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Investors look to Apple’s cash, services as iPhone sales seen stalling

( ) – Apple Inc’s (AAPL.O) multi-hundred billion cash stockpile and stalling growth in services such as iCloud present an opportunity and a concern that some investors hope will be addressed in the company’s quarterly earnings report on Tuesday.

The iPhone is by far the biggest product from Apple, accounting for more than 60 percent of its revenue last year, but Chief Executive Tim Cook and other executives have targeted services as a path to growth.

Disappointing forecasts from the iPhone supply chain have lowered expectations for unit sales.

Analysts such as Bernstein’s Toni Sacconaghi estimate as few as 51 million handsets were sold in the fiscal second quarter, versus Wall Street expectations of 54 million phones, versus 50.7 million in the year-ago period. Overall, Wall Street has lowered its expectations for iPhone revenue from $39.7 billion on April 17 to $39.2 billion, according to an average of estimates from 17 analysts by Thomson .

Sacconaghi expects the iPhone business to dominate discussions of the results, but some investors think a better question is whether Apple can deliver on its plan to ramp up services revenue from Apple Music, iCloud and the App Store.

Related CoverageApple in charts before second-quarter earnings

“When people asked what Apple’s next big product was, we kept saying it was services for several years, but then last quarter it stalled. Apple is like an A student with a bad report card. We’re not going to throw them out of the house just yet, but we want to see上海夜生活论坛 that number pick back up,” said Trip Miller, managing partner at Gullan,上海晚上耍女人的地方Tallulah,e Capital Partners.

Miller, an Apple investor, wants Apple to use some of its cash to boost share repurchases and reinvest some in the services business. In February, Apple said that segment grew 18 percent to $8.4 billion, missing analyst expectations of $8.6 billion and down slightly from $8.,上海夜生活乌托邦Sabina,5 billion the quarter before.

Wall Street expects $8.4 billion in services revenue this quarter, according to a Thomson average of 17 analyst estimates.

Tom Plumb, founder of Wisconsin Capital Management and an Apple shareholder, said Apple should seek out recurring revenue in areas such as financial services. Apple could use the cash to bolster its Apple Pay product by buying a company like American Express Co (AXP.N) or making other investments to make consistent revenue off transactions.

“They’re seeing the maturing of this technology cycle. I’m afraid their mentality is, ‘Oh, we need another big product and cycle with opportunities like this one,’” Plumb said. “But what they really need is a recurring revenue model to participate in all these changes around the world.”

Hal Eddins, chief economist at Apple shareholder Capital Investment Counsel, said that many of the massive acquisition targets often tossed around as possibilities for Apple, such as Netflix Inc (NFLX.O) or Tesla Inc (TSLA.O), do not make sense from a valuation standpoint. This is because Apple would be paying a premium ,上海021夜网Falkner,relative to its own price-earnings ratio, which sits below overall market averages, he noted.

His request: an increase in Apple’s dividend, which lags those of other tech firms such as Intel Corp (INTC.O) or Cisco Systems Inc (CSCO.O).

New VW CEO vows integrity drive but investors unimpressed

BERLIN ( ) – Volkswagen’s (VOWG_p.DE) new chief executive on Thursday vowed to make the carma,上海夜玩网论坛Kaia,ker “more honest” as it fights to recover from 2015’s diesel emissions scandal, but its wary investors called for outside vetting of steps to restore its reputation.

Europe’s largest automaker will expand its internal whistleblower system and beef up compliance to prevent the misconduct that triggered the scandal, CEO Herbert Diess said.

“Volkswagen has to become more honest, more open, more truthful,” Diess said at VW’s annual shareholder meeting. Preventing future malfeasance “is the top priority for my colle,上海夜生活网交流Pamela,agues on the (management) board and for me personally.”

Former chief executive Matthias Mueller, who was ousted last month by the carmaker’s major shareholders, has said getting mid-level managers to adapt to the carmaker’s post-dieselgate drive to improve accountability was more difficult than thought.

“We have too long underestimated the value of a more open corporate culture that does not repress dissent but instead rewards it,” Diess said.

Investors welcomed the planned changes but said home-grown steps alone would not suffice to credibly overhaul VW’s corporate culture.

Beyond a new code of conduct for employees and tighter rules for vehicle engineers, there has been “little tangible progress (at VW) that credibly shows to investors that changes to the corporate culture are advancing,” Michael Viehs of investment advisory firm Hermes EOS said.

“We therefore urgently recommend the supervisory board to carry out an independent assessment of corporate culture.”

Winfried Mathes of Deka Investment agreed.

“While the management board is getting the operating business back on course for the future, the company’s corporate governance remains in the stone age. We still believe that a genuinely new start also requires a really independent supervisory board chairman.”

Separately, Diess said VW had so far picked partners to provide battery cells and related technology worth around 40 billion euros ($48 billion) for its electric-car program, four-fifths of the planned volume of 50 billion euros.

The battery technology will be destined for Europe and China where VW sells 80 percent of its vehicles, while a supplier for North America has yet to be chosen, a source close to VW said.

VW’s huge battery buy contrasts with U.S. elect,上海夜生活Idris,ric-car pioneer Tesla’s (TSLA.O) struggle to convince investors it has enough cash to go the distance. Tesla on Wednesday posted its biggest-ever quarterly loss as it grappled with production issues on its Model 3 sedan.

Diess on Thursday renewed his call on the industry to step up talks about jointly making battery cells in Europe as peers are pushing their electric-vehicle lineups.

VW is still looking at whether to spin off assets such as motorcycle maker Ducati and transmissions maker Renk, Diess said, as the autos group strives to streamline its operations and become more efficient.

Under former CEO Matthias Mueller, attempts to slim down the group by selling Du上海夜网cati and Renk floundered amid opposition from labor leaders and the controlling Porsche and Piech families.

“For non-core businesses such as Ducati, Renk and (large engines unit) MAN Diesel & Turbo, we will draw up sustainable future plans,” Diess said.

The deliberations could lead to expanding those businesses and developing growth strategies, but spin-offs “are also conceivable”, he added.

Since the former BMW (BMWG.DE) executive took office on April 12, Volkswagen (VW) has announced steps to prepare its truck operations for a possible stock market listing and to reorganise its multiple car brands in an effort to boost synergies.

($1 = 0.8333 euros)

Written by shyw on August 15, 2019 Categories: gxxwaqxi Tags: , , ,

Porsche appeals against seizure of files in emissions raid

BERLI上海夜生活N ( ) – Porsche has appealed against the seizure of files by prosecutors during a raid last week on the sports car bra,上海夜生活群Hadleigh,nd’s premises related to inquiries into emissions manipulations, prosecutors said.

Prosecutors seized an unknown number of files at Porsche during searches carried out by around 160 officials on April 18 as part of an investigation into employees at the Volkswagen (VOWG_p.DE)-owned carmaker suspected of fraud and fraudulent advertising tied to manipulated emissions control systems of diesel passenger cars.

Porsche has appealed in full against the seizure and consequential inspection of the files, the prosecutor’s office in Porsche’s home town of Stuttgart said on Wednesday.

The second-largest contributor to Volkswagen group profit is the latest VW division to find itself in the cross-hairs of public prosecutors after VW admitted to cheating emissions tests in the United States in 2015 and related investigations that have since engulfed luxury brand Audi.

Last week, German police arrested t,上海夜生活服务Daisy,he head of powertrain development at Porsche and are holding him on remand on concerns he could try to destroy evidence or flee, a person familiar with the matter told .

A local court will now be tasked with deciding whether Stuttgart prosecutors are entitled to process the seized files, a spokesman for the prosecutors said, adding that Porsche has a right to lodge a complaint should the court uphold the seizure.

Porsche said the sheer quantum of files seized by the prosecutors which also included confidential data for the carmaker’s own lawyers and information irrelevant to the inquiries have caused it to file a blanket appeal against the seizures.

“The reason (for the appeal) is the large number of seized files that is making it impossible for Porsche to carry out an assessment in the short time available,” a spokesman said. “Porsche fully cooperates with the relevant authorities and takes an interest in clearing up the mat,上海新夜网龙凤Kailani,ter.”

OPEC April oil output hits year low on Venezuela slide: survey

LONDON ( ) – OPEC oil output fell in April to a one-year low due to declining production in Venezuela and lower shipments from African producers, a survey found, sending compliance with a supply-cutting deal to another record.

The Organization of the Petroleum Exporting Countries pumped 32.12 million barrels per day this month, the survey found, down 70,000 bpd from March. The April total is the lowest since April 2017, according to surveys.

OPEC is reducing output by about 1.2 million bpd as part of a deal with Russia and other non-OPEC producers to get rid of excess supply. The pact started in January 2017 and runs until the end of 2018.

Adherence by producers in the deal rose to 162 percent of agreed cuts from a revi,上海夜生活去哪玩Dalton,sed 161 percent in March, the survey found. There was, again, no sign that Saudi Arabia or other big producers had boosted output significantly to cash in on higher prices or to compensate for the Venezuelan decline.

“Thus, higher U.S. oil production is needed to plug the supply gap,” said Carsten Fritsch, analyst at Commerzbank, referring to the lack of extra barrels from other OPEC members to compensate for declines.

Oil has topped $75 a barrel LCOc1 this year for the first time since 2014, and was trading near $74 on Monday. Still, OPEC says supply restraints should be maintained to ensure the end of a glut that had built up since 2014.

In April, the biggest decrease in supply came from Venezuela, where the oil industry is starved of funds because of economic crisis. Output dropped to 1.50 million bpd in April, the survey found, a new long-term low.

Production in Angola, where natural declines at some fields are weighing on output, slipped and the country is pumping over 260,000 bpd less than its OPEC target. Nigerian exports, which have risen this year, slipped in April.

Production in Libya, which remains unstable due to unrest, edged lower after a suspected act of sabotage briefly stopped flows from Waha Oil Co.’s fields, industry sources said.

OPEC’s two largest producers, Saudi Arabia and Iraq, pumped slightly more but not enough to offset the declines elsewhere.

Output in top producer Saudi Arabia edged up due to higher exports, sources in the survey said, but remained below the kingdom’s OPEC target.

Iraq, the second-largest, pumped more because of an increase in exports from the south, the outlet for most of the country’s crude, despite maintenance at a loading terminal.

Output in the country holding the OPEC presidency this year, the United Arab Emirates, remained steady in April as it continues to show higher compliance than in 2017, sources close to the matter said. Kuwait also maintained full compliance.

Nigeria and Libya were originally exempt from cutting supply because their output had been curbed by conflict and unrest. For 2018, both told OPEC that output would not exceed 2017 levels.

OPEC has an implied production target for 2018 of 32.73 million bpd, based on cutbacks detai上海夜生活网led in late 2016 and taking into account changes of membership since,上海足浴夜网联系方式Ebba,, plus Nigeria and Libya’s expectations of 2018 output.

According to the survey, OPEC pumped about 610,00,夜上海419龙凤论坛Jace,0 bpd below this implied target in April, not least because of the involuntary declines in Venezuela and Angola.

The survey is based on shipping data provided by external sources, Thomson flows data and information provided by sources at oil companies, OPEC and consulting firms.

The big comeback: Hedge fund managers at Milken predict industry…

BEVERLY HILLS, Calif. ( ) – Hedge funds, following an extended period of low investor confidence and unspectacular returns, are poised to be great again, according to managers at a West Coast gathering of some of the world’s largest investors.

“If you define it as generating returns that aren’t commoditized, that aren’t easy, by doing things that others are constrained from doing, then $3 trillion is just way too small,” Andrew Feldstein, head of BlueMountain Capital Management LLC, said in reference to the current size of the overall hedge fund industry.

Ricky Sandler, another prominent hedge fund manager who leads $7 billion stock-focused Eminence Capital, said the opportunity to find alpha, or returns above market benchmarks, was as good as 15 or 20 years ago, a period known for double-digit investment gains.

“The opportunity is there,” Sandler said.

Dawn Fitzpatrick, chief investment officer of Soros Fund Management, the personal investment office of billionaire former hedge fund m,上海足浴夜网联系方式Quay,anager George Soros, was also positive on the industry and managers’ flexible approach to markets.

“As markets become more challenging, our skills will become more in favor,” Fitzpatrick said.

The comments came Tuesday on a panel at the Milken Institute Global Conference, a Wall Street-heavy event organized by financier-turned-philanthropist Michael Milken.

All the panelists predicted higher returns for hedge funds in the next few years, even if they lag the “late stage” bull market in the near term,上海会所夜网Hadley,.

Hedge funds have struggled in the post-financial crisis bull market as their relatively conservative investment approach and high fees – traditionally 2 percent of assets and 20 percent of profits – have underperformed simple index funds.

The average hedge fund, per data tracker Hedge Fund Research Inc, gained 6.6 percent in 2017 when weighted by assets, compared to a 21.8 percent gain for the S&P 500 Index, with dividends, and ,上海凤楼夜网Octavia,a 4.2 percent gain for the Barclays Capital Government/Credit Bond Index.

This year, the average hedge fund is up about 0.6 percent versus slight declines in the same stock and bond benchmarks.

While performance has generally lagged over the last decade, industry assets are at a record high. Hedge fund capital increased by $4.5 billion in the first quarter of 2018 to a record of $3.215 trillion, per HFR.

Dmitry Balyasny, another panelist who leads multi-strategy Balyasny Asset Management LP, predicted industry consolidation.

He said that $3 trillion was “way too much” for assets of hedge funds as they are traditionally understood, focused solely on finding alpha. But Balyasny added that hedge funds could still produce “a valuable return stream” with a more flexible definition of their purpose.

The Milken event’s hedge fund managers acknowledged that the industry was in evolution with declining fees and increasing specialization.

Fitzpatrick said that Soros had worked to outsource certain investment opportunities given its relative lack of expertise, such as giving money to niche managers who focus on China and biotechnology.

Feldstein said that BlueMountain上海夜生活网, which manages approximately $21 billion and is best known for credit-focused bets, has been building its capabilities in its quantitative investing, a hot hedge fund strategy that uses vast amounts of data and computer algorithms to inform market bets.

Sandler said that Eminence was also working to improve its use of quantitative science to inform stock bets and adding to its capability to short, or bet against, stocks.

“We’ve realized the world has changed and we have to keep building and evolving our firms,” Sandler said.

Coke warns of pain from UK sugar tax, U.S. freight costs

( ) – Coca-Cola Co (KO.N) said on Tuesday it would take a hit in the second quarter from the introduction of a British sugar tax on soft drinks and rising freight costs in the United States, overshadowing modestly better than forecast results for the first three months of 2018.

The somber forecast undid an initial rise in shares of the world’s biggest drinks ,上海夜网千花Barney,maker after it topped forecasts for revenue and profit, helped by a reboot of its Diet Coke brand that has introduced new flavors and cans.

The company said it had reformulated recipes and launched smaller packaging to ensure that two-thirds of its major brands would not be subject to the new tax, but Coca-Cola Classic, its top-selling U.K. brand, will still face the levy, which kicked in on April 6.

Company executives during a post-earnings call also cautioned that rising freight costs in North America, up 20 percent from a year earlier, would reduce revenue in the first half of the year.

“People assumed that Coke sold to bottlers, and so some didn’t realize how much exposure the company has on freight,” said Brittany Weissman, a consumer analyst with Edward Jones. “But they do distribute and are affected.”

U.S. packaged goods companies, already struggling with lower demand and price tensions with retailers, have recently begun flagging higher co上海夜生活mmodities and transportation costs.

A jump in volumes due to the timing of Easter holiday shipments and price cuts in North America helped Coca-Cola top first-quarter revenue estimate by $300 million.

Total volumes rose 3 percent in the first quarter, with growth in both sodas and teas and coffees driving much of the gains.

Organic sales, which e,夜上海419龙凤论坛Mace,xclude gains from acquisitions or divestitures, rose 5 percent in the quarter.

“While it’s good to see the underlying volumes improve, people are concerned on the pricing side, if those volumes are gaining at the expense of the price and mix,” said Weissman.

First quarter net revenue fell 16 percent to $7.63 billion, due to the divestment of its bottling operations, but beat analysts’ estimates of $7.34 billion.


Despite the strong results, Coca-Cola retained its full-year outlook for organic sales growth and earnings per share, which could also have disappointed investors, brokerage Macquarie said.

Excluding items, net profit of 47 cents per share beat consensus forecasts by 1 cent, the company said.

BRF shareholders with 1/3 stake agree on next board of directors

BRASILIA ( ) – Shareholders with a combined 32.8 percent stake in Brazilian food processor BRF SA (BRFS3.SA) have agreed to jointly vote for 10 new members of the board of directors, led by Pedro Parente as chairman, BRF said on Thursday in a filing.

Parente, chief executive officer of state-run oil firm Petrobras (PETR4.SA), on Wednesday ,上海夜生活网419Quay,accepted the invitation of the group to become chairman of BRF, opening the way for a swift resolution to the troubled company’s leadership dispute.

BRF shareholders will vote on the election of new board members on April 26.

Parente is a former CEO of agribusiness company Bunge Brasil and has proven to be a solid chief executive in the recovery of Petrobras. BRF shares jumped almost 10 percent on Wednesday on the news that he accepted the invitation to chair the board.

BRF shares extended gains on Thursday, closing up 4.9 percent.

Key shareholders Tarpon Investimentos and pension funds Petros and Previ, and current BRF Chairman Abilio Diniz agreed to elect Parente, as well and Francisco Petros, Walt,上海足浴夜网联系方式Kailani,er Malieni and Flavia Buarque to serve two years on the,上海夜网Balthazar, board, BRF said.

If they have enough votes, the group of shareholders also plans to elect to the board, in the following order, Augusto da Cruz Filho, Roberto Rodrigues, José Luiz Osorio, Roberto Mendes, Dan Ioschpe and Luiz Fernando Furlan.

In a statement accepting Diniz’s invitation, Parente said he would resign his post as chairman of financial exchange 上海夜生活网operator B3 SA Bolsa Brasil Balcao (B3SA3.SA) if elected to chair BRF’s board.

Furlan, the 15th largest shareholder of BRF, said on Tuesday that a prolonged leadership struggle could damage plans for a turnaround of the company and called for a board that will work as a team.

Amazon halts plan for office tower in Seattle over proposed tax

( ) – Amazon.com Inc (AMZN.O) said it has halted planning for a new office building in Seattle and might sub-lease rather than occupy another future tower downtown, pending a city council vote on a proposed tax on top businesses.

Amazon’s decision puts a question mark on more than 7,000 new jobs at those buildings that council members might be loathe to cost the city. Construction work and other busines上海夜生活论坛ses that would have catered to the world’s largest online retailer could be at risk too.

“Pending,上海夜网Gabriel, the outcome of the head tax vote by City Council, Amazon has paused all construction planning on our Block 18 project in downtown Seattle and is evaluating options to sub-lease all space in our recently leased Rainer Square building,” Amazon’s Vice President Drew Herdener said in a statement.

The council is scheduled to vote on the proposal on May 14.

“I’m deeply concerned about the impact this (Amazon’s)decision will have on a large range of jobs,” the Seattle Times quot,上海夜哪里艳遇Cadence,ed Mayor Jenny Durkan as saying on Wednesday.

Durkan’s office did not immediately respond to a request for comment.

Amazon’s rapid growth has transformed Seattle’s South Lake Union district, replacing warehouses and parking lots with offices towers, highly paid tech workers and expensive eateries. The growth has contributed to an economic boom and rising rents.

Communities across North Ame,上海夜生活网交流Dakota,rica are vying for a similar investment from Amazon. Amazon has said it will spend more than $5 billion and create up to 50,000 jobs in the city it chooses for its second headquarters, to be announced this year.

Seattle City Council in April proposed a tax plan affecting the city’s roughly 500 largest businesses.

The proposal, an employee hours tax that would transition to a payroll tax in 2021, would generate $75 million per year for Seattle, most of which would go to building affordable housing.

The efficacy of the specific proposal is unclear.

Seattle has almost doubled its funding for affordable housing and homeless services programs since 2013 to $63 million per year, according to the report in the Seattle Times.

Softbank, Google join $1.9 billion investment in China…

BEIJING/SHANGHAI ( ) – Japan’s Softbank Group and Alphabet Inc’s venture capital fund CapitalG are among investors pouring $1.9 billion into a truck hailing service platform Manbang, the Chinese company said in a statement on Tuesday.

Manbang, fo上海夜生活网rmally known as Full Truck Alliance Group, said the investment was led by SoftBank’s Vision Fund – which counts Apple Inc, Foxconn and Saudi Arabia’s sovereign wealth fund among its backers.

Investors also include state-backed private equity firm China Reform Fund and Hong Kong-based investment firm Ward Ferry, said Manbang.

The investment will he,上海新夜网龙凤Kailani,lp Manbang develop new busine,上海夜网官方网站Kaiden,ss areas and markets, the company said. Around 5.2 million out of China’s 7 million trunk line trucks are members of the Full Truck Alliance, Manbang added.

Manbang, often described as China’s “Uber for trucks”, runs an app that allows shippers to co,上海夜生活怎么玩Idaline,nnect with truck drivers, tapping into demand for haulage in one of the world’s busiest markets for goods transport.

The investment was first reported by the Wall Street Journal, citing sources, who said the fund raising would put the company’s valuation north of $6 billion.

Manbang CEO Wang Gang said in a statement that the firm would use much of the funds “to recruit talent”, which when necessary could include making acquisitions.

“The deal has brought Manbang’s development into a new stage,” Wang said, adding it would help the firm “become the world’s largest platform in terms of transportation capacity.”

BuzzFeed terminates Republican ad deal over Trump

NEW YORK ( ) – Online med上海夜生活论坛ia outlet BuzzFeed has pulled out of an advertising deal reported to be worth $1.3 million with the Republican National Committee over objections to the party’s presumptive nominee Donald Trump.

In an e-mail to employees on Monday, BuzzFeed founder and CEO Jonah Peretti wrote: “We don’t run cigarette ads because they are hazardous to our health, and we won’t accept Trump ads for the exact same reason.”

“The Trump campaign is directly opposed to the freedoms of our employees in ,上海仙霞路夜生活Lance,the United States and around the world and in som,上海夜生活去哪玩Kai,e cases, such as his proposed ban on international travel for Muslims, would make it impossible ,上海夜生活乌托邦Idris,for our employees to do their jobs,” Peretti wrote in the note, which was posted to BuzzFeed.com.

BuzzFeed declined further comment.

Neither BuzzFeed nor the RNC would confirm the exact value of the deal, reported by Politico to be $1.3 million.

According to an RNC official who declined to be identified, the deal was less than 1 percent of the party’s ad budget of about $150 million and was effectively a reservation for ad space, not a firm commitment to place ads with BuzzFeed.

Trump’s campaign spokeswoman Hope Hicks said she had “nothing to add.”

The RNC provides national leadership for the Republican Party. Trump is expected to be officially nominated as the party’s candidate for the Nov. 8 U.S. presidential election at the Republican National Convention in July.

Adios, Three Amigos: Obama heads to last summit with Canada, Mexico

WASHINGTON/OTTAWA ( ) – President Barack Obama will meet with the leaders of Canada and Mexico on Wednesday for his final “Three Amigos” summit, a meeting that may signal how keen the North American partners are to tout trade at a time of rising protectionist sentiment.

The Ottawa summit comes on the heels of Britain voting to leave the European Union after more than 40 years. It also falls ahead of a U.S. presidential election on Nov. 8 where presumptive Republican nominee Donald Trump has made stagnant wages and U.S. manufacturing job losses focal points of his insurgent campaign.

The so-called Brexit vote is bound to be an important theme for Obama’s meetings with Mexican President Enrique Pena Nieto and Canada’s Prime Mi,夜上海419龙凤论坛Qirin,nister Justin Trudeau.

Canada had negotiated a trade deal with the EU that is slated to take effect next year. The Brexit may delay its ratification and hurt Canada’s commodity-driven economy.

The referendum results are also seen as a setback to talks on a U.S.-EU trade deal. Mexico, which already has a trade deal with the EU, has prepared a draft proposal for a pact with the United Kingdom.

At the summit, leaders will also look at how best to foster trade with each other, said Mexico’s Finance Minister Luis Videgaray.

“One of the important issues, without doubt, is how to give a fresh impulse and greater value to North American integration,” Videgaray said.

All three are part of the Trans-Pacific Partnership, the 12-nation trade deal that Obama had cast as an update of the North American Free Trade Agreement. He wants to finalize the TPP as part of his economic legacy in Asia.

The TPP has become a target of both the left and the right in the U.S. election, and Congress has so far been unenthusiastic about ratifying the deal.


The United States is the top export market for both,上海足浴夜网联系方式Hallie, Canada and Mexico. In 2015, U.S. trade with Canada and Mexico totaled $663 billion and $584 billion, respectively.

But in Canada, only one in four people say the 22-year-old North American Free Trade Agreement (NAFTA) is good for the country, a poll released on Monday showed.

The long-running Canada-U.S. battle over softwood lumber seems more likely than not to resume as early as October.

Given all the controversy over trade, the leaders may decide to try to focus their summit talking points on other topics.

Related CoverageOnly one-in-four Canadians support NAFTA ahead of ‘Three Amigos’ meet

“I expect them to try and stay away from it,” said Carlo Dade, director of the Canada West Foundation’s Center for Trade and Investment Policy.

Ahead of the summit, the White House revealed that the leaders would commit to a new regional goal of 50 percent of power coming from clean energy by 2025, up from about 37 percent in 2015.

The three countries also plan to unveil a plan to fight heroin production.


At a joint press conference, the leade,上海夜生活乌托邦Caden,rs are likely to field questions a上海夜生活论坛bout the upcoming U.S. election and its implications for both Canada and Mexico.

It will also be Obama’s first chance on an international stage to promote his recent endorsement of presumptive Democratic presidential nominee Hillary Clinton, his former secretary of state.

In March, Pena Nieto roundly condemned Trump, who has promised to build a wall on the U.S. border with Mexico to keep out illegal immigrants and drugs, and has complained about what he calls unfair trade. Mexico also named a new ambassador to aggressively promote its contributions to the U.S. economy.

On Canada, Trump has so far been mostly silent.

“That doesn’t mean Canadians don’t feel the sting” of his protectionist ideas, said Chris Sands, director of the Center for Canadian Studies at Johns Hopkins University’s School of Advanced International Studies.

Trudeau is likely to tread carefully so as to not endanger relations with a potential president.

“It’s unlikely there will be any formal discussion of Trump, who of course is the elephant in the room. In some ways, it’s better if there isn’t,” said one official involved in the summit.

“The message the leaders will be sending is eloquent enough – the three nations are closely integrated and cooperate well and that’s how the relationship should work,” the official said, speaking on condition of anonymity.

On trade, Pena Nieto and Trudeau are also cognizant that talk is cheap on the campaign trail.

“I have to tell my Canadian friends this often – it doesn’t mean it will be the agenda once you get to the White House,” said David Wilkins, the U.S. ambassador to Canada from 2005-09 during the George W. Bush administration.

Obama provides a good case in point.

In his 2008 presidential campaign, he demonized NAFTA, but once in office, he began working on the TPP, a deal he has said would fix his concerns about NAFTA.

“There’s very much a ‘Keep calm and carry on’ approach and we’re going to ignore some of the domestic politicking and see what happens when it happens,” said a Canadian source familiar with the summit talks.

Apple shares drop on more warnings from iPhone supply chain

SAN FRANCISCO ( ) – Shares of Apple Inc dropped nearly 2 percent on Tuesday as investors worries intensified about soft demand for iPhones after a warning from a company that supplies components for smartphones.

South Korean chipmaker SK Hynix Inc said following its quarterly report that it expected smartphone demand to stagnate, echoing a similar warning last week from Apple supplier Taiwan Semiconductor Manufacturing Co Ltd.

Concerns ahead of Apple’s quarterly report next Tuesday have shaved 9 percent from its stock price in the past five 上海夜生活论坛sessions, erasing $80 billion of its stock market value.

“The bar may not have been set low enough,” Wedbush senior trader Joel Kulina said of Wall Street’s declining expectations for iPhone shipments. “There’s still no visibility, and that’s going to keep a lot of money on the sidelines.”

SK Hynix sells memory chips across the smartphone industry, as well as to companies making laptops, servers and other kinds of computers.

Also rattling Apple investors, European chipmaker AMS on Monday warned of a downturn owing to weak orders from one of its main customers. AMS did not name the customer, but analysts estimate that Apple is responsible for half of the Austrian company’s revenue.

GBH analyst Daniel Ives said in a client note on Tuesday he now expects Apple to ship 212 million iPhones in fiscal 2018, down from a previous estimate of 221 million.

Apple and investors had been betting that the high-end iPhone X, released last November, would rejuvenate iPhones sales in a global smartphone market that has become saturated in recent years.

“It’s not a flop, but it’s a mild disappointment relative to p,上海夜玩网论坛Talon,revious upgrade cycles,上海夜生活Barrett,,” said Canaccord Genuity analyst Michael Walkley.

Smartphones account for two thirds of Apple’s revenue, about the same as three years ago, despite Chief Executive Tim Cook’s attempts to expand further into markets like music and smart watches.

When Apple reports next week, investors will look for details about how much of Apple’s repatriated foreign cash it will give to investors through dividends and share buybacks.

Apple in January said it would make about $38 billion in tax payments to bring profits kept overseas back to the United States under new federal tax laws, suggesting it may repatriate around $245 bi,上海夜生活去哪玩Eden,llion.

Analysts on average expect Apple’s March-quarter revenue to expand 15 percent to $61 billion, with adjusted earnings per share of $2.69, according to Thomson data.

Facebook says users must accept targeted ads even under new EU law

MENLO PARK, Calif. ( ) – Facebook Inc (FB.O) said on Tuesday it would continue requiring people to accept targeted ads as a condition of using its ser,上海夜生活男人好去处Earl,vice, a stance that may help keep its business model largely intact despite a new European Union privacy law.

The EU law, which takes effect next month, promise,上海夜玩网论坛Tabitha,s the biggest shakeup in online privacy since the birth of the internet. Companies face fines if they collect or use personal information without permission.

Facebook Deputy Chief Privacy Officer Rob Sherman said the social network would begin seeking Europeans’ permission this week for a variety of ways Facebook uses their data, but he said that opting out of targeted marketing altogether would not be possible.

“Facebook is an advertising-supported service,” Sherman said in a briefing上海夜生活 with reporters at Facebook’s headquarters.

Facebook users will be able to limit the kinds of data that advertisers use to target their pitches, he added, but “all ads on Facebook are targeted to some extent, and that’s true for offline advertising, as well.”

Facebook, the world’s larges,上海夜网后花园Sabrina,t social media network, will use what are known as “permission screens” – pages filled with text that require pressing a button to advance – to notify and obtain approval.

The screens will show up on the Facebook website and smartphone app in Europe this week and globally in the coming months, Sherman said.

The screens will not give Facebook users the option to hit “decline.” Instead, they will guide users to either “accept and continue” or “manage data setting,” according to copies the company showed reporters on Tuesday.

“People can choose to not be on Facebook if they want,” Sherman said.

Regulators, investors and privacy advocates are closely watching how Facebook plans to comply with the EU law, not only because Facebook has been embroiled in a privacy scandal but also because other companies may follow its lead in trying to limit the impact of opt-outs.

Last month, Facebook disclosed that the personal information of millions of users, mostly in the United States, had wrongly ended up in the hands of political consultancy Cambridge Analytica, leading to U.S. congressional hearings and worldwide scrutiny of Facebook’s commitment to privacy.

Facebook Chief Financial Officer David Wehner warned in February the company could see a drop-off in usage due to the EU law, known as the General Data Protection Regulation (GDPR).

Treasury chief may visit China as trade tensions simmer

WASHINGTON ( ) – U.S. Treasury Secretary Steven Mnuchin said on Saturday he may travel to China, a move that could ease tensions between the world’s two largest economies, as international policymakers acknowledged Beijing needs to change its trade practices.

The United States has threatened to impose tariffs on up to $150 billion of Chinese imports to try to force changes in Beijing’s industrial policies, which Washington says are aimed at acquiring American intellectual property.

Mnuchin told reporters he was continuing to have discussions with his Chinese counterparts to try to resolve the differences over trade, but said he may go to Beijing.

“A trip is under consideration,” Mnuchin said at a news conference during the International Monetary Fund and World Bank spring meetings in Washington.

“I am not going to make any comment on timing, nor do I have anything confirmed, but a trip is under consideration.”

Mnuchin also declined to say what he wants from a trade deal with China, adding, “If we have a deal, you’ll know what it looks like when we have it.”

China has threatened retaliation against U.S. exports if Washington pushes ahead with the tariffs. The row, which comes as the world economy records its strongest growth in years, cast a pall over the semi-annual gathering of the world’s finance officials.

IMF Managing Christine Lagarde warned this week that a U.S.-China trade war threatened to damage confidence, investment and growth. On Saturday, she told a news conference there would be no winners from such a conflict.

“It is important that as a global,夜上海419龙凤论坛Rachel, community we keep trade open, we ensure that we work within the multilateral system that we have to make sure if there are disputes, these disputes are resolved,” she said.

Mnuchin said he met China’s new central bank governor, Yi Gang, during the IMF and World Bank meetings and discussed the potential for China to open its markets to more foreign competition.

“I did meet with the Chinese here. The discussions were really more around the governor’s actions at the PBOC (People’s Bank of China) and certain actions they’ve announced in terms of opening some of their markets, which we 上海夜生活论坛very much encourage and appreciate.”

In a statement on Saturday to the International Monetary and Financial Committee, Yi said China would “vigorously” push forward the reform and opening of its financial sector, significantly relax market access restrictions, create a more attractive investment environment, strengthen the protection of intellectual properties and actively expand imports.

On Sunday, China’s commerce ministry said it would welcome U.S. officials to discuss trade and economic issues.

“The Chinese side has received information that the U.S. side hopes to come to Beijing to discuss economic and trade issues. China welcomes this,” the ministry said in a statement on its website.

Beijing announced on Wednesday that it would gradually eliminate ownership caps on foreign manufacturers of autos, aircraft and ships.

Regarding trade with Japan, Mnuchin said the Trump administration wants a bilateral trade agreement and has had,上海夜生活网419Oakley, discussions with Tokyo about such talks.

Japan wants the United States to rejoin the multilateral Trans-Pacific Partnership trade pact, as it fears opening talks for a bilateral free trade agreement could put it under pressure to open up politically sensitive markets like agriculture.


A year after U.S. President Donald Trump first rankled multilateral finance meetings with his “America First” trade agenda, some officials are starting to acknowledge he has changed the conversation on trade, even if they disagree with his tariff plans.

“No one can be in any doubt that the U.S. has a valid point about intellectual property theft” by China, British finance minister Philip Hammond said on Friday. “It’s been going on, on an industrial scale, over many years and we’ve been targets of it just as the U.S. has.”

At the same time, Hammond said using tariffs was the wrong way to settle trade disputes, and he was urging China to do more to open its markets to foreign competitors, particularly in services.

A senior Japanese government official drew a clear distinction between Japan’s trade issues with the United States and the U.S.-China dispute.

“It’s a separate issue,” the official said on condition of anonymity. “If Trump can help change China’s behavior, there is room for Japan to benefit.”

A European official at the meetings said policymakers were trying to reduce trade pressures during the talks, but added that they wanted to “make sure there is a level playing field on trade, that China is in the same framework that others share.”

Mnuchin said he was not trying to “recruit” allies to put pressure on China, but having discussions with other countries that have similar issues. “A lot of these issues are not unique to the United States.”

A number of officials expressed a desire for clarity on what the United States ultimately wants from China, and whether Trump will settle for lower Chinese auto tariffs, a short-term reduction in the U.S.-China trade deficit or hold out for fundamental changes in industrial policy.

“I hope it is a negotiating strategy. But they need to articulate actions to be taken,” said Robert Hol,上海夜哪里艳遇Radcliff,leyman, a former deputy U.S. Trade Representative in the Obama administration.

Starbucks to close 8,000 U.S. stores for one afternoon for…

( ) – Starbucks Corp (SBUX.O) will close 8,000 company-owned U.S. cafes for the afternoon on May 29 so 175,000 employees can undergo racial tolerance training in response to protests and calls for boycotts after the arrest of two black men waiting in a Philadelphia store.

The company said in the Tuesday announcemen上海夜生活论坛t that it will also provide training materials for non-company workers at the roughly 6,000 licensed Starbucks cafes that will remain open in locations such as grocery stores and airports.

The announcement from world’s biggest coffee company comes as it tries to cool tensions after the Philadelphia incident last week sparked accusations of racial profiling at the chain, which is the subject of a boycott campaign on social media.

The controversy is the biggest public relations test yet for new Starbucks Chief Executive Kevin Johnson, who already was fighting to boost traffic to Starbucks amid competition from coffee sellers ranging from hipster cafes to fast-food chains and convenience stores.


“While this is not limited to Starbucks, we’re committed to being a part of the solution,” said Johnson, a former technology executive who took the helm about a year ago.

Even if the threatened boycott does not materialize, the 8,000 temporary store closures will almost certainly have an impact on sales. Starbucks did not say how many hour,上海会所夜网Fabi,s the stores would be shuttered on May 29, but the afternoon is the slowest time for Starbucks’ business.

Starbucks is one of the most high-profile and beloved brands in the world and its long-time CEO Howard Schultz was not one to shy away from difficult conversations over thorny issues such as gay marriage, gun control and Congressional gridlock.

However U.S. race relations have proven more challenging, eve,上海夜网后花园Cade,n for a company that touts its diverse workforce — minorities account for 18 percent of Starbucks executives with the title of senior vice president or higher and 43 percent of employees overall.

For example, the company’s 2015 “Race Together” campaign to foster a conversation on the topic following the high-profile police shootings of several unarmed black men stirred an intense social media backlash.

Johnson has apologized for the “reprehensible” arrests of the two men in Philadelphia on Thursday and took personal responsibility for the incident, which was captured in a customer video that was shared widely.

Starbucks attorneys said Johnson and the men, who were released without charges, have “engaged in constructive discussions about this issue as well as what is happening in communities across the country.”

Philadelphia Police late on Tuesday released the series of calls that led to their arrests.

It begins with a Starbucks employee reporting “two gentlemen in my cafe that are refusing to make a purchase or leave.” The manager who is believed to have made that call, no longer works for Starbucks.

In a subsequent call, an unidentified man said a “group of males” was “causing a disturbance” that required backup and a supervisor.

Philadelphia’s police commissioner over the weekend defended the arrests, saying his officers had to act after Starbucks employees told them the pair were trespassing.

“It’s good that Starbucks is giving all staff race trainings on May 29. But let’s not lose sight of the real problem which is police accountability,” Tiffany Dena Loftin, director of the youth and college division at NAACP, told .

Shares in Starbucks closed up 0.7 percent at $59.83 on Tuesday and are relatively unchanged in the week since the arrests.

A dark hour for traders as rare outage crippled Canada stock markets

TORONTO ( ) – For about an hour and 11 minutes last Friday afternoon, traders in Canada’s biggest stock exchanges were left in the dark, as the stock market operator battled with a hardware failure.

Those 71 minutes are an eternity for traders, some of whom had no access to critical data, market participants said. At the time, Toronto Stock Exchange operator TMX Group Ltd said only that it was experiencing trading issues on all its exchange platforms, and it eventually said it would shut down trading earlier than usual that day.

TMX, which later blamed the market outage on a hardware failure, rectified the issue and trading resumed on Monday.

Now, market experts are questioning whether TMX communicated swiftly enough on Friday about the shutdown that occurred more than t,上海夜生活网交流Pamela,wo hours before the usual close of trading. The episode has also exposed retail investors’ heavy reliance on TMX for market data, which weighed on their ability to execute trades.

“If there was a smaller time window between TMX saying they have a problem and confirming they were not going to open, that would have been better,” Chris Sparrow, director of trading analytics at LiquidMetrix and a former member of the Market Structure Advisory Committee at the Ontario Securities Commission (OSC), said on Tuesday.

“There are a lot of calls to action,” he added. “I would be surprised if the regulators are not currently investigating this,” said Sparrow, a former TMX employee.

The Ontario Securities Commission said it was in contact with TMX. “We will examine the results of the TMX internal review, and will consider any next steps from an oversight perspective given our systems requirements for marketplace operations,” OSC spokeswoman Carolyn Shaw-Rimmington said on Monday.

The trading glitch, which caused Canada’s worst stock exchange outage in a decade,上海晚上耍女人的地方Daisy,, highlights the contrast between the Canadian markets and other developed markets.

TMX Chief Executive Lou Eccleston told on Monday TMX got to work immediately and needed to first diagnose the problem and also ensure that data was not compromised. “So we thought it was a better move for the markets, a more prudent decision for the markets to resume orderly trading,” he said.

On Tuesday, TMX spokesman Shane Quinn said the exchanges’ clients and other stakeholders appreciated TMX’s handling of the incident and “the timeliness and transparency of our communications.”

Lorne Steinberg, president of Lorne Steinberg Wealth Management Inc, said an outage for TMX exchanges should immediately trigger their closure for the day in order to level the playing field for all.

“It is fairer to all investors because all the information gets disseminated, no one has to wonder ‘Is it going to start trading again later in the day or not?’ and then everyone knows it will open again,” he added.

In an email TMX sent to clients over the weekend and seen by , the timeline of Friday afternoon’s events is laid out. About 10 minutes into the blackout that started at 1:37 p.m. on the Montreal exchange and 1:39 p.m. on the other three TMX-controlled exchanges in Toronto, the operator notified clients and admitted that external participants had no access to order entry for all TSX Equity Markets.

“As well, no market data was being disseminated,” the email said. Finally at 2:50 p.m., TMX issued an alert saying trading would be shut for the rest of the day. But it was only an hour later, at 3:54 p.m., that the exchange sent out another message informing members about how the final so-called board lot traded prices would be determined.

Eccleston, who joined TMX as CEO in November 2014, said in the interview that the outage was an “unprecedented event.”

In the United States and other developed markets, investors tend to quickly switch to other platforms in the event of trading disruptions. But Friday’s events showed that a seamless transition did not take place in Canada.

Data from NEO Exchange, a rival to TMX, showed that total trading volume in Canadian stock exchanges fell by about 60 percent between the start of the outage and the time the exchange announced an early shutdown. But once TMX announced that its platform had shut down, trading shifted to the rival platforms, resulting in a sharp increase of the trading volumes in the dying minutes.

A flawed software rollout at the New York Stock Exchange in July 2015 led to a trading outage of nearly,上海夜网官方网站Hadrian, four hours on 上海夜生活网the biggest U.S. stock exchange. But at the time there were 11 U.S. stock exchanges, along with more than 40 private trading venues, where trading continued, so the trading of NYSE-listed stocks was uninterrupted.

While trading on Canadian stock exchanges resumed on Monday after Friday’s disruption, some investors and traders warned that a repeat of the incident could dent TMX’s credibility and encourage market participants to look at rival trading venues.

“It happens and it will happen again,” said Jos Schmitt, CEO of the Aequitas NEO Exchange. “When the incident happens, the exchange experiencing the issue should through its communication channels declare a timeout and all your orders are canceled. And that moment, everyone will know and everyone will have certainty.”

U.S. top court deals blow to Puerto Rico sovereignty claim

( ) – The U.S. Supreme Court on Thursday ruled that Puerto Rico cannot pursue charges against people for the same crime that federal authorities have already prosecuted them,上海夜网邀请码Idaleen,, dealing a blow to the U.S. territory’s claim that while it is not a state it should be treated like one.

The court ruled 6-2 in favor of defendants Luis Sanchez Valle and Jaime Gomez Vazquez, who were charged with illegally selling guns in 2008 by Puerto Rican authorities as well as federal prosecutors.

The two pleaded guilty to the federal charges and then argued that Puerto Rico’s indictments should be dismissed because of the double jeopardy clause of the U.S. Constitution that bars people from being prosecuted twice for the same ,上海夜生活去哪玩Ida,offense.

A trial judge dismissed the Puerto Rico charges, but they were reinstated by an appeals court. In a March 2015 ruling, the Puerto Rico Supreme Court ruled against prosecutors, prompting the territory to appeal to the high court.

On its surface, the case was about criminal law. But it also raised questions about the extent to which the Caribbean island, which has been a U.S. territory since 1898, has sovereign powers akin to any of the 50 U.S. states. The double jeopardy clause allows U.S. states and the federal government to prosecute people separately for the same actions because they are separate sovereign entities.

The Supreme Court, in a ruling authored by Justice Elena Kagan, said that the original source of power for Puerto Rico’s Constitution came from the U.S. Congress, via a 1950 law.

“Put simply, Congress conferred the authority to create the Puerto Rico Constitution, which in turn confers the authority to bring criminal charges,” Kagan wrote.

Liberal justices Sonia Sotomayor, whose parents were from Puerto Rico, and Stephen Breyer dissented.

Some experts saw the federal government’s argument against treating Puerto Rico as a separate governmental entity as having implications for another issue: how to deal with the territory’s debt crisis.

In such a scenario, that argument could help establish a legal precedent that Puerto Rico is not a sovereign entity, possibly to justify imposing a federal control board or some other mechanism to address Puerto Rico’s roughly $70 billion in debt. The U.S. Congress is currently considering legislation on the issue.

The Supreme Court is ex上海夜生活论坛pected to rule by the end of the month in another case involving Puerto Rico’s bid to revive a law th,上海夜生活怎么玩Gabrielle,at would allow it to cut billions of dollars in debt at public utilities in a key test in its quest to weather its crisis.

Samsung Electronics flags mobile weakness as chips power record…

SEOUL ( ) – Samsung Electronics Co Ltd (005930.KS) said weakness in the global smartphone market would slow earnings growth, as it reported record quarterly profit on Thursday thanks to strong demand for semiconductors used in servers.

The world’s biggest maker of memory chips, smartphones and television sets also flagged softer demand for smartphone OLED panels as a challenge for the second quarter, while its cash-cow chip business should remain strong.

“Generating overall earnings growth across the company will be a challenge due to weakness in the display pa,上海夜哪里艳遇Paige,nel segment and a decline in profitability in the mobile business amid rising competition in the high-end segment,” the South Korean giant said in a statement.

Samsung Electronics shares were up 2.7 percent as of 0412 GMT, while the KOSPI benchmark share price index .KS11 was 1.3 percent higher, as investors shrugged off concerns about the smartphone market and seized on the outlook for memory chips.

“Shares are rising as Samsung Electronics’ outlook for its memory chip business appears more positive than we’ve heard from other companies,” said Greg Roh, analyst at HMC Investment & Securities.

South Korean rival SK Hynix Inc (000660.KS) and Taiwan Semiconductor Manufacturing Co Ltd (TSMC) (2330.TW) separately warned this month of slower growth in smartphone chip sales. TSMC, a key supplier for Apple Inc’s (AAPL.O) iPhones, cut its revenue target last week.

But Samsung Electronics, a rival and supplier to Apple, forecast continuing strong sales 上海夜生活网not only of server chips but mobile chips as well.

Sewon Chun, senior vice president at Samsung’s memory ,上海夜生活乌托邦Kaiden,business, said the trend toward “high-density” chips with more processing power and bigger storage capacity would underpin demand for mobile DRAM and NAND chips this year.

This was being driven by new applications such as high-performance gaming, he told an earnings call.

Samsung Electronics said operating profit was 15.6 trillion won ($14.4 billion) in the first quarter, up 58 percent from a year ago and in line with the 15.6 trillion won the company had estimated. Revenue jumped 19.8 percent to 60.6 trillion won, also in line with its estimate.


The chip business was Samsung’s top earner again as it booked a record 11.6 trillion won operating profit in January-March, from 10.9 trillion won in the previous quarter, despite signs the recent boom in memory chips was tapering off.

Samsung hinted at further potential upside after the United States banned U.S. firms from doing business with Chinese mobile phone and telecommunications equipment maker ZTE Corp (000063.SZ) (0763.HK).

ZTE would be forced to look elsewhere for mobile chips if top supplier Qualcomm Inc (QCOM.O) is locked out by the U.S. ban.

Ben Hur, vice president of Samsung’s System LSI business, which competes with Qualcomm, said Samsung would “actively respond” to new clients when he was asked by analysts if the ban would help Samsung’s chip sales in China.

Samsung said its mobile business booked ,上海仙霞路夜生活Barbara,3.8 trillion won in quarterly profit, up 82 percent from a year ago. Its flagship Galaxy S9 smartphone hit the market in mid-March.

According to market research firm GfK, global smartphone demand fell two percent to 347 million units in the first quarter of 2018. Demand was especially sluggish in China and North America, it said.

However, the average sales price grew 21 percent year-on-year in the quarter, leading to an 18 percent rise in global smartphone revenue to $129.8 billion.

($1 = 1,081.2000 won)

Trump trade chief wants to open China, not change its economic system

WASHINGTON ( ) – U.S. President Donald Trump’s chief trade negotiator said on Tuesday he was not looking to negotiate changes to China’s state-driven economic system in trade talks in Beijing this week but would seek to expose it to more foreign competition.

U.S. Trade Representative Robert Lighthizer told the U.S. Chamber of Commerce he viewed the talks with top Chinese officials on Thursday and Friday as the start of a long learning process for Washington and Beijing to better manage their trade differences.

“It is not my objective to change the Chinese system,” Lighthizer said. “It seems to work for them. … But I have to be in a position where the United States can deal with it, where the United States isn’t the victim of it and that’s where our role is.”

Lighthizer will be part of a Trump administration delegation that includes U.S. Treasury Secretary Steven Mnuch上海夜生活in, Commerce Secretary Wilbur Ross, White House trade and manufacturing adviser Peter Navarro and new White House economic adviser Larry Kudlow.

Ross said earlier on Tuesday that Trump was prepared to levy tariffs on China if the delegation did not reach a negotiated settlement to reduce trade imbalances.

Speaking to CNBC television before traveling to China for the talks, Ross said he had “some hope” ag,上海夜生活乌托邦Cain,reements could be reached to resolve the trade tensions between the world’s two largest economies.

But Ross and Navarro, who spoke to steel company executives in Washington on Tuesday, both said any ,上海夜网官方网站Octavia,final decision would be made by Trump.

Lighthizer downplayed the potential imposition of tariffs on China in his remarks to the most powerful U.S. business lobby, which has opposed tariffs to try to force changes in China’s trade practices.


Trump has threatened tariffs on up to $150 billion worth of Chinese goods to punish China over its joint-venture requirements and other policies that USTR says forces American companies to surrender their intellectual properties to state-backed Chinese competitors.

China, which denies it coerces such technology transfers, has threatened retaliation in equal measure, including tariffs on U.S. soybeans and aircraft.

The so-called Section 301 investigation tariffs could be imposed sometime in June after the conclusion of a public comment process.

Asked how long Trump would negotiate with Chinese officials before imposing tariffs, Lighthizer said: “We’ll see. Our list of things that are troubling is very long. … We’ll see where we are at the end of a couple of days.”

The Treasury is also developing investment restrictions on Chinese companies to prevent them from obtaining U.S. technology through acquisitions and joint ventures. It is considering invoking the International Economic Emergency Powers Act to impose such bans.

Lighthizer said it would be “madness” for the United States to keep allowing Chinese-state backed firms to buy up U.S. technology companies, especially as China prohibits such acquisitions by U.S. firms.

He said it was in the U.S. interest to encourage China to open its economy to U.S. and other foreign firms, not only for increased sales to China’s consumers but to foster market competition in China.

Ross, in his CNBC interview, did not provide details on the Trump administration’s specific demands on China, but said: “We have a pretty good idea of what we need to come out with.”

Trump administration officials have called for a $100 billion reduction in the United States’ $375 billion goods trade deficit with China, a reduction in China’s car tariffs and more U.S. access to the Asian nation’s vast markets.

“This won’t be, suddenly in Beijing, a breathtaking release (that,上海夜生活去哪玩Kaia,) everything is solved,” Ross said.

Last-minute Weinstein Co bidder returns with higher offer

WILMINGTON, Del. ( ) – Broadway producer Howard Kagan said he has raised his last-minute bid for the Weinstein Company in another push to acquire the TV and film producer, which filed for bankruptcy in the wake of harassment claims against co-founder Harvey Weinstein.

The Weinstein Co on Tuesday selected Lantern Capital’s $310 million bid for the company and rejected an offer from Kagan that he said was worth $315 million. Kagan’s initial bid, made ,上海夜生活群Jacklyn,through his Inclusion Media LLC business, lacked a deposit and financing, according to the Weinstein Co.

“We have increased our offer to $325 million, matching Lantern’s cash bid and providing the cash needed to satisfy Lantern’s alleged breakup fee claims,” Kagan said in a statement to on Thursday. 

Kagan has not yet made a deposit or shown he has committed financing for his new bid, according to a person familiar with the matter.

The money raised from the sale will be used to pay off the Weinstein Co’s creditors.

Harvey Weinstein, once one of Hollywood’s most influential men, has been accused of rape and other sexual misconduct by more than 7上海夜生活论坛0 women. He has denied having non-consensual sex with anyone.

Kagan said his bid would include compensation for harassment plaintiffs.

Lantern is exploring installing an all female-led board for the Weinstein Co, the person said.

“It is now abundantly clear that Inclusion Media’s bid is the highest and best bid,” Kagan said in a statement.

A hearing is scheduled for Tuesday in the U.S. bankruptcy court in Wilmingto,上海夜生活怎么玩Gabriella,n, Delaware to approve the sale.

Co-founded with Bob Weinstein, Harvey’s brother, the Weinstein Co produced and distributed critically acclaimed hits, including “The King’s Speech” and “Silver Linings Playbook,” as well as TV’s fashion reality competitio,上海夜生活桑拿会所Jack,n “Project Runway.”

Entertainment website The Wrap first reported that Kagan upped his bid.