From shrimp to fake eyelashes, social media sales soar in Facebook-friendly Thailand


SATUN, Thailand (Reuters) – The son of a Thai fisherman, Anurak Saruethai never really took to life at sea. But seafood has been good to him.

Anurak Sareuthai is seen on a mobile phone as he sells dried seafood products during a Facebook live event at his house in Satun province, southern of Thailand, May 30, 2019. Picture taken May 30, 2019. REUTERS/Jiraporn Kuhakan

Hawking dried shrimp, squid and fish in nightly Facebook (FB.O) livestreams, Anurak, who is quick with a joke and adept at interacting with customers, can draw up to 300,000 viewers at a time.

He’s backed by a team who help respond to orders, answer questions on Facebook Messenger, monitor payments to his bank account and shout out tag lines off camera for comedic effect.

The formula works so well, Anurak says he made 26 million baht ($829,000) in sales in March alone.

“Facebook and Instagram give people an opportunity. If you do it right with good content, in just seven months you can make millions,” he told Reuters from the seaside village of Satun.

His success is emblematic of booming social media commerce in Thailand where entrepreneurs sell products directly to customers via Facebook, Instagram and messaging apps like Japan’s Line Corp (3938.T).

Propelled by upgrades to mobile banking apps, sales via social media in Thailand more than doubled to 334.2 billion baht ($10.9 billion) in 2017, according to the latest report from the country’s Electronic Transaction Development Agency.

Moreover, those sales accounted for 44% of e-commerce in Southeast Asia’s second-biggest economy, jumping from 21% a year earlier. Since then, banks have dropped transfer fees, likely driving the market further.

The popularity of so-called social commerce in Thailand owes much to the relatively late arrival of big e-commerce firms, cultural shopping preferences and the wide use of Facebook (FB.O) and Instagram. Some 38 million people or 57% of the population access Facebook every day, according to the U.S. firm.

Its growth also highlights the global business opportunities for Facebook and its Instagram unit.

“Social commerce is a market to monitor because Facebook has moved more sharply in a commerce direction recently with the launch of many commerce friendly features,” said Alessandro Psicini, co-founder of Crea which advises brands that want to boost their social media sales in Thailand.

Facebook said this month it wanted to expand into payments and launch its own coin. Instagram in March introduced a checkout button which allows users to shop without leaving the app, though that function is currently limited to a small number of brands and U.S. consumers.

Facebook and Instagram declined to comment on how they plan to make the most of social commerce opportunities.

CUSTOMERS FIRST

Within Asia, only Indonesia rivals Thailand in social commerce. There it accounts for about 40% of e-commerce but is worth a smaller $3 billion, says consulting firm McKinsey & Company. The market is less developed as many Indonesians do not have bank accounts and due to the challenges of delivering goods across the country’s archipelago.

In other parts of Asia, shopping on big e-commerce platforms like China’s Alibaba (BABA.N), Amazon.com’s (AMZN.O) Japan unit or Walmart’s (WMT.N) Indian unit Flipkart is the norm, although selling via social media is on the rise in some countries.

Livestreaming by merchants has gained in popularity in China while in India, social commerce companies have emerged over the past year. Satish Meena, senior analyst at Forrester Research, says the firm’s preliminary estimates put India’s annual social selling revenue at $100-$150 million.

Completing a sale via social media can be cumbersome.

In Thailand, customers find products on Facebook or Instagram, while chats and payments usually take place on different apps. But for many Thais, the appeal of social media shopping is the direct communication with merchants.

Chonticha Srisawang, 35, who has her own brand of fake eyelashes and over 76,000 followers on her Instagram, prang_bohktoh, says customers became comfortable placing orders after she took the time to answer queries on chat app Line.

“The Thai market is very customer-centric,” said Vilaiporn Taweelappontong, partner at PwC Thailand, adding that Thai shoppers love to browse and share, which favours social media over big online shopping malls.

“Merchants do everything to ensure customers have a good experience. In the U.S and Europe there is more standardization and there are fewer choices because the emphasis is on the back-end and things moving faster.”

The two biggest online malls in Thailand are now seeeking to win over social media merchants – who industry experts estimate number more than a hundred thousand. Both added livestreaming services last year.

Alibaba’s (BABA.N) Lazada, which launched in Thailand in 2012, also started an invitation-only program in August to bring social media sellers with a broad customer base onto its site. Around 300 merchants have since joined.

Sea Ltd (SE.N) in March raised $1.5 billion, part of which will go toward educating merchants on how to best use its Shopee platform, which debuted in Thailand in 2015.

Some merchants, however, are not convinced.

Slideshow (8 Images)

Patchararak Thanasintrakul, who sells swimwear on Instagram account Swimsaic, is hesitant due to concerns about copycats and potential pressure to discount.

“We’ve been thinking about it. Lazada approached us, but we worry about brand image. Lazada likes to support discounts, but our brand has never done discounts,” she said.

A Lazada spokeswoman said the company does not compel its merchants to discount.

Reporting by Chayut Setboonsarng; Additional reporting by Sankalp Phartiyal in Mumbai, Brenda Goh in Shanghai and Cindy Silviana in Jakarta; Editing by Kay Johnson and Edwina Gibbs



Source link

Fearing stock market rout, investors seek shelter in dependable dividends – Business News



LONDON: Defensive equity strategies focused on high payouts and steady earnings have gained in popularity this year as investors flock to safety, worried the biggest stock market rally in decades is about to come crashing down.

Investors have piled into defensive sectors, which generate higher dividends and have steady revenue streams, for the first time in two years, viewing them as the safest bet as global growth slows and trade tensions rise, data shows.

Globally, utilities stocks have pulled in $4.5 billion this year while consumer goods stocks have drawn in $3.2 billion, according to EPFR data. This breaks a two-year exodus from those sectors and is the latest sign of how uneasy investors are with stocks at record-high levels in a worsening economic climate.

The inflows accelerated at the start of May, when hopes of a truce in a trade war between the U.S. and China were dashed.

The strategy has paid off.

Unusually, focusing on the parts of the stock market considered safer not only protected investors from the worst of the sell-off late last year, but also helped them outperform during the first-quarter rally of 2019.

High-dividend and “low volatility” stocks, which tend to move less sharply than the average stock, have beaten market benchmarks. That underscores how “defensive”, not to mention hated, this year’s rally has been.

“You have your equity market that’s up 16% (year-to-date) but low volatility is beating it. You certainly don’t expect that in any other bull market,” said Nick Alonso, director of multi-asset at PanAgora Asset Management in Boston.

“Defensive assets did well in Q4, they protected on the downside and they also picked up that upside in Q1,” he added.

The S&P 500 is up a whopping 16.7% this year, soaring to a record high last week, but an index tracking just the “low volatility” stocks in the S&P 500 is beating that, up 17.4% year-to-date. Low volatility also outperformed in 2018.

“The return to minimum variance (low volatility) and traditional defensive strategies has been somewhat out of the ordinary,” said Panagora’s Alonso.

The interest from prospective clients in Panagora’s defensive equity strategies fund has more than doubled from the same period last year, he added.

BEARS AT RECORD HIGHS

The extent of investor mistrust toward the stock market’s relentless rise is apparent in surveys such as Bank of America Merrill Lynch.

Just as U.S. stock markets were hitting record highs, fund managers in the bank’s June survey reported their positioning was the most bearish it’s been since early 2009.

The respondents also said they increased their cash buffers to 5.6% from 4.6% as they ramped up protections against a market slide.

A dramatic U-turn by global central banks combined with an escalating trade conflict have made investors uneasy about the economy and uncertain about where markets go next, with all eyes on a critical meeting between U.S. President Donald Trump and Chinese premier Xi Jinping over the weekend.

“There isn’t much conviction out there, and it would be surprising if there were,” said Kevin Gardiner, global investment strategist at Rothschild & Co.

“It’s not remarkable that we are seeing the market-beaters of late perhaps beginning to break down a little,” he added.

Global stock markets have had their best first-half returns since 1997 and yet the risks to the rally are clear.

“The bull in the china shop is the political element, the trade war: there’s a chance of a rapid reversal,” said Guillaume Lasserre, chief investment officer at Lyxor Asset Management.

Lasserre has an underweight position on banks and industrials, and is overweight pharmaceutical stocks.

“We are defensively positioned, always for the same reason. We’re very confident about the ability of the market to perform long-term, but there is a lack of clarity in the shorter term.”

Investors are also seeking to lock in returns by backing income funds which promise higher payouts.

European investors have been pulling money from U.S. equity funds even as they plough billions into U.S. equity income funds.

David Holohan, head of equity strategy at Mediolanum Asset Management in Dublin, is another investor shifting to more defensive positioning, unconvinced central bank support will help sustain markets.

“We think monetary policy easing is one last hurrah and once that’s played out, if it hasn’t already, investors will look at fundamentals and see earnings estimates have been deteriorating for several months now, and that disconnect shouldn’t play out much longer before equities give in,” he said. – Reuters





Source link

Bitcoin Falls 10% In Selloff By Investing.com


© Reuters.

Investing.com – was trading at $10,942.2 by 18:53 (22:53 GMT) on the Investing.com Index on Sunday, down 10.18% on the day. It was the largest one-day percentage loss since June 27.

The move downwards pushed Bitcoin’s market cap down to $196.7B, or 61.52% of the total cryptocurrency market cap. At its highest, Bitcoin’s market cap was $241.2B.

Bitcoin had traded in a range of $10,942.1 to $12,179.3 in the previous twenty-four hours.

Over the past seven days, Bitcoin has seen a rise in value, as it gained 2.22%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $26.9B or 31.51% of the total volume of all cryptocurrencies. It has traded in a range of $10,493.4668 to $13,929.8066 in the past 7 days.

At its current price, Bitcoin is still down 44.93% from its all-time high of $19,870.62 set on December 17, 2017.

Elsewhere in cryptocurrency trading

was last at $292.82 on the Investing.com Index, down 7.52% on the day.

was trading at $0.39805 on the Investing.com Index, a loss of 6.68%.

Ethereum’s market cap was last at $31.3B or 9.78% of the total cryptocurrency market cap, while XRP’s market cap totaled $17.0B or 5.32% of the total cryptocurrency market value.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Yen sags, yuan soars after U.S-China trade truce By Reuters


© Reuters. Arrangement of various world currencies including Chinese Yuan, Japanese Yen, US Dollar, Euro, British Pound, Swiss Franc and Russian Ruble pictured in Warsaw

TOKYO (Reuters) – The yen sagged and the yuan rose in early Monday trade after the United States and China agreed to restart trade talks as U.S. President Donald Trump offered concessions on new tariffs and restrictions on tech company Huawei.

The dollar rose 0.4% to 108.37 yen, extending its recovery from near six-month low of 106.78 set last Tuesday.

The Swiss franc, another safe-haven currency, fell 0.3% to 0.97915 franc to the dollar.

The offshore gained 0.6% to 6.828 per dollar, its highest levels since May 10, just days after Trump threatened additional tariffs on China.

After meeting Chinese President Xi Jinping on Saturday on the sideline of Group of 20 summit, Trump said he would hold back on tariffs and that China will buy more farm products.

Trump also said the U.S. Commerce Department would study in the next few days whether to take Huawei off the list of firms banned from buying components and technology from U.S. companies without government approval.

Other major currencies were little moved in early trade, with the euro steady at $1.1367 and the Australian dollar also flat at $0.7026.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

Saudi-Russian deal not due to tainted oil crisis: Novak By Reuters


© Reuters. FILE PHOTO: St. Petersburg International Economic Forum

OSAKA (Reuters) – A decision by Russia and Saudi Arabia to extend a global pact on curbing production was not driven by a crisis over contaminated crude in a Russian-owned pipeline network, Russian Energy Minister Alexander Novak said on Saturday.

Russia, which has been working for weeks to resolve the issue of tainted oil in the Druzhba pipeline that supplies Europe, has agreed with Saudi Arabia to extend by six to nine months a deal with OPEC on reducing oil production.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Rio Tinto names Barbara Levi as group general counsel By Reuters


© Reuters. The Rio Tinto mining company’s logo is photographed at their annual general meeting in Sydney

(Reuters) – Rio Tinto (L:) (AX:) named Barbara Levi as its new general counsel and group executive on Monday, replacing Philip Richards.

Levi, currently group legal head, M&A and strategic transactions at Novartis, will join the miner on Jan. 1, 2020.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Halfway through 2019, tech leads on Wall Street


SAN FRANCISCO (Reuters) – Technology stocks are Wall Street’s top performers as 2019 hits half-way, with investors betting on lower interest rates, although Apple (AAPL.O) and chipmakers face turbulence related to the U.S.-China trade war.

The S&P 500 information technology index has surged 9% in June, its strongest month in three years. That rally, and the S&P 500’s .SPX record high on June 21, reflect investors’ increased appetite for risk as they become more confident the Federal Reserve will cut interest rates to support a slowing economy.

It also shows that Wall Street is mostly confident that U.S. President Donald Trump, who has shown a dislike for stock market downswings, will ultimately resolve his trade conflict with China.

Investors were looking for signs of progress from the G20 meeting in Japan, where the United States and China agreed on Saturday to restart trade talks after Trump offered concessions, including no new tariffs and an easing of restrictions on tech company Huawei [HWT.UL], in order to reduce tensions with Beijing.

After meeting with Chinese President Xi Jinping at the G20 summit in Osaka, Trump called his talks with Xi “excellent.”

“The risk to the downside is the greatest. If trade talks break down then we could head lower, probably a lot further, and the tech sector could be a leader to the downside,” said Randy Frederick, Vice President of Trading & Derivatives at Charles Schwab.

Other investors say their optimism about the tech stocks is grounded in expectations that the sector’s earnings growth will outperform the rest of the economy over the next several years.

David Carter, chief investment officer at Lenox Wealth Advisors in New York, had said going into the meeting that their expectations for genuine progress on tariffs at the G20 were low. “Tech is less of a short-term tactical play, and more a belief in the long-term growth potential of the space. Certainly, it’s affected by tariffs and regulation, but the growth story is still there.”

Although just short of its April record high, the technology index is up 26% so far in 2019, leading other sectors by far and easily beating the S&P 500’s 17% return. Among June’s strong performing technology stocks are Nvidia (NVDA.O), Apple (AAPL.O), Xerox (XRX.N), each up over 13%.

Facebook (FB.O), Amazon (AMZN.O) and Netflix (NFLX.O) all rose more than 7% in June, slightly outperforming the S&P 500’s increase of just under 7% as investors increased bets on high-growth, volatile stocks.

Uncertainty related to the trade conflict and Washington’s blacklisting of China’s Huawei have pushed the Philadelphia Semiconductor Index .SOX down 8% from its record high in April, but it is still up 27% for the year, buoyed by expectations that a slump in global sales is near its bottom and that demand is set to recover.

The benchmark chip index has surged over 5% since Tuesday, when Micron Technologies (MU.O) said it resumed some sales to Huawei and forecast a recovery in memory chip demand in the second half of the year.

Underpinning not just tech, but most of Wall Street’s recent strength, is the recently increased confidence that the Fed will cut interest rates as soon as July, with interest rate futures pointing to three rate cuts this year to support already dwindling economic growth.

The recent strong performance of technology stocks comes even as analysts predict a drop in quarterly earnings for the sector, in part due to uncertainty around the trade war. Many U.S. semiconductor companies rely on China for over half of their revenue.

(GRAPHIC: Tech earnings expectations – tmsnrt.rs/2Ysg1C5)

Analysts on average expect the S&P 500 IT sector’s earnings per share to sink 8% in the second quarter, compared to a 0.3% increase predicted for the S&P 500, according to Refinitiv’s IBES data.

FILE PHOTO: Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., June 24, 2019. REUTERS/Brendan McDermid

S&P 500 semiconductor companies are seen posting a much deeper 28% slump in second-quarter earnings, and a 20% drop for all of 2019. Analysts on average expect Advanced Micro Devices (AMD.O) and rival Nvidia to post declines of over 40% in earnings per share for the quarter.

A resolution of the trade conflict would lead analysts to increase their earnings estimates for the technology sector to reflect improved global economic conditions, Frederick said.

“The economy really hasn’t slowed down that much. That says we’re still in a cyclical market and there’s still some upside potential, and tech tends to be one of the leaders when you’re in a cyclical market,” he said.

Reporting by Noel Randewich; editing by Alden Bentleym, Chizu Nomiyama and Sandra Maler



Source link

The best first half for financial markets ever – Business News



LONDON: What a six months for financial markets. Global equities have piled on $8 trillion, bonds are on fire, oil prices have surged by almost a quarter and a Greek bank is one of the world’s best performing stocks.

Everything added together it may well be the best first half of a year ever and one that not even the most wily investor would have predicted after the dire end to 2018 and what has happened since.

The world’s two top economies are slugging it out in a full-blown trade war and the recession warning klaxons are blaring, but still the performance numbers and milestones are astonishing.

The $8 trillion surge in global stocks is the result of a near 15% leap in MSCI’s world index. That is challenging the dot.com boom days of 1997 as the best H1 in its near 40-year history.

Wall Street is up 18%, Europe 13% and China has jumped 20%, which is a lot of what it lost year even factoring in it has given back 5% since the trade tensions erupted again in early May.

Oil has raced almost 25% higher following its best first quarter since 2009. That has helped Russia’s rouble top the currency charts and though industrial metals have buckled badly in Q2, safe-haven gold is now scaling a six-year high.

“It has been really impressive,” said Swiss fund managers Pictet’s chief strategist Luca Paolini about the rebound from last year’s beating. “All sectors, all markets, all asset classes are in positive territory and that is rather unusual.” Graphic: (World stocks straining for best start to a year ever https://tmsnrt.rs/2FE0mYC)

A mirror image of 2018 when almost everything fell? Perhaps. But there have been two important drivers.

One was China showing it was serious about monetary and fiscal stimulus for its $14 trillion economy. The second of course has been the screeching change of direction by the Federal Reserve which suddenly looks set to cut U.S. interest rates for the first time since the financial crisis.

It has lit a fire under bond markets which have gone off like a rocket.

U.S. Treasuries, the world’s benchmark government IOUs, have made a whopping 7 percent as their yields have fallen almost 70 basis points this year. That followed a 37 basis point fall the last quarter of 2018, whereas in the five quarters prior to that they had consistently risen.

German Bunds – Europe’s go-to safe asset – have had their best H1 in two years, making roughly 5.5% as the European Central Bank has reversed course too. The yield on 10-year debt dropped below zero percent for the first time since 2016 in March and has since scored record lows.

Graphic: ( Global markets in H1 https://tmsnrt.rs/2FEK8yw)

MY BIG FAT GREEK RALLY

A statistic likely to make most jaws drop is that Greek banks — remember all that euro debt crisis and capital controls stuff a few years back — have been some of the world’s best performing stocks this year.

The country’s biggest lender Piraeus Bank <BOPr.AT> is up 250% and the smaller Attica Bank <BOAr.AT> is up 343%. Athens has also been Europe’s best bourse this year, though it all trails the 550% gain vegan darling Beyond Meat <BTND.O> has cooked up since its May stock market floatation.Graphic: European markets in H1, Greece has smashed it https://tmsnrt.rs/2FEGg0s)

Cryptoassets are back in vogue too with Bitcoin up 220% after its 2018 fall from grace and despite almost daily Brexit chaos and the loss of another prime minister, UK Gilts have returned 4.5%.

More risky high-yield debt, local-currency emerging market bonds and corporate debt have all brought in between 8%-9% and currency markets have been on the turn too.

“It is very unusual to see this breadth of strength,” said HSBC Asset Management’s chief global strategist, Joseph Little. “The question is, has it been too fast and too furious. It’s a very good question.”

The Fed’s pirouette means the dollar index <.DXY> is about to experience its first quarterly loss in over a year, with the yen up over 2.5% and the euro <EUR=> now back in the black having had its weakest Q1 since 2015.

The oil rally means the Canadian dollar — up 4% — and Norwegian crown — up 1.5% — have also done well, but as usual the wilder swings have been in emerging markets.

Argentina’s peso <ARS=> and Turkey’s lira <TRY=>, 2018’s punchbags, have taken another beating though it was mainly earlier in the year when worries about both countries’ political and economic trajectories started to bite again.

At the other end of the spectrum, the Russian rouble, another big petrocurrency, is up 10.5%. Egypt’s pound <EGP=> and the Thai baht <THB=> are 7.2% and 5.2% higher, while Mexico’s peso <MXN=> is now only 2% better off having been sapped by the recent run in with Donald Trump over migrants breaking the border.

FANGS VERY MUCH

Wall Street’s rally has left the S&P 500 <.SPX> and Nasdaq <.IXIC> enjoying the view at record highs with the so-called FANG tech stocks providing much of the altitude again.

Facebook <FB.O> has surged 44%, Amazon <AMZN.O> 27 percent, and streaming giant Netflix <NFLX.O> has soared more than 38%.

Despite the fierce tensions with China over Huawei, the tech sector <.SPLRCT> still tops the S&P 500 too and Microsoft <MSFT.O> and Cisco are the top two performers on the Dow Jones <.DJI> having both leapt over 30%.

In contrast, China’s tech sector <.CSIINT> is now up 28% year-to-date compared to 46% at the end of Q1 while online behemoth Alibaba <BABA.K> has handed back 5% of the 30% it had made.

“The next couple of weeks will set the tone for the second half. If trade talks momentum is gained, it would be hugely positive for risk assets,” Stefan Hofer, chief investment officer, LGT Bank Asia said.

“This is the most important (period) since the Global Financial Crisis. I can’t emphasise that enough.” – Reuters





Source link

Top-10 Industries Being Transformed by Blockchain By Cointelegraph


Top-10 Industries Being Transformed by Blockchain

After struggling to receive recognition of legitimacy within the mainstream zeitgeist during its sophomoric years, distributed ledger technology (DLT) now comprises the driving force behind a new wave of technological creative destruction. Today, we are going to take a look at some of the industries and processes that are most dramatically undergoing a transformation in response to the advent of blockchain technology.

The opaque nature of global supply chains poses a significant challenge to efforts to ensure that the commodities, labor and inputs required to produce goods are from a safe and ethical origin. In order to tackle these issues, an increasing number of companies are exploring blockchain-based solutions.

Continue Reading on Coin Telegraph

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



At G20, Canada raises concern about Mexico gas pipeline row By Reuters


© Reuters. Mexico’s Finance, Foreign ministers speak at Council of the Americas event

By Dave Graham

MEXICO CITY (Reuters) – Canada expressed its concern about a gas pipeline dispute that has raised diplomatic tensions with Mexico during the Group of 20 nations summit in Japan, but the matter could be resolved soon, Mexican Finance Minister Carlos Urzua said on Saturday.

Mexican state power utility CFE [COMFEL.UL] said this week it would negotiate a “fairer” resolution to contractual disputes over several pipelines being built by companies including Mexico’s IEnova (MX:) and Canada’s TC Energy Corp (TO:).

Urzua said he met with Canada’s Finance Minister Bill Morneau during the summit and was “optimistic” there would be an agreement soon.

“He expressed his concern about this matter of TransCanada,” Urzua said, using a previous name for TC Energy Corp.

IEnova, a unit of U.S.-based Sempra Energy (NYSE:), says the CFE is seeking arbitration over a contract it signed in partnership with TC Energy to build a $2.5 billion pipeline from Texas to the Mexican Gulf coast port of Tuxpan.

“We hope this problem is resolved very soon … That it doesn’t even reach the level of international arbitration, and that simply an agreement is reached between the sides. We are very optimistic about that,” Urzua said.

The row has revived concerns that Mexican President Andres Manuel Lopez Obrador’s government could put in jeopardy contracts signed under previous administrations, the last six of which the leftist president has characterized as part of a corrupt “neo-liberal” era.

He has been highly critical of the government of his predecessor Enrique Pena Nieto, who sought to lift economic growth by opening up the energy sector to private capital, an approach that Lopez Obrador has so far roundly rejected.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.