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☆ Oil up on expected U.S. oil stock drawdown, but China gloom tempers gain
▼ + stars: | 2023-08-22 | by ( ) www.cnbc.com time to read: +2 min

Oil prices were up in early trade on Tuesday ahead of data later expected to show a draw in U.S. crude oil and gasoline inventories, though persistent concerns over a slowdown in China's economy limited the upside. U.S. crude oil and gasoline inventories were expected to have fallen last week, a preliminary Reuters poll showed, as the American Petroleum Institute industry group is due to release data later on Tuesday. The Energy Information Administration, the statistical arm of the U.S. Department of Energy, is due to release its own data on Wednesday. U.S. economic data over recent weeks has bolstered expectations for the Fed to keep rates higher for longer, putting a dampener on the demand outlook for oil and a broad range of consumer goods. Moreover, gloom over the economic outlook in China, the world's second biggest oil consumer, has also pressured oil prices.

Persons: pumpjack, Brent Organizations: . West Texas, American Petroleum Institute, Energy Information Administration, U.S . Department of Energy, PMI, Federal, Jackson, ANZ Research, Fed, Eurasia Group Locations: Bakersfield, Kern County , California, USA, China, Brent, U.S, Beijing, Eurasia

"We have waited for this moment for many years," said Carlos de Leon Samayoa, 27, as he celebrated on the streets of Guatemala City. Arevalo unexpectedly emerged out of political obscurity to build a large anti-graft movement with his Semilla party, after many other opposition candidates were barred from running. [1/9]Guatemalan anti-graft presidential candidate Bernardo Arevalo, of the Semilla political party, poses for a photo during the presidential run-off election, in Guatemala City, Guatemala August 20, 2023. "The ruling pact will likely continue to target electoral officials and Arevalo’s Semilla party with investigations ahead of January’s change in government," she said. POLITICAL TENSIONSBeyond his anti-graft policies, Arevalo said he wants to expand relations with China alongside Guatemala's longstanding allegiance with Taiwan.

Persons: Bernardo Arevalo, Arevalo, Sandra Torres, Alejandro Giammattei, revel, Guatemalans, Arevalo's, Carlos de Leon Samayoa, Torres, Guatemala's, Pilar Olivares, Risa Grais, Arevalo’s, Eladio Loizaga, Giammattei, Ana María Méndez, Cassandra Garrison, Sofia Menchu, Herbert Villarraga, Diego, Drazen Jorgic, Stephen Eisenhammer, Miral Fahmy, Stephen Coates, Gerry Doyle Organizations: GUATEMALA CITY, Central, Twitter, REUTERS, Eurasia Group, Organization of American States, Central America, Diego Ore, Thomson Locations: GUATEMALA, Guatemalan, United States, Guatemala, Americas, Guatemala City, June's, China, Taiwan, Taipei, Honduras, America

By accepting an International Atomic Energy Agency (IAEA) report last month that greenlit Japan's Fukushima water release, Yoon could encourage fresh dissent that China will try to amplify, analysts say. On Monday, Park Gu-yeon, vice minister of government policy coordination at the prime minister's office, said both sides have made "substantial progress" on the water release issue. A senior South Korean official, speaking on condition of anonymity because of diplomatic sensitivity, said the government did not see it as a source of friction. "China absolutely will try to exploit Fukushima to drive a wedge between South Korea and Japan," said David Boling, a director at consulting firm Eurasia Group. In July, Chinese foreign ministry spokesman Wang Wenbin said Japan had shown selfishness and arrogance, and had not fully consulted the international community about the water release.

Persons: Rafael Mariano Grossi, Kobayakawa, Joe Biden, Yoon Suk Yeol, Fumio Kishida, Biden, David, Yoon, Japan Rahm Emanuel, Moon Jae, Christopher Johnstone, Antony Blinken, they've, David Boling, Joshua Kurlantzick, Wang Wenbin, Hirokazu Matsuno, Tim Kelly, Sakura Murakami, Hyonhee Shin, Josh Smith, David Brunnstrom, Trevor Hunnicutt, Ekaterina Golubkova, Lun Tian, Yoshifumi, Gerry Doyle Organizations: International Atomic Energy Agency, Tokyo Electric Power Co, Japanese, Reuters, U.S, IAEA, Biden's National Security Council, Center for Strategic, International Studies, Japan, South Korean, South, Gallup, Eurasia Group, Council, Foreign Relations, Global Times, Thomson Locations: Futaba, Japan, TOKYO, SEOUL, South Korea, Tokyo, China, Washington, East Asia, Taiwan, Beijing, Russia, North Korea, United States, Australia, Britain, Seoul, Seoul . U.S, Fukushima, Korean

☆ Chinese consumers aren't spending domestically or abroad, says Eurasia Group's Anna Ashton
▼ + stars: | 2023-08-16 | 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 EmailChinese consumers aren't spending domestically or abroad, says Eurasia Group's Anna AshtonAnna Ashton, Eurasia Group director of China Corporate Affairs, joins 'Squawk Box' to discuss China's economic slump, after a new report from Nomura says it's increasingly possible that the world' second largest economy will miss its 5% growth target, China's skyrocketing youth unemployment rate, and more.

Persons: Anna Ashton Anna, Nomura, it's Organizations: Eurasia Group, China Corporate Affairs Locations: Eurasia, Anna Ashton Anna Ashton

☆ Oil prices down ahead of key economic data in China
▼ + stars: | 2023-08-15 | by ( ) www.cnbc.com time to read: +1 min

Oil prices fell in early trade on Tuesday ahead of a slew of economic data from China which should provide clues on the outlook for any recovery in demand in the world's top oil importer. In another worrying indicator, the People's Bank of China on Friday said new bank loans tumbled in July and other key credit gauges also weakened. "The upside for prices this year is likely to be capped, particularly as China's economic recovery continues to flag and shut-in OPEC production is released. The People's Bank of China last lowered the rate by 10 basis points to 2.65% in June. Weak economic performance in China is offsetting tight global oil supplies as the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, are cutting production to lift prices.

Persons: pumpjack Organizations: . West Texas, Brent, People's Bank of China, Eurasia Group, People's Bank of, of, Petroleum Locations: Bakersfield, Kern County , California, USA, China, China's, Eurasia, People's Bank of China, OPEC

☆ A rift is growing between Xi and Putin after Russia mocked a Ukraine peace plan backed by China
▼ + stars: | 2023-08-09 | by ( Tom Porter | ) www.businessinsider.com time to read: +4 min

Xi is frustrated that Putin won't seek peace in Ukraine, reports say. China has touted a 12-point peace plan for Ukraine that Russia hasn't pursued. China recently attended a peace summit in Saudi Arabia that was described by Russia as "doomed to fail." A European diplomat present at the discussions told the FT that the "mere presence of China shows Russia is more and more isolated." But Wyne cautioned against excessive faith in China's intervention to secure peace in Ukraine.

Persons: Xi, Putin, Russia hasn't, Xi Jinping, Vladimir Putin's, it's, Siberia that'd, June's Wagner, Ali Wyne, Wyne Organizations: Service, Financial Times, Putin, Kremlin, Eurasia Group, Saudi, Kyiv, Analysts Locations: Ukraine, China, Russia, Saudi Arabia, Wall, Silicon, Russian, Moscow, Jeddah, European, Siberia, Beijing, Denmark, Iran

☆ A Shrinking Footprint in Africa for France, the Former Colonizer That Stayed
▼ + stars: | 2023-08-05 | by ( Elian Peltier | More About Elian Peltier | ) www.nytimes.com time to read: +1 min

The country’s president, a trusted ally of France, was taken hostage in the presidential palace by his own guards in late July. A colonel in uniform appeared late Thursday on state television and announced that the military was ending its cooperation with France. The coups have fanned the flames of popular anger against France, a former colonial power that critics say never really let go of its former possessions. Now, France has become a scapegoat of sorts in a region buckling under the forces of poverty, climate change and surging Islamist militancy. “France did not see this coup coming, so they have not learned from Mali or Burkina Faso,” said Mujtaba Rahman, the managing director for Europe at Eurasia Group, a consultancy.

Persons: “, ”, Mujtaba Rahman Organizations: Protesters, French Embassy, Eurasia Group Locations: France, French, West African, Niger, Burkina Faso, Mali, “ France, Europe

☆ Saudi Arabia and Turkey are emerging as the new peace brokers of the Russia-Ukraine war
▼ + stars: | 2023-08-02 | by ( Natasha Turak | ) www.cnbc.com time to read: +7 min

Turkish President Recep Tayyip Erdogan welcomes Saudi Arabia's Crown Prince Mohammed bin Salman Al Saud in Ankara, Turkey, on June 22, 2022. "We thank the Crown Prince and Government of Saudi Arabia for facilitating [the prisoner exchange]," Sullivan wrote in a separate post. "Saudi Arabia and Turkey are good examples of such mid-level powers now helping shape international realities in a way they rarely did during the Cold War." And Turkey, like Saudi Arabia, refuses to partake in sanctions against Russia, irking its Western allies. Saudi Arabian Crown Prince Mohammed bin Salman (R) meets Ukrainian President Volodymyr Zelenskyy (L) in Jeddah, Saudi Arabia on May 19, 2023.

Persons: Recep Tayyip Erdogan, Saudi Arabia's Crown Prince Mohammed bin Salman Al Saud, Mustafa Kaya, Russian –, Vladimir Putin, –, Recep Tayyip Erdogan of, Crown Prince Mohammed bin Salman, Volodymyr Zelenskyy, Jake Sullivan, Putin, Sullivan, Hussein Ibish, Russia's Putin, Vilius Semeska, Selcuk Bayraktar, Haluk Bayraktar, Ibish, Saudi Arabia's Crown Prince Mohammed bin Salman, Saudi Arabian Crown Prince Mohammed bin Salman, Erdogan, Mohammed bin Salman, Ryan Bohl, Rane, Ayham Kamel Organizations: Saudi Arabia's Crown, Getty, Crown, Russia, Handout, Anadolu Agency, Twitter, Ukraine –, Prince, Saudi, Gulf States Institute, CNBC, NATO, Defence, Baykar, Saudi Arabian Crown, Saudi Foreign Ministry, Getty Images, Ukrainian, Arab, Russo, East, Global, Eurasia Group Locations: Ankara, Turkey, Xinhua, Russian, Russia, Recep Tayyip Erdogan of Turkey, Saudi Arabia, Kyiv, Ukraine, Ukrainian, Saudi, Jeddah, U.S, China, India, Brazil, Washington, Turkey's, Lithuanian, Istanbul, Turkish, , Washington, North Africa, Riyadh, Middle East

☆ Italy just slammed China's trillion-dollar Belt and Road Initiative, saying it was an 'atrocious' decision to join and that it's barely benefited from the deal
▼ + stars: | 2023-07-31 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +3 min

He said the pact had multiplied China's exports to Italy, but made little difference to Italy's exports to China, according to a Reuters report Sunday. When Italy pledged to join China's BRI in 2019, it was the largest economy to do so. However, since then, Italy's imports from China have almost doubled, but the European nation's exports to China have barely increased. Italy's exports to China rose to 16.4 billion euros, or $18 billion, in 2022, from 13 billion euros in 2019. On the other hand, China's exports to Italy rose from 31.7 billion euros in 2019 to 57.5 billion euros in 2022, Reuters reported, citing data from Italy's economic observatory.

Persons: Guido Crosetto, Crosetto, —, della Sera, China's, Giorgia Meloni, Meloni Organizations: Initiative, Service, della, Strategic, International Studies, Reuters, Politico, Eurasia Group Locations: Italy, China's, Wall, Silicon, Italian, China, Europe, Asia, Indonesia, Poland, Egypt, Beijing, Washington

☆ What Qin Gang's disappearance means for U.S.-China relations
▼ + stars: | 2023-07-28 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

U.S. officials greet Qin Gang, then China's foreign minister, ahead of a meeting with U.S. Secretary of State Antony Blinken (not pictured) in Beijing on June 18, 2023. Leah Millis | Afp | Getty ImagesBEIJING — The flurry over Qin Gang's disappearance and removal from the position of foreign minister has little impact on U.S.-China relations, analysts said. China officially announced his dismissal from the foreign minister role on Tuesday. China's foreign ministry has declined to shared why Qin had to leave his position. watch nowWhile Wang's return to the foreign minister role is unusual, his promotion to top diplomat had also come contrary to expectations of retirement.

Persons: Qin Gang, Antony Blinken, Leah Millis, Qin Gang's, Qin, China's, Wang Yi, Xi Jinping, Nick Marro, Xi, Wang, Jeremy Chan, Anna Ashton, Biden Organizations: U.S, Afp, Getty, Communist Party, Economist Intelligence Unit, Eurasia Group Locations: Beijing, BEIJING, China, Eurasia, Northeast Asia, U.S

☆ China's foreign minister has been removed from his post one month after disappearing from the public eye. Experts say we may never know why.
▼ + stars: | 2023-07-26 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +4 min

Eurasia Group's Jeremy Chan told Insider that "so much remains unknown about Qin's case." As of press time, references to Qin had been removed from the foreign ministry's website. China's foreign ministry did not immediately respond to a request for comment from Insider. Because of the opacity of the Chinese government, few people will ever know what led to Qin's abrupt departure, experts say. Chong Ja Ian, an associate professor at the National University of Singapore, told Insider that the lack of clarity "is part of the opacity and uncertainty" in China.

Persons: Qin Gang, Jeremy Chan, Qin, Wang Yi, Wang, Chong Ja Ian, Chong, Dylan Loh, Loh, Wang Wenbin, Wang's, Fu Xiaotian, Fu Organizations: Eurasia, Service, Qin, Eurasia Group, National University of Singapore, Nanyang Technological University, Twitter Locations: Wall, Silicon, China's, China, Beijing, Russia, Vietnam, Sri Lanka, Indonesia, Chinese, South China

☆ Eurasia Group discusses the implications of Qin Gang's removal as China's foreign minister
▼ + stars: | 2023-07-26 | 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 EmailEurasia Group discusses the implications of Qin Gang's removal as China's foreign ministerAnna Ashton, Eurasia Group's director for China corporate affairs, says we'll probably never know the full story behind why Qin Gang has "precipitously fallen" from his position as Chinese foreign minister.

Persons: Qin, Anna Ashton, we'll Organizations: Eurasia Group, Qin Locations: Eurasia, China

☆ Spain votes in a major election that could bring the far right back to power
▼ + stars: | 2023-07-23 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

A banner showing an image depicting Alberto Nuñez Feijoo, leader of the PP Party. Voters in Spain head to the polls on July 23 to cast their votes and elect Spain's next government. Spain voters are heading to the polls on Sunday in an election that could bring the far right to power for the first time since Francisco Franco's dictatorship. Polls published ahead of the vote projected a conservative win, with the PP (Partido Popular) set to secure about 34% of support — which would not be sufficient to form a majority government. Some political analysts expect PP to join forces with the far right party Vox, which could be the third biggest political force in this election and obtain more than 10% of the votes.

Persons: Alberto Nuñez Feijoo, Spain's, Francisco Franco's, Vox, Federico Santi Organizations: PP Party, Voters, PP, Partido, Vox, Eurasia Group Locations: Spain, Germany

Moscow took sharp action on Friday to curb inflation, fearing the effects of ever higher spending on the war in Ukraine and of a weakening Russian ruble. Russia’s central bank took the unexpected step of raising its benchmark interest rate by a full percentage point, to 8.5 percent from 7.5 percent. It was the first large hike in more than a year, and the bank warned that further increases were likely. “It is a surprise and on its face reflects more concern at the central bank about inflation and how the economy is doing that we had appreciated,” said Robert Kahn, the head of the Geoeconomics Team at the Eurasia Group, a New York-based risk analysis firm. “It suggests that the war is proving increasingly disruptive to economic activity and pushing up inflationary pressures.”

Persons: Moscow, ”, Robert Kahn Organizations: Eurasia Group Locations: Ukraine, Russia’s, New York

☆ Welcome to the Dollar War: a Global Fight Over America's Economic Dominance
▼ + stars: | 2023-07-16 | by ( Phil Rosen | ) www.businessinsider.com time to read: +17 min

The US even reminded everyone just how influential the buck is when it effectively froze Russia out of the global financial system with sanctions last year. Becoming the issuer of the global reserve currency is about trust. The US has controlled the global reserve currency for 102 years — giving it a special status in the world economy. Still, given that the country controlling the global reserve currency holds that status of an average of 94 years, history seems to indicate it's high time for a successor. Why shouldn't the financial world resemble something closer to the mosaic of cultures, politics, and nations that exists today?

Persons: Chenzi Xu, there's, Xu, —, Ron Temple, Gregory Brew, Eurasia's Brew, dollarizing, Stephen Jen, Jen, we've, Stanford's Xu, Luiz Inácio Lula da Silva, Josh Lipsky, " Lipsky, It's, Alexander Wise, Jan Loeys, Loeys, dollarization, Wise, Lazard's Temple, isn't, Phil Rosen Organizations: Stanford, Federal, European Central Bank, People's Bank of China, Lazard, Publishing, Getty Images, International Monetary Fund, Bank of International Settlements, Eurasia Group, Sandman's, Eurizon, IMF, Atlantic Council, JPMorgan Locations: Russia, Israel, France, China, America, Saudi Arabia, Brazil, India, Pakistan, Bolivia, Iraq, South Africa, Beijing

☆ The 'Barbie' movie has been banned and censored across 2 Southeast Asian countries, and it shows how the territorial dispute over the South China Sea is becoming intense
▼ + stars: | 2023-07-13 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Vietnam and the Philippines are up in arms over a controversial map in the upcoming "Barbie" movie. The map seemingly depicts China's claim over a disputed part of the hotly contested South China Sea. A hotly contested territorial claim has moved away from the realm of politics and landed smack-dab in the middle of the upcoming "Barbie" movie promotions. Barbie is not the only movie to land in hot water over this disputed territoryBarbie is not the first movie to be banned in Vietnam over the territorial dispute. The South China Sea is a hotly contested waterway, with China, Brunei, Indonesia, Malaysia, the Philippines, Taiwan, and Vietnam all staking competing claims.

Persons: Warner Bros, it's, Margot Robbie, Barbie, Tuoi, Warner, Blackpink, Tuoi Tre Organizations: Warner, Warner Bros, Philippine, Philippine Star, South China, Netflix, Eurasia Group Locations: Vietnam, Philippines, China, South, Beijing, Brunei, Indonesia, Malaysia, Taiwan, The Hague, Asia

☆ India's been touted as the new China — but here are 4 key areas where the South Asian giant is still playing catch up
▼ + stars: | 2023-07-12 | by ( Huileng Tan | ) www.businessinsider.com time to read: +6 min

Some investors see India as the new China, but the South Asian economy still has to narrow a few gaps. These factors make it difficult for India to surpass China as the factory of the world. The country's potential appears brighter after its population surpassed China's, prompting many observers to tout the South Asian country as the next economy to watch. There's so much optimism about India that Goldman Sachs forecasts India's economy will surpass the US by 2075. Here are four ways India is still playing catch-up to its Asian rival, China.

Persons: Goldman Sachs, Pramit Chaudhuri, Chaudhuri, Narendra Modi's, hasn't, Eurasia Group's Chaudhuri, Ashutosh Sharma, Forrester Organizations: Service, Eurasia Group, Swiss, UBS, East, China, US International Trade Administration, Bank Locations: India, China, Wall, Silicon, South Asia, China's, Eurasia

☆ Despite significant disagreements between China and the US, the world is 'big enough for both countries to thrive': Janet Yellen
▼ + stars: | 2023-07-10 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +3 min

Treasury Secretary Janet Yellen concluded her trip to China on Sunday with an appeal for both nations to find 'a way to live together.' 'We believe that the world is big enough for both of our countries to thrive,' she said. We believe that the world is big enough for both of our countries to thrive," she said, according to a transcript of her speech on Sunday. John Kerry, the U.S. special envoy for climate change, is slated for a visit to China later this month, per Bloomberg. Despite Yellen's optimism, at least one analyst feels that relations between the US and China remain tenuous.

Persons: Janet Yellen, Yellen, Biden, Yellen's, Antony Blinken's, Xi Jinping, John Kerry, Vishnu Varathan Organizations: Service, US, of Commerce, Eurasia Group, Biden, U.S, Bloomberg, Mizuho Bank's Locations: China, Wall, Silicon, Mizuho Bank's Asia, Oceania

☆ Xi personally warned Putin against launching a nuclear strike in Ukraine, report says, drawing a red line for Russia
▼ + stars: | 2023-07-06 | by ( Tom Porter | ) www.businessinsider.com time to read: +5 min

China's Xi Jinping warned Vladimir Putin against using nuclear weapons, The Financial Times reported. If Putin ignored Xi and acted on his nuclear threats to Ukraine, it'd humiliate the Chinese leader, an analyst said. He has provided the Russian president with crucial economic and diplomatic support amid sanctions and international isolation. This gives him leverage over the Russian president in seeking to deter him from a potentially catastrophic escalation of the conflict. Putin has previously shown a willingness to defy China, declaring he'd position nuclear weapons in Belarus in an apparent snub to Xi in March.

Persons: China's Xi Jinping, Vladimir Putin, Xi, Putin, it'd, —, Vladimir Putin of, Putin's, Dmitry Peskov, Sumantra Maitra, China Xi, Ali Wyne, Xi Jinping, Wagner Organizations: Financial Times, Service, Ukraine, Putin, Wednesday, European Union, Eurasia Group, Russian Locations: Ukraine, Moscow, Vladimir Putin of Russia, China, Russian, Russia, Beijing, Belarus, West

☆ 4 things making it harder for Janet Yellen to repair the US-China relationship
▼ + stars: | 2023-07-06 | by ( Laura He | ) edition.cnn.com time to read: +9 min

The global economy stands to gain if Washington and Beijing can mend fences, but analysts say this appears unlikely. Here are four things likely to make it harder for Yellen to repair US-China ties, and one thing keeping the relationship going. Sequoia’s executives said in a statement that it has become “increasingly complex” to run a decentralized global investment business. On Wednesday, US pharmaceutical firm Moderna (MRNA)signed a deal to make its first major investment in China. “Both sides are ramping up commercial restrictions in the name of national security and national interests,” she said.

Persons: Janet Yellen, China, ” Wei Jianguo, ”, Anna Ashton, Biden, Beijing’s, Wei, Capvision, Xi Jinping’s, “, Li Qiang, Xi, Alex Capri, ” Ashton, —, Jennifer Hansler, Wayne Chang, Bryan Mena Organizations: Hong Kong CNN, Eurasia Group, Micron Technology, China Daily, Analysts, China, Capvision, Bain & Company, Group, Forrester Research, Ontario, Republicans, Hawks, Shanghai Cooperation Organization, Xinhua, US Commerce Department, “, National University of Singapore Business School, Moderna Locations: Hong Kong, Beijing, United States, China, Chinese, Washington, Japan, Europe, Shanghai, New York, decouple, Moscow, Ukraine, Russia, Taiwan, Tianjin

☆ China is restricting the export of two little-known metals crucial to the semiconductor industry. It shows Beijing still holds important chips in its tech war with the West.
▼ + stars: | 2023-07-05 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

China will restrict the exports of gallium and germanium — metals vital to chipmaking — from August 1. The export curb is seen as a retaliatory move by Beijing amid a chip war with the West. A recent move by China to restrict the export of two little-known metals has again sent the semiconductor industry into a tailspin. Exporters can apply for export licenses if they want to continue shipping the products out of China, per the notice. China accounts for about 80% and 60% of global gallium and germanium production, respectively, according to Critical Raw Materials Alliance, a European industry association.

Persons: —, Biden, Janet Yellen, haven't, Ewa Manthey, Europe — Organizations: Authorities, Morning, West, Wall Street, Eurasia Group, US, Industry, Reuters, Alliance, ING Locations: China, Beijing, Netherlands, United States, Japan, European, North America, Europe

☆ China just played a trump card in the chip war. Are more export curbs coming?
▼ + stars: | 2023-07-04 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Beijing hit back Monday by playing a trump card: It imposed export controls on two strategic raw materials, gallium and germanium, that are critical to the global chipmaking industry. Last October, the Biden administration unveiled a set of export controls banning Chinese companies from buying advanced chips and chip-making equipment without a license. Beyond China, Australian rare earths producers also advanced, as investors expected Beijing might extend export curbs to that group of strategically important minerals. “If this action doesn’t change the US-China dynamics, more rare earth export controls should be expected,” Jefferies analysts said. China cut its rare earths export quota in 2010 amid tensions with the United States.

Persons: ”, Biden, China’s, Janet Yellen, Jefferies, ” Jefferies, CNN’s Hanna Ziady, Xiaofei Xu Organizations: Hong Kong CNN, Jefferies, Micron Technology, Micron, China, Geological Survey, Eurasia Group, Group, United, Analysts Locations: Hong Kong, China, United States, Beijing, Washington, Netherlands, Japan, Australian, States, United Kingdom, Germany, Belgium

☆ Explainer: Why are OPEC+ supply cuts failing to boost oil prices?
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: +4 min

Members Saudi Arabia and Russia, the world's biggest oil exporters, deepened oil supply cuts on Monday in an effort to send prices higher. Here are the main reasons why OPEC+ output cuts are failing to significantly lift oil prices:CONCERNS ABOUT WEAK DEMANDData from China has sparked fears that the economic recovery from coronavirus lockdowns in the world's second-largest oil consumer is losing steam. The Energy Information Administration projects U.S. crude oil production will climb by 720,000 bpd to 12.61 million bpd this year, above a prior forecast increase of 640,000 bpd. This compares with around 10 million bpd as recently as 2018. LESS BULLISHIn 2020, Saudi Energy Minister Prince Abdulaziz bin Salman warned traders against betting heavily in the oil market, saying those who gamble on the oil price would be "ouching like hell".

Persons: Brent, Carsten Fritsch, Tamas Varga, Prince Abdulaziz bin Salman, pare, Ole Hansen, Maha El Dahan, Ahmad Ghaddar, Mark Potter Organizations: of, Petroleum, Eurasia Group, U.S . Federal Reserve, International Energy Agency, OPEC, Energy Information Administration, Saudi Energy, Saxo Bank, Thomson Locations: DUBAI, LONDON, OPEC, Russia, Saudi Arabia, China, Japan, U.S, Eurasia, WTI

☆ Belarus' Lukashenko says he convinced Putin not to eliminate Wagner leader Prigozhin
▼ + stars: | 2023-06-28 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +1 min

Belarusian President Alexander Lukashenko signaled he deterred his Russian counterpart and long-time ally Vladimir Putin from eliminating failed insurrectionist and Russian paramilitary leader Yevgeny Prigozhin after his attempted coup over the weekend. "I also realized that a tough decision was taken (Putin hinted at it in his address) — to eliminate those involved. I suggested that I talk to Prigozhin, his commanders," Lukashenko said on Tuesday, in unexpectedly frank and exhaustive comments reported by Belarusian state agency Belta. Against expectations, Lukashenko on Tuesday confirmed that Prigozhin — a "dead man walking," according to Ian Bremmer, president of the Eurasia Group — reached Belarus by private plane. "No one will give you Shoigu or Gerasimov, especially in this situation," Lukashenko claims to have told Prigozhin.

Persons: Alexander Lukashenko, Vladimir Putin, insurrectionist, Yevgeny Prigozhin, Putin, Prigozhin, Lukashenko, Wagner, Ian Bremmer, Sergei Shoigu, Valery Gerasimov — Organizations: Russian, Belta, Prigozhin, Tuesday, Eurasia Group — Locations: Belarusian, Moscow, Belarus, Russia

☆ Yevgeny Prigozhin's future — what could be next for Russia’s mutinous mercenary chief
▼ + stars: | 2023-06-28 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

Yulia Morozova | ReutersOnce a close ally and caterer to Russian President Vladimir Putin, Yevgeny Prigozhin now finds himself exiled to Belarus after leading his private mercenary group in an armed mutiny against the Russian military. Despite the apparent amnesty granted in exchange for halting the offensive, Eurasia Group President Ian Bremmer told CNBC on Monday that Prigozhin is a "dead man walking." watch nowIn the absence of further details on the deal struck between Prigozhin and the Kremlin, analysts are broadly uncertain as to what the future holds for the Wagner Group and its leader. Atlantic Council CEO Fred Kempe told CNBC's "The Exchange" that this would not be a "one-act play" for either the Russian president or his former friend. Kempe mused, adding that the unknowns at this stage are the most important aspect of Prigozhin's banishment.

Persons: Wagner, Yevgeny Prigozhin, Maxim Fomin, Vladlen Tatarsky, Yulia Morozova, caterer, Vladimir Putin, Prigozhin, Alexander Lukashenko, Ian Bremmer, Putin, Fred Kempe, CNBC's, Will Prigozhin, Kempe, Christopher Granville, Granville, Russia Michael McFaul, I'm, who's Organizations: Reuters, Wagner Group, Eurasia Group, CNBC, Kremlin, Atlantic, EMEA, TS Lombard, Former U.S Locations: St Petersburg, Moscow, Russia, Russian, Belarus, Rostov, Prigozhin, Africa, Syria, Ukraine

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