Archives for June 2019

Huawei was one of the hot topics during talks between Trump and his Chinse counterpart Xi Jinping during the G20 summit. Speaking at his final news conference in Osaka, the US leader announced that he will hold off on new tariffs on Chinese goods, while US companies may continue to do business with Huawei.

“US companies can sell their equipment to Huawei,” Trump said, as journalists kept asking him about the matter. He added that this concerns equipment over which there is no “great national emergency problem.”

Also on rt.com Google will lose up to 800 million users if Huawei ditches Android – Huawei CEO

But it is not clear what this latest Trump concession changes in practice, as it doesn’t mean the company is off the Commerce Department’s Entity List, to which Huawei was added last month, on the pretext of posing a national security risk. Trump said that it was decided to leave the “very complex” Huawei issue “till the end” while Beijing and Washington have not still hammered out a trade deal.

“We have a meeting on that tomorrow or Tuesday,” the US leader said, answering a Financial Times journalist’s question on whether or not to remove Huawei from the list. He also reminded that he’d taken another Chinese manufacturer, ZTE, off the list, as a part of “a personal deal” with President Xi.

Just several minutes after that, the US president changed tone on the Chinese tech giant as he took a question from a correspondent of Channel News Asia.

Also on rt.com Huawei ready to ink ‘no-back-door’ agreement with Indian govt to abate spying fears

“I don’t want to talk about it now. We will look at it very carefully,” Trump told the reporter, who’d asked for clarification on whether it was possible to finally remove the corporation from the Entity List. He reiterated that this issue will be saved for later talks.

Meanwhile, Huawei welcomed Trump’s statement, calling it a possible “u-turn” in Washington’s stance on the company.

Huawei is not the only Chinese tech firm that the White House has added to its trade blacklist. Last week, five Chinese hi-tech companies, including supercomputer maker Sugon and the Wuxi Jiangnan Institute of Computing Technology, also found themselves on the Entity List. Their fate has, so far, not been mentioned by the US or Chinese leaders.

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Article source: https://www.rt.com/business/463015-us-companies-huawei-sales/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Following the RBI’s announcement in April of last year that payment system operators should store payment data in India, the US government and American companies lobbied to have the rules diluted, saying the directive would result in higher infrastructure costs and be detrimental to investment plans. Reuters reports that the request to have the rules watered down was rejected last year.

Also on rt.com Trump says ‘very big trade deal’ with India may be coming

Wednesday’s announcement was made to clarify the directive, which was not clear before regarding whether data can still be processed abroad or must be done locally.

“The entire payment data shall be stored in systems located only in India,” the RBI said.

“In case the processing is done abroad, the data should be deleted from the systems abroad and brought back to India not later than the one business day or 24 hours from payment processing, whichever is earlier. The same should be stored only in India.”

The central bank justified the measure, saying local storage of data will provide “unfettered supervisory access” and help the authorities conduct investigations.

Also on rt.com India rolls out red carpet for companies leaving China due to trade war with US

The RBI added: “For cross border transaction data, consisting of a foreign component and a domestic component, a copy of the domestic component may also be stored abroad, if required.”

The government said a week ago that the RBI would look into concerns regarding their strict guidelines. Despite pressure from payment providers, which have lobbied for the free flow of data across borders, as well as the government, which has sought softer guidelines, the RBI has held firm that payment data can only be stored in the country.

While international payment companies may continue to find this problematic, they can breathe a sigh of relief over the clarification on data processing outside the country.

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

Article source: https://www.rt.com/business/463004-india-visa-mastercard-payments/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

The sales and purchase agreement was signed on Saturday in the presence of Russian President Vladimir Putin and Japanese Prime Minister Shinzo Abe, Novatek said in a statement.

The deal also stipulates that Novatek will sell around two million tons of LNG annually to the Japanese partners. The agreement is set to be finalized in the near future pending regulatory approvals, according to the Russian energy firm.

Also on rt.com Russian shipments of LNG to Europe Asia leave United States well behind

“We welcome the consortium of Mitsui and JOGMEC as partners in our Arctic LNG 2 project,” said Novatek’s chairman of the management board, Leonid Mikhelson. He added that the participation of the Japanese firms in the project will “contribute to its successful implementation.”

Novatek, Russia’s largest independent natural gas producer, has already shipped LNG to the Asian partners. The first LNG cargo to Japan was delivered earlier this week from the Yamal LNG plant.

Novatek’s second plant for liquefying gas in the Arctic region has drawn the interest of several foreign investors, including China, France, and Saudi Arabia. The plant is expected to be launched in 2022-2023, producing 19.8 million tons of LNG per year.

Also on rt.com Breaking the ice: First LNG cargo from Russia’s Arctic arrives in Japan

China National Offshore Oil Corporation (CNOOC) and China National Oil and Gas Exploration and Development Company (CNODC) secured a 10-percent stake in the Artic project in April. The agreement came shortly after France’s Total signed a similar deal to buy a direct 10-percent interest in Arctic LNG 2. Meanwhile, Riyadh is also eyeing investment in Arctic LNG 2, among other Russian energy projects, and may purchase a stake of up to 30-percent.

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Article source: https://www.rt.com/business/463001-japanese-firms-arctic-lng-stake/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Speaking to the media on Saturday, the Russian leader said he has no idea about the future of US sanctions, and that it’s up to the American side how to build relations with Moscow.

“I hope common sense will finally prevail,” he said regarding sanctions. “We definitely won’t ask about anything… If there is interest, we will willingly respond in kind and will do everything to change the situation for the better.”

Surprise! Biggest investor in the Russian economy is… the United States

Putin met his US counterpart, Donald Trump, on the sidelines of the G20 meeting in Osaka, Japan. While Russian-American relations are currently in a poor state, US entities are still willing to deal with Russia and are interested in developing trade and economic ties, according to the Russian president.

The interest of US businesses was clearly seen during the St. Petersburg International Economic Forum (SPIEF), which ran from June 6 to 8. Although Washington did not officially send anyone to the event, the American delegation was one of the largest with more than 500 people. Major US companies such as Coca-Cola and Boeing took part in the economic forum. “It something to think about,” Putin said outlining the US companies’ representation at the SPIEF.

Trump casually described the meeting with Putin as “excellent,” and they had a “great” and “tremendous” discussion. He also said Russia and the US could trade much more than they currently do.

“I think they’d like to do trade with the United States. They have great product, they have great land, they have very rich land, a lot of oil, a lot of minerals,” Trump said. “We could do fantastically well. We do very little trade with Russia, which is ridiculous, frankly,” he added.

Also on rt.com Trade war de-escalation? Washington promises not to hit Beijing with new tariffs

In May, the US president vowed “to do a lot of trade with Russia,” after he had a lengthy phone conversation with Putin.

However, sanctions have not stopped Russia-US trade turnover from growing. The volume of trade between the two countries has been on the rise over the past two years, and it stood at $25 billion in 2018. It was also recently revealed that America’s actual investment in Russia is much bigger than Russia’s official estimates due to the fact that funds can be directed through affiliated companies in Europe and then not accounted for as US money in the statistics.

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

Article source: https://www.rt.com/business/462989-putin-us-sanctions-lift/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

The two sides are also set to restart trade consultations and will have discussions on specific issues, Chinese state media reported on Saturday after the presidents’ meeting. Talks to resolve the trade dispute are to be held “on the basis of equality and mutual respect.”

After the 80-minute meeting, Trump described the highly anticipated talks with Xi as “very good” and said the two sides are “back on track.”

Also on rt.com ‘Time will tell’: Trump not sure he is ready to stop China trade war, despite ‘excellent’ Xi meeting

As he talked to the media later on Saturday, the US president said he is not going to remove current tariffs on Chinese goods, though he confirmed that $350 billion worth of Chinese imports will not be slapped with new levies, despite the fact that he could if he wanted to.

“For at least the time being, we’re not going to be lifting tariffs on China. We won’t be adding an additional – you know, tremendous amount of – we have, I guess $350 billion left which could be taxed or could be tariffed, and we’re not doing that,” Trump said. “We’re going to work with China on where we left off to see if we can make a deal.”

Also on rt.com Trump says ‘very big trade deal’ with India may be coming

He added that Beijing will buy “a tremendous amount” of American agricultural products “very soon and almost immediately.”

The world’s two biggest economies have been locked in a trade war since last year, when Washington slapped Beijing with 25-percent tariffs on $50 billion worth of Chinese technology products, triggering a similar response from Beijing. Since then, the sides have exchanged several rounds of tit-for-tat levies – the latest in June. Back then, the Trump administration increased tariffs on Chinese goods to 25 percent, and China hit back, raising tariffs up to the same rate on 5,000 US goods worth $60 billion.

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Article source: https://www.rt.com/business/462965-no-new-tariffs-china/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

“Cooperation and dialogue are better than friction and confrontation,” Xi told Trump in prepared remarks that outlined decades of China-US ‘ping pong diplomacy’ relations just ahead of their closed-door rendezvous.

China and the US both benefit from cooperation and lose in a confrontation.

Trump in his less polished speech claimed that the US is and has always been ready to strike a trade deal and the sides “were very close” to reaching it, right before “something happened where it slipped a little bit.”

But it would be historic if we can do a fair trade deal. We’re totally open to it, and I know you’re totally open to it.

However, before meeting Xi face to face, Trump seemed less optimistic, and while he repeatedly emphasized his “friendship” with China and its leader personally, he said:

As to whether or not we can make a deal, time will tell.

Trump’s efforts to restrict Chinese telecom giant Huawei from building 5G networks around the world and the American blacklisting of the company might have been that mysterious ‘something’ that complicated the trade negotiations between the world’s biggest economies.

Also on rt.com China rejects US ‘sanctions’ on Iran oil, vows to protects its energy security

In May, the Trump administration effectively barred American companies from doing any business with Huawei and supplying the company with parts and technology. The US accuses Huawei of spying for the Chinese government, while the tech giant denounces the pressure as a desperate attempt by Washington to preserve its fleeting dominance over global telecommunications lines.

Also on rt.com Transnational corps need regulation, attempts to destroy WTO unacceptable – Putin to BRICS leaders

The US-China trade war has cast a shadow over the G20, where world leaders have expressed repeated concern over the effect the dispute is having on global economic performance. A number of leaders have also voiced their distress over American global trade feuds and Trump’s protectionist policies.

The much-anticipated Trump-Xi meeting comes after trade negotiations between the world’s two largest economies broke down in May. Ahead of the talks, Trump said he might slap additional tariffs on $300 billion worth of Chinese goods unless Beijing accepts Washington’s trade terms.

Also on rt.com Extra tariffs on Chinese imports will cost Americans $18 billion-a-year, retail group warns

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Article source: https://www.rt.com/business/462958-trump-xi-trade-huawei/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

“We do not support the US policy of reducing Iran’s oil exports to zero,” Fu Cong, director-general of the Chinese foreign ministry’s department of arms control said in Vienna.

Also on rt.com US will sanction any country that buys oil from Iran, no exemptions – special envoy

“We reject the unilateral imposition of sanctions,” the diplomat added, on the sidelines of talks aimed at preserving the Joint Comprehensive Plan of Action (JCPOA), from which the US withdrew last year.

For us energy security is important and the importation of oil is important to Chinese energy security and also to the livelihood of the people.

China received deliveries of Iranian crude earlier this week for the first time since Washington revoked its sanctions waivers for eight importers of Tehran’s oil last month. The US, which is waging a “maximum pressure” campaign to force Iran to renegotiate 2015 deal, made clear on Friday that its “zero tolerance” policy will stay and that any country that imports Iranian oil will be sanctioned.

Also on rt.com China imports first Iranian oil since US ended sanction waivers

China is one of the guarantors of the JCPOA agreement; Beijing will likely discuss Iranian crude imports during the much-anticipated meeting between President Xi Jinping and US President Donald Trump on the sidelines of the G20 summit in Osaka Japan, which has ongoing trade disputes at the center of the agenda.

Also on rt.com ‘Time will tell’: Trump not sure he is ready to stop China trade war, despite ‘excellent’ Xi meeting

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Article source: https://www.rt.com/business/462955-china-iran-oil-energy-security/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

“We do not support the US policy of reducing Iran’s oil exports to zero,” Fu Cong, director-general of the Chinese foreign ministry’s department of arms control said in Vienna.

Also on rt.com US will sanction any country that buys oil from Iran, no exemptions – special envoy

“We reject the unilateral imposition of sanctions,” the diplomat added, on the sidelines of talks aimed at preserving the Joint Comprehensive Plan of Action (JCPOA), from which the US withdrew last year.

For us energy security is important and the importation of oil is important to Chinese energy security and also to the livelihood of the people.

China has received deliveries of Iranian crude earlier this week for the first time since Washington revoked its sanctions waivers for eight importers of Tehran’s oil last month. The US, which is waging a “maximum pressure” campaign to force Iran to renegotiate 2015 deal, made clear on Friday that its “zero tolerance” policy will stay and that any country that imports Iranian oil will be sanctioned.

Also on rt.com China imports first Iranian oil since US ended sanction waivers

China is one of the guarantors of the JCPOA agreement, Beijing will likely discuss Iranian crude imports during the much-anticipated meeting between President Xi Jinping and US President Donald Trump on the sidelines of the G20 summit in Osaka Japan, which has ongoing trade disputes at the center of the agenda.

Also on rt.com ‘Time will tell’: Trump not sure he is ready to stop China trade war, despite ‘excellent’ Xi meeting

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Article source: https://www.rt.com/business/462955-china-iran-oil-energy-security/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Nord Stream 2 AG, the company building the pipeline under the Baltic Sea, said on Friday it would withdraw the permit application to lay the pipes southeast of the Danish island of Bornholm. The application was sent to the Danish Energy Agency (Energistyrelsen) in April 2017, but never received a response.

The measure was needed to protect the shareholders and European investors from Austria, France, Germany and the Netherlands from the risk of “further delays and financial losses,” the consortium said in a statement. Applications for two other proposed routers, which would bypass Danish territorial waters, were filed in August 2018 and April this year, and are still pending. 

The pipeline is “past the point of no return,” Alexey Miller, head of Gazprom, said at a shareholder’s meeting in Saint Petersburg on Friday. The company is one of the main investors in Nord Stream 2. 

“We are working from the idea that Nord Stream 2 will be realised strictly in accordance with the planned timetable,” which would see construction completed by the end of 2019 and the pipeline becoming operation in 2020, Miller said.

Also on rt.com Russia to launch Nord Stream 2 despite Danish hurdles US threats to derail project

Until it hit the snag near Bornholm, Nord Stream 2 has followed the same route as the existing pipeline operational since 2011, reaching the 1,000-kilometer mark in April this year. Once completed, the 1,230-kilometer pipeline will double the volume of Russian gas exports to Western Europe. 

Also on rt.com Trump considering sanctions against Nord Stream 2 gas pipeline to ‘protect Germany from Russia’

US President Donald Trump has frequently spoken out against the pipeline, trying to pressure Austria, Germany and other European countries to abandon the project in favor of the far more expensive American liquefied natural gas (LNG), recently dubbed “molecules of freedom” by the US Department of Energy. Poland and Ukraine have also been particularly vocal against the project, as they stand to lose millions in transit fees they are currently collecting from pipelines built during the Soviet era, as well as any political leverage that comes with their control.

Also on rt.com ‘As if Germany is a US colony’: Bundestag energy chief lashes out at Russia sanctions

Earlier this month, Trump said he was “thinking about” sanctioning the pipeline in order to “protect” Germany from Russia. However, the subject of Nord Stream 2 reportedly did not come up at his meeting with Russian President Vladimir Putin on the sidelines of the G20 summit in Osaka, Japan.

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Article source: https://www.rt.com/business/462952-nord-stream-bornholm-denmark/?utm_source=rss&utm_medium=rss&utm_campaign=RSS