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WASHINGTON, March 14 (Reuters) - The White House on Tuesday welcomed the "landmark" deal between Saudi Arabia and the Boeing Co (BA.N), saying it will support U.S. jobs and marked a milestone in cooperation between Saudi Arabia and American industry. Boeing Chief Executive Dave Calhoun said in an interview the planemaker got "support from the Biden administration and from key members of Congress every step of the way... The Biden Administration has done a terrific job in moving the ball forward and was instrumental in landing this purchase." A U.S. official said the Saudi contract was a "white whale" for Boeing, something the planemaker pursued for several years. Senior U.S. officials have been in regular engagement with the Saudis over the deal, but Biden did not have any direct talks with Saudi leaders.

Now overseas demand is slumping amidst a local credit crunch and a corruption crackdown. A trade agreement and warmer relations with Washington spared its manufacturers from tariffs and sanctions applied to its northern neighbour. Now overseas demand is stuttering. Vietnam's exports of goods and services have been slowingFollow @KatrinaHamlin on TwitterCONTEXT NEWSVietnam's economy grew 8.02% in 2022, the fastest annual pace since 1997, according to data released by the country’s General Statistics Office on Dec. 29. Vietnamese exports were flat in February and fell 23.4% in January compared to a year earlier, according to Refinitiv data released on March 9.

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☆ Miners grow anxious as Canada tightens foreign investment rules
▼ + stars: | 2023-03-05 | by ( Divya Rajagopal | ) www.reuters.com time to read: +3 min

Ottawa last fall proposed bolstering its Investment Canada Act (ICA) to give government ministers power to block or unwind critical minerals investments if they believe such deals threaten national security. Nearly half of the world's mining companies are listed in Toronto and the city has long been a premier destination for junior mining companies to raise funds, above even rival exchanges in Sydney, New York and London. Canadian officials last fall ordered Chinese companies to sell stakes in three Toronto-listed lithium companies, two of which are developing mines outside Canada. Canada's Industry Ministry, which is spearheading the rules change, called critical minerals "key to the future prosperity of our country." However, the government's crackdown could rebound and hurt Canada as the mining industry underpins a large part of the country's economy, investors and analysts say.

☆ Saudi companies to invest $51 billion under government-backed plan
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +2 min

RIYADH, March 2 (Reuters) - Saudi Arabia has launched 192 billion riyals ($51.2 billion) of investments led by local companies, including oil giant Aramco (2222.SE), SABIC (2010.SE) and Ma'aden (1211.SE), under a government-backed initiative, state news agency SPA reported. Other investments in the telecommunications and logistics will also receive Shareek support. Prince Mohammed had announced 12 trillion riyals of investments that the kingdom is planning by 2030, which include the Shareek programme, 3 trillion riyals from the Public Investment Fund (PIF) and 2 trillion in foreign investment. As part of the plans, officials have also pressed international companies to invest in Saudi Arabia and move their regional headquarters to Riyadh in order to benefit from government contracts. ($1 = 3.7524 riyals)Reporting by Alaa Swilam; Writing by Aziz El Yaakoubi; Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

☆ UBS loses bid to stop Chinese businessman's $500 mln London lawsuit
▼ + stars: | 2023-03-01 | by ( Sam Tobin | ) www.reuters.com time to read: +2 min

LONDON, March 1 (Reuters) - UBS (UBSG.S) faces a $500 million lawsuit in London brought by an exiled Chinese businessman after an appeal court on Wednesday rejected the Swiss bank’s latest attempt to have the case thrown out. UBS had previously told a lower court that the claims are denied in their entirety. Lawyers representing Guo and Ace Decade did not immediately respond to a request for comment. Judge Geoffrey Vos said in the written ruling on Wednesday that “the damage caused to Ace Decade and (Guo) occurred in London when the H-shares ... were sold by UBS London”. “UBS London significantly participated in the events which have given rise both to the claim and to the loss claimed.”Reporting by Sam Tobin; additional reporting by Kirstin Ridley.

☆ Biden aims billions in taxpayer money at companies' labor, supply practices
▼ + stars: | 2023-03-01 | by ( Andrea Shalal | ) www.reuters.com time to read: +6 min

"What Biden and his advisers are doing is solving problems that exist in the economy. They are pushing forward an agenda aimed at building things in America again ... and taking on corporate power," he said. A Department of Energy provision in the act requires companies to focus on workforce training, ensure diversity and engage "environmental justice" communities in planning. Key provisions on universal child care and better working conditions for child care workers were stripped out of bills last year. Julie Su, just tapped to be labor secretary, launched a campaign against "wage theft" by employers as a labor activist.

And it's little surprise the International Monetary Fund forecast Britain would be the only economy of the G7 to contract this year. But certainly the potential for improved trade relations with the UK's biggest trading partner is clear. Unicredit this month cited estimates that the UK economy would underperform by 5-7% over 10 years if it remains outside the EU single market and customs union. It may even have been a key spur to this week's breakthrough given the frayed geopolitical backdrop. President Joe Biden has long insisted there would be no progress on a U.S. deal with Britain until the Northern Irish conundrum was resolved.

☆ Mexican president gives green light to Tesla plant in northern Mexico
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

MEXICO CITY, Feb 28 (Reuters) - Electric vehicle maker Tesla Inc. (TSLA.O) will build a new plant in the northern Mexican city of Monterrey, President Andres Manuel Lopez Obrador said on Tuesday, dispelling concerns his government could block the deal over water shortages. Lopez Obrador said the two sides had reached agreement after a call with Tesla Chief Executive Elon Musk on Monday, following a separate conversation he said the two held late last week. "This will represent a considerable investment and many, many jobs," Lopez Obrador told reporters, saying Musk had been receptive to Mexico's concerns and accepted its proposals. Speaking at a news conference, Lopez Obrador said Tesla would likely give more details of its plans on Wednesday. Speculation about the prospect of Tesla going to Mexico has circulated for months, and the plant is set to become one of the major investments of the Lopez Obrador administration.

☆ Reshoring is accelerating—These stocks should benefit as companies return to the U.S.
▼ + stars: | 2023-02-27 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

Reshoring declarations are amping up, as more companies look to return operations to the United States from overseas. Corporate reshoring announcements jumped 17% in the fourth quarter compared with the prior quarter and are now tracking nearly 300% higher than the fourth quarter of 2021, according to UBS. In fact, reshoring and foreign direct investments jobs reached a record of at least 360,000 jobs last year, according to the Reshoring Initiative. The move back to the U.S . can also be seen in corporate earnings, said Ron Graziano, managing director of global accounting and tax for Credit Suisse. The company's equipment is needed for big semiconductor manufacturing plants as companies test chips as they are produced, Snyder said.

☆ Space, Life Science, and Quantum Computing Innovations
▼ + stars: | 2023-02-27 | by ( Sponsor Post | Created Insider Studios With The Uk'S Department For Business | ) www.businessinsider.com time to read: +8 min

According to the Global Innovation Index 2022, global government R&D investment is growing and the UK is ranked fourth for global innovation (and third most innovative economy in Europe). "Space observation is vital for our planet — the UK invests in the European Space Agency and at the Space Cluster at Harwell, a significant science and innovation park." Jo Hawley, deputy director for aerospace, space and automotive at DBT, reported that the UK space sector spent £836 million on R&D in 2021. The company has reported strong growth of its life science research tools business, reflected in the international footprint of its commercial and distribution operations. The Department for Business and Trade can connect you with dedicated, professional assistance to locate R&D investment opportunities and support.

☆ Foreign direct investment in Brazil posts best January in 5 years
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +1 min

BRASILIA, Feb 24 (Reuters) - Foreign direct investment in Brazil reached its highest level for January in five years, according to central bank data on Friday, continuing a trend of strong results since last year. FDI totaled $6.9 billion in January, best since 2018, when it reached $8.3 billion. Last year, FDI reached $90.6 billion, the highest annual figure in 10 years. Brazil's current account deficit was $8.8 billion in January, larger than the $8.2 billion shortfall forecast by economists. Central bank data also showed that investors made a net investment of $4.2 billion in Brazilian markets in January, including $1.9 billion inflows in stocks and $2.2 billion inflows in bonds.

Hidalgo, just outside Mexico City, is hundreds of miles from the border yet land and labor costs are lower. The United States and Canada have formally entered a trade dispute over Mexico's energy policy. It remains unclear exactly what Tesla's investment in Mexico will look like and what the company plans to produce in the country. Yet Mexico's capacity for a nearshoring boom has been held back by Lopez Obrador, particularly his energy policies, analysts said. Reporting by Diego Ore and Daina Beth Solomonin Mexico City Additional reporting by Kylie Madry in Mexico City Editing by Stephen Eisenhammer and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Japan current account surplus shrinks sharply as weak yen, trade deficits bite
▼ + stars: | 2023-02-08 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +3 min

Summary Dec current account surplus shrinks to 33.4 bln yen -MOFPrimary income surplus helps offset trade shortfallsFor 2022, current account surplus falls most on recordAnalyst sees current account bottoming out in 2023TOKYO, Feb 8 (Reuters) - Japan's current account surplus fell sharply in December after a record rise the prior month, finance ministry data showed on Wednesday, highlighting the impact of persistent trade deficits and a weak yen on the country's once-solid balance of payments. The current account surplus stood at 33.4 billion yen ($255.51 million) in December, down steeply from a surplus of 1.8 trillion yen the previous month that was driven by income gains from securities investments and hefty Japanese investments overseas. The latest figure marked a decline of 334 billion yen from a year earlier and undershot economists' median estimates for 98.4 billion yen surplus in a Reuters poll. There is some worry in financial markets that Japan's hefty public debt and a dwindling current account surplus could entrench weakness in the yen over the long run. For the whole of 2022, the current account surplus fell the most on record -- by 10.1 trillion yen from the previous year -- to reach 11.4 trillion yen.

☆ Earthquake doesn't change the reality of Turkey's foreign direct investments, strategist says
▼ + stars: | 2023-02-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEarthquake doesn't change the reality of Turkey's foreign direct investments, strategist saysOzan Ozkural of Tanto Capital Partners discusses the disaster and the political crisis the country faces.

☆ Saudi Arabia says tech giants to invest more than $9 billion in kingdom
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +2 min

RIYADH, Feb 6 (Reuters) - Saudi Arabia has attracted more than $9 billion in investments in future technologies, including by U.S. giants Microsoft (MSFT.O) and Oracle Corp (ORCL.N), which are building cloud regions in the kingdom, a government minister said on Monday. Saudi Minister of Communication and Information Technology Abdullah Alswaha said Microsoft will invest $2.1 billion in a global super-scaler cloud, while Oracle has committed $1.5 billion to build a new cloud region in Riyadh. Saudi officials have pressed international companies to invest in the kingdom and move their regional headquarters to Riyadh in order to benefit from government contracts. The minister said China's Huawei (HWT.UL) will also invest $400 million in cloud infrastructure for its services in Saudi Arabia and another cloud region in partnership with oil giant Aramco (2222.SE). An additional $4.5 billion was invested in global and local assets across multiple sectors at the forum, Alswaha added.

Saudi officials have pressed international companies to invest in the kingdom and move their regional headquarters to Riyadh in order to benefit from government contracts. "We are finalising the plans for opening the Riyadh region. He added that Oracle would also expand the capacity of its cloud region in Jeddah, which the company first opened in 2020. The company made the announcement as global tech companies gathered for a major tech conference in the Saudi capital. Though Oracle lags its bigger rivals in the race to corner the cloud computing market, it was among the first large tech companies to open a data centre in Saudi Arabia.

☆ U.S.-China rewarming trade is half-full of hot air
▼ + stars: | 2023-02-03 | by ( Pete Sweeney | Thomson Reuters | Asia Economics Editor Pete Sweeney Joined Reuters Breakingviews In Hong Kong In September Previously He Served As Reuters' Chief Correspondent For China Economy | ) www.reuters.com time to read: +4 min

Enter a literal ball of hot air in the form of a Chinese spy balloon that the United States military is tracking in its home skies. The balloon’s brazen appearance augurs ill for Secretary of State Antony Blinken’s expected visit to Beijing next week. However, it is important to put the balloon in the context of Beijing’s habitual good cop, bad cop negotiating routine. In financial terms, Beijing still largely has its good-cop hat on. U.S. investors may fret about Chinese eyes in the sky, but in financial terms they have more to fear from the flaming gas jets in their own legislature.

☆ Top U.S., Chinese and Russian officials tour Africa as global charm offensive gathers pace
▼ + stars: | 2023-01-31 | by ( Elliot Smith | ) www.cnbc.com time to read: +12 min

Janet Yellen, US Treasury secretary, during a news conference with Enoch Godongwana, South Africa's finance minister, at the National Treasury in Pretoria, South Africa, on Thursday, Jan. 26, 2023. Yellen met with South African officials including President Cyril Ramaphosa last week, just days after the country's Foreign Minister Naledi Pandor stood alongside Lavrov and vowed to strengthen bilateral relations between Pretoria and Moscow. South Africa was one of 17 African nations to abstain from the U.N. vote in March to condemn Russia's war of aggression. As such, many African nations desire a strong relationship with both the U.S. and China, and U.S. diplomacy will be more effective when not framed as an "us-or-them" proposition. What's more, the BRI projects were "largely uncoordinated and unplanned," he said, with competing Chinese lenders offering credit to African nations, challenging the notion of a coherent centralized "debt trap" policy from Beijing.

☆ Davos: India flexes its muscle as China's star fades
▼ + stars: | 2023-01-19 | by ( Julia Horowitz | ) edition.cnn.com time to read: +7 min

In 2023, as global recession fears persist, the country is expected to log the best performance of any major economy. An Invest India banner hanging from a building ahead of the World Economic Forum in Davos, Switzerland, on Monday, Jan. 16. India is also due to displace its powerful neighbor as the world’s most populous country this year. They’re a substantial asset — if India’s economy can create enough jobs. “The world needs resilience,” Tata Sons Chairman Natarajan Chandrasekaran told a Davos panel.

☆ China comments signal foreign direct investment is welcome again, says former Australian PM Rudd
▼ + stars: | 2023-01-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina comments signal foreign direct investment is welcome again, says former Australian PM RuddKevin Rudd, former Australia Prime Minister and global president of the Asia Society, joins 'Squawk Box' to discuss the latest comments from China's vice premier Liu He and more.

☆ IMF says fragmentation could cost global economy up to 7% of GDP
▼ + stars: | 2023-01-15 | by ( ) www.reuters.com time to read: +2 min

Tne IMF said even limited fragmentation could shave 0.2% off of global GDP, but said more work was needed to assess the estimated costs to the international monetary system and the global financial safety net (GFSN). The note, released late Sunday, noted that the global flows of goods and capital had leveled off after the global financial crisis of 2008-2009, and a surge in trade restrictions seen in subsequent years. The unraveling of trade links "would most adversely impact low-income countries and less well-off consumers in advanced economies," it said. It noted that emerging market economies and low-income countries are likely to be most at risk as the global economy shifted to more “financial regionalization” and a fragmented global payment system. "With less international risk-sharing, (global economic fragmentation) could lead to higher macroeconomic volatility, more severe crises, and greater pressures on national buffers," it said.

☆ Japan current account surplus jumps, marks record for November
▼ + stars: | 2023-01-12 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +2 min

Summary Nov current account surplus at 1.8 trillion yenPrimary income surplus at 3.7 trillion yenTOKYO, Jan 12 (Reuters) - Japan's current account surplus logged a surprising surge to mark a record for November, as weakness in the yen drove income gains from portfolio investment and direct investment overseas to their highest level for the month. November's data marked the first year-on-year growth in the current account surplus since March 2022. The primary income surplus, which includes interest payments and dividends from investments overseas, hit 3.7 trillion yen. It was the largest amount for the month since comparable data became available in 1985, with the previous record being 2.4 trillion yen in November 2021. The trade deficit was 1.5 trillion yen, narrowing from the previous month's 1.9 trillion yen.

☆ China’s wolf warriors start 2023 in retreat
▼ + stars: | 2023-01-10 | by ( Pete Sweeney | Thomson Reuters | Asia Economics Editor Pete Sweeney Joined Reuters Breakingviews In Hong Kong In September Previously He Served As Reuters' Chief Correspondent For China Economy | ) www.reuters.com time to read: +3 min

HONG KONG, Jan 10 (Reuters Breakingviews) - Beijing has taken the mic away from combative foreign ministry spokesperson Zhao Lijian. His transfer follows other de-escalatory moves, thawing relations with major trading partners including Australia, Japan and the United States. It will still take years to undo the diplomatic and economic damage his pack of “wolf warriors” has done to Chinese interests. loadingChinese moderates have criticised the wolf warriors’ competence. With the Western democracies demonstrating the durability of their power in Ukraine without firing a shot, Chinese pandemic policy in shambles and its economy reeling, it’s unsurprising if the wolf warriors are quieting their howl.

☆ China’s Belt and Road Plan Is Down, Not Out
▼ + stars: | 2023-01-09 | by ( Megha Mandavia | ) www.wsj.com time to read: 1 min

The Belt and Road Initiative—China’s gargantuan overseas infrastructure push which began gaining steam in the mid 2010s—has been the subject of some belt tightening recently. It is too early to write it off entirely. The BRI’s retrenchment during the pandemic has been remarkable in Asia—where much of the funding was initially committed. It is however still expanding its footprint rapidly in Latin America, at least in foreign-direct investment terms. And even in some trouble spots such as Pakistan, Beijing is unlikely to abandon its megaprojects, given how much it has already invested.

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