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Undeterred by Sanofi’s stumble, Takeda takes similar path with…

CHICAGO ( ) – A new vaccine for the dengue virus is taking a potentially risky road to prevent the mosquito-borne disease that infects nearly 400 million people each year.

Takeda Pharmaceutical Co Ltd plans to seek approval for the experimental vaccine first in countries where the virus is endemic, rather than starting with the United States or Europe, whose rigorous reviews are often used as a benchmark worldwide, company executives told .

The strategy mirrors one used by Sanofi SA, which licensed the world’s first dengue vaccine, Dengvaxia, in endemic markets in 2015 before attempting to get approval from Western regulators, and forecast up to $1 billion in annual sales.

But the drugmaker failed to hit that target. In late 2017, Sanofi disclosed that Dengvaxia could increase the risk of severe dengue in children who had never been exposed to the virus, triggering a government investigation in the Philippines where 800,000 school-age children had already been vaccinated.

Fallout from Sanofi’s vaccine has raised the bar for demonstrating the safety of future dengue vaccines.

Takeda officials are banking on a different result, hopeful that their approach will help avoid the setbacks that Sanofi experienced.

On Tuesday, Takeda said its vaccine was effective at preventing all four types of dengue, meeting the main goal of its late-stage clinical trial. The company said no significant safety concerns have emerged, raising hopes it may be the next viable vaccine for the tropical virus that kills up to 25,000 people each year.

Takeda will first seek approval in eac,夜上海论坛Jackson,h of the eight countries where its clinical trial took place: Brazil, Colombia, Pana,上海夜网推油Sabine,ma, Dominican Republic, Nicaragua, Philippines, Thailand and Sri Lanka.

“We’re still expecting to go first to dengue-endemic countries with a dossier because we think this is where the vaccine’s most important use is,” Derek Wallace, who runs Takeda’s global dengue vaccine program, told .


The success of TAK-003 is crucial to Takeda’s vaccine ambitions as the Japan-based drugmaker integrates its $59 billion purchase of Shire Plc.

“The global business was predicated on global products and a global pipeline,” Dr. Rajeev Venkayya, president of Takeda’s vaccines business, said in a telephone interview.

Under pressure to cut costs after the Shire deal, Takeda needs a strong performance from both its dengue and norovirus experimental vaccines to prove the viability of the global vaccines business.

“Once those two programs declare themselves, we’ll then map out what our future looks like,” Takeda research chief Andy Plump said in an interview last month. Venkayya said he is encouraged by the results so far.

Dengue experts have questioned whethe,上海夜生活论坛Jacklyn,r Takeda’s vaccine may pose similar risks to Dengvaxia, and the results released on Tuesday were not detailed enough to provide answers.

Takeda executives said they had taken steps to ensure their vaccine did not run into the same issues.

Takeda’s TAK-003 is based on a dengue 2 virus, with genes from the remaining three dengue viruses added in. Dengvaxia is based on a yellow fever virus with dengue genes added in. Takeda hopes the all-dengue design will trigger a more robust immune response.

Unlike Sanofi, Takeda researchers took blood samples from all 20,000 trial participants before they received the vaccine. That should allow them to see differences in the vaccine’s performance in people who had a previous dengue infection versus those who had not, according to dengue experts.

Takeda delayed the release of its trial results for several weeks to characterize the immune responses of all participants. The company expects some of that data will soon be published in a peer-reviewed medical journal.


Earlier this month, Sanofi vaccines chief David Loew told FiercePharma that the company regretted launching Dengvaxia in emerging markets before it was reviewed by the U.S. Food and Drug Administration or the European Medicines Agency. It was the first time Sanofi had taken such an approach with a vaccine, he said.

“Other regulatory authorities often look to the FDA and EMA for their own guidelines,” Loew told via email.

To share its data with endemic countries and answer questions on Dengvaxia, Sanofi took part in a three-day meeting hosted by the World Health Organization and the Dengue Vaccine Initiative in July 2015. Regulators from seven countries where dengue poses the biggest threat, including the Philippines, were there.

Dengvaxia has since won European approval for people living in endemic areas who have a documented prior infection. The vaccine is also under FDA review.

Dr. Joachim Hombach, senior health adviser in WHO’s vaccine department, said that governments in dengue-endemic countries in Latin America and Asia are now 上海夜网“highly sensitized” to the potential risks in the wake of Dengvaxia.

“We will be looking at this very carefully,” Hombach said of Takeda’s data.

Takeda is undeterred.

The company plans to file in the U.S. and Europe within a year of filing in dengue-endemic countries, Venkayya said. Takeda and dengue experts are already planning ways to review the latest vaccine data with those regulators.

The Global Dengue & Aedes-Transmitted Diseases Consortium (GDAC), a group funded in part by drugmakers that works closely with WHO, scheduled a meeting for early March in Bangkok with regulators from at least six countries to take a first look at Takeda’s results, said Dr. In-Kyu Yoon, director of GDAC.

Yoon said the meeting will be paid for by the International Vaccine Institute, funded largely by charities and the Korean government. He plans to ask countries whether they want a joint regulatory review similar to the one Sanofi attended in 2015.

“Right now, there is clearly some caution,” Yoon said.

Caterpillar stock slides on profit miss, China sales forecast

( ) – Caterpillar Inc on Monday missed quarterly earnings estimates, hurt by soft Chinese demand, higher manufacturing and freight costs, sending shares of the heavy machinery maker tumbling as much as 10 percent.

Industrial bellwether Caterpillar now expects construction equipment sales in China, the world’s second-largest economy, to be flat this year. China, which accounts for up to 10 percent of company sales, last week reported its slowe,夜上海论坛Dakota,st economic growth in nearly three decades.

Caterpillar posted a decline in construction equipment sales in the Asia-Pacific region in the latest quarter due to the cooling China demand.

Since China is one of the world’s largest commodities importers, its slowing economy is having a ripple effect on global commodities prices, which can also hurt the company’s equipment sales in the mining and oil and gas industry, for example.

Caterpillar downplayed the slump in China, citing a “very strong” performance a year ago, but did not break out sales. Chinese construction demand was up 40 percent in 2018 after doubling in 2017.

Caterpillar forecast 2019 adjusted profit of $11.75 to $12.75 per share, compared with the average analyst estimate of $12.73, according to IBES data from Refinitiv. Sales for the year are expected to increase modestly.

Related CoverageCaterpillar expects price increases to be offset by higher costs this year

Chief Financial Officer Andrew Bonfield said profits this year will be weighed down by a higher U.S. tax rate and increased freight and material costs.

“We expect favorable price realization to be mostly offset by cost headwinds,” he told analysts on a conference call.

Caterpillar, a proxy for global economic activ上海夜生活论坛ity, benefited in the past year from what the International Monetary Fund called the strongest global growth surge since 2010.

However, a tariff war between the United States and trade partners including China has stoked fears of a global slowdown.

The tariffs cost the company over $100 million last year. No relief was expected from higher import ,上海夜生活论坛Jacob,duties this year, the company said.

Lawrence De Maria, a William Blair analyst, said the 2019 forecast was “indicative of slowing growth and a maturing cycle that implies peak markets, and effectively may put a lid on any cyclical industrial rally for now.”

In the quarter, the Deerfield, Illinois-based company reported an adjusted profit of $2.55 per share, well below the average analyst estimate of $2.99, according to IBES data from Refinitiv. Total sales and revenue in the quarter rose 11 percent year on year to $14.34 billion.

Manufacturing costs shot up by 3 percentage points in the fourth quarter from the third quarter.

An increase in the provision for credit losses and write-offs in its financial products segment also cut into fourth-quarter earnings for the world’s largest heavy-duty equipment maker.

The company posted lower-than-expected earnings for the first time in ten quarters, helping propel a se,上海021夜网Barrett,ll-off in broader stock markets. The Dow Jones Industrial Average. was down 1.2 percent.

Chief Executive Officer Jim Umpleby told investors on the call that the company was closely monitoring costs and was in better shape to handle any market downturn.

Caterpillar slid 8.9 percent at $124.70 in afternoon trading, but fell as low as $123.15 early in the session. Shares lost 19.4 percent in 2018, compared with a 15 percent drop in S&P 500 index and a 5.6 percent decline in the Dow.

Volatile oil prices brought down Caterpillar’s order book in the last quarter by about $800 million from the September quarter.

The company expects volatile oil prices to hurt its energy and transportation business this year. However, it anticipates that higher commodities prices will continue to drive capital expenditures in the mining industry, underpinning demand for heavy construction and quarry machinery.

Caterpillar spent $5.8 billion in shares buybacks and dividend payments and $1.17 billion in capital expenditure in 2018. It ended the year with a cash balance of $7.9 billion.

Trump says Russia probe will be fair, but timeline unclear: NYT

WEST PALM BEACH, Fla ( ) – President Donald Trump said on Thursday he believes he will be fairly treated in a special counsel investigation into Russian meddling in the U.S. presidential election, but said he did not know how long the probe would last.

The federal investigation has hung over Trump’s White House since he took office almost a year ago, and some Trump allies have in recent weeks accused the team of Justice Department Special Counsel Robert Mueller of being biased against the Republican president.

But in an interview with the New York Times, Trump appeared to shrug off concerns about the investigation, which was prompted by U.S. intelligence agencies’ conclusion that Russia tried to help Trump defeat Democrat Hillary Clinton by hacking and releasing embarrassing emails and disseminating propaganda.

“There’s been no collusion. But I think he’s going to be fair,” Trump said in what the Times described as a 30-minute impromptu interview at his golf club in West Palm上海夜网 Beach, Florida.

Mueller has charged four Trump associates in his investigation. Russia has denied interfering in the U.S. election.

U.S. Deputy Attor,上海夜生活桑拿会所Radley,ney General Rod Rosenstein said this month that he was not aware of any impropriety by Mueller’s team.

Trump’s lawyers have been saying for weeks that they had expected the Mueller investigation to wrap up quickly, possibly by the end of 2017. Mueller has not commented on how long it will last.

Trump told the Times that he did not know how long the investigation would take. “Timing-wise, I can’t tell you. I just don’t know,” he said.

Trump said he thought a prolonged probe “makes the country look bad” but said it has energized his core supporters.

“What it’s done is, it’s really angered the base and made the base stronger. My base is strong than it’s ever been,” he said.


The interview was a rare break in Trump’s Christmas ,上海足浴夜网联系方式Dallas,vacation in Florida. He has golfed each day aside from Christmas Day, and mainly kept a low profile, apart from the occasional flurry of tweets.

He spent one day golfing with Republican Senator David Perdue from Georgia, who has pushed legislation to cap immigration numbers, and had dinner on Thursday with Commerce Secretary Wilbur Ross, an international trade hawk.

Trump told the Times he hoped to work with Democrats in the U.S. Congress on a spending plan to fix roads and other infrastructure, and on protections for a group of undocumented immigrants who were brought to the United States as children.

Trump spoke about trade issues, saying he had backed off his hard line on Chinese trade practices in the hope that Beijing would do more to pressure North Korea to end its nuclear and missile testing program. He said he had been disappointed in the results.

He also complained about the North American Free Trade Agreement (NAFTA), which his administration is attempting to renegotiate in talks with Mexico and Canada.

Trump said Canadian Prime Minister Justin Trudeau had played down the importance of Canadian oil and lumber exports to the United States when looking at the balance of ,上海夜网官方网站Tamara,trade between the two countries.

“If I don’t make the right deal, I’ll terminate NAFTA in two seconds. But we’re doing pretty good,” Trump said.

Factbox: China rolls out fiscal, monetary stimulus to spur economy

BEIJING ( ) – China’s economy grew at the weakest pace in nearly three decades last year amid weakening domestic demand and U.S. trade tariffs, prompting Beijing to announce a series of growth-boosting measures to avert the risk of a sharper slowdown.

China has taken fiscal and monetary policy measures such as fast-tracking infrastructure projects and cutting taxes and banks’ reserve requirements.

The government is likely to unveil more fiscal stimulus during the a上海夜生活网nnual parliament meeting in March, including further tax cuts and more spending on infrastructure projects, to support growth.

In 2008-09, Beijing launched a 4 trillion yuan ($589 billion) spending package to counter the global financial crisis, which quickly revived economic growth but saddled the economy with a mountain of debt.

Beijing again resorted to policy easing to support the economy in 2012 and 2015, which that further pushed up debt levels and inflated home prices.

Below are details on the measures announced by China recently.


*China approved 189 fixed asset investment projects in 2018, including projects in the high-tech, energy, transportation and water conservation sectors, according to the National Development and Reform Commission (NDRC).

*China’s aviation regulator expected the country to invest up to 85 billion yuan ($12.50 billion) in aviation infrastructure in 2019.

*China’s transport ministry expected the country to invest around 1.8 trillion yuan in highway and waterway infrastructure in 2019.

*Investment in all the infrastructure proje,上海夜生活网419Jackson,cts approved by China’s state planner since October last year totaled around 1.18 trillion yuan ($173.48 billion).


*China cut about 1.3 trillion yuan in taxes and fees in 2018, compared with 1.02 trillion yuan in reductions in 2017.

*The nation cut a total of over 3 trillion yuan in taxes and fees ,上海夜生活论坛Idris,in 2013-2017.


*China has begun approving local government bond issuances earlier than usual this year, authorizing an initial quota of 1.39 trillion yuan, enabling local authoriti,上海晚上耍女人的地方Kade,es to start issuing debt from January.

*Bloomberg reported that 2019 special bonds quota will rise by 60 percent to 2.15 trillion yuan, citing unnamed sources.


China’s central bank has cut the amount of money that banks need to set aside as reserves five times over the past year to spur loans to smaller firms.

($1 = 6.8020 Chinese yuan renminbi)

Volkswagen to cut staff in Slovakia for first time in a decade

BRATISLAVA ( ) – Volkswagen’s business in Slovakia, the country’s biggest car plant and largest private sector employer, plans to reduce staff this year for the first time since the 2009 global downturn as part of an efficiency drive.

The business will return some 500 workers it had borrowed from the Hungarian unit of premium brand Audi in 2016, reduce the number of contractors and will not extend expiring fixed-term contracts, it said in a statement on Monday.

Volkswagen employs around 14,000,上海新夜网龙凤Qirin, people in Slovakia and the German automaker did not say what that figure would fall to.

The Slovak business will also reduce the number of production shifts that make higher-end SUVs as well as cheaper small family cars including the Volkswagen e-up!, the only electric car currently made in Slovakia.

There are no plans to place production of new electric vehicles at the Bratislava factory at the moment, it added.

There are no cuts in overall output projections, as reduced hours will be offset by an increase in the technical capacity of production lines, it said.

Volkswagen said the move was part of a drive to increase efficiencies by 30 percent by 2025, as it strives to fund a costly shift to electric and sel,上海021夜网Gabi,f-driving vehicles following a 2015 scandal over rigged emissions tests of diesel engines.

In 2017, Volkswagen Slovakia saw its first-ever strike that ended after six days with a wage deal that gave workers the biggest pay rise among Slovakia’s carmakers, although they still earn less than Volkswagen’s employees in Germany.

Overall production at Slovakia’s four car factories – the bedrock of the export-dependent euro zone member country’s economy – rose to 1.08 million vehicles in 2018 and is expected to reach a 1.15 million this year, cementing its position as the world’s biggest per-capita car producer, the country’s car association said this month.

But a focus on tradi,上海夜生活网419Dallas,tional petrol and diesel cars and a low share of research and development activities could threaten Slovakia’s business model in coming years, as the EU aims to reduce carbon emissions from vehicles.

Slovakia’s smallest carmaker, a unit of Kia, will also reduce staff this year, the first time since launchin上海夜生活g in the country in 2006.

It will cut 27 staff as of February due to a 35-percent slump in demand for diesel engines made at its factory outside Zilina, northern Slovakia, versus 2017, it said on Monday.

Its car production this year is expected to match last year’s 333,000 vehicles.

The auto industry accounts for 13 percent of Slovakia’s gross domestic product, which is expected to grow 4.3 percent this year before slowing, and for 35 percent of its exports.

PSA Group and Jaguar Land Rover see their output rising this year in Slovakia.

China says will step up fiscal spending this year to support economy

BEIJING ( ) – China will step up fiscal spending this year to support its economy, focusing on further cuts in taxes and fees for small firms, finance ministry officials said on Wednesday.

Mounting pressure on the world’s second-biggest economy pushed growth last year to its lowest since 1990 even as Beijing stepped up stimulus measures and spurred banks to lend more.

The government may unveil more fiscal stimulus during the annual parliamentary meeting in March, including bigger tax cuts and more spending on infrastructure projects, economists say.

China’s fiscal spending rose 8.7 percent to 22.1 trillion yuan ($3.3 trillion) in 2018, while revenue increased 6.2 percent to 18.3 trillion yuan, said Li Dawei, an official at the finance ministry.

China achieved its 2018 fiscal revenue target despite extensive tax cuts last year, Li added.

Beijing delivered about 1.3 trillion yuan of cuts in taxes and fees in 2018.

Finance Minister Liu Kun said this month that China will further lower taxes and fees this year. The government is also studying a plan to reduce social security fees to lighten the burden on small companies, Liu said.

Policy insiders also expect Beijing to cut the value-added tax, which ranges from 6 percent for the services sector to 16 percent for manufacturers.

Policymakers’ pledge of more aggressive tax reductions in 2019 has fanned expectations that the annual budget deficit ratio could be lifted to 3 percent of gross domestic prod,上海仙霞路夜生活Earl,uct.

The government had lowered the 2018 deficit target to 2.6 percent of GDP from 3 percent the previous year – the,上海夜哪里艳遇Nadine, first cut since 2012.

The finance officials, speaking to reporters on Wednesday, did not report the size of the 2018 budget deficit.

China will “appropriately” step up fiscal spending in,上海会所夜网Balthazar, 2019, said ministry official Hao Lei.

Fiscal revenue growth is expected to slow this year, Li said.

Earlier, sources told the deficit target could rise from 2.6 percent of GDP but is likely to be kept below 3 percent.


The slowdown in China has also raised concerns of rising indebtedness of local governments as they ramp up measures to support growth.

China must be on guard against “black swan” risks while fending off “gray rhino” events, President Xi Jinping said on Monday.

A “black swan” event refers to an unforeseen occurrence that typically has extreme consequences, while a “gray rhino” is a highly obvious yet ignored threat.

Local governments and state organizations should find a balance between stabilizing growth and fending off risks, controlling the pace and intensity of such policies, Xi warned.

China will be more strict in curbing local government bond risks and any form of hidden debt, Hao said.

Outstanding local government debt stood at 18.39 trillion yuan at the end of 2018, Hao said, adding that local government debt risks remain manageable overall.

Total outstandi上海夜网ng local government debt was 16.47 trillion yuan at the end of 2017, according to the finance ministry’s 2018 work report.

Special bonds are usually issued to fund public works spending including infrastructure projects or land development.

At the end of 2018, the State Council, or cabinet, approved a 2019 quota for new local government bond issuance of 1.39 trillion yuan, enabling local authorities to start issuing debt from January.

Local government bond issuance typically begins in March, following approval of quotas at the National People’s Congress, or parliament.

Special purpose local bond issuance is expected to be completed by September, Hao said.

Local government special bond issuance was 1.95 trillion yuan last year, the finance ministry said in a separate statement on Wednesday, sharply up from 800 billion yuan of special bond issuances in 2017.

That brings the total outstanding local government special bond issuance to 7.39 trillion yuan as of end-2018, it said.

That compares with 6.14 trillion yuan at end-2017, according to the ministry’s 2018 work report.

FedEx to take up to $575 million charge as it starts voluntary buyouts

( ) – FedEx Corp (FDX.N) said on Friday it could take as much as $575 million in charges as it began offering voluntary ca,上海高端夜生活在那里Daisy,sh buyouts to certain U.S-based employees in a bid to reduce costs.

The parcel company announced in December that it would be offering voluntary buyouts to ease pressure on profits that have been hit by troubl,上海夜生活男人好去处Balthazar,es in its express delivery unit and the integration of European company TNT.

FedEx had said that the vast majority of its buyout offers would be made to workers at the FedEx Express unit, which has 227,000 employees, and at FedEx Services, which employs 30,000 people.

The company also slashed its 2019 forecast that month blaming a weakening European economy and U.S. trade tensions that exacerbated a slowdown in China.

The Memphis, Tennessee-based company said on Friday it expects to incur charges of between $450 million and $575 million related to ,上海夜网后花园Tamara,the buyout program predominantly in the fourth quarter of fiscal 2019.

It expects employees to vacate their positions by the end of fiscal 2019 and the program to save it between $225 million to $275 million annually beginning in fiscal 2020.

FedEx did not announce how many jobs it seeks to cut, but has said previously that it would extend similar voluntary buyouts to international workers too.

FedEx employs more than 450,000 people around the world, according to its latest annual filing. The company’s shares c上海夜生活losed up 2 percent on Friday and were unchanged in after hours trading.

Ferrari chairman reiterates support for CEO Camilleri

MILAN ( ) – John Elkann, chair,上海会所夜网Rachel,man of Ferrari (RACE.MI) and main shareholder Exor (EXOR.MI), reiterated his support for Ferrari chief executive Louis Camilleri, denying speculation a top management purge could be on the cards.

“I deny all rumors about both a possible return to the past and changes in our structure,” Elkann, a scion of Italy’s Agnelli family, said in a letter published on Wednesday in Italy’s Gazzetta dello Sport.

“My commitment to ensuring stability and concentration at Ferrari is total as is that of CEO Louis Camilleri,” he said.

The sudden death in July last year of chairman and CEO Sergio Marchionne trig,上海夜生活Mace,gered a change at the top of the luxury sportscar maker with Camilleri taking over as chief executive and Elkann as chairman.

In September Camilleri described as “aspirational” targets set by Marchionne.

After the replacement this month of Maurizio Arrivabene by Mattia Binotto as Formula One 上海夜生活principal, media speculation grew over a possible broader management shake-up.

“The appointment of Mattia Binotto… does not represent any overhaul,” Elkann said, adding the company had picked the new principal in common agreement with Arrivabene.

(This stor,上海高端夜生活在那里Nala,y has been refiled to remove superfluous word in lead, no changes to text)

Swiss get five offers to replace aging jet fighter fleet

ZURICH ( ) – Switzerland on Friday received five bids,上海夜哪里艳遇Kailani, to replace its aging fighter fleet, from European上海夜生活网 aerospace group Airbus, France’s Dassault and Sweden’s Saab, as well as Boeing and Lockheed Martin from the United States.

Switzerland’s stable of Boeing McDonnell Douglas F/A-18C and D Hornets and Northrop F-5 Tigers is scheduled to be retired in the coming years, prompting it to seek new planes as part of its Air2030 program including aircraft and ground-based air defenses worth up to 8 billion Swiss francs ($8.06 billion).

It will now consider Airbus’s Eurofighter, Boeing’s F/A-18 Super Hornet, Dassault’s Rafale, F-35As made by Lockheed-Martin and Saab’s Gripen E.

“The phase of analysis and testing starts,” the Swiss Defence Department said. “From February to March 2019, specialists from (Swiss defense procurement agency) armasuisse and the Swiss Air Force will test the aircraft in simulators” at facilities of the planes’ manufacturers.

Between April and July, the planes will be in Switzerland for aerial and ground tests, with public viewing opportunities. Assessments will continue through 2020 before a decision is made.

Switzerland wants new planes to be delivered by 2025.

Armasuisse had asked the planemakers ,上海夜网邀请码Tallulah,to submit pricing for 30 or 40 planes, including logistics and guided missiles, among other criteria for the,夜上海419龙凤论坛Earl, bids.

Switzerland, which last fought a short war in 1847, has struggled to convince its citizens to back a deal for new planes.

In 2014, around 52 percent voted against a 3.5 billion franc government proposal to buy 22 Gripen fighter jets from Saab. (reut.rs/2S6tTBS)

A renewed vote on the new program is also expected.

U.S. tax repatriation plan may not cure long-term dollar weakness

NEW YORK ( ) – Investors looking for the U.S. Republican tax bill to prompt multinational companies to convert foreign profits into dollars and end the worst slide in the greenback in a decade may have to temper their hopes for a prolonged rebound.

The plan, designed in part to give U.S. multinationals a reason to repatriate the roughly $2.6 trillion in profits held by their foreign subsidiaries, would slash tax rates on such previously accumulated earnings. Companies have been slow to recognize those profits on their balance sheets so they can avoid paying U.S. corporate taxes, which stand at a rate of 35 percent. (Graphic: Overseas Cash Stash – reut.rs/2ABRzTu)

The dollar is down roughly 8.1 percent so far this year against a basket of currencies. The greenback has suffered as the Federal Reserve has raised interest rates more slowly than expected and President Donald Trump has not been able to sign any major legislation into law. (Graphic: Dollar Rise During 2005 Tax Holiday – reut.rs/2A77Y5o)

Yet analysts say that even if the tax bill becomes law, the dollar may not benefit in the long term because the legislation gives companies little incentive to convert their foreign profits right away. At the same time, many large companies already have those profits in dollar-denominated securities.

The Republicans’ proposals differ from the last tax break on foreign profits, which global financial services company Unicredit said brought roughly $300 billion to the United States.

The bill President George W. Bush signed in October 2004 drastically reduced tax rates to 5.25 percent over a 12-month window and, along with ag,上海夜网邀请码Eden,gressive tight,上海夜网后花园Ebba,ening by the Federal Reserve, helped send the dollar nearly 13 percent higher the following year.

This time, however, the Republican bills before a conference committee would permanently change how U.S. companies’ foreign profits are taxed.

The United States would no longer collect taxes on most future earnings a company makes beyond its borders. As a result, companies would have fewer incentives to bring previously accumulated foreign profits home quickly because rates are not scheduled to revert higher.

Up to $250 billion in foreign earnings could be repatriated over an indefinite period, according to TD Securities. While that could provide some boost to the dollar, repatriation will probably not be a significant ongoing factor in the $4.5 trillion global currency market, analysts said.

“It was a one-off repatriation and mandatory in 2005 so companies took advantage of it, and the dollar benefited from it,” said Mark McCormick, North American head of FX strategy at TD Securities in Toronto. “But this tax bill doesn’t have that same urgency.”

So far, there is no final version of the tax bill. Legislation passed by the House of Representatives would allow companies to bring back foreign profits at a 14 percent repatriation tax rate, as opposed to the current 35 percent, over eight years. The Senate bill, approved over the weekend, puts the rate at 14.49 percent.

Neither bill requires companies to convert foreign profits into dollars.


Prospects of a tax break on companies’ foreign earnings and expectations of wider U.S. budget deficits helped boost the dollar to its highest levels since 2002 soon after Trump’s presidential victory in November 2016.

Now that the tax bills have passed both hou,上海夜生活去哪玩Kade,ses of Congress, “dollar bulls have started banging their drums” again, analysts at Unicredit said. However, they said this attitude is misguided because the vast majority of the earnings that companies will repatriate are probably already in dollar-denominated securities in the United States.

“Even a significant wave of repatriation might not lift the dollar directly, as some of the largest U.S. corporations already hold a lot of cash in dollar-denominated assets,” said Shaun Osborne, chief FX strategist at Scotiabank in Toronto.

In many cases, foreign profits are based in dollars held in accounts at U.S. banks, yet are treated as overseas assets on a company’s balance sheet. As a result, they are not recognized as U.S. income and are therefore not subject to U.S. taxes.

The Brookings Institution, a non-profit public policy organization based in Washington, estimates that at the 15 U.S. companies with the largest cash balances abroad, 95 percent of foreign profits are held in U.S. dollar-denominated cash or equivalents.

For example, Microsoft Corp noted in its annual report that as of June 30, roughly 92 percent of the cash and short-term investments held by its foreign units was already invested in U.S. dollar assets.

Despite some skepticism about U.S. repatriation flows, some analysts say the dollar could get a short-term boost.

“Immediately after tax reform is passed, you’re going to hear this giant sucking sound as money is heading home very quickly,” said David Woo, head of global rates and currencies research at Bank of America Merrill Lynch. Yet he does not expect a dollar rally to continue beyond the second quarter of 2018, partly due to concerns about the tax plan’s impact on the U.S. fiscal deficit.

Over the long term, the dollar will probably continue to slide, said Bria上海夜生活论坛n Jacobsen, multi-asset strategist at Wells Fargo Asset Management. The effects of the tax bill are already largely priced into the currency market, leaving little unexpected demand over the following 12 months, he said.

“We are positioning client portfolios for a little more dollar weakness,” he said. “Not strength.”

China’s December property investment slows in sign of fatigue for…

BEIJING ( ) – Growth in property investment in China cooled to the second slowest pace in 2018 in December, adding t,上海夜网后花园Rae,o signs of a further slackening in the real estate market in a blow to a key driver economic growth.

Real estate investment, which mainly focuses on the residential sector but includes commercial and office space, rose 8.2 percent in December from a year earlier, down from 9.3 percent in November, according to calculations based on data released by National Bureau of Statistics (NBS) on Monday.

That was just ahead of the slowest pace of growth last year at 7.7 percent recorded for October.

For the full year, property investment increased 9.5 percent from the year-earlier period, down from 9.7 percent in January-November.

In December, property sales by floor ar,上海夜网推油Octava,ea, ,上海夜生活网交流Hadrian,a major indicator of demand, rose a touch by 0.9 percent from a year earlier, th上海夜生活网e first gain in four months and compared with November’s 5.1 percent drop.

For 2018, property sales by area rose a modest 1.3 percent from a year earlier, official data showed.

Analysts say a continued downturn in sales on the back of tight government controls to curb speculation could add to the growing pressure on the world’s second-largest economy.

The real estate sector is a key pillar of the economy, so any further weakness in sales could influence the pace and scope of fresh stimulus measures expected from Beijing this year.

Analysts predict the softer sales will constrain price growth in coming months, dampening developers’ appetite for front-loading construction.

Funds raised by China’s property developers grew 6.4 percent in 2018 on an annual basis. That was slower from the pace of 7.6 percent in the first eleven months, according to the statistics bureau.

Measured by floor area, construction starts surged 20.5 percent from a year earlier, down from 21.7 percent in November, according to calculations.

In slap at Romney, Trump says he wants Hatch to run for re-election

SALT LAKE CI上海夜网TY ( ) – President Donald Trump said on Monday he wants U.S. Senator Orrin Hatch of Utah to run for re-election next year, putting Trump on a collision course with Republican rival Mitt Romney, who wants to run for Hatch’s seat.

Hatch, 83, has made noises about retiring from the Senate seat he has held since 1977. Republican officials say Romney, a Utah resident who was the 2012 Republican presidential nominee, has been preparing to run for Hatch’s seat next year.

But Trump, who has clashed with Romney in the past, said he wants Hatch to run for re-election.

“You are a true fighter, Orrin, I have to say,” Trump said at an event in Salt Lake City, Utah’s capital. “We hope you will continue to serve your state and your country in the Senate for a very long time to come.”

Asked if he was going seek re-election, Hatch told reporters: “We’ll have to see.” He called Trump’s endorsement “certainly is a nice thing,” but did not say whether it would influence his decision.

Romney, 70, a former governor of Massachusetts who spends a great deal of time in Utah, has been expecting to run for Hatch’s seat in a state that Republicans typically win.

Romney made clear that he took a dim view of Trump’s endorsement on Monday of Republican Roy Moore for a U.S. Senate seat in Alabama that will be decided in a special election next week.

Moore has been accused by at least seven women of sexual improprieties they said occurred decades ago. Several were teenagers at the time. Moore has denied the accusations and said he is the victim of a witch hunt.

“Roy Moore in the US Senate would be a stain on the GOP and on the nation,” Romney wrote on Twitter. “Leigh Corfman and other victims are courageous heroes. No vote, no majority is worth losing our honor, our integrity.”

Trump considered picking Romney as his secretary of state a year ago but opted instead for Rex Tillerson. In August,上海新夜网龙凤Paisley,, Romney demanded Trump apologize for saying that both sides were to blame for violence at a white-su,上海夜生活服务Octavien,premacist rally in Charlottesville, Virginia. Trump did not apologize.

Trump demurred on Monday when asked whether he was trying to send Romney a message by encouraging Hatch to ru,夜上海论坛Gabriella,n again.

“He’s a good man. Mitt’s a good man,” Trump said.

Amgen 2019 forecast falls short of expectations, shares dip

( ) – Amgen Inc on Tuesday reported fourth-quarter profit that easily surpassed expectations as sales rose and tax expense fell, but competition for its older medicines is,上海夜生活男人好去处Idaleen, growing and the drugmaker forecast 2019 earnings below Wall Street estimates.

Shares of Amgen, the world’s largest biotechnology company, were down 2.3 percent at $187.65 in after-hours trading.

For the full-year, Amgen projected adjusted earnings of $13.10 to $14.30 per share on revenue of $21.8 billion to $22.9 billion. Wal上海夜生活网l Street analysts, on average, had forecast $14.61 per share on revenue of $22.9 billion, according to IBES data from Refinitiv.

Speaking on a conference call, Chief Financial Officer David Meline said Amgen faces headwinds in the form of competition for legacy products such as kidney drug Sensipar and rheumatoid arthritis treatment Enbrel as well as heightened U.S. focus on the issue of prescription drug affordability.

He said Amgen’s 2019 outlook assumes its global net sales prices will drop,上海夜网邀请码Mabel, by a rate in the “mid-single digits” after falling 1 percent in 2018.

Excluding items, Thousand Oaks, California-based Amgen posted adjusted quarterly earnings of $3.42 per share, topping analysts’ average expectations by 15 cents.

Revenue for the quarter rose 7 percent to $6.23 billion, beating the average analyst estimate of $5.84 billion.

“The fourth quarter was a very strong result,” said Jefferies analyst Michael Yee.

“The (2019) guidance reflects an expected year of uncertainty and some lack of visibility” regarding competition from cheaper biosimilar versions of white-blood-cell booster Neulasta and Enbrel – Amgen’s two biggest-selling products.

Amgen’s forecast appears to be part of an emerging trend among large drugmakers. Earlier on Tuesday, Pfize,上海021夜网Dalton,r Inc issued a 2019 earnings forecast well below Wall Street estimates. That followed lower-than-expected initial full-year earnings outlooks from Johnson & Johnson and Bristol-Myers Squibb Co

However, Yee noted that Amgen has historically issued conservative financial forecasts at the beginning of the year, before raising them each quarter as actual results are reported.

The increase in Amgen’s fourth-quarter sales was driven largely by demand for medicines such as cancer drug Kyprolis, cholesterol fighter Repatha and osteoporosis treatment Prolia.

Sales of new migraine drug Aimovig totaled $95 million for the quarter, nearly double the $50 million analysts had forecast. Aimovig was first to market among a new class of drugs designed to prevent rather than treat migraine headaches.

Guns and corsets: Firearms industry strikes gold marketing to women

LAS VEGAS ( ) – Entrepreneur and fashion designer Anna Taylor is trying to bring back the corset — not to revive Victorian lingerie but to give women a place to carry their handguns.

“I don’t know that the corset’s ever been out of fashion, but it’s never been so u,上海夜生活男人好去处Earl,seful,” Taylor said in Las Vegas at this year’s SHOT Show, the largest trade show for the firearms industry.

After overlooking the women’s market for years, the firearms industry now sees women as the drivers of growth. Gun sales have declined since peaking in 2016, with companies like Remington Outdoor Company Inc going through bankruptcy reorganization last year, but the women’s share of the market has been growing.

Women have led the change, both as consumers and as entrepreneurs in the world of accessories, forcing gun-makers to follow their lead.

Retailers estimate women accounted for 23 percent of the $44 billion retail market for firearms and accessories in 2016, up 7 percentage points from 2010, according to data from the National Shooting Sports Foundation, which runs the Shooting, Hunting and Outdoor Trade (SHOT) Show.

U.S. firearms sales peaked at 15.7 million in 2016, according to NSSF data. Sales fell to 14 million in 2017 and are on pace to dip again in 2018. The trend reflects politics, with sales driven by fears that a Democratic president will limit gun rights.


Taylor created her own company, Dene Adams, in 2013 upon growing frustrated over the lack of holsters for women.

She sewed a neoprene mouse pad into one of her corsets for her first prototype, and now has a lineup of 13 holsters for ,上海仙霞路夜生活Qirin,Dene Adams. Sales reached $250,000 in 2014 and grew to $1 million in 2018, she said.

Among the hot items this year are yoga pants with enough support in the waistband to carry the weight of a gun. Taylor also pulled up the hem of her skirt, showing off her compression shorts with a built-in thigh holster that allows a woman to pack a piece whether she is dressed for a night on the town or Monday morning at the office.

Men’s holsters have traditionally been designed around the belt, but because women wear a variety of outfits they need options in the bra, waist, belly, underarm, thigh, ankle and purse. That also means women need to practice their draw from multiple angles.

Firearms companies once engaged in what is derisively called “pink it and shrink it,” offering traditional guns in feminine colors and promoting smaller guns to fit a woman’s hand, which is not necessarily a solution as lighter guns have more recoil.

Carrie Lightfoot crea,上海夜生活乌托邦Faith,ted the Well-Armed Woman in 2012 to give women easier access to information and products and now has 400 chapters across the United States.

Lightfoot said gun makers such as Glock Inc, Sturm Ruger & Company Inc and Walther have since developed more sophisticated products and design changes.

Paul Spitale, a senior vice president at Colt’s Manufacturing Company, said the company made famous by the .45-caliber handgun offers a wider range of 9-millimeter options, in part because the 9 mm is by far the most popular choice for women.

The female dollar has also affected the traditionally macho culture of guns and hunting. Major gun and ammunition makers now sponsor female competitive shooters.

SHOT Shows used to feature gun-toting models in high heels and push-up bras but exhibitio上海夜生活论坛n booths now are staffed by knowledgeable women dressed in polo shirts and tactical gear.

“When I walked into my first SHOT Show in 2009, I was stunned” at what she called the “booth babes,” said Claudia Chisholm, owner of Gun Tote’n Mamas, a company that makes purses for carrying handguns. “It hasn’t caught up yet with the rest of society, but it’s a lot better. Thank God.”

Sales of her handbags, designed to enable women to draw within two seconds, have grown 1,000 percent in the past five years, Chisholm said.

While the U.S. gun rights debate rages, women see their weapons as empowering. At a time when the #MeToo movement has raised awareness of sexual assault, firearms are “the great equalizer,” said Dianna Muller, a retired police officer from Tulsa, Oklahoma, who is now a full-time professional shooter.

“Growing up, my generation of women have been told we can do anything that we want,” she said.

ECB concerned by reports Spanish bank BBVA hired firm to spy in…

MADRID ( ) – The ECB has expressed concerns over reports that Spanish bank BBVA ,上海夜网官方网站Idaleen,(BBVA.MC) hired a former police chief in 2004 to spy on a would-be buyer and some of its officials have discussed it with the bank, a source with knowledge of the situation 上海夜生活told .

Another source briefed about the case confirmed that top European Central Bank officials were concerned and monitoring the situation, and wanted BBVA to be fully transparent and take any necessary measures.

Last week, online media Elconfidencial.com and Moncloa.com, said that BBVA had hired ex-police chief Jose Manuel Villarejo’s firm, Grupo Cenyt, in 2004 to investigate a senior government official and officials of construction company Sacyr (SCYR.MC) as part of efforts to stop a takeover bid.

“The ECB does not like that,” said one of the two sources. It said officials in a supervisory team had raised the issue with BBVA as part of regular contacts, including the question of the possible reputational risk.

The source said the ECB would not be able to take any action because the officials in charge at the time at BBVA were not in an executive position anymore.

The second source said the ECB, which supervises banks throughout the euro zone, would ask for a “transparent investigation” and for the bank to take any necessary measures.

An ECB spokesperson and a BBVA spokesperson both declined to comment.

BBVA said last week that in June 2018 it started its own investigation into its relations with Grupo Cenyt.


BBVA executive chairman Carlos Torres on Monday sent a letter to bank employees saying he was shocked by the reports.

“If true, it would be undoubtedly extremely serious, deplorable behavior, radically opposed to what we are and what we stand for, and, ultimately, to the values ​​of BBVA that move us every day,” he said in the letter, published on the bank’s website.

“The investigation so far has verified that Grupo Cenyt carried out different services to the bank, but no documentation has been found related to the monitoring and intervention of private communications that the media has reported since January 9,” he said, adding the bank had decided to broaden the scope of its probe following the reports.

Francisco González, who was executive chairman at the time, is now honorary chairman. He could not immediately be reached for comment.

Spanish market regulator CNMV told it was monitoring the situation and the impact it could have.

The situation has also come onto the radar of rating agencies. “We are monitoring this to see if there is any sanction or any other impact,” said Luigi Motti of S&P Global Ratings.

Sacyr launched a takeover bid for BBVA in 2004 but it was not successful.

Villarejo’s lawyer said the former police chief told a court on Thursday in a separate case that he would next week say “everything he knows,” including about BBVA.

When asked on Wednesday about the spying reports, Economy Minister Nadia Calvino told reporters: “Any situation that could harm the reputation of a financial institution is a serious issu,上海仙霞路夜生活Earl,e, but it is a matter that is handled by judicial investigati,上海021夜网Qirin,on, which will determine responsibilities.”

$1.5 trillion U.S. tax cut has no major impact on business capex…

WASHINGTON ( ) – The Trump administration’s $1.5 trillion cut tax package appeared to have no major impact on businesses’ capital investment or hiring plans, according to a survey released a year after the biggest overhaul of the U.S. tax code in more than 30 years.

The National Association of Business Economics’ (NABE) quarterly business conditions poll published on Monday found that while some companies reported accelerating investments because of lower corporate taxes, 84 percent of respondents said they had not changed plans. That compares to 81 percent in the previous su,上海夜生活男人好去处Eden,rvey published in October.

The White House had predicted that the massive fiscal stimulus package, marked by the reduction in the corporate tax rate to 21 percent from 35 percent, would boost business spending and job growth. The tax cuts came into effect in January 2018.

“A large majority of respondents, 84 percent, indicate that one year after its passage, the corporate tax reform has not caused their firms to change hiring or investment plans,” said NABE President Kevin Swift.

The lower tax rates, however, had an impact in the goods producing sector, with 50 percent of respondents from that sector reporting increased investments at their companies, and 20 percent saying they redirected hiring and investments to the United States from abroad.

The NABE survey,上海凤楼夜网Nadia, also suggested a further slowdown in business spending after moderating sharply in the third quarter of 2018. The survey’s measure of capital spending fell in January to its lowest level since July 2017. Expectations for capital spending for the next three months also weakened.

“Fewer firms increased capital spending compared to the October survey responses, but the cutback appeared to be concentrated more in structures than in information and communication technology investments,” said Swift, who is also chief economist at the American Chemistry Council.

According to the survey, employment growth improved modestly in the fourth quarter ,上海夜生活怎么玩Jacob,of 2018 compared to the third quarter. Just over a third of respondents reported rising employment at their firms over the past three months, up from 31 percent in the October survey. The survey’s for上海夜生活ward-looking measure of employment slipped to 25 in January from 29 in October.

Bombardier CEO sees decision on loss-making CRJ jet this year

MOBILE, Ala. ( ) – Bombardier Inc (BBDb.TO) aims to make a decision this year on the future of its CRJ regional jet as it “aggressively” pursues new orders to secure its industrial future, the Canadian planemaker’s chief executive said on Wednesday.

The company is exploring “all strategic options” for the loss-making program including a potential sale, but its immediate focus is to win orders and cut costs, CEO Alain Bellemare told .

Asked whet,上海夜生活服务Gabriel,her Bombardier would reach a decision this year, he said, “I hope so, for sure. The more certainty we can provide the better but we are getting good traction”.

Bellemare was speaking on the sidelines of a ceremony marking a new U.S. assembly line for the larger A220 jetliner development, which Bombardier agreed in 2017 to sell to a venture led by Europe’s Airbus (AIR.PA).

Bombardier, which had struggled to keep pace with the huge cash demands of a new aircraft program, later sold its older Q400 turboprop program and announced a review of the 20-year-old CRJ series.

“I don’t want to drag this on for too long but a lot of that is not in my hands; it is also in customers’ hands,” Bellemare s,上海会所夜网Quay,aid.

“We are trying to see how we build a backlog. For us to keep this thing going we need to have a skyline (future production profile) that makes sense. We are willing to maybe reduce our production volume but at the same time we上海夜生活论坛 need to have sufficient volume to feed the supply chain,” he added.

“We are very aggressive right now. We are working aggressively with airline customers. That’s our number one priority.”

Analysts say adding new orders and lowering costs are measures designed to throw the aging CRJ program a li,上海夜生活怎么玩Easton,feline and make it more attractive to long-term investors.

The CRJ competes with Embraer (EMBR3.SA) regional jets and is helped by union “scope clause” rules in the United States restricting the size of jets used by regional airlines.

Bellemare played down concerns that the clauses could be renegotiated, hurting demand for the CRJ, saying they had historically been hard for airline managements to change.