Trump advisor Peter Navarro reportedly invented and quoted a fictional character in his books

U.S. President Donald Trump’s trade advisor, Peter Navarro, regularly quoted in his books a fictional character who’s a China hawk — like himself, The Chronicle of Higher Education reported on Tuesday. Tessa Morris-Suzuki, an emeritus professor of Japanese and Korean history at the Australian National University, discovered that a character named Ron Vara in Navarro’s books is fictional, according to the report. The name Ron Vara also appeared to be an anagram of Navarro’s name, the report said.


U.S. President Donald Trump’s trade advisor, Peter Navarro, regularly quoted in his books a fictional character who’s a China hawk — like himself, The Chronicle of Higher Education reported on Tuesday.
Tessa Morris-Suzuki, an emeritus professor of Japanese and Korean history at the Australian National University, discovered that a character named Ron Vara in Navarro’s books is fictional, according to the report.
The name Ron Vara also appeared to be an anagram of Navarro’s name, the report said.
Trump advisor Peter Navarro reportedly invented and quoted a fictional character in his books Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-17  Authors: yen nee lee
Keywords: news, cnbc, companies, trump, china, reportedly, invented, trumps, advisor, vara, trade, navarro, chronicle, report, fictional, according, navarros, books, times, quoted, character, peter


Trump advisor Peter Navarro reportedly invented and quoted a fictional character in his books

U.S. President Donald Trump’s trade advisor, Peter Navarro, regularly quoted in his books a fictional character who’s a China hawk — like himself, The Chronicle of Higher Education reported on Tuesday.

Tessa Morris-Suzuki, an emeritus professor of Japanese and Korean history at the Australian National University, discovered that a character named Ron Vara in Navarro’s books is fictional, according to the report.

The name Ron Vara also appeared to be an anagram of Navarro’s name, the report said.

Vara, said to be a military veteran and Harvard-trained economist, appeared roughly a dozen times in six of Navarro’s books, the report said. Those books — which are supposed to be non-fiction — include “Death by China” and “The Coming China Wars: Where They Will Be Fought and How They Can Be Won,” according to the report.

The White House didn’t immediately respond to CNBC’s request for comment sent after office hours.

Navarro, in a statement to the Chronicle, called Vara a “whimsical device and pen name I’ve used throughout the years for opinions and purely entertainment value, not as a source of fact.”

He said it’s “refreshing that somebody finally figured out an inside joke that has been hiding in plain sight for years.”

Navarro, a long-time China hawk, has a reputation for feeding Trump anti-China sentiment, according to The New York Times. He has publicly supported and defended Trump’s tariffs on China, and been part of the U.S. delegation that negotiates trade matters with Chinese officials.

Read the full report by The Chronicle of Higher Education.


Company: cnbc, Activity: cnbc, Date: 2019-10-17  Authors: yen nee lee
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China’s pork prices surged 69.3% in September from a year ago

Pork prices in China jumped 69.3% in September from a year ago as the country continued to battle a shortage of the meat that followed an outbreak of African swine fever. Last month’s surge in pork prices was higher compared to the 46.7% increase seen in August, according to data from China’s National Bureau of Statistics. That increase in pork prices have been a major driver in the overall increase in China’s consumer prices. Meanwhile, factory prices, measured by the producer price index, fell


Pork prices in China jumped 69.3% in September from a year ago as the country continued to battle a shortage of the meat that followed an outbreak of African swine fever. Last month’s surge in pork prices was higher compared to the 46.7% increase seen in August, according to data from China’s National Bureau of Statistics. That increase in pork prices have been a major driver in the overall increase in China’s consumer prices. Meanwhile, factory prices, measured by the producer price index, fell
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Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: yen nee lee
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China's pork prices surged 69.3% in September from a year ago

Pigs in their pen at a farm on the outskirts of Chengdu in China’s south west Sichuan province, on August 2, 2005.

Pork prices in China jumped 69.3% in September from a year ago as the country continued to battle a shortage of the meat that followed an outbreak of African swine fever.

Last month’s surge in pork prices was higher compared to the 46.7% increase seen in August, according to data from China’s National Bureau of Statistics. That pushed up food prices in China by 11.2% in September, accelerating from the previous month’s 10% gain.

That increase in pork prices have been a major driver in the overall increase in China’s consumer prices. In September, the country’s consumer price index increased 3% year-on-year in September — the highest in nearly six years, according to Reuters. Meanwhile, factory prices, measured by the producer price index, fell by 1.2%, reported Reuters.

Economists polled by the news agency had expected consumer prices in China to increase by 2.9% in September, and producer prices to fall by 1.2%.

SOURCE: China’s National Bureau of Statistics

China is the world’s top producer and consumer of pork. As the meat is a staple in the Chinese diet, a spike in prices over the last year have hurt the wallets of many consumers in the world’s second-largest economy.

Chinese authorities called increasing pork supply in the country a “major political task,” Financial Times reported last month. They have responded with measures such as consolidating pig farms and releasing pork from its strategic reserves, noted analysts from consultancy Capital Economics.

“But there are few signs that these measures have been effective: pigs continue to die in large numbers and pork price inflation is accelerating,” the analysts wrote in a report last week.

As much as half of the country’s hog population was estimated to have died from the protracted swine fever outbreak, which was discovered more than a year ago. China’s pig herd could halve by the end of this year, according to a July forecast by analysts at Dutch bank Rabobank.

— CNBC’s Evelyn Cheng, Weizhen Tan contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: yen nee lee
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China’s imports and exports fell more than expected in September

In U.S. dollar terms, China’s exports fell 3.2% in September from a year ago, while imports dropped 8.5% during the same period, according to Reuters. Economists polled by Reuters had expected Chinese exports denominated in the U.S. dollar to fall by 3% and imports to decline by 5.2% in September, compared to a year ago. The country’s overall trade surplus for last month was forecast to be $33.3 billion, according to the Reuters poll. In August, China’s exports in U.S. dollars unexpectedly fell


In U.S. dollar terms, China’s exports fell 3.2% in September from a year ago, while imports dropped 8.5% during the same period, according to Reuters. Economists polled by Reuters had expected Chinese exports denominated in the U.S. dollar to fall by 3% and imports to decline by 5.2% in September, compared to a year ago. The country’s overall trade surplus for last month was forecast to be $33.3 billion, according to the Reuters poll. In August, China’s exports in U.S. dollars unexpectedly fell
China’s imports and exports fell more than expected in September Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-14  Authors: yen nee lee
Keywords: news, cnbc, companies, expected, trade, chinas, chinese, period, countrys, fell, billion, exports, washington, imports, import, according


China's imports and exports fell more than expected in September

A Chinese flag is seen in front of containers at the Yangshan Deep-Water Port, an automated cargo wharf, in Shanghai on April 9, 2018.

China’s import and export data for September came in worse than expected amid the country’s ongoing trade friction with the U.S., Reuters reported on Monday, citing the Chinese customs.

In U.S. dollar terms, China’s exports fell 3.2% in September from a year ago, while imports dropped 8.5% during the same period, according to Reuters. The country’s total trade balance in September was $39.65 billion, Reuters said.

Economists polled by Reuters had expected Chinese exports denominated in the U.S. dollar to fall by 3% and imports to decline by 5.2% in September, compared to a year ago. The country’s overall trade surplus for last month was forecast to be $33.3 billion, according to the Reuters poll.

In August, China’s exports in U.S. dollars unexpectedly fell by 1% year-over-year — the biggest fall since June — as shipments to the U.S. slowed down sharply. Chinese imports, meanwhile, dropped 5.6% in the same period. That brought its trade surplus to $34.83 billion, according to Chinese customs data.

In yuan terms, China’s exports in September was 0.7% lower from a year ago, while imports dropped 6.2% during the same period, according to Reuters.

Martin Lynge Rasmussen, China economist at consultancy Capital Economics, said exports out of the world’s second-largest economy would take time to recover.

“The mini US-China trade deal reached on Friday doesn’t alter the outlook significantly,” he wrote in a note.

“Looking ahead, exports look set to remain subdued in the coming quarters,” he added. “Meanwhile, import growth has slowed sharply in recent quarters and now looks unusually weak relative to economic growth. A partial rebound in headline import growth is therefore likely in the near term.”

The Chinese economy — the second largest in the world — is growing at a slower pace amid the protracted trade battle between Beijing and Washington. Officials from both countries met in Washington last week to discuss trade, and President Donald Trump said the U.S. has come to a “very substantial phase one deal” with China.

Trump said that deal will involve China purchasing $40 billion to $50 billion worth of American farm products, and address concerns such as intellectual property theft and currency manipulation. Washington also suspended an increase in tariffs on Chinese goods planned for this week.

A spokesman from the Chinese customs said the country’s trade frictions with the U.S. has affected its export and import activity, Reuters reported on Monday.


Company: cnbc, Activity: cnbc, Date: 2019-10-14  Authors: yen nee lee
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Singapore’s economy dodges technical recession after growing 0.6% in the third quarter

Singapore’s economy — often seen as a bellwether for global growth — avoided a technical recession after growing by 0.6% in the third quarter, compared to the previous three months. On a year-on-year basis, Singapore’s economy grew 0.1% in the third quarter. Economists polled by Reuters had expected Singapore’s gross domestic product from July to September to increase by 1.5% quarter-on-quarter and 0.3% year-on-year. A technical recession happens when there are two consecutive quarters of econom


Singapore’s economy — often seen as a bellwether for global growth — avoided a technical recession after growing by 0.6% in the third quarter, compared to the previous three months. On a year-on-year basis, Singapore’s economy grew 0.1% in the third quarter. Economists polled by Reuters had expected Singapore’s gross domestic product from July to September to increase by 1.5% quarter-on-quarter and 0.3% year-on-year. A technical recession happens when there are two consecutive quarters of econom
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Company: cnbc, Activity: cnbc, Date: 2019-10-14  Authors: yen nee lee
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Singapore's economy dodges technical recession after growing 0.6% in the third quarter

Singapore’s economy — often seen as a bellwether for global growth — avoided a technical recession after growing by 0.6% in the third quarter, compared to the previous three months.

That quarter-on-quarter expansion marked a reversal from the revised 2.7% decline in the April-to-June period, official advance estimates by the Ministry of Trade and Industry showed on Monday. On a year-on-year basis, Singapore’s economy grew 0.1% in the third quarter.

But the latest growth figures were below expectations. Economists polled by Reuters had expected Singapore’s gross domestic product from July to September to increase by 1.5% quarter-on-quarter and 0.3% year-on-year.

A technical recession happens when there are two consecutive quarters of economic contraction. Talks of a global recession heightened in recent months amid a U.S.-China trade war that’s dragged on for more than a year.


Company: cnbc, Activity: cnbc, Date: 2019-10-14  Authors: yen nee lee
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A pause in US-China trade war would be a ‘big relief’ to markets, says economist

With many investors worried about further economic damages from the U.S.-China trade war, even a “pause” in that bilateral fight would be a “big relief” to markets, according to an economist. “Even if we just get a pause, I think that will be very good. I think it will be a big relief for markets, so I think we will get a risk rally,” Robin Brooks, managing director and chief economist at the Institute of International Finance, told CNBC’s “Squawk Box Asia” on Friday. Stocks in the U.S. were tak


With many investors worried about further economic damages from the U.S.-China trade war, even a “pause” in that bilateral fight would be a “big relief” to markets, according to an economist. “Even if we just get a pause, I think that will be very good. I think it will be a big relief for markets, so I think we will get a risk rally,” Robin Brooks, managing director and chief economist at the Institute of International Finance, told CNBC’s “Squawk Box Asia” on Friday. Stocks in the U.S. were tak
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Company: cnbc, Activity: cnbc, Date: 2019-10-11  Authors: yen nee lee, jacob pramuk
Keywords: news, cnbc, companies, war, talks, markets, economist, think, pause, uschina, worried, big, relief, trade


A pause in US-China trade war would be a 'big relief' to markets, says economist

With many investors worried about further economic damages from the U.S.-China trade war, even a “pause” in that bilateral fight would be a “big relief” to markets, according to an economist.

“Even if we just get a pause, I think that will be very good. I think it will be a big relief for markets, so I think we will get a risk rally,” Robin Brooks, managing director and chief economist at the Institute of International Finance, told CNBC’s “Squawk Box Asia” on Friday.

Stocks in the U.S. were taken on wild ride Thursday following several conflicting headlines related to U.S.-China trade talks this week. Officials from both countries met in Washington on Thursday to discuss trade, which U.S. President Donald Trump said were “going really well.”

Trump is set to meet with Chinese Vice Premier Liu He on Friday.

Many analysts have low expectations for what the two sides could achieve in this week’s talks. Some said the U.S. and China could reach a limited deal for the time being, while others predicted that the next rounds of tariff increases scheduled for Oct. 15 and Dec. 15 would be postponed.


Company: cnbc, Activity: cnbc, Date: 2019-10-11  Authors: yen nee lee, jacob pramuk
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Malaysia may set aside its belt-tightening plans to save its economy from trade war damage

Malaysia’s government will outline its spending plans for next year on Friday — and analysts said the country may spend more than it had earlier intended to prop up the economy amid a damaging U.S.-China trade war. The Southeast Asian country had a change in government in last year’s general election — the first since its independence in 1957. But uncertainties surrounding the trade war between the U.S. and China has dimmed Malaysia’s economic growth outlook. Weaker growth typically lowers gover


Malaysia’s government will outline its spending plans for next year on Friday — and analysts said the country may spend more than it had earlier intended to prop up the economy amid a damaging U.S.-China trade war. The Southeast Asian country had a change in government in last year’s general election — the first since its independence in 1957. But uncertainties surrounding the trade war between the U.S. and China has dimmed Malaysia’s economic growth outlook. Weaker growth typically lowers gover
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Company: cnbc, Activity: cnbc, Date: 2019-10-11  Authors: yen nee lee
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Malaysia may set aside its belt-tightening plans to save its economy from trade war damage

Malaysia’s government will outline its spending plans for next year on Friday — and analysts said the country may spend more than it had earlier intended to prop up the economy amid a damaging U.S.-China trade war.

The Southeast Asian country had a change in government in last year’s general election — the first since its independence in 1957. The new government, led by Prime Minister Mahathir Mohamad, had set out to rein in a debt pile of over 1 trillion Malaysian ringgit ($238.5 billion) that it said was left behind by the previous administration.

But uncertainties surrounding the trade war between the U.S. and China has dimmed Malaysia’s economic growth outlook. Weaker growth typically lowers government revenue, while increasing the need for greater public spending to cushion an economic slowdown.

So, the Malaysian government may find it challenging to reduce its fiscal deficit — the shortfall in income compared to spending — from around 3.4% of gross domestic product this year to its target of 3% in 2020, Reuters reported, citing Finance Minister Lim Guan Eng.

Economists agreed that Malaysia could set aside that target for now. Several analysts cited a fiscal deficit of 3.1% to 3.2% to GDP as the level that allows the government to spend to boost growth, without abandoning financial discipline in a way that would alarm credit ratings agencies.

“Sticking to a 3% target for 2020 makes little sense as the global and domestic growth outlook has worsened significantly,” analysts from Bank of America Merrill Lynch wrote in a Monday note.

“Despite its resilience so far, Malaysia’s external sector remains exposed to a global downturn,” they said. The analysts added that private consumption, which contributed to 90% of GDP growth over the last six quarters, also looks set to weaken in the coming months.

The Malaysian economy exceeded expectations by growing around 4.7% in the first half this year, but that’s likely to slow down to below 4.5% for the remainder of 2019 and 4% in 2020, according to BofAML.


Company: cnbc, Activity: cnbc, Date: 2019-10-11  Authors: yen nee lee
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‘You don’t do these things prior to negotiations,’ ex-diplomat says of US actions against China

A Chinese and U.S. flag at a booth during the first China International Import Expo in Shanghai, taken on taken on November 6, 2018. The latest U.S. actions against Chinese officials and companies don’t “set a good tone” for an upcoming high-level trade talk, a former American ambassador to China said Wednesday. Both announcements came just days ahead of a high-level trade meeting set to take place in Washington on Thursday and Friday. Max Baucus, former U.S. ambassador to China from February 20


A Chinese and U.S. flag at a booth during the first China International Import Expo in Shanghai, taken on taken on November 6, 2018. The latest U.S. actions against Chinese officials and companies don’t “set a good tone” for an upcoming high-level trade talk, a former American ambassador to China said Wednesday. Both announcements came just days ahead of a high-level trade meeting set to take place in Washington on Thursday and Friday. Max Baucus, former U.S. ambassador to China from February 20
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Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: yen nee lee abigail ng, yen nee lee, abigail ng
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'You don't do these things prior to negotiations,' ex-diplomat says of US actions against China

A Chinese and U.S. flag at a booth during the first China International Import Expo in Shanghai, taken on taken on November 6, 2018.

The latest U.S. actions against Chinese officials and companies don’t “set a good tone” for an upcoming high-level trade talk, a former American ambassador to China said Wednesday.

The Trump administration on Tuesday placed visa restrictions on Chinese officials it “believed to be responsible for, or complicit in, the detention and abuse of” Muslim minorities in China’s northwestern Xinjiang region. That followed a Monday move to blacklist 28 Chinese companies alleged to be involved in surveillance and detention of minority groups in China.

Both announcements came just days ahead of a high-level trade meeting set to take place in Washington on Thursday and Friday.

“You don’t do these things prior to negotiations. It does not set a good tone, that’s tactically. Strategically, all these actions — I think — are causing the Chinese to wonder: ‘What is the US’ real motive here?'” Max Baucus, former U.S. ambassador to China from February 2014 to January 2017, told CNBC’s “Street Signs Asia.”

Baucus, also a former Democratic senator from Montana, said the U.S. actions could simply be posturing ahead of the planned trade talks to get a better deal from China. But, “China will not be bluffed,” he added.

Taimur Baig, chief economist at DBS Group Research, echoed that sentiment. “There are ways of putting pressure — back channel diplomacy, implicit threats and so on, but this is very explicit (and) very noisy,” he told CNBC’s “Street Signs Asia.”

“The … potential loss of face for the Chinese is massive. I can’t imagine anybody rationally expecting a constructive outcome out of this,” he added. Baig also said the timing of the U.S. move “could not be worse” and it would “definitely backfire.”

Beijing, in response to the U.S. blacklist of Chinese firms, said it urges the U.S. to “stop interfering” in its internal affairs and suggested that it would retaliate against the American move.


Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: yen nee lee abigail ng, yen nee lee, abigail ng
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Elizabeth Warren could be ‘even tougher than Trump’ on China, says analyst

China may be better off agreeing to a deal with U.S. President Donald Trump while he’s in office, an analyst told CNBC on Tuesday. That’s because things could get tougher if Elizabeth Warren, a potential Democratic rival, wins next year’s presidential election. Warren, a U.S. senator seeking the Democratic Party’s presidential nomination, could bring up more difficult issues when negotiating with China, said Wayne Kaufman, chief market analyst at Phoenix Financial Services. An NBC News/Wall Stre


China may be better off agreeing to a deal with U.S. President Donald Trump while he’s in office, an analyst told CNBC on Tuesday. That’s because things could get tougher if Elizabeth Warren, a potential Democratic rival, wins next year’s presidential election. Warren, a U.S. senator seeking the Democratic Party’s presidential nomination, could bring up more difficult issues when negotiating with China, said Wayne Kaufman, chief market analyst at Phoenix Financial Services. An NBC News/Wall Stre
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Elizabeth Warren could be 'even tougher than Trump' on China, says analyst

China may be better off agreeing to a deal with U.S. President Donald Trump while he’s in office, an analyst told CNBC on Tuesday. That’s because things could get tougher if Elizabeth Warren, a potential Democratic rival, wins next year’s presidential election.

Warren, a U.S. senator seeking the Democratic Party’s presidential nomination, could bring up more difficult issues when negotiating with China, said Wayne Kaufman, chief market analyst at Phoenix Financial Services. That would add to the many sticking points, which currently include the lack of intellectual property rights protection, making it harder for both sides to seal a deal.

An NBC News/Wall Street Journal poll last month placed Warren just behind former Vice President Joe Biden as the favored candidate to win the Democratic presidential nomination.

“The Chinese, they would like to wait out President Trump … they may be miscalculating because if they get a President Elizabeth Warren, she’s probably going to be even tougher than Trump,” Kaufman told CNBC’s “Street Signs Asia.”

“Warren will go after them in a worse way because of climate change. She’s a big, big climate change person. China is the biggest polluter in the world so the Chinese may want to deal with Mr. Trump who I think wants to have some deal done by first quarter,” he added.


Company: cnbc, Activity: cnbc, Date: 2019-10-08  Authors: yen nee lee
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Brexit deadline could be extended again, says UK lawmaker

With the European Union appearing lukewarm toward U.K. Prime Minister Boris Johnson’s latest Brexit proposal, the deadline for Britain to leave the bloc could once again be pushed back, according to a British lawmaker. The U.K. currently has until Oct. 31 to leave the EU. Britain’s departure has been pushed back multiple times from the original March 29 deadline, after British members of parliament thrice rejected former Prime Minister Theresa May’s withdrawal agreement. He said even though “the


With the European Union appearing lukewarm toward U.K. Prime Minister Boris Johnson’s latest Brexit proposal, the deadline for Britain to leave the bloc could once again be pushed back, according to a British lawmaker. The U.K. currently has until Oct. 31 to leave the EU. Britain’s departure has been pushed back multiple times from the original March 29 deadline, after British members of parliament thrice rejected former Prime Minister Theresa May’s withdrawal agreement. He said even though “the
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Brexit deadline could be extended again, says UK lawmaker

EU flags flutter on the day of Britain’s newly elected prime minister Boris Johnson’s debut in the House of Commons, outside the Houses of Parliament in London on July 25, 2019.

With the European Union appearing lukewarm toward U.K. Prime Minister Boris Johnson’s latest Brexit proposal, the deadline for Britain to leave the bloc could once again be pushed back, according to a British lawmaker.

The U.K. currently has until Oct. 31 to leave the EU. Britain’s departure has been pushed back multiple times from the original March 29 deadline, after British members of parliament thrice rejected former Prime Minister Theresa May’s withdrawal agreement.

If the EU doesn’t agree to Johnson’s proposal, it would have to once again delay the U.K.’s departure to avoid a no-deal Brexit, said Jitesh Gadhia, a member of the House of Lords, the upper chamber of the British parliament.

“If you think about it from the EU perspective and if you look at their choices: Do you seal a deal with Prime Minister Johnson now or do you actually roll the dice on an extension and election hoping that you might have a more favorable counterparty?” Gadhia told CNBC’s Tanvir Gill on Friday at the World Economic Forum in New Delhi, India.

He said even though “the omens aren’t great” on getting the EU to agree to Johnson’s deal, the bloc still appeared to be open to further negotiations.

Within the U.K., a majority of lawmakers want a deal and they have blocked Johnson from taking Britain out of the EU without a deal on Oct. 31. If no deal is in place by Oct. 19, Johnson is bound by law to ask the EU for a delayed departure date.

Another extension would pave the way to a general election in the U.K., according to James Smith, developed markets economist at Dutch bank ING.

“Once an Article 50 extension is secured, the countdown to a general election – perhaps as little as five weeks later – will almost certainly begin,” Smith wrote in a Wednesday note.

— CNBC’s Holly Ellyatt contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-10-04  Authors: yen nee lee, holly ellyatt
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Russia can help India to be less dependent on oil, says Indian energy minister

India, the world’s third-largest oil consumer and importer, wants to reduce its reliance on oil — and working with Russia could help it achieve that, said Indian Minister of Petroleum and Natural Gas Dharmendra Pradhan. At the same time, the Indian government plans to raise the share of natural gas in the country’s energy mix from 6% to 15% by 2030. “Today, India is sourcing its energy requirement from a different part (of the) world, Russia is one among the important destinations for us,” Pradh


India, the world’s third-largest oil consumer and importer, wants to reduce its reliance on oil — and working with Russia could help it achieve that, said Indian Minister of Petroleum and Natural Gas Dharmendra Pradhan. At the same time, the Indian government plans to raise the share of natural gas in the country’s energy mix from 6% to 15% by 2030. “Today, India is sourcing its energy requirement from a different part (of the) world, Russia is one among the important destinations for us,” Pradh
Russia can help India to be less dependent on oil, says Indian energy minister Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-04  Authors: yen nee lee
Keywords: news, cnbc, companies, world, energy, natural, gas, help, india, novatek, dependent, russian, wants, trade, oil, indian, minister, russia


Russia can help India to be less dependent on oil, says Indian energy minister

India, the world’s third-largest oil consumer and importer, wants to reduce its reliance on oil — and working with Russia could help it achieve that, said Indian Minister of Petroleum and Natural Gas Dharmendra Pradhan.

The South Asian country imports around 80% of its oil needs, but Prime Minister Narendra Modi has said he wants to bring that down to 67% by 2022. At the same time, the Indian government plans to raise the share of natural gas in the country’s energy mix from 6% to 15% by 2030.

“Today, India is sourcing its energy requirement from a different part (of the) world, Russia is one among the important destinations for us,” Pradhan told CNBC’s Tanvir Gill at the World Economic Forum in New Delhi, India.

Following a meeting between Modi and Russian President Vladimir Putin last month, the two countries announced several energy-related deals. According to Reuters, they include:

India’s Petronet LNG agreeing to buy liquefied natural gas from Russia’s Novatek and invest in the Russian company’s future projects.

India’s H-Energy looking to buy LNG from Novatek on a long-term basis.

Coal India signing a deal to mine coking coal in Russia.

Those deals and investments would help India and Russia to reach their goal of hitting $30 billion in annual trade by 2025. Bilateral trade between the two countries currently stands at around $11 billion.


Company: cnbc, Activity: cnbc, Date: 2019-10-04  Authors: yen nee lee
Keywords: news, cnbc, companies, world, energy, natural, gas, help, india, novatek, dependent, russian, wants, trade, oil, indian, minister, russia


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