Archives for December 2018

“China is driving the growth in filings for patents, trademarks, industrial designs and other IP rights that are at the heart of the global economy,” it said.

The report said that the country recorded the highest application volume for each of those IP rights in 2017. Innovators and creators inside the country, as well as foreign entities, were seeking to protect and promote their work in one of the world’s fastest-growing major economies.

“Demand for IP protection is rising faster than the rate of global economic growth, illustrating that IP-backed innovation is an increasingly critical component of competition and commercial activity,” said WIPO Director General Francis Gurry. “In just a few decades, China has constructed an IP system, encouraged homegrown innovation, joined the ranks of the world’s IP leaders – and is now driving worldwide growth in IP filings.”

Also on rt.com China luring Indian tech firms with market access free rent

China’s IP office received the highest number of patent applications in 2017, a record total of 1.38 million, followed by the US (607,000), Japan (318,000), South Korea (205,000), and the European Patent Office (167,000). Those top five offices account for 84.5 percent of the world’s total recorded patent applications.

Asia has strengthened its position as the region with most patent filings, with Asian offices receiving 65 percent of all applications filed in 2017, up from 50 percent in 2007.

The number of China’s industrial designs applications represents 50.6 percent of all industrial design applications filed worldwide. The number of trademark applications by Chinese innovators increased by about 55 percent, representing 46 percent of all trademark applications filed.

Owing to the support for high-tech industry and the protection of IP rights, China’s patent applications last year mainly concerned electronic devices and computing and digital telecommunications technologies.

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/447816-china-intellectual-property-growth/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

It has abundant supplies of oil, natural gas, timber and valuable minerals, such as copper, diamonds, lead, zinc, bauxite, nickel, tin, mercury, gold and silver. Most of those resources are located in Siberia and the Far East.

Russia’s mining industry, which is the country’s second largest after oil and gas, accounts for a significant share of its GDP and exports. The country is among the top three producers of mineral commodities such as platinum, gold and iron ore. It is also the world’s largest producer of diamonds and palladium. The Ural Mountains have vast amounts of minerals while most deposits of coal, oil, gas and timber are located in Siberia.

Also on rt.com Russia South Africa look to corner platinum metals market

Russia is the world’s fifth largest producer of coal, with reserves of about 175 billion tons. Most of those mines are in Siberia and the Urals.

The timber industry, which is worth about $20 billion annually, is also a significant economic contributor to the Russian economy. The country’s fishing industry is the fourth largest in the world.

READ MORE: Russia stockpiles gold as Washington prepares to pile on new sanctions

The value of Russia’s resources is huge and, according to statistics, is estimated at $75 trillion. In comparison, the US natural resources are worth approximately $45 trillion while China’s stand at $23 trillion.

Also on rt.com Gold losing its luster as palladium prices soar; so why is Russia smiling?

Russian company Norilsk Nickel is one of the world’s leading producers of nickel and platinum metals, with roughly half of the world’s supply of palladium and nearly the same share of platinum. Production of palladium is very concentrated, much like that of its sister-metal, platinum. Russia and South Africa are collectively producing about three quarters of the world’s mined supplies. The output of the top producing country, Russia, was 81 metric tons in 2017.

READ MORE: US trade tariffs are economic sanctions in disguise, says Putin

Norilsk Nickel operates mines in Russia, Botswana, Australia, South Africa and Finland. The company’s revenue was almost $10 billion last year.

Also on rt.com Putin launches giant gem mine in Russia’s Far North (VIDEO)

The global leader in diamond mining, Russia’s Alrosa, accounts for almost a third of the world’s rough-diamond production. The main production facilities are currently concentrated mainly in Western Yakutia and the Arkhangelsk region. In total, Alrosa is developing around 30 fields. In November, it opened a huge new diamond deposit in Yakutia which was launched by Russian President Vladimir Putin.

READ MORE: Cheer up girls! Russia’s diamond producer promises huge gemstones soon

While launching the new field he said that “Russia is a country of enormous natural wealth, and the diamonds of Yakutia are another national treasure of which we are proud.” The launch of the new field “will strengthen Russia’s leadership in the global diamond market,” Putin said.

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/447815-russia-natural-resources-sanctions/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

In January 2018, oil prices had climbed to multi-year highs, with the supply surplus finally ebbing, after several years of a downturn and more than a year of production curbs by the OPEC+ coalition. Inventories were declining rapidly and Venezuela was entering a steep downward spiral that promised even more production losses. Brent topped $70 per barrel and seemed to be heading higher.

But what unfolded in the ensuing months nobody could have predicted. And that was true on many fronts.

Also on rt.com What’s behind the crash in crude?

The IEA expected the US would add 1.3 million barrels per day (mb/d) in 2018, while the US EIA predicted growth of 1 mb/d. In reality, the US added about 1.5 mb/d in 2018, and preliminary data suggests US production in December 2018 will be 1.6-1.7 mb/d higher than the same month a year earlier.

That surprise pales in comparison to some of the geopolitical developments. The Trump administration launched a trade war with China, and few, if any, experts would have predicted that by the third quarter of 2018 the US would have tariffs on more than $200 billion worth of imports from China.

Also on rt.com Does the US really need Saudi oil?

More directly relevant to the oil market was the US withdrawal from the Iran nuclear deal. At the start of 2018, there were clear warning signs that this might occur, so it was not entirely surprising. But few would have predicted that Iran sanctions would turn out to be one of the dominant narratives for the oil market in 2018. More surprising than the initial sanctions on Iran was the series of waivers issued in November to allow Iran to continue to export oil, a seeming capitulation on the behalf of the Trump administration to high oil prices.

READ MORE: Crude mood: Oil enters bear market, plunging most since 2015

At the start of 2018, OPEC+ was gaining confidence, presiding over a period of strong inventory drawdowns and higher oil prices. By mid-year, the group had grown worried that they may have tightened things too much. With steep losses from Iran expected by November, OPEC+ decided in June to ratchet up output.

That resulted in another one of the year’s big surprises: the run up in prices in September and October, and the crash that unfolded beginning in November. OPEC+ closes out the year in a worse situation than at the beginning of 2018 – oil prices in freefall, surging US supply, and the group once again trying to get a handle on an oversupplied market.

Also on rt.com The US oil industry’s dirty little secret

Another major surprise this year was the end of “global synchronized growth,” the return of financial volatility, and the looming danger of a broad economic slowdown. At the start of the year, global stocks were booming and US GDP looked as strong as it had at any point in the last few years.

READ MORE: OPEC deal could push oil to $80 per barrel – analyst tells RT

That brings us to the start of 2019. There are no fewer sources of uncertainty next year than there was this year. Analysts are arguably a bit humbler regarding US shale, with forecasts on the pace of growth running the gamut. Most forecasters acknowledge that growth could surpass expectations yet again. The ironic thing is that 2019 might actually see a shale slowdown, now that WTI has crashed below $50 per barrel.

Also on rt.com OPEC’s worst nightmare? Iraq could be next to abandon oil cartel

OPEC+ has its work cut out for it in 2019. The supply cuts of 1.2 million barrels per day, from today’s vantage point, have not been accepted by traders as a sufficient response to the market’s current predicament.

Iran sanctions are in place, but the waivers expire in May. It would be imprudent to try to predict what the Trump administration might do on this issue, but the prospect of steeper supply losses loom.

The largest source of uncertainty comes from the cracks in the global economy. Tightening interest rates, volatility in both stocks and bonds, currency fluctuations and slow growth could spell trouble for oil. The US-China trade war – now ostensibly on pause – could reignite as soon as March.

Also on rt.com 2019 will be a wild year for oil

The outlook at the beginning of 2019 is set to look dramatically different than it did a year earlier. Oil prices are low and demonstrating extraordinary weakness. A year earlier the market was gaining strength for the first time in years. The global economy is currently souring instead of gaining strength. OPEC+ is looking to expand its supply reductions, not planning on how to unwind them. Meanwhile, US shale could (just maybe) begin to slow to more pedestrian growth levels. A year ago the shale machine was accelerating.

No doubt many of the forecasts being formulated today will be proved wrong, perhaps wildly off base, by the end of 2019. Then again, that’s perhaps the one assumption we can be sure of.

This article was originally published on Oilprice.com

Article source: https://www.rt.com/business/447782-wild-year-for-oil/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

RT decided to look back at some of the biggest meltdowns and freakouts by one of the world’s most famous people in 2018.

Tesla-go-private tweet fail SEC settlement

In September, a group of investors and Tesla shareholders filed a class-action lawsuit, accusing electric car maker Tesla and Musk of trying to “burn” investors with “objectively false tweets.” The step came after the CEO tweeted that he was in talks over a go-private deal with buyout firm Silver Lake, investment bank Goldman Sachs and the Saudi Arabian government. The tweets sent Tesla stock surging by more than 10 percent.

Also on rt.com Fired Tesla employee alleges company spied on workers, knew of drug dealing at plant

Later, the US Justice Department placed Tesla under investigation over the go-private statements, while the Securities and Exchange Commission (SEC) launched the civil investigation. Fortunately, the company managed to reach a settlement agreement with the SEC. Under the terms of the deal, Musk had to pay a $20 million fine and step down as Tesla chairman for a period of at least three years.

Pedo Guy

In July, Elon Musk accused a critic of his plan to use a mini-submarine in the Thai cave rescue of being a pedophile. Shortly after Musk sent the machine to Tham Luang Cave in Chang Rai, northern Thailand, to aid in the effort to retrieve 12 boys and their football coach who were trapped deep inside, a British diver Vern Unsworth branded the SpaceX founder’s prototype submarine a “PR stunt.” Musk reignited the ‘pedo’ issue once again despite the threat of a potential lawsuit.

Also on rt.com Tesla shares soar after Musk gets ousted as chairman

Later, the eccentric billionaire deleted his tweets and apologized to the diver. However, the scandal was played up by the media, and even triggered a brief plunge in Tesla’s shares.

Smoking weed in public

Shortly after his tweeting misdeeds, Elon Musk appeared on the “Joe Rogan Experience”, a popular video and audio podcast, for a two-and-a-half-hour-long interview. During the lengthy conversation, the anchor discussed with Musk a variety of topics including: the future of humanity and artificial intelligence, Tesla, SpaceX, Musk’s controversial merchandising decision to produce 20,000 flamethrowers at $500 a pop, human kindness and love. However, the interview culminated with Musk’s pot-smoking performance.

Also on rt.com NASA might buck Elon Musk over weed smoking video

The move triggered a wave of media reports, as well as strong disapproval of NASA, which had been planning a joint manned mission with SpaceX, and the US Air Force. NASA administrator Jim Bridenstein slammed the troubled CEO over the unthoughtful step.

Headbutting Production Line Vehicles

Several media reports published in late August revealed that Tesla’s eccentric CEO started headbutting a car at Tesla’s Fremont factory in California after he realized that the assembly line would stop when people got too close to it.

“Mr. Musk became angry, according to people familiar with what happened. His high-profile gamble on mass-producing electric cars had lagged behind since production began, and here was one more frustration. The billionaire entrepreneur began head-butting the front end of a car on the assembly line,” the Washington Post reported.

Also on rt.com Tesla FireX? Musk ridiculed online for offering to help with California wildfires

“I don’t see how this could hurt me,” he said of vehicles on the slow-speed line. “I want the cars to just keep moving.” When a senior engineering manager involved with the system explained that it was a safety measure, Mr. Musk told him, “Get out!”

Later, Tesla spokesperson told journalists that Musk headbutted the vehicle while wearing a safety helmet to show that it didn’t pose any safety risk.

Musk’s Rage Firings

In December, Wired magazine published an article based on a series of interviews with Tesla engineers, executives, and other employees. The interviewees, who preferred to stay anonymous, told the media about Elon Musk’s awful character and constant anger attacks.

The workers are reportedly banned from approaching Musk’s office so they don’t drive him mad by saying something he doesn’t want to hear. They are reportedly afraid that another day at work may become their last, as Musk could reportedly start his day with the phrase ‘I’ve got to fire someone today.’

Also on rt.com Elon Musk likes anime and says it’s time to build a giant robot

The workers also remembered Musk’s so-called ‘idiot bits’ when the CEO starts shouting and calling people ‘idiots’.

One of the younger engineers, while remembering his first interaction with Musk during the walk over a plant’s premises, narrated the following conversation:

“Hey, buddy, this doesn’t work!” Musk shouted at the engineer, according to someone who heard the conversation. “Did you do this?”

Also on rt.com Freaked out by Elon Musk’s exuberant tweets Tesla board is lawyering up

The engineer was taken aback. He had never met Musk before. Musk didn’t even know the engineer’s name. The young man wasn’t certain what, exactly, Musk was asking him, or why he sounded so angry.

“You mean, program the robot?” the engineer said. “Or design that tool?”

“Did you fucking do this?” Musk asked him.

“I’m not sure what you’re referring to?” the engineer replied apologetically.

“You’re a fucking idiot!” Musk shouted back. “Get the fuck out and don’t come back!”

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/447765-elon-musk-top-fails/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

The list, published by the Russian government on Saturday, includes mainly industrial goods,  agricultural products, raw materials, and food. The products that fell under the ban are wheat, sunflower oil, sweets, chocolate, bread, bakery, vegetables, fruits, beer, caviar, fish and canned fish, Sanctions also target engines and power generators, tractors, turbines, and some other equipment and goods.

“Russia has introduced a ban on imports of a number of Ukrainian goods. This is a retaliatory measure against Ukrainian restrictions. I signed the corresponding decree,” Medvedev wrote on Twitter Saturday.

Россия вводит запрет на импорт ряда украинских товаров. Это – ответная мера на санкционные ограничения со стороны Украины. Подписал соответствующее постановление

— Дмитрий Медведев (@MedvedevRussia) December 29, 2018

Sanctioned Ukrainian goods amount to $510 million, according to preliminary evaluations of the Russian Ministry of Economic Development, cited by Interfax. It added that overall imports from Ukraine last year amounted to nearly $5 billion.

The restrictions can be lifted if Kiev gives up its own restrictions targeting specific Russian goods.

Burden of repaying IMF loans will fall on future generations of Ukrainians, warns Putin

On December 18, the Ukrainian government extended its embargo on the import of Russian foods until the end of 2019. The restrictions targeted more than 30 products, some of them similar to the Russian list published on Saturday. The list includes bread, bakery, chocolate, sweets, meat, fish, coffee, black tea, infant food, some alcoholic beverages among other goods. Russian railway equipment also fell under Kiev’s ban, including locomotives, railcars, trains and switch throwers.

Russia and Ukraine terminated their free trade deal in 2016, after the trade part of Kiev’s association agreement with the European Union came into force. Ukraine was automatically included in Russia’s sanctions against the EU imposed by Moscow back in 2014 as a response to European sanctions linked to the events in post-government coup Ukraine.

Despite the bilateral restrictions, trade turnover between Russia and Ukraine has increased in 2018, Russian President Vladimir Putin announced during his annual press conference earlier this month. Ukrainian statistics show that Russia remains its largest trade partner. In 2017, the turnover between the two nations increased by more than 28 percent and amounted to $9.3 billion.

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/447675-russia-retaliatory-sanctions-ukraine/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

According to Tesla, both Ellison, listed by Forbes magazine as the fifth wealthiest person in the US, and Wilson-Thompson were added to the board, effective Thursday. Ellison currently serves as executive chairman and chief technology officer of software giant Oracle, which he co-founded more than 40 years ago. Wilson-Thompson heads human resources at Dow component Wallgreens Boots Alliance WBA, the largest pharmacy and health company in the United States.

Murdoch heir rumored to be in line for Tesla chair, Musk denies in 4:20 tweet

“In conducting a widespread search over the last few months, we sought to add independent directors with skills that would complement the current board’s experience,” the company said. “In Larry and Kathleen, we have added a preeminent entrepreneur and a human resources leader, both of whom have a passion for sustainable energy.”

The step comes as part of a settlement with the US Securities and Exchange Commission (SEC) that had sued Tesla and its CEO Elon Musk for fraud over Musk’s tweets about taking the company private. Under the settlement, Musk agreed to step down as chairman of the board of directors of Tesla, and is banned from holding the position for three years. He also has to pay a $20 million fine, while Tesla agreed to pay the same amount for Musk’s departure from the board and the naming of two new independent directors and a chairman.

The SEC launched the investigation after the Tesla CEO and founder tweeted in August that he had secured funding to take Tesla private at $420 a share. The tweets boosted Tesla stock by more than 10 percent. Musk also tweeted that the go-private issue was discussed with big investors, including buyout firm Silver Lake, investment bank Goldman Sachs and the Saudi Arabian government.

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/447656-tesla-stock-surge-larry-ellison/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Earlier this year, Russian energy minister Alexander Novak touted the idea that a new organization based on OPEC+ format – including OPEC members and allied oil suppliers led by Russia – will begin operations starting January 1, 2019 in an effort to boost the market. Back then there were plans to choose a location for the headquarters and come up with a name for the structure.

Also on rt.com OPEC-Russia alliance to extend oil production cuts if necessary

The energy minister announced Moscow’s change of heart on Thursday, saying that an official alliance would only create a new headache for all the players on the market. Instead, a special mechanism of cooperation will be set up that will allow members to convene, discuss and adopt memorandums or joint resolutions, according to Novak.

“There will be no formal organization like OPEC, as it is additional bureaucratic difficulties linked to the cartel, antitrust laws of countries, sanctions, contributions,” the minister said as cited by Russian media.

He added that the text of the charter regulating the cooperation between OPEC and non-OPEC states is almost ready and it has already been sent through the executive body of the cartel, the OPEC Secretariat.

Also on rt.com Cha-ching! OPEC+ deal adds extra $120 billion to Russia’s coffers, energy minister says

Despite attempts to regulate the market, it will still be facing an oversupply of up to 2 million barrels per day in the first two quarters of 2019, the minister warned. Moreover, US sanctions on Iran add uncertainty to the situation and the players have to be ready for any consequences, according to Novak. He explained that in April the American exemptions to eight counties to buy oil from the Islamic Republic are to expire and it is unclear what they will do with the purchases from Tehran.

The OPEC-Russia alliance to curb oil output in a bid to boost global crude prices has existed since 2016 and has been repeatedly extended since then. In December, the cartel and its allies agreed to cut crude output by 1.2 million barrels per day (bpd) and later vowed to extend the cuts for another six months if necessary.

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/447655-russia-opec-permanent-alliance/?utm_source=rss&utm_medium=rss&utm_campaign=RSS