The US-China trade conflict is developing into a ‘cold’ war for global economic supremacy and could result in New Zealand being forced to pick a side between the two global superpowers, according to Rabobank’s Head of Financial Markets research for Asia-Pacific Michael Every reported in FreshPlaza.
From a village in India, New Zealand-born 2018 Hillary Laureate Meagan Fallone is bringing solar electricity to some the poorest people in the most remote corners of the world reports Farah Hancock for Newsroom.
With U.S. levies on $200 billion of Chinese products set to balloon to 25% in 2019, companies on the mainland making everything from car parts to cameras are lining up other production facilities across Southeast Asia reports Angus Whitley for IndustryWeek.
The MoU is signed to create a global digital network in trade finance. The Australia and New Zealand Banking Group ANZ (ANZ.AX), BNP Paribas (BNPP.PA), Citibank (C.N), Standard Chartered and Deutsche Bank (DBKGn.DE) also agreed to join the digital trade information network expected to be operational by the third quarter of next year.
Seven banks, including HSBC (HSBA.L) and Banco Santander (SAN.MC), have signed a Memorandum of Understanding (MoU) to create a global digital network in trade finance aiming at allowing cheaper and easier funding for corporates, a Santander manager said on Wednesday.
“It is the first time that these banks come together to set a standard (...) that will allow cheaper access to finance because the risks are going to be reduced,” Rogier Schulpen, global head of trade and working solutions at Banco Santander, said in a phone interview. Read more . . .