上海夜生活,上海夜生活网,上海夜网论坛 - Powered by July 2018

Fresenius sees Akorn lawsuit dragging on into 2019

BERLIN ( ) – German healthcare group Fres,上海新夜网龙凤Kaia,enius SE (FREG.DE) said on Thursday its legal battle with Akorn (AKRX.O) over its canceled $4.7 billion takeover could drag on into 2019 as it posted a slight decline in quarterly profit hurt by a strong euro.

Fresenius abandoned the merger agreement last month and on Wednesday alleged it uncovered “blatant fraud at the very上海夜生活论坛 top level” of the U.S. generic drugmaker.

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

Akorn has sued in Delaware Court of Chancery to try to hold Fresenius to the deal. A hearing is expected to take plac,上海凤楼夜网Idris,e on July 9, Fresenius told an analyst call.

“I don’t want to speculate … but you can assume that we will be able to resolve the matter over the course of 2019,” Chief Executive Stephan Sturm said.

Sturm said Fresenius would seek alternative ways to grow its Kabi generics business in North America, but said the expansion would take longer without Akorn.

Shares in Fresenius, which have shed over 16 percent of their value over the past year, were trading down 1 percent at 64.48 euros by 1332 GMT.

Earlier on Thursday, Fresenius repo,上海021夜网Cade,rted a 1 percent fall in first-quarter sales to 8.12 billion euros, broadly in line with the analysts’ consensus forecast.

Net income slipped 2 percent to 450 million euros ($539 million), which surpassed the 437 million consensus forecast in a poll.

The company confirmed its forecast for sales to grow between 5 and 8 percent this year and for adjusted net income to rise between 6 and 9 percent.

($1 = 0.8343 euros)

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

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

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

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

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

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

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

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

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

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

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

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

Trump’s revenge: U.S. oil floods Europe, hurting OPEC and Russia

MOSCOW/LONDON ( ) – As OPEC’s efforts to balance the oil market bear fruit, U.S. producers are reaping the benefits – and flooding Europe with a record amount of crude.

Russia paired with the Organization of the Petroleum Exporting Countries last year in cutting oil output jointly by 1.8 million barrels per day (bpd), a deal they say has largely rebalanced the market and one that has helped elevate benchmark Brent prices LCOc1 close to four-year highs.

Now, the relatively high prices brought about by that pact, coupled with surging U.S. output, are making it harder to sell Russian, Nigeri,上海夜网后花园Sabrina,an and other oil grades in Europe, traders said.

“U.S. oil is on offer everywhere,” said a trader with a Mediterranean refiner, who regularly buys Russian and Caspian Sea crude and has recently started purchasing U.S. oil. “It puts local grades under a lot of pressure.”

U.S. oil output is expected to hit 10.7 million bpd this year, rivaling that of top producers Russia and Saudi Arabia.

In April, U.S. supplies to Europe are set to reach an all-time high of roughly 550,000 bpd (around 2.2 million tonnes), according to the Thomson Eikon trade flows monitor.

(GRAPHIC: U.S. crude oil and condensate supply to Europe – reut.rs/2F8xk0k)

In January-April, U.S. supplies jumped four-fold year-on-year to 6.8 million tonnes, or 68 large Aframax tankers, according to ,夜上海论坛Hallie,the same data.

Trade sources said U.S. flows to Europe would keep rising, with U.S. barrels increasingly finding homes in foreign refineries, often at the expense of oil from OPEC or Russia.

In 2017, Europe took roughly 7 percent of U.S. crude exports, data showed, but the proportion has already risen to roughly 12 percent this year.

Top destinations include Britain, Italy and the Nether上海夜生活lands, with traders pointing to large imports by BP, Exxon Mobil and Valero.

(GRAPHIC: U.S. crude oil and condensate supplies to Europe in 2017-2018 by destination – reut.rs/2F9lWRO)

Polish refiners PKN Orlen and Grupa Lotos and Norway’s Statoil are sampling U.S. grades, while other new buyers are likely, David Wech of Vienna-based JBC Energy consultancy said.

“There are a number of customers who still may test U.S. crude oil,” Wech said.

The gains for U.S. suppliers could come as a welcome development for U.S. President Donald Trump, who accused OPEC on Friday of “artificially” boosting oil prices.

“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,上海夜生活网419Tallulah, accepted!” Trump wrote on Twitter.


While the United States lifted its oil export ban in late 2015, the move took time to gain traction among Europe’s traditional refineries, which were slow to diversify away from crude from the North Sea, West Africa and the Caspian.

“European refiners started experimenting with U.S. crude last year,” said Ehsan Ul-Haq, director of London-based consultancy Resource Economics. “Now, they know more than enough to process this crude.”

U.S. oil gained in popularity, sources said, in part because of the wide gap between West Texas Intermediate, the U.S. benchmark, and dated Brent, which is more expensive and sets the price for most of the world’s crude grades.

This gap, known as the Brent/WTI spread, has averaged $4.46 per barrel this year, nearly twice as high as the year-earlier figure, data showed.

Wech of JBC Energy said the spread would likely persist in the near future.

The most popular U.S. grades in Europe are WTI, Light Louisiana Sweet, Eagle Ford, Bakken and Mars.

Prices for alternative local grades have been slashed as a result.

CPC Blend differentials recently hit a six-year low versus dated Brent at minus $2 a barrel. Russia’s Urals also came under pressure despite the end of seasonal refinery maintenance. BFO-CPC BFO-URL-E BFO-URL-NWE

WTI was available at 80-90 cent premiums delivered to Italy’s Augusta, well below offers of Azeri BTC at a premium of $1.60 a barrel, according to trading sources.

U.S. oil is even edging out North Sea Forties, which is produced in the backyard of the continent’s refineries.

Cargoes of WTI were offered in Rotterdam at premiums of around 50-60 cents a barrel above dated Brent, cheaper than Forties’ premium of 75 cents to dated.

Boeing adds German partners for heavy-lift helicopter battle

BERLIN ( ) – Boeing (BA.N) has teamed up with 10 German firms as part of its bid to win,上海夜生活乌托邦Hal, a 4 billion euro ($4.9 billion) heavy-lift helicopter contract from Berlin, the U.S. company said on Wednesday.

Last week, U.S. rival Lockheed Martin Corp’s (LMT.N) Sikorsky said it had also linked up with more German firms as part of its attempt to land the deal.

Foreign defense companies often offer work to local firms to try to win major government contracts.

Should the German government select the Boeing H-47 Chinook, the local companies will offe,上海夜网后花园Ebba,r maintenance and training, Michael Hostetter, director, Verti上海夜生活论坛cal Lift Programs in Germany, said at a press conference at the Berlin ILA air show.

Hostetter said he expected the full list of requirements (or RFP) from the German government to be presented at the end of this,上海夜网邀请码Caitlin, year or the beginning of 2019, but added it seemed as though Germany was looking for a ready-made product.

“The customer has made it very clear that they are looking for low-risk off the shelf solution,” he said, adding Boeing was able to produce a Chinook every five days at its production site in Philadelphia.

He said Boeing could offer either the Foxtrot model or an extended range version, with both offering the air-to-air refueling requirement that Germany is likely to seek.

The Chinook has already been selected by the Netherlands, Italy, Greece, Spain, Turkey, Britain, and Canada, and Boeing said it had eight active contract campaigns ongoing with plenty of interest.

The German companies – or German units of foreign companies – that Boeing has partnered with are AERO-Bildungs GmbH, Aircraft Philipp, CAE Elektronik GmbH, COTESA, Diehl Defence, Honeywell, Liebherr-Aerospace, Reiser Simulation and Training GmbH, Rockwell Collins, and Rolls-Royce.

“There is potential to have additional partners onboard to join us depending on what comes out in the RFP,” Hostetter added.

($1 = 0.8189 euros)

McDonald’s serves up quarterly beat on higher global sales, U.S….

( ) – McDonald’s Corp (MCD.N) blew past analysts’ forecasts for profit and revenue on Monday, helped by higher sales in overseas markets and as U.S. customers spent more at its outlets.

Shares of the world’s biggest fast food chain by revenue rose more than 5 percent as global same-restaurant sales topped Wall Street forecasts, driven by the strength in mature markets especially the United Kingdom and Germany. The stock was also the top gainer on the Dow Jones Industrial Average .DJI.

The results underscore the success of Chief Executive Officer Steve Easterbrook’s multi-year turnaround plan launched in 2015 to refresh McDonald’s menus, add more technology to stores and make outlets more welcoming for customers.

New changes also included adding more high-margin “gourmet” burgers, which use fres上海夜网her and more expensive ingredients a,夜上海论坛Jacklyn,nd cost $6 or $7, and new $1 to $3 value options.

Same-restaurant sales in its most profitable market, the United States, rose 2.9 percent and topped analysts’ expectations on higher average check tallies that was propelled by consumers opting for $1-$3 value menu items, while also adding more expensive burgers.

“The value price menu does bring people in, but people tend to spend more … people still want a number of key McDonald’s items like the Quarter Pounder and the Big Mac,” Tigress Financial Partners analyst Ivan Feinseth said.

McDonald’s and other fast food chains have been concentrating on drawing customers with cheap options as they battle for a bigger share of a pie that is not growing.

But a weak initial consumer response to the company’s $1-$3 menu prompted McDonald’s to offer a 2 for $4 “mix & match” deal on breakfast sandwiches to thwart intense competition in the all-day breakfast category, Easterbrook said on a post-earnings analyst call.

Customer visits in the U.S. declined, but rose notably in Japan, France, Australia and Canada leading to an overall traffic rise of 0.8 percent.

Global sales at stores open at least 13 months rose 5.5 perce,上海夜网Idaleen,nt, easily topping an average estimate of 3.94 percent.

“(This) shows the power of the brand … global,上海足浴夜网联系方式Gabrielle,ly the numbers were outstanding,” Peter Saleh, an analyst with brokerage BTIG, said. “The results were very impressive, actually more impressive than we initially had anticipated.”

Excluding items, McDonald’s earned $1.79 per share, beating the estimate of $1.67. Revenue fell 9 percent compared to a year ago, as it sold more McDonald’s-owned outlets to franchises to cut costs, but beat estimates.

Written by shyw on July 27, 2018 Categories: pkzlhshz Tags: , ,

U.S. official sees progress against Islamic State, war continuing

WASHINGTON ( ) – President Barack Obama’s special envoy for the fight against Islamic State said on Tuesday that coalition forces were making progress and planning assaults on key cities in Iraq and Syria, but U.S. lawmakers criticized the progress as too slow.

Brett McGurk testified at a U.S. Senate Foreign Relations hearing that morale is falling within the militant group as it loses territory. But he said efforts to find a political solution were making little progress and could not predict an end to fighting as long as Syrian President Bashar al-Assad remained in power.

“So long as Assad is leading the government in Damascus there is no way this war will ever end,” McGurk said. The conflict between U.S.-backed armed groups and Assad’s government, supported by R上海夜生活论坛ussia and Iran, has complicated the fight against Islamic State amid a massive humanitarian crisis.

Iraqi forces recently entered the Islamic State bastion of Falluja just west of Baghdad, and were pushing north toward Mosul, by far the biggest city that Islamic State controls.

In Syria, U.S.-backed forces were closing in on the militant stronghold of Manbij, and Assad’s Russian-backed army has advanced into the province surrounding the de facto Islamic State capital Raqqa.

McGurk said completion of the operation against Manbij would create conditions to move on Raqqa. And he said planning ,上海仙霞路夜生活Macauly,was under way for a campaign to liberate Mosul.

“We’re beginning to totally isolate their presence in Raqqa and Mosul and I believe we are setting the conditions in place to get them out of both of these cities,” McGurk said.

He offered no timeline for those operations.

Lawmakers said they felt the campaign was moving too slowly, and worried that, without a political solution, defeating Islamic State would leave behind a power vacuum that could be filled by another militant group.

“I don’t see how what’s left of the political process possibly leads to Assad’s departure,” said Republican Senator Bob Corker, the committee’s chairman.

A massacre two weeks ago in Florida by a gunman inspired by Islamic State drew attention to its efforts to inspire attacks in the west.

McGurk said Raqqa was the center for the group’s social media operations, which have become more of a focus as its fortunes have faded on the battlefield.

Discussing the region, McGurk said Washington would like more air resources from coalition allies United Arab Emirates and Saudi Arabia,上海夜生活桑拿会所Rachel,.

“Right now we want to end the war in Yemen in order to really focus efforts on the counter-ISIL campaign,” McGurk said, using an acronym,上海夜生活Easton, for Islamic State, which is also known as ISIS.

Exclusive: U.S. considers tightening grip on China ties to…

NEW YORK ( ) – The U.S. government may start scrutinizing informal partnerships between American and Chinese companies in the field of artificial intelligence, threatening practices that have long been considered garden variety development work for technology companies, sources familiar with the discussions said.

So far, U.S. government reviews for national security and other concerns have been limited to investment deals and corporate takeovers. This possible new expansion of the mandate – which would serve as a stop-gap measure until Congress imposes tighter restrictions on Chinese investments – is being pushed by members of Congress, and those in U.S. President Donald Trump’s administration who worry about theft of intellectual property and technology transfer to China, according to four people familiar with the matter.

Artificial intelligence, in which machines imitate intelligent human behavior, is a particular area of interest because of the technology’s potential for military usage, they said. Other areas of interest for such new oversight include semiconductors and autonomous vehicles, they added.

These considerations are in early stages, so it remains unclear if they will move forward, and which informal corporate relationships this new initiative would scrutinize.

Any broad effort to sever relationships between Chinese and American tech companies – even temporarily – could have dramatic effects across the industry. Major American technology companies, including Advanced Micro Devices Inc, Qualcomm Inc, Nvidia Corp and IBM, have activities in China ranging from research labs to training initiatives, often in collaboration with Chinese companies and institutions who are major customers.

Top talent in areas including artificial intelligence and chip design also flows freely among companies and universi,上海夜玩网论坛Gabriella,ties in both countries.

The nature of informal business relationships varies widely.

For example, when U.S. chipmaker Nvidia Corp – the leader in AI hardware – unveiled a new graphics processing unit that powers data centers, video games and cryptocurrency mining last year, it gave away samples to 30 artificial intelligence scientists, including three who work with China’s government, according to Nvidia.

For a company like Nvidia, which gets a fifth of its business from China, the giveaway was business as usual. It has several arrangements to train local scientists and develop technologies there that rely on its chips. Offering early access helps Nvidia tailor products so it can sell more.

The U.S. government could nix this sort of cooperation through an executive order from Trump by invoking the International Emergency Economic Powers Act. Such a move would unleash sweeping powers to stop or review informal corporate partnerships between a U.S. and Chinese company, any Chinese investment in a U.S. technology company or the Chinese purchases of real estate near sensitive U.S. military sites, the sources said.

“I don’t see any alternative to having a stronger (regulatory) regime because the end result is, without it, the Chinese companies are going to get stronger,” said one of the sources, who is advising U.S. lawmakers on efforts to revise and toughen U.S. foreign investment rules. “They are going to challenge our companies in 10 or 15 years.”

James Lewis, a former Foreign Service officer with the U.S. Departments of State who is now with the Center for Strategic and International Studies, said if the emergency act was invoked, U.S. government officials including those in the Treasury Department could use it “to catch anything they want” that currently fall outside the scope of the regulatory regime.A White House official said that they do not comment on speculation about internal administration policy discussions, but added “we are concerned about Made in China 2025, particularly relevant in this case is its targeting of industries like AI.”

Made in China 2025 is an industrial plan outlining China’s ambition to become a market leader in 10 key sectors including semiconductors, robotics, drugs and devices and smart green cars.

Last month, the White House outlined new import tariffs that were largely directed at China for what Trump described as “intellectual property theft.” That prompted Chinese President Xi Jinping’s gover上海夜生活nment to retaliate with sanctions against the United States.

(For a graphic, click tmsnrt.rs/2GXE9qr)

Those moves followed proposed legislation that would toughen foreign investment rules overseen by the Committee on Foreign Investment in the United States (CFIUS), by giving the committee – made up of representatives from various U.S. government agencies – purview over joint ventures that involve “critical technology”.

Republican and Democratic lawmakers who p,上海仙霞路夜生活Dakota,ut forth the proposal in November said changes are aimed at China.

Whereas an overhauled CFIUS would likely review deals relevant to national security and involve foreign ownership, informal partnerships are likely to be regulated by revised export controls when they come into effect, sources said.

To be sure, sources said the Trump administration could change its mind about invoking the emergency act. They added that some within the Treasury Department are also lukewarm about invoking the emergency act as they preferred to focus on passing the revised rules for CFIUS.


Chinese and U.S. companies are widely believed among analysts to be locked in a two-way race to become the world’s leader in AI. While U.S. tech giants such as Alphabet Inc’s Google are in the lead, Chinese firms like Internet services provider Baidu Inc have made significant strides, according to advisory firm Eurasia Group.

As for U.S. chipmakers, few are as synonymous with the technology as Nvidia, one of the world’s top makers of the highly complex chips that power AI machines.

There is no evidence that Nvidia’s activities represent a threat to national security by, for instance, offering access to trade secrets such as how to make a graphics processing unit. Nvidia also said it does not have joint ventures in China.

In a statement, Nvidia said its collaborations in China – including training Chinese scientists and giving Chinese companies such as telecom provider Huawei Technologies Co Ltd early access to some of its latest technology – are only intended to get feedback on the chips it sells there.

“We are extremely protective of our proprietary technology and know-how,” Nvidia said. “We don’t give any company, anywhere in the world, the core differentiating technology.”

Qualcomm did not respond to requests for a comment, while Advanced Micro Devices and IBM declined to comment.

Nvidia is far from being the only U.S. tech giant, much less the only chipmaker, that lends expertise to China. But it is clearly in the sights of the Chinese. When the country’s Ministry of Science and Technology solicited pitches for research projects last year, one of the listed objectives was to create a chip 20 times faster than Nvidia’s

“Five years ago, this might not be a concern,” said Lewis, “But it’s a concern now be,上海夜生活男人好去处Nadia,cause of the political and technological context.”

No more #Euroboom? No problem, say investors

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

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

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

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

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

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

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

His disappointment is perhaps understandable.

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

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

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


Not so fast.

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

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

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

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

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

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

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

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

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

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

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

Faltering voice, head down, Korean Air daughter appears for police…

SEOUL ( ) – With a faltering voice and her head down, the youngest daughter of Korean Air Lines’ (003490.KS) chairman apologized on Tuesday for a recent angry outburst as she made her first appearance for questioning by police over the incident.

Cho Hyun-min, the younger sister of the notorious “nut rage” heiress of the airline, who got into trouble over a petulant outburst in 2014, is being investigated by police over allegations that she threw a drink at people at a business meeting last month.

“I am genuinely sorry for causing this concern,” Cho Hyun-min told a media scrum, before heading to the police questioning as a s上海夜生活uspect over possible assault.

Cho’s older sister, Heather Cho, made headlines when she lost her temper over the way she was served nuts in first class and ordered the Korean Air Lines plane she was on to return to its gate at a New York airport.

The younger sister’s tantrum has reignited p,上海021夜网Radley,ublic impatience with family-run conglomerates known as chaebol, which dominate South Korea’s economy, over what some people see as unchecked bad behavior by the rich and powerful, especially second-,上海夜网千花Falkner, and third-generation children of ,上海夜生活网419Idris,the founders.

Getting out of a black sedan, Cho, dressed in a black suit, repeated her tearful apology several times without making any further comment.

Korean Air Lines declined to comment.

The younger Cho stepped down from her senior position at the airline after her father, Cho Yang-ho, the company chairman, made a public apologizing for the behavior of his two daughters.

U.S. stocks gain 1 percent led by tech gains; oil prices jump

NEW YORK ( ) – U.S. stocks jumped more than 1 percent on Friday, helped by Apple and other technology shares and by weaker-than-expected jobs data that eased interest rate worries, while U.S. oil prices hit their highest in more than three years.

Apple (AAPL.O) shares rose after Warren Buffett’s Berkshire Hathaway (BRKa.N) raised its stake in the iPhone maker.

The U.S. Labor Department’s report showed non-farm payrolls increased by 164,000 jobs last month, while the unemployment rate fell to 3.9 percent. However, wages edged up only 0.1 percent, easing concerns that inflation pressures were in,上海夜玩网论坛Nadia,creasing.

That assuaged some investor worries about a potential pick-up in the pace of U.S. interest rate hikes from the Federal Reserve.

“The report might have taken some time to digest,” said Shawn Cruz, manager of trader strategy at TD Ameritrade in Chicago. “The focus moved to the lack of wage inflation versus the drop in the unemployment rate. That’s what’s behind the rally today,” he said.

The U.S. central bank on Wednesday left rates unchanged and said it expected annual inflation to run close to its “symmetric” 2 percent target over the medium term.

The Dow Jones Industrial Average .DJI rose 332.36 points, or 1.39 percent, to 24,262.51, the S&P 500 .SPX gained 33.69 points, or 1.28 percent, to 2,663.42 and the Nasdaq Composite .IXIC added 121.47 points, or 1.71 percent, to 7,209.62.

The pan-European FTSEurofirst 300 index .FTEU3 rose 0.66 percent and MSCI’s gauge of stocks across the globe .MIWD00000PUS gained 0.75 percent.

U.S. crude oil prices rose to their highest in more than three years as global supplies remained tight and the market awaited news from Washington on possible new U.S. sanctions against Iran.

U.S. light crude CLc1 settled up $1.29 at $69.72 a barrel. It touched a session high of $69.97, its highest since November 2014. Brent crude oil LCOc1 settled up $1.25 at $74.87 a barrel. The global benchmark was set to end the week up 0.3 percent.

The U.S. dollar lea上海夜生活网ped to its highest levels this year against a basket of currencies despite disappointing U.S. employment data for April, before dropping back to trade little changed.

The dollar index .DXY rose 0.16 percent, with the euro EUR= down 0.21 percent to $1.1962.

The dollar has gained as investors bet that the,上海夜网官方网站Cadence, Fed will continue raising rates while other central banks, including the European Central Bank, will act more slowly.

While the Fed is seen raising interest rates at least two more times this year, expectations of policy tightening from the ECB and the Bank of England are receding.

That has driven the difference between German and U.S. government bond yields to near the highest in nearly three decades, with the short-dated US2DE210=RR and long-dated US10DE10=RR “transatlantic spread” at 305 and 240 basis points respectively.

Gold prices rose slightly as the U.S. dolla,上海夜生活去哪玩Gabrielle,r backed off its highs. Spot gold XAU= rose 0.2 percent to $1,314.23 per ounce.

U.S. Treasury yields were little changed, supported by U.S. equities gains, after earlier dropping to multi-week lows.

In late afternoon trading, U.S. benchmark 10-year yields were flat at 2.945 percent US10YT=RR from 2.946 percent late on Thursday.

Telecom standards group puts new technology on hold in wake of U.S….

WASHINGTON ( ) – A telecommunications standards organization – GSMA – said on Saturday it is delaying implementation of a new cellphone technology due to a U.S. government probe of alleged coordination between the group, AT&T Inc (T.N) and Verizon Communications Inc (VZ.N) to hinder consumers from easily switching wireless carriers.

GSMA said in a statement that the move to a global standard for eSIM technology is “on hold pending the completion of an investigation by the United States Depar,上海夜生活乌托邦Jace,tment of Justice.”

At issue is a technology that could make carriers’ business more volatile. ESIM allows consumers to switch wireless providers without having to insert a new physical SIM card, an identifying microchip. That makes it easier to compare wireless networks and easily select a new service when desired.

“This standard contains a wide range of features, including the option for the eSI,上海夜网官方网站Jackson,M to be locked. In the United States, consumers would have this option; however, they would need to explicitly consent to this under specific commercial agreements with their mobile operator, for example when purchasing a subsidized,上海夜生活服务Dallas, device,” GSMA said.

It added that it was cooperating fully with the Department of Justice.

Verizon on Friday called the probe “much ado about nothing,” adding it has been working with the Justice Department for several months “regarding 上海夜网the inquiry,” according to spokesman Rich Young. AT&T also indicated it was they are working with the Justice Department.

Apple Inc (AAPL.O) and other equipment makers have complained to the Justice Department about wireless carrier practices related to eSIM technology, two sources familiar with the matter said. Apple declined to comment.

Trump’s pro-oil agenda poses dilemma for North Dakota’s Indians

TRENTON, N.D. ( ) – When Donald Trump laid out his plan this week to roll back U.S. environmental regulations to boost the ailing energy industry, it raised both the hopes and fears of the American Indians living near the heart of the country’s richest oil fields.

The Republican presidential contender’s agenda, laid out at an oil industry conference on Thursday in North Dakota, could bring desperately needed jobs to depressed communities that have come to depend on the oil drilling industry, but could also trigger worse pollution of Indian lands.

“We would like to see more drilling,” said Gene McCowan, human resources director for the Trenton Indian Service Area, which governs the six counties in North Dakota and Montana where 2,600 Turtle Mountain Chippewa live.

“But we are caught in a bind because people are concerned about fr上海夜生活论坛acking and how that will affect the earth and water,” he said.

The dilemma facing North Dakota’s American Indians represents the broader tensions at play in the U.S. presidential election between jobs and the environment, as Trump and his likely Democratic rival, Hillary Clinton, clash over energy and climate change.

Trump on Thursday announced to a cheering crowd of roughly 7,700 people that he would sweep away initiatives by President Bara,上海凤楼夜网Jacob,ck Obama to curb U.S. emissions and protect waterways from pollution, as ways to revive drilling and coal mining sectors that are in the middle of a steep downturn.

Clinton and her rival for the Democratic nomination, U.S. Senator Bernie Sanders of Vermont, meanwhile, have advocated a sharp move away from fossil fuels toward cleaner energy sources to cut pollution and slow climate change.

The split is felt sharply by the Chippewa, people who have been hard hit by both the global oil market crash since 2014, as well as the environmental impacts of the preceding drilling boom that spread drillpads and pipelines across the landscape.

“Twenty percent of our people have been laid off or seen cuts in salaries and it’s going to get worse,” McCowan said, adding that he will likely support Trump as the best hope of reversing the crisis.

Trenton is 14 miles southwest of oil boom town Williston. Until a year or so ago, locals were making $25-$30 an hour. Now, McCowan said, the number of people needing food stamps has risen 40 percent.

Residents said Democratic candidate Sanders has the most to say about income inequality and Native Americans issues, but is also most likely to curb fossil fuel development, depriving people of what they see as their economic lifeline.


Trump could be a hard pill to swallow for other reasons, other Native Americans in North Dakota said.

Ahead of his speech on Thursday, Nicole Robertson, a 41-year-old Cree Indian and communications strategist for the Mandan, Hidatsa and Arikara nations – known as the Three Affiliated Tribes – tried to ask Trump if he would recognize tribal sovereignty when it comes to land where oil is produced. Trump said he would have to look into it.

She later interrupted Trump when he launched an attack on Democratic Senator Elizabeth Warren of Massac,上海夜生活服务Rachel,husetts, repeatedly calling her “Pocahantas” – a reference to her claim she is part Native American. Robertson shouted out that his comments were “very offensive,” interrupting his news conference.

She said afterward that she felt it was important that Native Americans be consulted on oil policy, both because of its economic importance and its environmental impacts.

“A lot of opportunities have come with the boom in the Bakken region in North Dakota,” she said. “But we as indigenous people are original land stewards. It’s in our genes.” She did not say who she would vote for in the election.

American Indians make up around 5 percent of North Dakota’s population.

Kenneth Hall, a tribal councilman for the Three Affiliated Tribes, said he was also rankled by Trump’s ,上海夜网推油Mabel,speech – even though it promised a much-needed economic revival.

“We weren’t even mentioned by Mr. Trump … and nearly a quarter of oil production in the state comes out of our reservation lands,” he said. He said the tribes requested a meeting with Trump ahead of his energy speech but that Trump’s team did not respond.

Big data aids Sikorsky in improving helicopter maintenance

BERLIN ( ) – Big data analytics are helping Lockheed Martin Corp’s (LMT.N) helicopter unit improve the maintenance of its aircraft and cut costs by identifying patterns that might have otherwise gone unnoticed, Sikorsky President Dan Schultz said on Wednesday.

For instance, the company redesigned a wrench after a data-driven analysis of repairs on the CH-53E heavy-lift helicopter revealed that mechanics were damaging the swash plate part of the rotor if they slipped while tightening bolts.

“We went to the assistant secretary of the Navy and showed him a wrench. We said, ‘This is saving you $800,000 a year,’” Schultz, a former Marine Corps helicopter pilot, told in an interview at the ILA Berlin Air Show.

“We’re using health and monitoring data, coupled with analysis with big data, to make improvements and keep parts on the airplane longer,” he said.

Lockheed was also beginning to use the same data-crunching algorithms to study data from its F-35 stealth fighter jet, he said.

Sikorsky’s new CH-53K King Stallion made its international flying debut at the air show on Wednesday, undeterred by a sudden rainstorm, and will perform a more ambitious flying program on Thursday.

German Chancellor Angela Merkel got a chance to see both helicopters on the tarmac during a visit to open the air show on Wednesday, but the rain prevented her from clambering around inside the planes as initially planned.

Sikorsky said it leased the aircraft backed from the U.S. Marine Corps, shipped it to Germany in a C-17 transport plane, and has been flying it successfully for nearly a month.

The CH-53K will compete against Boeing Co’s smaller (BA.N) twin-rotor CH-47 Chinook helicopter in a German military competitio,上海夜网邀请码Falkner,n valued at around 4 billion euros.

Both comp上海夜生活anies have assembled industrial teams in Germany to build parts and service the planes if they win the bi,上海夜网官方网站Barrett,ds.

The,上海夜生活Jace, defense ministry expects to release a formal request for proposals in the second half of 2018, with a contract award due in mid-2020, for deliveries to start in 2023.

Schultz said Sikorsky’s approach to building helicopters, including building all its own transmissions, coupled with data analytics and other tools, had helped it boost readiness rates to well above 90 percent, a key selling point.

He said Sikorsky also remained in discussions with Israel, which is also considering buying the CH-53K helicopter for its military.

Nathalie Previte, Sikorsky vice president for strategy and business development, said a third country had requested a classified briefing on the helicopter from the U.S. government, but declined to identify it.

Exclusive: Lockheed Martin to propose stealthy hybrid of F-22 and…

TOKYO ( ) – U.S. defense contractor Lockheed Martin Corp plans to offer Japan a stealth fighter design based on its export-banned F-22 Raptor and advanced F-35 Lightning II aircraft, two sources said.

Lockheed has discussed the idea with Japanese defense ministry officials and will make a formal proposal in response to a Japanese request for information (RFI) after it receives permission from the U.S. government to offer the sensitive military technology, said the sources, who have direct knowledge of the propos,上海夜网千花Tamara,al.

The decision on whether to release parts of the highly classified aircraft designs and software to help Japan stay ahead of Chinese advances will test President Donald Trump’s promise to overhaul his country’s arms export policy.

The proposed aircraft “would combine the F-22 and F-35 and could be superior to both of them,” said one of the sources.

Japan, which is already buying the radar-evading F-35 to modernize its inventory, also wants to introduce a separate air superiority fighter in the decade starting 2030 to deter int,上海足浴夜网联系方式Balthazar,rusions into its airspace by Chinese and Russian jets.

The country’s air force currently flies the F-15J, based on the Boeing F-15; and the F-2, based on the Lockheed Martin F-16. Both designs are decades old.

Japan’s ambition to build its own stealth fighter was in part spurred by Wa,上海凤楼夜网Dallas,shington’s refusal a decade ago to sell it the twin-engined F-22, which is still considered the world’s best air superiority fighter.

Although the Japanese stealth aircraft program, dubbed the F-3, was conceived as a domestic effort estimated to cost around $40 billion, Tokyo has recently sought international collaboration in a bid to share the expense and gain access to technology it would otherwise have to develop from scratch.

Any aircraft built with international partners must have Japanese-designed engines and radar, however, and feature other components made locally, the other source said. Mitsubishi Heavy Industries tested a prototype stealth jet in 2016 that cost the Japanese government $350 million to develop.

“We are considering domestic development, joint development and the possibility of improving existing aircraft performance, but we have not yet come to any decision,” a Ministry of Defense spokesman said on Friday.

The Japanese government in March issued a third RF上海夜网I for the F-3 to foreign defense companies and sent a separate document outlining its requirements in more detail to the British and United States governments.

In addition to a proposal from Lockheed, Japan is hoping for responses from Boeing Co, which makes the F/A-18 Super Hornet multirole fighter, and BAE Systems Plc, which is part of the consortium that built the Eurofighter Typhoon high-altitude interceptor.

“We look forward to exploring options for Japan’s F-2 replacement fighter in cooperation with both the Japanese and U.S. governments. Our leadership and experience in 5th generation aircraft can be leveraged to cost-effectively provide capabilities to meet Japan’s future security needs,” a Lockheed Martin spokeswoman said.

Boeing and BAE did not immediately reply to requests for comment.

Japan’s last jet fighter, the F-2, which entered service in 2000, was built jointly by Mitsubishi Heavy and Lockheed Martin. As Japan’s leading fighter maker, MHI, which built the World War Two-era A6M Zero, would anchor the Japanese portion of any new project.

VW’s Skoda shifts some SUV production to Germany

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

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

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

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

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

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

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

Wall Street seeks rule changes to encourage IPOs, staying public

NEW YORK/WASHINGTON ( ) – Wall Street lobby groups urged U.S. policy makers and regulators to revamp rules to encourage more initial public offerings and to reduce the regulatory cost of s,上海021夜网Nadine,taying public, in a white paper issued on Thursday.

Groups including the Securities Industry and Financial Markets Association (SIFMA), the U.S. Chamber of Commerce and Nasdaq along with technology and biotechnology groups, are pushing to reduce the reporting burden for smaller public companies and to relax other rules governing public companies and research analysts.

Industry groups have published several such papers since President Donald Trump was elected on a platform that included promises to boost economic growth by cutting red tape.

Banks and exchanges want to take advantage of the shifting tone in Washington, and the appointment of business-friendly regulators, to win rule changes they say will help the economy.

The U.S. Treasury has already published a blueprint on reforming the country’s capital markets, but bank lobbyists are hoping to keep the spotlight on the iss,上海晚上耍女人的地方Hadleigh,ue, they said.

Consumer advocates and progressive Democrats have warned, however, that loosening listing rules could ultimately hurt mom-and-pop investors.

Equity listings have “become increasingly unattractive to businesses”, according to the paper entitled Expanding the On-Ramp, referring to widely-cited data that IPOs in the United States have roughly halved over the past 20 years.

The paper advocates adjustments to the Jumpstart Our Business Startups (JOBS) Act including easing requirements for 上海夜生活论坛companies with less than $1 billion in annual revenue for up to 10 years, up from the five-year time span currently in place.

It also asks the Securities and Exchange Commission (SEC) to simplify quarterly reporting requirements, allowing smaller companies to issue a press release with financial results instead of the more detailed 10-Q report that companies file with the SEC.

Chipping away at a longstanding Chinese wall, the group also called for the SEC to remove barriers to investment banks and analysts from jointly attending deal pitch meetings and to expand what can be discussed at the meetings as long as no promises of favorable research are given.

It also called on the SEC to examine why very few investment banks publish pre-IPO research and for it to revamp its rules to reduce the number of shareholder proposals that must be put on proxy statements alongside management proposals.

The paper said that about 61 percent of listed companies with less than a $100 million market capitalization have no research analyst coverage and that a lack of research can reduce investor interest and hamper liquidity and overall trading, citing a June 2017 research report from CapitalIQ.

The group wants the SEC to change rules for venture capital investors to expand the pool of possible investors for smaller companies and also called for an increase in the amount of stock mutual fund firms can own in companies before triggering regulatory thresholds related to diversification. It wants to boost the threshold to 15 percent of voting shares from the current limit of 10 percent.

But it also asked the regulator to clamp down on unlawful activity by short-sellers and to ensure there is enough public information about potential market manipulation.

SEC representatives had no immediate comment on the paper. The body’s chairman, Jay Clayton, has signaled his support for rules easing that would boost capital formation, but any maj,上海夜生活桑拿会所Dakota,or changes would have to be voted on by the whole commission.

The group behind the paper also spoke out against activist investors and urged Congress to enact legislation requiring proxy advisory firms to disclose and manage conflicts of interest and provide issuers with enough time to respond to errors or flaws in voting recommendations.

U.S. Fed faces new challenge: A world without labor ‘slack’

WASHINGTON ( ) – Business is coming in so fast and workers are in such high demand at AOW Associates Inc, an Albany, New York-based construction firm, that its chief financial officer hired a guy six weeks ago for a job that didn,上海凤楼夜网Sabine,’t exist.

“We keep our project management ads continuous, even if we are not looking to fill a particular role, and if someone does come along, we make a job for them,” AOW CFO Nicki Armsby said in a recent interview.

The company is not alone in looking for creative ways to deal with a U.S. labor shortage that, according to recent economic data and documents from the U.S. Federal Reserve, may be getting worse.

Policymakers at the Fed, which holds its latest policy meeting this week, must now decide what weight to give to signs that the economy is reaching a point where wages, inflation and other laggard indicators may turn higher.

Data on Friday showed U.S. employment costs rose in the first quarter at an annualized rate of 4 percent, continuing what JP Morgan economists view as a steady march higher since the unemployment rate fell below 5 percent in 2015.

Investors appear to be betting on that scenario playing out. The yield on the benchmark 10-year U.S. Treasury note breached the 3 percent level last week for the first time in more than four years.

And labor shortages have been cited by analysts as being responsible for the growing backlogs for manufactured goods in recent supply manager reports.

Add in the fiscal stimulus from the Trump administration’s tax cuts and spending that is hitting the economy this year, and the higher prices for aluminum, steel and potentially other goods triggered by new import tariffs, and the tenor of upcoming Fed analysis could be poised to shift.

“Demand has stayed very strong,” said Tim Fiore, who heads the Institute of Supply Management’s manufacturing business survey committee. “There is plenty for a strong expansion … Dig into the details and the employment side has clearly been constricting producers’ ability to meet demand.”

The Fed is not expected to raise interest rates at the end of its two-day policy meeting on Wednesday. It also is not releasing updated economic forecasts and Fed Chairman Jerome Powell is not scheduled to hold a press conference.

The policy statement alone could show how policymakers have accounted for a range of recent developments, and how their thinking may have evolved since the last meeting in March, when the U.S. central bank raised rates.

According to documents released in the interim, the wages and inflation debate within the Fed appears to be shifting.

In the minutes from the March 20-21 meeting, released earlier this month, the word “slack” was jettisoned in the discussion of labor markets, a notable change in what has been a staple description of labor conditions during the current econom,上海夜哪里艳遇Babette,ic expansion.

The Fed then said in its “Beige Book” report, also released this month, that entrepreneurs across broad sectors of the economy were struggling to fill both skilled and unskilled jobs.

“The labor market is tight and continuing to tighten,” Erin Browne, head of asset allocation at UBS Asset Management, said on Friday after the Labor Department released the latest employment cost data.

“We are finally starting to see that translate into wage inflation.”


Although inflation has remained below the Fed’s 2 percent medium-term target for years, there appears to be growing confidence among policymakers that the pace of price increases will not collapse again and that the objective will be reached.

“They no longer see downside risk to inflation,” said Ed Al-Hussainy, senior interest rate and currency analyst for Columbia Threadneedle Investments.

Data from CME Group and Eurodollar futures still,上海夜生活怎么玩Tabitha, point to just two more rate hikes this year, though many economists argue the Fed will ultimately raise rates on a quarterly basis from here on, leading to three more hikes by the end of 2018.

The direction of wage growth will be critical to the Fed’s assessment, with Powell citing it as the missing piece in the discussion of whether “full employment” has truly been reached or exceeded. That, in turn, will shape the debate about whether the Fed may even need to move faster and further than expected with its monetary tightening.

If the choice is coming between raising compensation and leav上海夜生活论坛ing money on the table in the form of unfilled orders, then the weight may be shifting.

Amazon.com plays catch-up in Brazil as local rivals thrive

SAO PAULO ( ) – Claudia Maria de Oliveira is leery of online shopping. But while browsing social media recently, the 49-year-old Brazilian spotted a bargain-priced sandwich press from local retailer Magazine Luiza SA (MGLU3.SA).

She swallowed her doubts and hit the “buy” button. Two days later she picked up her first-ever online purchase at a mall in Sao Paulo.

“I took the risk,” said Oliveira, who cleans offices for a living. “If I have any trouble with it, at least I know I can come back to the store.”

A reassuring physical presence and fast-growing online sales have vaulted Magazine Luiza into the upper echelons of Brazilian e-commerce, lifting shares over 500 percent last year and 20 percent so far in 2018.

The company is relying on deep roots in its home turf to survive an assault by Amazon.com Inc (AMZN.O), which is revving up operati,上海夜网邀请码Cain,ons in Latin America’s largest economy six years after entering the market.

has reported that Amazon is eyeing a major warehouse outside Sao Paulo, negotiating a nationwide air cargo deal and lining up local suppliers of everything from personal electronics to perfume and home appliances.

But the American giant may struggle to dominate retail in Brazil as it has elsewhere, according to a dozen executives, analysts and investors interviewed by . They compare the state of Brazilian e-commerce to that of the U.S. market 10 years ago — only Amazon’s slow rollout here gave rivals a chance to prepare.

Helped by Brazil’s richest man and search giant Google, competitors are copying many of Amazon’s signature moves. Those strategies have sped up delivery, earned customer loyalty and boosted offerings through partnerships with third-party sellers. And unlike Amazon, home-grown players such as Magazine Luiza have decades of experience with the country’s working-class consumers and tangles of red tape — key survival skills in Brazil’s retail jungle.

“We see room for several players,” said Eduardo Carlier, a fund manager at AZ Quest Investimentos, a major shareholder in Magazine Luiza. “We think the winner-take-all model that played out in the United States is going to be tempered in Brazil.”

Amazon declined to comment.


With a population of more than 200 million people, Brazil is key to Amazon’s global expansion plans. But as in China and India, where it ran into strong competition, Amazon is playing catch-up in Brazil.

Amazon entered Brazil quietly in 2012, peddling e-readers, books and then streaming movies in a fast-growing e-commerce market that has since doubled to $20 billion.

Like a predator lurking at the edges of the market, Amazon has kept competitors uneasy, wondering when it would attack their core business.

They got their answer in October, when the world’s largest online retailer opened a Brazilian marketplace for third-party sellers of an array of physical products.

Shares in Magazine Luiza, rival B2W Cia Digital (BTOW3.SA), and market-leading MercadoLibre Inc (MELI.O), fell nearly 20 percent on the news.

Yet all three rebounded quickly in the following weeks. Their shares have continued to climb this year as Brazil’s economy picks up and the companies employ strategies that could have been ripped from Amazon’s own playbook.

Brazilian billionaire Jorge Paulo Lemann and partners at 3G Capital, the investment firm behind the Kraft Heinz Co (KHC.O) merger, have invested heavily in B2W through its brick-and-mortar parent Lojas Americanas SA (LAME4.SA). Their backing has let B2W spend aggressively on in-house logistics, a third-party marketplace and efforts to integrate operations with Lojas Americanas.

In a cheeky move, B2W uses the name “Prime” for its shopping club offering fast shipping for annual membership fees, the same moniker used by Amazon for a similar service in other markets. Amazon uses “Prime” only for its streaming video offerings in Brazil.

Another online rival, MercadoLibre, was founded in Buenos Aires two decades ago to replicate the eBay Inc (EBAY.O) marketplace model across Latin America. It has held its own against Amazon in Mexico and leads the Brazilian market in online sales, according to market research firm Euromonitor. Its Brazil unit grew 80 percent last year, providing nearly 60 percent of net revenue.

Last year, MercadoLibre opened a warehouse near Sao Paulo to store and ship third-party goods, accelerating delivery using a model similar to the pioneering “Fulfilled by Amazon” service.

Brazilian retailers are also getting an assist from Silicon Valley. Alphabet Inc’s (GOOGL.O) Google briefed its Brazilian advertisers last year on Amazon’s forays into markets such as India and Mexico to help them prepare, two people with knowledge of the matter said.

Google’s head of retail in Brazil, Claudia Sciama, acknowledged that Brazilian clients had been asking what a ramp-up by Amazon could mean.

“What we’ve done is an exploratory study to understand how they might enter different markets,” Sciama said. She declined to provide details.


Few Brazilian retailers have done as much to reinvent themselves in recent years as Magazine Luiza.

Founded six decades ago as a gift shop in the shoemaking hub of Franca, in Sao Paulo state, the unpretentious retailer became a national player in the 1990s selling appliances, furniture and electronics on credit to poor families ignored by bigger chains.

Chairwoman Luiza Trajano started on the sales floor as a teenager and in 1991 took over the company founded by her aunt. She steered it to a public listing in 2011, expanding operations to more than 800 locations across the country at present.

Yet Magazine Luiza’s digital leap, with her son at the helm, may be the most dramatic transformation yet. Frederico Trajano launched e-commerce operations in 2000 and has made it the company’s central focus since becoming CEO in January 2016.

Using brick-and-mortar stores as delivery hubs to cut costs and win over wary online shoppers, Trajano is accelerating both internet sales and new store openings. Digital sales channels grew 61 percent last year to make up nearly a third of revenue, while profit more than quadrupled.

Magazine Luiza plans to open about 100 new stores this year, up from nearly 60 in 2017, according to two people familiar with the matter. The company has said it may open more stores in 2018 than last year.

For Trajano, those outlets form the backbone of his digital strategy, putting inventory closer to consumers and cutting the cost of storage and order processing.

Trajano said fulfillment consumes up to 15 percent of Brazilian e-commerce revenue, compared to as little as 8 percent in the United States, due to Brazil’s lousy infrastructure, high borrowing costs and lower levels of automation.

Each new store is “a free distribution center,” Trajano said in an interview at Magazine Luiza’s unassuming headquarters by a highway in Sao Paulo.

“Why do you think Amazon bough上海夜网t Whole Foods?” he said.


To be sure, Trajano’s vision of seamless integration between e-commerce and physical stores is a work in progress.

When shopper Oliveira went to fetch her sandwich press, s,上海夜生活服务Ida,he joined a line of impatient customers waiting at the Aricanduva shopping mall on the gritty east side of Sao Paulo.

In the back room, Magazine Luiza staff hunted for her order on shelves piled with plates, shampoo, microwaves and tires. On a February analyst call, Trajano acknowledged the company’s stores need to be better retrofitted to handle the flow of online orders.

Magazine Luiza is also sharpening its home delivery operation. The company has around 1,500 dedicated truckers running its own app, updating routes and communicating with sellers, warehouses, stores and customers in real time.

Trajano lauds Amazon founder Jeff Bezos as “the best CEO in the world,” but said his company will face a steep learning curve in Brazil, given its notoriously tough business climate.

Case in point: Brazilian consumers have long paid sales taxes on online purchases, unlike in the United States, where internet commerce got a break in its early years.

“If there’s one thing th,上海夜生活网交流Falkner,e Brazilian government knows how to do, it’s collect taxes,” Trajano said.

Cleveland, ACLU agree on protest limits at Republican convention

CLEVELAND ( ) – The city of Cleveland and the American Civil Liberties Union on Friday settled a federal lawsuit over free speech limits outside the Republican National Convention next month, setting the stage for lively demonstrations during Donald Trump’s big moment.

The city had been seeking a restricted zone of 3.3 square miles (8.5 square km) around the Quicken Loans Arena, site of the convention, where free speech and mobility would be limited. That prompted an ACLU lawsuit on behalf of three protest groups that argued the so-called event zone was too large and the上海夜生活论坛 security regulations too strict.

Details of the new event zon,上海夜网官方网站Pablo,e and protest rules were not immediately available.

“Today, counsel advised me that the case is settled and that they will execute a settlement agreement expeditiously,” U.S. District Judge Dan Aaron Polster said in a statement.

Another judge on Thursday had struck down Cleveland’s plan for placing limits on protests, issuing a preliminary injunction in favor of the ACLU and referring the case to Polster for mediation.

Trump is expected to become the Republican Party’s official nominee for president at the July 18-21 convention, which will attract protesters for various causes who plan to demonstrate outside.

Trump campaign events have drawn large and raucous demonstrations with some resulting in clashes between the candidate’s supporters and opponents.

The plaintiffs in the Cleveland lawsuit are Citizens for Trump, a Texas-based group that supports the wealthy busine,上海晚上耍女人的地方Jacob,ssman’s campaign; Organize Ohio, a liberal activist group; and Northeast Ohio Coalition for the Homeless, a charitable organization.

Citizens for Trump anticipates 104 cars and trucks, 100 motorcycles, four horses and at least 5,000 people to participate in i,夜上海419龙凤论坛Lake,ts event, while Organize Ohio expects 3,000 to 5,000 marchers, the ACLU said.

GM bets on 3D printers for cheaper and lighter car parts

DETROIT ( ) – General Motors Co said on Thursday it was working with design software company Autodesk Inc to manufacture new, lightweight 3D-printed parts that could help the automaker meet its goals to add alternative-fuel vehicles to its product lineup.

Last year, the company announced ambitious plans to add 20 new electric battery and fuel cell vehicles to its global lineup by 2023. Chief Executive Mary Barra has made a bold promise to investors that the Detroit automaker will make mo上海夜生活论坛ney selling electric cars by 2021.

The ability to print lightweight parts could be a gamechanger for the electric vehicle industry. With consumer concerns over the limited range of electric vehicles a major obstacle to their mass adoption, making them lighter improves fuel efficiency and could help extend that range.

GM executives this week showed off a 3D-printed stainless steel seat bracket developed with Autodesk technology – which uses cloud computing and artificial intelligence-based algorithms to rapidly explore multiple permutations of a part design.

Using conventional technology, the part would require eight compo,上海夜生活乌托邦Gabe,nents and several suppliers. Wi,上海夜网推油Naia,th this new system, the seat bracket consists of one part – which looks like a mix between abstract art and science fiction movie – that is 40 percent lighter and 20 percent stronger.

Other manufacturers such as General Electric Co have also beefed up their use of 3D printers in manufacturing. GM rival automaker Ford Motor Co said last year it ,上海夜生活Hadrian,was testing lightweight 3D printing for mass production.

GM has used 3D printers for prototyping for years, but Kevin Quinn, the automaker’s director of additive design and manufacturing, said within a year or so GM expects these new 3D-printed parts to appear in high-end, motorsports applications. Within five years, GM hopes to produce thousands or tens of thousands of parts at scale as the technology improves, Quinn said.

“That is our panacea,” Quinn said. “That’s what we want to get to.”

In the long run, Quinn said the 3D printed parts would help reduce tooling costs, cut the amount of material used, the number of suppliers needed for one part and logistics costs.

The 3D-printing based manufacturing industry is working toward mass production and trying to address issues with “repeatability and robustness,” said Bob Yancey, Autodesk’s director of manufacturing.

GM getting into the game “will put tremendous pressure” to make that happen, Yancey said.