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However, as the head of the world’s largest hedge fund, McCormick oversaw massive investments into US exchange traded Chinese companies and holdings, according to a CNN KFile review of the hedge fund’s holdings. I held deep reservations about Bridgewater’s exposure to the moral and patriotic hazards of doing business in China,” McCormick said in September 2023 before officially launching his campaign. That amounts to a 108,000% increase in Chinese holdings over a five-year period. In 2017, Bridgewater reported investing in just one US exchange traded Chinese company; by the final quarter of 2021, its holdings included 47 Chinese companies. McCormick’s hedge fund also held an additional $779 million indirectly in Chinese companies through their investments in exchange traded funds.
Persons: David McCormick’s, McCormick, ” McCormick, Hugh Hewitt’s, CNN’s KFile, Bush, Mehmet Oz, Oz, Democrat John Fetterman, Bridgewater, Elizabeth Gregory, , he’s, Ray Dalio –, thievery ”, Organizations: New, New York CNN, US, CNN, CCP, Bridgewater Associates, US Securities and Exchange, Bridgewater, Republican Party, Republican, Democrat, Chinese Communist Party, US Commerce Department Locations: New York, Pennsylvania, hardliner, China, McCormick’s, United States, Xinjiang,
Indian economy regains its swagger as China stumbles
  + stars: | 2023-11-03 | by ( Diksha Madhok | ) edition.cnn.com   time to read: +9 min
New Delhi CNN —India’s economy is like an elephant. India’s economy is currently worth nearly $3.5 trillion, making it the world’s fifth largest. “India’s economy is comfortably placed to grow at an annual rate of at least 6% in the coming few years,” Barclays said. But even as India’s heft is increasing, it is far from recreating the economic miracle China unleashed decades ago. It will, no doubt — though it won’t be enough to shield the world economy should China’s economy stumble badly,” they added.
Persons: Narendra Modi, , Eswar Prasad, Modi, Prasad, Ludovic Marin, Mukesh Ambani’s, Gautam Adani’s, Willy Shih, Frederic Neumann, Justin Feng Organizations: New, New Delhi CNN, Economic, Cornell University, International Monetary Fund, China, Barclays, IMF, ” Barclays, Hindustan Times, Modi, bonanza, Unified, Bharat, Getty, Bank, Mukesh Ambani’s Reliance Industries, Apple, Harvard Business School, HSBC Locations: New Delhi, India, Switzerland, Davos, , , China, ” New Delhi, Sewri, Mumbai Bhushan, AFP, Beijing, Washington
For decades, cities have duked it out for titles like "best city for business" or "healthiest city in America," but now they're starting to compete for a new title: best place to ride out dystopia. While Sun Belt cities are working to mitigate these challenges, the increased risks also create an opportunity for once forgotten cities. The declaration has been followed up with investments in key areas — climate resilience was one of the four pillars that made up the city's four-year strategic plan released at the start of 2023. And the cities that could become climate havens have their weather downsides — Buffalo will still have some harsh winters, too. If Buffalo, Detroit, Pittsburgh, and other cities succeed in their climate-resilience agendas, they will grow, attracting residents from more at-risk areas of the country.
Persons: Tesla, Byron Brown, Redfin, Matthew E, Kahn Organizations: Los Angeles, Fortune, Sun, National Oceanic, Atmospheric Administration, Association of Environmental, Federal Emergency Management Agency, FBI, Street Foundation, Pittsburgh, The New York Times, University of Southern, Hoover Institution Locations: America, West, Midwest, Dallas, Houston, Atlanta, Buffalo , New York, Detroit, USA, Florida, California, South, Baltimore, Cincinnati, Phoenix, Angeles County, Miami, Dade County, Lake Erie, Buffalo, Duluth , Minnesota, Grand Rapids , Michigan, Chicago, Northern, Pittsburgh, Rust, Los Angeles, University of Southern California
WeWork is planning to file for bankruptcy, according to multiple reports. The commercial real-estate start-up achieved a $47 billion valuation in 2019, after receiving investment from SoftBank. But its shares have cratered 99% since it made its stock-market debut in March 2021. WeWork reached a peak valuation of $47 billion back in January 2019, after netting $5 billion worth of direct investment from SoftBank. Between January 2019 and now WeWork's market capitalization has fallen from $47 billion to just $140 million – a staggering $46.9 billion wipeout that could extend even further if the bankruptcy reports prove to be true.
Persons: WeWork, , Adam Neumann, Vivek Ranadivé Organizations: Service, Street Journal, Reuters, SoftBank, Sacramento Kings Locations: SoftBank, Wednesday's premarket
A nonpartisan business group that advocates for clean energy estimates that 403,000 jobs will be created by the 210 major energy projects announced since the Inflation Reduction Act took effect in mid-2022. Battery storage is expected to support 48,000 jobs, and solar is expected to support 35,000, both annually for five years. “As community colleges develop a rhythm for training the type of workers these companies need, that’s going to enhance the appeal of our workforce and state as a business location to more and more these clean energy companies," he said. Although investments in clean energy are “on hyperdrive,” other factors were supporting the clean energy labor transition before the IRA, said Joseph Kane, a researcher at the Brookings Institution nonprofit research organization. Labor shortages in the clean energy sector, particularly in construction, manufacturing, and electrical work are notable, said Thomas Kwan, director of sustainability research at Schneider Electric, an energy management and industrial automation company.
Persons: , Bob Keefe, Mateo Jaramillo, ” Jaramillo, Christopher Chung, , Chung, Joseph Kane, Kane, Thomas Kwan, Kwan Organizations: Environmental Entrepreneurs, EV, Economic Development, of, Brookings Institution, Labor, Schneider Electric, AP Locations: U.S, Weirton , West Virginia, West Virginia, of North Carolina, North Carolina
China's economy has stumbled since coming out of the country's COVID-19 lockdown late last year. Factory activity declined in October, while foreign investment tumbled 34% in September. Experts say the nation is at risk of a debt-deflation crisis that could produce a "lost decade" for its economy. AdvertisementAdvertisementData from September and October show China's economy stumbling further, with factory activity falling and foreign investment seeing a significant decline. Factory activity dropped through the month of October, with China's manufacturing purchasing managers' index falling to restrictive territory at 49.5.
Persons: Organizations: Service, China's Commerce Ministry, Ministry, CSI Locations: China, Beijing, freefall
Ford has postponed $12 billion in spending on EV manufacturing capacity. The company has warned that electric vehicles are too expensive and that demand is slowing. AdvertisementAdvertisementFord has halted billions of dollars in investment in EV manufacturing, warning that customers will not pay a premium for these vehicles. AdvertisementAdvertisementThe company stressed that it is still committed to spending on future EV models, however. "Electric vehicles are expensive," he said.
Persons: Ford, , John Lawler, Lawler, Toshihiro Mibe, General Motors, Bill Ford Organizations: Service, EV, CNBC, Honda, Bloomberg, General, The New York Times Locations: Kentucky
Veteran investor David Roche said India "is a slow trundling elephant" that still has many hurdles, but is now a viable alternative to China. "I think India stands to benefit from the decline in terms of the attractiveness of foreign direct investment and portfolio flows of China," Roche told CNBC's "Street Signs Asia" on Friday. After overtaking China to become the world's most populous nation, India could also leapfrog its neighbor to also become the world's second-largest economy by 2075. "So I think we're looking at a transfer of not only fixed investment by corporations, but portfolio investments out of China and into India," Roche said. "I think one has to look to sound the current levels and a note of caution about that," Roche warned.
Persons: David Roche, " Roche, CNBC's, Roche, Alicia Garcia, Herrero Organizations: China, Investors, Economic, CNBC Locations: India, China, Asia, Natixis
REUTERS/Lucy Nicholson/File Photo Acquire Licensing RightsOct 23 (Reuters) - Jason Andringa’s company was part of the stampede of U.S. businesses that built factories in China. But the mood of Vermeer and many other global producers has turned sour on China. Rather than expand in China, these companies are directing new investments to other low-cost countries such as Vietnam and India. Ryan Gunnigle, CEO of Atlanta-based toy maker Kids2, said he is continuing to invest in his China factories, adding both automation and new capacity. The CEO of Danby Appliances, a Canadian company that sells over half of its products in the U.S., got 85% of its goods from Chinese factories five years ago.
Persons: Lucy Nicholson, Jason Andringa’s, Vermeer, Biden, Joe Biden, Xi Jinping, Gina Raimondo, Matt Dollard, Ryan Gunnigle, Kids2, Jim Estill, He’s, Danby, Timothy Aeppel, Anna Driver Organizations: Port, REUTERS, U.S ., U.S, Nvidia, Wall Street, U.S . Bureau, China Business Council, Reuters, Asia Pacific Economic Cooperation, Trump, RSM US, Appliances, Thomson Locations: Port of Long Beach, Port of Los Angeles, Los Angeles , California, U.S, China . Iowa, China, Mexico, Asia, San Francisco, Beijing, Washington, Taiwan, Vietnam, India, Atlanta, Canadian, Turkey, Canada
Tokyo CNN —China has formally arrested a Japanese man who was detained in March, according to officials from Japan’s Ministry of Foreign Affairs (MOFA) and the Japanese Embassy in Beijing. The arrest of the Japanese national, who was reportedly an employee of a Tokyo-based pharmaceutical firm, could further rattle foreign businesses in China, which have reported feeling more unsettled this year amid a crackdown on international consulting firms on national security grounds. According to Japanese public broadcaster NHK, the man was an employee of drugmaker Astellas Pharma and was detained in March by Chinese security authorities in Beijing on suspicion of violating the country’s criminal law and anti-espionage law. In May, state security authorities said they had raided several offices of Capvision, an advisory network. The issue has been cited as headache for foreign businesses, some of which were already having trouble convincing workers to relocate to China.
Persons: Hirokazu Matsuno, Japan’s MOFA, Mao Ning, , , Weeks, Bain, — CNN’s Michelle Toh, Sophie Jeong, Mengchen Zhang Organizations: Tokyo CNN, Japan’s Ministry of Foreign Affairs, Embassy, NHK, drugmaker, Pharma, CNN, Foreign Ministry, Ministry of State Security, Mintz Group, American Chamber of Commerce, China’s Commerce Ministry, State Administration of Foreign Exchange Locations: China, Tokyo, Beijing, MOFA, Shanghai, Hong Kong
The U.S. power grid, much of it built nearly a century ago, is being strained by storms, floods and heat waves fueled by climate change even as electric vehicles and artificial intelligence are boosting power demand, Granholm told reporters in a call. In 2021, the Texas grid collapsed during a cold spell, killing more than 200 people and leaving millions of homes without power. The projects will help bring more than 35 gigawatts of new electricity onto the grid from wind and solar and other renewable power and invest in 400 microgrids, or self sufficient energy systems, the Department of Energy (DOE) said. It was the first round of selections under the broader $10.5 billion grid resilience and innovation partnerships program managed by DOE. In southeastern Pennsylvania, PECO Energy (PECI.UL) will boost grid reliability and resilience through substation flood mitigation, replacing aging infrastructure, and deploying battery systems for backup power.
Persons: Carlos Barria, Joe Biden's, Biden, Jennifer Granholm, Granholm, Timothy Gardner, David Gregorio Our Organizations: REUTERS, Rights, Wednesday, Energy, Department of Energy, DOE, International Brotherhood of Electrical Workers, Georgia Environmental Finance Authority, PECO Energy, Holy, Thomson Locations: Mountain View , California, U.S, Texas, Georgia, Pennsylvania, California, Arizona, Washington
German Chancellor Olaf Scholz's coalition unveiled in July a strategy toward de-risking Germany's economic relationship with China, calling Beijing a "partner, competitor and systemic rival". German investment in Asia excluding China is rising as a share of overall investment. "No company is going to say that it will leave China," said Sandra Ebner, senior economist at Union Investment, Germany's second-largest fund manager. "But what companies are increasingly doing is to produce in China for China and to position themselves around China for the remaining Asian or global market." In July, German Economy Minister Robert Habeck travelled to India with a delegation of executives to discuss opportunities for German companies.
Persons: Thomas Nuernberger, Nuernberger, Olaf Scholz's, Volker Treier, Munk, Ferdinand Munk, Scholz, Angela Merkel's, Martin Brudermueller, Max Zenglein, Juergen Matthes, Markus Horn, Matthias Bianchi, Joe Biden, Wolfgang Niedermark, Jan Roennfeld, Roennfeld, Sandra Ebner, BDI's Niedermark, Robert Habeck, Christoph Steitz, Sarah Marsh, Maria Martinez, Aditya Kalra, Sarita Chaganti Singh, Xinghui, Orathai, Brenda Goh Organizations: Reuters, Commerce and Industry, Volkswagen, Mercedes, Benz, BASF, IW Institute, Big, Mercator Institute for China Studies, Economic Institute, Horn, German Association of, Indonesian Chamber of Commerce, Union Investment, Thomson Locations: FRANKFURT, BERLIN, Berlin, Beijing, China, Taiwan, India, Asia, Germany, Europe, Vietnam, South Korea, Indonesia, South China, European, Thailand, United States, Mexico, Indonesian, Eastern Germany, Malaysia, Frankfurt, New Delhi, Xinghui Kok, Singapore, Bangkok, Shanghai
FDI in Brazil fell 36% in the first eight months of 2023 to $37.9 billion. Currently, investors in long-term projects in Brazil with exposure to foreign currency pay taxes on currency appreciation over the course of the project - which the central bank has long flagged as a deterrent for FDI. Haddad said he was confident that policymakers had found a tool to shield investors from currency risks keeping them away. Executive orders in Brazil have immediate validity but must be endorsed by lawmakers within four months or they expire. Without that measure, Haddad said it will be "very challenging" to erase the deficit in next year's budget bill.
Persons: Fernando Haddad, Haddad, Luiz Inacio Lula da, Marcela Ayres, Bernardo Caram, Brad Haynes, Christopher Cushing Organizations: Finance, Reuters, Sao Paulo, leftist Workers Party, Executive, Thomson Locations: BRASILIA, Brazil, Brasilia, Sao, United States
[1/2] Russian President Vladimir Putin arrives for the opening ceremony of the Belt and Road Forum in Beijing, China, October 18, 2023. Sputnik/Dmitry Azarov/Pool via REUTERS Acquire Licensing RightsMOSCOW, Oct 18 (Reuters) - Russian President Vladimir Putin is currently on a visit to China, his second only trip outside the former Soviet Union since the February 2022 invasion of Ukraine. Who is in the Russian delegation with Putin - and who stayed in Russia? Before Putin left for China, he was shown at a meeting with defence and spy chiefs at his Novo-Ogaryovo residence outside Moscow. The following top officials are thought to be in Russia.
Persons: Vladimir Putin, Dmitry Azarov, Alexander Novak, Sergei Lavrov, Yuri Ushakov, Maxim Oreshkin, Dmitry Peskov, Central Bank Governor Elvira Nabiullina, Anton Siluanov, Maxim Reshetnikov, Dmitry Shugaev, Yuri Chikhanchin, Dmitry Chernyshenko, Igor Morgulov, Igor Sechin, Alexei Miller, Alexei Likhachev, Andrei Kostin, Igor Shuvalov, Leonid Mikhelson, Oleg Belozyorov, Kirill Dmitriev, Putin, Sergei Shoigu, Nikolai Patrushev, Alexander Bortnikov, Dmitry Medvedev, Anton Vaino, Sergei Kiriyenko, Mikhail Mishustin, Viktor Zolotov, Sergei Naryshkin, Guy Faulconbridge, Muralikumar Organizations: Forum, Sputnik, REUTERS Acquire, Rights, Soviet Union, Putin, Kremlin, Central Bank Governor, Federal Service for Military, Gazprom, VEB, Russian, Russian Direct Investment, Russia Security, Federal Security Service, Russia's Foreign Intelligence, Reuters, Thomson Locations: Beijing, China, Ukraine, Russia, CHINA, North Korea, China BUSINESSPERSONS, Moscow, Russian
Saudi is wild card in Middle East’s new turmoil
  + stars: | 2023-10-18 | by ( George Hay | ) www.reuters.com   time to read: +8 min
Saudi Crown Prince Mohammed bin Salman attends the 18th consultative meeting of the leaders of the GCC & the Gulf summit with the central Asian countries C5, in Jeddah, Saudi Arabia, July 19, 2023. Saudi Press Agency/Handout via REUTERS Acquire Licensing RightsLONDON, Oct 18 (Reuters Breakingviews) - Mohammed bin Salman is the wild card in the Middle East’s new conflict. Saudi Arabia also needs prices above $85 a barrel in order to balance its budget. Saudi Arabia also needs to consider the views of international investors, though. For now, Saudi Arabia can count on the support of global bankers and fund managers.
Persons: Prince Mohammed bin Salman, Mohammed bin Salman, Joe Biden, Benjamin Netanyahu, Israel’s, Biden, Netanyahu, International Energy Agency reckons, Jamal Khashoggi, nix, Larry Fink, JPMorgan’s, Jamie Dimon, Israel, Antony Blinken, Jordan, ” Blinken, , , Hossein Amirabdollahian, Al Jazeera, Peter Thal Larsen, Oliver Taslic Organizations: GCC, Saudi Press Agency, Handout, REUTERS Acquire, Reuters, Hamas, Israel . U.S, MbS, United, Gaza, International Energy Agency, Reuters Graphics Reuters, Saudi, kingdom’s Public Investment Fund, U.S, PGA, Foreign Investment, Telefonica, STC, BlackRock’s, Future Investment, United States, Diplomats, don’t, Palestinian, Israeli, United Arab, Iran’s, Thomson Locations: Saudi, Jeddah, Saudi Arabia, Israel, Iran, Palestinian, Israel ., United States, Gaza, OPEC, Russia, Saudi Aramco, Riyadh, Palestine, United, Amman, Jordan, Bahrain, Qatar, United Arab Emirates, Egypt, Lebanon, America
A roadside money changer handling Pakistani rupee coins in Karachi, Pakistan. Bloomberg | Bloomberg | Getty ImagesThe Pakistani rupee has rebounded from an all-time low to become the world's top performing currency — and there's still room to strengthen, analysts say. The currency plummeted to a record low of 307 rupees against the greenback in early September, according to data from LSEG. This was largely owed to a government clampdown on a widespread illicit dollar trade. The lofty figure was largely owed to the weakness of Pakistan's currency, reduced domestic fuel and electricity subsidies, and supply chain disruptions, the report said.
Persons: there's, Tahir Abbas Arif Habib, Tahir Abbas, Arif Habib, Abbas, Steve Hanke Organizations: Bloomberg, Getty, PKR, South Korean, Federal Investigation Agency, Pakistan, CNBC, Johns Hopkins University, Bank, World Bank, Johns Hopkins Locations: Karachi, Pakistan, LSEG
[1/2] Thailand's Prime Minister Srettha Thavisin arrives at Beijing Capital International Airport to attend the Third Belt and Road Forum in Beijing, China, October 16, 2023. "And if you look at the month-by-month statistics, Chinese investments are still increasing," he told Reuters. "So I see that in the next two or three years, Chinese investments will still increase drastically in Thailand." But a large proportion of the 228 Chinese investments proposals this year have come in the electronics sector, according to the BOI. Chinese investments will likely continue for the next two years, Jareeporn said.
Persons: Srettha Thavisin, Tingshu Wang, General Narit Therdsteerasukdi, Srettha, Xiaomi Corp's, Alain Lam, Narit, Jareeporn Jarukornsakul, Jareeporn, Chayut, Shri Navaratnam Organizations: Thailand's, Beijing Capital International Airport, Forum, REUTERS, Rights, of Investment, Investment, Reuters, Thai, Initiative, HK, Toyota, Isuzu Motors, WHA, Thomson Locations: Beijing, China, Rights BANGKOK, Thailand, Singapore, Southeast Asia's, Thailand's, Thai
Washington, DC CNN —The global economy is facing tremendous uncertainty from the war between Hamas and Israel in the Middle East, on top of the ongoing war between Russia and Ukraine. They say Israel’s declaration of war against Hamas could be yet another catalyst for deglobalization, though the extent of that is still up in the air. If deglobalization does get exacerbated, what would that mean for inflation and monetary policy, globally? With deglobalization, you get a global economic environment that’s less competitive, and when there’s less competition, that is ultimately inflationary, causing prices to rise. Over the Covid era, China shut down production, disrupting the global supply chain, so deglobalization would bring some production back within US borders.
Persons: Wells, Bell, Brendan McKenna, that’s, Trump, there’s, Hanna Ziady, we’ve, , Avi Hasson, Patrick Harker, John Williams, Tom Barkin, Michelle Bowman, Tesla, Christopher Waller, Lisa Cook, Jerome Powell, Austan Goolsbee, Michael Barr, Raphael Bostic, Loretta Mester Organizations: CNN Business, Bell, DC CNN, Trump, Hamas, Nation Central, Philadelphia Fed, US Commerce Department, Federal Reserve, National Association of Home Builders, China’s National Bureau of Statistics, Procter & Gamble, United Kingdom’s, National Statistics, American Airlines, US Labor Department, Federal, Fed Locations: Washington, Israel, Russia, Ukraine, China, Wells Fargo, Gaza, deglobalization, United States, Mexico, US, Tel Aviv, New York
[1/2] Shadow of the supporter is pictured during the election convention of Law and Justice (PiS) party, before Sunday's parliamentary elections, in Przysucha, Poland October 9, 2023. "It is the most important election we have this year in Europe," said Viktor Szabo, portfolio manager at asset manager abrdn, adding markets had not priced in scenarios such as a hung parliament or the possibility of an early election. Such a scenario would be a key positive for both the currency and Polish equities, said Anna Zadornova, an economist at UBS. "Ultimately there is a point where you need to yield to the economics and how things are going," said Kaan Nazli, a portfolio manager at Neuberger Berman. ($1 = 0.9461 euros)Reporting by Karin Strohecker and Marc Jones, editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.
Persons: Kacper, Viktor Szabo, Szabo, PiS, Daniel Wood, William Blair, Anna Zadornova, Banks, Morgan, Goldman Sachs, Adam Glapinski, Kaan Nazli, Neuberger Berman, Karin Strohecker, Marc Jones, Alexander Smith Organizations: Law, Justice, REUTERS, LONDON, abrdn, European Union, JPMorgan, Reuters Graphics EU, EU, liberal Civic Coalition, UBS, Poland's, Copley Fund, Reuters, Thomson Locations: Przysucha, Poland, Europe, loggerheads, Brussels, Romania, Hungary
The logo of Mexico's Central Bank (Banco de Mexico) is seen at its building in downtown Mexico City, Mexico February 28, 2019. Mexico could lure annual foreign direct investment flows of $55 billion to $60 billion if it takes better advantage of nearshoring, up from $36 billion in 2022, she said. That has dampened expectations Mexico could benefit from increased investment in semiconductors in North America. Mexico still faces competition to win investment from both North and Central America, plus Colombia, he said. "I don't think this measure is a game-changer to persuade those who have doubts," said Vejar.
Persons: Daniel Becerril, Gabriel Yorio, Andres Manuel Lopez Obrador, Gabriela Siller, Siller, Yorio, Lopez Obrador, Ramse Gutierrez, Franklin Templeton, Tesla, Carlos Vejar, Valentine Hilaire, Dave Graham, Anthony Esposito, Grant McCool, Sonali Paul Organizations: Mexico's Central Bank, Banco, REUTERS, MEXICO CITY, Banco Base, Central America, Thomson Locations: Banco de Mexico, Mexico City, Mexico, MEXICO, Asia, China, North America, Canada, United States, Franklin Templeton Mexico, Nuevo Leon, Mexican, North, Central, Colombia
Why China has its eye on Latin America
  + stars: | 2023-10-05 | by ( Joumanna Bercetche | ) www.cnbc.com   time to read: +3 min
But Venezuela is just one of the many Latin American countries that China is courting. The region presents an attractive investment proposition for China because of its resources and markets, Margaret Myers, director of the Asia and Latin America Program at the U.S.-based think tank Inter-American Dialogue, told CNBC. "In Latin America, China's looking for soy, above all, to address what is a fairly critical food security challenge at home. " Ruben Gonzalez Vicente from the University of Birmingham said: "From 2000 to 2010, most Chinese investment in Latin America went into the extractive industries, into mining and oil in South America mostly. Watch the video to find out why China has its eye on Latin America.
Persons: Xi Jinping, Nicolás Maduro, Margaret Myers, Myers, Ruben Gonzalez Vicente, Roberto Garcia Moritan, It's, it's Organizations: Venezuelan, America, Inter, CNBC, University of Birmingham Locations: China, Venezuela, Latin America, Asia, U.S, America, Brazil, Peru, Chile, Argentina, Latin, South America, Beijing
London CNN —Intelligence officers in Belgium are monitoring Alibaba’s logistics hub in Europe for possible espionage on behalf of the Chinese government. Belgium’s state security service VSSE told CNN Thursday it was watching the activities of Alibaba’s (BABA) logistics arm, Cainiao, at the country’s Liège cargo airport. “We strongly deny the allegations [which are] based on prior conjecture,” Cainiao told CNN in a statement. Liège airport announced in 2018 that it had struck a deal with Cainiao to become its European logistics hub. Last month, Alibaba announced a plan to spin off and list Cainiao on the Hong Kong Stock Exchange.
Persons: VSSE, , ” Cainiao, Cainiao, Eric Lalmand, Alibaba, — Juliana Liu Organizations: London CNN — Intelligence, CNN, Financial Times, Cainiao, Getty, European Union, Hong Kong Stock Exchange Locations: Belgium, Europe, Liège, AFP, Belgian, Berlin, Hamburg
A view of Sullom Voe Terminal, an oil and gas terminal in the Shetland Islands on September 2021. LONDON — British regulators on Wednesday gave approval for Norway's energy giant Equinor to develop the controversial U.K. offshore Rosebank field in the North Sea, just off the northwest coast of the Shetland Islands. The North Sea Transition Authority said it has also given the necessary consent. Finance Minister Jeremy Hunt said: "We are accelerating renewables and nuclear power, but will still need oil and gas for decades to come — so let's get more of what we need from within British waters." The approval comes after Britain in July confirmed plans to issue hundreds of new oil and gas licenses in the North Sea, despite its stated target to decarbonize all of the national sectors of the economy by 2050.
Persons: Equinor, Claire Coutinho, Jeremy Hunt Organizations: LONDON, Transition, Ithaca Energy, . Energy Security Locations: Shetland Islands, North, Shetland
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThis ASEAN nation is likely to have accelerated growth despite regional slowdown: HSBCYun Liu of HSBC lays out the risks and opportunities for ASEAN's economic growth. She also says foreign direct investments in the region has remained quite strong.
Persons: HSBC Yun Liu Organizations: HSBC
Saudi Arabia's crown prince is shaking up his economy in a move escalating its UAE rivalry. In March, Saudi Arabia unveiled Riyadh Air , a new airline serving as an alternative to the UAE's Emirates and Etihad Airways. If you want to do business with Saudi Arabia or Saudi state-owned entities, you've got to base your regional HQ in Saudi Arabia." "Saudi Arabia sees the separation project in Yemen as a way to let the Houthis control the north and therefore have a more-threatening border at the south of Saudi Arabia." Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERSHow far the rivalry between the two nations goes largely depends on Saudi Arabia's actions.
Persons: Saudi Arabia's, Mohammed bin Salman, Sheikh Mohamed bin Zayed Al Nahyan, MBZ, Obama, You've, Kristian Ulrichsen, Rice, Sheikh Mohamed, Prince Mohammed, Sheikh Mohamed —, , Leon Neal, Shaybah, Ulrichsen, Sheikh Zayed, Sultan Al Nahyan, Abu, Prince Mohammed bin Salman, Neom, Abishur Prakash, Jorg Greuel, Abdullah Alaoudh, Prakash, you've, Saudi Crown Prince Mohammed, Ludovic Marin, Mohammed's, Jamal Khashoggi, Biden, Baker Institute's Ulrichsen, Alaoudh, wouldn't Organizations: United Arab Emirates, UAE, Service, Baker Institute, Saudi, UAE —, Qatar, Dubai, United, Freedom Initiative, UAE's Emirates, Etihad Airways, Saudi Public Investment Fund, Newcastle United FC, English Premier League, Manchester City, Saudi Crown, Getty, Ritz Carlton, Saudi Royal Court, REUTERS, Saudi Aramco, United Nations Locations: Saudi, Wall, Silicon, Saudi Arabia, East, Washington, London, UAE, Persian, Al Ain, British, Qatar, Abu Dhabi, United Arab, Riyadh, Manchester City . Saudi Arabia, New Delhi, Istanbul, Yemen, Iran, Saudi Arabia's, Bandar, Ukraine
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