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Saudi Aramco said on Tuesday its gas program would attract $150 billion worth of investments over the next decade with production growing to 23 billion standard cubic feet a day from the current 14 billion.

“We also have world-class unconventional gas resources that are rapidly supplementing our large conventional resources … currently we have 16 drilling rigs concentrating on unconventional gas and more than 70 wells completed this year,” CEO Amin Nasser said at a conference in Dubai.

Nasser also said Aramco plans to invest $100 billion over the next 10 years in chemicals globally, in addition to potential acquisitions.

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South China Sea and Taiwan may be factors

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Washington’s arm sales to Taipei this year have angered Chinese officials who oppose countries pursuing relations with the East Asian island. According to the One China Policy, Taiwan and mainland China are considered part of the same territory. Xi’s administration has also been angered by U.S. naval patrols in the South China Sea. The country claims nearly all of the international waterway despite competing claims from neighboring Asian countries.

The fact that China’s statement on this past weekend’s temporary tariff ceasefire highlighted Trump’s promise to respect the One China Policy — something not mentioned in the White House’s version — reveals the importance Beijing attaches to its national interests, Kucik said.

A lasting resolution to the trade war will require multiple compromises on such matters, the professor continued. For Xi’s administration, “trade takes a back seat to territory,” according to Kucik.

Others, however, disagree with that argument.

It is certainly clear that the White House views Beijing as a strategic competitor beyond the realms of trade, said Patrick Lozada, director of Albright Stonebridge Group’s China practices. But those matters don’t have any bearing on the trade spat, he warned: “The current dynamic of tit for tat trade actions is not related to other non-trade issues.”

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Sell-offs could be down to machines that control 80% of US stocks, fund manager says

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De Blonay’s comments come after U.S. stocks fell sharply on Tuesday, on the back of concerns regarding the bond market.

Some analysts believe that the sell-off was triggered because of the way the complex machines operate. They are programed to sell when the odds of future market losses increase.

On Tuesday, U.S. short-term interest rates traded above long-term ones and, as a result, the setup of the algorithms could have translated that data as a selling point, leading to a general sell-off.

In February, when stock markets also saw a massive sell-off, a strategist told CNBC that the algo trading had sparked that overreaction.

Salman Ahmed, chief investment strategist at Lombard Odier, said: “The rise of algorithm-based trading means that there are in these algorithms some levels which trigger sell-off, i.e. sell orders.

“Yes, I can argue that we needed some kind of correction, given what has happened over the last few months. But the ferociousness of the intra-day sell-off is driven by these pre-set sell orders, which come programed in these algorithms automatically.”

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Tesla’s China factory set to begin production late next year

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A Tesla Motors Model S electric automobile at one of the company's electric charging stations in Beijing on March 9, 2016.

Qilai Shen | Bloomberg | Getty Images

A Tesla Motors Model S electric automobile at one of the company’s electric charging stations in Beijing on March 9, 2016.

Tesla is on pace to begin production at its factory in China in the second half of next year, the Shanghai government said Wednesday.

Land leveling is basically complete and construction is about to begin, with the factory expected to be put partially into operation in the second half of 2019, according to an official WeChat post from the government. The article described a visit by Shanghai Mayor Ying Yong and Vice Mayor Wu Qing.

Tesla did not immediately respond to an emailed request for comment.

In mid-October, Tesla officially acquired an 864,885-square meter plot in Shanghai’s Lingang area for the electric car maker’s first factory outside the U.S.

Elon Musk’s company has also launched an official WeChat account for hiring locals.

Producing in China, the world’s largest market for electric vehicles, would allow Tesla to reduce costs significantly. The company has said it is operating at a 55 percent to 60 percent cost disadvantage with a domestic peer due to ocean transport costs and tariffs.

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