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Yellen urges US-China cooperation on economy, climate

Published

1 year ago

July 9, 2023

Yellen urges US-China cooperation on economy, climate

By Andrea Shalal

BEIJING (Reuters) – U.S. Treasury Secretary Janet Yellen on Saturday urged closer communication between China and the United States to improve economic decision-making, and challenged China to join global initiatives to help poorer nations address climate change.

Despite bilateral tensions, record high U.S.-Chinese trade last year showed there was “ample room” to engage in trade and investment, and it was critical to focus on areas of common interest and address disagreements through dialogue, Yellen told Chinese Vice Premier He Lifeng at the start of a meeting.

The talks lasted for about five hours, followed by a formal dinner, according to a Treasury official.

Chinese state media described the meeting as “in-depth, candid and pragmatic”. Treasury said the meeting was “candid, constructive, and comprehensive.”

Yellen is due to hold a news conference in Beijing early on Sunday.

State-run Xinhua news agency said the talks were “constructive”, but the Chinese side expressed concern about U.S. sanctions and restrictive measures against China.

China also believes that generalising the concept of national security does no good for normal economic and trade exchanges, Xinhua reported.

Treasury said Yellen also conveyed that “even when the United States and China have disagreements, it is vital that the two countries find ways to work together on issues of shared – and global – concern, including debt distress in low-income and emerging economies and climate finance.”

Yellen also met with the People’s Bank of China’s Communist Party chief Pan Gongsheng on Friday, discussing global macroeconomic and financial developments, including the disproportionate impact of recent economic shocks on low-income countries, Treasury said.

Yellen’s visit through Sunday is Washington’s latest attempt to repair ties between the world’s two biggest economies, battered over issues from Taiwan to technology that have drawn their allies into their rivalry, having an impact on companies and trade ties.

Like U.S. Secretary of State Antony Blinken, who visited last month for the first time in Joe Biden’s presidency, Yellen is seeking a delicate balance between conciliation and continuing to push Beijing to halt practices Washington says are harmful to U.S. and Western companies.

Both sides have downplayed expectations for breakthroughs, while hailing the opportunity for candid, face-to-face diplomacy.

“Amid a complicated global economic outlook, there is a pressing need for the two largest economies to closely communicate and exchange views on our responses to various challenges,” Yellen told He, China’s recently appointed economy czar.

Doing so could “help both sides more fully understand the global economic outlook and make better decisions to strengthen our economies”, she said.

At the same time, Yellen reiterated Washington wanted to ensure healthy competition with a “fair set of rules” that would benefit both countries over time.

Meeting her at the Diaoyutai state guest house where foreign dignitaries are often received, He said he stood ready to work with Yellen.

Yellen told a group of female economists on Saturday that she was “in Beijing at this critical time because, for all the disagreements between our nations, President Biden and I believe it is in the best interests of our peoples to put our relationship on a better track and to maintain open and honest lines of communication”.

“I strongly believe that the relationship between our two countries is rooted in the solid ties between the American and Chinese people. It is important that we keep nurturing and deepening these ties, especially as China reopens after three years of COVID lockdowns.”

‘MEET CHINA HALFWAY’

As the U.S. seeks to re-engage at all levels, Beijing has repeatedly told Washington to match words with action, pointing to continued U.S. moves to curb Chinese access to technologies including semiconductors.

Beijing has also refused to resume bilateral military ties, while tariffs imposed on Chinese products during a trade war under Biden’s predecessor, Donald Trump, remain intact.

China this week abruptly announced export controls on two metals widely used in semiconductors and electric vehicles in the name of protecting its national security and interests.

Still, recently appointed Premier Li Qiang left the door open to further dialogue, urging Yellen on Friday to “meet China halfway” as both sides inject “positive energy” into bilateral ties.

Despite talk of U.S.-China economic decoupling, which both countries oppose, data show a fundamentally solid trade relationship, with two-way trade hitting $690 billion last year.

The United States would continue to communicate directly its concerns about specific economic practices, and would take targeted actions to protect its national security, Yellen said.

She urged China not to allow any disagreements to “lead to misunderstandings, particularly those stemming from a lack of communication, which can unnecessarily worsen our bilateral economic and financial relationship.”

Yellen told government officials and climate experts on Saturday that China had the capacity to help the world tackle the “existential threat” of climate change.

Beijing and Washington must take the lead in helping poor nations meet their climate goals and cope with the impact of climate change, she told a roundtable.

Cooperation on climate finance was a “critical” responsibility of “the world’s two largest emitters of greenhouse gases and the largest investors in renewable energy”, she said.

China, classified as a developing country by the United Nations, has long said it was the responsibility of developed nations to help poor countries pay to address climate change.

But Beijing says it could contribute to “loss and damage” due to climate change on a voluntary basis.

Stock Markets

Consumers Energy Expanding Community Solar Program with 30-Acre Solar Project in Jackson County

Published

52 mins ago

September 20, 2024

JACKSON, Mich., Sept. 19, 2024 /PRNewswire/ — Consumers Energy plans to break ground next spring on Blackman Solar, a new 30-acre community solar array in its home Jackson County that will provide local clean energy to customers through its Solar Gardens program.

Consumers Energy this week received approval from Blackman Township for the community solar project, which is slated to start generating electricity by the end of 2025.

“Blackman Solar is a great example of a partnership with a community to develop a project that delivers reliable, clean energy as well as local tax and economic benefits,” said David Hicks. Consumers Energy’s vice president of renewable energy development. “We’re grateful for the reception we’ve received from Blackman Township leaders and are excited to continue developing solar projects like this on our path to a carbon-neutral electric grid.”

Blackman Solar will generate power for Consumers Energy’s Solar Gardens community solar program, in which customers choose to support new solar projects without having to own solar arrays.

The new community solar facility will be the fourth that Consumers Energy owns and operates, joining other Solar Gardens projects in Cadillac, at Western Michigan University and at Grand Valley State University. Blackman Solar will include nearly 5,000 solar panels and will generate up to 2.5 megawatts of renewable electricity for 2,500 future Solar Gardens customers.

Blackman Solar also will provide new capacity to expand Consumers Energy’s income-qualified Solar Gardens program MI Sunrise. MI Sunrise is an efficient, easy, cost-effective way for municipalities, nonprofits and tribal governments to deploy federal grant dollars, providing access to clean, reliable renewable energy and measurable financial benefits to offset energy bills.

“Blackman Solar will help meet increased demand for community solar and offers shared solar infrastructure, accessibility and inclusivity, as well as financial and environmental benefits for all customers,” Hicks said.

Consumers Energy is committed to Michigan’s clean energy future. The energy provider is closing its final three coal-burning units next summer, one of the nation’s most aggressive timetables. The company is developing solar projects as part of its Clean Energy Plan to be carbon-neutral by 2040.

Consumers Energy is Michigan’s largest energy provider, providing and/or electricity to 6.8 million of the state’s 10 million residents in all 68 Lower Peninsula counties. Consumers Energy’s Clean Energy Plan calls for eliminating coal as an energy source in 2025, achieving net-zero carbon emissions and meeting 90% of customers’ energy needs through clean sources, including wind and solar.

For more information about Consumers Energy, go to ConsumersEnergy.com.

Check out Consumers Energy on Social Media

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Stock Markets

First Horizon Is Now the Official Bank of the Ragin’ Cajuns

Published

52 mins ago

September 20, 2024

MEMPHIS, Tenn., Sept. 19, 2024 /PRNewswire/ — First Horizon (NYSE:) Corp. (NYSE: FHN or “First Horizon“) is proud to announce that First Horizon Bank is now the Official Bank of the University of Louisiana at Lafayette Ragin’ Cajuns.

This five-year agreement expands First Horizon’s long-term commitment to the University and includes a Ragin’ Cajun Visa (NYSE:) Debit card, prominent in-venue signage, entertainment and hospitality opportunities along with participation in game day fan activations and experiences, including the new Cajun Village.

“This is an exciting time to expand our partnership with ULL and ULL athletics,” said Jerry Prejean, President of Acadiana for First Horizon. “With more than $2.5 million invested in recent years towards academic and athletic excellence, First Horizon is proud to deepen our relationship with the University and work together as two long-standing community leaders dedicated to making Acadiana a great place to call home.”

“As opportunities have grown for businesses to support Ragin’ Cajuns athletics, First Horizon Bank has been right there growing with us every step of the way,” adds Brian Bille, General Manager of LEARFIELD-based Ragin’ Cajuns Sports Properties. “Jerry’s commitment to our community has never wavered, and I’m excited to help First Horizon build affinity with our fans through this enhanced partnership, and encourage our fans to add the all-new Ragin’ Cajuns branded debit card to their wallet.”

About First Horizon
First Horizon Corp. (NYSE: FHN), with $82.2 billion in assets as of June 30, 2024, is a leading regional financial services company, dedicated to helping our clients, communities and associates unlock their full potential with capital and counsel. Headquartered in Memphis, TN, the banking subsidiary First Horizon Bank operates in 12 states across the southern U.S. The Company and its subsidiaries offer commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, and mortgage banking services. First Horizon has been recognized as one of the nation’s best employers by Fortune and Forbes magazines and a Top 10 Most Reputable U.S. Bank. More information is available at www.FirstHorizon.com.

Stock Markets

Oil prices rise on easing demand worries after jumbo Fed rate cut

Published

52 mins ago

September 20, 2024

Investing.com — Oil prices jumped Thursday, riding on a wave of risk-on sentiment as the Federal Reserve’s outsized interest rate cut on Wednesday eased worries that a slowing US economy would further dent crude demand.

At 2:06 p.m. ET (1906 GMT), rose 1.6% to $74.80 a barrel and rose 1.8% to $71.12 a barrel.

Jobless claims rise by less than expected

The number of Americans filing for first-time unemployment benefits rose by less than anticipated last week, with coming in at 219,000 in the week ended on Sept. 14, compared with an upwardly revised 231,000 in the prior week.

Economists had forecast a consensus figure of 230,000.

This figure was better than expected, and has allayed to a degree concerns over the health of the US economy, particularly after the Federal Reserve started its latest rate-cutting cycle on Wednesday, trimming interest rates for the first time since March 2020 by a hefty 50 basis points to a range of 4.75% to 5%.

While lower rates usually bode well for economic activity, the Fed’s aggressive cut sparked some concerns over a potential slowdown in economic growth.

While Fed Chair Jerome Powell helped soothe some of these concerns, he also said that the Fed had no intention of returning to an era of ultra-low interest rates, and that the central bank’s neutral rate was likely to be much higher than seen in the past.

His comments indicated that while interest rates will fall in the near-term, the Fed was likely to keep rates higher in the medium-to-long term.

US inventories fall, but product stockpiles up

Government data released on Wednesday showed a bigger-than-expected, 1.63 million barrel draw in .

While the draw was much bigger than expectations for a draw of 0.2 mb, it was also accompanied by builds in and inventories.

The builds in product inventories sparked increased concerns that U.S. fuel demand was cooling as the travel-heavy summer season wound to a close.

Looking ahead, some expect further draws in domestic crude stocks as exports reaccelerate.

“We look for a significant rebound in exports across crude and products this week. Among products, our preliminary expectations point to draws in gasoline (-1.5 MM BBL) and distillate (-3.7 MM BBL) with a build in jet (+0.5 MM BBL),” Macquarie said in a recent note.

Crude deficit could boost Brent

Still, prices could be bolstered in the near-term by demand possibly outstripping supply in the fourth quarter, according to analysts at Citi.

A reported decision by the Organization of the Petroleum Exporting Countries and its allies to delay the beginning of a tapering in voluntary output cuts, along with ongoing supply losses in Libya, is predicted to contribute to a oil market deficit of around 0.4 million barrels per day in the final three months of 2024, the Citi analysts said.

They added that such a trend could offer some temporary support to Brent “in the $70 to $75 per barrel range.”

Meanwhile, the benchmark could be further boosted by a potential rebound in recently tepid demand from top oil importer China, the analysts said.

But they flagged that they still anticipate “renewed price weakness” in 2025, with Brent on a path to $60 per barrel due to an impending surplus of one million barrels per day.

(Peter Nurse, Ambar Warrick contributed to this article.)