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Harvard, Levi Strauss, U.S. think tank in blockchain tie-up on…

NEW YORK ( ) – Harvard University’s public health graduate school, U.S. think-tank New America, and American apparel company Levi Strauss & Co announced on Thursday a collaboration to develop a blockhain-based system designed to augment outside auditors of factory health and safety with self-reporting by workers.

Three factories in Mexico producing goods for Levi Strauss and employing 5,000 workers will be the first to use the blockchain-powered survey in 2019.

Blockchain, which first emerged as the上海夜生活 system powering bitcoin, is a shared database maintained by a network of c,上海夜生活群Larissa,omputers connected to the internet.

New York-based Consensys will provide the project’s blockchain solution.

Essentially, the plan is to put an annual worker survey on the blockchain in what the participants called a crucial first st,上海夜生活Sabine,ep in transparent evaluation of working conditions in factories.

The project is funded through a grant from the U.S. State Department.

“Providing a secure, standardized, auditable, and transparent platform through which worker survey data can be aggregated and analyzed will be possible with this solution,” said Tomicah Tillemann, founder of the Blockchain Trust Accelerator (BTA) at New America in a statement.

The blockchain-based survey will use an index developed by Harvard T.H. Chan School of Public Health, Harvar,上海夜生活乌托邦Caden,d University’s public health graduate school.

“What this means is that the results will never be manipulated,” Allison Price, BTA executive director, told in an interview.

“For the last 25 years, work in supply chains has been monitored mainly by audits,” said Dr. Eileen McNeely, director of Harvard T.H. Chan’s Sustainability and Health Initiative for NetPositive Enterprise.

McNeely said this system alone is not effective. 

“A distributed system of inquiry on the blockchain that goes right to the source (workers) offers a new solution,” she added.

The project’s first pilot will be tested in factories in Mexico in the second quarter of 2019, with another pilot slated in 2020.

(This story corrects first paragraph to read “augment” instead of “replace”.)

Written by shyw on July 23, 2019 Categories: zqyfuqia Tags: , ,

Oil edges up as investors latch on to OPEC cuts, supply outlook

LONDON ( ) – Oil prices edged up on Monday, reversing earlier losses, as investors shrugged off data that confirmed China’s economic growth is cooling and instead latched on to positive supply-side drivers for the market.

Brent crude oil futures LCOc1 were up 12 cents at $62.83 a barrel by 3:23 p.m. EST (1727 GMT) versus Friday’s settlement price, while U.S. crude futures CLc1 were up 19 cents to $53.99 a barrel.

The U.S. financial markets are closed on Monday for the Martin Luther King Jr. Day holiday.

Global equities fell after data pointed to a slowdown in Chinese economic growth in 2018 to a 28-year low. The numbers fed concern that the outlook for global growth may be darkening, particularly given U.S.-China trade tensions.

“It remains quite likely that the trade spat with the U.S. has played a part in this latest slowdown,” CMC Markets chief market anal,上海夜生活网419Quaid,yst Michael Hewson said. “But investors should also factor in that it simply isn’t possible for the Chinese economy to grow at the pace that it has over the last 10 years, in the next 10 years.”

Stock markets are still up so far this month, which has given oil investors more confidence to b上海夜生活论坛et aggressively on a rise in crude prices.

Analysts said a more robust backdrop for financial markets and the prospect of slower crude production growth were the major drivers behind the rally in oil.

“The stock market perfo,上海夜网千花Hadrian,rmance is one of the reasons why oil keeps marching higher. There also seems to be a general belief that the agreed cut in OPEC+ produ,上海夜生活桑拿会所Dakota,ction will be sufficient to balance the market,” PVM Oil Associates said in a note.

While there is concern that a slowing global economy could impact oil demand, production cuts implemented by the Organization of the Petroleum Exporting Countries are likely to support crude oil prices, analysts said.

“You can’t justify oil prices at these levels. We’re looking basically at an average of almost $70 a barrel for Brent in 2019,” ING commodities strategist Warren Patterson said. “I am getting increasingly concerned about how tight the market will be going into 2020.”

A separate report from China’s National Bureau of Statistics showed crude oil refinery throughput in 2018 climbed to a record 12.1 million barrels per day, up 6.8 percent from the previous year.

In the United States, energy companies cut the number of rigs drilling for oil by 21 last week, the biggest decline in three years, taking the count down to 852, the lowest since May 2018, energy services firm Baker Hughes said on Friday.

Trump says U.S. Secretary of State Tillerson not leaving post

WASHINGTON ( ) – U.S. Secretary of State Rex Tillerson is not leaving, President Donald Trump tweeted on Friday, after U.S. officials on Thursday said the White House had a plan for CIA Director Mike Pompeo to replace him.

“The media has 上海夜生活网been speculating that I fired,上海会所夜网Sabine, Rex Tillerson or that he would be leaving soon – FAKE NEWS! He’s not leaving and while we disagree on certain subjects, (I call the final shots) we work well together and America is highly respected again!” Trump said on Twitter.

The tweet linked to a picture of Tillerson being sworn in as secretary of state with Trump and Vice President Mike Pence looking on.

Senior administration officials on Thursday said that Trump was considering a plan to oust Tillerson, whose relationship with the president has been strained by the top U.S. diplomat’s softer line on North Korea and other policy differences, as well as by reports in October that he called the president a “moron.”

Tillerson has not directly addressed whether he made ,上海夜网千花Ida,the comment, though his spokeswoman denied it. The New York Times on Thursday first reported the White House plan to replace him.

Asked to comment on some White House officials wanting him to resign, how the matter was being handled and what his plans were, Tillerson replied: “It’s laughable. It’s laughable.”

His comments came as he posed for pictures with Libyan Prime Minister Fayez al-Sarraj of the United Nations-backed government in Tripoli.

Tillerson visits Europe next week to attend NATO meetings in Brussels on Tuesday and Wednesday, an Organization for Security and Cooperation in Europe (OSCE) meeting in Vienna on Thursday and talks with French officials in Paris on Friday.

He is,上海夜生活网419Qirin, tentatively scheduled to meet Russian Foreign Minister Sergei Lavrov in Vienna on Thursday on the sidelines of the OSCE meeting, a senior State Department official told reporters.

McDonald’s loses ‘Big Mac’ trademark case to Irish chain Supermac’s

( ) – McDonald’s Corp has lost its rights to th,上海晚上耍女人的地方Dakota,e trademark “Big Mac” in a European Union case ruling in favor of Ireland-based fast-food chain Supermac’s, according to a decision by European regulators.

The judgment, provided to by Supermac’s, revoked McDonald’s registration of the trademark, saying that the world’s largest fast-food chain had not proven genuine use of it over the five years prior to the case being lodged in 2017.

The Spain-based EU Intellectual Property Office (EUIPO) did not respond to phone calls and emails requesting comment.

McDonald’s was not immediately available to comment on the decision, which the company can still appeal.

The ruling allows other companies as well as McDonald’s to use the “Big Mac” name in the EU.

Supermac’s said it can now expand in the United Kingdom and Europe. It said it had never had a product called “Big Mac” but that McDonald’s had used the similarity of the two names to block the I上海夜网rish chain’s expansion.

“Supermac’s are delighted with their victory in the trademark application and in revoking the Big Mac trademark which had been in,夜上海419龙凤论坛Eason, existence since 1996,” founder Pat McDonagh told in an email.

“This is a great victory for business in general and stops bigger companies from “trademark bullying” by not allowing them to hoard trademarks without using them.”

McDonald’s, which sells its flagship “Big Mac” burgers internationally, submitted printouts of European websi,上海夜生活怎么玩Pamela,tes as evidence, as well as posters, packaging, and affidavits from company representatives attesting to “Big Mac” sales in Europe.

The EUIPO said the affidavits from McDonald’s needed to be supported by other types of evidence, and that the websites and other promotional materials did not provide that support.

From the website printouts “it could not be concluded whether, or how, a purchase could be made or an order could be placed,” the EUIPO said. “Even if the websites provided such an option, there is no information of a single order being placed.”

McDonald’s has historically been “extremely litigious” in the area of trademark law and typically does not lose, said Willajeanne McLean, a law professor at the University of Connecticut.

In 1993, McDonald’s won a court order blocking a dentist in New York from selling services under the name “McDental.”

In 2016, McDonald’s defeated an effort by a Singapore company to register ‘MACCOFFEE’ as an EU trademark.

Tesla cuts jobs as it looks to make Model 3 more affordable

( ) – Tesla Inc said on Friday it would cut thousands of jobs to rein in c,上海凤楼夜网Caitlin,osts as it plans to increase production of lower-priced versions of its crucial Model 3 sedan, sending its shares down as much as 10 percent.

The company, which has struggled to achieve long-term profitability and keep a tight lid on expenses, also said it expects fourth-quarter profit to be lower than the preceding quarter.

Chief Executive Officer Elon Musk said the need for lower-priced versions of Model 3 will become even greater from July, when the U.S. tax credit again drops in half, adding $1,875 to the car’s price tag, and again at the end of the year when it goes away entirely.

The phase-out of the electric vehicle tax break confronts Tesla with the choice of raising prices at the risk of losing customers or slashing costs by thousands of dollars per vehicle, a herculean task for an automaker.

Musk also faces a narrowing window in which his electric luxury vehicles enjoy a monopoly in the segment that Tesla crea,上海夜生活怎么玩Macey,ted and defined. Over,上海新夜网龙凤Octavia, the next several years, established automakers plan to spend nearly $300 billion on electric vehicles and batteries.

Legacy luxury brands such as Volkswagen’s (VOWG_p.DE) Audi and Porsche, Daimler’s Mercedes-Benz and BMW all plan new luxury electric vehicles.

Chinese startups such as Byton and NIO are pushing ahead with technically advanced electric vehicles, building on China’s aggressive support for cleaner cars. Most analysts expect China will be the world’s largest electric vehicle market.

Musk said on Friday the company would need to deliver at least the mid-range M上海夜生活论坛odel 3 version in all markets starting around May, as it needs to reach more customers who can afford the vehicles.

Michelle Krebs, executive analyst at Autotrader, said she expected the year to be challenging for all automakers as new vehicle sales slow.

“It will be especially challenging for Tesla as it desperately tries to rack up more quarterly profits after having one in the third quarter, and it faces an onslaught of competitors in the next couple of years,” she said.

The billionaire entrepreneur has been under intense pressure to stabilize production of the Model 3, a car that was unveiled in early 2016 to great fanfare and is seen critical to the company’s long-term viability.

But Tesla has scrambled to get the Model 3 into the hands of customers, many of whom have been waiting since early 2016, and Musk said last year that Tesla had moved from “production hell to delivery logistics hell.”

This is Tesla’s second job cut in seven months and comes just days after it cut U.S. prices for all vehicles and fell short on quarterly deliveries of its mass-market Model 3 sedan.

In a memo to employees on Friday, Musk said 2018 was the “most challenging in Tesla’s history,” adding the company hired 30 percent more employees last year which was more than it could support.

“I want to make sure that you know all the facts and figures and understand that the road ahead is very difficult,” Musk said.

“There isn’t any other way.”

Tesla sales benefited from a $7,500 federal tax credit on electric vehicles throughout 2018, but that full credit expired at the end of 2018, and new buyers will now receive only half that amount.

The company reported a profit of $311.5 million, or $1.75 per share, for the third quarter ended Sept. 30, which Musk called Tesla’s “first meaningful profit” since the company started.

For the fourth quarter, analysts on average expect the company’s net income to be $216.92 million on a reported basis. The estimate shrinks further in first quarter to $62.80 million, according to Refinitiv data.

“This quarter, as with Q3, shipment of higher priced Model 3 variants (this time to Europe and Asia) will hopefully allow us, with great difficulty, effort and some luck, to target a tiny profit,” Musk said.

Musk, who has often set goals and deadlines that Tesla has failed to meet, surprised investors by delivering on his pledge to make the company profitable in the third quarter, for only the third time in its 15-year existence.

The electric carmaker said on Friday it would reduce full-time employee headcount by about 7 percent and retain only the most critical temps and contractors.

In June, Tesla said it was cutting 9 percent of its workforce. Musk had tweeted in October that the company employed 45,000 people. (bit.ly/2HgyuNH)

BOJ maintains massive stimulus as Kuroda warns of growing risks

TOKYO ( ) – The Bank of Japan cut its inflation forecasts on Wednesday but maintained its massive stimulus program, with Governor Haruhiko Kuroda warning of growing risks to the economy from trade protectionism and faltering global demand.

Rising pressure from the trade war between China and the United States — Japan’s biggest trading partners — is adding to strains on the world’s third-largest economy and undermining years of efforts by policymakers to foster durable growth.

Data earlier in the day showed Japan’s exports in December fell the most in two years.

“To be honest, if U.S.-China trade tensions are drawn out, there will be a serious risk to the global economy – first to the two countries’ own economies,” Kuroda told a news conference after the end of the two-day policy review.

“For now, that possibility is slim, and I hope they will resolve this soon.”

As expected, the BOJ trimmed its inflation forecasts, reinforcing views that it will have to stick with its unprecedented economic support for some time to come.

But despite rising risks such as trade ,上海夜生活男人好去处Falkner,disputes and Brexit, the central bank also maintained its view that Japan’s economy will continue to expand at a modest pace.

Kuroda struck an optimistic tone, saying the economy would likely continue expanding through fiscal 2020.

However, a recent poll of economists showed external factors have increased the chances of Japan sliding into a recession in the fiscal year starting in April, making it even harder for the BOJ to reach its elusive 2 percent inflation target.

China on Monday reported its slowest growth in nearly three decades and it is expected to lose more steam in coming months. The International Monetary Fund (IMF) trimmed its global growth forecasts and a survey showed increasing pessimism among business chiefs amid the trade tensions.

“Such downside risks concerning overseas economies are likely to be heightening recently, and it also is necessary to pay close attention to their impact on firms’ and households’ sentiment in Japan,” the BOJ said in a quarterly outlook report released along with the policy decision.

The BOJ reiterated a pledge to continue buying Japanese government bonds and left its short-term interest rate target unchanged at minus 0.1 percent. It also said it would keep guiding 10-year government bond yields around zero percent.

“It will be difficult for the BOJ to discuss policy normalization or an exit strategy for the moment as risks from global economies are rising,” said Hiroaki Mutou, chief economist at Tokai Tokyo Research Institute.

“The central bank will likely save easing measures for later and it will examine how the Fed policy movement will be and how it will likely impact the yen,” he said.

Concerns about a global slowdown and volatile financial markets have prompted the U.S. Federal Reserve to take a more cautious stance on future interest rate increases after four hikes last year, weighing on the dollar.

LOWER INFLATION FORECAST

In its outlook report, the BOJ’s nine-member board cut its economic growth projections for the current fiscal year to March but raised its growth forecasts slightly for the fiscal years 2019 and 2020, with government spending expected to offset the pain of a planned sales tax hike this October.

The BOJ cut its forecast for core 上海夜生活论坛consumer inflation to 0.9 percent in the coming fiscal year from 1.4 percent, reflecting slumping oil prices. It was the fourth downward revision by the central bank to its inflation forecast for fiscal 2019 since it was first issued in April 2017.

That was still above a 0.7 percent forecast by analysts polled by .

The central bank also trimmed core consumer inflation view for fiscal 2020 to 1.4 percent, from 1.5 percent forecast in October.

Many economists believe the BOJ’s next move will be to start normalizing policy, with steps likely to include expanding its 10-year bond yield fluctuation from 0.2 percent and raising the 10-year yield target from around zero percent.

A majority expect that would happen in 2020 or later.

As part of efforts to prevent financial institutions from sitting on a huge pile of cash, the central bank decided to extend the deadline by one year for lending schemes aimed at encouraging financial institutions to boost loans and support growth foundations .

The BOJ’s radical stimulus program has had some unintended,上海夜网邀请码Mace, consequences, as years of low rates hurt financial institutions’ profits.

The central bank has also amassed a mountain of Japanese government bonds and exchange-traded funds (ETFs) in its marathon asset buying spree, risking distor,上海夜网后花园Landon,tions in financial markets.

Many BOJ policymakers are wary of ramping up stimulus, though external shocks or a sudden spike in the yen could force the central bank to do just that if the economy is at risk of sliding into recession.

Flynn, Kushner targeted several states in failed U.N. lobbying:…

UNITED NATIONS ( ) – Former U.S. National Security Adviser Michael Flynn admitted on Friday that he asked Russia to delay a U.N. vote seen as damaging to Israel, but diplomats said it was not the only country he and presidential adviser Jared Kushner lobbied. 

In the hours before the vote by the 15-member United Nations Security Council on Dec. 23, Flynn also phoned the U.N. missions of Uruguay and Malaysia, and Kushner spoke with Kim Darroch, the British ambassador to the United States, according to diplomats familiar with the conversations, who spoke on condition of anonymity.

The lobbying took place before Republican President D,上海夜生活论坛Kailani,onald Trump, who was known for his pro-Israel campaign rhetoric, took office on Jan. 20. It failed, with the Security Council adopting a resolution demanding an end to Israeli settlement building on land Palestinians want for an independent state. The vote was 14 in favor and one abstention by the United States.

The efforts made on Israel’s behalf capped several days of unusual diplomacy. In a surprise Dec. 21 move, Egypt had called for a vote the next day on the draft resolution, prompting bo,上海夜生活Lark,th Trump and Israel to urge Washington to veto the text.

A senior Israeli official told that Israeli officials contacted Trump’s transition team at a “high level” to ask for help after failing to persuade Democratic President Barack Obama’s administration to veto the draft U.N. resolution.

According to court documents made public on Friday, a member of Trump’s presidential transition team, later identified by sources as Trump’s son-in-law Kushner, told Flynn on Dec. 22 to contact officials from foreign governments, including Russia, to convince them to delay the vote or veto the resolution.

Flynn spoke with then-Russian Ambassador to the United States Sergei Kislyak that day, and again the following day, according to the court documents.

Also on ,上海夜生活怎么玩Lark,Dec. 22, Trump discussed the resolution with Egyptian President Abdel Fattah al-Sisi. Egypt withdrew the text from a council vote the same day.

The 1799 Logan Act bars unauthorized private U.S. citizens, which Trump, Flynn, and Kushner all were at the time, from negotiating with foreign governments. However, only two Americans have ever been indicted for allegedly violating it – in 1802 and 1852 – and neither was convicted.

Abbe Lowell, a lawyer for Kushner, did not respond to multiple requests for comment on Friday about Israel or other issues.

A SECOND GO-ROUND

After Egypt withdrew the resolution, its co-sponsors, New Zealand, Malaysia, Venezuela, and Senegal, put it forward again for a Dec. 23 vote.

In Washington, Kushner was in contact with Britain’s Darroch, and Flynn spoke with Kislyak – lobbying to delay the vote or veto the resolution.

A resolution needs nine votes in 上海夜生活favor and no vetoes by the council’s five permanent members – China, Britain, France, Russia, and the United States – to be adopted.

Russian U.N. Ambassador Vitaly Churkin, who died in February, signaled to colleagues behind closed doors on Dec. 23 that he was unhappy with the haste with which the draft resolution was being put to a vote, but he did not ask for the vote to be delayed, diplomats said.

Flynn also tried to speak to Malaysian U.N. Ambassador Ramlan Bin Ibrahim, but Ibrahim did not take the call. He also called the Uruguayan U.N. mission, eventually getting through to Deputy Ambassador Luis Bermudez – who was the charge d’affaires – minutes before the vote.

Written by shyw on April 21, 2019 Categories: zqyfuqia Tags: , ,

LJM Partners sues unnamed ‘manipulators’ it blames for volatility…

NEW YORK ( ) – LJM Partners Ltd on Fri,上海夜生活服务Sabine,day filed a lawsuit against unnamed parties it holds responsible for hundreds of millions of dollars it lost after last year’s jump in stock market volatility that effectively put the fund manager out of business.

LJM invested in complex derivatives that lost most of their value over two days in early February 2018 following the biggest-ever single-day jump in the VIX volatility index . LJM later returned what remained of clients’ money.

The Chicago-based fund manager was one of the largest casualties of the spike in volatility, which wiped out several derivative-linked investments that had delivered profits in calmer markets.

The losses have prompted more than two dozen lawsuits from various traders and firms that say they lost money due to manipulation of the VIX, the widely followed “fear gauge” that acts as a barometer of future expected swings in the S&P 500 stock index.

In its lawsuit, filed in federal court in Chicago, LJM said it wants Cboe Global Markets Inc, which owns the VIX index, to unveil the identities of parties it believes were responsible for manipulating the index and crashing the market.

Cboe, which is not a party to the lawsuit, declined comment. It has previously said it monitors markets to identify problems.

The lawsuit alleges that when the S&P 500 fell 4上海夜网.1 percent on Feb. 5 last year, unnamed parties posted inflated prices for related options, boosting the VIX to benefit positions they held in VIX-linked products.

Those actions lifted the VIX and affected the price of other financial instruments that move in tandem with the options, including some traded by LJM. LJM said it was forced to trade in the in,上海夜生活桑拿会所Kade,struments at artificial prices and suffered millions of dollars in losses as a result.

LJM said in the lawsuit that it had the right to obtain the identities of parties it believed to have manipulated the market from Cboe.

The fund manager filed an earlier claim blaming its VIX-related losses on the actions of its broker, a Wells Fargo & Co unit, which it said forced the unwinding of its portfolio at a disadvantageous time.

Wells Fargo, which asked a court for help retrieving $16.4 million from LJM, denied those claims. A judge dismissed LJM’s claims against Wells Fargo in September but the fund manager has asked,上海新夜网龙凤Ebba, the court to reconsider.

The case is LJM Partners Ltd v. John Does, U.S. District Court, Northern District of Illinois, No. 19-cv-00368.

Aramco seeks advisers for SABIC debt financing: sources

DUBAI ( ) – Saudi Aramco is seeking advisers to arrange debt financing needed for the acquisition of a stake in Saudi Arabian Basic Industries Corp (SAB,上海夜生活去哪玩Balthazar,IC) (2010.SE), banking sources familiar with the matter said on Thursday.

The Saudi oil giant could borrow as much as $50 billion from international investors to fund the acquisition, sources previously told .

A request for proposals was sent on Wednesday and banks are expected to make submissions by Monday, one of the sources said.

Aramco declined to comment.

Aramco, the world’s top oil producer, plans to issue its first international bonds in the second quarter of 2019, likely worth about $10 billion, Saudi Energy Minister Khalid al-Falih said this month. The bond issuance could help finance the SABIC acquisition.

Aramco is looking for advisers for an international bond issue and bank financing, one of the sources said.

The debt is needed to back the purchase of all, or nearl上海夜生活论坛y all, of the 70 percent stake in SABIC held by the Public Investment Fund (PIF), the kingdom’s top sovereign wealth fund.

That ,上海高端夜生活在那里Quaid,implies a deal value of roughly $70 billion.

Aramco is working with JP Morgan (JPM.N) and Morgan Stanley (MS.N) on the stake purchase, sources previously told .

The two banks, along with others, were working on the pl,夜上海论坛Gabi,anned stock market listing of Aramco before the move was put on hold. Aramco’s new planned listing date is 2021, Saudi officials have said.

Citi sees stronger China wealthy client base in 2019 despite…

HONG KONG ( ) – Citigroup expects its,上海新夜网龙凤Tabitha, China wealth management cl,上海会所夜网Radcliff,ient base to grow faster in 2019 than last year, at more than 30 percent, the bank’s country chief said, despite the world’s second-largest economy slowing and feeling the pain of a trade war.

Citi’s total number of wealth management clients in China, with at least 1 million yuan ($148,610.49) in investable assets, grew 21 percent last year, Christine Lam told in an interview.

“The fact there’s significant accumulation of wealth in China, that is not going to change,” said the Citi veteran who has worked at the bank for more than three decades and was named China chief executive in 2016.

Citi is planning to invest more in digital initiatives to help expand its distribution reach and take a bigger share of the onshore wealth management business in China, she said.

Foreign banks including Citi, HSBC and Standard Chartered have been investi,上海夜网Dahlia,ng heavily in courting the mass affluent – those with investable assets of between $100,000 and $1 million – in China.

The banks are bullish about the medium-to-long-term growth prospects in the country with the world’s fastest-growing pool of wealth, even as a bru上海夜网ising trade war with the United States dragged the economy last year to its slowest growth in nearly three decades and caused volatility in markets.

Individual investable assets as per top markets png – tmsnrt.rs/2SafPar

Chinese citizens collectively held investable financial assets of around 133 trillion yuan at end-2017 and the pool would rise to 175 trillion yuan by 2020, consultancy PwC said in a report in October.

Regulatory measures to boost scrutiny and transparency in the wealth management business augur well for foreign players already used to close regulatory scrutiny, it said.

Apart from cracking down on the sale of shadow banking-linked wealth products, China is also getting local banks to set up separate subsidiaries for their wealth management business for better oversight.

Lam said that those regulatory initiatives would “educate investors about risk and suitability – and that’s good for us”.

China is one of Citi’s 10 markets in Asia that generate over $500 million in revenue annually.

Besides wealth management, the bank’s onshore China businesses include retail, corporate and commercial banking.

Under new rules announced by Beijing in late 2017, foreign firms can now own 51 percent of an onshore Chinese securities joint venture, which provides debt and equity underwriting and financial advisory services.

Late last year, Citi agreed to sell its minority stake in its China brokerage joint venture to its Chinese partner, Orient, paving the way for the U.S. bank to set up a majority-owned underwriting and trading business.

Lam said that Citi was currently in talks to find a potential partner for the new securities business and that the new venture would have additional offerings such as equities trading.

Written by shyw on March 25, 2019 Categories: zqyfuqia Tags: , ,

Oil jumps 3 percent on OPEC plan details, U.S.-China trade hopes

NEW YORK ( ) – Oil prices rallied about 3 percent on Friday, boosted after OPEC,上海夜生活怎么玩Rae, detailed specifics on its production-cut activity to reduce world supply, and on signals of progress in resolving the U.S.-China trade war.

Futures were on track for a third straight week of gains, with Brent crude LCOc1 up $1.64 to $62.82 a barrel, or 2.7 percent, at 11:06 a.m. EST (1606) GMT. U.S. West Texas Intermediate (WTI) crude futures CLc1 were up $1.70 to $53.77 a barrel, or 3.3 percent.

上海夜生活论坛

The Organization of the Petroleum Exporting Countries on Friday issued a list of oil production cuts by its members and other major producers for six months starting on Jan. 1 to boost confidence in its oil supply reduction pact.

“It’s going to send a signal to the market that they’re serious,” said Phil Flynn, an analyst at Price Futures Group in Chicago. “I think they also want to point out that they’re probably going to be overcompliant with these numbers, especially from Saudi Arabia.”

The OPEC and non-OPEC ministerial panel also called on members and the organization’s allies, including Russia, to “redouble their efforts in the full and timely implementation” of the move.

The producer group and its allies agreed in December to return ,上海夜生活论坛Kai,to output cuts, of 1.2 million barrels per day, to support oil prices and fight a glut amid rising supply, especially from the United States.

On Thursday, OPEC’s monthly report showed it had made a strong start in December before the pact went into effect, implementing the biggest month-on-month production drop in almost two years.

Markets were also buoyed by signs that Washington and Beijing might soon resolve their trade dispute.

A Bloomberg report on Friday showed China offered to go on a buying spree of U.S. goods, which investors saw as an attempt to draw closer to a trade deal with Washington.

However, some signs of weakening demand and surging U.S. output may keep prices in check.

The International Energy Agency said on Friday that U.S. oil production growth combined with a slowing global economy would put oil prices under pressure.

“By the middle of the year, U.S. crude output will probably be more than the capacity of either Saudi Arabia or Russia,” said the IEA,上海夜玩网论坛Kaiden,, which kept its estimate of oil demand growth unchanged and close to 2018 levels at 1.4 million barrels per day.

(GRAPHIC: Russian, U.S. & Saudi crude oil production – tmsnrt.rs/2CTwqaq)

Senate approves major tax cuts in victory for Trump

WASHINGTON ( ) – The U.S. Senate narrowly approved a tax overhaul on Saturday, moving Republicans and President Donald Trump a big step closer to their goal of slashing taxes for businesses and the rich while offering everyday Americans a mixed bag of changes.

In what would be the largest change to U.S. tax laws since the 1980s, Republicans want to add $1.4 trillion over 10 years to the $20 trillion national debt to finance changes that they say would further boost an already growing economy.

Trump, speaking to reporters as he left the White House for New York hours after the pre-dawn vote, praised the Senate for passing “tremendous tax reform” and said “people are going to be very, very happy”.

Once the Senate and House of Representatives reconcile their respective versions of the legislation, he said, the resulting bill could cut the corporate tax rate from 35 percent “to 20 (percent). It could be 22 (percent) when it comes out. It could also be 20 (percent).”

U.S. stock markets have rallied for months on hopes that Washington would provide significant tax cuts for corporations.

Celebrating their Senate victory, Republican leaders predicted the tax cuts would encourage U.S. companies to invest more and boost economic growth.

“We have an opportunity now上海夜生活论坛 to make America more competitive, to keep jobs from being shipped offshore and to provide substantial relief to the middle class,” said Mitch McConnell, the Republican leader in the Senate.

The Senate app,上海夜网邀请码Gabrielle,roved their bill in a 51-49 vote, with Democrats complaining that last-minute amendments to win over skeptical Republicans were poorly drafted and vulnerable to being gamed later.

“The Republicans have managed to take a bad bill and make it worse,” said Senate Democratic leader Chuck Schumer. “Under the cover of darkness and with the aid of haste, a flurry of last-minute changes will stuff even more money into the pockets of the wealthy and the biggest corporations.”

No Democrats voted for the bill, but they were unable to block it because Republicans hold a 52-48 Senate majority.

Talks will begin, likely next week, between the Senate and the House, which already has approved its own version of the legislation, to reconcile their respective bills.

Trump, who predicted that the negotiations would produce “something beautiful,” wants that to happen before the end of the year. This would allow him and his Republicans to score their first major legislative achievement of 2017 after having controlled the White House, the Senate and the House since he took office in January.

Republicans failed in their efforts to repeal the Obamacare healthcare law over the summer and Trump’s presidency has been hit by White House in-fighting and a federal investigation into possible collusion last year between his election campaign team and Russian officials.

The tax overhaul is seen by Trump and Republicans as crucial to their prospects at mid-term elections in November 2018, when they will have to defend their majorities in Congress.

In a legislative battle that moved so fast a final draft of the bill was unavailable to the public until just hours before the vote, Democrats slammed the proposed tax cuts as a give-away to businesses and the rich financed with billions of dollars in taxpayer debt.

The framework for both the Senate and House bills was developed in secret over a few months by a half-dozen Republican congressional leaders and Trump advisers, with little input from the party’s rank-and-file and none from Democrats.

Six Republican senators, who wanted and got last-minute amendments and whose votes had been in doubt, said on Friday they would back the bill and did so.

Senator Bob Corker, one of few remaining Republican fiscal hawks who pledged early on to oppose any bill that expanded the federal deficit, was the lone Republican dissenter.

“I am not able to cast aside my fiscal ,上海夜生活乌托邦Landon,concerns and vote for legislation that … could deepen the debt burden on future generations,” said Corker, who is not running for re-election.

KEY CHANGES

Numerous last-minute changes were made to the bill on Friday and in the early morning hours of Saturday.

One was to make state and local ,夜上海419龙凤论坛Barney,property tax deductible up to $10,000, mirroring the House bill. The Senate previously had proposed entirely ending state and local tax deductibility.

“The tax reform measure that passed the Senate is negative overall for state and local government finances. Lower federal tax rates for businesses and individuals could result in a modest boost to hiring and consumption, positively affecting state and local revenues,” Nick Samuels, Vice President at Moody’s Investors Service, said in a statement.

“However, the change to the state and local tax (SALT) deduction would reduce disposable income for many taxpayers, likely outweighing the positive effect of lower federal rates on consumption in many communities and states.”

In another change, the alternative minimum tax (AMT), both for individuals and corporations, would not be repealed in full. Instead, the individual AMT would be adjusted and the corporate AMT would be maintained as is, lobbyists said.

Another change would put a five-year limit on letting businesses immediately write off the full value of new capital investments. That would phase out over four years starting in year six, rather than be permanent as initially proposed.

Under the bill, the corporate tax rate would be permanently slashed to 20 percent from 35 percent, while future foreign profits of U.S.-based firms would be largely exempt, both changes pursued by corporate lobbyists for years.

On the individual side, the top tax rate paid by the highest-income earners would be cut slightly.

The Tax Policy Center, a nonpartisan think tank, analyzed an earlier but broadly similar version of the bill passed by the Senate tax committee on Nov. 16 and found it would reduce taxes for all income groups in 2019 and 2025, with the largest average tax cuts going to the highest-income Americans.

Two Republican senators announced their support for the bill on Friday after winning more tax relief for non-corporate pass-through businesses. These include partnerships and other companies not organized as public corporations, ranging from mom-and-pop concerns to large financial and real estate groups.

The bill now features a 23 percent tax deduction for such business owners, up from the original 17.4 percent.

The Senate bill would gut a section of Obamacare by repealing a fee paid by some Americans who do not buy health insurance, a step critics said would undermine the Obamacare system and raise insurance premiums for the sick and the old.

Senator Susan Collins, a moderate Republican, said she obtained commitments from Republican leaders that steps would be taken later in separate legislation to minimize the impact of the repeal of the “individual mandate” fee.

Net neutrality repeal gives Democrats fresh way to reach millennials

WASHINGTON ( ) – The U.S. Federal Communications Commission vote on Thursday to roll back net neutrality rules could galvanize young voters, a move Democrats hope will send millennials to the polls in greater numbers and bolster their chances in next year’s elections.

Democrats are hoping to paint the repeal of the rules by the FCC, which is now chaired by President Donald Trump appointee Ajit Pai, as evidence Republicans are uninterested in young people and consumer concerns at large.

“The American public is angry,” said FCC Commissioner Jessica Rosenworcel, a Democrat. She added that the actions of the Republican majority have “awoken a sleeping giant.”

Attitudes toward “net neutrality,” or rules that prevent internet providers from limiting customers’ access to certain websites or slowing download speeds for specific content, are largely split along party lines in Congress. The heated debate has turned into the kind of election issue that Democrats think will help them.

Studies show young people disproportionately use the internet compared with older Americans and polls have shown they feel passionately about fair and open internet access. Democrats believe the issue may resonate with younger voters who may not be politically active on other issues like taxes or foreign policy.

U.S. Senator Brian Schatz, a Hawaii Democrat, said on Twitter “young people need to take the lead on net neutrality. It’s possible for Millennial political leadership to make a real difference here.”

,上海足浴夜网联系方式Hadrian,

The scrapping of the Obama administration’s rules is likely to set up a court battle and could redraw the digital landscape, with internet service providers possibly revising how Americans view online content. The providers could use new authority to limit or slow some websites or offer “fast lanes” for certain content.

Republicans on the FCC have sought to reassure young people that their ability to access the internet will not change after the rules take effect. People who上海夜生活网 favor the move argue that after users realize that little or nothing has changed in their internet access, it will not resonate as a political issue.

Jesse Ferguson, a Democratic strategist, said polls have found young people are favoring Democrats in the most recent elections and that the net neutrality issue could be used to gather support in the 2018 midterm congressional elections.

He said while older voters tend to care about Medicare, polls are finding that younger voters are motivated by net neutrality.

“Net neutrality is the latest data point for voters that the administration is more interested in doing what big companies want them to do, than what people think is in their interest,” Ferguson said. “That’s a narrative that is politically toxic for Republicans.”

In November 2018, all 435 seats in the U.S. House of Representatives will be up for grabs, as will 34 seats in the Senate. Democrats hope to gain control of one or both chambers by capitalizing on the unpopularity of Trump. Republicans currently control both chambers as well as the White House.

To regain power, Democrats will need a strong showing of support among young voters, who traditionally have not shown up in large numbers for elections held in years when there is no presidential contest.

Liberal groups are using net neutrality a,上海夜网官方网站Gabriel,s an issue to criticize Republican incumbents.

Representative Pramila Jayapal, a Democrat from Washington state, echoed that sentiment, telling on Thursday that net neutrality will have “huge political legs … This is something that everyone acro,上海凤楼夜网Fabian,ss the country understands – the importance of the internet.”

The group End Citizens United announced last week a $35 million advertising campaign targeting 20 Republican House members for their stances on issues that relate to business, including net neutrality.

Democrats facing difficult election battles next year are already weighing in strongly in favor of net neutrality rules.

Senator Bill Nelson likely will face a difficult battle in Florida and sent a letter earlier in the week opposing the change in net neutrality rules. Several Democratic candidates are sending campaign fundraising appeals citing net neutrality.

The changes could also become issues in a number of House races across the country, where Democrats will need to win more than 25 seats to control the chamber. Democratic Minority Leader Nancy Pelosi also publicly opposed the rule changes, a sign that she wanted to be sure to stake a Democratic position on the issue.

Chinese EV carmaker NIO raises $650 million via convertible bond

HONG KONG ( ) – Electric carmaker NIO Inc, one of the main rivals to Tesla in China, raised $650 million in a five-year convertible bond on Thursday, aiming to use the proceeds to fund expansion.

The Shanghai-based carmaker’s move to raise capital via an equity-linked bond – only four months after it listed in New York – mirrors that of China’s Netflix-like video platform iQiyi, which sold a $750 million convertible bond in November after going public last year, highlighting the growing appeal of convertibles for high-growth companies in need of cash.

Convertible bonds are a cheaper funding avenue due to their lower coupons in exchange for giving the bondholder the option of converting the debt into company shares at a set price in future. The equity link gives investors fixed returns and the prospect of profiting from a rise in the issuer’s share price.

NIO sold a five-year convertible bond with a conversion premium of 27.5 percent and a coupon of 4.5 percent, according to a press release from the company.

The startup could raise as much as $750 million if a greenshoe, o,上海夜网Jace,r over-allotment option, is exercised within 30 days.

The company’s shares closed at $7.46 on Wednesday and were up about 24 percent since they started trading in September.

Louis Hsieh, NIO’s chief financial,上海新夜网龙凤Easton, officer, told investors on a call on Wednesday that part of the reason for selling a convertible bond was to make up the difference between what the company raised in its IPO and what it had originally sought to raise.

NIO raised $1 billion in its U.S. IPO but it had earlier aimed for $1.8-$2 billion, Hsieh said.

Asked about the timing, Hsieh said the convertible bond market was receptive to a deal and he did not want to wait until March or April and risk a possible worsening in U.S.-China trade tensions.

Convertible bonds are booming in Asia, hitting their highest volumes last year since the financial crisis, with $35.5 billion raised, according to Refinitiv data.

Their appeal is growing at a time when interest rates are rising, driving up borrowing costs when companies in Asia face almost $500 billion in maturing dollar-denominated bonds over the next two years.

For tech companies or startups, which can have more volatile stock 上海夜生活prices and are often unrated, convertible bonds also represent a cheaper funding alternative than straight debt.

China is the world’s largest and fastest-growing market for new-energy vehicles (NEVs), a category comprising electric battery cars and plug-in electric hybrids, but competition is fierce as Beijing looks to rein in subsidies that led to a huge array of EV contenders entering the market.

NIO’s revenue and deliveries of its electric SUV soared in the third quarter of last year.

It plans to use the proceeds of the convertible bond for research and development, development of manufacturing facilities and sales and marketing.

Chinese internet giant Tencent Holdings and Hillhouse Capital Management – NIO’s existing backers – will buy $30 million and $5 million of the convertible bond, respectively, acco,上海夜玩网论坛Falkner,rding to the press release.

Bank of America Merrill Lynch, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan, Morgan Stanley and UBS are joint bookrunning managers for the deal.

Factbox: Trump on Twitter (Jan 18) – Mexico wall, NAFTA, Rick…

The following statements were posted to the verified Twitter accounts of U.S. President Donald Trump, @realDonaldTrump and @POTUS.

The opinions expressed are his own.  has not edited the statements or confirmed their accuracy.

@realDonaldTrump :

– The Wall is the W,上海夜玩网论坛Gabe,all, it has never changed or evolved from the first day I conceived o,上海夜网推油Rae,f it. Parts will be, of necessity, see through and it was never intended to be built in areas where there is natural protection such as mountains, wastelands or tough rivers or water….. [0515 EST]

– ….The Wall will be paid for, directly or indirectly, or through longer term reimbursement, by Mexico, which has a ridiculous $71 billion dollar trade surplus with the U.S. The $20 billion dollar Wall is “peanuts” compared to what Mexico makes from the U.S. NAFTA is a bad joke! [0525 EST]

– Will be going to Pennsylvania today in order to give my total support to RICK SACCONE, running for Congress in a Special Election (March 13). Rick is a great guy. We,上海夜网官方网站Tabitha, need more Republicans to continue our already successful agenda! [0753 EST]

– We need the Wall for the safety and security of our country. We need the Wall to help stop the massive inflow of drugs from Mexico, now rated the number one most dangerous country in the world. If there is no Wall,上海夜网 there is no Deal! [0816 EST]

– CHIP should be part of a long term solution, not a 30 Day, or short term, extension! [0937 EST]

– A government shutdown will be devastating to our military…something the Dems care very little about! [0949 EST]

— Source link: (bit.ly/2jBh4LU) (bit.ly/2jpEXYR)

U.S. govt shutdown threatens rollout of new car models – automakers

WASHINGTON ( ) – The partial U.S. government shutdown is threatening to delay the roll-out of new vehicle models in the United States by stalling required certifications from the Environmental Protection Agency, automakers said.

The shutdown, at 34 days the longest in history, has left over 800,000 federal agency workers without pay and had an impact on everything from access to national parks to airline security screening to the release of economic data.

Some 95 percent of EPA staff has been furloughed, including those at the lab in Ann Arbor, Michigan, responsible for verifying emissions data for new automotive models to ensure th,上海夜生活乌托邦Fabiana,ey comply with clean air laws.

GM has not yet had any vehicle launch delays but “like other automakers, we are currently awaiting decisions in the certification process for a few model year 2019 and 2020 vehicles,” spokeswoman Jeannine Ginivan said.

Fiat Chrysler Chief Executive Officer Mike Manley said at the Detroit Auto Show last week that the shutdown had delayed final certification of FCA’s new RAM 3500 heavy-duty pickup truck, one of its most pr上海夜生活论坛ofitable segments.

Ford Motor Co officials said some vehicles could be delayed if the government shutdown goes another 30 days.

“As the shutdown continues, these certification delays will affect U.S. vehicle production. Consumers will also not have access to the latest technologies and sales ,上海新夜网龙凤Caden,could decline as a result,” industry trade group Global Automakers told .

The EPA declined to comment.

Former acting administrator of the EPA, Stanley Meiburg, noted the agency’s certification process was central to discovering Volkswagen’s past efforts to cheat on emissions.

Automakers tend to seek certifications well in advance of releasing them to the market – meaning a delayed certification does not always impact the roll-out schedule. But the issue could become more serious if the shutdown lingers for much longer, Meiburg said.

“Any disruptions to this part of the process will disrupt the entire supply chain,” he said.

Republican President Donald Trump ,上海夜网官方网站Octavia,has refused to sign any legislation to fund an array of government agencies unless it includes $5.7 billion for his proposed wall on the U.S. border with Mexico.

Democrats argue that a wall is costly, and there are better ways to shore up national security and curb illegal immigration.

Netflix shares fall as weak forecast dampens investor optimism

( ) – Shares of Netflix Inc fell nearly 5 percent on Friday, as investors looked past its record subscriber numbers and instead focused on its lower-than-expected revenue forecast for the first quarter.

The video streaming pioneer’s shortfall in revenue expectations disappointed investors looking for a bigger payoff from the company’s recent decision to raise prices as much as 18 percent for its U.S. customers.

“Many investors we spoke with in recent days expected the price increase to flow through to improved free cash flow guide. That didn’t happen,” Bernstein analysts wrote in a note to clients.

Even so, Netflix remains the best performing FAANG stock this year with more than a 30 percent surge. Its shares recently traded at about 83 times expected earnings for the next 12 months. Stocks trading at high earnings multiples are more prone to sell off if growth targets are missed.

While investors seemed a bit disappointed, Wall Street analysts remained unfazed by the shortfall in the company’s forecast.

At least 14 analysts raised their price targets, with RBC Capital Markets pushing its estimate by $30 to $480, well past the stock’s median target of $410. 上海夜网

“Netflix offers a truly compelling value proposition with global appeal,” analyst Mark Mahaney wrote in a note to clients.

“(The company) still only accounts for perhaps 10 percent of all TV viewing hours in the U.S. This is growth d,上海夜生活桑拿会所Gabe,efined, in our view.”

Netflix has seen blistering growth in the past few years and has bet heavily on international subscriber additions, spending billions of dollars to bolster its original content.

It boasts of award-winning shows such as “Stranger Things” and “Wild Wild Country” that has helped it fend off intensifying competiti,夜上海论坛Gabriel,on from Amazon.com’s Prime Video service and Hulu. The company reported 139 million paid customers at the end of December.

But that growth has come at the cost of a rising debt pile – its long-term debt at the end of 2018 rose to a staggering $10.36 billion from $3.36 billion in 2016.

Wedbush analysts, however, said that if “Netflix is able to improve its free cash flow by $1 billion per year, it will see its debt peak at $13 billion, and will be debt free in 2026”.

The company said it expects free cash flow in 2019 to be similar to 2018, but sees improvement each year thereafter.

“Judging by recent moves, the rest of the media industry is more than happy to sell Netflix whatever they want as long as the bid is high enoug,上海新夜网龙凤Hadleigh,h and the check clears,” MoffettNathanson analysts said.

Shares of the company fell as much as 4.6 percent to $336.73 in early trading and were on track for its worst day in 2019.

Ford CEO tells employees: ‘Time to bury’ 2018, focus on doubling…

( ) – Ford Motor Co Chief Executive Jim Hackett told employees late on Thursday the No. 2 U.S. automaker would not accept last year’s “mediocre” results and said the company was aiming to nearly double its annual operating profit.

Hackett made his comments in an email to employees that was seen by .

Ford is restructuring its global operations, including recent plans to make cuts in Europe. It also has announced an alliance in commercial vehicles with Germany’s Volkswagen, with plans to jointly deve,上海高端夜生活在那里Gabriella,lop electric and self-driving vehicles, in moves meant to save billions of dollars.

Ford announced its fourth-quarter results on Wednesday, reporting a 2018 operating profit of $7 billion with a profit margin of 4.4 percent, down from 6.1 percent in 2017. Ford said last week that its target for operating margin was more than 8 percent.

“2018 was mediocre by any standard,” Hackett said in the email. “Yes, we made $7 billion last year. But think of it this way: this represents a 4.4 percent operating margin, about half what we believe is an appropriate margin. So we are aiming for much closer to $14 billion.”

Hackett did not give a timetable for hitting the $14 billion target. A Ford spokesman said Hackett was simply doing the math to show employees how the margin target translated to overall profit.

Hacke上海夜生活网tt, who has been on the job for 20 months, also said that it was “time to bury the year (2018) in a deep grave, grieve over what might have been and become super focused on meeting, and, in fact, exceeding this year’s plan.”

Ford did not provide Wall Street with a specific financial forecast for 2019. It simply said it had the potential to improve earnings and revenue.

That was in contrast to Ford’s larger U.S. rival, General Motors Co, which on Jan. 11 forecast higher 2019 earnings that far surpassed analysts’ estimates.

Hackett also said in looking at Ford’s 2018 results: “I become mad for a short time. Likely mad at myself, but also because I know we are bet,上海新夜网龙凤Kade,ter than that. … I know that our competition hasn’t been better than us by magic.”  

He said Ford had been considering moving up its time frame to electrify its product portfolio since he took over and asked how the company could learn from the trends it missed in China, the world’s largest auto market, where it is lo,上海夜生活服务Macey,sing money.

Fitch says PG&E’s bankruptcy will not hurt California’s credit rating

( ) – Fitch Ratings said on Thursday power company PG&E Corp’s (PCG.N) planned bankruptcy will not上海夜生活论坛 at this point hurt the credit quality of California.

The credit ratings agency, however, said the state’s wildfires and the inverse condemnation rule will remain a long-term risk for the publicly-owned utilities.

Inverse condemnation is an old California rule that exposes the state’s utilities to liabilities from wildfires regardless of their negligence, as long as their equipment is involved.

Earlier in the day, shareholder BlueMountain Capital Management LLC said the U.S. power company’s decision to file for bankruptcy was unnecessary.

BlueMountain said nearly two months after the Camp Fire around 18 Wall Street analysts had found the company solvent with a consensus equity valuation of $20 billion.

“At the very least, the board should wait to take its case to shareholders at the upcoming annua,上海夜生活群Earl,l meeting,” the asset manager said in a letter to PG&E’s board. The company’s shareholders are scheduled to meet on May 22.

Earlier this week, the biggest U.S. power utility by customers said it was prepa,上海夜生活去哪玩Dalton,ring for Chapter 11 bankruptcy,上海夜生活论坛Caden, protection as soon as this month amid pressure from potentially crushing liabilities linked to California’s catastrophic wildfires in 2017 and 2018.

“We expect this (bankruptcy) process will assure access to the financial resources necessary to support the safe and reliable gas and electric services our customers need,” the company said in an emailed statement on Thursday.

BlueMountain said the utility should consider asset sales or alternative financing, if needed.

The asset manager held a 0.8 percent stake in PG&E, as of Sept. 30, according to Eikon data from Refinitiv.

PG&E’s shares, which have slumped more than 52 percent this week, closed down about 10 percent at $6.36 on Thursday.

France warns against ‘exorbitant’ payoff for ex-Renault boss Ghosn

PARIS ( ) – France’s finance minister said on Sunday a severance package for former Renault chief Carlos Ghosn, forced to resign in a financial scandal, should not be “exorbitant” and that the French state would follow the matter closely.

Renault, which this week appointed a chairman and chief executive tandem to replace Ghosn, has yet to finalize its former boss’ severance package, a potentially explosive issue in France where the government is facing protests over low pay and inequality.

“No one would understand if the severance pay of Carlos Ghosn were exorbitant,” Bruno Le Maire told France Inter radio.

“We are going to be extremely vigilant.”

The French state is Renault’s largest shareholder, with a stake of around 15 percent, and holds two board seats.

Ghosn resigned from his Renault role last week under pressure from the French government following his arrest in Japan in November and indictment there for financial misconduct. He denies any wrongdoing.

The scandal has strained Renault’s alliance with Japan’s Nissan, an industrial partnership Ghosn built into a global carmaking giant over two decades.

France’s CGT union has estimated Gh上海夜生活网osn’s severance package is worth 25-28 million euros ($28-32 million), in addition to an annual pension of 800,000 euros.

Le Maire declined to say what he thought would be an acceptable pay-off for Ghosn, but said the government had previously succeeded in getting Ghosn’s 2018 pay package reduced by 30 percent from his 2017 total of 7.4 million euros.

Related CoverageMacron says concerned about conditions of Ghosn’s detention in Japan

The finance minister also said he would propose in the coming months legislation to require bosses of large companies base,上海021夜网Octava,d in France to make the country their tax domicile.

The changes would target in particular big firms listed on the CAC-40 and SBF-120 indexes on the Paris sto,上海夜哪里艳遇Cain,ck market, along with groups in which the state has a holding, Le Maire said.

The legislation would include sanctions,上海凤楼夜网Gabriella, for company chiefs that breached the rule, he added.