The recovery of eastern Caribbean islands hardest hit by recent hurricanes, including Dominica, Barbuda, Turks and Caicos, the British Virgin Islands and Anguilla, could cost up to $1 billion, a senior U.N. official said Tuesday.

“It’s going to be a large-scale rebuilding effort that will take time,” said Stephen O’Malley, the U.N. resident coordinator for Barbados and the Organization of Eastern Caribbean States, “and it will be important to do that right.”

He told U.N. correspondents in a phone briefing from Dominica that “we don’t have exact figures yet,” but for the worst-affected islands the recovery bill will be “half a billion to a billion dollars.”

O’Malley said the United Nations, World Bank and Antigua government have conducted a post-disaster needs assessment for Barbuda, whose 1,800 residents were evacuated to Antigua before Hurricane Irma damaged 95 percent of its structures on Sept. 14. And he said a similar assessment will be done in Dominca, which was ravaged on Sept. 18 by Hurricane Maria, a Category 5 storm, probably in about three weeks.

“They want to build back better and they take that very, very seriously — to make sure that that can be done,” O’Malley said.

Making plans for future

Dominica’s Prime Minister Roosevelt Skerrit said he wants to have the world’s first “climate-resilient nation.”

He made an impassioned case for the world to do more to help vulnerable countries cope with the effects of global warming and urged the U.N. General Assembly 10 days ago to “let these extraordinary events elicit extraordinary efforts to rebuild nations sustainably.”

O’Malley said the effects of climate change are evident in the Caribbean, where the sea is heating up.

“The fact that the Caribbean Sea heats up, it intensifies the strengths of hurricanes; it doesn’t necessarily make them more frequent but it intensifies” the storm, he said.

O’Malley said the challenge for the islands in rebuilding is: “How do you protect yourself against that? How do you ensure that you have a resilient state and a resilient economy if you know that the risk factors are going to be elevating in this next period of time?”

Immediate disaster relief critical

As for immediate disaster relief following Hurricanes Irma and Maria, he said, regional efforts and military assistance from outside the region have been critical.

He singled out the Caribbean Disaster and Emergency Management Agency which sent a ship from Barbados to Dominica with initial aid workers the day after Hurricane Maria devastated the island.

When he landed at the airport in Dominica on Tuesday, he said there were policemen from St. Kitts, soldiers from Jamaica and Trinidad and Tobago securing the airport and other sites.

“That has helped the government set itself back up — that regional solidarity,” O’Malley said.

Some ‘green’ returning to Dominica

He said Dominica has also benefited from timely military support, especially helicopters and water desalination plants on naval vessels that produced water that could be taken inland and distributed.

He singled out military help to Dominica from Venezuela, United States, United Kingdom, Canada, France and the Netherlands.

Compared with the situation a week ago, O’Malley said he could already see some green returning to the almost totally brown island, streets were clear, roads were opening up, power and water supplies were being restored and the port was open. Now, he said, power and water need to be restored to everyone on Dominica and the economy needs to start operating quickly.

 
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Національний банк України послабив офіційний курс гривні щодо долара США на 4 жовтня на 5 копійок – до 26,70 гривні за долар. За повідомленнями учасників валютного ринку, Нацбанк у торгах участі не брав – на відміну від торгів 2 жовтня, коли НБУ провів інтервенцію у вигляді продажу долара у форматі «запиту найкращого курсу».

Офіційний курс гривні до євро на 4 жовтня складає 31,38.

За місяць національна валюта втратила щодо долара США майже 1 гривню. 4 вересня НБУ оцінював долар у 25 гривень 75 копійок.

Кабінет міністрів прогнозує курс гривні на кінець наступного року на рівні 30,1 гривні за долар США. Про це йдеться в тексті проекту держбюджету-2018, опублікованому на сайті Верховної Ради.

На 2017 рік в бюджеті був закладений середній курс 27,2 гривні за долар.

Прем’єр-міністр України Володимир Гройсман заявляє, що немає підстав говорити про те, що у 2018 році курс буде на рівні 30 гривень за долар США. «Це суто технічна цифра, такі розрахунки нам надав Національний банк України. Але я наразі не бачу об’єктивних підстав, щоб на кінець наступного року долар так виріс», – сказав він. На думку Гройсмана, все залежатиме від темпів реформ і економічного зростання.
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The European Union insisted Tuesday that Brexit negotiations with Britain will not move on to the question of future relations until enough progress has been made on divorce issues, such as how much the country’s exit bill should be.

Britain desperately wants talks to move on to future trade and security arrangements but EU Commission President Jean-Claude Juncker said that more needs to be done on the withdrawal issues first.

Juncker told the European Parliament that “we have not made the sufficient progress needed” and the legislators backed him, approving a resolution underscoring the same point with a vote of 557 to 92 with 29 abstentions. It further underscored the unity of the 27 EU nations as they face off with Britain in the talks.

The EU wants London to commit to guaranteeing the rights of EU citizens already in Britain, making sure border posts do not reappear between the U.K.’s Northern Ireland and Ireland itself and pay up for everything it had agreed to while it was a member.

Juncker said “the taxpayers in the EU 27 should not pay for the British decision” to leave, while the bloc’s chief negotiator, Michel Barnier, said “serious differences remain” on how many bills the U.K. still has to settle. Estimates vary widely from 20 billion euros ($27 billion) to over three times that amount.

“Serious rifts remain, especially on the financial settlement,” Barnier said. “We will not pay at 27 what has been decided at 28, it is simple as that.”

The parliamentary resolution called for postponing any move to widen the talks with Britain unless “a major breakthrough” takes place during the fifth round of negotiations in Brussels next week.

Observers said decisive progress was highly unlikely. Tuesday’s moves further dampened hopes that the EU leaders might give the green light to an expansion in the talks at a summit on Oct 19-20.

Many lawmakers were also dismissive of Britain’s Conservative government, which is widely seen as insecure and bumbling.

The head of the biggest party group in the European Parliament called for the sacking of British Foreign Secretary Boris Johnson for stoking confusion over the Brexit talks.

The European People’s Party chairman, Manfred Weber, appealed to Prime Minister Theresa May: “Please sack Johnson, because we need a clear answer who is responsible for the British position.”

Weber turned Henry Kissinger’s famous observation about the many leaders in the EU onto Britain: “Who shall I call in London? Who speaks for the government? Theresa May, Boris Johnson, or even (Brexit negotiator) David Davis?”

Others are speculating that Britain might actually be stalling to make sure that the member states that trade heavily with the U.K. would buckle and concede at the last moment, sowing discord among the 27.

EPP member Tom Vandenkendelaere said the strong backing of the resolution proved differently. “If the Brits they can play their old divide-and-rule game, they’d better think again,” he said.
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After several years of struggling to make a living doing odd jobs in and around his village, 26-year-old Pushkar Singh came to New Delhi from the northern Uttarakhand state three months ago to hunt for a job.

The high school dropout is willing to do anything — cook, work as a security guard, a peon in an office. But not only has he failed to secure a job, he has not even got an interview so far.

“It’s a huge worry, not having work,” said a despondent Singh as he wondered how long he can continue staying with his relatives.

The hopes of young people like Singh had been fueled by Prime Minister Narendra Modi’s promise of creating millions of jobs for the country’s huge young population when he took power in 2014. Optimism rose after India won the tag of the world’s fastest growing economy. 

But the Indian economy has hit a sharp slowdown, leaving tens of thousands of people struggling to find work in mega cities like New Delhi, which are magnets for migrant labor.

The economy clocked a growth rate of 5.7 percent in the April to June quarter, its most sluggish pace in three years.

The bleak number has set alarm bells ringing and raised fears that India could struggle to return to a high growth path.

“It is a cause for concern, the economy has slowed down much more than most had expected,” said D.K. Joshi, Chief Economist at rating agency Crisil in Mumbai.

Reasons for the slowdown

The slowdown has prompted critics to accuse Modi’s government of economic mismanagement.

Most attention has turned to two major measures that have disrupted the economy in the last year. Critics have slammed the government for imposing a currency change last November to flush out illegal cash, saying it slowed down businesses amid massive currency shortages and gave an unnecessary shock to a cash dependent economy.

In July, India implemented a long overdue and widely welcomed tax reform — a goods and services tax (GST) meant to clean up a complex tax regime and make it easier to do business.

But many worry that faulty implementation and multiple tax rates have created confusion for businesses struggling with the new system.

Economists point out that the currency change and GST, coming within months of each other, have made the slowdown sharper and deeper for virtually all sectors of the economy, which had already started losing pace last year.

The impact is evident in the markets of the Indian capital, which are usually the most crowded at this time of the year. It is India’s main festive season, when consumer spending hits a high. But shop owners are disappointed because customers are not opening their wallets easily.

A usually buzzing upmarket area in New Delhi wears a deserted look. Manu Talwar, the owner of a shop selling high-end mobile phones, has been struggling to make a sale in a country counted as the world’s fastest growing smart phone market, where a new device is coveted by an aspirational generation. 

“You can see the market, it does not look like Diwali, the market is so down. Mobiles, accessories, people were crazy about it. As of now, iPhone 8 has launched, but there is no market,” said Talwar.

The government says it is looking for ways to rev up the economy — according to reports, it is considering spending billions of dollars to give investment a push.

Prime Minister Modi, seen as a business-friendly, reformist leader, recently announced the formation of a five-member panel to advise him on economic issues.

At the heart of the challenge is the need for jobs in a country where about 10 million enter the workforce every year. Modi had hoped to give manufacturing a push to create jobs for low-skill labor, but a flagship “Make in India’ program he launched to woo foreign investors has yet to show significant results. And a slowing economy means that jobs are even being lost in several sectors.

“To think of an overall manufacturing push of the kind China gave, or many East Asian economies that we observed in those economies, that does not seem to be a reality in India. There is a lot of ground to cover to reach that level,” said economist Joshi.

Officials are striking an optimistic note, calling the slowdown transitory, but economists warn recovery will be gradual.

That means Pushkar Singh’s hunt for a job and shop owner Manu Talwar’s hopes of the market picking up may not happen anytime soon.
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With more and more consumers shopping online, do brick-and-mortar stores stand a chance? At a pop-up shop in New York City, the future of retail is about embracing digital trends rather than resisting them. VOA reporter Tina Trinh explains.
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U.S. factory activity surged to a more than 13-year high in September amid strong gains in new orders and raw material prices, pointing to underlying strength in the economy even as Hurricanes Harvey and Irma are expected to dent growth in the third quarter.

The economic outlook was also bolstered by other data on Monday showing a rebound in construction spending in August. The acceleration in manufacturing activity and the accompanying increase in prices could harden expectations that the Federal Reserve will raise interest rates in December.

The Institute for Supply Management (ISM) said its index of national factory activity surged to a reading of 60.8 last month, the highest reading since May 2004, from 58.8 in August.

A reading above 50 in the ISM index indicates an expansion in manufacturing, which accounts for about 12 percent of the U.S. economy. The ISM said Harvey and Irma had caused supply chain and pricing issues in the chemical products sector. There were also concerns about the disruptive impact of the storms in the food, beverage and tobacco products industries.

The hurricanes are expected to chop off as much as six-tenths of a percentage point from gross domestic product growth in the third quarter. Harvey, which pummeled Texas at the end of August, has undercut consumer spending and weighed on industrial production, homebuilding and home sales.

Further weakness is likely after Irma struck Florida in early September, causing widespread power cuts. Manufacturing outside the areas affected by the hurricanes remained strong in September. The ISM survey’s production sub-index rose 1.2 points to a reading of 62.2 in September.

A gauge of new orders jumped to 64.6 in September from 60.3 in August. Factories reported paying more for raw materials, with the survey’s prices paid index surging 9.5 point to 71.5, the highest reading since May 2011.

The dollar rose against the euro after the data. Prices for U.S. Treasuries were trading higher as were stocks on Wall Street.

Construction spending rises

In separate report Monday, the Commerce Department said construction spending rose 0.5 percent to $1.21 trillion. July’s construction outlays were revised sharply down to show a 1.2 percent plunge instead of the previously reported 0.6 percent drop. Construction spending increased 2.5 percent on a year-on-year basis.

The government said Harvey and Irma did not appear to have impacted the construction spending data as the responses from the Texas and Florida areas affected by the storms were “not significantly lower than normal.”

In August, spending on private residential projects increased 0.4 percent, rising for a fourth straight month.

Spending on nonresidential structures increased 0.5 percent, snapping two straight monthly declines.

In the wake of Harvey and Irma, nonresidential construction spending could fall in September. According to the Commerce Department, Texas and Florida accounted for 22 percent of U.S. private nonresidential construction spending in 2016.

Investment in nonresidential structures such as oil and gas wells has been slowing as the boost from recovering oil prices fizzles. Private construction projects spending increased 0.4 percent in August.

Outlays on public construction projects rebounded 0.7 percent in August after slumping 3.3 percent in July. Spending on state and local government construction projects increased 1.1 percent in August. Gains in September are likely to be curbed by the hurricanes.

Texas and Florida accounted for 15 percent of U.S. state-and-locally owned construction spending in 2016, according to the Commerce Department.

Federal government construction spending tumbled 4.7 percent to its lowest level since April 2007.
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Національний банк України послабив офіційний курс гривні щодо долара США на 3 жовтня на 7 копійок – до 26,65 гривні за долар. За повідомленнями учасників валютного ринку, НБУ провів інтервенцію у вигляді продажу долара у форматі «запиту найкращого курсу», що не дало курсові піти вище від позначки 26,70 гривні за долар.

Офіційний курс гривні до євро на 3 жовтня складає 31,30.

За місяць національна валюта втратила щодо долара США майже 1 гривню. 4 вересня НБУ оцінював долар у 25 гривень 75 копійок.

Кабінет міністрів прогнозує курс гривні на кінець наступного року на рівні 30,1 гривні за долар США. Про це йдеться в тексті проекту держбюджету-2018, опублікованому на сайті Верховної Ради.

На 2017 рік в бюджеті був закладений середній курс 27,2 гривні за долар.

Прем’єр-міністр України Володимир Гройсман заявляє, що немає підстав говорити про те, що у 2018 році курс буде на рівні 30 гривень за долар США. «Це суто технічна цифра, такі розрахунки нам надав Національний банк України. Але я наразі не бачу об’єктивних підстав, щоб на кінець наступного року долар так виріс», – сказав він. На думку Гройсмана, все залежатиме від темпів реформ і економічного зростання.
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The U.S. Supreme Court on Monday refused to consider a bid by Samsung Electronics Co Ltd. to force customers who have filed proposed class-action lawsuits against the company to arbitrate their claims instead of bringing them to court.

The justices left intact a lower court’s ruling that purchasers of certain Galaxy smartphones made by the South Korean electronics company were not bound by a warranty provision that compelled arbitration of customer complaints.

Warranties with arbitration clauses have become common in consumer electronics and other industries. Courts and regulatory agencies increasingly are scrutinizing arbitration agreements that seek to limit options for resolution of future disputes.

The Samsung case involves two smartphone buyers from California who separately filed proposed class-action lawsuits in 2014 over concerns about the products’ performance and resale value.

Neither Daniel Norcia, who owned an Galaxy S4 device, nor Hoai Dang, who owned an SIII, saw the arbitration provisions when they bought the phone because the language was placed deep inside the warranty booklet and not mentioned on the box, according to their legal papers.

The agreement states that all disputes must be resolved through arbitration, and specifically rules out class actions.

Samsung tried to force the customers to arbitrate their claims, but a unanimous three-judge panel of the 9th U.S. Circuit Court of Appeals in San Francisco denied the request in January. The court said Samsung did not provide proper notice of the arbitration provision and neither customer had expressly consented to be bound by it.

Appealing to the Supreme Court, Samsung noted that the 9th Circuit decided that the warranty was valid except for the arbitration provision. Samsung argued that the 9th Circuit ruling violated a U.S. law called the Federal Arbitration Act that requires arbitration agreements to be treated equally with other contracts.
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Із 1 жовтня набуло чинності застосування додаткових тимчасових автономних торговельних преференцій Європейського союзу для України, що будуть чинними протягом трьох років.

Ці преференції запроваджуються понад ті, що вже визначені Угодою про асоціацію між Україною і Євросоюзом і були запроваджені в рамках цієї угоди – спершу на основі її тимчасового застосування з 1 січня 2016 року, а потім після офіційного набуття чинності угодою 1 вересня 2017 року.

На час їхньої дії додатково будуть діяти нульові тарифні ставки на низку сільськогосподарських продуктів і деякі промислові вироби з України.

Преференції запроваджуються ЄС односторонньо, але за низки умов до України. Серед них – дотримання демократичних принципів і прав та основних свобод людини і верховенства права, продовження боротьби з корупцією, дотримання умов рівних можливостей у працевлаштуванні, відмова від запровадження нових або збільшення наявних мит чи зборів або кількісних або адміністративних обмежень на імпорт із Євросоюзу, дотримання правил щодо походження продуктів і виробів.

Президент України Петро Порошенко заявив із цього приводу, що це «означає збільшення обсягів сільськогосподарської продукції, яку Україна може експортувати до ЄС без сплати мита впродовж трьох років.

«Для нас це ще одне свідчення економічної та політичної підтримки ЄС і тих зусиль, які країна докладає у здійсненні реформ», – мовиться в його фейсбуці.

Переговори в Євросоюзі і узгодження нової норми протривали понад рік – іще у вересні 2016 року Європейська комісія схвалила рішення збільшити торговельні преференції для України. Європейський парламент урешті схвалив це рішення 4 липня, Рада ЄС затвердила його 17 липня, остаточно підписали його 13 вересня.
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Casinos in the world’s biggest casino hub of Macau extended a 14-month winning streak in September with revenue up 16.1 percent, priming for a bumper national holiday week, which is expected to see strong visitor traffic in the southern Chinese territory.

Macau, a former Portuguese colony and now special administrative region, is the only place in the country where casino gambling is legal.

Government data Sunday showed monthly gambling revenue was 21.4 billion patacas ($2.66 billion) in September, within analyst expectations of growth between 11-17 percent.

Two typhoons

September saw the tail end impact from two typhoons in August, which caused massive destruction and unprecedented flooding.

Many casinos shut down for several days and had problems accessing fresh water and power, but big resorts on Macau’s Las Vegas style Cotai strip were left relatively unscathed.

Macau’s government this week will release a 15-year plan to boost tourism with key objectives including rebranding Macau into a multiday destination and managing local tourism capacity.

Typically during national holidays, Macau’s tiny peninsula and adjoining islands are inundated with swarms of visitors putting pressure on creaking infrastructure and transport. 

Casino executives have said that hotels are fully booked for the official holiday period, Oct. 1-8.
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