Business
Latest stories
Indigenous Town in Mexico Survives on Remittances from U.S.

In Comachuen, a Purepecha Indigenous community of about 10,000 inhabitants nestled high in the pine-clad mountains of the western state of Michoacan, the whole town survives because of the money sent home by migrants working in the United States.

That money, known as remittances, kept families fed after local woodworking sales dropped off a decade ago when pine lumber started to become scarce. The money has allowed their families to remain in Comachuen rather than moving to other parts of Mexico for work. That — and the fact kids spend much of the year with their mothers and grandparents — has helped preserve the Purepecha language among almost everyone in town.

W140 Full Story
U.S. Approves Major Arms Sale to Egypt Despite Rights Concerns

The Biden administration has approved a massive $2.5 billion arms sale to Egypt despite ongoing concerns over human rights.

The sales were announced just hours after congressional Democrats urged the administration not to release a much smaller package of military assistance that had been put on hold last year pending the Egyptian government meeting certain rights-related conditions.

W140 Full Story
Lebanon Signs Power Deal with Jordan, Syria to Boost Ailing Grid

The energy ministers of Lebanon, Jordan and Syria signed Wednesday an agreement in Beirut for supplying Lebanon with Jordanian electricity via Syria.

A power cut at the Ministry of Energy caused a short delay before the agreements of purchase and transit were signed.

W140 Full Story
U.S., Europe Plan for Any Cutoff of Russian Natural Gas

U.S. and European officials are coordinating with natural gas suppliers around the globe to cushion the impact if Russia were to cut off energy supplies in the conflict over Ukraine, Biden administration officials say.

The U.S. and European allies have promised punishing economic and political sanctions if Russia moves its military into Ukraine, but worry about repercussions for Europeans from any such sanctions, including Russia potentially cutting off delivery of its natural gas to Europe at the height of winter.

W140 Full Story
Biden to Meet Qatar Leader as Energy Worries Loom in Europe

President Joe Biden will host the ruling emir of Qatar at the White House on Monday, a visit that comes as U.S. and European allies are scrambling to put together contingency plans to meet Europe's energy needs should supplies be impacted by Russia further invading Ukraine.

White House press secretary Jen Psaki said Biden and Sheikh Tamim bin Hamad Al Thani planned to discuss Middle East security, ensuring the stability of global energy supplies and the situation in Afghanistan, where humanitarian conditions have deteriorated in the aftermath of the U.S. military withdrawal and Taliban takeover last year.

W140 Full Story
European Stocks Rebound, Wall Street Sinks as Fed Meets

Wall Street stocks sank at the start of trading on Tuesday as the Federal Reserve began a two-day monetary policy meeting, while European stocks rebounded.

W140 Full Story
IMF Hopes for 'Progress' on Argentina Deal in 'Next Days'

The IMF hopes to make "more progress" in talks on a new financial aid program for Argentina shortly, a senior fund official said Tuesday.

W140 Full Story
German Business Confidence Perks up after 6-Month Decline

Business confidence in Germany, Europe's biggest economy, has picked up unexpectedly after a six-month slide, a closely watched survey showed Tuesday.

The Ifo institute said its monthly confidence increased to 95.7 points in January from 94.8 in December. Economists had forecast another slight dip to 94.5.

W140 Full Story
World Shares Mixed ahead of Fed Meeting

uropean stocks opened higher Tuesday after a day of steep losses in Asia as markets waited to hear from Federal Reserve chair Jerome Powell after a two-day policy meeting that ends Wednesday.

The possibility of conflict between Russia and Ukraine and concern over coronavirus outbreaks also were adding to uncertainties.

W140 Full Story
Thai PM Arrives in Saudi Arabia, Easing Diamond Heist Row

Thailand's prime minister arrived in Saudi Arabia on Tuesday for the first high-level meeting since relations between the nations soured three decades ago over a sensational jewelry heist that led to a diplomatic row and string of mysterious killings.

The official visit by Thai Prime Minister Prayuth Chan-ocha to Riyadh signals the nations are seeking to thaw relations, long chilled by the 1989 scandal. Saudi Arabia downgraded its diplomatic ties with Thailand over the theft that became known as the Blue Diamond affair.

W140 Full Story