Business News

CCTV Script 25/01/17


This is the script of CNBC's news report for China's CCTV on January 25, Wednesday.

Welcome to CNBC Business Daily.

President Donald Trump on Tuesday took steps to advance construction of two oil pipeline projects that have been fiercely disputed and were delayed under his predecessor.

Trump signed executive orders that will make it easier for TransCanada to construct the Keystone XL pipeline and for Energy Transfer Partners to build the final uncompleted portion of the Dakota Access pipeline.

The Keystone XL would bring oil from Alberta, Canada, to Nebraska, where it would connect to an existing pipeline to bring the crude to Illinois.

Former President Barack Obama refused to approve the cross-border project, saying the environmental review was not adequate in light of its route through the Sandhills ecosystem in Nebraska.

Obama also backed a delay to completion of the Dakota Access pipeline, which would bring oil from North Dakota to Illinois.

The president said both executive actions were subject to terms and conditions to be negotiated by the United States.

In a statement on Tuesday, TransCanada said the Keystone XL would create thousands of construction jobs and generate tens of millions of dollars in property taxes annually to counties along the proposed route.

Shares of Energy Transfer Partners and TransCanada both rose more than 3.5 percent on Tuesday.

Meanwhile, Senate Minority Leader Charles Schumer is urging President Trump to work with Democrats on a $1 trillion infrastructure bill, arguing he could help create millions of jobs.

The Democratic plan is expected to include $180 billion for rail and bus systems, as well as $110 billion for water and sewer systems; $100 billion for energy infrastructure; $65 billion for ports and waterways as well as airports; and $20 billion for public and tribal lands, according to the New York Times.

U.S. equities rose on Tuesday, with materials spiking more than 2.5 percent on the back of more executive orders from President Donald Trump.

CNBC's Qian Chen, reporting from Singapore.

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