Trump threat to ‘decouple’ US and China hits trade, investment reality

first_imgConflicting talk from Trump administration officials about “decoupling” the US economy from China is running into a challenging reality: Chinese imports of US goods are rising, investment by American companies into China continues, and markets are wary of separating the world’s biggest economies.White House trade adviser Peter Navarro gave Asian markets a scare on Monday night by telling Fox News Channel that the US-China trade deal was “over.” US stock futures dropped, the dollar rose, and volatility indices climbed.Navarro quickly backtracked on Monday night, saying he was referring to a lack of trust between the United States and China over the coronavirus outbreak. President Donald Trump also quickly tweeted that the deal was intact. On Tuesday, National Economic Council Director Larry Kudlow praised Beijing, telling Fox Business Network “they’ve actually picked up their game” when it comes to the trade deal.The damage-control efforts by the Trump administration come after Trump said last week that “a complete decoupling from China” was an option, overruling US Trade Representative Robert Lighthizer, who had told lawmakers that decoupling was not realistic.The Trump re-election campaign has made being “tough on China” a key part of his platform. The White House has blamed Beijing for the spread of the coronavirus that has killed more than 120,000 Americans, more than any other country.But part of that message – that the United States is able and willing to walk away from its largest supplier – is challenged by on-the-ground realities. US-China trade is actually increasing, after the coronavirus caused major drops shortly after the trade deal was signed in January. US exports to China rose to US$8.6 billion in April, up from a 10-year monthly trough of $6.8 billion in February, according to US Census Bureau data. Imports from China shot up to $31.1 billion from $19.8 billion in March, which marked the lowest monthly total in 11 years.US Department of Agriculture data showed soybean exports to China rose to 423,891 metric tons in April, more than doubling the 208,505 tonnes imported in March.US officials, including Lighthizer and Secretary of State Mike Pompeo and Treasury Steven Mnuchin, have recently affirmed China’s commitment to meet terms of the Phase 1 trade deal, which calls for China to boost purchases of US farm and manufactured goods, energy and services by $200 billion over two years.Pompeo, asked by syndicated radio show host Hugh Hewitt about prospects for a new cold war, said on Tuesday the US economy was far more integrated with China’s than with the former Soviet Union.“We have to think about this in a way that reflects that, because the challenges of American economic growth and prosperity are deeply intertwined today with the Chinese economy,” Pompeo said, adding that Trump was determined to protect U.S. interests.Mnuchin, asked about decoupling in a Bloomberg-Invesco forum, said it would occur if US companies were not allowed to compete fairly in the China’s economy.A person familiar with both US and Chinese thinking on the trade deal said Navarro’s comments appeared to be a “slip of the tongue,” reflecting his personal hawkish views on China and not administration policy.The person also said Chinese officials have indicated that June imports from the United States were expected to show a dramatic increase after falls in recent months due to the outbreak.Strong investmentUS companies had announced $2.3 billion in new direct investment projects in the first quarter of 2020, only slightly down from last year’s quarterly average despite the coronavirus, the Rhodium Group said in a recent study – indicating that few US companies are reducing their China footprint.Bill Reinsch, a senior adviser and trade expert at the Center for Strategic and International Studies, said it took over 20 years for the US and Chinese economies to grow together, and decoupling cannot be accomplished easily.Some companies are leaving, not because of Trump, but because of rising Chinese wage rates and Chinese policies that have disadvantaged foreign-owned businesses, he said.“If you’re in China to serve the Chinese market, you’re going to stay because you can’t serve it as well from the outside,” Reinsch said. “The president can’t simply order everybody to come home. Businesses will make rational, economic decisions.”Topics :last_img read more

Singapore says blockchain payments project ready for commercial rollout

first_imgThey said that commercial applications of the prototype include cross-border payments in multiple currencies, foreign currency exchange, and settlement of foreign currency denominated securities as well as other use cases.Blockchain, a digital ledger of transactions, leaped to prominence as the technology that underpins the first digital currency, bitcoin. It has since attracted global attention because it can be used to track, record and transfer assets across all industries.To spur further industry development, MAS and Temasek said it would make some of the technical specifications for the prototype network available to the public.Topics : Singapore has developed a blockchain-based payments network that could enable faster and cheaper international settlements, authorities said on Monday, adding that the next step was a commercial rollout.The final phase of the years-long ‘Project Ubin’ saw the Monetary Authority of Singapore team up with state investor Temasek and JP Morgan to develop the prototype multi-currency payments network.“An international settlement network, modelled after this payments network prototype, could enable faster and cheaper transactions than conventional cross-border payments channels,” MAS and Temasek said in a joint statement.last_img read more

​European Commission’s Lueder sets out strategy for asset management

first_imgHe cited the reporting requirements in the AIFM Directive as one result of that tendency in asset management.“We have seen the peak in that, and that there will be a new focus on the internal market,” he said.“We can see that with the way the European Commission’s structure has been reformed, and the capital markets union was added to Lord Hill’s portfolio for that very reason.”Jonathan Hill was recently named as commissioner for Financial Services Stability, Financials Services and Capital Markets Union, a move broadly welcomed in all sections of the industry, including asset management.Lueder’s main focus was on creating new business outside the EU, and particularly in China.“I don’t think there is any agenda for creating new passporting schemes,” he said.“It’s more credible to start to work on third-country schemes that exploit the structures we have already established in the form of UCITS, ELTIF, AIFM and European venture capital schemes.“UCITS has been a great success that gives us a headstart in places like China, Singapore, Hong Kong and Chile.“We have one of the few pieces of European legislation that has become the global standard, the default model for businesses selling funds in third countries.“UCITS is the model we could build on for capital markets union, for raising capital in multiple jurisdictions – not just throughout the EU, but worldwide.”Lueder offered an insight into his detailed discussions with the China Securities Regulatory Commission, the People’s Bank of China and the Chinese asset management community, following on from initial contact made by commissioner Michel Barnier.The favoured structure would see Chinese investors obtain a domestic investor quota to convert part of their renminbi holdings into the investment currency of a UCITS – the opposite of the QFII arrangements, which involve foreign investors getting a quota for investment in China.In terms of the types of products Chinese investors will look for, Lueder reported a lot of interest in the use of UCITS to liberalise and increase convertibility of the renminbi.He cited the example of foreign-currency denominated investments in import or export businesses with exposure to the renminbi, cases where the conversion back to renminbi on redemption provide potential extra return or a hedge for the investor.He added that the liquidity afforded by UCITS was an advantage for these kinds of investment.“Investors in China want UCITS that are complementary to what they already have access to,” Lueder added.“They don’t want European money market funds. They want smaller, specialised, niche investments in their UCITS – this could be a big opportunity for Europe’s smaller asset managers.”Both messages played well with the NCI members in London.Dominic Johnson, chief executive at emerging market boutique Somerset Capital, and NCI’s co-founder and chairman, said: “It’s terrifically heartening to hear from Tilman Lueder that his part of the European Commission is focused on fostering true European capital markets integration, assisting our members – and firms like them – to compete better globally.” Tilman Lueder, head of the European Commission’s asset management division that oversees EU rules applicable to collective investment schemes (UCITS) and alternative investment fund managers (AIFMs), has set out an industry-friendly strategy that focuses on taking European investment vehicles to Chinese institutional investors.Speaking in London at an event hosted by the insurance brokers JLT after a day spent in dialogue with the New City Initiative, a trade body representing owner-managed financial services firms, Lueder was keen to emphasise a shift in focus for the incoming Commission.“There is a new team of commissioners coming in, and the portfolio set-up has been organised in line with the focus on jobs and growth,” he said.While he emphasised that the asset management division had always been much less focused on crisis-response, macroprudential regulation, such as Solvency II and the banking union project, he conceded that after 2008 there was a tendency to see the internal market as problematic because of the systemic interconnections it creates.last_img read more

​Folksam greens SEK80bn foreign portfolio by halving share count

first_imgKjeller added that Folksam had both the ability and the desire to take further steps to contribute to a more sustainable world.Folksam said that, having previously excluded companies generating more than 30% of sales from coal, it had decided to blacklist companies deriving more than 10% of revenue from oil sands extraction. Oil sands was a high-risk area with a major climate and environmental impact, the provider said.Kjeller said the firm began improving the sustainability of its portfolio by making large investments in green bonds and methodically reducing the energy consumption of its real estate holdings.“In parallel with this, we have been analysing how we can change our equity investments in the same direction without sacrificing the return,” he said.The pensions and insurance group was among a number of pension funds that recently called for EU political leaders to endorse a long-term decarbonisation strategy to achieve climate neutrality by 2050. In an open letter the investors stated that, though pension funds were moving their investments towards this goal, investors could not do it alone. Swedish pension provider Folksam has axed more than half of the holdings in its SEK80bn (€7.4bn) foreign equities portfolio, bringing the number of individual stocks down to 500 in a bid to improve the allocation’s sustainability.The reshuffle – which also affected Folksam’s subsidiary KPA Pension – took place between the end of March and mid-April and was expected to reduce the portfolio’s carbon footprint by 20%, with the energy sector weighting having been halved compared to the reference index.Michael Kjeller, head of asset management and sustainability at Folksam, said: “The change we have made to equity investments is powerful, but we still see it as a first step.“We now have an excellent platform for further strengthening our influence, while our work on the change has built knowledge that we will benefit from greatly in the future.”last_img read more

L3 ASV in Autonomous Navigation Study for U.K. Government

first_imgL3 ASV has received U.K. government funding for a pioneering project on autonomous navigation of maritime vessels. The company will conduct a study with its partners in the Maritime & Coastguard Agency (MCA) and United Kingdom Hydrographic Office (UKHO), focusing on the future of marine navigational data and charts.The project is funded by the Department for Transport’s Transport Technology Research Innovation Grant (T-TRIG) and aims to promote early-stage science, engineering or technology innovations with the potential to advance the U.K.’s transport system.L3 ASV’s T-TRIG project will begin by exploring the characteristics of navigational data and charts in terms of what they comprise, their structure and how they are updated.“Current navigational data and charts have been developed over centuries to be read and interpreted by humans,” said Dan Hook, Senior Director of Business Development at L3 ASV. “Today, and over the coming decade, more and more marine vessels will be operating unmanned, and the charts will be read by computers.”The project will identify the technical data requirements to enable the development of a Smart Chart system, which will then provide information to autonomous vessels to enable safer navigation.last_img read more

Ronaldo becomes highest followed person on Instagram

first_imgRelatedPosts Pirlo not out to copy anyone after Juventus’ comfortable opening win Live stream Premier League, La Liga, Serie A on Showmax Pro this weekend Juve’s Pirlo gamble makes new Serie A season the most open for years Portuguese professional footballer, Cristiano Ronaldo dos Santos Aveiro, has become the highest followed celebrity on Instagram. Instagram is an American photo and video-sharing social networking platform owned by Facebook. The 34-year-old soccer player took to his instagram handle: @ Cristiano, on Thursday to share a post alongside a short video. He captioned it: “Wow 200 million!!! Thank you to each and every one of you for sharing this journey with me every day!!” The short video documents part of Ronaldo’s history in football, family, friends and achievements. The video has inscriptions like: CR7 instagram 200m journey; Pushing The Limits; Family And Friends Always; Just Do It; and The Most Awarded Player In Football. His fans also congratulated him, as one: @Senga_Menga, wrote: “King of all time.” @ kakasccp 1910: “The best.” Instagram says as at January 2020, the most-followed person is footballer Cristiano Ronaldo, with over 200 million followers and the most-followed woman is singer Ariana Grande, with over 173 million followers. The News Agency of Nigeria reports that Cristiano Ronaldo dos Santos Aveiro is a Portuguese professional footballer, who plays for Serie A with Juventus and captains the Portuguese national team. The football star has won football awards like European Golden Shoe, FIFA World Player of The Year and Ballon d’Or. He is blessed with three kids. NAN.Tags: ariana GrandeCristiano RonaldoJuventusSerie Alast_img read more

Lallana could miss start of season

first_img The 26-year-old, who moved to Anfield from Southampton earlier this month, sustained a knock to his lateral collateral ligament during a session at the Reds’ Harvard University training base in Boston. Although no time-frame has been placed on a return to fitness, such injuries can result in a spell of anywhere up to six weeks on the sidelines. Liverpool midfielder Adam Lallana could miss the start of the new season after injuring his knee in training. Press Associationcenter_img A quirk of the Barclays Premier League fixture list means Liverpool’s first match is at home to Southampton on August 17, with Lallana now facing a fitness race to make the Anfield clash. He has been assessed by Liverpool’s medical staff and does not require surgery. However, the news is clearly a setback for the England international, who will undergo further assessment by the club’s medical team in the United States and on his return to Liverpool. Lallana, a boyhood Everton fan, completed his £25million move to Anfield earlier this month, ending manager Brendan Rodgers’ pursuit of a player he identified as a primary target for this summer. last_img read more

The Latest: Raptors coach Nurse recalls Leonard’s departure

first_img February 15, 2020 The Latest: Raptors coach Nurse recalls Leonard’s departure ___3:55 p.m.Portland Trail Blazers star Damian Lillard is grateful for the All-Star break.He had to pull out of the All-Star Game and Saturday night’s 3-point competition after he strained his groin during Wednesday night’s 111-104 loss to Memphis. He was replaced by Phoenix Suns guard Devin Booker.Lillard is averaging 29.5 points and 7.9 assists. Soon after, Nurse headed down to the hotel lobby and ran into two of his players, Pascal Siakam and Fred Van Vleet.“I thought the guys might need some cheering up, so I said, ‘Hey, look at it this way: Kawhi leaving means we just freed up something like 20 shots per game,” Nurse said.It was 18.8 per game to be precise, but who’s counting? Well, plenty of Leonard’s former teammates, apparently.“Siakam immediately starts doing this,” Nurse laughed, swinging his right arm in widening circles, like a baseball pitcher loosening up before entering a game. “And Van Vleet just breaks into a crazy grin.”Small wonder. Those two became the biggest beneficiaries of Leonard’s departure. Siakam is averaging 7.3 more shots and 6.6 more points per game at the break; Van Vleet, 5.3 and 7, respectively. The remainder of Leonard’s shots were scooped up by Kyle Lowry and OG Anunoby. Share This StoryFacebookTwitteremailPrintLinkedinRedditCHICAGO (AP) — The Latest on Saturday night at NBA All-Star weekend. (all times local):4:00 p.m.Toronto Raptors and All-Star coach Nick Nurse was in Las Vegas last summer when he got the news that Kawhi Leonard was leaving the defending champions after just one season to join the Los Angeles Clippers. Associated Press “Tough injury,” he said during Saturday’s All-Star media session. “Came at a tough time. Fortunate for me, that game was on the 12th, we don’t play again until the 21st. So that’s at least nine days of being able to see where I am, get some treatment, do some rehab and go from there.”___More AP NBA: and read more

Everest ready to compete in St Maarten Over-35 tournament

first_imgLOCAL side Everest Masters have arrived in Sint Maarten full of confidence ahead of the Cricket Sint Maarten/Guyanese Association Over-35 Twenty20 three-day tournament which runs from February 21 to 23.The team, led by businessman and long-standing captain Rajesh Singh, includes former West Indies Under-19 batsman Hemraj Garbarran, former Guyana Youth fast bowler Ucil Armstrong, Sahadeo Hardaiow, Basil Persaud and Safraz Sheriffudeen among other seasoned campaigners in Masters cricket.The short tournament begins today with Everest Masters taking on hosts Sint Maarten at 14:00hrs in the only match of the opening day. Tomorrow there will be a doubleheader with the Guyanese side taking on Anguilla at 10:00hrs followed by the Anguillans returning to battle the hosts at 14:00hrs.The top two teams will meet in the final on Guyana’s Republic Day 2020, tomorrow at 14:00hrs while the third-placed team will take on a Selected Youth side at 10:00hrs in an exhibition match. All games will be played at Carib Lumber Ball Park, the only First Class venue in the constituent country of the Kingdom of the Netherlands.Captain Singh said there is a big hype about the tournament in and out of Sint Maarten and his players are equally pumped up. “We are here to compete and put on a good show. We are accustomed to playing against older players but we are focussed on our game and not age,” Singh stated.The winning team will collect a trophy and US$1000 while the losing s will walk away with US$500.Everest Masters: Rajesh Singh (captain), Anwar Rahaman, Basil Persaud, Satyendra Khemraj, Sarfaz Sheriffudeen, Imtiaz Sadik, Ucil Armstrong, Harry Yenkana, Raymond Rambaran, Hemraj Garbarran, Ronald Jaisingh, Sahadeo Hardaiow, Robert Pereira and Hafeez Ali.last_img read more

Miranda Ramirez hits her stride at 2nd singles

first_img Published on February 19, 2019 at 10:56 pm Contact Eric: Comments Facebook Twitter Google+center_img Two Harvard players watched from the sideline as their teammate, Rachel Lim, took on No. 67 Miranda Ramirez on Sunday afternoon. Ramirez easily took the first set 6-1.“This girl is sick,” one remarked to the other.Ramirez went on to win in straight sets on a slicing shot to the corner. The junior from Texas moved to 7-3 on the season for No. 19 Syracuse (6-4, 0-2 Atlantic Coast), including victories over No. 52 Jessica Failla (Pepperdine) and then-No. 36 Chiara Lommer (Michigan). With Sofya Golubovskaya dealing with a shoulder issue, per head coach Younes Limam, Ramirez played the past weekend at second singles for the first time this season. She went 2-0 in the stretch, including a pair of three-game comebacks.“Miranda’s been playing at a very high level,” Limam said. “… Freshman year, I think, she did play (first singles) most of her freshman year. So we know she can play at that level.”Ramirez credited her ability to adjust to different styles for her recent success. Limam said it’s been about her court positioning. She’s been more of an aggressive baseliner and has been finishing points at the net, Limam said. Ramirez’s serve has also improved, giving her “free points.”AdvertisementThis is placeholder textOn Sunday, Ramirez faced Lim, a lefty. Ramirez was given an opportunity to use her one-handed backhand more. Gabriela Knutson said she can’t hit Ramirez’s backhand “at all” and Ramirez’s former coach, Thomas Finck, called Ramirez’s “money shot.” Ramirez has seen so many lefties in her career, pivoting to her go-to stroke is routine.“It’s always a slightly different game when I play against a lefty,” Ramirez said. “… I was able to adjust right off the bat, and it didn’t faze me at all.”Ramirez started the spring season unranked in the Intercollegiate Tennis Association rankings while Knutson sat at No. 43, and Golubovskaya came in at No. 92. In the Feb. 6 iteration, Ramirez climbed to No. 67 while Knutson fell to No. 48, and Golubovskaya fell out of the top 125.Ramirez, who finished with Knutson as No. 8 in the Oracle/ITA Doubles Final Rankings, is used to the spotlight. Last year, the pair earned All-American honors in doubles. The pair has not been as dominant this season at 6-3, with one match that was left unfinished. Knutson said she believed their match against Purdue on Jan. 27 was on of the best of their careers. But they lost 7-5.With Ramirez thriving in singles, though, the duo may be just beginning their ascent again after a dominant 6-2 win against Harvard. Their shared history has led them to believe that it’s only a matter of time before the wins in doubles come. As Syracuse rebounds from its four-match losing streak, Ramirez’s play will be crucial.“So extremely proud of her,” Limam said. “… She’s been playing extremely well for a while now, so good to see.”last_img read more