Category: Business

Read time : 3 mins

Level : Advanced

By ANDREA RODRÍGUEZ Associated Press

HAVANA (AP) — Raul Castro said he is stepping down as Cuban Communist Party leader, leaving the island without a Castro guiding affairs for the first time in more than six decades and handing control of the party to a younger generation.

The 89-year-old Castro made the announcement in a speech Friday at the opening of the eighth congress of the ruling party, the only one allowed on the island.

“I concluded my task as first secretary … with the satisfaction of having fulfilled (my duty) and confidence in the future of the fatherland,” he said in a typically terse, to-the-point finale that contrasted with the impassioned verbal pyrotechnics of his brother Fidel, who died in 2016.
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By ISABEL DEBRE Associated Press

DUBAI, United Arab Emirates (AP) — Middle East economies are recovering from the coronavirus pandemic faster than anticipated, largely due to the acceleration of mass inoculation campaigns and an increase in oil prices. But the International Monetary Fund warned Sunday that an uneven vaccine distribution would derail the region’s rebound, as the prospects of rich and poor countries diverge.
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Read time : 4 mins

Level : Intermediate

By ARITZ PARRA Associated Press

MADRID (AP) — After years of waiting tables, Danae De Vries is one step closer to achieving her lifetime dream of becoming a theater coach.

Ironically, she owes that to the pandemic. It was after last year’s brutal lockdown that shut the Spanish economy down for weeks that the owners of a small restaurant chain in Madrid offered De Vries to cut her weekly work schedule by one day.

Already struggling to make ends meet in a city that has seen rental prices spiral, the 28-year-old was hesitant at first — and then enthusiastic when she was told her wages would remain untouched.
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By TOM KRISHER and CHRISTOPHER RUGABER AP Business Writers

DETROIT (AP) — It’s a question occupying the minds of millions of employees who have worked from home the past year: Will they still be allowed to work remotely — at least some days — once the pandemic has faded?

On Wednesday, one of America’s corporate titans, Ford Motor Co., supplied its own answer: It told about 30,000 of its employees worldwide who have worked from home that they can continue to do so indefinitely, with flexible hours approved by their managers. Their schedules will become a work-office “hybrid”: They’ll commute to work mainly for group meetings and projects best-suited for face-to-face interaction.
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Level : Intermediate

By DANICA KIRKA Associated Press

LONDON (AP) — U.K. trade with the European Union plunged in January as Britain’s departure from the bloc and widespread coronavirus restrictions dealt a double blow to the nation’s struggling economy.

Goods exports to the EU fell 40.7% from a month earlier and imports dropped 28.8%, the Office for National Statistics said Friday. The figures contributed to a 2.9% month-on-month decline in overall economic output.

Britain left the European single market on Jan. 1, ending almost half a century of free trade and triggering tariffs, increased paperwork and border delays on both sides of the English Channel.
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Level : Intermediate

By STEPHEN WADE AP Sports Writer

TOKYO (AP) — The new president of the Tokyo Olympic organizing committee has begun holding weekly news conferences hoping to win over a doubting Japanese public with the postponed games opening in just under five months.

Seiko Hashimoto is trying to assure everyone that the Olympics will be safe and secure, a phrase she repeated a dozen times Friday in her inaugural news conference.

Polls show about 80% of Japanese think the games should be postponed again or canceled amid the pandemic.
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By CATHY BUSSEWITZ and ELAINE KURTENBACH AP Business writers

BANGKOK (AP) — Oil prices pressed higher Monday after strikes on major oil facilities in Saudi Arabia, the world’s largest oil exporter, shook energy markets already rattled by a decision by oil producers last week to not lift output.

Brent crude, the international standard, surpassed $70 per barrel for the first time in over a year, gaining $1.14 to $70.47 a barrel. It surged $2.62 on Friday.

Benchmark U.S. crude oil added $1.10 to $67.19 per barrel, up 1.7%, falling back from bigger gains earlier in the day. It jumped $2.26 to $66.09 per barrel on Friday.
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By FRANK JORDANS Associated Press

BERLIN (AP) — Companies that sell refrigerators, washers, hairdryers or TVs in the European Union will need to ensure those appliances can be repaired for up to 10 years, to help reduce the vast mountain of electrical waste that piles up each year on the continent.

The “right to repair,” as it is sometimes called, comes into force across the 27-nation bloc Monday. It is part of a broader effort to cut the environmental footprint of manufactured goods by making them more durable and energy efficient.
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Level : Intermediate

By ELLEN KNICKMEYER and SETH BORENSTEIN Associated Press

WASHINGTON (AP) — World leaders welcomed the United States’ official return to the Paris climate accord Friday, but politically trickier steps lie just ahead for President Joe Biden, including setting a tough national target in coming months for cutting damaging fossil fuel emissions.

And even as Biden noted the country’s first day back in the climate pact, the globe’s dangerous warming was just one of a long list of urgent problems he raised in a video speech to European leaders on Friday, a month into his administration. Before bringing up climate issues, he touched on the global pandemic, sputtering national economies and tense relations with China, among other matters that threaten to impede and delay tackling the nation’s status as the world’s top carbon polluter after China.

Despite all the other challenges, Biden said, speaking to the Munich security conference, “we can no longer delay or do the bare minimum to address climate change. This is a global existential crisis, and all of us will suffer if we fail.”
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Read time : 2 mins

Level : Intermediate

By PAN PYLAS Associated Press

LONDON (AP) — Japanese carmaker Nissan confirmed Friday that it will maintain its operations in Britain in the wake of the post-Brexit trade deal between the country and the European Union.

The news was greeted by British Prime Minister Boris Johnson as a “great vote of confidence.”

The future of Nissan’s car plant in the northeast England city of Sunderland was thrown into doubt in the wake of Britain’s vote to leave the EU in June 2016, a decision that could have led to tariffs and quotas on trade between the two sides.

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