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Saudi Electricity awards $2.5 bln project to install smart meters nationwide

Sunday, 15 December 2019

Saudi Electricity Co, the largest utility provider in the Gulf, said on Sunday it awarded a project to install 10 million smart meters across Saudi Arabia as part of a broader plan to improve power distribution in the country.  The project is expected to cost 9.5 billion riyals ($2.5 billion), the utility said in a statement. The move is a part of the company’s plan to install around 12 million smart meters in the Kingdom by 2025. A smart meter, which records electricity consumption, ...

China suspends planned tariffs scheduled for Dec. 15 on some US goods

Sunday, 15 December 2019

China has suspended additional tariffs on some U.S. goods that were meant to be implemented on Dec. 15, the State Council’s customs tariff commission said on Sunday, after the world’s two largest economies agreed a “phase one” trade deal on Friday. The deal, rumors and leaks over which have gyrated world markets for months, reduces some US tariffs in exchange for what U.S. officials said would be a big jump in Chinese purchases of American farm products and other goods. ...

China’s top diplomat says China-US trade deal good news for all

Saturday, 14 December 2019

China and the United States’ “phase one” trade agreement is good news for all and will “provide stability in global trade”, the Chinese government’s top diplomat Wang Yi said during a visit to Slovenia on Saturday. He said, however, that there were still many issues between the two sides that needed to be addressed. Earlier this week, Washington and Beijing agreed on the terms of a “phase one” trade deal that reduces some US ...

USTR files notice suspending Dec. 15 tariffs on Chinese goods

Saturday, 14 December 2019

The US Trade Representative's office on Friday filed a Federal Register notice suspending the 15 percent US tariffs slated to go into effect on Sunday on Chinese goods worth about $160 billion after reaching a "phase one" trade deal with Beijing. The notice said that the Dec. 15 tariffs were "suspended indefinitely." The move provides formal notice of the decision on Friday not to proceed with the tariffs. "The US Trade Representative will continue to consider the ...

US cancels China tariffs due on Sunday: Trump

Saturday, 14 December 2019

President Donald Trump confirmed Friday he is canceling new tariffs on China, that had been due to kick in at the end of this week, as part of a “phase one” trade deal. The tariffs “will not be charged because of the fact that we made the deal,” he tweeted after Beijing first announced a breakthrough in the US-China trade war. Trump said that existing tariffs of 25 percent on $250 billion of Chinese imports will stay in place pending further negotiations on a second phase ...

US says ‘committed’ to trade deal with post-Brexit Britain

Saturday, 14 December 2019

The United States said Friday it was ready to seek a free-trade deal with Britain once it leaves the European Union, an exit made certain by Prime Minister Boris Johnson’s sweeping election win.Johnson’s Conservative Party campaigned on a pledge to strike an accord with Washington, offering an economic fillip despite the loss of the vast common European market closer to home.“The United States is committed to the US-UK shared global agenda, including expanding our robust ...

EU agrees to start British trade talks after Brexit deal approved: Sources

Friday, 13 December 2019

The European Union’s 27 national leaders agreed at a summit on Friday to move to trade talks with Britain after the “ratification and effective implementation” of the Brexit deal, diplomatic sources said. A French official said the EU would stress that so-called level playing field provisions to guarantee fair competition will be crucial for the bloc in trade negotiations with Britain. British Prime Minister Boris Johnson skipped the summit because of ...

European shares near record high after Johnson's UK landslide

Friday, 13 December 2019

A surge for London-listed companies brought European stock markets within striking distance of an all-time high on Friday, as investors cheered the likelihood of an orderly Brexit after a landslide election victory for Prime Minister Boris Johnson. The UK-focused FTSE mid-cap index jumped 5 percent to a record high, pushing the broader pan-European STOXX 600 up 1.6 percent and putting it on course for its best day in two months. The blue-chip FTSE 100 also advanced 1.7 ...

Fitch warns Lebanon likely to default as rating cut again

Friday, 13 December 2019

Fitch cut Lebanon’s credit rating for third time in a year on Thursday, warning it now expected the crisis-hit country to restructure or default on its debt. Fitch said its decision to chop the rating to ‘CC’ from ‘CCC’ reflected its view that a restructuring or default was now “probable owing to acute political uncertainty, de facto capital controls and damaged confidence in the banking sector.” That will deter capital flows ...

China to buy $50B in US farm goods for tariff relief: US sources

Friday, 13 December 2019

Washington has agreed to suspend some tariffs on Chinese goods and cut others in return for Beijing's pledge to hike US farm product purchase in 2020, sources said on Thursday, taking a step to de-escalating the bitter trade war. Neither Washington nor Beijing have released any official statements, however, raising questions about whether the terms had been agreed by both sides. A source briefed on the status of bilateral negotiations said the United States would suspend tariffs on $160 ...

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