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Trump blasts PGA Tour for plan to move golf tournament to Mexico

WASHINGTON ( ) – Republican presidential candidate Donald Trump, a golf resort developer who has railed against Mexico in the 2016 campaign, lost an important golf tournament to that country on Wednesday when the PGA Tour said it would leav,上海021夜网Pamela,e his Trump Doral course in Miami.

Although the PGA Tour said it was not a political decision, Trump said in a statement the move was akin to decisions by some U.S. companies to move jobs to Mexico, which has been a refrain of his presidential campaign.

“The PGA Tour has put profit ahead of thousands of American jobs, millions of dollars in revenue for local communities and charities and the enjoyment of hundreds of thousands of fans who make the tournament an annual tradition,” he said. “This decision only further embodie,上海晚上耍女人的地方Sabina,s the very reason I am running for president of the United States.”

The PGA said the World Golf Championship event would move from Trump National Doral to a site in Mexico City and be sponsored by the Grupo Salinas conglomerate.

PGA Tour Commissioner Tim Finchem said the move was necessary “once it became apparent that we would not be able to secure sponsorship at levels that would sustain the event and help it grow at Trump National Doral.”

“From a golf standpoint, we have no issues with Donald Trump. From a political standpoint, we are neutral. The PGA Tour has never been involved or cares to be involved in presidential politics,” Finchem told a news conference in Dublin, Ohio.

Cadillac has been the title sponsor for the event in recent years including this year’s tournament in March. Cadillac representatives did not respond to a request for comment.

Trump’s son Eric Trump said Cadillac had been willing to continue.

“Cadillac is ready, willing and able to continue as title sponsor for the tournament,” he told . “And I also can say that Cadillac is an amazing company and a longtime partner to the Trump Organization and we have an impeccable relationship.”

The Doral tournament is one of the biggest pro golf events of the year, drawing top golfers from around the world competing for a $6 million purse. The Doral course has hosted a PGA tournament since 1962.

Trump, whose golf empire includes 18 courses, purchased the golf resort in 2012 and led a $250 million renovation of its Blue Monster course where the PGA tournament has been played.

The news about Doral surfaced on the same day that Trump announced he would step a,上海夜网官方网站Hallie,way from the campaign 上海夜生活网trail later this month to travel to Scotland for the reopening of the Turnberry golf resort, which he bought in 2014.

As GM mulls options for unit, how does bankruptcy work in South Korea?

SEOUL ( ) – General Motors (GM.N) has said its loss-making South Korean operation would file for bankruptcy if its union failed to agree to cut labour costs by Friday, heaping pressure on workers and the South Korean government to approve a rescue plan.

The Detroit carmaker said in February it would shut one of its four factories in South Korea, and asked for government support and union concessions to stay in the country.

GM has warned that it would file for bankruptcy if there isn’t a restructuring deal by Friday, as the Korean operation is running out of cash to pay employees and suppliers amid slumpin,上海夜网Idaleen,g sales.

But it could still avoid filing for bankruptcy protection. The head of Korea Development Bank (KDB) told this week that the state-run bank may sign a preliminary deal next week to extend financial support for GM Korea.

Here is a look at how South Korea’s court-managed bankruptcy protection procedures work.


The court-managed rehabilitation procedure, equivalent to a U.S. Chapter 11 bankruptcy filing, can be requested by creditors holding claims equal to or greater than 10 percent of the paid-in capital, or shareholders ,上海夜生活男人好去处Idaline,owning 10 percent of the company.

GM holds a 77 percent stake in GM Korea, while KDB has a 17 percent stake. GM’s main Chinese partner, SAIC Motor Corp Ltd (600104.SS), controls the remaining 6 percent.

GM and KDB also have a side agreement that requires the U.S. automaker to get approval from 85 percent of shareholders for the Korean unit’s bankruptcy filing, a KDB official said.

The official added that KDB could consider legal action if GM went ahead without its consent.

Upon receiving such a petition, the court would decide, usually within a month, whether to start a restructuring process after hearing opinions from the interested parties, said Park Seung-du, a law professor at Cheongju University.

By contrast, Chapter 11 in the United States is effective immediately upon filing to create an automatic stay of all collection activity against the debtor company, according to legal experts.

In South Korea, once a court decides to start a restructuring process it will appoint an administrator who is required to submit a plan with details on asset disposal and debt ,上海夜生活乌托邦Barrett,restructuring. The plan needs approval from creditors.

In the event that a reorganization plan is implemented successfully and the debtor manages to pay creditors over time and reschedule obligations, the court has the discretion to end the structuring process or can do so at the request of the debtor’s administrator.

But if the debtor is likely to fail in carrying out the restructuring plan, and the liquidation value of the company is deemed to exceed the going concern value, the court will terminate the process and will put the company into bankruptcy.

“Compared to the U.S. process, South Korea’s court rehabilitation process is much more complex and takes longer,” said Park, the professor at Cheongju University. “Depending on the size of a debtor company, it can take years to see the end of it.”

Legal experts also say negative public perceptions of ban上海夜生活kruptcy often hamper efforts to keep troubled companies alive.

“GM restored itself after transferring healthy assets to a new GM,” said Rim Chi-yong, a lawyer from Kim & Chang in Seoul, referring to the U.S. firm’s successful restructuring after it filed for bankruptcy protection in 2009 after years of losses and market share declines.

“In South Korea, when a company files for rehabilitation to the court, it’s largely considered as dead. It is difficult for them to take part in a bidding and banks are reluctant to provide loans for that company,” he said.

GM Korea drops bankruptcy vote plan after last-minute wage deal

SEOUL ( ) – General Motors Co’s (GM) South Korean unit dropped a plan to consider filing for bankruptcy after winning concessions on pay, bonuses and benefits from its labor union in a tentative deal reached on Monday.

The deal will pave the way for nearly $500 million in fresh capital injection by the South Korean government, providing much-needed liquidity to GM Korea to pay employees and its suppliers, but slumping v上海夜生活ehicle sales and low factory run-rates raise questions about its longer-term future.

The concessions by GM Korea’s powerful auto union are expected to heap pressure on other auto unions for similar moves, at a time when South Korea’s auto industry is grappling with higher labor costs and sluggish demand from the United States and other markets.

“Through the latest agreement, GM Korea will be a competitive manufacturing company,” Kaher Kazem, chief executive of GM Korea, said in a statement in Korean.

GM shocked South Korea,上海足浴夜网联系方式Quaid, in February when it unveiled a major restructuring plan for the money-losing unit, which involved shuttering one of its four plants in the country and voluntary redundancies for 2,600 workers.

The automaker had sought wage concessions from the union as well as government funding and incentives to save its remaining three South Korean factories.

The board of GM Korea delayed a decision on whether to file for court-managed bankruptcy protection until Monday evening after the automaker failed to reach a wage deal with its labor union in time to meet a Friday deadline.


The union accepted the company’s request to freeze base wages and skip bonuses for this year as well as trim benefits, according to the agreement seen by .

Future base wage increases and performance pay “will be dependent upon the company regaining profitability”, while the base wage rises will not exceed inflation, it said.

Regarding its 680 remaining workers at the Gunsan factory, which is scheduled to be shuttered in May, the company will “implement options including a voluntary redundancy program and transfers” to other plants to avoid layoffs.

“The labor union made huge concessions to save the company,” Hong Young-pyo, a lawmaker of the ruling Democratic Party who mediated the agreement, said at a news conference after the deal.

Related Coverage,上海夜生活网交流Lake,South Korea says to join forces to normalize GM’s Korea unit

The union was absent from the press conference where Hong and GM executives were present.

A union spokesman declined to comment, saying union members are expected to vote on the preliminary deal on Wednesday and Thursday.

“Clearly it sets an example that a labor union cannot help but make concessions to overcome its company’s crisis,” Kim Soo-wook, a professor of operations management at Seoul National University, said.

“This will influence further labor conflicts and activities case by case depending on how bad the situations are for companies or how the global economy goes.”

Hyundai Motor, South Korea’s biggest automaker, is bracing for its annual talks with its labor union, after it posted a fifth straight drop in annual earnings last year as a lack of sport utility vehicles in the United States and a diplomatic row with China hurt earnings.

Adding further pressure on Hyundai, U.S. activist hedge fund Elliott Management said on Monday a restructuring plan proposed by the auto group to end circular shareholding structure was not enough, and recommended it create a holding company and increase dividend, among other things.


The deal would pave the way for the Korea Development Bank (KDB) [KDB.UL] to provide support and for GM to allocate two new models to South Korea to help turn around GM Korea, the unit said in a statement.

State-run KDB is GM Korea’s second-largest shareholder with a 17 percent stake. The U.S. automaker owns 77 percent of GM Korea, while GM’s main Chinese partner, SAIC Motor Corp Ltd, controls the remaining 6 percent.

The government had stepped up pressure on GM and the union to reach an agreement, saying without a swift deal some 150,000 jobs at the automaker and its suppliers would be at risk.

GM Korea still needs to negotiate with KDB on terms of the latter’s financial support to the unit, while trying to secure tax and other incentives from the industry ministry. KDB’s chairman told last week the lender may sign a preliminary agreement by April 27.

Some analysts said the fate of GM Korea is still uncertain.

The unit’s strength is small cars but GM is scaling down its presence in that segment, said Lee Hang-koo, a senior research fellow at Korea Institute for Industrial Economics & Trade. “GM has extended the lifeline of GM Korea, but not sure how long it will last.”

The South Korean unit, once the backbone of GM’s Asian strategy, has been hobbled by labor costs and hurt by the automaker’s decision to pull its Chevrolet brand from Europe, a key export market. It posted a net loss of $1.1 billion in 2017, its fourth straight year in the red.

The unit still makes more than 1 million assembled or partially assembled vehicles for the United States, European and emerging markets. It i,夜上海419龙凤论坛Dalton,s also an engineering and design source for GM’s small vehicles and electric vehicles, as well as home to some of GM’s top-ranked suppliers globally.

Verizon first-quarter results beat estimates

( ) – Verizon Communications Inc (VZ.N) reported better-than-expected first-quarter results on Tuesday as the No. 1 U.S. wireless carrier lost fewer monthly phone subscribers than feared, and the company’s chief financial officer said it was continuing to explore a new video service.

Shares of the company rose 1.8 percent to $49.55.

Verizon lost 24,000 phone subscribers who pay a monthly bill, while analysts expected it to lose 69,000 subscribers, according to financial and data analytics firm FactSet.

Speaking on the post-earnings conference call, Verizon Chief Financial Officer Matthew Ellis said the company was not interested at this time in acquiring broadcast or cable networks, but continued to look at “over-the-top” options, or cheaper streaming video packages with fewer channels.

Verizon was a bidder for Twenty-First Century Fox Inc (FOXA.O) assets, which Walt Disney Co (DIS.N) is trying to buy for $52.4 billion.

The company expects to have an overall product offering for consumers in the three to five markets where it plans to launch home 5G broadband later this year, and will add more content to Oath, its subsidiary that owns Yahoo! and AOL, Ellis said.

That could include news, sports, finance or entertainment content, Ellis said in an interview.

Analysts questioned whether Verizon had its sights on traditional media similar to AT&T Inc (T.N), which is fighting in court against the U.S. Department of Justice to close its acquisition of Time Warner Inc TWX.N, and while Ellis said the company would look at potential deals, it is not the main focus.

V,上海夜生活网交流Macauly,erizon instead expects to add to its distribution rights for digital content, Ellis said.

Net income attributable to Verizon rose to $4.55 billion, or $1.11 per share, in the first quarter ended March 31 from $3.45 billion, or 85 cents per share, a year earlier.

On an adjusted basis, the comp,上海新夜网龙凤Barney,any earned $1.17 per share. Total operati,上海夜网推油Gabe,ng revenue rose to $31.77 billion from $29.81 billion a year earlier.

Analysts had expected adjusted earnings of $1.10 per share and 上海夜生活revenue of $31.26 billion, according to Thomson I/B/E/S.

Verizon added 66,000 Fios internet customers during the quarter and lost 22,000 Fios video subscribers.

Verizon’s first-quarter 2018 earnings per share included about 21 cents due to tax reform and accounting changes for revenue recognition.

The company said it expected savings from tax reform to generate a net $3.5 billion to $4 billion benefit to cash flow from operations in 2018, resulting in a 55 to 65 cent increase in 2018 earnings per share.

China Fosun dials up tourism push with $1.74 billion Atlantis Sanya…

SANYA, China ( ) – China’s Fosun International Ltd (0656.HK) on Saturday launched its Atlantis Sanya luxury resort in a $1.74 billion bet that the sail-shaped development will become an icon in Hainan – China’s Hawaii – and a beacon to both domestic and foreign tourists.

The conglomerate’s 11 billion yuan ($1.74 billion) investment in China’s southernmost province is in line with the central government’s desire to further boost tourism in Hainan, already popular among Chinese holidaymakers.

Fosun, co-founded by Chinese billionaire Guo Guangchang, has been one of the country’s most acquisitive overseas dealmakers.

But like peers including Dalian Wanda Group and HNA Group, Fosun – China’s largest privately held conglomerate – has faced increased scrutiny by Beijing for debt-fuelled, big-ticket foreign deals and is now pursuing a development path more closely aligned with Beijing’s priorities.

Tourism is viewed as key to China’s shift towards a more consumption-driven model of economic growth from an investment and ex,上海夜生活服务Radcliff,port-led one. Beijing aims to raise the country’s tourism market revenue to 7 trillion yuan by 2020, from 5.3 trillion yuan last year.

Hainan, one of China’s top holiday destinations, has sought to internationalise its tourism sector since 2010 after winning approval from the central government to develop international tourism. But only 1.1 million out of 67 million visitors came from abroad in 2017.

Located on Haitang Bay, one of the major bays in Sanya and known for its 22-kilometre strip of white, sandy beaches, Atlantis Sanya was inspired by Dubai’s Atlantis, The Palm. The integrated resort offers hotel suites with views of underwater marine life, as well as a water park and a shopping mall.

The resort, owned by Fosun and managed by Kerzner International [KZL.UL], occupies an area of 540,000 square metres – equal to 66 soccer pitches – and has 1,314 guest rooms.

“Atlantis Sanya is not only a forerunner of the supply-side reform of the tourism industry, but is also becoming a new landmark of Hainan tourism,” Xu Zhenling, vice mayor of Sanya said at a news conference on Saturday ahead of the resort’s grand opening scheduled for the evening.

She said t,上海足浴夜网联系方式Hadleigh,he resort will also raise Hainan’s profile overseas, as the island province – China’s largest economic developm,上海夜网千花Kaiden,ent zone – seeks to further open up its economy and focus on developing modern tourism, services and high-technology industries.

Plans to build China’s first Atlantis resort in Hainan, the third in the world, were first unveiled in 2013.

The resort adds to a broad portfolio owned by Fosun Tourism and Culture Group, a key profit growth driver for the conglomerate, which also owns 上海夜网the French Club Med holiday company and a stake in Canadian theatrical production company Cirque du Soleil.

($1 = 6.3325 Chinese yuan renminbi)

Shell, Total start 2018 on a high thanks to rising oil prices

LONDON ( ) – Higher output and soaring oil prices helped European majors Royal Dutch Shell RDAs.L and Total (TOT,上海夜网推油Naia,F.PA) to begin 2018 on a high note with better than expected first-quarter results on Thursday.

Brent crude oil prices in the first three months of this year averaged around $67 a barrel, leaving last year’s $54.5 behind as a distant echo of the price crash of late 2014.

The world’s top oil companies are expected to generate more cash in 2018 than at any other time this decade after three years of cuts, but boards remain cautious over near- and long-term price uncertainty.

However, Shell shares slipped 2.7 percent by 1000 GMT as cash flows fell short of investors’ strong expectations. Total shares gained 0.7 percent.

With Shell’s output up,上海夜网官方网站Lance, 2 percent at 3.8 million barrels of oil equivalent per day (boe/d) and Total’s production rising 5 percent to 2.7 million boe/d in the quarter, both were well positioned to capture the price upswing in benchmark oil prices.

The Organization of the Petroleum Exporting Countries, together with other producers led by Russia, started in early 2017 to throttle its output to revive prices and regain market sha上海夜生活论坛re from U.S. oil producers.

This month, Brent crude oil futures climbed above $74 a barrel, reaching highs last seen in late 2014 — a welcome development for oil producers.

Shell reported a 42 percent rise in first-quarter profit, its highest in over three years. Adjusted net income rose to $5.322 billion, topping a company-provided analysts’ consensus of $5.277 billion.

Total’s net adjusted profit came in at $2.9 billion, beating analysts’ forecast of $2.77 billion in the quarter.

Armed with such results, Shell and Total are ,上海仙霞路夜生活Barrett,in payback mood to investors, buying back shares after diluting stakes with scrip dividends – consisting of shares rather than cash – introduced after the price crash which sent oil prices as low as $28 a barrel.

Shell plans to buy back $25 billion of shares by 2020 and Total said it will raise first quarter interim dividend by 3.2 percent, while Scrip shares issued in January for the second 2017 interim dividend were bought back.

China trade body urges tighter corporate compliance after ZTE woes:…

BEIJING ( ) – A state-backed Chinese trade body said compliance is now a core risk for Chinese firms and that the government must speed up the implementation of guidelines on corporate oversight following a U.S. ban on sales to ZTE Corp.

U.S. authorities this week forbade American companies from sales to ZTE for seven years, saying the Chinese telecom company had broken a settlement agreement with repeated false statements – a move that threatens to cut off ZTE’s supply chain.

The ZTE case represents a “milestone” and government leaders should urge the company to boost compliance oversight to ease “disastrous” consequences, the China Council for the Promotion of International Tra,夜上海419龙凤论坛Oakley,de (CCPIT) said in a policy proposal seen by .

“We can see compliance risk has become a core risk for Chinese firms that join international competition,” the trade body said in the proposal dated April 18.

The authorities should in,上海夜网Dahlia,troduce compliance training measures for government officials and bu,上海夜生活男人好去处Fabi,siness leaders, the body said.

China is set to implement a 上海夜网set of new national standards on compliance management systems on July 1, as the government steps up efforts to monitor companies’ overseas operations and strengthen their compliance management to curb risk.

The trade body said the action against ZTE came “at a sensitive moment” in Sino-U.S. trade relations and so it cannot be ruled out that the United States is seeking to exert pressure on China through sanctions against ZTE.

The United States and China have threatened each other with tens of billions of dollars in tariffs, fanning worries of an intensifying trade war.

“The most urgent priority is to ease the disastrous impact on ZTE caused by U.S. sanctions through efforts from multiple sides,” the CCPIT said, noting that it would be “unrealistic” to ask the Unites States to remove the order.

It called on the government to go through informal channels to lobby key U.S. firms who sell components to ZTE, including Qualcomm Inc and IBM Corp, to seek leniency with U.S. Congress members on the matter, the proposal showed.

The trade body said top compliance experts, including those working at ZTE’s American suppliers and other multinational companies, had held a discussion this week on the U.S. sanctions to form the CCPIT’s policy proposal.

Calls to the CCPIT’s news department went unanswered on Friday. ZTE did not immediately respond to an email seeking comment.

ZTE said on Friday that the U.S. ban on the sale of parts and software to the company was unfair and threatened its survival. It said it would safeguard its interests through all legal means.

‘Small-town kids’ shape future of China’s consumption

XINXIANG, China ( ) – The bright lights of Beijing or Shanghai have never held much allure for Wu To上海夜生活ngxu, a 24-year-old civil servant earning a modest salary in the nondescript city of Xinxiang in China’s central Henan province.

B,上海夜生活服务Nadia,ut his lifestyle is anything but parochial.

Wu drives a 370,000 yuan ($58,800) Cadillac sedan, owns a downtown apartment and dines out at restaurants. He can sometimes be found at rock concerts in Hong Kong or on jaunts up Mount Fuji in Japan – financed by his doting parents.

“If I were to live in Beijing or Shanghai, I’d never be able to afford the lifestyle I’m having now,” said Wu.

Until now, China’s consumption has been led by residents of the capital and free-spending coastal cities. But the hinterland has been catching up fast, transformed by industrialization and rapid urbanization in the last 10 years.

In 2016-2020, around 50 million households will enter the middle and upper classes, with half of them likely to be located outside China’s top 100 cities, according to a report by The Boston Consulting Group and AliResearch, a unit of the e-commerce giant Alibaba (BABA.N).

That transformation has already helped spur a spe,上海高端夜生活在那里Dahlia,nding surge in the hinterland.

In a report by UnionPay/JD.COM, consumption in third- and fourth-tier cities, generally cities with gross domestic product of less than $70 billion, soared 58 percent last year. Taken together, the cities have a total population of nearly 700 million.

Much of that spending is happening in cities like Xinxiang, a city of 6 million, that has benefited in recent years from the rapid development of nearby Zhengzhou, Henan’s capital.

The rise of cities like Xinxiang has coincided with soaring living costs in big metropolises, particularly over the past 18 months as rents hit historic highs.

Beijing and Shanghai are also tightening controls on migrants in an effort to control urban sprawl and curb the growth of their 20 million-plus populations.

As a result, so-called “small-town kids” around the country are increasingly staying in their hometowns.

They are splurging on cars, fashion and entertainment, reshaping China’s consumption landscape as their peers in Shanghai and Beijing contend with high living costs.

Retail sales in Xinxiang soared 12 percent last year, exceeding Beijing’s growth of 5.2 percent. Xinxiang’s gross domestic product,上海夜玩网论坛Octavia, (GDP) was about 240 billion yuan ($38 billion) last year.


For decades, migrants from smaller cities headed for large urban centers where the country’s economic boom first took root.

That is changing.

In Xinxiang, some 90 percent of millennials are staying put in the city, its mayor, Wang Dengxi, said in a statement, when asked by about demographic changes in the city.

That sort of shift has attracted companies like H&M (HMb.ST), Fast Retailing (9983.T), JD.com (JD.O), China Evergrande Group (3333.HK) and Dalian Wanda Group.

Magnus Olsson, the country manager for H&M China, said in March that the fashion retailer is looking to improve brand recognition in cities where it is not present. [nL8N1R34B6]

Morgan Stanley expects China’s private consumption market will more than double to $11.8 trillion in 2030, from $4.7 trillion currently, with two-thirds of the increase coming from third- and fourth-tier cities.

A survey of over 3,300 households showed that compared with big cities, third- and fourth-tier city residents are more inclined to spend on leisure travel, cars and online entertainment, according to Robin Xing, chief China economist at Morgan Stanley. He added that much of the spending was led by millennials.

More than 32 percent of General Motors’ Cadillac sales in China in the first quarter were in third- and fourth-tier cities, GM said in a statement, while about 45 percent of its customers are between 25 and 34 years old.

“Many locals here drive Cadillacs,” said Wu in Xinxiang, sporting a pair of trendy black-rimmed glasses. “Now, I want to buy a Tesla (TSLA.O).”

Small-town kids also spend more money on online games and live-streaming websites than their peers in first-tier cities, a report by the internet giant Tencent (0700.HK) shows.

This has also led to a cinema boom in lower-tier cities. Box office receipts in third- and fourth-tier cities rose 22 percent last year, surpassing the 11 percent growth in first- and second-tier cities, according to calculations by , based on data from the online ticketing service provider Maoyan.

China Evergrande Group (3333.HK) is aiming to build 200 cinemas nationwide in the next five years.

In Xinxiang, millennials are also swarming new western-styled bars and clubs at night.

Tian Zeng, a coffee shop owner, frequently hits the bars with his wife and their friends after a night out in the movies.

“My philosophy towards life is to enjoy it to the fullest, so I spend money as long as it makes me happy,” the 30-year-old said.


Much of the spending power in China’s lower-tier cities comes from rising property values over two decades, analysts say.

An analysis of 45 Chinese cities of all tiers by Haitong Securities showed a 1 percent increase in property prices in relatively cheap markets brought about a 7.9 percent increase in local consumption growth in 2016.

Rising property prices have also enriched older Chinese people, like Wu’s parents, many of whom are happy to finance the lifestyle of their often only child, according to interviews with over a dozen young people in Xinxiang.

Many young people are also finding their own business opportunities at home.

Li Jiao, who owns four apartments, started renting them out under Airbnb last year.

Li, 24, who holds a master’s degree from the University of Manchester, said business is so brisk that she is considering hiking rental fees to 300 yuan a night from 250 yuan, almost on par with prices in cities like Beijing.

“A lot of my renters are local students here who have been longing to try something new and different,” she said.

($1 = 6.2911 Chinese yuan renminbi)

Sainsbury’s move for Asda sees some hedge funds caught out

LONDON ( ) – A popular hedge fund bet on a fall in Sainsbury’s shares came unstuck on Monday after the supermarket group announced plans to merge with Walmart-owned rival Asda.

The deal, which would see the combined group leapfrog Tesco to bec,上海夜网千花Rae,ome Britain’s biggest food retailer, sent shares in Sainsbury’s up 17 percent by 1200 GMT and on course for their biggest one-day gain since 1983, Thomson data showed.

Before the news broke over the weekend, data from industry tracker FIS’ Astec Analytics showed more than 160 million Sainsbury’s shares were out on loan, near the top of a 52-week range, as part of a “short” trade betting the price will fall.

The Sainsbury’s share price bounce could see the funds with the largest positions collectively more than 100 million pounds ($137 million) out of pocket.

Under a “short” trade, a fund borrows the shares from a long-term holder such as a pension fund and then sells them. The fund hopes to buy the shares back at a later date for a cheaper price before returning them to the original owner, pocketing the difference minus fees.

The scale of demand to borrow Sainsbury’s stock has remained broadly stable since the end of last year. 上海夜生活论坛Data to the end of Thursday showed that 28.2 percent of the stock made available to be borrowed was actually out on loan.


While funds with small positions can fly under the radar, data from Britain’s Financial Conduct Authority showed 10 investment managers had a position of more than 0.5 percent of Sainsbury’s stock, the level at which it demands disclosure.

The biggest position, at 1.85 percent was for British firm Marshall Wace, followed by Pelham Capital at 1.7 percent and BlackRock Investment Management, at 1.69 percent.

Others to hold positions above 0.5 percent include computer-driven AQR Capital Managemen,上海夜生活网交流Jace,t as well as,上海夜网推油Fabi, BNP Paribas, Citadel Advisors, Citadel Europe, Discovery Capital Management, GLG Partners and Odey Asset Management, the FCA filings data showed.

Taken together, the 10 positions account for a 10.8 percent position in Sainsbury’s stock. While it is not known when and at what price all the shares were borrowed, Monday’s move could represent a paper loss of more than 110 million pounds.

The hedge funds’ focus on Sainsbury’s has been mirrored elsewhere in the retail sector in recent months, with Marks & Spencer, Ocado and WM Morrison Supermarkets all seeing strong demand to short.

Companies relying on the spending power of the British consumer have faced tough questions in recent months as the impact of Britain’s decision to leave the European Union has gradually begun to weigh on sentiment.

More broadly, retailers have faced additional concerns about the changing patterns of consumer behavior, with more people shopping online. Spending power has also been constrained by rising inflation and subdued wage rises.

($1 = 0.7279 pounds)

Buffett draws them in even as Berkshire comes up short

( ) – He thinks of himself as a teacher, and to many he is an icon. But to Wall Street, Warren Buffett is something quite different.

A disappointment.

Tens of thousands of Berkshire Hathaway Inc (BRKa.N) shareholders and fans may think otherwise as they flock to Omaha, Nebraska, this weekend to see Buffett, 87, and his longtime partner and fellow billionaire Charlie Munger, 94.

The weekend will celebrate their long-term success running a conglomerate, now with 90-some businesses overseen on a daily basis by two potential Buffett successors, newly-installed Vice Chairmen Greg Abel and Ajit Jain.

But recent results, relative to what analysts were counting on, were of a sort that might make chief executives at other companies hang their heads.

Berkshire’s operating profit, excluding investments and derivatives, has fallen short of Wall Street forecasts for eight consecutive quarters, while its cash stake swelled to $116 billion because Buffett could not find enough worth buying.

In contrast, just 21 percent of Standard & Poor’s 500 .SPX companies typically miss forecasts in any given quarter, while 64 percent beat forecasts.

Berkshire has a chance to break its streak on Saturday morning when it is scheduled to report first-quarter results.

“Obviously, the quarterly results matter, but I care year-to-year about what they’re doing,” said Paul Lountzis, founder of Lountzis Asset Management LLC in Wyomissing, Pennsylvania, who has been to more than 20 meetings and is attending this weekend.

“Though you may be upset with all the cash they have, if there is a challenge across the world, or liquidity dries up, he’s going to step in and take advantage,” he added, referring to Buffett.


Predicting results can be hard because Berkshire’s tentacles spread far.

Its products and services include car insurance (Geico), mobile homes (Clayton), wind power (Berkshire Hathaway Energy), cowboy boots (Justin Brands), chocolate (See’s), helium balloon inflators (Western Enterprises) and electronic sow feeding systems (perhaps unsurprisingly, PigTek).

“Berkshire Hathaway is a challenging company to analyze,” and “does not manage its results to meet Street expectations,” Barclays analyst Jay Gelb wrote last week.

Insurance un上海夜生活论坛derwriting has dragged on recent results, and Berkshire last year paid out billions of dollars for hurricane losses.

But a tailwind from an improving U.S. economy boosted shipments on the BNSF railroad, and bolstered Berkshire’s building materials and consumer businesses.

Gelb expects operating profit to rise 45 percent in 2018. That could help Berkshire’s stock price, which closed on Tuesday about 10 perc,夜上海419龙凤论坛Barbara,ent below its peak on Jan. 29.

Questions about Berkshire will likely comprise a majority of the roughly 60 questions that Buffett and Munger will field over five hours at Saturday’s annual shareholder meeting.

“There’s always something to learn,” said Brandon Taylor, managing partner of Taylor Hoffman Wealth Management in Richmond, Virginia, attending his sixth meeting this year. “Knowledge compounds over time, and the more I expose myself to investors who are better than me, the better off I will be.”


Berkshire sent out slightly more tickets to this year’s extravaganza than in 2015, when an estimated 42,000 celebrated Buffett’s 50th year at the helm. A couple of million may watch Buffett and Munger online this year via Yahoo Finance. ,上海夜网官方网站Ebba,

As usual there will also be events across Omaha, including investing conferences and shareholder shopping at Berksh,上海夜生活论坛Barbara,ire-owned businesses.

At the jeweler Borsheim’s, for example, silver pens bearing Buffett’s signature fetch $14, while a 1.93-carat argyle pink diamond can be yours for the bargain price of $1,046,750 (normally $1.57 million).

But the meeting remains the highlight.

It may give Buffett and Munger a chance to address progress on Berkshire’s joint venture with Amazon.com Inc (AMZN.O) and JPMorgan Chase & Co (JPM.N) to lower employee healthcare costs, or the scandals hurting the stock price and reputation of Wells Fargo & Co (WFC.N), one of Berkshire’s biggest investments.

Related CoverageFactbox: Warren Buffett, Berkshire Hathaway at a glance

Buffett and Munger will likely also get questions about matters outside their comfort zones, such as bitcoin, or perhaps dysfunction in Washington.

While Buffett is a Democrat and Munger a Republican, both are equal-opportunity critics of shortsightedness and stupidity.

The meeting is “a rejuvenation of all the investment values and principles that Warren and Charlie impart,” Lountzis said.

Kansas is latest U.S. state to challenge Obama transgender directive

( ) – Kansas vowed on Wednesday to sue the Obama administration over a directive telling U.S. public schools to allow transgender students to use bathrooms and locker rooms that correspond with their gender identities.

The announcement by Kansas Attorney General Derek Schmidt made the state the 13th to wade into an acrimonious debate about the rights of transgender Americans. It comes a day after a federal appeals court refused to reconsider its ruling that gave a Virginia transgender high-school student access to the bathroom of his gender identity.

The court’s decision “means our only option is to pursue a more direct challenge to the Obama administration’s unlawful efforts to unilaterally rewrite Title IX,” Schmidt, a Republican, said in a statement.

President Barack Obama’s administration on May 13 told U.S. public schools that transgender students must be allowed to use the bathroom of their choice, upsetting Republicans and paving the way for fights over federal funding and legal authority.

The letter relied on an interpretation of Title IX, which protects people from discrimination based on sex in education initiatives that receive federal financial assistance. The letter did not have the force of law but contained an implicit threat that schools that do not abide by the directive could lose federal aid.

Schmidt called the directive an attempt to expand federal power.

Also on Wednesday, the Kansas Senate 上海夜生活passed by 30-to-8 a resolution ,上海夜网邀请码Radcliff,opposing the Obama administration’s guidance on transgender students’ bathroom use that said state and local officials, and not federal officials, should decide school policy and that the directive threatens students’ privacy and safety.

Officials f,上海夜生活桑拿会所Idris,rom 11 U.S. states – Alabama, Arizona, Georgia, Louisiana, Maine, Oklahoma, Tennessee, Texas, Utah, West Virginia, Wisconsin – sued the Obama administration last week, calling its directive “a massive social experiment.” Mississippi’s Republican governor said on Thursday he planned to join the lawsuit.

Schmidt said he is reviewing whether Kansas will join the lawsuit by the 11 states, led by Texas, or file,上海夜生活群Sabrina, a separate, similar lawsuit.

North Carolina sued the federal government last month, seeking to protect a state law passed in March that bans people from using public restrooms not corresponding to their sex assigned at birth.

But while many states have protested the Obama administration directive, others have acted to protect the rights of transgender individuals. Massachusetts lawmakers on Wednesday were voting on a measure that would make the state the 18th to ban discrimination based on gender identity.

Clayton Homes mimics Buffett approach as it grows

OMAHA, Neb. ( ) – Warren Buffett’s manufactured housing unit Clayton Homes is borrowing the playbook of Berkshire Hathaway Inc’s longtime chairman as it boosts its bet on a growing market for traditional site-built homes.

Clayton entered the field in 2015, and has grown in larger markets such as Atlanta, Charlotte, Denver and Nashville, and smaller markets including Salt Lake City and Birmingham, Alabama, marketing vice president Carl Hill said on Thursday.

“We’ve looked for businesses that have really similar cultural values that happen to be in strong and growing housing markets,” he said, ahead of Berkshire’s annual meeting on Saturday.

“Business owners, when they come on board, have a very strong interest in remaining part of the businesses and continuing to run operations, really very similar to the way Berkshire Hathaway has grown through its subsidiaries.”

Site-built homes are still a small part of Clayton’s business, with much of its $765 million pretax profit last year coming from its $13.7 billion mortgage portfolio.

Clayton also dominates the manufactured home market, where profit margins are greater, and where it commands a 49 percent share, Buffett said in February.

Such homes are often bought by people with low credit scores, low incomes, and financial profiles that can come undone by divorce or death.

Clayton is trying to move past reports three years ago in the Seattle Times claiming it exploited black, Latino and Native American borrowers into unaffordable subprime loans.

The Maryville, Tennessee-based company has denied those allegations and Buf,上海夜网Jack,fett has defended Clayton repeate上海夜生活dly, lauding what he called its “best-in-class” management group and culture.

Clayton stands to benefit from a bill in Congress that would exempt builders of manufactured homes from lending rules applying elsewhere in the housing market, and let them refer prospective buyers to affiliated lenders.

The U.S. Senate in March passed the White House-backed legislation 67-31, with 16 Democrats voting in favor, and sent ,上海夜网后花园Dakota,it to the House of Representatives.

Supporters believe the bill could spur homebuying and lending, while critics say it could restrict competition and strain lower-income homebuyers through higher borrowing costs.

“We’re particularly interested in supporting legislation that makes for a more open and competitive marketplace,” Hill said.

With U.S. homeownership at a five-decade low, Clayton is targeting homebuyers with a $200,000 budget but who want land – a combination admitte,上海会所夜网Caitlin,dly unattainable in parts of the country.

“There is a deficit of available inventory,” Hill said. “A lot of people are having to move into smaller, older homes to get into that price point.”

Written by shyw on December 12, 2018 Categories: kbwdkzeh Tags: , , ,

Amazon boss Bezos supports scrutiny of big companies

BERLIN ( ) – Amazon (AMZN.O) Chief Executive Jeff Bezos said on Tuesday that it was right that big companies are scrutinised and said his firm would respond to any new regulations by finding new ways to please its customers.

Bezos was speaking in Berlin, where he received an award from German media company Axel Springer (SPRGn.DE), and was responding to a question about how seriously he took recent criticism of Amazon by U.S. President Donald Trump.

“All large institutions should be scrutinised or examined,” Bezos said. “It is not per,上海夜生活怎么玩Ida,sonal.”

“We have a duty on behalf of society ,上海夜生活论坛Cain,to help educate any regulators without cynicism or scepticism. We will work 上海夜网with any set of regulations that we are given… we will follow those rules and find a new way to delight customers.”

Trump has said he would take a serious look at policies to address what he says are the unfair business advantages of Amazon, accusing the firm of not operating on a level playing field and not paying enough sales tax.

“We humans, especially in the western world, especially inside democracies, are wired to be mindful of big institutions… it doesn’t mean you don’t trust them or they are evil or bad,” Bezos said.

Amazon has also ,上海夜生活男人好去处Eason,come in for criticism elsewhere over its tax policies and treatment of warehouse staff, with hundreds of European workers protesting on Tuesday outside the building where Bezos was speaking over pay and conditions.

“I’m very proud of our working conditions and I’m very proud of the wages we pay,” Bezos said. “We don’t believe we need a union to be an intermediary between ourselves and our workers.”


Bezos also defended his ownership of the Washington Post, which Trump has called the “chief lobbyist” for Amazon. The Washington Post is privately owned by Bezos, not Amazon.

Bezos said the need to scrutinise large organisations was one of the reasons why the Post’s work was so important, adding he had no problem with the newspaper pursuing critical reporting about Amazon and said he would never meddle in the newsroom.

“I would be humiliated to interfere. I would turn bright red. I don’t want to. It would feel icky, It would feel gross. Why would I? I want that paper to be independent,” he said.

Bezos, the world’s richest person with a fortune of more than $100 billion, added that he was not interested in buying other newspapers, despite receiving monthly requests to bail out other struggling media organisations.

He said he would keep liquidating about $1 billion of Amazon stock a year to fund his Blue Origin rocket company, saying he hoped to test a tourism vehicle with humans at the end of this year or the beginning of next year.

Asked about the scandal over the alleged misuse of the data of nearly 100 million Facebook (FB.O) users, Bezos said Amazon had worked hard on security: “If you mistreat your data, they will know, they will work it out. Customers are very smart.”

House panel claims oversight of state climate probes into Exxon

HOUSTON ( ) – A Republican-led congressional committee sought on Friday to assert oversight over inquiries that about 20 states are making into Exxon Mobil and climate change, reiterating demands to know more about state attorneys general’s consultations with environmental groups.

In a letter, some 17 members of Congress and ranking members of the House Science, Space, and Technology Committee said they have broad jurisdiction that allows them to review investigations carried out by states. The committee was pushing back against state officials who have said they are not subject to federal oversight.

The standoff is the latest in a high-stakes battle between the world’s largest publicly traded oil company and a coalition of state attorneys general who have said they would go after Exxon in a bid to force congressional action to tackle climate change.

About 20 state officials jointly said in March they would participate in inquiries into whether Exxon executives上海夜生活论坛 ,上海夜生活男人好去处Gabrielle,misled the public by contradicting research from company scientists that spelled out the threats of climate change.

Prior to that March announcement, some state officials met with a range of prominent environmental and investment groups that oppose fossil fuels.

The House committee has complained the inquiries risk stifling free speech and scientific inquiry, and that state officials were coordinating with special interest groups.

The House committee demanded for the second time since May that state officials hand over all records of communications between their offices and outside groups.

“Congress has a responsibility to investigate whether such investigations are having a chilling effect on the free flow of scientific inquiry and debate regarding climate change,” the letter said.

“People should be troubled by any attempt by members of Congress to silence or undercut basic investigatory authority by a state attorney general’s office,” said Cyndi Roy Gonzalez, a spokeswoman for Massachusetts Attorney General Maura Healey. “Our office will not be intimidated by oil industry-backed members of the U.S. House of Representatives.”

Exxon, for its part, has said it has acknowledged the reality of climate change for years and communicated this to investors.

On Wednesday, Exxon asked a feder,上海夜生活服务Earl,al court to throw out a subpoena that would force it to hand over decades of docume,上海夜网千花Paige,nts on climate change to Healey’s office.

Fresenius alleges ‘blatant fraud’ at U.S. drugmaker Akorn

WILMINGTON, Del./NEW YORK ( ) – German healthcare group Fresenius (FREG.DE) alleged it uncovered “blatant fraud at the very top level” of U.S. generic drugmaker Akorn Inc (AKRX.O) after Fresenius agreed to acquire the company for $4.75 billion, according to a court filing made public late on Tuesday.

Fresenius abandoned the merger agreement last month, and Akorn has sued in Delaware Court of Chancery to try to hold Fresenius to the deal.

The court scheduled the trial to begin on July 9.

Shares of Akorn slid nearly 15 percent on Wednesday to end at $12.55 per share. The stock price has plummeted from more than $30 in February after Fresenius said it was investigating data integrity at Akorn, and warned it could end their merger agreement.

Fresenius officially abandoned the $34-per-share deal for Akorn in April.

Akorn spokeswoman Jennifer Bowles said the company categorically disagreed with the allegations and intended to enforce the merger agreement.

The drugmaker will ask a Delaware judge at a hearing on Tuesday to fast-track its lawsuit and schedule a trial,上海夜生活论坛Kade, as soon as next month, according to court documents.

Fresenius wants the trial to be held in January.

Akorn said in its lawsuit last month that Fresenius uncovered data integrity problems that are common in the generic drug industry and is seizing on them to try to back out of a deal it soured on for financial reasons.

But Fresenius alleged that an Akorn executive vice president for quality assurance, whose name was redacted from the court filing, knowingly directed the submission of fraudulent testing data to the U.S. Food and Drug Administration.

The fabricated data concerned Akorn’s application to market the antibiotic azithromycin, and Fresenius alleged the fraudulent scheme began in 2012.

Fresenius also alleged that “the same scheme has infected” at least five o,上海夜生活群Queena,ther Akorn products.

In the court filing, Fresenius said its investigation revealed “blatant fraud上海夜生活网 at the very top level of Akorn’s executive team, stunning evidence of blatant and pervasive data integrity violations.”

Akorn has said in court documents it investigated the possible submission of falsified data and fired an executive who was involv,上海夜生活桑拿会所Ida,ed.

“Critically, azithromycin and the five other drug products in question either have never been marketed or are not currently being marketed and were never forecasted to form a material portion of Akorn’s future earnings,” the company said in one of the documents.

Akorn’s performance has been worse-than-expected since the deal was announced, due to increasing competition and price erosion in the U.S. for generic drugs. It alleges that Fresenius got cold feet because it believes it is now overpaying for the deal.

The company has had other issues as well.

Its largest shareholder, John Kapoor, stepped down as chairman of Akorn in October after he was arrested on charges that he participated in a scheme to bribe doctors at a different company he founded – opioid maker Insys Therapeutics Inc INSY.O.

No more #Euroboom? No problem, say investors

LONDON ( ) – Signs of fading growth momentum across Europe have come as bad news to equity investors hoping for a repeat of 2017’s bumper returns, but many say they’re not ready to throw in the towel yet on companies that are still delivering strong earnings.

European equities were in high favor last year. The region had overcome the 2012 sovereign debt crisis and was finally seeing an economic boom – complete with its own hashtag, #Euroboom.

Some of that enthusiasm has waned since. European stocks still failed to match Wall Street gains, rising just 1.3 percent this year, after surging 10 percent in 2017 .STOXXE.

More ominously, a string of economic data has raised doub,上海夜玩网论坛Dakota,ts that corporate profits will keep rising. That has knocked the index 4.2 percent off January highs and some $19 billion has fled euro equity funds in the past seven weeks, data from EPFR shows.

Funds’ allocatio,上海夜生活网交流Fabian,ns to euro zone equities dropped to a 13-month low in April, according to Bank of America Merrill Lynch, which says “overweight” positions have slipped to 34 percent versus 58 percent last October.

Kevin Gardiner, global investment strategist at Rothschild Wealth Management, is among those disillusioned with the market.

“If Europe didn’t do well last year, when is it going to perform?” said Gardiner, who recommends neutral positioning on continental Europe.

His disappointment is perhaps understandable.

After picking up strongly most of last year, IHS Markit’s flash PMI survey – a key euro zone manufacturing activity gauge — dropped to 14-month lows of 55.2. Business confidence in Germany, the bloc’s growth engine, fell this month to the lowest in over a year.

In a sign analysts were unprepared for such a slowdown, Citi’s economic surprise indicator for the euro zone has fallen to its lowest since June 2012 .CESIEUR.

If data due on Wednesday shows first-quarter economic growth decelerating significantly from the previous three months, that could be a crucial negative signal for the market, bears say.


Not so fast.

Some investors are sticking to their guns – they say economic indicators’ decline from the supercharged levels of last year was to be expected.

“It was kind of too good to be true in that you had PMIs in Europe near 60, which was great and you were thrilled with it and you would take it but … you just didn’t really feel all that comfortable with it,” said Daniel Morris, senior investment strategist at BNP Paribas Asset Management.

“The higher you go the further you fall, so I think it’s made the decline since seem worse than in fact it really is,” said Morris, who remains “overweight” on Europe.

Another investor, Chris Dyer, director of glob上海夜生活论坛al equity at Eaton Vance, is keeping European equities as his largest “overweight” within global portfolios, noting that the indicators had hit multi-decade highs last year.

“It’s hard to keep the kettle on the boil for that long, so I’m not too concerned about it coming off,” Dyer said.

The reason for clinging on, investors say, is their belief that regional companies will still deliver robust profits. In 2017, European firms enjoyed their first year of earnings growth in seven years and MSCI Europe should deliver earnings growth of 7.5 percent this year, according to Thomson I/B/E/S.

This pales in comparison with the 19.8 percent predicted for the S&P 500, but U.S. earnings are widely seen as boosted by hefty tax cuts.

In the first quarter, MSCI Europe earnings are expected to grow 0.6 percent from Q1 2017 in,上海凤楼夜网Ebba, euro terms – which translates to a healthy 12.1 percent in dollar terms, as the euro appreciated sharply in the first quarter.

Finally, the euro zone’s newfound political stability is also reassuring investors, after populist, euro skeptic parties largely failed to make much headway.

The best example of that optimism may be Italy. Italian stocks are among the best performers globally, gaining 9.7 percent year-to-date, led by banking stocks that are well positioned to benefit from growth. That’s despite the likelihood of fresh elections after an inconclusive vote in March.

“The fact that Europe is on a sounder footing and that growth seems to be relatively well-underpinned … we’re pretty comfortable with that,” said Alistair Wittet, manager of the Comgest Growth Europe ex UK fund.

VW’s Skoda shifts some SUV production to Germany

BERLIN ( ) – Volkswage上海夜网n AG’s (VOWG_p.DE) Czech division Skoda said it will shift some production of sport-utility vehicles (SUVs) to Germany to meet growing demand for its models.

Executives at Europe’s largest automotive group and its Czech subsidiary have been looking at w,上海高端夜生活在那里Quay,ays to boost output at Skoda, including building a new factory outside the brand’s Czech home, to help it keep up with booming demand, company sources told in March.

On Monday, Skoda said it will assign some production of its latest Karoq SUV to a Volkswagen (,上海夜生活网交流Eden,VW) plant in Germany’s northwestern town of Osnabrueck starting at the end of this year and in 2019 to meet high demand for the model.

The VW factory in Osnabrueck, which also builds the Porsche Cayenne SUV, will paint and assemble the Skoda Karoq, but the move will only be temporary with the bulk of Karoq production set to remain in the Czech Republic, Skoda said.

Volume brand Skoda has blossomed under nearly 30 years of VW ownership to become one of the German group’s profit drivers, even beating luxury brand Audi’s (NSUG.DE) operating margin, thanks to cheap labor and to VW’s cost-saving modular platforms. ,上海夜生活Radley,

Skoda’s superior car reviews and profitability repeatedly caused tensions within the VW group as the core namesake brand grapples with costs for the “Dieselgate” scandal while pushing painful restructuring involving thousands of job cuts.

Last year, VW managers and labor representatives were seeking to curb competition from Skoda by moving some of its production to Germany and make the Czech unit pay more for shared technology, sources told .

Michigan House approves, sends school funding package to state Senate

( ) – Michigan lawmakers on Thursday approved paying off a $467 million deficit incurred by Detroi上海夜网t Public Schools and to fund costs associ,上海新夜网龙凤Kaia,ated with creating a new school system, online legislative records showed and local media reported.

The state’s Republican-controlled House of Representatives approved the bill package, sending the legislation to the state Senate which could take up the legislation when it convenes on Tuesday, according to online records.

“This plan saves Detroit’s school system and returns local control to the city, preventing a disastrous bankruptcy that would have affected every community in the state,” House Speaker Kevin Cotter, a Republican, said in a statement.

The legislation has the state paying off $467 million in operating deficit incurred by the cash-strapped school system and providing $125 million to create a new debt-free school district, the news website MLive.com reported.

The Detroit public school system, or DPS, has nearly 46,000 students. It has been under state control since 2009 because of a financial emergency. Thursday’s legislation comes less than a month before DPS was expected to run out of money to pay employees.

House Democrats said in a statement that the legislation would force the closing of DPS schools and allow failing charter schools to “pr,上海夜生活网419Jace,oliferate.”

“House Republicans are playing games ,上海夜网Radcliff,with the Detroit Public Schools, and the children of Detroit are the ones who will lose,” House Democratic Leader Tim Greimel said.

Democrats also opposed the legislation because it does not include a Detroit Education Commission, a body that would work to prevent low-performing schools from opening and ensure schools are placed in underserved areas, MLive.com reported.

AT&T subsidiary DirecTV asks to be dropped from antitrust case

WASHINGTON ( ) – DirecTV, the biggest U.S. pay TV company and a subsidiary of AT&T, asked a federal court on Tuesday to drop it from the lawsuit that the government filed to stop AT&T from buying movie and TV production company Time Warner.

“DIRECTV is not the seller, the acquired entity, or a major stockholder of the acquire,上海夜网Kai,r,” lawyers for the company said in a filing.

In its request, DirecTV alleged that the Justice Department included the company as a defendant ,上海夜生活网交流Fabi,so it could use critical statements its executives made about the 2011 merger of Comcast and NBCU as part of the government’s argument against the AT&T/Time Warner deal. AT&T bought DirecTV in 2015.

Both instances involve a big pay TV distributor buying a movie and TV production company.

In its complaint filed against the merger in November, the Justice Department said DirecTV previously warned that mergers of TV distributors and content makers “can much more credibly threaten to withhold上海夜网 programming from rival (distributors)” and can “use such threats to demand higher prices and more favorable terms.”

DirecTV has nearly 21 million subscribers, according to ,上海夜生活Jacklyn,the complaint.

Judge Richard Leon, who will decide if the merger may go forward, is hearing evidence on whether the $84.5 billion deal is illegal under antitrust law, as the government alleges, and should be stopped.

The witnesses this week are expected to include AT&T Chief Executive Randall Stephenson and Time Warner CEO Jeff Bewkes.

Written by shyw on June 12, 2018 Categories: kbwdkzeh Tags: , ,

U.S. mulls quotas on steel, aluminum after extending deadline

WASHINGTON ( ) – U.S. officials are pushing for quotas and “other restrictions” on steel and aluminum imports, a top trade official said on Tuesday after the White House announced a month-long,上海夜哪里艳遇Falkner, extension of tariff exemptions for Canada, Mexico and the European Union.

The decision to extend that deadline was welcomed by many of America’s trading partners, but they continued to push for permanent exemptions.

“We will have quotas and other restrictions to make sure that we defend our industries in the interest of national security,” White House trade adviser Peter Navarro told steel industry executives.

President Donald Trump’s administration said in March it would impose tariffs of 25 percent on steel imports and 10 percent on aluminum in a bid to stanch imports from China, which it says had driven down prices and put U.S. companies out of business.

But it granted temporary exemptions to allies such as Canada, Mexico and the EU, which had been due to expire on Tuesday morning. The administration said on Monday night those exemptions would continue for a month, but added a full imposition of tariffs remained an option.

“Last night’s decision is certainly a step forward,” Canadian Foreign Minister Chrystia Freeland told reporters on Tuesday, adding: “Canada will continue to work for a full and permanent exemption.”

Before Tuesday, South Korea was the only country with a full exemption after it agreed to quotas. The White House said on Monday it had reached agreements for perman,上海夜网后花园Quaid,ent exemptions for Argentina, Australia and Brazil.

The White House has attempted to link exemptions for steel and aluminum imports from the EU to a reduction of tariffs on car imports by the bloc.

That move has been rejected by the EU, which says it must receive a permanent exemption on the steel and aluminum tariffs before holding a wider discussion on trade. It has rejected a discussion of auto trade.


“We’re having some potentially fruitful discussions about an overall reduction in,上海夜生活服务Tamara, trade tensions,” U.S. Commerce Secretary Wilbur Ross said of the discussions with the EU in a CNBC interview.

“I don’t think we have any intention to grant protracted extensions. That defeats the whole purpose.”

Trump has invoked a 1962 trade law to erect protections for U.S. steel and aluminum producers on national security grounds, amid a worldwide glut of both metals that is largely blamed on excess production in China.

Related CoverageWhite House says expects to complete tariff talks during 30-day exemption periodCanada pushes for permanent tariff exemption; industry worried

The tariffs have increased friction with U.S. trading partners and prompted several challenges before the World Trade Organization.

At the same time as pursuing the metals tariffs, which have raised concern among U.S. consumers of steel and aluminum that rising costs will make them uncompetitive, the Trump administration has set out to tackle what it says is China’s theft of intellectual property from U.S. companies.

A U.S. delegation will travel to上海夜生活网 Beijing this week to discuss the issue. Trump has threatened to add $100 billion of imports from China to initial list of $50 billion if China retaliates against U.S. goods.