上海夜生活,上海夜生活网,上海夜网论坛 - Powered by April 2017

Swiss trader Trafigura bulks up management committee

LONDON ( ) – Trafigura has tripled the size of its management committee, bolstering the position of CEO Jeremy Weir while also giv,上海高端夜生活在那里Fabi,ing more responsibility to the next generation of potential leaders, the Swiss commodities trader said on Tuesday.

The nine-person committee will oversee day-to-day trading, commercial and operational functions as well as investments, according to an internal memo sent by Weir and seen by .

It replaces the previous three person executive committee, which was comprised of the,上海夜生活怎么玩Octavien, CEO, chief operating officer and global head of oil trading. Weir will also take on t上海夜网he role of ex,上海021夜网Balthazar,ecutive chairman.

As well as Weir, the committee will include Chief Financial Officer Christophe Salmon, Chief Operating Officer Mike Wainwright, the co-heads of market risk Ben Luckock and Rob Gillon, the head of mergers and acquisitions Jesus Fernandez, plus the heads of Trafigura’s key trading divisions.

These are the global head of oil trading Jose Larocca, the global head of refined metals and concentrates Amin Zahir and the global head of coal and iron ore Julien Rolland.

Rob Gillon is also a board member of Trafigura’s down and midstream arm Puma Energy. Trafigura holds a 49.6 percent stake in Puma.

“The change marks a further step in the development of Trafigura Group’s governance. It formalises the role of a wider management group in supporting the Executive Chairman, and gives additional responsibility to members of the next generation of Trafigura leaders,” a Trafigura spokesman said.

Trump, top aides talk trade with Apple CEO Cook at White House

WASHINGTON ( ) – President Donald Trump and two top aides talked about trade issues with Apple Inc (AAPL.O) chief Tim Cook on Wednesday as the White House prepares to try to avert a trade war with China, a manufacturing hub for the iPhone mak,夜上海论坛Hadleigh,er.

Cook, who has urged calm during the recent flare in U.S. trade tensions with China, held private talks with Trump in the Oval Office. He also spoke with the president’s top economic adviser Larry Kudlow and U.S. Trade Representative Robert Lighthizer.

Trump is preparing to send a delegation to China to try to head off a trade war that stands to harm Apple, the world’s largest technology company, and other hardware makers that build products in China.

Trump has threatened a new round of $100 billion in tariffs on Chinese products that could targ上海夜生活网et cellphones, computers and other consumer goods. China retaliated against an initial round of $50 billion in tariffs.

The meeting, which the White House said had been in the works for a couple of weeks, came the day after Cook sat at Trump’s head table at his first state dinner, held in honor of French President Emmanuel Macron.

A White House official described the meeting as “good” but neither the White House nor Apple provided details of the discussions.

Trump said earlier on Wednesday that he was looking forward to seeing Cook. “We will be talking about many things, including how the U.S. has been treated unfairly for many years, by many countries, on trade,” he said on Twitter.

Cook also had strong relations with Trump’s predecessor in the White House, Democratic President Barack Obama. He sat at the,上海夜生活Fabian, head table for Obama’s 2015 state dinner honoring Chinese ,上海夜网邀请码Dahlia,President Xi Jinping.

Cook has been to China at least three times since October, including paying a visit to Xi.

‘GOOD GUY’

Cook has become one of Trump’s favorite CEOs to name-check in speeches. This was a surprising turn after a rocky start to their relationship. During his election campaign, Trump urged supporters to boycott Apple and criticized the company for making its products in China.

As president, Trump has called Cook a “good guy” and mentioned him by name at least 10 times during public remarks, including during his speech at the World Economic Forum in Davos in January and during several high-profile interviews.

The president frequently uses Cook and Apple as an example of how he says his tax cut package is creating jobs because it spurred the company to repatriate earnings it had held overseas.

Trump has frequently said he would not consider his presidency successful unless Apple builds manufacturing plants in the United States.

Apple has a market capitalization of $835 billion and 123,000 employees, 84,000 of whom are in the United States. The company said in January it plans to spend $30 billion in capital expenditures in the United States over the next five years, $10 billion of that on data centers.

Apple said its spending will create 20,000 new jobs through hiring at existing campuses in Cupertino and Austin as well as at a planned new campus.

Cook has also developed ties with Trump’s daughter Ivanka and son-in-law Jared Kushner, both senior advisers at the White House who work on tech training and government IT modernization issues.

His praise for Cook aside, Trump, a Republican, has had a sometimes tense relationship with the U.S. technology industry, based in Democratic strongholds such as California’s Silicon Valley and in Seattle. He has clashed with the tech sector on issues including trade, immigration and the environment.

Cook has publicly objected to Trump’s decision to end a program protecting from deportation young immigrants who were brought illegally to the United States as children. He was also among business leaders who criticized Trump after the president cast equal blame on white nationalists and anti-racism activists for violence last year in Charlottesville, Virginia.

Written by shyw on April 26, 2017 Categories: 上海夜生活 Tags: , , ,

Under U.S. gaze, Latvia votes to dismantle banking bridge to Russia

RIGA/FRANKFURT ( ) – Latvia’s parliament voted on Thursday to scale back domestic banks’ ties with risky shell firms under laws aimed at tackling money laundering, but pressure will remain on the Baltic state to do more.

Prime Minister Maris Kucinskis vowed to improve policing of banks after the United States triggered the closure of Latvia’s third biggest bank, ABLV, accusing it of money laundering and breaching sanctions on North Korea.

The scandal placed the country of two million people in the middle of a power struggle between Russia and the United States and has triggered a debate over stricter money-laundering controls throughout Europe.

Washington, an important military ally for the former Soviet-ruled state, is keeping up pressure on Latvia to tackle the problem, much of which officials privately say involves wealthy Russians.

Riga has scrambled to show its willingness to reform. Earlier this month, Finance Minister Dana Reizniece-Ozola traveled to Washington for talks with senior U.S. Treasury officials, her agenda showed.

Ahead of the vote, Reizniece-Ozola called for patience from critics. Transparency International said Latvia still needed to beef up its authority to fight money laundering, for example.

“The criticism is not directed to the policy … but to enforcement,” she said. “It can’t be changed overnight.”

The law passed on Thursday bans banks from dealing with shell companies unless they can prove they are legitimate firms. The vote was 57 in favor and 17 against, all members of the pro-Russian opposition Harmony party.

Latvia’s financial watchdog said it hoped the law would cut the number of the roughly上海夜生活论坛 17,000 opaque shell firms with links to Latvia by at least two-thirds within a couple of months.

Louise Shelley, a professor and expert in money laundering at George Mason University in,上海夜生活网419Fabi, Virginia, said Latvia would need to do more, however.

“Until the U.S. government sees a significant change in the flows of Russian money through Latvia, it is unlikely they will relieve the pressure,” she said. “This requires … greater law enforcement action.”

GATEWAY

Since securing independence from Russia in 1991, more than a dozen Latvian banks have promoted themselves as a gateway to Western markets for clients in Russia and former Soviet states such as Ukraine – and promised Swiss-style secrecy for clients.

Since the country joined the European Union in 2004, transfers were deemed less risky for Western banks to handle than if they had come directly from Russia, bankers and officials have said.

In many cases, money was lodged in a Latvian bank and then funneled to accounts elsewhere, such as Switzerland, ,上海足浴夜网联系方式Larissa,they said.

Many lenders taking foreign deposits dealt with shell companies, roughly half of which are registered in Britain and the British Virgin Islands, making it hard to identify the ultimate beneficiary.

The new law will upset what experts see as a central pillar of a financial system that allowed money to arrive from Russia or elsewhere and be taken out as dollars or euros.

More than 200 million euros was taken out of Latvia last year in cash, bringing the total value of banknotes leaving to more than 750 million euros since the start of 2015, according to customs data seen by . (tmsnrt.rs/2FFXn3W)

The case has now attracted the attention of the European Parliament, as well as officials in the European Commission, the bodies responsible for writing new European laws.

Lawmakers at a European Parliament hearing on Thursday examined the situation in Latvia and similar problems in Malta.

Earlier this year, the chairman of Malta’s Pilatus Bank was arrested on charges of breaking U.S. sanctions, prompting criticism of the Maltese authorities for inaction.

Peters Putnins, who heads Latvia’s banking watchdog, spoke at the hearing and acknowledged the need for change.

“The global political situation has changed,” he said, adding that the proportion of foreign deposits in Latvian banks would further decline from roughly 30 percent of the total now.

Foreign minister Edgars Rinkevics said further reforms were in train.

“We are all interested in cleaning up things,” he told . Latvia wants to be “the country that managed to clean up the sector and to get out of this situation stronger than before”.

Not everyone is in agreement, however. The Russian-speaking opposition, who come from a 500,000-strong minority in the country, are skeptical about the need for radical change.

Igors Pimenovs, a Harmony party lawmaker, said the government should be careful not to drive away foreign clients and allow “political retaliation between the East and the West”.

“Latvia is really a bridge” between Russia and the West, said Pimenovs. “Not only ,上海凤楼夜网Macey,a geographical one but also an economical one.”

Ford accelerates cost-cutting plan, will drop most U.S. sedans

DETROIT ( ) – Ford Motor Co (F.N) on Wednesday outlined a plan to cut costs and boost profit margins at a faster pace than previously announced, which includes dropping traditional sedan models in North America that have become increasingly unpopular with consumers.

The No. 2 U.S. automaker said it now plans to cut $25.5 billion in costs by 2022, up from $14 billion in cuts it announced last fall.

Ford Chief Executive Jim Hackett told investors the company is undergoing “a profound refocus” of its operations and may exit unprofitab,上海夜生活网交流Hallie,le businesses.

“We’ll restructure as necessary, and we’ll be decisive,” he said. “We’re going to feed the healthy part of our business,” and dispose of marginal operations, Hackett added.

Ford said it expects pretax profit margins of 8 percent globally and 10 percent in North America by 2020, ahead of a previous target of 2022.

The company’s stock was up 2.6 percent at $11.40 in after-hours trading.

Responding to a shift in consumer demand to SUVs and pickup trucks, Ford said it planned to trim its North American car portfolio to just two models: the sporty Mustang, which debuted 50 years ago this month, and a new compact crossover called Focus Active starting in 2019.

Ford “will not invest in next generations of traditional Ford sedans for North America,” including the midsize Fusion and full-size Taurus, the company said.

The automaker has been under,上海夜网官方网站Landon, pressure from Wall Street investors to improve its product lineup and lift flagging profit margins. In 2017, the company’s pretax profit fell to $8.4 billion from $10.3 billion.

In March, Ford executives unveiled ambitious plans to shift the struggling automaker’s product portfolio from passenger cars to SUVs, add more hybrid and pure electric vehicles, and reduce development and manufacturing costs – aimed at boosting profits and the automaker’s share price.

Speaking to reporters on Wednesday as the company reported first-quarter results, Chief F上海夜生活inancial Officer Bob Shanks said “we have looked at every single part of the business . . . We are driven to turn this business around.”

Ford reported a better-than-expected first-quarter profit, with a 7 percent increase in revenue and a lower effective tax rate offsetting a jump in costs, especially higher commodity prices.

The company reported a first-quarter net profit of $1.74 billion, or 43 cents per share, up from $1.6 billion, or 40 cents per share, a year ,上海夜网千花Ida,earlier. Analysts had on average expected earnings per share of 41 cents.

Despite the higher profit, Ford’s adjusted pretax profit margin fell to 5.2 percent from 6.4 percent in the same quarter in 2017.

CFO Shanks said the company expected that commodity costs would represent a $1.5 billion “headwind” in 2018, $500 million of which came in the first quarter.

The lion’s share of the automaker’s quarterly profit was driven by high-margin pickup trucks and SUVs in North America. Europe was the only other region to turn a profit for Ford.

The company’s loss in its Asia Pacific region was driven by slumping sales in China, where Ford has just begun to introduce new models.

Shanks said the Lincoln brand still is losing money in China, where it launched in 2015, but now plans to begin local production there in 2020.

Joe Hinrichs, president of global operations, said Ford plans to build a new product its Hermosillo plant in Mexico when it quits production of the Fusion sedan, and will also build a new battery electric vehicle in Mexico.

China’s Hollywood romance sours amid trade war, debt fears

QINGDAO, China ( ) – When Dalian Wanda, the Chinese conglomerate, announced in 2013 that it would build an $8 billion film studio in China to lure U.S. film producers, it did so with Hollywood flash.

Stars like Nicole Kidman and John Travolta were on hand as the company’s chairman, Wang Jianlin, boldly announced that the new studio in the east coast city of Qingdao would help make China a “global cultural powerhouse”.

Five years later, the Oriental Movie Metropolis is set to open its doors but the mutual courtship between China and Hollywood is looking less rosy.

Walking the red carpet at the Qingdao studio launch Saturday will be Chinese comic actor Huang Bo – a big name locally – while Hollywood A-listers are expected to stay away.

Wang’s own ambitions are also looking more modest. Wanda last year sold its interest in the studio to a Chinese rival, maintaining just a management role in the venture, whose fortunes look increasingly unclear as the American film industry sours on China.

A handful of U.S.-China film ventures have fallen apart over cultural clashes, financing deals have collapsed, and Hollywood’s share of the local market has lost ground to a surge of popular, and often patriotic-minded, local film productions.

A trade war between Beijing and Washington is also looming. Negotiations over improved market acces,上海夜生活男人好去处Faith,s for U.S. producers via China’s strict quota system and a larger slice of profits have stalled, according to industry insiders. Reports earlier this year had suggested China was ready to open up the market.

“Everybody is waiting to see, but I don’t think the quota on imported movies will be lifted,” said Zhang Haoyue, a Hollywood studio sales executive who previously worked as an import manager for China Film Group, the state-backed film giant.

SLATE DEALS

A series o,上海凤楼夜网Falkner,f high-profile deals and financing agreements have also hit snags.

Wang, the Wanda chairman, last year saw his $1 billion bid for the U.S. company Dick Clark Productions Inc fall though after its owner, Eldridge Industries, said the Chinese company failed to honor contractual obligations.

Wang controls the U.S. cinema chain AMC Entertainment Holdings Inc and Legendary Entertainment, a U.S. studio.

China’s Huahua Media and the state-backed Shanghai Film Group in November scrapped a $1 billion agreement to co-finance a slate of films from Paramount Pictures. In February, NBCUniversal sold out of Oriental DreamWorks, its much-hyped joint venture between China Media Capital and Universal’s DreamWorks Animation.

Industry sources said Huahua had encountered liquidity problems amid a Chinese crackdown on “irrational” overseas deals and its domestic partners had also pulled out of the deal.

“For a while everybody was going to China,” thinking that Chinese investors just wanted to “meet celebrities, be exposed to Hollywood,” said Ben Waisbren, a U.S. film producer and president of LSC Film Corp.

Waisbren said Hollywood had looked to Chinese investors to offload some financing risk, but many realized making a return in film wasn’t so easy.

“Somebody in China said, ‘these deals don’t make any sense … and we don’t want to look stupid because we don’t want Hollywood to look at us as dumb money,’” said Waisbren.

Wanda sold off the Qingdao studio to a rival property developer, Sunac China Holdings Ltd, amid a sweeping sell-down of assets to raise funds. Wanda retains management control of the complex.

TINSELTOWN

China is also tightening its grip on its film market. A recent regulatory reshuffle handed control over censorship and approvals to the Communist Party’s powerful publicity department last month.

China’s quota system allows 34 imported movies, while overseas producers get a 25 percent share of box office takings – less than in other international markets. Since 2016 a handful more have been allowed in via a “cultural exchange” channel.

U.S. film industry insiders said that Chinese regulators were increasingly protecting local films and saving the best release dates around holidays for local movies.

Foreign producers and distributors would also sometimes get approvals shortly before release dates, limiting the time for marketing.

“I don’t think the Communist Party and Chinese government are interested in having more American content in China,” said Robert Cain, president of Pacific Bridge Pictures, which provides financial and strategic services to the film industry.

“I don’t think the U.S. has very much bargaining leverage right now.”

BOX OFFICE

Hollywood blockbusters once ruled in China, but are losing steam. North American movies have taken around a quarter of the box office in China so far this year, down from over 45 percent in 2016, according to data from the box office tracker EntGroup.

This shift could hit Wanda’s Qingdao studio, which had hoped to benefit from soaring demand from overseas producers looking to add China elements to their films to help boost box office takings in China.

Last year, a movie about a Chinese hero beating western mercenaries in Africa broke China’s box-office record, while Hollywood offerings like “Star Wars: The Last Jedi” failed to ignite when released in China earlier this year.

Hollywood films that focus on action figures or superheroes no longer provide a magic formula in China, said Kevin Niu, a U.S.-based producer who worked on the horror movie “Abattoir”.

“Chinese audiences seem to enjoy content that has strong family and community value, or content that de上海夜生活picts themselves or their dream life-style,” he said.

With the aid of Hollywood know-how and bigger budgets, local movies, once ridiculed for weak special effects and storylines, are gaining momentum as they find ways to play on these domestic themes and improve production quality.

“Made in China might not be entirely respected, but it’s getting better every month,” said Chris Bremble, chief executive of Base FX, a China-based visual effects and animation company.

Bremble said Chinese cinemagoers were willing to splash out on tickets for domestic films now because ,上海夜生活网交流Cade,they look increasingly like big international movies.

“Chinese cinema will soon be looking more like Hollywood cinema, which is spectacle driven, very commercial focused motion pictures,” he said.

Fiat Chrysler cuts debt by more than expected

MILAN ( ) – Fiat Chrysler Automobiles (FCA) (FCHA.MI) reduced its debt,上海夜网邀请码Pablo,s by more than expected in the first quarter, putting the carmaker well on course to become cash positive later this year.

Chief Executive Sergio Marchionne expects to cancel all debt during 2018 – possibly by the end of June – and generate around 4 billion euros ($5 billion) in net cash by the end of the year.

The forecast does not include any one-off measures, nor the impact of the planned spin-off of parts maker Magneti Marelli, which Marchionne hopes to execute by early 2019.

The world’s seventh-largest carmaker said on Thursday net debt had fallen to 1.3 billion euros ($1.6 billion) by the end of March, well below a consensus forecast of 2.6 billion euros in a Thomson poll of analysts.

FCA said capital spending fell 900 million euros in the quarter due to “program timing”, which some analysts said implied higher investments for the rest of the year.

But Marchionne said the next investment cycle, which FCA is preparing as part of a new five-year business plan that will be unveiled on June 1, will take time to materialize.

Overall expenditure for this year is forecast at around 8 billion euros, down from 8.7 billion last year.

The Italian-American group (FCAU.N) said first-quarter operating profit rose 5 percent to 1.61 billion euros, below a consensus forecast of 1.74 billion, as a weaker performance ,上海夜生活男人好去处Pablo,from its North American profit center weighed.

Shipments there were higher due to the new Jeep Wrangler and Compass models. But currency moves hit revenues and earnings, and costs related to new product launches added to the pressure.

FCA had encountered problems ramping up production of the new RAM 1500 pick-up truck at its U.S. Sterling Heights plant.

“The good thing is that this is not a permanent lack of efficiencies, we understand the issues,” Marchionne said during a call with analysts, adding measures put in place to catch up gave FCA the confidence to confirm its financial targets for the full year.

LUCRATIVE TRUCKS & SUVs

FCA has been retooling some U.S. factories to boost output of lucrative sport-utility vehicles and trucks while ending production of some unprofitable sedans to meet growing demand for large上海夜生活r and higher-seated vehicles.

Both FCA and bigger U.S. rival GM (GM.N) are bringing out all-new pickup trucks in an increasingly-competitive and highly-profitable segment. The cost of changing over to new pickup trucks also impacted GM’s quarterly earnings.

However, FCA’s shift to sell more trucks and SUVs boosted margins yet again in North America to 7.4 percent from 7.3 percent in the same quarter a year ago, although they were down from the 8 percent recorded in the preceding three months.

Marchionne, preparing to hand over to an internal successor next year, is close to his goal of ending a margin gap with its U.S. rivals GM and Ford (F.N).

The 65-year-old has said becoming debt free and being able to compete on a par with U.S. peers would mean FCA no longer needed a partner to survive and could well succeed on its own.

The CEO has previously said tying up with another carmaker would help to meet the huge costs in an industry investing in electric vehicles and automated driving.

Asked about the possibility of remaining at the helm when his mandate expires in April next year, Marchionne said the chances of that were “between zero to none”.

He deferred any questions about product plans to the June presentation, other than saying that Europe prese,上海夜网千花Kai,nted the largest challenge for FCA given its complex regulatory framework that in turn would be the single biggest driver in repositioning the group going forward.

FCA shares fell immediately after the results, but recovered to trade up 1.7 percent at 19.46 euros by 1417 GMT, outperforming a 0.7 percent rise in Europe’s blue-chip stock index .FTEU3.

($1 = 0.8214 euros)

Ex-HSBC executive sentenced to two years for foreign exchange scheme

NEW YORK ( ) – A former HSBC Holdings Plc (HSBA.L) executive was sentenced to two years in prison on Thursday after he was found guilty by a jury of defrauding Cairn Energy Plc (CNE.L) in a $3.5 billion currency trade in 2011.

Mark Johnson, formerly head of HS,上海晚上耍女人的地方Rae,BC’s global foreign exchange cash trading desk, was sentenced by U.S. District judge Nicholas Garaufis in Brooklyn, according to John Marzulli, a spokesman for U.S. Attorney Richard Donoghue. He was also ordered to pay a $300,000 fine.

Lawyers for Johnson could not immediately be reached for comment.

Johnson, a 52-year-old British citizen, was convicted of fraud in ,上海夜生活群Hadley,October after a nearly four-week trial. He was the first banker to be tried in the United States as a result of worldwide investigations of the multi-trillion-dollar per day currency market.

The probes have led to about $10 billion in fines against several banks and the firing of dozens of traders.

According to court filings, Cairn hired HSBC in 2011 to convert $3.5 billion into British pounds sterling in connection with the sale of an Indian subsidiary.

Prosecutors said that Johnson and another former HSBC executive who is also facing charges, Stuart Scott, devised a scheme to drive up the price of p,上海足浴夜网联系方式Mabel,ounds by executing a series of trades before carrying out the trade for上海夜生活网 Cairn.

Such trading in advance of a client’s order to make a profit is known as “front-running.”

During the trial, jurors heard numerous tape recorded phone calls between Johnson and others discussing the trade.

In one call, Scott and Johnson told Cairn and its financial adviser after the trade that a “Russian buyer” had been responsible for a spike in the price of pounds. Prosecutors said that was a lie.

Scott, who was HSBC’s former head of cash trading for Europe, the Middle East and Africa, remains in Britain. A London judge ruled last October that he be extradited to the United States to face charges, which Scott said he would appeal.

Johnson left HSBC in 2017 before his trial, and Scott left in 2014, according to an HSBC spokesman.

U.S. banks push mortgage apps as home lending slows

NEW YORK ( ) – (This version of the April 20 story corrects paragraph six to show 98 percent of first-quarter lending volume accessed Rocket Mortgage at some point in the process, not that 98 percent of volume came from Rocket Mortgage; clarifies full-year and quarterly mortgage lending rankings)

Big U.S. banks are racing to launch websites and mobile apps to make getting a mortgage faster and easier, investments that may have modest near-term payoffs as home lending activity slows.

Lenders have been spending on digital tools to cut costs, eliminate error-prone paperwork and appeal to younger home buyers. However, they are chasing a shrinking pool of refin,上海夜生活群Barbara,ancing business and new home loan volumes are still below pre-crisis levels.

Bank of America Corp (BAC.N) has spent $1 billion on its digital banking services in the last six years and launched its lineup of techy mortgage products last week.

Wells Fargo & Co (WFC.N) rolled out its website and app service during the first quarter, and JPMorgan Chase & Co (JPM.N), which is investing $1.4 billion in technology in 2018, plans to launch its offering later this year.

Bank of America’s app automatically fills in a customer’s address, employment history and other information that the bank already has, cutting out hundreds of boxes customers would otherwise have to fill. JPMorgan’s lets customers e-sign important documents.

Quicken Loans was the first to gain traction with digital home loans following its 2016 Rocket Mortgage launch.

The app is now key to its mortgage sales with more than 98 percent of the $20 billion in first-quarter lending volume accessing Rocket Mortgage at some point in the mortgage pr上海夜生活ocess, Quicken spokeswoman Brianna Blust said.

Quicken was the biggest home lender by volume in the fourth quarter of 2017 and first quarter of 2018, Blust said. It was t,上海夜生活论坛Idris,he second-largest U.S. mortgage lender for the full year 2017, according to data from Inside Mortgage Finance Publications. “Buying a house is supposed to be a joyful thing,” said Steve Boland, Bank of America’s head of consumer lending. “Filling out 330 fields is not, I think, something that brings you joy.”

Refinancing volumes have plunged as interest rates have risen, meaning lenders must compete for a much smaller revenue pie in fresh home purchases.

The average rate for a 30-year, fixed-rate mortgage of less than $450,000 was 4.66 percent the week ended April 13, and could reach nearly 5 percent by year end, according to the Mortgage Bankers Association.

New mortgage originations at the big banks are at their lowest levels in four years, and mortgage revenues have fallen by 21 percent since 2012, according to a Goldman Sachs research note.

Wells Fargo, Bank of America and JPMorgan, the first, third and fourth-largest U.S. retail mortgage lenders according to Inside Mortgage Finance, reported declines of $700 million to $5 billion in mortgage originations for the first quarter compared to the year-ago period.As the business mix is shifting, the average U.S. home buyer is also changing.

Many potential borrowers who were born after 1981 had delayed moving out of family homes or remained renters for longer than prior generations.

But people who grew up using computers and smartphones now make up 34 percent of home buyers, compared to Gen Xers who make up 28 percent of the market, according to the National Association of Realtors.

“The biggest group of new home buyers in 2018 and subsequ,上海高端夜生活在那里Barbara,ent years are folks … who are very comfortable with transacting digitally,” said Daren Blomquist of Attom Data Solutions, a California-based real estate research firm.

“Lenders who are catering to and marketing to those digital natives are the ones that are experiencing the most growth.”

Even if websites and apps do not make up for lost refinancing revenue, there is evidence that consumers quickly gravitate toward such tools.

Wells Fargo saw 10 percent of retail mortgage applications coming from its digital applications in March 2018, spokesman Tom Goyda said.

An auto loan app Bank of America debuted last May accounted for half of all auto loans it sold directly to customers in the first quarter, according to corporate filings.

Two gay men challenge Tennessee denial of service law

( ) – Two men have filed a lawsuit against Tennessee and its governor saying their constitutional rights as gay individuals are violated by a new law that allows mental health counselors to refuse to treat patients on the basis of “sincerely held principles.”

The law, signed by Republican Governor Bill Haslam in April, has been criticized as discriminatory against the gay community.

The lawsuit, filed on Tuesday by Bleu Copas and Caleb Laieski in the Chancery Court for Anderson County, asks the court to void the statute because it violates the Tennessee Constitution and the U.S. Constitution’s 14th Amendment, which guarantees equal protection to all citizens under the law.

“LGBT (lesbian, gay, bisexual and transgender) persons were the target of the statute. They are singled out for discriminatory treatment. There is no other group which could conceivably be the target of the statute,” the lawsuit reads in part.

A court employee sent a copy of the complaint on Wednesday via email.

Jennifer Donnals, press secretary for Governor Haslam, said in an emailed statement: “We are not able to make comments on pending litigation.”

The law protects therapists and counselors from legal action when they cite their personal principles in refusing service, despite a provision in the American Counseling Association’s code of ethics barring members from such denials of service.

In the lawsuit, Copas says he is a homosexual man and a resident of Anderson County, Tennessee, while Laieski says he is homosexual and describes himself as a national lesbian, gay, bisexual and transgender rights activist residing i,上海夜生活乌托邦Radcliff,n Alexandria, Virginia.

With gay marriage becoming a lost cause for opponents – the Supreme Court ruled in June that same-sex couples have the right to marry – a new battleground has become a quest by conservatives in some states to allow people to refuse services to gay men and women on religious grounds. tinyurl.c上海夜生活论坛om/hj29fs9

The Tennessee law is among a number of state statutes passed over the last year or so, prohibiting sanctions against,上海夜生活服务Pamela, businesses, service providers, professionals or clerics who refuse service, in some cases to same-sex couples or in other cases to individuals, based on profoundly held beliefs.

Some states, such as Arkansas and Indiana, enacted fixes to the measures after large companies and rights groups assailed them as discriminatory. ,上海021夜网Tamara,

EU demands permanent exemption from U.S. steel, aluminum tariffs

BRUSSELS ( ) – The European Union’s executive arm demanded a permanent exemption on Tuesday from U.S. steel and aluminum tariffs, saying U.S. Pr上海夜网esident Donald Trump’s decision not to impose such barriers for now prolonged business uncertainty.

The White Hou,上海夜生活怎么玩Sabia,se announced on Monday that Trump had extended a temporary reprieve from the tariffs for the EU, Canada and Mexico until June 1, just hours before they were due to come into force. He also reached agreements for permanent exemptions for Argentina, Australia and Brazil, it said.

On Tuesday, Trump tweeted on trade: “…it will all get done. Great Potential for USA!”

The European Commission, which coordinates trade policy for the 28 EU members, acknowledged Trump’s decision but said the bloc should be permanently exempted from the tariffs since it was not the cause of overcapacity in steel and aluminum.

“The U.,上海夜生活服务Queena,S. decision prolongs market uncertainty, which is already affecting business decisions,” the Commission said.

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.

Germany, whose trade surplus has attracted criticism from Trump, said it expected a permanent exemption.

“I am firmly convinced that in the interests of jobs in Germany, in Europe and in the USA, we need a long-term provision and that raising tariffs is the wrong way,” German Economy Minister Peter Altmaier said, urging more talks with Washington.

“We need fewer, not more duties in global trade,” he said.

France said it agreed there was overcapacity in the steel and aluminum industries but said the EU was not to blame and should be exempted permanently from the tariffs so the overcapacity issue could be addressed in talks.

“We are ready to work with the USA and other partners to deal with those issues, and to develop fast and appropriate solutions,” the French finance and foreign ministries said.

EU business federation BusinessEurope called the extended respite positive, but said companies needed predictability.

Germany’s DIHK Chambers of Commerce and Industry said the delay did offer the opportuni,上海夜生活Easton,ty to defuse the trade conflict.

FRICTIONS

Britain’s trade minister Liam Fox said he was delighted that Trump had decided to extend the temporary exemption, saying hitting British imports made no sense.

The tariffs, which have increased frictions with U.S. trading partners worldwide and prompted several challenges before the World Trade Organization, are aimed at allowing the two U.S. metals industries to increase their capacity utilization rates above 80 percent for the first time in years.

European steel association Eurofer said the U.S. decision was welcome, albeit temporary, but said it was concerned a surge in imports already seen in the past few months could increase as countries redirected exports to the open EU market.

The European Union had consistently shown it was willing to discuss concerns about the openness of each other’s markets, but would not negotiate under threat, the Commission said.

“Any future transatlantic work program has to be balanced and mutually beneficial,” it said in the statement.

EU Trade Commissioner Cecilia Malmstrom would continue talks with U.S counterparts, Commerce Secretary Wilbur Ross and Trade Representative Robert Lighthizer, the Commission said.

The Commission has said the EU will set duties on 2.8 billion euros ($3.4 billion) of U.S. exports, including peanut butter and denim jeans, if its metals exports to the United States worth 6.4 billion euros are subject to tariffs.

Economists say the stand-off could tip towards a trade war if Trump responds with further tariffs, such as on EU cars.

Trump has complained about the EU import duty of 10 percent on cars, compared with the U.S. rate of 2.5 percent. The EU has stressed that for other products, such as trucks, the United States has a higher tariff.

($1 = 0.8293 euros)

Volkswagen eyes further productivity gains in months ahead

BERLIN ( ) – Volkswagen (VOWG_p.DE) expects productivity at its core autos brand to keep growing in the months ahead because of cost cuts and full availability of higher-margin models launched last year.

“We have costs under control and are making good progress on raising productivity,” brand finance chief Arno Antlitz said on 上海夜生活Friday. “We will continue this course rigorously in the next months.”

Europe’s largest automotive group had reported on Thursday that negative effects of 300 million euros ($363.18 million) from adopting new accounting standards caused operating profit to drop 3.6 percent in the first quarter.

Without the changes, earnings came in slightly above last year’s 4.37 billion euros.

Profitability at the VW brand slid to 4.4,上海夜网邀请码Kai, percent from 4.6 percent on advance costs for its electric-car program and spending on new combustion models.

The VW brand last year introduced four all-new models in the fast-growing sport-utility vehicle (SUV) segment, including the T-Roc and Atlas, that will enjoy their first full year of sales in 2018, and is about to launch redesigns of the Touareg SUV and the Jetta sedan,上海夜生活乌托邦Barrett,, its top-selling product in the United States.

The division said it expects the positive business development to continue in the coming months and stuck with its ,上海夜生活怎么玩Barney,guidance for an operating margin of between 4 and 5 percent this year after 4.1 percent in 2017.

($1 = 0.8260 euros)

High-profile investors bet on stocks tied to millennials: Sohn…

NEW YORK ( ) – Hedge fund managers at the high-profile 2018 Sohn Investment Conference in Ne,上海夜网后花园Falkner,w York pitched stock ideas on Monday that they said should benefit from the growing clout of the millennial generation, ranging from online food ordering to homebuilders.

John Khoury, founder and managing partner of the $2.7 billion Long Pond Capital hedge fund, revealed a long position in U.S. homebuilder D.R. Horton Inc, which he said should rise as more millennials age into the first-time home buyer market.

D.R. Horton, the country’s largest homebuilder, has been increasingly focused on its entry-level segment, which the company in January said should grow strongly over the next three years.

Two investors pitched online food ordering companies. Alexander Captain, who runs Cat Rock Capital Management, introduced Netherlands-based Takeaway.com NV while Li Ran, who runs Half Sky Capital, pitched GrubHub Inc, the parent company of Seamless. She said GrubHub averages $30 per order and earns 15 percent of each order, with spending growth at restaurants outpacing spending at grocery stores.

“I like to call this chart ‘millennials can’t cook,” Ran said, to laughter.

Millennials, a term for those born between 1981 and 1996, are expected to become the largest generation in the United States in 2019, according to estimates from Pew Research.

Jeffrey Gundlach, one of the world’s most closely watched investors, recommended a short position in social media giant Facebook Inc and a long position in the SPDR S&P Oil and Gas Exploration ETF.

“Facebook used to be a place people felt good going to,” Gundlach said.

,夜上海419龙凤论坛Kaia,Facebook has come under pressure as the company acknowledged misuse of users’ data.

Related CoverageGreenlight’s Einhorn says shorting shares of Assured GuarantyRISING CONFIDENCE

Investors were confident about their stock picks at a time when the broad S&P 500 has been lagging and retail clients have expressed nervousness about the durability of the stock market’s long-running gains.

Long Pond Capital’s Khoury suggested that D.R. Horton has more than 60 percent upside, while Ran of Half Sky Capital said GrubHub could hit $160 a share, up about 55 percent from its Monday closing price of $102.17.

Among technology-focused investors, Glen Kacher, founder and chief investment officer at Light Street Capital, announced a long position in online security company Palo Alto Networks Inc, which he said has a 164 percent upside through 2020.

Chamath Palihapitiya, founder and chief executive officer at Social Capital LP, offered a bullish take on cloud management company Box Inc, predicting the stock could grow 10-fold over the next 10 years.

“If you believe in and if you care about A.I. [Artificial Intelligence] and its role in the world, be long Amazon, be long Google, but be long上海夜网 Box,” Palihapitiya said, calling Box a “really interesting disruptive ,上海足浴夜网联系方式Kailani,company.”

Shares of Box closed up nearly 11 percent on Monday, turning it positive for the year to date.

Organizers of the Sohn Conference said they were expecting as many as 3,000 attendees at New York’s Lincoln Center, making Sohn one of the most high-profile investment conferences of the year.

Against a background of more volatile markets and worries that some of the biggest hedge fund managers are nursing losses this year, many in the audience focused on the smaller, better-performing investors like Oleg Nodelman.

Nodelman, founder and managing director of EcoR1 Capital LLC, whose fund returned a reported 53 percent last year, announced a long bet on drug company Ascendis Pharma A/S.

Larry Robbins, of Glenview Capital Management LLC, threw cold water on the notion that Amazon.com Inc will enter the drug distribution business and reiterated the bullish case for his existing positions in McKesson Corp, Express Scripts Holding Co and CVS Health Corp.

“Amazon doesn’t always win,” he said.

David Einhorn, whose Greenlight Capital was down 14 percent in the first quarter, presented an existing short position in bond insurance company Assured Guaranty Ltd. The stock fell 6 percent in after-hours trading, wiping out its gain for the year-to-date.

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

Deutsche Bank’s April 8 meeting to elect new management was…

(This ve上海夜生活rsion of the story corrects report from April 21, 2018 to show that vote on new CEO Christia,上海021夜网Fabi,n Sewing was unanimous, with one abstention)

FRANKFURT ( ) – Sever,上海夜生活论坛Daisy,al supervisory board members cast dissenting votes at a meeting that reshuffled top management at Deutsche Bank (DBKGn.DE) this month. But Chief Executive Officer Christian Sewing was ultimately appointed without any no votes, according to several people with knowledge of the matter.

Board chairman Paul Achleitner called the bank’s 20-member board to a hastily arranged telephone conference on April 8 to make three major decisions: to vote out former chief executive John Cryan, to vote in Sewing to replace him, and to name two co-deputy CEOs.

“Mr. Sewing was elected unanimou,上海夜玩网论坛Ida,sly – with one abstention – as chief executive officer,” Deutsche Bank said in a statement to .

In the decision on Cryan there were several “no” votes cast, three sources familiar with the matter said. Two of the sources said there was also resistance in the vote on the two co-deputy CEOs. Employee representatives on the board as well as investor representatives on the board cast dissenting votes, said the people, who spoke on condition of anonymity.

Deutsche Bank declined to comment on the outcome of the votes on Cryan and the co-deputies.

Sewing was chosen as the bank’s new CEO amid frustration over continuing losses at the German lender and a sagging share price.

Some shareholders have criticized Achleitner for the rushed nature of the CEO change, the second under his watch.

Texas politician slammed for tweet sent after Florida shooting

AUSTIN, Texas ( ) – The office of Texas Lieutenant Governor Dan Patrick, a Rep,上海夜生活乌托邦Sabina,ublican and evangelical Christian, on Sunday deleted a tweet many saw as offensive and insensitive that was sent out shortly after the deadly attack on a gay nightclub in Florida.

上海夜生活

“Do not be deceived: God cannot be mocked. A man reaps what he sows,” read the Bible verse Patrick sent out on his official Twitter account a few hours after the worst mass shooting in U.S. history that left at least 50 dead.

His office was not immediately available for comment but has told local media, including the Dallas Morning News, that the tweet had been scheduled for release well before the shooting. The office, which regularly sends out a Bible verse on Sundays, has since deleted it and replaced with another passage, they said.

But the deleted tweet from a politician who has condemned same-sex marriage and fought against LGBT rights still raised the ire of those who accused Patrick of blaming the victims.

“You are a disgrace to your state in this time of national sorrow. You should resign,” prominent LGBT activist George Takei wrot,上海夜网推油Idaline,e on Twitter.

The Texas Democratic Party called on Patrick to apologize immediately.

“Make this right. We are better than this,” it said in a statement.

Patrick is currently out of the country and has not yet made comment to media about the tweet.

,夜上海论坛Gabi,

The new verse sent on his account reads: “The salvation of the righteous comes from the Lord; He is their stronghold in time of trouble.”

Trump’s tweet gatecrashes OPEC’s celebration

JEDDAH/LONDON ( ) – With oil prices hitting $75 per barrel, it was meant to be one of the smoothes上海夜生活论坛t meetings OPEC has had in recent years.

The night before the meeting, the ministers gathered in Jeddah celebrated with a traditional Saudi sword dance – just as U.S. President Donald Trump had done when he visited Saudi Arabia last May.

Little did they know that Trump was about to spoil their post-meeting party when he tweeted that oil prices had rallied too far.

“Looks like OPEC is at it again. With record amounts of oil all over the place, including the fully loaded ships at sea. Oil prices are artificially Very High! No good and will not be accepted!” Trump said on Twitter.

The Organization of the Petroleum Exporting Countries is in the midst of an oil supply-cutting deal with non-OPEC producers like Russia that has helped erase a global glut and boosted oil prices to their highest since 2014.

Oil prices LCOc1 fell on Trump’s tweet as market analysts tried to interpret what it could mean for U.S. policies.

Ministers and delegates were having lunch at the time, to celebrate OPEC Secretary General Mohammad Barkindo’s birthday, when delegates were alerted to Trump’s tweet.

“We in OPEC pride ourselves as friends of the United States,” Barkindo told reporters when emerging from the lunch and asked for his response to the tweet.

An OPEC source said delegates were confused by Trump’s stance: “Higher oil prices helped the U.S. oil industry and the Americans themselves. The U.S. oil industry would have collapsed if it wasn’t for this OPEC deal”.

UAE’s Energy Minister Suhail Mohamed al-Mazrouei said prices were not artificially high. Asked whether he thought it was fair t,上海夜网Idaleen,hat the U.S. president was getting involved in OPEC matters, he said jokingly: “Since when is it about fairness?”

Trump, a regular twitter user, has never tweeted about OPEC before although he has regularly attacked cartels that control prices. The United States is on course to become the world’s largest oil producer but it has never participated in OPEC meetings due to tough anti-trust legislation.

reported this week that Saudi Arabia would be happy to see crude rise even higher to $80 or even $100 a barrel, a sig,上海夜网后花园Tabitha,n Riyadh will seek no changes to the supply-cutting deal at a June meeting to set policy.

Ole Hansen of Saxo Bank, said oil had risen to current levels in part because of the risk Trump might pull the U.S. out of an Iranian nuclear deal, thus curbing Iranian oil exports.

Rapidan Energy thinktank said Trump’,上海夜生活去哪玩Nadia,s tweet would initially push non-OPEC Russia and Saudi Arabia closer together and assist Riyadh’s attempts to prolong oil supply cuts.

“But the intensifying clash will impact US-Saudi relations, Iran sanctions, US-Saudi discussions on civilian nuclear cooperation, and a host of other issues,” it added.

Fund says Wells Fargo unit worsened ‘vol-mageddon’ losses -court…

( ) – A Chicago fund manager that suffered catastrophic losses in a market plunge this year has blamed the actions of its broker, a Wells Fargo & Co unit, according to court documents filed on Wednesday.

The allegations were spelled out in response to a March lawsuit by Wells Fargo Securities against fund manager LJM Partners Ltd.

The response to the Wells Fargo Securities lawsuit is LJM’s first detailed public explanation of why it was one of the biggest casualties of February’s “vol-mageddon,” the volatility-linked collapse of investments that had profited 上海夜生活in calmer markets.

LJM funds posted losses after the Cboe Volatility Index, the most widely followed barometer of price swings expected in the S&P 500 stock index, logged its biggest-ever single-day jump on Feb. 5.

But LJM’s losses only became permanent the next day, the fund’s lawyers said in a counter-claim filed in federal court in Manhattan. By the end of the two days LJM Partners and an affiliate had lost 80 percent or more of their value.

Wells Fargo Securities forced LJM to unwind its portfolio in “a series of catastrophic trades that locked in the portfolio’s primarily unrealized losses and made them real,” LJM said in the filing.

LJM lost $266 million across its funds, “at least $115 million more than if LJM had been allowed to apply its trading procedures,” the counter-claim said.

A spokeswoman for Wells Fargo sai,上海夜生活桑拿会所Cade,d in a statement: “We will defend ourselves and strongly disagree with LJM’s claims.”

LJM founder Anthony Caine said in a letter to clients in February that working with its clearing broker, LJM “agreed that liquidation across all client accounts, regardless of clearing broker, was the most prudent action given market volati,上海夜生活怎么玩Queena,lity and portfolio risks.”

Wells Fargo Securities has asked the court to help it retrieve $16.4 million, saying the brokerage covered LJM’s margin and losses with the Chicago Mercantile Exchange. Wells Fargo previously declined to comment on Caine’s account.

LJM, which along with the affiliate managed more than $1 billion earlier this year, has not answered questions since th,上海夜网千花Paige,e company and the affiliate reported their funds’ losses. LJM later told clients it would return what was left of their money.

In Wednesday’s filing, LJM’s lawyers denied an earlier claim by Wells Fargo that the fund company is now likely to be insolvent.

Investors are suing Caine and Anish Parvataneni, a portfolio manager at LJM who previously worked for fund investor Ken Griffin’s Citadel, over what they said was inadequate disclosure about the risks of LJM’s investment approach.

Wall Street flat as earnings offset inflation jitters

NEW YORK ( ) – Wall Street closed nearly flat on Friday as inflation worries and struggling technology and energy stocks were offset by an advance in the consumer discretionary sector led by Amazon.

The S&P 500 and the Nasdaq eked out small gains while the Dow Jones Industrial Average edged into negative territory by the end of the session.

All three major U.S. indexes were down for the week at the end of a choppy session, ending two-week winning streaks.

“There’s a ton of cross-currents going on in the market right now and consequentl,上海晚上耍女人的地方Sabia,y you get trading days like this where the market can’t seem to make up its mind what it wants to do,” said Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana.

Growth in the U.S. economy slowed in the first quarter as consumer spending grew at its weakest pace in nearly five years, according to the Commerce Department. But a jump in wages and lower tax rates suggested the setback could be temporary.

The U.S. Treasuries yield curve flattened as the growth data renewed bets that the Federal Reserve would continue hiking benchmark U.S. interest rates to keep inflation in check.

Wages and salaries increased at their fastest pace in 11 years, according to a report from the Labor Department, adding to inflation jitters.

As companies warn of higher costs eroding margins, markets have fluctuated as investors focus on guidance in the face of the strongest quarterly profit growth in seven years.

“You’ve got investors grappling with a new environment of volatility and how to handle that,” said Carlson. “That means a market like we have now, kind of manic-depressive, passive-aggressive.”

The Dow Jones Industrial Average fell 11.15 points, or 0.05 percent, to 24,311.19, the S&P 500 gained 2.97 points, or 0.11 percent, to 2,669.91 and the Nasdaq Composite added 1.12 points, or 0.02 percent, to 7,119.80.

More than half of the S&P 500 companies have reported first-quarter earnings already, 79.4 percent of which have beat consensus estimates. Analysts now expect first-quarter earnings growth of 24.6 percent, more than double expectations at the beginning of the year, according to Thomson data.

Amazon.com led the S&P 500 and the Nasdaq, helping them close in positive territory as the online retailer’s shares rose 3.6 percent on the heels of a blockbuster earnings report. Brokerage firms have begun to value the company in excess of $1 trillion.

Microsoft was up 1.7 percent as the technology bellwether beat first-quarter expectations and grew its cloud computing services.

Following a profit miss, Exxon Mobil weighed on the S&P 500 and Dow Jones Industrial Average, fallin,上海夜玩网论坛Naia,g 3.8 percent.

Sprint jumped 8.3 percent fol,上海夜哪里艳遇Faith,lowing a report that the wireless carrier and rival T-Mobile were finalizing terms of a merger.

Seven of the 11 major S&P sectors were higher, with the defensive telecom and real estate se上海夜生活网ctors posting the biggest percentage gains, at 1.75 percent and 1.32 percent respectively.

The Exxon drop pulled the energy index down 1.2 percent, the biggest percentage loser.

Advancing issues outnumbered declining ones on the NYSE by a 1.42-to-1 ratio; on Nasdaq, a 1.07-to-1 ratio favored advancers.

The S&P 500 posted 17 new 52-week highs and seven new lows; the Nasdaq Composite recorded 60 new highs and 57 new lows.

Volume on U.S. exchanges was 6.13 billion shares, compared to the 6.62 billion average over the last 20 trading days.

Kobe Steel says under investigation over data tampering scandal

TOKYO ( ) – Kobe Steel Ltd (5406.T) said on Wednesday that it is under investigation by Japanese authorities over its data tampering, widening a scandal that und,上海夜生活怎么玩Quaid,ermined faith in Japan’s industrial sector last year.

In a statement, Kobe Steel said that “investigating authorities” were conducting an inquiry, without elaborating on who was carrying out the probe or what was being investigated, and that it is cooperating with the investigation. A company spokesman confirmed the investigation concerned the data tampering but declined to say when the probe star,上海夜哪里艳遇Quay,ted.

Earlier, the Nikkei newspaper reported The Tokyo District Public Prosecutors Office’s special investigative unit has already subpoenaed documents from Kobe and suspects the company, Japan’s third-largest steelmaker, of criminally misrepresenting data.

The Kobe Steel spokesman declined to comment on the Nikkei report.

The Tokyo District Public Prosecutor’s Office and the Metropolitan Police Department declined to comment on the Nikkei report.

A criminal investigation opens up a new phase of the scandal that began when Kobe Steel last October admitted to widespread tamp,上海夜玩网论坛Lance,ering of quality data for its products causing disruptions in global supply chains as customers re-tested their goods. The company’s shares fell 4.3 percent by 0349 GMT.

Kobe Steel, which supplies steel parts to manufacturers of cars, planes and trains around the world, has admitted to supplying products with falsified specifications to more than 600 customers and admitted the data fraud has been going on for nearly five decades.

The case was one of the country’s biggest industrial scandals in recent memory, which set off a rash of malfeasance revelations by other Japanese companies, denting th上海夜生活论坛e country’s reputation for manufacturing excellence.

In addition to the Japanese investigation, Kobe Steel is also the subject of a U.S. Justice Department probe. Additionally, Japanese government-sanctioned seals of quality have also been revoked on some of its product.

In its defense, Kobe has said it sold products that met safety and other standards but did not fulfill contract specifications agreed with customers.

However, Nikkei reported that the Tokyo prosecutors believe the shipping of mislabeled materials to clients may have violated product misrepresentation laws.

German prosecutors investigate Porsche board member over emissions

FRANKFURT ( ) – German prosecutors are investigating current and former employees of Volkswagen-owned sports car maker Porsche, including a management board member, as part of their inquiries into emissions manipulations, they said on Wednesday.

Around 10 premises in Bavaria and Baden-Wuerttemberg were searched by around 160 officials, the prosecutor’s of,上海新夜网龙凤Dahlia,fice in Porsche’s home town of Stuttgart said in a statement.

“The three suspects include a member of the management board and a member of Porsche AG’s higher management. The third suspect is no longer employed at Porsche AG,” it said.

The searches form part of an investigation into employees of Porsche AG suspected of fraud and fraudulent advertising tied to manipulated emissions control systems of diesel passenger cars, the prosecutors said.

A spokesman for Porsche confirmed the searches, but declined to provide further details.

Related CoveragePorsche AG CEO not targeted in German emissions probe: sources

More than 2-1/2 years after Volkswagen (VOWG_p.DE) admi上海夜生活tted to cheating emissions tests on di,上海凤楼夜网Nala,esel engines in the United States, the carmaker and some of its brands continue to be investigated by authorities.

Earlier this year, German prosecutors widened a p,上海夜生活网419Macauly,robe of Porsche’s sister brand Audi, which developed a 3.0 liter V6 diesel engine used in about 80,000 VW, Audi and Porsche models found to have been equipped with illicit software.

Two Audi sites were also searched on Wednesday, Stuttgart prosecutors and an Audi spokesman said. The searches were at Audi’s sites in Ingolstadt and Neckarsulm, Audi said.

Clinton picks up win in Puerto Rico’s Democratic primary: NBC News

WASHINGTON ( ) – Hillary Clinton won the Puerto Rico Democratic primary on Sunday, moving her a step closer to prevailing over her rival, Bernie Sanders, in the fight for her party’s presidential nomination.

Clinton was the projected winner over Sanders in ,上海夜网Fabian,the U.S. island territory, according to NBC News.

The win gives the for,上海夜网邀请码Gabriella,mer secretary of state a boost ahead of a big night on Tuesday, when six states, including New Jersey and California, will hold nominating contests.

Clinton is hoping to cross the threshold of 2,382 delegates needed to secure the nomination for the Nov. 8 presidential election as early as 8 p.m. EDT on Tuesday, when polls close in New Jersey.

She and Sanders, the U.S. senator from Vermont, are in a dead heat in California,上海高端夜生活在那里Jacklyn,. But delegates in the state are awarded on a proportional basis, so even a loss there for Clinton would not be likely to stop her from securing her party’s nomination and a likely general election contest with presumptive Republican nominee Donald Trump.

Ahead of Puerto Rico’s nominating contest, 上海夜网Clinton had been just 60 delegates shy of clinching the nomination, when including superdelegates, who consist of party leaders and elected senators, members of Congress and governors.

Sanders is bracing for a prolonged fight that will run into the Democratic convention at the end of July.

Networks reported huge voter turnout and long lines in Puerto Rico, with just over 430 polling stations open compared with over 2,000 in 2008.

The island is suffering through a severe debt crisis, which has hampered basic government services.

Written by shyw on April 3, 2017 Categories: ctwapomc Tags: , ,