China

New York (CNN Business)China is turning to ExxonMobil to help meet its insatiable appetite for cleaner energy as the country moves away from coal. Despite lingering trade tensions between Washington and Beijing, Exxon (XOM) on Monday announced a 20-year agreement to send liquefied natural gas to China. The deal calls for China's Zhejiang Provincial Energy Group to purchase 1 million metric tons of LNG per year from Exxon, America's largest energy company. Exxon did not say whether the LNG, which is super-cooled natural gas that can be shipped, will come from the United States or one of its overseas projects. The timing of the agreement is notable: China imposed a 10% tariff on US LNG in September as part of the trade war between the world's two biggest economies. The tariff remains in place even as tensions have cooled and officials try to forge a breakthrough agreement. Even though the purchase size is relatively small, Exxon hailed the LNG deal as an "important milestone," and the … [Read more...] about Exxon is helping China move away from coal

China has accused U.S. Secretary of State Mike Pompeo of “outdated Cold War thinking” after the diplomat warned that China posed a fundamental threat to Western democratic freedoms. Pompeo – who spoke in Germany on the eve of the 30th anniversary of the fall of the Berlin Wall – said the Chinese Communist Party “uses tactics and methods to suppress its own people that would be horrifyingly familiar to former East Germans”.He added Washington has made clear to Beijing they should “honor their commitment” to the “one country, two systems” policy that allows Hong Kong rights unseen in the mainland. As Breitbart News reported, Pompeo’s address was titled “The Lessons of 1989: Freedom and Our Future.”  He said 30 years after East and West Germany were reunited, authoritarianism is once again rising and it must be challenged by the free world: In response Beijing slammed Pompeo’s “baseless … [Read more...] about China Tells Mike Pompeo to Address His ‘Incorrect’ Cold War Thinking

Photo: Reiner Bajo Photo: Reiner Bajo Image 1 of / 1 Caption Close Image 1 of 1 Photo: Reiner Bajo China Box Office: ‘Midway’ Shot Down by Local Drama ‘Better Days’ 1  /  1 Back to Gallery Roland Emmerich’s big-budget World War II film “Midway” was no match for local drama “Better Days” at China’s box office, bringing in $3 million less than the top-earning Chinese title, which is already in its third weekend in theaters. One of the more expensive independent films ever made on a budget of $98 million, the American blockbuster took in a meager $15.7 million during its opening weekend in China, signaling that it will likely struggle to be profitable. Instead, “Better Days,” Hong Kong … [Read more...] about China Box Office: ‘Midway’ Shot Down by Local Drama ‘Better Days’

London (CNN Business)Happy Monday. A version of this story first appeared in CNN Business' Before the Bell newsletter. Not a subscriber? You can sign up right here. Investors dumped Hong Kong stocks after demonstrators targeted public transportation in Asia's top financial hub and police shot a protester, a daylight escalation of violence that comes after five months of unrest. The Hang Seng Index dropped more than 2.6% on Monday, its worst single-day percentage decline since the beginning of August. The city's real estate stocks were hit particularly hard, with big property developers like Swire Pacific, Wharf Real Estate, Sun Hung Kai Properties and New World Development all dropping more than 4%. Why investors are worried: Widespread protests blocked roadways and several subway lines experienced delays. A police officer shot a 21-year-old protester. Elsewhere in the city, a man who confronted a group of protesters was set on fire. More trouble ahead: The disruption caused by months … [Read more...] about The two sides of China: A shopping bonanza and protests in Hong Kong

China acknowledged the detention of a Hong Kong British consulate employee Wednesday who was reported missing to police Aug. 9. Simon Cheng’s family said the 28-year-old did not return from a business trip to Shenzhen Aug. 8 in a Wednesday Facebook post, saying, “We feel very helpless and are worried sick about Simon. We hope Simon can return to Hong Kong as soon as possible,” according to NPR.China’s Foreign Ministry spokesman, Geng Shuan, said at a daily briefing that Shenzhen police detained Cheng for 15 days by for violating public order regulations but did not provide further details, saying that because Cheng is Chinese, his detention “is entirely a matter of China’s internal affairs.” Looking forward to the UK consulate explanation for what exactly it was doing during the 12 days between Simon Cheng being picked up by Chinese police and his girlfriend going to the press about it. Were they ever planning to mention it? … [Read more...] about ‘Stop Meddling In Hong Kong Affairs’: China Acknowledges Detention Of Missing Hong Kong British Consulate Employee