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Bitcoin climbs to six-week high as market sentiment improves

NEW YORK ( ) – Bitcoin rose to a six-week high on Tuesday on positive headlines that included the possible entry of major financial institutions into the space, lifting sentiment on the overall cryptocurrency market.

The virtual currency gained after a brutal 50 percent loss in the first quarter of the year, following a nearly 1,400 percent surge in 2017.

On Tuesday, bitcoin climbed in six of the last seven sessions. It was last up 4.4 percent at $9,340.88 on the Bitstamp platform.

Bitcoin’s gains also increased demand for other cryptocurrencies such as ripple and ethereum, pushing the market capitalization of all digital currencies to $427 billion, according to cryptocurrency tracker coinmarketcap.com. That is the largest market cap since early March.

“The space has remained relatively stable over the past several weeks and crypto markets are reacting with resilience as people start to gain a more nuanced understanding of the long-term potential of blockchain technology,” said Rob Viglione, co-founder of ZenCash, a coin that promises privacy for borderless, decentralized communications and transactions.

Blockchain, a digital ledger of transa,上海晚上耍上海夜生活网女人的地方Fabian,ctions, underpins cryptocurrencies in general and can be used to track, record, and transfer assets across all industries.

News ,上海夜生活论坛Idris,that major financial institutions are becoming more bullish about the space has also bolstered the confidence of retail investors, Viglione added.

Numerous media outlets reported that Go,上海夜生活怎么玩Fabian,ldman Sachs [GSGSC.UL] enlisted Justin Schmidt, a former trader, to be the first head of digital asset markets in the company’s securities division. Reports also said Barclays PLC [BARCR.UL] has been gauging interest from its clients about launching a cryptocurrency trading desk.

also reported on Tuesday that one in five financial institutions is considering trading cryptocurrencies within the next 12 months, according to a survey published by Thomson .

Among those respondents who said they were willing to trade cryptocurrencies like bitcoin, 70 percent said they were planning to start trading in the next three to six months, the survey showed.

“I think the public catching wind of news that Goldman Sachs and other financial powerhouses are not just showing interest but pro-actively hiring and investing in the crypto markets is instilling a positive sentiment across the board,” said Josh McIver, chief executive officer of ULedger, a blockchain technology company.

A total of $28 billion has changed hands over the last 24 hours, the largest trading volume since Feb. 10, analysts said.

That said, market participants pointed out that challenges in the cryptocurrency space such as increased regulatory focus are not going away any time soon and may take a long time to resolve.

Written by shyw on September 4, 2019 Categories: dfzakfsw Tags: , ,

U.S. lifts Keystone oil pipeline pressure restrictions

( ) – Pressure restrictions on TransCanada Corp’s (TRP.TO) Keystone oil pipeline were lifted on Tuesday in a letter issued by U.S. pipeline safety regulators, a spokesman for the agency told on Thursday.

It was not immediately clear what cur上海夜生活论坛rent flow rates are, said Darius Kirkwood, a spokesman for the U.S. Pipeline and Hazardous Materials Safety Administration (PHMSA).

The company in November shut down its 590,000-barrel-per-day Keystone pipeline, which links Alberta’s oil sands to U.S. refineries, after a spill in South Dakota and was o,上海足浴夜网联系方式Hadleigh,rdered later that month to operate at reduced pressure.

Reduced flows on the pipeline had helped draw down inventories in the Cushing, Oklahoma, storage hub. A return to full capacity on the line is also expected to help relieve a bottleneck in the oil-producing province of Alberta, where increased output has run up against a shortage of pipeline and rail capacity.

The restrictions “really did have a minor impact on our throughput,上海凤楼夜网Nadine, and so consequently, I don’t anticipate seeing a tremendous increase in our throughput once it’s lifted, based on some of the changes we’ve made already,” TransCanada’s head of liquids, Paul Miller, said on a conference call last week.

A spokesman for Calgary-based TransCanada said the restrictions in place were limite,上海夜网邀请码Mabel,d to a small section of the pipeline and had been lifted.

“We don’t expect to see significant additional volumes on Keystone,” Matthew John, a spokesman for TransCanada said in an emailed statement on Thursday.

As of Dec. 1, pressure restrictions were in place only from the pipeline’s Luverne pump station to Ludden pump station and on the segment that had the leak between Ludden to Ferney pump stations, near Amherst, South Dakota, the PHMSA letter showed.

On April 3, TransCanada requested that the remaining pressure restrictions on the pipeline be lifted and PHMSA approved the request effective on Tuesday.

“They’ve been moving historical volumes with DRA (drag-reducing agents). Just makes it easier for them to operate now,” one U.S.-based crude trader said.

Exxon first quarter profit misses estimates on refining, chemical woes

HOUSTON ( ) – Exxon Mobil Corp (XOM.N), the world’s largest publicly traded oil producer, posted a lower-than-expected quarterly profit on Friday as weakness in its chemical and refining operations offset a boost from higher crude prices CLc1 LCOc1.

It was the second consecutive quarter of weakness in Exxon units that make gasoline, plastics,上海夜生活论坛Caitlin, and related products. Exxon blamed weak margins for the income drop in those segments.

Shares of Irving, Texas-based Exxon fell 2.5 percent to $78.86 i,上海夜生活网419Lance,n premarket trading.

The company posted net income of $4.7 billion, or $1.09 per share, compared to $4.01 billion, or 95 cents per share, in the year-ago quarter.

By that measure, analysts expected earnings of $1.12 per share, according to Thomson I/B/E/S.

Profit jumped more than 50 percent in the company’s upstream division, which pumps oil and natural gas, thanks largely to rising commodity prices.

In the downstream refining unit, though, profit fell 12 percent, and in the chemical unit, profit dropped 14 percent.

Production fell 6 percent to 3.9 million barrels of oil equivalent per day (boe/d).

Exxon said earlier this month it resumed production at the Papua New Guinea liquefied natural gas (LNG) project a fortnight ahead of schedule after it was shut down in the wake of a deadly earthquake in February.

The shutdown cut quarterly earnings by $80 million and production by about 25,000 boe/d, Exxon said. The company has struggled in the past 16 months to unwind some of the biggest bets taken by former Chief Executive Officer Rex Tillerson, who left to become U.S. secretary of state in early 2017 before being fired by President Donald 上海夜生活论坛Trump last month.

Exxon has recorded billions of dollars in writedowns amid falling production since Tillerson left, and successor CEO Darren Woods has moved quickly to try to repair operations.

Woods laid out a bold plan last month to double annual earnings by 2025 through heavier investments in U.S. shale, Guyana and several LNG projects around the world.

The company plans to hold a conference call with investors to discuss quarterly results on Friday morning.

Exxon rival Royal Dutch Shell (RDSa.L) on Thursday posted a 42 percent jump in first-quarter profit, it,上海夜生活Kaiden,s highest earnings in more than three years.

Written by shyw on July 25, 2019 Categories: dfzakfsw Tags: , ,

Regulatory uncertainty overshadows T-Mobile’s acquisition of Sprint

( ) – Winning U.S. regulatory approval for a $26 billion tie-up of Sprint Corp (S.N) and r上海夜生活论坛ival T-Mobile US Inc TMUS.N is the biggest hurdle to completing the deal, investors and analysts said on Monday.

Shares of Sprint closed down 13.7 percent at $5.61, and T-Mobile fell 6.2 percent to $60.51. Sprint’s stock had gained 27 percent since April 10 following media reports that the companies restarted deal talks.

In situations with a risk that a deal will not win regulatory approval, stocks trade at a discount of 10 percent to 20 percent to the deal price, said Cowen analyst Colby Synesael.

Shareholders of Sprint, controlled by Japan’s SoftBank Group Corp (9984.T), would get $6.62 for every share held. Deutsche Telekom AG (DTEGn.DE), T-Mobile’s majority owner, would own 42 percent and control the board of the combined company.

The Federal Communications Commission must review whether the transaction is in the “public interest.” A spokeswoman for FCC Chairman Ajit Pai declined to comment.

T-Mobile Chief Executive John Legere is scheduled to meet with two FCC commissioners in Washington on Tuesday to discuss the deal, people briefed on the matter said.

Two top U.S. House Democrats on Tuesday asked for a hearing on the merger. Representatives Frank Pallone and Mike Doyle said in a statement the deal “could also trigger ripple effects for everyone who uses a mobile phone.”

“Considering that the combined company would be overwhelmingly controlled by foreign entities, this transaction also raises significant questions about foreign control of major players in the U.S. wireless market,” they said.

Macquarie Research said in a note that uncertainty could result in a wide spread in shares as a “regulatory review” could delay the deal’s closing beyond the first half of 2019. “The regulatory backdrop is unp,上海夜生活网交流Pablo,redictable,” it added.

The Justice Department’s antitrust chief, Makan Delrahim, has expressed opposition to “behavioral remedies,” preferring structural changes to ensure deals are not anti-competitive. Changes the government may require could take away from the $6 billion in run-rate synergies, Macquarie analysts said.

SoftBank CEO Masayoshi Son “rejected a deal with T-Mobile four months ago that was better for him than the deal he is taking now,” said Jonathan Chaplin at New Street Research. “The market is assuming that things must be pretty bleak at Sprint for Masa to return to the negotiating table after a mere four months to take a lower offer.”

Sprint and T-Mobile had called off their last merger talks in November, partly because SoftBank did not want to cede control of Sprint.

This time, the companies touted tax reforms from the Trump administration, synergies at present value of $43 billion, and plans to invest billions on developing a 5G network. They are also promising job growth and lower costs for wireless customers.


Sprint asked T-Mobile to be paid a breakup fee should regulators block their deal, people familiar with the confidential negotiations said, a standard form of insurance for acquisition targets when it comes to mergers with high antitrust risk.

However, T-Mobile managed to avoid it, arguing the deal was already generous enough for Sprint and that the companies should demonstrate confidence in the deal’s regulatory prospects by having no such breakup fee, the sources said. With no appetite to terminate deal negotiations for the third time in four years, Sprint accepted, the sources said.

“The lack of a break-up fee suggests that both companies are willing to ‘give it a try’ from a regulatory point of view given the very significant synergies opportunities,” Morgan,上海仙霞路夜生活Mace, Stanley analyst Simon Flannery said.

Under their contract, T-Mobile is still liable to pay Sprint a $600 million fee if it walks away from the deal despite it having been cleared by regulators and met other requirements to close, a regulatory filing on Monday showed.

Company officials told the FCC they expect to file a formal application with the commission by the end of May.

In September, the FCC approved a report that found, for the first time since 2009, there is “effective competition” in the wireless market, a finding that could help Sprint and T-Mobile make the case for the merger.

A decade ago, there were seven major U.S. wireless carriers and today the largest four carriers – led by Verizon Communications Inc (VZ.N) and AT&T Inc (T.N) – control 98.8 percent of the U.S. market, the FCC said.

In case the deal falls through, Sprint, with long-term debt of more than $32 billion, will be under much more stress th,上海高端夜生活在那里Gabi,an T-Mobile, analysts said.

However, brokerage Oppenheimer expects 80 percent approval probability, but with conditions.

Another analyst with CFRA Research estimated a 50 percent chance of regulatory approval.

Earnings lift global stocks as U.S. yields dip; euro weakens after ECB

NEW YORK ( ) – A gauge of global equities advanced on Thursday, buoyed by a round of solid quarterly earnings in Europe and the United States, while the euro weakened after the head of the European Central Bank hailed “solid” economic growth but kept interest rates unc,上海夜生活怎么玩Cade,hanged.

On Wall Street, technology stocks jumped 2.27 percent, led by a 9.06 percent jump in Facebook Inc and a 4.90 percent rise in Visa after their quarterly results.

Facebook reported a surprisingly strong rise in profit and an increase in users, with no sign that business was hurt by a scandal over the mishandling of users’ personal data. Its shares notched their best day since January 2016.

“It’s been pretty much good earnings across the board,” said Gary Bradshaw, portfolio manager of Hodges Capital Management in Dallas.

“Revenues have been strong, so the earnings are not ,上海021夜网Fabian,just cost-cutting as they were a couple years back, but there’s obviously rising costs.”

A drop in the 10-year U.S. Treasury yield below the 3 percent mark also aided equities. Economic data supported the view that the Federal Reserve would stick to its gradual pace of rate increases. Although domestic core capital goods orders fell in March, filings for jobless benefits plunged to their lowest in over 48 years.

The 10-year yield on Wednesday reached its highest since January 2014, at 3.035 percent.

(Graphic: S&P 500 vs U.S. 10-Year Treasury Yield – reut.rs/2Kfu7Qs)

The Dow Jones Industrial Average rose 238.92 points, or 0.99 percent, to 24,322.75, the S&P 500 gained 27.72 points, or 1.05 percent, to 2,667.12 and the Nasdaq Composite added 114.94 points, or 1.64 percent, to 7,118.68.

In Europe, Volkswagen (VOWG_p.DE) shares closed 2.66 percent higher, even though its first-quarter operating profit fell, as investors were encouraged by its new chief executive, the car maker’s financial health and lower provisions for the diesel emissions scandal.

The pan-European FTSEurofirst 300 index rose 0.91 percent and MSCI’s gauge of stocks across the globe gained 0.70 percent.

The FTSE index marked its strongest day since April 5 while MSCI’s index snapped a five-session losing streak, its longest since November.

The euro dropped to session lows after ECB President Mario Draghi hailed “solid” euro zone growth but kept rates unchanged, without a clear signal about ending the central bank’s quantitative easing program. The dollar strengthened as short positions unwound on the U.S. economic data.

“You’re seeing a wash-out of short dollar positions primarily,” said Karl Schamotta, director of FX strategy and structured products at Cambridge Global Payments in Toronto, Canada.

“It is a far too crowded trade at this point.”

(Graphic: ECB to kick off rate hikes in mid-2019? – reut.rs/2KbVFpP)

The euro fell to its lowest against the dollar since mid-January, at $1.2096, after the ECB kept monetary policy unchanged. The euro zone single currency had initial,上海夜网Pablo,ly rebounded after Draghi played down concern over recent softness in data.

The dollar index rose 0.46 percent, with the euro down 0.46 percent to $1.2103.

A sharp sell-off in bonds over the last week has been pushing up global borrowing costs, putting additional focus on when the ECB will end its 2.55 trillion euro ($3.2 trillion), three-year stimulus program.

(Graphic: U.S.-led bond selloff – reut.rs/2KdVhHe)

After touching four-year highs, yields on 10-year U.S. Treasuries dipped below 3 percent as buyers emer上海夜生活论坛ged following a week-long sell-off spurred by concerns about rising inflation and growing borrowing by the U.S. government.

The rise in borrowing yields and commodity prices has caused several companies, such as Caterpillar and 3M, to caution this week about rising costs, raising flags for investors about the strength of future earnings.

Benchmark 10-year notes last rose 10/32 in price to yield 2.9865 percent, from 3.024 percent late on Wednesday.

World Bank shareholders back $13 billion capital increase

WASHINGTON ( ) – The World Bank’s shareholders on Saturday endorsed a $13 billion paid-in capital increase that will boost China’s shareholding but bring lending reforms that will raise borrowing costs for higher-middle-income countries, including China,上海夜生活群Tamara,.

The multilateral lender said the plan would allow it to lift the group’s overall lending to nearly $80 billion in fiscal 2019 from about $59 billion last year and to an average of about $100 billion annually through 2,夜上海419龙凤论坛Kaiden,030.

“We have more than doubled the capacity of the World Bank Group,” the institution’s president, Jim Yong Kim, told reporters during the International Monetary Fund and World Bank spring meetings in Washington.

“It’s a huge vote of confidence, but the expectations are enormous.”

The hard-fought capital hike, initially resisted by the Trump administration, will add $7.5 billion paid-in capital for the World Bank’s main concessional lending arm, the International Bank for Reconstruction and Development.

Its commercial-terms lender, the International Finance Corp, will get $5.5 billion paid-in capital, and IBRD also will get a $52.6 billion increase in callable capital.


The bank agreed to change IBRD’s lending rules to charge higher rates for developing countries with higher incomes, to discourage them from excessive borrowing.

IBRD previously had c上海夜生活harged similar rates for all borrowers, and U.S. Treasury officials had complained that it was lending too much to China and other bigger emerging markets.

U.S. Treasury Secretary Steven Mnuchin said earlier on Saturday that he supported the capital hike due to the reforms that it included. The last World Bank capital increase came in 2010.

The current hike comes with cost controls and salary restrictions that will hold World Bank compensation to “a little below average” for the financial sector, Kim said.

He added that there was nothing specific in the agreement that targeted a China lending reduction, but he said lending to China was expected to gradually decline.

In 2015, China founded the Asian Infrastructure Investment Bank, and lends heavily to developing countries through its government export banks.

The agreement will lift China’s shareholding in IBRD to 6.01 percent from 4.68 percent, while the U.S. share would dip slightly to 16.77 percent from 16.89 percent. Washington will still keep its veto power over IBRD and IFC decisions.

Kim said the increase was expected to become fully effective by the time the World ,上海夜生活男人好去处Octavien,Bank’s new fiscal year starts on July 1. Countries will have up to eight years to pay for the capital increase.

The U.S. contribution is subject to approval by Congress.

Southwest Airlines expects bookings to drop after deadly explosion

( ) – Southwest Airlines Co (LUV.N) on Thursday warned the consequences of a mid-air engine explosion last week will weigh on second-quarter bookings, as investigators continued to probe t上海夜生活he events that led to the first passenger death in the airline’s history.

Second-quarter unit revenue will drop by 1 percent to 3 percent, the carrier said in its quarterly earnings report, with 1 to 2 percentage points attributed to a decrease in bookings following the engine explosion. The loss in bookings will shave between $50 million and $100 million, Southwest said.

The airline attributed some of the ticket sales slump to the advertising it had pulled immediately following the incident, but said it expects to reintroduce advertising and promotions this week as it gears up to battle a price war with rivals.

Shares of the Dallas-based carrier recouped some of their earlier steep losses and were last down 1.18 percent. They have fallen 18.52 percent so far this year.

Southwest posted first-quarter profit of $438 million, excluding special items, up from $372 million a year earlier. It earned 75 cents per share, topping the Wall Street consensus projection of 74 cents, according to Thomson I/B/E/S.

Unit costs rose modestly by 0.1 percent year over year. In the current quarter, Southwest expects a 1 percent to 2 percent increase in unit costs, excluding fuel and some items.


Southwest has been under intense scrutiny in the days since an engine on one of its Boeing 737 jets blew apart during a flight last Tuesday, killing one of 149 people aboard and raising concerns about the safety of similar engines.

“It remains a somber time for the Southwest Family following the Flight 1380 accident,” Chief Executive Officer Gary Kelly said in a statement. “We continue to cooperate with the National Transportation Safety Board’s thorough investigation to understand the cause of the accident.”

The incident marked the first fatality on a U.S. commercial passenger airline since 2009.

Over the next month Southwest will be inspecting other CFM56-7B engines, the model involved in last week’s accident. The engine is manufactured by CFM International, a joint venture of General Electric and France’s Safran.

It was not immediately known how much Southwest will record in expenses related to the engine blowout over the next several months.

The carrier included a preliminary estimate in its second-quarter unit cost outlook of an increase of 1 percent to 2 percent, also including some pressure from employee wa,上海夜生活Lance,ge and benefit increases.

Southwest has sent $5,000 checks to passengers of the April 17 flight and canceled dozens of other flights in an effort to voluntarily ramp up engine inspections. [nL1N1S1012]

As of Thursday, Southwest CEO Kelly said in an interview with CNBC, the airline had inspected more than 80 percent of its fleet. Kelly said the airline plans to conclude inspections by,上海021夜网Larissa, the end of May.

Before last week’s episode, Southwest said it had inspected about 17,000 of its engine fan blades, and has since completed inspections of about 8,500 more.


Southwest’s quarterly results reflect the impact of a fierce pricing battle it is embroiled in with rival U.S. carrier United Airlines UAL.N over primary control of some key hubs.

“We’ve been competing very aggressively and we will continue to do that,” Southwest President Tom Nealon said on the carrier’s first-quarter earnings call.

“We are well prepared to compete. And we will succeed financially.”

In the first quarter, Southwest’s average passenger fares fell by 4.9 percent to $146.33.

The Dow Jones U.S. Airlines Index .DJUSAR was down 2.18 percent on Thursday, hurt in part by Southwest’s and competitor ,上海夜网官方网站Landon,American Airlines’s (LUV.N) results. The index has shed 11.31 percent this year.

Written by shyw on June 11, 2019 Categories: dfzakfsw Tags: , , ,

Stocks drop on cost worry; U.S. 10-year yields top 3 percent

NEW YORK ( ) – A gauge of world stocks tumbled on Tuesday, erasing early gains as U.S. bond yields scaled the 3 percent threshold for the first time in four years, while oil prices reversed course after climbing above the $75 per barrel mark.

Equities in Europe hit session lows bef上海夜生活网ore closing near the unchanged mark and U.S. stocks began to retreat after the U.S. 10-year Treasury yield crossed the 3 percent mark to a high of 3.003 percent, its highest since January 2014. In addition, the two-year yield US2YT=RR touched 2.5 percent for the first time since September 2008.

Benchmark 10-year notes US10YT=RR last fell 6/32 in price to yield 2.9958 percent, up from 2.973 percent late on Monday.

The move higher in yields sapped the appetite for stocks, which initially rose on a strong batch of earnings from Verizon (VZ.N) and Caterpillar (CAT.N). Rising bond yields provide more competition for stocks, especially those with high dividend yields.

“These higher Treasury yields are providing competition with riskier fixed income products and things like REITs and dividend-producing stocks,” said Bill Northey, senior vice president with U.S. Bank Wealth Management in Helena, Montana.

The bond market sell-off since late last week stemmed from inflation worries caused by rising comm,上海夜玩网论坛Gabriella,odity prices and growing Treasury debt supply, as well as bets the Federal Reserve would raise key borrowing costs further, analysts said.

Higher commodity prices also pose a risk for equities, with Caterpillar share,上海夜生活去哪玩Gabriel,s reversing course and last down 6.2 percent after the heavy equipment maker forecast increases in material expenditures due to rising steel prices.

“There are factors that are adding to infl,上海会所夜网Cain,ation pressure like a tightening labor market, trade tension and rising commodity prices,” Northey said.

The pan-European FTSEurofirst 300 index .FTEU3 rose 0.03 percent and MSCI’s gauge of stocks across the globe .MIWD00000PUS shed 0.64 percent.

MSCI’s index is on track for its fourth straight decline, its longest losing streak in a month.

Wall Street was also weighed down by a 4.77 percent drop in Google parent Alphabet (GOOGL.O) as strong growth in ad sales on search and YouTube were not enough to offset a surge in costs.

The Dow Jones Industrial Average .DJI fell 424.56 points, or 1.74 percent, to 24,024.13, the S&P 500 .SPX lost 35.73 points, or 1.34 percent, to 2,634.56 and the Nasdaq Composite .IXIC dropped 121.25 points, or 1.7 percent, to 7,007.35.

The Dow has fallen for five straight sessions, its longest losing streak since an eight-day skid in March 2017.

Despite the disappointing outlooks, U.S. corporate earnings have gotten off to the strong start that was widely anticipated, with the expected growth rate for the quarter currently at 21.1 percent, according to Thomson data. Of the 118 companies in the S&P 500 that have reported through Tuesday morning, 77.1 percent have topped expectations.

After climbing above $75 a barrel LCOc1 to their highest since November 2014, Brent crude oil prices, the global benchmark, and U.S. crude prices were lower as concerns over the possibility that the United States might reinstate sanctions against Iran faded.

U.S. crude CLcv1 settled down 1.37 percent at $67.70 per barrel and Brent LCOcv1 was last at $73.86, down 1.14 percent on the day.

Herbalife prepared secret report to get into Ackman’s thinking: book

NEW YORK ( ) – Herbalife Ltd. (HLF.N) commissioned a secret report to understand what made activist investor William Ackman tick as he accused the company of being a fraud and bet its share price would collapse to zero, a new book shows.

Nearly two years after Ackman first began researching his $1 billion short-bet against Herbalife, the nutrition company paid $100,000 in 2014 for a 30-page dossier to help management understand and then react to its adversary, television journalist Scott Wapner wrote.

Ackman alleged in public presentations that the company was running an illegal pyramid scheme where members were paid more to recruit new people than for selling the actual product and said many times that the stock price would tumble to zero once the government investigated. Herbalife denied the allegations and its share price traded at $102.37 on Tuesday. ,上海夜网后花园Eason,

Wapner’s book “When the Wolves Bite; Two Billionaires, One Company, and an Epic Wall Street Battle” is being published on Tuesday. The e,上海夜生活网419Hadleigh,xistence of the dossier had not been previously reported. Herbalife did not respond to a request for comment and a spokesman for Ackman declined to comment.

Ackman is described in the dossier as being “fiercely competitive,” “extremely smart,” and “aggressive and competitive in all things,” Wapner writes, quoting the report. Ackman “believes he is in the right and stubbornly, inflexibly, sticks to his positions,” Wapner adds, quoting the report.

The battle over Herbalife’s future pitted Ackman, who runs $8.2 billion Pershing Square Capital Management, against Wall Street rivals including Carl Icahn, who bought a big stake in the company in 2013, making it one of Wall Street’s most expensive and enduri,上海夜生活服务Eason,ng fights.

Forensic psychiatrist Park Dietz relied on media reports and television clips to compile the dossier and did not interview his subject directly, Wapner wrote.

Ackman exited the Herbalife short bet this year, ending his six-year long mission. While Ackman lost mo上海夜生活ney on the bet, the Federal Trade Commission investigated Herbalife and settled with the company in July 2016. Herbalife paid $200 million to compensate consumers who had been deceived into believing they could earn “substantial money” by selling Herbalife products, and the company was forced by the FTC to restructure its business.

German region ready to help Opel, but won’t be blackmailed: premier

BERLIN ( ) – The German state of Thuringia is ready to offer assistance to carmaker Opel in order to keep the region’s Eisenach plant open, state premier Bodo Ramelow told on Monday.

The state could help with energy costs and property, he said, but added that it would only lend assistance if wage bargaining parties returned to the negotiating table.

It is unacceptable to use investment decisions to put the state of Thuringia “virtually under threat of blackmail”, Ramelow said.

Of the three states in which Opel produces in Germany, he added: “The three states won’t allow themselves to be divided.”

France’s PSA Group last year paid General Motors $2.6 billion for loss-making Opel and British sister brand Vauxhall and is now seeking to make savings.

Opel needs to cut personnel costs by up to 25 percent to make German sites competitive, Chief Executive Michael Lohscheller told German weekly Bilanz.

Any investment in the German sites is conditional upon them beco,上海夜生活Hallie,ming competitive. Opel has no plans t上海夜生活o shut down a German factory and will honor existing collective wage bargaining agreements, Lohscheller told the magazine.

In a separate interview with Automobilwoche, Lohscheller said it would not be able to start production of a new model in Germany in the first half of 2018 because there was no settlement with labor representatives about how to make German sites more competitive.

Th,夜上海论坛Jacklyn,e German carmaker group’s German works council on Monday insisted that Opel management was not honoring,上海夜网后花园Jack, their side of the bargain.

“Lohscheller should tell the truth. The tariff agreements are not being adhered to in the product and project plans for factories and engineering,” the companies works council said in a statement on Monday.

U.S. judge approves gun maker Remington’s bankruptcy plan

NEW YORK ( ) – Weapons manufacturer Remington Outdoor Com,上海夜网Larissa,pany Inc won approval for its bankruptcy plan on Wednesday, paving the way for the company to slash debt, boost its cash position and better weather the uncertain climate for firearms in the United States.

Remington filed for bankruptcy in March with a deal in hand to cut its debt by about $775 million, a little more than one month after a school shooting in Parkland, Florida.

The shooting sparked protests and a wave of retailers and corporations to limit sales and transactions relating to firearms. Mass discounter Walmart Inc (WMT.N), which Remington is reliant on for sales, said it would stop selling guns to people under 21 years old.

Remington will exit bankruptcy as soon as this month, with some of its creditors, including JPMorgan Chase & Co(JPM.N) and Franklin Advisors, taking ownership stakes in the company in exchange for forgiving debt. Cerberus Capital Management L.P., Remington’s current private equity owner, will give up its equity in the restructuring.

The company confirmed in a statement that its expects to emerge from bankruptcy before the end of May.

Remington will then have a new Asset Based Loan (ABL) facility of $193 million, the proceeds o,上海新夜网龙凤Cain,f which will refinance the existing ABL facility in full.

“I’m satisfied there’s sufficient creditor support to win confirmation,” Judge Brendan Shannon said in U.S. Bankruptcy Court for the District of Delaware. Remington filed a so-called pre-packaged bankruptcy, meaning it had largely won the support of its creditors before it filed in court.

Remington’s creditor committee, compos上海夜生活论坛ed of a representative for its pension and plaintiffs in cases against the company for gun injuries and deaths, supported the bankruptcy plan, an attorney for the group told Shannon.

“I want to especially thank our dedicated employees spread across the United States that have remained focused on Remington throughout this process” said Chief Executive Anthony Acitelli.

The company’s bankruptcy plan allows for lawsuits against it to continue, including one filed by the families of the victims of the Sandy Hook, Connecticut, school shooting. One of its rifles was used in the 2012 shooting.

Gun sales fell after President Donald Trump was elected because firear,上海夜生活论坛Naia,m enthusiasts were no longer worried about increased regulation. That dynamic led in part to Remington’s bankruptcy filing.

Written by shyw on February 20, 2019 Categories: dfzakfsw Tags: , , ,

Volatile ruble encourages McDonald’s to cook up Russian fries

LIPETSK, Russia ( ) – French fries at McDonald’s restaurants from Moscow to Murmansk will be Russian from now on, as the American fast-food chain turns to homegrown potatoes to deal with rouble volatility caused by fluctuating oil prices and Western sanctions.

McDonald’s Corp (MCD.N), which opened in Russia in 1990 as the Soviet Union collapsed, has been gradually turning to local ingredients in its Russi,上海夜生活Gabrielle,an outlets for everything from Big Macs to chicken burgers since it opened its doors there.

But till now it had relied on frozen French fries from the Netherlands and Poland as Russian spuds weren’t quite right.

“There was no potato which would suit us in terms of quality – color, taste, size – these are all the details that are important for us,” Khamzat Khasbulatov, chairman of McDonald’s Russia, told .

The firm had worked on a project to use local potatoes in 2011 but the plan fell through when European financing was frozen in a row over Ru上海夜网ssia’s annexation of Crimea in 2014. The rouble has gyrated since then with oil price swings and due to Western sanctions.

“The ruble’s volatility was one of the major components of our interest in localization,” Khas,上海夜生活去哪玩Barney,bulatov said.

Now a new plant near Lipetsk, a city 450 km (280 miles) south of Moscow, using potatoes grown on local farms will supply frozen fries to the chain of 651 outlets across Russia under a long-term contract, raising the share of the chain’s locally sourced products to 98 percent.

“This gives us the possibility to continue our development in a more stable way,” the chairman said. “It minimizes the risks connected to customs and administrative decisions, and guarantees stable, predictable prices in rubles.”

The plant, worth 8.7 billion rubles, was built jointly by Russian agricultural group Belaya Dacha and the Netherlands-based Lamb Weston Meijer, both long-time partners of McDonald’s.

The factory has capacity to process 200,000 tonnes of potatoes a year, washing, cutting and freezing the vegetables.

The rouble has recovered some ground as the price of oil, a major revenue earner for Russia, has risen from a low in 2016.

Russia’s response to Western sanctions included a 2014 ban on a range of Western food imports.

“Sanctions as well as counter sanctions not only affect ou,上海仙霞路夜生活Lark,r company but the whole industry and the economy,” said Khasbulatov, whose firm has 50,000 Russian employees and more than 160 domestic suppliers.

“But in any case we continue our development, continue to build new restaurants and modernize existing ones,” he said, adding that firm opened 41 restaurants in Russia in 2017.

Written by shyw on January 26, 2019 Categories: dfzakfsw Tags: , , ,

Netflix shares hit record as more subscribers sign up

( ) – Shares of Netflix Inc (NFLX.O) hit a life-time high on Tuesday after the online video streaming service reported a rise in subscriber additions for the fourth straight quarter.

The stock was up 9.2 percent at $336.11, getting an extra boost after at least 12 brokerages raised their price targets. JP Morgan was the most bullish, pushing its target to $385.

“Netflix’s content strength and the global, secular shift to internet entertainment are driving subscriber upside,” JP Morgan analyst Doug Anmuth wrote in a note.

The company’s market cap touched almost $146 billion at the stock’s intra-day high. The shares have gained around 60 percent this year to become the top performer on the S&P 500 index .SPX.

Netflix added 1.96 million subscribers in the United States in the first quarter compared with 1.42 million a year earlier. It added 5.46 million subscribers in its international markets compared with 3.53 million last year. Both figures in the latest quarter came in above analysts’ average estimate.

“We believe the breadth of Netflix’s content offering is paying dramatic dividends in terms of subscriber adds and retention,” RBC Capital Markets analyst Mark Mahaney wrote.

Netflix plans to invest around $8 billion on content this year.

Although Netflix is ahead of its peers, it faces stiff competition from Hulu, Apple Inc (AAPL.O) and Amazon.com Inc’s (AMZN.O) prime video. They have all been investing heavily to strengthen content, leading to price increases.

In January, Amazon raised the monthly fee for the U.S. version of its fast-shipping and video-streaming service Amazon Prime by $2. Netflix raised the price of some its plans in the U.S. and Europe last October.

The push for original content also comes at another price for Netflix as Walt Disney Co (DIS.N) said it will stop providing new movies to t上海夜生活网he company starting in 2019, and plans to launch its own streaming service.

Analysts said Netflix was also benefiting from its wide range of agreements with wireless carriers and internet service providers, who are bundling Netflix streaming into their service offerings.

In the Uni,上海高端夜生活在那里Barbara,ted States, T-Mobile (TMUS.O), Verizon FiOS (VZ.N), Altice USA’s (ATUS.N,上海夜网官方网站Eden,) Cablevision, Cox Communications and Comcast Corp (CMCSA.O) offers Netflix subscriptions. Netflix has similar deals with Proximus (PROX.BR) in Belgium and SFR Altice in France.

“While these offerings so far are most prevalent in mature markets, leading to a lower Netflix average selling price and also lower churn, partnerships could also become more important in emerging markets,” Canaccord Genuity analyst Michael,上海夜生活Hal, Graham said.

Out of the 46 analysts that cover Netflix’s stock, 26 rate it at “buy” or higher, 17 at “hold” and 3 at “sell” or lower.

U.S. committed to bringing American hostages home -Obama

WASHINGTON ( ) – U.S. President Barack Obama on Friday said the United States remains committed to bringing home Americans held captive overseas and helping their families, a year after the administration promised to overhaul its handling of hostage situations.

“We will not stop until we can bring our fellow citizens back to their families,” Obama said in a statement on the anniversary of the White House’s policy review.

Obama specifically named journalist Austi,上海高端夜生活在那里Fabiana,n Tice who disappeared in Syria in 2012, Caitlan Coleman held in Afghanistan, and retired FBI agent Robert Levinson, who went missing in Iran more than nine years ago.

Ea,上海足浴夜网联系方式Cain,rlier,上海夜玩网论坛Talon, this week, the families of four Americans killed by Islamic State urged Obama to do everything possible to bring home Tice, the only U.S. journalist known to be held in war-torn Syria.

The parents of the slain hostages criticized Obama for not personally naming Tice in his remarks at this year’s White House Correspondents’ Association Dinner when Obama said that he would “fight for the release of American hostages上海夜生活论坛 held against their will.”

They said Tice’s return would be a test of the of the success of the administration’s new policy.

The White House undertook a six-month review of its hostage policies after complaints from families that their initiatives to free relatives captured abroad had been discouraged and sometimes blocked by government officials.

As part of the overhaul, Obama named James O’Brien special presidential envoy for hostage affairs at the State Department to help coordinate the efforts of law enforcement and diplomats.

“But I know our work will not be done until our fellow Americans who are held against their will, and whose families mark their calendars by the days since they’ve held their loved ones, are reunited,” Obama said.

Comcast backs Sky bid with 23 billion pounds of loans

LONDON (LPC) – US cable operator Comcast Corp CMSA.O said on Wednesday that it is backing its offer for Sky Plc SKYB.L with £23bn (US$32.06bn) of loans.

The financing was arranged by Bank of America Merrill Lynch as administrative agent and Wells Fargo as syndication agent, both banks acting as joint lead arrangers and joint bookrunners.

There is an up to £16bn 364-day unsecured bridge loan and an up to £7bn of unsecured term loans.

The bridge loan is expected to be replaced, in whole or in part, by senior unsecured bonds in a public of上海夜网fering or private placement.

The bridge loan pays a margin tied to ratings stepping up over time, ranging from 75bp to 200bp over Libor.

BAML committed £2.8bn of the bridge loan while Wells Fargo committed £2.08bn.

Credit Suisse, Mizuho Bank, MUFG and SMBC each committed £1.44bn, while BNP Paribas, RBC and TD Bank each committed £880m.

Commerzbank, DNB, Societe Generale, PNC Bank and US Bank each committed £544m.

The term loans, which are available in US dollars and sterling, comprise a £3bn three-year loan and a £4bn five-year loan.

Pricing on the term loans is also tied to ratings wit,上海仙霞路夜生活Earl,h the three-year facility paying between 62.5bp and 112.5bp over L,夜上海论坛Fabi,ibor and the five-year facility paying between 75bp and 125bp over Libor.

BAML committed £1.225bn to the term loans, while Wells Fargo committed £910m.

Credit Suisse, Mizuho Bank, MUFG and SMBC each committed £630m, while BNP Paribas, RBC and TD Bank each committed £385m.

Commerzbank, DNB, Societe Generale, PNC Bank and US Bank each committed £238m.

Comcast’s £12.50 per share offer represents a premium of around 16% over a rival offer from Twenty-First Century Fox (FOXA.O), valuing Sky at around £22bn.

Sky withdrew its recommendation for Fox’s bid on Wednesday and will now engage with both Comcast and Fox over the potential takeover.

($1 = 0.7174 p,上海夜生活去哪玩Dahlia,ounds)

Germany wants permanent U.S. tariffs exemption, deeper trade ties

BERLIN ( ) – Germany has taken note of U.S. President Donald Trump’s decision to postpone the i,上海夜生活乌托邦Idris,mposition of steel and alumin,上海夜生活网419Sabrina,um tariffs on the European Union and, in principle, still expects a permanent exemption, deputy government spokeswoman Martina Fietz s,上海夜生活桑拿会所Jace,aid.

“Neither the European Union nor the United States can have an interest in an escalation (in tensions) in trade relations,” Fietz added in a statement. “Rather, both the U.S. and the EU would benefit from further deepening trade relations.”

“It is particularly important that the European Union has sought talks with the United States and will continue to do so.”

The White House said on Monday Trump had postponed the imposition of steel and aluminum tariffs on Canada, the EU and Mexico until June 1, and reached上海夜生活 agreements for permanent exemptions for Argentina, Australia and Brazil.

The president of Germany’s DIHK Chambers of Commerce and Industry, Eric Schweitzer, said: “The extended respite offers the opportunity to defuse the trade conflict.

“The current situation shows that we need a fresh start for a comprehensive, transatlantic trade agreement,” he added in a statement.

On Monday, German Economy Minister Peter Altmaier said he saw little chance of reviving the stalled U.S.-European trade deal known as the Transatlantic Trade and Investment Partnership (TTIP). “A new edition of TTIP is not realistic now,” he said.

Trump’s opposition to trade deals fuels internal party opposition

WASHINGTON ( ) – Presidential candidate Donald Trump on Wednesday lashed out at the U.S. Chamber of Commerce’s scathing criticism of his stance on trade, highlighting divisions within the Republican Party that threaten unity ahead of the Nov. 8 elec,上海夜网推油Octavien,tion.

At a campaign rally in Maine on Wednesday, Trump called the nation’s largest business association “controlled totally by various groups of people who don’t care about you whatsoever.”

He said new trade deals should be negotiated because foreign countries are taking advantage of America.

“Every country that we do business with us look at us as the stupid people with the penny bank,” Trump said Wednesday at the rally in Bangor, Maine.

The Washington-based lobbying group, which represents the United States’ largest companies and business interests, is typically a reliable backer of Republican policies.

But on Tuesday it took issue with Trump’s vocal opposition to trade deals, calling his proposals “dangerous” ideas that would push the United States into another recession.

Trump said the Chamber’s argument that his policies would cause a trade war were incorrect because the United States was already at a deficit.

“We’re already losing the trade war, we lost the trade war,” Trump said. “Nothing can happen worse than is happening now.”

In speeches on Tuesday, Trump called for renegotiating or scrapping the North American Free Trade Agreement (NAFTA) with Canada and Mexico, calling it a job killer, and reiterated opposition to the pending Trans-Pacific Partnership among the United States and 11 other Pacific Rim countries. He also lambasted China’s trade and currency policies.

The Chamber has consistent上海夜生活论坛ly backed trade deals.

The public squabbling between the presumptive Republican nominee and the business group was unusual, one of a series of reminders that Trump still struggles to unite his party behind his campaign. The Republicans and many business leaders tend to share policy goals and work in lockstep, and many business leaders have traditionally been big donors to Republican candidates.

So far, the Chamber’s political action committee has donated $134,000 to federal candidates or their committees, with $127,500 of that total going to Republicans, according to U.S. government campaign finance records.

Billionaire Republican donor Paul Singer, who bankrolled an effort to try to defeat Trump during the campaign’s nominating phase, said on Wednesday that a Trump presidency and his trade positions would almost certainly lead to a global ,上海夜哪里艳遇Daisy,depression.

“The most impactful of the economic policies that I recall him coming out for are these anti-trade policies,” Singer said during a panel discussion at the Aspen Ideas Festival in Colorado, according to CNBC.

But opposing trade deals has proven a winning strategy for Trump among voters concerned about the loss of manufacturing jobs.

Art Laffer, an economic adviser to President Ronald Reagan who supports Trump, said he did not like the tone of Trump’s speech on Tuesday but thought it was an improvement over his past comments on trade.

“It’s not terribly alarming to me,” Laffer said. “I didn’t see any 45 percent tariffs across the board. …

“I saw negotiating better trade deals rather than throwing away all the trade deals we have now. He points out the flaws in these trades, and that’s all true,” Laffer said. “I don’t like the tone of it, but I dislike the tone less today than I did three weeks ago.”

Peter Navarro, a Trump trade policy adviser, defended the candidate’s position.

“Here’s the central point to understand: The White House has been utterly and completely soft on China’s illegal trade practices,” said Navarro, a professor at the University of California, Irvine. “The status quo is the worst of all possible worlds for the United States.”

Trump also took fire from for his positions on trade from Democrats.

In a call organized by rival Hillary Clinton’s presidential campaign, U.S. Senator Mark Warner of Virginia, a former businessman and tech entrepreneur, said that while the country needed to do a better job protecting workers, more resources should be put into training them for a new economy.

He also noted that it was unusual to see a Republican standard-bearer and the Chamber divide.

“You’ve really got a special circumstance when the U.S. Chamber of Commerce” responded to Trump’s e,上海夜生活桑拿会所Barney,conomic plan with a “full-fledged onslaught,” Warner said. “No one could have predicted this kind of election season.”

Clinton held no public campaign events on Wednesday but did announce she would appear next week with President Barack Obama, the first time this year that he and his former Secretary of State have campaigned together.

Salesforce announces $2.2 billion French investment as Macron meets…

PARIS ( ) – U.S. software company Salesforce (CRM.N) will invest more than $2.2 billion in its French business over the next five years, it said on Tuesday, in another sign of America Inc’s new love affair with France since President Emmanuel Macron’s election.

The investment comes as Macron began a state visit to Washington, becoming the first foreign leader to be given the honor by U.S. President Donald Trump.

“In the context of his state visit to the United States, Salesforce announced to President Macron an investment of more than $2.2 billion in the company’s French business over the next five years,” Salesforce said in a statement.

A survey by the American Chamber ,上海会所夜网Nala,of Commerce last November showed that the election of Macron, who has pledged reforms to boost the French economy and help businesses, had,上海凤楼夜网Lake, caused American investors to上海夜生活 take a more positive view on France, with many planning to expand.

Salesforce said it was experiencing rapid growth in France and planned to significantly increase its headcount, real estate footprint and data center capacity.

The announcement follows similar decisions to invest in France by U.S. multinationals such as Google (GOOGL.O), Facebook (FB.O) and General Mills (GIS.N).

Macron, a former investment banker, and his government are pushing through social and economic reforms to re-shape the French economy and restore France’s image among investors.

He has already made hiring and firing easier by easing labor regulation,上海夜玩网论坛Larissa,s, slashed a wealth tax, introduced a flat 30 percent tax rate on capital income and scrapped the highest bracket of payroll tax for banks.

Written by shyw on September 23, 2018 Categories: dfzakfsw Tags: , , ,

ZTE tells suppliers China trade row may be factor in U.S. ban: source

NEW YORK ( ) – China’s ZTE Corp (000063.SZ) held a conference call on Wednesday with major suppliers, during which a company representative suggested the trade dispute with Beijing may have been a factor in last week’s U.S. order banning American firms from selling goods to the smartphone maker, according to a person familiar with the call.

The Commerce Department last week banned American firms from doing business with ZTE after the company viola上海夜网ted an agreement reached after it was caught selling U.S. goods to Iran despite U.S. sanctions.

The ZTE representative on the call said it would be naive to think the ban was ordered in “a vacuum” and was assumed to be connected to the U.S.-China trade war, the person said.

The U.S. has threatened to impose tariffs on up to $150 billion of Chinese imports, prompting Beijing to warn that it would retaliate if Washington pushes ahead. The U.S. also has taken actions aimed at reducing access to the U.S. by ZTE and Chinese tech company Huawei Technologies Co Ltd [HWT.UL] amid allegations the companies could be using their technology to spy on Americans.


In response to a request for comment, U.S. Commerce Secretary Wilbur Ross said late Wednesday that the order was “a law enforcement matter unrelated to broader trade policy,” according to a statement provided by a spokesman.

The conference call took place between ZTE and more than a dozen members of the Semiconductor Industry Association, the person said.

“It was a factual update on what happened, what they’ve done since the order was put in place, and what they’re doing to remedy the situation,” a Semiconductor Industry Association spokesman said. “There was no discussion of helping ZTE advocate before the U.S. government.”

U.S. companies are estimated to provide 25 percent to 30 percent of the components used in Z,上海新夜网龙凤Idaline,TE’s equipment, which includes smartphones and gear to build telecommunications networks.

Chipmaker Qualcomm Inc (QCOM.O), which is one of ZTE’s top suppliers, said on Wednesday the loss of ZTE’s business will hurt its third quarter earnings. Canalys, a technology consultancy, estimated that 65 percent of ZTE phones contain Qualcomm chips.

It is not known whether a Qualcomm representative was on the ZTE call and the company declined to comment. A ZTE spokesman did not immediately respond to a request for comment. 

Aside from Qualcomm, ZTE’s other major business partners include Alphabet Inc’s (GOOGL.O) Google, Texas Instruments Inc (TXN.O) and GlobalFoundries [CSMF.UL].


ZTE also sent a letter to its business partners on Wednesday, explaining why it believes the seven-year ban was a “drastic action” out of proportion to its misconduct.

According to a copy of the letter obtained by , ZTE said the order should be “very concerning to all,” since it took effect without warning to the industry, without waiting for the results of an independent internal investigation due at the end of the month, and without recognition for all the improvements in its export compliance program.  

ZTE invested over $50 million in 2017 in improving its compliance program and planned to increase that spending this year, the letter says.

The Commerce Department ban was ignited when ZTE admitted in March that while it had fired four senior employees, it had not disciplined or reduced bonuses to 35 others when it said it had.

In the letter, ZTE said that once it confirmed the employee bonuses were not reduced and reprimands not completed, it disclosed the information and took “immediate remedial action.” 

The order “sends the wrong message” to other companies who may be considering settling with the Commerce Department over export control issues, ZTE said.  

It said it was committed to complying with the order and U.S. export control regulations “while seeking a resolution to the matter on all available fronts and with the support of many of our business partners.”

(This version of the story was refiled to correct na,夜上海419龙凤论坛Daisy,me of company in 16th paragraph)

Written by shyw on August 14, 2018 Categories: dfzakfsw Tags: , ,

Musk’s ‘no new capital’ promise faces scrutiny when Tesla reports…

SAN FRANCISCO ( ) – Investors are accustomed to the bold promises of Tesla Inc’s (TSLA.O) Elon Musk, but his assertion that the electric vehicle maker will not need more funds this year has many scratching their heads. How can the chief executive deliver on his many goals without a fresh infusion of outside cash?

The California-based Tesla faces a crucial time in its 15-year history. Production setbacks with its new Model 3 – the hotly anticipated sedan Tesla vowed would push electric vehicles into the mainstream – have cast a shadow over Musk’s promises and judgment. A host of new projects in the pipeline, from a semi truck to an SUV, now appear to some analysts as expensive, time-consuming distractions, even as rival automakers come to market with their own electric offerings.

A capital raise would raise alarm bells with investors as the company continues to burn money. Tesla reports first-quarter results on May 2.

Understanding Musk’s bullish prediction is a complex accounting exercise that relies on multiple best-case scenarios. These include: building a promised 5,000 Model 3 sedans per week by the end of the second quarter; curtailing or deferring high spending that added up to $3.4 billion in capital ex,上海足浴夜网联系方式Kai,penditures in 2017; and improving gross margins.

The dearth of information about Tesla’s multiple capital-intensive projects – from the Model Y crossover this year, the partially built battery Gigafactory in Nevada, and the Semi truck and Roadster, forecast to begin production in 2019 and 2020 – complicat上海夜生活网es the task.

“There are a lot of moving parts there,” Andrew Walker of Rangeley Capital, which holds a small short po,上海夜生活网419Quay,sition in Tesla, said on Wednesday. “It’s just so many questions and such a black box, it’s very difficult to determine going forward.” Shorts bet that a share price will fall.

Tesla shares were up 1 percent at $283.67 on Thursday afternoon. Its shares have fallen over 9 percent so far this year.

UBS analyst Colin Langan has estimated that Tesla – which ended 2017 with $,上海晚上耍女人的地方Caden,3.37 billion in cash – could fall below a cushion of $1 billion at the end of June due to estimated negative free cash flow of $1.6 billion in the first half of the year. Some, like Bernstein, put that estimate higher, at negative $1.8 billion.

Subtracting another $1.2 billion for 2018 debt refinancing and accrued liabilities reduces Tesla’s cash level to $600 million, UBS calculates. Using a more bullish free cash flow model, such as Morgan Stanley’s first-half estimate of negative $880 million, Tesla would still hover just above the cushion, at $1.3 billion.

“Tesla may not ‘need’ to raise funds, but many investors expect that the company will very much ‘want’ to,” wrote Morgan Stanley’s Adam Jonas in a note published last week.

Much hinges on efficient, volume production of the Model 3 along with tight spending control.

Tesla aims to build 3,000-4,000 Model 3s per week next month, up from more than 2,000 Model 3s today, and to increase production to 5,000 by the end of the second quarter.

Building 5,000 Model 3s per week priced at $44,000 would yield revenue of $2.64 billion per quarter, although efficiency determines how much of that trickles down to the bottom line.

But those calculations may be moot. Morgan Stanley’s Jonas noted that “no investor that we have spoken to expects Model 3 production of 5k/week by the end of 2Q’18.”


Tesla has repeatedly underestimated its capital requirements and has raised money, whether through equity or debt, even after claiming it had no need to do so.

“The company’s financial predictions may be losing credibility within the financial community,” wrote Cowen & Co analyst Jeffrey Osborne in a note to clients earlier this month.

Since March, short interest in the stock has risen sharply to 30 percent of float, or shares available for trading.

Currently, analysts, on average, predict Tesla will not reach profitability on a non-GAAP basis until the first quarter of 2019. According to Thomson data, analysts see adjusted losses of $217.6 million and $40.1 million in the third and fourth quarters, respectively, after revising estimates downward to twice the losses they expected at the end of 2017.

They expect, on average, negative cash flow of $125 million and $67 million in the third and fourth quarters.

Other one-off factors influencing profit include the sale of zero emission vehicle (ZEV) credits or deposits from Model Y customers. Musk’s recent admission that he erred in adding too much automation into the Model 3 assembly line could also prove an expensive mistake to unwind.

The Model 3 targets a 25 percent gross margin when fully ramped, but with production line stoppages and the need to hire 400 more hourly workers, the vehicle’s negative margins today could be further pressured in the short-term.

With all that in mind, a 2018 capital raise, according to UBS’s Langan, is “a question of when, not if.”