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Businesses cry out for Brexit clarity, warn of no-deal chaos

LONDON ( ) – Business leaders in Britain and beyond warned on Wednesday of catastrophic job losses and chaos at ports if the country does not agree a European Union withdrawal, turning up the heat on politicians to deliver clarity.

A Brexit agreement that would have secured tariff-free trade and safeguarded just-in-time cross-border supply chains was rejected by lawmakers on Tuesday, leaving Britain at risk of leaving the bloc on March 29 without a framework.

From Channel Tunnel operator Eurotunnel to Scottish whisky distillers, firms called for urgent and decisiv,上海高端夜生活在那里Caitlin,e government action and warned of the consequences of a no-deal Brexit.

“Ford continues to view a no-deal exit as the least likely outcome given how damaging it would be, but we recognize the situation is highly uncertain after yesterday’s vote,” the U.S. carmaker’s Chief Financial Officer Bob Shanks said.

“We are urging the U.K. government and parliament to work together to avoid the country leaving the EU on a no-deal, hard-Brexit basis … Such a situation would be catastrophic for the U.K. auto industry and for Ford’s manufacturing operations in the country,” Shanks added.

Volkswagen said in an emailed response to a question about its plans that its UK business has made additional provision for the stocking of new vehicles at and close to its import centers and has also made increased provision for the stocking of parts.

TAILBACKS

British Prime Minister Theresa May must now speak to senior parliamentarians to find a compromise that would avoid a no-deal Brexit or consider another referendum on EU membership.

The opposition Labour party’s finance minister-in-waiting, John McDonnell, said May could eventually get a deal through parliament if she negotiated a compromise with his party.

However, a disorderly Brexit would plunge Britain into recession for at least two years and lop a half percentage point off economic output for the rest of the EU, Deutsche Bank Chief Executive Christian Sewing said.

And freight and logistics firms predicted border chaos, with Jens Bjor上海夜生活网n Andersen, head of Danish freight company DSV, saying customs checks on every truck crossing the English Channel could lead to 80 mile (130 km) tailbacks.

Dover handles 17 percent of the United Kingdom’s goods trade, with up to 10,000 trucks a day passing through with everything from food to medicines.

Logistics giant Deutsche Post said it had opened an office in the English port of Southampton and had 450 customs specialists advising clients in case of problems at Dover.

Without clarity on Britain’s next steps, it cannot put any of its contingency plans in place, Deutsche Post, which employs 54,000 people in Britain, said.

“We are relying on a decision by the United Kingdom”.

Germany’s chemical and pharmaceutical industry association (VCI) called for interim solutions, in particular to ensure the supply of medicines.

“A disorderly Brexit would create such a complex situation that it is impossible for companies to prepare for all eventualities,” VCI Managing Director Utz Tillmann said.

Belgium’s finance minister told Belgian companies to step up their plans, with figures showing only one in five ready for the customs arrangements that could apply for trade with Britain.

LTO Nederland, representing Dutch farmers and agricultural producers who export goods worth more than 8 billion euros (,上海夜玩网论坛Gabriella,$9 billion) a year, said unhindered trade was crucial and called on the Dutch government to offer practical solutions.

Its members were discussing with customers and partners how best to prepare and “spread the pain over the chain”.

‘CLOUD CUCKOO LAND’

“Whether it be manufacturing, agriculture or services, across the piste we rely on trade. We don’t have a massive domestic economy. The reason a no-deal Brexit is so scary is because tariffs on everything are highly punitive under WTO (World Trade Organization) rules,” said Andrew Jackson, head of fixed income at fund manager Hermes Investment Management.

John Allan, president of the Confederation of British Industry and chairman of supermarket group Tesco, told BBC Radio that those thinking they could renegotiate EU trade relations from scratch were living in “cloud cuckoo land”.

Related CoverageCarmaker JLR urges UK lawmakers to prevent a no-deal BrexitAirbus says ministers signal optimism Britain will avoid ‘no-deal Brexit’See more stories

Swiss ground services and cargo handling business Swissport Group said a disorderly Brexit could further tighten Britain’s labor market, which has alre,上海夜哪里艳遇Ida,ady seen fewer EU candidates entering since the 2016 referendum, with a workforce shortage driving up labor costs in some parts by as much as 10 percent.

British share prices were spared heavy losses as analysts said the risks of further deadlock were already priced in and some bank stocks even gained slightly, suggesting optimism for a parliamentary compromise some investors such as David Roberts, co-manager on the Liontrust Strategic Bond fund, said.

“There is still a long way to go, but hopes of a mutually beneficial solution are growing,” he said.

South Korea to combine world’s two biggest shipbuilders in $2…

SEOUL ( ) – Hyundai,上海夜生活怎么玩Kade, Heavy Industries, the world’s biggest shipbuilding group, has announ,上海夜生活网交流Quay,ced a share swap deal worth 2.1 trillion won ($1.98 billion) to take over second-ranked Daewoo and create a global heavyweight controlling over 20 percent of the market.

The move comes as the worldwide shipbuilding sector recovers from a global economic downturn that led to massive losses, widespread job cuts and, in 2017, the $2.6 billion bailout of South Korea’s Daewoo Shipbuilding & Marine Engineering Co Ltd.

State-funded Korea Development Bank (KDB) owns 55.7 percent of Daewoo, and has said it intends to sell the stake and consolidate the country’s three biggest shipbuilders – which includes Samsung Heavy Industries Co Ltd – into two.

The combination of two of the giant shipbuilders would ease competition and excess capacity, which have depressed ship prices, KDB Chairman Lee Dong-gull said at a news conference.

The deal will “raise the fundamental competitiveness of Daewoo, at a time when the threat from latecomers in China and Singapore is growing,” Lee said on Thursday.

Hyundai and Daewoo hold a combined market share of 21.2 percent, followed by Japan’s Imabari Shipbuilding with a 6.6 percent, showed data from Clarksons Research.,上海夜生活去哪玩Hadleigh,

Lee said it will take several months to gain approval from antitrust regulators from related countries. He said the size of the resulting entity’s market share would not be detrimental to the interests of customers.

Daewoo will also receive liquidity support of 2.5 trillion won ($2.25 billion) from KDB and Hyundai, Hyundai said in a stock exchange filing.

Related CoverageSouth Korea’s KDB signs conditional deal with Hyundai Heavy over Daewoo stake sale

KDB also said it would approach Samsung Heavy to gauge any interest in taking over Daewoo.

A Samsung Heavy spo上海夜生活kesman said it has received a proposal from KDB and that it needs to review the matter.

Daewoo shares rose as much as 22 percent on Thursday, before ending up 2.5 percent. Those of Hyundai Heavy Industries Holdings Co Ltd and unit Hyundai Heavy Industries Co Ltd fell about 4 percent on concern about a high purchase price, analysts said.

Meanwhile, Samsung Heavy shares ended up 2.5 percent, as investor concerns of it bidding for Daewoo eased.

“Consolidation is good for the industry, but not for the company which buys the stake,” said analyst Um Kyung-a at Shinyoung Securities, citing overlapping businesses between Hyundai and Daewoo.

The shipbuilding industry accounts for 7 percent of both exports and employment in Asia’s fourth-biggest economy.

Hyundai Heavy’s workers’ union said it will delay a vote on last year’s wage deal in protest of a purchase it says could threaten job security. It said it would be “angered” if the shipbuilder plowed money into buying another big firm having released workers after reporting losses and shrinking orders.

KDB’s Lee ruled out any job cuts after the combination.

Hyundai’s holding company is set to raise funds for acquisitions through the sale of part of its stake in refiner Hyundai Oilbank Co Ltd to Saudi Aramco for up to 1.8 trillion won.

($1 = 1,112.3800 won)

U.S. auto sales seen down in January: J.D. Power, LMC

( ) – U.S. auto sales in January are expected to fall about 1 percent from the same month in 2018, partly due to uncertainty around government shutdown causing some customers to delay purchases, according to industry consultants J.D. Power and LMC Automotive.

Total vehicle sales in January are estimated to be about 1,141,300 vehicles, t,夜上海419龙凤论坛Kaia,he consultancies said on Tuesday.

“In addition to the disruption from inclement weather, the uncertainty of the government shutdown also caused some customers to delay their purchases,” said Thomas King, senior vice-president of the data and analytics division at J.D. Power.

Retail sales are expected to fall 2.4 percent to 864,300 vehicles in January, while the overall total seasonally adjusted annualized rate for vehicles is expected to be about 16.8 million vehicles, down 2.3 percent from a year ago.

This would be the third consecutive year where retail sales are expected to show declines at the start of the year, according to the consultancies.

The average transaction price, however, is expected to be about $33,285 in January, compared with the previous high of $32,313 a year ago.

Incentive spending per unit in January is expected to be about $3,720, down from $3,856 during the same period a year ago, J.D. Power and LMC said.

The consultancies also forecast 2019 total light-vehicle sales to fall 1.9 percent to about 17 million vehicles, compare,上海021夜网Cadence,d to 2018.

The National Automobile Dealers Association (NADA) last month forecast a drop in new vehicle sales in 2019 cit,上海夜玩网论坛Dakota,ing highe上海夜生活论坛r interest rates and rising prices.

U.S. chipmakers may give clues on China hazard

SAN FRANCISCO ( ) – Intel Corp (INTC.O) operates mostly outside the Apple-sphere, and that is exactly why whatever it says next week about business in its vital Chinese market matters so much for investors.

Apple (AAPL.O) rattled global markets this month when the iPhone maker cut its revenue outlook for the first time in 15 years, blaming factors like the U.S.-China trade dispute and a slowdown in the Chinese economy.

Upcoming quarterly scorecards from Intel, Texas Instruments (TXN.O) and other chipmakers, as well as Ford Motor Co (F.N), will shed light on whether Apple made a convenient excuse for its own troubles or revealed a strengthening headwind faced by global companies that rely on China for a big chunk of their sales.

“They should give us a good gauge of what is happening in China beyond smartphones because Texas Instru上海夜网ments is mostly industrials and autos, and Intel is PCs and servers, and they’re not being driven by the Apple smartphone situation,” said Daniel Morgan, a portfolio manager at Synovus Trust Company in Atlanta.

Underscoring Wall Street’s sensitivity to China trade, the S&P 500 .SPX jumped 1.3 percent on Friday after a report that China has offered to go on a six-year buying spree to ramp up U.S. imports in order to reconfigure the relationship between the two countries. [.N]

U.S. stock markets will be closed on Monday for the Martin Luther King Jr. holiday.

China accounts for almost a quarter of Intel’s revenue, while modem chips for iPhones, the focus of recent concerns about Apple, account for just a tiny part of Intel’s business.

While most Intel processors sold in China are used to build laptops and servers for export, Chinese consumers and companies also purchase many of those devices.

With the tariff war already taking a toll on China’s trade sector and increasing the risk of a sharper slowdown in the world’s second largest economy, U.S. multinationals will face pressure to be cautious about their outlooks for 2019.

“Anyone doing business in China, especially if you are an American company – I don’t think you can come out with super-positive guidance,” said Stephen Massocca, Senior Vice President at Wedbush Securities in San Francisco.

Texas Instruments and programmable chipmaker Xilinx (XLNX.O), both reporting on Wednesday, and Intel, reporting,夜上海论坛Nadine, on Thursday, are among the S&P 500 companies most reliant on China for their revenue. Investors will listen closely to what those companies may say about how the China trade dispute and the country’s cooling economic expansion are affecting demand for their products.

Also on Wednesday, Ford’s quarterly report will give investors a glimpse of the automaker’s progress trying to reverse a sales slump in China, the world’s biggest car market.

Other chipmakers and related companies reporting next week include ASML Holding (ASML.AS), Lam Research (LRCX.O), SK Hynix (000660.KS) and Western Digital (WDC.O).

LOWER EXPECTATIONS

Fears about the impact of the trade conflict on U.S. technology companies crystallized this month after Apple (AAPL.O) cut its sales forecast, blaming China’s economy.

Diminished expectations for chipmakers account for most of a recent steep drop in expectations for tech sector earnings growth in 2019, according to IBES data from Refinitiv.

In October, analysts on average forecast S&P 500 technology companies would increase their earnings per share by 8.5 percent in 2019, according to Refinitiv. But expectations for 2019 tech EPS growth have since withered to just 2.2 percent.

Still, many Silicon Valley companies remain in favor among investors. Technology was the third most recommended sector among 13 big research firms recently surveyed by , behind healthcare and financials.

With the S&P 500 recently trading at 15 times expected earnings, down from 18 times a year ago, a key argument for Wall Street bulls is that the stock market has become undervalued after December’s selloff. But if Apple’s warning about slow China demand is repeated by Intel, Texas Instruments and others, the S&P 500 may appear less of a bargain at current levels.

The Philadelphia Semiconductor Index .SOX is down about 15 percent from its high in March 2018, as chipmakers struggle with a cooling smartphone industry and slower demand for memory chips used in cars, industrial equipment and other markets.

While Wall Street,上海夜生活网419Kade, gained this month due to optimism that the trade dispute will be resolved, China for years has struggled to maintain its pace of economic growth. Even a quick end to the trade dispute would not guarantee a return to strong results from U.S. companies’ China operations.

“Trade may be pointed to as a reason for issues with input costs or weakness in sales, but I think that just as important is the fact that the economy in China is slowing, and they are incremental buyers for both semiconductors and cars,” said Patrick Palfrey, an earnings analyst at Credit Suisse.

In Intel’s October quarterly conference call, Interim Chief Executive Bob Swan said the company was working to reduce the impact on its supply chain from potential new tariffs.

Analysts, on average, expect Intel to report fourth-quarter revenue up 11 percent to $19 billion, and to forecast 2019 revenue will rise 3 percent to $73.2 billion, according to Refinitiv.

Analysts expect Texas Instruments to grow net income by 10 percent in the December quarter then shrink in 2019, ,夜上海419龙凤论坛Larissa,according to Refinitiv.

Senator Collins says undecided on final tax bill vote

WASHINGTON ( ) – Republican U.S. Senator Susan Collins, whose support was crucial in passing the Senate tax reform bill earlier this month, said on Sunday she has not yet decided whether she will back the final measure negotiated by House and Senate leaders.

上海夜网

The moderate Republican from Maine has laid out conditions for her support of a final “conference committee” version of the tax proposal. They include assurances that federal Medicare payments will not be cut and that Republicans will support two separate health care bills aimed at reducing premium costs.

Republican Senate leaders worked hard to get Collins’ support for the legislation, the largest change to U.S. tax laws since the 1980s that would ,上海夜生活乌托邦Fabian,slash the corporate tax rate.

The bill would lower the rate to as low as 20 percent, which Republican leaders say would encourage U.S. companies to invest more and boost economic growth. Democrats say the proposed cuts are a giveaway to businesses and the rich, financed with billions of dollars in taxpayer debt.

Collins’ vote was important since the Senate approved the bill by 51-49 vote after an 11th-hour scramble. With,上海夜网邀请码Easton, Republican Senator Bob Corker voting against the bill, there is little margin for losing support.

“I’m going to look at what comes out of the conference committee meeting to reconcile the differences between the Senate and House bill. So I won’t make a final decision until I see what that package is,” she said on the CBS “Face the Nation” program on Sunday.

If Collins and Corker vote against the final ta,上海夜生活怎么玩Macauly,x bill, leading to a 50-50 tie, Republican Vice President Mike Pence would cast the winning vote. But if more than two Republican senators vote no, it would fail.

The House–Senate conference will hold an open meeting on Wednesday afternoon as it starts to reconcile differences.

Collins voted for the Senate’s tax reform legislation after Republican leaders, including Senate Majority Leader Mitch McConnell, promised to support legislation to prop up U.S. health insurance markets.

But last week The Hill newspaper reported that House Speaker Paul Ryan told his staff that he wasn’t part of the deal that Collins brokered with Senate leaders.

Collins said she is “absolutely confident” of the leaders’ support and both McConnell and Ryan have put in writing that they will not allow a 4 percent cut in Medicare payments to take effect.

“I have read in correspondence that memorializes the agreement that the 4 percent cut in Medicare that could go into effect will not go into effect,” she said.

She added that she has the support of President Donald Trump, with whom she has discussed the issue three times.

“I have no reason to believe that that commitment will not be kept,” she said.

Trump Cabinet officials to visit Puerto Rico to assess recovery

WASHINGTON ( ) – Two members,上海高端夜生活在那里Larissa, of President Donald Trump’s Cabinet are set to visit Puerto Rico on Tuesday to assess the U.S. territory’s rebuilding in the three months since Hurricane Maria devastated homes, businesses a上海夜生活网nd the power grid.

Homeland Security Secretary Kirstjen Nielsen and Housing and Urban Development Secretary Ben Carson will travel to Puerto Rico, where about a third of the island’s 3.4 million residents are still without power, hundreds remain in shelters, and thousands have fled to the U.S. mainland.

The visit comes as Republicans in the U.S. House of Representatives on Monday were planning to unveil a disaster aid package totaling $81 billion, according to a senior congressional aide. Some of that aid would go to Puerto Rico, but also to states like Texas and Florida that were hit by other hurricanes and to California, which is grappling with wild fires.

Even before Maria savaged Puerto Rico, the island was contending with $72 billion in debt. Puerto Rican Governor Ricardo Rossello has asked the federal government for a total of $94.4 billion in aid, including $31.1 billion for housing and $17.8 billion to rebuild its ruined power grid.

The Federal Emergency Management Agency (FEMA) has so fa,上海夜生活服务Sabia,r approved more than $660 million in aid for individuals in Puerto Rico as well as more than $450 million in public assistance.

Nielsen and Carson will receive detailed briefings on rebuilding efforts and see how federal aid is helping residents to recover, a DHS official said.

Nielsen, who oversees FEMA, and Rossello are slated to hold a news conference.

The visit comes as Congress prepares to vote on a tax overhaul bill that Puerto Rican officials have said they fear will hurt the commonwealth’s pharmaceutical manufacturing sector – the cornerstone of the island’s economy – at a time when Puerto Rico can least afford to lose jobs and tax revenue.

Puerto Rico’s government has said 64 people died because of the hurricane,上海021夜网Jack,, but after multiple media estimates of dramatically higher figures, Rossello on Monday ordered an official review of the death toll.

Big thumbs-up from Wall Street after Fed signals patience on rates

( ) – U.S. stocks surged on Wednesday after the Federal Reserve said it would be patient in lifting borrowing costs further this year, reassuring investors worried about a slowing economy.

Along with better-than-feared quarterly results from Apple Inc, the Fed’s comments helped Wall Street reverse two down days tr上海夜生活iggered by profit warnings from U.S. bellwethers that signaled a bigger impact from a slowdown in China.

The U.S. central bank held interest rates steady, as widely expected.

While the Fed said continued U.S. economic and job growth were still “the most likely outcomes,” it removed language from its December policy statement that risks to the outlook were “roughly balanced” and struck language that projected “some further” rate hikes would be appropriate in 2019.

It also said it could alter the pace of its balance sheet reduction “in light of economic and financial developments”. The Fed’s balance sheet surged following the 20,上海会所夜网Mace,08 financial crisis, and many investors believe its effort to shrink it may stifle economic growth.

Investors in recent months have become more concerned about the global economy. U.S. corporate results have shown companies including Apple, Intel Corp and Caterpillar Inc are feeling pain from the slowing expansion of China’s economy, which has been hurt by a trade conflict with the United States.

“The markets got what they were hoping for in the Fed’s written statement, including both the notion of the central bank’s patience on ,上海夜网邀请码Barbara,future rate hikes and greater flexibility in its approach to reducing its balance sheet,” said Mohamed El-Erian, chief economic advisor at Allianz in Newport Beach, California.

Apple shares jumped 6.83 percent after the company reported a sharp growth in services business, easing concerns after the iPhone maker earlier this month cut current-quarter sales forecast.

Boeing Co gained 6.25 percent after the world’s largest plane-maker forecast full-year profit and cash flow above analysts’ estimates amid a boom in air travel and speedier 737 production.

Following the Fed’s rate announcement, all three main U.S. stock indexes extended gains from earlier in the session and the S&P 500 closed at its highest since Dec. 6.

The Dow Jones Industrial Average jumped 1.77 percent to end at 25,014.86 points, while the S&P 500 gained 1.55 percent to 2,681.05.

The Nasdaq Composite surged 2.2 percent to 7,183.08.

Investors were also tracking the latest round of talks between Washington and Beijing that began on Wednesday, the highest-level meeting since U.S. President Donald Trump and Chinese President Xi Jinping agreed to a 90-day truce to their trade war in December.

The Philadelphia Semiconductor index surged 2.87 percent, while the S,上海夜生活乌托邦Nadine,&P technology index jumped 3.03 percent.

Microsoft Corp and Facebook Inc, set to report after the closing bell, rose 3 percent or more.

Of the 168 S&P 500 companies that have reported results so far, 73.2 percent have topped profit estimates, according to Refinitiv data.

Advancing issues outnumbered declining ones on the NYSE by a 4.09-to-1 ratio; on Nasdaq, a 2.31-to-1 ratio favored advancers.

The S&P 500 posted 21 new 52-week highs and no new lows; the Nasdaq Composite recorded 27 new highs and 28 new lows.

Volume on U.S. exchanges was 7.9 billion shares, compared with the 7.7 billion-share average over the last 20 trading days.

U.S. Senate tax bill accomplishes major Obamacare repeal goal

WASHINGTON ( ) – The sweeping tax overhaul that passed the U.S. Senate on Saturday contains the Republicans’ biggest blow yet to former President Barack Obama’s healthcare law, repealing the requirement that all Americans obtain health insurance.

The individual mandate is meant to ensure a viable health insurance market by forcing younger and healthier Americans to,上海夜网Tamara, buy coverage to help offset the cost of sicker patients. It helps uphold the most popular provision of the law, which requires insurers charge sick and healthy people the same rates.

Removing it while keeping the rest of Obama’s Affordable Care Act intact is expected to cause insurance premiums to rise and lead to millions of people losing coverage, policy experts say.

“It’s going to take a bunch of healthy people out of the insurance market,” said Craig Garthwaite, director of the healthcare program at Northwestern University’s Kellogg School of Management.

Obamacare “is going to collapse even more now,” he said.

Republican lawmakers failed several times this year to scrap the mandate as part of a broader repeal of Obamacare, blocked by opposition from a few of the party’s senators, including Susan Collins of Maine.

Collins, still opposed to removing the mandate, said she voted for the tax bill on Saturday after being assured by Republican leaders that they will support legislation to prop up U.S. health insurance markets.

The tax bill is not yet final. The U.S. House of Representatives and Senate must now reconcile the differences in their respective versions of the legislation.

“Repealing the individual mandate simply restores to people the freedom to choose,” Republican Senator Lisa Murkowski, who has opposed previous Obamacare repeal efforts, wrote in an opinion piece in Alaska’s Fairbanks Daily News-Miner.

“Instead of taxing people for not being able to afford coverage, we should be working to reduce costs and provide options.”

One of the Obamacare stabilization bills, co-authored by Republican Senator Lamar Alexander and Democratic Senator Patty Murray, would restore billions of dollars in subsidies that health insurers use to reduce out-of-pocket costs for low income Americans.

A second, co-authored by Collins and Democratic Senator Bill Nelson, would create an additional $4.5 billion fund to compensate insurers for covering health care for the sickest patients.

S,上海夜生活网交流Quay,till, health policy experts said both of those measures would be needed without a mandate repeal and would not make up for expected premium increases and the rise in the numbers of uninsured Americans.

“Neither of these bills would do anything to offset the increase in uninsured resulting from a mandate repeal,” said Larry Levitt, health economist at the Kaiser Family Foundation. “The marketplaces would limp along without a mandate but it’s probably not a stable place.”

Without the mandate, health insurance premiums would rise 10 percent in most years over the next decade on the individual market and 13 milli,上海夜生活论坛Hadley,on people would lose coverage by 2027, the nonpartisan Congressional Budget Office said in a report last month. 

Levitt said that insurers would need around $10 billion per year to offset the lost revenue from the individual mandate rather than raise premiums.

Republicans, who control the White House, U.S. House of Representatives and Senate, failed for months to make 上海夜生活论坛good on a top campaign pledge of President Donald Trump.

Trump has said Congress will return to repeal-and-replace efforts next year and over the past several months has taken regulatory and executive actions to steadily undermine the Obamacare law.  

Insurers and leading medical groups have already urged Congress to preserve the individual mandate and warned of “serious consequences” such as rising premiums and a rise in the number of uninsured if it were repealed.

Written by shyw on February 25, 2019 Categories: ggvgrggl Tags: , , ,

Exclusive: BlackRock, Goldman to move some fund managers to U.S. if…

LONDON ( ) – BlackRock and Goldman Sachs Asset Management both plan to temporarily move some British-based fund managers to New York in the event of a no-deal Brexit, two sources told .

The portfolio managers would eventually be transferred to mainland Europe to handle c上海夜网lient accounts there once Britain and the European Union agreed a regulatory framework, they added.

But neither of the firms, who together employ more than 10,000 people in London, expe,夜上海419龙凤论坛Hadley,cts a chaotic exit that would force them to carry out the emergency relocation, the sources said.

A spokeswoman for BlackRock, which is the world’s biggest asset manager and manages around $6.3 trillion, declined to comment on the plan but in an emailed response to said:

“BlackRock maintains extensive regulatory licenses and permissions across Europe and globally to ensure it can continue to serve its clients post-Brexit.”

To avert such moves, the European Securities and Markets Authority (ESMA) is in talks with Britain’s Financial Conduct Authority (FCA) on agreements which would oversee cross-border asset activity and managers.

The U.S. makes sense as a temporary base for Goldman and BlackRock as Europe has cooperation agreements with U.S. regulators, so managers could handle European clients’ accounts from there until ESMA and the FCA have theirs.

“By pulling the UK out of Europe, there’s potentially a regulatory hole because the UK doesn’t have a cooperation and information sharing agreement with each EU country,” said Neil Robson, regulatory partner at law firm Katten Muchin Rosenman.

An ESMA spokesman said it expects to have agreements in place before the end of March. If not, BlackRock will move around 10 equity portfolio managers to New York, one source said, adding they would later move to the euro zone.

Goldman’s asset management business GSAM, with 50 managers in London, has plans to send “a handful” to the U.S. financial capital until a framework is in place, the second source said, adding they too would eventually relocate to the euro zone.

GSAM has picked Dublin as a center for administrative staff when it no longer has access to the single market from London following Brexit. reut.rs/2QUGhAr

“We continue to monitor the situation and are prepared to serve clients whatever the outcome,” a GSAM spokesman said.

It is not known whether other big U.S. asset managers are drawing up similar plan,上海夜生活网交流Falkner,s and State Street, Fidelity Investments and Northern Trust all declined to comment.

“EXTREME SCENARIO”

Although concerns about a chaotic no-deal exit have eased since the defeat of Prime Minister Theresa May’s draft plan in Parliament on Tuesday, the contingency plans highlight efforts by money managers to avoid major disruption before the March 29 deadline for Britain to leave the EU.

For BlackRock, the strategy expands on plans announced in October in which it said “only very few” roles would be moved from London as a result of Brexit.

Although London-based asset managers already operate funds listed in Luxembourg and Dublin, holding more than a trillion euros of assets for customers across the bloc, they would not be able to continue operating as they do now post-Brexit.

“Until such time as the UK has that agreement in place with each of the EU 27 member states or with ESMA on behalf of all of them, UK managers,上海夜网推油Octava, would find it difficult to conduct marketing of their funds in such countries,” Robson said.

Adam Jacobs-Dean, managing director, global head of markets regulation at the Alternative Investment Management Association (AIMA) in London, said most of its member firms are working on the assumption that new agreements will be in place in time.

“It’s an extreme scenario. Hopefully soon we’ll see agreements being finalised and this falls away in terms of Brexit planning.”

China to step up economic stimulus in slowdown fight

BEIJING ( ) – China will take steps to spur growth amid a trade war with the United States, but there is limited room for aggressive stimulus in an economy already laden with massive debts and a property market prone to credit-driven spikes, policy insiders said.

China’s deepening economic slowdown has fanned market expectations of a big spending binge, especially if the bruising tariff war with Washington escalates, intensifying pressure on Chinese jobs and threatening social stability.

Such a move, plans for which have repeatedly been denied by China’s top leaders, would come at a price, however – similar moves in the past have quickly juiced growth rates but also buried the world’s No.,上海足浴夜网联系方式Larissa,2 economy under a mountain of debt.

“The room for a strong stimulus is not big, and there are very big risks, because that will rely on a flood of cash and increased leverage in the economy,” said a policy insider, declining to be named due to the sensitivity of the matter.

During the 2008-09 global financial crisis, Beijing rolled out a 4 trillion yuan ($591 billion) spending package to fight a downturn that cost 20 million jobs in a matters of months, quickly reviving growth but also prompting a credit explosion.

The obsession of China’s leaders with stability led to policy easing in 2012 and 2015 – a year marked by a stock market crash, a slide in the yuan and sharp capital outflows – that further pushed up debt levels and inflated home prices.

Authorities have taken a raft of pro-growth measures in the past year, in the form of cuts to the levels of cash banks must hold as reserves to spur lending, tax cuts, and efforts to accelerate infrastructure spending.

Still, growth in the world’s second-largest economy weakened to a 28-year low of 6.6 percent in 2018, and is expected to slow further to 6.3 percent this year.

Sources have told that Beijing was planning to lower its growth target to 6-6.5 percent this year from around 6.5 percent in 2018.

Some Chinese factories have felt the pinch from higher U.S. tariffs, but there are few signs of a sharp rise in unemployment due to a more resilient services sector and a shrinking pool of workers as a result of the country’s demographic changes.

“We should be vigilant about employment pressure, but it’s too early to talk about serious problems,” said a second policy insider.

DEBT RISKS

The current slowdown was caused by China’s deleveraging drive in early 2016, which focused on state firms and local governments before broadening to the financial sector a year later. A crackdown on shadow lending pushed up borrowing costs and made it harder for small firms to get funds.

As the trade war increases headwinds, Beijing’s policy focus has been shifted to supporting growth from reining in debt risks, although top leaders remain worried about long-term systemic risks that could derail the country’s economic ascent.

Related CoverageFactbox: China rolls out fiscal, monetary stimulus to spur economy

President Xi Jinping said this week that China must be on guard against “black swan” risks, meaning unforeseen events that have extreme consequences, while fending off so-called “grey rhino” events – obvious threats that go ignored.

Data from the Bank for International Settlements (BIS) showed that China’s debt-to-gross domestic product (GDP) ratio climbed to 253 percent at the end of June 2018 from 231 percent at end-2015, although the pace of increases is slowing.

Fitch could cut China’s A+ credit rating or stable outlook if Beijing reverts to the kind of debt-fueled stimulus programs it has used in the past, the firm’s top sovereign analyst said earlier this month.

Further reductions in banks’ reserve requirement ratios (RRR) are expected in coming quarters, but the central bank will not rush into cutting benchmark interest rates. More aggressive easing could pressure the yuan, aggravate high debt levels, and even stoke property speculation give上海夜生活网n that elevated home prices have put strains on consumers.

“If there is too much liquidity, we should worry whether it may flow into unintended areas, rather than the real economy,” said a policy adviser.

NO QUICK BOOST TO GROWTH

China is likely to lean more on fiscal pump-priming to support the economy this year, as the central government has been struggling to channel more credit into small and private firms that are vital for growth and jobs, policy insiders said.

In December, top leaders pledged to step up “counter-cyclical” support for the economy, and said fiscal policy would be “more forceful and effective” and monetary policy would be prudent with “appropriate tightness and looseness”.

Details on the fisca,上海夜网Hallie,l stimulus are expected to be unveiled during the annual parliamentary meeting in March.

Analysts expect China to deliver tax and fee cuts of 2 trillion yuan in 2019, versus last year’s 1.3 trillion yuan and let local governments issue 2 trillion yuan in off-budget special bonds to fund key projects, up from 1.35 trillion yuan.

But the economy may not get a quick boost as the raft of policy measures may take time to kick in, and China’s high debt levels and falling investment returns could slow down spending.

“Stimulus won’t be very strong, and its impact won’t be big,” said one of the policy insiders.

“The manufacturing sector faces all round oversupply while infrastructure investment is saturated in many places – projects that have been launched won’t make money.”

New tax cuts, including lowering the valued-added tax (VAT) for firms,,上海新夜网龙凤Pamela, could give hard-pressed small and private firms a shot in the arm and force the government to tighten its belt. The finance ministry has pledged a 5 percent cut in “general government spending”.

($1 = 6.7639 Chinese yuan renminbi)

(This story was refiled to add dropped word “and” in paragraph 2)

Madrid taxis block major road in biggest anti-Uber protest yet

MADRID ( ) – Hundreds of tax,上海夜生活Easton,is blocked a central traffic artery in Madrid during Monday’s morning rush hour, in their biggest show of strength yet as a protest seeking tighter r,上海晚上耍女人的地方Quay,egulation of Uber and other ride-hailing services entered its second week.

Anti-riot police backed by a fleet of tow trucks took several hours to clear the vehicles from the capital’s Paseo de la Castellana. Stoppages 上海夜网are expected elsewhere as the protest drags on.

The city’s taxi drivers started the protests last week against the private services, which offer rides that often undercut taxi prices and can be hailed via the internet rather than in the street.

In September, Spain’s government gave ride-hailing companies four years to comply with regulation granting them just one new license for every 30 taxi licenses.

The cab drivers are demanding stricter regulations now.

“They (ride-hailing services) can’t do the same services that a taxi does. They can’t pick up people on the streets. That is illegal but nothing happens,” said taxi driver Juan Mateos.

Taxi drivers in Barcelona ended a strike last week after regional authorities proposed the ride-hailing services can only be booked a short time in advance and cannot be hailed in the street.

Negotiations there remain ongoing, and some ride-hailing platforms ,上海足浴夜网联系方式Barney,say they may be forced to leave Barcelona if the new rules take effect.

Unilever preps for no-sweat Brexit with Magnum ice creams, deodorants

LONDON ( ) – Unilever is stockpiling ice creams in Britain and deodorants in continental Europe to guard against potential supply disruptions in the event of a no-deal Brexit.

The Anglo-Dutch consumer giant, which is the world’s largest ice cream seller, makes British favorites like Magnum bars in Italy and Germany and is building up a few 上海夜生活论坛weeks of extra inventory in Britain in case of any border delays.

Likewise, several of its European deodorants, including Axe, Dove and Rexona are made in Britain.

“A few weeks of extra inventory is one of the important steps we are taking to make sure that we minimize any disruption to our customers and consumers,” Alan Jope, Unilever’s new chief executive, to,上海夜生活论坛Ida,ld reporters on Thursday.

He said “weeks of inventory, not months and not days” was the right amount for consumer packaged goods.

“One of the lessons we learn over and over again is when you do build inventory, it very often ends up being not exactly the right mix of products.”

With Britain at risk of leaving the European Union without a deal, Unilever is the latest consumer and retail firm to take such measures to keep imports and exports smooth.

Unilever makes other British staples, such as Marmite spread, in Britain.

In addition to finished goods, Unilever is also increasing stocks of raw materials such as aluminum cans and cardboard.

Such logistical costs are among those the Anglo-Dutch com,上海晚上耍女人的地方Falkner,pany has incurred this year,上海夜玩网论坛Mabel, to prepare for Brexit.

The others are artwork changes to labels to prepare for different regulations and the hiring of customs experts.

“In very round numbers these are roughly equal and not material to total Unilever at the moment,” Jope said.

U.S. envoy erred in comments about Muslims in Netherlands: State…

WASHINGTON ( ) – The new U.S. ambassador to the Netherlands made mistakes and feels great remorse for falsely saying two years ago that Muslim migrants had “burned” politicians and created “no-go zones” in Holland, a State Department official said on Thursday.

Hoekstra angered Dutch media on Wednesday when he met with reporters for the first time since taking over as ambassador but declined to answer questions asking him to clarify his remarks from two years ago.

Under Secretary of State Steve Goldstein told a briefing on Thursday the State Department “does not agree” with Hoekstra’s 2015 remarks about Muslim migrants in the Netherlands.

Goldstein said Hoekstra would be interviewed by a Dutch media outlet on Friday and was expected to address the issue. He said Hoekstra also was expected to visit ,上海足浴夜网联系方式Rachel,various Dutch communities over the weekend, including Muslim communities.

He told reporters that Ambassador Pete Hoekstra had apologized for the 2015 remarks in a statement on Twitter in December and also said he regretted telling a Dutch television reporter he never made the comments.

“The ambassador made mistakes in 2015, made comments that should not have been made. He recognizes that,” Goldstein said. “He apologized in December. He is doing an interview tomorrow. … We have made clear to the ambassador that he must move to get this behind him. And he definitely understands that. He feels great remorse.”

Hoekstra told reporters he regretted the exchange with Dutch television denying the remarks but declined to comment further. U.S. press officers prevented some reporters from asking more questions about the issue.

Hoekstra, who was born in the Netherlands, said during a recorded panel discussion sponsored by the right-wing David Horowitz Freedom Center in 2015 that “the Islamic movement is now gotten to 上海夜网a point where they have put Europe into chaos.”

“Chaos in the Netherlands – there are cars being burned. There are politicians that are being burned and, yes, there are no-go zones in the Netherlands,” he added.

In December, Hoekstra denied making the 2015 remarks, telling the Dutch television program Nieuwsuur it was “an incorrect statement … fake news.” Later, ,上海夜生活去哪玩Talon,after being played a recording of his comment, he denied calling it fak,上海夜网后花园Dalton,e news.

In a Dec. 23 note on Twitter Hoekstra acknowledged having made the comments in 2015 and said he regretted his exchange with the Dutch news organization: “I made certain remarks in 2015 and regret the exchange during the Nieuwsuur interview. Please accept my apology.”

General Electric to cut close to 470 jobs in France: unions

STRASBOURG ( ) – General Electric (GE.N), which bought Alstom’s energy business in 2015, aims to slash close to 470 jobs across the division in France in the face of falling orders worldwide, unions said on Wednesday.

GE has opened negotiations to trim its staff in France under a “collective mutually agreed termination” agreement, a measure introduced in France in September 2017. An early retirement plan is also on the table, union officials said.

“In a particularly diff,上海夜网千花Gabe,icult time for the power sector, GE is currently reviewing its busin,上海夜生活服务Tamara,esses to ensure they are best fitted to market reality and ensure their success,” the company said.

Some 229 jobs could be cut at Alstom Power Systems (APS), including 146 at GE Energy’s European headquarte上海夜生活网rs in Belfort, eastern France, unions said.

Another 149 jobs could go at GE Energy Power Conversion France and 90 at GE Grid, they said.

GE employs 16,000 people in France, including 6,000 in the power branch.

When it bought Alstom’s energy business, GE had committed to maintain jobs for at least three years in France and create 1,000 net new jobs by the end of 2018.

The French government brandished the threat of fines in June 2018 afte,上海夜玩网论坛Cain,r former GE Chief Executive John Flannery told Finance Minister Bruno Le Maire that the company would fail to create as many jobs as promised.

A meeting on that issue is expected to take place at the finance ministry in coming weeks, a GE spokesman said.

Factbox: What is in the U.S. Republicans’ final tax bill

( ) – Republicans in the U.S. Congress reached a deal on final tax legislation on Wednesday, clearing the way for final votes next week on a package that, if approved, would be sent to President Donald Trump to sign into law.

Formal language of the legislation has not been released. The following are known provisions on which House of Representatives and Senate tax writers have agreed, based on conversations with aides and lawmakers:

BUSINESSES

CORPORATE TAX RATE: Falls to 21 percent from 35 percent. The House and Senate bills, as well as Trump, had earlier proposed 20 percent. Going to 21 percent gave tax writers more federal revenue needed to make the tax cut immediate. U.S. corporations have been seeking a large tax cut like this for many years.

PASS-THROUGH BUSINESSES: Creates a 20 percent business income deduction for owners of ,上海夜网千花Balthazar,pass-through businesses, such as sole proprietorships and partnerships. The House had proposed a 25 percent tax rate; the Senate, a 23 percent deduction.

CORPORATE MINIMUM: Repeals the corporate alternative minimum tax, which was set up to ensure profitable上海夜网 companies pay at least some federal tax.

INDIVIDUALS

TOP INDIVIDUAL INCOME TAX RATE: Falls to 37 percent from 39.6 percent. The House had proposed maintaining the 39.6 percent top rate and condensing the current seven tax brackets to f,上海夜生活群Macauly,our. The Senate had proposed cutting the top rate to 38.5 percent and maintaining the seven brackets.

PERMANENCE: The expectation is individual tax rates will snap back to current levels in less than 10 years. The individual tax rates in the House bill were permanent. The individual tax rates in the Senate bill would have expired after 10 years.

STATE AND LOCAL TAX (SALT): Both the House and Senate had proposed scaling back a popular individual deduction for state and local tax payments ,夜上海419龙凤论坛Jackson,by limiting it to property-tax payments and capping it at $10,000. The compromise bill is expected to keep that cap, but also allow for continued deduction of state and local income tax payments.

MORTGAGE INTEREST: Caps the mortgage interest deduction at $750,000 in home loan value, down from the current $1 million. The House had proposed a $500,000 cap. The Senate bill left it at $1 million.

ESTATE TAX: Roughly doubles the exemption from the federal estate tax on inherited assets to about $11 million, but leaves the tax in place, mirroring the Senate proposal. The House bill had raised the deduction, but also entirely phased out the tax.

OTHER PROVISIONS:

OBAMACARE MANDATE: Repeals a federal fine imposed on Americans under Obamacare for not obtaining health insurance coverage. The House bill did not repeal the Obamacare individual mandate.

ANWR DRILLING: Allows oil drilling in Alaska’s Arctic National Wildlife Refuge. The provision was sponsored by Republican Senator Lisa Murkowski of Alaska.

Key U.S. senator says progress made on new war authorization

WASHINGTON ( ) – The chairman of the Senate Foreign Relations Committee said on Thursday that progress was being made on legislation to give Congress more control over the U.S. fight against militant groups in Iraq, Syria and elsewhere.

Both Republican and Democratic members of Congress have long argued that they ceded too much authority over the military to,上海夜生活网419Sabine, the White House after the Sept. ,上海足浴夜网联系方式Tabitha,11, 2001 attacks and now they are trying to rein in some of that power by approving a new Authorization for the Use of Military Force, or AUMF.

“There’s a lot of progress being made on the AUMF and I think we’re going to be in a place really soon to have a mark-up,” Republican Senator Bob Corker said during a committee hearing on Syria.

When congressional committees “mark up” legislation, they debate, consider amendments and vote on whether to approve it for a vote in the full Senate or House of Representatives.

In October, President Donald Trump’s top national security aides pushed back against congressional calls for a new AUMF, saying it would be a mistake to impose geographic or time limits on the campaign against Islamic State a,上海新夜网龙凤Mace,nd other militant groups.

Previously, divisions over how much control lawmakers should exert over the Pentagon have stymied repeated efforts to pass a new authorization to cover campaigns such as the fight against Islamic State militants in Syria and Iraq.

Under the constitution, Congress, not the president, has the right 上海夜网to authorize war. But presidents have used AUMFs passed in 2001 for the fight against al Qaeda and affiliates, and one passed in 2002 for the war in Iraq, to justify a wide range of conflicts since, prompting many lawmakers say a new AUMF is long overdue.

Pence delays Middle East trip in case needed for U.S. tax vote

WASHINGTON ( ) – U.S. Vice President Mike Pence will delay an upcoming Middle East trip by a few days in case a tie-breaking vote is needed from him for tax cut legislation in Congress, a senior White House official said on Thursday.

Pence will now leave some time on Tuesday on a trip that will begin with a visit to Cairo for talks with Egyptian President Abdel Fattah al-Sisi, the,上海仙霞路夜生活Quaid, official said.

He had initially planned to leave late on Saturday.

As vice president, Pence can cast a tie-breaking vote in the U.S. Senate, and with a close vote expected along party lines on the tax legislation, it was decided to keep him in the country just in case. Republican Senator John McCain, who is fighting brain cancer, was in hospital on Wednesday.

“We don’t expect his vote to be needed but we don’t want the scenario where he’s on the other side of the world and we have to come back,” the official said.

Pence is,上海晚上耍女人的地方Rachel, set to hold talks with Israeli Prime Minister Benjamin Netanyahu on Thursday in Jerusalem.

Pence’s press secretary, Alyssa Farah, said that du上海夜生活论坛ring the trip, Pence w,上海会所夜网Cain,ould reaffirm the U.S. commitment to U.S. allies in the Middle East and to working together with them in the fight against Islamist militants.

“He looks forward to having constructive conversations with both Prime Minister Netanyahu and President Sisi to reaffirm President Trump’s commitment to our partners in the region and to its future,” she said in a statement.

Palestinian President Mahmoud Abbas has refused to meet with Pence in protest of President Donald Trump’s decision to recognize Jerusalem as the capital of Israel.

Ghosn received $9 million improperly from Nissan-Mitsubishi JV:…

TOKYO ( ) – Carlos Ghosn improperly received $9 million in compensation from a joint venture (JV) between Nissan Motor and Mitsubishi Motors, the Japane,上海足浴夜网联系方式Dahlia,se automakers said on Friday, raising the possibility of their ousted chairman facing a fresh charge of embezzlement.

In the latest twist to the saga of the once-feted official’s fall from grace, the automakers have found that Ghosn was paid by their Netherlands-based JV without the knowledge of the unit’s two other ,上海夜网后花园Eason,directors – Nissan Motor (7201.T) CEO上海夜生活 Hiroto Saikawa and Mitsubishi Motor (7211.T) CEO Osamu Masuko.

Ghosn, arrested and detained in Tokyo for about two months, has already been indicted on charges of under-reporting his income for eight years at Nissan through March 2018, and temporarily transferring personal investment losses to the automaker during the global financial crisis.

“That such misconduct also occurred at our affiliate is beyond shocking … it’s sad,” Masuko told reporters, referring to the payments made to Ghosn from Nissan-Mitsubishi B.V., registered in the Netherlands in 2017.

Both Mitsubishi and Nissan said they would consider ways to recover the amount from Ghosn, while Mitsubishi lawyer Kei,上海新夜网龙凤Pamela, Umebayashi said a criminal charge was also possible.

“The most likely charge for this would be embezzlement,” he told reporters at a briefing.

COMPENSATION FROM JV

According to Mitsubishi’s legal team, over April-November 2018, Ghosn received around 5.8 million euros ($6.61 million) in annual pay for his role as managing director, a 1.4 million euro signing fee and an undisclosed incentive from the JV.

reported earlier this week about the alleged improper compensation to Ghosn by the JV and that Nissan was considering filing for damages, citing a source.

The unit had been intended to fund expenses for the partnership including consultant fees, joint promotional activities, workspace use and corporate jets, Masuko said.

“From the time that the unit was established to when I was told about the payments, I had absolutely no idea that the unit was being used for such payments,” Masuko added.

Ghosn’s lawyer, Motonari Otsuru, could not be immediately reached by telephone for a comment on Friday. Ghosn has denied all previous charges against him.

MUDDY WATERS

The arrest of Ghosn, who spearheaded Nissan’s turnaround two decades ago, and the list of charges against him have jolted the auto industry, while muddying the outlook for Nissan’s three-way alliance with Mitsubishi and France’s Renault SA (RENA.PA).

Renault has come under a lot of pressure in recent days from its biggest shareholder, the French government, to replace Ghosn as its CEO and chairman. The automaker has kept him at its helm, even as Nissan and Mitsubishi moved swiftly to oust him as chairman after his arrest.

The French automaker, however, confirmed on Thursday that it was considering new leadership, after Finance Minister Bruno Le Maire called publicly for a board meeting to address his succession.

Ghosn’s pay has been a hotly debated issue at Renault’s shareholder meetings where he lost a vote on pay a few years ago. He has also been in news previously for hidden bonus plans.

reported in 2017 on a plan by Renault-Nissan bankers to pay millions in undisclosed bonuses via a specially created Dutch service company to Ghosn and other managers. The plan was scrapped after the report here

Renault owns around 43 percent of Nissan, the biggest firm in the alliance by sales and which in turn has a non-voting 15 percent stake in Renault. Mitsubishi became the smallest member when Nissan in 2016 took a 34 percent stake in it. ($1 = 0.8776 euros)

S&P 500’s best month since 2015 ends on a high note

( ) – Wall Street ascended on Thursday, with the S&P 500 wrapping up its biggest monthly increase since 2015 after strong earnings from Facebook Inc added to optimism af,上海夜网后花园Cain,ter the Federal Reserve’s dovish remarks.

Facebook jumped 10.82 percent, its strongest daily rise since January 2016, after its quarterly profit topped expectations and showed that advertisers were still flocking to the social network even after a series of high-profile embarrassments.

General Electric Co soared 11.65 percent after the industrial conglomerate beat estimates for quarterly sales and cash flow and said it sees industrial revenue rising modestly in 2019.

Investors took heart from the Fed’s pledge on Wednesday that it would be patient in raising interest rates further this year, easing concerns about tightening financial conditions crimping economic growth.

“There was a severe lack of trust in the Fed a month ago, and that has been relieved,” said Craig Callahan, chief executive officer of Icon Advisors in Denver.

Better-than-expected results from many U.S. companies reporting in recent days are also fueling optimism on Wall Street, Callahan added.

The S&P 500 rose 7.9 percent in January, its best monthly performance since October 2015 and its best January since 1987.

Of the 210 S&P 500 companies that have reported fourth-quarter results, 71 percent have topped profit estimates, according to Refinitiv data.

Investors were awaiting the conclusion of the high-level talks between the United States and China, aimed at easing a six-month-old trade war that has battered financial markets.

China’s leader, Xi Jinping, told U.S. President Donald Trump in a letter that he hopes both sides will be able to meet each other halfway to reach a trade agreement before a March 1 deadline, Trump said.

The S&P 500 gained 0.86 percent to end at 2,704.1 points, while the Nasdaq Composite added 1.37 percent to 7,281.74.

The Dow Jones Industrial Average slipped 0.,上海夜生活服务Gabriel,06 percent to end at 24,999.67, hurt by DowDuPont Inc.

DowDuPont dropped 9.23 percent after the chemical maker’s revenue fell short of expectations. The S&P materials sector declined 1.54 percent.

The Nasdaq has gained 9.7 percent in 2019, while the Dow is up 7.2 percent.

After the bell, Amazon.com Inc forecast quarterly sales below Wall Street estimates and its stock dipped 2.5 percent.

The S&P communications services sector surged 3.74 percent during Thursday’s session, leading gains among the 11 major S&P sectors, thanks to Facebook, Alphabet Inc and Charter Communications Inc.

Charte上海夜生活论坛r jumped 14.19 percent after to,上海夜网千花Fabi,pping quarterly revenue estimates as the cable operator attracted more customers for its internet services.

Microsoft Corp declined 1.83 percent after its Azure cloud computing sales grew at a slower pace than a year earlier, although its quarterly results and forecast topped Wall Street estimates.

Intel Corp slipped 0.88 percent after the chipmaker named interim Chief Executive Officer Robert Swan to the role on a permanent basis.

Advancing issues outnumbered declining ones on the NYSE by a 2.40-to-1 ratio; on the Nasdaq, a 1.80-to-1 ratio favored advancers.

The S&P 500 posted 27 new 52-week highs and no new lows; the Nasdaq Composite recorded 46 new highs and 24 new lows.

Volume on U.S. exchanges was 9.5 billion shares, compared with the 7.7 billion-share average over the last 20 trading days.

BlackRock plans environmentally conscious money market fund

NEW YORK ( ) – BlackRock Inc is planning a new fund for investors looking to park their cash safely while helping the environment, expanding options for “socially responsible” investments, a filing with U.S. market regulators showed on Tuesday.

The world’s largest fund manager told the U.S. Securities and Exchange Commission that it wants to,夜上海论坛Eason, launch a money-market fund that will invest primarily in debt from issuers who have better-than-average environmental practices.

BlackRock, which oversees nearly $6 trillion in assets, also planned to commit 5 percent of the net revenue from its management fee on the BlackRock Liquid Environment,上海夜哪里艳遇Daisy,ally Aware Fund, or LEAF, to purchase carbon offsets. Money from carbon offsets generally funds projects that reduce emissions, such as planting trees or trapping methane emissions from waste dumps in developing countries.

Money-market funds invest in relatively safe short-term government or high-quality corporate-issued debt. Companies and investors treat the funds l,上海021夜网Sabrina,ike cash and expect them to hold their value, earn income and be available at a moment’s notice. It is rare for environmental factors to be taken into account as part of the investment strat上海夜生活论坛egy. In a statement, BlackRock said it would also make an annual payment to help the World Wildlife Fund, a conservation group.

BlackRock Chief Executive Larry Fink has been under increasing pressure by activist groups to address the perceived social and environmental shortcomings of companies held by his funds.

Because the company’s most popular products are index funds that hold broad swaths of the market, BlackRock has a significant stake in publicly traded companies worldwide that draw ire from investors, including alcohol, tobacco and weapons manufacturers as well as fossil-fuel companies. BlackRock also has a pivotal shareholder vote in corporate-governance matters involving those companies.

Last week, a hoax letter purporting to be from Fink claimed the fund manager would require companies it owns to align their businesses with measures to counter climate change. An advocacy group took credit for the fake letter.

BlackRock has not asked companies to meet specific environmental standards, saying its role is not to make political judgments on its clients’ behalf.

But it has pressed oil-and-gas companies including Exxon Mobil Corp to provide more information about how environmental regulations and related issues could affect their bottom lines. The asset manager has also unveiled new products for people focused on environmental goals.

In 2017, the company hired Brian Deese, a former Obama administration official who helped negotiate the Paris agreement on climate change, to run its sustainable investing group.