Trade war: What happens when Trump meets Xi Jinping at Argentina G-20

Trade war is the number one risk to global outlook, S&P says 10:47 PM ET Sun, 18 Nov 2018 | 03:06Investors and world leaders alike will be glued to the upcoming meeting between U.S. President Donald Trump and Chinese President Xi Jinping in Argentina, hoping for clues to what’s next. “One gets the sense that he’s (Trump) going to be a bit tougher with China” compared with Mexico and Canada, said Paul Gruenwald, chief economist at S&P Global Ratings. The G-20 meeting of the world’s developed econ


Trade war is the number one risk to global outlook, S&P says 10:47 PM ET Sun, 18 Nov 2018 | 03:06Investors and world leaders alike will be glued to the upcoming meeting between U.S. President Donald Trump and Chinese President Xi Jinping in Argentina, hoping for clues to what’s next. “One gets the sense that he’s (Trump) going to be a bit tougher with China” compared with Mexico and Canada, said Paul Gruenwald, chief economist at S&P Global Ratings. The G-20 meeting of the world’s developed econ
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Company: cnbc, Activity: cnbc, Date: 2018-11-19  Authors: yen nee lee, -hannah anderson, global market strategist, jp morgan asset management
Keywords: news, cnbc, companies, global, china, sp, countries, war, g20, trade, mexico, nov, xi, meets, president, happens, trump, argentina, meeting, jinping


Trade war: What happens when Trump meets Xi Jinping at Argentina G-20

Trade war is the number one risk to global outlook, S&P says 10:47 PM ET Sun, 18 Nov 2018 | 03:06

Investors and world leaders alike will be glued to the upcoming meeting between U.S. President Donald Trump and Chinese President Xi Jinping in Argentina, hoping for clues to what’s next.

“One gets the sense that he’s (Trump) going to be a bit tougher with China” compared with Mexico and Canada, said Paul Gruenwald, chief economist at S&P Global Ratings. The G-20 meeting of the world’s developed economies takes place in Buenos Aires from Nov. 30 to Dec. 1.

Trump criticized Mexico and Canada for months, claiming they took advantage of U.S. companies through trade, but the three countries reached a new trilateral deal at the end of September to replace the North American Free Trade Agreement.

The approach to China has been different. Trump has repeatedly attacked the country for stealing intellectual property, creating barriers to American companies that try to operate in China, and for the massive trade imbalance between the two countries.


Company: cnbc, Activity: cnbc, Date: 2018-11-19  Authors: yen nee lee, -hannah anderson, global market strategist, jp morgan asset management
Keywords: news, cnbc, companies, global, china, sp, countries, war, g20, trade, mexico, nov, xi, meets, president, happens, trump, argentina, meeting, jinping


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Global oil market faces surplus throughout 2019 as demand growth slows

For the first half of 2019, based on its outlook for non-OPEC production and global demand, and assuming flat OPEC production, the IEA said the implied stock build is 2 million bpd. “While slower economic growth in some countries reduces the outlook for oil demand, a significant downward revision to our price assumption is supportive,” it added. The agency raised its forecast for oil output growth from countries outside the Organization of the Petroleum Exporting Countries to 2.4 million bpd thi


For the first half of 2019, based on its outlook for non-OPEC production and global demand, and assuming flat OPEC production, the IEA said the implied stock build is 2 million bpd. “While slower economic growth in some countries reduces the outlook for oil demand, a significant downward revision to our price assumption is supportive,” it added. The agency raised its forecast for oil output growth from countries outside the Organization of the Petroleum Exporting Countries to 2.4 million bpd thi
Global oil market faces surplus throughout 2019 as demand growth slows Cached Page below :
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Keywords: news, cnbc, companies, united, slows, oil, iea, global, market, demand, growth, output, bpd, countries, surplus, 2019, million, faces


Global oil market faces surplus throughout 2019 as demand growth slows

For the first half of 2019, based on its outlook for non-OPEC production and global demand, and assuming flat OPEC production, the IEA said the implied stock build is 2 million bpd.

Output around the world has swelled since the middle of the year, while an escalating trade dispute between the United States and China threatens global economic growth.

On Wednesday, three sources familiar with the matter told Reuters that OPEC and its partners are discussing a proposal to cut oil output by up to 1.4 million bpd for 2019 to avert an oversupply that would weaken prices.

Since early October, the oil price has fallen by a quarter to below $70 a barrel, its lowest in eight months, which may protect demand to an extent, the IEA said.

“While slower economic growth in some countries reduces the outlook for oil demand, a significant downward revision to our price assumption is supportive,” it added.

The agency raised its forecast for oil output growth from countries outside the Organization of the Petroleum Exporting Countries to 2.4 million bpd this year and 1.9 million bpd next year, versus its previous estimate of 2.2 million bpd and 1.8 million bpd, respectively.

The United States will lead output growth. The IEA estimates total U.S. oil supply will rise by 2.1 million bpd this year and another 1.3 million bpd in 2019, from a current record of more than 11 million bpd.


Company: cnbc, Activity: cnbc, Date: 2018-11-14
Keywords: news, cnbc, companies, united, slows, oil, iea, global, market, demand, growth, output, bpd, countries, surplus, 2019, million, faces


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Never mind oil companies, cyberattacks risk ‘shutting down entire countries’

The threat of cyber espionage goes above and beyond endangering some of the world’s largest oil and gas companies, industry experts warned on Wednesday, saying “entire countries” are being targeted. It comes at a time when major corporations are ratcheting up internal security measures to better protect themselves from cyberattacks, following a spate of high-profile data breaches in recent months. Speaking at the ADIPEC oil summit in Abu Dhabi on Wednesday, Wael Fattouh, a Saudi-based PwC partne


The threat of cyber espionage goes above and beyond endangering some of the world’s largest oil and gas companies, industry experts warned on Wednesday, saying “entire countries” are being targeted. It comes at a time when major corporations are ratcheting up internal security measures to better protect themselves from cyberattacks, following a spate of high-profile data breaches in recent months. Speaking at the ADIPEC oil summit in Abu Dhabi on Wednesday, Wael Fattouh, a Saudi-based PwC partne
Never mind oil companies, cyberattacks risk ‘shutting down entire countries’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: sam meredith
Keywords: news, cnbc, companies, mind, risk, countries, threat, worlds, warned, shutting, cyberattacks, oil, wael, wanting, entire, companies, ways


Never mind oil companies, cyberattacks risk 'shutting down entire countries'

The threat of cyber espionage goes above and beyond endangering some of the world’s largest oil and gas companies, industry experts warned on Wednesday, saying “entire countries” are being targeted.

It comes at a time when major corporations are ratcheting up internal security measures to better protect themselves from cyberattacks, following a spate of high-profile data breaches in recent months.

Speaking at the ADIPEC oil summit in Abu Dhabi on Wednesday, Wael Fattouh, a Saudi-based PwC partner specializing in technology risk assurance, said: “At some point (hackers) were after a quick buck, just wanting to make some money and steal a few identities.”

“But now you have teams of people dedicated to coming up with creative ways of shutting down entire countries – not just companies.”


Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: sam meredith
Keywords: news, cnbc, companies, mind, risk, countries, threat, worlds, warned, shutting, cyberattacks, oil, wael, wanting, entire, companies, ways


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Countries interested in buying Russian missile system despite US sanction threats

WASHINGTON — At least 13 countries have expressed interest in buying a Russian missile system instead of platforms made by American companies, despite the potential for triggering U.S. sanctions, according to people with first-hand knowledge of a U.S. intelligence assessment. One of the people, who declined to be named, said that Saudi Arabia, Qatar, Algeria, Morocco, Egypt, Vietnam, and Iraq have all discussed buying the S-400 missile system from Russia. The S-400, a mobile long-range surface-t


WASHINGTON — At least 13 countries have expressed interest in buying a Russian missile system instead of platforms made by American companies, despite the potential for triggering U.S. sanctions, according to people with first-hand knowledge of a U.S. intelligence assessment. One of the people, who declined to be named, said that Saudi Arabia, Qatar, Algeria, Morocco, Egypt, Vietnam, and Iraq have all discussed buying the S-400 missile system from Russia. The S-400, a mobile long-range surface-t
Countries interested in buying Russian missile system despite US sanction threats Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: amanda macias, peter kovalev, tass via getty images, sergei malgavko, vitaly nevar
Keywords: news, cnbc, companies, signed, threats, interested, sanctions, despite, russian, s400, thaad, americas, countries, buying, sanction, system, missile


Countries interested in buying Russian missile system despite US sanction threats

WASHINGTON — At least 13 countries have expressed interest in buying a Russian missile system instead of platforms made by American companies, despite the potential for triggering U.S. sanctions, according to people with first-hand knowledge of a U.S. intelligence assessment.

One of the people, who declined to be named, said that Saudi Arabia, Qatar, Algeria, Morocco, Egypt, Vietnam, and Iraq have all discussed buying the S-400 missile system from Russia. However, the U.S. expects that a handful of countries will fold to diplomatic pressure.

The S-400, a mobile long-range surface-to-air missile system, is the Kremlin’s answer to America’s Patriot and THAAD platforms. Lockheed Martin makes the THAAD, or terminal high altitude area defense, system, while Raytheon makes the Patriot.

The Pentagon deferred questions about this story to the White House, which did not comment.

Any potential economic or political penalties would come under the Countering America’s Adversaries Through Sanctions Act, which President Donald Trump signed in August 2017. In September, the U.S. slapped sanctions on China for buying fighter jets and missiles from Russia. However, the U.S. could grant waivers.

China, India and Turkey have already signed purchase agreements with the Kremlin. China, which is embroiled in a trade battle with the U.S., is in the middle of receiving its final shipment of the S-400 system. India, the top buyer of Russian arms, signed a deal with Moscow for the S-400 last month. Turkey, a NATO ally, is slated to receive its S-400 next year and is expected to have the system ready for use by 2020.

When asked why nations seek to buy the S-400 instead of America’s Patriot or THAAD systems, one of the people with knowledge of the intelligence report explained that foreign militaries aren’t willing to stick with the cumbersome process of buying weapons from the U.S. government.

“Many of these countries do not want to wait for U.S. regulatory hurdles,” the person said. “The S-400 has less export restrictions and the Kremlin is willing to expedite sales by skipping over any regulatory hurdles. It’s like buying it off the shelf,” the source added.

Also, while it’s not clear how much the countries would pay for either system, Russian arms are generally considered less expensive than U.S. weapons and come without extensive maintenance support.


Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: amanda macias, peter kovalev, tass via getty images, sergei malgavko, vitaly nevar
Keywords: news, cnbc, companies, signed, threats, interested, sanctions, despite, russian, s400, thaad, americas, countries, buying, sanction, system, missile


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Here’s how much workers in other countries need to retire

If you think having retirement savings equivalent to twice your salary by the time you’re 35 is a tough pill to swallow, be glad you don’t live in Hong Kong. Or Germany. Fidelity Investments — whose retirement benchmark advice for U.S. workers went viral earlier this year — has taken its act global. The brokerage firm released Wednesday its first sets of retirement guidelines and age-based savings milestones for workers in Canada, Germany, Hong Kong, Japan and the United Kingdom. “Many employers


If you think having retirement savings equivalent to twice your salary by the time you’re 35 is a tough pill to swallow, be glad you don’t live in Hong Kong. Or Germany. Fidelity Investments — whose retirement benchmark advice for U.S. workers went viral earlier this year — has taken its act global. The brokerage firm released Wednesday its first sets of retirement guidelines and age-based savings milestones for workers in Canada, Germany, Hong Kong, Japan and the United Kingdom. “Many employers
Here’s how much workers in other countries need to retire Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: kelli b grant, vladimir vladimirov, istock, getty images, -jeanne thompson, retirement expert, fidelity investments
Keywords: news, cnbc, companies, workers, wanted, savings, retirement, united, retire, went, heres, hong, kong, viral, need, youre, countries


Here's how much workers in other countries need to retire

If you think having retirement savings equivalent to twice your salary by the time you’re 35 is a tough pill to swallow, be glad you don’t live in Hong Kong. Or Germany.

Fidelity Investments — whose retirement benchmark advice for U.S. workers went viral earlier this year — has taken its act global. The brokerage firm released Wednesday its first sets of retirement guidelines and age-based savings milestones for workers in Canada, Germany, Hong Kong, Japan and the United Kingdom.

“Many employers wanted the same types of numbers overseas,” said Jeanne Thompson, a retirement expert with Fidelity, pointing to the firm’s businesses abroad and with multinational companies.


Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: kelli b grant, vladimir vladimirov, istock, getty images, -jeanne thompson, retirement expert, fidelity investments
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‘Multiple and intertwined risks’ cloud outlook for the Middle East and its neighbors, IMF says

Major oil producing countries in the Middle East and its neighbors might benefit from higher crude prices in 2019, according to the latest outlook from International Monetary Fund (IMF), but there are numerous uncertainties in the region. The Fund’s latest regional economic outlook for the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) region, published Tuesday, warns that “multiple and intertwined risks cloud the outlook of the MENAP region.” Oil producing countries in the Middle


Major oil producing countries in the Middle East and its neighbors might benefit from higher crude prices in 2019, according to the latest outlook from International Monetary Fund (IMF), but there are numerous uncertainties in the region. The Fund’s latest regional economic outlook for the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) region, published Tuesday, warns that “multiple and intertwined risks cloud the outlook of the MENAP region.” Oil producing countries in the Middle
‘Multiple and intertwined risks’ cloud outlook for the Middle East and its neighbors, IMF says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-13  Authors: holly ellyatt, getty images
Keywords: news, cnbc, companies, menap, imf, east, risks, neighbors, middle, latest, intertwined, growth, market, outlook, cloud, multiple, countries, oil


'Multiple and intertwined risks' cloud outlook for the Middle East and its neighbors, IMF says

Major oil producing countries in the Middle East and its neighbors might benefit from higher crude prices in 2019, according to the latest outlook from International Monetary Fund (IMF), but there are numerous uncertainties in the region.

The Fund’s latest regional economic outlook for the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) region, published Tuesday, warns that “multiple and intertwined risks cloud the outlook of the MENAP region.”

“These include a faster-than-anticipated tightening of global financial conditions, escalating trade tensions that could affect global growth and hurt key MENAP trading partners, geopolitical strains, and spillovers from regional conflicts,” the report stated.

These risks could trigger a deterioration in financial market sentiment and greater financial market volatility, the Fund said, “aggravating the financing challenges for countries with high levels of debt or large refinancing needs.”

Oil producing countries in the Middle East have traditionally relied on oil exports as their source of government revenue. Volatility in oil markets amid imbalances in supply and demand have prompted a number of countries, particularly in the Gulf, to look to diversify their economies away from oil and to create more jobs in other sectors of the economy. In its latest summary on the MENAP region’s outlook, it encouraged countries to commit to further reforms.

“The outlook and the rising risks underscore the need to intensify efforts to raise growth to levels that generate enough jobs for the benefit of all,” the IMF said. “In this context, countries should expand access to finance, strengthen governance, improve education outcomes, and enhance labor market flexibility, particularly in the Gulf Cooperation Council (GCC).”

To ensure that future fiscal adjustment is as growth-friendly and equitable as possible, the Fund said countries need to both prioritize expenditure on “growth-enhancing and high-quality investment in human capital and physical infrastructure, while sustaining well-targeted social spending.” It also advocated a move to a more progressive tax structure to diversify the governments’ revenue bases.

Jihad Azour, director of the Middle East and Central Asia at the IMF, told CNBC on Tuesday that the MENAP report comes amid an uncertain global growth outlook.

“Global conditions are changing in terms of the risk metrics,” Azour told CNBC’s Dan Murphy. “Although we’re still enjoying a high level of growth, that growth is plateauing,” he added.


Company: cnbc, Activity: cnbc, Date: 2018-11-13  Authors: holly ellyatt, getty images
Keywords: news, cnbc, companies, menap, imf, east, risks, neighbors, middle, latest, intertwined, growth, market, outlook, cloud, multiple, countries, oil


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OPEC expects global energy demand to skyrocket through 2040, thanks to India and China

Global energy demand is set to skyrocket over the next two decades, OPEC said in its latest annual outlook, with India and China the most important contributors to this growth. In the influential oil cartel’s 2018 World Oil Outlook (WOO), the group said it expects total primary energy demand to surge around 33 percent from 2015 levels. Driven almost entirely by developing countries — most notably India and China — demand is expected to increase at an average annual growth rate of nearly 2 percen


Global energy demand is set to skyrocket over the next two decades, OPEC said in its latest annual outlook, with India and China the most important contributors to this growth. In the influential oil cartel’s 2018 World Oil Outlook (WOO), the group said it expects total primary energy demand to surge around 33 percent from 2015 levels. Driven almost entirely by developing countries — most notably India and China — demand is expected to increase at an average annual growth rate of nearly 2 percen
OPEC expects global energy demand to skyrocket through 2040, thanks to India and China Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-13  Authors: sam meredith, vcg, getty images, omar marques, sopa images, lightrocket
Keywords: news, cnbc, companies, countries, global, world, 2040, energy, bpd, thanks, opec, skyrocket, oil, demand, china, million, outlook, india, expects


OPEC expects global energy demand to skyrocket through 2040, thanks to India and China

Global energy demand is set to skyrocket over the next two decades, OPEC said in its latest annual outlook, with India and China the most important contributors to this growth.

In the influential oil cartel’s 2018 World Oil Outlook (WOO), the group said it expects total primary energy demand to surge around 33 percent from 2015 levels.

Driven almost entirely by developing countries — most notably India and China — demand is expected to increase at an average annual growth rate of nearly 2 percent, reaching 365 million carrels per day (bpd) in 2040.

“Energy demand in India and China in this period is forecast to increase by 22 million bpd and 21 million bpd, respectively, which is more than 50 percent of the energy demand growth in developing countries during this period,” OPEC said in the report.

At present, energy market participants are increasingly concerned about a slowdown in the global economy, escalating trade tensions, emerging market countries’ currency weakness and the potential fallout this could have on oil demand.

Last month, the International Monetary Fund (IMF) cut its outlook for the world economy in 2018-19 by 0.2 percentage points to 3.7 percent.


Company: cnbc, Activity: cnbc, Date: 2018-11-13  Authors: sam meredith, vcg, getty images, omar marques, sopa images, lightrocket
Keywords: news, cnbc, companies, countries, global, world, 2040, energy, bpd, thanks, opec, skyrocket, oil, demand, china, million, outlook, india, expects


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Mark Mobius says it’s time to buy stocks in emerging markets

Stocks in emerging markets are looking “very cheap” now, and that’s a buying opportunity, prominent investor Mark Mobius told CNBC on Monday. As a result, the MSCI Emerging Markets Index — which tracks large and mid-cap stocks in 24 countries — has fallen by around 16 percent this year. But Mobius said the sell-down has opened investment opportunities in emerging markets. “At the end of the day, emerging markets equities look very cheap now. That’s because the U.S. dollar has started to stabiliz


Stocks in emerging markets are looking “very cheap” now, and that’s a buying opportunity, prominent investor Mark Mobius told CNBC on Monday. As a result, the MSCI Emerging Markets Index — which tracks large and mid-cap stocks in 24 countries — has fallen by around 16 percent this year. But Mobius said the sell-down has opened investment opportunities in emerging markets. “At the end of the day, emerging markets equities look very cheap now. That’s because the U.S. dollar has started to stabiliz
Mark Mobius says it’s time to buy stocks in emerging markets Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-12  Authors: yen nee lee
Keywords: news, cnbc, companies, told, stocks, countries, investor, emerging, buy, prices, mark, large, thats, markets, mobius


Mark Mobius says it's time to buy stocks in emerging markets

Stocks in emerging markets are looking “very cheap” now, and that’s a buying opportunity, prominent investor Mark Mobius told CNBC on Monday.

Investors sold their holdings in emerging markets in a big way in recent months as they feared financial problems in countries such as Turkey and Argentina could spill over to other economies. Adding to concerns were the strengthening U.S. dollar and rising oil prices, which hurt emerging economies with large amounts of foreign debt and those that are net energy importers.

As a result, the MSCI Emerging Markets Index — which tracks large and mid-cap stocks in 24 countries — has fallen by around 16 percent this year.

But Mobius said the sell-down has opened investment opportunities in emerging markets. “At the end of the day, emerging markets equities look very cheap now. It’s time to get in,” the co-founder of Mobius Capital Partners told CNBC’s “Street Signs.”

Some countries are already seeing a recovery in their currencies and stock prices, the investor noted. That’s because the U.S. dollar has started to stabilize, which lessens the burden on emerging markets to service their debt denominated in the greenback, he said.


Company: cnbc, Activity: cnbc, Date: 2018-11-12  Authors: yen nee lee
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As Pence kicks off his Asia tour, other countries have their own ideas for the ‘Indo-Pacific’

The United States says it has clear ideas for the strategically important “Indo-Pacific” region. U.S. Vice President Mike Pence is expected to lay out details of Washington’s free and open Indo-Pacific vision during his Asia tour this week. He reiterated: “Authoritarianism and aggression have no place in the Indo-Pacific region” — a possible reference to China which has been flexing its military and economic might in the region. But even before the U.S. began calling for a free and open Indo-Pac


The United States says it has clear ideas for the strategically important “Indo-Pacific” region. U.S. Vice President Mike Pence is expected to lay out details of Washington’s free and open Indo-Pacific vision during his Asia tour this week. He reiterated: “Authoritarianism and aggression have no place in the Indo-Pacific region” — a possible reference to China which has been flexing its military and economic might in the region. But even before the U.S. began calling for a free and open Indo-Pac
As Pence kicks off his Asia tour, other countries have their own ideas for the ‘Indo-Pacific’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-12  Authors: nyshka chandran, yorkfoto, getty images
Keywords: news, cnbc, companies, tour, indopacific, japan, ideas, countries, vision, united, pence, kicks, president, asia, policy, washington, states, china, region


As Pence kicks off his Asia tour, other countries have their own ideas for the 'Indo-Pacific'

The United States says it has clear ideas for the strategically important “Indo-Pacific” region. But so do a lot of other countries.

U.S. Vice President Mike Pence is expected to lay out details of Washington’s free and open Indo-Pacific vision during his Asia tour this week. He will be representing President Donald Trump at the U.S.-ASEAN Summit and Asia Pacific Economic Cooperation forum, visiting Australia, Japan, Papua New Guinea and Singapore.

“We seek an Indo-Pacific — from the United States to India, from Japan to Australia, and everywhere in between — where sovereignty is respected, where commerce flows unhindered and where independent nations are masters of their own destinies,” Pence wrote in a Washington Post commentary ahead of his visit.

He reiterated: “Authoritarianism and aggression have no place in the Indo-Pacific region” — a possible reference to China which has been flexing its military and economic might in the region. The South China Sea, for example, is one of the world’s busiest commercial waterways — spanning 1.4 million square miles — and China claims most of it as sovereign territory.

But even before the U.S. began calling for a free and open Indo-Pacific, both Japan and Indonesia already had their own policy ideas for the region.

Jakarta was the first to push for an Indo-Pacific policy, followed by Tokyo and then Washington. All of them refer to the same geography — the triangular area between the Pacific and Indian Oceans, bordered by Japan, India and Australia.

But Indonesia, which lies within that triangle, has a vision that doesn’t match the proposals of Japan and the United States, which are both associated with containing China.


Company: cnbc, Activity: cnbc, Date: 2018-11-12  Authors: nyshka chandran, yorkfoto, getty images
Keywords: news, cnbc, companies, tour, indopacific, japan, ideas, countries, vision, united, pence, kicks, president, asia, policy, washington, states, china, region


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To counter China, Australia plans $1.5 billion Pacific infrastructure fund

Australia will create a A$2 billion ($1.46 billion) fund to provide loans to Pacific nations to build infrastructure, Prime Minister Scott Morrison is expected to announce on Thursday, as Canberra seeks to counter China’s influence in the region. Australia and China have been vying for influence in sparsely populated Pacific island countries that control vast swathes of resource-rich oceans. To counter, Morrison plans to announce that Australia will renew its focus on the Pacific, primarily thro


Australia will create a A$2 billion ($1.46 billion) fund to provide loans to Pacific nations to build infrastructure, Prime Minister Scott Morrison is expected to announce on Thursday, as Canberra seeks to counter China’s influence in the region. Australia and China have been vying for influence in sparsely populated Pacific island countries that control vast swathes of resource-rich oceans. To counter, Morrison plans to announce that Australia will renew its focus on the Pacific, primarily thro
To counter China, Australia plans $1.5 billion Pacific infrastructure fund Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-08  Authors: brendon thorne, bloomberg, getty images
Keywords: news, cnbc, companies, 15, morrison, develop, fund, relations, infrastructure, billion, pacific, countries, australia, china, counter, plans


To counter China, Australia plans $1.5 billion Pacific infrastructure fund

Australia will create a A$2 billion ($1.46 billion) fund to provide loans to Pacific nations to build infrastructure, Prime Minister Scott Morrison is expected to announce on Thursday, as Canberra seeks to counter China’s influence in the region.

Australia and China have been vying for influence in sparsely populated Pacific island countries that control vast swathes of resource-rich oceans.

China has spent $1.3 billion on confessional loans and gifts since 2011 to become the Pacific’s second-largest donor after Australia, stoking concern in the West that several tiny nations could end up overburdened and in debt to Beijing.

To counter, Morrison plans to announce that Australia will renew its focus on the Pacific, primarily through a new infrastructure fund.

“This $2 billion infrastructure initiative will significantly boost Australia’s support for infrastructure development in Pacific countries and Timor Leste,” according to a speech Morrison is due to deliver in the state of Queensland and seen by Reuters.

“It will invest in essential infrastructure such as telecommunications, energy, transport, water, and it will stretch our aid dollars further.”

Foreign policy analysts say Australia’s new infrastructure fund will test Australia’s already cool relations with China, its largest trading partner.

“This announcement will be a gauge of whether Australia can improve relations with Beijing while doing things that would have previously annoyed China,” said Nick Bisley, professor of international relations at Melbourne’s La Trobe University.

Ties between the two countries have been strained since Australia accused China of meddling in its domestic affairs late last year.

Australia’s Foreign Minister Marise Payne will on Thursday meet her Chinese counterpart in Beijing, the first visit by a senior Canberra in two years after bilateral relations soured.

Australia has already this year pledged to develop several infrastructure projects in the Pacific but it has been forced to raid its aid budget to fund the projects.

In May, Australia said it would spend about A$200 million to develop an undersea internet cables to Papua New Guinea (PNG) and the Solomon Islands amid national security concerns about China’s Huawei Technologies.

Earlier this month, Australia said it would help PNG develop a naval base, beating out China as a possible partner for the port development.


Company: cnbc, Activity: cnbc, Date: 2018-11-08  Authors: brendon thorne, bloomberg, getty images
Keywords: news, cnbc, companies, 15, morrison, develop, fund, relations, infrastructure, billion, pacific, countries, australia, china, counter, plans


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