starting with the latest incident in the volatile gulf region oil prices have surged after what is believed to have been a missile strike on an radiant tanker in the red sea benchmark brant crude oil rose over 2 percent in trading to reach $60.40 a barrel after this ability was hits off the saudi port city of jeddah the ship was headed towards iran iraq or in the gulf it was the latest strike by an unknown attacker on oil facilities in the gulf region a bombing of a saudi arabia's largest oil processing facility this summer caused a 10 percent spike in the oil price but markets calmed quickly as output was restored. for more i'm joined now by joseph head of oil and gas and malice is at fitch solutions in london good to have you with us so you comparison to this attack on an saudi oil processing facility in summer how serious is this latest incident

for the oil market. thank you monica the latest incident is relatively minor in comparison to last month's attack on iran co's facilities there was no impact on oil facilities here and we don't expect any disruption to markets you know with the trade of crude going for as you mentioned earlier in the segment prices did rise above 2 percent however they have since moderated about one percent gains off in years so this point it seems to be a relatively minor impact to oil markets but the international energy agency certainly warns that there is some volatility that is having an effect on energy prices but there are all the also all the factors weighing on the energy market could you elaborate on that. that's correct so from our view here for chileans what we see is some definitely bearish sentiment in the market place this person meant is really predicated off the view that the global economy is slowing

we're seeing weakness in a lot of key markets fuel demand is down in both the emerging and the developed markets in addition to us china trade war tensions escalating with the kind of tit for tat tariffs that we see going for the geopolitical risk premiums that we would have expected from tensions in the middle east have failed to hold the gains that there how so that's any kind of disruptions that we see of the type that were announced today with the apparent tanker attacks you know we expect those to have little little weight in prices going forward in terms of upside pressure all right joseph get your head of oil and gas analysis if it's the lucian's in london thank you so much for your time. thank you. well a trade talks between china and the u.s. are entering their 2nd day with president on a trump striking an optimistic note he's described today one of the negotiations in washington as quote very very good nevertheless is

a reminder of what's at stake now so far the u.s. has slapped tariffs on $550000000000.00 worth of chinese products china interim has said ladies on $185000000000.00 worth of u.s. goods that amounts to $735000000000.00 in total and that figure could just be the tip of the iceberg the tit for tat terrorist cover a wide array of goods spread arts from steel and many of them to meat and fish vegetables mushrooms and nuts to tobacco and jews many sectors are affected on both sides of the pacific now later today donald trump will be chinese vice premier you he passed meetings between the 2 have yielded progress for example in january china increased its soybean perch. and there february talk resulted in a delay in tariffs nevertheless this of course has the 13th attempt to break the negotiation deadlock and earlier we asked rank of berridge from one x.

europe in london to tell us about the main stumbling blocks. so it's pretty clear now that if the us wanted the deal to cover agricultural purposes purchases maybe some were jewish tariffs and some changes to for example chinese regulation of foreign investment into china that deal could be struck it's clear that this appetite on the trainee side to do that deal the roadblock has always been the u.s. is desire to place binding constraints with the legal mechanism on china's ability to appropriate conflict all property from overseas because this directly ties into chinese ambitions to grow the economy and increase their position on the manufacturing chain so that's the real roadblock it's the ip provisions. and meanwhile chinese president xi jinping is paying a courtesy call on india's no random ot the 2 leaders will be looking for common

economic ground together india and china make up nearly one 5th of the global economy china wants to boost straight with india and as its conflict with the u.s. continues to bite india is hoping for chinese investment. situation powerhouses have a complicated relationship and india is putting on a smiling face to welcome xi jinping. the heartfelt hello comp mosque the challenges though in the past few years india has been left behind as china's economic growth is shot ahead china's economy is now 5 times out of india's. the 2 leaders will try to break the lengthy deadlock over a free trade agreement china is india's largest trading partner to trade war with the us means china wants to boost trade with india. by. direct investment into india has risen to about $45000000000.00 and china is keen to be a major player in the growing indian market. indians love chinese

smartphones and other equipment but india wants more trade going the other way to bring down the $57000000000.00 trade deficit. there are common interests but warm friendship has proven elusive the indians dislike china's close ties with bitter rival pakistan to china pakistan economic corridor is a key part of she's belgian road initiative she met pakistan's prime minister imran khan this week for talks. only if india and china can put these disputes on hold and they face into a future of joint cooperation. in india and china are 2 giants of course in terms of population in terms of economic growth and the huge rivals and for more i'm joined by china expect clifford going to give it someone came up with a term for the 2 of them frenemies what's this summit all about then well i think from these very optus scription there are 2 countries that know each other very

well their neighbors their rivals they both for many years they were sort of growing at the same pace and then suddenly in the last few years china's just straight ahead and india sort of in the background a lot they have a lot in common but then they have these huge regional differences as well they've got a lot of that is kashmir there they differ on the relationship with pakistan so i guess they're going to me it looks to me more like a friendly meeting a courtesy call rather than an official summit but they're going to meet and try and at least. you know overcome some of these differences or give the impression that they are able to overcome some of these differences that i said they did to rivaling powerhouses in asia what is the common ground where they can benefit from each other well the indians are a bit concerned because at the moment the trade deficit with china is so large at the same time china is worried because india is getting closer to the u.s. and it's keen to bring regional powers together so i think they're both members of brics so along with brazil russia south africa and you know that they're keen to

sort of to come together a bit closer to the chinese will be keen for everyone to come together a bit closer and to build on the need for india's need to have increased. trade with china now let's say there was to be closer ties between beijing and delhi what would that mean for the region well it could be very interesting i mean i think india is always concerned that china has now become so far ahead economically that it could leave india very far behind it could become like mexico to the united states as we were discussing earlier and i think. so the result was a concern there but ultimately they do need to grow so i think regionally. if the if the if there are better economic cooperation that can only mean good things in terms of of the geopolitical questions so over the longer term maybe there will be better economic cooperation and just just very briefly is this meeting in any way you still feel for having an influence on the relationship between china and the

u.s. i think it's china's looking china needs all their options now as things become strained with the u.s. even if there are signs a we've just seen that there may be they may be getting closer on trade i think that china still needs it still needs to have big partners like india in the way it's also done with russia. does it has these big partners that it can it will have some way of opposing the u.s. or standing up to the u.s. so you can put all your eggs in one basket we all know that cliff is going to thank you so much for your time. and now to some of the other global business stories making news. french carmaker i know has fired chief executive officer of the boy law it comes after a nose partner for this son named a new c.e.o. both carmakers want to get past the scandal around former chief economist goan jailed in japan for alleged financial misconduct. the c.e.o. of german software manufacturer a s a p bill mcdermott has unexpectedly resigned germany's most valuable listed company

has not given a reason for his departure after 9 years in the post he's been replaced by a board members jennifer morgan and because john klein with immediate effect. the u.s. federal aviation administration has been accused of failing to properly review the safety system on the boeing 737 max and as you stall mechanism has been blamed for 2 deadly crashes an international panel of safety regulators says the f.a.a. hadn't been adequate understanding of how it worked. india is considering restricting imports of some products from malaysia as a diplomatic route over kashmir spreads india's planned restrictions are in reaction to malaysian prime minister mahathir mohamad scritches system of new delhi's actions in kashmir malaysian palm oil and other products are to be affected however the malaysian prime minister told reporters on friday he hadn't received anything official from india. a news agency reuters reports apple c.e.o.

tim cook has defended to the company's decision to remove a mapping app used to track police movements during hong kong protests he says the firm made a decision after it received credible information the app had been used maliciously to target individual police offices that means it violated hong kong law and thereby broke the app store rules which are absolutely could cause personal harm apple has faced criticism for removing the app with some say it was bowing to pressure from beijing. business update on g.w. thanks for. she. says.

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this is deja vu news life for lead the u.s. tells turkey it must protect civilians in northern syria as turkish forces advance for a 3rd day the u.s. ambassador to the u.n. warns turkey it could face consequences if it fails to protect civilians thousands of people are fleeing from the pilot we'll hear from our correspondent on the turkey syria border.