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

Intel to get $1 billion state grant for $11 billion Israel chip…

JERUSALEM ( ) – Intel Corp will receive a grant of about $1 billion from the Israeli governmen,上海夜玩网论坛Kai,t for its latest investment plan to expand its chip manufacturing operations in the country, Israel’s finance minister said on Tuesday.

Finance Minister Moshe Kahlon said late on Monday he was informed by the chip giant, already one of the biggest employers and exporters in Israel where many of its new technologies are developed, that it would invest about 40 billion shekels ($11 billion) in a new factory.

California-based Intel said it would submit a business plan “for continued investment in the company’s Kiryat Gat manufacturing site” in central Israel, but did not disclose details, including the schedule, costs and technologies.

“The moment the company comes to Israel and invests $10 billion, and it receives a grant of 9 percent, that means 91 percent of it stays here,” Kahlon said in an interview on Army Radio. “There are always such discounts, there are always incentives.”

This is in addition to a 700 million shekel grant the company will get in return for a separate $5 billion expansion of its,上海夜生活服务Radley, production operations in Israel.

Last month Intel said it had begun plans for site expansion projects in Ireland, Israel and at its U.S. plant in Oregon starting in 2019 as it looks to diversify its products for a broader set of customers, such as auto safety and wireless connections for mobile phones.

Kahlon’s spokesman told the government and Intel had agreed on the size of the grant after talks regarding the new factory had intensified over the past year. He noted that grants were crucial for Israel to compete with for investment with countries such as Ireland.

The expansion is expected to add 1,000 new employees to Intel’s workforce of nearly 13,000 in Israel, the spokesman said.

Related CoverageIntel to get state grant of around $1 billion for Israel expansion: finance minister

Economy Minister Eli Cohen said it was the biggest investment of its kind ever in the country, adding it would “strengthen the economy and emp上海夜生活论坛loyment in Israel”.

Intel’s exports from Israel rose by $300 million in 2018 to $4 billion, while it bought $1.7 billion of products from ,夜上海论坛Radley,local companies. The company, along with Israel Chemicals and Teva Pharmaceutical Industries, accounts for close to half of Israel’s industrial exports.

($1 = 3.6745 shekels)

Ride-hailing companies suspend Barcelona services after new…

MADRID 上海夜网( ) – Ride-hailing companies Uber and Cabify are to suspend their services in Barcelona in response to the regional government’s imposition of limits on how they operate ,上海晚上耍女人的地方Falkner,in the city.

The Catalan government ruled that ride-hailing services could only pick up passengers after a 15-minute delay from the time they were booked.

The decision followed mass protests by Barcelona taxi drivers who complained that their business was being undermined and the services did not operate on a level playing field.

Barcelona is Spain’s second-largest city and one of its main tourist destinations. The suspension of the services was announced just a few weeks before it hosts the annual Mobile World Congress, one of the world’s largest meetings of the mobile tech industry.

“The new restrictions approved by the Catalan government leave us with no choice but to suspend UberX while we assess our future in Barcelona,” an Uber spokesman said.

Spain’s Cabify, which has one million users in Barcelona, said in a statement it regretted that the city had “given in to the demands of the taxi sector, seriously hurting citizen’s interests”.

Cabify said the new regulation, which took effect on Thursday, had the specific objective of “t,上海夜网Gabrielle,he direct expulsion of the Cabify application” from Barcelona and the region Catalonia.

Uber said it remained committed to operating in the long-term in Spanish cities and hoped “to work with the Catalan government and the City Council on fair regulation for all”.

Uber began offering its UberX service last March. The new regula,上海足浴夜网联系方式Sabia,tions were imposed under pressure from taxi drivers, who held strikes that blocked roads in Barcelona and remain on strike in the Spanish capital, Madrid.

The drivers in Madrid escalated their protest this week by blocking one of the city’s main arteries. But Uber licenses in Spain are granted by local authorities, and so far Madrid authorities have said they would not adopt the same restriction as in Barcelona.

Cabify and Unauto VTC, an association of transport companies in Spain, said Barcelona’s decision to adopt the new regulation could put 3,000 jobs at risk in Barcelona.

Uber declined to say how many drivers work for it in Barcelona.

Stocks rise on trade optimism, pound strengthens

NEW YORK ( ) – Global stock indexes rose on Thursday as optimism over a resolution to the trade war between the United States and China lifted sentiment, while sterling strengthened amid hopes of a second referendum on Britain’s membership in the European Union.

U.S. Treasury Secretary Steven Mnuchi,上海夜生活群Fabian,n discussed lifting some or all tariffs imposed on Chinese imports and suggested offering a tariff rollback during trade discussions scheduled for Jan. 30, the Wall Street Journal reported on Thursday, citing people familiar with the internal deliberations.

U.S. stocks rallied following the report, but pared some of those gains after a Treasury spokesperson told CNBC that Mnuchin had not made any such recommendations.

“The market wants to hear some positive trade news. The way it’s acted since that Christmas Eve low, the market is expecting to hear at least something incrementally positive,” said Scott Wren, senior global equity strategist at Wells Fargo Investment Institute in St. Louis.

S&P 500 industrials .SPLRCI, which have been sensitive to trade developments, ended up 1.7 percent, among the biggest gains of S&P sectors.

Also boosting the industrials were shares of defense contractors Northrop Grumman Corp (NOC.N) and Lockheed Martin Corp (LMT.N), which rose after President Donald Trump unveiled a revamped U.S. missile defense strategy.

The Dow Jones Industrial Average .DJI rose 162.94 points, or 0.67 percent, to 24,370.1, the S&P 500 .SPX gained 19.86 points, or 0.76 percent, to 2,635.96 and the Nasdaq Composite .IXIC added 49.77 points, or 0.71 percent, to 7,084.46.

The pan-European STOXX 600 index rose 0.04 percent and MSCI’s gauge of stocks across the globe .MIWD00000PUS gained 0.40 percent.

Earlier in the day, some investors took heart from Beijing’s confirmation that Chinese Vice Premier Liu He will head to,上海夜生活男人好去处Fabiana, the United States on Jan. 30 for more negotiations with Washington. Recent talks to resolve a protracted trade battle between the U.S. and China brought little progress.

Adding to concerns was legislation introduced by U.S. lawmakers on Wednesday that would ban the sale of U.S. chips or other components to Huawei HWT.UL or other Chinese telecommunications equipment makers that violate U.S. sanctions or export control laws.

STERLING

The British pound rose to a two-month high against the euro EURGBP= and GBP= firmed toward a two-month high against the dollar. It was trading up 0.77 percent at $1.298, its highest since Nov. 15.

Prime Minister Theresa May has been meeting lawmakers from all parties in an attempt to find a way out of an impasse over how Britain should leave the EU, after May’s own plan was rejected by parliament on Tuesday.

While she has repeatedly rejected the idea of a second referendum, a vocal campaign in favor of holding a new vote has the support,上海夜生活乌托邦Fabi, of some lawmakers.

U.S. Treasury yields rose with the benchmark 10-year yield reaching near three-week highs as better-than-expected economic data and hopes for progress in U.S.-China trade talks diminished safe-haven demand for government debt.

Benchmark 10-year notes US10YT=RR last fell 6/32 in price to yield 2.7486 percent, compared with 2.729 percent late on Wednesday.

Oil prices steadied, boosted by a rebound in U.S. equities and news that OPEC sharply curtailed production in December, after earlier losses on fears about surging U.S. crude output and weakening global demand.

Brent crude oil futures LCOc1 slipped 14 cents to settle at $61.18 a barrel after trading as low as $60.04 intraday. U.S. crude futures CLc1 fell 24 cents to settle at $5上海夜生活论坛2.07.

Citadel’s Griffin buys New York condo for record $238 million

NEW YORK ( ) – Ken Griffin, the billionaire founder of hedge fund Citadel, has paid $238 million for a penthouse condominium overlooking Manhattan’s Central Park, a spokesman for Griffin said on Wednesday, in a deal that se,夜上海论坛Caden,ts a record for a U.S. home sale.

Griffin has closed on the unit in the 79-story residential tower, which is under construction for an estimated cost of $1.4 billion at 220 Central Park South.

The purchase follows on the heels of reports that Griffin bought a mansion in London within sight of Buckingham Palace for 95 million pounds ($124.2 million), among other recent deals.

The price paid for the New York condo eclipses the prior record for a U.S. residential purchase, set by another hedge fund billionaire, Barry Rosenstein, for a home in East Hampton, on New York’s Long Island in 2014.

The Griffin purchase also shatters the record for the most expensive apartment sold in New York City, which was last set by computer company founder Michael Dell’s purchase last year of a condo for $100.47 million, according to published reports.

Vornado Realty Trust, a re,上海夜网官方网站Fabian,al estate investment trust, is building 220 Central Park South and expects it to generate $1 billion in after-tax cash flow and net income once all condo units are sold, a regulatory filing in October showe上海夜生活网d.

The building, with 397,000 “salable” square feet, was designed by Robert A.M. Stern Architects.

About 83 percent of the units are under sales contracts, with closings scheduled through 2020, according to Vornado, which declined to comment on Griffin’s purchase.

The Wall Street Journal first reported the purchase by Griffin, who first signed a contract for the condo in 2015.

Griffin, who publisher Forbes estimates is worth $9.9 billion, in November paid $58.75 million for a four-level penthouse in Chicago, the most ever for a home in that city, according to media reports.

Public records show Griffin has spent close to $250 million for land in Palm Beach, Florida, the Journal said.

Vornado was represented by Deborah Kern of the Corcoran Group in the transaction, while Griffin was represented by Tal and Oren Alexander of the Alexander team at Douglas E,上海夜网邀请码Caitlin,lliman.

Factbox: U.S. refiners revisiting crude supplies amid new PDVSA…

( ) – U.S. refiners on Monday said they would comply with the Trump administration’s new sanctions on dealings with Venezuelan state-run o,上海高端夜生活在那里Kai,il company Petroleos de Venezuela (PDVSA) and take 上海夜生活网steps to lessen any impacts on consumers.

PHILLIPS 66

Phillips 66 said in an email it is confident it could obtain alternative sources of oil to lessen any disruption to its operations. The company said it complies with all U.S. laws, and noted that Venezuelan crude historically has made up a small percentage of its oil supply.

CHEVRON

Chevron Corp said it actively manages its crude supplies to be able to furnish customers with fuels and lubricants, and continues to comply with U.S. laws.

VALERO ENERGY

Valero is reviewing the new U.S. sanctions and “will re-optimize” its oil purchases to minimize any,夜上海论坛Babette, impacts on its operations, the San Antonio, Texas-based company said in a statement. It also plans to aid the United States to make the nation’s refining system operate more efficiently as a result of the sanctions, it said.

CITGO PETROLEUM

Citgo Petroleum, the U.S. refining arm of PDVSA, did not reply to a request for comment. The Houston-based company received some 175,000 barrels per day of Venezuelan crude last year, more than any other U.S. refiner.

PBF ENERGY

PBF Energy did not respond to a request ,上海夜生活群Dahlia,for comment. The Parsippany, New Jersey-based company was the fifth largest receiver of Venezuelan crude with 9,505 barrels per day.

Malaysia probing audit firms’ conduct in 1MDB scandal

KUALA LUMPUR ( ) – Malaysia’s securities regulator said on ,上海夜网邀请码Idaleen,Saturday it was looking into the conduct of a,上海夜生活乌托邦Hadrian,uditors of 1Malaysia Development Bhd (1MDB), a state fund that was wound up after losing billions of dollars in a scandal that erupted under the country’s previous government.

“The Securities Commission’s review of the conduct of auditors in relation to 1MDB audits is still on-going,” the regulator said in an emailed statement to , without identifying the firms involved.

The statement was issued following a South China Morning Post report on Friday that cited sources saying that the regulator was reviewing the work carried out by int上海夜生活网ernational auditors KPMG and Deloitte to see if they were “were aiding and abetting in this scandal, or merely negligent.”

KPMG and Deloitte did not respond to requests from for comment.

Once the review is completed, the Securities Commission and its Audit Oversight Board “will assess the findings and consider the appropriate next course of action,” the regulator said.

1MDB is the subject of money laundering investigations in at least six countries, including the United States and Malaysia. The U.S. Department of Justice has alleged that over $4.5 billion was stolen from 1MDB by top officials of the fund and their associates between 2009 and 2014.

Deloitte audited 1MDB’s financial statements for 2013 and 2014, before it resigned as the fund’s auditor in early 2016.

It had taken over after 1MDB fired its earlier auditors, KPMG and Ernst & Young, authorities have said.

After the Justice Department filed civil lawsuits in 2016 over 1MDB, Deloitte said the 1MDB finance statements it had audited should no longer be relied upon.

In June last year, 1MDB said KPMG had informed the fund that 1MDB’s financial statements for the financial years ending March 2010, 2011 and ,夜上海419龙凤论坛Sabrina,2012 audited by KPMG did not provide a true and fair assessment of the company.

Investigations into 1MDB were reopened in Malaysia after Prime Minister Mahathir Mohamad unexpectedly won a general election in May.

The 1MDB scandal was a major reason for former premier Najib Razak’s shock election loss. Najib has since been charged with graft over 1MDB, the fund he founded in 2009. He has pleaded not guilty and has denied any wrongdoing.

Goldman Sachs (GS.N), which helped sell 1MDB bonds, is also facing criminal charges in Malaysia.

Republicans propose to delay, pause Obamacare taxes

WASHINGTON ( ) – U.S. House Republicans proposed on Tuesday to delay or suspend several taxes under former President Barack Obama’s healthcare law, including a tax on medical devices and the so-called “Cadillac” tax on generous health insurance plans.

The move represents a new Republican attempt to roll back provisions of the 2010 Affordable Care Act widely known as Obamacare, after repeated failures by Congress’ majority party this year to repeal the law.

Republicans in the House and Senate are also in the final stages of reconciling tax overhaul legislation, including a proposal to scrap Obamacare’s individual mandate, which imposes a tax penalty on Americans who do not obtain health insurance.

A spokeswoman for the House Ways and Means Committee said the additional proposed healthcare tax rollbacks would not be part of the broader tax overhaul bill.

Republicans could try to merge the healthcare tax proposals with a must-pass government funding bill that is expected to be passed by Dec. 22, when current funding runs out. But to succeed, Republicans in the Senate, who hold a slim majority of seats, would need an assist from Democrats to get past procedural hurdles.

In a statement, House Ways and Means Chairman Kevin Brady announced five new Republican-sponsored bills to provide targeted relief from Obamacare taxes, saying he looked forward to “advancing legislation in the weeks ahead.”

One proposed bill would retroactively elimina,上海夜生活男人好去处Falkner,te Obamacare penalties for employers who did not offer health insurance to their employees over the last three years, as well as for next year.

The bill would also delay for one year the Cadillac tax on h,上海夜网后花园Jace,igh-cost employer-sponsored insurance, which is otherwise scheduled to go into effect in 2020. Labor unions oppose this tax because their members often receive more generous healthcare plans, and they fear it would increase their costs.

Another 上海夜生活论坛bill would suspend for five years the tax on medical devices, such as pacemakers and artificial hips. It was first imposed in January 2013 as a funding mechanism for Obamacare, a law that has brought medical coverage to millions of previously uninsured Americans.

The medical device tax has powerful opponents in both parties and manufacturers have lobbied heavily against it.

Other proposals in the package would suspend a tax on health insurers for two yea,上海夜生活去哪玩Oakley,rs, and provide two years of relief from a tax on over-the-counter medications.

Factbox: What to watch in negotiations over details of U.S. tax bill

WASHINGTON ( ) – Republican leaders are aiming to send their tax bill to President Donald Trump for his signature by the end of the year.

To do that, negotiators from the U.S. House of Representatives and the Senate will need to iro,上海夜生活论坛Gabriella,n out differences between their two versions of the legislation.

Here are some of the main points they will need to address.

OBAMACARE MANDATE

The Senate bill repeals a provision of the Affordable Care Act, also known as Obamacare, that levies a penalty on taxpayers who do not purchase health insurance. The House bill did not repeal the mandate’s penalty but leaders there have indicated they would be open to doing so it if the Senate could pass it.

INDIVIDUAL TAX RATES

The House bill consolidates seven individual income tax rates into four but keeps the top rate at 39.6 percent. The Senate version keeps seven brackets and sets the top rate at 38.5 percent.

PASS-THROUGH BUSINESSES

The House legislation capped at 25 percent the tax rate on 30 percent of pass-through business income, with the remaining 70 percent taxed at individual wage rates. The House excluded taxpayers in professional services, who would continue paying individual tax rates on all income. The Senate bill leaves all pass-through income in the individual system but esta,夜上海419龙凤论坛Easton,blishes a deduction for 23 percent of pass-through income. The Senate version allows those in services professions to use the deduction if their income is less than $250,000 per year, or $500,000 for a married couple.

Pass-through businesses include partnerships and other companies not organized as public corporations, encompassing most American business enterprises from mom-and-pop concerns to large financial and real estate organizations.

MEDICAL EXPENSE DEDUCTION

The House bill repeals the deduction for medical expenses that exceed 10 percent of a taxpayer’s annual income. The Senate version retains the deduction for two years ,上海夜网官方网站Sabrina,and drops the threshold to 7.5 percent of income.

ALTERNATIVE MINIMUM TAX

The House bill repeals the individual and corporate alternative minimum taxes, or AMT, which are intended to make sure high-income taxpayers do not unduly lower their tax liabilities by combining numerous credits and deductions. The Senate bill repeals the individual AMT but keeps the 20 percent corporate AMT. By also cutting the corporate tax rate to 20 percent from 35 percent, some corporations have said this means they would not be able to use popular tax breaks such as the research-and-development credit.

MORTGAGE INTEREST DEDUCTION

The House bill limited a popular individual tax deduction to interest on home mortgages of $500,000 or less. The Senate bill would allow taxpayers to d上海夜生活educt interest on mortgages of $1,000,000 or less.

EXPENSING

The House bill would allow companies to fully deduct the value of machinery and equipment and other costs for five years. The Senate bill allows businesses to do the same but then phases it out over five years.

PG&E shares surge as company secures $5.5 billion in bankruptcy…

( ) – U.S. power producer PG&E Corp’s shares surged as much as 16 percent on Tuesday after it said it had secured $5.5 billion in debtor-in-possession (DIP) financing from four banks as it prepares to file for Chapter 11 bankruptcy protection.

Th,上海夜玩网论坛Nala,e financing will comprise a $3.5 billion revolving credit facility, a $1.5 billion term loan and a $500 million delayed-draw term loan.

Investment banks JPMorgan Chase & Co, Bank of America Merrill Lynch, Barclays Plc and Citigroup Inc will provide financing, the company said in a filing. (bit.ly/2MoM4NX)

It expects to file for bankruptcy on or about Jan. 29.

Separately on Tuesday, PG&E shareholder BlueMountain Capital Management LLC urged the power producer to delay its plans to file for bankruptcy. (bit.ly/2sOTn8N)

The asset manager, which owns about 11 million shares in PG&E, or about 2.1 pe,上海夜生活桑拿会所Barbara,rcent of the company, had said last week filing for bankruptcy p,上海夜网千花Jackson,rotection was unnecessary.

PG&E, which provides electricity and natural gas to 16 million customers in northern and central California, faces widespread litigation, government investigations and liabilities that could potentially exceed $30 billion上海夜生活网 because of wildfires in the state.

Its shares were last up about 9 percent on Tuesday afternoon.

Comcast tops profit forecasts as broadband business grows

( ) – Comcast Corp (CMCSA.O) beat Wall Street profit and revenue estimates on Wednesday as its high-speed internet business grew and it lost few,上海夜哪里艳遇Larissa,er cable subscribers than expected.

Comcast’s fourth quarter showed that fears over “cord cutting” in cable services and slower broadband growth may be overstated, analysts said.

The results also reinforced why Comcast’s NBCUniversal news and entertainment arm has announced a streaming strategy that appears less disruptive to traditional television and movie businesses than services planned by AT&T Inc (T.N) and Walt Disney Co (DIS.N).

“We’ve always thought that the television ecosystem was healthier than maybe some people thought,” NBCUniversal Chief Executive Stephen Burke told analysts in a conference call.

Shares in the top U.S. cable services provider were up nearly 4 percent in midday trading. Comcast also said it would raise its dividend by 10 percent to 84 cents per share.

NBCUniversal in January announced an advertising-supported streaming TV service that will launch in 2020.

Unlike Netflix Inc (NFLX.O), which charges a monthly fee and is seen as a threat to traditional pay television, NBC’s streaming service will be free for its pay-TV customers. It will initially be available to about 50 million customers and expand as NBC negotiates with other pay-TV providers.

Comcast said it lost 29,000 video customers in the quarter, less than the 33,000 it lost last year and the 62,000 estimated by analysts, according to research firm FactSet. Revenue slipped 1.6 percent to $5.58 billion.

Revenue from Comcast’s high-speed internet business climbed 10 percent to $4.4 billion as the company added 351,000 net subscribers, up from 350,000 a year earlier. Still, the net subscriber additions fell short of the average analyst estimate of 356,000.

“Forgive us for wondering aloud why the market thinks cable is somehow a doomed business,” analyst Craig Moffett of MoffettNathanson, said in a report after the results. “It’s hard to imagine a better testimony to the strength and resilience of the cable model.”

On the media side, business was also growing. NBCUniversal reported a 7.1 percent rise in revenue to $9.40 billion.

Filmed enter,上海夜网千花Eason,tainment revenue rose 14 percent, boosted by movies including “The Grinch”, while theme park revenue increased 3.6 percent to $1.51 billion. Revenue from broadcast television rose nearly 4 percent $3.10 billion.

Comcast, which beat Rupert Murdoch’s Twenty-First Century Fox (FOXA.O) in an auction for Sky, said revenue reported from the British pay-TV group was $4.59 billion. On an adjusted basis, revenue was $5.02 billion.

Overall, Comcast revenue jumped 26 perc,上海凤楼夜网Paisley,ent to $27.85 billion in the fourth quarter. On an adjusted basis, revenue was $28.28 billion. Analysts had expected revenue of $27.55 billion, according to IBES data from Refinitiv.

Excluding items, the company earned 64 cents per share, above the average estimate of 62 ce上海夜生活网nts per share.

Net income attributable to the company fell to $2.51 billion, or 55 cents per share, from $15.00 billion, or $3.17 per share, a year earlier, when it recorded a $12.7 billion one-time benefit from the U.S. tax overhaul.

Senator Gillibrand raises concerns about interim Manhattan U.S….

( ) – Democratic Senator Kirsten Gillibrand said on Thursday she opposed the possible nomination of Manhattan’s interim top federal prosecutor, Geoffrey Berman, to permanently fill the post, citing concerns over his independence from President Donald Trump.

Gillibr,上海夜玩网论坛Paige,and, the junior U.S. senator from New York, said in an emailed statement to that she found “deeply disturbing” reports the president personally interviewed Berman for the post of Manhattan U.S. attorney, whose jurisdiction includes Trump’s home, offices and real estate holdings in New York.

“If this meeting took place it shows a lack of judgment that (Gillibrand) believes her colleagues should view as disqualifying as a nominee,” the statement said. Gillibrand said it was especially troubling in light of reports that Trump had asked former FBI director James Comey for a pledge of loyalty in a one-on-one meeting.

Politico and other media outlets reported in October that Berman and at least two other candidates for U.S. attorney were personally interviewed by Trump. Presidents have not typically met with U.S. attorney nominees, and some Democrats have suggested it was inappropriate from Trump to do so, especially for the Manhattan position.

The Manhattan U.S. attorney is one of the nation’s top l,上海仙霞路夜生活Octava,aw enforcement posts, well known for terrorism cases and prosecutions of Wall Street financial crimes and government corruption

The White House did not immediately respond to a request for comment. It has not denied that the interviews took place. Other former government lawyers from both parties have said they would not have been improper on their face.

Berman, who was a member of Trump’s transition team, was sworn in on Thursday as one of 17 interim U.S. attorneys appointed by Attorney General Jeff Sessions to serve in jurisdictions around the country.

The interim posts are for 120 days unless those holding them are re-appointed by a court or officially nominated by Trump and confirmed by the Senate.

The statement from Gillibrand is potentially significant because she could try to block Berman’s nomination through the “blue slip” process by which senators have traditionally held veto power over nominees in their home state.

Chuck Schumer, the senior senator from New York and also a Democrat, did not respond to a request for comment on Thursday.

Berman, who was an assistant U.S. attorney in Manhattan from 1990 to 1994, was a partner at 上海夜生活论坛the law firm of Greenberg Traurig. Former New York Mayor Rudy Giuliani, another supporter of Trump’s presidential run in 2016, practices at the same firm.

Senator Richard Blumenthal, a Democrat from Connecticut, tweeted his disapproval of Berman on Tuesday. ,上海夜网Hallie,“Trump’s appointment of a prosecutor – after a personal interview – who may well be prosecuting him is absolutely abhorrent to the rule of law,” he wrote.

New York lawyer Robert Fiske, who served as Manhattan U.S. attorney from 1976 to 1980 and worked with Berman early in Berman’s career, called the concerns about the meeting a “red herring” and said the president was entitled to meet with someone he was going to nominate.

Exclusive: PetroChina to drop PDVSA as partner in refinery project…

SINGAPORE ( ) – PetroChina Co plans to drop Petroleos de Venezuela SA (PDVSA) as a partner in a planned $10 billion oil refinery and petrochemical project in southern China, said three sources familiar with the matter this week.

The company’s decision adds to state-owned PDVSA’s woes after the United States imposed sanctions on the company on Jan. 28 to undermine the rule of Venezuelan President Nicolas Maduro.

However, dropping the company was not a reaction to the U.S. sanctions but follows the deteriorating financial status of PDVSA over the past few years, said two of the sources, 上海夜生活论坛both executives with China National Petroleum Corp, the parent of PetroChina.

“There will be no role of PDVSA as an equity partner. At least we don’t see that possibility in the near future given the situation the country has been through in recent years,” said one of the executives, asking to remain unidentified because he is not authorized to speak to the media.

The move illustrates the fading relationship between Venezuela and China, which has given $50 billion to the South American country in the form of loans-for-,上海夜网邀请码Gabe,oil agreements. China, the world’s largest oil importer, is now the second-biggest buyer of Venezuelan crude in Asia, taking in 16.63 million tonnes, or about 332,000 barrels per day (bpd), in 2018.

That relationship began to fray in 2015 when Venezuela requested a change in the payment terms on the debt to ease the impact of its falling crude output and declining oil prices. Instead of handing out large fresh loans, Beijing has shifted to small investments or granting extensions in the grace periods for the outstanding loans.

The sanctions were imposed at the same time the United States and other nations have backed opposition leader Juan Guaido as legitimate ruler instead of President Nicolas Maduro. During Maduro’s rule, oil production has plunged while millions have left amid hyperinflation and as consumer goods have vanished from market shelves.

PDVSA was originally a 40 percent equity partner in the refinery project, located the city of Jieyang in the southern province of Guangdong. PetroChina and PDVSA received environmental approval for the project in 2011.

Initial plans were for the refinery to process 400,000 bpd of strictly Venezuelan crude oil. The plans have now been expanded to focus on petrochemical production including a 1.2-million-tonnes-per-year ethylene plant and a 2.6-million tpy aromatics plant. The plant is expected to be operational by late 2021, Caixin reported o,上海夜网推油Sabia,n Dec. 5.

Under the revised plan, the refinery will not be restricted to Venezuelan oil but could process other so-called heavy crude grades that could come from Middle Eastern producers such as Saudi Arabia and Iran, said the third official, a PetroChina trading executive.

An e-mail response from PetroChina’s public relations company Hill+Knowlton Strategies only stated “China-Venezuela Guangdong Petrochemical Co Ltd is a joint venture company approved by the state,” referring to the formal name for the company set up by Petrochina and PDVSA to develop the refinery.

PDVSA and the Venezuelan Ministry of Petroleum did not respond to a request for comment fro,上海仙霞路夜生活Tabitha,m .

U.S. crude gains, slowing global economy challenge oil market in…

LONDON ( ) – U.S. oil production growth combined with a slowing global economy will put oil prices under downward pressure in 2019, challenging OPEC’s resolve to support the market with output cuts, the International Energy Agency said on Friday.

The IEA, which coordinates the energy policies of industrial nations, said it was keeping its estimate of oil demand growth for this year unchanged at 1.4 million barrels per day, close to 2018 levels.

“The impact of higher oil prices in 2018 is fading, which will help offset lower economic growth,” the Paris-based IEA said in its monthly report.

Oil LCOc1 rallied above $85 per barrel in the second half of 2018 on concern about lower supplies from Iran due to new U.S. sanctions.

But crude fell towards $50 at the end of 2018 due to an economic slowdown and rising U.S. supply, prompting producer group OPEC to cut output in an effort to keep prices above $60.

The IEA said global oil supply last month fell by 950,000 bpd, roughly 1 percent, led by lower OPEC output even before the organization’s new supply-cutting pact took effect in January.

The IEA said non-OPEC production growth was set to slow to 1.6 million bpd in 2019 after record annual gains of 2.6 million bpd in 2018.

However, the United States will continue to surprise on the upside.

“The United State,上海凤楼夜网Kade,s, 上海夜生活论坛already the biggest liquids supplier, will reinforce its lea,上海夜生活网交流Gabriella,dership as the world’s number one crude producer. By the middle of the year, U.S. crude output will probably be more than the c,上海高端夜生活在那里Radley,apacity of either Saudi Arabia or Russia,” the IEA said.

P&O to change flag of UK ships to Cyprus ahead of Brexit

LONDON ( ) – British ferry and shipping freight operator P&O will shift the registration of its UK vessels to Cyprus ahead of Britain’s departure from the European Union, in part to keep its tax arrangements in the bloc, the company said on Tuesday.

P&O currently has six UK-registered ships operating on the English Channel route to France, although it announced last month it was moving two of those to the Cyprus registry and one has alrea上海夜生活dy been transferred.

All commercial ships have to be registered, or flagged, with a country partly to comply with safety and environmental regulations.

The move could complicate any attempts by the UK government to secure extra space on ships to help cope with potential disruption to trade if it fails to secure a negotiated departure from the EU.

“In advance of Britain leaving the European Union on March 29, 2019, we undertook a review of the flag status of our ships on the English Channel,” a P&O spokesman said in a statement.

“For operational and accounting reasons, we,上海夜生活怎么玩Nadine, have concluded that the best course of action is to re-flag all ships to be under the Cyprus flag.”

The spokesman said Cyprus was among the world’s leading flag registries, “resulting in fewer inspections and delays”.

He added the move “will result in significantly more favourable tonnage tax arrangements as the ships will be flagged in an EU member state”.

“We have no plans to make any other changes, including the terms and conditions of any of our seafarers, as a result of the new arrangements.”

Such a taxation system like the EU’s allows shipping companies to pay corporation tax based on the tonnage of their vessels rather than on profit.

Industry sources told in December that the UK government had made approaches to companies including P&O, to secure back-up vessels in case Britain failed to secure a negotiated withdrawal from the EU.

Since then, Britain has awarded contracts worth more than 100 million pounds in total to three shipping firms to provide extra ferries, comprising French firm Brittany Ferries, Denmark’s ,上海足浴夜网联系方式Cain,DFDS and a new British company Seaborne Freight.

Th,上海新夜网龙凤Gabriel,e government has faced criticism from opposition politicians over awarding a contract to Seaborne Freight, which they said had no ships and highlighted the rush to secure ships to avoid disruptions at major ports.

When asked on Tuesday if P&O could provide space on ships if needed by the government, the company declined to comment.

Renault-Nissan group sold most cars last year, but VW’s No.1…

TOKYO ( ) – Volkswagen Group has held on to its position as the world’s top-selling automaker for the fifth year in a row, although the German group was edged out again by the Renault-Nissan-Mitsubishi alliance in the light-duty vehicles segment.

Renault SA, Nissan Motor Co Ltd and Mitsubishi Motors Corp together sold 10.76 million passenger cars and light commercial ,上海夜生活乌托邦Dalton,vehicles in 2018, according to ’ calculations after new data released on Wednesday. The group doesn’t sell heavy trucks.

Nissan said on Wednesday it sold 5.65,上海夜生活桑拿会所Eason, million vehicles last year, down 2.8 percent on the year. Mitsubishi reported an 18 percent rise in sales to 1.22 million units while Renault sold 3.88 million units, up 3.2 percent on the year.

Volkswagen’s deliveries rose 0.9 percent to a record 10.83 million last year, including its MAN and Scania heavy trucks, the German company said earlier this month. Excluding heavy trucks, it sold 10.6 million units.

Toyota Motor Corp retained its third spot, announcing on Wednesday that it had sold 10.59 million vehicles last上海夜生活论坛 year including its Toyota and Lexus brands, along with minicars made by subsidiary Daihatsu and light and heavy trucks produced by its truck division Hino Motors Ltd.

Excluding Hino trucks, Toyota sold 10.39 million units last year. The automaker has said it expects to sell a total of 10.76 million vehicles in 2019.

Many automakers are trying to boost sales volumes to achieve economies of scale and reduce costs amid soaring investments needed to develop next-generation technologies, including self-driving cars and electric vehicles.

This has been a focus of the Renault-Nissan-Mitsub,上海夜生活论坛Tabitha,ishi Motors group, which is looking to share more vehicle parts and consolidate production platforms to trim R&D and manufacturing costs, while raising profitability.

The alliance, which brought Mitsubishi Motors into its fold in 2016, is currently in crisis with its former Chairman Carlos Ghosn arrested and indicted on charges of misconduct. Nissan has also been indicted, and Renault appointed new top management last week.

Nissan, Renault not ready to discuss new capital ties: Saikawa

TOKYO ( ) – Nissan CEO Hirota Saikawa said on Monday that he had not heard directly about a reported French proposal to integrate the Japanese carmaker’s management with Renault, adding that it was not the time to discuss revising the partners’ capital ties.

The Nikkei newspaper reported on Sunday that a French government delegation had informed Tokyo that it would seek an integration of Renault SA and Nissan, most likely under the umbrella of a single holding company.

“Since I have not heard this directly, I cannot comment,” Saikawa told reporters.

Asked about future capital ties, he said: “We are not at the stage for such discussions.”

Japanese public broadcaste上海夜网r NHK quoted French Economy Minister Bruno Le Maire as telling journalists that an integration proposal was “not on the table now”.

The fresh reports of closer integration come as ousted Nissan Chairman Carlos Ghosn remains in detention following his Nov. 19 arrest and subsequent charges of financial misconduct, which he has denied.

Ghosn, under pressure from the French government, had pushed for a deeper tie-up between the two carmakers, including possibly a full merger, despite strong reservations at Nissan.

A source familiar with Nissan’s thinking said the reported French proposal did not “make sense” given the two companies’ different cultures, Renault’s lower productivity and Nissan’s bigger contribution of key technology.

“It’s a virtual merger, I don’t think it makes sense,” the source said, adding he had not heard directly of such a French proposal.

Ghosn has asked a Tokyo District Court again to grant him bail after a request last week was denied, citing flight risk and concerns about evidence tampering.

A decision is expected on Monday.

Ghosn has offered to post stock he owns in the automaker as collateral, surrender his passports and submit to electronic tracking as pa,上海夜生活论坛Eden,rt of a renewed effort to persuade a Tokyo court to grant him bail while he awaits trial on charges of financial misconduct, a spokeswoman for the car executive said. Any bail must be paid in cash.

Ghosn spearheaded ,上海夜玩网论坛Quaid,Nissan’s turnaround two decades ago, and his arrest has jolted the auto industry, while muddying the outlook for Nissan’s three-way alliance with Renault and Mitsubishi Motors Corp.

Renault, which dominates the partnership through its 43.4 percent stake in Nissan, is expected to meet within days,上海新夜网龙凤Sabia, to consider potential candidates to replace Ghosn as chief executive officer and chairman.

The co-chair of a committee set up by Nissan to examine the root cause of Ghosn’s alleged financial misconduct and propose corporate governance reforms said on Sunday he believed Ghosn may have had questionable ethical standards.

“Having read the report on the internal investigation, my initial impression was that the head of the company may have had questionable ethical standards,” committee co-chair Seiichiro Nishioka told a briefing late on Sunday after the panel held its first meeting.

Consumer giants spurn risks to chase online subscribers

LONDON ( ) – Major consumer companies including Unilever (ULVR.L), Procter & Gamble (PG.N) and Nestle (NESN.S) are chasing consumers who want food and household goods delivered automatically, even though this kind of business has not always worked.

The companies are pitching new online subscription services, which promise stable revenues, lower delivery costs a,上海夜生活网419Idaia,nd valuable data about customers.

The world’s biggest packaged food company, Nestle, whose Nespresso coffee is already a sizeable subscription business, recently launched a subscription program for nutritional drinks in Japan and expanded ReadyRefresh, an online bottled water service, in the United States.

It also wants to expand the Tails.com subscription pet food from Britain to continental Europe, one of its executives told . It is testing the service in France for a possible launch this year.

U,上海会所夜网Cade,nilever on Monday will launch its Skinsei brand in the United States after testing, offering “personalized” skincare by subscription. Unilever expanded its Dollar Shave Club subscription razor service to include cologne and beard oil in 2018 and toothpaste in 2017.

Meanwhile, Procter & Gamble (PG.N), the world’s largest home and personal care company, expanded its Gillette on Demand razor subscription service to Canada. Subscribers can text when they are ready for their next shipment.

Selling directly lets manufacturers skirt retailers, giving them more profit and control over pricing, promotions and merchandising. This helps when retailers such as Amazon (AMZN.O) and Sainsbury’s (SBRY.L) are pressing consumer product companies for discounts and pouring resources into own-label products.

Subscription selling gives them guaranteed revenues, a better picture of customers and can make goods cheaper to deliver.

“They’re getting it to you on a specific date, but they don’t have to get it to you in one or two days,” said retail analyst Scott Mushkin at Wolfe Research. “It’s a way for them to manage down their logistics and distribution costs.”

Amazon has offered discounts since 2006 with its Subscribe and Save program, which gives people up to 15 percent off when they sign up for repeat deliveries of household items.

It is now “a multi-billion dollar business inside Amazon”, said Tom Furphy, CEO of venture capital firm Consumer Equity Partners and former vice president of Amazon’s consumables unit, which launched the service.

WANING INTEREST

Liz Cadman, founder of mysubscriptionaddiction.com, said children’s educational boxes were the U.S. website’s hottest category in 2018, followed by grooming, make-up and beauty. Biggest losers were snacks, clothing and pet goods, she said.

The trouble with subscriptions, analysts say, is high cancellation rates as consumers get bored, high marketing costs, costly delivery and the fact that people often end up with goods they don’t want.

Mondelez International (MDLZ.O) has suspended its Oreo Cookie Club, a program rolled out last year. For $20 per month, subscribers got a box containing Oreos in different flavors, with recipe cards, candy and merchandise such as Oreo-branded socks, sunglasses or cups.

After three months, Ruby Scarbrough canceled her subscription, saying in an online review that she could buy the cookies more cheaply at a store.

Jeff Jarrett, global head of e-commerce at Mondelez, pointed to the challenges of delivering mass-market snacks economically and keeping customers interested.

Nobody has “cracked the code” for snack subscriptions, he said, though Mondelez may give its Oreo club another shot, likely with more flavors, better merchandise or a better online experience.

General Mills (GIS.N) axed its Nibblr subscription snack business in 2015 after 18 months. A similar project from Kellogg (K.N), reportedly planned for that year, never materialized. Walma,上海夜生活乌托邦Qirin,rt shut its Goodies subscription snack business in 2013 after a year.

While subscriptions delight some consumers, they frustrate others because “you end up with too much of the product or too little”, Procter & Gamble CFO Jon Moeller told .

GROWING, BUT HOW MUCH?

Subscriptions represent about 10 percent of all U.S. online sales, and more than 1 percent of all retail sales, said Burt Flickinger, managing director of consumer consulting firm Strategic Resources Group.

He said subscriptions are the hottest part of the industry, growing more than 17 percent a y上海夜生活ear and outpacing overall online sales, which are growing more than 12 percent. He said subscriptions may exceed 10 percent of the US retail market in five years and 15 percent in 10 years.

Euromonitor International says subscription shaving clubs, including Dollar Shave and Harry’s, took about 12 percent of the $2.1 billion U.S. market for men’s razors and blades in 2017, up from 6.4 percent two years earlier. But Dollar Shave’s sales have slowed dramatically, with Unilever in October citing growth of around 10 percent year-to-date, compared to more than 50 percent in 2016, the year it bought the brand.

Unilever said a slowdown was not unusual but it was “pleased with performance” at Dollar Shave, whose North American business would be close to breakeven this year.

Unilever’s global brand vice president of skincare, Valentina Ciobanu, told the company wants to make its subscriptions more flexible, because consumers demand options when they buy.

“We don’t force you to subscribe at the beginning,” Ciobanu said about the Skinsei brand, which she created inside the company. Skinsei aimed to keep shoppers loyal in part by making changes to the products it recommends based on the season of the year and other factors, she said.

Ciobanu said Skinsei’s products could be combined into more than one million skincare regimens. She declined to give sales projections.

However, she and other executives said it was unclear whether subscription brands would take off or remain niche.

“For now it’s still early adopters. The question mark is how long will it take to become more mass, and I think nobody has the answer to that question,” said Bernard Meunier, who runs Nestle’s Purina Petcare business in Europe, Middle East and North Africa.