Top Democrat: Moscow Has Closed Cyber Gap With US

The top Democrat on the Senate Intelligence Committee warns the United States is being outgunned in cyberspace, already having lost its competitive advantage to Russia while China is rapidly closing in.

“When it comes to cyber, misinformation and disinformation, Russia is already our peer and in the areas of misinformation or disinformation, I believe is ahead of us,” Senator Mark Warner told an audience Friday in Washington.

“This is an effective methodology for Russia and it’s also remarkably cheap,” he added, calling for a realignment of U.S. defense spending.

Warner, calling Russia’s election meddling both an intelligence failure and a “failure of imagination,” strongly criticized the White House, key departments and fellow lawmakers for being too complacent in their responses.

As for China, Warner called Beijing’s cyber and censorship infrastructure “the envy of authoritarian regimes around the world” and warned when it comes to artificial intelligence, quantum computing and 5G mobile phone networks, China is “starting to outpace us on these investments by orders of magnitude.”

In contrast, the Democratic senator laid out a more aggressive approach in cyberspace, with the United States leading allies in an effort to establish clear rules and norms for behavior in cyberspace.

He also said it was imperative the U.S. articulate when and where it would respond to cyberattacks.

“Our adversaries continue to believe that there won’t be consequences for their actions,” Warner said. “For Russia and China, it’s pretty much been open season.”

Warner also delivered a stern message to social media companies.

“Major platform companies — like Twitter and Facebook, but also Reddit, YouTube and Tumblr — aren’t doing nearly enough to prevent their platforms from becoming petri dishes for Russian disinformation and propaganda,” he said. “If they don’t work with us, Congress will have to work on its own.”

The Trump administration unveiled a new National Cyber Strategy in September, calling for a more aggressive response to the growing online threat posed by other countries, terrorist groups and criminal organizations.

“We’re not just on defense,” National Security Adviser John Bolton told reporters at the time. “We’re going to do a lot of things offensively, and I think our adversaries need to know that.”

Top U.S. military officials have also said their cyber teams are engaging against other countries, terrorist groups and even criminal organizations on a daily basis.

Warner on Friday praised elements of the new strategy, particularly measures that have allowed the military to respond to attacks more quickly. But, he said, on the whole it is not enough, pointing to Trump’s willingness to “kowtow” to Russian President Vladimir Putin during their Helsinki Summit over Moscow’s election interference efforts.

“No one in the Trump administration in the intel [intelligence] or defense world doesn’t acknowledge what happened in 2016,” he said. “But the fact that the head of our government still [finds] it’s hard to get those words out of his mouth, is a real problem.”

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Australia Anti-Encryption Law Rushed to Passage 

A newly enacted law rushed through Australia’s parliament will compel technology companies such as Apple, Facebook and Google to disable encryption protections so police can better pursue terrorists and other criminals.  

  

Cybersecurity experts say the law, the first of its kind globally, will instead be a boon to the criminal underworld by undermining the technical integrity of the internet, hurting digital security and user privacy.  

  

“I think it’s detrimental to Australian and world security,” said Bruce Schneier, a tech security expert affiliated with Harvard University and IBM.  

  

The law is also technically vague and seems contradictory because it doesn’t require systematic weaknesses — so-called “back doors” — to be built in by tech providers. Such back doors are unlikely to remain secret, meaning that hackers and criminals could easily exploit them. 

 

Back doors were central to a 1990s U.S. effort to require manufacturers to install a so-called “Clipper chip” into communications equipment so the government could listen in on voice and data transmissions. U.S. law enforcement officials, including Deputy Attorney General Rod Rosenstein, are again pushing for legislation that would somehow give authorities access to secure communications. 

 

The Australian bill is seen by many as a beachhead for those efforts because the nation belongs to the “Five Eyes” security alliance with the U.S., Britain, Canada and New Zealand.  

  

“There is a lot here that doesn’t make any sense,” Schneier said of the Australian bill. “This is a technological law written by non-technologists and it’s not just bad policy. In many ways, I think it’s unworkable.” 

 

A leading figure in cryptography, Martin Hellman of Stanford University, said it appears the bill would “facilitate crime by weakening the security of the affected devices.” 

Blow against ‘evil work’

 

The law won final legislative approval late Thursday, parliament’s final session of the year. Prime Minister Scott Morrison said it was urgently needed. 

 

“This was very important legislation to give police and security agencies the ability to get into encrypted communications,” he told Nine Network television. “Things like WhatsApp, things like that which are used by terrorists and organized criminals and indeed pedophile rings to do their evil work.” 

 

He noted that the opposition Labor Party “had to be dragged to the table” and backed the legislation as an emergency measure out of concern extremists could target Christmas-New Year crowds. 

 

Labor lawmakers said they want amendments passed when parliament resumes in February. Opposition leader Bill Shorten said he supported the current bill only because he could not “expose Australians to increased [national security] risk.” 

 

Duncan Lewis, director-general of the Australian Security Intelligence Organization, noted during hearings that extremists share encrypted messages that Australia’s main secret service cannot intercept or read. 

 

President Morry Bailles of the Law Council of Australia, a leading lawyers group, criticized the bill’s swift parliamentary journey though lawmakers knew “serious problems exist” with giving law enforcement “unprecedented powers to access encrypted communications.” 

 

Australian law enforcement officials have complained that the growth of end-to-end encryption in applications such as Signal, Facebook’s WhatsApp and Messenger and Apple’s iMessage could be the worst blow to intelligence and law enforcement capability in decades. Federal Police Commissioner Andrew Colvin said it hampers criminal investigations at all levels. 

Apple argument

 

But Apple, in comments filed with parliament in October, argued that “it would be wrong to weaken security for millions of law-abiding customers in order to investigate the very few who pose a threat.” 

 

The company’s iPhones, because of their strong encryption, are bulwarks of national security around the globe and help protect journalists, human rights workers and people living under repressive regimes. 

 

“The iPhone is national security infrastructure right now,” said Schneier. “Every Australian legislator uses the systems and devices that that law will target, and making them insecure seems like a really bad idea.” 

 

Apple also complained in October that the bill was “dangerously ambiguous.” 

 

One apparent contradiction confounds technologists. The legislation says the government “must not require providers to implement or build systemic weaknesses in forms of electronic protection (‘back doors’)” but also says it can “require the selective deployment of a weakness or vulnerability in a particular service, device or item of software on a case-by-case basis.” 

 

Technologists say that the mathematics underlying encryption and the way it’s encoded into software make it impossible to decrypt a single user’s communications without affecting all users. 

 

Eric Wenger, director of cybersecurity and privacy policy for the U.S. technology giant Cisco Systems, warned during debate on the bill that Australia could be at a competitive disadvantage if its data were not regarded as secure. 

 

Australia was a major driver of a statement agreed to at the Group of 20 leaders’ summit in Germany last year that called on the technology industry to provide “lawful and non-arbitrary access to available information” needed to protect against terrorist threats. 

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Major Oil-producing Countries Agree to Cut Output

Oil prices climbed sharply Friday after OPEC and other producers led by Russia agreed to cut output to reduce global inventories of crude oil.

OPEC countries and the Russian-led coalition agreed to collectively slash oil production by 1.2 million barrels a day, said OPEC president Suhail Mohamed al-Mazrouei, more than the 1 million barrel cut the market anticipated.

After two days of negotiations, Saudi Arabia and other OPEC countries said they would cut 800,000 barrels a day, while non-OPEC allies agreed to an additional 400,000 barrels per day.

The cuts, from which OPEC members Iran, Venezuela and Libya are exempt, will begin in January and remain in effect for six months.

The deal highlights Russia’s new-found influence on the global oil market and the significance of Russia’s alliance with Saudi Arabia, the de facto leader of OPEC.

Oil-producing nations have been under pressure to cut production to stabilize oil prices, which have dropped sharply over the past few months. Global oil prices have plummeted by more than 30 percent since early October.

The cuts were agreed to despite pressure from U.S. President Donald Trump to maintain current levels of oil production, which have surged since the end of 2017.

The surge is primarily due to the U.S., which has increased production by 2.5 million barrels a day since early 2016, making the U.S. the world’s largest producer. 

On Wednesday, Trump tweeted, “The World does not want to see, or need, higher oil prices!” 

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Drake, Lamar Lead but Women Shine Through in Grammy Nods

Rappers Kendrick Lamar and Drake led Grammy Award nominations on Friday, but Cardi B, Lady Gaga, Brandi Carlile and American newcomer H.E.R helped make it a female-dominated line-up for the year’s top prizes in the music industry.

Ten-time Grammy winner Taylor Swift, Beyonce, Ariana Grande and Camila Cabello were among the biggest snubs in top categories that were dominated by hip-hop and R&B.

Canada’s Drake, the most-streamed artist of 2018, won eight nominations, including album of the year for “Scorpion,” and both song and record of the year for his single “God’s Plan.”

Five of the expanded eight nominees in the album of the year race were women — Cardi B’s “Invasion of Privacy,” Janelle Monae’s “Dirty Computer,” folk singer Brandi Carlile’s “By the Way, I Forgive You,” country singer Kacey Musgraves’ “Golden Hour” and newcomer H.E.R.’s self-titled “H.E.R.”

Rapper Post Malone’s “Beerbongs & Bentleys” and the soundtrack to hit movie “Black Panther,” which was produced by Lamar, round out the album of the year field.

Lamar, the first rapper to win a Pulitzer Prize for music, Drake, Cardi B and Carlile also garnered nominations for record of the year.

The Recording Academy, whose members choose the Grammys, this year expanded to eight from five the number of nominees in the top four categories – record, song and album of the year, and best new artist – to allow a more diverse line-up.

The Academy also expanded its membership and set up a diversity task force after an uproar over the low number of female nominees, winners and performers on the televised ceremony in January.

Six of the eight best new artist nominees on Friday were women, including H.E.R., Chloe x Halle, British pop star Dua Lipa, and Bebe Rexha.

Cardi B, coming off a phenomenal year, Lady Gaga, actor Donald Glover’s music moniker Childish Gambino, and country-pop star Maren Morris each had five nominations overall Lady Gaga’s nominations came mostly from her single “Shallow” with actor-director Bradley Cooper from their movie “A Star is Born,” which won five Golden Globe nods on Thursday.

In the biggest snub, Swift, one of the world’s most successful singers, was shut out of the major awards, getting just one nomination in the pop category for her best-selling album “Reputation.”

Grande, who on Thursday won Billboard’s Woman of the Year accolade, and Cuban-born Cabello were relegated to two apiece in the pop album and pop single categories. Beyonce had to make do with just three, all of which she shared with husband Jay-Z – music video “Apeshit,” R&B performance “Summer” and urban contemporary album “Everything is Love.”

The Grammy Awards will be handed out at a ceremony in Los Angeles on February 10.

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US Locks in Duties on Chinese Aluminum Sheet Imports

 The U.S. International Trade Commission said on Friday it made a final determination that American producers were being harmed by imports of common alloy aluminum sheet products from China, a finding that locks in duties on the products.

The ITC determination means that duties ranging from 96.3 percent to 176.2 percent previously announced by the U.S. Commerce Department would be put in place for five years. The department said last month the products were being subsidized and dumped in the U.S. market.

The decision marked the first time that final duties were issued in a trade remedy case initiated by the U.S. government since 1985. Usually, trade cases are launched based on a complaint from a U.S. producer or group of producers.

The Trump administration has promised a more aggressive approach to trade enforcement by having the department launch more anti-dumping and anti-subsidy cases on behalf of private industry.

In 2017, imports of common alloy aluminum sheet from China were valued at an estimated $900 million. The flat-rolled product is used in transportation, building and construction, infrastructure, electrical and marine applications.

U.S. aluminum industry firms, including Aleris Corp , Arconic Inc and Constellium NV, testified in the case last year about what they termed a surge in “low-priced, unfairly traded imports.”

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Technology Companies Lead Slide in US Markets; Oil Rising

U.S. stocks fell sharply Friday, erasing an early gain, as the market closed in on its third weekly decline in four weeks.

Losses in technology and health care stocks outweighed gains elsewhere in the market. Energy companies led the gainers as crude oil prices rose on news that OPEC members agreed to cut production next year.

The government said job growth in November fell short of economists’ expectations.

Keeping score: The S&P 500 index fell 41 points, or 1.5 percent, to 2,654 as of 11:25 a.m. Eastern Time. The Dow Jones Industrial Average dropped 411 points, or 1.7 percent, to 24,536. The Nasdaq composite slid 135 points, or 1.9 percent, to 7,053. The Russell 2000 index of small-company stocks slipped 4 points, or 0.3 percent, to 1,473.

Energy: Oil prices rose after OPEC countries agreed to reduce global oil production by 1.2 million barrels a day for six months, beginning in January. The move would include a reduction of 800,000 barrels per day from OPEC countries and 400,000 barrels per day from Russia and other non-OPEC nations. The news, which had been widely anticipated, pushed crude oil prices higher.

U.S. benchmark crude jumped 4.8 percent to $53.94 a barrel in New York. Brent crude, used to price international oils, gained 5.4 percent to $63.33 a barrel in London.

The pickup in oil prices sent energy stocks higher. Anadarko Petroleum gained 3.3 percent to $53.30.

Tech slide: A sell-off in technology stocks weighed on the market. Hewlett Packard Enterprise slumped 7.3 percent to $14.85.

Call a doctor: Health care sector stocks, the biggest gainer in the S&P 500 this year, took some of the heaviest losses. Cooper lost 7.8 percent to $255.12

Not so pretty: Ulta Beauty slid 9.6 percent to $264.74 after the cosmetics retailer’s latest quarterly report card exceeded analysts’ expectations, but its earnings outlook disappointed traders.

Smoke this: Tobacco company Altria, which makes Marlboro cigarettes, rose 2.4 percent to $55.68 after announcing a $2.4 billion investment in Cronos Group, a Canadian medical and recreational marijuana company.

Solid quarter: Broadcom added 1 percent to $229.46 after the technology company reported fiscal fourth-quarter results that topped Wall Street’s forecasts.

Jobs report: The Labor Department said U.S. employers added 155,000 jobs in November, a slowdown from recent months but enough to suggest that the economy is expanding at a solid pace despite sharp gyrations in the stock market. The unemployment rate remained at 3.7 percent, nearly a five-decade low, for the third straight month. Average hourly pay rose 3.1 percent from a year ago, matching the previous month’s figure, which was the best since 2009. The jobs figure was less than many economists forecast, but few saw the report as a sign of a broader slowdown.

Bond yields: Bond prices fell. The yield on the 10-year Treasury note rose to 2.89 percent from 2.87 percent on Thursday.

Currencies: The dollar rose to 112.66 yen from 112.65 yen late Thursday. The euro strengthened to $1.1390 from $1.1373.

Markets overseas: In Europe, Germany’s DAX added 0.1 percent while the CAC 40 in France rose 1.1 percent. Britain’s FTSE 100 jumped 1.5 percent. Major indexes in Asia finished mostly higher. Japan’s benchmark Nikkei 225 added 0.8 percent and Australia’s S&P/ASX 200 gained 0.4 percent. South Korea’s Kospi rose 0.3 percent. Hong Kong’s Hang Seng gave up 0.3 percent.

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US Hiring Slowed to 155K Jobs, Jobless Rate Unchanged

U.S. employers added just 155,000 jobs in November, a slowdown from recent months but enough to suggest that the economy is expanding at a solid pace despite sharp gyrations in the stock market.

The Labor Department said Friday the unemployment rate remained 3.7 percent, nearly a five-decade low, for the third straight month. Average hourly pay rose 3.1 percent from a year ago, matching the previous month’s figure, which was the best since 2009.

The economy is expanding at a healthy pace, but rising trade tensions between the U.S. and China, ongoing interest rate increases by the Federal Reserve and weakening global growth have roiled financial markets. Analysts expect growth to slow but remain solid in 2019 as the impact of last year’s tax cuts fade.

Hiring in November was led by health care firms, which added 40,100 jobs, and professional services such as accounting and engineering, which gained 32,000. Manufacturing companies hired 27,000 new workers, the most in seven months.

Construction firms cut back, however, adding just 5,000 jobs, the fewest in five months. Hiring also slowed in restaurants, bars and hotels.

November’s job gains are down from October’s robust 237,000, which was revised lower from last month’s estimate. Hiring has averaged 195,000 a month for the past six months, modestly below an average of 212,000 in the previous six.

Most recent data have pointed to solid economic growth. Americans increased their spending in October by the most in seven months, and their incomes grew by the most in nine months, according to a government report last week. Consumer confidence remains near 18-year highs, surveys show. And both manufacturing and services companies expanded at a healthy pace in November, according to a pair of business surveys.

The housing market, though, has stumbled this year as the Fed’s rate hikes have contributed to sharply higher mortgage rates. Sales of existing homes have fallen 5.4 percent from a year earlier, the biggest annual decline in more than four years.

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Comedian Steps Down as Oscars Host After Outcry Over Tweets

Just two days after been named host of the Academy Awards, Kevin Hart has stepped down following an outcry over past homophobic tweets by the comedian.

Capping a swift fallout, Hart wrote on Twitter just after midnight Friday that he was withdrawing as Oscars host because he didn’t want to be a distraction. “I sincerely apologize to the LGBTQ community for my insensitive words from my past,” wrote Hart.

Hart stepped aside just about an hour after refusing to apologize for tweets that resurfaced after he was announced as Oscars host Tuesday. In a video on Instagram, Hart said the Academy of Motion Pictures Arts and Sciences gave him an ultimatum: apologize or “we’re going to have to move on and find another host.”

“I chose to pass on the apology,” Hart said. “The reason why I passed is because I’ve addressed this several times.”

The film academy didn’t respond to messages Thursday evening.

Some tweets deleted

Hart has since deleted some of the anti-gay tweets, mostly dated from 2009-2011. But they had already been screen-captured and shared online. In 2011, he wrote in a since-deleted tweet: “Yo if my son comes home & try’s 2 play with my daughters doll house I’m going 2 break it over his head & say n my voice ‘stop that’s gay.’”

In an earlier post Thursday, Hart wrote on Instagram that critics should “stop being negative” about his earlier anti-gay remarks.

“I’m almost 40 years old. If you don’t believe that people change, grow, evolve? I don’t know what to tell you,” said Hart, who added, in all-caps: “I love everybody.”

Hart’s attitudes about homosexuality were also a well-known part of his stand-up act. In the 2010 special “Seriously Funny,” he said, “one of my biggest fears is my son growing up and being gay.”

“Keep in mind, I’m not homophobic, I have nothing against gay people, do what you want to do, but me, being a heterosexual male, if I can prevent my son from being gay, I will,” Hart said.

LGBTQ group

GLAAD, the advocacy group for LGBTQ rights, had said Thursday that it reached out to Oscars broadcaster ABC, the Academy of Motion Pictures Arts and Sciences and Hart’s management to “discuss Kevin’s anti-LGBTQ rhetoric and record.”

Actress Jamie Lee Curtis wrote: “Homophobia is not positivity.” Comedian and actor Billy Eichner said “a simple, authentic apology showing any bit of understanding or remorse would have been so simple.”

It’s not the first time an Oscars host has been potentially derailed by anti-gay remarks. Ahead of the 2012 Academy Awards, producer Brett Ratner, who had been paired with host Eddie Murphy, resigned days after using a gay slur at a film screening. Murphy soon after exited, as well.

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Responding to Homophobic Tweets, Kevin Hart Draws More Ire

Kevin Hart’s response to criticism over earlier homophobic tweets on Thursday further inflamed a backlash to the comedian two days after he was named host of the upcoming Academy Awards. 

On Thursday, Hart wrote on Instagram that critics should “stop being negative” after years-old tweets surfaced in which he used gay slurs. In an accompanying video, a shirtless Hart lounging in bed warily said he wasn’t going to “let the craziness frustrate me.”

“I’m almost 40 years old. If you don’t believe that people change, grow, evolve? I don’t know what to tell you,” said Hart, who added, in all-caps: “I love everybody.” 

Hart has since deleted some of the anti-gay tweets, mostly dated from 2009-2011. But they had already been screen-captured and been shared virally online. In 2011, he wrote in a since-deleted tweet: “Yo if my son comes home & try’s 2 play with my daughters doll house I’m going 2 break it over his head & say n my voice ‘stop that’s gay.”

Hart’s attitudes about homosexuality were also a well-known part of his stand-up act. In the 2010 special “Seriously Funny,” he said “one of my biggest fears is my son growing up and being gay.” 

“Keep in mind, I’m not homophobic, I have nothing against gay people, do what you want to do, but me, being a heterosexual male, if I can prevent my son from being gay, I will,”Hart said. 

GLAAD, the advocacy group for LGBTQ rights, said Thursday that it has reached out to Oscars broadcaster ABC, the Academy of Motion Pictures Arts and Sciences and Hart’s management to “discuss Kevin’s anti-LGBTQ rhetoric and record.” 

Comedian and actor Billy Eichner was among those on social media who were disappointed with Hart’s response. 

“This is not good. A simple, authentic apology showing any bit of understanding or remorse would have been so simple,” Eichner said. “Like I tweeted a few weeks ago, Hollywood still has a real problem with gay men. On the surface it may not look like it. Underneath, it’s far more complicated.”

The film academy on Tuesday announced Hart as host to its February ceremony. Representatives for the academy and for ABC didn’t respond to messages Thursday. 

It’s not the first time an Oscars host has been forced to answer for anti-gay remarks. Ahead of the 2012 Academy Awards, producer Brett Ratner, who had been paired with host Eddie Murphy, resigned days after using a gay slur at a film screening. Murphy soon after exited, as well. 

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US Stocks Rebound From Early Plunge

U.S. stocks clawed most of their way back from a deep slide Thursday that at one point had wiped out the market’s gains for the year. 

 

An early plunge briefly knocked more than 700 points off the Dow Jones industrial average as the arrest of a senior Chinese technology executive threatened to cause another flare-up in tensions between Washington and Beijing. 

 

The sell-off eased by late afternoon, however, after The Wall Street Journal reported that the Federal Reserve is considering breaking with its current approach of steady interest rate hikes, favoring a wait-and-see approach. That was relief to investors worried that the Fed might raise interest rates too fast, which could choke off economic growth.  

No ‘rigid schedule’ of hikes

  

“The Fed is trying to, in essence, come out and make it clear they are not on a rigid schedule of rate hikes next year,” said Quincy Krosby, chief market strategist at Prudential Financial.  

  

The S&P 500 index fell 4.11 points, or 0.2 percent, to 2,695.95. The benchmark index had been down as much as 2.9 percent.  

  

The Dow dropped 79.40 points, or 0.3 percent, to 24,947.67. The average had briefly slumped as much as 784 points.  

  

The technology-heavy Nasdaq composite reversed an early loss to finish with a gain, adding 29.83 points, or 0.4 percent, to 7,188.26. 

 

The Russell 2000 index of small-company stocks gave up 3.34 points, or 0.2 percent, to 1,477.41. 

 

Traders continued to shovel money into bonds, a signal that they see weakness in the economy ahead. The yield on the 10-year Treasury note fell to 2.89 percent from 2.92 percent on Tuesday, a large move. 

 

U.S. stock and bond trading were closed Wednesday because of a national day of mourning for President George H.W. Bush.  

  

Losses in banks and energy and industrial stocks outweighed gains in internet and real estate companies.  

  

Citigroup fell 3.5 percent to $60.06. Halliburton slid 4.7 percent to $29.79. Discovery climbed 4.7 percent to $26.99. 

 

Last week, stocks jumped after Fed Chairman Jerome Powell indicated the central bank might consider a pause in rate hikes next year while it gauges the impact of its credit tightening program.  

Fed meeting ahead

  

The Fed has raised rates three times this year and is expected to boost rates for a fourth time at its Dec. 18-19 meeting of policymakers. That steady pace of rate hikes has begun to worry some investors amid growing signs that some sectors of the economy are hurting, including the U.S. housing market. At the same time, there has been growing evidence that global economic growth is slowing. 

 

“The market seems right now to be focused on increased risks for a 2020 recession,” said Patrick Schaffer, Global Investment Specialist, J.P. Morgan Private Bank. “It’s a very hard market to buy when you see really strong signals that we are indeed late [in the economic] cycle.” ​

Thursday’s initial wave of selling in the market came about as traders reacted to the news that Canadian authorities arrested the chief financial officer of China’s Huawei Technologies on Wednesday for possible extradition to the U.S. The Globe and Mail newspaper, citing law enforcement sources, said Meng Wanzhou is suspected of trying to evade U.S. trade curbs on Iran. 

 

Meng is a prominent member of Chinese society as deputy chairman of the board and the daughter of company founder Ren Zhengfei. China demanded Meng’s immediate release. 

 

The arrest came less than a week after President Donald Trump met with Chinese President Xi Jinping at the G-20 summit in Argentina. 

 

Markets rallied on Monday on news that Trump and Xi agreed to a 90-day stand-down in their trade dispute. That optimism quickly faded as skepticism grew that Beijing will yield to U.S. demands anytime soon, leading to a steep sell-off in global markets on Tuesday. 

Positive remarks from Beijing

 

On Thursday, China’s government said it would promptly carry out the tariff cease-fire with Washington. It also expressed confidence that the two nations can reach a trade agreement. The remarks suggest Beijing wants to avoid disruptions from Meng’s arrest.  

  

Even so, investors remained skeptical.  

  

“Trade tensions aren’t going away,” Schaffer said. “Contradictory statements from the administration have given some people a little bit of pause with respect to the optimism that people felt following the Argentina G-20 conference.” 

 

The renewed jitters over the implications that Meng’s arrest could have on U.S.-China trade negotiations weighed on overseas markets. 

 

In Europe, the DAX in Germany dropped 3.5 percent, while France’s CAC 40 lost 3.3 percent. The FTSE 100 in Britain declined 3.1 percent, its biggest drop since the country held a vote to leave the European Union in June 2016.  

  

The news also resulted in another down day for markets in Asia. 

 

Hong Kong’s Hang Seng index tumbled 2.5 percent and Japan’s benchmark Nikkei 225 fell 1.9 percent. Australia’s S&P/ASX 200 lost 0.2 percent, while South Korea’s Kospi sank 1.6 percent. Shares also fell in Taiwan and all other regional markets. 

 

Oil prices fell sharply as traders appeared to doubt that an expected production cut by OPEC will be enough to boost the price of crude. Benchmark U.S. crude dropped 2.6 percent to settle at $51.49 a barrel in New York. Brent crude, used to price international oils, slid 2.4 percent to close at $60.06 per barrel. 

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Political Comedy ‘Vice’ Leads Golden Globe Film Nominations with 6 Nods

Political comedy “Vice” led movie nominations for the Golden Globes on Thursday with six nods, followed by musical “A Star is Born,” historical comedy.

“The Favourite” and road trip movie “Green Book” with five nods apiece.

Limited FX series “The Assassination of Gianni Versace” won the most nominations in the television category with four nods.

The Golden Globes, chosen by the small Hollywood Foreign Press Association, will be handed out at a ceremony in Beverly Hills on Jan 6.

“Vice,” a satirical look at the career of former U.S. Vice President Dick Cheney, won nominations in all major categories, including for lead actor Christian Bale and director Adam McKay.

The film is distributed by independent company Annapurna Pictures.

The Golden Globes are the first major ceremony in Hollywood’s long awards season, which culminates with the Oscars on Feb. 24, and many of the winners and nominees are expected to compete also for Academy Awards.

Singer Lady Gaga and Bradley Cooper were both nominated in the lead actor race for their Warner Bros remake of “A Star is Born,” which also won a directing nod for Cooper and one for “Shallow” as best original song.

“Vice” will compete in the best musical or comedy race with “Crazy Rich Asians,” “Green Book,” “The Favourite” and Disney’s “Mary Poppins Returns.”

The best film drama contest race is made up of two racial injustice movies – “If Beale Street Could Talk,” and director Spike Lee’s “BlacKkKlansman” – along with Marvel superhero movie “Black Panther,” “Bohemian Rhapsody” and “A Star is Born.”

Mexican director Alfonso Cuaron’s semi-autobiographical film “Roma,” for streaming service Netflix was nominated in the foreign language category.

Among other actors getting nominations, Rami Malek was included for his performance as the late Queen frontman Freddie Mercury, along with “Mary Poppins Returns” stars Emily Blunt and Lin-Manuel Miranda.

British actress Olivia Colman was named a best actress nominee for her turn as a petulant Queen Anne in the Fox Searchlight historical romp “The Favourite,” along with supporting stars Emma Stone and Rachel Weisz.

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US Trade Deficit Hits 10-Year High on Record Imports

The US trade deficit hit a 10-year high in October as Americans used a stronger dollar to snap up record imports, the government reported Thursday.

The result showed the trade gap has continued to swell despite the punitive tariffs imposed this year on allies and adversaries alike by US President Donald Trump, who has focused intently on the subject with the goal of reducing the deficit.

Amid Trump’s high-stakes trade war with Beijing, the total trade gap rose 1.7 percent to $55.5 billion, driven by all-time high imports, according to the Commerce Department.

The gap in goods trade with China likewise continued to expand, rising two percent to $38 billion, seasonally adjusted, as key exports like soybeans fell.

The October figure handily overshot analyst expectations, and could confirm weaker economic growth in the final quarter of 2018.

Americans bought more medications and imported autos while also taking more vacations, benefiting from the stronger US currency.

Travel by Americans also rose by $200 million, driving up US services imports to a record $46.9 billion.

The deficit in goods also was the highest on record at more than $78 billion, as US imports of goods and services hit a high as well, rising 1.5 percent to $266.5 billion.

Auto imports — another subject on which Trump is battling European leaders — likewise hit their highest level ever, at $31.8 billion.

From January to October, the total trade deficit rose more than 11 percent compared to the same period last year, and the gap in September was $555 million bigger than initially reported.

Long-suffering soy exports, victim of China’s retaliatory tariffs since July, fell by another $800 million in October while exports of aircraft and parts, also sensitive to trade relations, fell $600 million.

Meanwhile, there were declines in imports of computers and telecommunications equipment but not enough to offset the strong gains in pharmaceutical and auto imports for the month.

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OPEC Looks to Cut Oil Production to Support Falling Price

OPEC countries were gathered Thursday to find a way to support the falling price of oil, with analysts predicting the cartel and key ally Russia would agree to cut production by at least 1 million barrels per day.

Crude prices have been falling since October because major producers — including the U.S. — are pumping oil at high rates and due to fears that weaker economic growth could dampen energy demand. The price of oil fell 22 percent in November and was down again on Thursday amid speculation that OPEC’s action might be too timid to support the market.

Saudi Arabia, the heavyweight within OPEC, said Thursday it was in favor of a cut.

“I think a million (barrels a day) will be adequate personally,” Saudi oil minister Khalid Al-Falih said upon arriving to the meeting in Vienna. That, he said, would include production for both OPEC countries as well as non-OPEC countries, like Russia, which have in recent years been coordinating their production limits with the cartel.

That view was echoed by others, including the oil ministers of Nigeria and Iraq.

“I am optimistic that the agreement will stabilize the market, will stop the slide in the price (of oil),” said Iraq’s Thamir Ghadhban.

Investors did not seem convinced, however, and were pushing the price of oil down sharply again on Thursday, with some experts saying there is concern about the size of the cut. The international benchmark for crude, Brent, was down $1.52 at $60.04 a barrel.

“The cartel has to go above and beyond the 1 million barrels cut, to at least 1.4 million to really steady the ship,” said Neil Wilson, chief market analyst at Markets.com.

The fall in the price of oil will be a help to many consumers as well as energy-hungry businesses, particularly at a time when global growth is slowing. And U.S. President Donald Trump has been putting pressure publicly on OPEC to not cut production. He tweeted Wednesday that “Hopefully OPEC will be keeping oil flows as is, not restricted. The World does not want to see, or need, higher oil prices!”

While Saudi Arabia has indicated it is willing to cut production, its decision may be complicated by Trump’s decision to not sanction the country over the killing of dissident journalist Jamal Khashoggi. U.S. Senators say, after a briefing with intelligence services, that they are convinced that Saudi’s de-facto ruler, Crown Prince Mohammed bin Salman , was involved in Khashoggi’s death. Some experts say that gives the U.S. some leverage over the Saudis, though Al-Falih denied that on Thursday.

When asked if the Saudis had permission from Trump to cut production, Al-Falih replied: “I don’t need permission from any foreign governments.”

Experts say this week’s meeting of the Organization of the Petroleum Exporting Countries will influence the price of oil over the coming months. How strongly it does so could depend on Russia’s contribution, which will be determined in a meeting on Friday.

Analysts estimate that if Russia is willing to step up its production cuts, OPEC and non-OPEC countries could trim production by a combined 1.3-1.4 million barrels a day. A cut of 1 million barrels would be the minimum to support the market, and anything less could see the price of oil fall another $10 a barrel, according to Wilson.

“The stakes are high now for OPEC,” he said.

OPEC’s reliance on non-members like Russia highlights the cartel’s waning influence in oil markets, which it had dominated for decades. The OPEC-Russia alliance was made necessary in 2016 to compete with the United States’ vastly increased production of oil in recent years. By some estimates, the U.S. this year became the world’s top crude producer.

OPEC is also riven by internal conflict, especially between regional rivals Saudi Arabia and Iran. One of the key questions in Thursday’s talks is whether to exempt Iran from having to cut production, as its energy industry is already hobbled by U.S. sanctions on its crude exports.

Meanwhile, Qatar, a Saudi rival and Iranian ally, said this week it would leave OPEC in January. While it said it was purely a practical decision because it mainly produces natural gas and little oil, the move was viewed as a symbolic snub to the Saudi-dominated organization.

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Virginia Tech Students Unveil the House of the Future

Joseph Wheeler and his team of students and faculty from Virginia Tech University are convinced they are building the house of the future.

Judges at the recent Solar Decathlon Middle East agreed, awarding their future house first place in the December competition held in Dubai.

“We set it up in two days,” Wheeler told VOA. “All the other teams took the full two weeks of construction. Ours was set up in two days, generating power on the third day by the sun.”

The quick assembly time is just one thing that makes this home special. All of, literally all of it, comes in modules that are put together on-site into a fully functioning plug-and-play house.

Quick to assemble

“Our typical cartridge is 3-feet wide and about 12-feet long and no higher than 10-feet tall,” Wheeler said. “That cartridge contains the structure of the house. It’s got the structural walls, the insulation in it. But it’s got all the plumbing and the electrical system pre-installed — even the cabinetry, even the finishes. It is an incredibly high-tech home. In this case, well over a $1 million home but highly sophisticated.”

The home is fully wired, a test bed for everything digital. The home is also energy positive, which means — thanks to solar cells — it produces more energy than it consumes. This while being fully functional in the Dubai desert.

“You had to maintain a certain temperature range in the home. You had to keep all your appliances working and run them nonstop for an entire two weeks,” Wheeler said. “You had to charge an electric car from the excess power you generated in the house. You had to do laundry. You had to do dishes. I mean, you had to do all these things.”

They did it, and won.

​What’s next?

Far from being a one-of-a-kind home, Wheeler and his team say they fully expect this kind of home construction to quickly become the way homes are built in the future.

“We already have our phones, our cars, all of these pieces of technology that we bring with us that come with the expectation that they are smart,” Bobby Vance, a professor of architecture on the Virginia Tech team, told VOA. “But we go home and we kind of shut that all away.”

The team says this home is proof that [shutting it away] doesn’t need to be the case anymore.

“We envision one day in the very near future, you’re going to be able to go onto Amazon, and you’re going to be able to pick out your features — your appliances, the finishes you want in your kitchen and in your bathroom and in your bedroom, and you’ll place those in your shopping cart,” Wheeler said.

Wheeler and Vance said they are in talks with a number of homebuilding companies and are about to begin building a home that will be for sale sometime in the spring. They are also hoping to ramp up their production on a much larger scale to make their dream home a reality in the near future.

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US and China Fight for Supremacy in 5G Technology

Many experts predict that the emerging 5G wireless technology will revolutionize the world’s economy. They say it holds the key to a smarter, more efficient, more connected and much wealthier world. But a recent congressional report outlines how China plans to use the transition to 5G and its access to billions of networked electronic devices for intelligence-gathering, sabotage and business deals. As VOA’s Jela de Franceschi reports, China’s aim is to put an end to US high-tech pre-eminence.

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Scientists Pool Oceans of Data to Plot Earth’s Final Frontier

For experts in the field of ocean mapping, it is no small irony that we know more about the surfaces of the moon and Mars than we do about our planet’s sea floor.

“Can you imagine operating on the land without a map, or doing anything without a map?” asked Larry Mayer, director of the U.S.-based Center for Coastal and Ocean Mapping, a research body that trains hydrographers and develops tools for mapping.

“We depend on having that knowledge of what’s around us, and the same is true for the ocean,” he told the Thomson Reuters Foundation.

With their deep craters and mountain ranges, the contours of the earth beneath the waves are both vast and largely unknown.

Seabed 2030

But a huge mapping effort is underway to change that. 

The U.N.-backed project, called Seabed 2030, is urging countries and companies to pool data to create a map of the entire ocean floor by 2030. The map will be freely available to all.

“We obviously need a lot of cooperation from different parties, individuals as well as private companies,” said Mao Hasebe, project coordinator at the Nippon Foundation, a Japanese philanthropic organization supporting the initiative. “We think it’s ambitious, but we don’t think it’s impossible,” Hasebe said.

The project, which launched in 2017, is expected to cost about $3 billion. It is a collaboration between the Nippon Foundation and GEBCO, a nonprofit association of experts that is already involved in charting the ocean floor.

The result would be greater knowledge of the oceans’ biodiversity, improved understanding of the climate, advanced warning of impending disasters, and the ability to better protect or exploit deep-sea resources, Hasebe said.

​Recent advances

So far, the biggest data contributors to Seabed 2030 have been companies, in particular Dutch energy prospector Fugro and deep-sea mapping firm Ocean Infinity. Both were involved in the search for the Malaysian airliner MH370, which disappeared in 2014.

To map the ocean floor, high-tech multibeam echosounders transmit a fan of acoustic beams from a ship, which ping back depending on the depth and topography of the ocean floor. That creates data points, which can be converted into a map.

“With advanced sonar technology, it really is like seeing. I think we’ve come out of the era of being the blind man with the stick,” said Robert Larter, a marine geophysicist at the British Antarctic Survey.

“We can survey much more efficiently, and, not only that, but in much greater detail,” he said, adding that the work was painstaking. “The ocean’s a big place!” he said.

The advent of new technology, such as underwater drones and robots, is also speeding up the mapping process.

A global competition hosted by energy giant Shell, the Shell Ocean Discovery XPRIZE, is also under way, offering $7 million to teams that can develop technologies to conduct ocean exploration autonomously, rapidly and to a high resolution.

A team from Seabed 2030 has reached the final stages of the competition with an idea based on remotely operated robots working in extreme depths to map territory independently.

Economic benefits

Exploring Earth’s final frontier will do more than satisfy scientific curiosity, it should bring economic benefits, too.

More than 90 percent of the world’s trade is carried by sea, according to the International Maritime Organization (IMO), a U.N. body, making safe navigation a key motivator for mapping.

“If a ship runs aground it’s a terrible day for the economy, it’s a terrible day for the environment and it’s a bad day for the captain, too,” Mayer said.

Seabed 2030’s map would have other benefits, experts said: In a warming world, it would provide a better idea of sea levels as ice melts and, importantly, warn about impending tsunamis that could devastate coastal communities.

They said it would also help the so-called “blue economy” as countries and companies seek to protect or exploit deep-sea resources, from exploring for oil and gas to installing wind farms or laying fiber-optic cables for the internet.

That is predicted to become more important in the coming years, according to the Organization for Economic Cooperation and Development (OECD). It expects the ocean economy to contribute $3 trillion to the world economy by 2030, up from $1.5 trillion in 2010.

Political rifts

Some parts of the oceans — the East Coast of the United States, areas around Japan, New Zealand and Ireland — are relatively well-mapped, experts said. Others, including the West African coast or that off the Caribbean, remain largely blank.

The introduction of the 1982 United Nations Convention on the Law of the Sea (UNCLOS), an international treaty, allowed countries to determine their continental shelves and exclusive economic zones, legitimate territorial claims off their coasts.

It also spurred a rush to map and claim land, Larter said.

“That’s the biggest land grab in recent history,” he said.

For Julian Barbiere of UNESCO’s Intergovernmental Oceanographic Commission, it would be a “paradox” if, after collaboration at a scientific and technical level to share data, countries used that knowledge against each other in geopolitical spats.

“There are already tensions in some parts of the world, and one of the reasons for that is access to resources,” he said.

Some countries, he added, are reluctant to give up strategic proprietary data to the Seabed 2030 project, largely because of national security concerns or in areas with sensitive geopolitical tensions, such as the South China Sea.

“There is already a lot of data, which is sitting there but it’s not being released. We hope to change attitudes and to really get countries to contribute,” Barbiere said.

The next phase of the project, he said, is to encourage data donors and crowdsourcing, not just from exploration vessels but from cargo ships, recreational sea-users and fishing boats.

“(It) goes back to this principle: the ocean is an international space by definition … part of the common heritage of mankind,” he said.

Looking ahead, in a bid to meet the U.N. Sustainable Development Goal 14 — to conserve and sustainably use the oceans — mapping will take center stage during negotiations to be completed by 2020, as nations create a new, legally binding treaty to protect the high seas.

“There are so many benefits to knowing more about the ocean floor,” Hasebe said. “Humanity as a whole would be able to benefit.”

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Enter the Bull: Fighters Mix Kung Fu and Bullfighting in China

Several times a week, kung fu teacher Ren Ruzhi enters a ring to spar with a bovine opponent around five times his weight and capable of killing him.

Ren’s mixing of martial arts and bullfighting worries his mother, but the 24-year-old has never been hurt. Besides, he says, grappling with a snorting bull is exciting.

“It symbolizes the bravery of a man,” Ren told Reuters in Jiaxing in China’s eastern province of Zhejiang.

Unlike Spain’s more famous sport, the Chinese variant of bullfighting involves no swords or gore but instead fuses the moves of wrestling with the skill and speed of kung fu to bring down beasts weighing up to 400 kg (882 lb).

“Spanish bullfighting is more like a performance or a show,” said Hua Yang, a 41-year-old enthusiast who watched a bullfight during a visit to Spain.

“This (the Chinese variety) is truly a contest pitting a human’s strength against a bull. There are a lot of skills involved and it can be dangerous.”

The physically demanding sport requires fighters to train intensively and they typically have short careers, said Han Haihua, a former pro wrestler who coaches bullfighters at his Haihua Kung fu School in Jiaxing.

Han calls the bullfighting style he teaches “the explosive power of hard ‘qigong'”, saying it combines the skill and speed of martial arts with traditional wrestling techniques.

Typically, a fighter approaches the bull head on, grabs its horns and twists, turning its head until the bull topples over. “What do I mean by explosive power?” Han asked. “In a flash! Pow! Concentrate all your power on one point. All of a sudden, in a flash, wrestle it to the ground.”

If the first fighter gets tired, another one can step into the ring, but they have just three minutes in which to wrestle the bull to the ground or lose the bout. The bulls, too, are trained before entering the ring, Han said, and learn themselves how to spread their legs or find a corner to brace against being taken down.

“A bull can also think like a human, they are smart,” Han added.

Although he says his bulls get better treatment than the animals involved in the Spanish sport, animal rights activists believe Chinese bullfighting is still painful for the animals and cruel as a form of entertainment.

“In Chinese bullfighting, we cannot deny the bulls experience pain,” said Layli Li, a spokeswoman for animal welfare group PETA. “As long as it exists, that means there is suffering.”

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Cuba Softens New Law on Artistic Expression 

Cuba is softening the impact of a heavily criticized new law that would have given government inspectors power to shut down any exhibition or performance deemed to violate the country’s socialist revolutionary values, according to the country’s vice minister of culture in an interview with The Associated Press.  

  

The law known as Decree 349, published in July, allowed “supervising inspectors” to review cultural events ranging from painting exhibitions to concerts and immediately close any show — and even confiscate the prized business license of any restaurant or bar hosting an objectionable event.  

  

Following protests by many artists, Vice Minister of Culture Fernando Rojas told the AP on Tuesday that when enforcement begins, inspectors on their own will be able to shut down shows only in extreme cases, such as public obscenity, racist or sexist content. 

 

He said inspectors would respond to complaints on cultural matters and refer problematic cases to higher-ranking officials at the Culture Ministry. And they will not be able to inspect any studio or home that is not open to the public.   

  

Many of Cuba’s most renowned artists had complained about censorship in closed-door meetings with high-ranking government officials. A small group of independent artists also launched a series of street protests that brought a swift crackdown from police.  

  

The global success of the island’s musicians and painters is considered one of the crowning achievements of the country’s revolution, but it has created tensions between freedom of expression and the powerful government’s view of what is politically correct and appropriate. 

Foreign tastes

Also, many Cubans have grown concerned that young people prefer foreign popular films and television, and the raunchy lyrics of reggaeton, over the more traditional output of those trained in the country’s system of elite art schools.  

  

The law formally goes into effect Friday but inspectors will not begin to act on it until detailed regulations are finalized in coming weeks, Rojas said.  

  

Rojas said the government had failed to properly explain the motivations and aims of the new law, which was designed to respond to complaints from the public, as well as artists and intellectuals. about the misuse of patriotic symbols and vulgarity in popular culture.  

  

“There wasn’t an advance explanation of the law and that’s one of the reasons for the controversy that it unleashed,” he told the AP.  

  

He said he had overseen at least 30 meetings with hundreds of artists since the publication of the law.  

  

The detailed regulations, to be published in coming days, state clearly that “artistic creation is not the target,” he said.  

  

“We would apply the decree in very clear situations,” Rojas said.  

  

It remained unclear whether Rojas’ explanation would satisfy artists such as Marco Antonio Castillo, a founding member of Los Carpinteros (The Carpenters), a duo of sculptors who made up one of the country’s most renowned art groups before they separated this year.  

  

“Do I want to be in an intellectual environment with these new rules? Do I want my children to live with these rules?” Castillo said before Rojas’ announcement. “The answer is no. We have to try to change them.” 

Effort to control expression

He said he approved of efforts to control vulgarity, excessive noise from late-night concerts, and tax evasion by artists, but he suspected the law was an effort to control freedom of expression.  

  

“You can’t say this law isn’t to control artistic content,” Castillo said.  

  

Michel Matos, who was among those protesting in the streets against the law, called the decree “fascistic,” adding that “it has a ton of subterfuges designed for cultural and ideological control, and that’s unacceptable for us.”  

  

Rojas said that he accepted the well-intentioned criticisms of Cuba’s artistic community but that protests like Matos’ were part of wider, foreign-backed scheme to destabilize the country by damaging the image of its cultural institutions.  

  

“For them, 349 is a pretext for a more aggressive project against institutional order in Cuba,” he said.  

  

Sandor Perez, a 35-year-old rapper and member of Matos’ group, said it had not received any foreign support for its efforts. 

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OPEC, Russia Move Closer to Cutting Oil Output

OPEC and Russia moved closer on Wednesday to agreeing cuts in oil production from next year despite pressure from U.S. President Donald Trump to reduce the price of crude.

OPEC meets on Thursday in Vienna, followed by talks with allies such as Russia on Friday. OPEC’s de facto leader, Saudi Arabia, has indicated a need for steep output reductions from January, fearing a glut, but Russia has resisted a large cut.

“All of us including Russia agreed there is a need for a reduction,” Oman’s Oil Minister Mohammed bin Hamad Al-Rumhy told reporters after a ministerial committee that groups Saudi Arabia, Russia and several other producers met on Wednesday.

Exact volumes were still being discussed, he said. The cuts would take September or October 2018 as baseline figures and last from January to June.

Two OPEC delegates said Russian Energy Minister Alexander Novak was flying back to Moscow on Wednesday to get a final agreement from President Vladimir Putin.

Saudi Arabia has indicated it wants the Organization of the Petroleum Exporting Countries and its allies to curb output by at least 1.3 million barrels per day, or 1.3 percent of global production.

Riyadh wants Moscow to contribute at least 250,000-300,000 bpd to the cut but Russia insists the amount should be only half of that, OPEC and non-OPEC sources said.

Russia’s TASS news agency quoted an OPEC source as saying OPEC and its allies were discussing the idea of reducing output next year by reverting to production quotas agreed in 2016.

Such a move would mean cutting production by more than 1 million bpd. Saudi Arabia, Russia and the UAE have raised output since June after Trump called for higher production to compensate for lower Iranian exports due to new U.S. sanctions.

Russia, Saudi Arabia and the United States have been vying for the position of top crude producer in recent years. The United States is not part of any output-limiting initiative due to its anti-trust legislation and fragmented oil industry. Trump raises pressure

Oil prices have fallen by almost a third since October to around $62 per barrel after Saudi Arabia raised production to make up for the drop in Iranian exports. Washington also gave sanctions waivers to some buyers of Iranian crude, further raising fears of an oil glut next year.

“Hopefully OPEC will be keeping oil flows as is, not restricted. The world does not want to see, or need, higher oil prices!” Trump wrote in a tweet on Wednesday.

Possibly complicating any OPEC decision is the crisis around the killing of journalist Jamal Khashoggi at the Saudi consulate in Istanbul in October. Trump has backed Saudi Crown Prince Mohammed bin Salman despite calls from many U.S. politicians to impose stiff sanctions on Riyadh.

“How can the Saudis cut substantially if Trump doesn’t want a big cut?” said Gary Ross, chief executive of U.S.-based Black Gold Investors and a veteran OPEC watcher.

“Trump is worried about the Fed and inflation. So he wants low prices now. Also if Saudis are obnoxious with a deep output cut, it will spur the Democrats in Congress to go more actively for the Nopec legislation and the withdrawal of U.S. support for the Saudi-backed forces in the war in Yemen,” Ross said.

The Nopec legislation being discussed by U.S. lawmakers could make it possible to sue Saudi Arabia and other OPEC members for price fixing.

Bob McNally, president of U.S.-based Rapidan Energy Group, said OPEC was stuck between a rock and a hard place given pressure from Trump on one hand and the need for higher revenues on the other.

“We think OPEC will try to come up with a fuzzy production cut … It won’t be called a cut but will effectively mean a cut, which will also be difficult to quantify,” McNally said.

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EU Steps Up Fight Against ‘Fake News’ Ahead of Elections

European Union authorities want internet companies including Google, Facebook and Twitter to file monthly reports on their progress eradicating “fake news” campaigns from their platforms ahead of elections next year.

Officials from the EU’s executive Commission unveiled the measures Wednesday as part of an action plan to counter disinformation in the lead up to the continent-wide vote in the spring.

The internet companies will have to submit their reports from January until May, when hundreds of millions of people in 27 EU member countries are scheduled to vote for 705 lawmakers in the bloc’s parliament.

The Commission singled out Russia.

“There is strong evidence pointing to Russia as a primary source of disinformation in Europe,” said Commission Vice President Andrus Ansip.

Many EU member countries have taken action to combat disinformation, but now “we need to work together and coordinate our efforts,” he said.

Russian authorities have repeatedly rejected Western accusations of sponsoring disinformation campaigns and described them as part of Western efforts to smear the country.

Other measures include a new “rapid alert system,” beefing up budgets, and adding expert staff and data analysis tools.

Google, Facebook, Twitter and browser maker Mozilla are the companies that so far have signed up to a voluntary EU code of conduct on fighting disinformation.

They’ll be expected to report on how they’re carrying out commitments they made under the code, including their work on making political advertising more transparent and how many fake and bot accounts they have identified and shut down. They’ll also provide updates on their cooperation with fact-checkers and academic researchers to uncover disinformation campaigns.

Google, which declined to comment, has tightened up requirements for political ads in the EU, including requiring information on who paid for them and for buyers to verify their identities. Facebook, which did not respond to a request for comment, did the same for political ads in Britain.

U.S. technology giants have committed millions of dollars, tens of thousands of employees and what they say are their best technical efforts into fighting fake news, propaganda and hate that has proliferated on their digital platforms.

“We need to see the internet platforms step up and make some real progress on their commitments,” said Julian King, the EU security commissioner. If there’s not enough headway, the Commission would consider other options including regulation, he said.

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