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Wall Street veterans are taking US-China relations into their own hands

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As US-China relations remain hostile, Chinese officials and Wall Street veterans are preparing to take matters into their own hands

The relationship between China and the US remains at an all-time low. However, a group of Chinese government officials and Wall Street veterans are preparing to revive talks themsleves.

This group of American Wall Street investors assembled back in 2018, with plans to work separately from the Biden administration to gain greater access to the world’s largest economy.

The talks were put on hold late last year as Covid-19 spread around the world

The discussions will feature high-level finance experts as well as senior Chinese regulatory officials.

Both the US and China are struggling with ongoing standoffs on issues including market access, data security and international stock listings.

It follows Beijing’s recent crackdown on a number of major tech companies, with the US business community wanting further clarity on China’s positions.

Wall Street is also scrambling to tap into one of the biggest foreign finance opportunities after China scrapped foreign ownership limits in April last year.

This allows companies to run their own money-management units and investment-banking operations, with trillions of dollars up for grabs.

William is an Executive News Producer at TICKER NEWS, responsible for the production and direction of news bulletins. William is also the presenter of the hourly Weather + Climate segment. With qualifications in Journalism and Law (LLB), William previously worked at the Australian Broadcasting Corporation (ABC) before moving to TICKER NEWS. He was also an intern at the Seven Network's 'Sunrise'. A creative-minded individual, William has a passion for broadcast journalism and reporting on global politics and international affairs.

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OPEC+ agreed to its deepest cuts to oil production since 2020

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OPEC+ agreed its deepest cuts to oil production since the 2020 COVID pandemic at a Vienna meeting

OPEC has agreed to the biggest cuts in oil output since the height of the global health crisis.

Ministers from the group of oil-producing nations, and allies including Russia, met in Vienna on Wednesday.

That marked their first in-person get-together since lockdowns made them impossible.

They agreed to slash production by 2 million barrels per day. This move could spur a recovery in oil prices.

They’ve fallen from $120 per barrel three months ago, to about $90 now.

But the decision is unlikely to go down well in Washington.

After OPEC+ agreed to cut oil production, U.S. Secretary of State Antony Blinken said that the United States is working to ensure energy supply is on the market and that prices are low.

Asked if he was disappointed in U.S. ally Saudi Arabia agreeing to the cuts, Blinken said Washington has a “multiplicity of interests with regard to Saudi Arabia.”

“We are working every single day to make sure to the best of our ability that, again, energy supply from wherever is actually meeting demand in order to ensure that energy is on the market and the prices are kept low,” Blinken said.

It wanted OPEC to pump more oil, to help reduce prices ahead of U.S. midterm elections.

The Biden administration also wants to limit revenues for Russia, as part of moves to punish it for the conflict in Ukraine.

However, Saudi Arabia has refused to condemn Moscow, which is part of the broader OPEC+ grouping.

Market watchers at JPMorgan expect Washington to react with countermeasures by releasing more oil stocks.

The UAE energy minister said Wednesday’s decision was technical, not political.

The Saudis and other OPEC members say it’s aimed at calming market volatility, not targeting any particular price for oil.

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Rolls Royce CEO slams aviation for failing on climate targets

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Aviation needs to act on net-zero targets, that’s according to the CEO of Rolls Royce

Warren East says the sector needs to move towards bio-fuels like hydrogen and electric aircraft.

Travellers can even look forward to flying on planes that has a gas turbine that’s burning hydrogen.

Speaking at a conference in London, East says transitional technology is the answer that plane-makers are searching for.

Some companies are already looking at sustainable fuels that can offer 80 per cent off carbon emissions across their lifetime.

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Amazon halts hiring on all corporate roles

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E-commerce giant is the latest of many to close all corporate job openings due to economic concern

Amazon is pressing pause on corporate hiring for the rest of the year, as economic concerns continue to grow.

The tech giant has instructed all recruiters to close all current corporate job openings… worldwide.

This means more that ten thousand openings will be closed as of Monday evening.

The job postings that will affected include technology positions, in store and online retail businesses, and logistics operations.

However, Amazon spokesman, Brad Glasser, says the company will still continue to have a significant number of other roles open.

He says, “we have many different businesses at various stages of evolution, and we expect to keep adjusting our hiring strategies in each of these businesses at various junctures.”

The freeze sees Amazon joining Meta, Apple, and Google, who have also announced a reduction or temporary pause on hiring.

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