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

Walmart could buy controlling stake in Flipkart as early as next…

MUMBAI ( ) – Walmart Inc (WMT.N) could seal a deal to buy a more than 51 percent stake in Indian online marketplace Flipkart as early as next week, two sources familiar with the matter said on Friday.

The U.S. retail giant has been in talks with Flipkart for months to acquire a controlling stake in the firm as it looks to take on rival Amazon.com Inc (AMZN.O) head-on in India, a market where e-commerce is tipped to grow to $200 billion in a decade.

SoftBank Group, which owns about a fifth of Flipkart through its Vision Fund, was unwilling to sell a part of its stake as Walmart was ,上海夜网官方网站Talon,offering to buy existing shares at a valuation of $12 billion, a ,上海夜生活群Mabel,price the Japanese tech investor considered low, had previously reported.

But that stalemate between SoftBank and Walmart has ended上海夜生活, one of the sources told on Friday. It was not immediately clear though, whether SoftBank had agreed to sell some of its shares in Flipkart.

Walmart’s purchase of new equity is likely to value Flipkart at a,上海021夜网Babette,t least $18 billion.

reported this month that Walmart completed its due diligence on Flipkart and had made a proposal to buy 51 percent or more of the Indian company for between $10 billion to $12 billion.

A third source said a deal was close, but things could still drag into the first week of May.

Some of Flipkart’s main investors – U.S. hedge fund Tiger Global Management, South African tech investor Naspers and venture capital firm Accel – are likely to take a full exit as Walmart purchases their shares, sources have previously told .

Sachin Bansal and Binny Bansal, former Amazon employees who founded Flipkart in 2007 in India’s tech hub of Bengaluru, are also likely to part sell their stake as part of the deal, one of the sources said.

All sources declined to be named as the talks are not public.

Flipkart, SoftBank did not immediately respond to requests for comment, while a representative for Walmart in India declined comment.

SoftBank and Tiger Global own little more than 20 percent each of Flipkart, Naspers holds nearly 13 percent stake, Accel 6.4 percent, while the Bansals own just over 5 percent each of the company, according to data from business intelligence platform paper.vc.

Prince Alwaleed’s firm sells Movenpick Hotels to AccorHotels

DUBAI ( ) – Prince Alwaleed bin Talal’s Kingdom Holding (4280.SE) and its partners have agreed to sell M,上海夜生活服务Lark,ovenpick Hotels and Resorts to its associate firm AccorHotels (ACCP.PA).

The deal is expected to close in the second half of 2018, K,上海夜生活怎么玩Cain,ingdom Holding said in a statement. Kingdom has a 5.7 percent stake in Accor SA.

AccorHotels said earlier it had agreed to buy rival Movenpick Hotels & Resorts for 560 million Swiss francs ($567 million), in a deal which Accor said would boost its earnings and marks the latest example of the French group’s ambitious takeover strategy.

Founded in 1973 in Switzerland, Movenpick Hotels & Resorts operates in 27 countries with 84 hotels, and has a strong presence in Europe and the Middle East.

Earlier this year, Kingdom sold its stake in the Four Seasons Hotel in Beirut for around $100-115 million including debt, sources had told .

Prince Alwaleed, the kingdom’s most recognized business figure, was freed on Jan. 27 after being held at Riyadh’s Ritz-Carlton hotel for three months on the orders of his cousin Crown Prince Mohammed bin Salman as part of an anti-corruption上海夜生活网 crackdown.

Alwaleed, a nephew of ,上海夜哪里艳遇Dalton,Saudi King Salman, is closely watched in international markets because of investments in companies such as Citigroup Inc (C.N) and Twitter (TWTR.N).

BuzzFeed terminates Republican ad deal over Trump

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

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

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

BuzzFeed declined further comment.

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

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

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

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

U.S. issues arrest warrant for former Volkswagen CEO but unlikely…

( ) – The U.S. Justice Department said on Friday that former Volkswagen Chief Executive Martin Winterkorn, indicted on four felony charges in Detroit in the company’s diesel emissions scandal, is a fugitive who faces a U.S. arrest warrant.

As long as Winterkorn remains in Germany, the U.S. warrant is unlikely to have practical impact because Germany does not extradite its citizens to the United States.

Winterkorn, 70, a German citizen, was indicted in March on fraud and conspiracy charges, but the case wa,上海会所夜网Cade,s only unsealed on Thursday.

David Ashenfelter, a spokesman for the U.S. District Court in Detroit, confirmed a warrant for Winterkorn’s arrest was issued.

Nicole Navas Oxman, a Justice Department spokeswoman, said on Friday, “Martin Winterkorn remains a fugitive.” A Volkswagen spokeswoman declined to comment, except to reiterate that,上海夜网千花Kaiden, the company is still cooperating.

“We are surprised at the charge,” a lawyer for Winterkorn, Felix Doerr, told German news outlet Handelsblatt.

A grand jury in Detroit has indicted nine people in connection with the diesel emissions scandal. Two former VW executives have pleaded guilty and been sentenced prison terms, while a former manager of VW’s Audi unit, Giovanni Pamio, 61, an Italian citizen, has been charged and remains in Germany pending extradition.

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The remaining six, including Winterkorn, are believed to be in Germany and are unlikely to face U.S. charges. Prosecutors in Germany are also investigating the VW emissions issue.

The September 2015 disclosure that VW intentionally cheated on emissions tests for at least six years using secret software led to Winterkorn’s ouster, damaged the company’s reputation around the world and prompted massive bills.

In total, VW has agreed to spend more than $25 billion in the United States to address claims from owners, environmental regulators, st上海夜生活ates and dealers and offered to buy back about 500,000 polluting U.S. vehicles.

At Milken, Wall Street touts itself as force for good

BEVERLY HILLS, Calif. ( ) – The titans of finance who flock to the annual Milken Institute Global Conference each spring say they believe their quest for profits can also make the world a better place.

At the Beverly Hills, California, event featuring lavish parties, celebrities and big Wall Street names, speakers argued that chasing returns does not have to come with a social or environmental cost.

David Petraeus, the retired U.S. general and former CIA director who is now an executive at $168 billion investment firm KKR & Co (KKR.N), cited moral and practical reasons for so-called impact investing to create environmental and social benefits, in an onstage interview on Monday with event organizer and namesake Michael Milken.

“We seriously try to do well while doing good,” Petraeus said.

Clifton Robbins, chief executive of $3.4 billion Blue Harbour Group LP, said ESG factors are integrated into every investment the activist hedge fund firm makes.

“Using ESG is a 上海夜生活网new paradigm for smart investing,” Robbins told on Monday night at a party atop the Peninsula Beverly Hills hotel. “It reduces risk and improves investment outcomes.”

Social and environmental change through business is a core theme of the Milken confab, which features panels on ethical investing and related topics.

“The Milken Institute was founded with the belief that finance can be used to overcome global challenges,” said Caitlin MacLean, Milken’s senior director for innovative finance.

She said solutions to social issues such as financing cures for malaria, renewable power in Southeast Asia or affordable housing in low-income communities all require funding.

Others defended their business more broadly.

Jonathan Sokoloff, managing partner of $25 billion Leonard Green & Partners, said on a panel on Tuesday that ,上海足浴夜网联系方式Octavia,private equity was a “very, very important part of the economy” and offered a “better model” for companies versus public markets.

Related CoverageHighlights: Speaker Ryan at Milken warns of gridlock with Democratic majority

“We believe our form of governance and running our businesses is superior,” Sokoloff said.

Like the World Economic Forum in Davos, Switzerland, Milken’s signature event mixes financiers with government officials, celebrities and non-profit leaders.

Speakers this year included U.S. Treasury Secretary Steve Mnuchin, private equity billionaire Leon Black, U.S. football star Tom Brady and entrepreneur Arianna Huffington. The event was sponsored by firms such as WorldQuant LLC, Credit Suisse Group and Guggenheim Partners.

Attendance hit a record of more than 5,000 attendees. Tickets typically cost between $12,500 and $25,000.

WOOING INVESTORS

Fund managers and marketers woo prospective investors at poolside cabanas at the Beverly Hilton hotel and private dinners in nearby restaurants and mansions.

An event on Tuesday night organ,上海夜生活群Daisy,ized by EJF Philanthropies, a hedge fund-linked charity that funds conservation efforts, was held at the home of private equity billionaire Brian Sheth and featured a live cheetah.

Another on Monday night, hosted by investment firm Orchard Global Asset Management at Mastro’s Steakhouse, featured Senator Bob Corker and U.S. Representative Jeb Hensarling and large investors in private funds.

Milken’s positive portrayal of finance does not ring true to all.

“Big investment firms and banks are not helping to create better jobs for most American workers. They’re helping the rich get richer,” said Michael Kink, executive director of the Strong Economy For All Coalition, what he termed a “labor-community economic justice” group based in New York.

Milken’s MacLean said that “public funding and philanthropic capital alone ,上海021夜网Quaid,can’t bridge the funding gaps to solve global challenges.”

Eric Cantor, the former U.S. House majority leader and now vice chairman of investment bank Moelis & Company, told on the sidelines of the conference that he has long been drawn to Milken’s focus on capitalism as a force for good, often through partnership with the public sector.

“It’s about how you create an environment for that collaborative effort to end up yielding one of the highest standards of living in the world,” Cantor said.

Global banks fear China will limit JV control through new rules

HONG KONG/SHANGHAI ( ) – Western banks are seeking clarification from China’s securities watchdog on proposals to allow them to take over their onshore securities ventures, amid concerns about high asset value requirements and limits to ownership by non-financial,夜上海419龙凤论坛Quaid, investors.

Giving foreign financial firms a controlling stake in their China securities joint ventures is a key part of China’s pledge to ease foreign ownership curbs, especially in the country’s trillion-dollar financial sector.

But draft rules released for consultation last month by the China Securities Regulatory Commission (CSRC) could have the opposite effect and stymie broadening participation, people with knowledge of the matter warned.

Under the proposed rules, controlling shareholders must have a net asset value (NAV) of at least 100 billion yuan ($16 billion), and non-financial Chinese investors would be limited to a one-third shareholding.

If the NAV rule applied to the Western banks’ local units,,上海夜玩网论坛Idaline, as opposed to the global entity, most international banks would be ruled out.

Bankers are rushing to submit requests for clarification of the rules by Sunday, when the consultation period closes.

Lyndon Chao, head of equities at the Asia Securities Industry and Financial Markets Association (ASIFMA), which represents global banks in Asia, said that while China had opened the door to foreign capital it appeared to be reluctant to welcome overseas securities firms.

“(The door) welcoming foreign securities firms to enter China onshore on a level playing field appears less open th上海夜生活an what we had originally thought, based on the second consultation and the net asset value requirement for firms seeking majority ownership,” he said.

Bankers are unhappy too with the one-third limit on non-financial Chinese investors, which means that if a Western bank linked up with such an investor, it would still need to find another partner for the remaining 16 percent.

“That doesn’t fly with the spirit of what was intended based on the comments from different Chinese regulators,” said one person with knowledge of the proposed rule changes. “Three may be a crowd.”

The people who spoke to declined to be named due to sensitivity of the issue. They said the final rules, expected to be announced by end June, could change to reflect their concerns.

CSRC did not immediately respond to a request for comment.

Related CoverageChina banking, insurance regulator warns of risks of online insurance

China surprised bankers and lobbyists in November when it said foreign investment banks could raise stakes to 51 percent in their securities joint ventures, which offer underwriting and trading services, from a 49 percent cap.

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Banks including Goldman Sachs (GS.N), Morgan Stanley (MS.N) and UBS (UBSG.S) run joint ventures with varying degrees of operational control but all have pushed for majority ownership. In 2016, a lack of control was a factor in JPMorgan’s (JPM.N) decision to sell out of its joint venture.

($1 = 6.3125 Chinese yuan renminbi)

Obama immigration win at Supreme Court could benefit Trump

WASHINGTON ( ) – If the U.S. Supreme Court in the coming days decides a high-profile immigration case in favor of the Obama administration, the ruling could have an unexpected beneficiary: Republican presidential contender Donald Trump.

The Obama administration is asking the high court to revive its 2014 proposal to protect up to 4 million people from deportation, a plan that was blocked by lower courts. The court could rule that a president has broad authority to interpret and enforce federal immigration law.

Such a ruling would allow Obama to implement his signature executive action on immigration, aimed at the parents of U.S. citizens’ children, before he leaves office. It could also help Trump, who has put forth his own sweeping and controversial plans on immigration ahead of the Nov. 8 election.

“To the extent the court has language about the president’s wide authority in immigration law generally, that would certainly strengthen Trump’s hand.” said Stephen Yale-Loehr, an immigration law expert at Cornell Law School.

The Supreme Court’s ruling will come at a key phase in the presidential election cycle, with candidates Trump and his Democratic rival Hillary Clinton trading jabs over immigration policy following the mass shooting in a Orlando nightclub in which a gunman killed 49 people.

Trump has proposed curbing immigration from countries with a history of terrorism, blocking the entry of Muslims and deporting the estimated 11 million people in the United States who entered the country illegally. If he wins the race for the White House, Trump might need to invoke his own executive authority – as happened with Obama – if the U.S. Congress does not approve his proposal,上海夜哪里艳遇Barbara,s, which have sparked outrage at home and abroad.

The current case is unlikely to provide any support for Trump’s proposal to bar Muslims, which legal experts say would face other legal hurdles because it targets people on the basis of religion.

Related CoverageGraphic: Supreme Court roundup

But legal experts say it could help Trump if he seeks to block entry from certain countries under a provision of immigration law that gives the president the power to suspend entry of noncitizens whose entry “would be detrimental to the interests of the United States.”

That provision has,上海夜生活网419Jace, previously only been used block entry of small groups of people, such as officials linked with foreign governments hostile to the United States. Applying it to entire countries could prompt a similar lawsuit to the one filed against Obama.

Clinton could also seize on an Obama victory in the case, but her own immigration proposals are more modest. She has said that absent action by Congress to reform the system entirely, she would keep Obama’s program in place and seek to expand on it.

Under the U.S. Constitution, Congress passes laws and the executive branch enforces them. In the immigration context, Congress has traditionally given the president considerable leeway to interpret how to implement the laws.

NARROWER GROUNDS

The high court, evenly split 4-4 between liberals and conservatives following the death of Justice Antonin Scalia in February, could decide the case on narrower grounds than the broad question of executive power.

It coul上海夜生活网d avoid touching on immigration law at all by finding that the states challenging Obama’s proposal did not have legal standing to sue. The court could also split 4-4, which would leave in place the lower court decision blocking the plan but without setting any legal precedent.

U.S. presidents generally have discretion ,上海021夜网Qirin,to enforce immigration law, but the plan’s challengers said Obama exceeded the limits of his authority by setting up a program that would allow millions to gain temporary legal status and work permits.

Critics say his plan was unlawful in part because it effectively granted relief from deportation to a much bigger class of people than had ever benefited from any similar programs in the past. Texas and 25 other states who filed suit said it was an unconstitutional abuse of power.

Obama’s lawyers told the Supreme Court that Obama was acting within the government’s exercise of prosecutorial discretion to decide who to deport.

Basel tells big banks that simple might be better

LONDON ( ) – Big investment banks should accept that simple may be better when it comes to new rules for capital requirements to protect them from trading risks, a top regulator said on Wednesday.

The Basel Committee, made up of regulators from the world’s main financial centers, is finalizing a set of capital standards to cover the risks banks face if their trading books in stocks, bonds and derivatives turn sour.

But banks with big trading books have long complained that the proposals are too blunt and will force them to hold far more capital than warranted by their actual risks.

On Wednesday, Basel hit back, with its Secretary General William Coen saying the final version of the rules may need to emph,上海夜生活网交流Gabriel,asize ease of appl,上海夜生活怎么玩Fabi,ication over sensitivity to risk.

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“Will the Committee need to consider whether simpler and more robust approaches should be included in the revised market risk framework?” Coen said in a speech to the annual meeting of global derivatives industry body ISDA in Miami.

“We know that the estimated impact of the revised framework appears to be relatively manageable for most banks,” Coen said.

“So while there may be sound conceptual reasons for pursuing a specific approach or making a particular revision to the market risk framework, it is in no one’s interest to end up with a framework that ,上海夜玩网论坛Nadine,cannot be adequately implemented.”

Market risk makes up the smallest part of a bank’s mandatory capital buffer, representing less than 5 percent of the total.

Coen said attempts to match capital requirements to the type of risk could also affect banks’ risk management.

“Undue regulatory complexity can therefore impair the ability of the board and senior management of a bank to ensure that the bank has adequate capital to support its risks,” Coen said.

Overly complex rules would also be costly for the vast majority of banks that apply Basel’s rules across the world but do not have the deep pockets of the few big lenders, Coen said.

Finalizing the rules, which are due to come into effect in January 2022, has been made more difficult by the lack of quality data on market risks needed to carry out an impact assessment.

Much of the data is held by the world’s biggest trading banks, some of which have been the biggest critics the planned capital changes.

“As a result, the Committee has in some areas been left with a small sample of observations to finalize certain outstanding revisions,” Coen said.

Trump backs surveillance of mosques despite criticism of rhetoric

( ) – Presumptive Republican presidential nominee Donald Trump on Wednesday called for surveillance of mosques as part of U.S. law enforcement efforts to prevent terrorism, and stood by his remarks on banning Muslim immigrants, which others in his party have criticized.

Trump repeated his call for a temporary ban on the entry of Muslims into the United States after a U.S.-born Muslim, the son of Afghan immigrants, fatally shot 49 people at a gay nightclub in Orl,上海夜生活网419Hal,ando early on Sunday.

The New York real estate developer said that while the Florida gunman was born in the United States, “his parents weren’t and his ideas weren’t born here.”

“We have to maybe check, respectfully, the mosques and we have to check other places because this is a problem that, if we don’t solve it, it’s going to eat our country alive,上海夜生活网” Trump said at a rally in Atlanta.

Trump had called for surveillance of mosques in November, as well as a database of Syrian refugees entering the United States.

The Orlando gunman, Omar Mateen, is believed by authorities to have acted alone, inspired by radical ideology he was exposed,上海足浴夜网联系方式Idaleen, to over the internet.

“Any kind of extremism and violence is not preached in American mosques,” said Ibrahim H,夜上海论坛Jace,ooper, communications director for the Council on American-Islamic Relations. “In fact, research has shown that mosques are a moderating influence on individuals who attend.”

Prominent Republicans this week distanced themselves from Trump’s comments about Muslims.

House of Representatives Speaker Paul Ryan said on Tuesday he did not think a ban on the entry of Muslims was in U.S. interests. Senator Lindsey Graham of South Carolina, who ran against Trump for the Republican nomination and has been a fierce critic since, said that he was “unnerved” by Trump’s response.

Hillary Clinton, the presumptive Democratic nominee, said on Wednesday that Trump’s rhetoric had grown “even more inflammatory” in recent days. She said the United States counts on Muslim communities in the U.S. and partners in majority-Muslim countries to help fight terrorism.

“Not one of Donald Trump’s reckless ideas would have saved a single life in Orlando,” Clinton said at an event for U.S. military families in Virginia.

Trump on Monday proposed that the United States suspend immigration from areas of the world where there is “a proven history of terrorism against the United States, Europe or our allies until we fully understand how to end these threats.” He also said radical Muslims were entering the country amid a flood of refugees and “trying to take over our children.”

Trump’s hard-line proposals on immigration have contributed to his popularity among some conservative voters. But they have also triggered condemnation from minority and human rights activists and his political opponents, many of whom have called his rhetoric racist.

The New York businessman also said in Atlanta he would meet North Korean leader Kim Jong Un if he came to the United States, and he dismissed the controversy he caused in May when he said in a interview he would be willing to speak to Kim.

“If he came here, I’d accept him. But I wouldn’t give a state dinner like we do for China and all these other people that rip us off,” Trump said.

Shire rejects $63 billion Takeda bid as Allergan drops pursuit

NEW YORK/LONDON ( ) – Rare disease drug maker Shire Plc SHP.L said on Thursday it had rejected a $63 billion cash-and-stock acquisition offer by Japan’s Takeda Pharmaceutical Co Ltd (4502.T), while Allergan Plc (AGN.N) reversed course on pursuing a rival bid.

The high-stakes drama underscores the surge in dealmaking this year in the pharmaceutical sector, as large players look for promising assets to improve their pipelines. An acquisition of Shire by Takeda would be by far the biggest acquisition of a drug company year-to-date.

Botox-maker Allergan confirmed on Thursday it was considering an offer for Shire after reported on its interest, sending its shares down 7 percent.

Later on Thursday, Allergan Chief Executive Brent Saunders decided to drop his pursuit of London-listed Shire after receiving pushback from some of his shareholders, who were concerned about the company overstretching its resources, according to peopl,上海会所夜网Balthazar,e familiar with the matter, who asked not be identified discussing confidential talks. Allergan then issued a second announcement stating it did not intend to make an offer for Shire.

Dublin-based Allergan, which has a market capitalization of $52 billion, had $30 billion in debt as of the end of December, the legacy of a string of acquisitions. This has weighed on Allergan’s ability to carry out big acquisitions.

Allergan’s exploration of a bid for Shire was part of its wider strategic review, Allergan said in a statement. This review is currently unlikely to lead either to a major acquisition or a breakup of the company, one of the sources said.

also first reported on Thursday that Takeda had made a cash-and-stock offer of 46.50 pounds ($66.20) a share for Shire. This prompted both companies to confirm the move and announce that Shire had rejected it, although their negotiations are continuing.

Buying Shire would be the largest ever overseas acquisition by a Japanese company and propel Takeda, led by Frenchman Christophe Weber, into the top ranks of global drugmakers.

It would be Weber’s boldest move by far, significantl,上海凤楼夜网Naia,y boosting Takeda’s position in rare diseases, including a blockbuster hemophilia franchise, gastrointestinal disorders and neuroscience, where Shire is a leader in drugs to treat hyperactivity.

But it would be a big financial stretch since Shire, with a market value of more than 34 billion pounds ($48.3 billion), is worth a lot more than Japan’s biggest drugmaker, which has a market capitalization of 4.1 trillion yen ($31 billion).

An acquisition of Shire would have given Allergan heft in the rare diseases space at a time when Saunders is seeking to cement its status as a purveyor of innovative drugs. Saunders’ plans to sell Allergan to Pfizer for $160 billion were scuppered two years ago after the U.S. Treasury changed the rules on corporate tax inversions.

Saunders “was a huge deal guy and everyone was kind of waiting for the next big deal,” said Kevin Kedra, an analyst with Gabelli & Co, which holds shares of both Allergan and Shire.

If there was to be a big share component to a deal it would have to come before a vote of shareholders, he noted. “Shareholders seem to be voting this morning,” Kedra said.

Takeda said it would remain disciplined in its approach and intended to maintain its dividend policy and investment-grade credit rating, adding that: “Discussions between the parties regarding a potential offer ar上海夜生活e ongoing.”

MORE CASH WANTED

Shire confirmed it had received three conditional proposals from Takeda, but said they significantly undervalued the company’s growth prospects and drugs in development.

Takeda’s latest 46.50 pounds offer was made on April 12 and comprised 17.75 pounds in cash, which would be paid in U.S. dollars, and 28.75 pounds worth of new Takeda shares. Shire said that valued it at approximately 44 billion pounds ($62.6 billion), based on total issued and to be issued share capital.

The two earlier cash-and-share offers were worth 44 and 45.50 pounds per share, respectively.

Under UK takeover rules, Takeda has until April 25 to make a firm offer or walk away, after it said last month it was considering a bid.

Based on Takeda’s market capitalization, Shire shareholders would end up owning approximately 51 percent of the enlarged group, Shire noted.

Bernstein analyst Wimal Kapadia said Shire was likely to be pushing for a larger cash component in current talks but Takeda was already stretched, suggesting the chances of a deal being consummated were still “reasonably risky.”

Shire has been under pressure in the past 12 months, with its shares down by a third before Takeda’s interest was made public, due to greater competition from generic drugs and debts from its $32 billion acquisition of Baxalta in 2016.

Shire said in January it would run its attention deficit hyperactivity disorder (ADHD) business, which consists mainly of its,上海夜生活桑拿会所Nadine, blockbuster drug Vyvanse, separately and possibly seek a separate listing.

Earlier this week it struck a deal to sell its cancer drugs for $2.4 billion to unlisted French group Servier.

China may backslide on deleveraging if trade war looms

BEIJING ( ) – China’s efforts to reduce its reliance on debt and find a more sustainable route to grow its economy may be derailed by the simmering trade dispute with the United States, economists warn.

This was the yea,上海仙霞路夜生活Cain,r that Beijing was expected to step up its controls on unfettered lending, particularly in the so-called shadow banking area, as it seeks to contain a dangerous build up in debt across much of the economy.

But there have been signs in the past few weeks that as U.S. President Donald Trump has ratcheted up the pressure on China over its trade policy – including a series of threats to impose punitive tariffs on Chinese goods coming into the United States – that a backsliding on deleveraging may be close.

The most obvious sign of this came last Tuesday when China’s central bank unexpectedly announced it was cutting the amount of cash that banks must keep in reserves.

Then on Thursday, China’s state planner sai,上海夜网Sabrina,d it aims to cut commercial and industrial electricity prices by an average of 10 percent, a move that aligns with a years-long effort to reduce corporate costs, though the size and timing of the cut again surprised financial markets.

China has also this year vowed to lighten the tax burden on individuals and businesses and on May 1 will lower the value-added tax rate for the manufacturing, transportation, construction, telecommunication and agricultural sectors.

This all has at least some investors and economists predicting that if the skirmishes with the United States turn into something approaching a no-holds-barred trade war, then Beijing will do a lot more to support industry and the overall economy.

“If you were to see a negative growth shock, then I don’t think they would hold the line and say we’re still going to prioritize reducing credit growth and deleveraging the financial sector. I think that would change priorities,” said Alex Wolf, senior emerging markets economist at Aberdeen Standard Investments.

Underlying this are government concerns that if the economy slowed significantly from the current 2018 target of around 6.5 percent growth then it could cause hardship in parts of the economy, and leave more people jobless or underemployed.

The Communist Party government has been traditionally sensitive to anything that could create unrest, such as strikes and other protests, and potentially lead to a challenge to its authority.

SIGNS OF SLOWING MOMENTUM

To be sure, over the past year China has powered through a slowdown in home price gains, weaker credit growth and an environmental crackdown to deliver better-than-expected growth.

In the first quarter, gross domestic product (GDP) in the world’s second-largest economy grew 6.8 percent – well above the annual target.

And some don’t see the trade tensions getting out of control.

“We are still optimistic about the global economic recovery and China’s exports outlook, giving Beijing leeway to stick to the current deleveraging agenda,” said Robin Xing, Chief China Economist at Morgan Stanley.

But the Chinese economic data for March – such as weaker growth in industrial output and investment – is suggesting that momentum is slowing.

If there is a faltering in exports – who上海夜生活论坛se strong growth last year provided cover for Beijing to drive down the leverage – it could push the authorities to shift policy back to its old playbook to support growth, the economists say.

Net exports’ contribution to GDP growth last year was the highest in 10 years, according to data from the National Bureau of Statistics. But so far this year, that trend has reversed with exports pulling down growth.

Analysts caution that it is still too early to assess the direct impact of tariffs on China’s economic growth and macro-policy, as none of the recently announced tariffs has been implemented, and any that eventually does go into effect could be significantly watered down through negotiation.

Even if Trump’s current threats to impose tariffs on $150 billion of Chinese imports are fully implemented, that would still only impact less than 7 percent of China’s total exports last year, and less than 2 percent of GDP.

The direct impact of tariffs is most likely to initially show up in higher inflation and some localized unemployment if factories in affected sectors see their business hit, but neither are expected to be severe, economists and officials say.

Cong Liang, director at the National Development and Reform Commission’s department of national economy, told that China’s job market is resilient, with a labor shortage in coastal cities showing the market is able to absorb any job losses caused by a Sino-U.S. trade war.

But side skirmishes such as Washington’s decision to ban American companies from providing components to Chinese telecoms equipment company ZTE (000063.SZ) (0763.HK) for seven years – in an Iran sanctions-busting case – are likely to have a longer-term impact on growth.

The U.S. government has also recently rejected attempts by Chinese companies to buy a number of American assets, particularly in sensitive sectors. And approval of some American-led takeover deals are being held up in Beijing,上海夜网千花Eason, currently.

These barriers to capital flows and trade will hinder both economies but also hurt China’s effort to move up the value chain, improve the quality of its economic growth and maintain a steady increase in household incomes.

MORE RELIANCE ON DOMESTIC DEMAND

The economic tension “will probably dampen productivity growth in the coming decades; it will dampen it in China and it will probably dampen productivity growth globally,” said Louis Kuijs, head of Asia economics at Oxford Economics.

“We are basically expecting domestic demand growth to play a larger role this year and next than we had initially. And that will have to come about by a less restrictive policy stance than we had assumed before,” he said.

Oxford expects China’s GDP to grow 6.5 percent this year, indicating significant slowing from the first quarter.

The economists say that investors should look for a number of additional signals from Beijing to see whether it has shifted policy.

One would be another easing in bank reserve requirements. China could allow local government to issue more special bonds to support government spending on urban redevelopment and infrastructure investment to shore up domestic demand, said Xing from Morgan Stanley.

The price of Musk cutting off analysts? For Tesla, it’s $2 billion

SAN FRANCISCO ( ) – Ducking analysts’ questions has a price: $2 billion.

Tesla Inc investors gave a rare rebuke to iconoclastic Chief Executive Elon Musk on Wednesday after he cut off analysts asking about profit potential, sending shares down 5 percent despite promises that production of the troubled Model 3 electric car was on track.

Tesla’s future depends on the Model 3 and the company said that it had largely overcome production bottlenecks, with Musk vowing a dramatic turnaround that would reverse losses and generate positive cash flow in just a few months.

Musk plans to shut down its Fremont, California factory for 10 days in the second quarter but said Tesla will meet the production target of 5,000 Model 3s per week by the end of June, as planned, and will turn a profit in the second half of the year.

To achieve profitability, Musk will have to reverse what today amounts to a $22,584 pre-tax loss per vehicle built by the Silicon Valley company. Tesla posted its biggest-ever quarterly loss when it announced first-quarter results on Wednesday.

Tesla stock was little changed after the earnings announcement but fell during a conference call, when Musk began cutting analysts’ questions short, costing Tesla over $2 billion in market capitalization.

“These questions are so dry. They’re killing me,” Musk said after an analyst asked what percentage of Tesla 3 reservation holders have started to configure options for their cars, an indicator of how much profit Tesla will be able to wring from the vehicles. Another analyst asked about a capital requirement before being cut off.

He then took several questions in a row about plans for a self-driving car network and other long-term projects from the host of a YouTube channel focused on investing, praising the questions as not boring.

5,000 MODEL 3s PER WEEK

Musk’s ability to run Tesla is crucial as the company strives to efficiently and profitably build its first vehicle intended to be produced at high volume, the Model 3.

Musk acknowledged error recently in over-automating the Model 3 assembly-line, which has resulted in production delays, but it is still unclear how long and costly it will be to unwind this mistake.

Delayed Model 3 production also comes as a slew of competitors bring new electric vehicle models to market.

The company stood by a previously announced target of building 5,000 Model 3s per week by the end of June.

Tesla’s capital expenditures declined in the quarter and the company cut its spending forecasts for 2018, saying it would spend less than $3 billion. Tesla spent $3.4 billion in 2017. (bit.ly/2jn15SB)

Investing.com analyst Clement Thibault said the reduction was noteworthy, “but in the long run given challenges that lay ahead of Tesla, I don’t think it is going to make or break the company.”

Tesla “is definitely not in a minimizing cost stage,” Thibault said.

Free cash flow, a key metric of financial health, widened to negative $1 billion in the first quarter from negative $277 million in the fourth quarter, excluding costs of systems for its solar business. Analysts had not expected so much spending, predicting hundreds of millions of dollars less in so-called cash burn, according to Thomson data.

Tesla did not break out a cash flow calculation that it had included in previous quarters.

The niche carmaker, which two years ago vowed to build 500,000 vehicles annually in 2018, has attracted legions of fans for its advanced technology and design. But the company rushed its Model 3 to market, making mistakes in manufacturing whose effects are now being felt, and investor skepticism has risen.

Questions over Tesla’s finances are top of mind, and many analysts an,上海会所夜网Hadleigh,ticipate a capital raise in 2018 despite Musk’s statements that it will not be necessary due to profitability and positive cash flow in the third or fourth quarters.

Tesla said gross margins on the Model 3, which today are slightly negative, would be close to flat in the second quarter and grow to “highly positive” in the second half of the year.

Tesla said it produced 2,270 Model 3s per week in the last week of April. It said net reservations for the Model 3, including configured orders not yet delivered, exceeded 450,000 at the end of the first quarter.

Automotive revenue rose only 1 percent from the prior quarter to $2.74 billion.

RECORD LOSS

Tesla reported a record loss of $709.6 million, or $4.19 per share, for the first quarter ended March 31, compared with a loss of $330.3 million, or $2.04 per share, a year earlier.

Excluding items, Tesla had a loss of $3.35 per share. Analysts had ,上海夜网后花园Faith,expected a loss of $3.58 per share, according to Th,上海夜网官方网站Rae,omson I/B/E/S.

The company said it ended the quarter with $3.2 billion in cash after spending $655.7 million in quarterly capital expenses.

The lack of Model 3 revenue has exacerbated Tesla’s cash burn as the company continues to spend on its assembly line and prepares for new investments on multiple projects in the pipeline, such as the Model Y crossover and its Gigafactory.

The Model Y is just one of many projects in the pipeline for Tesla, which also launched a Tesla Semi and a new Roadster in recent months.

(This 上海夜生活论坛version corrects Model 3 production target In paragraph 4, to 5,000/week, not per day)

Clayton Homes mimics Buffett approach as it grows

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

GM may raise investment plan for South Korean unit: source

SEOUL ( ) – General Motors Co (GM.N) and the South Ko,上海夜网推油Qirin,rean government are considering raising the size of their investment in the U.S. automaker’s South Korean subsidiary from a previously proposed $2.8 billion, a senior government official with direct knowledge of the matter said on Wednesday.

GM President Dan Ammann will be also visiting South Korea on Thursday to meet lawmakers and government officials including Korea Development Bank Chairman Lee Dong-gull to discuss investment plans, people familiar with the matter told .

GM Korea averted bankruptcy on Monday after striking a last-minute wage deal with its labor union. Its parent has been in talks with South Korea’s government on providing financial support, and KDB’s Lee previously told a preliminary deal on any assistance is likely to be signed on Friday.

GM had said it would contribute its “portion of the $2.8 billion investment”, enabling two new sport utility vehicles to be built in South Korea. GM’s investment was to be over a 10-year period and was conditional on the company winning union concessions and getting government financial support.

State-run KDB previously said it may contribute about 500 billion won ($463.13 million), proportional to its 17 percent stake in GM Korea, to the 上海夜生活total investment.

“GM has expressed its intention to increase the size of new money injection from its previous plan to normalize management, and asked the KDB to expand its funding proportional to its stake,” the person told , requesting anonymity as the matter was confidential.

The person declined to comment on the size of the increased investment.

South Korean online media MoneyToday reported on Wednesday that GM said it would expand the investment to more than 4 trillion won, meaning KDB’s spending would rise to 700 billion won.

GM and KDB declined to comment when contacted by .

GM in February unveiled a major restructuring plan for the money-losing unit, involving shuttering one of its four South Korean plants and voluntary redundancies for 2,600 workers.

GM Korea has since been receiving applications for a fresh voluntary redundancy program targeted at mainly the remaining 680 workers at the Gunsan factory which faces closure by May.

Some 240 people from Gunsan and other factories have applied for the program as of Wednesday evening, a union source told .

GM Korea last week said it would file for bankruptcy protection sh,夜上海论坛Nadine,ould it fail to gain concessions from ,上海夜网后花园Caden,the union by its extended deadline of Monday evening.

An hour before the deadline, the union reached a preliminary deal to freeze base wages, skip bonuses this year and trim benefits, subject to a member vote on Wednesday and Thursday.

($1 = 1,079.6200 won)

Bitcoin frenzy settles down as big players muscle into market

LONDON/NEW YORK/SINGAPORE ( ) – After bouncing up, falling down and keeping investors on the edges of their seats, bitcoin may be maturing into a period of relatively boring stability, experts say.

A worldwide wave of regulation has led to a collapse in trading volumes. Cryptocurrency advertisements are disappearing from top internet pages, and bitcoin no longer dominates Google searches.

As investors try to figure out what bitcoin wants to be when it grows up, the best-known cryptocurrency is going through somewhat of an existential crisis.

“It needs a new narrative,” said Nicholas Colas, New York-based founder of investment research firm DataTrek. “There is every chance that if there is some sort of institutional involvement, there coul上海夜网d be a move higher.”

Bitcoin rallied 25 percent in April after crashing 70 percent from a high near $20,000 late last year.

The cryptocurrency landscape has indeed changed. Mom-and-pop investors who drove bitcoin’s skyrocket rise in 2017 have been pushed aside by government bans on trading, and replaced by cryptocurrency funds, wealthy individuals and established financial firms.

The bigger players can make bigger moves, but their trades are often obscured by screens on over-the-counter (OTC) brokerages and matching platforms.

They are also less likely to chase sudden swings in bitcoin’s value, being more interested in the potential of unproven but promising blockchain technology,上海夜生活Jack,.

Average daily traded volumes across cryptocurrency exchanges fell to $9.1 billion in March and to $7.4 billion in the firs,上海夜生活网419Barrett,t half of April, compared with almost $17 billion in December, according to data compiled by crypto analysis website CryptoCompare.

Several exchanges saw their daily trading volumes drop by more than half between December and March, including Bitfinex, Poloniex, Coinbase and Bitstamp, the data shows.

Cryptocurrencies’ biggest-ever trading day was Dec. 22, when volumes topped $30 billion, according to CryptoCompare.

On April 8, volume sagged to $4.6 billion, the weakest day since last October, according to the data.

(For a graphic on cryptocurrency volumes click reut.rs/2Jd5W3R)

RESHAPING THE MARKET

The theory that bigger institutions will make bitcoin markets less volatile and more liquid has grown as new OTC exchanges and platforms spring up, carrying names such as Circle, Octagon Strategy, Cumberland and Kraken.

Digital exchange Gemini’s new block trading product allows high-volume trades that will be invisible to other traders until the orders are filled.

Cumberland, one of the biggest block traders, has counterparties in more than 35 countries and quotes two-way prices in about 35 crypto assets.

Gatecoin, a Hong Kong-based crypto exchange, saw retail volumes plunge from peaks of $100 million a day last September, said Aurelien Menant, its founder and chief executive.

But, he sai,上海新夜网龙凤Idaleen,d, as institutional players enter the market, OTC trades hidden from view have pushed up overall volumes in a way that doesn’t show up in data. Gatecoin also operates an OTC platform.

Few institutions have gone public about their plans to trade cryptocurrencies, and many asset managers say they still aren’t sure the digital currency is more than a fad.

But a Thomson survey this week found one in five financial institutions is considering trading cryptocurrencies in the next 12 months. Of those, 70 percent said they planned to start trading in the next three to six months.

In the meantime, the price of bitcoin may be stabilizing, at least on paper. The futures market BTCc1 shows bitcoin staying nearly flat – between $8,900 and $9,050 – until September.

Gatecoin’s Menant, however, is considerably more bullish. He reckons the currency might end the year above $100,000, but acknowledges that’s a gamble.

UNDERLYING VALUE

Joe Duncan, founder of Singapore-based Fintech firm Duncan Capital, expects to see retail investors return to trading as governments slowly relax their cryptocurrency rules.

“But bitcoin could still lose some market dominance,” Duncan said.

Thomas Lee, managing partner and co-founder of Fundstrat Global Advisors in New York, said the bitcoin market is languishing in a “purgatory” phase somewhere between a bear and a bull market. He predicted that could continue until at least September.

One issue is that although many of the big institutions are curious about how bitcoin’s underlying blockchain technology could revolutionize the financial sector, bitcoin isn’t widely accepted as currency and has no intrinsic value.

That, and the currency’s intense volatility, make it challenging for investors to forecast a price.

Some analysts think bitcoin will retain a premium as a security, like gold, in the digital world, while other cryptocurrencies are used for commerce.

Others see it as just another asset.

“One of the reasons to own cryptocurrencies is because they are an effective hedge,” said Sam Doctor, a data analyst at New York-based Fundstrat, a research firm whose founder is a well-known bitcoin bull predicting large rises this year. “Until something happens to disprove that thesis, you aren’t looking to sell them so long as other asset classes are falling.”

EU starts monitoring aluminum imports after U.S. tariffs

BRUSSE,上海夜生活乌托邦Paisley,LS ( ) – The European Union has started monitoring imports of aluminum to determine whether U.S. tariffs have led to a surge in shipments of the metal into Europe, the EU official journal said on Thursday.

Data collected on the quantity 上海夜网and value of incoming aluminum products will help the bloc decide whether to take measures to limit im,上海夜生活网交流Dahlia,ports.

The European Commission began an investigation last month to assess the need for potential “safeguard” measures for steel.. Steel imports have been under surveillance since April 2016.

The United States imposed import tariffs of 25 percent on steel and 10 percent on aluminum in March, although the European Union and six other countries secured temporary exemptions.

The Commission, which oversees trade policy in the 28-nation EU, believes that the 10 percent tariff introduced by the United States has increased the risk that more aluminum will be diverted to Europe at depressed prices.

The EU official journal said that aluminum product imports increased by 28 percent between 2013 and 2017, while prices of such imports fell by 5 percent.

Significant oversupply has built up since the early 2000s, with most of the new capacity in China, the journal said.

It added that although China exports very little primary aluminum, this has depressed prices,夜上海419龙凤论坛Queena, of the globally traded commodity.

In the European Union, only 16 smelters are still in operation, compared with 26 in 2008, and a number are at risk of closure, it added.

The surveillance will apply to imports of aluminum exceeding 2.5 tonnes.

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

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

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

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

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

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

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

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

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

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

CLEAN POWER OVER TRADE

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

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

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

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

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

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

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

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

TRUMP QUESTION INEVITABLE

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

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

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

On Canada, Trump has so far been mostly silent.

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

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

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

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

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

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

Obama provides a good case in point.

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

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

State Department to conduct internal probe of Clinton email case

WASHINGTON ( ) – The U.S. State Department said on Thursday it will conduct an internal revi上海夜生活论坛ew of whether Democratic presidential candidate Hillary Clinton and her aides mishandled classified information, after the Justice Department declined to bring criminal charges.

The State Department said in April it had suspended plans for an internal review at the request of the Federal Bureau of Investigation, which conducted a yearlong probe of Clinton’s use of private email servers while she was secretary of state.

“Given the Department of Justice has now made its announcement, the State Depar,上海021夜网Nadia,tment intends to conduct its internal review,” State Department spokesman John Kirby said in a statement.

“I cannot provide specific information,上海夜生活乌托邦Hadleigh, about the Department’s review, including what information we are evaluating. We will aim to be as expeditious as possible, but we will not put artifici,上海足浴夜网联系方式Idaleen,al deadlines on the process,” he said.

On Wednesday, U.S. Attorney General Loretta Lynch said she would accept the recommendations of the FBI not to bring criminal charges against Clinton, the presumptive Democratic presidential nominee for the Nov. 8 election.

FBI Director James Comey said on Tuesday Clinton had been “extremely careless” in the handling of classified information, and Republicans have criticized the decision not to prosecute.

Comey told a congressional hearing on Thursday that FBI employees who mishandled classified material in the way Clinton did as secretary of state could be subject to dismissal or loss of security clearance.