Author Archives: Max Boddy

Hope is fading for a significant change in U.S.-China relations under President-elect Joe Biden, Alicia Garcia-Herrero, Natixis’ chief economist for Asia-Pacific, said on Thursday. Relations between the U.S. and China have spiraled downward under President Donald Trump’s administration in the last four years. Ahead of the election, Natixis economists had hoped the two countries could return to better terms under new leadership in the White House. “Frankly speaking, the first words we’ve heard from Biden aren’t very appealing,” Garcia-Herrero said on a call with reporters. Over the last four years, Trump’s administration has used tariffs, sanctions and strongly worded statements against Beijing. The tough approach sought to address longstanding complaints about unfair business practices such as forced technology transfers and intellectual property theft. But Trump’s “America First” platform and tendency toward abrupt announcements on Twitter disturbed many U.S. allies. The uncertainty and tariffs also hurt many businesses, both American and Chinese. No reset…

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Economists are beginning to predict a near-term economic future that, until recently, would have been considered inconceivable, or at the very least implausible: The idea that the more than decade-old bull market still has room to run. A new survey from the National Association for Business Economics found that economic experts think there is less than a 50 percent chance that a recession will take place this year, and a roughly one-in-three chance that the economy will remain positive at least through mid-2021. NABE survey panelists said there is a 21 percent of a recession taking place by the middle of this year, a 43 percent chance of recession by the end of this year, and a 34 percent chance that a recession won’t occur until after mid-2021 at the earliest. In an interview with CNBC, Fidelity Investments director of global macro Jurrien Timmer suggested that the current state of…

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China echoed comments from President Donald Trump Wednesday (Dec 4), saying there was no deadline for signing a US-China trade deal, as tensions spiked between the two countries over human rights issues. On Tuesday, Trump warned that efforts to resolve the spat between the world’s top two economies could continue until after next November’s US election, triggering a selloff in global markets. When asked about his comments China’s foreign ministry said Beijing too had no timeline for ending the protracted trade war, where on-again off-again negotiations have destabilised markets and stoked geopolitical tensions. “We will not set any time limit on when the deal will or will not be reached,” said Chinese foreign ministry spokeswoman Hua Chunying. “This agreement and these negotiations must be based on equality and mutual respect,” she told reporters at a regular press briefing in Beijing. “If we are faced with the pressure of unilateralism, protectionism,…

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Social media giant Facebook has applied for a cryptocurrency business license to use its announced virtual currency Libra in New York, according to a report by Reuters on June 28 New York requires a special license for crypto operations called the BitLicense, which is a product of the state’s finance regulator, the New York State Department of Financial Services (NYDFS).  According to the report, Facebook has also been in contact with regulators in England and Switzerland, presumably to discuss the terms of Libra compliance.  Facebook is reportedly aiming to launch Libra by 2020, and a spokesperson for the social media firm remarked: “The scrutiny that we’ve seen is something that we expected and welcome… We announced this early by design in order to have this discourse in the open and gather feedback.” However, the scope of regulatory compliance for Facebook’s aims may include thousands of different standards to meet. Sean Park, Founder and Chief Investment Officer at venture capital firm Anthemis is quoted as…

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