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
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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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Trade minister warns of ‘double whammy’ to global economy

Ongoing trade tensions that have hit market sentiments towards the end of the current business cycle could deal a “double whammy” to the global economy, said Singapore’s Minister for Trade and Industry Chan Chun Sing. “And if this global loss of confidence and investment coincides with what we call the late cycle issues on the financial markets, then we might have a double whammy,” he added. Stock markets around the world have tumbled in recent weeks as investors are increasingly rattled by deve


Ongoing trade tensions that have hit market sentiments towards the end of the current business cycle could deal a “double whammy” to the global economy, said Singapore’s Minister for Trade and Industry Chan Chun Sing. “And if this global loss of confidence and investment coincides with what we call the late cycle issues on the financial markets, then we might have a double whammy,” he added. Stock markets around the world have tumbled in recent weeks as investors are increasingly rattled by deve
Trade minister warns of ‘double whammy’ to global economy Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-30  Authors: yen nee lee, everett rosenfeld
Keywords: news, cnbc, companies, warns, whammy, growth, global, trade, economy, double, chan, world, singapore, cycle, minister, tensions


Trade minister warns of 'double whammy' to global economy

Ongoing trade tensions that have hit market sentiments towards the end of the current business cycle could deal a “double whammy” to the global economy, said Singapore’s Minister for Trade and Industry Chan Chun Sing.

Chan’s comments came amid an escalating trade conflict between the world’s two largest economies: The U.S. is reportedly preparing new tariffs against all remaining Chinese imports if upcoming trade talks between Donald Trump and Xi Jinping break down.

“The most important thing is whether this will lead to a global loss of confidence and investment,” Chan told CNBC’s Sri Jegarajah at the Singapore International Energy Week on Tuesday.

“And if this global loss of confidence and investment coincides with what we call the late cycle issues on the financial markets, then we might have a double whammy,” he added. “Late cycle” refers to a stage in an economic recovery when activity stagnates and growth slows down.

Stock markets around the world have tumbled in recent weeks as investors are increasingly rattled by developments including rising interest rates, weakening global economy and waning earnings prospects.

The International Monetary Fund earlier this month cut its global growth forecasts as trade tensions between the U.S. and trading partners have started to hit economic activity worldwide.

Singapore is a tiny Southeast Asian economy that is highly dependent on trade — making it vulnerable in a worsening conflict between the U.S. and China. Its exports of goods and services in 2017 were almost 200 percent of its roughly $300 billion gross domestic product, according to the World Bank.

The country’s central bank, the Monetary Authority of Singapore, said current global uncertainties would result in slower growth for the rest of this year and in 2019.

“I think we have to be prepared that the situation might take a while before it improves. As far as Singapore is concerned, we’re going to continue to diversify our economy to make sure that we’re neither dependent on any specific market nor any specific sector,” Chan said.


Company: cnbc, Activity: cnbc, Date: 2018-10-30  Authors: yen nee lee, everett rosenfeld
Keywords: news, cnbc, companies, warns, whammy, growth, global, trade, economy, double, chan, world, singapore, cycle, minister, tensions


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Italy crisis pretty worrisome: Former Eurogroup President Dijsselbloem

An Italian crisis would be an “implosion” and have severe consequences for the country’s banking system, the former chief of the Eurogroup told CNBC Friday. “If the Italian crisis becomes a major crisis, it will mainly implode into the Italian economy … as opposed to spreading around Europe,” he said. “Because of the way that the Italian economy and the Italian banks are financed, it’s going to be an implosion rather than an explosion.” The more worrisome figure for that office is the structur


An Italian crisis would be an “implosion” and have severe consequences for the country’s banking system, the former chief of the Eurogroup told CNBC Friday. “If the Italian crisis becomes a major crisis, it will mainly implode into the Italian economy … as opposed to spreading around Europe,” he said. “Because of the way that the Italian economy and the Italian banks are financed, it’s going to be an implosion rather than an explosion.” The more worrisome figure for that office is the structur
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Company: cnbc, Activity: cnbc, Date: 2018-10-19  Authors: everett rosenfeld, silvia amaro, emmanuel dunand, afp, getty images
Keywords: news, cnbc, companies, spending, worrisome, zone, pretty, italian, implosion, dijsselbloem, structural, crisis, economy, deficit, 2019, eurogroup, president, italy


Italy crisis pretty worrisome: Former Eurogroup President Dijsselbloem

An Italian crisis would be an “implosion” and have severe consequences for the country’s banking system, the former chief of the Eurogroup told CNBC Friday.

Financial markets have fretted about Italy’s 2019 budget, amid new plans to increase public spending. There are strong concerns that such fiscal plan will derail the reduction of the country’s debt pile — which is the second largest in the euro zone, totaling 2.3 trillion euros ($2.6 trillion).

Speaking with CNBC on Friday, Jeroen Dijsselbloem, the previous head of the group that brings together the 19 euro zone finance ministers, told CNBC that if Italy were to turn into a crisis mode, it would be an “implosion,” given the way that its economy is organized.

“If the Italian crisis becomes a major crisis, it will mainly implode into the Italian economy … as opposed to spreading around Europe,” he said. “Because of the way that the Italian economy and the Italian banks are financed, it’s going to be an implosion rather than an explosion.”

The Italian government and the European Commission have been embroiled in a battle of words for the last couple of weeks over the new spending plans. On Thursday, the Brussels-based institution sent a letter to the Italian finance minister, Giovanni Tria, warning him that the 2019 budget draft seemed to point to a “particularly serious non-compliance with the budgetary policy obligations laid down” in European rules.

The problem in the commission’s eyes is not so much the headline deficit of 2.4 percent of gross domestic product, which is actually below the EU’s 3 percent threshold. The more worrisome figure for that office is the structural deficit. The new spending targets point to a structural deterioration of 0.8 percent of GDP in 2019. In contrast, Italy had committed last April to improve its structural deficit by 0.6 percent of GDP next year.


Company: cnbc, Activity: cnbc, Date: 2018-10-19  Authors: everett rosenfeld, silvia amaro, emmanuel dunand, afp, getty images
Keywords: news, cnbc, companies, spending, worrisome, zone, pretty, italian, implosion, dijsselbloem, structural, crisis, economy, deficit, 2019, eurogroup, president, italy


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Trump doubles down on Fed attacks, saying it’s ‘going loco’

Saying he’s “not happy” with the Fed, Trump told Fox News he could’t understand why it was continuing to tighten U.S. monetary policy. The Fed is going loco and there’s no reason for them to do it. Even as he expressed concerns about the Fed’s interest rate policy, Trump told reporters at the White House Tuesday that he had not spoken to Fed Chairman Jerome Powell about them. I think the Fed has gone crazy,” the president told reporters. The Fed has raised interest rates three times this year an


Saying he’s “not happy” with the Fed, Trump told Fox News he could’t understand why it was continuing to tighten U.S. monetary policy. The Fed is going loco and there’s no reason for them to do it. Even as he expressed concerns about the Fed’s interest rate policy, Trump told reporters at the White House Tuesday that he had not spoken to Fed Chairman Jerome Powell about them. I think the Fed has gone crazy,” the president told reporters. The Fed has raised interest rates three times this year an
Trump doubles down on Fed attacks, saying it’s ‘going loco’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-11  Authors: christina wilkie, everett rosenfeld, nicholas kamm, afp, getty images
Keywords: news, cnbc, companies, saying, white, going, trump, president, fed, problem, central, told, rates, loco, policy, doubles, attacks, interest


Trump doubles down on Fed attacks, saying it's 'going loco'

U.S. President Donald Trump continued his tirade against the Federal Reserve in a late Wednesday television appearance, laying into the central bank’s policy decisions and suggesting it is to blame for Wednesday’s sharp market decline.

Saying he’s “not happy” with the Fed, Trump told Fox News he could’t understand why it was continuing to tighten U.S. monetary policy. The president has previously expressed displeasure with the central bank, and that’s led some to fear the institution’s independence is at risk.

“The problem I have is with the Fed. The Fed is going wild. I mean, I don’t know what their problem is that they are raising interest rates and it’s ridiculous,” Trump said during a telephone interview with Fox host Shannon Bream. “The problem [causing the market drop] in my opinion is Treasury and the Fed. The Fed is going loco and there’s no reason for them to do it. I’m not happy about it.”

“Loco” means “crazy” in Spanish.

In recent months, U.S. officials have sought to emphasize that Trump would honor the Fed’s historic ability to make decisions independent of political interference. “We as an administration absolutely support the independence of the Fed,” Treasury Secretary Steven Mnuchin reportedly said in July.

As recently as Tuesday, Trump had signaled that he understood the importance of maintaining a firewall between the White House and the Fed. Even as he expressed concerns about the Fed’s interest rate policy, Trump told reporters at the White House Tuesday that he had not spoken to Fed Chairman Jerome Powell about them.

“I like to stay uninvolved with them. I have not spoken” to Powell all year, Trump said.

Trump’s attitude towards the Fed seemed to change Wednesday, however, as fears about rapidly rising rates helped cause the Dow Jones Industrial Average to drop more than 800 points by day’s end. The S&P 500 posted its worst day since February and clinched its first five-day losing streak since 2016.

Early on Wednesday afternoon, Trump knocked his central bank as he deplaned from Air Force One in Erie, Pennsylvania for a campaign rally. “I think the Fed is making a mistake. They are so tight. I think the Fed has gone crazy,” the president told reporters.

The Fed has raised interest rates three times this year and is largely expected to hike once more before year-end.

The most recent September rate hike drew criticism from Trump at the time, who said he was “worried about the fact that they seem to like raising interest rates, we can do other things with the money,” he said.

—CNBC’s Thomas Franck contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2018-10-11  Authors: christina wilkie, everett rosenfeld, nicholas kamm, afp, getty images
Keywords: news, cnbc, companies, saying, white, going, trump, president, fed, problem, central, told, rates, loco, policy, doubles, attacks, interest


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Mohamed El-Erian: The US economy looks ‘good’ for the ‘next couple of years at least’

Mohamed El-Erian, chief economic advisor for Allianz, told CNBC on Tuesday that the U.S. economy is “in a good place in terms of growth, the U.S. economy is in a good place in terms of attracting capital.” For his part, El-Erian said the IMF “is too pessimistic” about the world’s largest economy. El-Erian said that any disturbances to U.S. economic growth were likely to come from beyond its borders. “We get to a recession if there are spillbacks from the rest of the world. I think the concern is


Mohamed El-Erian, chief economic advisor for Allianz, told CNBC on Tuesday that the U.S. economy is “in a good place in terms of growth, the U.S. economy is in a good place in terms of attracting capital.” For his part, El-Erian said the IMF “is too pessimistic” about the world’s largest economy. El-Erian said that any disturbances to U.S. economic growth were likely to come from beyond its borders. “We get to a recession if there are spillbacks from the rest of the world. I think the concern is
Mohamed El-Erian: The US economy looks ‘good’ for the ‘next couple of years at least’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-09  Authors: everett rosenfeld, david orrell
Keywords: news, cnbc, companies, told, good, mohamed, growth, spending, economic, recession, economy, rest, looks, terms, elerian, worlds, couple, world


Mohamed El-Erian: The US economy looks 'good' for the 'next couple of years at least'

The U.S. economy is poised for growth that’s better than the International Monetary Fund projects, and there’s nothing on the domestic front that could knock it into a recession, according to one of the world’s most closely followed economists.

Mohamed El-Erian, chief economic advisor for Allianz, told CNBC on Tuesday that the U.S. economy is “in a good place in terms of growth, the U.S. economy is in a good place in terms of attracting capital.”

That stood in some contrast to the IMF, which maintained its prediction of 2.9 percent growth for the U.S. this year, but reduced its 2019 American growth prediction from 2.7 percent to 2.5 percent in its World Economic Outlook published on Tuesday.

For his part, El-Erian said the IMF “is too pessimistic” about the world’s largest economy.

“We’ve got three drivers of domestic demand all hitting at the same time: government spending — which is going to get stronger not weaker — household spending, and business investment,” he told CNBC’s Nancy Hungerford at the Barclays Asia Forum in Singapore. “That takes the U.S. through the next couple of years at least, so it wouldn’t surprise me if we get 3 percent growth for this year and next year.”

El-Erian said that any disturbances to U.S. economic growth were likely to come from beyond its borders.

“We get to a recession if there are spillbacks from the rest of the world. The U.S. on its own need not have a recession,” he said.

“Yes, this has been a very long expansion, but it’s been a very slow expansion, so this is qualitatively different from what we’ve seen in the past. I think the concern is about the rest of the world,” the chief economic advisor added.


Company: cnbc, Activity: cnbc, Date: 2018-10-09  Authors: everett rosenfeld, david orrell
Keywords: news, cnbc, companies, told, good, mohamed, growth, spending, economic, recession, economy, rest, looks, terms, elerian, worlds, couple, world


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Canada and US reach trade deal to replace NAFTA

The United States and Canada agreed to a deal to replace the North American Free Trade Agreement shortly before a midnight deadline. The deal will also modernize what was covered by NAFTA by adding provisions on digital trade and intellectual property, the administration official said. “The crucial test for a new NAFTA, or any new trade agreement, is whether it is enforceable, particularly with respect to promises to protect worker rights and the environment. Negotiators were racing to meet a U.


The United States and Canada agreed to a deal to replace the North American Free Trade Agreement shortly before a midnight deadline. The deal will also modernize what was covered by NAFTA by adding provisions on digital trade and intellectual property, the administration official said. “The crucial test for a new NAFTA, or any new trade agreement, is whether it is enforceable, particularly with respect to promises to protect worker rights and the environment. Negotiators were racing to meet a U.
Canada and US reach trade deal to replace NAFTA Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-01  Authors: everett rosenfeld, joanna tan, liz moyer
Keywords: news, cnbc, companies, nafta, deal, minister, official, united, replace, agreement, canada, north, trade, reach, american


Canada and US reach trade deal to replace NAFTA

The United States and Canada agreed to a deal to replace the North American Free Trade Agreement shortly before a midnight deadline.

The 24-year-old NAFTA, which President Donald Trump railed against as a disaster, will be replaced by the USMCA — the United States-Mexico-Canada Agreement.

Trump tweeted his approval Monday morning for what he called a “wonderful” trilateral agreement.

In a joint statement, U.S. Trade Representative Robert Lighthizer and Canadian Foreign Affairs Minister Chrystia Freeland said the agreement “will strengthen the middle class, and create good, well-paying jobs and new opportunities for the nearly half billion people who call North America home.”

The plan is for the leaders of the three North American countries to sign before the end of November, after which it would be submitted to Congress.

The negotiations between American and Canadian officials involved offering more market access to U.S. dairy farmers, as well as Canada agreeing to an arrangement effectively capping automobile exports to the United States.

A senior Trump administration official said the deal will “re-balance our trade relationship with Mexico and Canada,” highlighting new rules on the origin of autos, and market access to Canada’s dairy sector.

The deal will also modernize what was covered by NAFTA by adding provisions on digital trade and intellectual property, the administration official said.

A U.S. official also pointed to the prospect of enforcing the agreement, calling it “one of the most enforceable trade agreements we’ve ever had.”

“This is going to be real, and it’s going to change people’s lives, and it’s going to make the U.S. economy stronger and better,” the official said.

The trade pact will come up for review every six years, which will give the U.S. a “significant new form of leverage” to make sure the arrangement is to its liking, according to the senior American official.

“It’s a good day for Canada,” Prime Minister Justin Trudeau said.

“We celebrate a trilateral deal. The door closes on trade fragmentation in the region,” Jesus Seade, trade negotiator for Mexico’s incoming president, said via Twitter.

The issue of enforcement was front and center in a statement from Senate Finance Committee Ranking Member Sen. Ron Wyden, D-Ore.

“As I’ve said many times, NAFTA has long needed a serious overhaul,” he said. “The crucial test for a new NAFTA, or any new trade agreement, is whether it is enforceable, particularly with respect to promises to protect worker rights and the environment. Americans are sick of hearing speeches about the benefits of new trade agreements when the agreements in place aren’t even enforced and their opportunities don’t materialize.”

Negotiators were racing to meet a U.S.-imposed Sept. 30 deadline to reach an agreement with Canada as they tried to roll out a new North American trade pact.

Canada, America’s second-largest trading partner, was left out when the U.S. and Mexico reached a preliminary deal in late August to revamp NAFTA. Canada was expected to join the talks after that, and the two sides have sparred over dairy products.

Lighthizer said he was prepared to move ahead with just Mexico, but some in Congress, which has to approve a deal, were against leaving Canada behind.

Canadian Prime Minister Justin Trudeau had earlier told reporters in New York during U.N. week that they will keep working on a “broad range of alternatives.”

—CNBC’s Ylan Mui and Stephanie Dhue, The Associated Press and Reuters contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2018-10-01  Authors: everett rosenfeld, joanna tan, liz moyer
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Former Obama administration official: Trump is addressing ‘longstanding’ trade issues

Many of the trade issues on which U.S. President Donald Trump is now focusing have been concerns for numerous White House administrations, according to Michael Froman, who served as U.S. Trade Representative under former President Barack Obama. Although he offered some advice for Trump’s team, he emphasized that the current administration is trying to tackle “longstanding trade issues.” Asked what advice he would offer to those currently engaged in the process of shaping global trade policy, Fro


Many of the trade issues on which U.S. President Donald Trump is now focusing have been concerns for numerous White House administrations, according to Michael Froman, who served as U.S. Trade Representative under former President Barack Obama. Although he offered some advice for Trump’s team, he emphasized that the current administration is trying to tackle “longstanding trade issues.” Asked what advice he would offer to those currently engaged in the process of shaping global trade policy, Fro
Former Obama administration official: Trump is addressing ‘longstanding’ trade issues Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-17  Authors: everett rosenfeld, kevin lamarque
Keywords: news, cnbc, companies, trade, addressing, longstanding, china, administration, froman, official, tpp, think, obama, administrations, president, issues, trump


Former Obama administration official: Trump is addressing 'longstanding' trade issues

Many of the trade issues on which U.S. President Donald Trump is now focusing have been concerns for numerous White House administrations, according to Michael Froman, who served as U.S. Trade Representative under former President Barack Obama.

Froman, now Mastercard’s vice chairman and president for strategic growth, discussed the current state of global trade with CNBC on Saturday at the annual Singapore Summit. Although he offered some advice for Trump’s team, he emphasized that the current administration is trying to tackle “longstanding trade issues.”

“Different administrations have had different approaches — I was part of another administration that had a somewhat different approach — but certainly some of the underlying concerns about subsidies, about [intellectual property] theft, about forced technology transfer, those are longstanding issues that a number of administrations have been concerned about,” he said.

On Trump’s tactics, Froman was diplomatic: “He certainly has a very distinct approach to trade, and it’s something that he’s had a longstanding view on, long before he ran for president,” he said. “I think the rest of the world is paying attention to that.”

Asked what advice he would offer to those currently engaged in the process of shaping global trade policy, Froman emphasized international collaboration and discussion.

“I think we are most influential vis-a-vis China when we are part of a broad-based coalition of other developed and developing countries, and I think the administration has started to reach out and work with the EU and Japan vis-a-vis China, and I think broadening that out to include other major emerging economies could be helpful as well,” he said.

He recommended that the U.S. engage in a “meaningful dialogue” with China that involves Washington having a “clear idea about what it is we want China to do, and make sure that we can put it forward in a way that the Chinese will see that it’s in their interest as well.”

The former Obama official also noted that his administration brought multiple World Trade Organization cases against China as part of its “carrot and stick approach.”

On the subject of the Trans-Pacific Partnership, the now-defunct 12-nation trade agreement he had helped shape, Froman said he was encouraged by the ongoing discussions around its U.S.-lacking successor.

“I think it’s good that the other 11 countries continue to pursue TPP, that there are other countries that want to join it,” he said.

Trump canceled U.S. involvement in the TPP when he entered the White House, but Froman told CNBC he sees the work that went into the original agreement as impacting current U.S. policy.

“A number of the issues that the administration has been engaging Mexico and Canada on in the renegotiating of NAFTA are also issues that we dealt with in TPP,” he said. “So whether or not (U.S. administrations) ever come back to TPP itself, I think a lot of the rules that we pursued there, that we negotiated there, will find their way into the global trading system in one form or another.”


Company: cnbc, Activity: cnbc, Date: 2018-09-17  Authors: everett rosenfeld, kevin lamarque
Keywords: news, cnbc, companies, trade, addressing, longstanding, china, administration, froman, official, tpp, think, obama, administrations, president, issues, trump


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Blackstone’s Tony James: I don’t see an economic downturn anywhere on the horizon

There’s nothing on the horizon that’s indicating the next financial crisis is going to happen anytime soon, according to Tony James, executive vice chairman at the Blackstone Group. “The last crisis was a terrible crisis, but it was both a financial crisis and an economic downturn. Right now, I don’t see any economic downturn on the horizon, so it will be a little while before I think you have that confluence of factors,” he said. On top of that, James said he does not see the same “kind of exce


There’s nothing on the horizon that’s indicating the next financial crisis is going to happen anytime soon, according to Tony James, executive vice chairman at the Blackstone Group. “The last crisis was a terrible crisis, but it was both a financial crisis and an economic downturn. Right now, I don’t see any economic downturn on the horizon, so it will be a little while before I think you have that confluence of factors,” he said. On top of that, James said he does not see the same “kind of exce
Blackstone’s Tony James: I don’t see an economic downturn anywhere on the horizon Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-17  Authors: everett rosenfeld, adam jeffery
Keywords: news, cnbc, companies, james, tariffs, likely, blackstones, kind, tony, global, financial, crisis, horizon, economic, dont, downturn, risk


Blackstone's Tony James: I don't see an economic downturn anywhere on the horizon

There’s nothing on the horizon that’s indicating the next financial crisis is going to happen anytime soon, according to Tony James, executive vice chairman at the Blackstone Group.

Roughly a decade after the last financial crisis roared across the global, the situation is “definitely safer” because banks are more sturdy, risk and compliance procedures are improved, regulators are more vigilant and businesses are less likely to be engaged in risky behavior, James said. In fact, there appears to be some time before a problem rears its head, he told CNBC on Saturday at the annual Singapore Summit.

“The last crisis was a terrible crisis, but it was both a financial crisis and an economic downturn. Right now, I don’t see any economic downturn on the horizon, so it will be a little while before I think you have that confluence of factors,” he said.

On top of that, James said he does not see the same “kind of excess and lack of risk systems, and the interconnectedness” that characterized the global financial crisis a decade ago.

Still, James — who reportedly has a net worth well above $1 billion — acknowledged that the nature of financial shocks means they are unpredictable, so it is hard to know when stresses building.

“That’s one of the thing that makes crises crises: They always surprise you somehow,” he said.

Many economists, analysts and executives have pointed to the ongoing U.S.-China trade war as a likely trigger for a global crisis, but James described himself as an “optimist” on that front.

“There are certainly rivalries between the countries, but I believe their mutuality of interest will, at the end of the day, mean they come to some kind of agreement,” he said.

Washington and Beijing have already applied tariffs to $50 billion of each other’s goods. The U.S. is also considering additional tariffs for which China has warned it would retaliate.


Company: cnbc, Activity: cnbc, Date: 2018-09-17  Authors: everett rosenfeld, adam jeffery
Keywords: news, cnbc, companies, james, tariffs, likely, blackstones, kind, tony, global, financial, crisis, horizon, economic, dont, downturn, risk


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Russia and China are looking at launching joint projects worth more than $100 billion

A group composed of Russian and Chinese businesses is considering 73 joint investment projects cumulatively worth more than $100 billion, according to a Tuesday statement. Cooperation between China and Russia is an issue of global importance as both nations try to achieve economic stability despite the pain of U.S. penalties — sanctions against Russia, and an escalating tariff war against China. The committee includes more than 150 representatives from “leading Russian and Chinese companies,” ac


A group composed of Russian and Chinese businesses is considering 73 joint investment projects cumulatively worth more than $100 billion, according to a Tuesday statement. Cooperation between China and Russia is an issue of global importance as both nations try to achieve economic stability despite the pain of U.S. penalties — sanctions against Russia, and an escalating tariff war against China. The committee includes more than 150 representatives from “leading Russian and Chinese companies,” ac
Russia and China are looking at launching joint projects worth more than $100 billion Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-11  Authors: everett rosenfeld, mikhail svetlov, getty images
Keywords: news, cnbc, companies, looking, economic, launching, russiachina, wealth, projects, billion, 100, investment, russian, fund, china, worth, joint, sovereign, statement, russia


Russia and China are looking at launching joint projects worth more than $100 billion

A group composed of Russian and Chinese businesses is considering 73 joint investment projects cumulatively worth more than $100 billion, according to a Tuesday statement.

Cooperation between China and Russia is an issue of global importance as both nations try to achieve economic stability despite the pain of U.S. penalties — sanctions against Russia, and an escalating tariff war against China. Beijing and Moscow have had a rocky relationship, but the two governments have publicly sought closer ties in recent years.

The group overseeing the potential billions in investment is the Russian-Chinese Business Advisory Committee, which held an annual meeting this week during the Eastern Economic Forum in Vladivostok, Russia.

The committee includes more than 150 representatives from “leading Russian and Chinese companies,” according to a statement from the Russia-China Investment Fund. The RCIF was established in 2012 by China’s state-owned China Investment Corporation and Russian sovereign wealth fund the Russian Direct Investment Fund.

The announcement said seven projects worth a total of $4.6 billion had already been implemented as a result of work by the China-Russia group.

“While strong economic growth in both countries will certainly produce many domestic opportunities for profitable investments, we believe particularly promising transactions will be found in bilateral deals that capitalize on the Russia-China relationship,” Kirill Dmitriev, CEO of the Russian sovereign wealth fund, said in a statement accompanying the announcement.


Company: cnbc, Activity: cnbc, Date: 2018-09-11  Authors: everett rosenfeld, mikhail svetlov, getty images
Keywords: news, cnbc, companies, looking, economic, launching, russiachina, wealth, projects, billion, 100, investment, russian, fund, china, worth, joint, sovereign, statement, russia


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