上海夜生活,上海夜生活网,上海夜网论坛 - Powered by January 2017

Luxury stocks may yet lose luster despite China’s taste for Vuitton

PARIS ( ) – Even if LVMH is right that Chinese demand is as strong as ever for items like its $3,150 Louis Vuitton mini-backpacks, there are still plenty of danger signs for luxury stocks this year, from slowing U.S. growth to a drop in Swiss watch exports.

LVMH’s reassuring fourth-quarter performance and outlook put paid to fears for now that demand in China is stalling and lifted shares at European luxury peers on Wednesday, who depend on Chinese consumers for a third of sales.

But hints of softer demand in the United States evoked by Britain’s Burberry, and dips in Swiss watch exports spell challenging times ahead after a mixed 2018, including for the likes of IWC owner Richemont or Swatch.

Brands at the top end of the luxury scale – which like Vuitton retain a strong pricing power, and have built an exclusive image by banishing discounts and controlling stocks tightly – may continue to fare better, some investors said.

“The very high end of the market seems to be immune for now,” said Frederic Rozier, a portfolio manager at Mirabaud, which holds LVMH shares.

A standout performance at LVMH’s fashion and leather goods unit was encouraging for peers like Kering’s Gucci, and Hermes, maker of $10,000-plus Birkin handbags, due to report sales in February, Rozier added.

By contrast, Italy’s Salvatore Ferragamo and Burberry – both in turnaround mode, with the former trying to limit outlet sales and the latter bidding to move its ranges more upmarket – posted muted October to December sales growth, despite also reporting encouraging signals from China.

Enduring momentum in Asia bears out for now brands’ argument that young, middle class Chinese are developing a lasting taste for high-end goods, after luxury stocks were battered in recent months by worries about a fallout in China from the Washington-Beijing trade war and cooling economic growth.

Shopping in Paris last week, Michelle Wang, a 38-year-old who runs her own small business in Shanghai, said premium brands retained their al上海夜网lure for her and her friends.

“Even if it’s expensive, the quality is high,” Wang said, adding she had bought a passport holder, handbag and scarf at Vuitton on her French trip.

(Graphic: Luxury earnings revisions Jan 30 – tmsnrt.rs/2TmpCrs)


But changing spending patterns could catch out brands unless they adapt quickly enough. Roughly two thirds of Chinese consumers’ purchases are made overseas, but soon half could happen within mainland China, analysts at HSBC estimate.

U.S. jeweler Tiffany, with more stores in the Americas than elsewhere, felt the pinch during its holiday sales, with a strong dollar dissuading Chinese travelers.

Hong Kong, the world’s biggest market for premium watches, has lost out in recent months as a weak yuan deters China’s shoppers, dragging on Richemont’s sales growth there.

Some recent data,上海足浴夜网联系方式Fabian, points also jar with a rosy picture even in mainland China. Global Swiss watch exports fell in December, dragged down by a downturn there, figures this week showed.

In the United States, LVMH said Vuitton and its Christian Dior brands’s performance among American clients was “excellent”. ,上海夜网官方网站Cain,

But Burberry, which partly sells through wholesalers, highlighted a trickier U.S. backdrop, at a time when it is also grappling with Britain’s potentially chaotic exit from the European Union.

“We saw a softening in sentiment generally in terms of the macro environment in America,” financial chief Julie Brown told analysts in January, citi,上海夜网千花Barrett,ng falling traffic at department stores.

Anti-government “yellow vest” protests in France, which forced some Parisian boutiques to close during riots last December, are also expected to rumble on.

Revenues from tax refunds in France, frequently used by Chinese or U.S. shoppers, could fall 4 percent in the first quarter as a result, according to sector specialist Global Blue.

LVMH did not disclose any discernable impact from the French demonstrations on Tuesday, however. Its shares were up 7 percent by 1500GMT, leading a rally across the sector.

(Graphic: Luxury valuations Jan 30 – tmsnrt.rs/2SlO92J)

Xerox profit, forecast beat estimates; shares jump

( 上海夜网) – Xerox Corp beat analysts’ expectations for profit in the fourth quarter and forecast full-year profit above estimates, suggesting moves to refocus under new management were paying off and sending its shares up 6 percent.

The company is streamlining its business and scaling up operations under a new regime installed by activist investors Carl Icahn and Darwin Deason last year.

Xerox had agreed to merge with its long-standing joint-venture with Japan’s Fujifilm Holdings Corp,上海夜网推油Pablo, as it struggled to deal with a long-running decline in demand for printing and photocopying equipment.

That deal was scrapped under pressure from Icahn and Deason, and control was handed over to new management under Chief Executive Officer John Visentin, an Icahn aide.

“We remain focused on removing complexity in the way we work, organizing more effectively … and we are seeing t,上海夜网官方网站Gabi,hose efforts reflected in this quarter’s results,” Visentin said. “We are well positioned as we enter 2019.”

The Norwalk, Connecticut-based company said it expected to report 2019 profit of between $3.70 and $3.80 per share on an adjusted basis, well above analysts’ average expectation of $3.53, according to IBES data from Refinitiv.

Some analysts, however, pointed to a shortfall in Xerox’s fourth-quarter revenue, which was $2.53 billion compared to consensus forecasts of $2.56 billion, asking whether cost-cutting alone can deliver its promised profits.

“The biggest question is how they will be able to mitigate revenue declines because the ability to reduce costs is finite and then to continue to grow EPS, they need to actually grow revenue,” Cross Research analyst Shannon Cross said.

Net income attributable to Xerox was $137 million, or 56 cents p,上海夜生活Caden,er share, compared to a loss of $190 million, or 76 cents per share, a year earlier.

Excluding items, the company earned $1.14 per share, beating estimates of $1.04, helped by a 5 percent drop in total costs.

Written by shyw on January 30, 2017 Categories: fblpntlx Tags: , , ,

Saudis to Davos: Move on from Khashoggi, let’s do business

DAVOS, Switzerland ( ) – If you somehow missed the news about the killing of journalist Jamal Khashoggi by Saudi agents and the global outcry that ensued, you might think Saudi Arabia is the darling of the World Economic Forum in Davos.

The kingdom has sent one of its strongest delegations ever to the Swiss mountain resort and packed its top executives’ agendas with meetings with international peers.

It has managed to secure top Western businessmen for a panel debate on ‘Next Steps for Saudi A,上海夜生活服务Rachel,rabia’, where French oil major Total’s chief executive Patrick Pouyanne and Morgan Stanley’s boss James Gorman spoke alongside the Saudi finance and economy ministers.

The Davos gathering in the Swiss Alps is a chance for the Saudis to try to put behind them months of intense criticism over the murder of Khashoggi, a critic of Crown Prince Mohammed bin Salman, inside the Saudi consulate in Istanbul in October.

His killing by a team of Saudi operatives provoked widespread revulsion and tarnished the image of the crown prince, previously admired in the West for pushing deep changes including tax reform, infrastructure projects and allowing women to drive.

At Davos, the signs are that the damage control is working.

Swiss President Ueli Maurer said on Wednesday his country has moved on, and wanted to build strong relations with Riyadh, a rich, oil-producing kingdom that is itsel,上海夜网千花Cade,f a major global investor.

“We have long since dea上海夜生活lt with the Khashoggi case… We have agreed to continue the financial dialogue and normalize relations again,” Maurer told Swiss news agency SDA.


Western allies including some U.S. politicians have called on Riyadh to hold those responsible for the Khashoggi murder accountable. The Saudi public prosecutor is seeking the death penalty for five suspects, as the kingdom tries to contain its biggest political crisis for a generation.

So there had been doubts about Saudi Arabia’s status at Davos. After all, a number of A-list global investors stayed away from the Crown Prince’s annual Future Investment Initiative conference in October, overshadowed by the Saudi journalist’s death.

Then, at a summit of the G20 big economies in Buenos Aires, leaders appeared to ignore Prince Mohammed on stage during the “family photo,” even if many went on to have closed-door bilateral meetings with him afterwards.

But at Davos, the Saudi delegation had dozens of meetings and no Western investor pulled out, Saudi economy minister Mohammad Al Tuwaijri told on Wednesday.

“On a day-to-day basis in Saudi Arabia it is business as usual. Our job as government is to make sure infrastructure, legal in particular, is stable. This transformation journey hopefully will attract investors,” Tuwaijri said.

He said the probe into the killing needed time. The message he would take back to the crown prince was to “listen to the investors’ feedback”.

Finance minister Mohammed al-Jadaan said it was “absolutely sad, what happened to Jamal Khashoggi” but also suggested to wait for the probe’s results and the trial. He also said the fact that a $7.5 billion Saudi bond was heavily oversubscribed earlier this month showed investors were regaining confidence.

Mohammed El Kuwaiz, Chairman of the Saudi Capital Market Authority, said the murder of Khashoggi caused investors to pull back, but only temporarily.

“Speaking not just as a government employee but as a Saudi citizen, everyone in Saudi has been absolutely horrified by what happened… But a country of 30 million people should not be held h,上海夜生活网交流Naia,ostage by an event, no matter how heinous, particularly at this point in time when we have been working very hard to set a new course for the country,” Kuwaiz told .


Latest Saudi data will show new foreign direct investment licenses doubled last year from 377 in 2017, a Saudi government source said. The World Economic Forum has chosen two state Saudi companies – Aramco and Sabic – to be among its 100 strategic partners in 2019.

Oil giant Aramco also plans to issue a mega bond this year and is looking to acquire gas assets in the United States, its chief executive told .

In the future, Aramco still plans to list its stock sometime in 2021 in what could become the world’s largest initial public offering.

Pouyanne said he was carrying on with a $5 billion refining and petrochemical investment in Saudi Arabia and would also soon announce a new venture for petrol stations.

“What is the alternative for a company like Total? To boycott Saudi Arabia? We are always against sanctions and boycotts. Who suffer from boycott and sanctions? It’s the normal people, the people on the street,” Pouyanne told the panel.

Morgan’s Gorman also said investors wanted “clear light and transparency” about the murder which was “utterly unacceptable”.

“You have to decide what process you play in a country which has had an incident versus the 30 million people who are going through an extraordinary reform,” said Gorman, whose bank has been present in Saudi Arabia for more over 40 years.

Bill Browder, a critic of Vladimir Putin, who successfully pushed through some of the harshest U.S. sanctions against Russia for the killing of his lawyer, known as the Magnitsky Act, said the same sanctions should be applied to Saudi Arabia.

“Until Mohammed bin Salman bears responsibility for this crime, there cannot be business as usual with Saudi Arabia,” Browder told .

Tencent shares jump 3 percent after Chinese regulators approve new…

HONG KONG ( ) – Tencent Holdings Ltd saw its shares jump more than 3 percent on Friday as investors cheered Chinese regulators’ approval of mobile games publi,上海夜生活论坛Kaiden,shed by the industry leader for the first time since a freeze on approvals imposed in March.

The State Administration of Press, Publication, Radio, Film and Television on Thursday approved 95 games in its fourth list since December, with two mobile games from Tencent and a first from NetEase Inc.

Tencent, Asia’s biggest listed firm by market value, has been reeling from increased scrutiny of online gaming amid calls to tackle child addiction in the上海夜生活论坛 world’s largest gaming market.

Shares of the firm have lost roughly 20 percent of their market value since March. They were up as much as 3.2 percent early on Friday, beating a 1.3 percent rise in the benchmark Hang Seng Index and a 2.7 percent gain in Hang Seng sub-index tracking information technology firms.

China started resuming,上海夜玩网论坛Mabel, gaming approvals in December, though Tencent’s games had been absent from the three batches approved until Thursday, unnerving investors.

The impact of online games on the country’s youth has attracted scrutiny from Chinese President Xi Jinping, who last year urged all levels of government to implement effective schemes to prevent and treat the high incidence of myopia that authorities suspect is linked to game,上海高端夜生活在那里Caitlin, addiction.

China’s largest gaming and social media firm has imposed a playtime restriction since July, allowing a maximum of one hour a day for children 12 years old and under, and a maximum of two hours for those aged 13 to 18.

Founded in 1998, Shenzhen-based Tencent enjoyed uninterrupted growth from when it went public in 2004 until last year when it saw more than $200 billion wiped off its market value from a peak hit in January.

Last week, Tencent released a test version of a third-party developed smartphone game in China based on U.S. hit television show Games of Thrones, bolstering its pipeline.

Jet Airways seeks shareholder approval for debt to equity swap

BENGALURU ( ) – Jet Airways Ltd said on Monday it would seek shareholder approval next month to convert existing debt into equity, part of efforts by the cash-strapped Indian airline to resolve its financing problems.

Jet Airways, saddled with debts of about $1.14 billion, has been hit by fierce competition, rupee depreciation and high oil prices. The company owes money to banks, pilots, vendors and lessors – some of whom are considering taking back aircraft, sources have told .

The airline will seek a green light from shareholders to convert part or all of its loans into equity at a special meeting on Feb. 21, subject to regulatory approval.

It will also seek permission to convert future loans into equity, the airline said in a regulatory filing bit.ly/2MCMiRs.

Jet, which controls a sixth of India’s booming aviation market, will also seek approval to issue new equity and allow its lenders to nominate directors to its board, it said.

Th,上海夜生活男人好去处Kade,e airline plans to increase its share capital to 22 billion rupees ($309.43 million) from 2 billion rupees. The company did not say how much debt it is planning to convert into equity.

Jet shareholder Etihad Ai上海夜生活rways met with the Indian carrier and State Bank of India earlier in Ja,上海足浴夜网联系方式Barbara,nuary to secure some form of rescue deal, reported.

Jet has also said it is talking to lenders to resolve its debt problems and is looking at injecting more cash into the airline and making boardroom changes.

Etihad has hired consultants Alvarez & Marsal to conduct ,上海夜生活Falkner,due diligence on the Indian carrier as it weighs increasing its stake in Jet from its current holding of 24 percent, sources have told .

The Abu Dhabi carrier can go up to a maximum of 49 percent according to India’s foreign ownership rules for airlines. Also, if it breaches the 25-percent mark it must adhere to strict capital markets rules.

Jet Airways last year hired McKinsey to help with cost-cutting efforts and Boston Consulting Group to look at ways to increase the airline’s revenues.

($1 = 71.0980 Indian rupees)

China’s growth slowed by service, farm sectors, despite…

BEIJING ( ) – Weakness in the service and farm sectors slowed China’s economic growth in the fourth quarter, despite a strong pickup in construction activity, official data showed on Tuesday.

Services grew 7.4 percent from a year earlier, slowing from 7.9 percent in the third quarter, while growth in agriculture slowed to 3.5 percent from 3.6 percent, the National Bureau of Statistics (NBS) said.

The sector-by-sector breakdown follows release of headline GDP figures on Monday that showed China’s economy in the last quarter expanded at its slowest rate since the global financial crisis due to faltering domestic demand and an ongoing trade war with the United States.

The services sector accounted for almost half of gross domestic product in the quarter by value as China continued to transition towards a service-oriented economy, while agriculture contributed about 10 percent, according to ’ calculations based on the latest data.

Services suffered a broad-based slackening from real estate to tech, as these industries braced for more cautious investor lending and softer consumer demand.

Growth in real estate services slowed to 2 percent year-on-year in the fourth quarter from 4.1 percent a quarter earlier, as government tightening measures to curb speculation and skyrocketing prices subdued overall demand. The sector contributed 6.4 percent to GDP in the quarter.

The retail and wholesale sector slowed上海夜生活 to 5.5 percent from 6.2 percent as consumption of physical goods lost momentum. Auto sales in the world’s biggest car market shrank for the first time in 2018 since the 1990s.

Though retail sales growth picked up marginally in December to 8.2 percent, the consumer strength gauge is around the weakest in 15 years.

“With consumer confidence now trending down and the labor market set to weaken further, we think households will turn even more cautious in the coming months, weighing on service sector growth,” Capital Economics wrote in a note on Tuesday after the data release.

Having been a stellar performer benefiting from supportive policies, the tech sector still grew at double-digit rate but growth slowed to 29.1 percent in the fourth quarter compared with 32.8 percent in the third. It accounted for about 3 percent of GDP in the fourth quarter.

As fears for a sharp slowdown mounted amid uncertainties over whether the trade war will be brought to an end any time soon, Beijing has been drumming the message that it has plenty of room to deploy measures to spur economic growth.

Finance was one of the few bright spots in the service sector thanks to recent government stimulus measures to keep liquidity ample.

Construction enjoyed a strong recovery thanks to support for infrastructure projects, as the government frontloaded local government bond issuance to support their financing.

The sector – acc,上海夜网千花Kade,ounting for 8 percent of the economy – gr,上海021夜网Rachel,ew 6.1 percent in the fourth quarte,上海夜生活男人好去处Kade,r, accelerating from the previous quarter’s 2.5 percent growth.

But in a surprising remark, Fang Xinghai, vice-chairman of China’s Securities Regulatory Commission, told a seminar in Davos that he expected economic growth to slow to 6 percent this year from 6.6 percent in 2018, stressing China’s slowdown won’t be a “disaster”.

($1 = 6.8014 Chinese yuan renminbi)

General Electric’s modest gains, candor spark ‘relief rally’

( ) – General Electric Co beat estimates for sales and cash flow in the fourth quarter and said on Thursday it had reached a tentative deal to settle a subprime mortgage case with U.S. regulators, sending its shares sharply higher.

GE stock briefly soared as much as 18 percent as profits and sales rose in its aviation, healthcare and oil-and-gas businesses, offsetting $1 billion in cumulative losses at its power and capital units. GE’s bond prices also rose sharply. In afternoon trading, the stock was up about 12 percent at $10.22.

The 2018 results cap one of GE’s worst years, starting with an $11 billion charge and disclosure of accounting investigations by U.S. regulators, and ending with fears about GE’s liquidity and even the continued existence of what once was America’s most famous and valuable company. Even with Thursday’s gains, GE shares are down 65 percent over the past two years.

Many analysts and investors had braced for disappointing results and were relieved that new Chief Executive Larry Culp was able to show some improvement while being blunt about bad news. Culp offered only a scant forecast, however, delaying details for a meeting to be scheduled soon.

Still, Culp set targets that matched what analysts and investors have been requesting: lifting GE’s triple-B credit rating to single-A quality, reducing industrial debt to less than 2.5 times operating income, and even restoring the dividend. Culp did not set a time frame for those goals.

GE also announced a settlement with the U.S. Department of Justice over its subprime mortgage practices before the 2008 financial crisis. GE will pay a $1.5 billion civil penalty, money it has already set aside.

Culp ruled out selling GE’s $40-billion aircraft leasing unit, quelling concerns that jettisoning the profitable unit would sink GE Capital. He also said GE is “reviewing every single project and contract” in its power unit.

Investors seemed euphoric, if a little myopic. “The only relevant data in the quarterly numbers is that actual sales and the free cash flow from the industrials business were better than expected,” William Blair analyst Nicholas Heymann said.

GE’s lengthy presentation contained numerous warnings and unknowns. Cash is likely to decline in 2019, but GE would not say by how much; GE is still in “early innings” of turning around its power business, where revenue will fall again in 2019; and GE will provide detail about its toxic long-term care insurance liabilities in February. It took a $65-million charge for insurance in the latest quarter, compared with a $6.2 billion charge and $15 billion in provisions a year ago.

Related CoverageGeneral Electric CEO sees 2019 industrial revenue rising, cash,上海夜生活桑拿会所Tamara, weak

It also did not provide more detail on ongoing regulatory investigations of its accounting for long-term care policies and power-plant services contracts.


“The results are better than expected because expectations were so low,” said Erik Gordon, a professor at the University of Michigan Ross School of Business. “The company still faces the huge challenges of managing its mountain of debt and restoring investor confidence in the accuracy of its numbers.”

But some said Culp’s new candor and an investor relations chief plucked from Wall Street had gone a long way to restoring credibility after years of happy talk, earnings landmines and a class-action lawsuit that alleges accounting fraud.

“Power is still in free-fall,” said Scott Davis, analyst at Melius Research, in a note. But GE is providing “an honest assessment of the problems and (a) realistic plan to fix them … So the relief rally is explainable.”

The results showed GE had strengthened its cash position and chipped away $21 billion from its massive debt, two issues that hit the stock in tumultuous 2018.

The 127-year-old conglomerate was booted from the Dow Jones Industrial Average, had its credit ratings cut to three notches above junk, slashed its quarterly dividend to a penny, ,上海夜网后花园Paige,restated earnings for the prior two years and saw a $10 billion fossil-fuel power acquisition turn sour as wind and solar power gained momentum while GE’s gas-turbine business struggled with faulty turbine blades.

GE said its power unit took $400 million in charges in the fourth quarter, including a small amount for blade repairs at dozens of customers around the world. That was on top of $240 million for blade repairs in the third quarter.

GE booked a $666 million profit for the fourth quarter and revenue rose 5 percent to $33.3 billion, above analyst estimates of $32.6 billion, according to Refinitiv IBES.

Industrial free cash flow of $4.9 billion in the quarter, topped the $4 billion threshold that investors were looking to beat, Gordon Haskett analyst John Inch wrot,上海夜网官方网站Kai,e in a note.

GE’s adjusted earnings totaled 17 cents a share, below analyst estimates of 22 cents, accordi上海夜网ng to Refinitiv IBES data.

Bayer asks California judge to limit evidence in another Roundup…

( ) – Bayer AG unit Monsanto has asked a California judge in the litigation over its glyphosate-based weed killer Roundup allegedly causing cancer to limit evidence by splitting an upcoming trial into two phases, a request previously successful with another judge.

Monsanto in a previously unreported filing on Jan. 15 asked California Superior Court Judge Wini上海夜网fred Smith in Oakland to split a March trial by a California couple into two phases.

Such a step would limit evidence the plaintiffs in the litigation consider crucial to their cases and describe as critical to a jury last year awarding $289 million in a similar case.

Under the company’s p,上海夜哪里艳遇Barney,roposal, lawyers for Alva and Alberta Pilliod in the initial trial phase would be barred from introducing evidence that the company allegedly attempted to influence regulators and manipulate public opinion.

Such evidence would be allowed only if glyphosate was found to have caused the Pilliods’ cancer and the trial proceeded to a second phase to determine the company’s liability.

A hearing on the issue is scheduled for Feb. 8.

“This court need only look across the Bay to determine whether (splitting up the trial) is appropriate for a Roundup/glyphosate trial,” the company said in the filing.

U.S. District Judge Vince Chhabria in San Francisco, who oversees the federal Roundup litigation with some 680 cases pending before him, on Jan. 3 approved the company’s request to initially limit evidence in upcoming trials before him.

Following Chhabria’s decision, Bayer’s shares rose more than 6 percent.

Lawyers for the Pilliods on Tuesday declined to comment, saying they would file their response with the court on Jan. 28.

In front of Chhabr,上海夜玩网论坛Jackson,ia, the attorneys said their scientific evidence allegedly showing glyphosate causes cancer was inextricably linked to Monsanto’s alleged wrongful conduct.

The lawyers contended that such evidence, including internal Monsanto documents, showed the company’s misconduct and was critical to California state court jury’s August 2018 decision to award $289 million in a similar case.

The verdict sent Bayer sha,上海夜生活桑拿会所Radcliff,res tumbling though the award was later reduced to $78 million and is under appeal.

Bayer denies allegations that glyphosate causes cancer, saying decades of independent studies have shown the world’s most widely-used weed killer to be safe for human use.

But the company faces more than 9,300 U.S. lawsuits over Roundup’s safety in state and federal courts across the country.

The Pilliods’ case is scheduled to go to trial on March 18. The couple, who are in their 70s, allege their regular use of Roundup between 1975 and 2011 caused them to develop non-Hodgkin lymphoma, a cancer of the lymph system.

Insys executive gave doctor lap dance while promoting drug, witness…

BOSTON ( ) – An ex-stripper who became a regional sales director at Insys Therapeutics Inc gave a doctor a lap dance at a Chicago club as the drugmaker pushed the doctor to prescribe its addictive fentanyl spray, a former Insys employee testified on Tuesday.

The testimony in federal court in Boston came in the first criminal trial of painkiller manufacturer executives over conduct that authorities say contributed to a U.S. opioid abuse epidemic that has killed tens of thousan上海夜网ds of people a year.

Former Insys sales representative Holly Brown told jurors the incident with her boss, Sunrise Lee, took place after Insys began rewarding the doctor for prescribing its opioid product by paying him to speak at educational events about the drug.

That Illinois doctor, Paul Madison, is one of several whom prosecutors say Lee and four other former Insys executives and managers including wealthy founder and ex-chairman John Kapoor conspired to bribe to boost sales of the spray, Subsys.

Lee, Kapoor, Michael Gurry, Richard Simon and Joseph Rowan deny wrongdoing and have pleaded not guilty to racketeering conspiracy.

The U.S. Food and Drug Administration has only approved Subsys for treating cancer pain. Prosecutors allege doctors paid by Insys often prescribed Subsys to patients without cancer. Defense lawyers note, though, that do,上海夜生活去哪玩Nadia,ctors may prescribe medications for off-label purposes.

Drugmakers often retain doctors to speak at events with other clinicians about the benefits of their drugs, and defense lawyers argue the events were legal compensation,上海夜网Lance, for the doctors’ educational work.

Yet Brown said Madison’s events, held at a Chicago restaurant Kapoor owned, were attended by his friends instead of clinicians.

“The idea was these weren’t really meant to be educational programs but,上海会所夜网Sabina, were meant to be rewards to physicians,” Brown said.

After one dinner in mid-2012, Brown said she, Lee and Madison went to a club, where she witnessed Lee “sitting on his lap, kind of bouncing around.”

“He had his hands sort of inappropriately all over her chest,” Brown said.

Brown testified that at the time, Madison ran a “notorious” medical practice, which in a 2012 email shown to jurors she described as a “shady pill mill.”

Prosecutors say Insys paid Madison at least $70,800 in speaker fees.

Asked on cross-examination by Lee’s attorney, Peter Horstmann, if Madison “appeared to be taking advantage of Ms. Lee,” Brown said yes.

Madison was convicted in November of unrelated charges that he defrauded insurers into paying for unperformed chiropractic procedures. His lawyer did not respond to requests for comment.

Exclusive: Petrobras rejects latest EIG-backed bid for oilfields -…

RIO DE JANEIRO ( ) – Petroleo Brasileiro SA (PETR4.SA) has rejected the most recent bid by an EIG Global Energy Partners-backed firm to purchase a pair of shallow-water oil clusters, two sources with direct knowledge of the matter said, potentially derailing a major divestment late in the process.

Ouro Preto Oleo e Gas, a Brazilian energy firm backed by sector-focused ,上海夜生活网419Lance,private equity firm EIG entered exclusive talks in July with Petrobras, as the state-run oil firm is known, to purchase its Pampo and Enchova clusters. At the time, the fields, located in the Campos Basin off the coast of Rio de Janeiro, were seen fetching around $1 billion.

Petrobras is cutting stakes in shallow-water fields to focus on Brazil’s larger deepwater play. That is creating an opportunity for smaller oil companies and private equity firms eager to extract value from relatively mature assets. But the process has been rocky at times.

For Petrobras, the collapse or delay of the Pampo and Enchova deal could hurt its bid to meet an ambitious divestment target of $26.9 billion over five years. With combined oil production of about 39,000 barrels per day, Pampo and Enchova is the largest mature production asset currently in Petrobras’ divestment portfolio.

In December, Petrobras reopened bidding for the clusters, as Brazil’s federal audit court, known as the TCU, requires for most Petrobras divestitures. Under the final rebidding round, investors can submit bids of varying values, so long as they have the same contractual terms as the winning bid in the original round.

Ouro Preto took advantage of the rebidding proce,上海夜生活网交流Hadleigh,ss to cut its offer, due in part to a drop in oil prices, reported in December. [nL1N1YJ1P0]

However, Petrobras, unhappy with Ouro Preto’s price cut, has rejected the consortium’s updated bid, according to the sources, who requested anonymity to discuss confidential matters.

EIG and Ouro Preto declined to comment. Petrobras did not respond to a request for comment.

The setback underlines the slow, at times convoluted process surrounding Petrobras’ divestments, which have often frustrated potential buyers.

The next steps in the Pampo and Enchova divestiture,上海夜网后花园Sabia, are unclear. One of the sources said the Ouro Preto consortium may try to come back to the table to resume bilateral negotiations with Petrobras.

Should Petrobras re-open the process to other potential buyers or open a fresh bidding round, it could create an oppor上海夜网tunity for firms like Trident Energy, backed by private equity firm Warburg Pincus, which had submitted an offer for Pampo and Enchova during the original bidding round in mid-2018.

Trident did not respond to a request for comment.

Factbox: A look at past U.S. government shutdowns

( ) – Republicans who control the U.S. Congress are expected to try to pass a temporary spending bill before a Friday deadline, when existing federal funding is set to expire and ,上海夜生活乌托邦Sabia,federal agencies would begin to shut down.

While past shut上海夜生活网downs have done little lasting economic damage, these events can hurt federal workers, rattle markets and shake confidence in the United States abroad.

Since Congress implemented the modern budget process in the mid-1970s, there have been 18 gaps in government funding, according to the Congressional Research Service (CRS), but not all resulted in government shutdowns. In fact, only three of them had a significant impact.

During six funding gaps before 1980, the government continued normal operations. There were nine funding gaps between 1981 and 1994, but they occurred over weekends with minimal government disruption, according to the Committee for a Responsible Federal Budget, a Washington think tank.

Here are the three occasions when funding lapsed and significant government shutdowns occurred.

Nov. 14 to 18, 1995: This was the first of two government shutdowns that occurred after Democratic President Bill Clinton vetoed spending legislation passed by the Republican-controlled Congress. About 800,000 workers were furloughed from Nov. 15 to 19 during the first lapse in government funding, according ,上海凤楼夜网Larissa,to a CRS report.

Dec. 16, 1995 to Jan. 5, 1996: Clinton’s continued clash with congressional Republicans over funding levels for the Medicare health insurance program for the elderly, education and other issues resulted in a second furlough of about 280,000 workers for 27 days beginning on Dec. 16,,上海新夜网龙凤Jackson, 1995, according to the CRS.

Oct. 1 to 16, 2013: During this standoff, about 800,000 federal workers were furloughed, and more than a million more reported to work without knowing when they would be paid, according to media reports. The shutdown occurred after conservative House of Representatives Republicans attempted to use the budget process to delay or defund implementation of Democratic President Barack Obama’s Affordable Care Act, known as Obamacare.

The impasse between the House and the Democratic-controlled Senate, along with Obama, ended after both chambers passed a Senate-brokered bill that imposed stricter income verification requirements on people obtaining health insurance through Obamacare. The deal to end the shutdown coincided with a deadline to raise the U.S. debt ceiling, the country’s borrowing limit.

Explainer: The shareholder puzzle facing airlines after Brexit

LONDON ( ) – Airlines that will no longer be majority owned by EU nationals once Britain leaves the European Union face the threat of losing their right to fly within the bloc after Brexit due to share ownership rules.

While they will still be able to fly to and from the EU, operating licences to fly between destinations within the bloc are reserved for airlines that are majority owned and effectively controlled by EU,上海夜生活 EEA or Swiss nationals.

EasyJet (EZJ.L), Ryanair (RYA.I) and British Airways-owner IAG (ICAG.L) are among the airline groups likely to be most affected when British shareholders are no longer EU nationals.

They are all trying to reach the 50 percent plus 1 threshold for non-UK EU ownership, or bidding to demonstrate how else they can comply by March 29 when Britain is due to leave the bloc.

EasyJet said on Tuesday that it had increased its non-UK EEA ownership to 49 percent, one percentage point shy of meeting the threshold.

“We have the means and the tools to make sure that we will comply with all the rules and regulation,” easyJet Chief Executive Johan Lundgren told reporters, adding that organic growth of EEA shareholders was the preferred route but disenfranchisement was also an option.

“Compared to other airlines, we’re in a good place on this.”

Many airlines have powers in their articles of association to suspend their voting rights and block share sales to non-EU nationals should they not achieve the threshold of EEA ownership after Brexit.

They include Ryanair, which is Irish-based but has said up to 54 percent of its shareholders could be non-EU in a hard-Brexit scenario.


In their political declaration on their future relationship, Britain and the EU said they would negotiate a Comprehensive Air Transport Agreement, and each side has said that even if Britain leaves with,上海夜网后花园Faith,out a deal, flights will continue.

But a no-dea,上海夜生活群Qirin,l Brexit in March would mean Britain stands to leave the bloc without a transitional period in which airlines might be able to sort out their shareholdings.

The EU has said that if an airline no longer fulfils its ownership conditions as a result of Brexit, the operating licence will cease to be valid, “subject to any transitional arrangement that may be contained in a possible withdrawal agreement.”

Hugh O’Donovan, a barrister at Keystone Law, said that, while there could be a late, short-term fix to give airlines more time, it seemed unlikely that the EU would soften its stance on the issue.

For its part, Britain has said that it “would not impose nationality restrictions on the conditions for an operating licence,” leaving airlines focused on boosting their EEA shareholdings.


Questions have been raised over whether IAG, which is over 20 percent owned by Qatar Airways, might fall foul of the rules. While famously the owner of British Airways, it is the intra-EU flights of its Spanish Iberia and Vueling brands and Ireland’s Aer Lingus that would be jeopardised.

After British Airways and Iberia merged in 2011, IAG’s governance structure ensured Britons held at least 50.1 percent of the voting shares in British Airways, with Spanish nationals holding a majority of voting shares in Iberia, even as the shareholdings carried minimal economic rights.

That distinction between the economic and voting rights has been cited by CEO Willie Walsh as a reason to be “more relaxed” about the firm’s governance after Brexit.

“You could argue that we’ve already done our contingency work,” Walsh said during IAG’s 2017 Capital Markets Day.

The Spanish government has said it is confident national flag carrier Iberia is a Spanish company and will be able to fly across Europe in the event of a disorderly Brexit, after the Financial Times reported that Brussels had doubts about IAG’s arguments that its individual airlines are domestically owned.

A spokeswoman for IAG said on Tuesday that the group was confident it would comply with the EU’s ownership and control rules after Brexit.


EasyJet said it was engaging investors across Europe to increase EEA ownership above 50 percent before Brexit.

Founded by British-Cypriot founder Stelios Haji-Ioannou, he and his family retain a 33 percent stake in easyJet and count as EEA shareholders.

Other European airlines do not have this benefit.

Ryanair has said it plans to remove voting rights from all non-EU shareholders and block them from selling their shares to non-EU nationals for a period of time if there is no deal struck before exit day.

Ry,上海夜生活男人好去处Hallie,anair said it expected the restrictions would only be in place for a short period of months and that they would be eased or removed once 50.1 percent EU ownership had been restored.  

The Budapest-based but London-listed budget airline Wizz (WIZZ.L) has clauses in its own articles of association which would allow it to take similar action.

Travel group Thomas Cook (TCG.L) said it was in “close dialogue” with regulatory bodies in Europe about its contingency plans, “including any structural changes that may be required in the event of no-deal.”

Rival TUI (TUIGn.DE) said that “it is our aim to continue our business as we do today” and that it was “preparing contingency measures where necessary for different scenarios, including a “hard Brexit”. 

Ken Quinn, Global Chair, Aviation at law firm Baker McKenzie, said the EU rules on airline ownership were archaic.

“If they can’t reach a grand deal, then they need to reach a sectoral understanding… with an eye on consumers, not on the flag on the tail of an aeroplane,” he told .

Instant View: Fed holds rates steady

NEW YORK ( ) – The Federal Reserve held interest rates steady on Wednesday but said it would be patient in lifting borrowing costs further this year as it pointed to rising uncertainty about the U.S. economic outlook.

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

In a separate release from its policy statement, the U.S. central bank also said while it was continuing its month,夜上海419龙凤论坛Cadence,ly balance sheet reduction, it was prepared to alter the pace “in light of economic and financial developments” in the future.

Fed Chairman Jerome Powell said in a press conference after the statement was released that policy makers decided a wait and see approach was appropriate and that the case for raising rates has weakened.


STOCKS: The S&P 500 added to gains and was last up 1.65 percent. The Dow also rose more and was up 1.85 percent. BONDS: The 10-year U.S. Treasury note yield fell to 2.6936 percent and the 2-year yield fell to 2.5262 percent.

FOREX: The dollar index slipped into negative territory and was off about 0.5 percent.



“It seems like it’s what the market was expecting although it looks like it shot higher on the news. That’s been part of this rally, a growing feeling that (the Fed) would be letting the data play out instead of having a fixed number in mind in terms of what they were going to do.

“This earnings season, in terms of the guidance companies have given, has probably given them enough pause in a sense of seeing how the economy unfolds. Guidance has been tempered, muted. The prevailing opinion is 上海夜生活论坛that GDP growth is going to slow in 2019 and layered on top of that are China issues and Europe issues and how that’s going to impact US firms and our economy. So they’re doing what would be expected in an environment of more uncertainty than we had last year.

“They don’t want to put themselves in a box and this language does that.  Maybe they’re softening on the idea that there’s going to be two (rate hikes) this year, maybe it’s going to be one. My guess is the probability that there will be two rate hikes in 2019 has gone down a hair based on this report.”


“The press statement was reassuringly dovish, but it wasn’t hugely unexpected. The place where there was more surprise, which has come into (stock) prices, is that we got a shift, it seems, around the balance sheet. We’ll see how Powell talks to this in practice. The language was very, very vague, and probably deliberately so. But the preparedness for the Fed to be more accommodative around the balance sheet seems to be a little new.”


“The markets got what they were hoping for in the Fed’s written statement, including both the notion of the central bank’s patience on future rate hikes and greater flexibility in its approach to reducing its balance sheet. This marks a full 180 from what the Fed was signaling just a few months ago.”


“Clearly the Fed has been listening to the market. But that was already known with comments from Powell running up to this FOMC meeting. This is a much softer, patient approach, certainly fueling equities to look fairly positive.

“Overall, this is something the market wanted to see, is pleased with. I don’t think it takes us away on longer-term inflation goals at this point.

“I am sure there will be some political commentators that will be looking to read this as Powell giving in to Trump and his demands that the Fed do more, but I don’t think that is accurate at this point.

“I think inflationary pressures are a little bit more muted, in particular with what we have seen happening with oil prices. I think this is a just right kind of an announcement.


“The Fed has moderated their assessment of economic activity, dropping the language of strong to a solid expansion. It’s a modest downgrade, but overall they are certainly keeping their options open. They’re trying to convey the message while they have paused, their options are open and more likely than not, they’ll probably hike rates this year rather than keep them on hold. It’s more probable they’ll hike two rather than one this year.”


“Some of the language changes are interesting. It’s increasing the amount of flexibility that the Fed is giving itself for the rest of the year…That seems reasonable given what’s going on from a global perspective…I think (stocks) are rallying because it was a little more dovish than I think consensus was expecting.”


“Generally, the Fed statement and the comments about the balance sheet are viewed as a dovish combination. The front end of the Treasury yield curve is rallying and the back end is selling off. Some dovishness has been priced in so it’s difficult to be more dovish. The balance sheet comments is the Fed acknowledging that the balance sheet drawdown is having more of a market impact than they had thought. Now they are ready to make some adjustments. We will probably get more clarity from Powell’s press conference about balance sheet changes. The economic growth here will still be strong for a couple of rate hikes this year, but unlikely in the first quarter.”


“Fed makes it clear that any rate changes are on hold until further notice. Monetary Policy remains highly accommodative with Fed shifting to ‘dovish’ tone. The pause confirms our view that this will further extend the expansion, allowing excesses to continue to build and increasing risks of financial instability. Fed refilled the punch bowl and the party goes on. Buy risk assets.”


“What the statement suggests in terms of removing specific language – like further gradual rate hikes was taken out – they seem to be, for lack of a better term, capitulating to the market at this point … we are paying attention to the volatility, we are paying attention the downside risks more than the upside risks. And the upside risks as far as Jay Powell is concerned are economic growth and higher inflation. That seems to be a lower priority on the committee’s mind and they are now a little bit more willing to be a little more ‘patient’ and data dependent, which is what the market wants to hear. So here we go, yields down, stocks up.” 


“The statement was definitely dovish. In response, we’ve seen the Treasury curve steepen with two-year prices bid up.

“We’re not overly surprised by the statement, given Powell’s rhetoric since the last policy meeting. The balance sheet remarks were also in line with that sentiment.

“Overall, this signals the Fed will not be on autopilot going forward.”

Canada’s envoy to China says ‘misspoke’ on Huawei CFO case

TORONTO ( ) – Canada’s ambassador to China said he “misspoke” when he said Huawei Technologies Co Ltd Chief Financial Officer Meng Wanzhou had a strong case against extradition to the United States, John McCallum said in a statement on Thursday.

Speaking to Chinese-language media in a Toronto suburb on Tuesday, McCallum said Meng had “good arguments on her side” in her case.

“I regret that my comments with respect to the legal proceedings of Ms. Meng have created confusion. I misspoke. These comments do not accurately represent my position on this issue,” McCallum’s statement said.

Meng’s arrest in Vancouver on Dec. 1 at the behest of the United States enraged China, which has called for the extradition case to be dropped. The United States has until Jan. 30 to formally request her extradition over alleged violations of U.S. sanctions on Iran.

Canada’s government has emphasized that it follows the “rule of law” and cautioned against politicizing the case after U.S. President Donald Trump told last month he would intervene if it served U.S. trade or national security interests.

In his Tuesday remarks, McCallum said Trump’s comments and the fact that Canada had not applied the same sanctions against Iran as the United States made for “strong arguments” Meng could make before a judge. She next appears,上海新夜网龙凤Hadrian, in court on Feb. 6.

Meng has been released on bail and is li上海夜生活ving in one of her two multi-million Vancouver homes, wearing a GPS ankle bracelet and watched by security guards when she leaves the house.

The case has made for tense Canada-China relations. Two Canadians were detained in China following Meng’s,上海夜生活男人好去处Mabel, arrest, and a third was sentenced to death on drug charges.


Neither Canada nor China has explicitly tied these actions to Meng’s arrest but some former diplomats have suggested this is a “tit-for-tat” issue.

Canadian Prime Minister Justin Trudeau told reporters Wednesday that he is focused on getting detained Canadians Michael Kovrig and Michael Spavor out of China and recalling McCallum would not help their case.

U.S. defense chief urges Pakistan to redouble efforts against…

ISLAMABAD ( ) – U.S. Defense Secretary Jim Mattis met Pakistan’s civilian and military leaders on Monday and urged them to “redouble” their efforts to rein in militants accused of using the country as a base to carry out attacks in neighboring Afghanistan.

Mattis, on a one-day visit to Pakistan, said the South Asian nation had made progress in the fight against militancy inside its borders but needed to make more.

More than 100 days since U.S. President Donald Trump announced a South Asia strategy that calls for a firmer line toward Islamabad, U.S. officials and analysts say there has been only limited success and it is not clear how progress will be made.

U.S. officials have long been frustrated by what they see as Pakistan’s reluctance to act against groups such as the Afghan Taliban and the Haqqani network that they believe exploit safe haven on Pakistani soil to launch attacks in Afghanistan.

“The Secretary reiterated that Pakistan must redouble its efforts to confront militants and terrorists operating within the country,” the Pentagon said in a statement.

Mattis, who visited Pakistan for the first time as defense secretary, said before the trip that the goal for his meetings with Pakistani officials would be to find “common ground”.

In his discussion with Mattis, Pakistani Prime Minister Shahid Khaqan Abbasi said the two allies shared objectives.

“We’re committed (to) the war against terror,” he said. “Nobody wants peace in Afghanistan more than Pakistan.”

Mattis also met with high-ranking officials from Pakistan’s powerful military, including army chief General Qamar Javed Bajwa and Lieutenant-General Naveed Mukhtar, the head of the Inter-Services Intelligence spy agency that U.S. officials say has links with Haqqani and Taliban militants.

A U.S. defense official, speaking on condition of anonymity, said Mattis’ conversations had been “straightforward” and specific. The official said one of the topics of conversation was getting Pakistan to help bring the Taliban to the negotiating table

In August, Trump outlined a new strategy for the war in Afghanistan, chastising Pakistan over its alleged support for Afghan militants. But beyond that, the Trump administration has done little to articulate its strategy, experts say.

U.S. officials say they have not seen a change in Pakistan’s support for militants, despite visits by senior U.S. officials, including Se,上海夜生活论坛Gabrielle,cretary of State Rex Tillerson.

“We have been very direct and very clear with the Pakistanis … we have not seen those changes implemented yet,”,上海新夜网龙凤Falkner, General John Nicholson, the top U.S. general in Afghanistan, said last week.

Pakistani officials have pushed back on the U.S. accusations and say they have done a great deal to help the United States in tracking down militants.


U.S. official expressed hope relations could improve after a U.S.-C上海夜生活anadian couple kidnapped in Afghanistan were freed in Pakistan in October with their three children.

While the Trump administration has used tougher words with Pakistan, it is has yet to change Islamabad’s calculus. Some experts say the United States loses clout in Pakistan when it is seen as bullying.

While Mattis traveled to the region earlier this year, he did not stop in Pakistan, but visited its arch rival, India, a relationship that has grown under the Trump administration.

“There is not an effective stick anymore because Pakistan doesn’t really care about U.S aid, it has been dwindling anyway and it is getting the money it needs elsewhere … treat it with respect and actually reward it when it does do something good,” said Madiha Afzal, with the Brookings Institution.

Mattis’ brief visit to Islamabad comes ,上海仙霞路夜生活Earl,a week after a hardline Pakistani Islamist group called off nationwide protests after the government met its demand that a minister accused of blasphemy resign.

Separately, a Pakistani Islamist accused of masterminding a bloody 2008 assault in the Indian city of Mumbai was freed from house arrest. The White House said the release could have repercussions for U.S.-Pakistan relations.

“I think for Pakistan, the timing is very bad. There is talk about progress being made against extremists and here you have a situation where religious hardliners have basically been handed everything they wanted on a silver platter,” said Michael Kugelman, with the Woodrow Wilson think tank in Washington.

U.S. Homeland Security chief: did not hear Trump use vulgarity…

WASHINGTON ( ) – U.S. H,上海夜生活Radcliff,omeland Security Secretary Kirstjen Nielsen, under intense questioning from Democratic senators, said on Tuesday sh上海夜网e did not hear President Donald Trump use a vulgarity to describe African countries during an impassioned White House meeting last week.

Nielsen’s testimony to the Senate Judiciary Committee echoed statements she has made since the ,上海夜玩网论坛Fabi,meeting on Thursday with Trump and Republican and Democratic legislators, which roiled the debate on an immigration law deal and generated accusations of racism toward Trump.

Democratic Senator Dick Durbin, who attended the meeting, said Trump used the word “shithole” to describe African countries but Nielsen, also who participated in the meeting, said she did not hear that.

In one of the hearing’s most dramatic moments, Democratic Senator Cory Booker grew emphatic after Nielsen said she did not want to answer more questions about the language at the meeting.

“When Dick Durbin called me I had tears of rage when I heard about this experience in this meeting,” Booker told her.

“Your silence and your amnesia is complicity,” he said.

Trump has said Durbin misrepresented his comments. Republican Senator Lindsey Graham, who also was at the meeting, issued a statement last week that did not dispute news accounts that Trump used the vulgarity to describe African countries. During the hearing Graha,上海夜生活去哪玩Idris,m did not ask Nielsen about Trump’s comments, but described Durbin as a “decent, honest man.”

Nielsen said she did not remember Trump categorizing African countries in a specific way.

“The conversation was very impassioned. I don’t dispute that the president was using tough language,” Nielsen said, adding that several people in the room were using profanity.

The comments have complicated the debate over an immigration deal to protect immigrants who were brought to the country illegally as children, and also overshadowed larger spending negotiations ahead of a possible federal government shutdown this week.

When asked about Trump’s reported statements about preferring immigrants from Norway, Nielsen said Trump was using Norway as an example of a country whose citizens work hard.

Nielsen also was asked about the administration’s decision to rescind Deferred Action for Childhood Arrivals, the Obama-era policy to protect from deportation immigrants brought to the United States illegally as children. Trump ended the program in September, giving Congress six months to find a permanent solution.

Nielsen said she did not believe Trump would have the authority to extend the March 5 deadline for the ending of the program. On Saturday, the Department of Homeland Security said it would resume accepting DACA renewals, after a federal judge blocked Trump’s decision to end the program.

Nielsen also testified about a DHS study on the link between immigration and terrorism. The report, issued on Tuesday, said about 73 percent of the 549 individuals convicted of “international terrorism-related” charges in U.S. federal courts between Sept. 11, 2001, and Dec. 31, 2016, were born outside the United States.

In a briefing call with reporters, a senior administration official pointed to the report as evidence that the United States needs to reform its immigration system, including to eliminate the diversity visa lottery and extended family-based immigration, in favor of high-skilled immigrants.

But the official said the administration was not ready to release statistical information on the manner of entry of the individuals convicted.

Written by shyw on January 10, 2017 Categories: vanyoxfh Tags: , , ,

China central bank’s record $83 billion injection heightens worries…

SHANGHAI ( ) – China’s central bank injected a record $83 billion into the country’s financial system on Wednesday, seeking to avoid a cash ,上海夜玩网论坛Idaline,crunch that would put further pressure on the weakening economy.

China’s policymakers are pledging to step up stimulus measures this year and do more to protect jobs as economic growth cools to 28-year lows.

But a raft of measures last year from big rail projects to tax cuts seem to have had little impact so far, with recent data suggesting activity is cooling more quickly than expected.

“The news is clear – the economy needs help,” said Trinh Nguyen, senior economist for emerging Asia at Natixis in Hong Kong.

Wednesday’s open-market operation, the bank’s largest net single-day injection on record, came a day after China’s state planner, central bank and finance min,上海夜生活服务Mace,istry all offered reassurances to investors, signaling more spending and other types of policy support.

But shockingly weak December trade data released earlier this week, along with shrinking factory activity, are stirring speculation over whether more rapid and aggressive policy measures are needed to turn the world’s second-largest economy around.

Authorities now agree the economy needs more decisive support “and today’s large injection reflects that,” Nguyen added.

The People’s Bank of China (PBOC) said Wednesday’s injection was aimed at ensuring there are ample funds in the financial system, which is facing strains as tax payments peak in mid-January, and as demand for cash picks up ahead of the Lunar New Year holidays starting in early February.

“The banking system’s overall liquidity is falling rapidly,” it said in a statement.

While sizable injections are common this time of year ahead of the long holidays, the addition was much heftier than usual and follows a large cut in banks’ reserve ratios announced this month, which will free up a total of $116 billion for new bank lending.

The first stage, a 50-basis-point cut, came into effect on Tuesday. An equal-sized cut is scheduled for Jan. 25.

The move also came a day after money supply data showed several of China’s key credit gauges continue to languish around record lows, despite government efforts to channel more funds to cash-starved companies and lower their financing costs.

While authorities have urged banks to keep lending to struggling firms and even dangled incentives, banks are wary of bad loans after a long regulatory crackdown on riskier lending.

Many businesses, facing slowing sales, are in no mood to make the fresh investments that Beijing is counting on. New medium- and long-term corporate loans last month fell to less than half of average December levels, Nomura noted.


Chinese officials have repeatedly pledged more support for the economy while vowing they will not resort to “flood-like” stimulus that Beijing has unleashed in the past, which quickly juiced growth rat上海夜生活es but left a mountain of debt.

Asked if the PBOC needed to cut benchmark interest rates, a PBOC deputy said on Tuesday that existing policy measures should be improved.

Analysts at OCBC said the comments suggest the PBOC is willing to give existing measures time to work, and is in no rush to switch to more aggressive tactics at this point.

“I have never seen such huge amounts of reverse repos … the central bank is making its attitude known,” said a trader at a brokerage house in Shanghai.

“It’s saying, ‘don’t question my determination’” to stabilize market expectations, the trader said.

Markets appear to agree that policymakers will stick with modest measures for some time yet.

Chinese stocks and money market rates, sensitive to hints of policy shifts, were little changed on Wednesday. The seven-day repo rate, CN7DRP=CFXS, a closely,上海夜生活Macauly, watched measure of liquidity, was 2.6142 percent on Wednesday afternoon, slightly lower than the previous day’s close.

“While the (PBOC’s) net injection is big, it’s little versus what a rate cut would release, which is what people in the market are watching for,” said Ken Cheung, senior Asian FX strategist at Mizuho in Hong Kong.


In a rare encouraging sign, home prices remained buoyant in December, suggesting that at least some of Beijing’s efforts at support are beginning to have an effect. Construction also appears to be slowly picking up as regulators fast-track approvals of more infrastructure projects.

But analysts agree steps so far will take some time to percolate through the broader economy, with most not expecting activity to convincingly bottom out until summer.

On Monday, China is expected to report the economy grew 6.6 percent in 2018, cooling from 6.9 percent the previous year and the slowest rate of expansion the country has seen in 28 years.

The pace is expected to slow further to around 6.2 percent this year. Some analysts’ in-house models suggesting activity is already much weaker than official data suggests.

Related CoverageChina must prepare for economic difficulties in 2019: premierChina posts scant rise in outbound investment in 2018 amid outflow curbs

(For a related graphic click tmsnrt.rs/2SVUUFp)

Darkening the picture further, hopes are dimming once again that China will be able to reach a trade deal with the United States in current negotiations. U.S. tariffs have increasingly weighed on Chinese exports in recent months, disrupting its supply chains and dragging down business and consumer confidence.

U.S. Trade Representative Robert Lighthizer did not see any progress made on structural issues during U.S. talks with China last week, Republican U.S. Senator Chuck Grassley said on Tuesday.

Written by shyw on January 9, 2017 Categories: 上海夜生活 Tags: , ,

JPMorgan board raises Dimon’s compensation to $31 million

NEW YORK ( ) – JPMorgan Chase & Co Chief Executive Jamie Dimon is receiving a 5 percent raise, bringing his total 20,上海夜生活乌托邦Jace,18 compensation to $31 million, the company said in a filing on Thursday.

In setting the figure, independent members of the JPMorgan board took into account “the firm’s strong performance in 2018 and thro上海夜生活ugh the cycle” in categories including business results, risk, controls and conduct, customer focus and leadership, the filing said.

JPMorgan reported record net income of $32.5 billion in 2018 and a return on tangible common equity of 17 percent, the filing noted.

JPMorgan is the first major U.S. bank to disclose compensation for 2018 performance.

The package for Dimon, 62, includes an annual base salary of more than $1.5 mi,上海夜生活网419Gabi,llion and performance-based incentive compensation of $29.5 million. His total compensation a year earlier was $29.5 million.

The bank also disclosed awards of restricted stock units to other top executives indicating their compensation for 2018.

Gordon Smith, co-president and CEO for Consumer & Community Banking, received $22 m,上海夜网官方网站Octavien,illion, up 10 percent from a year earlier.

Daniel Pinto, co-president and CEO of the Corporate & Investment Bank, received $22 million, up 5 percent.

Mary Erdoes, CEO for Asset & Wealth Management, received $20.5 million, up 5 percent.

Chief Financial Officer Marianne Lake received $15 million, up 11 percent.

Doug Petno, CEO for Commercial Banking, received $12.75 million, up 6 percent.

World stocks post best January on record, yields fall

NEW YORK ( ) – Global equity markets mostly rose on Thursday, fueled by upbeat Facebook earnings and the Federal Reserve’s pledge to be patient in raising borrowing costs further, while U.S. bond yields fell on indications of weaker-than-expected inflation.

The benchmark S&P 500 posted its biggest monthly percentage gain, at 7.89 percent,上海夜生活桑拿会所Barrett,, since October 2015 as U.S. equities continued to surge from their late 2018 swoon. The tech-heavy Nasdaq rose 9.74 percent in its best month since October 2011.

The Dow edged lower on a downbeat report by DowDuPont Inc, but MSCI’s gauge of global stock performance rose as it posted its best January on record. DowDuPont shares closed down 9.2 percent.

The Dow Jones Industrial Average fell 15.19 points, or 0.06 percent, to 24,999.67. The S&P 500 gained 23.05 points, or 0.86 percent, to 2,704.1 and the Nasdaq Composite added 98.66 points, or 1.37 percent, to 7,281.74.

U.S. crude prices settled lower as uncertainty about Sino-U.S. trade talks overtook the bullish news about production cuts by the Organization of the Petroleum Exporting Countries,上海夜网推油Mabel, and its allies, including Russia, and the Fed’s dovish stance.

President Donald Trump said he wanted a “very big” trade deal with China, but he signaled there could be delays if talks fail to meet his goals of opening the Chinese economy broadly to U.S. industry and agriculture.

The Fed’s dovish message on monetary policy eased concerns th,上海夜网Fabi,at tighter financial conditions could crimp growth and helped spur stocks along with solid corporate results, such as earnings from Facebook, which topped analysts’ estimates.

Facebook shares rose 10.82 percent.

The Fed’s stance was “stunning” but Chairman Jerome Powell may be trying to calm the market so that he can hike rates later this year in a classic “rope-a-dope” tactic, said Mike Terwilliger, a portfolio manager at Resource America Inc.

Economic data remains weak and a future downturn suggest the Fed should hike rates this year because it won’t be able to when the U.S. electoral campaign is in full swing in 2020, he said.

“The need to reload the gun is not going away and the politics suggest he should be as well,” Terwilliger said.

Amazon.com Inc forecast first-quarter sales below Wall Street estimates, even as sales for the holiday quarter hit a record high, rising 20 percent. Shares of the company fell 1.1 percent to $1,700 in trading after the bell.

MSCI’s index of stocks worldwide rose 0.92 percent and its emerging market index gained 1.28 percent.

European shares ended a choppy session flat as disappointing economic data, including a technical recession in Italy, sapped an early boost provided by the Fed’s dovish tone.

German retail sales fell at the fastest rate in 11 years, British ca上海夜生活r production posted its biggest drop since 2009 and euro zone growth was the slowest in four years.

The STOXX 600 ended the day up 0.04 percent but gained 6.1 percent in January, its strongest month since October 2015.

The FTSEurofirst 300 index of leading European shares closed up 0.23 percent, with oil heavyweights Royal Dutch Shell, BP and Total among top gainers.

The dollar index rose 0.23 percent, with the euro down 0.28 percent to $1.1445. The Japanese yen firmed 0.12 percent versus the greenback at 108.92 per dollar.

Treasury yields fell after the Chicago Purchasing Managers Index, a measure of regional manufacturing activity, fell to its lowest in two years.

The Employment Cost Index, the broadest measure of U.S. labor costs, rose 0.7 percent in the fourth quarter after an unrevised 0.8 percent gain the previous quarter, the Labor Department said.

The data continued a pattern of low inflation.

“What you’ve seen the last couple days with the market is the Street’s reaction to recognition that cheap money is going to continue for the foreseeable future,” said Brian Ward, chief executive of Trimont Real Estate Advisors in Atlanta.

The 10-year U.S. Treasury note rose 17/32 in price to push its yield down to 2.6328 percent.

U.S. West Texas Intermediate (WTI) crude futures fell 44 cents to settle at $53.79 per barrel. Brent crude oil futures rose 24 cents to settle at $61.89.

U.S. gold futures settled up 0.7 percent to $1,319.70 an ounce.

Verizon sees no increase in 2019 profit, misses fourth quarter…

( ) – Verizon Communications Inc on Tuesday said it does not expect profit growth in 2019 due to a higher tax rate and interest expense, and missed Wall Street estimates for fourth quarter revenue.

The largest U.S. wireless carrier by subscribers said 5G, the next-generation wireless network that is,上海仙霞路夜生活Faith, expected to bring much faster data speeds, will not have a large impact on Verizon’s financials until 2020, foreshadowing a year of flat growth for the major U.S. carriers.

Craig Moffett, an analyst with MoffettNathanson, said in a note on Tuesday that investors have been focused on what the build-out of 5G will cost Verizon rather than how much it will earn from the technology.

Moffett also said the company’s profit guidance this year was “not very inspiring,” given the strong U.S. economy.

V,夜上海论坛Ida,erizon Chief Financial Officer Matt Ellis said during the earnings call with analysts that the company expects earnings per share growth to be reduced by between 24 cents and 28 cents, due to the higher effective tax rate and increased interest expense.

Ellis said Verizon’s business was still strong enough to offset the “non-operational items” and balance out to the same earnings per share level from 2018.

Shares of Verizon, the largest U.S. wireless carrier by subscribers, were down 2.4 percent to $53.75 in afternoon trading.

Total operating revenue rose 1 percent to $34.28 billion in the fourth quarter, missing the average analyst estimate of $34.44 billion, according to Ref上海夜网initiv data.

The company forecast an increase in 2019 capital spending to a range of $17 billion to $18 billion, including expansion of the commercial launch of its 5G wireless technology, up from $16.7 billion last year.

Verizon, which has 118 million wireless customers, said it added a net 653,000 postpaid phone subscribers during the fourth quarter, beating the average estimate of 355,600, according to research firm FactSet.

Analysts pay attention to postpaid customers, or those with a recurring bill, because they are more valuable to carriers and remain wit,上海夜生活服务Octava,h the company longer than prepaid customers.

The company lost 46,000 Fios video subscribers during the quarter, more than the 29,000 it lost last year, as viewers leave for cheaper internet TV services rather than pay for pricier cable packages. Analysts looked for 51,000 losses.

Net income attributable to the company fell to $1.94 billion, or 47 cents per share, in the quarter, from $18.78 billion, or $4.56 per share, a year earlier, when it recorded a $16.8 billion one-time benefit from the U.S. tax overhaul.

Revenue for the Verizon Media Group, formerly called Oath and which includes Yahoo and AOL, was $2.1 billion during the quarter, down 5.8 percent from the prior year.

Excluding items, Verizon earned $1.12 per share, above the average estimate of $1.09 per share, according to IBES data from Refinitiv.