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Former Australian lawmaker retires from board of Huawei unit

SYDNEY ( ) – A former Australian lawmaker retired from the board of the local arm of China’s Huawei Technologies Co Ltd on Friday, potentially weakening the firm’s efforts to withstand government moves to restrict its m上海夜生活arket access on security grounds.

John Brumby, a former premier of the state of Victoria, will leave the world’s biggest maker or telecommunications equipmen,上海夜生活怎么玩Qirin,t on March 1 after eight years as a director of it’s Australian subsidiary.

Brumby’s exit reduces Huawei’s influence in Canberra at a time when Western nations increase scrutiny of Chinese telcoms equipment makers over concern that China’s government could use their products for espionage. Huawei says the concern is unfounded.

Brumby was a key figure in Huawei’s unsuccessful efforts to prevent Australia’s conservative government banning the company from participating in the country’s fifth-generation (5G) communications network last year.

“The timing of my retirement from the board is completely unrelated to any recent commentary regarding China and Huawei,” Brumby ,上海夜生活去哪玩Radley,said in an emailed statement.

“I remain a strong supporter of closer ties between Australia and China, particularly in the fields of investment, trade, education and R&D.”

Huawei has been under siege since the arrest of its chief financial officer in Canada in December at the behest of the United States. The U.S. Justice Department has accused Huawei of bank fraud and conspiring to steal trade secrets. Huawei denies wrongdoing.

Though barred from Australia’s 5G network, Huawei has maintained its presence in the region and has secured a series of contracts in the face of Australian objection.

“Brumby, as a former premier, carries weight as a lobbyist. Losing someone of the stature will hu,上海021夜网Oakley,rt Huawei’s efforts to prosecute its case and to be allowed to expand in the region,” said Haydon Manning, professor of politics at Flinders University in South Australia.

Ford and IBM among quartet in Congo cobalt blockchain project

LONDON ( ) – Carmaker Ford (F.N), technology giant IBM (IBM.N), South Korean cathode maker LG Chem (051910.KS) and China’s Huayou Coba上海夜生活lt (603799.SS) have joined forces in the first blockchain project to monitor cobalt supplies from Democratic Republic of Congo.

The pilot, overseen by responsible-sourcing group RCS Global, aims to help manufacturers ensure that cobalt used in lithium-ion batteries has not been mined b,上海夜生活桑拿会所Sabia,y children or used to fuel conflict.

Companies are under pressure from consumers and investors to prove that minerals are sourced without human rights abuses, but tracking raw materials throughout their journey is challenging.

The project announced on Wednesday has been quietly under way since December. Starting with industrially mined cobalt in Congo, it is monitoring supplies all the way to lithium-ion batteries for Ford vehicles.

Supplies of cobalt, expected to be needed in huge quantities for electric vehicles and electronic devices, are concentrated in Congo, a sprawling, volatile nation that has been racked by civil war and political tension.

The outcome of elections in December, which had been intended to be Congo’s first democratic transfer of power in six decades, is contested. [nL8N1ZB393]

RCS says the IBM blockchain platform could be used to include other minerals and to allow artisanal miners, which analysts say are the biggest issue with regard to ethical sourcing, to join a blockchain-based network of validated participants.

Blockchain, famed as the technology behind cryptocurrency bitcoin, works by providing a shared record of data held by a network of individual computers rather than a single party.

For the pilot project, which should be completed around the middle of the year, cobalt from Huayou’s industrial mine will be placed in secure bags, entered into a blockchain and traced from the mine and smelter to LG Chem’s cathode and battery plant in South Korea and then on to a Ford plant in the United States.

Because minerals are often combined with metals from various sources when they are smelted, they are particularly difficult to track.

The RCS project seeks to enforce best practice by using guidelines drawn up by the Organisation for Economic Cooperation and Development.

IBM said it was exploring the potential of chemical analysis using artificial intelligence,上海凤楼夜网Fabiana, to pinpoint the origin of cobalt and ensure so-called clean cobalt was not smelted with minerals sourced less responsibly.

“There is no fool-proof method, but you have to keep the ball moving forward, to keep raising the level of accuracy,” Manish Chawla, general manager of IBM’s mining and industrial sector business, told .

“Blockchain has been proven to be a very effective te,夜上海419龙凤论坛Hal,chnology in raising the bar.”

IBM has already worked with retailers including Walmart (WMT.N) and Carrefour (CARR.PA) to trace food through supply chains. [nL4N1WK2YO]

In the mining sector, meanwhile, Anglo American’s (AAL.L) De Beers has begun using blockchain to track diamonds. [nL8N1WE4YQ]

Time is running out for Deutsche Bank to turn around on its own:…

FRANKFURT ( ) – Time is running out for Deutsche Bank to turn around on its own, making a merger with rival Commerzbank more likely, two people with knowledge of the matter said on Thursday.

Bank executives, analysts, government officials and some investors thought unti,上海夜网后花园Qirin,l some months ago that both banks had more time to turn around independently, but that opinion has recently changed, one of the people said.

A major investor is awaiting market reaction to both banks’ earnings over the next couple of weeks before deciding on the need for a merger, said a second person close to the investor.

“Then we will decide whether we will change our view,” the person said. The investor wouldn’t oppose a merger if the government wanted one, the person said.

Deutsche Bank, Commerzbank, and the German finance ministry declined to comment.

Speculation of a merger between the two has heightened under the tenure of Finance Minister Olaf Scholz, who has spoken in favor of strong banks. His team has met frequently with executives of Deutsche, Commerzbank and major shareholders.

Deutsche is considered one of the most important banks for the global financial system, along with JPMorgan, Bank of America and Citigroup.

But Deutsche has been,上海夜生活论坛Nadia, plagued by three years of losses, ratings downgrades, failed stress tests, and money laundering scandals. A $7.2 billion U.S. fine in 2017 for its role in the mortgage market scandal was a major blow that spooked clients.

A merger between Deutsche and a European bank was also an option but less likely because it would be harder to sell to politicians, said the first person with knowledge of the matter.

Deutsche Bank Chief Executive Officer Christian Sewing, who assumed the helm last year in a sudden management shake-up, has repeatedly said in public that he was focused on the bank’s “homework” – returning the bank to profitability. He announced job cuts last year and moved to slim down the sprawling investment bank division.

Earlier on Thursday, a separate source at Deutsche said the bank was focused on achieving sustainable profitability, seeking to distance the lender from talk of a merger with Commerzbank.

The suggestion that such a merger is the only option for Deutsche is “completely false”, said the source, speaking on condition of anonymity.

Shares in both lenders tumbled on Thursday after Bloomberg reported that Deutsche was expecting a government-brokered merger with Commerzbank by mid-year if efforts to restructure the lender fall short of targets.

Deutsche shares closed 4 percent lower, while Commerzbank – still partially held by the government after a bailout – w,上海夜生活怎么玩Oakley,as 6.7 percent weaker.

On Friday, Deutsche Bank will report its 2018 results and analysts expect it to deliver its first annual profit since 2014.

CEO Sewing is also likely to face further questions about a possible merger.

A Deutsche supervisory board member said last week that there was no desire among board members for a merger with Commerzbank.

Commerzbank reports earnings on Feb. 14.

Related CoverageDeutsche Bank focused on sustainable profitability: source

The Verdi German labor union has said a merger of the no. 1 and no. 2 banks would lead to large job cuts.

Gildas Surry, a portfolio manager with Axiom, which holds Deutsche Bank bonds, said上海夜生活网 that merging the two banks would be like mixing oil with vinegar, with questionable cost and revenue synergies.

But those hurdles may not be enough to sway governments pressing for banking consolidation. “It is very difficult for politicians to forgo their national champions,” he said.

U.S. top court rejects former New York lawmaker Silver’s appeal

( ) – The U.S. Supreme Court on Tuesday rejected former New York state Assembly Speaker Sheldon Silver’s bid to avoid a retrial on corruption charges after his 2015 conviction was thrown out by a lower court.

Silver, a Democrat, had appealed a July 2017 lower court ruling,上海夜网官方网站Balthazar, that set aside his conviction because of a 2016 Supreme Court precedent but concluded that prosecutors had “sufficient” evidence to prove the extortion, money laundering and honest services fraud counts on which a jury found Silver guilty.

Silver’s new trial is tentatively set to begin on April 16 in Manhattan federal court.

Prosecutors accused Silver of collecting close to $4 million of illegal fees for awarding state grants to a top cancer researcher, and steering real estate developers to a friend’s law firm and supporting their interests on rent legislation. After being convicted, he was sentenced in 2016 to 12 years in prison.

The 2nd U.S. Circuit Court of Appeals in Manhattan ruled that his conviction for collecting the illegal kickbacks cou,上海夜生活乌托邦Tabitha,ld not stand after the Supreme Court in a case involving Republican former Virginia governor Bob McDonnell narrowed the kind of official conduct that can lead to federal corruption charges.

The appeals court, however, rejected Silver’s argument that the prosecution failed to prove the seven counts against him. The court sent the case back the trial court.

,上海夜生活论坛Hadrian,

Silver appealed to the Supreme Court, in particular arguing that the appeals court had wrongly said the prosecution did not have to specifically trace criminally derived money that is mixed in an account together with “clean” funds in order to prove money laundering. Silver said appeals courts around the country are divided on this matter.

Silver, who represented Manhattan’s Lower East Side, 上海夜网was Assembly speaker from 1994 to 2015. Along with Democratic Governor Andrew Cuomo and Republican former New York Senate Majority Leader Dean Skelos, he was one of the “three men in a room” with effective power to dictate New York legislative priorities.

Skelos’ separate 2016 corruption conviction also was vacated based on the Supreme Court ruling regarding McDonnell.

Shutdown costs pegged at $3 billion as government reopens

WASHINGTON ( ) – The U.S. economy was expected to lose $3 billion from the partial federal government shutdown over President Donald Trump’s demand for border wall funding, congressional researchers said on Monday as 800,000 federal employees returned to work after 35 days without pay.

The nonpartisan Congressional Budget Office said the cost of the shutdown would make the U.S. economy 0.02 percent smaller than expected in 2019. More significant effects will be felt by individual businesses and workers, particularly those who scrambled to make ends after not being paid.

Overall, the U.S. economy lost about $11 billion during the five-week period, the CBO said. It expects $8 billion to be recovered, however, as the government reopens and employees receive back pay.

The longest shutdown in U.S. history ended on ,上海夜网后花园Lance,Friday when Trump and Congress agreed to temporary government funding – without money for his U.S.-Mexico border wall – as the effects of the shutdown intensified across the country.

Related CoverageU.S. GDP report likely released next week: White House’s KudlowU.S. fourth-quarter GDP, December income spending reports delayed

The Republican president had demanded that legislation to fund the government contain $5.7 billion for his long-promised wall. He says it is necessary to stop illegal immigration, human trafficking and drug smuggling, while Democrats call it costly and inefficient.

A committee of Republican and Democratic lawmakers have scheduled an initial meeting on Wednesday, which will be open to the public, as they try to negotiate a compromise on border security before the Feb. 15 deadline.

That session is likely to see little more than opening statements by lawmakers. Subsequent meetings could be conducted in private, where the hard bargaining would take place, several congressional aides said.

Owing to rules governing legislation in the House of Representatives requiring a 72-hour period for lawmakers to review legislation before having to vote on it, the committee might have to wrap up its work by around Feb. 10 in order to meet a Feb. 15 deadline for congressional approval.

Trump said he would be willing to shut,上海新夜网龙凤Octavia, down the government again if lawmakers do not reach a deal he finds acceptable on border security. On Sunday, he expressed skepticism such an deal could be made.

Trump has also said he might declare a national emergency to get money for the border wall. Democrats would likely challenge that in court.

WELCOMED BACK TO WORK

Democratic lawmakers said the CBO report served as a stark warning to Trump against another shutdown.

“Families across the nation are still trying to recover from a month of missing paychecks and overdue bills, but the president is already threatening a second shutdown if he doesn’t get his way,” said House Speaker Nancy Pelosi, the top U.S. Democrat.

Most employees should be paid by Thursday for back wages, which one study estimated at $6 billion for all those who worked without pay or were furloughed. Contractors and businesses that上海夜生活 relied on federal workers’ business face huge losses, although some lawmakers are pushing legislati,上海晚上耍女人的地方Oakley,on to pay contractors back as well.

Federal workers poured out of Washington’s public transportation system on Monday. Federal Communications Commission Chairman Ajit Pai greeted employees in the lobby, while the Securities and Exchange Commission offered doughnuts, fruit and coffee.

The National Transportation Safety Board said on Monday it had been unable to send investigators to 22 accidents during the shutdown, including 15 aviation accidents resulting in 21 deaths. “These 22 accidents now require investigative action,” the safety agency said, but added that evidence “may have been lost.”

The National Highway Traffic Safety Administration was reviewing five weeks of auto safety recalls that had been submitted by automakers, but has not yet begun posting them publicly.

Renault executives, French government officials to meet Nissan CEO:…

TOKYO/PARIS ( ) – Renault executives and French government officials were planning to meet Nissan CEO Hiroto Saikawa in Japan on Thursday, Japanese media said, as the automakers consider their partnership in the wake of alliance Chairman Carlos Ghosn’s arrest.

Ghosn, arrested and detained in Tokyo since Nov. 19, has been indicted in Japan on charges of under-reporting his salary for eight years through March 2018, and temporarily transferring personal investment losses to Nissan Motor (7201.T) during the global financial crisis.

Nissan ousted him as chairman following his arrest, with Mitsubishi Motor (7211.T) – the third member of the automaking alliance – soon following suit.

Ghosn, however, continues to chair Renault (RENA.PA), where he is also CEO, as well as the alliance.

The visiting French delegation is seeking an explanation from Nissan’s management regarding its corporate governance in the wake of Ghosn’s arrest, the Nikkei business daily reported, without citing sources.

Emmanuel Moulin, chief of staff to French Finance Minister Bruno Le Maire, and Martin Vial, who heads the ministry’s state holding agency and is also a Renault director, were likely to discuss potential candidates for Ghosn’s successor at Renault, a perso,上海夜生活服务Earl,n with knowledge of the issue told .

The French government declined to comment on the itinerary for the delegation. Nissan could not be immediately reached.

Renault, under increasing government pressure to name a new CEO and chairman, is planning to hold a board meetin,上海夜网推油Eden,g later this week to begin the process of appointing one or more successors to Ghosn, three people briefed on the process have told . 上海夜生活论坛

Jean-Dominique Senard, who is soon to step down as CEO of tire maker Michelin, is likely to replace Ghosn as Renault chairman, according to two sources.

The French state and its advisers,上海凤楼夜网Tamara, are also considering candidates for the Renault CEO role currently occupied on an interim basis by Ghosn’s deputy Thierry Bollore.

Foxconn says trying to hire 50,000 people in first quarter after…

TAIPEI ( ) – Taiwan’s Foxconn (2317.TW), assembler of 上海夜生活论坛Apple Inc’s (AAPL.O) iPhones, on Tuesday said it was trying to recruit for more than 50,000 positions across its China campuses for the January-March quarter, amid reports of mass lay-offs.

The world’s largest contract manufacturer, formally known as Hon Hai Precision Industry Co Ltd, said in a stock exchange filing that changes in employee numbers were part of its usual adjustments based on global s,夜上海419龙凤论坛Pamela,trategy and clients’ needs.

Last week, the Nikkei reported that Foxconn had let go around 50,000 contract workers in China since October, months earlier than normal.

“Efforts are in progress to recruit for more than 50,000 positions across our China campuses in Q1 2019,” the company told in an email whe,上海夜生活论坛Quaid,n asked whether it was actively hiring.

The Nikkei report came weeks after Apple cut current-quarter production for new iPhones by 10 percent in the face of slowing demand in China, the world’s largest smartphone market.

Chipmaker Samsung Electronics Co Ltd (005930.KS) and other tech suppliers have also warned of a tech slowdown going into 2019.

Foxconn, which sources said makes roughly half its revenue from Apple, reported an 8 percent fall in December sales earlier this month.

At Foxconn’s campus in Zhengzhou in central China, thousands of temporary contract workers and some regular staffers left of their own accord due to the lack of weekend work, trimmed overtime opportunities, and reduced or canceled peak-season bonuses, ,上海夜生活群Mace,five production line workers there told last month.

Representative Conyers’ future plans to be discussed in ‘next day…

DETROIT ( ) – The question of whether U.S. Representative John Conyers may resign in the face of sexual harassment allegations will be addressed in the “next day or so,” an attorney for the congressman said on Friday.

“We will make another announcement in the coming days as to whether the congressman will continue or whether he will,上海夜生活Cade, step aside, but that decision is not being made today,” attorney Arnold Reed told reporters outside Conyers’ home as he discussed the allegations.

Conyers, who is facing an investigation by the House Ethics Committee, is one of numerous prominent men in U.S. politics, media and entertainment who have been accused in recent months of sexual harassment and misconduct. Others include former Hollywood executive Harvey Weinstein, Democratic Senator Al Franken and Republican Senate candidate Roy Moore.

Conyers has acknowledged settling with one former staffer over her claims of harassment, but he has denied wrongdoing. He has relinquished his post as the senior Democrat on the House Judiciary Committee and has said he will cooperate with the ethics probe.

Representative Nancy Pelosi, the leading Democrat in th,上海夜生活群Macey,e House of Representatives, and her top deputies on Thursday had called on Conyers to step aside. Hou上海夜生活se Speaker Paul Ryan, the top-ranking Republican in Congress, also said Conyers should resign.

Reed said he h,上海足浴夜网联系方式Gabi,ad spoken with Conyers about his future before the congressman went into the hospital on Wednesday after experiencing dizziness, shortness of breath and lightheadedness, but that Conyers had not reached a definitive decision.

“No decision has been made at this juncture,” Reed said.

“As you know, his health is not the best,” he said. “We will meet in the next couple days, if he gets stronger, which I anticipate he will, so that we can discuss these issues.”

Written by shyw on February 6, 2019 Categories: zowywagu Tags: , ,

Exclusive: CVS to cover migraine drugs from Teva, Lilly; excludes…

NEW YORK ( ) – CVS Health Corp, a top U.S. manager of pharmacy benefits, has added new migraine drugs from Teva Pharmaceutical Industries and Eli Lilly and Co to its list of covered drugs, excluding a rival treatment from Amgen Inc, a CVS spokeswoman told on Friday.

CVS’s decision represents a setback for sales of Amgen’s Aimovig, as many patients who rely on the coverage list will now have easier access to the rival Teva and Lilly drugs. Inclusion on the preferred drugs lists by the largest pharmacy benefit managers (PBMs) and health insurers is seen as critically important for sales of ,上海夜生活网419Dallas,new medicines.

About 39 million Americans suffer from migraine headaches, according to the Migraine Research Foundation, and global migraine drug sales could reach $8.7 billion by 2026, according to analytics firm GlobalData.

Shares,上海晚上耍女人的地方Qirin, of Amgen fell 1.3 percent to $198.27. Teva shares traded in New York were up 1.3 percent at $19.60, while Lilly was off 0.5 percent at $114.36.

An Amgen spokeswoman said the company was disappointed by the CVS decision and that it would work toward Aimovig being a preferred brand on CVS coverage lists.

The move by CVS is a positive development for Teva, who上海夜生活网se drug was initially excluded from the list of covered drugs by Express Scripts, another large U.S. PBM. Its status recently changed and it may appear on some coverage lists, but likely with a higher out-of-pocket cost, Express Scripts said on Friday.

Teva’s Ajovy and Lilly’s Emgality will be available to members who have tried and failed to be helped by other preventive migraine treatments, CVS spokeswoman Christine Cramer said in an emailed statement.

The treatments belong to a class of drugs called CGRP inhibitors that have proven effective in helping to prevent migraines, and whose prices were backed as cost effective by the Institute for Clinical and Economic Review, Cramer said. ICER is a non-partisan research organization that reviews the clinical and economic value of medicines.

Cramer did not provide a reason for why the company had excluded Amgen.

PBMs typically extract discounts from drugmakers in return for favorable placement on their list of covered drugs, such as through a low co-payment, or coinsurance payment, for their members.

A Teva spokeswoman said in a statement that 60 percent of commercial patients now have access to Ajovy through covered drug lists and that discussions are continuing with other national and regional payers.

All three migraine drugs have a list price of $575 a month, or $6,900 a year. Those prices do not reflect rebates and discounts drugmakers typically provide to PBMs, who design and negotiate benefits for employers and insurers.

All three companies have said that they are providing a limited duration supply of these drugs at no cost directly to patients in addition to other assistance programs.

Amgen was the first of the three companies to launch a drug in the new class. The rival drugs from Teva and Lilly, which work in a similar ma,上海夜网官方网站Radcliff,nner, came on the market soon after.

CVS’ policy is similar to that of Express Scripts, which requires patients first try two older preventive therapies and a triptan, a family of generic drugs used to treat acute migraine. Express is now part of Cigna Corp.

Lilly did not respond to a request for comment.

U.S. bank trade group, Accenture and others back fintech startup…

NEW YORK ( ) – Accenture Plc, SunTrust Banks Inc and the American Bankers Association, a trade group for U.S. banks, said on Friday that they had joined a $30 million investment round in Finxact, a startup that develops the back-end technology used by banks to process some transactions.

Existing investors, including Live Oak Ventures, First Data Corp, Woodforest National Bank and T.N. Incorporation Ltd of Thailand also,上海夜网后花园Daisy, participated in the round, the companies said.

Finxact plans to use the funding to develop its techno,夜上海论坛Jack,logy and grow its operations, Frank Sanchez, the company’s chief executive and founder, said in an interview.

The investment comes as banks of all sizes grapple with old technology infrastructure as they seek to offer more digital上海夜网 services to their customers. Many of these systems were built decades ago and are ill-equipped to handle services customers have come to expect in the internet age such instant peer-to-peer payments or real-time account balance updates.

Smaller banks often cite this issue as one of the biggest hurdles they face in competing with younger finan,上海新夜网龙凤Dakota,cial services providers or larger banks that can fund costly back-end replacements.

“I have heard from bankers across the country who wish they had more nimble and agile core processing platforms that allowed them to keep pace with customer demands,” ABA President and CEO Rob Nichols said via email. “We understand that a bank’s ability to innovate is highly dependent on its core processing platform.”

This is the second significant technology investment since Nichols’ took over as the ABA’s chief executive in 2015.

Florida-based Finxact says its more modern cloud-based platform is built to enable banks to offer better digital services to their customers and is less expensive to run than older systems.

“It is substantially more efficient to operate,” Sanchez said.

The company targets regional and community banks but also works with neo banks, or large banks who plan to migrate their old systems, Sanchez said.

Written by shyw on January 2, 2019 Categories: zowywagu Tags: , , ,

Renault names new leaders as scandal-hit Ghosn bows out

PARIS ( ) – Renault appointed Michelin boss Jean-Dominique Senard as its new chairman on Thursday, after Carlos Ghosn was forced to resign in the wake of a financial scandal that has rocked the French carmaker and its alliance with Japan’s Nissan.

Senard will become chairman immediately, the company said, with deputy chief executive Thierr,上海夜网邀请码Idris,y Bollore taking over Ghosn’s other Renault role as full CEO.

The appointments may begin to ease a Renault-Nissan leadership crisis that erupted after Ghosn’s Nov. 19 arrest in Japan and swift dismissal as Nissan chairman.

Senard, 65, now faces the task of soothing relations with Nissan and resuming talks on a new alliance structure to cement the 20-year-old partnership.

“It’s important that this alliance remain extremely strong,” Senard told reporters after a board meeting – citing the mounting investment demands of new vehicle technologies. “It is our compulsory duty to go forward together.”

Nissan welcomed the leadership change, which CEO Hiroto Saikawa said would open a “new chapter” for the partnership.

The announcement also marks a clear end to one of the auto industry’s most feted careers, two decades after Ghosn was despatched by former Renault boss Louis Schweitzer to rescue newly acquired Nissan from near-bankruptcy – a feat he pulled off in two years.

After 14 years as Renault CEO and a decade as chairman, Ghosn formally resigned from both roles on the eve of the board meeting.

Related CoverageTurnaround to integration: Ghosn’s tenure at Renault, NissanNissan CEO welcomes Renault’s appointment of Senard as chairman

Ghosn’s arrest and indictment for financial misconduct has strained the Renault-Nissan relationship, threatening the future of the industrial partnership he transformed into a global carmaking giant over two decades.

For two months, the tensions deepened as Renault and the French government stuck by Ghosn despite the revelation he had arranged to be paid tens of millions of dollars in additional income, unbeknownst to shareholders.

Ghosn has been charged with failing to disclose more than $80 million in additional compensation for 2010-18 that he had agreed to be paid later. Nissan director Greg Kelly and the Japanese company itself have also been indicted.

Both men deny the deferred pay was illegal or required disclosure, while not contesting the agreements’ existence. Ghosn has denied a separate breach of trust charge over personal investment losses he temporarily transferred to Nissan in 2008.

Ghosn had agreed in recent days to step down from Renault, reported on Tuesday – but only after the French government, Renault’s biggest shareholder, called for leadership change and his bail requests were rejected.

Senard, who had been due to retire from Michelin in April, now has fences to mend in Japan.

Following Ghosn’s arrest, Nissan CEO Hiroto Saikawa had sought to weaken Renault’s control and resisted its attempts to nominate new directors to the Japanese carmaker’s board.

In a possible sign of detente on Thursday, Nissan called an April shareholder meeting to appoint a Renault-nominated boar,夜上海419龙凤论坛Rae,d member and formally terminate Ghosn and Kelly’s directorships. It remains unclear whether Renault, as Nissan’s parent, will also name its next chairman.

Nissan currently owns a 15 percent non-voting stake in its French parent and 34 percent in Mitsubishi Motors, a third major partner in their manufacturing alliance.

Once its new management is settled, French officials want the alliance to resume work on a new ownership structure to cement the partnership – which Ghosn had been mandated to explore when his Renault contract was renewed last year.

Nissan is wary of any ,上海仙霞路夜生活Sabrina,such moves. Now is not the time to discuss structural changes, Saikawa reiterated on Thursday.

“Communication between the boards of the two companies has been a bit difficult” since Ghosn’s arrest, the Nissan CEO said. “I’m looking forward to better communication.”

As Renault CEO, Bollore will also become chairman of the alliance, a French official told – as set out in the 2002 shareholder pact underp上海夜网inning the partnership.

His operational alliance role will be overseen by Senard, who will lead discussions on the future “evolution” of its structure, Renault said.

Renault has yet to finalize Ghosn’s severance package, estimated by the CGT union at 25-28 million euros ($28-32 million) in addition to an annual pension of 800,000 euros.

Ghosn’s golden parachute could be politically explosive in France, where the government is battling “yellow vest” street protests over low pay and inequality.

Fabien Gache, a Renault CGT spokesman, said on Thursday the union would press the government to vote against the package at Renault’s annual shareholder meeting in June.

“We should not add indecency to indecency,” Gache said.

The government will decide how to vote on Ghosn’s severance pay when details become clear, a finance ministry official said.

($1 = 0.8814 euros)

J&J, U.S. states settle hip implant claims for $120 million

( ) – Johnson & Johnson and its DePuy Orthopaedic上海夜网s unit have agreed to pay $120 million to resolve deceptive marketing claims by several U.S. states over the company’s metal-on-metal hip implants.

Attorneys general of 46 U.S. states announced the settlement agreement in statements on Tuesday. They alleged DePuy engaged in unfair and deceptive practices in the promotion of its ASR XL and Pinnacle Ultamet hip implant devices.

DePuy in a statement said the settlement involv,上海夜哪里艳遇Ida,es no admission of liability or misconduct on the part of the companies.

“DePuy Synthes remains committed to meeting the current and future needs of orthopedic surgeons and patients,” the company said.

The states claimed J&J made misleading claims about the longevity of its metal-on-metal hip implants, with patients frequently having to undergo a revision surgery before the com,上海夜生活Jack,pany’s advertised timeframe of five years.

Under Tuesday’s settlement agreement, DePuy is required to maintain a post-market surveillance program and update procedures to track complaints over the hip implants, according to a statement by New York Attorney General Letitia James.

DePuy in 2010 announced a worldwide voluntary recall of 93,000 of its ASR hip implant systems, saying that 12 percent of them failed within five years. Saying it would pay at least $2.47 billion, the company has since settled thousands of lawsuits by patients who had to have the ASR implant removed.

In 2013, DePuy ceased selling the Pinnacle devices after the U.S. Food and Drug Administration strengthened its artificial hip regulations.

Metal-on-metal hip implants have also come under scrutiny over allegations that the products cause a build-up of metal ions in the blood, causing groin pain, allergic reactions, bone erosion and tissue death.

The company faces some 10,400,上海凤楼夜网Barrett, lawsuits in the United States over its Pinnacle device in connection with those claims.

J&J denies consumer claims related to its Pinnacle products, saying the company acted appropriately and responsibly in the development, testing, and marketing of the devices.

Written by shyw on December 18, 2018 Categories: zowywagu Tags: , , ,

Weak Intel outlook stokes fears of a chip slowdown

( ) – Intel Corp forecast current-quarter revenue and profit below analysts’ estimates and missed fourth-quarter sales estimates on Thursday, hit by a slowdown in China and sluggish demand for its data center and modem chips.

The company’s shares fell 6.7 percent in extended trading as the news further stoked fears of an industry slowdown after sales warnings from Apple Inc, Samsung Electronics Co Ltd and ,夜上海论坛Kai,Taiwan Semiconductor Co Ltd earlier this month pointed to stagnating smartphone demand and a cooling Chinese economy.

Those fears had lifted briefly earlier this week with better-than-expected quarterly results from Texas Instruments Inc, Xilinx Inc and Lam Research Corp. But after Intel’s report on Thursday, shares of smaller rival Advanced Micro Devices, which reports results next Tuesday and Nvidia Corp fell.

Intel said weaker demand from China hurt the company’s data center chip business, which has driven growth in recent years as PC sales have slowed and cloud-based services have become more popular.

In an interview, Intel Interim Chief Executive Bob Swan said data center providers tend to make large purchases in spurts and then spend time “digesting” the chips as they build out their centers.

Sales in China fell because some buyers there – especially cloud computing vendors – seem to have bought chips earlier than usual last year because of fears about U.S.-China trade tensions, Swan said. U.S. cloud computing vendors continued their usu,上海夜网后花园Sabia,al buying patterns throughout the year, he added.

“I do believe there was earlier buying (among Chinese cloud customers) for server-type products in the course of the second and third quarter of last year,” Swan said. “But overall I would say … the prospects and the health of the industry are as bright as they’ve ever been. We’re just in a digesting period.”

That digestion period could last until the second half this year, when Intel’s management said it expects data center growth to pick up again. “We see the cloud companies as focusing on optimizing the data centers that have been deployed,” Stifel analyst Kevin Cassidy told .

For years, Intel had been insulated from swings in Apple’s iPhone supply chain because it was not a major supplier. But it was the sole provider in 2018 of iPhone modems, which connect phones to wireless data networks, and earlier this month, Apple cut its revenue forecast, citing weak demand in China.

Swan said Intel’s modem business grew by 60 percent over last year but still came in about $200 million below target. The modem unit had “fantastic growth, but weaker than we expected, and as a result that impacted our revenues for the quarter,” Swan said.

Intel forecast first-quarter revenue of $16 billion and adjusted earnings of 87 cents per share. An上海夜生活alysts on average were expecting revenue of $17.35 billion and a profit of $1.01 per share, according to IBES data fro,上海夜生活桑拿会所Cade,m Refinitiv.

“The macro environment does not look good at the moment and if it gets worse, Intel could see a further downside to its outlook,” said Kinngai Chan, an analyst with Summit Insights Group.

Intel’s search for a permanent CEO has lasted six months. Last June, then-CEO Brian Krzanich resigned after a probe of a relationship with another Intel employee.

“I am convinced the board will close on a new CEO in the near future, and I believe the management team, myself and the 107,000 employees will rally behind him or her to take this company as a whole new level,” Swan said on a conference call with investors. “In the meantime, we will not be distracted by the void.”

Fourth-quarter revenue in the higher-margin data center business came in at $6.07 billion, below expectations of $6.35 billion, according to financial and data analytics firm FactSet.

Revenue in the client computing business, which includes sales to PC makers was $9.82 billion, missing FactSet estimates of $10.01 billion.

Intel reported bit.ly/2FN4ac0 net income of $5.20 billion, or $1.12 per share, for the fourth quarter ended Dec. 29, compared with a loss of $687 million, or 15 cents per share, a year earlier.

Net revenue rose to $18.66 billion from $17.05 billion, but missed estimates of $19.01 billion.

Excluding items, the company earned $1.28 per share, above expectations of $1.22.

Brazil’s Bolsonaro uses Davos speech to appeal to big business

DAVOS, Switzerland ( ) – Brazil’s new right-wing Presi,上海夜网邀请码Caitlin,dent Jair Bolsonaro threw out the welcome mat for big business and foreign investors on Tuesday, telling a summit of CEOs in Davos that his government would make the country one of the top 50 in which to do business.

Bolsonaro said he would work to open up Brazil’s relatively closed economy, reduce and simplify taxes, privatize state companies and give his new justice minister the ,上海夜生活桑拿会所Balthazar,tools to tackle corruption.

The former army captain turned politician was elected in October on a wave of conservative nationalism and anti-leftist sentiment in a country fed up with political graft and a painful economic downturn.

“We enjoy the credibility to carry out reforms that we need and the world expects of us,” Bolsonaro told the Davos audience.

“We will reduce the tax burden, simplify tax rules and make life easier for those who want to produce, do business, invest and create jobs,” he said.

Bolso,上海夜生活去哪玩Fabi,naro vowed to restore macroeconomic stability with fiscal discipline. He did not, however, mention pensio上海夜生活论坛n reform, his biggest challenge to controlling a gaping budget deficit.

He assured investors he has fulfilled campaign promises to form a cabinet without engaging in the political horse-trading that led to rampant corruption in the past.

He said his Justice Minister Sergio Moro, accompanying him in Davos, was the right man to fight corruption and money laundering. Moro oversaw Brazil’s biggest graft investigation ever, landing powerful businessmen and politicians in jail, including former leftist president Luiz Inacio Lula da Silva.

Bolsonaro said his government would balance economic development with preservation of Brazil’s environment and biodiversity, including the world’s largest rainforest, which many consider a vital defense against global warming.

His government appears to have dropped plans to exit the Paris Agreement on climate change, but environmentalists worry his policies will favor farming interests and speed up deforestation in the Amazon.

Eve-of-Davos survey shows people place trust in companies over…

DAVOS, Switzerland ( ) – People around the world place much more trust in their companies than their political leaders, according to a major survey that suggests a mood of uncertainty and pessimism on the eve of the World Economic Forum in Davos.

The annual Edelman Trust Barometer shows only one in five people believe the economic, political and social system is working for them, while nearly 60 percent think trade conflicts are hurting their companies and putting their jobs at risk.

The sense of gloom is strongest in developed markets led by Japan, where 84 percent of the general public – excluding the ‘informed public’ who are college-educated, earn above-average incomes and consume news regularly – do not believe they will be better off in five years’ time, followed by France at 79 percent, Germany at 74 percent and Britain at 72 percent. That is far above the average 49 percent of the 27 countries examined in the research.

Amid low confidence that politicians will fix the problems, these people are turning to companies, with 75 percent saying they trust “my employer”, compared to 48 percent for government and 47 percent for the media.

“CEOs now have to be visible, show personal commitment, absolutely step into the void, because we’ve got a leadership void in the world,” Richard Edelman, head of the communications marketing firm that commissioned the research, told .

Optimism was higher in the United States, where nearly half of the general public believed they would be better off in the next five years. The corresponding figure there was 62 percent for the better-educated, higher-earning “informed public”.

“The stock market was very good, the deregulation and lower taxes for the wealthy – it’s pretty good if you are an elite,” Edelman said of the U.S. findings.

The survey, based on the opinions of over 33,000 people and conducted between Oct. 19 and Nov. 16, is published 上海夜生活网on the eve of the Davos gathering in the Swiss Alps, which this year brings together some 3,000 business and world leaders amid anxiety over the U.S.-China trade war, Brexit and a slowdown in global growth.

“VIOLATION OF TRUST”

The pessimism in Japan, France, Germany and Britain reflects a ,上海夜生活网交流Hal,variety of factors.

“I think Japan’s never really recovered from Fukushima, there was such a violation of trust when that happened,” said Edelman, referring to the authorities’ botched response to a massive nuclear accident in 2011.

Signs of slowing global demand and a sharp rise in the yen have clouded the outlook for Japan’s export-reliant economy, an,上海夜生活乌托邦Earl,d the government plans tax hikes to pay for ballooning healthcare costs for its rapidly ageing population.

“The problem for the three (European) countries…. is that given the reality of the potentially diminished economic future, there is deep anger in advance,” Edelman said.

In France, what started as a grassroots rebellion by low-paid workers to protest taxes on diesel fuel and a squeeze on household incomes has morphed into an assault on President Emmanuel Macron and his reforms, seen by the protesters as favoring the wealthy.

And in Britain, the Brexit crisis intensified last week after Prime Minister Theresa May’s two-year attempt to,上海夜生活男人好去处Dakota, forge an amicable divorce from the European Union was crushed by parliament in the biggest defeat for a British leader in modern history.

The survey found that while only 49 percent of the wider population trusted institutions such as governments, this figure rose to 65 percent among high-income, college-educated and well-informed people – the biggest gap since the research began 19 years ago.

Despite widespread distrust of the media, uncertainty about the future has led to a sharp jump in people’s consumption and sharing of news and information, up 22 percentage points in a year to 72 percent.

But more than 70 percent said they worry about false information or fake news being used as a weapon.

In the United States, where President Donald Trump has repeatedly denounced the media as purveyors of fake news, trust in media varied widely depending on political affiliations.

Those who identified themselves as Republican voters showed only 33 percent trust in media, while 69 percent of Democrats did so.

Wells Fargo CEO defends his stewardship, in response to Sen….

( ) – Wells Fargo & Co Chief Executive Tim Sloan, in a CNBC interview on Friday, said he is the right person to run the company, in response to Senator Elizabeth Warren’s repeated calls for him to be fired after a 2016 scandal.

Sloan told Jim Cramer on “Mad Money” that Warren could have her opinion but he would not be in his present role if he thought he was not doing his job.

“I think I’m the right person to run this company today,” he told Cramer.

Wells Fargo has been coping with a series of scandals since 2016, when it was reported that employees had opened potentially millions of phony accounts in customers’ names without their permission.

The bank has disclosed other problems since then, including enrolling hundreds of thousands of customers in costly products, such as auto insurance, that they did not need or want.

Warre,上海夜生活服务Easton,n, a progressive Democra,上海夜生活怎么玩Hadleigh,t who announced in December that she had formed an exploratory committee to run for president in 2020, has called for Sloan’s removal in the past, but she could not compel the U.S. central bank to take such a step.

In October, she wrote a letter to Fed Chairman Jerome Powell urging him to not allow the bank to grow in size until it replaced Sloan.

Sloan said in the Friday interview that he has “taken responsibi,上海夜网Talon,lity” and should not be criticized for doing so. “Judge me on what I said we would do and what we’ve done,”上海夜网 he said.

Sloan said last week that Wells is planning to operate under the Fed-ordered asset cap through the end of 2019, as the fourth-largest U.S. lender’s loan book shrank and revenue fell across all its major businesses last quarter.

Written by shyw on October 23, 2018 Categories: zowywagu Tags: , , ,

Rusal shares soar, aluminum falls as U.S. lifts sanctions

WASHINGTON/MOSCOW ( ) – U.S. President Donald Trump’s administration on Sunday lifted sanctions on the core empire of Russian tycoon Oleg Deripaska, including aluminum giant Rusal and its parent En+, despite a Democrat-led push to maintain them.

The move, which sent the Russian stock index to an all-time high, has watered down the toughest penalties imposed since Moscow’s 2014 annexation of Crimea, following ,上海会所夜网Tallulah,a lobbying campaign in the United States that lasted almost 10 months.

Hong-Kong listed shares in Rusal, the world’s largest aluminum producer outside China, hit their highest since April on Monday, rising 9 percent.

Aluminum prices on the London Metal Exchange (LME) dropped as much as 1.4 percent after the open. The sanctions had sent London aluminum to a seven-year high when they were announced in April last year amid fears of a supply squeeze.

On Monday, the LME said it had lifted its suspension on storing Rusal-produced metal in LME-approved warehouses with immediate effect.

“Members may freely enter into contracts with Rusal and its affiliates,” the LME said in a statement.

Related CoverageLSE lifts halt on En+’s London-listed GDRs available to U.S. investorsEx-NRG CEO David Crane to exercise voting rights for VTB’s stake in EN+: sourceDISPUTED DECISION

The decision to lift the sanctions, imposed by the U.S. Treasury in response to what it called Russia’s “malign activities”, defied a Democratic-led push in the U.S. Congress to maintain the restrictions.

Earlier this month, Democrats were joined by 11 of Trump’s fellow Republicans in the U.S. Senate in an effort to keep the sanctions on Rusal, En+ Group and power firm JSC EuroSibEnergo.

Advocates for keeping the sanctions had argued that Deripaska, an ally of Russian President Vladimir Putin, retained too much control over the companies.

Some lawmakers, from both parties, also said it was inappropriate to ease the sanctions while Special Counsel Robert Mueller investigates whether Trump’s 2016 presidential campaign colluded with Moscow, something the U.S. president denies.

But in its statement on Sunday, the U.S. Treasury Department said the three companies had reduced Deripaska’s direct and indirect shareholding stake and severed his control.

That action, it said, ensured that most directors on the En+ and Rusal boards would be independent, including Americans and Europeans who had no business, professional or family ties to Deripaska 上海夜网or any other person designated for sanctions.

It added that the companies had agreed to “unprecedented transparency for the Treasury into their operations” including extensive auditing, certification and reporting requirements.

Deripaska himself remains subject to U.S. sanctions.

CHANGES IN RUSAL, EN+

After the Treasury announcement, Rusal sa,上海夜生活乌托邦Jackson,id its chairman, Jean-Pierre Thomas, had resigned as part of the deal to lift the U.S. sanctions.

Its parent company, En+ Group, also announced the resignation of several of its board members and the appointment of new directors, a move intended to satisfy U.S. Treasury demands that the boards of both Rusal and En+ Group be made up of independent directors.

“The new board of directors will take additional actions … to demonstrate the board’s absolute commitment to transparency, accountability and good corporate governance,” En+’s board chairman Greg Barker said in a statement.

These will include the establishment of a separate board committee for compliance and the retention of an independent expert counsel to advise the board, Barker said.

In addition, En+ announced that Swiss company Glencore would swap shares in Rusal for a direct ownership interest in En+.

Trump administration officials, and many Republicans who had supported lifting the sanctions, had said they were worried about the effect on the global aluminum industry. Rusal is the world’s largest aluminum producer after China’s Hongqiao.

They also said Deripaska’s decision to lower his stakes in the companies so that he no longer controlled them showed that the sanctions had worked.

Moscow has denied seeking to influence the U.S. election. Deripaska had ties with Paul Manafort, Trump’s former campaign manager. Manafort pleaded guilty in September 2018 to atte,上海夜生活服务Macauly,mpted witness tampering and conspiring against the United States.

China’s 2018 oil refinery output, December gas production hit records

BEIJING/SINGAPORE ( ) – Chinese oil refiners raised their output to a record in 2018, led by state-run oil majors which m,上海晚上耍女人的地方Sabine,aximized operations on firm profit-margins and private refiners which increased processing after being granted higher crude import quotas.

Refiners processed 603.57 million tonnes of crude last year, or about 12.07 million barrels per day (bpd), up 6.8 percent from 2017, the National Bureau of Statistics said on Monday.

In December, crude runs rose 4.4 percent from the year before to 51.17 million tonnes, or 12.05 million bpd, hovering near a record of 52.78 million tonnes racked up in October.

Top oil and gas group CNPC said on Monday that its crude processing volume rose 4.7 percent last year from 2017 to 207.3 million tonnes, or 4.15 million bpd.

New refineries including Zhejiang Petrochemical and the Sinopec-Kuwait refining complex in Zhanjiang were expected to add 32 million tonnes of new refining capacity to the world’s largest energy consumer, according to the research unit of China National Petroleum Corp (CNPC).

China’s crude runs are likely to grow 4.7 percent in 2019 from last year to hit a record of 634 million tonnes, or 12.68 million bpd, according to a report from CNPC’s think tank on Wednesday.

Crude oil output dropped in 2018 for a third straight y,上海夜网邀请码Dalton,ear despite increasing capital spending from oil producers, the data showed. Annual crude production declined 1.3 percent to 189.11 million tonnes, or 3.78 million bpd.

But in December, output recorded a rare year-on-year increase of 2 percent after companies stepped up drilling, with monthly output at 16.33 million tonnes, or 3.845 million bpd, the highest daily level since June last year.

For most of the last three years, China’s monthly crude oil production has shown year-on-year declines amid the higher costs of operating mature fields and a lack of new discoveries.

China’s CNO上海夜生活网OC said on Friday that it aimed to dou,上海会所夜网Nala,ble its domestic exploration work and proven oil and gas reserves in seven years.

Meanwhile, December natural gas output surged to a record 15.3 billion cubic meters (bcm), up 10 percent from a year ago, exceeding a record of 14.27 bcm in November, the data showed.

For all of 2018, gas output rose 7.5 percent from a year earlier to 161 bcm.

GM halts operations at 11 Michigan plants after utility’s urgent…

WASHINGTON ( ) – General Motors Co said late on Wednesday it will temporarily suspend operations at 11 Michigan plants and its Warren Tech Center after a utility made an emergency appeal to users to conserve natural gas during extreme winter cold.

Fiat Chrysler Automobiles NV also said it had canceled a shift on Thursday at both its Warren Truck and Sterling Heights Assembly plants and was considering whether it would need to cancel additional shifts.

GM said it had been asked by Consumers Energy, a unit of CMS Energy Corp, to suspend operations to allow the utility to manage supply issues after extreme cold temperatures and a fire at a compressor station.

It said workers were told not to report for the shifts at its Orion Assembly, Flint Assembly, Lansing Delta Town,上海足浴夜网联系方式Hadley,ship Assembly and Lansing Grand River Assembly plants, as well as other stamping and transmission plants on Wednesday evening and early Thursday. GM said it was still assessing when employees could return to work.

Workers at its Warren Tech Center were also told to stay home on Thursday.

In a video message posted on Facebook, CMS Energy Chief Executive Patricia Poppe said large companies,,夜上海419龙凤论坛Tallulah, including Fiat Chrysler, Ford Motor Co and GM, had agreed to “interrupt” production schedules through Friday to tackle the issue prompted by a fire at a Michigan facility and the record-breaking cold.

Poppe said the usage cuts by large businesses were not enough, and urged 1.8 million Michigan customers to turn down thermostats as much as they could to cut natural gas use in order to protect critical facilities like hospitals and nursing homes. “I need you to take action right now,” she said.

Ford Motor said it had also taken steps to reduce energy use at its four Michigan plants supplied by Con,上海夜生活男人好去处Gabi,sumers Energy, but added the situation remained fluid.

A spokeswoman said it had reduced heating levels at Livonia Transmission and Van Dyke Transmission, stopped heat treatm上海夜网ent processes at Sterling Axle and shut down the paint process at Michigan Assembly.

Consumers Energy sent an alert to mobile phones in Michigan asking residents to reduce natural gas use.

In a Twitter message, Consumers Energy warned that “without additional reductions, we run the risk of not being able to deliver natural gas to families and critical facilities across Michigan – a scenario none of us want to encounter.”

Consumers Energy said a fire at a gas compressor station in Michigan’s Macomb County Wednesday forced it to halt gas flow from the compressor station until safety and damage assessments could be completed.

Timely trade in PG&E Corp options reaps millions

NEW YORK ( ) – A well-timed trade in the options on PG&E Corp reaped a massive paper profit on Thursday after the electric utility’s shares soared following a state regulator cle,上海夜生活论坛Earl,aring the compa,上海仙霞路夜生活Fabi,ny from any responsibil,上海夜生活网交流Dahlia,ities related to the 2017 Tubbs wildfire.

PG&E shares soared 75 percent after the California Department of Forestry and Fire Protection (CAL FIRE) on Thursday cleared the company of the Tubbs Fire in 2017, saying the blaze was caused by a private electrical system close to a residential structure.

Minutes before the shares jumped, an unnamed trader paid $200,000 for 10,000 call contracts betting on the shares rising above $12 by Feb. 8. PG&E Corp shares were at $7.34 at that time.

Buying a call conveys the right to purchase shares at a fixed price in the future.

With the shares jumping to $13.95, the value of these contracts on paper rocketed to $3.7 million.

The trades took place at 2:39 p.m. EST, according to options analytics firm Trade Alert data. The news release on the Tubbs fire was issued at about 3:10 p.m. E上海夜生活ST, according to CAL FIRE spokesman Scott McLean.

“Even if it was just a lotto ticket trade, it’s an extreme case of leverage paying off,” said Henry Schwartz, president of Trade Alert in New York.

On Wednesday, another 10,000 call contracts betting on PG&E Corp shares rising above $10 by Feb. 1 were bought for $300,000. By the close of trading on Thursday, on paper these contracts were worth $4.7 million.

The two trades are likely to have been made by the same trader, Schwartz said, adding that they are likely to invite regulators’ scrutiny.

Options activity has been known to spike before the public announcement of deals and other news that tends to move stock prices, and the U.S. Securities and Exchange Commission has in the past announced enforcement action for alleged insider trading involving options.