The head of China's largest natural gas importer believes the country's energy ties with the US are set to strengthen, despite trade conflict between the world's two largest economies that has shaken financial markets.
"There is more room for cooperation than confrontation between China and the US," China National Petroleum Corp chairman Wang Yilin said on the tropical island of Hainan, where he was attending the Boao Forum for Asia. "I hope our cooperation with US partners won't be negatively affected by the trade disputes, I'm confident our cooperation will only get better and closer."
China last week proposed tariffs on liquefied propane and petrochemicals from America, signalling it can strike the country's energy industry if the dispute intensifies. Both the US and China proposed tariffs on $50bn of goods and President Donald Trump instructed his government to consider levies on an additional $100bn of Chinese products.
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CNPC signed the first long-term deal to import liquefied natural gas from the US in February in a deal that commits Cheniere Energy to sending 1.2 million tonnes a year of the fuel to China through 2043. The contract helps underpin an expansion of the gas export terminals in the Texas port city of Corpus Christi, the first phase of which may start later this year or 2019.
“We currently have great cooperation with many US-based companies such as Exxon Mobil, Chevron and ConocoPhillips,” said Mr Wang. “Economic globalisation is an irreversible historical trend.”
China, the world’s biggest energy user, is growing more reliant on overseas crude as its domestic reserves dwindle and economic growth spurs higher demand. CNPC and the country’s sovereign wealth fund, China Investment Corp, were said to be in talks to invest in the initial public offering of Aramco, Bloomberg News reported in March last year.
CNPC is closely following preparation for a listing by Saudi Arabia's state oil producer and “evaluating how to deepen our cooperation through the process”, Mr Wang said.
Company%20Profile
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Young women have more “financial grit”, but fall behind on investing
In an October survey of young adults aged 16 to 25, Charles Schwab found young women are more driven to reach financial independence than young men (67 per cent versus. 58 per cent). They are more likely to take on extra work to make ends meet and see more value than men in creating a plan to achieve their financial goals. Yet, despite all these good ‘first’ measures, they are investing and saving less than young men – falling early into the financial gender gap.
While the women surveyed report spending 36 per cent less than men, they have far less savings than men ($1,267 versus $2,000) – a nearly 60 per cent difference.
In addition, twice as many young men as women say they would invest spare cash, and almost twice as many young men as women report having investment accounts (though most young adults do not invest at all).
“Despite their good intentions, young women start to fall behind their male counterparts in savings and investing early on in life,” said Carrie Schwab-Pomerantz, senior vice president, Charles Schwab. “They start off showing a strong financial planning mindset, but there is still room for further education when it comes to managing their day-to-day finances.”
Ms Schwab-Pomerantz says parents should be conveying the same messages to boys and girls about money, but should tailor those conversations based on the individual and gender.
"Our study shows that while boys are spending more than girls, they also are saving more. Have open and honest conversations with your daughters about the wage and savings gap," she said. "Teach kids about the importance of investing – especially girls, who as we see in this study, aren’t investing as much. Part of being financially prepared is learning to make the most of your money, and that means investing early and consistently."
'Peninsula'
Stars: Gang Dong-won, Lee Jung-hyun, Lee Ra
Director: Yeon Sang-ho
Rating: 2/5
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UAE SQUAD
Khalid Essa, Ali Khaseif, Fahad Al Dhanhani, Adel Al Hosani, Bandar Al Ahbabi, Mohammad Barghash, Salem Rashid, Khalifa Al Hammadi, Shaheen Abdulrahman, Hassan Al Mahrami, Walid Abbas, Mahmoud Khamis, Yousef Jaber, Majed Sorour, Majed Hassan, Ali Salmeen, Abdullah Ramadan, Abdullah Al Naqbi, Khalil Al Hammadi, Fabio De Lima, Khalfan Mubarak, Tahnoon Al Zaabi, Ali Saleh, Caio Canedo, Ali Mabkhout, Sebastian Tagliabue, Zayed Al Ameri
In Full Flight: A Story of Africa and Atonement
John Heminway, Knopff
