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High-yield junk market still attractive: top bond manager Margaret Patel

NEW YORK ( ) – The gains in high-yield junk bonds are not over, thanks to the Federal Reserve’s supportive stance on monetary policy, Margaret Patel, one of the mutual-fund industry’s longest tenured and most well-known bond managers, said on Tuesday.

“The risk-taker will be rewarded,” Patel, a senior portfolio manager at Wells Fargo Asset Management, said at the New York headquarters of . The ICE Merrill Lynch U.S. high-yield index has posted returns of 8.92% so fa上海夜生活论坛r this year. Patel’s Wells Fargo High Yield Bond fund is up 8.68% for the same period.

“I see a downward drift in yields in junk bonds,” she said.

Patel, who has more than 40 years’ experience in the business, said the Fed will not be cutting off liquidity and could, in fact, slash interest rates this year. The Fed’s potential cuts will trigger another wave of gains and access to credit for high-yield companies, which issue debt with less-than-stellar credit ratings called junk bonds.

“Why should junk bond spreads be 450 basis points over Treasuries if defaults are a needle in a haystack? Makes no sense,” Patel said.

The economy is slowing down but not to the point of recessionary levels, Patel said. She characterizes the economic backdrop as marked by “low inflation, modest growth, low interest rates and low volatility.”

As a result, junk bond returns will continue to be modest for a number of years, Patel said. She favors the industrial, healthcare and technology sectors.

For their part, U.S. equities “could definitely move higher,” she added.

After starting as an equities analyst, Patel eventually became a portfolio manager where her reputation rose primarily on the bond side. Before joining Pioneer Investments in 1999, Patel had started a bond fund for Third Avenue’s fund family. It was later acquired by the Boston asset manager.

RPT-Fear and fervour propel Shanghai’s tech board amid trade, Huawei tensions

(Repeats with no change to text)

* Huawei ban, trade war fuel patriotic support for the new board

* 120 firms seeking to list, aiming to raise total of $16 bln

* About 100 tech-focused funds awaiting regulatory approval

* Venture capitalists scrambling to grab share of pre-IPO funding

By Samuel Shen and Josh Horwitz

SHANGHAI, June 11 ( ) – Chinese companies and investors are lining up in spades to take part in Shanghai’s new Nasdaq-style tech board, with a groundswell of patriotic support surging further after the U.S. blacklisting of telecom firm Huawei inflamed tr上海夜生活ade tensions.

In the two months since the application period began, 120 firms – many in industries such as semiconductors, artificial intelligence and biotech – have sought permission to list, aiming to raise a combined $16 billion.

By comparison, IPOs on Shanghai’s main bourse last year raised $11.7 billion while those on the Shenzhen exchange raised $8 billion, according to Refinitiv data.

On the investment side, there’s been a rush to launch tech-focused mutual funds, with about 100 currently seeking approval, data from the China Securities Regulatory Commission shows. Since late May, 12 such funds targeting the new board, each with a fundraising cap of 1 billion yuan ($145 million), have been launched.

The first mainland China exchange-run board to not make profitability a listing requirement, Shanghai’s Sci-tech Innovation Board was announced suddenly by President Xi Jinping in November and is widely seen as Beijing’s latest move to become self-sufficient in core technologies such as chips.

Those ambitions, highlighted by the government’s “Made in China 2025” campaign launched four years ago, have now taken on added urgency as the trade war with Washington and anxiety about its impact escalate.

“The trade war is no longer simply about China importing more soybeans, or reducing trade deficits,” Shi Donghui, director of the Shanghai Stock Exchange’s Capital Market Institute told a financial forum last month after U.S-China trade talks collapsed.

“It’s essentially a tug of war around industry supply chains and core technologies,” he said, adding that as the two economic powers vie for tech supremacy, exchange staff were working day and night seven days a week to make the new board a success.

PATRIOTIC ENTHUSIASM

Washington’s ban in May on U.S. firms doing business with Huawei without government approval highlighted gaps in China’s tech prowess and has fuelled patriotic enthusiasm for the board.

If the new board can foster internationally competitive technologies, “Trump will no longer be able to choke us,” said Zhou Xiangyong, general manager of Guotai Asset Management, a Shanghai-based mutual fund house.

“China must turn external pressure into internal drive,” said Pan Jiang, CEO at private fund manager Shanghai V-Invest Co, which recently launched eight funds targeting the new board.

China Galaxy Securities estimates domestic mutual fund houses alone could pump more than $40 billion into the board, with about a third of that coming from new funds launching over the next six months.

In addition to allowing loss-making firms to list, the new board is doing away with paternalistic guidance from regulators on IPO pricing and timing – developments that have some bankers and investors calling it China’s boldest market reform yet.

A formal launch date has not been announced but investment bankers have said they expect it to start operating either late this month or in early July.

For Yuan Guowei, founder and CEO of big data startup Shanghai HyperS Data Technology Inc, being able to list while still loss-making is an opportunity not to be missed.

“We see U.S. companies which keep expanding aggressively despite losses. We couldn’t do that in the past, as we want to go public and struggled to balance expansion and making a profit,” he said.

Compared to the United States, stock market investment in China’s tech sector has been low, in part due to stricter listing requirements around profitability.

Tech companies account for roughly 11% of total market value in China’s stock markets, which are heavily weighted toward the financial sector, according to China Securities Index Co. In contrast, IT firms account for nearly 30% of the S&P 500’s market capitalisation, Refinitiv data shows.

Channeling investor money into homegrown technologies via the tech board could also help defuse U.S. criticism over the opaque shareholding structure of some Chinese firms and massive state subsidies for the tech sector, analysts said.

Foreign investors, however, are not expected to have much initial involvement in the new board. There are as yet no plans for it to be part of the cross-border Connect scheme, while overseas investors participating in the QFII investment scheme for mainland stocks tend to buy blue-chip shares due to their limited research capabilities in China.

VENTURE CAPITAL SCRAMBLE

The big unknown, however, is just how successful the new board will be in the long term.

China’s other startup boards have mostly languished despite a wellspring of excitement in their early days. Often speculation sent prices soaring, but those prices later collapsed spectacularly, souring investor sentiment to a point from which it never recovered.

The new tech board “is being propelled directly by China’s top decision-makers, so it has to succeed. It cannot afford to fail,” said Fu Ziheng, economist at China Fortune Securities.

“But there’s a lot of uncertainty ahead….and technology innovation does not happen overnight.”

High-profile companies planning to list on the new board include Beijing Kingsoft Office Software Inc, China’s biggest provider of officer software controlled by Xiaomi Corp founder Lei Jun, as well as chip sector firm Advanced Micro-Fabrication Equipment Inc.

For a factbox on some of the companies planning to list please click.

Excitement surrounding prospective candidates is so high that venture capitalists interested in pre-IPO financing say they need to move quickly on due diligence or lose out to the competition, particularly in strategic industries such as chips.

“When companies conduct pre-IPO financing, you may have to make decisions in 1-2 weeks, which is very demanding for the investment team. Previously, such decisions were made over 1-2 months,” said Feng Sicheng, an investment manager at private equity firm GP Capital who specialises in the chip sector. ($1 = 6.9082 Chinese yuan)

‘Go to hell!’ A divided America struggles to heal after ugly election

(Editors note: Attention to language in paragraph 30 that may be offensive to some readers)

By Jason Szep

ELLSWORTH, Maine ( ) – “He lies,” huffed Janet Foster.

“And he’s a dirty old man,” chimed in her sister Jean as they discussed Donald Trump’s flaws a few days before he was elected the new president of the United States.

“Well, I am with him,” their brother Paul, 60, interjected, raising his voice over snacks of cheese, muffins and crackers in the family’s living room. “Hillary Clinton is like a puppet – you know it’s all scripted.”

The 2016 U.S. election was unprecedented in the way it turned Americans against each other, according to dozens of interviews in rural United States and across some of the most politically charged battleground states.

It divided families like the Fosters in rural Ellsworth, Maine, broke up friendships and turned neighbor against neighbor.

In a recent /Ipsos survey, 15 percent of respondents said they had stopped talking to a family member or close friend as a result of the election. For Democrats, this shoots up to 23 percent, compared to 10 perce上海夜生活论坛nt for Republicans. And 12 percent had ended a relationship because of it.

There was no comparative polling data from previous elections. But interviews with relationship counselors and voters suggest this election stood out by summoning passions, anger and a divisiveness in ways that will make healing difficult after Clinton’s loss to Trump on Tuesday.

Sarah Guth, a Democrat in Colorado, says her father – an ardent supporter of Trump – no longer speaks with her after they clashed on Facebook over their political views.

“He crossed a line,” she said.

After attending a Trump rally, Guth wrote on Facebook that she saw 10 minorities among thousands of people. “I’m increasingly convinced that this election is about race,” she wrote. “I mean a fear among the white majority that their rule is coming to an end.”

Some posters told her “to go to hell,” she recalled in an interview. “And then my dad very publicly attacked me, telling me that I should be ashamed of myself.” The two have not spoken since.

Ty Turner-Bond, a 35-year-old black man in North Carolina, says he lost friends because of his support for Trump. Some called him an “Uncle Tom,” a slur for African Americans accused of deferring to white people; others threatened violence.

“PEOPLE ARE TENSE”

In Springfield, a city on Ohio’s Mad River, Duke Level, 57, voted for Trump because he wanted “a wrecking ball” to hit Washington. The owner of Un Mundo Cafe isn’t surprised this election created divisions, and he fears they could get worse.

“This is one of those crossroads crisis moments in history,” he said.

Hours earlier, Trump rallied about 5,000 supporters a few miles away in a dirt-floored livestock arena. He blasted Clinton as “the most corrupt person ever to seek the office of the presidency,” drawing chants of “lock her up,” as well as a few of “string her up.”

Down the street, Richard Scott, 51, an African-American supporting Clinton, shook his head when told of those chants. Those words, he said, recalled 20th Century lynchings of black Americans – including in Springfield where a black prisoner was shot and hung from a pole on Main Street in 1904.

“It’s terrible,” he said.

Weeks ago, he planted a Clinton sign in his yard. His neighbors put up Trump signs. Outside the funeral home he owns, a pro-Clinton sign was defaced with a “Hillary for Prison” sticker. “People are tense,” said Scott.

The election hardened an already-clear racial divide in the former industrial city of 60,000 people – a snapshot of America at about 75 percent white and 18 percent black. Interviews with residents suggested its northern areas, mostly affluent and white, would vote for Trump, while its mostly black, lower-income southern section would largely support Clinton.

“There is a division in this town, economically and racial. And we saw that in this election,” said Bob Leath, 58, owner of Buckeye PC Repair who voted for Trump to “clean house” in Washington. “If you voted for Clinton, you were most likely either young, lower-income or from the south side of the area.”

For some, the tensions reach the bedroom. Sam Nail, a Cincinnati marriage counselor, said he has two couples who cited the election season as a “stressor” in their relationship.

Much of the anger gets uncorked on social media and will be hard to undo. Some is well publicized. National Review writer David French has written about “an unending torrent of abuse” he and his family faced online from white nationalist Trump supporters, including a Tweeted image of his 7-year-old daughter’s face in a gas chamber.

Others are less well known, like Brenda Thomas’ tangles with her older brother on Facebook. She says her brother unleashed a daily stream of Facebook posts on Clinton and President Barack Obama that she found objectionable. She said when her husband, a Republican, tried to reason with him, he was “unfriended” on Facebook.

“I feel that I have to walk on eggshells with him and it causes problems at family functions,” said Thomas, 63, of Elizabethtown, Kentucky.  

In Charlotte, North Carolina, Karen Wilson, describes this election as “stressful” on Facebook. “I’ve got family members who are mad at me for deleting entire Facebook threads when I thought they were becoming too negative. I’ve deleted Facebook friends who I realized I never should have been friends with in the first place,” said Wilson, 43.

Fourteen percent of respondents in the /Ipsos poll said they had blocked a family member or close friend from social media because of the election. For Democrats, this rises to 23 percent compared to 8 percent for Republicans.

“FREE SPEECH ATTACK”

The divisions tore into the fabric of some communities. In Provo, Utah, Trump supporter Loy Brunson awoke on an October morning to find his car spray-painted with the words “AmeriKKKa” – a reference to “KKK” white supremacists – and “Fuck Trump.” His two Trump yard signs were destroyed.

“So I doubled down, got motivated and put up 85 signs in my yard,” he said. Within days, all but six of those were stolen.

“This was more than vandalism,” he said in an interview. “This was a free speech attack.”

Some blame the divisiveness on campaign rhetoric that inflamed racial, ethnic and class tensions that have long simmered in America. Angry and extremist language moved into the mainstream.

George Lakoff, a linguistics professor at University of California, Berkeley, blames Trump’s use of language, which he ranks as among the most violent of any candidate in modern times. He specifically notes Trump’s suggestion in August that gun rights activists could take matters into their own hands if Clinton defeated him, as well as the New York businessman’s comments that she should go to prison.

“When you have extremes of that order, you have extremes of anger, extremes of fear,” Lakoff said.

In Mississippi, Chad Scott, an activist in the Clay County Republican Party, fears a post-election split between the party’s working-class Trump supporters and business-minded elites – a sentiment echoed in Maine, where Foster, the Ellsworth resident at odds with his sisters, witnessed the election’s political vitriol first hand. 

Foster’s van was one of 20 vehicles spray-painted outside a Trump rally on Oct. 15 in the city of Bangor. And across Ellsworth, pro-Trump yard signs were stolen almost as fast as they were planted, Republican officials say.

Foster worries about the divisions ahead.

“My sisters will forgive me for my political views,” he said.  “But the country is going to be on fire.”

Democratic voter-intimidation cases falter in three U.S. states

WASHINGTON ( ) – Democrats fell short in three U.S. states on Monday in their legal battle to impose tighter restrictions on supporters of Republican presidential candidate Donald Trump who plan to monitor Election Day voting for signs of fraud.

The U.S. Supreme Court refused to reimpose new rules on partisan poll watchers in Ohio after an appeals court struck them down, while U.S. judges in Pennsylvania and North Carolina declined Democrats’ request to impose new rules that Democrats had sought.

Voter intimidation is prohibited under U.S. law, but Democrats worry that Trump’s warnings of a “rigged” election in his battle against Democrat Hillary Clinton might inspire supporters to 上海夜生活论坛harass minority voters and create Election Day chaos in big cities as they search for signs of vote manipulation.

Numerous studies have found that U.S. voter fraud is exceedingly rare.

Democrats have asked U.S. courts in six battleground states to impose greater restrictions on partisan poll watchers, arguing that the Trump campaign, state Republican parties and Republican operative Roger Stone are encouraging supporters to intimidate minority voters.

Trump’s campaign and Republican parties in the various states say their poll watchers are trained to bring evidence of any problems to the party and not confront voters directly.

“This was an attempt to intimidate Republican people engaging in lawful activity,” North Carolina Republican Party executive director Dallas Woodhouse told .

Stone says those working for his planned “exit poll” will be trained to use neutral, non-threatening language.

One day before the election, Democrats so far have failed to win any of their legal efforts.

A U.S. judge denied the Democrats’ case in Arizona on Friday. Monday’s rulings in North Carolina and Pennsylvania give Democrats little time for appeals, while the Supreme Court’s Monday ruling put to rest the case filed in Ohio.

The Supreme Court order, which only covers the Ohio case, included no noted dissents from the eight justices. Liberal Justice Ruth Bader Ginsburg wrote a brief statement noting that “Ohio law proscribes voter intimidation” and citing the relevant law.

U.S. judges in Michigan and Nevada have yet to issue opinions.

Democrats have waged a separate legal battle against the Republican National Committee, arguing in court that the RNC should be prevented from supporting the Trump campaign’s poll-watching effort. A U.S. judge in New Jersey denied that motion on Saturday.

Zidane annoyed by Kepa’s situation

Zinedine Zidane, the Real Madrid head coach, spoke about his side’s failed transfer talks with Kepa Arrizabalaga as the young Spaniard decided to sign a new contract with Athletic Bilbao instead of moving to Madrid.

The Frenchman coach said that he is “annoyed” by the rumours saying that he won some kind of an internal battle and he decided not to sign this young and talented keeper. Arrizabalaga admitted that he was annoyed as well by the long negotiations and he decided to sign a new deal with his current club which will end in 2025.上海夜生活

The French coach spoke about this transfer saga as he said, according to ESPN: “In June any player can come to Madrid, if the club’s strategy is to change something, along with the coach. But my idea and that of the club too as we are all together here was to not change many things. I get annoyed when I hear comments saying I have won [an internal battle]. The important thing for me is to protect my squad, the players here are those who concern me. But I have nothing against Kepa or any other player.”Top 5 Real Madrid players who are succeeding on a loan Tomás Pavel Ibarra Meda – We need to talk about the Top 5 Real Madrid players who are currently succeeding away from the club and are currently on a…

He continued by adding that Ronaldo’s reaction after his facial injury was understandable: “Cristiano wanted to know whether the cut was very deep or not. I am saying exactly what he told us in the dressing room. The doctors stitched it up and today he was back. If he is training with us, with his eye like this [swollen] it shows how important it is for him to be on the pitch.”

In the end, Zinedine Zidane claimed that he is happy that he can rely on Isco: “Isco will always have an important role here, whether I am coach or not. I have always shown my confidence in him, he can be a decisive player. That will not change. He did not get any time [before Christmas] against Barcelona, although that was not the plan. Isco can play in many positions, in a 4-3-3 he can play up front, as he has done before, or in midfield. So there is no problem.”

Preview: Austria Vienna – AEK Athens

The last round of games in Europa League (EL) Group D sees a straight shootout between Austria Vienna (third) and AEK Athens (second) to see who will progress to the next phase as the second-placed team. For Vienna, nothing but a win will suffice which will give them the edge on AEK due a superior head-to-head, while AEK only need to avoid defeat.

Flashscore presents the key facts before the match:

Both sides come into this game on the back of contrasting fortunes. Vienna are on a quite miserable run, winning just three games out of their last fourteen in all competitions and losing nine (two draws). The second most successful club (to Rapid) in the Austrian game find themselves in a mid-table position in their home league, a whopping 18 points off Salzburg in top spot.

AEK are in much better health and find themselves top of the Greek Super League after going on a run on five unbeaten games in the league and nine in all competitions. Striker Marko Livaja has scored five goals in his last four league games in that time and also notched two in the 2-2 draw between the sides on matchday two, including the last minute equalizer.

Vienna have lost both of their home ties in this year’s EL, and face a side in AEK who have so far gained more points on the road than at home (four as opposed to three). Indeed, Vienna are winless in their last seven European home games (D2, L5) and have one solitary victory to their name in 15 EL/UEFA Cup group games at home! AEK are yet to taste defeat in their last seven European games, drawing the last four, but have only scored in one away game in their last five EL away days!Solskjaer “very pleased” after another failure to win George Patchias – Ole Gunnar Solskjaer said he was “very pleased,” even though United failed to win yet again.It is now ten games on the road since…

With AEK just needing a point and already managing to cancel out group winners AC Milan twice among their four draws, this might turn out to be a hard night for Vienna against a disciplined Greek defence. However, Vienna captain Raphael Holzhauser was upbeat ahead of the game, saying: “It’s time for a home win, there is no better way.” Only time will tell if his confidence was justified.

Missing players

Austria Vienna: R. Almer (knee injury), A. Grunwald (injury), F. Klein (injury), C. Martschinko (knee injury), H. Westermann (knee injury), A. Borkovic (doubtful),上海夜生活 V. Demaku (doubtful)

AEK Athens: J. Johansson (knee injury), P. Mantalos (knee injury), U. Cosic (doubtful), K. Lamropoulos (doubtful), A. Traustason (doubtful), A. Vlachomitros (doubtful).

Lingard wants to make sure that Manchester will be red

The Manchester United youngster, Jesse Lingard, tried to boost the confidence of his side before the upcoming derby clash against Manchester City by saying that the city has to be red after that fixture.

The young winger insisted that he can’t see any reason why his Red Devils can’t beat the league leaders at home and start chasing them – the Citizens are now eight points ahead of their rivals but the title race is still far from being over. Jesse Lingard seems to be highly motivated for that clash and he wants to do his best to help his side in their effo上海夜生活rt to minimize the deficit in the Premier League table.

The Englishman spoke about the upcoming game as he said, according to Goal: “I am confident. It’s two great teams going out there and you don’t know what the game is going to be like. It might be a battle; it might not be pretty. But if we come out on top, it’s always good for the city of Manchester. We need to make sure that Manchester is red at the end of the day. Like us, they have lots of big players.”Solskjaer “very pleased” after another failure to win George Patchias – Ole Gunnar Solskjaer said he was “very pleased,” even though United failed to win yet again.It is now ten games on the road since…

He added that Manchester City are very strong and he pointed out two specific key players: “When [Kevin] De Bruyne’s on the ball, he’s always got that eye for a killer pass that can put a player one-on-one with the keeper, and Raheem Sterling’s been popping up with the late goals.”

In the end, Jesse Lingard claimed that he will forget his friendships with the opposition players for these 90 minutes: “You know quite a lot of them [City’s Academy players] growing up, and through the England set-up as well. I’m good friends with Raheem [Sterling] off the pitch. But when you’re on the pitch, there are no friends and we’re there to do a job and win the game.”

Preview: Inter – Atalanta

Inter are fourth in Serie A, five points behind leaders Napoli and they will be looking to close the gap today, as they host 10th-placed Atalanta.

Flashscore presents the key facts before the match:

Sunday’s late game features 2 sides with different aspirations this season. Atalanta will be looking to improve on their current 10th place standing (16pts) in their quest to qualify for Europe again, w上海夜生活论坛hile 3rd placed Inter (30 pts) are having their best season in many years and can once again dream of Scudetto glory. These sides first met in Serie A in the 1937/38 season.

Inter are unbeaten in Serie A this season and have undoubtedly benefited from a lack of European football. Inter have scored at least 1 goal in all but one of their 12 games this season, and that game was a 0-0 away to league leaders Napoli.

Mauro Icardi has been in fine form for Inter this season, racking up 11 goals (joint 2nd in Serie A), although he has failed to score in his last 2 games. He actually scored a 10-minute hattrick last season against Atalanta in a 7-1 romp.

Inter drew their last game 1-1 at home to Torino, but the last time they drew 2 consecutive home games was back in April ’15 (part of a 3-game streak) – a run of 48 games.

The team from the San Siro top the corner charts in Serie A with an average of 12.83 corners per game, which is also the second highest in Europe’s major leagues.Report: Lukaku out of Barcelona game George Patchias – Romelu Lukaku has been ruled out of Inter Milan’s game against Barcelona at the Camp Nou.Inter Milan face Barcelona tomorrow evening at the Camp…

Atalanta are playing European football for the first time in 27 years this season and currently sit top of their Europa League group. They have an important game away at Everton on Thursday and their Serie A form (no win in the last 2) has undoubtedly suffered due to their focus on Europe.

Along with Chievo, Atalanta have a symmetrical record of 4 wins, 4 draws and 4 defeats this season. They are yet to win away this season (D2 L3) and have lost on their last 3 visits to Inter.

On balance, you are more likely to see second-half goals in this game. Both teams have scored 9 goals in the first half of their Serie A matches this season. Inter have gone on to score another 14 in the second half of their games while Atalanta have managed 10.

Missing players

Inter: Z. Vanheusden (knee injury), A. Pinamonti (doubtful).

Atalanta: R. Freuler (red card), L. Spinazzola (muscle injury), J. Schmidt (doubtful).

Griezmann: “I don’t regret staying in Madrid”

Antoine Griezmann has been struggling to perform properly this season so far but when asked whether he regrets not leaving Atletico or not, he insisted that he is still happy in Madrid and not thinking about leaving this winter.

The Frenchman has been constantly linked with a move away from Diego Simeone’s side, who are 10 points off La Liga leaders Barcelona and are on the brink of exiting the Champions League at the group stages, according to Sky Sports. Barcelona and Manchester United are said to be heavily interested in signing the Frenchman but the situation still remains unclear.

The former Real Sociedad player spoke about his situation as he said: “I do not regret having stayed at Atletico. It was my choice, I am happy with my choice, even though I have gone seven games without scoring. I will score again soon. In addition, Diego Costa and Vitolo will come, so we’ll try to keep the team high enough. These two reinforcements will do us good. An exit agreement? I did not speak about that with the president.”Joao Felix keeps making history with Atletico Madrid Tomás Pavel Ibarra Meda – After yet another stellar performance with Atletico Madrid, Joao Felix made history after scoring his first goal vs Lokomotiv.Atletico Madrid had a complicated visit…

He also made a comment on the rumours connecting him with Manchester United: “I didn’t express myself very well. It’s like the other day, with the game “Yes or No”, when they asked me: ‘Would you like to play with Mbappe and Neymar?’ I answered yes but that does not mean that I want to go to PSG.”

In the end, Antoine Griezmann added: “I’m happy with all my performances with the national team but with only two or three Atletico matches. I have to improve and find my best form. It depends on me, how I train and work. There are games where I 上海夜生活don’t even get one shot on target and that’s my problem. I have to work to take the team to the top.”

Madrid: A change in formation

Real Madrid are trying to find a way to end their struggles, and the coachg staff are looking into a possible change in formation

The coaching team of Real Madrid are desperately searching for a solution to the current crisis at the club that includes back-to-back defeats, MARCA reports.

Madrid head coach Zinedine Zidane, assisted by David Bettoni and Lluis Lopis are trying to find a medicine for Real’s sickness.

They want to get their team back on track as Los Blancos suffer from poor form besides having tactical concerns, leaving open spaces for rivals to attack.

The solution that seems the easiest maybe would be to return to a 4-3-3 formation, one that fans could see in action, until Zidane could use it, with Gareth Bale being a key player in it.

Since the Welsh winger’s constant injuries however, Madrid changed to a 4-4-2, where Isco’s excellence could be used for their advantage.

The question is whether Zidane will change tactics against Las Palmas on Sunday, or will he wait until the next international break? It’s hard to tell, as Madrid is in desperate need of a redemption, but Bale is expected to return after the break, which could force the French manager to change his tactics once again.Wijnaldum looking to repeat Champions League success Nedim Maric – Liverpool are the reigning winners of the Champions League. However, this isn’t stopping them for aiming to get the glory once again.After a perfect…

It’s also possible that Zidane will look to revive the width of the side which has disappeared since Isco pla上海夜网ying centrally behind Ronaldo as a traditional centre forward in the middle, without drifting to the left.

This would allow Cristiano Ronaldo to find more space out wide just like he did most of his career, and hopefully rediscover his form.

Los Blancos have quite a few options to switch to a 4-3-3 even without Bale. Besides Ronaldo playing on the left wing and Benzema being the centre-forward, the right side could be occupied by Lucas Vasquez or Marcos Asensio, giving Madrid the width it requires.

It’s interesting to see that throughout the season, Los Blancos have always switched formations during the game. In fact, they often changed to a completely different one than what they have started with.

In their last two defeats, against Girona and Tottenham for example, the defense has ended the game with three actual defenders, and their full-backs played more like wing-backs.

Whatever the coaching team decides, they better get Los Blancos back to winning ways, as they are already behind Barcelona by 8 points.

Hodgson knows that just the spirit is not enough

It’s going to be a very difficult task to save Crystal Palace and everybody knows it – and their coach, Ryan Hodgson, is sure that his team will need much more than just the spirit as they have to show also a quality.

Just four points after ten games – what a terrible record for Hodgson’s side. The experienced Englishman improved the results of his side after his arrival but it’s not enough as his Crystal Palace are about to face Tottenham this weekend and it’s going to be really difficult – the Spurs beat Real Madrid this week and they are in a good shape.

Hodgson spoke about his team’s attitude before the upcoming match as he said, according to Sky Sports: “I’ve not seen any signs of a lack of fighting spirit even from the moment I was appointed, and I don’t think from what I have seen from the training sessions that there is any lack of desire on the part of the players to give their absolute all to help the club get out of the situation it finds itself in.”Wijnaldu上海夜生活m looking to repeat Champions League success Nedim Maric – Liverpool are the reigning winners of the Champions League. However, this isn’t stopping them for aiming to get the glory once again.After a perfect…

But he knows that it’s not enough and they have to improve a lot in other aspects: “But unfortunately fighting spirit alone is not enough. You have got to play some good football along the way, you have got to defend well and you have got to attack well. They are the things that the players, in my opinion at least, are trying to do in their everyday training sessions.”

The former Liverpool coach also praised Wilfried Zaha for his contribution after coming back from injury: “The players that get singled out are at the business end of the field, the goalkeepers at one end and the centre-forwards at the other. The goal scorers are always going to be the ones that people talk about and I’m more than happy to do that. Since Wilf Zaha has been in back in training and back playing for us he has added something to our team. He has given us another dimension, another possibility.”

Ballon d’Or shortlist announced

The list of nominees for the prestigious award has been announced throughout the day.

France Football, the publication that awards the trophy has already announced the 30 names on the shortlist for this year’s award. The Ballon d’Or trophy was previously affiliated with FIFA, for the period 2010 to 2015, but since then, it has returned to the French publication.

For the past nine years, either Lionel Messi or Cristiano Ronaldo have picked up the trophy. Ronaldo won his fourth Ballon d’Or last year and therefore moved just one behind Messi. The odds are favouring the Portuguese to equal the record of Messi and win his fifth this year.Top 5 most incredible snubs from football awards in 2019 Tomás Pavel Ibarra Meda – Even though award season still hasn’t finished, we need to talk about the Top 5 most incredible snubs from football in 2019.Every year we…

After FIFA and France Football ended their collaboration in 2015, the trophy is now awarded based solely o上海夜生活n the votes of a panel of journalists, who will have to choose between the 30 finalists.

The 30 names shortlisted for the Ballon d’Or 2017 are:

Pierre-Emerick Aubameyang (Borussia Dortmund) Karim Benzema (Real Madrid) Gianluigi Buffon (Juventus) Edinson Cavani (PSG) Philippe Coutinho (Liverpool) Kevin De Bruyne (Man City) David de Gea (Man Utd) Paulo Dybala (Juventus) Edin Dzeko (Roma) Radamel Falcao (Monaco) Antoine Griezmann (Atletico Madrid) Mats Hummels (Bayern Munich) Harry Kane (Tottenham) N’Golo Kante (Chelsea) Toni Kroos (Real Madrid) Robert Lewandowski (Bayern Munich) Sadio Mane (Liverpool) Marcelo (Real Madrid) Dries Mertens (Napoli) Lionel Messi (Barcelona) Luka Modric (Real Madrid) Neymar (PSG) Jan Oblak (Atletico Madrid) Sergio Ramos (Real Madrid) Luis Suarez (Barcelona) Eden Hazard (Chelsea) Cristiano Ronaldo (Real Madrid) Leonardo Bonucci (AC Milan) Kylian Mbappe (PSG) Isco (Real Madrid)

Frustrated Sanchez lashes out at the press

The Chilean was having none of it following  a huge blow on his country’s chances to qualify for the 2018 World Cup.

Alexis Sanchez was highly upset with journalists following Chile’s 1-0 defeat to Bolivia in South America’s qualifiers for the World Cup.

The Arsenal player has had a horrible summer after his desired move to Manchester City fell apart and now Chile has suffered to defeats, which significantly lowers their chances of making it to Russia next year. The 28-year-old took it to social media to express his frustration with the situation.

“And there comes the time when you get tired,” he said on Instagram.

“You get tired when you are criticised with or without reason, you get tired when people want to see you defeated.Antonio Conte determined to find Alexis Sanchez’s brilliance Andrew Smyth – Antonio Conte is on a mission to help Alexis Sanchez rediscover his old brilliance, and promised the Inter Milan loanee more game time.

“You get tired to tell yourself ‘I will get up again’ after crying about a defeat, and you get tired telling the world and the people that are with you that everything is okay.

“And the worst thing is, no one ever realises how that makes you feel… I have Chile’s number 7 and it is a huge responsib上海夜生活网ility, that’s why it is a shame that journalists and bad people criticise without knowing.”

Wenger expects professionalism from his players

The Frenchman does not think he faces a major problem at Arsenal, with a number of first-team players entering the final year of their contracts.

Alexis Sanchez and Mesut Özil are still to renew their contracts, while Alex Oxlade-Chamberlain, Santi Cazorla, Jack Wilshere and Kieran Gibbs are also entering the last 12 months of their deals.

“I think it is an ideal situation. When you are a football player you perform until the last days of your contract.” – Wenger said, following Arsenal’s 1-2 loss to Sevilla, according to Sky Sports.

“I think the performance on the day does not depend on the length of the contract, if that was true we would sign everyone for 20 years and be happy.”Arsenal urged to sign Napoli star Kalidou Koulibaly Andrew Smyth – Emmanuel Frimpong has urged Arsenal to target Napoli centre-back Kalidou Koulibaly in order to finally solve their defensive woes.

The French manager also stated that more and more players will start seeing out their contracts in their respective clubs due to the transfer market situation.

“In the future, I think you will se上海夜生活网e more often players going to the end of their contracts,” Wenger said.

“Why? Because transfers are becoming so high even for normal players that you will see more players going to the end of their contracts because no-one is going to want to pay what is demanded.

I’m convinced in the next 10 years that will become usual.”

Inter to go shopping in Barcelona

Inter’s new Chinese management is not messing around. They have not given up on Diego Simeone and are now planning a bid for one of Barcelona’s stars.Written by Cosmin Mihalescu. April 29, 2017.

The new Internazionale Milano project is coming to life, and t上海夜生活heir Chinese management is setting ambitious targets for the summer transfer window.

Their latest target is Barcelona’s midfielder, Arda Turan. The Turkish press has announced that the capital infusion aims to build a strong team at Giuseppe Meazza. Having had their initial approach of Diego Simeone refused by the manager, Inter are now looking to show the Argentinian that they really mean business and are ready to offer him a strong squad.Inter Milan V Lazio: Players to Watch Taimoor Khan – Inter Milan are set to host Lazio at the San Siro on Thursday and the game is definitely going to be an exciting affair…

Arda Turan was highly appreciated during his time at Vicente Calderon, while playing under Simeone. And is now considered the perfect foundation to paving the way for great things in the future. Although no official bid has been made yet, the €30m-rated midfielder will be approached in the following days.

Barcelona have paid €34m to Atletico for Turan’s transfer in 2015, who was unavailable for selection for a period of six-months, due to Barcelona’s UEFA ban of registering new players.

Arda Turan has won three trophies with Barcelona: La Liga title (2016), Spanish Cup (2016) and Spanish SuperCup (2016). He had his debut for the Turkish national team in 2006, and he has since then played 96 times, scoring 17 goals.

Julian Brandt: A future Ballon d\u2019Or winner?

The young Bayer Leverkusen star Julian Brandt is predicted a massive future, and seems like a obvious bid as a future winner of the Ballon d’Or.Written by Jonas Porsborg. May 3, 2017

He’s maybe not a rising star anymore, but in record time Julian Brandt has made a name in the world of football, as one of the best attacking midfielders of his age. Again this season the 21-year-old has impressed Leverkusen and the Bundesliga, by performing outstanding games for the Leverkusen-side who’s been struggling to follow Bayern Munich and Borussia Dortmund in the top of the league.

Julian Brandt has played impressive 92 games for Leverkusen at the age of just 21 (he had his birthday just yesterday!), and has already scored 18 goals. Brandt also made it to the UEFA Euro 2016 and was a part of the German squad scoring silver medals at the Olympics 2016.Inter Milan V Lazio: Players to Watch Taimoor Khan – Inter Milan are set to host Lazio at the San Siro on Thursday and the game is definitely going to be an exciting affair…

Of course there are long list of suitors for the future Ballon d’Or, bu上海夜生活t Julian Brandt seems like an obvious candidate to lift the trophy. Then he would follow the steps of Lionel Messi and Cristiano Ronaldo, who has won the trophy the last seven years.

In other words Julian Brandt are maybe heading for the finest company, and time will tell if the German international will step up on the highest throne in the world of football.

Warren Buffett’s charity lunch postponed after cryptocurrency…

NEW YORK/HONG KONG ( ) – Chinese cryptocurrency entrepreneur Justin Sun postponed his $4.57 million charity lunch with Warren Buffett after falling ill with kidney stones, according to a statement from a foundation he backs.

Sun had been scheduled to dine with Buffett on July 25 at the Michelin-starred Quince restaurant in San Francisco after he won an auction to benefit Glide, a charity in the city.

Sun’s Tron Foundation said all parties have agreed to reschedule the lunch. Buffett’s assistant did not immediately respond to a request for comment.

Buffett, the billionaire chairman of Berkshire Hathaway Inc (BRKa.N), has long been a skeptic of cryptocurrency.

He once called bitcoin “probably rat poison squared,” and at Berkshire’s annual meeting in May likened wagering on bitcoin to betting on zero or double-zero on a Las Vegasroulette wheel.

Sun had said that he hoped dining with Buffett would “bridge the gap between institutional and traditional investors and the realm of cryptocurrency and blockchain technology.” Buffett has raised about $34.2 million for Glide, a charity that serves the poor, homeless and those battling substance abuse, in 20 annual auctions since 2000. Glide said on Tuesday it has received Sun’s entire donation.

Sun on Tuesday denied a Chinese media report suggesting he engaged in improper activities in China.

He wrote on his Weibo social media account that rumors circulating online about illegal fundraising and about money laundering were untrue, and that Singapore-based Tron complied with local laws there.

Later on Wednesday, he said a report by Chinese financial magazine Caixin, stating he had been barred from 上海夜生活网foreign travel by Chinese authorities, was “completely false”.

Tron launched its TRX token in 2017, raising about $70 million in an initial coin offering, and acquired San Francisco-based BitTorrent for $120 million last year. It has said its goal is to establish a decentralized internet.

Tron’s cryptocurrency was down 11.2% on Tuesday afternoon, according to the website CoinMarketCap.com, giving it a value of about $1.68 billion.

Unilever second-quarter sales slip as wet weather hits Europe

( ) – Consumer goods giant Unilever Plc (ULVR.L) UNc.AS reported slightly weaker-than-expected quarterly underlying sales growth on Thursday, hit by wet weather in Europe and moderating growth in India, but kep上海夜生活网t its full-year sales target intact.

The company said it continues to expect full-year underlying sales growth to be in the lower half of its multi-year 3% to 5% target range and operating margin to reach 20% in 2020.

Unilever’s shares were down 1.1% in morning trade, compared to the broader FTSE 100 index .FTSE, which was flat.

The maker of Dove soap and Ben & Jerry’s ice cream said underlying sales rose 3.5% in the second quarter, but that missed analysts’ average forecasts for a 3.7% rise, according to a company-supplied consensus.

Wet weather in Europe dampened ice-cream sales following two straight seasons of hot summers, while growth in India slowed again as a late monsoon season and lower food inflation weakened rural demand.

“It seems a bit ironic with (Europe) being at super record temperatures right now, but in the quarter we are reporting, it was quite negative,” Unilever’s chief financial officer said on an earnings call with media.

Average rainfall across 12 European cities was three times higher in April and May than the prior year, while average hours of sunshine were down between 9% and 25% in the same two months, a Jefferies analysis showed.

Ice cream makes up 13% of Unilever’s group sales and about 20% of its European sales annually. In the second quarter that rises to 30% or about 1 billion pounds ($1.25 billion) in sales, Jefferies analyst Martin Deboo said in a pre-earnings note.

Growth mainly came from emerging markets, where the company continued to win volume share in places like Indonesia and the Philippines, even though sales in India decelerated to 7% in the second quarter from 9% in the previous three months.

Underlying sales in emerging markets rose 7.4% in the quarter, while they fell 1.6% in developed markets. Emerging markets contribute 60% to Unilever’s overall sales.

Turnover inched lower to 13.7 billion euros ($15.25 billion).

“Unilever themselves describe their markets as mixed, and most investors will look at these numbers as something of a curate’s egg,” said Steve Clayton, manager of the HL Select funds, which holds a position in Unilever.

Warren Buffett charity lunch in limbo after crypto promoter issues…

SHANGHAI ( ) – Chinese cryptocurrency entrepreneur Justin Sun issue上海夜生活论坛d a lengthy public apology on Thursday for the manner in which he promoted his $4.57 million charity lunch with Warren Buffett, raising questions over whether the event will go ahead.

The 29-year-old was scheduled to dine with the American billionaire investor on July 25 in San Francisco after winning an annual auction. He said he hoped the meal would “bridge the gap between institutional and traditional investors and the realm of cryptocurrency and blockchain technology.”

He aggressively promoted the lunch on social media only to postpone it earlier this week, saying he had fallen ill with kidney stones.

Such high-profile events are unusual in China’s cryptocurrency industry which has been under heavy regulatory scrutiny for the past two years. Authorities have warned about speculation risk and banned initial coin offerings, prompting many industry players to keep a low profile.

Amid the publicity surrounding the event, reports in Chinese media suggested Sun’s businesses were involved in illegal activities and that he had been barred from foreign travel. Sun denied all allegations.

In Sun’s Thursday statement posted on his Weibo microblog account, he said he had been immature and “over-marketed” himself, and that his original good intentions to arrange the lunch with Buffett had resulted in unexpected consequences that led him to neglect his social and public responsibilities.

“This has resulted in a bad influence on the public, and incited the worries of the regulatory bodies which care for me,” he said.

He did not specify what prompted the apology, nor did he state when or whether the lunch will be rescheduled.

Sun’s company, the Tron Foundation, did not respond to a request for comment. U.S. investment firm Berkshire Hathaway Inc (BRKa.N), which Warren Buffett chairs, did not respond to a request for comment outside regular business hours.

Buffett offered the lunch by auction to raise money for anti-poverty charity Glide, which has said it has received Sun’s donation.

Sun said he would actively cooperate with regulatory agencies to discuss his businesses’ structure and plans, and that he places great importance on financial stability and curbing risk.

His Weibo post was one of the top trending topics on the microblogging site, attracting over 3,800 comments.

Big ax falls as Deutsche Bank to lay off 18,000 in $8.3 billion…

FRANKFURT/SYDNEY/HONG KONG/NEW YORK ( ) – Deutsche Bank laid off staff from Sydney to New York on Monday as it began to slash 18,000 jobs in a 7.4 billion euro ($8.3 billion) “reinvention” that will lead to yet another annual loss, a plan that knocked its already battered shares.

Germany’s largest lender said on Sunday it will scrap its global equities unit and cut some fixed-income operations in a retreat from a long-held ambition to make its struggling investment bank, with 38,000 staff, a force on Wall Street. Deutsche Bank has almost 91,500 staff around the world.

(GRAPHIC: Deutsche Bank in numbers – tmsnrt.rs/2Jow9hq )

Its shares erased early gains and closed down 5.4% in Frankfurt after its finance chief flagged “significant uncertainty” over breaking even in 2020. Its bonds also fell. U.S.-listed shares dropped 6.1%.

Some analysts were skeptical that the bank could grow future earnings quickly enough to reach a new target to achieve a return on tangible equity of 8% by 2022, compared with a negative return last year.

“The question of where the real earnings power will come from for Deutsche Bank going forward has not been answered,” said David Hendler, an independent analyst at New York-based Viola Risk Advisors. “It’s doubtful whether they will be able to build a better bank in just three years.”

Ratings agency Fitch said that the bank’s future credit rating will depend on how successfully it executes the plan. Fitch downgraded the bank to “BBB” status, the lowest investment-grade status, just last month.

“The restructuring measures involve large staff cuts and significant leadership changes, which could disrupt the aim to improve core earnings,” it said in a note published Monday.

Rating agency Moody’s said there were “significant challenges” to executing the plan swiftly, adding it would keep its negative outlook.

“It’s a risky maneuver, but if it succeeds, it has the potential to bring the bank back on course,” said a person close to one of the top 10 shareholders.

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JP Morgan analysts called the plan “bold and for the first time not half-baked” but questioned the credibility of execution, revenue growth and employee motivation.

The bank said on Sunday that it would not need to raise capital to initiate the cuts, which will result in it making a loss of 2.8 billion euros in the second quarter. It will not pay a dividend either this year or next.

Hundreds of employees at the bank’s Wall Street office were summoned to the building’s cafeteria on Monday morning to learn their fates, sources within the bank told . During one-to-one meetings with management and human resources, they were told they were being laid off and informed of their severance terms, the sources said.

Deutsche Bank had been one of the few European banks to maintain a significant presence in the United States after the 2007-2009 financial cri上海夜生活sis. However, it has struggled to compete with U.S. rivals, hampered by regulatory investigations and litigation.

REINVENTING THE BANK

The United States had been seen as a likely focus of the cuts although the bank maintained it wants to keep a significant presence, in part to service European corporate clients doing business in the country. However, some shareholders have pushed for a full U.S. retreat.

Deutsche Bank said it remained committed to the United States, its second-biggest market.

“We will retain a significant presence here and remain a close partner to our U.S. clients and to international institutions that want to access the U.S. market,” it said in a statement.

In London, where hundreds of job cuts were expected, Chief Executive Officer Christian Sewing said he was “reinventing” the bank, which is expected to post a loss this year. That would put it in the red for four of the past five years after a series of damaging setbacks.

Founded in 1870, Deutsche Bank has long been a major source of finance and advice for German companies seeking to expand abroad or raise money through the bond or equity markets.

Big cuts to its investment bank reverse a decades-long expansion that began with its purchase of Morgan Grenfell in London in 1989 and continued a decade later with a takeover of Bankers Trust in the United States.

The investment bank generated about one-half of Deutsche Bank’s revenues but is also volatile. CEO Sewing, who flagged the restructuring in May after a failed merger attempt with Commerzbank, wants to focus on more stable sources of revenue.

“We are creating a bank that will be more profitable, leaner, more innovative and more resilient,” Sewing wrote in a note to staff on Sunday.

As part of the overhaul, Deutsche Bank will set up a so-called “bad bank” to wind down unwanted assets, with 74 billion euros ($83 billion) of risk-weighted assets.

‘PRETTY GLOOMY’

Deutsche Bank did not give details on the job cuts, but said they would be spread around the globe, including in Germany.

In Sydney, Hong Kong and elsewhere in the Asia-Pacific region, where Deutsche Bank used to rank among the top 10 in league tables for equity capital market (ECM) deals, several bankers said entire teams in sales and trading were going.

Deutsche Bank’s Asia-Pacific head of ECM, Jason Cox, left, and ECM teams were disbanded in Japan, Australia and most of Asia, people with direct knowledge of matter said, adding that only a few syndicate bankers, including those working on current deals, will remain.

Deutsche Bank had slipped in recent years in Asia, hitting 17th last year and 18th in 2019, Refinitiv data showed. So far this year, it ranks 8th regionally for merger-and-acquisition activity.

“The new investment bank will be smaller but more resilient, with a focus on our financing, capital markets, advisory services and sales and trading businesses,” Asia-Pacific CEO Werner Steinmueller said in a staff memo.

One laid-off equities trader in Hong Kong said the mood was “pretty gloomy” as people were called into meetings. “They give you this packet and you are out of the building,” he said.

Several workers left offices holding envelopes with the bank’s logo. Three employees took a picture of themselves beside a Deutsche Bank sign outside, hugged and then hailed a taxi.

“If you have a job for me, please let me know. But do not ask questions,” said one Deutsche employee.

One senior banker, still with a job, questioned how well the slimmed-down franchise in Asia would compete.

“Will clients stick with us, or is the game over?”