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Tesla production pause adds to Model 3 concerns

( ) – Tesla Inc (TSLA.O) shares fell as much as 2,上海夜生活论坛Daisy, percent in premarket trading on Tues,上海足浴夜网联系方式Idaleen,day, a temporary halt in production of its Model 3 sedan adding to nerves about,上海夜生活服务Earl, the electric car maker’s consistent failure to keep its promises on vehicle output.

Model 3, the most affordable sedan from Tesla, is seen as crucial to the company’s future profitability, but has so far missed several production goals.

The car maker said the halt – the second since February – was to improve automation and systematically address bottlenecks to increase production, a regular move by car companies.

“While temporary suspensions to production, in order to improve manufacturing engineering/line rates, are not uncommon in the auto industry, particularly during a ramp-up, we believe that the news will once more be taken negatively by the market; providing more honey to the bears,” Evercore ISI analysts said.

Tesla’s use of robots to assemble Model 3s had led to more complexity and delays, which billionaire Chief Executive Elon Musk acknowledged on Friday in a tweet: “Excessive automation at Tesla was a mistake. To be precise, my mistake. Humans are underrated.”

According to Bernstein analysts, Tesla has not only automated stamping, painting and welding like most other manufacturers, but also tried to automate final assembly. This is where the U.S. electric car maker seems to be facing problems.

“Tesla’s been trying to run full tilt,” said Chaim Siegel, an analyst at Elazar Advisors. “He’s (Musk is) sleeping overnight on the production floor. I don’t think there is any way they’d purposely want to slow production. It tells me something’s not quite right,”

Model 3 production fell short of the weekly target of 2,500 at the end of the first quarter and a number of Wall Street 上海夜网analysts say they do not believe it will succeed in producing 5,000 Model 3s per week in the second quarter, as Musk has promised.

“I can’ t imagine that Tesla can reach an output of 5,000 cars per week until the end of June,” said Frank Schwope, an analyst with NORD/LB. “I expect that Tesla is going to fail (in) their aims for this year, as they did so often.”

Shares of Palo Alto, California-based Tesla was last down nearly 1 percent.

Instant View: China media say some progress made with U.S. in trade…

BEIJING ( ) – China and the United States have reached a consensus on some areas of their trade dispute but are still relatively far apart on other issues, China’s official Xinhua news agency said on Friday.

The two sides committed to resolve trade disputes through dialogue and exchanged opinions on expanding U.S. exports to China, Xinhua said, without giving details on what th,上海夜生活论坛Octavia,e officials agreed on and what issues divided them.

The U.S. trade delegation asked China to cut a bilateral trade imbalance immediately and to stop subsidizing advanced technology, a Wall Street Journal reporter wrote on Twitter, citing a document issued to the Chinese before talks.

The trade delegation also asked China not to target U.S. farmers and to cut its tariffs to levels no higher than those in the United States.

Following are market reactions to the initial reports of the outcome of talks held in Beijing.

RICHARD JERRAM, CHIEF ECONOMIST, BANK OF SINGAPORE, SINGAPORE

“It is impossible to imagine China acceding to these demands, but they are best seen as the first, inflated, bid in a negotiating process.

“Trade talks are likely to be messy. Firstly, the U.S. team is divided between those looking to minimize disruptions (Mnuchin, Kudlow) and those who favor a hard-line stance (Navarro, Lighthizer).

“Secondly, there is little confidence that President Trump will support any deal. Presumably the Chinese negotiators realize this, and will come in with a low initial o上海夜生活ffer, fully expecting to have to raise it after intervention from the president.

“China will use the threat of retaliation to avoid over-promising. Presumably we will again see the strategy of re-packaging previous commitments, while making some new pledges that will be forgotten and others that will be delivered.

“At the same time, delay will be a key tactic, trying to run down the clock until elections produce a less confrontational U.S. administration. Comments from the U.S. team suggest they are wise to this game, which points to a meaningful risk of disruption.

“Irrespective of any short-term deal, which is fundamentally unpredictable, trade friction will be a permanent feature of the next few years. China might be able to dent the bilateral deficit by changes in procurement practices, although not by anything close to $200 billion. However, the probability is that the overall U.S. trade deficit will continue to rise.

“By implication, the U.S. administration’s view that they are ‘losing’ in world trade is likely to continue. This suggests that we will be in a permanent cycle of threats, negotiations and tariffs.

“This is likely to contribute to the ‘bumpy ride’ expected by our strategy team. Moreover, the need to fund the twin deficits should weigh on the USD and pull it lower in the medium term, once the short-term bounce due to the shift in interest rate expectations fades.”

TOMMY XIE, ECONOMIST AT OCBC BANK IN SINGAPORE:

“I think the U.S. is asking the impossible. Reducing deficit by $200 billion by 2020 is quite unrealistic demand. But it may also be its negotiation tactic to start high first. Anyway, I guess it is only the start of negotiation not the end of negotiation.

“The root problem of the widening U.S. trade deficit is low saving rate, which is not really addressed. As the U.S. is running fiscal stimulus, I think the chance for the U.S. to narrow its current imbalance is low.

“This may bode well for further volatility. In terms of the impact, I think the dollar may weaken in the longer run.”

IRIS PANG, GREATER CHINA ECONOMIST, ING, HONG KONG

“An inconclusive outcome means there is a deadlock. There may not be a negotiation at all if it really starts with the U.S. demanding a $200 billion reduction in trade deficit within two years.

“First of all, China has no obligation to do that. Secondly, how to achieve that?

“The market has already reacted. The dollar/yuan rose from 6.35 to 6.359.

“This is negative for the markets. It’s not tit-for-tat on just trade anymore, it’s more than trade, it’s about investments as well. If it involves the ZTE case, it means it’s on the larger topic of ‘Made in China 2025’.

“I don’t think China will give in on anything. What China has announced already — opening up financial markets and the intention to cut tariffs on automobiles — will continue.

“But it means that the U.S. can’t enjoy the cut in tariffs and it will be worse for the U.S. For example, European cars will be able to enter the market at a cheaper price for Chinese consumers and U.S. cars won’t.

“This kind of retaliation will continue and probably broaden to other goods and services. I don’t think this is the end, this is just the start.

“It would affect trade volumes for the whole world, not just between China and the U.S. and will push up prices of many goods in the world.

“But it will not affect China’s GDP growth because … China will speed up R&D. The investments part of China’s GDP will grow tremendously to offset the loss of trade, logistics services and manufacturing of some goods.”

XU HONGCAI, DEPUTY CHIEF ECONOMIST, CHINA CENTRE FOR INTERNA,上海高端夜生活在那里Octava,TIONAL ECONOMIC EXCHANGES (CCIEE), A BEIJING-BASED THINK TANK:

“The achievement is hard-won given that this is the first time they talked.

“The Chinese side has made many concessions, and China’s attitude is pro-active. But China will not accept their demand for cutting the trade surplus by $200 billion by 2020, which is impossible to achieve. Both sides need common efforts.

“Both sides need to talk further as they are back on the path of negotiations. We need to do it in a step-by-step way. Rome wasn’t built in a day.

“I don’t think they (the United States) will impose tariffs on imports from China, people don’t want a trade war. They definitely want to contain China. But opening is a big trend and it’s difficult for them to sustain efforts to contain China.”

HELEN LAU, METALS AND MINING ANALYST, ARGONAUT SECURITIES, HONG KONG:

The talks saw “more unexpected demands from the U.S., hence creating more uncertainty. We also don’t know how long these trade negotiations will drag on.”

With U.S. tariffs on Chinese goods due to come into force in June “it is up to the U.S. to decide to extend. If not, a trade war starts and it is bad for commodities.”

KEN CHEUNG, SENIOR ,上海夜生活怎么玩Gabriel,FX STRATEGIST AT MIZUHO BANK, HONG KONG

“The outcome was largely within expectations. (The two-day talks) did not make much progress. And potential risks from trade war might linger for some time.

“It could prompt China to curb yuan appreciation. Chinese policymakers are paying more attention to the downside risk on the economy now as seen from the latest RRR cut (banks’ reserve requirements). The central bank may not only use the monetary policy but also comprehensive stimulus to boost the economy, and yuan policy is one of them.

“The government is likely to use the news headlines as an excuse to slightly weaken the yuan for now.”

PAUL BURKE, ASIA DIRECTOR, US SOYBEAN EXPORT COUNCIL, BEIJING OFFICE:

“My position has moved from pessimistic to cautiously optimistic and I’m looking forward to the details.

“But if the result of these agreements doesn’t have the impact of both sides backing away from the imposition of duties, and the threat of a 25 percent tariff on soybeans remains, I’m concerned that the status quo would remain in place. That means essentially that no U.S. soybeans are being contracted for future delivery right now.”

LI QIANG, CHIEF CONSULTANT AT AGRICULTURE CONSULTANCY SHANGHAI JC INTELLIGENCE CO LTD, SHANGHAI:

“It’s basically a win-win, it’s better than a trade war.” 

For imported products that were facing tariffs such as soybeans, “there’s now room for adjustment”.

“It’s bullish for imports. For sorghum, there’s room for negotiation. There’s still hope for it to be resolved.”

ANDY JI, ASIAN CURRENCY STRATEGIST, COMMONWEALTH BANK OF AUSTRALIA, SINGAPORE

“The headlines so far suggest there are still no concrete steps that could be taken to diminish the trade tensions… In that regard, the (China-U.S.) talks do not alleviate concerns over the region’s growth outlook.

“In Asia, Hong Kong, Singapore, South Korea and Taiwan are known to be the key upstream economies in advanced manufacturing global value chains. As a result, the lingering trade dispute bodes ill for their respective currencies.”

BACKGROUND:

— U.S. and Chinese negotiators will end two days of talks on Friday to try and avert a trade war over thorny technology transfer issues amid expectations that they will not reach a breakthrough deal but will at least agree to keep talking.

— President Donald Trump’s threatened tariffs are seen as likely to continue their march toward activation.

— U.S. complaints about Chinese intellectual property, or IP, abuses are at the core of the current dispute. The Trump administration says U.S. companies lose hundreds of billions of dollars annually to China’s theft of trade secrets.

— In recent months, Trump has demanded a $100 billion annual reduction in the $375 billion U.S. goods trade deficit with China, and responded to Chinese vows of retaliation over U.S. tariffs with threats of duties on another $100 billion worth of Chinese exports to the United States.

U.S. trade delegation to China divided on tariffs, policy

(This May 2 story corrects name of Fox Business Network in Navarro section)

WASHINGTON ( ) – Members of the Trump administration’s seven-man delegation to Beijing for talks to try to stave off a trade war between the world’s two largest economies have widely divergent views on trade policy and tariffs, which may make it difficult for them to speak with one voice.

The players are seen as likely to give President Donald Trump their individual views on any trade offers from Chinese officials, letting him decide whether to accept them or push ahead with tariffs.

Here is a description of the U.S. team.

STEVEN MNUCHIN, U.S. TREASURY SECRETARY

Mnuchin, a former banker, Hollywood film financier and Trump campaign finance manager, holds the top cabinet post overseeing economic and financial regulatory policy. The ex-Goldman Sachs executive was once viewed as one of the admin,上海夜玩网论坛Gabriella,istration’s “globalists” allied with former White House economic adviser Gary Cohn in opposition to tariffs. But in recent months, he has voiced strong support for Trump’s tougher trade approach to China and steel and aluminum tariffs. The Treasury is now developing U.S. investment restrictions on Chinese companies.

ROBERT LIGHTHIZER, U.S. TRADE REPRESENTATIVE

Lighthizer served as a deputy USTR in the 1980s, using tariff threats to win voluntary export restraints from Japan on autos and steel, earning a reputation as a tough negotiator. The Washington trade lawyer has long expressed views that China has failed to live up to obligations that came with joining the World Trade Organization in 2001. He led USTR’s “Section 301” intellectual property study alleging that China misappropriated U.S. technology, resulting in threatened tariffs on up to $150 billion in Chinese goods. Lighthizer said this week that changing the U.S. relationship with China is “a big, big challenge” that would play out over years.

PETER NAVARRO, WHITE HOUSE TRADE AND MANUFACTURING ADVISER

Navarro, a former economics professor at the University of California-Irvine, won notoriety for his controversial book and film, “Death by China.” He holds the most hawkish views on Chinese trade policy, and is seen as likely to oppose a short-term agreement that does little to change the course of China’s industrial policy. He recently argued on Fox Business Network that the tariffs are designed to compensate the United States for “robbing our technology blind,” adding: “If you allow China to basically ca,上海新夜网龙凤Jack,pture the industries of the future, we won上海夜生活’t have a future.”

LARRY KUDLOW, WHITE HOUSE ECONOMIC POLICY ADVISER

Kudlow is best known as CNBC television’s longtime conservative markets and economics commentator, who replaced Gary Cohn as the head of the National Economic Council. Like Cohn, Kudlow has long been an advocate for free markets and trade, and had frequently criticized Trump’s tariff approach. But since taking the job he has referred to tariffs as a negotiating tactic aimed at achieving fairer trade relationships. Kudlow also has acted to calm uneasy markets by telling White House cameras that a trade war has not started and the tariffs may not take effect.

WILBUR ROSS, U.S. COMMERCE SECRETARY

Ross, the 80-year-old billionaire investor and steel executive, has been a strong advocate of tariffs to level the playing field for U.S. companies. At Commerce, he heads the administration’s stepped up anti-dumping enforcement efforts and presided over global steel and aluminum tariffs enacted in March. But Ross’ influence in trade policy has waned somewhat after Trump rejected a deal that Ross had arranged last July during the last major U.S.-China economic dialogue in Washington.

EVERETT EISSENSTAT, DEPUTY ASSISTANT TO THE PRESIDENT FOR INTERNATIONAL ECONOMIC POLICY

Eissenstat serves as the “sherpa” negotiating on behalf of the United States at major international economic gatherings such as the G20 and G7 summits. A long-time trade hand who once worked at USTR, he was most recently the chief trade lawyer for the Senate Finance Committee, where he helped pass the 2015 “fast track” trade negotiating authority legislation. Eissenstat briefed reporters on Trump’s first $50 billion in tariffs, saying that China had used technology transfers from U.S. companies “to establish its own competitive advantage in an unfair manner.”

TERRY BRANSTAD, U.S. AMBASSADOR TO CHINA

Former Iowa governor Branstad brings to the talks a longstand,上海夜生活去哪玩Ida,ing relationship with China and a strong perspective on agriculture — a U.S. sector vulnerable to China’s threatened tariff retaliation. Chinese President Xi Jinping, who first met Branstad in 1985 on an agricultural mission to Iowa, has described the ex-governor as “old friend of China” after decades of farm commodities trade. But Branstad has vowed to support Trump’s tougher approach to China on trade issues.

Greenlight’s Einhorn says shorting shares of Assured Guaranty

NEW YORK ( ) – Hedge fund manag上海夜生活网er David Einhorn said on Monday that his Greenlight Capital was betting Assured Guaranty’s stock will fall, sending shares of the bond insurer down as much as 6 percent in after-hours trading.

Einhorn, who is known to move stocks by simply opening his mouth, did not disappoint at the Sohn Investment Conference with this year’s presentation. The stock’s fall essentially wiped out its gains to date this year.

Einhorn called Assured Guaranty “a melting ice cube that is paying out the drops while it still can.”

New business coming into the company,上海足浴夜网联系方式Kai, is not enough to offset the amortization of the portfolio, Einhorn said.

Assured Guaranty said it strongly disagree with Einhorn’s assertions.

“Einhorn’s analysis of Assured Guaranty,上海夜网后花园Barbara, fails to acknowledge the positive implications of our significant financial strength and strong operating performance, and demonstrates a fundamental lack of understanding of our business model and the municipal debt markets,” the company said.

Assured Guaranty is well reserved for its municipal exposures and does not face liquidity risks, it said in a statement.

Einhorn said one particular problem is the company’s exposure to bankrupt Puerto Rico, which was devastated by Hurricane Maria. But the company also has some $17 billion in exposure to Illinois. Puerto Rico might just be the tip of the iceberg of the company’s problems, he said.

Einhorn also noted that the administration’s overhaul of the tax code eliminated the advantage of advanced refundings, drying up another source of business.

Einhorn often ,上海新夜网龙凤Sabrina,unveils short bets where he thinks the stock price will fall and surged to fame 10 years ago with a call against Lehman Brothers only months before the bank collapsed.

More parcels, higher prices lift UPS profit but costs soar

NEW YORK ( ) – United Parcel Service Inc (UPS.N) reported higher first-quarter net profit on Thursday, driven by strong package volumes in its core U.S. segment, but higher costs from Saturday delivery and nasty winter weather weighed on the bottom line.

Shares were up 2.2 percent in morning trade after the world’s largest package delivery company said revenue increased 10 percent to $17.1 billion in the first quarter from a year ago, topping analyst expectations of $16.47 billion.

Revenue at its core U.S. package service rose 7.2 percent to $10.2 billion from a year-ago, driven by a 4.6-percent rise in parcel volumes that reflected growth of online purchases.

However, severe winter weather dragged down ,上海夜生活网交流Easton,its operating profit by $85 million, as did higher expenses for network improvements, higher pension costs, and a big expansion of Saturday delivery over the last year. Operating profit in its core domestic segment plummeted 20 percent, and was down 6 percent overall.

“Higher costs continue to pressure earnings,” Cowen & Co analyst Helane Becker said in a research note. “In general, the company struggles with capacity issues during the peak season (the weeks leading up to Christmas), and could have issues achieving their EPS target unless their performance improves.”

UPS, seen as an indicator of U.S. economic strength and consumer demand, reaffirmed its 2018 earnings per share range of $7.03 to $7.37 and maintained its 2018 spending plan of between $6.5 billion to $7 billion on network improvements like new technology and automating its parcel sorting hubs.

Chief Executive David Abney has promised to deliver higher margins by pumping billions of dollars into network upgrades and expansions to handle the growth of e-commerce, as investors bristle over the costs.

The rapid rise in online shopping has been a boon for shipping demand, but UPS has struggled to bring down the extra costs of delivering to households which on average receive fewer packages at one time than businesses.

Revenue per parcel delivered rose just 2.6 percent, as higher prices and fuel surcharges offset the higher costs, the company said.

Analysts on a conference call asked Abney about Amazon.com Inc’s (AMZN.O) efforts to expand its own delivery capacity for volume traditionally handled by UPS and rival FedEx Corp (FDX.N).

“It上海夜生活网’s very hard to predict what Amazon or any other of our large shippers are going to do,” Abney said, adding UPS would ,上海夜生活桑拿会所Daisy,evaluate any market moves and react accordingly.

UPS appears to be seeking out new ways to shave costs. On Wednesday, it offered early-retirement payouts to U.S. management employees, but declined to say how many employees it expects to leave.

Abney also said UPS was making progress on non-wage matters during protracted negotiations with the Teamsters union on a contract ending July 31.

UPS posted first-quarter net income of $1.35 billion or $1.55 per share, up from $1.17 billion or $1.33 per share a year earlie,上海夜网官方网站Gabriella,r, a 17 percent rise on a per share basis.

Analysts expected earnings per share of $1.54.

Oil recovers after sliding on Trump tweet criticizing OPEC

NEW YORK ( ) – Oil prices edged up on Friday, stabilizing after an earlier slide driven by U.S. President Donald Trump’s criticism of OPEC’s role in pushing up global oil prices.

Brent crude oil futures LCOc1 gained 2,上海021夜网Nadia,8 cents, or 0.4 percent, to settle at $74.06 per barrel. West Texas Intermediate crude futures CLc2 for delivery in June, the most active U.S. contract, were up 7 cents at $68.40. The May WTI contract, which expired on Friday, CLc1 gained 9 cents, or 0.1 percent, to settle at $68.38.

“Looks like OPEC is at it again,” Trump tweeted.

“With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High! No good and will not be accepted!”

Since early 2017, the Organization of the Petroleum Exporting Countries and its allies have curbed output in the hopes of eliminating a global oil glut.

Prices held up, e上海夜生活论坛ven under Trump’s comments, said Walter Zimmerman, chief technical analyst at United-ICAP.

,上海新夜网龙凤Faith,

“Oil looks like it wants to explore the upside a little more,” Zimmerman said.

OPEC Secretary-General Mohammad Barkindo said that the organization does not have a price objective, but that it is working to restore stability to oil markets.

Earlier this week, both Brent and WTI hit their highest levels since November 2014, at $74.75 and $69.56 per barrel respectively, buoyed by geopolitical risk and a tightening market. For the week, both benchmarks gained over 1 percent.

“The only thing [Trump] can really do is drain the SPR (Strategic Petroleum Reserve). Now, I have not seen any indication that the administration plans on doing that,” said Bob Yawger, director of energy futures at Mizuho in New York.

If Trump does start discussing the possibility of draining the strategic petroleum reserves, or SPR, that would pressure prices, Yawger said.

“We have a difficult time seeing how OPEC would in any way be swayed here in terms of changing course, in terms of polic,上海夜生活Barbara,y,” said Michael Tran, commodity strategist at RBC Capital Markets.

Trump has recently been a bullish factor for oil, Tran said.

“One of the major variables that’s fueling the rally in oil prices is the market’s perception that his administration is taking an increasingly hawkish stance on foreign policy,” he said.

The United States has until May 12 to decide whether it will leave the Iran nuclear deal, which would further tighten global supplies.

U.S. drillers added oil rigs for the third consecutive week in the week to April 20 bringing the total count to 820, the highest since March 2015, according to General Electric’s Baker Hughes energy services firm.

IBM first-quarter margins miss estimates, shares fall

( ) – International Business Machines Corp (IBM.N) posted profit margins that fell short of Wall Street expectations on Tuesday, a sign that its reinvention was taking time.

Shares of the technology company fell 6 percent in after-hours trade even as it reported the second quarter of revenue growth after a near six-year streak of declines.

IBM has 上海夜网in recent years shifted its focus to higher-margin businesses such as cloud computing, cybersecurity and data analytics, to counter a slowdown in its legacy hardware and software businesses, but the move is not going as fast as some shareholders had hoped.

While IBM’s revenue and profit beat expectations, the ,上海夜网千花Caden,company’s adjusted gross profit margin fell to 43.7 percent from 44.5 percent a year earlier.

The company said the decline in gross margin was mostly due to “significant” one-time charges.

On an earnings call with analysts, IBM CFO James Kavanaugh said the company cut costs and took a $610 million charge in the first quarter, though he did not give details.

This announcement follows expectations of layoffs as IBM, under its Chief Executive Ginni Rometty, tries to offset declines from its legacy businesses.

“The margins were well below the expectations,” Pivotal Research analyst Lou Miscioscia said.

The company said it had a tax benefit of $810 million, due to changes in the U.S tax law.

Wedbush Securities analyst Moshe Katri said IBM’s legacy hardware business continuing to weigh on margins. “It’s not necessarily about topline growth; its about profitable growth,” Katri said.

In addition, IBM said it continues to expect full-year adjusted earnings per share of at least $13,上海夜生活网419Hadley,.80, while analysts were expecting more, with the consensus at $13.83, according to Thomson I/B/E/S.

“We delivere,上海夜生活Qirin,d exactly what we said 90 days ago. The $13.80 is an ‘at least’ and it’s up 1 to 2 percent year over year,” Kavanaugh told in an interview.

IBM’s revenue grew 5 percent to $19.07 billion in the quarter with 65 percent growth in sales from security services. Cloud revenue grew 25 percent.

Net profit fell to $1.68 billion, or $1.81 per share, in the first quarter ended March 31, from $1.75 billion, or $1.85 per share, a year earlier.

Excluding items, the company earned $2.45 per share, beating the analyst average estimate of $2.42.

“We feel very comfortable as we enter the second quarter and the remainder of the year that we can actually deliver moving forward,” Kavanaugh said.

Written by shyw on June 28, 2019 Categories: ctwapomc Tags: , , ,

Top Sainsbury’s shareholder QIA backs Asda takeover talks: source

DUBAI/LONDON ( ) – Qatar Investment Authority (QIA), the biggest shareholder in J Sainsbury Plc, is supportive of merger talks between the British supermarket chain and rival Walmart Inc’s Asda, a source familiar with the matter told .

Sainsbur上海夜网,夜上海419龙凤论坛Tallulah,y’s statement regarding the discussions on Monday will reflect QIA’s position on the matter, the source said.

Sainsbury’s declined to comment on Sunday.

QI,上海夜哪里艳遇Macauly,A, one of the 10 largest sovereign funds in the world, has a 22 percent stake in Sainsbury’s, which said on Saturday it was in advanced discussions regarding a combination of the UK’s No. 2 and 3 grocers. It has tried to buy Sainsbury’s before with other partners.

Supermarkets’ market share graphic: tmsnrt.rs/2cZQkWZ

Britain’s big grocers, including No. 4 player Morrisons, have been losing share to German discounters Aldi and Lidl and must also deal with growing demand for internet grocery shopping ,上海夜网邀请码Ebba,and the march of Amazon.

Tesco last month moved to strengthen its grip on the UK food sector, completing the 4 billion-pound purchase of wholesaler Booker.

Bernstein Research said in a research note the Tesco-Booker deal made Sainsbury & Asda fall further behind on scale.

Together their combined market share would slightly surpass Tesco’s market share, which would drive buying synergies, it said in the note.

The source, who declined to be identified because of the sensitivity of the matter, did not comment on whether the deal would dilute QIA’s stake in Sainsbury’s or the size of its potential stake in the combined group.

QIA’s chief executive was recently quoted as saying the fund has not been liquidating foreign assets to support the Gulf state’s banking system since other Arab countries imposed an embargo on Qatar last June.

Sheikh Abdullah bin Mohamed bin Saud al-Thani said the fund, with assets unofficially estimated at about $300 billion, did not need to sell foreign assets to raise cash, and indeed was about to announce “the deal of a lifetime”.

Puerto Rico GO bond price dips, rescue bill moves to Senate

NEW YORK ( ) –上海夜网 Puerto Rico’s benchmark General Obligation bond fell in price on Friday in choppy trading after the U.S. House of Representatives passed legislation aimed at helping the U.S. territory fix its fiscal mess.

The GO bond, carrying an 8 percent coupon and maturing in 2035, last trad,上海夜生活网419Quay,ed at 64.74 points in price, pushing the yield to 13.05 percent from 12.73 percent on Thursday, according to data provided by the Municipal Securities Rulemaking Board.

According to the MSRB’s Electronic Municipal Market Access database, about $21 million worth of bonds traded versus $14 million the day before.

Late on Thursday the House passed th,上海夜哪里艳遇Macauly,e “Puerto Rico Oversight, Management and Economic Stability Act” (PROMESA), by a vote of 297-127, with the U.S. Senate expected to take up the bill quickly ahead of a $1.9 billion debt payment due July 1. (Graphic: tmsnrt.rs/1PjZvh5)

Puerto Rico has a $70 billion debt load it says it cannot pay and a staggering 45 percent poverty rate. It faces steady migration of its residents to the mainland and a potential humanitarian crisis because it cannot sustain social services.

PROMESA, if passed by the Senate and signed into law, would establish a powerful seven-member federal Oversight Board to navigate through the restructurings. Among other things, the board would have the authority to enforce balanced budgets.

“It is definitely a step forward, a very good step ,上海夜生活网交流Macauly,forward. We think it was necessary. It doesn’t answer all your questions but at least it sets up a framework and does provide fiscal management and oversight which we think was necessary because the credibility of the government is pretty much shot,” said Joe Rosenblum, director of municipal credit research at AllianceBernstein in New York.

“We don’t think at these prices we are ready to dip our toes back in and we haven’t seen a lot of trading activity out there, so I think we are in company,” Rosenblum said.

PROMESA does not set out specific rules for restructuring, leaving such decisions to the control board to work through with creditors. This is a critical point for municipal bond market investors where long-standing rules set out a hierarchy among creditors, typically with GO bondholders considered senior to all others.

“Regardless of how things get restructured today, the fact that the economy continues to shrink and the population continues to shrink is a problem for the credit going forward,” said Craig Brandon, co-director of municipal investments at Eaton Vance in Boston.

Palma in Spain’s Balearic Islands bans almost all Airbnb-style rentals

MADRID ( ) – Palma de Mallorca, capital of Mediterranean tourist destination the Balearic Islands, voted on Thursday to ban almost all short-term rentals of private homes like those on Airbnb, which locals say have triggered sharp rises in rental prices.

Under the new regulation, Palma joins scores of tourist hotspot cities in Europe that have chosen to restrict the practice in which individuals can rent out their homes, or even rooms in their homes, for short periods of time.

In February the Balearic Islands, of which Mallorca is one, said it would fine flat-sharing and rental service Airbnb 300,000 euros ($36上海夜网5,310) for advertising unregistered homes on its website.

The new regulation will no longer permit home sharing in blocks of flats though detached homes will still be available as long as they are not on protected land, within a region around the airport, or buildings not designated for residential use.

Tourism provides more than 11 percent of Spain’s economic output, and the country has seen record levels of visitors in recent years as sun-seekers worried about terrorism have turned away from North Africa and the Middle East.

Rental prices have risen some 40 percent since 2013 with non-regulated tourist rentals up around 50 percent to close to 20,000, according to city hall figures.

Locals also complain that the short-term rental of homes within residential blocks of flats often bring holidaying visitors who show little respect for com,上海夜生活网交流Octavien,munity norms on behavior and noise.

Complaints against tourists quadrupled between 2014 an,上海夜网邀请码Fabi,d 2017 to 192, the city hall said.

“Palma should be a habitable city and the worse than can happen is the inhabitants have to leave,” Palma’s mayor Antoni Noguera said.

Other Spanish cities including Madrid, Barcelona, Malaga, Seville and Va,上海夜生活桑拿会所Dalton,lencia have passed laws or are examining regulation to restrict tourism rentals via sites such as Airbnb and Homeaway.

($1 = 0.8212 euros)

AT&T says selling DirecTV, Turner would ‘destroy’ value of Time…

WASHINGTON ( ) – AT&T told a federal judge late Thursday it should reject any request by the U.S. Justice Department to force it to divest its DirecTV unit or Turner networks as part of approving its proposed $85.4 billion acquisition of Time Warner Inc.

The publication of the closing briefs from both sides brings to end the trial over a deal which took on broader political significance immediately after it was announced in October 2016.

President Donald Trump, a frequent,上海夜生活网交流Hadley, critic of Time Warner’s CNN network, attacked the deal on the campaign trail last year, vowing that as president the Justice Department would block it.

Last week, a Justice Department attorney said Judge Richard Leon should consider requiring AT&T to make a “partial divestiture.”

The Justice Department had urged AT&T last year to divest either DirecTV, the largest pay TV company with more than 20 million subscribers, or TimeWarner’s Turner networks because the government said AT&T could use Time Warner content as a “weapon” to raise prices.

The Justice Department had demanded divestitures because it argued that ATT would have the ability to raise prices on Time Warner content for pay TV rivals. 

“Divestitures here would destroy the very consumer value this merger is designed to unlock. Divesting DirecTV would eliminate the price decrease for millions of DirecTV consumers predicted by the government itself, and divesting Turner would eliminate the content innovations and the advertising benefits that put downward pressure on Turner prices,” the company said in a court filing.

Leon is expected to decide by June 12 whether to approve the merger. The Justice Department has said it is illegal because consumers would end up paying more for television while AT&T and Time Warner say they need the deal to compete with internet titans like Facebook Inc and Netflix Inc

“The government did not even begin to make a credible case that the merger would likely harm competition, substantially or even just a little,” AT&T said in its closing brief. “This is not a close case. The government f上海夜生活ailed to meet its burden for multiple independent reasons.”

The Justice Department’s final brief was filed under seal late Thursday and a redacted version has not yet been made public.

The government argued the deal would mean that consumers will pay more since AT&T could elect to raise ,上海021夜网Faith,prices for Time Warner content to other pay TV companies, like Charter Communica,上海夜网千花Paisley,tions or Cox. The Justice Department has also said that AT&T could refuse to license the content to new, cheaper online services.

AT&T, for its part, has argued that Time Warner’s licensing fees were too valuable for the company to forego. Time Warner reported better-than-expected quarterly revenue in late April, an increase of 10 percent to $3.34 billion, because of advertisers associated with college basketball games.

AT&T sought to assuage critics by offering to submit to third-party arbitration any disagreement with distributors over the pricing for Time Warner’s networks and to promise not to black out programing during arbitration. The offer is good for seven years.

Judge Leon, who asked few questions during the trial, asked witnesses several times if they felt the arbitration proposal was adequate.

Leon rejected a request by AT&T to force the Justice Department to turn over records that could have shed light on whether Trump pressured the Justice Department to try to block the deal.

Asian oil demand to hit record, but industry can’t take eyes off…

SINGAPORE ( ) – Asian oil demand will hit a record in April just as global crude values are lifted to levels not seen in three years by Middle East supply risks and top exporter Saudi Arabia withholding output and noisily pushing for prices at $80 to $100 per barrel.

Most analysts have pointed to escalating Middle East conflicts, a crisis in Venezuela, and the supply cuts of Saudi Arabia and other producers as the main drivers taking global benchmark Brent LCOc1 and U.S. West Texas Intermediate CLc1 crude futures this week to their highest since late 2014 at almost $75 and $70 a barrel, respectively.

Yet a much more fundamental reason has also sparked oil’s bull run: Asian demand, which Goldman Sachs said this week points to an average price of $80 a barrel in 2018.

“Rising tensions in the Middle East have likely played a role in oil price strength, but we believe a tight physical market is the key driver,” U.S. investment bank Jefferies said on Friday in a note to clients.

Trade data in Thomson Eikon shows seaborne imports,上海会所夜网Dalton, of crude oil by Asia’s main buyers will hit a record this month, a big portion going to slake China’s voracious thirst.

,上海夜生活去哪玩Caden,

For graphic on Asia crude oil demand click reut.rs/2K2V89x

By end-April, China will likely have taken in more than 9 million barrels per day (bpd) of crude, its most ever. That’s nearly 10 percent of global consumption and more than a third of Asia’s overall demand. At $75 a barrel, it implies monthly import costs for China of more上海夜生活网 than $20 billion.

The record comes despite maintenance season, which usually dents imports at this time of year, and indicates that China’s oil requirement is bigger than expected.

“Chinese demand points to strong growth,” said U.S. bank Goldman Sachs in a note to clients, adding that it may be “higher than currently estimated”.

RE-STOCKING, TEAPOTS, RESERVES

Michal Meidan of consultancy Energy Aspects said Chinese buyers were re-stocking after running down inventories late last year.

Much of China’s new demand also comes from the advent of non-state refiners – often called teapots – as crude importers, resulting in record refining throughput.

“A number of teapots are starting new Crude Distillation Unites (CDUs) and secondary units, pulling in more crude,” Meidan said, adding that there may also be some purchases of Strategic Petroleum Reserves (SPRs).

Beyond re-stocking and teapots, analysts said China’s economic performance has also been stronger than expected.

For graphic on Singapore refinery margins click reut.rs/2HdlpjO

“Chinese growth of 6.8 percent i,上海晚上耍女人的地方Kailani,n Q1 is higher than its target of 6.5 percent for the year. The supportive growth environment in China is one key reason for a supported oil demand story in general,” said Barnabas Gan, analyst at Singapore’s OCBC Bank.

Suresh Sivanandam of energy consultancy Wood Mackenzie said he expected China’s overall oil demand to grow by 370,000 bpd this year to 12.78 million bpd.

Adding in other regions, Goldman said global oil demand in the first quarter of 2018 is likely to post the strongest year-on-year growth since the last quarter of 2010.

A tighter market is also showing up in rising costs for crude deliveries to Asia as Middle East producers raise their official selling prices (OSPs).

The OSPs for Abu Dhabi’s Murban and Saudi Arabia’s Light crudes are currently showing their highest premiums to Dubai since 2014.

DARK CLOUDS?

With demand growing all around, some analysts say there is little reason to expect anything but further price increases.

Standard Chartered Bank said this week there were “no bears left in this oil town”.

So far, refineries in Asia are still operating at high levels to meet strong demand, despite rising crude feedstock prices eating into profit margins.

“Refiners are not likely to reduce imports or trim down run rates despite the price increase,” said Lee Dal-seok, senior research fellow at state-run think tank Korea Energy Economics Institute.

Still, some dark clouds loom.

China’s Sinopec (600028.SS), Asia’s largest refiner, plans deep cuts to its May crude imports as its biggest refinery – the 460,000 bpd Zhenhai Refining and Chemical Company – goes into major overhaul.

Several traders said more such outages are due in May and June, likely reducing China’s crude imports in coming months.

The International Monetary Fund (IMF) this week also released its World Economic Outlook in which it warned that rising U.S.-China trade restrictions threatened global growth.

“The prospect of trade restrictions and counter-restrictions threatens to … derail growth prematurely,” said IMF Chief Economist Maurice Obstfeld.

Goldman Sachs does not share the IMF’s concerns.

Worries about “trade wars and fears that higher oil prices will start to weigh on demand growth … are overdone,” it said.

Clinton calls for U.S. ‘intelligence surge’ in wake of Orlando attack

WASHINGTON ( ) – Presumptive Democratic presidential nominee Hillary Clinton said on Monday that if elected, she would pressure U.S. technology companies to help intelligence agencies disrupt violent plots after a gunman inspired by radical Islamist groups killed 49 people in an Orlando nightclub.

In a speech in Cleveland, she articulated plans for expanded online surveillance of potential extremist attackers. She is campaigning against presumptive Republican nominee Donald Trump ahead of the November presidential election.

“We already know we need more resources for this fight. The professionals who keep us safe would be the first to say we need better intelligence to discover and disrupt terrorist plots before they can be carried out,” Clinton said.

“That’s why I’ve proposed an ‘intelligence surge’ to bolster our capabilities across the board, with appropriate safeguards here at home.”

While Clinton did not detail what her effort would entail, she said she wants technology companies to be more cooperative to government requests for help in countering online propaganda, tracking patterns in social media and intercepting communications.

Clinton’s comments will likely further stoke an international debate over digital privacy, which has flared after attacks in Paris, Brussels and San Bernardino, California.

Omar Mateen, the 29-year-old Orlando shooter and a U.S. citizen, was likely inspired by jihadist content online, but there is not yet evidence that he was part of any plot directed by others outside the United States, FBI Director James Comey said Monday.

Facebook (FB.O), Alphabet’s Google (GOOGL.O) and Twitter (TWTR.N) have all dedicated more resources,夜上海419龙凤论坛Babette, ,上海新夜网龙凤Hallie,to combating online propaganda and recruiting by Islamic militants within the past year. But they do so quietly to avoid the perception that they are overly cozy with authorities.

The companies rely heavily on users to flag problematic content, which is impossible to eliminate completely without creating a highly censored Internet, according to technologists.

Counterterrorism experts have also long said so-called lone wolf attackers are difficult to track and stop because they often do not communicate their plans to others.

Twitter and Facebook had no immediate response to questions about上海夜生活论坛 Clinton’s comments. Google declined comment.

The Center for Democracy and Technology and Electronic Frontier Foundation, both digital advocacy groups, said they were ,上海021夜网Barrett,waiting for more specifics from Clinton before commenting.

Unlike Trump, Clinton did not call for blocking online content. She did not reiterate her previous push for a massive effort to break encryption, and she ruled out targeted surveillance of Muslim Americans as “dangerous.”

Saudi Aramco appoints first woman to the board

DUBAI ( ) – Saudi Aramco, the world’s top oil company which is preparing to go public, said on Sunday it has appointed new members to its board including a female executive, a milestone for Saudi Arabia and the oil industry where there are few women executives.

The appointments, which bring in more international experience, come as the Saudi government plans to float around 5 percent of Aramco in an initial public offering (IPO) – the world’s largest – later this year or early 2019.

Saudi Arabian Minister of Finance Mohammed al-Jadaan and Minister of Economy and Planning Mohammed al-Tuwaijri were appointed as members of the board of directors, Aramco said in a statement.

They are joined by Lynn Laverty Elsenhans, the former chairwoman, president and CEO of U.S. oil refiner Sunoco Inc. (SUN.N) from 2008 to 2012.

Other new members also include Peter Cella, former president & CEO of Chevron Phillips Chemical Co. LP, and Andrew Liveris, director of DowDuPont Inc, and the CEO of the Dow Chemical Company. Liveris’s appointment is effective as of July 1, Aramco said.

The five new members of Aramco’s board will join six returning members including Sau,上海夜网推油Paige,di Energy Minister Khalid al-Falih, who is also Aramco’s chairman, and Amin Nasser, Aramco’s CEO. Minister of State Ibrahim al-Assaf and Managing Director of the government-owned Public Investment Fund (PIF) Yasir al-Rumayyan also remain on the board.

The outgoing board members are Majid Al-Moneef, advisor to the Saudi Royal Court; Khaled al-Sultan, Rector of King Fahd University of Petroleum and Minerals; and Peter Woicke, former managing director of the World Bank and former vice president of the International Finance Corporation.

Appointment decisions to the new 11-member board of directors are made by the Saudi government.

FIRST WOMAN ON BOARD

Elsenhans was named by Forbes as one of the world’s most powerful women in 2008. Prior to her role at Sunoco, Elsenhans was the executive vice p上海夜网resident of global manufacturing for Royal Dutch Shell (RDSa.L), where she worked for more than 28 years.

She also served on Baker Hughes’,夜上海论坛Oakley,s board of directors from 2012 to July 2017 and sits on the board of GlaxoSmithKline (GSK.L).

Only a handful of Saudi women are appointed to the board of major Saudi companies but that is slowly changing in the conservative kingdom, where women are subject to a male guardianship system which in many cases restricts their opportunities to work.

Last year, the Saudi Stock Exchange appointed Sarah Al-Suhaimi, as its first fema,上海夜生活乌托邦Nadia,le chair. She was the first woman to chair a major government financial institution in the kingdom.

In 2004, Lubna Olayan became the first woman to be elected to the board of Saudi Hollandi Bank, now called Alawwal Bank 1040.SE. In 2006, Lubna was one of four new appointments by PIF to the board of Ma’aden (1211.SE), the Gulf’s largest miner.

The Olayan family controls one of Saudi Arabia’s largest conglomerates.

Bernie Sanders-style, grassroots effort a likely model, say Trump…

NEW YORK ( ) – Donald Trump’s presidential campaign is likely to launch a small donor fundraising effort akin to the grassroots one that powered another insurgent p,夜上海419龙凤论坛Idaline,residential contender, Democrat Bernie Sanders, according to two top donors who attended the first official meeting of Trump’s national finance team.

The Trump finance machine kickoff took place at New York City’s Four Seasons Hotel amid growing concerns about the Republican presidential candidate’s lack of a campaign infrastructure heading into a Nov. 8 election battle against presumptive Democratic nominee Hillary Clinton.

“The pitch to this group in the room was a traditional pitch, but the backroom discussion was, because of this being a populist movement, there’s going to be significant outreach to, you know, those who give $1, $2, $20,” said Trump Texas fundraising co-chairman Gaylord Hughey. “There’s a huge opportunity there.”

Sanders, who has effectively lost the 2016 presidential nomination ,上海夜生活群Cade,to Clinton, broke fundraising records during his long-shot bid for the presidency, collecting more than $210 million through more than 7.4 millio,上海夜生活乌托邦Sabia,n individual contributions, averaging $27 apiece.

Trump could well find his supporters eager to pitch in $1, $5 or $20. For a story in May, found that nearly all three dozen Trump supporters it interviewed were not only unmoved by Trump’s about-face to accept money from outside donors, they said they would also happily contribute.

The Trump campaign did not respond to requests for comment about replicating the fundraising apparatus of Sanders, a democratic socialist U.S. senator from Vermont.

LATE START?

Some donors were fearful of the late start of Thursday’s gathering. Normally such a meeting would take place two years earlier in a candidate’s campaign. But others in attendance said they left assured that Trump would be able to easily plug into the Republican National Committee’s robust infrastructure.

Trump, a wealthy businessman, became the presumptive Republican nominee last month after seeing off 16 rivals in a largely self-funded primary campaign.

The gathering featured talks by Trump, campaign manager Corey Lewandowski, chief strategist Paul Manafort, Republican National Committee Chairman Reince Priebus, former rival-turned-ally Governor Chris Christie of New Jersey and Republican fundraisers Ray Washburne and Lew Eisenberg.

Trump’s late start on fundraising has raised questions about whether he ca上海夜网n achieve his previously stated aim of raising $1 billion before November. On the Democratic side, Clinton’s well-oiled operation is well ahead of schedule.

FREE MEDIA

Trump is also pulling back from his earlier statements on his fundraising goal. Campaign manager Lewandowski told on Wednesday that he sees no need for Trump to raise that sum and that Trump may be able to stick to his low-cost style of campaigning.

That includes garnering free media, which is estimated will reach a value of $5 billion by November, according to media analytics firm mediaQuant. That is more than double what Clinton is likely to get, mediaQuant says.

While Trump shot to the top of the Republican race with freewheeling rhetoric, insults of rivals and promises to get tough on issues such as illegal immigration, even his biggest donors say they are discouraged by the candidate’s attacks in recent weeks on a Mexican-American judge.

In comments that have been widely condemned, Trump has suggested that U.S. Federal Judge Gonzalo Curiel, who is presiding over a case against Trump University, has an inherent bias because of his heritage.

“He needs to stop the campaign infighting, shut up and stop calling an American who was born in Indiana a Mexican,” said Texas billionaire Doug Deason.

Walmart could buy controlling stake in Flipkart as early as next…

MUMBAI ( ) – Walmart Inc (WMT.N) could seal a deal to buy a more than 51 percent stake in Indian online marketplace Flipkart as early as next week, two sources familiar with the matter said on Friday.

The U.S. retail giant has been in talks with Flipkart for months to acquire a controlling stake in the firm as it looks to take on rival Amazon.com Inc (AMZN.O) head-on in India, a market where e-commerce is tipped to grow to $200 billion in a decade.

SoftBank Group, which owns about a fifth of Flipkart through its Vision Fund, was unwilling to sell a part of its stake as Walmart was ,上海夜网官方网站Talon,offering to buy existing shares at a valuation of $12 billion, a ,上海夜生活群Mabel,price the Japanese tech investor considered low, had previously reported.

But that stalemate between SoftBank and Walmart has ended上海夜生活, one of the sources told on Friday. It was not immediately clear though, whether SoftBank had agreed to sell some of its shares in Flipkart.

Walmart’s purchase of new equity is likely to value Flipkart at a,上海021夜网Babette,t least $18 billion.

reported this month that Walmart completed its due diligence on Flipkart and had made a proposal to buy 51 percent or more of the Indian company for between $10 billion to $12 billion.

A third source said a deal was close, but things could still drag into the first week of May.

Some of Flipkart’s main investors – U.S. hedge fund Tiger Global Management, South African tech investor Naspers and venture capital firm Accel – are likely to take a full exit as Walmart purchases their shares, sources have previously told .

Sachin Bansal and Binny Bansal, former Amazon employees who founded Flipkart in 2007 in India’s tech hub of Bengaluru, are also likely to part sell their stake as part of the deal, one of the sources said.

All sources declined to be named as the talks are not public.

Flipkart, SoftBank did not immediately respond to requests for comment, while a representative for Walmart in India declined comment.

SoftBank and Tiger Global own little more than 20 percent each of Flipkart, Naspers holds nearly 13 percent stake, Accel 6.4 percent, while the Bansals own just over 5 percent each of the company, according to data from business intelligence platform paper.vc.

Exclusive: Chip wars – China closing in on second $19 billion…

HONG KONG/SHANGHAI ( ) – China’s state-backed semiconductor fund is near to closing a 120 billion yuan ($18.98 billion)investment round for,上海夜网后花园Rae, a second fund to support the domestic chip sector and help cut reliance on imports amid a bruising trade standoff with the United States.

The National Integrated Circuitry Investment Fund, also known as the “Big Fund”, is close to announcing the establishment of a new fund that will focus on boosting local chip production and technologies, according to three people with knowledge of the plans.

reported this month that Chinese officials were planning to accelerate the development of the domestic chip market, spooked by trade tensions and U.S. sanctions on ZTE Corp (000063.SZ)(0763.HK), a local telecoms equipment firm, that has underscored China’s heavy reliance on imported chips.

China’s industry ministry on Wednesday said the fund was raising its second investment round and that it welcomed foreign institutions to take part, without giving details.

The fund, which raised around $22 billion in its first outing, has been a target for U.S. politicians concerned that Chinese firms could challenge chip giants in the United States like Qualcomm Corp (QCOM.O), a big supplier to Chinese firms.

China is still heavily reliant on imported chips, however, despite making the sector a priority under a push by President Xi Jinping to boost China’s own high-tech sectors, from robotics to electric cars.

That reliance became apparent after the United States slapped a 7-year ban this month on sales of products – including chips – to ZTE, which Washington said had violated an agreement reached after it was caught illegally shipping goods to Iran.

ZTE, which uses chips from Qualcomm in many of its phones, has said the ban could threaten its survival.

The second fund had been in the pipeline since before recent trade issues and the ZTE case, the people said, but added that Beijing now plans to invest more in the sector overall because of the rising trade tensions.

All three asked not to be named due to the sensitivity of the matter. The Ministry of Industry and Information Technology and ,上海夜生活Rachel,the National Integrated Circuitry Investment Fund did not immediately respond to requests for comment.

CDB Capital Corp will be the main manager for both the first ,上海夜玩网论坛Cadence,and second funds, and will invest in the new round, according to one of the people with direct knowledge. Potential investors in the second fund include local government-backed funds and state-owned enterprises, the person said.

Calls to CDB Capital, the investment arm of China Development Bank, went unanswered on Thursday. The firm did not immediately respond to emailed requests for comment.

A fourth person said the new fund would focus on three areas: memory chips, integrated circuit design and compound semiconductors such as silicon carbide and gallium nitride.

China is hoping to develop local chip technology following上海夜网 the blocking of several high-profile deals for foreign chip firms in the United States and Europe over national security concerns.

Some earlier estimates have said the second semiconductor fund would raise between 150-200 billion yuan. The sources said this was off the mark and that people were often prone to overestimating the size of the fund to “make it sound scary”.

The United States Trade Representative referenced China’s semiconductor roadmap, which includes national funding, in a report that authorized U.S. President Donald Trump to levy up to $100 billion in tariffs against China.

The Big Fund has previously invested in some 50 companies in the chip industry, including Hong Kong-listed Semiconductor Manufacturing International Corp (0981.HK) and Yangtze Memory Technologies, a 3D NAND flash chip maker.

($1 = 6.3232 Chinese yuan renminbi)

Written by shyw on August 17, 2018 Categories: ctwapomc Tags: , , ,

Exclusive: U.S. considers tightening grip on China ties to…

NEW YORK ( ) – The U.S. government may start scrutinizing informal partnerships between American and Chinese companies in the field of artificial intelligence, threatening practices that have long been considered garden variety development work for technology companies, sources familiar with the discussions said.

So far, U.S. government reviews for national security and other concerns have been limited to investment deals and corporate takeovers. This possible new expansion of the mandate – which would serve as a stop-gap measure until Congress imposes tighter restrictions on Chinese investments – is being pushed by members of Congress, and those in U.S. President Donald Trump’s administration who worry about theft of intellectual property and technology transfer to China, according to four people familiar with the matter.

Artificial intelligence, in which machines imitate intelligent human behavior, is a particular area of interest because of the technology’s potential for military usage, they said. Other areas of interest for such new oversight include semiconductors and autonomous vehicles, they added.

These considerations are in early stages, so it remains unclear if they will move forward, and which informal corporate relationships this new initiative would scrutinize.

Any broad effort to sever relationships between Chinese and American tech companies – even temporarily – could have dramatic effects across the industry. Major American technology companies, including Advanced Micro Devices Inc, Qualcomm Inc, Nvidia Corp and IBM, have activities in China ranging from research labs to training initiatives, often in collaboration with Chinese companies and institutions who are major customers.

Top talent in areas including artificial intelligence and chip design also flows freely among companies and universi,上海夜玩网论坛Gabriella,ties in both countries.

The nature of informal business relationships varies widely.

For example, when U.S. chipmaker Nvidia Corp – the leader in AI hardware – unveiled a new graphics processing unit that powers data centers, video games and cryptocurrency mining last year, it gave away samples to 30 artificial intelligence scientists, including three who work with China’s government, according to Nvidia.

For a company like Nvidia, which gets a fifth of its business from China, the giveaway was business as usual. It has several arrangements to train local scientists and develop technologies there that rely on its chips. Offering early access helps Nvidia tailor products so it can sell more.

The U.S. government could nix this sort of cooperation through an executive order from Trump by invoking the International Emergency Economic Powers Act. Such a move would unleash sweeping powers to stop or review informal corporate partnerships between a U.S. and Chinese company, any Chinese investment in a U.S. technology company or the Chinese purchases of real estate near sensitive U.S. military sites, the sources said.

“I don’t see any alternative to having a stronger (regulatory) regime because the end result is, without it, the Chinese companies are going to get stronger,” said one of the sources, who is advising U.S. lawmakers on efforts to revise and toughen U.S. foreign investment rules. “They are going to challenge our companies in 10 or 15 years.”

James Lewis, a former Foreign Service officer with the U.S. Departments of State who is now with the Center for Strategic and International Studies, said if the emergency act was invoked, U.S. government officials including those in the Treasury Department could use it “to catch anything they want” that currently fall outside the scope of the regulatory regime.A White House official said that they do not comment on speculation about internal administration policy discussions, but added “we are concerned about Made in China 2025, particularly relevant in this case is its targeting of industries like AI.”

Made in China 2025 is an industrial plan outlining China’s ambition to become a market leader in 10 key sectors including semiconductors, robotics, drugs and devices and smart green cars.

Last month, the White House outlined new import tariffs that were largely directed at China for what Trump described as “intellectual property theft.” That prompted Chinese President Xi Jinping’s gover上海夜生活nment to retaliate with sanctions against the United States.

(For a graphic, click tmsnrt.rs/2GXE9qr)

Those moves followed proposed legislation that would toughen foreign investment rules overseen by the Committee on Foreign Investment in the United States (CFIUS), by giving the committee – made up of representatives from various U.S. government agencies – purview over joint ventures that involve “critical technology”.

Republican and Democratic lawmakers who p,上海仙霞路夜生活Dakota,ut forth the proposal in November said changes are aimed at China.

Whereas an overhauled CFIUS would likely review deals relevant to national security and involve foreign ownership, informal partnerships are likely to be regulated by revised export controls when they come into effect, sources said.

To be sure, sources said the Trump administration could change its mind about invoking the emergency act. They added that some within the Treasury Department are also lukewarm about invoking the emergency act as they preferred to focus on passing the revised rules for CFIUS.

FOCUS ON AI

Chinese and U.S. companies are widely believed among analysts to be locked in a two-way race to become the world’s leader in AI. While U.S. tech giants such as Alphabet Inc’s Google are in the lead, Chinese firms like Internet services provider Baidu Inc have made significant strides, according to advisory firm Eurasia Group.

As for U.S. chipmakers, few are as synonymous with the technology as Nvidia, one of the world’s top makers of the highly complex chips that power AI machines.

There is no evidence that Nvidia’s activities represent a threat to national security by, for instance, offering access to trade secrets such as how to make a graphics processing unit. Nvidia also said it does not have joint ventures in China.

In a statement, Nvidia said its collaborations in China – including training Chinese scientists and giving Chinese companies such as telecom provider Huawei Technologies Co Ltd early access to some of its latest technology – are only intended to get feedback on the chips it sells there.

“We are extremely protective of our proprietary technology and know-how,” Nvidia said. “We don’t give any company, anywhere in the world, the core differentiating technology.”

Qualcomm did not respond to requests for a comment, while Advanced Micro Devices and IBM declined to comment.

Nvidia is far from being the only U.S. tech giant, much less the only chipmaker, that lends expertise to China. But it is clearly in the sights of the Chinese. When the country’s Ministry of Science and Technology solicited pitches for research projects last year, one of the listed objectives was to create a chip 20 times faster than Nvidia’s

“Five years ago, this might not be a concern,” said Lewis, “But it’s a concern now be,上海夜生活男人好去处Nadia,cause of the political and technological context.”

Exclusive: Lockheed Martin to propose stealthy hybrid of F-22 and…

TOKYO ( ) – U.S. defense contractor Lockheed Martin Corp plans to offer Japan a stealth fighter design based on its export-banned F-22 Raptor and advanced F-35 Lightning II aircraft, two sources said.

Lockheed has discussed the idea with Japanese defense ministry officials and will make a formal proposal in response to a Japanese request for information (RFI) after it receives permission from the U.S. government to offer the sensitive military technology, said the sources, who have direct knowledge of the propos,上海夜网千花Tamara,al.

The decision on whether to release parts of the highly classified aircraft designs and software to help Japan stay ahead of Chinese advances will test President Donald Trump’s promise to overhaul his country’s arms export policy.

The proposed aircraft “would combine the F-22 and F-35 and could be superior to both of them,” said one of the sources.

Japan, which is already buying the radar-evading F-35 to modernize its inventory, also wants to introduce a separate air superiority fighter in the decade starting 2030 to deter int,上海足浴夜网联系方式Balthazar,rusions into its airspace by Chinese and Russian jets.

The country’s air force currently flies the F-15J, based on the Boeing F-15; and the F-2, based on the Lockheed Martin F-16. Both designs are decades old.

Japan’s ambition to build its own stealth fighter was in part spurred by Wa,上海凤楼夜网Dallas,shington’s refusal a decade ago to sell it the twin-engined F-22, which is still considered the world’s best air superiority fighter.

Although the Japanese stealth aircraft program, dubbed the F-3, was conceived as a domestic effort estimated to cost around $40 billion, Tokyo has recently sought international collaboration in a bid to share the expense and gain access to technology it would otherwise have to develop from scratch.

Any aircraft built with international partners must have Japanese-designed engines and radar, however, and feature other components made locally, the other source said. Mitsubishi Heavy Industries tested a prototype stealth jet in 2016 that cost the Japanese government $350 million to develop.

“We are considering domestic development, joint development and the possibility of improving existing aircraft performance, but we have not yet come to any decision,” a Ministry of Defense spokesman said on Friday.

The Japanese government in March issued a third RF上海夜网I for the F-3 to foreign defense companies and sent a separate document outlining its requirements in more detail to the British and United States governments.

In addition to a proposal from Lockheed, Japan is hoping for responses from Boeing Co, which makes the F/A-18 Super Hornet multirole fighter, and BAE Systems Plc, which is part of the consortium that built the Eurofighter Typhoon high-altitude interceptor.

“We look forward to exploring options for Japan’s F-2 replacement fighter in cooperation with both the Japanese and U.S. governments. Our leadership and experience in 5th generation aircraft can be leveraged to cost-effectively provide capabilities to meet Japan’s future security needs,” a Lockheed Martin spokeswoman said.

Boeing and BAE did not immediately reply to requests for comment.

Japan’s last jet fighter, the F-2, which entered service in 2000, was built jointly by Mitsubishi Heavy and Lockheed Martin. As Japan’s leading fighter maker, MHI, which built the World War Two-era A6M Zero, would anchor the Japanese portion of any new project.

Amazon.com plays catch-up in Brazil as local rivals thrive

SAO PAULO ( ) – Claudia Maria de Oliveira is leery of online shopping. But while browsing social media recently, the 49-year-old Brazilian spotted a bargain-priced sandwich press from local retailer Magazine Luiza SA (MGLU3.SA).

She swallowed her doubts and hit the “buy” button. Two days later she picked up her first-ever online purchase at a mall in Sao Paulo.

“I took the risk,” said Oliveira, who cleans offices for a living. “If I have any trouble with it, at least I know I can come back to the store.”

A reassuring physical presence and fast-growing online sales have vaulted Magazine Luiza into the upper echelons of Brazilian e-commerce, lifting shares over 500 percent last year and 20 percent so far in 2018.

The company is relying on deep roots in its home turf to survive an assault by Amazon.com Inc (AMZN.O), which is revving up operati,上海夜网邀请码Cain,ons in Latin America’s largest economy six years after entering the market.

has reported that Amazon is eyeing a major warehouse outside Sao Paulo, negotiating a nationwide air cargo deal and lining up local suppliers of everything from personal electronics to perfume and home appliances.

But the American giant may struggle to dominate retail in Brazil as it has elsewhere, according to a dozen executives, analysts and investors interviewed by . They compare the state of Brazilian e-commerce to that of the U.S. market 10 years ago — only Amazon’s slow rollout here gave rivals a chance to prepare.

Helped by Brazil’s richest man and search giant Google, competitors are copying many of Amazon’s signature moves. Those strategies have sped up delivery, earned customer loyalty and boosted offerings through partnerships with third-party sellers. And unlike Amazon, home-grown players such as Magazine Luiza have decades of experience with the country’s working-class consumers and tangles of red tape — key survival skills in Brazil’s retail jungle.

“We see room for several players,” said Eduardo Carlier, a fund manager at AZ Quest Investimentos, a major shareholder in Magazine Luiza. “We think the winner-take-all model that played out in the United States is going to be tempered in Brazil.”

Amazon declined to comment.

SLOW START

With a population of more than 200 million people, Brazil is key to Amazon’s global expansion plans. But as in China and India, where it ran into strong competition, Amazon is playing catch-up in Brazil.

Amazon entered Brazil quietly in 2012, peddling e-readers, books and then streaming movies in a fast-growing e-commerce market that has since doubled to $20 billion.

Like a predator lurking at the edges of the market, Amazon has kept competitors uneasy, wondering when it would attack their core business.

They got their answer in October, when the world’s largest online retailer opened a Brazilian marketplace for third-party sellers of an array of physical products.

Shares in Magazine Luiza, rival B2W Cia Digital (BTOW3.SA), and market-leading MercadoLibre Inc (MELI.O), fell nearly 20 percent on the news.

Yet all three rebounded quickly in the following weeks. Their shares have continued to climb this year as Brazil’s economy picks up and the companies employ strategies that could have been ripped from Amazon’s own playbook.

Brazilian billionaire Jorge Paulo Lemann and partners at 3G Capital, the investment firm behind the Kraft Heinz Co (KHC.O) merger, have invested heavily in B2W through its brick-and-mortar parent Lojas Americanas SA (LAME4.SA). Their backing has let B2W spend aggressively on in-house logistics, a third-party marketplace and efforts to integrate operations with Lojas Americanas.

In a cheeky move, B2W uses the name “Prime” for its shopping club offering fast shipping for annual membership fees, the same moniker used by Amazon for a similar service in other markets. Amazon uses “Prime” only for its streaming video offerings in Brazil.

Another online rival, MercadoLibre, was founded in Buenos Aires two decades ago to replicate the eBay Inc (EBAY.O) marketplace model across Latin America. It has held its own against Amazon in Mexico and leads the Brazilian market in online sales, according to market research firm Euromonitor. Its Brazil unit grew 80 percent last year, providing nearly 60 percent of net revenue.

Last year, MercadoLibre opened a warehouse near Sao Paulo to store and ship third-party goods, accelerating delivery using a model similar to the pioneering “Fulfilled by Amazon” service.

Brazilian retailers are also getting an assist from Silicon Valley. Alphabet Inc’s (GOOGL.O) Google briefed its Brazilian advertisers last year on Amazon’s forays into markets such as India and Mexico to help them prepare, two people with knowledge of the matter said.

Google’s head of retail in Brazil, Claudia Sciama, acknowledged that Brazilian clients had been asking what a ramp-up by Amazon could mean.

“What we’ve done is an exploratory study to understand how they might enter different markets,” Sciama said. She declined to provide details.

DIGITAL LEAP

Few Brazilian retailers have done as much to reinvent themselves in recent years as Magazine Luiza.

Founded six decades ago as a gift shop in the shoemaking hub of Franca, in Sao Paulo state, the unpretentious retailer became a national player in the 1990s selling appliances, furniture and electronics on credit to poor families ignored by bigger chains.

Chairwoman Luiza Trajano started on the sales floor as a teenager and in 1991 took over the company founded by her aunt. She steered it to a public listing in 2011, expanding operations to more than 800 locations across the country at present.

Yet Magazine Luiza’s digital leap, with her son at the helm, may be the most dramatic transformation yet. Frederico Trajano launched e-commerce operations in 2000 and has made it the company’s central focus since becoming CEO in January 2016.

Using brick-and-mortar stores as delivery hubs to cut costs and win over wary online shoppers, Trajano is accelerating both internet sales and new store openings. Digital sales channels grew 61 percent last year to make up nearly a third of revenue, while profit more than quadrupled.

Magazine Luiza plans to open about 100 new stores this year, up from nearly 60 in 2017, according to two people familiar with the matter. The company has said it may open more stores in 2018 than last year.

For Trajano, those outlets form the backbone of his digital strategy, putting inventory closer to consumers and cutting the cost of storage and order processing.

Trajano said fulfillment consumes up to 15 percent of Brazilian e-commerce revenue, compared to as little as 8 percent in the United States, due to Brazil’s lousy infrastructure, high borrowing costs and lower levels of automation.

Each new store is “a free distribution center,” Trajano said in an interview at Magazine Luiza’s unassuming headquarters by a highway in Sao Paulo.

“Why do you think Amazon bough上海夜网t Whole Foods?” he said.

CROWDED BACK ROOMS

To be sure, Trajano’s vision of seamless integration between e-commerce and physical stores is a work in progress.

When shopper Oliveira went to fetch her sandwich press, s,上海夜生活服务Ida,he joined a line of impatient customers waiting at the Aricanduva shopping mall on the gritty east side of Sao Paulo.

In the back room, Magazine Luiza staff hunted for her order on shelves piled with plates, shampoo, microwaves and tires. On a February analyst call, Trajano acknowledged the company’s stores need to be better retrofitted to handle the flow of online orders.

Magazine Luiza is also sharpening its home delivery operation. The company has around 1,500 dedicated truckers running its own app, updating routes and communicating with sellers, warehouses, stores and customers in real time.

Trajano lauds Amazon founder Jeff Bezos as “the best CEO in the world,” but said his company will face a steep learning curve in Brazil, given its notoriously tough business climate.

Case in point: Brazilian consumers have long paid sales taxes on online purchases, unlike in the United States, where internet commerce got a break in its early years.

“If there’s one thing th,上海夜生活网交流Falkner,e Brazilian government knows how to do, it’s collect taxes,” Trajano said.