Egyptian billionaire: Trump is right about China

Egyptian billionaire Naguib Sawiris didn’t mince words in his evaluation of the ongoing trade war between the U.S. and China and the security concerns about Chinese telecommunications giant Huawei. Beijing has long taken advantage of other countries and U.S. President Donald Trump is right to seek changes out of Asia’s largest economy, he told CNBC’s Hadley Gamble on Tuesday. “President Trump is right about that: This has been a long time where we closed eyes on China raping us. If you tell them


Egyptian billionaire Naguib Sawiris didn’t mince words in his evaluation of the ongoing trade war between the U.S. and China and the security concerns about Chinese telecommunications giant Huawei. Beijing has long taken advantage of other countries and U.S. President Donald Trump is right to seek changes out of Asia’s largest economy, he told CNBC’s Hadley Gamble on Tuesday. “President Trump is right about that: This has been a long time where we closed eyes on China raping us. If you tell them
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Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: everett rosenfeld, diego levy bloomberg getty images
Keywords: news, cnbc, companies, trump, tell, think, billionaire, war, change, egyptian, china, sawiris, need, world, trade, right


Egyptian billionaire: Trump is right about China

Egyptian billionaire Naguib Sawiris didn’t mince words in his evaluation of the ongoing trade war between the U.S. and China and the security concerns about Chinese telecommunications giant Huawei.

Beijing has long taken advantage of other countries and U.S. President Donald Trump is right to seek changes out of Asia’s largest economy, he told CNBC’s Hadley Gamble on Tuesday.

“President Trump is right about that: This has been a long time where we closed eyes on China raping us. So, by the time you come and tell them, ‘You need to change,’ I mean, they just used to be so comfortable and do whatever they want,” he said. “But I think the leadership is smart, so they will change what they can change. If you tell them, ‘You need to change your whole system,’ they won’t be doing that.”

“So we need to see what we can get without disrupting their system,” Sawiris added, noting that he sees potential for change in “lots of things,” including by importing more from trade partners.

Given that, he expressed optimism about the future for trade negotiations between the U.S. and China: “I think they’ll come to a conclusion — because China has more ambition than to start now another aggravation.”

Still, overall, he said, “the political situation in the whole world has never been worse.”

“People expect wars … whether it’s a trade war or its a real war,” Sawiris said, noting a list of geopolitical hot spots including “the Middle East in disarray” and China pressuring Taiwan. “It’s just not like a very stable world today.”


Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: everett rosenfeld, diego levy bloomberg getty images
Keywords: news, cnbc, companies, trump, tell, think, billionaire, war, change, egyptian, china, sawiris, need, world, trade, right


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Egyptian billionaire: Trump is right about China

Egyptian billionaire Naguib Sawiris didn’t mince words in his evaluation of the ongoing trade war between the U.S. and China and the security concerns about Chinese telecommunications giant Huawei. Beijing has long taken advantage of other countries and U.S. President Donald Trump is right to seek changes out of Asia’s largest economy, he told CNBC’s Hadley Gamble on Tuesday. “President Trump is right about that: This has been a long time where we closed eyes on China raping us. If you tell them


Egyptian billionaire Naguib Sawiris didn’t mince words in his evaluation of the ongoing trade war between the U.S. and China and the security concerns about Chinese telecommunications giant Huawei. Beijing has long taken advantage of other countries and U.S. President Donald Trump is right to seek changes out of Asia’s largest economy, he told CNBC’s Hadley Gamble on Tuesday. “President Trump is right about that: This has been a long time where we closed eyes on China raping us. If you tell them
Egyptian billionaire: Trump is right about China Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: everett rosenfeld, diego levy bloomberg getty images
Keywords: news, cnbc, companies, tell, china, egyptian, right, need, billionaire, change, sawiris, trump, trade, think, system


Egyptian billionaire: Trump is right about China

Egyptian billionaire Naguib Sawiris didn’t mince words in his evaluation of the ongoing trade war between the U.S. and China and the security concerns about Chinese telecommunications giant Huawei.

Beijing has long taken advantage of other countries and U.S. President Donald Trump is right to seek changes out of Asia’s largest economy, he told CNBC’s Hadley Gamble on Tuesday.

“President Trump is right about that: This has been a long time where we closed eyes on China raping us. So, by the time you come and tell them, ‘You need to change,’ I mean, they just used to be so comfortable and do whatever they want,” he said. “But I think the leadership is smart, so they will change what they can change. If you tell them, ‘You need to change your whole system,’ they won’t be doing that.”

“So we need to see what we can get without disrupting their system,” Sawiris added, noting that he sees potential for change in “lots of things,” including by importing more from trade partners.

Given that, he expressed optimism about the future for trade negotiations between the U.S. and China: “I think they’ll come to a conclusion — because China has more ambition than to start now another aggravation.”

WATCH: Trade deal or no deal, the U.S. and China are still fighting for global power


Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: everett rosenfeld, diego levy bloomberg getty images
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Fed Chairman Powell met with Trump for an ‘informal dinner’ to discuss the economy

Federal Reserve Chairman Jerome Powell sat down with President Donald Trump on Monday. The dinner lasted about 90 minutes and was attended by Fed Vice Chairman Richard Clarida and Treasury Secretary Steven Mnuchin. Most presidents meet at least once and sometimes more often with the Fed chair. But given the president’s past criticism, it had been unclear if and when Powell and Trump would meet. Trump has been highly critical of the Fed for raising interest rates, including calling the Fed “out o


Federal Reserve Chairman Jerome Powell sat down with President Donald Trump on Monday. The dinner lasted about 90 minutes and was attended by Fed Vice Chairman Richard Clarida and Treasury Secretary Steven Mnuchin. Most presidents meet at least once and sometimes more often with the Fed chair. But given the president’s past criticism, it had been unclear if and when Powell and Trump would meet. Trump has been highly critical of the Fed for raising interest rates, including calling the Fed “out o
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Company: cnbc, Activity: cnbc, Date: 2019-02-05  Authors: steve liesman, everett rosenfeld, andrew harrer, bloomberg, getty images
Keywords: news, cnbc, companies, discuss, vice, powell, dinner, economic, trump, chairman, policy, meeting, chair, president, treasury, fed, met, informal, economy


Fed Chairman Powell met with Trump for an 'informal dinner' to discuss the economy

Federal Reserve Chairman Jerome Powell sat down with President Donald Trump on Monday.

That marked their first meeting since the president nominated Powell to the post and follows months of strong criticism from Trump about his nominee and the Fed.

The central bank said in a statement it was an “informal dinner” in the White House residence “to discuss recent economic developments and the outlook for growth, employment and inflation.”

The dinner lasted about 90 minutes and was attended by Fed Vice Chairman Richard Clarida and Treasury Secretary Steven Mnuchin. Steak was served.

Most presidents meet at least once and sometimes more often with the Fed chair. But given the president’s past criticism, it had been unclear if and when Powell and Trump would meet. The president had extended the invitation on Friday.

A senior administration official confirmed the meeting and said it was “two on a side.”

“No pitchforks. It was much more casual than an Oval Office meeting,” the official said. “They had a very good exchange of views.”

The statement from the Fed said Powell’s comments to Trump “were consistent with his remarks at his press conference of last week.” Powell was said not to have discussed monetary policy expectations “except to stress that the path of policy will depend entirely on incoming economic information and what that means for the outlook.”

Trump has been highly critical of the Fed for raising interest rates, including calling the Fed “out of control” in October. At its January meeting, the Fed shifted policy toward a more neutral stance away from rate hikes — at least for the time being.

The president — who said in November that he was “not even a little bit happy” about his selection of Powell — has not commented on Fed policy since the shift.

Here’s the statement from the Fed about the meeting:

Statement on Chair Powell’s and Vice Chair Clarida’s meeting with the President and Treasury Secretary At the President’s invitation, Chair Powell and Vice Chair Clarida joined the President and the Treasury Secretary for an informal dinner tonight in the White House residence, to discuss recent economic developments and the outlook for growth, employment and inflation. Chair Powell’s comments in this setting were consistent with his remarks at his press conference of last week. He did not discuss his expectations for monetary policy, except to stress that the path of policy will depend entirely on incoming economic information and what that means for the outlook. Finally, Chair Powell said that he and his colleagues on the FOMC will set monetary policy in order to support maximum employment and stable prices and will make those decisions based solely on careful, objective and non-political analysis.

—CNBC’s Eamon Javers contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-02-05  Authors: steve liesman, everett rosenfeld, andrew harrer, bloomberg, getty images
Keywords: news, cnbc, companies, discuss, vice, powell, dinner, economic, trump, chairman, policy, meeting, chair, president, treasury, fed, met, informal, economy


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China says US indictment against Huawei is ‘unfair’ and ‘immoral’

A spokesman at China’s industry and information technology ministry said Tuesday that the U.S. government indictment against Huawei is “unfair” and “immoral,” Reuters reported. The U.S. Department of Justice filed criminal charges Monday against Meng Wanzhou, the chief financial officer of China tech giant Huawei and the daughter of its founder and president Ren Zhengfei. Acting Attorney General Matthew Whitaker confirmed during a press conference that the Justice Department is seeking the extra


A spokesman at China’s industry and information technology ministry said Tuesday that the U.S. government indictment against Huawei is “unfair” and “immoral,” Reuters reported. The U.S. Department of Justice filed criminal charges Monday against Meng Wanzhou, the chief financial officer of China tech giant Huawei and the daughter of its founder and president Ren Zhengfei. Acting Attorney General Matthew Whitaker confirmed during a press conference that the Justice Department is seeking the extra
China says US indictment against Huawei is ‘unfair’ and ‘immoral’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-29  Authors: everett rosenfeld, jason redmond, afp, getty images
Keywords: news, cnbc, companies, plot, used, trade, charges, wanzhou, immoral, unfair, china, department, indictment, huawei, secrets, justice, tmobile


China says US indictment against Huawei is 'unfair' and 'immoral'

A spokesman at China’s industry and information technology ministry said Tuesday that the U.S. government indictment against Huawei is “unfair” and “immoral,” Reuters reported.

The U.S. Department of Justice filed criminal charges Monday against Meng Wanzhou, the chief financial officer of China tech giant Huawei and the daughter of its founder and president Ren Zhengfei. Acting Attorney General Matthew Whitaker confirmed during a press conference that the Justice Department is seeking the extradition of Meng Wanzhou from Canada.

The Justice Department also announced charges Monday against Huawei for allegedly stealing trade secrets from T-Mobile. The charges stem from a civil trade secrets lawsuit filed by T-Mobile in 2014 over a robot called “Tappy,” which was used in testing smartphones.

Meng’s lawyer, Reid Weingarten, said his client should not be used as a “pawn or a hostage” in the the U.S.-China relationship. She did not plot to break any U.S. laws, or violate American sanctions on Iran, he said in a statement to CNBC.

China’s foreign ministry, for its part, expressed its concerns about the charges and then characterized the actions as part of a U.S. plot to suppress the success of Chinese firms.

Alex Capri, visiting senior fellow at NUS Business School, told CNBC he found Beijing’s response notable.


Company: cnbc, Activity: cnbc, Date: 2019-01-29  Authors: everett rosenfeld, jason redmond, afp, getty images
Keywords: news, cnbc, companies, plot, used, trade, charges, wanzhou, immoral, unfair, china, department, indictment, huawei, secrets, justice, tmobile


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Trump directed Michael Cohen to lie to Congress about Moscow project, BuzzFeed report says

According to a new report from BuzzFeed, U.S. President Donald Trump directed Michael Cohen to lie to Congress about efforts to build a Trump Tower in Moscow. At that time, Trump accused his former fixer of lying about his admissions in order to “get a reduced sentence.” According to the BuzzFeed report, the two law enforcement sources said Cohen told Justice Department special counsel Robert Mueller’s team that Trump personally told him to lie in order to hide the real estate mogul’s ties to th


According to a new report from BuzzFeed, U.S. President Donald Trump directed Michael Cohen to lie to Congress about efforts to build a Trump Tower in Moscow. At that time, Trump accused his former fixer of lying about his admissions in order to “get a reduced sentence.” According to the BuzzFeed report, the two law enforcement sources said Cohen told Justice Department special counsel Robert Mueller’s team that Trump personally told him to lie in order to hide the real estate mogul’s ties to th
Trump directed Michael Cohen to lie to Congress about Moscow project, BuzzFeed report says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-18  Authors: everett rosenfeld, jonathan ernst
Keywords: news, cnbc, companies, muellers, moscow, report, cohen, directed, buzzfeed, lie, trumps, trump, order, michael, congress, project


Trump directed Michael Cohen to lie to Congress about Moscow project, BuzzFeed report says

According to a new report from BuzzFeed, U.S. President Donald Trump directed Michael Cohen to lie to Congress about efforts to build a Trump Tower in Moscow.

The report, published late Thursday evening, cited two federal law enforcement officials involved in investigating the matter. NBC News has not independently confirmed the report.

Cohen, who served for years as Trump’s personal lawyer and fixer, pleaded guilty in November to lying to Congress about a proposed Trump real estate project in Russia and the extent of the president’s involvement in and knowledge of that deal. The project never came to fruition.

Prosecutors said Cohen lied in order to minimize links between Trump and his Moscow building project, and to give the false impression that the project had died before the Iowa caucuses in February 2016, the first contest on the path toward a presidential nomination.

At that time, Trump accused his former fixer of lying about his admissions in order to “get a reduced sentence.”

“He’s a weak person and not a very smart person,” Trump said.

When Cohen was sentenced to three years in prison in December it was for several crimes, including campaign finance violations he said Trump directed him to carry out.

According to the BuzzFeed report, the two law enforcement sources said Cohen told Justice Department special counsel Robert Mueller’s team that Trump personally told him to lie in order to hide the real estate mogul’s ties to the Moscow negotiations. Mueller is investigating potential links between the Trump campaign and the Kremlin.

As for the BuzzFeed report, the White House did not immediately respond to a request for comment from CNBC sent late Thursday. The Washington Post quoted Trump’s current lawyer, Rudy Giuliani, as saying, “If you believe Cohen I can get you a great deal on the Brooklyn Bridge.”

The Associated Press, meanwhile, received a similar response from the former New York City mayor: “If you believe Cohen I can get you a good all cash deal on the Brooklyn Bridge.”

Notably, BuzzFeed reported that Mueller’s office learned about Trump’s alleged order for Cohen to lie through “interviews with multiple witnesses from the Trump Organization and internal company emails, text messages, and a cache of other documents.” Cohen, the report said, then subsequently acknowledged that directive.

Lanny Davis, who is Cohen’s legal and communications advisor, declined to comment on the BuzzFeed story “out of respect for Mr. Mueller’s and the Office of Special Counsel’s investigation.”

Rep. Adam Schiff (D-CA), who chairs the House Intelligence Committee, said in a Twitter post that the allegation against Trump in the BuzzFeed article “is among the most serious to date.”

NBC News reported in October 2017 that Cohen talked to Senate and House investigators about the Moscow tower negotiations.

For more, see BuzzFeed’s full article.

—CNBC’s Kevin Breuninger and Dan Mangan contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-01-18  Authors: everett rosenfeld, jonathan ernst
Keywords: news, cnbc, companies, muellers, moscow, report, cohen, directed, buzzfeed, lie, trumps, trump, order, michael, congress, project


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Chinese growth is more of a concern than the American economy right now, private bank says

The Chinese economy is a bigger worry right now than the U.S. economy, according to an investments expert at a private bank. Still, he ultimately expressed optimism that China’s leaders will keep their economy together. “The Chinese economy is, at the moment, a bigger cause of concern right now compared to the U.S. economy,” Brill told CNBC’s “Squawk Box.” Adding the tariff battle between the two largest economies just means growth will be “a bit more difficult” for Beijing, he noted. “This is s


The Chinese economy is a bigger worry right now than the U.S. economy, according to an investments expert at a private bank. Still, he ultimately expressed optimism that China’s leaders will keep their economy together. “The Chinese economy is, at the moment, a bigger cause of concern right now compared to the U.S. economy,” Brill told CNBC’s “Squawk Box.” Adding the tariff battle between the two largest economies just means growth will be “a bit more difficult” for Beijing, he noted. “This is s
Chinese growth is more of a concern than the American economy right now, private bank says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-11  Authors: everett rosenfeld, lintao zhang, pool, getty images
Keywords: news, cnbc, companies, chinas, brill, cause, bigger, economy, chinese, private, right, concern, american, term, growth, bank, short


Chinese growth is more of a concern than the American economy right now, private bank says

The Chinese economy is a bigger worry right now than the U.S. economy, according to an investments expert at a private bank.

Speaking to CNBC on Friday, Felix Brill, the head of investment solutions at Liechtenstein-based VP Bank, said investors should expect more market volatility due to the ongoing trade war negotiations between Washington and Beijing. Still, he ultimately expressed optimism that China’s leaders will keep their economy together.

“The Chinese economy is, at the moment, a bigger cause of concern right now compared to the U.S. economy,” Brill told CNBC’s “Squawk Box.”

He added that there are “clear signs” that China’s economy is slowing in the short term, and there may be more dragging on the nation as it looks to transition its economic model from one led by exportation to a more consumption-driven approach. Adding the tariff battle between the two largest economies just means growth will be “a bit more difficult” for Beijing, he noted.

But, Brill said, that doesn’t mean China won’t be able to push through those challenges.

“This is some cause for concern in the short term, but I’m confident that the Chinese authorities, again, will step in and implement additional measures to support the economy,” he said.


Company: cnbc, Activity: cnbc, Date: 2019-01-11  Authors: everett rosenfeld, lintao zhang, pool, getty images
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Beijing says latest US-China trade talks were extensive, made progress on forced tech transfers

In a Thursday morning statement, China’s Commerce Ministry said the just-concluded round of trade talks with the U.S. were extensive and established a foundation for the resolution of each others’ concerns. Both parties, the Beijing ministry said, agreed to maintain close contact. The talks lasted for three days in Beijing — one day longer than had been previously announced, which analysts said indicated the discussions were making some progress. He added that the structural issues that made pro


In a Thursday morning statement, China’s Commerce Ministry said the just-concluded round of trade talks with the U.S. were extensive and established a foundation for the resolution of each others’ concerns. Both parties, the Beijing ministry said, agreed to maintain close contact. The talks lasted for three days in Beijing — one day longer than had been previously announced, which analysts said indicated the discussions were making some progress. He added that the structural issues that made pro
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Company: cnbc, Activity: cnbc, Date: 2019-01-10  Authors: everett rosenfeld, thomas peter
Keywords: news, cnbc, companies, transfers, talks, sides, president, held, tech, trade, issues, beijing, chinese, ministry, progress, uschina, statement, latest, extensive, forced


Beijing says latest US-China trade talks were extensive, made progress on forced tech transfers

In a Thursday morning statement, China’s Commerce Ministry said the just-concluded round of trade talks with the U.S. were extensive and established a foundation for the resolution of each others’ concerns.

Both parties, the Beijing ministry said, agreed to maintain close contact.

Here’s the full three-sentence statement, as translated from Chinese by CNBC:

From Jan. 7 to 9, China and the U.S. held discussions in Beijing at a vice-ministerial level over the issue of trade. Both sides enthusiastically implemented the important agreement of the heads of both countries, and held broad, deep and meticulous discussions on shared observations on trade issues and structural problems, laying the foundation for addressing areas of common concern. Both sides agreed to continue to keep in close contact.

The U.S. side had issued its own statement earlier in the day, noting a long list of outstanding issues, but also recognizing that China had pledged to purchase “a substantial amount of agricultural, energy, manufactured goods, and other products and services from the United States.”

The talks lasted for three days in Beijing — one day longer than had been previously announced, which analysts said indicated the discussions were making some progress.

Gao Feng, a spokesman for China’s Commerce Ministry, said Thursday afternoon that the length of the meeting indicated that both sides were serious and honest. He added that the structural issues that made progress during the talks included forced tech transfers and the protection of intellectual property rights.

Another signal that experts cheered: China’s top trade negotiator Liu He reportedly stopped by the negotiating room on Monday, which was unexpected given that the talks were just meant to be held at the vice-ministerial level.

During a Chinese foreign ministry briefing on Monday, spokesperson Lu Kang said that “China is sincere about properly resolving trade frictions on the basis of mutual respect, equality, mutual benefit and reciprocity,” according to an official translation. He would not confirm a media report saying Chinese Vice President Wang Qishan will meet with US President Trump during the World Economic Forum’s 2019 Annual Meeting in Davos, Switzerland.

In early December, U.S. President Donald Trump and Chinese President Xi Jinping agreed to a temporary ceasefire, giving both sides until March to reach some agreement on trade and issues such as the forced transfer of technology.

Trade tensions between the world’s two largest economies escalated last year, putting global stock markets on edge. The U.S. announced tariffs on $250 billion worth of Chinese goods, while Beijing countered with its own.

—CNBC’s Evelyn Cheng and Reuters contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-01-10  Authors: everett rosenfeld, thomas peter
Keywords: news, cnbc, companies, transfers, talks, sides, president, held, tech, trade, issues, beijing, chinese, ministry, progress, uschina, statement, latest, extensive, forced


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Analysts see ‘several signs of modest progress’ in latest US-China trade talks

In the wake of the latest round of trade talks between officials from Washington and Beijing, outside observers are noting that some progress appears to have been made — but there’s still a long way to go before a meaningful deal. “There were several signs of modest progress from these mid-level talks. China, for its part, said in a Thursday morning statement issued by its Commerce Ministry that the just-concluded round of trade talks with the U.S. were extensive and established a platform for f


In the wake of the latest round of trade talks between officials from Washington and Beijing, outside observers are noting that some progress appears to have been made — but there’s still a long way to go before a meaningful deal. “There were several signs of modest progress from these mid-level talks. China, for its part, said in a Thursday morning statement issued by its Commerce Ministry that the just-concluded round of trade talks with the U.S. were extensive and established a platform for f
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Company: cnbc, Activity: cnbc, Date: 2019-01-10  Authors: everett rosenfeld, jim watson, afp, getty images
Keywords: news, cnbc, companies, talks, technology, modest, trade, beijing, analysts, goods, progress, uschina, statement, latest, tariffs, signs, issues, china, transfer


Analysts see 'several signs of modest progress' in latest US-China trade talks

In the wake of the latest round of trade talks between officials from Washington and Beijing, outside observers are noting that some progress appears to have been made — but there’s still a long way to go before a meaningful deal.

On Wednesday, the U.S. trade delegation released a statement noting a long list of outstanding issues in the relationship between the world’s two largest economies — including “forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft of trade secrets for commercial purposes, services, and agriculture.”

Still the official statement also recognized that China had pledged to buy “a substantial amount of agricultural, energy, manufactured goods, and other products and services” from the U.S. Some analysts said that language, in addition to the meeting extending to a previously unannounced third day, indicated some potential thawing in the dispute.

“There were several signs of modest progress from these mid-level talks. First, negotiations went a day over the original schedule, indicating enough substantive discussion to at least keep officials at the table. Day three reportedly focused on the more knotty structural issues raised by the US side in detailed demands presented to Beijing in May 2018,” a group of experts from political risk consultancy Eurasia Group wrote in a Wednesday note.

They added: “Second, (the U.S. Trade Representative’s) statement noted that China has pledged to purchase a ‘substantial amount’ of US exports, including agriculture, energy and manufactured goods. That language suggests that, as we expected, Beijing is carrying out a strategy of aggressively purchasing US goods — playing to (U.S. President Donald Trump’s) focus on reducing the trade deficit — in the hopes that it lessens the pressure on China to undertake difficult structural measures.”

China, for its part, said in a Thursday morning statement issued by its Commerce Ministry that the just-concluded round of trade talks with the U.S. were extensive and established a platform for future discussions.

“Both sides … held broad, deep and meticulous discussions on shared observations on trade issues and structural problems, laying the foundation for addressing areas of common concern,” the statement said, according to a CNBC translation of the original Chinese.

Even before the talks were extended into a third day, the analyst community was already seeing a positive sign when China’s top trade negotiator, Liu He, reportedly stopped by the negotiating room on Monday. Given the vice-ministerial level of the talks, that was interpreted as a strong signal that Beijing was taking negotiations seriously.

In early December, Trump and Chinese President Xi Jinping agreed to a temporary ceasefire, giving both sides until March to reach some agreement on trade and issues such as the forced transfer of technology.

Trade tensions between the world’s two largest economies escalated last year, putting global markets on edge. The U.S. announced tariffs on $250 billion worth of Chinese goods, while Beijing countered with its own battery of levies.

Both parties, the Beijing ministry said, agreed to maintain close contact.

In response to the U.S. statement on the talks, U.S.-China Business Council President Craig Allen said in a release that his group was “pleased that the two governments had substantive discussions over the past three days.”

Still, he noted that the business community is concerned about more than just the overall balance of trade between the two economic superpowers — a problem that is at least partially addressed by Beijing’s pledge to purchase more U.S. goods and services.

“We urge both governments to use the time remaining in the 90-day negotiating period to make tangible progress on the important issues at the core of the current dispute: equal treatment of foreign companies in China, as well as China’s intellectual property and technology transfer policies,” Allen said.

Beijing has denied that it forces foreign companies to transfer technology to Chinese parties in exchange for market access, but it has in various ways acknowledged that it could do more to allow overseas players an equal footing within its borders. To what extent such reforms are truly on the Communist Party’s agenda remains a matter of debate.

Another “elephant in the room” in the trade relations between China and the U.S. is additional tariffs that both countries have imposed on each other’s products, said Eric Robertsen, head of global macro strategy at Standard Chartered.

“Now, trade is only one part of this, the bigger picture issues around intellectual property, forced sharing of technology et cetera I don’t think those get addressed in the short term,” Robertsen told CNBC’s “Squawk Box” on Thursday.

“Remember, the thing that we have to solve for is getting to the end of the negotiating period and making sure that enough progress has been made so that tariffs not lifted, we still have that elephant in the room of tariffs,” he added.


Company: cnbc, Activity: cnbc, Date: 2019-01-10  Authors: everett rosenfeld, jim watson, afp, getty images
Keywords: news, cnbc, companies, talks, technology, modest, trade, beijing, analysts, goods, progress, uschina, statement, latest, tariffs, signs, issues, china, transfer


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Blockchain tech is taking on renewable energy trading in one country

In Singapore, companies can buy and sell so-called renewable energy certificates (RECs) that represent a unit of green energy production from the likes of wind or solar power. It could eventually even facilitate cross-border energy credit trading, the utility company has said. Wong spoke of a future in which energy trading is more decentralized, driven by technology and where consumers are empowered to make sustainable energy choices. In that model the power system would be a lot more robust,” W


In Singapore, companies can buy and sell so-called renewable energy certificates (RECs) that represent a unit of green energy production from the likes of wind or solar power. It could eventually even facilitate cross-border energy credit trading, the utility company has said. Wong spoke of a future in which energy trading is more decentralized, driven by technology and where consumers are empowered to make sustainable energy choices. In that model the power system would be a lot more robust,” W
Blockchain tech is taking on renewable energy trading in one country Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-07  Authors: melissa goh, everett rosenfeld
Keywords: news, cnbc, companies, trading, energy, solar, tech, system, taking, country, power, technology, recs, blockchain, renewable, singapore, week


Blockchain tech is taking on renewable energy trading in one country

Blockchain, the technology underpinning cryptocurrency bitcoin, has been recommended and theorized for uses across a broad spectrum of sectors and countries. Now, one Southeast Asian city-state is putting the tech to work in reshaping its energy industry.

In Singapore, companies can buy and sell so-called renewable energy certificates (RECs) that represent a unit of green energy production from the likes of wind or solar power. The idea is that firms seeking to offset their non-green energy production can purchase RECs from a company producing excess green power.

It’s a system similar to carbon trading that takes place in many localities, and, as of last week, companies can now engage in their REC trading on a blockchain-powered system.

That’s more than just a gimmick, according to utilities provider SP Group, which launched the new platform: It will allow for better transparency and lower costs in power trading because it reduces the need for a centralized entity to verify transactions. It could eventually even facilitate cross-border energy credit trading, the utility company has said.

“A consumer in Singapore who wishes to buy green energy can now, through blockchain-powered REC trading, purchase a REC from a hydro-producer based in Laos,” SP Group CEO Wong Kim Yin told CNBC at the Singapore International Energy Week conference last week. “This reduces the cost, reduces the friction in the market.”

High costs in verifying certificates as well as the difficulties in tracking RECs have led to relatively low trading volumes in Singapore, and even so, a majority of the transactions occur directly between one originator and buyer — not on a marketplace.

Adding blockchain to the equation may change that: The distributed ledger system effectively eliminates the need for verification processes at a centralized entity, reducing costs and allowing small energy consumers and producers to participate.

Wong spoke of a future in which energy trading is more decentralized, driven by technology and where consumers are empowered to make sustainable energy choices.

“In the past, you have big power stations in the centralized model and you would transmit power to the households. In the future you would have solar panels and you would have batteries. In that model the power system would be a lot more robust,” Wong said.

Green energy options are limited with land constraints in the city-state, meaning large-scale construction of wind farms isn’t an option. Solar panels, which are installed on surfaces, are also a function of land area, as well as the residential and commercial build-up.

Innovations like floating solar energy panels on reservoirs, which are currently being tested in Singapore, could help alleviate the spatial constraints of land, but the potential extent of such technology remains a question.

As a result, experts expect that demand will continue to outstrip supply in Singapore in the near future. Lars Kvale, managing director at APX, which is an issuer of RECs globally, told CNBC that “there is significant demand for renewable energy in Singapore but a limited amount of renewable energy capacity to meet all of the demand.”

Blockchain could unlock some of that potential through matching cross-border demand and supply.

“The true promise of blockchain and distributed ledger technology in the context of environmental commodity platforms is allowing these platforms to establish trusted relationships with upstream information sources without having to revalidate it,” Kvale added.

SP Group owns and operates electricity and gas transmission and distribution businesses in Singapore and Australia, as well as district cooling businesses in Singapore and China.


Company: cnbc, Activity: cnbc, Date: 2018-11-07  Authors: melissa goh, everett rosenfeld
Keywords: news, cnbc, companies, trading, energy, solar, tech, system, taking, country, power, technology, recs, blockchain, renewable, singapore, week


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China’s Xi again talks up commitment to ‘free trade’

The reform of the global governance system and the international order is picking up speed,” Xi said during his speech from the China International Import Expo. “On the other hand, the world economy is going through profound adjustment and protectionism and unilateralism are resurging. In fact, he said, this week’s expo “demonstrates China’s consistent position of supporting the multilateral trading system and promoting free trade. It is a concrete action taken by China to advance an open world


The reform of the global governance system and the international order is picking up speed,” Xi said during his speech from the China International Import Expo. “On the other hand, the world economy is going through profound adjustment and protectionism and unilateralism are resurging. In fact, he said, this week’s expo “demonstrates China’s consistent position of supporting the multilateral trading system and promoting free trade. It is a concrete action taken by China to advance an open world
China’s Xi again talks up commitment to ‘free trade’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-05  Authors: evelyn cheng, everett rosenfeld, lintao zhang, pool
Keywords: news, cnbc, companies, world, trump, economy, china, trade, xi, major, foreign, expo, international, commitment, talks, free, chinas


China's Xi again talks up commitment to 'free trade'

SHANGHAI, China — For the third time since U.S. President Donald Trump was elected, Chinese President Xi Jinping took to the global stage to repeat his rhetoric against protectionism and promote his country as an advocate for international openness and cooperation.

While China has made some progress on opening up its economy to foreign companies, critics say the pace is still too slow and many of Xi’s announcements have been in the works for some time. In fact, China’s attempts to position itself as a champion of globalization fly in the face of its status as one of the most protectionist major nations.

Despite that, Xi discussed at length during his highly anticipated Monday address about the benefits of an open international economy,

“The economic and social well-being of countries in the world is increasingly interconnected. The reform of the global governance system and the international order is picking up speed,” Xi said during his speech from the China International Import Expo. “On the other hand, the world economy is going through profound adjustment and protectionism and unilateralism are resurging. Economic globalization faces headwinds, and multilateralism and the system of free trade are under threat.”

To face those headwinds, Xi presented his country as one pursuing “a new round of high-standard opening up” and intent on widening “its market access to the rest of the world.” In fact, he said, this week’s expo “demonstrates China’s consistent position of supporting the multilateral trading system and promoting free trade. It is a concrete action taken by China to advance an open world economy and support economic globalization.”

The Chinese leader said his country will seek to stimulate the potential for increased imports and will further lower import tariffs. He also pledged that China will speed up the opening of its education, telecommunications and cultural sectors. As it now stands, Asia’s largest economy maintains extensive barriers for foreign firms looking to conduct business in those areas.

The speech also briefly addressed the issue of intellectual property theft, which has been a chief complaint foreign firms have had about China. Xi pledged to “enhance” the punishments for such actions to “significantly raise the cost for offenders.”

Xi also acknowledged that parts of China’s economy are facing challenges and uncertainty right now, but said the government is working quickly to address those issues and has improved in its overall ability to manage macroeconomic growth.

The Monday speech comes less than 48 hours before the midterm elections in the U.S., which the world is watching for signs about whether the Trump administration can maintain its policy momentum. The Tuesday contests could also hold implications for Washington’s foreign relations as trade tensions between the world’s two largest economies have escalated.

Last week, major stock indexes rose amid renewed hope that Trump and Xi were moving closer to an agreement on trade. White House officials later pushed back on the idea of an imminent deal, however. The two leaders are set to meet later this month at the G-20 summit in Argentina.

In the meantime, China is promoting itself to the world as a major buyer of goods with the week-long China International Import Expo. More than 3,600 enterprises have signed up for the expo and 172 countries and regions will participate, according to the event’s website.

Beijing has named 12 countries as “Guests of Honor” for the expo: Russia, Canada, the U.K., Germany, Mexico, Brazil, Egypt, Hungary, Indonesia, Pakistan, South Africa and Vietnam. Christine Lagarde, managing director of the International Monetary Fund, tweeted Sunday she is looking forward to participating in the expo in Shanghai.

However, many major Western nations are generally less enthusiastic. None appeared on a list of 18 heads of state who are set to attend the expo at Xi’s invitation, according to China’s Ministry of Foreign Affairs. While the expo said 180 U.S. firms have signed up, the Trump administration is reportedly not sending senior government officials.

—Reuters and CNBC’s Huileng Tan contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2018-11-05  Authors: evelyn cheng, everett rosenfeld, lintao zhang, pool
Keywords: news, cnbc, companies, world, trump, economy, china, trade, xi, major, foreign, expo, international, commitment, talks, free, chinas


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