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

Brazil investor group to file lawsuit against Boeing-Embraer deal

RIO DE JANEIRO ( ) – Brazilian investors’ association Abradin said it would file a lawsuit claiming a proposed tie-up between U.S. planemaker Boeing Co (BA.N) and Embraer SA (EMBR3.SA) should come with a public tender offer, escalating its fight against the proposed deal.

The group had ,上海夜网Hadleigh,already filed a motion last month with a São Paulo court questioning the legality of the deal and seeking to convince that court that Embraer shareholders should be eligible for a public tender offer.

In July, Embraer agreed to sell 80 percent of its commercia,上海夜网官方网站Idaleen,l plane division to Boeing for $4.2 billion, as global competition escalated between the U.S. planemaker and Airbus. The deal has been approved by Embraer’s board and the Brazilian government but has yet to be put to a vote by its shareholders.

Embraer’s bylaws ensure an offer to all shareholders with a 50 percent premium over market prices if an investor buys 35 percent or more of the company.

If the deal goes through, Embraer will have to attempt to be profitable from its executive and defense divisions wh上海夜生活网ich have posted losses in recent years, as well as from dividends it will receive from its remaining stake in its commercial division.

“What will be left behind with Embraer will not survive in the medium term without heavy government subsidies,” said Aurelio Valporto, president of Abradin.,上海夜生活网419Balthazar,

Embraer declined to comment on the matter.

The Brazilian planemaker said this month it expected to post little to no profit over the next two years.

The proposed Boeing-Embraer deal faces challenges on multiple fronts, including from left-wing politicians and labor groups who say the tie-up would lead to job cuts. The deal has been temporarily blocked by Brazilian judges at least twice through injunctions, both of which were swiftly reversed.

Written by shyw on September 29, 2017 Categories: fblpntlx Tags: , , ,

U.S. automakers push for deal on fuel efficiency rules

DETROIT ( ) – Executives at the major U.S. automakers are pressing the Trump administration and ,上海足浴夜网联系方式Easton,California to agree on standards for fuel efficiency and carbon emissions through 2025, as risks increase that a deadline for setting national standards will pass without a deal.

Automakers are already entering the time frame when decisions should be made about what engines and fuel-saving technology, such as hybrids or fully electric cars, will be in use in 2021 and beyond, executives said.

In August, the Trump administration proposed freezing fuel efficiency requirements at 2020 levels through 2025 and stripping California of the ability to impose stricter rules. The administration may also eliminate compliance credits that automakers get for making electric vehicles.

A group of about 20 U.S. states, led by California, has challenged the administration proposal as unlawful and promised to sue if federal regulators move forward with the freeze.

Trump’s proposed freeze would result in 500,000 barrels per day more oil consumption by the 2030s. The administration says it would reduce regulatory costs for automakers by more than $300 billion over the next decade.

At a hearing Wednesday, U.S. Senator Tom Carper, a Democrat, said he had “heard that the Trump Administration now plans to finalize a 0.5 percent a上海夜生活论坛nnual increase in the stringency of the standards – a rate that is 10 times weaker than the current rules.” Carper said that “will only lead to extensive litigation and uncertai,上海夜生活群Fabi,nty for automakers. That’s not a win-win outcome. It’s a lose-lose.”

Several automakers said they have heard the administration could finalize an increase ranging from no increase to 1 percent per year, but nothing has been finalized.

EPA Administrator nominee Andrew Wheeler said at the hearing he was still pushing for an agreement. “Nobody wants a 50-state deal more than I do,” Wheeler said.

The administration is supposed to finalize the new rules by the end of March in order for the softer requirements to take effect by the 2021 model year, but some automakers and officials question if it will meet that deadline in the wake of the partial government shutdown.

Most automakers oppose freezing the requirements, but also want relief from Obama-era standards that called for a roughly 5 percent annual reduction in carbon emissions – targets that translate to fuel efficiency requirements for various classes of vehicles.

“Pick the middle. Pick 2.5 percent and get on with life,” Jim Lentz, chief executive officer of Toyota Motor Corp’s (7203.T) North America subsidiary, told at the Detroit auto show this week.

Lentz told last month he was concerned that automakers are stuck between California and the White House.

“I kind of feel like this is the OK Corral and we’re the settlers walking across the middle,” Lentz said.

Ford Motor Co (F.N), which floated a compromise proposal last year to other automakers, is still pushing for a deal, Executive Chairman Bill Ford Jr. told .

“We’ve been very clear and very open that we want one national standard, we want California at the table,” Ford said. “We’re not asking for a rollback, but we’ve got to get everybody at the table, especially California.”

Detroit automakers have the most at stake. General Motors Co (GM.N), Ford and Fiat Chrysler Automobiles NV (FCHA.MI) generate most of their global profits from sales of fuel-thirsty large pickup trucks and sport utility vehicles in the United States. All three have discontinued or planned to ,上海会所夜网Quay,drop small and medium-sized sedans from their lineups to focus on trucks and SUVs.

Trucks are front and center at the Detroit auto show, where Fiat Chrysler’s Ram brand exhibit displays a gleaming Ram “Power Wagon” heavy duty truck on a pedestal, and GM’s GMC brand features its newly redesigned Sierra Denali luxury pickup line.

But Asian automakers that have more efficient fleets are also seeking a middle ground.

Henio Arcangeli, a senior vice president at the U.S. unit of Honda Motor Co Ltd (7267.T), said without a national deal “the consumer’s going to lose.”

Mitch Bainwol, who heads the Alliance of Automobile Manufacturers, a trade group representing major automakers, said a deal makes the most sense but “time is running out. … A successful negotiation is a win for everyone – more carbon reduction for California, a stronger and pro-job economic context for the administration and common sense certainty for our industry.”

Walmart, Amazon scrambling to comply with India’s new e-commerce rules

MUMBAI ( ) – Walmart Inc-owned Flipkart and Amazon.com Inc’s I,上海夜生活乌托邦Octava,ndian unit are rushing to rejig ownership structures and rework some key vendor relationships, as they seek to comply with new Indian e-commerce curbs without disrupting their businesses.

In late December, India modified rules around foreign direct investment (FDI) in e-commerce, creating additional hurdles for the retail giants. The rules, which kick in on Friday, do not allow e-commerce sites to “exercise ownership or control over the inventory” of sellers.

India does not allow foreign investors to control and market their own inventory on their e-commerce platforms. They are only allowed to operate marketplace platforms where others sell goods to retail consumers.

Traders and rivals say companies such as Amazon and Flipkart have been violating the spirit of these rules by creating proxy sellers or vendors in which they have direct or indirect stakes, allowing firms to give deep discounts that upset off-line trade.

The All India Online Vendors Association, a group of about 3,500 online sellers, has accused both Flipkart and Amazon of using their dominant position to favour selected sellers. Amazon and Flipkart deny the accusations.

Both Amazon and Flipkart sought more time to comply with the new rules. But India said on Thursday, it had, after “due consideration” decided not to extend beyond Feb. 1 the deadline for the implementation of the modified FDI norms.

In a letter to India’s industries department earlier this month, Flipkart Chief Executive Kalyan Krishnamurthy said the rules required it to assess “all elements” of its business operations, a source told previously.

Flipkart and Amazon did not respond to requests ,上海夜生活去哪玩Ebba,for comment on their plans for complying with the new regulations.

Related CoverageExplainer: What are India’s new foreign direct investment rules for e-commerce?EQUITY STAKES

The new rules, meant to close loopholes in the regulations, state that if any seller purchases more than 25 percent of its inventory from the wholesale units or other group companies of an e-commerce firm that runs an online marketplace, then that vendor’s inventory will be deemed to be controlled by the e-commerce company.

That could disrupt the models of Amazon and Flipkart, whose wholesale units buy products in bulk and sell to thousands of vendors on their platform, who in turn sell to consumers.

Flipkart was likely to create a so-called “middle layer” firm – in which it would have less than a 25 percent shareholding – between its wholesale arm and vendors on its marketplace, two sources familiar with the matter told .

This company, which would be classified as a non-group company under Indian law, would be able to freely sell to vendors without the 25 percent sourcing restriction, the sources added.

Another rule blocks entities in which an e-commerce firm, or any of its 上海夜生活论坛group companies, owns a stake from selling its products on that firm’s marketplace.

This creates a barrier for India’s Shopper’s Stop to sell on Amazon India, as Amazon’s investment arm has a minority stake in the department store chain.

Cloudtail and Appario, among the top sellers on Amazon India, could also face similar restrictions, because Amazon owns minority stakes in their parent firms.

“By the letter of the regulation it will not be considered to be an entity in which Amazon has an equity stake, but if the governme,上海夜玩网论坛Dakota,nt is wanting to implement the spirit of this rule they might say this doesn’t cut it,” one of the sources said.

E-commerce players may also be forced to give up the word “exclusive” when they launch products such as smartphones on their platforms, as the rules mandate that an online retailer cannot push vendors to “sell any product exclusively on its platform only”.

Contracts between a brand and e-commerce firms would be reworded to say a brand would not sell to a direct rival, giving it freedom to sell elsewhere, one of the sources said.

Ex-Swiss banker convicted for selling secret tax data to Germany

ZURICH ( ) – A former UBS (UBSG.S) banker accused of selling information about wealthy German tax evaders to German authorities was convicted of economic espionage by a Swiss court on Monday.

Rene S., as the 45-year-old ex-banker was called during court proceedings, was sentenced to 40 months in prison and must pay fines and court costs totaling more than 125,000 Swiss francs ($125,300) after being found guilty of charges that included spying and money laundering.

Rene S., who according to court documents has moved to a small town in Germany just across the Rhine River from Switzerland, did n,上海夜网后花园Hal,ot attend the proceedings in Bellinzona this month.

He was acquitted of breaking Swiss banking secrecy laws. It was not immediately clear whether Switzerland would seek his extradition, with Swiss officials in Berne saying such a decision would come only after the appeals pro,上海夜网邀请码Eason,cess had been exhausted and the judgment finalised.

The case is part of a decade-old dispute between Germany and Switzerland over untaxed assets, a fight they hope will fade now that both countries have joined more than 100 others in agreeing to automatically exchange financial data about their residents’ international accounts.

Switzerland, whose banks have paid out billions to ,上海夜网推油Barbara,other countries to settle charges they helped foreigners hide wealth, has aggressively prosecuted whistleblowers who leak banking data.

Prosecutors said that between 2005 and 2012, when Rene S. worked for UBS, he illegally collected data about Germans with accounts at the bank and sold the information for 1.15 million euros ($1.31 million) to tax authorities in North Rhine-Wes上海夜网tphalia who were seeking to root out tax dodgers.

Rene S.’s lawyer, Moritz Gall, said he expects to appeal. Throughout the trial, Gall has maintained his client’s innocence.

Neither the defendant, who is a Swiss citizen, nor his family could be reached for comment.

Lawyers for UBS, which paid some $300 million in 2014 to settle claims it helped wealthy Germans evade taxes, had contended during the trial that its former employee’s actions had undermined Switzerland as a financial center.

UBS declined to comment after Monday’s verdict.

A decade ago, Germans were believed to be hiding about 150 billion francs in secret accounts in Switzerland and Liechtenstein.

But thousands began declaring their assets after North Rhine-Westphalia, with the federal government’s blessing, started buying covertly collected data.

North Rhine-Westphalia has spent some 17.9 million euros since 2010 on data that helped it recover nearly 7 billion euros ($7.97 billion) in tax revenue.

In turn, Switzerland fought to protect its banking secrecy laws by prosecuting several people, including Rene S., in separate cases where it accused them of illegally handing over documents. [reut.rs/2VDzkHs]

The dispute has included several twists, including the Swiss filing criminal charges in 2012 against three German tax collectors, accusing them of buying account information from informants.

And in 2017, Germany arrested a Swiss man they accused of spying on North Rhine-Westphalia’s tax authority, forcing Switzerland’s spy agency to defend its practices against friendly neighboring countries. The accused Swiss spy got a suspended prison term. [reut.rs/2FfZgUt]

($1 = 0.8804 euros)

($1 = 0.9976 Swiss francs)

Written by shyw on September 26, 2017 Categories: fblpntlx Tags: , , ,

U.S. private payrolls rise strongly; housing market struggling

WASHINGTON ( ) – U.S. private payrolls increased solidly in January, pointing to sustained labor market strength despite a recent easing in consumer and business confidence that has suggested a loss of momentum in the economy.

The strong hiring shown in the ADP National Employment Report on Wednesday also suggested there had been minimal impact on the labor market from the just-ended 35-day partial shutdown of the federal government.

Other data showed contracts to buy existing homes tumbled to a more than 4-1/2-year low in December.

Amid growing uncertainty over the economy’s outlook, the Federal Reserve on Wednesday kept benchmark U.S. interest rates steady and said it would be patient in lifting borrowing costs further this year.

“It looks like the labor market remains in solid shape despite significant weakening in business and consumer sentiment in recent months and we don’t see much evidence that the government shutdown spilled over into the private labor market in an especially meaningful way,” said Daniel Silver, an economist at JPMorgan in New York.

The ADP National Employment Report showed private payrolls increased by 213,000 in January after surging 263,000 in December. Economists polled by had forecast private payrolls advancing 178,000 in January.

The ADP report, which is jointly developed with Moody’s Analytics, was published ahead of the government’s more comprehensive employment report for December scheduled for release on Friday.

While the ADP report is not considered a reliable predictor of the private payrolls portion of the government’s employment report because of differences in methodology, it was in line with other market data, including weekly filings for unemployment benefits, that,上海仙霞路夜生活Barney, have suggested a healthy jobs market.

According to a survey of economists, nonfarm payrolls likely increased by 165,000 jobs in January after jumping 312,000 in December. The unemployment rate is forecast unchanged at 3.9 percent.

The dollar fell against basket of currencies on the Fed’s dovish statement on interest rates, while U.S. Treasury prices rose. Stocks on Wall Street extended gains.

HOME SALES CONTRACTS FALL

In a separate report on Wednesday, the National Association of Realtors said its pending home sales index, based on contracts signed last month, dropped 2.2 percent to 99.0, the weakest reading since April 2014.

Contracts to purchase homes have now declined for three straight months. Pending home sales become sales after a month or two, and last month’s drop suggested further weakness in existing home sales after they hit a three-year low in December.

Economists had forecast pending home sales rising 0.5 percent. Pending home sales fell 9.8 percent from a year ago, the 12th straight month ,上海021夜网Macey,of annual decreases.上海夜生活网 Contracts fell in the South, Northeast and Midwest. They rose in the West.

“The December report suggests a further deterioration in home sales,” said Blerina Uruci, an economist at Barclays in Washington.

The weak housing report added to surveys showing a plunge in consumer confidence in January and some regional Fed manufacturing surveys that have suggested a slowdown in economic activity in the fourth quarter and early in 2019.

Economists believe U.S. economic growth cooled in the fourth quarter from the July-September period’s brisk 3.4 percent annualized rate.

The advance fourth-quarter GDP report, which was scheduled for release on Wednesday, has been delayed as the government shutdown prevented the collection of source data by the Commerce Department’s Bureau of Economic Analysis and Census Bureau.

Despite the weakness in signed contracts and sales, the outlook for the housing market is improving amid a moderation in house price inflation.

A report on Tuesday showed the S&P CoreLogic Case-Shiller composite index of home prices in 20 metropolitan areas rose 4.7 percent in November on a year-on-year basis, the smallest gain since January 2015, after advancing 5.0 percent in October.

The slowdown in house prices comes at a time when the 30-year,上海晚上耍女人的地方Jacob, fixed mortgage rate is hovering at a nine-month low of 4.45 percent, according to mortgage finance agency Freddie Mac. This, together with improving supply, could help to support the housing market this year after it struggled in 2018.

Taco Bell’s first Thailand outlet to serve spicy fare and local beer

BANGK,上海夜网推油Paige,OK ( ) – U.S. fast food giant Taco Bell is opening its first outlet in Thailand, continuing the Yum! Brands (YUM.N) chain’s Asia expansion, offering adapted menu items and local beer.

The fast-food chain’s new Bangkok outlet opens on Thursday and will introduce new items with local flavors including an extra-spicy sauce to compete with the mu,上海夜生活男人好上海夜生活去处Rae,ltiple quick-service chains and higher-end Mexican restaurants in the city center.

It will also serve Thai beer brands Singha and Chang as well as Philippines beer San Miguel Light.

Its Thai franchise partner, Thoresen Thai Agencies Pcl (TTA) (TTA.BK), owned by the billionaire Mahagitsiri family, a shipping company that branched out last year into the food and beverage business with quick-service restaurant, Pizza Hut, also owned by Yum.

“Taco Bell will appeal to the young generation, particularly millennials,” Chalermchai Mahagitsiri, CEO of Taco Bell’s Thai franchise partner Thoresen Thai Agencies (TTA) (TTA.BK), said in a statement, adding that his family “fell in love” with the chain while visiting the United States.

TTA, owned by the billionaire Mahagitsiri family, is a shipping company that branched out last year into the food and beverage sector.

Taco Bell’s Asia Pacific’s managing director, Ankush Tuli, said Thailand’s “strong food culture, adventurous spirit and appetite for trying new things” make it a good market for the brand.

The latest store was unveiled by Taco Bell President Liz Williams on T,上海021夜网Barrett,uesday. The chain, known for serving burritos and tacos opened its first store in China in 2016 and last year signed a deal to expand in New Zealand and Australia.

Written by shyw on September 25, 2017 Categories: wjxqxjow Tags: , , ,

Trump officials brief Hill staff on Saudi reactors, enrichment a worry

WASHINGTON ( ) – The Trump administration briefed congressional staff this week on how the White House was considering non-proliferation standards in a potential pact to sell nuclear reactor technology to Saudi Arabia, but did not indicate whether allowing uranium enrichment would be part of any deal, congressional aides said.

Non-proliferation advocates worry that allowing Saudi Arabia to enrich fuel in a nuclear power deal could also enable i上海夜生活论坛t to one day covertly produce fissile material and set off an arms race with arch-rival Iran that could spread more broadly throughout the Middle East.

Senate Foreign Relations Committee staff members were briefed by State Department and Department of Energy officials in a meeting on Wednesday, the,上海夜生活去哪玩Jack, aides said. They learned the administration “is working to develop a position on non-proliferation standards” should they begin talks with Saudi Arabia on a civilian nuclear cooperation pact known as a 123 agreement, a committee aide said.

The administration is still mulling whether any agreement would allow uranium enrichment, the aide said.

The race to build Saudi Arabia’s first nuclear power reactors is heating up among U.S., South Korean, Chinese and Russian companies.

U.S. Energy Secretary Rick Perry visited Saudi Arabia last week, telling then that new talks between the two allies on a 123 agreement would start soon. An agreement would allow U.S. companies to participate in Saudi Arabia’s civilian nuclear program.

Riyadh has said it wants to be self-sufficient in producing nuclear fuel and that it is not interested in diverting nuclear technology to military use. In previous talks, Saudi Arabia has refused to sign an agreement with Washington that would deprive it of enriching uranium.

Uranium fuel for reactors is enriched to only about 5 percent, lower than the 90 percent level for fissile material in nuclear bombs.

FRUSTRATION

Some senators with proliferation concerns worry the administration is moving too quickly on talks about nuclear plants and enrichment with Saudi without consulting Congr,上海夜网千花Gabriel,ess. As required by a 2008 law, the president is required to keep the committees in the House and Senate that deal with foreign relations “fully and currently informed” on any initiative and talks relating to new or amended 123 agreements.

“We’re frustrated by the lack of briefings and having to yet again learn about potential foreign policy developments from the press,” a congressional aide said.

A day before the senate briefing, a report by Bloomberg citing sources said that the administration may allow uranium enrichment as part of an agreement.

The congressional aide said there are concerns that plans for an agreement are only being conducted by a small number of people controlled by the White House. “It also appears that this is policy being driven out of the White House, which makes congressional oversight that much harder,” said the aide.

If lawmakers oppose a civilian nuclear deal signed by the president they can try to fight it with legislation or other measures.

The Trump administration and the previous Obama administration have pushed for selling nuclear power technology abroad, partly to keep the country competitive with Russia and China in nuclear innovation.

A State Department official sai,上海夜网后花园Barrett,d the United States and Saudi Arabia have been in talks since 2012 regarding a 123 agreement but declined to comment on the discussions. Energy Department officials did not immediately comment on the briefing.

Toshiba-owned Westinghouse is in talks with other U.S.- based companies to form a consortium for a bid in a multibillion-dollar tender for two nuclear reactors in Saudi Arabia.

Winning a bid would be a big step for Westinghouse. It went into Chapter 11 bankruptcy this year and abandoned plans to build two advanced AP1000 reactors in the United States.

Democrats eye gains in Pennsylvania trial on ‘goofy’ gerrymandering

LOWER MERION, Pa. ( ) – In Pennsylvania state Senator Daylin Leach’s bid to win a seat vital to the Democratic Party’s chances in 2018 elections of taking control of the U.S. Congress, his opponents may not be his biggest obstacle.

Leach is running in one of the country’s most gerrymandered congressional districts, one with such a twisting, winding shape that it has earned the derisive nickname “Goofy Kicking Donald Duck.”

The 7th congressional district has become a national poster child for critics of gerrymandering, the process by which one party draws district boundaries to ensure an advantage among voters. Democrats say the lines have helped Republicans like U.S. Representative Patrick Meehan, the four-term incumbent Leach seeks to unseat, to stay in office.

That could soon change, however. On Monday in state court in Harrisburg, one of t,上海夜网官方网站Barrett,hree lawsuits challenging those boundaries heads to trial. The outcome could shift several battleground districts in Pennsylvania and in turn boost the Democrats in the U.S. House of Representatives, where they last held the majority from January 2007 to January 2011.

The 7th district is so precisely engineered that at one point it narrows to the width of a single seafood restaurant, snaking past two other congressional districts so it can link two far flung Republican-leaning areas.

“Three congressional districts all converge on this spot,” Leach said from the parking lot at Creed’s Seafood and Steaks last week, as cars whizzed overhead on the Pennsylvania Turnpike.

“This is the sixth; over there is the seventh;,上海晚上耍女人的地方Gabrielle, and down that road is the 13th,” he said, pointing in several directions. “This is what gerrymandering looks like on the ground.”

Leach has at least four opponents to defeat in the Democratic primary before he would run against Meehan. A spokesman for the Republican did not respond to requests for comment on the trial over gerrymandering.

Critics of gerrymandering say it helps explain why Pennsylvania has sent 13 Republicans and only five Democrats to the U.S. House since the 2011 redistricting, despite being a closely divided swing state.

Republican legislators counter that the lines were drawn in accordance with the law and that their candidates have prevailed in elections thanks to superior policy ideas.

The Democrats have targeted six Republican-held districts in the state as part of their quest to pick up the 24 House seats they need to overturn the Republicans, who also have a Senate majority and President Donald Trump in the White House.

Democrats need to win the nationwide popular vote by at least 10 points in 2018 to do so, in part because of gerrymandered lines, according to Michael Li, a redistricting expert and lawyer at New York University’s Brennan Center for Justice.

“Pennsylvania is probably the most aggressive of the gerrymanders,” he said. “You look at some of the maps in the Philadelphia suburbs, and it looks like a 4-year-old just slapped paint around.”

DISTRICT LINES ON TRIAL

The non-partisan League of Women Voters of Pennsylvania sued the state in June, arguing the maps violate the state constitution by depriving residents of a meaningful vote.

The litigation is part of a growing set of legal challenges to partisan redistricting, including a U.S. Supreme Court case out of Wisconsin that could for the first time establish a constitutional standard to measure the legality of such map-making. The high court is scheduled to decide that case by June 2018, five months before the midterm elections.

“The politicians are not supposed to pick their voters; the voters are supposed to elect their leaders,” said Mimi McKenzie, an attorney with the Public Interest Law Center who represents the League of Women Voters and other Pennsylvania voters.

Spokesmen for the state’s Republican legislative leaders, defendants in the case, said the redistricting followed the process laid out in the state constitution and that the U.S. Supreme Court has said political considerations can play a role.

“They just can’t understand how Rep上海夜网ublicans can actually beat their candidates,” Stephen Miskin, a spokesman for Pennsylvania House Speaker Mike Turzai, said of the legal challengers.

In addition to the state case, two pending federal lawsuits also challenge the district lines as unconstitutional. Legal observers consider the state lawsuit the most likely to succeed in time for the voting next November.

The Democratic-majority state Supreme Court has ordered the presiding judge to render his decision by Dec. 31. The high court will then determine whether to accept his ruling or issue its own conclusions.

The state lawsuit asserts the redistricting included n,夜上海论坛Idaline,umerous examples of blatantly partisan lines.

Democrat-dominated Reading, one of the most economically depressed cities in the state, was carved out of the 6th district and placed into the reliably Democratic 13th, a move the plaintiffs said was intended to render the city’s votes meaningless.

Montgomery County, where state senator Leach lives, has approximately 820,000 residents, slightly more than the 711,000 needed for a single congressional district, but has been sliced into five separate districts.

Leach said he would make gerrymandering a campaign issue.

“It’s theft of democracy,” Leach said. “This is horribly destructive.”

The story was refiled to correct paragraph 4 to say that Democrats held majority in U.S. House of Representatives from 2007 to 2011, not 2009 to 2011

Siemens rules out further concessions to get Alstom deal approval:…

MUNICH ( ) – Siemens (SIEGn.DE) will not make further concessions to save a rail merger deal with France’s Alstom (ALSO.PA) even after European competition authorities demanded further concessions, sources familiar with the matter said.

Siemens is ready to walk away from the tie-up which was announced in Sept. 2017, a source familiar with the matter said.

“If the Commission refuses, then we cannot do the deal,” this source said, “Then this topic is over.”

Siemens has already offered to license parts of its high speed train business and sell parts of its signalin,上海夜生活桑拿会所Kaiden,g operations to meet the concerns of the EU authorities who are worried about stifling competition in the rail sector.

But a key disagreement remains around how much of its high-speed train technolo,上海晚上耍女人的地方Gabi,gy – which allows trains to travel faster than 250 km per hour – Siemens should be made to share with third parties.

The first source said the fate of the merger now rests with the European Commission, which is due to make a ruling by February 18. Siemens still considers the merger with Alstom to be the best option, the first source explained.

The deal would create the world’s second largest rail company with combined revenues of around 15 billion euros, roughly half the size of China’s state-owned CRRC Corp Ltd [601766.SS.] but twice the size of Canada’s Bombardier (BBDb.TO).

If the merger is not approved, the 上海夜生活German company remains confident about the growth prospects for its own in-house rail technology division – called Siemens Mobility, sources said.

Growth opportunities included potential acquisitions, the first source said, although a collaboration with Bombardier is not on the agenda.

“We will consider all options,” the first source said, including a potential float of the Siemens mobility business with Siemens keeping a stake.

“We absolutely believe that we can develop our business as it is today in a very attractive way,” said the first source.

Alstom on Thursday said it was making progress on the deal and was optimistic it could be completed in the first half of 2019.

“The proposed combination of Alstom with Siemens Mobility, including its rail traction drive business, has progressed in the last quarter,” Alstom said in statement, adding that both companies had presented proposals to win over regulators.

“The proposed remedies include mainly signaling activities as well as rolling stock products and represent aroun,上海新夜网龙凤Balthazar,d four percent of the sales of the combined entity. The parties consider that the proposed remedy package is appropriate and adequate,” added Alstom.

A company spokeswoman declined to comment on the outcome if the European Commission asked for more concessions.

In 2017, Siemens and Alstom agreed to merge their rail operations, creating a European group better able to withstand the international advance of CCRC.

The German government has given its backing to the merger, saying it would help secure the competitiveness of the European rail industry. France has also said a decision to block the merger would be a mistake.

However Germany’s antitrust authority and four other national regulators have expressed concerns to the European Union’s competition watchdog.

In December, European antitrust commissioner Margrethe Vestager voiced her doubts over the impact that their deal would have on high-speed trains in Europe.

Wall Street edges higher as upbeat earnings dampened by trade,…

( ) – Wall Street ended slightly higher on Wednesday after a spate of upbeat earnings reports, but lingering concerns about trade tensions and the longest U.S. government shutdown ever limited the advance.

All three major U.S. stock indexes closed in positive territory, with the blue chip Dow Jones Industrial Average seeing the biggest gains on positive quarterly results from International Business Machines ,上海夜生活网交流Nala,(IBM.N), Procter & Gamble Co (PG.N) and United Technologies (UTX.N).

Investor sentiment was dampened by reports that business leaders gathered at the World Economic Forum in Davos, Switzerland, were losing confidence in President Donald Trump’s policies that have resulted in the prolonged U.S.-China trade stand-off.

Uncertainty persisted in Washington, where no end to the longest-ever federal government shutdown appeared to be in sight.

The United States could see zero growth in the first quarter if the shutdown extends through March, according to White House economic adviser Kevin Hassett on Wednesday.

“The headlines coming out of Davos are rehashing some of the pessimism,” said Matthew Keator, partner in the Keator Group, a wealth management firm in Lenox, Massachusetts.

“We are in a more anxious market here, coming off the lows of the fourth quarter,” Keator added. “,上海021夜网Eden,People’s wounds are still fresh.”

Still, a spate of positive earnings helped boost the Dow.

IBM provided the biggest boost to the Dow, rising 8.5 percent after cloud and software services helped its profit come in above analyst e上海夜生活网stimates and the company offered better-than-expected guidance for 2019.

Procter & Gamble advanced 4.9 percent after the company upped its full-year sales forecast and took advantage of price increases and strong demand to beat analyst earnings estimates.

United Technologies reported a better-than-expected fourth-quarter profit and forecast 2019 earnings above analyst estimates. The industrial conglomerate’s stock ended the session 5.4 percent higher.

The Dow Jones Industrial Average .DJI rose 171.14 points, or 0.7 percent, to 24,575.62, the S&P 500 .SPX gained 5.8 points, or 0.22 percent, to 2,638.7 and the Nasdaq Composite .IXIC added 5.41 points, or 0.08 percent, to 7,025.77.

Of the 11 major sectors of the S&P 500, only energy .SPNY and materials .SPLRCM closed in the red.

Fourth-quarter reporting season is in full swing, and of the 15 percent of S&P 500 companies ,上海高端夜生活在那里Gabriel,that have reported, 77.6 percent have beaten analyst estimates, according to Refinitiv data.

Analysts now see S&P 500 earnings growth of 14.2 percent in the quarter.

Comcast Corp (CMCSA.O) rose 5.5 percent after the top U.S. cable service provider posted better-than-expected earnings and announced it would raise its dividend by 10 percent.

Shares of Tesla Inc (TSLA.O) dropped 3.8 percent after the electric automaker said it was reducing production hours for higher-priced Model S and Model X cars, days after announcing job cuts.

After the bell, Ford Motor Co (F.N) reported lower operating profit in the fourth quarter, weighed down by losses in every global region but North America.

Advancing issues outnumbered declining ones on the NYSE by a 1.05-to-1 ratio; on Nasdaq, a 1.02-to-1 ratio favored decliners.

The S&P 500 posted 4 new 52-week highs and 1 new low; the Nasdaq Composite recorded 16 new highs and 45 new lows.

Volume on U.S. exchanges was 6.83 billion shares, compared to the 7.82 billion average over the last 20 trading days.

AT&T’s wireless customer growth slows, revenue misses estimates

( ) – AT&T Inc reported slower wireless customer growth and larger declines in its pay-TV business than Wall Street expected, sending its shares down 4 percent on Wednesday.

The second-largest U.S. wireless carrier by subscribers has turned its focus to paying down debt after spending $85 billion to buy media company Time Warner. It has also pulled back on promotional pricing for phone and television pla,上海新夜网龙凤Dakota,ns, sacrificing new customer gains.

“I would say we’re ahead of schedule in each of our key priorities,” said AT&T Chief Executive Randall Stephenson during a call with analysts.

The company’s debt was $171 billion at the end of 2018, after payi,上海夜生活去哪玩Idaline,ng off some $9 billion since the Time Warner merger closed in June.

In communications, AT&T’s largest bu,上海夜生活怎么玩Rae,siness, the carrier gained a net 134,000 phone subscribers who pay a monthly bill, falling far short of analysts’ estimates of 208,000, according to research firm FactSet. AT&T has 153 million total phone subscribers.

Churn, or the rate of customer defections, was 1 percent during the fourth quarter, up from 0.89 percent the previous year.

AT&T has had a relatively “burdened” wireless network, which can lead to slower data speeds, while smaller rival T-Mobile US Inc has been rapidly expanding its network capacity, contributing to the higher churn, said Jonathan Chaplin, an analyst with New Street Research.

AT&T’s entertainment segment, which includes satellite TV provider DirecTV, has been in continuous decline. It lost more subscribers during the quarter as viewers shifted to cheaper streaming services, just not those owned by AT&T.

DirecTV Now, AT&T’s streaming service, lost 267,000 subscribers, more than analysts expected, which the company blamed on customers leaving once discounted introductory offers ran out.

DirecTV lost 403,000 satellite TV subscribers, more than the estimate of 328,000 customer losses, according to research firm FactSet.

Analysts had been closely watching the entertainment segment’s earnings before interest, taxes, depreciation and amortization (EBITDA) after AT&T had committed to stabilizing the decline.

But entertainment EBITDA fell by 15.6 percent during the quarter. That illustrated “just how steep the climb” will be to reach stability, said Craig Moffett, an analyst with MoffettNathanson, in a note.

AT&T’s investors may be expecting the company to eventually cut its 7 percent dividend yield, shown by AT&T’s falling stock price over time, Moffett said.

The new WarnerMedia segm上海夜生活论坛ent, which includes Turner and premium TV channel HBO, reported quarterly revenue of $9.23 billion, beating estimates of $9.05 billion, according to IBES data from Refinitiv.

AT&T’s total revenue rose 15.2 percent to $47.99 billion but missed analysts’ estimates of $48.5 billion.

Net income attributable to AT&T fell to $4.86 billion, or 66 cents per share, from $19.04 billion, or $3.08 per share, a year earlier, when the company had a big one-time benefit from the U.S. tax overhaul.

Excluding items, the company earned 86 cents per share, in line with estimates.

Shares of AT&T declined 3.7 percent to $29.56 in afternoon trading.

Some U.S. metals importers resigned to higher prices as Trump’s…

HOUSTON( ) – U.S. metals importers that applied last year for exemptions from tariffs on steel and aluminum are losing hope the Commerce Department will approve their petitions, as the recent government shutdown added to a wait that for some has stretched to eight months without a ruling.

Importers, ranging from pipeline giant Kinder Morgan Inc to a steel tube manufacturer Sanitube, have submitted some 64,000 requests to avoid tariffs of 25 percent on steel and 10 percent on aluminum that President Trump ordered last March, according to the latest Commerce Department data obtained by . The sheer number of requests, a late decision to allow appeals and the 35-day government shutdown that ended last week, have left more than half the petitions without a decision.

When the Trump administration evoked a rarely-used national security clause to impose the tariffs, it offered relief to companies that struggled to find home-made substitutes and many importers were optimistic they could secure exemptions.

Yet out of the 64,000 requests submitted by hundreds of companies, the administration has so far approved around 14,700 and rejected 5,450, according to Commerce. Around 10,000 have been returned without action due to filing errors, Commerce said.

Now, some importers say they have all but given up on relief, assuming higher prices are there to stay, acting as a lasting drag on their business and, more broadly, on the whole economy.

Sanitube LLC, a Florida-based supplier of stainless steel tubes for the food and other industries filed two similarly-worded exclusion requests for different sized products last year. One application, for a much larger volume, was denied as “incomplete” and t,上海凤楼夜网Idaline,he other was granted. Sanitube President Todd Adams, estimates that denial had cost it hundreds of thousands of dollars.

“I’ve basically written it off,” Adams told . He said he still planned to re-submit a request for relief, but called the quest to overturn the initial rejection “a pet project.”

“I’ve moved on,” Adams said.

Texas-based Heat Transfer Tubular Products, which makes parts for the oil and gas industry, lost a ruling last year and has not even sought a reconsideration, said Janese Sokulski, vice president of sales.

As decisions on requests for relief drag on, companies are passing on as much of the extra cost as they can to consumers, while absorbing the rest. Some foreign suppliers are also covering some of the costs to stay competitive in the U.S. market.

While the tariffs helped curb imports and bolster domestic steel industry, they have increased costs for auto, construction, food service and energy companies. The Federal Reserve’s Jan. 16 “Beige Book” snapshot of economic conditions pointed to tariffs as contributing to rising costs in several regions of the United States.

Originally, the government said most exemption applications could be processed in about 90 days. But an uproar over the number denied led to an extended review process for contested applications and significantly longer wait times.

“I think the Trump Administration’s method is burnout. There is a path towards exemption, but it’s very difficult,” said Lisa Goldenberg, president of wholesale steel distribution firm Delaware Steel Company, which works closely with steel m,上海夜生活桑拿会所Landon,arket participants.

“They started off saying ‘I’m really important, I’m a critical need, there’s no way this administration, who loves me, is going to hurt me,’” Goldenberg said about the petitioners. “They have totally different language now.”

A Commerce spokesman said the expanded review was a “worthwhile addition to the exclusion process,” and that it “welcomed all valid exclusion requests and has dedicated resources to render determinations as expeditiously as possible.”

The spokesman added that requests could be processed faster if it had obtained authorization from Congress to allocate more funds to the process. It requested to reallocate $5 million from other parts of Commerce’s budget, but so far has only been allowed to reallocate $3.3 million for the review.

For the steel industry, 2018 was a good year. It saw a 2 percent ,上海夜哪里艳遇Barrett,increase in employment, above the 1.8 percent gain for all non-farm jobs, according to U.S. Labor Department data. The latest figures from the American Institute of Steel and Iron also showed U.S. steel shipments up 4.7 percent in the first 11 months of 2018, while imports were down 10.5 percent in January-October.

“The overall condition of the industry has improved,” said Tom Gibson, president and chief executive officer of AISI.

BRAKE ON BOOMING INDUSTRY

However, the tariffs have hurt other industries.

“A lot of expansions and contracts are on hold. The impacts of pricing have been significant,” said U.S. Representative Jackie Walorski, an Indiana Republican. Some businesses in her district have furloughed workers or canceled expansions due to tariffs.

Kinder Morgan, which bought Turkish steel pipe subject to a 50 percent tariff for about half of a $1.75 billion pipeline, still has not received a ruling on its May exemption filing.

An exclusion for another energy project proposed by Plains All American Pipeline also remains under review after an initial denial last July.

The tariffs are projected to add $40 million to Plains pipeline cost and as much as $80 million to Kinder Morgan’s.

“We made a strong case to the Department and hope they resolve the issue quickly,” Kinder Morgan said in an emailed statement.

Plains did not respond to a request for comment.

In the U.S. shale fields, where oil production is at record levels, prices for so-called tubular goods used in drilli上海夜生活论坛ng, soared last year, adding to cost pressures in well-drilling and finishing, according to data from consultancy Wood Mackenzie.

In one West Texas oilfield, tubular goods prices climbed 31 percent, it said, primarily due to tariffs. In another shale field that stretches across parts of Texas and northern Louisiana, tariffs bumped the cost of drilling a new well by a third to $850,000.

“The companies are still lobbying for some concessions, but I think they’re getting pretty weary,” said Scott Forbes, a vice president of research at Wood Mackenzie.

China brings U.S. tariff dispute to WTO, berates Washington for…

GENEVA ( ) – China triggered the legal process on Monday for the World Trade Organization to hear Beijing’s challenge to U.S. tariffs imposed on $234 billion of goods, and berated t,上海夜生活网419Babette,he United States for blocking the appointment of judges who could rule on it.

A Chinese trade diplomat told a WTO meeting that China wanted an expert panel to adjudicate its complaint, launched in April last year. The complaint seeks to block U.S. tariffs imposed on Chinese imports in a trade war between the world’s two largest economies launched under President Donald Trump.

“This is a blatant breach of the United States’ obligations under the WTO agreements and is posing a systemic challenge to the multilateral trading system,” China’s representative said, according to a transcript.

“If the United States were free to continue infringing these principles without consequences, the future viability of this organization is in dire peril.”

The United States started to impose 25 percent additional tariffs on approximately $34 billion of Chinese imports from July 6, 2018, and imposed 10 percent additional tariffs on approximately $200 billion of Chinese imports from Sept 24.

China has responded with tariffs on U.S. goods.

The U.S. official at the meeting said China was using the WTO system as a shield for trade-distort,上海会所夜网Fabian,ing policies, and China was damaging the world trading system through “grossly unfair and trade-distorting forced technology transfer policies and practices and through this unfounded dispute”.

“It is China, and certainly not the United States, that is threatening the overall viability of the WTO system,” the U.S. official said.

China’s case, like others launched recently, may soon become impossible to resolve because of U.S. action that has halted the appointment of judges to hear appeals in trade disputes.

Washington says judges have上海夜网 routinely broken WTO procedure and exceeded their mandate. It reiterated its position at Monday’s meeting, while China and 70 other WTO members reiterated their call for the United States to stop blocking the appointment of judges.

There are only three judges left on the WTO’s Appellate Body, the top court of world trade, and two will step down in December. WTO rules require three judges to hear appeals.

Chi,上海夜生活乌托邦Sabrina,na said the U.S. action to halt the appointment of judges was illegitimate. It cited WTO rules that say “vacancies shall be filled as they arise”.

Brazil’s representative told the meeting: “If nothing is done (we) will witness the shutdown of an organ that is at the heart of the WTO dispute settlement system. Time is of the essence.”

Huawei units to be arraigned on U.S. criminal charges on Feb. 28

WASHINGTON ( ) – Two units of China’s Huawei Technologies Co Ltd are,上海夜网邀请码Tabitha, to be arraigned on Feb. 28 in Seattle on a 10-count indictment on charges they conspired to steal T-Mobile US Inc trade secrets, according to court filings Tuesday.

The Justice Department alleged that Huawei Device Co Ltd and Huawei Device USA Inc committed wire fraud and obstructed justice by stealing robotic technology from T-Mobile to test smartphones’ durability.

A spokeswoman for the U.S. Attorney’s Office for the Western District of Washington said a corporate representative for Huawei would appear at the arraignment. Huawei did not immediately comment.

Separately, federal prosecutors in Brooklyn have also charged Huawei and its affiliates with bank and wire fraud on allegations that they violated sanctions against Iran. That separate 13-count indictment made public Monday. No arraignment date has been set in that case, which has added to Washington’s tensions with Beijing.

T-Mobile had accused Huawei of stealing t,上海仙霞路夜生活Kai,he technology, called “Tappy,” which mimicked human fingers and was used to上海夜生活网 test smartphones. Huawei has said the ,夜上海论坛Cain,two companies settled their disputes in 2017.

The charges add to pressure from the U.S. government on Huawei, the world’s biggest telecommunications equipment maker. Washington is trying to prevent American companies from buying Huawei routers and switches and pressing allies to do the same.

Court records show the two Huawei units has retained several high-profile lawyers including former Deputy Attorney General Jim Cole, a partner at Sidley Austin LLP; former Justice Department lawyer David Bitkower, a partner at Jenner & Block; former federal prosecutor Robert Westinghouse, a partner at Yarmuth LLP; and two lawyers at Steptoe & Johnson LLP.

In the new lithium ‘Great Game,’ Germany edges out China in Bolivia

UYUNI, Bolivia/BERLIN ( ) – When Germany signed a deal last month to help Bolivia exploit its huge lithium reserves, it hailed the venture as a deepening of economic ties with the South American country. But it also gives Germany entry into the new “Great Game”, in which big powers like China are jostling across the globe for access to the prized electric battery metal.

The signing of the deal in Berlin on Dec. 12 capped two years of intense lobbying by Germany as it sought to persuade President Evo Morales’ government that a small German family-run company was a better bet than its Chinese rivals, according to interviews with German and Bolivian officials.

While the substance of the deal has been reported, how China, Bolivia’s biggest non-institutional lender and close ideological ally, lost out to Germany has not.

China has been quietly cornering the g,上海夜生活服务Octava,lobal lithium market, making deals in Asia, Chile, and Argentina as it seeks to lock in access to a strategic resource that could power the next energy revolution.

China has invested $4.2 billion in South America in the past two years, surpassing the value of similar deals by Japanese and South Korean companies in the same period. Chinese entities now control nearly half of global lithium production and 60 percent of electric battery production capacity.

German officials told they championed the bid by ACI Systems GmbH because they saw an opportunity to lower Germany’s reliance on Asian battery makers and help its carmakers catch up with Chinese and U.S. rivals in the race to make electric cars.

The German push included a series of visits by German government officials who talked up the benefits of picking a German company. Bolivian officials also toured German battery factories, Bolivia’s deputy minister of High Energy Technologies, Luis Alberto Echazu, told .

German Economy Minister Peter Altmaier wrote a letter to Morales, an environmental champion, emphasizing Germany’s commitment to environment protection.

The lobbying effort was capped by a call last April between Altmaier and Morales, Bolivian, German and ACI officials said, without offering details of what was discussed.

German diplomats in La Paz also stressed high-level German government backing for the project, potential loan guarantees and the tantalizing prospect of supply agreements with German automakers, ACI and Bolivian officials told .

ACI’s win means Germany now has a foothold in the final frontier of South America’s so-called Lithium Triangle: the Uyuni salt flat in Bolivia, one of the world’s largest untapped deposits. The triangle comprises lithium deposits in an area that includes parts of Chile, Argentina and Bolivia.

“This partnership secures lithium supplies for us and breaks the Chinese monopoly,” Wolfgang Tiefensee, economy minister of the German state of Thuringia, an automotive manufacturing hub, told during a visit to the Bolivian capital La Paz in October.

SOME RISKS

The venture in Bolivia is not without risk for ACI.

While Uyuni boasts at least 21 million tonnes of lithium, Morales has made nationalizing natural resources a key policy plank. Bolivian officials assured ACI that foreign investments in the Uyuni would be guaranteed should anything go awry, CEO Wolfgang Schmu,上海夜哪里艳遇Tamara,tz said in an interview.

In addition, unlike Chile’s sun-drenched Atacama salt flats, snow and rain slow the evaporation process needed to extract lithium from brine in Uyuni, and the landlocked nation will have to use a port in neighboring Chile or Peru to ship the metal out.

ACI, a family-run clean tech and machinery supplier, has no experience producing lithium. The company dismisses concerns from some lithium analysts about its ability to deliver, saying its small size gives it more flexibility to bring partners from different fields into the project.

Schmutz said the company has preliminary lithium supply deals with major German carmakers, but declined to provide details, citing non-disclosure agreements.

None of Germany’s top three carmakers – BMW, VW or Daimler – confirmed any agreement with ACI when contacted by .

BMW said it was in preliminary talks with ACI but had made no decision. VW said ensuring supplies and stable prices for raw materials was important, but noted lithium production in Bolivia was particularly demanding. Daimler board member Ola Kaellenius said: “If it’s happening, we’re not part of it.”

ACI said the carmakers that it was in talks with would not be able to confirm anything publicly until final deals were made.

THE GREAT GAME – LITHIUM VERSION

The global battle for control of lithium has been likened to the “Great Game,” the term coined to describe the struggle between Russia and Britain for influence and territory in Central Asia in the 19th Century.

The Bolivian project includes plans to build a lithium hydroxide plant and a factory for producing electric car batteries in Bolivia. Once completed, the factory will help to fulfill Morales’ ambition to break with Bolivia’s historic role as a mere exporter of raw materials.

ACI has said it expects the lithium hydroxide plant to have an annual production capacity of 35,000-40,000 tonnes by the end of 2022, similar in output to plants operated by the world’s top lithium producers. Eighty percent of that would be exported to Germany.

ACI’s willingness to build a battery plant in Bolivia, helped to seal the deal, said Echazu, the deputy minister.

The Chinese did not want to build a battery plant in Bolivia because they felt it made no economic sense to ship in materials to make the batteries only to re-import the final product to China, he said.

China’s embassy in La Paz declined to comment on the Uyuni project, but said the potential for future cooperation with Bolivia on lithium was “huge.”

Bolivia’s state-owned lithium producer YLB will own 51 percent of the new joint venture. Control of the project was another key demand of the Bolivians, who have bitter memories of foreign powers meddling in the former Spanish colony to seize its natural resources.

Juan Carlos Montenegro, the head of YLB, said geopolitics was a factor for Bolivia in deciding which companies to work with.

“We don’t want a single country to set the rules, we want balance and other world powers must help create that b,上海仙霞路夜生活Gabi,alance,” he said. “So for Bolivia it’s important to have not just economic partners for markets, but geopolitical strategic partners.”

He stressed, however, that Bolivia上海夜生活论坛 had not been predisposed against China in deciding who had made the best offer. “China-Bolivia relations are still good. China is present in every country in the world and impossible to avoid,” he said.

New dam disaster puts Vale CEO, deals and dividends under scrutiny

SAO PAULO ( ) – When Fabio Schvartsman took the reins of Vale SA in 2017, he suggested a motto for the world’s largest iron miner, turning the page on a tailings dam disaster that hit a small Brazilian town two years before: “Mariana, never again.”

That and many of Schvartsman’s other big promises look destined for the scrap heap.

Four years later and some 100 km (60 miles) from Mariana, a breached Vale tailings dam on Friday unleashed a torrent of mud on another small Brazilian community, Brumadinho, leaving hundreds missing and presumed dead.

While the company’s focus so far has been on the human tragedy, analysts and shareholders have little doubt that Vale cannot continue on the track its CEO set.

Schvartsman, 63, who said recently he would stay on through 2020 after his current term expires in May, designed Vale’s strategy around spending more than $10 billion in annual free cash flow as China gobbled up its high-grade iron ore.

Offering generous dividends, reinvesting in money-losing divisions and searching for mid-sized acquisitions – many of those plans may have to be abandoned as Vale braces for lawsuits that could grow into the tens of billions of dollars.

One executive at a pension fund that holds Vale shares, who asked for anonymity due to the sensitivity of the ma,上海仙霞路夜生活Rachel,tter, said it would be hard to justify big shareholder payouts in coming quarters, adding that a full review of Vale’s governance was needed.

Early on Sunday, Vale said in a response to a question over its dividend policy that the company was focused on helping the disaster victims and “had not discussed the issue of dividends”. But in a late Sunday filing, it said its board had decided to suspend planned shareholder dividends, share buybacks and executive bonuses because of the disaster.

During a Sunday visit to the rescue efforts, Schvartsman pledged to renew Vale’s focus on safety, going “above and beyond any national or international standards.”

“We will create a cushion of safety far superior to what we have today to guarantee this never happens again,” he said.

One of Vale’s top shareholders, public-sector pension fund Caixa de Previdencia, known as Previ, on Saturday took the unusual step of issuing a statement saying it will demand a thorough investigation of the accident and will ensure the company helps the families and communities affected.

The fund did not reply to an additional request for comment. Another major shareholder, Bradespar SA, the investment company of Brazilian lender Banco Bradesco SA, declined to comment.

PLUNGING SHARES

U.S.-listed Vale shares tumbled 8 percent on Friday after the disaster. Brazilian markets were closed for a holiday.

On Saturday, ratings agency Standard & Poor’s put Vale’s rating on credit watch negative, warning that it could cut the BBB- rating by several notches depending on fines and the possible loss of an operating license in ,上海晚上耍女人的地方Gabe,the affected area.

Three court orders over the weekend have already frozen 11 billion reais ($2.9 billion) of Vale assets pending damages.

In a statement on Sunday, Vale said it agreed to deposit 1 billion reais, but argued that the court orders freezing the additional 10 billion reais were counterproductive because they could block resources need for relief support.

Vale had 24 billion reais of cash and equivalents on hand at the end of September.

Mining analysts at Jefferies said the disaster was “likely to be an overhang on the Vale share price for an extended period” in a note cutting their price target more than 20 percent and downgrading the stock from Buy to Hold.

“The overall impact of the dam failure is nearly impossible to quantify for now,” wrote the analysts led by Christopher LaFemina. “Stringent safety inspections could affect production from other mines in Brazil as well.”

Estimating the cost of a disaster on this scale is a challenge for analysts, who still steer clear of putting a final price on the 2015 dam collapse involving Samarco Mineracao SA, a joint venture between Vale and BHP Group.

As part of an agreement to settle a lawsuit, Vale and BHP committed to spending 20 billion reais on a foundation set up in Mariana to assist victims and recover the local ecosystem. The Renova Foundation spent 2 billion reais in 2018 and上海夜生活论坛 expects to spend 11.3 billion reais through 2030, the companies said in a statement.

A federal prosecutor told in an inter,上海夜网Quaid,view on Saturday that Friday’s disaster could upend talks to settle a far bigger Samarco lawsuit seeking 155 billion reais.

The renewed legal risks are also likely to delay talks with Samarco creditors that had been based on hopes it could reopen operations soon and start making debt payments. One person involved in the talks said they might now be suspended.

EXPANSION IN DOUBT

It is unclear if Schvartsman will be able to pour fresh resources into expanding operations as planned.

Vale laid out plans in December to pump $500 million into its struggling New Caledonia nickel mine after failing to sell it or find a partner, hoping to ride out a tumble in prices and cash in eventually on an expected surge in electric vehicle sales.

The miner has also been pursuing mid-sized acquisitions in its core iron ore business, after deciding not to pursue blockbuster deals with the surging cash flow provided by rising iron ore prices last year.

In December, Vale announced the acquisition of iron miner Ferrous Resources Ltd from its controlling shareholder Icahn Enterprises for $550 million. The deal is expected to close this year.

Guggenheim’s Scott Minerd says Fed will pause to start 2019

NEW YORK ( ) – The Federal Reserve is likely to hold its interest rate hikes on pause for the start of 2019 in order to stabilize markets, given economic growth is set to slow and financial conditions having tightened, Guggenheim Partners Global Chief Investment Officer Scott Minerd said on Wednesday.

In Guggenheim’s annual letter on macro themes, Minerd, who oversees $265 billion in assets, said the stock market selloff represents “a negative wealth shock to consumers, who have been the engine,上海021夜网Barney, of growth for the U.S. economy in this expansion. At the same time, tighter credit conditions will also weigh on business investment and hiring activity in 2019.”

Last week, Federal Reserve chairman Jerome Powell reiterated that the Fed plans to evaluate the health of the economy before moving ahead with any new interest rate increases.

Minerd said, “With a Fed pause helping to abate monetary policy concerns, the market will likely turn its focus to fundamental data. A rel,上海夜生活怎么玩Kaia,ative bright spot following 2018’s volatile end will be earnings growth, which is projected by analysts to be 9 percent for 2019.”

Minerd said while this would represent a slowdown from the 27 percent rise in earnings in 2018, it would still be above the historical average. “The combi,上海夜生活Barrett,nation of decent earnings growth and a modest recovery in price/earnings multiples will likely push the S&P 500 index to new highs.” 上海夜生活网

A pause in monetary policy tightening may grant “a short-lived reprieve” to debtors facing pressure from rising borrowing costs, he said.

“This will encourage more debt accumulation in the first half 2019 as borrowers take advantage of calmer market conditions, particularly in investment-grade corporates,” Minerd said.

Minerd said while the Fed will slow the pace of rate hikes, it would not stop hiking altogether given how strong the labor market continues to be.

“Job openings now exceed the number of unemployed, causing many businesses to complain of shortages of qualified workers, raising labor’s bargaining power, and driving up wage growth.”

Minerd said Guggenheim expects the Fed will raise rates two times in 2019 “to try to cool the labor market to a more sustainable pace.

“Our forecast of two Fed rate hikes in 2019 would bring the January 2020 fed funds futures-implied rate to around 2.90 percent, lifting the 10-year Treasury yield to about 3.15 percent,” he said. “We see a broad-based slowdown in real GDP growth to below 2 percent year-over-year by the fourth quarter of 2019.”

While GDP growth is set to decelerate meaningfully in 2019, the economy is unlikely to enter a recession this year, Minerd said.

“Our recession model is signaling relatively low recession risk in the next 12 months. The yield curve has not yet inverted, Fed policy is not yet restrictive, and leading indicators, though slowing, are still positive.”

Minerd said Guggenheim continues to expect a recession will begin in 2020.

“We continue to expect a recession will begin in 2020, as a historically tight labor market forces further tightening by the Fed, pushing the overleveraged corporate sector into a downturn,” he said.

“With the 2020 election looming and voters appearing to prefer confrontation over compromise, bi-partisan efforts will be increasingly difficult, resulting in gridlock.”

Partisan conflicts will become more acute with Democrats having recently taken control of the House of Representatives, as they now have subpoena power, Minerd notes.

“Legislative battles over the budget, trade issues, the debt ceiling, and investigations into the Trump administration will undermine confidence and weigh on markets,” he said.

Mnuchin says Huawei case ‘separate’ from U.S.-China trade talks

WASHINGTON ( ) – U.S. Treasury Secretary Steve Mnuchin said on Tuesday he expected to see significant progress in trade talks with Chinese officials this week and that U.S. charges against telecommunications giant Huawei Technologies Co Ltd were a separate issue.

“Those are separate issues, and that’s a separate dialogue,” Mnuchin said in an interview with Fox Business Network. “So those are not part of trade discussions. Forced technology issues are part of trade discussions, but any issues as it relates to violations of U.S. law or U.S. sanctions are going through a separate track.”

China’s Vice Premier Liu He is leading a delegation for high-level trade and economic talks in Washington this,上海夜生活论坛Babette, week, including a meeting with U.S. President Donald Trump.

On Monday, the United States announced criminal charges against Huawei’s Chief Financial Officer Meng Wanzhou and the Chinese technology firm. But Mnuchin said he did not expect the issue to be part of the economic talks.

Meng, who is the daughter of Huawei’s founde,上海夜网千花Barbara,r, was arrested in Canada in December and is fighting extradition to the United States.

Mnuchin s,上海会所夜网Dahlia,aid the U.S. security concerns rais上海夜生活网ed by the Huawei case were separate from the conversation on trade and forced technology.

“There are two different issues. One is an issue of state subsidies” regarding Beijing’s subsidies, he said. The other, he added, was a national security issue focused on U.S. infrastructure and cybersecurity.

“These are separate issues and shouldn’t be confused,” Mnuchin said.

Global auto leaders urge Trump administration to end trade turmoil

DETROIT ( ) – Auto executives gathered in Detroit on Monday called on the Trump administration and Congress to resolve trade disputes, and end the government shutdown, saying political uncertainty is costing the industry.

U.S. trade officials are negotiating a new deal with China in hopes of avoiding new tariffs, while a new regional trade agreement with Canada and Mexico still needs congressional approval. Automakers producing vehicles in the United States are contending with U.S. steel and aluminum prices driven higher by Trump administration tar,上海夜生活桑拿会所Caitlin,iffs.

Fiat Chrysler Automobiles NV (FCHA.MI) (FCAU.N) Chief Executive Mike Manley told reporters at the Detroit auto show on Monday that U.S. metals tariffs will raise the automaker’s 2019 costs by $300 million to $350 million, or about $135 to $160 a vehicle, based on the automaker’s 2018 U.S. sales.

Toyota Motor Corp’s (7203.T) executive vice president for North American sales, Bob Carter, said the company has had to raise prices three times because of higher tariff costs – even though 96 percent of steel in Toyota U.S. vehicles is from U.S. steel plants. The tariffs boosted industry vehicles prices by about $600 on average, he estimated.

General Motors Co (GM.N) and Ford Motor Co (F.N) are also taking financial hits from the U.S. steel and aluminum tariffs.

“Those are headwinds,” GM President Mark Reuss told . “It’s our job to run the business to offset those headwinds.” 上海夜生活论坛

GM Chief Executive Mary Barra last Friday promised investors the company would boost 2019 profit despite tariff-related costs and investments in electric vehicles. She stuck to her plans to target five North American factories for closure and cut nearly 15,000 jobs overall.

About one-quarter of federal government operations have been shut down by a lack of funding since Dec. 22 after President Donald Trump demanded $5.7 billion this year from Congress for building a security wall on the southwest U.S. border.

Manley said the U.S. government shutdown is holding up certification of one of the company’s new heavy duty pickup truck models. Those vehicles are among the company’s most profitable products.

“The earlier it can be resolved, clearly the bet,上海夜网Octavia,ter,” he said.

Concern in the auto industry about the uncertainty created by Trump’s efforts to revamp trade and environmental policies is weighing more heavily as forecasters call for a slowdown in vehicle demand in the United States and China during 2019.

“There’s a lot,上海夜玩网论坛Idris, of balls in the air right now that are unresolved,” Ford Executive Chairman Bill Ford Jr. told on the sidelines of the auto show. “Certainty is something we really desire because of our product lead times. We don’t have that right now.”

Ford said the automaker feels its opinions are being heard by U.S. Trade Representative Robert Lighthizer, but he has no idea when the various issues will be resolved.

U.S.-China trade tensions have forced Chinese automaker GAC to delay its planned entry to the U.S. market, Wang Qiujing, head of GAC’s (601238.SS) research and development center, told on Monday. “We have postponed our launch until the first half of 2020,” he said, adding that the timing will depend on the outcome of U.S.-China trade negotiations. If the current 25 percent U.S. tariff on Chinese-made vehicles continues, “the impact will be very significant,” he said.

GAC has a large display at the Detroit auto show, and is hiring engineers and designers at three U.S. locations, including a new technical office in Detroit expected to employ about 30 people, Wang said.

Auto executives have welcomed the conclusion of a new version of the North American Free Trade Agreement, as the industry seeks certainty for rules that will govern automakers’ long-term investment decisions in the region.

In the interest of greater certainty, they would like to see the U.S. Congress decide quickly on the updated agreement’s fate.

“We just need it resolved,” said Brian Smith, chief operating officer for Hyundai Motor Co (005380.KS) in North America, who added that the automaker needs clarity so it can adjust its supply chain as necessary. “It’s been going on way too long.”

U.S. officials are weighing so-called Section 232 national security tariffs on imported vehicles. That tariff would not hit U.S.-made models, but some analysts warn it could trigger a sales slump as prices for European and Asian-made models jump.

“The decline in volumes could be larger than a recession would produce,” Jonathan Smoke, an economist with auto market information company Cox Automotive, said during a briefing on Sunday.

Volkswagen AG (VOWG_p.DE) CEO Herbert Diess on Monday announced the German automaker would invest $800 million in its Chattanooga, Tennessee, plant and add 1,000 jobs to build electric vehicles as it faces pressure from the Trump administration.

VW is worried the Trump administration will move ahead with new tariffs and hopes the new investments will help the German automaker avoid them. “We have strongly been encouraged to invest more, which we will do,” said Diess, who met with Trump last month.

China’s economy cools in fourth quarter, 2018 growth at 28-year low

BEIJING ( ) – China’s economic growth cooled slightly in the fourth quarter from a year earlier as expected, weighed down by weak investment and faltering consumer confidence as Washington piled on trade pressure, leaving 2018 growth the weakest in 28 years.

KEY POINTS

* Q4 GDP +6.4 pct y/y (f’cast +6.4 pct, prev +6.5 pct)

* Q4 GDP +1.5 pct q/q (f’cast +1.5 pct, prev +1.6 pct)

* 2018 GDP +6.6 pct vs 2017’s +6.8 percent

* Dec industrial output +5.7 pct y/y (f’cast +5.3, Nov +5.4)

* Dec retail sales +8.2 pct y/y (f’cast +8.2, Nov +8.1)

* Jan-Dec fixed asset investment +5.9 pct y/y (f’cast +6.0, Jan-Nov +5.9 pct)

* Dec property investment +8.2 pct y/y vs +9.3 pct in Nov – calculation

MARKET REACTION

Asian markets kept their nerve while China’s stock market held steady after the data. The Australian dollar AUD=D4, seen as a liquid proxy for China demand, also held largely steady.

LARRY HU, AN ECONOMIST AT MACQUARIE CAPITAL, HONG KONG

“There are three key drivers of the Chinese economy: infrastructure, property and exports. We see that infrastructure is ,夜上海论坛Rachel,rebounding, but property and exports are slowing down.

“We expect an escalation of stimulus in infrastructure and property in the second half.”

RAYMOND YEUNG, CHIEF ECONOMIST, GREATER CHINA, ANZ

“I believe they want to see an aggressive target (above 6.5 percent) as they celebrate the 70th anniversary (of the establishment of the PRC)”

“China can’t上海夜生活网 rely on exports or a very difficult manufacturing sector, but we see an upside in infrastructure. The government will approve a lot more projects in the pipeline. 2019 will be more of a domestic story, especially on the investment side.”

JULIAN EVANS-PRITCHARD, SENIOR CHINA ECONOMIST, CAPITAL ECONOMICS

“The latest data suggest that economic growth remained weak at the end of 2018 but held up better than many feared, in part thanks to a policy-driven recovery in infrastructure spending. Still, with the headwinds from cooling global growth and the lagged impact of slower credit growth set to intensify in the coming months, China’s economy is likely to weaken further before growth stabilizes in the second half of the year on the back of expanded policy stimulus.

MASAAKI KANNO, CHIEF ECONOMIST, SONY FINANCIAL HOLDINGS, TOKYO

“There was no surprise from the GDP data but the basic message is that the Chinese economy is still slowing down.

“The renminbi appears to have stabilized. It shows that the investors do not seem to have a big concern in the near-term outlook of the Chinese economy (and are) probably expecting some positive impact from policy measures.

“Today’s retail sales are slightly higher than expected. We hope the uptrend should be sustained, but we don’t know what will happen to consumer sentiment in China. It probably depends on the result of the U.S.-China negotiation on trade. We hope the negotiation should end up with some more positive impact on sentiment.

“Today’s industrial production is a slightly positive number but the manufacturing sector still appears to have a downside risk in the first quarter.

“The Chinese government’s announcement…that is, to focus on stimulating the economy, appears to be focusing on the tax cut to stimulate the consumption.

“It takes time (to take effect) compared to previous measures that were taken in the form of the increase in more direct spending on infrastructure.

“We still think the Chinese economy could bottom out in the middle of the year.”

TORU NISHIHAMA, CHIEF ECONOMIST, DAI-ICHI LIFE RESEARCH INSTITUTE, TOKYO

“China’s GDP headline was within expectation. But its industrial production was unexpectedly firm, which was probably due to infrastructure investments.

“The Chinese economy lacks momentum. Impact from U.S.-China trade tensions are appearing and its adverse impact will continue. In addition to that, uncertainties over the global economy are increasing.

“The focus will be how China’s domestic demand will offset worsening external demand. It will be a close watch how the government’s measures, such as subsidies and infrastructure investment, will support domestic demand.”

HUNTER CHAN, ECONOMIST, GREATER ,夜上海419龙凤论坛Barney,CHINA, STANDARD CHARTERED

“The GDP data was on expected lines…main drag was from the external side.

“We expect further stimulus from the fiscal side in 2019…focus would continue to remain on reducing the tax burden and easing conditions for SMEs.

“The domestic labor market remains stable…this will likely support domestic demand and consumption going forward.

“We see the yuan appreciating to 6.65 in 2019.”

RAJIV BISWAS, ASIA-PACIFIC CHIEF ECONOMIST, IHS MARKIT, SINGAPORE

ON MARKET IMPACT:

“One positive factor in terms of the outlook for the yuan and the equities market looking at 2019 is that the Chinese government is now taking a lot of stimulus measures to support growth. The reserve requirement ratio cuts have already been implemented and more will follow, and a ramping up of public expenditure on infrastructure and the impact of tax cuts will also help the economy.

“We do expect growth to be relatively strong this year at around 6.3 percent. That should support stability of the yuan and also help to underpin the stock market. The big risk to all of that is what will happen with the U.S.-China trade war. If there is no deal and if the trade measures escalate, then this would be a negative for the currency, the growth outlook and the equity market. A lot will hinge on what happens in the U.S.-China trade war, and if a deal can be concluded in the first half of this year.”

NAOTO SAITO, CHIEF RESEARCHER, DAIWA INSTITUTE OF RESEARCH, TOKYO

“The data shows the economy is steadily slowing down, although we had thought we could have seen a bigger slowdown.

“It is hit by three factors, a slowdown in the global economy, including Chine’s own, due to rising U.S. interest rates, the U.S-China trade war and weak demand for mobile phones, which accounts for about 70 percent of the fall in China’s exports in December.”

“The government has means to support the economy. They can expand infrastructure spending and they can cut banks’ reserve requirement ratio. So we don’t need to worry about capital spending.

“But the problem lies in consumption. As the U.S. and China clash on many fronts, consumer sentiment appears to have been hurt. Until now, solid wage growth has been supporting consumption but now there appears to be a sense of vague anxiety about the future.”

STEVE COCHRANE, CHIEF APAC ECONOMIST, MOODY’S ANALYTICS

“It’s pretty clear that the government will try to use as much selective stimulus to keep the economy on a good track. They could easily reduce the RRR again. It is still not down to where it was back during the financial crisis. That, plus some tax cuts. The difficulty will be trying to ramp up consumer spending and that’s because of the high debt load consumers are in right now. The corporate debt load is high as well. Local governments are strapped with debt. So it’s not the question of if government being able to provide for the stimulus but really the effectiveness of it.”

JEFF NG, CHIEF ECONOMIST ASIA, CONTINUUM ECONOMICS

“The data continues to reflect a slowdown in China that is caused by both domestic and external weakness. Some positives to take away are that IP and retail sales beat expectations in December. That highlights some degree of resilience in the economy and shows that some of the targeted stimulus measures are helping a little to support the economy.

“The trade war didn’t directly impact on the growth figures so much because growth is mostly domestically supported. But its impact on both consumer and investor confidence was much greater.”

SHANE OLIVER, CHIEF ECONOMIST, AMP CAPITAL, SYDNEY

“No real surprises there. The GDP number is down a little bit but that has been expected. It’s consistent with the commentary around a slowdown in Chinese growth.

“The IP and retail data point to some stabilization in growth towards the end of last yea,上海夜网千花Talon,r. Overall they are not bad numbers although there will be some debate about how reliable these numbers are.

“We are expecting a slowdown in Q1 led by exports, although for the year as a whole we are seeing 6.2 percent.

“As far as policy response is concerned, I don’t think we are likely to see the kind of stimulus we saw in 2015/16.”

CHRISTY TAN, ASIA HEAD OF MARKETS STRATEGY RESEARCH, NATIONAL AUSTRALIA BANK, SINGAPORE

“The headline on its own is not much of a surprise for markets. If you look at some of the positive spin for this data – the December IP and retail sales – came in better than expected. If we look at the breakdown of the commodity output, they seem to have grown at or above average levels for December. That may help remove or reduce some of the concerns of a growth slowdown becoming more entrenched this year.

“The unemployment number in the data has edged up and we should not ignore that. That number edging up is not good.

“There will be more stimulus, they have already announced some of the plans which are in approval stage and will be carried out over the course of the year. It’s still not time to relax on that front and we will see more effort on stimulus this year.”

BACKGROUND:

– An escalating trade war between Beijing and Washington has heaped more pressure on China’s already cooling economy, adding to fears of slower global growth and weaker corporate profits this year.

– Washington and Beijing have agreed to a 90-day truce in a trade war that has disrupted the flow of hundreds of billions of dollars of goods.

– If solid progress towards a deal is not reached by a deadline of early March, Washington has threatened to sharply hike tariffs on Chinese goods. But a comprehensive agreement to end the dispute is seen as unlikely by the negotiating deadline, given the number of highly divisive and politically sensitive issues on the table.

– Even if a durable trade deal is reached dismantling current tariffs, analysts say it would be no panacea for China’s ailing economy, which is being weighed down by weak investment and faltering consumer confidence.

– Beijing has been stepping up policy support to avert a sharper slowdown but top officials have vowed not to resort to massive stimulus as in the past, which left a mountain of debt.

– The People’s Bank of China (PBOC) has cut banks’ reserve requirement ratio (RRR) five times in a year, with further reductions expected. It has also been guiding market interest rates lower but a cut in benchmark rates may not happen soon.

– The government is putting a greater emphasis on fiscal policy measures to cushion the downturn, with deeper tax cuts and more infrastructure spending expected this year.

– Investment growth has inched higher in the last few months as regulators fast-track infrastructure projects but it is still not far from record lows, while retail sales growth is the weakest since 2003 and the property sector looks wobbly.

– Corporate sales and profits are weakening, discouraging fresh investment and raising the risk of higher job losses.

– While some economists say China may be facing a significant slowdown, no one is expecting a crash at this point. Still, policy support measures will take some time to kick in, and the world’s second-largest economy is not expected to convincingly stabilize until summer.