Trump, Xi to talk at G-20 forum
Analysts say meeting likely best chance to end trade fight
WASHINGTON — President Donald Trump and Chinese President Xi Jinping will meet in Buenos Aires, Argentina, later this week to confront perhaps the greatest threat to the weakening global economy — each other.
For the first time since Trump began raising tariffs on Chinese products in July, there is cautious optimism that the two leaders may reach at least a partial deal to defuse a trade conflict that is rattling investors and sapping economic activity around the world.
Trump and Xi are to meet during the Group of 20 summit on Friday and Saturday. Unless the two leaders can achieve a truce of sorts, their conflicts will likely escalate: On Jan. 1, the tariffs Trump has imposed on many Chinese goods are set to rise to 25 percent from 10 percent, and Beijing would likely retaliate.
Domestic political forces, including suddenly wob-
Walt Disney Co. and 21st Century Fox Inc. were sued by the owner of Malaysia’s only casino resort for pulling out of an agreement to sponsor a Fox World theme park outside Kuala Lumpur.
Genting Malaysia Berhad seeks more than $1 billion in damages, claiming Disney doesn’t want to be associated with its gambling business as the Hollywood giant moves to finalize its acquisition of 21st Century Fox’s entertainment assets.
“Unlike Fox, which was perfectly happy to have the park situated a stone’s throw from the casinos of Resorts World Genting so long as it could continue to extract financial concessions,” Disney wanted no ties to a gambling company because of its “family-friendly” brand strategy, Genting said in a complaint filed Monday in federal court in Los Angeles.
Fox declined to comment on the lawsuit, and representatives of Disney didn’t respond to a request for comment.
Fox World was expected to help broaden the casino resort’s appeal to the nation’s 60 percent-Muslim population and achieve a target of 30 million annual visitors by 2020. Gambling is considered unethical and therefore forbidden under Islam.
Fox entered into a licensing agreement in 2013 with Genting for the development of what would be the first Fox-branded theme park in the world. Unlike Disney, which owns its parks in part or in whole, Genting would own and finance the park completely, with Fox getting a cut of the revenue from retail, food and beverages. Genting has invested $750 million in the park, which was due to open next year, according to the complaint.
— Bloomberg News