China says hopes it can reach trade agreement with US as soon as possible

US advisers said there were no plans for Trump and Jinping to meet. (AFP)
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Updated 09 December 2019

China says hopes it can reach trade agreement with US as soon as possible

  • Washington’s next round of tariffs against Chinese goods are scheduled to take effect on Dec. 15

BEIJING: China said on Monday that it hoped to make a trade deal with the US as soon as possible, amid intense discussions before fresh US tariffs on Chinese imports are due to kick in at the end of the week.

Beijing hopes it can reach a trade agreement with the US that satisfies both sides, Assistant Commerce Minister Ren Hongbin told reporters on Monday.

“On the question of China-US trade talks and negotiations, we wish that both sides can, on the foundation of equality and mutual respect, push forward negotiations, and in consideration of each others’ core interests, reach an agreement that satisfies all sides as soon as possible,” Ren said.

China and the US are negotiating a so-called “phase one” deal aimed at de-escalating their prolonged trade dispute, but it is unclear whether such an agreement can be reached in the near term.

Washington’s next round of tariffs against Chinese goods are scheduled to take effect on Dec. 15.

China has demanded that some of the existing US tariffs imposed on about $375 billion worth of its exports be removed, in addition to cancelation of the Dec. 15 tariffs on some $156 billion of its remaining exports to the US.

US President Donald Trump has demanded that China commit to specific minimum purchases of US agricultural products, among other concessions on intellectual property rights, currency and access to China’s financial services markets.

White House economic adviser Larry Kudlow said on Friday that the two sides had talked almost daily, but there were currently no plans for face-to-face talks or a signing ceremony between Trump and Chinese President Xi Jinping.

With less than a week to go before the deadline amid “intense” negotiations, Kudlow said Trump would make the final decision on the tariffs, which would hit Chinese-made cellphones, laptop computers, toys and clothing.

“We’ll have to see, but right now we’re moving along,” Trump said last week. “On Dec. 15 , something could happen, but we are not discussing that yet. We are having very good discussions with China, however.”


Saudi fund shells out to help US cellular seafood pioneer

Updated 27 February 2020

Saudi fund shells out to help US cellular seafood pioneer

  • KBW Ventures joins ‘visionary’ $20m backing for San Diego food innovator

JEDDAH: A California innovative food company that produces seafood directly from fish cells is stepping up expansion plans with backing from “visionary investors” including KBW Ventures, the Saudi investment fund founded by Prince Khaled bin Al-Waleed bin Talal.

BlueNalu, based in San Diego, on Wednesday announced the completion of its $20 million Series A round of funding.

The financing will allow the company to develop a pilot production facility in San Diego, expand its worldwide staff, implement strategic alliances for global operations and prepare for its market launch.

The Series A round is co-led by Stray Dog Capital, CPT Capital, New Crop Capital and Clear Current Capital, each of which took part in BlueNalu’s seed round. The company secured $4.5 million in 2018 and has attracted investors from 11 nations so far, demonstrating global interest in the firm’s potential.

New investors include KBW Ventures, which supports innovative companies, such as BlueNalu, that have potential for growth and can sustainably feed the world.

BlueNalu’s A round attracted a significant number of strategic investors offering expertise and infrastructure in supply chain, operations, sales, marketing and distribution.

Strategic investors include global supply chain leaders that will provide guidance and raw material expertise to BlueNalu. These include Nutreco, a global leader in animal nutrition and aquafeed, and Griffith Foods, a global product development partner to the food industry, with expertise in market insights, food science, culinary and sensory optimization.

Strategic investors also include organizations with expertise in operations, sales, and distribution, including Pulmuone, a leader in healthy lifestyle and sustainable food products with distribution in Asia and North America; Sumitomo Corporation of Americas, a global investor and supplier of goods and services, including foods; Rich Products Ventures, the corporate venture arm of Rich Products Corporation, a leading supplier of icings, cakes, pizza, desserts, appetizers and bakery products.

FASTFACTS

• BlueNalu announced the completion of its $20 million Series A round of funding.

• The financing will allow the company to develop a pilot production facility in San Diego, expand its worldwide staff, implement strategic alliances for global operations and prepare for its market launch.

• The company secured $4.5 million in 2018 and has attracted investors from 11 nations so far, demonstrating global interest in the firm’s potential.

“BlueNalu has made considerable progress toward bringing cell-based seafood products to the world,” said Lou Cooperhouse, the company’s president and CEO.

“We have designed and executed a platform technology in which we will ultimately offer a broad array of sustainable cell-based seafood products to consumers, and our team has been extremely focused on implementing systems and processes that will be needed for cost-effective, large-scale production.

“We are thankful to the committed group of visionaries who participated in our earlier financing round and have invested again in this round, and we are eager to form partnerships with these five strategic investors, so that we can launch our cell-based seafood products in nations around the world,” he added.

“BlueNalu has demonstrated global leadership in cell-based seafood, and has the team, expertise, strategy and networks that are key to its success,” said Chuck Laue, co-founder and chair of Stray Dog Capital.

“As global demand for seafood continues to increase, and our supply continues to be compromised, we are excited at the potential for BlueNalu to play a significant role in feeding the planet in the decades to come.”

“BlueNalu has achieved a number of milestones in a short period of time, and we are proud to have backed this company since its origins,” said Chris Kerr, chief investment officer of New Crop Capital.

“We have seen extremely rapid global growth in plant-based foods, and BlueNalu is clearly at the forefront of this next generation of alternative proteins that many are predicting will have considerable growth and significant market penetration in the coming years.

“BlueNalu will offer a sustainable solution to consumers, free of mercury and environmental contaminants that will support the health, sustainability and biodiversity of our ocean. This is clearly a win-win-win for human health, sea life and for our planet,” he said.