China Oil Concerns, Samsung Profit Triples, More
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What is the main topic discussed in this episode?
News when you want it with Bloomberg News Now. I'm Caroline Hepke.
And I'm Stephen Carroll.
Leading Chinese oil companies have asked Beijing for guidance on how to protect their investments in Venezuela as Washington outlines plans to control the country's crude output. Sources tell us state-owned firms have raised concerns in an effort to align their responses with Beijing's diplomatic strategy and to salvage existing claims.
What concerns do Chinese oil companies have regarding Venezuela?
The U.S. Energy Secretary Chris Wright says that the Trump administration wants to control all future sales of Venezuelan oil and hold the proceeds in American accounts. Here's what he told a Goldman Sachs conference in Miami.
We're going to let the oil flow, sell that market to United States refineries and to around the world to bring better oil supplies, but have those sales done by the U.S. government and deposited into accounts controlled by the U.S. government. And then from there, those funds can flow back into Venezuela to benefit the Venezuelan people. But we need to have that leverage and that control of those oil sales to drive the changes that simply must happen in Venezuela.
US Energy Secretary Chris Wright, who was speaking as China grapples with how best to respond to US assertions of dominance in the Americas and control of strategically vital assets through what has been dubbed the Dunrow Doctrine.
The UK's Defence Secretary says British support for the American operation to seize a Russian-flagged oil tanker demonstrates the importance of the Transatlantic Security Partnership. Britain provided naval and surveillance support to the US military as they captured the Marinera in the North Atlantic. UK Defence Secretary John Healey says it shows the value of the NATO alliance.
This is a stark reminder that our world is changing. It is less predictable and more dangerous. And this operation and the Shadow Fleet show the global links between the security threats faced by the UK and its allies.
Healy's comments come as British officials told Bloomberg the operation was well-timed to show President Trump the value of the security relationship between the US and the UK. According to the officials, it also demonstrated how Europe can work with America to deter threats from Russia and Iran, both of which have close links to the seized vessel.
These developments come as the US president has called on Congress to increase defence spending by $500 billion a year to build what he called the Dream Military. In what appears to be a contradictory string of announcements, Donald Trump also threatened to exclude some of the companies most likely to benefit from the increase. The president later signed an executive order requiring major U.S. defense contractors to end stock buybacks, stop issuing dividends and cap executive pay at $5 million a year until they invest more in factories and research.
How is the U.S. planning to control Venezuelan oil sales?
The announcement initially sent shares of major defense contractors tumbling before climbing back in post-market trading on hopes for an increase in the U.S. military budget.
American officials are rushing to step up links with Greenland after President Donald Trump renewed demands to take over the island. Bloomberg understands the White House is considering business deals including rare earth mineral mining projects and hydroelectric power. Chairman of the Nordic Council Lars Christian Brask says Danish government personnel have previously sought discussions with the US on this matter.
Not many years ago, we spoke to the administration and I think actually the president as well and asked, what do you need? And there was no demand for extra bases at that time. So sort of to clear out some of the misunderstandings also that Greenland is surrounded by refugees. Chinese and Russian ships and the opportunities that are there for the US in terms of bases and rare earth or rare minerals.
Lars Christian Brask was speaking there hours before President Trump posted on social media that Russia and China only fear the NATO alliance because of US involvement.
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