU-PF party does not think Zimbabwe should compensate white farmers, who in his view, took the country’s land at the point of a gun.

“But we are saying that we compensate for their sweat. And when that happens, then the international world must accept Zimbabwe in the global family again economically and politically,” he said.

The Zimbabwe Commercial Farmers Union says it has received nearly 1,000 applications for compensation, which it will submit to the government.

Ben Gilpin, the director of the union, says the possibility for compensation gives his members some hope ahead of Zimbabwe’s Independence Day this Thursday.

“I think for many people (farmers) the last 20 independence days have come and gone without such promises being hinted at, and now the promise is that this is being dealt with seriously, so we appreciate that,” he said.

Meanwhile, Mnangagwa’s government says it hopes Zimbabwe’s cold relations with the West will thaw and that the ailing economy will improve, so that Zimbabweans can fully enjoy their political independence.

more

Parisians, Tourists Flock to See Crippled ‘Mother’ of France

Just a couple of days ago, Severine Vilbert strolled by Notre Dame with her eldest daughter on a chilly but brilliantly sunny day. The blossoms were out and the cathedral glistened in the light. 

“We were looking at Notre Dame and saying, ‘Wow, it’s such a beautiful monument, how proud we were to be Parisian and live in this beautiful city,'” Vilbert recalled, not bothering to fight back tears. “And then, it was like a nightmare for us.”

On Tuesday, Vilbert retraced her footsteps in a transformed Paris. A few drops of rain fell from a slate grey sky, as she joined thousands of Parisians and tourists paying a vigil of sorts to a smoking-but-still-cherished icon. 

The inferno that raced through the more than 850-year-old cathedral Monday night destroyed most of the roof. Its 90-meter (295-foot) spire collapsed in the blaze, causing selfie-snapping onlookers to gasp.

Investigators are scouring for clues from the fire that they consider likely, for the moment, accidental. 

“I’m a Christian. I’m a Catholic. I think it’s really terrible about what’s happened,” George Castro, a French-Colombian, said of the blaze that occurred just a week before Easter. “It’s really, really sad.” 

But amazingly, no lives have been lost and priceless treasures were saved, along with Notre Dame’s stunning rose window. Reports quoted experts assessing the building as structurally sound. 

The fire is the latest assault on one of the world’s most beautiful cities. Over the past few years, Paris has weathered two massive terrorist attacks that bookended 2015, and most recently the yellow vest crisis that defaced some of its most prestigious landmarks and deeply divided French citizens. 

Some Parisians, like Nicolas Chouin, believe the blaze can help to reconcile a fractured France. 

“It’s something beyond us, beyond our little problems of everyday life,” he said, gazing at the skeleton of the cathedral’s roof. “Of course, it doesn’t solve all the political issues — let’s see if it’s just a parenthesis.”

President Emmanuel Macron canceled a major address to the nation Monday night, in which he was expected to outline measures to assuage the yellow vest anger, to race to the scene of the fire. 

“We will rebuild the cathedral even more beautiful,” he vowed on Tuesday, promising to restore the edifice within five years.

Companies and business tycoons have lost no time to turn his promises into reality, donating hundreds of millions of dollars within hours of the blaze. The French government and Paris city hall have promised to donate hundreds of millions more. 

“We’re French, we’re proud of being French, and we’re going to rebuild it,” Vilbert said. “It’s going to take many years, but it’s going to be great.” 

Tourists and foreign residents, who flock to the French capital yearly by the millions, are just as devastated. 

“There’s beauty, there’s history, there’s culture — it represents Paris,” said Briton Rhia Patel, who studies French literature at the Sorbonne University. “It’s what people travel long and far to come and find.” 

Staring at the charred remains, retired Paris firefighter Philippe Facquet offered an expert assessment of the challenges that faced his former colleagues. 

“Attacking this kind of fire is very difficult,” he said, “because there are narrow spiral staircases, so carrying hoses and other heavy material is very difficult. And the adjacent roads are very narrow — so a lot of complications.” 

Then Facquet offered his personal assessment — that he felt “very bad.”

“It’s our mother, it’s our patrimony, it’s the symbol of Paris,” he said. “Our heart is bleeding.” 

more