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

Wall Street bearish on Trump’s call to scrap financial reform law

WASHINGTON ( ) – U.S. banking lobbyists said on Wednesday they disagree with presidential candidate Donald Trump’s call for a wholesale repeal of President Barack Obama’s financial reform law, even though they share his view that it is overly burdensome.

U.S. banks do want changes to the 2010 Dodd-F,上海夜网推油Balthazar,rank law but after spending millions of dollars to bring themselves into compliance with it, they are wary of Trump’s call for it to be essentially scrapped.

Trump, the presumptive Republican presidential nominee, vowed on Tuesday to dismantle most of the law. “Dodd Frank has made it impossible for bankers to function,” he told in an interview.

Richard Hunt, head of the Consumer Bankers Association, a Washington trade group, said he appreciated Trump’s interest in changes to the financial regulatory system. “It certainly needs some perfecting,” he said.

“To have an outright repeal of Dodd-F,上海会所夜网Idaleen,rank I don’t think would serve the banking industry or consumers,” Hunt said, adding that it would create a messy regulatory environment.

For instance, he said repealing Dodd-Frank would end the Consumer Financial Protection Bureau, which was created by the law, and it would be unclear which agency would take over its oversight of consumer products such as mortgages.

The wariness within the industry about gutting Dodd-Frank came as critics of Wall Street slammed Trump’s proposal as a gift to big banks.

Congress passed Dodd-Frank in response to the 2007-2009 financial crisis. In addition to creating the new consumer agency, the law restricted banks’ ability to make risky investments and gave regulators new power over Wall Street executives’ pay.

In addition to seeking legislative changes to Dodd-Frank, the U.S. financial industry has spent much of the last six years wielding its clout in a quieter way by trying to push regulatory agencies to implement the law in ways they consider manageable.

Banks still want tweaks to the rules, such as simpler capital requirements – which limit banks’ reliance on debt for funding – and carve-outs from the toughest rules for small- and mid-sized institutions.

There could be risks for the banking industry should Trump or a Democratic successor to Obama push for a reopening of Do上海夜网dd-Frank following the Nov. 8 election. Anger at Wall Street has been a potent theme in the election so far and resonates strongly with both Dem,上海夜生活服务Sabine,ocratic and Republican voters.

One reason banks fear pushing for a complete overhaul of the Dodd-Frank law is the possibility that it could be replaced by even tighter regulations, said Jaret Seiberg, a policy analyst with Guggenheim Partners, in a note to clients on Wednesday.

For instance, some bank critics on both sides of the political spectrum have called for replacing Dodd-Frank’s litany of regulations with much tougher restrictions on banks’ debt.

“The odds favor Trump’s solution being even more onerous for large financial firms than the status quo,” Seiberg said.

A source who has advised banks on regulatory issues told that Trump’s scathing critique of Dodd-Frank far overstated the problems with the law.

“Most thinking people in the industry would dispute these characterizations,” the source said. “Are some pieces of Dodd Frank problematic? Yes. But there is, on balance, more good than bad.”

Former U.S. Representative Barney Frank, a Massachusetts Democrat for whom the law is named, said Trump’s comments could backfire because of voter antipathy toward Wall Street.

“He says he’ll be enemy of Wall Street, and he’s giving Wall street what it most wants,” Frank told .

Florida congresswoman indicted in fraud scheme

TAMPA, Fla. ( ) – A federal grand jury indicted U.S. Representative Corrine Brown of Florida and her chief of staff on fraud charges and other crimes, accusing them of funneling money for a bogus education charity to personal use, U.S. prosecutors said on Friday.

The 69-year-old Democrat from Jacksonville, Florida, denied that she had used her political position to help raise more than $800,000 that donors believed supported college scholarships and other educational purposes.

According to the 53-page indictment filed in U.S. District Court for the Middle District of Florida this week, funds donated to the group One Door for Education were used to pay for a golf tournament honoring Brown, luxury box seats at ,上海夜生活怎么玩Radcliff,a Beyonce concert, a football game and other personal expenses.

Prosecutors noted that the organization was not properly registered as a non-profit group and awarded only two scholarships totaling $1,200.

“I am innocent of the charges announced today, and intend to vigorously defend myself in court against these politically motivated allegations,” Brown said in a statement.

She said she would tempora上海夜生活rily step down from her role as the Ranking Member of the U.S. House of Representatives Committee on Veterans’ Affairs due to House rules.

The 24-count indictment also accuses her chief of staff, Elias “Ronnie” Simmons, 50, of multiple counts of fraud.

There was no immediate response from Brown’s office to requests for comment from Simmons.

During a court appearance on Friday, Brown and Simmons pleaded not guilty, local media reported.

“It is incredibly disappointing that an elected official, who took an oath year after year to serve others, would exploit the needs of children and abuse the charitabl,上海晚上耍女人的地方Sabine,e hearts of constituents to advance her own personal and political agendas and deliver them with virtually nothing,” Michelle Klimt, special agent in charge of the U.S. Federal Bur,上海凤楼夜网Quay,eau of Investigation division in Jacksonville, said in a statement.

Brown was elected to Congress in 1992 as one of the first three black members of Florida’s congressional delegation since the Reconstruction period following the Civil War. Now seeking re-election, she faces a primary challenge in a redrawn district.

Her indictment follows the June conviction of U.S. Representative Chaka Fattah of Philadelphia for orchestrating multiple frauds to enrich himself and preserve his political career. He subsequently resigned.

Prosecutors said Simmons misused his position to help a relative obtain government employment and receive more than $735,000 without doing work. They said he diverted more than $80,000 of his relative’s salary for his own personal use.

Brown is also accused of falsifying her tax filings.

TSMC’s smartphone warning points squarely at Apple: analysts

( ) – Shares in Apple Inc (AAPL.O) and its suppliers fell on Thursday after a raft of analysts read a prediction of softer smartphone sales from Taiwan Semiconductor Manufacturing Co Ltd (2330.TW) as driven chiefly by concern about demand for iPhones.

TSMC, the world’s largest contract chipmaker and a major Apple supplier, revised its full-year revenue target to the low end of its earlier forecast.

“Apple represents nearly 20 percent of TSMC’s revenue so the outlook potentially points to weaker-than-anticipated iPhone demand,” Atlantic Equities ana,上海会所夜网Rae,lyst James Cordwell told .

Others, some asking not to be quoted, said baldly that the warning was “exactly” about Apple.

Mizuho Securities USA said in a client note that its checks continue to point to soft demand for iPhone X, the Cupertino-based firm’s tenth anniversary phone released last November, in addition to a steady fall in iPhone 8 and 8 Plus orders.

Apple’s shares were last down 2.5 percent and were the biggest drag on the tech-heavy Nasdaq index.

Shares of Apple suppliers including Qualcomm Inc (QCOM.O), Intel Corp (INTC.O), Qorvo Inc (QRVO.O), Skyworks Solutions Inc (SWKS.O) and Broadcom Inc (AVGO.O) fell by 2 percent to 5 percent.

“Until the new iPhones in the Fall start driving the production food chain in Q3, mobile’s going to be weak,” Elazar Advisors analyst Chaim Siegel said.

TSMC, also a supplier to Qualcomm and Nvidia Corp (NVDA.O), said it expects growth this year of 5 percent for the global semic,上海凤楼夜网Kade,onductor industry, weaker than an earlier forecast of 5-7 percent.

Data provider TrendForce had earlier estimated 2018 global smartphone production at around 1.5 billion units, 2.8 percent up on 2017 but down from a previously expected 5 percent.

TSMC on Thursday estimated 8 percent growth for contract chipmakers, compared with its previous forecast of 9-10 percent.

U.S.-listed shares of TSMC (TSM.N) were down 6 percent, while other chip equipment makers such as Applied Materials Inc (AMAT.O) and Lam Research Corp (LRCX.O) fell about 5 percent and ASML Holding NV (ASML.O) lost 3.6 percent.

Another big industry bellwether, chip equipment maker Lam Research, said on Wednesday its shipments missed consensus estimates for the first time in five years.

Chipmakers ,上海夜生活论坛Hallie,Analog Devices Inc (ADI.O), Mic上海夜生活ron Technology (MU.O) and Xilinx Inc (XLNX.O) were also down by 3 percent to 4 percent.

Trump University told students how to ‘cash in’ on housing crash

WASHINGTON ( ) – Republican ,上海会所夜网Caden,presidential candidate Donald Trump’s eponymous business seminar program created a class to teach students how to cash in on U.S. mortgage foreclosures during the housing crisis.

Trump University promised in 2009 that ,上海夜网官方网站Larissa,its “Fast Track to Foreclosure Investing” would teach students how to take advantage of the crisis, according to university documents unsealed last week in a lawsuit against the now-defunct program.

    The release will likely stoke criticism from the campaign of Democratic front-runner Hillary Clinton, who last week accused her likely rival in the Nov. 8 presidential election of having cheered on the 2008 housing crash as an investment opportunity.

A spokeswoman for Trump’s campaign did not immediately respond to a request for comment, although Trump reacted to Clinton’s criticism last week, saying: “What am I going to do? I’m in business.”

A Trump University advertisement released in the case said one of its free investor 上海夜生活网workshops would explain how to “Cash in on one of the greatest property liquidations in history!”

Trump University instructors were to teach students how to “capitalize without harm” and find ways for “sellers to move on without shame,” according to a December 2008 summary of the seminar.

An earlier 2007 memo to enrollment counselors stated that about 1.5 million U.S. homeowners would face foreclosure that year and laid out how they should advise students to seize the “tremendous opportunity” to purchase properties at “major discounts” in “hot markets” such as Arizona, Florida and Texas.

The roughly 400 pages of documents included “playbooks” on how to recruit students, directions for how instructors should deal with the media and other details about Trump’s seminar program. They were unsealed on Friday by U.S. District Judge Gonzalo Curiel, whom Trump called “hostile” and “a hater,” adding he believed the judge was Mexican.

New York’s attorney general slammed Trump on Tuesday for his comment on the,上海夜生活服务Kaia, judge’s ethnicity. Curiel is an American who was born in East Chicago, Indiana, and graduated from the Indiana University School of Law.

Clinton’s attack on Trump last week was prompted by recently released audio that Trump recorded in 2006 for Trump University. In remarks on a possible “bubble burst,” Trump said in the recording: “I sort of hope that happens because then people like me would go in and buy” to “make a lot of money.”

U.S. economic growth on track despite tariff concerns: Fed report

WASHINGTON ( ) – “Robust” business borrowing, rising consumer spending, and tight labor markets indicate the U.S. economy remains on track for continued growth, the Federal Reserve reported on Wednesday, with the risks of a,上海夜生活乌托邦Fabi, global trade war the one big outlier.

In its periodic “Beige Book” summary of contacts with businesses in its 12 regional districts, the Fed said the overall outlook among businesses “remained positive,” but that many were worried about the Trump administration’s use of tariffs.

“Contacts in various sectors including manufacturing, agriculture, and transportation expressed concern about the newly imposed and/or proposed tariffs,” the central bank said in its report, which covered the period from March to early April.

In fact, the word “tariffs” appeared 36 times in Wednesday’s report after not appearing at all in the previous Beige Book published March 7. It was referenced as a factor affecting prices or as a potential concern for the outlook in 10 of the 12 regional banks’ activity summaries.

But otherwise the economy appeared to be motoring along, with some evidence that the tax cuts approved in December may have begun filtering through to business spending and investment.

Several Fed districts reported a jump in commercial and industrial lending, from a “robust” 17 percent year-over-year increase in St. Louis to “solid” growth in Atlanta and “healthy” demand in Cleveland.

“Markedly stronger growth in loan volumes was seen in commercial and industrial, and commercial real estate,” the Dallas Fed reported.

That dovetails with other Fed data showing commercial and industrial (C&I) loan growth, a closely watched gauge of business credit demand, has picked up pace in the last two months after slowing sharply through 2017 and into the start of 2018. Year-over-year C&I growth for all U.S. banks accelerated to 3.4 percent in early April, its fastest in more than a year, after falling to near zero at the end of last year.

Demand has been strongest among lenders outside of the top 25 largest banks, Fed data shows. Small banks registered year-over-year C&I loan growth of 6.2 percent in early April, the largest in more than two years.

The jump in business borrowing could be 上海夜网a precursor to the sort of investment boom that Fed officials hope would follow from the recent steep cut in corporate taxe,上海新夜网龙凤Hadrian,s.

That would likely support the core view among Fed policymakers for at least two and perhaps three more interest rate increases this year. The Fed raised rates at its March policy meeting but is not expected to do so when it meets again in about two weeks.

Price increases nationally were described as “moderate,” with steel costs rising “dramatically” in some areas due to the Trump administration’s announcement of tariffs on imports of the metal.

Businesses repeated recent frustrations with labor shortages across a variety of sectors including high-skilled jobs in engineeri,上海夜生活男人好去处Hallie,ng, information technology and health care. There were also shortages seen in construction and transportation.

Related CoverageFactbox: Tariff talk looms large in Federal Reserve’s latest ‘Beige Book’ business survey

In some cases that is leading to long-anticipated wage increases, though overall wage growth remained “only modest.”

“Businesses were responding to labor shortages in a variety of ways, from raising pay to enhancing training to increasing their use of overtime and/or automation,” the Fed reported. “Upward wage pressures persisted but generally did not escalate.”

The Beige Book was prepared by the Federal Reserve Bank of Dallas based on information collected on or before April 9, 2018.

Puerto Rico debt bill gains backers in U.S. Senate; close vote seen

WASHINGTON ( ) – The Obama a,上海夜网官方网站Mace,dministration and U.S. Senate Republican leaders scrambled on Tuesday to garner enough support to get a Puerto Rico debt relief bill through a critical procedural vote set for Wednesday which several lawmakers predicted would be close.

After months of waiting for Congress to act as Puerto Rico’s economic crisis progressively worsened, the Caribbean island appeared to be on the verge of securing a relief plan from Washington aimed at helping it address a hobbling $70 billion debt.

The leaders of both political parties in the Senate are on board, but the outcome appeared uncertain.

The Obama administration sent Treasury Secretary Jack Lew to Capitol Hill on Tuesday to try to persuade recalcitrant Democrats, while Republicans heard arguments for the legislation from fellow senators at a closed-door luncheon.

“We will win the vote tomorrow,” said Senator Bill Nelson, a Florida Democrat, as he left the meeting with Lew.

Senate Majority Leader Mitch McConnell, a Republican, told reporters he was “very much on board,” and was urging Republicans to back the measure establishing a federal oversight board to be in charge of restructuring the U.S. territory’s debt.

“I’m hopeful and optimistic that the (Obama) administration will be able to get Democrats on board, and we believe strongly that it’s an approach that appeals to most Republicans,” McConnell said.

Senate Democratic Leader Harry Reid said he would support the bill. The Senate Democratic whip, Dick Durbin of Illinois, a recent convert to the proposal, said he was trying to get a majority of Democrats to back it.

House Democratic leader Nancy Pelosi added that while there is much to the legislation she objected to, she implored her Senate colleagues to adopt the bill. “Failure to pass this bill would be a tremendous win for the unscrupulous hedge funds that have held this bill up f,上海夜生活乌托邦Octava,or six months demanding to be first in line over the needs of the people of Puerto Rico,” she said.

“Unless Congress acts, our fellow Americans in Puerto Rico will be plunged into deep economic turmoil in just three days’ time.”

Puerto Rico’s 3.5 million residents are U.S. citizens. The U.S. territory is reeling from a 45 percent poverty rate, a steady flow of outward migration to the U.S. mainland that further shrinks its tax base and the shuttering of essential services.

But Durbin predicted “it will be close” Wednesday morning, when the Puerto Rico debt relief bill will need a supermajority of 60 senators’ votes to stay alive in the Senate.

And despite McConnell’s expression of optimism, other Republicans said the leadership appeared worried behind the scenes.

“I think leadership is concerned because they’re really whipping it,” said Senator Dean Heller, a Nevada Republican. “When they whipped me last night, I said ‘no’. So they’re coming back and asking if I’ll reconsider.”

JOINING THE FRAY

The White House joined the fray, with spokesman Josh Earnest saying that without action by Congress to help Puerto Rico deal with its debt, the need for a bailout of the U.S. territory will become more likely.

The measure is identical to the plan passed by the House of Representatives earlier this month, as Congress tries to send it to President Barack Obama to sign into law by July 1. That is when Puerto Rico faces a potential default on a chunk of its debt if it cannot make $1.9 billion in payments.

If the Wednesday morning procedural vote is successful, it would clear the measure for passage this week.

But Republican skeptics of the bill are worried it could constitute a bailout – something its supporters deny – while Democrats have expressed concern about the composition of the oversight board and labor provisions that they say could lower minimum wages for young workers in Puerto Rico.

The top Democrat on the Senate Finance committee, Oregon’s Ron Wyden, announced Tuesday he would back the legislation. But Ohio Democratic 上海夜生活Senator Sherrod Brown appeared to be wavering even after meeting with Lew, Wyden and other Democrats in a Senate office building.

Brown said he would be more likely to vote “yes” in Wednesday’s procedural vote if Senate leaders promise him a vote on an unrelated issue – legislation to ensure that the federal government and coal mine operators honor payment of promised pensions and health benefits to retired miners.

Lew said he thought there was “broad unde,上海夜网Idaleen,rstanding” of the urgency. “I just do not believe that we can let three and a half million Americans descend into chaos,” he said.

Apple plows U.S. tax cuts into record share buybacks

SAN FRANCISCO ( ) – Apple Inc lavished cash on its shareholders like no company in history in the first three months of the year and it intends to keep doing so, making the iPhone maker’s investors the clearest winners yet from last year’s sweeping U.S. corporate tax cuts.

With a mountain of overseas cash suddenly freed up by the tax overhaul, Apple bought back $23.5 billion of its own stock in the March quarter, a record amount for any U.S. company, according to S&P Dow Jones Indices, and it added $100 billion to its target for future repurchases.

It also doled out another $3.2 billion in dividends and will boost them by 16 percent going forward.

The amount Apple spent buying its shares in those three months exceeded the stock market value of most companies in the S&P 500 index, including household names like Kroger Co, Best Buy Co Inc and Hershey Co.

The decision to turn over record amounts of cash to shareholders was a direct results of the Tax Cuts and Jobs,上海夜玩网论坛Dallas, Act passed by Republican lawmakers in December.

It also coincided with a bout of volatility on Wall Street in recent months that has many investors worried that a nine-year bull market may be ending. Apple’s beefed up plans to return cash to shareholders through dividends and buybacks will provide additional support for its stock price.

The biggest overhaul of the U.S. tax code in over 30 years, the new law slashes the corporate income tax rate to 21 percent from 35 percent, and charges multinationals a one-time tax on profits held overseas. As a result, analysts had expected Apple to repatriate most of its $252 billion in cash abroad.

In its quarterly report on 上海夜网Tuesday, Apple said it would earmark $100 billion for a new share repurchase program, succeeding a $210 billion buyback program that started in 2012 and will wrap up this quarter – roughly nine months ahead of schedule.

Given the size of the expanded program, Apple has not placed a termination date on it.

“We are not giving an end date to the program this time because the amount is very, very large,” Apple Chief Financial Officer Luca Maestri told analysts on a conference call. “But we also want to do it efficiently. We want to make sure that we buy back the stock at the right time.”

Roughly $400 billion worth of Apple stock changed hands in that March quarter, and the company’s gross purchases would account for between 5 percent and 6 percent of that.

Apple’s ,上海新夜网龙凤Gabriella,program dwarfs others even as stock repurchase efforts kick into high gear. By comparison, U.S. companies in April announced a combined total of $50.4 billion in new buyback plans, up from $38.1 billion worth of planned buybacks announced in April 2017, according to TrimTabs Investment Research.

The first quarter of 2018 was the biggest quarter on record for buyback announcements, with $242.1 billion worth of buybacks announced by U.S. companies, according to TrimTabs.

,上海夜生活怎么玩Radcliff,

Apple said its dividend increase would be reflected in a cash dividend of 73 cents per share payable on May 17. Its current payout is 63 cents a share.

Other companies announcing plans to return cash to shareholders include Facebook Inc, which announced a $9 billion buyback program when it reported earnings last week, and AbbVie Inc, which plans a tender offer starting as early as May 1 to buy up to $7.5 billion of its stock. Broadcom Inc unveiled a $12 billion buyback program on April 13.

P&G to buy German Merck’s consumer health unit for $4.2 billion

( ) – Procter & Gamble Co (P&G) has agreed to acquire Merck KGaA’s consu,上海夜玩网论坛Caitlin,mer health unit for 3.4 billion euros ($4.2 billion), giving it vitamin brands such as Seven Seas and greater exposure to Latin American and Asian markets.

The maker of Pampers diapers and Gillette razors said the deal would help it expand its portfolio of consumer healthcare products which includes Vicks cold relief.

The Merck unit includes vitamin brands Femibion and Neurobion.

The deal follows GlaxoSmithKline agreeing to buy Novartis out of their consumer healthcare joint venture for $13 billion after dropping its pursuit of Pfizer’s consumer unit.

Pfizer has struggled to divest the business for as much as $20 billion, after Reckitt Benckiser dropped out last month and Johnson & Johnson stepped away in January.

Prescription-free remedies offer stable sales due to customers’ brand loyalty, albeit at lower margins than pharmaceuticals.

But intense price competition online, mainly from Amazon, as well as cheaper store-brand products have weighed on profits in the U.S. and other Western markets.

U.S.-based P&G derived 12 percent of group sales, or $7.5 billion, from health care products last year, including Oral-B toothbrushes and toothpastes.

The purchase price for Merck’s business suggests that the German company climbed down from price demands of as much as 4 billion euros, which sources told had deterred initial suitors such as Nestle, Perrigo and Stada owners Bain and Cinven.

Morgan Stanley analyst Vincent Meunier said the price still implied a valuation of 4.7 times sales and around 19 times operating profit (EBITDA) for the bu,上海晚上耍女人的地方Dallas,siness, at the high end of recent deals in the sector.

“This will help (Merck) focus on its pharma unit and refurbish its pipeline,” he said.

Merck shares were up 0.5 percent higher at 0833 GMT, among top gainers in the German blue-chip DAX index, having risen 1.2 percent earlier.

Merck said that it fetched a multiple of about 19.5, above recent industry transactions and based on an adjusted “economically transferred” EBITDA of 173 million euros in 2017.

The proceeds would allow it to reduce debt faster, giving its businesses, which include chemicals, pharma上海夜网ceuticals and lab equipment, more flexibility, although it ruled out acquisitions worth more than 500 million euros this year. P&G also announced it will split up its consumer care joint venture with Teva, PGT Healthcare, on July 1, saying strategies were no longer aligned.

PGT accounts for nearly all of P&G’s personal health care sales outside of the United States.

Teva said the terms of the agreement to terminate the JV with P&G would not be disclosed and that the dissolution was amicable.

Merck said the divestment of its consumer health business did not change its goal of keeping net sales of its established prescription drugs, such as Erbitux against cancer and multiple sclerosis treatment Rebif, organically stable until 2022.

It will issue guidance for 2018 to reflect the sale of the consumer healthcare business with it publishes first-quarter financial results on May 15, it said.

INDIA BUSINESS

About 3,300 Merck employees could move to P&G upon completion of the transaction, which is expected by the fourth quarter.

As part of the deal, P&G will buy a majority stake in the German company’s Indian consumer health business, Merck Ltd, and subsequently make a mandatory tender offer to minority shareholders.

A final agreement with P&G on Merck’s French consumer health,上海夜网千花Jackson, business has yet to be worked out with labor representatives but that will not change the overall price agreed with P&G.

JP Morgan acted as financial adviser to Merck on the transaction, and Freshfields Bruckhaus Deringer was legal adviser.

Biogen boosts investment in neurology with $1 billion Ionis deal

( ) – Biogen Inc struck a $1 billion neurology drug development deal with Ionis Pharmaceuticals on Friday, expanding ,上海夜玩网论坛Octava,a partnership that developed the company’s potential blockbuster drug for spinal muscular atrophy.

Biogen’s shares, however, fell about 2 percent as investors were looking for a larger deal, especially after rival Novartis AG last week said it would buy AveXis Inc for $8.7 billion to gain access to its gene therapy for spinal muscular atrophy.

“Given the fact that just happened and …here they are a week later not buying that company and doing a $1 billion pre-clinical deal, I think the Street remains very nervous and uncertain,” Jefferies analyst Michael Yee told .

Biogen, which has a $37 billion war chest, licensed the spinal muscular atrophy treatment Spinraza from Ionis as part of an earlier agreement.

The company is now banking on Spinraza, with a list price of $750,000 for the first year, to offset slowing growth of its top-selling drug Tecfidera, a treatment for multiple sclerosis.

Biogen’s new 10-year agreement with Ionis gives the company the option to license and commercialize a range of neurological therapies for conditions including Alzheimer’s and dementia.

“We anticipate advancing up to seven new hi,上海夜生活群Hallie,gh potential drug candidates from these collaborations into the clinic in the next two years,” 上海夜网Biogen executives said on a conference call.

The executives also highlighted strong safety data for treatments Ionis is working on, including a class of medicines called antisense oligo,上海夜网Gabe,nucleotides over gene therapies.

“Opportunities for antisense technology are by far broader and larger (than gene therapy), and technology is far more validated,” Ionis executives said on a conference call.

California-based Ionis is also eligible to receive milestone-based payments, license fees and royalties on net sales of the drugs as per the deal.

The agreement, which comes ahead of Biogen’s first-quarter earnings report on Tuesday, includes a $625 million equity investment in Ionis and a $375 million upfront payment.

Ionis’ shares rose 4.7 percent in early trading on Friday.

Rocker Neil Young, a Canadian, talks U.S. presidential politics

(Reprise Records corrects release date of next album to June 24 from June 17, last paragraph)

By Jane Ross

( ) – Neil Young, a Canadian citizen, can’t vote in the upcoming U.S. presidential election – but the 70-year-old rocker has plenty to say about it.

In a video interview with ahead of the release of his new album “Earth,” the G,上海夜生活论坛Kai,rammy-award-winning singer-songwriter excused Donald Trump for using his music without asking his permission.

Trump’s use of “Rockin’ in the Free World” during the Republican nominee’s campaign launch raised heckles last June. Young’s management company released a statement at the time saying that Trump was not authorized to use the song in the announcement of his presidential candidacy.,上海夜生活网419Caden,

Young now says he has nothing against Trump using his song. He just would have liked to have been asked.    

“The fact that I said I was for Bernie Sanders and then he didn’t ask me to use ‘Rockin’ in the Free World’ doesn’t mean that he can’t use it,” said Young, who has long lived on a ranch in California.

Young c上海夜网onfirmed the Trump’s campaign statement that the campaign had a license agreement with the American Society of Composers, Authors and Publishers for the right to play the recording.

“He actually got a license to use it,” Young said. “I mean, he said he did and I believe him. So I got nothing against him. You know, once the music goes out, everybody can use it for anything.

“But if the artist who made it is saying you never spoke to them, if that means something to you, you probably will stop playing it. And it meant something to Donald and he stopped.”

Young says his support for Sanders in the election race was still strong, despite Hillary Clinton’s lead in the contest for the Democratic nomination.

“He’s the only one talking about the issues, about issues that matter to me, the issues on my mind – problems of corporate control of democracy and everything slipping away and not being able to have six major companies owning all the media in the United States,” Young said.

Young has retained his Canadian citizenship. Although becoming a U.S. citizen would allow him to vote in the country’s November presidential election, he dismisses the notion. 

“Oh, that would be a big ruse. I’m a Canadian. The,上海夜网后花园Barney,re’s nothing I can do about that,” he said.

But, he says, he will keep on talking politics, in his music and in public.

“I vote in my own way, by making a lot of noise. If you don’t want to listen to me, fine. If you don’t want to vote like I would, don’t. But I still have a voice.”

Young’s latest album, featuring live recordings of songs from throughout his career, will be released on June 24 on Reprise Records.

AT&T CEO Stephenson says Time Warner deal needed in…

WASHINGTON ( ) – AT&T (T.N) CEO Randall Stephenson said on Thursday his company’s bid to buy movie and TV show maker Time Warner TWX.N would allow the two firms to serve customers better by lowering pay TV rates, rejecting government arguments the deal would raise consumer prices.

Speaking in U.S. District Court in Washington, Stephenson addressed himself to Judge Richard Leon who will decide if the $85 billion deal may go forward. He said that he wanted to combine what AT&T knew about its customers with Time Warner’s ability to create compelling content.

Stephenson disagreed with the government’s assessment that the transaction would mean higher prices for consumers. “On its face, the premise is absurd,” he said. “It literally defies logic to me.”

Instead, the deal would help AT&T, which owns the biggest pay TV company DirecTV, build a cheaper online product that could be partially sustained through advertising, he said.

The government has argued that the proposed deal would spur AT&T to charge its pay TV rivals more for Time Warner content, in particular the Turner family of news and sports shows. It has also said that the combined company would have an incentive to decline to offer content to cheaper online video services in order to slow their development.

Stephenson’s testimony mirrored what,上海夜网Dakota, Time Warner TWX.N Chief Executive Jeff Bewkes said on Wednesday. He also argued the deal would help the companies better compete for advertising dollars with internet giants like Alphabet’s (GOOGL.O) Google and Facebook (FB.O).

The Justice Department introduced an email exchange between Stephenson and Facebook chief executive Mark Zuckerberg in which the pair discussed ways they could work together on advertising, but Stephenson said nothing,上海高端夜生活在那里Hadrian, came of the exchange.

Like Bewkes, Stephenson dismissed the idea that AT&T would seek to use Time上海夜生活 Warner content exclusively, saying the best financial strategy was to ensure it was as widely seen as possible.

Stephenson said that AT&T had initially thought to buy several small content companies – a “string of pearls” – but when that failed it decided to pursue one large company in Time Warner, a “head-snapper moment.”

He telephoned Bewkes to invite him to lunch, Stephenson said. “A quick lunch turned into a very long afternoon,” he said, as they began to discuss a deal. “We both got very excited about it.”

But Stephenson also acknowledged sending an email that expressed concern that Time Warner was taking a stake in the online service Hulu, apparently concerned that it would hurt AT&T’s online product.

Judge Leon asked Stephenson about AT&T’s offer to go to arbitration with rival pay TV companies if they feel that they are being charged too much for Time Warner content. The arrangement is similar to one struck between the Justice Department and Comcast when it won approval to buy NBCU. Both are good for seven years.

“You modeled that on Comcast?” Leon asked.

“Yes,” Stephenson said.

Following Stephenson, the government called Ron Quintero, an accounting expert who had evaluated AT&T’s estimated cost savings and revenue increases used to defend the proposed merger. Quintero said that in many of its ,上海晚上耍女人的地方Radley,calculations, AT&T simply estimated a percentage reduction in expenditures with no data to support it.

The trial, which began in mid-March, is expected to wrap up this month.

Uber CEO and transport boss had second meeting over London license…

LONDON ( ) – London’s Transport Commissioner Mike Brown met Uber [UBER.UL]boss Dara Khosrowshahi in January, a freedom of information request revealed, as the Silicon Valley app fights to keep its cars on the streets of its most important European market.

Uber is battling a decision by the ci,上海夜生活Jacklyn,ty’s transport regulator last September to strip it of its license after it was deemed unfit to run a taxi service, a ruling Uber is appealing.

Since then Uber has made a series of changes to its business model, responding to requests from regulators, including the introduction of 24/7 telephone support and the proactive reporting of serious incidents to London’s police.

Khosrowshahi flew to London in October for discussions with Brown after which Uber promised to make things right in the British capital city.

The pair had a ,上海仙霞路夜生活Cadence,second meeting in London in January, according to a response to a freedom of information request from .

“The Commissioner met with Dara Khosrowshahi on 3 October 2017 and 15 January 2018, both meetings took place in Lo上海夜生活论坛ndon,” Transport for London (TfL) said.

A TfL spokesman declined to provide an immediate comment on what was discussed at the meeting. Uber declined to,上海021夜网Rachel, comment.

had asked for a list of every meeting which had taken place between Uber and TfL’s private hire team and/or Brown since Sept. 22 but TfL declined to release such details.

“We are not obliged to supply the remainder of the information requested in relation to meetings as it … relates to information where disclosure would be likely to prejudice the exercise by any public authority of its functions ..,” it said.

A court hearing over Uber’s appeal is due this month before the substance of the appeal is heard in June.

Highlights: Goldman’s shrinking equity trading desk, JP Morgan’s…

BEVERLY HILLS, Calif. ( ) – The following are highlights from Monday’s Milken Institute Global Conference in Beverly Hills:

GOLDMAN SACHS PRESIDENT DAVID SOLOMON, ON THE INVESTMENT BANK’S EQUITY TRADING BUSINESS:

“Changes have gone on in our businesses and have gone on for a long period of time. It’s not something that is just recent. But it’s compounding. You look at the equity trading business, for example, when you go back 20-30 years we wo上海夜生活uld at Goldman Sachs have 500 people making markets in stocks and prices in stocks every single day. Today we have three – all going off technology platforms. But those businesses continue to change. The secret is how do you navigate the art of going from a business that is analog onto technology platform that has businesses that have never had technology platforms for a long time. How to adapt changes in your clients and customers and interfaces they require. It requires a lot of investment and it requires balance.”

MICHAEL CORBAT, CEO of CITIGROUP INC, ON THE GLOBAL ECONOMIC OUTLOOK:

“I would use a highly technical term when I describe the world today. The world’s OK. We see governing central bank,上海夜生活论坛Barney, bodies that are likely to remain consistent around the stance that they have taken. So we shouldn’t see any significant curbs down the road.”

He said the two indicators that the economy is strong and po,上海夜生活Sabina,sitive: Housing and job markets.

MARY CALLAHAN ERDOES, CEO OF J.P. MORGAN ASSET MANAGEMENT, ON VOLATILITY:

She said a return of volatility was not going to be a huge risk to financial markets and could make active management more important. “Volatility won’t unravel things,” Erdoes said. She was concerned that volatility might scare away some investors who were burned during the last financial crisis and will remain risk averse. “It will really affect the people who are still psychologically damaged from 2008,” she added.

U.S. TREASURY SECRETARY STEVEN MNUCHIN, ON U.S. TAX PLAN:

“The tax plan was a major component to creating economic growth, getting competitive tax rates,上海新夜网龙凤Gabi, for both corporations and small businesses. We have the lowest small business rates since the 1930s and changing from a worldwide system to a territorial system. So we are seeing a lot of money now being invested in the U.S. and we are seeing the impact of that on the economy.”

MNUCHIN ON STOCK BUYBACKS: “Stock buybacks are a mechanism companies can use to return capital to shareholders. There are lots of companies that are raising capital. We’re seeing a lot of activity in corporate America.”

Steven Cohen’s Point72 is sued over use of California money…

( ) – Billionaire Steven A. Cohen’s hedge fund firm was sued on Wednesday by a San Francisco money manager seeking to stop it from using its name on a new investing project.

Aperio Group LLC, which said it has more than $25 billion of assets under management,上海夜网 said Cohen’s Point72 Asset Management LP has caused confusion among customers, causing them to believe the two firms are connected.

The complaint refers to Point72’s planned use of the name for a “quantitative investing project.”

Aperio said sources of confusion have included a published article and television report discussing Aperio and Point72, and an abstract for a Stanford University semina,上海夜生活群Mace,r featuring a “managing director and chief data scientist for Aperio” who was also “responsible for Point72’s big data research team.”

Mark Herr, a spokesman f,上海021夜网Radley,or Stamford, Connecticut-based Point72, declined to,上海晚上耍女人的地方Barney, comment.

In its complaint filed in San Francisco federal court, Aperio said Point72 has filed to register the trademark Point72 Aperio, and is causing “irreparable and substantial injury in the goodwill that Aperio has developed in its Aperio mark.”

The complaint seeks to recoup unspecified damages for alleged unfair competition, and stop Point72 from using Point72 Aperio and similar names.

Aperio sued Point72 nearly four months after the end of Cohen’s two-year ban on managing outside money, the result of a settlement with U.S. regulators following an insider trading probe involving his prior firm, SAC Capital Advisors LP.

Cohen was not criminally charged. In February, a female Point72 employee filed a separate lawsuit accusing the firm of discrimination. Point72 has denied her allegations.

The case is Aperio Group LLC v Point72 LP, U.S. District Court, Northern District of California, No. 18-02466.

WPP digital boss Read prepares to step into Sorrell’s shoes for…

LONDON ( ) – WPP’s digital boss Mark Read will get the chance to stake his claim to the top job at the world’s biggest advertising company when he helps to present its first set of results without founder Martin Sorrell on Monday.

Sorrell, who built a two-man business into one of Britain’s biggest companies with operations in 112 countries, never missed a quarterly results presentation and routinely appeared on TV and radio shows to discuss everything from advertising trends to global economic events and politics.

He stood down two weeks ago after the bo,上海夜生活Paige,ard opened an investigation into allegations of personal misconduct, sparking a hunt for a replacement after 33 years and at a time when the company is facing challenges on every front.

Sorrell denied the allegations and the company has said they will not be made public.

Read is seen as the leading internal candidate to become chief executive after he spent almost nine years on the WPP board from 2006 to 2015. He has also worked on strategy, acquisitions and digital operations since he wrote to Sorrell and secured a job in 1989.

On Monday, he will join his co-chief operating officer Andrew Scott, Finance Director Paul Richardson and Executive Chairman Roberto Quarta in presenting the first-quarter results, while Read will also speak to the media.

“I’ve spent as much time as ,上海足浴夜网联系方式Landon,possible speaking to our people and clients,” Read wrote in a memo to staff last week. “There’s universal admiration for Martin’s achievements, and sadness about his departure.

“At the same time, there’s a huge amount of support and goodwill for the company, and no shortage of confidence about the 上海夜生活网future.”

The company will consider internal and external candidates.

Whoever takes over the top job will face a difficult task, however, after the group published in March its weakest results since the financial crash due to low,上海夜生活乌托邦Sabrina,er spending from consumer goods groups like Unilever and P&G and competition from Google and Facebook.

It forecast no growth in net sales in 2018 and analysts are expecting a first-quarter figure of down 1 percent or worse.

“Despite the change of CEO, other things are unlikely to change at WPP near term,” Morgan Stanley said in a note. “We expect WPP to stay with its guidance which is for organic flat net sales growth in 2018 and a flat underlying margin in constant currency.”

The sudden departure of Sorrell has also sparked speculation as to whether the holding group can remain in its current form of employing 200,000 people in more than 400 agencies now that clients want a more joined-up offering.

Read told colleagues he did not believe breaking the business up made sense. “In a world where clients need faster, more agile, integrated solutions, we need to get closer together, not further apart,” he said.

WPP is the last of the big four advertising agencies to update the market after Omnicom (OMC.N), Publicis (PUBP.PA) and IPG (IPG.N) all reported strong first-quarter results.

Trump’s next $100 billion tariff dilemma: hit Wal-Mart or Apple Store?

WASHINGTON ( ) – U.S. consumers may be about to directly feel the effects of the trade fight started by U.S. President Trump with China and other countries this year when a new list of Chinese imports to be taxed is announced in coming days.

After imposing import tariffs on solar panels and washing machines in January, Trump moved to levy steel and aluminum in March along with about $50 billion in other goods.

After China responded with a list of U.S. goods that would be subject to tariffs, Trump raised the stakes on April 4 by directing the U.S. Trade Representative to consider $100 billion in additional levies.

But a analysis of Chinese imports shows that to quickly reach $100 billion worth of goods to tax, Trump may have to target cellphones, computers, toys, clothing, footwear, furniture and other consumer goods, prompting price rises at U.S. retailers.

“There is no way to avoid consumer products when you’re thinking about how to hit $100 billion worth of imports coming from China,” said Hun Quach, vice president of international trade for the Retail Industry Leaders Association which represents U.S. retailers.

GRAPHIC:Taxing China or its customers?

How much the news tariffs would hit wallets depends on variables that make calculating the im上海夜生活论坛pact of the tariffs on individual products hard to measure. Companies can absorb some of the costs, and some companies can shift production in China to other countries, cutting the final bill for America’s shoppers.

After washing machines imported by LG Electronics’ were hit with a 20 percent tariff in January, the company raised U.S. prices by about $50 per machine, or 4 percent to 8 percent.

LG opted to absorb part of the tariff cost, which was imposed at a time when construction was already well underway on its new U.S. factory that will begin producing washers in late 2018, avoiding U.S. tariffs.

Companies with complex supply chains, mainly those in high technology industries, can also change how their internal costs are charged among subsidiaries to lower their tariff bill.

Trump’s first round of import tariffs deliberately left most consumer electronics untouched, but out of the $506 billion in U.S. imports from China last year, finding another $100 billion to tax without hurting U.S. shoppers will not be easy.

The USTR could quickly find $100 billion but at the cost of targeting three broad categories of consumer electronics – cellphones at $44 billion, computer equipment at $37 billion, and voice, image and data recorders at $22 billion.

U.S. supply chains would also be hurt as many consumer electronics produc,上海021夜网Jacob,ts depend on the export of American semiconductors, software and other inputs to China for assembly before being imported back to the United States.

U.S. allies South Korea, Japan and Taiwan also supply cellphone parts for companies like Apple Inc, including displays, cameras and fingerprint scanners, and would feel the impact.

“You end up shooting yourself in the foot, shooting your allies in the foot, and maybe you wound China’s big toe,” said Chad Bown, a senior fellow at the Peterson Institute for International Economics.

ORDERS HAVE ALREADY BEEN PLACED

Trump could get a quarter of the way to $100 billion in goods taxed by levying toys, games and sporting goods, categories with little U.S. content that totaled about $25.5 billion from China in 2017.

But China made up 81.5 percent of all U.S. imports in this group, meaning that there would be few alternative sources for importers that could blunt the tariff impact on consumers.

Adding in apparel, footwear and furniture to the list would get the rest of the way to $100 billion, but price rises for those categories of goods would be seen clearly by consumers.

According to Census data, there are about 7,600 consumer and industrial goods still available for tariffs with a combined value of $101 billion where China accounts for 40 percent or less of U.S. imports and so could possibly be sourced elsewhere.

Most of these involve small-scale production and a wide range of goods sold in U.S. chain stores such as Wal-Mart, including clothing, pet food and lighting fixtures.

While the availability of these items in other countries could help limit price rises, there would still be disruptions for retailers with long-established supply chains.

“Sourcing from another country is not an easy solution. It can’t happen overnight,” sa,上海夜玩网论坛Quaid,id R,上海夜哪里艳遇Idaleen,ILA’s Quach, who added that retailers’ Christmas orders for 2018 are already locked in.

And there are few alternatives for the $402 million in Christmas tree lights that China supplies.

Economists earlier surveyed by warned that, while imposing tariffs may benefit U.S. steel and aluminum producers, costs would rise for many other U.S. producers and consumers as a result.

U.S. exporters will also feel the impact of the trade war after China responded in March by announcing tariffs on 128 products such as fruit and wine which the U.S exports to China and which will taxed at 15 percent. Another $50 billion worth of U.S. exports such as automobiles, airplanes, pork and soybean face a 25 percent tariff.

During the 2016 election campaign Trump argued that tariffs were needed to punish China for misappropriating U.S. technology and to bring jobs and industry back to the U.S., but studies of the 2002 steel tariffs enacted by the Bush administration show that they caused more job losses than job gains.

(This story has been refiled to fix paragraph 3 literal to stakes)

Trump revokes Washington Post’s campaign press credentials

WASHINGTON/NEW YORK ( ) – U.S. Republican Donald Trump said on Monday he will no longer issue press credentials to the Washington Post, stopping the publication from gaining access to press areas at his presidential campaign events.

The Washington Post, based in the U.S. capital, is one the country’s the most influential newspapers and has one of the largest circulations.

“They have no journalistic integrity and write falsely about Mr. Trump,” his campaign said in a statement explaining the decision. “Mr. Trump does not mind a bad story, but it has to be honest.”

Trump’s campaign repeated criticism the candidate has made of Post owner Jeff Bezos, who also owns online retailer Amazon.com.

It is unusual for a presidential campaign to refuse to issue credentials to news organizations. Credentials are needed for reporters, photographers and other staff to gain access to press seating, travel with the campaign and attend media-only events, like press conferences.

“Donald Trump’s decision to revoke The Washington Post’s press credentials is nothing less than a repudiation of the role of a free and independent press,” the newspaper’s editor, Marty Baron, said in a statement.

“When coverage doesn’t correspond to what the candidate wants it to be, then a news organization is banished. The Post will continue to cover Donald Trump as it has all along — honorably, honestly, accurately, energetically, and unflinchingly. We’re proud of our coverage, and we’re going to keep at it.”

A source close to the campaign said the ban could be temporary and pointed out that Trump has already barred other new organizations, including Politico, from obtaining press credentials and then reversed course.

Ben Smith, executive editor of Buzzfeed, responded that his news organization, which targets millennials, is also banned from covering official Trump events. The Huffington Post posted on Twitter that its reporters are al,上海夜生活桑拿会所Octavien,so barred.

“A candidate for the highest elected office in the land doesn’t get to choose what goes in a newspaper,” said Committee to Protect Journalist Deputy Executive Director Robert Mahoney. “It provides a ready-made excuse for authoritarian leaders to,上海夜生活服务Kai, crackdown further on independent journalists. We urge Donald Trump to reconsider and let the Washington Post do its job.”

Trump’s campaign took issue with an article that appeared on 上海夜生活The Washington Post’s website earlier on Monday with the headline, “Donald Trump suggests President Obama was involved with Orlando shooting’ as their headline.” The headline was changed to “Donald Trump seems to connect President Obama to Orlando shooting” within an hour after it was published.

The,上海会所夜网Octavia, Washington Post has assigned a team of reporters to produce a book about Trump that is scheduled to be released later this year.

Clinton begins Appalachia tour in Trump-friendly coal country

WASHINGTON ( ) – U.S. Democratic presidential front-runner Hillary Clinton begins a two-day tour on Monday through rural, traditionally coal-reliant parts of the eastern Appalachian region where Republican rival Donald Trump’s pro-coal, anti-trade message has resonated with economically distressed voters.

Clinton, in a move to reclaim her early pledge to focus on helping the struggling region resuscitate its economies, will meet the head of a local steel workers union, retired mine workers and others in Kentucky, West Virginia and Ohio affected by declining coal and steel prices.

Her pledge of more than $30 billion to help coal regions was overshadowed in March when Clinton, at an Ohio town hall, said the country would “put a lot of coal miners and coal companies out of business.”

Clinton’s statement was seized upon by coal industry groups and Republican law上海夜网makers such as U.S. Senators Rand Paul and Mitch McConnell, both from Kentucky, as evidence she planned to continue carrying out President Barack Obama’s regulatory “war” on coal.

Clinton immediately sent an apology letter to Democratic U.S. Senator Joe Manchin of West Virginia, an early supporter, pledging to “focus my team and administration on bringing jobs to Appalachia” and help its residents adjust to a wave of coal company bankruptcies and changes in the U.S. energy market.

Her decision to embark on an Appalachian tour is in part timed ahead of Democratic nominating contests in West Virginia on May 10 and in Kentucky on May 17 as she seeks to secure the nomination before the party’s July ,上海夜网Babette,convention.

Clinton won Ohio’s contest in mid-March, besting rival Bernie Sanders, a U.S. senator from Vermont.

However, her aides say her decision to focus on the region also reflects her commitment to show voters she will work for them if elected, even if they do not support her now.

Clinton’s husband, former President Bill Clinton, campaigned on Sunday in West Virginia, encountering protests from Trump supporters and being asked about Clinton’s town hall remark and subsequent apology, according to local media reports. Manchin accompanied the former president, who is also expected to campaign in Kentucky on Tuesday.,上海高端夜生活在那里Easton,

West Virginia last voted for a Democratic presidential candidate in 1996, when Bill Clinton was running for his second four-year term. He is the only Democrat who has won Kentucky since 1980.

During her first presidential run, Clinton defeated Obama in the 2008 primaries in those states but lost the nomination to him. Her tour is an early move to siphon support from Trump, the front-runner for the Republican nomination, who has called for continued coal production and dismissed environmental concerns as a policy priority.

LAYOFFS, HEALTH CONCERNS

Clinton’s first stop, at a restaurant in Ashland, Kentucky, will be a discussion with the leader of a local steel workers union and several of some 600 workers who were laid off when AK Steel Holding Corp announce,上海夜网千花Caitlin,d in October that it would idle one of its furnaces amid a supply glut and lower steel prices.

Clinton last month criticized China’s announcement that it was encouraging increased steel output amid a global surplus that is driving down prices and said, if elected, she would crack down on Chinese trade practices.

She will continue to Williamson, West Virginia, a once-thriving town near the state’s border with Kentucky in Mingo County, the heart of the coal-producing region. Its main streets had been dotted with empty store fronts as coal mining employment has been cut in half over the past four years. The town is now trying to reshape its economy.

Clinton will meet retired mine workers there and also tour the Williamson Health and Wellness Center, which serves as the nerve center for a local program that aims to drive economic revitalization through a health-focused, local-foods movement using land once designated for mining to drive large-scale agricultural development.

Aides say Clinton’s interest in the region’s economic troubles was piqued after she left the U.S. State Department in 2013. She circulated data to aides then about studies related to decreased life expectancies for less-educated white adults in Appalachia, where the decline in coal-related employment has been accompanied by a growth in opioid addiction, diabetes and other health issues.

Clinton has throughout her campaign criticized attempts made by coal companies to “shirk” the responsibility to pay healthcare benefits for retirees during bankruptcy proceedings, saying the country owes them gratitude for fueling decades of economic success.

Written by shyw on June 8, 2017 Categories: irfzkauj Tags: , ,

Deutsche Bank may reveal investment bank revamp on Thursday: source

FRANKFURT ( ) – Deutsche Bank AG (DBKGn.DE) may spell out strategy changes for its investment bank on Thursday along with first-quarter earnings, a person with knowledge of the matter said on Tuesday.

Deutsche has been conducting a global review of its investment bank to determine the way forward as revenues shrink. Initial results of the review, known internally as Project Colombo, are expected soon.

“We’ve always said that we want to be a more corporat,上海夜生活男人好去处Talon,e-led bank,” ,上海夜生活论坛Macauly,said the person, who spoke on condition of anonymity ahead of any possible announcement.

Deutsche is considering cuts to equities trading, known as cash equities, and prime brokerage, which serves hedge funds, newspaper Handelsblatt reported on Tuesday. Cuts to U.S. municipal bonds trading and parts of its Asia business are also being considered.

A spokesman for Deutsche Bank declined to comment.

Earlier this month, the bank got a new chief executive, Christian Sewing, who faces the same strategic problem that has long preoccupied its top management – whether or not to override the rainmakers and big earners at the investment bank to shrink that business.

The appointment of Sewing – who has a background in retail banking, auditing and risk – along with the recent resignation o上海夜生活f one of Deutsche’s top investment bankers, Marcus Schenck, suggests a shift away from the investment bank, analysts and investors have said.

The company’s finance chief last month warned that a strong euro and higher funding costs would have a 450 million euro impact on the bank in the first quarter of the year.

Analysts expect the bank to report first-quarter net income,上海会所夜网Gabi, of 327 million euros, according to a consensus of analysts’ expectations on Deutsche’s investor relations website. That would be down from net income of 575 million euros in the first quarter of 2017.

Shareholders have become increasingly critical of the bank’s performance after it has made annual losses for the past three years.

One private investor, Jens Kuhn, has filed a motion to the bank’s annual shareholder meeting on May 24 urging investors to vote against ratifying the actions of the management and supervisory board for the past year. Such a move is equivalent to calling a vote of no confidence.

“The bank really is utterly incompetent,” Kuhn wrote in his proposal posted this week.

Deutsche Bank, founded during the Industrial Revolution to finance Germany companies, has expanded over the years into investment banking to compete with Wall Street. Investment banking has higher returns than retail and commercial banking, but is also higher risk and, after the financial crisis, landed Deutsche in hot water.

Some analysts and investors have said that Deutsche Bank should return to its roots and curtail its investment bank operations.

Goldman Sachs vote backs pay, shows less support for stock plan

JERSEY CITY, N.J./BOSTON ( ) – Goldman Sachs Group Inc (GS.N) leaders said more than 87 percent of shares were voted in favor of its executive pay at its annual shareholder meeting, and that a stock plan for employees was approved by more tha上海夜网n 65 percent of votes cast.

Goldman Sachs leaders gave the preliminary vote tallies at the meeting held in New,上海夜哪里艳遇Gabi, Jersey on Wednesday. Each of the bank’s 11 director nominees received the support of a majority of investors, they said.

Speaking at the meeting, Goldman Sachs Chairman and Chief Executive Lloyd Blankfein said there has been “no decision” as to the schedule of when he might step back from running the top Wall Street bank, reiterating past remarks.

Company president and chief operating officer David Solomon is expected to take over eventually.

“There’s no decision as to schedule. So we’re still in the ‘if’ and ‘when’ part of this conversation,” said Blankfein, who is 63 years old.

Proxy adviser Institutional Shareholder Services had recommended votes against the stock plan, concerned the company relies too much on stock-based compensation and produces a high “burn rate” that dilutes shareholders.

Goldman previously acknowledged its burn rate has been higher than rivals ,上海夜生活怎么玩Dalton,because its workforce has included relatively more investment bankers and traders and fewer bank tellers and s,夜上海419龙凤论坛Dallas,alaried workers.

Based on shareholder feedback, the New York bank had proposed to continue its stock plan for three years but requested no new shares be issued. The bank is changing its business model toward more deposit taking and lending and less reliance on deal-making.