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China’s ‘Game Changer’ Pipeline Reform to Supercharge Gas Demand

China’s looming pipeline reform is poised to spur competition in its natural gas industry, lowering prices and supercharging demand from the world’s top importer in years to come, according to Credit Suisse Group AG. The government is creating a national pipeline operator from the assets of its three biggest oil and gas companies. The move — likely to happen before year-end — will break a monopoly that China’s state-owned giants have over downstream users and result in gas prices falling 10% over 2020 and 2021, the bank’s analysts including Horace ...

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Trade tensions flare sours rate hope rally

German bond yields plumbed new record lows on Thursday and U.S. treasury yields resumed their fall as renewed trade tensions doused a rally fuelled by hopes for more central bank stimulus ahead of a European Central Bank meeting. Sentiment had soured on a lack of progress in talks between U.S. and Mexican officials and President Donald Trump issuing a fresh threat to hit China with tariffs on “at least” another $300 billion worth of Chinese goods. The latest flare up in tensions follows a mixed bag of economic data that ...

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Yen gains on U.S.-Mexico trade woes; ECB awaited

The yen edged up versus the dollar on Thursday as sentiment soured over U.S.-Mexico talks on tariffs and immigration, fuelling broader concerns about global trade hostilities and raising appetite for safe-haven currencies. Mexican officials met with their U.S. counterparts for negotiations in Washington on Wednesday aimed at averting U.S. tariffs on Mexican goods next week, although there were no immediate signs of a rapprochement. In a move that could deepen Washington’s trade conflict with its partners, U.S. President Donald Trump unexpectedly told Mexico last week to take a harder line ...

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China’s unreliable entities list a guardian of market order

By introducing an unreliable entities list targeting rule-breakers, China aims to ensure a reliable market environment for those who abide by the rules. The Ministry of Commerce on Saturday outlined factors for consideration in listing unreliable foreign entities to warn market disruptors. China will consider whether the foreign entity has adopted discriminatory measures on Chinese entities including a blockade or supply cut, whether the foreign entity violates market rules or contract spirit for non-commercial purposes, whether it causes actual damage to Chinese firms or related industries, and whether it poses ...

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China-U.S. trade row hurts foreign manufacturers in China – state planning official

Foreign firms operating in China have felt a negative impact from the trade row between China and the United States, state news agency Xinhua reported, quoting a state planning official. Among foreign companies, manufacturers bore the brunt of the trade friction, China’s National Development and Reform Commission (NDRC) vice chairman Ning Jizhe said during a meeting with foreign firms, according to Xinhua. China would protect legal investment rights of foreign firms operating in the country and keep the industry chain basically stable, Xinhua quoted Ning as saying. Source: Reuters (Reporting ...

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Fed says contacts worry about trade war; economy growing modestly

The U.S. Federal Reserve on Wednesday reported that its contacts at companies across the country were worried that international trade tensions could weigh on business even as economic activity picked up. The U.S. central bank said its surveys of business contacts pointed to a “slight improvement” in growth in economic activity, which it described as being “modest” from April through mid-May. The Fed’s so-called “Beige Book” report, a compendium of anecdotes on the state of the economy, pointed to numerous cases of businesses citing concern over the Trump administration’s trade ...

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China’s Export Front-Loading Distorts Economy, More Easing En Route

China’s economic data looks pretty good. But don’t be fooled, China bulls. A lot of this is export front-loading. This week’s Caixin manufacturing PMI, a survey of China’s small and medium-size enterprises and export-oriented businesses remained unchanged at 50.2 in May. Anything over 50 is good. So the numbers could give China bulls a reason to believe recent stimulus measures have inoculated it from tariffs. The first quarter average PMI was 49.7, and last year’s average at this time was 50.7. But stronger-than-expected PMI for smaller firms is inconsistent with ...

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China-proposed BRI aligns well with EAEU

The alignment of China-proposed Belt and Road Initiative (BRI) with the Eurasian Economic Union (EAEU) is expected to be a hot topic at this year’s International Economic Forum (SPIEF) in the Russian city of St. Petersburg from June 6 to 8. This year marks the 70th anniversary of the establishment of diplomatic ties between China and Russia, as well as the 5th anniversary of the Treaty on the Eurasian Economic Union (EAEU) and the 25th anniversary of the Eurasian idea. Leaders of both China and Russia pay great attention to ...

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Tanker Market Rates 06/06/2019

Daily rates on main tanker routes as compiled by shipbroker Charles R. Weber.

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Germany’s Scholz views G20 meeting as milestone for minimum corporate tax

German Finance Minister Olaf Scholz told Reuters on Wednesday that he expects progress in tax cooperation at a G20 meeting in Japan this weekend as a growing number of countries support a German-French proposal for a minimum corporate tax level. “It looks like we can get support from many of the finance ministers of the participating countries. Japan will be a milestone,” Scholz said in a Reuters interview. The Organisation for Economic Cooperation and Development is working on plans for a minimum corporate tax rate as part of a global ...

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Fed Puts Interest-Rate Cut in Play

US markets rallied after Federal Reserve officials said they were closely monitoring the recent escalation in trade tensions and indicated they could respond to any economic deterioration by cutting interest rates. KEY FACTS — Powell’s comments show the Fed has ended a debate over whether its next move would be to raise or lower rates… — … and is focusing now on whether and when to cut them. — The S&P 500 and Dow posted their biggest daily gains since Jan. 4, each rising more than 2%. — The Fed ...

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IMF expects global financial turnout at U.S.-led Palestinian conference

Global financial institutions will attend a U.S.-led conference on the Palestinian economy this month that the Trump administration has cast as an overture to its Middle East peace plan, the International Monetary Fund (IMF) said on Wednesday. The efficacy of the June 25-26 meeting in Bahrain has been in doubt since Palestinian leaders and business people decided to shun it over Washington’s perceived pro-Israel bias and inattention to their political demands. Israel’s new election, an upsurge in cross-border fighting and the Palestinians’ resentment at U.S. recognition of Jerusalem as Israel’s ...

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Trump defies own party to push ahead with Mexican tariff threat

Defying increasing criticism from within his own party, U.S. President Donald Trump said on Tuesday he would likely go ahead with new tariffs on imports from Mexico to pressure it to clamp down on rising numbers of migrants entering the United States. Trump told a news conference in London he expected to impose 5% tariffs on Mexican imports from Monday, citing the high number of mostly Central American immigrants crossing the U.S. southern border with Mexico. In a last-ditch attempt to find a resolution, a Mexican delegation including Foreign Minister ...

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Southeast Asia battles flood of waste imports

Faced with mounting piles of imported foreign waste, Southeast Asian nations are making it known that they no longer wish to serve as the world’s dumping grounds. Countries across the region have been inundated with waste imports since last year when China stopped accepting a range of imported waste on environmental grounds. Malaysia, Thailand and Vietnam have all restricted plastic waste imports, but the Malaysian government has said that shipments continue to arrive illegally. With no restrictions in place in Indonesia, environmental campaigners fear that the country will soon become ...

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The time for ‘last orders’ on Libor is now – BoE’s Ramsden

The time has come for financial firms to make their “last orders” based on the discredited interest rate benchmark Libor, a deputy governor of the Bank of England said on Wednesday. “Firms need to be focused on what they need to do to be able to transact Sonia-based products, and stop adding to their post 2021 Libor exposures,” Dave Ramsden said in a speech. Libor reflects borrowing costs among banks and is based on quotes submitted by lenders. It is used as a price reference in financial contracts and derivatives ...

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