Former Nissan Executive Released from Tokyo Jail

Former Nissan Motor Co. executive Greg Kelly was released from jail in Japan Tuesday after a Tokyo court rejected prosecutors’ request to continue to detain him.

The Tokyo District Court granted his release after setting bail at $636,000.

Kelly had been detained for 37 days after being arrested and charged with underreporting the pay of his boss, ousted Nissan Chairman Carlos Ghosn, by $44 million.

Ghosn was also arrested along with Kelly on November 19 on suspicion of conspiring to understate Ghosn’s pay. Ghosn remains in custody.

The charge is part of a wider effort by Japanese prosecutors and the auto company to show that Ghosn leveraged his position for personal gain.

The court set restrictions on Kelly’s release. Kelly is prohibited from traveling outside Japan without the court’s permission and from meeting with people linked to the case against him.

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Former Nissan Executive Released from Tokyo Jail

Former Nissan Motor Co. executive Greg Kelly was released from jail in Japan Tuesday after a Tokyo court rejected prosecutors’ request to continue to detain him.

The Tokyo District Court granted his release after setting bail at $636,000.

Kelly had been detained for 37 days after being arrested and charged with underreporting the pay of his boss, ousted Nissan Chairman Carlos Ghosn, by $44 million.

Ghosn was also arrested along with Kelly on November 19 on suspicion of conspiring to understate Ghosn’s pay. Ghosn remains in custody.

The charge is part of a wider effort by Japanese prosecutors and the auto company to show that Ghosn leveraged his position for personal gain.

The court set restrictions on Kelly’s release. Kelly is prohibited from traveling outside Japan without the court’s permission and from meeting with people linked to the case against him.

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Japan Stocks Fall Below 20,000

Shares on Japan’s key stock exchange plummeted Tuesday, highlighting investor fears about political turmoil in Washington and this month’s massive losses on Wall Street.

The Nikkei 225 Index lost 1,000 points — five percent of its value –to close Tuesday at 19,155, finishing under 20,000 points for the first time since September 2017. Tuesday’s closing numbers are down 21 percent from its October high.

China’s Shanghai index finished nearly one percent lower Tuesday.Markets in Hong Kong, Australia, South Korea, the U.S. and Europe were all closed in observance of Christmas.

The losses on the Nikkei were a spillover from Monday’s down day in the U.S., where the Dow Jones Industrial Average index, the S&P 500 Index fell nearly three percent and the NASDAQ Composite Index lost more than two percent.That continued this month’s run of near-daily losses, putting U.S. markets on track for its worst December since 1931, during the Great Depression.

The U.S. Christmas Eve selloff was triggered in part by President Donald Trump’s Twitter attacks on the central bank, the Federal Reserve, and its chairman, Jerome Powell, for a recent hike in interest rates, as well the partial shutdown of the U.S. government.Investors were also rattled by Treasury Secretary Steven Mnuchin’s phone calls to the heads of the nation’s six largest banks on Sunday to determine if they had enough capital on hand to continue operating normally.

Trump renewed his complaints about the Federal Reserve on Tuesday, telling reporters in the Oval Office it is “raising interest rates too fast because they think the economy is so good.” The president added, however, that U.S. companies were “the greatest in the world” and that their lower share prices presented a “tremendous” buying opportunity for investors.

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Japan Stocks Fall Below 20,000

Shares on Japan’s key stock exchange plummeted Tuesday, highlighting investor fears about political turmoil in Washington and this month’s massive losses on Wall Street.

The Nikkei 225 Index lost 1,000 points — five percent of its value –to close Tuesday at 19,155, finishing under 20,000 points for the first time since September 2017. Tuesday’s closing numbers are down 21 percent from its October high.

China’s Shanghai index finished nearly one percent lower Tuesday.Markets in Hong Kong, Australia, South Korea, the U.S. and Europe were all closed in observance of Christmas.

The losses on the Nikkei were a spillover from Monday’s down day in the U.S., where the Dow Jones Industrial Average index, the S&P 500 Index fell nearly three percent and the NASDAQ Composite Index lost more than two percent.That continued this month’s run of near-daily losses, putting U.S. markets on track for its worst December since 1931, during the Great Depression.

The U.S. Christmas Eve selloff was triggered in part by President Donald Trump’s Twitter attacks on the central bank, the Federal Reserve, and its chairman, Jerome Powell, for a recent hike in interest rates, as well the partial shutdown of the U.S. government.Investors were also rattled by Treasury Secretary Steven Mnuchin’s phone calls to the heads of the nation’s six largest banks on Sunday to determine if they had enough capital on hand to continue operating normally.

Trump renewed his complaints about the Federal Reserve on Tuesday, telling reporters in the Oval Office it is “raising interest rates too fast because they think the economy is so good.” The president added, however, that U.S. companies were “the greatest in the world” and that their lower share prices presented a “tremendous” buying opportunity for investors.

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Disabled Venezuelans Reach New Heights Through Dance

 A stray bullet crushed Iraly Yanez’s aspirations of becoming a professional dancer eight years ago as it ruptured two of her vertebrae and left her paraplegic.

But now the young Venezuelan dancer is pursuing her lifelong passion in a wheelchair — and hoping to put her career back on track — thanks to a contemporary dance company that is helping disabled people perform.

Caracas based AM Danza works with 50 young Venezuelans who are pursuing their passion for dance despite limitations like broken spines, cerebral palsy, Down syndrome or blindness.

Yanez, 34, joined the group three months ago and recently performed in her wheelchair in an emotional hour-long show that the dance troupe put together for its followers.

“This is the opportunity of a lifetime” Yanez said after the contemporary dance review, “Ubuntu,” was held in one of the Venezuelan capital’s most prestigious theatres. “I can’t allow external issues to affect me any longer.”

During the show, disabled dancers performed alongside fully abled professional dancers to demonstrate that art knows no barriers. Some members of the audience shed tears.

Dancers with limited mobility in their legs lifted their crutches in the air in unison. A dancer hoisted Yanez from her wheelchair and lifted her above her shoulders to perform complex moves.

“Dancing is all about passion” said AM Danza’s director, Alexander Madriz. “You have to enjoy your possibilities and use your body to express emotions.”

Madriz has worked for two decades with dancers who have disabilities and says that thanks to them he has learned that corporal expression has no limits.

“Not everything has to be the perfect lines and symmetry that you see in contemporary classical dance” he said.

Madriz, 47, said that the students’ love for dance has helped them overcome the numerous obstacles faced by disabled people in Venezuela, where public transport is still mostly inaccessible to people on wheelchairs and ramps on sidewalks and public buildings are few and far between.

In addition, like everyone else in Venezuela, they have to cope with rampant medical shortages and hyperinflation that has devastated their incomes.

Yanez says that on weekdays she can spend up to three hours waiting for one of the few wheelchair-friendly buses that pass through her humble neighborhood in the suburbs of Caracas to take her to AM’s dance studio.

But that doesn’t seem to diminish her will to train.

She said that the dance company has allowed her to come to terms with the accident that changed her life and make feel like she can now “fly through the sky.”

The ballerina was hit by a stray bullet on New Year’s eve in 2010 as she entered her home in a crime-ridden slum. That was the end of her dancing until she joined AM Danza in September.

As 2018 comes to a close, Yanez says she is looking forward to participating in more performances.

In the kitchen of her small apartment, she glanced at a drawing of dancers posted on the refrigerator by her 10-year-old niece, who also now practices ballet.

“She’s one of the reasons that I am keeping up my struggle” Yanez said. “I see her, and I also see myself.”

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Scandal-Plagued Facebook Goes on Charm Offensive in Vietnam   

Before Facebook, Vu Kim Chi thought something was lacking in her job, which is to promote the economy in and around Vietnam’s famed Ha Long Bay. Posting updates to her department’s website, or photocopying missives to send to constituents, she said, was mostly one-sided.

But after she set up an official Facebook page for Quang Ninh province, the conversations started to flow in both directions, between Chi and the local residents or businesses. That’s why, when it comes to social media, she thinks more civil servants need to catch up with the rest of the country.

“Social media, especially the Facebook application, is really used a lot in Vietnam,” said Chi, who is deputy head of the province’s investment promotion and support office. “But for public agencies that use it as a tool to interact with people and businesses, it’s still not necessarily used a lot.”

Facebook on charm offensive

Even as governments around the world are demanding more accountability and transparency from Facebook, public officials in Vietnam are looking for more ways to use the website. And Facebook is happy to oblige.

The company is on something of a charm offensive in Vietnam, where it has roughly 42 million members, nearly half the country. Besides sending top officials to visit Vietnam last year, Facebook has been instructing small businesses on how to sell their products on the site, and now it is giving civil servants like Chi advice for engaging with the public.

The chance to win some good will in Vietnam comes at a time when pressures are piling up on Facebook both inside the country and abroad. Globally, it has been accused of complicity in plots to convince voters to vote for Brexit or for candidate Donald Trump, as well as in what the United Nations calls ethnic cleansing in Myanmar. The company reportedly paid for research that could damage its critics’ and competitors’ reputations, as well as gave users’ data to dozens of other firms without consent.

New cyber law

In Vietnam, the government told advertisers to boycott Facebook and other sites in response to users’ postings that criticized the one-party state. Next month, the country will enact a cyber law requiring firms to store data domestically, which Facebook opposes.

But those troubles were not front and center at a workshop in Ho Chi Minh City this month where a company representative gave bureaucrats tips on making a Facebook page.

“We have to understand and put more attention to the social aspect of the platform,” said Noudhy Valdryno, who handles government outreach for Facebook. “That means you have to understand your followers, who are they, where do they live, what are their interests?  Then you can formulate an accurate strategy to engage with your followers.”

The workshop included suggestions for government officials, such as posting updates on Facebook at regular intervals, shooting videos vertically to retain the attention of mobile users, and encouraging conversations among followers on the page.

Tech companies welcome

The event was an example of how Vietnamese officials are open to working with the tech company. It is so ubiquitous in the Southeast Asian country that when Vietnamese people say “social media” they mean Facebook, and when asked what newspapers they read, they give the answer: Facebook. 

“What we’re talking about is effective use of technology in this day and age to achieve our goals,” said Le Quoc Cuong, vice director of the Ho Chi Minh City department of information and communications. “What we’re looking for is being effective, being engaging and enhancing cooperation between the government and the people.”

Chi says more Facebook data would help her better engage with residents around Quang Ninh, a northeastern province that hugs the Pacific Ocean on one side and the Chinese border on another. She would like regular reports, perhaps every month, with information to help analyze the province’s fan page, from key words to number of “likes.” So as many people worldwide have begun to decry tech companies for abusing and cashing in on users’ data, there are those who still continue to see untapped potential in gathering further data.

 

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Actor Kevin Spacey to Face Charge in Sexual Assault of Teen

U.S. actor Kevin Spacey is facing a felony charge for allegedly sexually assaulting the teenage at a Nantucket, Massachusetts, restaurant more than two years ago.

The Oscar-winning actor is set to be arraigned on a charge of indecent assault and battery on January 7.

In November last year, Boston-based news anchor Heather Unruh held a news conference to share her son’s allegation of sexual assault against Spacey.

She said her then-18-year-old son was was sexually assaulted by Spacey in a late-night encounter at the Club Car restaurant and bar in Nantucket on July 7, 2016. She said her son didn’t report the assault right away because he was embarrassed.

On Monday, soon after the charge became public, Spacey posted a video on YouTube titled “Let Me Be Frank,” breaking his year-long silence on the accusation.

On the video, Spacey delivers a monologue in the voice of Frank Underwood, his character on Netflix’s House of Cards, who was written off the show after the sexual misconduct allegations emerged.

He tells his audience, ““Of course some believed everything and have just been waiting with bated breath to hear me confess it all, they’re just dying to have me declare that everything they said is true and I got what I deserved. … I’m certainly not going to pay the price for the thing I didn’t do.”

It is unclear whether Spacey is referring to the charge he faces.  

Spacey is also being investigated for an alleged assault in Los Angeles in 2016. He had also faced accusations of sexual misconduct while he was the artistic director of London’s Old Vic Theatre.

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US SpaceX First National Security Mission

SpaceX continues making news in 2018. The company first broke its own record from 2017 when it passed 18 launches in year. On Sunday, from Cape Canaveral, Florida, SpaceX launched another record-setting rocket… this one for U.S. national security. Arash Arabasadi reports.

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Trump Blames Fed for Market Turmoil

U.S. stock markets fell sharply on Monday with the S&P 500 down more than two percent and the Dow off nearly three percent.

President Donald Trump is blaming the Federal Reserve (central bank) for stock market declines and other economic problems.

In tweets, Trump has said the only U.S. economic problem is rising interest rates. He accused Fed chief Jerome Powell of not understanding the market and damaging the economy with rate hikes.

The Fed slashed the key interest rate nearly to zero to boost growth during the recession that started in 2007. The central bank kept rates low for several years.

Eventually, growth recovered, and unemployment dropped to its lowest level in 49 years, and Fed officials judged that the emergency stimulus was no longer needed. Fed leaders voted to reduce the stimulus by raising interest rates gradually. The concern was that too much stimulus could spark inflation. Experts say such a sharp increase in prices could prompt a damaging cycle of price increases leading to rising wage demands, which would spark another round of price hikes.

Analysts quoted in the financial press say Trump’s attacks on the Fed make investors worry that the central bank might lose the independence that allows it to make decisions based on economic factors rather than what is politically popular.

Some economists say investor confidence has also been shaken by Trump’s tariffs on major trading partners. Raising trade costs can reduce trade and cutting trade cuts demand for goods and services, which slows economic growth.

Investor confidence, or a lack of it, can cause stock and other markets to decline as worried stock holders sell shares and prospective investors stop buying available stocks. When buyer demand drops, prices fall.

Another factor hurting investor confidence is the political impasse in Washington over money for Trump’s border wall with Mexico. The bickering means Trump and congress can not agree on spending priorities, so legislation paying some government employees has lapsed.

In an effort to calm turbulent markets, Treasury Secretary Steve Mnuchin spoke with leaders of top U.S. banks in an unusual session Sunday. He says they have the money they need for routine operations.

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Justice Ginsburg’s Exceptional Life

As Supreme Court justice Ruth Bader Ginsburg recovers from surgery on Friday for early stage lung cancer, two new films are paying tribute to her life and many accomplishments. VOA’s Penelope Poulou reports how the senior justice of Court’s liberal wing is being portrayed on film.

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Euronext Has Launched an All-Cash Bid to Acquire Oslo Bors

The leading pan-European stock exchange has launched a 625 million euro takeover bid to acquire the Oslo Stock Exchange.

Euronext, the operator of stock exchanges in Paris, Amsterdam, Brussels, Dublin and Lisbon, said in a statement that it had approached the board of directors of the Oslo Stock Exchange (Oslo Bors VPS) to seek its support for an all-cash offer for all the outstanding shares of Oslo Børs VPS, the Norwegian Stock Exchange and national CSD operator, based in Oslo.

“Euronext strongly believes that Oslo Børs VPS’ unique strategic and competitive positioning, including a global leading position in seafood derivatives and a deep-rooted expertise in oil services and shipping, would further strengthen Euronext’s position as the leading market infrastructure for the financing of the real economy in Europe,” the statement said. 

If the offer is accepted, Euronext would be fully committed to support the development of Oslo Børs VPS and of the broader Norwegian financial ecosystem, the statement said.

Following the initiative of a group of its shareholders to acquire the Oslo Stock Exchange, Euronext has secured support for the offer from shareholders representing 49.6% of all outstanding shares.

However, it is not certain that a transaction will be completed, Euronext’s statement said, but the pan-European stock exchange will communicate material information, if any, in due course.

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Films on Iconic Justice Ginsburg Detail Exceptional Life and Contributions

As Supreme Court justice Ruth Bader Ginsburg recovers from surgery on Friday for early stage lung cancer, two new films are paying tribute to her life and accomplishments. 

The documentary “RBG” by filmmakers Julie Cohen and Betsy West, chronicles the Justice’s life-long legal battles for gender equality, her appointment to the Supreme Court by an overwhelming vote of 96 to 3 in 1993 and her rise as a pop culture icon in America. The feature “On the Basis of Sex,” by Mimi Leder, another female filmmaker, offers a dramatized portayal of the beginnings of Justice Ginsburg’s illustrious career and her fight for women’s rights, through the lens of her personal life and marriage. 

Leder’s film follows Justice Ginsburg’s challenges in a man’s world, starting with her first year as a law student at Harvard, in 1954. She was one of nine female students among more than 500 men, a situation that did not please the law school’s dean, played by Sam Waterston. The film shows him demanding to know why they are occupying seats that could have otherwise gone to young men. 

“On the Basis of Sex” also looks into Ginsburg’s private life as a wife and mother. At some point she was supporting her convalescent husband, who had suffered testicular cancer, by attending both her classes and his.

​Daniel Stiepleman, the film’s screenwriter, is Justice Ginsburg’s nephew. He told VOA that apart from her legal acumen and advocacy for women’s rights, he wanted to share his first-hand experience of Ginsburg’s equal partnership with her husband, renowned tax law attorney, Martin Ginsburg. 

“My wife and I have always looked up to aunt Ruth and uncle Marty as our role models for what a marriage is supposed to be like,” he explained. “They shared the load raising their kids, getting food on the table, and taking care of the house, and we knew that that’s how we wanted to be as well. And so, for me, this was an opportunity to share our good fortune to have them as role models with the rest of the country, the rest of the world.”

Actor Armie Hammer interprets Martin Ginsburg. He says he felt privileged to learn about the man’s character from Ruth Bader Ginsburg herself. “We were very lucky to have time with Justice Ginsburg in her private chambers in the Supreme Court. She invited us in and she was very generous with her time. More than actually answering any of my questions, I learned everything I needed to know about the relationship, [because] the minute his name came up she started smiling. And I could feel that love was very much alive.” Hammer predicts the film will inspire audiences, especially women during the #MeToo era. “I think it is great for women to see a movie about a woman who changed the world without needing superpowers.” 

Ginsburg herself is portrayed by Felicity Jones. It was a role she found, to say the least, challenging. She told VOA, “It was nerve wracking! You don’t enter into that lightly so it was about becoming her in every single way and doing justice to her story.” She also says that though the events surrounding Ruth Bader Ginsburg’s life have been dramatized for the sake of entertaiment, they speak truth to power. “It is so important that it does entertain but at the same time, it’s about getting a message into this world and about saying ‘look what men and women can achieve when they work together, when they have absolute equality.’”

The documentary “RBG,” by Julie Cohen and Betsy West, chronicles Justice Ginsburg’s life from her birth to an immigrant Jewish family in Brooklyn, New York, to her rise as a pop culture icon after publications and websites coined her as “Notorious R.B.G.” In between were legal victories for gender equality in arguments before the Supreme Court, and her appointment as a Justice in 1993, becoming the second woman on the Court.

“I am 84 years old and everybody wants to take a picture with me,” says a mischevious Justice Ginsburg. She has been hailed as a pioneer for gender equality, a tenacious Supreme Court Justice, determined to work as long as she can make a difference on the bench. In 2011, a year after the death of her husband, Justice Ginsburg spoke with VOA’s Julie Taboh about her legacy. “I hope that I will be remembered as someone who loves the law, loves her country, loved humanity, prizes the dignity of every individual, and works as hard as she can, with whatever talent she has to make the world a little better than it was when I entered it,” she said.

Her dedication for justice and rule of law gave rise to a huge following. Her 

as well as merchandise featuring her picture in her iconic Supreme Court robe and lace collar. Chocolatier Sue Cassidy says her company, Choukette, has dedicated a chocolate box to Ginsburg as part of its Phenomenal Women chocolate line. “She has her own box, and we can’t keep them in stock. They are just selling like crazy.”

Justice Ginsburg has spoken highly of both films depicting her life. Filmmaker Mimi Leder says that the Justice offered advice for “On the Basis of Sex” and fact-checked it. “She saw the film and she gave me a hug and a kiss, and that alone was incredible. I feel that women will be inspired not just in this country, but all over the world by the legacy of Ruth Bader Ginsburg, which is her fight for equality, inclusion, her fight against injustice.”

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Films on Iconic Justice Ginsburg Detail Exceptional Life and Contributions

As Supreme Court justice Ruth Bader Ginsburg recovers from surgery on Friday for early stage lung cancer, two new films are paying tribute to her life and many accomplishments. VOA’s Penelope Poulou reports how the senior justice of Court’s liberal wing is being portrayed on film.

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World’s Most Popular Dinosaur Transforms at Chicago’s Field Museum

You don’t often get a second chance to make a first impression, unless, of course, you’re one of the world’s most popular dinosaurs.

“It’s a different profile, a much more impressive profile in many ways, a pretty scary large animal, as opposed to a lighter, swifter animal,” says the Field Museum’s Director of Exhibitions, Jaap Hoogstraten, who has courted the leading lady of the dinosaurs since she arrived in Chicago nearly twenty years ago.

“Since we put her up in 2000, we’ve made discoveries about the pose. We’ve added the gastralia, which are the belly ribs which changes the outline of Sue quite a bit. Sue is much bulkier.”

The belly ribs are not a new discovery… they’ve existed since the fossil was recovered from obscurity in the rock formations of South Dakota in the early 1990s. That was the beginning of a long legal and physical journey for the world’s largest Tyrannosaurus rex skeleton. Known as Sue, named for paleontologist Sue Hendrickson who discovered it, the well-preserved specimen arrived as the star attraction in Stanley Hall at the Field Museum in 2000.

But scientists only recently learned how the belly ribs fit onto the overall specimen, which now fundamentally changes what we know about the Tyrannosaurus Rex. 

After a nearly year-long transition to a new exhibit specifically designed for her, Sue will look different to the millions who have seen the dinosaur before. 

“I didn’t really realize that Sue weighed nine tons in real life,” says Hilary Hansen, project manager at the Field Museum. “I think really adding this gastralia, these belly ribs, really changes the profile for Sue, and you can get a sense of how formidable and imposing it must have been to share an environment with this animal.”

Hansen explains that the new exhibit doesn’t just change our understanding of the animal itself, such as the fact it probably couldn’t run, but it also show visitors Sue’s natural environment, and place in history.

“What we’re trying to do is bring together everything about Sue that was all over the museum into one space so our visitors can see this as a one stop shop for all things Sue.”

“It pushes what we know about T-Rex forward,” says Hoogstraten, including possible answers to how Sue met her fate.

“One possibility is that there was an infection, and that she possibly starved to death.”

The Field museum typically welcomes over one million visitors a year, a number Hilary Hansen expects to spike when the new Sue exhibit opens to the public just in time for the holiday rush.

“For the next three weeks or so, we’re expecting between seven to ten thousand visitors coming through a day.” Some, revisiting an old friend with a new look. 

But even though science marches on, one mystery about Sue remains. 

Despite the name, experts are still not sure if the dinosaur behind this fossil was male or female.

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S. Korea Fines BMW $9.9 Million Over Faulty Engines, Delayed Recalls

South Korea said Monday it will fine BMW $9.9 million and will file a criminal complaint against the German automaker for delaying a recall of cars with faulty engines that caught fire. 

South Korea’s transport ministry said its investigation uncovered that BMW knew about the faulty engines, but did not execute a prompt recall. 

The ministry said BMW deliberately tried to cover up the technical issues with the exhaust gas recirculation, or EGR, even after dozens of fires had been reported earlier this year. 

“BMW announced earlier that it had become aware of the connection between the faulty EGR cooler and the fire only on July 20 this year,” the ministry said in a statement. “But we discovered that . . . BMW’s German headquarters had already formed a special team in October 2015 tasked with solving the EGR problem.” 

BMW did eventually mount a recall of more than 170,000 cars. 

The French news agency AFP reports some South Korea parking lots had refused to accept BMW cars for fear the cars would catch fire. 

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California Researchers Working on Tomorrow’s Battery

Batteries have been around for hundreds of years, but don’t go thinking this technology is old hat (old fashioned). Batteries are the future. A team of California Scientists with support from the National Science Foundation are on the cutting edge of building a battery that lasts longer and holds more energy. VOA’s Kevin Enochs reports.

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US Treasury Chief Calls Top Bank CEOs Amid Market Plunge

U.S. President Donald Trump’s Treasury secretary called top U.S. bankers on Sunday amid an ongoing rout on Wall Street and made plans to convene a group of officials known as the “Plunge Protection Team.”

U.S. stocks have fallen sharply in recent weeks on concerns over slowing economic growth, with the S&P 500 index on pace for its biggest percentage decline in December since the Great Depression.

“Today I convened individual calls with the CEOs of the nation’s six largest banks,” Treasury Secretary Steven Mnuchin said on Twitter shortly before financial markets were due to open in Asia.

U.S. equity index futures dropped late on Sunday as electronic trading resumed to kick off a holiday-shortened week.

In early trading, the benchmark S&P 500’s e-mini futures contract was off by about a quarter of a percent.

The Treasury said in a statement that Mnuchin talked with the chief executives of Bank of America, Citi, Goldman Sachs, JP Morgan Chase, Morgan Stanley and Wells Fargo.

“The CEOs confirmed that they have ample liquidity available for lending,” the Treasury said.

Mnuchin “also confirmed that they have not experienced any clearance or margin issues and that the markets continue to function properly,” the Treasury said.

Mnuchin’s calls to the bankers came amid a partial government shutdown that began on Saturday following an impasse in Congress over Trump’s demand for more funds for a wall on the border with Mexico. Financing for about a quarter of federal government programs expired at midnight on Friday and the shutdown could continue to Jan. 3.

The Treasury said Mnuchin will convene a call on Monday with the president’s Working Group on Financial Markets, which includes Washington’s main stewards of the U.S. financial system and is sometimes referred to as the “Plunge Protection Team.”

The group, which was also convened in 2009 during the latter stage of the financial crisis, includes officials from the Federal Reserve as well as the Securities and Exchange Commission.

Wall Street is also closely following reports that Trump has privately discussed the possibility of firing Federal Reserve Chairman Jerome Powell. Mnuchin said on Saturday Trump told him he had “never suggested firing” Powell.

Trump has criticized the U.S. central bank for raising interest rates this year, which could further dampen economic growth. The Fed’s independence is seen as a pillar of the U.S. financial system.

Mnuchin’s calls come as a range of asset classes have suffered steep losses.

In December alone, the S&P 500 is down nearly 12.5 percent, while the Nasdaq Composite has slumped 13.6 percent. The Nasdaq is now in a bear market, having declined nearly 22 percent from its record high in late August, and the S&P is not far off that level.

Corporate credit markets have been under duress as well, and measures of the investment grade corporate bond market are poised for their worst yearly performance since the 2008 financial crisis.

The high-yield bond market, where companies with the weakest credit profiles raise capital, has not seen a deal all month.

The last time that happened was in November 2008.

 

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US Treasury Chief Calls Top Bank CEOs Amid Market Plunge

U.S. President Donald Trump’s Treasury secretary called top U.S. bankers on Sunday amid an ongoing rout on Wall Street and made plans to convene a group of officials known as the “Plunge Protection Team.”

U.S. stocks have fallen sharply in recent weeks on concerns over slowing economic growth, with the S&P 500 index on pace for its biggest percentage decline in December since the Great Depression.

“Today I convened individual calls with the CEOs of the nation’s six largest banks,” Treasury Secretary Steven Mnuchin said on Twitter shortly before financial markets were due to open in Asia.

U.S. equity index futures dropped late on Sunday as electronic trading resumed to kick off a holiday-shortened week.

In early trading, the benchmark S&P 500’s e-mini futures contract was off by about a quarter of a percent.

The Treasury said in a statement that Mnuchin talked with the chief executives of Bank of America, Citi, Goldman Sachs, JP Morgan Chase, Morgan Stanley and Wells Fargo.

“The CEOs confirmed that they have ample liquidity available for lending,” the Treasury said.

Mnuchin “also confirmed that they have not experienced any clearance or margin issues and that the markets continue to function properly,” the Treasury said.

Mnuchin’s calls to the bankers came amid a partial government shutdown that began on Saturday following an impasse in Congress over Trump’s demand for more funds for a wall on the border with Mexico. Financing for about a quarter of federal government programs expired at midnight on Friday and the shutdown could continue to Jan. 3.

The Treasury said Mnuchin will convene a call on Monday with the president’s Working Group on Financial Markets, which includes Washington’s main stewards of the U.S. financial system and is sometimes referred to as the “Plunge Protection Team.”

The group, which was also convened in 2009 during the latter stage of the financial crisis, includes officials from the Federal Reserve as well as the Securities and Exchange Commission.

Wall Street is also closely following reports that Trump has privately discussed the possibility of firing Federal Reserve Chairman Jerome Powell. Mnuchin said on Saturday Trump told him he had “never suggested firing” Powell.

Trump has criticized the U.S. central bank for raising interest rates this year, which could further dampen economic growth. The Fed’s independence is seen as a pillar of the U.S. financial system.

Mnuchin’s calls come as a range of asset classes have suffered steep losses.

In December alone, the S&P 500 is down nearly 12.5 percent, while the Nasdaq Composite has slumped 13.6 percent. The Nasdaq is now in a bear market, having declined nearly 22 percent from its record high in late August, and the S&P is not far off that level.

Corporate credit markets have been under duress as well, and measures of the investment grade corporate bond market are poised for their worst yearly performance since the 2008 financial crisis.

The high-yield bond market, where companies with the weakest credit profiles raise capital, has not seen a deal all month.

The last time that happened was in November 2008.

 

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Trump Aide: White House, Central Bank Tension not Unusual

A White House official says tension between a president and the interest-rate setting Federal Reserve is “traditional as part of our system.”

Acting chief of staff Mick Mulvaney says it should come as no surprise that President Donald Trump is unhappy the central bank, an independent agency, “is raising rates and we think driving down the value of the stock market.”

 

Speculation about the fate of Trump’s appointed Fed chairman, Jerome Powell, has swirled after Bloomberg News reported that Trump discussed firing Powell after this past week’s rate increase.

 

Treasury Secretary Steven Mnuchin tweeted Saturday that Trump has denied ever suggesting that and doesn’t believe he has the right to dismiss Powell.

 

Mulvaney also tells ABC’s “This Week” that the economy’s “fundamentals are still strong.”

 

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Trump Aide: White House, Central Bank Tension not Unusual

A White House official says tension between a president and the interest-rate setting Federal Reserve is “traditional as part of our system.”

Acting chief of staff Mick Mulvaney says it should come as no surprise that President Donald Trump is unhappy the central bank, an independent agency, “is raising rates and we think driving down the value of the stock market.”

 

Speculation about the fate of Trump’s appointed Fed chairman, Jerome Powell, has swirled after Bloomberg News reported that Trump discussed firing Powell after this past week’s rate increase.

 

Treasury Secretary Steven Mnuchin tweeted Saturday that Trump has denied ever suggesting that and doesn’t believe he has the right to dismiss Powell.

 

Mulvaney also tells ABC’s “This Week” that the economy’s “fundamentals are still strong.”

 

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