上海夜生活,上海夜生活网,上海夜网论坛 - Powered by February 2018

Testing times from Beijing to Wall Street

FRANKFURT ( ) – If you were surprised by this month’s bounce in global stock markets, next week may tell you if you should join in or stay out.

Chinese output data on Monday will set the tone for a week that also sees the first policy updates of the year by the European Central Bank and the Bank of Japan against the backdrop of a continued global economic slowdown.

In the United States, results from blue-chip companies including IBM (IBM.N) will give Wall Street traders something to chew on while officials in Washington are engulfed in the longest ever U.S. government shutdown and unpredictable trade negotiations with Beijing.

Investors are running into the new week at full speed, with an index of global stocks up by more than 5 percent since the start of the year .WORLD.

They have been lured by reassurances that the Federal Reserve will think twice before raising rates this year, hopes of a trade truce between the United States and China, and a perception that slower growth has already been incorporated in share price and economic fo,上海夜生活论坛Gabe,recasts.

“For this rally to continue investors need to become more comfortable about the outlook for global growth,” Bank of America Merrill Lynch strategists said in a note to clients.

China’s fourth quarter GDP data will show whether the bar has been set low enough for the world’s second largest economy.

This is expected to have grown by 6.4 percent in the last three months of 2018, the slowest pace since 2009, as domestic demand weakened and exports were hit by U.S. tariffs上海夜生活.

“Our base case is that data will stabilize,” economists at HSBC said.

Like many of their colleagues, they expected monetary stimulus and tax cuts from Beijing despite repeated denials from authorities.

With the latest data showing Chinese imports and exports plunging, traders were also betting Beijing would eventually blink in its trade standoff with Washington.

“We continue to believe China will strive to avoid a full-blown trade war with the U.S.,” Deutsche Bank economist Zhiwei Zhang said.

Chinese Vice Premier Liu He will visit the United States on Jan. 30 and 31 for another round of trade talks.

THIN VENEER

Elsewhere, the European Central Bank and the Bank of Japan are faced with the difficult task of delivering downbeat messages under an increasingly thin veneer of optimism,上海夜生活群Gabriella,.

The Bank of Japan is expected to cut its inflation forecasts on January 23 but maintain that the country’s economy will keep expanding moderately, sources have told .

A day later, the ECB, which last month cut its own growth and inflation projections for this year, will be hard pressed to defend its assessment that the euro zone’s economy is still motoring ahead.

“Risks have shifted to the downside but the ECB might not want to admit it,” UBS economist Reinhard Cluse said.

So far, neither the ECB nor the BOJ is expected to take action, having already bought trillions of dollars worth of bonds and pushed interest rates below zero.

On Wall Street, investors are bracing for possibly gloomy updates from IBM and other U.S. blue chips after disappointing figures from Apple (AAPL.O) and Tesla (TSLA.O).

Finally, the partial U.S. government shutdown will enter its fifth week amid a political standoff over President Donald Trump’s ,上海高端夜生活在那里Idaleen,demand for $5.7 billion to help fund a U.S.-Mexico border wall.

While shutdowns have historically had little or no impact on long-term economic growth, this will likely cause delays to the release of economic reports such as retail sales, international trade, GDP, and PCE inflation, HSBC said.

Sandberg says Facebook must earn back trust

DAVOS, Switzerland ( ) – Facebook Inc’s operations chief Sheryl Sandberg said on Wednesday that the world’s largest social network needed to win back public trust after facing scandals for violating its users’ privacy.

The social media platform is investing billions of dollars a year to improve the security of its network, Sandberg said in an interview hosted by German newspaper Die Zeit and UK law firm CMS at the World Economic Forum in Davos, Switzerland.

“We did not anticipate all of the risks from connecting so many people,” Sandberg said, adding that the site had added features that give users greater control over their personal information.

The 15-year-old technology company has been a darling of California’s Silicon Valley, making stars out of its founder, chief executive and chairman Mark Zuckerberg, and Sandberg, known for her feminist manifesto “Lean In”. But its shares have fallen roughly 33 percent since July to $144 due to concerns about u,上海021夜网Radley,ser privacy.

Last year, the company was buffeted by revelations that UK consultancy Cambridge Analytica had improperly acquired data on millions of its U.S. users to target election advertising.

“We need to earn back trust,” Sandberg said.

Some of Facebook’s major shareholders have pushed for Zuckerberg, who has majority control of the company, to step down as chairman.

Sandberg said he should remain both chair and CEO. She said that she also plans to remain at Facebook, where she has worked since 2008.

“I think I have a job to ,上海夜网邀请码Ida,do,” she said. “It’s a job I really want to do.”

Sandberg said that if Facebook had to change its business model an上海夜生活网d charge users a subscription fee instead of collecting advertising revenue, far fewer people would be able to use it.

“Fundamentally disallowing our business model would harm a lot of people all over the world.”

She said her grassroots women’s movement, spurred by the publication of “Lean In”, was still going strong. But, as,上海夜生活男人好去处Barney,ked if she was considering a run for U.S. president in the 2020 election, she replied : “It’s not on my agenda.”

Flynn pleads guilty to lying on Russia, cooperates with U.S. probe

WASHINGTON ( ) – Former national security adviser Michael Flynn pleaded guilty on Friday to lying to the FBI about his contacts with Russia, and he agreed to cooperate with prosecutors delving into the actions of President Donald Trump’s inner circle before he took office.

The dramatic turn of events also raised new questions about whether Trump’s son-in-law, Jared Kushner, had a role in those Russia contacts.

Flynn was the first member of Trump’s administration to plead guilty to a crime uncovered by special counsel Robert Mueller’s wide-ranging investigation into Russian attempts to influence the 2016 U.S. election and potential collusion by Trump aides.

Under a plea bargain deal, Flynn admitted in a Washington court that he lied when asked by FBI investigators about his conversations last December with Russia’s then-ambassador, Sergei Kislyak, just weeks before Trump took office.

Prosecutors said the two men discussed U.S. sanctions against Russia and that Flynn also asked Kislyak to help delay a U.N. vote seen as damaging to Israel. On both oc,上海高端夜生活在那里Tallulah,casions, he appeared to be undermining the policies of outgoing President Barack Obama.

They also said a “very senior member” of Trump’s transition team had told Flynn to contact Russia and other foreign governments to try to influence them ahead of the U.N. vote.

Sources told that the “very senior” official was Kushner, a key member of Trump’s transition team and now the president’s senior adviser.

Kushner’s lawyer, Abbe Lowell, did not respond to multiple requests for comment. He has previously said Kushner has voluntarily cooperated with all relevant inquiries and would continue to do so.

Flynn’s decision to cooperate with Mueller’s team marked a major escalation in a probe that has dogged the president since he took office in January.

There was nothing in the court hearing that pointed to any evidence against Trump, and the White House said Flynn’s guilty plea implicated him alone.

Related CoverageFlynn, Kushner targeted several states in failed U.N. lobbying: diplomatsKushner, former Trump adviser McFarland spoke with Flynn about Russia contacts: CNNSee more stories

“Nothing about the guilty plea or the charge implicates anyone other than Mr. Flynn,” said Ty Cobb, a White House attorney.

Flynn, a retired army lieutenant general, only served as Trump’s national security adviser for 24 days. He was forced to resign after he was found to have misled Vice President Mike Pence about his discussions with Kislyak.

But Flynn had been an enthusiastic supporter of Trump’s election campaign and the president continued to praise him even after he left the administration, saying Flynn had been treated “very, very unfairly” by the news media.

A small group of protesters yelled “Lock him up!” as Flynn left the courthouse on Friday, echoing the “Lock her up!” chant that Flynn himself led against Trump’s Democratic rival, Hillary Clinton, in vitriolic appearances on the campaign trail.

SANCTIONS

Mueller’s team is also looking at whether members of Trump’s campaign may have sought to ease sanctions on Russia in return for financial gain or because Russian officials held some leverage over them, people familiar with the probe say.

Prosecutors said Flynn and Kislyak last December discussed economic sanctions that Obama’s administration had just imposed on Moscow for allegedly interfering in the election.

Flynn asked Kislyak to refrain from escalating a diplomatic dispute with Washington over the sanctions, and later falsely told FBI officials that he did not make that request, court documents showed.

Prosecutors said Flynn had earlier consulted with a senior member of Trump’s presidential transition team about what to communicate to the Russian ambassador.

“Flynn called the Russian ambassador and requested that Russia not escalate the situation and only respond to the U.S. sanctions in a reciprocal manner,” the prosecutors said in court documents, adding that Flynn then called the Trump official again to recount the conversation with Kislyak.

They did not name the senior official in the Trump team but U.S. media reports identified former adviser K.T. McFarland as the person. was unable to verify the reports.

On Dec. 28, 2016, the day before prosecutors say the ,上海夜网后花园Jack,call between the Trump aides took place, Trump had publicly played down the need to sanction Russia for allegedly hacking U.S. Democratic operatives.

“I think we ought to get on with our lives. I think that computers have complicated lives very greatly,” Trump told reporters at his Mar-a-Lago Florida resort.

TESTIMONY

Ryan Goodman, a professor at New York University Law School, said Flynn’s plea deal shows Mueller is scrutinizing the truthfulness of testimony given to his investigators. Kushner is potentially liable for making false statemen上海夜生活网ts if his testimony is contradicted by Flynn, Goodman said.

Earlier on Friday, ABC News cited a Flynn confidant as saying Flynn was ready to testify that Trump directed him to make contact with Russians before he became president, initially as a way to work together to fight the Islamic State group in Syria.

could not immediately verify the ABC News report.

U.S. stocks, the dollar and Treasury yields fell sharply after the ABC report, although they partially rebounded on optimism that a Republican bill to cut taxes will be approved in the U.S. Senate.

If Trump directed Flynn to contact Russian officials, that might not necessarily amount to a crime. It would be a crime if it were proven that Trump directed Flynn to lie to the FBI.

Moscow has denied what U.S. intelligence agencies say was meddling in the election campaign to try to sway the vote in,上海夜玩网论坛Jace, Trump’s favor. Trump has called Mueller’s probe a witch hunt.

In May, the president fired FBI Director James Comey, who later accused Trump of trying to hinder his investigation into the Russia allegations. Comey also said he believed Trump had asked him to drop the FBI’s probe into Flynn.

Comey on Friday tweeted a cryptic message about justice.

“But let justice roll down like waters and righteousness like an ever-flowing stream, ‘Amos 5:24’,” he wrote, quoting the Biblical book of Amos.

Paul Manafort, who ran Trump’s presidential campaign for several months last year, was charged in October with conspiring to launder money, conspiracy against the United States and failing to register as a foreign agent of Ukraine’s former pro-Russian government.

Manafort, who did not join Trump’s administration, and a business associate who was charged with him both pleaded not guilty.

China’s 2018 growth slows to 28-year low, more stimulus seen

BEIJING ( ) – China’s economy cooled in the fourth quarter under pressure from faltering domestic demand and bruising U.S. tariffs, dragging 2018 growth to the lowest level in nearly three decades and pressuring Beijing to roll out more stimulus to avert a sharper slowdown.

Growing signs of weakness in China — which has generated nearly a third of global growth in recent years — are fueling anxiety about risks to the world economy and are weighing on profits for firms ranging from Apple to big carmakers.

Policymakers have pledged more support this year to reduce the risk of massive job losses, but have ruled out a “flood” of stimulus like that which Beijing has relied on in the past, which quickly juiced growth rates but left a mountain of debt.

“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,” said Naoto Saito, chief researcher at Daiwa Institute of Research in Tokyo.

“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.”

Fourth-quarter gross domestic product (GDP) grew at the slowest pace since the global financial crisis, easing to 6.4 percent year-on-year, as expected, f,上海晚上耍女人的地方Fabiana,rom 6.5 percent in the third quarter, the National Bureau of Statistics said on Monday.

That pulled full-year growth down to 6.6 percent, the slowest annual pace since 1990. GDP in 2017 grew a revised 6.8 percent.

With support measures expected to take some time to kick in, most analysts believe conditions are likely to get worse before they get better, and see a further slowing to 6.3 percent this year.

U.S. President Donald Trump said on Monday that economic indicators meant it was time for China to make a trade deal with the United States.

“China posts slowest economic numbers since 1990 due to U.S. trade tensions and new policies. Makes so much sense for China to finally do a Real Deal, and stop playing around!” Trump wrote on Twitter.

Some China watchers believe actual growth is already weaker than official data suggest.

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Despite a raft of policy easing steps so far, December data released along with GDP showed continued weakness across broad areas of the economy at the end of last year.

Factory output picked up unexpectedly to 5.7 percent from 5.4 percent, but it was one of the few bright spots, along with a stronger services sector.

While regulators hav上海夜生活网e been fast-tracking construction projects, most of the gain appeared due to higher mining and oil production. calculations showed average daily steel output hit its lowest level since March as producers cut outp,上海高端夜生活在那里Kade,ut amid shrinking profit margins.

Despite the slowing economy, Chinese officials also pledged to continue with a crackdown on air pollution that has weighed on the industrial sector.

Other data on Monday showed investment and retail sales continued to languish, while the jobless rate edged higher.

Fixed-asset investment rose 5.9 percent in 2018, the slowest in at least 22 years, as a regulatory crackdown on riskier financing and debt weighed on local government spending early in the year.

Property investment is also looking wobbly, with analysts waiting to see if Beijing will risk loosening restrictions on home buyers that have kept a potential housing bubble in check.

Chinese consumers are clearly feeling the pressure.

Though retail sal,上海会所夜网Sabine,es growth picked up marginally in December to 8.2 percent, the consumer strength gauge is around the weakest in 15 years. Auto sales in the world’s biggest car market shrank for the first time since the 1990s.

Officials recently pledged to boost consumer demand for big-ticket items from cars to appliances. But gains in disposable income are slowing, while household debt is on the rise.

Other data in recent weeks showed exports and imports unexpectedly shrank last month, while falling factory orders point to a further drop in activity in coming months and more job shedding.

Some factories in Guangdong – China’s export hub – have shut earlier than usual ahead of the long Lunar New Year holiday as new business dries up.

TRADE PRESSURES

Even if China and the United States agree on a trade deal in current talks, which would be a tall order, analysts said it would be no panacea for China or its exporters.

Demand is weakening globally, not just in the United States. Net exports actually dragged on China’s growth by 8.6 percent last year, calculations based on official data showed.

Trade negotiators are facing an early March deadline and Washington has threatened to sharply hike tariffs if there are no substantial signs of agreement.

White House officials have given markedly different views on progress so far. China’s vice premier and lead negotiator, Liu He, is due to visit Washington for the next round of talks at the end of the month.

MORE STIMULUS

To free up more funds for lending, particularly to vulnerable smaller firms, the central bank has cut the amount of reserves that banks need to set aside as reserves (RRR) five times over the past year, and guided borrowing costs lower.

Further RRR reductions are expected in coming quarters, but most analysts do not see a cut in benchmark interest rates yet, as policymakers wait to see if earlier steps begin to stabilize activity.

More forceful easing could also pressure the yuan and aggravate high debt levels, with money going into less efficient or speculative investments as it often has in the past.

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

Some analysts believe it could deliver 2 trillion yuan ($295.13 billion) worth of cuts in taxes and fees this year, and allow local governments to issue another 2 trillion yuan in special bonds largely used to fund key projects.

China has ample room for policy adjustments, statistics bureau chief Ning Jizhe said on Monday.

Still, some analysts do not expect the economy to bottom out convincingly until summer.

Ghosn received $9 million improperly from Nissan-Mitsubishi JV:…

TOKYO ( ) – Carlos Ghosn improperly received $9 million in compensation from a joint venture (JV) between Nissan Motor and Mitsubishi Motors, the Japane,上海足浴夜网联系方式Dahlia,se automakers said on Friday, raising the possibility of their ousted chairman facing a fresh charge of embezzlement.

In the latest twist to the saga of the once-feted official’s fall from grace, the automakers have found that Ghosn was paid by their Netherlands-based JV without the knowledge of the unit’s two other ,上海夜网后花园Eason,directors – Nissan Motor (7201.T) CEO上海夜生活 Hiroto Saikawa and Mitsubishi Motor (7211.T) CEO Osamu Masuko.

Ghosn, arrested and detained in Tokyo for about two months, has already been indicted on charges of under-reporting his income for eight years at Nissan through March 2018, and temporarily transferring personal investment losses to the automaker during the global financial crisis.

“That such misconduct also occurred at our affiliate is beyond shocking … it’s sad,” Masuko told reporters, referring to the payments made to Ghosn from Nissan-Mitsubishi B.V., registered in the Netherlands in 2017.

Both Mitsubishi and Nissan said they would consider ways to recover the amount from Ghosn, while Mitsubishi lawyer Kei,上海新夜网龙凤Pamela, Umebayashi said a criminal charge was also possible.

“The most likely charge for this would be embezzlement,” he told reporters at a briefing.

COMPENSATION FROM JV

According to Mitsubishi’s legal team, over April-November 2018, Ghosn received around 5.8 million euros ($6.61 million) in annual pay for his role as managing director, a 1.4 million euro signing fee and an undisclosed incentive from the JV.

reported earlier this week about the alleged improper compensation to Ghosn by the JV and that Nissan was considering filing for damages, citing a source.

The unit had been intended to fund expenses for the partnership including consultant fees, joint promotional activities, workspace use and corporate jets, Masuko said.

“From the time that the unit was established to when I was told about the payments, I had absolutely no idea that the unit was being used for such payments,” Masuko added.

Ghosn’s lawyer, Motonari Otsuru, could not be immediately reached by telephone for a comment on Friday. Ghosn has denied all previous charges against him.

MUDDY WATERS

The arrest of Ghosn, who spearheaded Nissan’s turnaround two decades ago, and the list of charges against him have jolted the auto industry, while muddying the outlook for Nissan’s three-way alliance with Mitsubishi and France’s Renault SA (RENA.PA).

Renault has come under a lot of pressure in recent days from its biggest shareholder, the French government, to replace Ghosn as its CEO and chairman. The automaker has kept him at its helm, even as Nissan and Mitsubishi moved swiftly to oust him as chairman after his arrest.

The French automaker, however, confirmed on Thursday that it was considering new leadership, after Finance Minister Bruno Le Maire called publicly for a board meeting to address his succession.

Ghosn’s pay has been a hotly debated issue at Renault’s shareholder meetings where he lost a vote on pay a few years ago. He has also been in news previously for hidden bonus plans.

reported in 2017 on a plan by Renault-Nissan bankers to pay millions in undisclosed bonuses via a specially created Dutch service company to Ghosn and other managers. The plan was scrapped after the report here

Renault owns around 43 percent of Nissan, the biggest firm in the alliance by sales and which in turn has a non-voting 15 percent stake in Renault. Mitsubishi became the smallest member when Nissan in 2016 took a 34 percent stake in it. ($1 = 0.8776 euros)

Trump tells farmers he supports crop insurance

NASHVILLE, Tenn. ( ) – U.S. President Donald Trump on Monday told farmers gathered in Tennessee that he supports crop insurance, signaling a possible shift from his proposals last year to shrink a program that many farmers rely on for funding their operations.

Speaking at the American Farm Bureau’s annual convention, Trump said Congress would include the subsidies for crop insurance premiums in the upcoming “farm bill” that directs billions of dollars each year to agriculture, nutrition, food and land-conservation programs.

“I’m looking forward to working with Congress to pass the farm bill on time so that it delivers for all of you and I support a bill that includes crop insurance,” Trump said after noting Senate Agriculture Committee Chairman Pat Roberts was in attendance. “We’re working hard on the farm bill and I think it’s going to go well.”

In May Trump angered farm groups, which represent the rural voters who generally support his Republican Party, when he proposed cutting $46.54 billion in federal agricultural funding, mostly by capping the amount the government chips in toward crop insurance. There currently is no limit to the support the government gives farmers for insurance premiums.

Trump, who swept Tennessee in the 2016 election, also signed an executive order after the speech to make it easier for the private sector to locate broadband infrastructure on federal land and buildings, part of a push to expand high-speed internet in rural America.

Trump signed a memorandum directing the Interior Department to support rural broadband development by increasing access to tower facilities managed by the department, the White House said.

Faster internet speeds in rural areas are often considered key to addressing the economic divide between rural and urban America, but the costs have so far been prohibitive.

About 39 percent of rural Americans lack access to high- speed internet service, the Federal Communications Commission said in a 2016 report.

“We need to get rural America more connected. We need it for our tractors,,上海夜网后花园Mabel, we need it for our schools, we need it for our home-based bu,上海新夜网龙凤Queena,sinesses,” a White House official told reporters ahead of Trump’s speech.

The White House des,上海仙霞路夜生活Earl,cribed the moves as an incremental step to help s上海夜生活网pur private development while the administration figures out how it can help with funding, something that could become part of Trump’s plan to invest in infrastructure.

The CEO of the leading telecommunications trade group in the country, Jonathan Spalter, said USTelecom would push to ensure the government sets aside money for helping build and upgrade network infrastructure, as well as dismantling and streamlining regulations.

Procter & Gamble bets on demand for high-end fabric, skin-care…

( ) – Procter & Gamble Co (PG.N) raised its sales forecast for the year on Wednesday after quarterly results topped Wall Street expectations, boosted by price hikes and strong demand for premium fabric and skin care products.

Premium products such as Gain or Downy fabric enhancer beads and SK-II skincare products boosted growth during the quarter, and helped P&G, the no. 1 personal care goods company, set itself apart from in-house supermarket brands that have been encroaching on market share.

Consumer goods companies have faced a string of challenges in the past year, including soaring commodities costs, a shortage of truck drivers, competition from supermark上海夜生活网et brands and direct-to-consumer start-ups.

To counter this, P&G is cutting costs and revamping its brands and marketing strategy. The company, which makes Gillette razors and Tide detergents, has also raised prices and launched higher-end products in its beauty and fabric care businesses.

The company’s shares rose 4.5 percent to $94.55 after it posted better-than-expected second-quarter results.

“Yet another strong quarter for P&G as execution is clearly improving, proving last quarter wasn’t a fluke,” Wells Fargo analyst Bonnie Herzog said.

P&G said it now expects full-year organic sales growth of 2-4 percent compared with previous guidance of 2-3 percent. Organic sales excludes items like acquisitions and the impact,上海夜网后花园Dakota, of foreign currency fluctuations.

NO SIGN OF RECESSION

Chief Financial Officer Jon Moeller said on a call to discuss earnings that steady results and confidence in global growth prompted the better forecast, but noted possible economic challenges such as trade, Brexit and the U.S. government shutdown.

“We’ve seen nothing in purchase data, to date, and consumer behavior, to date, that would indicate that we’re currently moving towards a recession,” Moeller said.

The International Monetary Fund trimmed its global growth forecasts on Monday and said the risk of a,上海夜生活男人好去处Idaleen, sharper decline in global growth had increased.

Quarterly organic sales rose 4 percent. Analysts on average were expecting growth of 2.4 percent, according to IBES data from Refinitiv.

Organic sales in P&G’s beauty business rose 8 percent, driven by strong demand for its premium SK-II and Olay skin care brands, while feminine care business, which includes brands such as Tampax and Whisper, also witnessed high single-digit growth.

Fabric and home care business, which includes brands such as Tide and Ariel, rose 2 percent to $5.56 billion,上海夜网推油Quaid,. The business is P&G’s biggest contributor to sales.

Excluding items, the company earned $1.25 per share in the second quarter ended Dec. 31, beating analysts’ estimate of $1.21 per share. Net sales rose marginally to $17.44 billion, beating analysts’ average estimate of $17.15 billion, according to IBES data from Refinitiv.

In contrast, industry peer Kimberly-Clark Corp (KMB.N) said on Wednesday that its expects the environment in 2019 to remain challenging, while its quarterly profit missed expectations.

Trump promises to ‘take the heat’ for broad immigration deal

WASHINGTON ( ) – President Donald Trump said on Tuesday he was ready to accept an onslaught of criticism if lawmakers tackle broad immigration reforms after an initial deal to help the young illegal immigrants known as Dreamers and build a wall on the U.S. border with Mexico.

Trump told lawmakers at the White House he would back a two-phased approach to overhauling U.S. immigration laws with the first step focused on,上海仙霞路夜生活Macauly, protecting immigrants who were brought here as children from deportation along with funding for a wall and other restrictions that Democrats have opposed.

Once that is done, Trump said, he favors moving quickly to address even more contentious issues, including a possible pathway to citizenship for 11 million illegal immigrants that is opposed by many Republicans and many of his supporters.

“If you want to take it that further step, I’ll take the heat, I don’t care,” Trump told lawmakers about a broad immigration bill. “You are not that far away from comprehensive immigration reform. And if you wanted to go that final step, I think you should do it.”

Trump campaigned for the White House in 2016 with a hard-line approach on illegal immigration, and many of his supporters consider potential citizenship for undocumented immigrants to be an unacceptable grant of amnesty.

Trump said on Tuesday he would sign a bill that gives legal status to the hundreds of thousands of undocumented immigrants brought to the country as children, known as Dreamers, as long as the bill had the border security protections he has sought, including funding for a wall.

“Now, that doesn’t mean 2,000 miles of wall because you just don’t need that … because of mountains and rivers and lots of other things,” Trump said. “But we need a certain portion of that border to have the wall. If we don’t have it, you can never have security.”

Trump and his fellow Republicans, who control the U.S. Congress, have been unable to reach agreement with Democrats on a deal to resolve the status of an estimated 700,000 young immigrants whose protection from potential deportation under the Deferred Action for Childhood Arrivals, or DACA, program ends in early March. ,上海夜生活论坛Fabi,

“A VERY PRODUCTIVE MEETING”

Under pressure from immigrant groups ahead of midterm congressional elections in November, Democrats are reluctant to give ground to Trump on the issue of the wall, his centra,上海夜生活服务Fabi,l promise from the 2016 presidential campaign.

But after the meeting, lawmakers from both parties said they would meet as early as Wednesday to continue negotiations on a deal covering DACA and border securit上海夜生活y, as well as a visa lottery program and “chain migration,” which could address the status of relatives of Dreamers who are still in the United States illegally.

“From that standpoint it was a very productive meeting,” said Senator David Perdue, a Republican. “We have a scope now.”

White House spokeswoman Sarah Sanders told reporters the broader bill with a path to citizenship was not a focus for now.

“We’re certainly open to talking about a number of other issues when it comes to immigration, but right now this administration is focused on those four things and that negotiation, and not a lot else at this front,” she said.

Republican Senator Lindsey Graham, who also was at the meeting, said negotiators in Congress still faced difficulties but it was important that Trump had shown he had “no animosity toward the Dream Act kids” and the “wall is not going to be 2,220 miles wide.”

PARTY DIFFERENCES ON BORDER SECURITY

The U.S. Congress has been trying and failing to pass a comprehensive immigration bill for more than a decade, most recently in 2013 when the Senate passed a bill that later died in the House of Representatives.

The latest immigration negotiations are part of a broader series of talks over issues ranging from funding the federal government through next September to renewing a children’s health insurance program and giving U.S. territories and states additional aid for rebuilding after last year’s hurricanes and wildfires.

Top congressional leaders did not attend the hour-long meeting. The guest list included lawmakers from both parties involved in the immigration debate, such as Graham and Democratic Senator Dick Durbin.

A majority of those protected under DACA are from Mexico and Central America and have spent most of their lives in the United States, attending school and participating in society.

Trump put their fate in doubt in early September when he announced he was ending the DACA program created by former President Barack Obama, which allowed them to legally live and work in the United States temporarily.

Steny Hoyer, the No. 2 Democrat in the House of Representatives, said a DACA bill could win support for passage even though there are differences between the parties over what constitutes necessary border security.

“Democrats are for security at the border,” Hoyer told Trump during the meeting. “There are obviously differences, however, Mr. President, on how you affect that.”

On Monday, Trump announced that he was ending immigration protections for about 200,000 El Salvadorans who have been living legally in the United States under the Temporary Protection Status program. Haitians and other groups have faced similar actions.

A congressional aide told that negotiators in Congress also have been talking about legislation that would expand TPS in return for ending a visa lottery program that Republicans want to terminate.

Companies have up to a year for new U.S. tax bill reporting: SEC

WASHINGTON ( ) – U.S. financial regul,上海夜网推油Falkner,ators said on Friday that because the new tax bill could make timely financial reporting difficult, public companies can make reasonable estimates when uncertain of the impact of the new tax law in financial reports, and will have up to a year to report final numbers.

The Secu上海夜网rities and Exchange Commission bulletin comes after the U.S. Chamber of Commerce warned on Thursday that some U.S. listed companies may struggle to file their annual financial reports on time because the Republican-led overhaul of the country’s tax system may prompt a raft of additional disclosures.

In a statement on the Tax Cuts and Jobs Act (TJCA) issued on Friday, SEC Chairman Jay Clayton and Commissioners Kara Stein and Michael Piwowar,上海凤楼夜网Cain, said guidance was similar to that given in the past when tax law changes affected financial reporting.

The $1.5 trillion tax bill, signed into law on Friday by U.S. President Donald Trump, will significantly affect many companies’ year-end financial statements because listing rules oblige them to flag any potential material risks or changes to their operations and financial outlook to shareholders.

The bill significantly lowers the income tax rate for U.S. companies – to 21 percent from 35 percent – allows them to repatriate cash from overseas, and modif,上海夜网官方网站Quaid,ies numerous deductions, among other changes.

Public companies have been given a “measurement period” to study the changes created by a new law.

During the measurement period, the SEC expects companies to complete their accounting and that “in no circumstances should the measurement period extend beyond one year from the enactment date,” of the TJCA.

Companies will also need to make disclosures during the measurement period, including any updates to provisional amounts given earlier, or newly discovered reporting implications from tax bill.

For companies with fiscal years ending Dec. 31, getting the necessary analysis done in time could be tough, the Chamber said.

The tax bill It is the largest such overhaul since the 1980. In addition to slashing the corporate rate, it temporarily reduces the tax burden for most individuals.

Written by shyw on February 21, 2018 Categories: zegkczqm Tags: , , ,

Sainsbury’s-Asda deal could live with upwards of 132 store…

LONDON ( ) – The proposed merger of Sainsbury’s and rival supermarket operator Asda would be viable even if regulators forced the group to dispose of 132 stores or more, Sainsbury’s house broker UBS said on Tuesday.

Sainsbury’s and Asda, which is owned by Walmart, agreed the 7.3 billion pound ($9.6 billion) deal in April last year and it is currently being probed by Britain’s regulator, the Competition and Markets Authority (CMA).

The CMA has said it will publish its preliminary findings by “early February”.

Analysts at UBS said that based on disclosures from a recent Competition Appeal Tribunal (CAT) ruling, the CMA’s best estimate appears to be the week commencing Feb. 11.

Sainsbury’s and Asda have said they expect the CMA to insist on store disposals as a condition for clearing a deal that could allow them to overtake Tesco as Britain’s biggest retailer.

“Assuming zero disposal proceeds, merger economics can absorb at least circa 132 r,上海仙霞路夜生活Jackson,emedy stores and potentially dozens more,” the UBS analysts said in a note, referring to the number of stores that would have to be sold.

They have a base case of 28-54 remedy stores, rising to 132-161 if discounters Aldi and Lidl are excluded by the CMA’s analysis as mainstream competitors.

“Thus, we see scope for deal close even if the CMA adopts a narrow market definition,,上海足浴夜网联系方式Sabina,” they said.

Finding buyers for large stores in an industry increasingly moving online and to smaller convenience shops will not be easy.

However, the UBS analysts said they expected the divestiture process to be competitive.

“Tesco is unlikely to have full penetration in remedy areas; and, non-traditional and/or finan,上海夜生活论坛Caden,cial buyers could potentially emerge,” they said.

Sainsbury’s shares were up 2.6 percent at 1436 GMT.

Another note published on Tuesday by Bank of America Merrill Lynch (BoAML) said the economics of the precise stores up for disposal rather than the total number is the critical factor.

“Even a high disposal number would not be a risk to the deal, in our view,” said analysts at BAML.

Sainsbury’s has about 606 supermarkets, 815 convenience stores and operates 311 petrol filling stations. Asda has about 584 groc上海夜生活论坛ery stores and 317 petrol filling stations. ($1 = 0.7581 pounds)

Market rout overshadows business growth for U.S. life insurers

( ) – U.S. life insurers are expected to report messy fourth-quarter results starting next week, with their massive investment portfolios getting hit by tumultuous markets.

The market mayhem has already prompted analysts to knock down earnings estimates for major life insurers including Ameriprise Financial Inc, Lincoln National Corp and Prudential Financial Inc, since late October.

Analysts have lowered Prudential’s mean earnings-per-share estimate from $2.98 to $,上海新夜网龙凤Jacob,2.81, Lincoln National Corp from $2.24 to $2.12, and Ameriprise from $3.85 to $3.66, according to I/B/E/S Refinitiv.

“Even though these are annuity or retirement businesses, they are businesses that are driven by the assets they manage,” said Sandler O’Neill analyst John Barnidge.

Life insurers make money by investing premiums they receive for coverage, hoping to earn more than what they pay in claims, and also investing lump sums consumers hand over when buying annuities.

But during the fourth quarter, stock and bond markets went into a spiral.

The S&P 500 index fell 13.7 percent during the final three months of 2018, marking the worst performance for stocks in more than seven years. Global indices also felt the pain. For example, the MSCI All-World Index fell 13 percent, its worst quarterly performance since the 2011 third quarter.

Life insurers have amped up risk taking in recent years, moving away from safer investments like Treasury bonds, as interest rates上海夜生活 remained near rock-bottom levels. 

But during the fourth quarter investors sharply retreated from such investments, globally. Investment-grade and high-yield corporate bonds lost the most value in single quarter relative to Treasury notes in more than seven years, according to ICE Bank of America/Merrill Lynch fixed income index data.

“It’s kind of the double whammy – you saw interest rates going down and the S&P going down. Both will have an impact here,” said Elyse Greenspan, a Wells Fargo Securities LLC analyst.

Other big financial companies whose earnings are h,上海夜生活去哪玩Hal,ighly exposed markets — including banks, hedge fund firms and big asset managers — also found the fourth quarter challenging.

On Jan. 16, BlackRock Inc, the world’s largest fund manager, reported a smaller-than-expected quarterly profit on Wednesday due to financial market t,上海021夜网Eden,urmoil. BlackRock’s stock is down nearly a third from an all-time high near $600 per share last year, declining more than 21 percent in 2018.

“It should be a messier quarter for the group … but we believe most of the focus will be the 2019 outlooks,” Greenspan said in a Jan. 18 note.

Despite the challenges, analysts pointed to positive signs in underlying life insurance businesses. For instance, strong sales of fixed annuities, for which consumers give a cash lump sum to an insurance company, guaranteeing they will not lose their principal while paying a fixed interest rate.

“People are more likely to buy a fixed annuity when markets are volatile,” Barnidge said.

Written by shyw on February 19, 2018 Categories: umrnhgja Tags: , , ,

Madrid taxis block access to tourist fair in anti-Uber protests

MADRID ( ) – Hundreds of taxi drivers protested outside one of Madrid’s largest tourist fairs on Wednesday, using ,上海夜生活去哪玩Kaia,their cabs to block access roads and burning rubbish as part of an open-ended strike against Uber and other ride-hailing services.

They have been striking against the services, which offer rides that undercut taxi prices online rather than being hailed in the street, since Monday, complaining that regulations are being ignored with unfair competition.

In September, Spain’s government gave the ride-hailing co上海夜生活论坛mpanies f,上海夜玩网论坛Jacklyn,our years to comply with regulation,上海夜生活论坛Gabe,s granting them just one new license for every 30 taxi licenses.

“It is not right that after working so many years like we have been, they now just want to sweep us out of the way,” said taxi driver Francisco Sanchez. “They (politicians and ride-hailing services) are all in it together.”

With regions free to adopt their own restrictions, Catalonia plans a bill forcing customers of ride-hailing services to order transport from 15 minutes to an hour beforehand, a government source said.

Striking Barcelona taxi drivers will vote on the proposed restrictions on Wednesday, according to reports.

Unauto VTC, an association representing the ride-hailing services, said taxi sector “blackmail” had “kidnapped” Barcelona.

IMF, CEOs sound warnings as leaders gather in Davos

DAVOS, Switzerland ( ) – The International Monetary Fund trimmed its global growth forecasts on Monday and a survey showed increasing pessimism among business chiefs as trade tensions and uncertainty loomed over the world’s biggest annual gathering of the rich and powerful.

The gloomy IMF forecasts, released on the eve of the World Economic Forum in Davos, Switzerland, highlighted the challenges facing policymakers as they tackle an array of actual or potential crises, from the U.S.-China trade war to Brexit.

“After two years of solid expansion, the world economy is growing more slowly than expected and risks are rising,” IMF Managing Director Christine Lagarde told reporters.

“Does that mean a global recession is around the corner? No. But the risk of a sharper decline in global growth has certainly increased,” she said, urging policymakers to brace for a “serious slowdown.”

In its World Economic Outlook report released on Monday, the IMF predicted the global economy will grow at 3.5 percent in 2019 and 3.6 percent in 2020, down 0.2 and 0.1 percentage point respectively from last October’s forecasts.

“There are so many variables and so much uncertainty globally, from the trade tension to geopolitical,上海夜生活Gabi, changes, so a lot of market activity and market sentiment are out of our control,” Laura Cha, chair of the Hong Kong stock exchange, told Television.

The IMF downgrades mainly reflected signs of weakness in Europe, with its export powerhouse Germany hurt by new fuel emission standards for cars and with Italy under market pressure due to Rome’s recent budget standoff with the European Union.

The global lender also cited a bigger-than-expected slowdown in China’s economy and a possible “No Deal” Brexit as risks to its outlook, saying these could worsen market turbulence.

A survey by auditing and accounting giant PwC of nearly 1,400 chief executives found that 29 percent believe global economic growth will decline over the next 12 months, the highest percentage since 2012.

While the most pronounced shift was among business leaders in the United States, the share of CEOs who expected growth to slow increased significantly across every region, it showed.

“It’s quite a reversal from last year and the gloomier mood cuts across just about everywhere in the world,” said Bob Moritz, global chairman at PwC.

“With the rise of trade tension and protectionism, it stands to reason that,上海夜网后花园Eason, confidence is waning.”

Tim Ryan, U.S. Chairman at PwC, told : “We were a little bit spoiled by the environment the past six to eight years after the financial crisis,” describing an uncertain economy as the new normal.

“People are getting used to the上海夜生活 volatility.”

CHINA GLOOM WIDENS

Fears of a global slowdown have jolted markets and forced the U.S. Federal Reserve Bank to signal a pause in its interest rate hike cycle, as investors fret about increasing weak signs in China and the fallout from Sino-U.S. trade frictions.

Data released on Monday showed China’s economy cooled in the fourth quarter on falterin,上海夜网邀请码Macauly,g domestic demand and bruising U.S. tariffs, dragging 2018 growth to the lowest in nearly three decades.

“Sometimes we spook ourselves, so it remains to be seen how slow is slow, how bad is bad, let’s see how the first quarter looks,” said Cha.

Analysts polled by also saw a higher chance Japan will slide into a recession, keeping the country’s central bank under pressure to maintain its massive stimulus.

The IMF cut its growth projections for the euro zone and developing countries, while maintaining its forecast for a 2.5 percent expansion in the United States this year.

It also kept its China growth forecast at 6.2 percent in both 2019 and 2020, but said economic activity could miss expectations if trade tensions persist, even with state efforts to spur growth by boosting fiscal spending and bank lending.

“As seen in 2015–16, concerns about the health of China’s economy can trigger abrupt, wide-reaching sell-offs in financial and commodity markets that place its trading partners, commodity exporters, and other emerging markets under pressure,” it said.

Britain is expected to achieve 1.5 percent growth this year though there is uncertainty over the projection, which is based on the assumption of an orderly exit from the EU, it said.

Written by shyw on February 17, 2018 Categories: zqyfuqia Tags: , , ,

Musk not worried about Tesla Model 3 demand, Wall Street thinks…

( ) – Tesla Inc shares fell on Thursday as Wall Street wondered if demand for its mass market Model 3 sedan could be sustained while it tries to make substantial inroads in China.

Chief Executive Officer Elon Musk said he sees higher demand for the Model 3, as the electric car maker begins to ship cars to Europe and Asia from its Fremont, California factory.

“The critical Model 3 cost structure ap,上海夜生活网419Oakley,pears to be improving with both scale and manufacturing experience, with the company expecting a 25 percent gross margin “at some point” during 2019” Canaccord Genuity analysts said.

The company estimated that Model 3 production at its Freemont plant will rise to 7,000 cars, and its Shanghai factory will build 3,000 Model 3s weekly by year’s end.

“The profitability picture for Tesla looks encouraging … with Musk & Co giving some good granularity around projections for 2019 on the demand and production fronts, with ample cash to pay its upcoming debt payment which is around the corner,” Wedbush analysts said in a note.

But some analysts were concerned by Tesla’s indication that it is only making cars for China and Europe right now, and expects a gap of about 10,000 vehicles between production and deliveries because of vehicles in transit at the end of the first quarter.

“This is a strong indication that demand in the U.S. for both the mid-range and long-range Model 3 versions has largely been exhausted, and the company is still working through the estimated ~6.8k of unsold Model 3 inventory,” Cowen analysts said.

The company’s shares, which fell as much as much as 4.7 percent in morning trade, pared most of their ,上海夜网Larissa,losses to trade down 0.3 percent at $307.77.

Tesl,上海夜网推油Octava,a is pumping money into the Shanghai factory, which it hopes to bring on line at the end of this year with a target of producing 500,000 vehicles annually. But several analysts questioned whether the investment would pay off.

“Tesla serves the purpose of a ‘stalking horse’ to the fast growing domestic Chinese EV industry, but we believe it has limited to zero terminal value in a region where a number of domestic champions should emerge,” Morgan Stanley analysts said.

Tesla’s weaker-than-expected fourth quarter profit, and its announcement that Chief Financial Officer Deepak Ahuja would leave and hand over the reins to 34-year-old Zach Kirkhorn, its vice president of finance, surprised investors, sending shares lower on Wednesday.

JPMorgan analysts warned that Ahuja’s departure deprived the company of long automotive industry experience and relative stability in a company which has seen a steady stream of senior staff come and go since 2016.

The com上海夜网pany is striving to stabilize production and deliver consistent profit. It ended the quarter with $4.3 billion in cash and said it had “sufficient cash on hand” to pay a $920 million convertible bond maturing in March.

Of the 31 brokerages covering Tesla, 10 have a “buy” or higher rating, 10 “hold” and 11 have a “sell” or lower rating and their median price target is $327.50.

Only five changed their price targets on Thursday, with three raises and two cuts. Wedbush cut its price target by $50 to $390.

Huawei lawyer says CFO Meng a ‘hostage’ after U.S. presses charges

WASHINGTON/HONG KONG ( ) – Huawei’s CFO “should not be a hostage” in Sino-U.S. relations, her lawyer said on Tuesday, after the United States announced criminal charges against herself and the Chinese firm just days before crunch trade talks with Beijing.

The Justice Department charged Huawei Technologies Co Ltd and its chief financial officer with conspiring to violate U.S. sanctions on Iran by doing business through a subsidiary it tried to hide and that was reported on by in 2012 reut.rs/2sRL7Ve and 2013 reut.rs/2sUq8RT.

In a separate case, the Justice Department charged the telecommunications equipment maker with stealing robotic technology from T-Mobile US Inc. Huawei has said the companies settled their dispute in 2017.

CFO Meng Wanzhou, the daughter of Huawei’s founder, was arrested in Vancouver on Dec. 1, a move which was followed by China arresting two Canadians on national security grounds. She is scheduled in court on Tuesday to discuss her bail terms, and is subject to a U.S. extradition request.

Her lawyer Reid Weingarten, partner at Steptoe & Johnson, pointed to “complex” Sino-U.S. relations.

“Our client, Sabrina Meng, should not be a pawn or a hostage in this relationship. Ms. Meng is an ethical and honorable businesswoman who has never spent a second of her life plotting to violate any U.S. law, including the Iranian sanctions.”

Huawei said it had sought to discuss the charges with U.S. authorities “but the request was rejected without explanation”.

It said it “denies that ,上海新夜网龙凤Kaia,it or its subsidiary or affiliate have committed any of the asserted vi,上海夜生活服务Talon,olations” and “is not aware of any wrongdoing by Ms. Meng.”

Related CoverageChina’s industry ministry says Huawei indictments are ‘unfair, immoral’

China’s foreign ministry urged the United States drop the arrest warrant and end “unreasonable suppression” of Chinese companies. Spokesman Geng Shuang also said China had issued stern representations to both Canada and the United States after the U.S. formally issued its extradition request for Meng.

Canada’s Justice Minister has 30 days from receipt of the request to decide whether to grant authority to proceed. If granted, Meng’s case would be sent to the British Columbia Supreme Court for a hearing, which could take weeks or months.

The development is likely to upset talks between Beijing and Washington this week as part of negotiations intended to walk back trade tensions between the globe’s two largest economies.

U.S. ,上海夜生活Lake,President Donald Trump said in December he could intervene in Meng’s case if it would serve national security interests or help close a trade deal with China.

U.S. Commerce Secretary Wilbur Ross said the charges are “wholly separate” from the trade negotiations.

MARKET RESTRICTION

Huawei makes equipment including base stations, switches and routers, as well as consumer products such as smartphones, and derives nearly half of its total revenue outside China.

Its global reach has come under attack from the United States, which is trying to prevent U.S. companies from buying Huawei equipment and is pressing allies to do the same. U.S. security experts are concerned the gear could be used by China’s government for espionage – a concern Huawei calls unfounded.

Australia and New Zealand followed the U.S. lead in restricting market access over the past year. On Tuesday, TPG Telecom Ltd canceled the Huawei-based mobile phone network it was building, in the first commercial casualty of Australia’s move.

Huawei nevertheless said it is the world’s leading provider of 5G technology, winning 30 contracts globally – more than any of its competitors – including 18 in Europe.

It is unclear how the U.S. charges would impact its business. Last year, Chinese peer ZTE Corp was prevented from buying essential components from U.S. firms after pleading guilty to similar charges, crippling its operations.

ZTE resumed normal business after paying up to $1.4 billion in fines and replacing its entire board, on top of a near $900 million penalty paid in 2017.

BANKING RELATIONS

U.S. Acting Attorney General Matthew Whitaker said the alleged criminal activity at Huawei “goes back at least 10 years and goes all the way to the top of the company.” The charges against Meng and Huawei cite the stories that said Huawei’s Skycom unit sought to sell goods to Iran.

The indictment noted that denials from Huawei in the stories were relied upon by financial institutions “in determining w上海夜生活网hether to continue their banking relationships with Huawei and its subsidiaries.”

The indictment featured a meeting in August 2013 between Meng and an executive from an unidentified bank. Sources told the bank is HSBC Holdings PLC, which paid $1.92 billion in 2012 for violating U.S. anti-money-laundering and sanctions laws.

During the meeting, Meng misrepresented Huawei operations in Iran and ownership and control of Skycom, the indictment showed.

The Justice Department has confirmed that HSBC is not under investigation in this case, HSBC said in a statement last month.

Also according to the indictment, in July 2007, the FBI interviewed Huawei founder Ren Zhengfei and U.S. authorities said he falsely told them Huawei did not violate U.S. export laws.

The indictment concerning trade secret theft alleged that Huawei had a formal policy instituting a bonus program to reward employees who stole confidential information from competitors.

FBI Director Christopher Wray said the Huawei cases, filed in New York and Washington state, “expose Huawei’s brazen and persistent actions to exploit American companies and financial institutions, and to threaten the free and fair global marketplace.”

Written by shyw on February 16, 2018 Categories: wjxqxjow Tags: , ,

KPMG subject of second UK investigation over Carillion audit

LONDON ( ) – Britain’s Financial Reporting Council (FRC) has opened a second investigation into how accounting firm KPMG audited the books of collapsed UK construction company Carillion, the watchdog said on Tuesday.

The FRC said that KPMG, one of the world’s “Big Four” accounting firms, “self reported” additional material related to Carillion’s audit for year-end 2016.

The audit for,上海夜网千花Balthazar, that year was one of 160 company audits in the FRC’s routine annual quality review.

KPMG said on Tuesday it was reviewing its response to the FRC’s quality review of Carillion’s 2016 audit after concerns were identified in connection with a small number of documents provided to the FRC.

“On discovery of this information, we immediately reported our findings to the FRC,” KPMG said.

The accounting firm said it stood by its “conclusions” for Carillion’s audit for that year and it has reached no conclusion regarding individual responsibility.

KPMG has engaged outside cou上海夜网nsel to investigate the cir,上海夜生活论坛Idris,cumstances of the quality review and the conduct of individuals involved.

The watchdog said last year that it was investigating KPMG’s audits of Carillion for 2014-2017 and the conduct of two former finance directors, Richard Adam and Zafar Khan. The second investigation was opened in November and made public on Tuesday.

“The FRC continues to progress its original investigations in relation to the collapse of Carillion in conjunction with other regulators,” the watchdog said in a statement.

“A key area of focus has been the financial performance of Carillion’s major contracts in both the construction and services divisions, and whether Carillion management and its auditors ensured that this was appropriately reported in its financial statements.”

“The investigations are also considering conduct relating to pension liabilities, goodwill, cash disclosures and going concern,” the FRC said.

A second investigation piles more pressure on KPMG in a sector that is already in the political spotlight.

Carillion’s collapse angered lawmakers who called on the Competition and Markets Autho,上海新夜网龙凤Gabrielle,rity to consider breaking up the “Big Four” accountants to increase competition and audit quality.

It also raised questions about the FRC’s ability to police accounting firms quickly and effectively.

Last month two government-sponsored reports recommended replacing the FRC with a new watchdog, and forcing large, listed companies in Britain to hire two auditors.

The FRC said it was committed to completing its investigations promptly and thoroughly.

Exclusive: U.S. demands regular review of China trade reform

(This Jan 18 story was refiled to delete extraneous wording in paragraph 15)

By Michael Martina and Chris Prentice

BEIJING/WASHINGTON ( ) – The United States is pushing for regular reviews of China’s progress on pledged trade reforms as a condition for a trade deal – and could again resort to tariffs if it deems Beijing has violated the agreement, according,上海夜网邀请码Eden, to sources briefed on negotiations to end the trade war between the two nations.

A continuing threat of tariffs hanging over commerce between the world’s two largest economies would mean a deal would not en,上海夜生活服务Sabrina,d the risk of investing in businesses or assets that have been impacted by the trade war.

“The threat of tariffs is not going away, even if there is a deal,” said one of three sources briefed on the talks who spoke with on condition of anonymity.

Chinese negotiators were not keen on the idea of regular compliance checks, the source said, but the U.S. proposal “didn’t derail negotiations.”

A Chinese source said the United States wants “periodic assessments” but it’s not yet clear how often.

“It looks like humiliation,” the source said. “But perhaps the two sides could find a way to save face for the Chinese government.”

The administration of U.S. President Donald Trump has imposed import tariffs on Chinese goods to put pressure on Beijing to meet a long list of demands that would rewrite the terms of trade between the two countries.

The demand,上海夜网官方网站Pamela,s include changes to China’s policies on intellectual property protection, technology transfers, industrial subsidies and other trade barriers.

An enforcement and verification process is unusual for trade deals and is akin to the process around punitive economic sanctions such as those imposed on North Korea and Iran.

Disputes over trade are more typically dealt with through courts, the World Trade Organization (WTO) or through arbitration panels and other dispute settlement mechanisms built into trade agreements.

Trump’s team has criticized the WTO for failing to hold China accountable for not executing on promised market reforms. The U.S. has also criticized the WTO’s dispute settlement process and is seeking reforms at the organization.

Related CoverageExplainer: How U.S.-China talks differ from any other trade dealWhite House adviser Kudlow says making progress on China trade talks

(For an explainer on how the U.S.-China talks differ from any other trade negotiation, see: )

Regular reviews would be one potential solution to address a demand from U.S. Trade Representative Robert Lighthizer for ongoing verification of any trade pact between the two countries, three sources familiar with the talks told . The threat of tariffs would be used to keep reform on track, the sources said.

Lighthizer is leading negotiations with China. A USTR spokesman declined to comment on the possibility of regular assessments.

The idea of quarterly reviews was part of a U.S. negotiating document leaked after talks in May 2018, before the United States had slapped its first round of duties on $50 billion worth of Chinese goods.

The renewed focus on regular reviews in current negotiations – this time carrying the threat of tariffs – underscores the growing distrust between the two countries.

The extra scrutiny is needed and should be based on clear benchmarks – with consequence for failing to meet them, said Erin Ennis, Senior Vice President of the U.S.-China Business Council, a trade group representing American companies doing business in China.

“It needs to be tied to removing or reducing the tariffs,” Ennis said. “If China can show compliance through a process like this, it would also be a trust-building measure for both sides.”

BROKEN PROMISES

Trump’s administration has accused China of repeatedly failing to follow through on previous pledges to implement reforms sought by the United States.

Washington often cites as an example the difficulties still faced by foreign payment card operators in entering China’s market despite a 2012 WTO ruling that Beijing was discriminating against them.

A separate industry source said it is likely that different agreement on separate issues – forced technology transfer, intellectual property, changes to China’s legal system – would require separate verification processes, all of which will need to be hammered out by negotiators.

“The challenge of verification and enforcement stems from the fact that China has 上海夜生活made promises it hasn’t kept,” the source said.

Trump and Chinese President Xi Jinping agreed to a 90-day truce in the trade war in December to give their teams time to negotiate a deal. Nearly 50 days later, there is little sign that China will make the concessions the U.S. is seeking.

Lighthizer saw no progress on structural issues at three days of mid-level talks in Beijing last week, Republican Senator Chuck Grassley said on Tuesday.

China’s Vice Premier and lead negotiator Liu He is due to visit Washington for the next round of talks with Lighthizer and U.S. Treasury Secretary Steven Mnuchin at the end of the month.

Factbox: Trump on Twitter (December 7) – Pearl Harbor Remembrance Day

The following statements were posted to the verified Twitter accounts of U.S. President Donald ,上海足浴夜网联系方式Radcliff,Trump, @realDonaldTrump上海夜网 and @POTUS.

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

@realDonaldTrump :

– Go get the new book on Andrew Jackson by Brian Kilmeade…Really good. @foxandfriends [0808 EST]

,夜上海419龙凤论坛Mabel,

– National Pearl Harbor Remembrance Day – “A day that will live in infamy!” December 7, 1941 [1004 EST]

– Today, our entire nation pauses to REMEMBER PEARL HARBOR—and the brave warriors who on that day stood tall and fought for America.

God Bless our HEROES who wear the uniform, and God Bless the United States of America. #PearlHarborRemembranceDay [1116 EST]

– Today, the ,上海夜网官方网站Kaia,U.S. flag flies at half-staff at the @WhiteHouse, in honor of National Pearl Harbor Remembrance Day. instagram.com/p/BcaeCLLAEkl/ [1504 EST]

– Today, as we Remember Pearl Harbor, it was an incredible honor to be joined with surviving Veterans of the attack on 12/7/1941. They are HEROES, and they are living witnesses to American History. All American hearts are filled with gratitude for their service and their sacrifice. [1552 EST]

– Across the battlefields, oceans, and harrowing skies of Europe and the Pacific throughout the war, one great battle cry could be heard by America’s friends and foes alike:

“REMEMBER PEARL HARBOR.” [1610 EST]

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

In victory for Trump, judge tosses suit on foreign payments

NEW YORK ( ) – A federal judge in New York on Thursday threw out a lawsuit that had accused President Donald Trump of violating the U.S. Constitution by accepting foreign payments through his hotels and other businesses, handing him a major victory on an issue that has dogged him since even before he took office in January.

Though other lawsuits remain pending that make similar claims, the ruling by U.S. District Judge George Daniels is the first to weigh the merits of the U.S. Constitution’s anti-corruption provisions as they apply to Trump, a wealthy businessman who as president regularly visits his own hotels, resorts and golf clubs.

In a 29-page opinion granting the Trump administration’s request to toss the suit, Daniels said the plaintiffs did not have legal standing to bring the suit. The plaintiffs included the nonprofit watchdog group Citizens for Responsibility and Ethics in Washington (CREW), a hotel owner, a hotel events booker and a restaurant trade group.

The lawsuit, filed after the Republican president took office in January, accused Trump of running afoul of the Constitution’s “emoluments” clause by maintaining ownership of his business empire while in office.

The emoluments clause, designed to prevent corruption and foreign influence, bars U.S. officials from accepting gifts from foreign governments without congressional approval.

Trump has ceded day-to-day control of his businesses to his sons. Critics have said that is not a sufficient safeguard.

The plaintif,上海夜生活论坛Rachel,fs said they are legally injured when foreign governments try to “curry favor” with Trump by paying to use his businesses, ,上海凤楼夜网Lance,such as the Trump International Hotel in Washin上海夜网gton or a high-end restaurant at a Trump hotel in New York City. The plaintiffs said this leads them to have lost patronage, wages and commissions.

U.S. Department of Justice spokeswoman Lauren Ehrsam said the Trump administration “appreciates the cou,上海夜生活怎么玩Gabrielle,rt’s ruling.”

Daniels, appointed to the bench by Democratic former President Bill Clinton, said in his decision that the plaintiffs’ claims were speculative. Daniels said Trump had amassed wealth and fame even before taking office and was competing in the hospitality industry.

“It is only natural that interest in his properties has generally increased since he became president,” the judge wrote.

The judge also said that if Congress wanted to do something about the president’s actions, it could. “Congress is not a potted plant,” Daniels said. “It is a co-equal branch of the federal government with the power to act.”

CREW Executive Director Noah Bookbinder said that his legal team is weighing options on how to proceed. “While today’s ruling is a setback, we will not walk away from this serious and ongoing constitutional violation,” Bookbinder added.

Some legal experts had raised concerns even before his inauguration on Jan. 20 that Trump would violate the emoluments clause as president.

Fund managers seek stocks benefiting from Democratic gains in 2018…

NEW YORK ( ) – The surprise victory by Democrats in Tuesday’s Alabama election for a U.S. senator is prompting fu,上海021夜网Paisley,nd managers to prepare for more losses by the Republican party in the 2018 mid-term Congressional elections.

Fund managers from Federated Investors, Wells Fargo, James Funds and LPL Financial are among those that are moving into the shares of retailers, banks, industrials and technology firms that may benefit from strong global economic growth abroad and tax cuts for high income wage earners at home, even if the Democratic party makes gains in next year’s elections.

With a strong economy, continuing deregulation by the administration of President Trump, and the benefits of corporate tax cuts expected to be passed by the Republican-led Congress in coming days, cyclical companies ranging from Amazon.com Inc (AMZN.O) to Allstate Corp (ALL.N) will outperform as long as Washington stays out of the way, according to fund managers.

“Tax reform was the big thing from an economic perspective, and if I’ve got it then I’ve got it. If this (next year’s election) makes it harder for Republicans to pass an immigration bill or trade restrictions then that’s even better” because it reduces threats to global economic growth, said Steven Chiavarone, a portfolio manager at Federated Investors in New York, which has $363 billion in assets under management.

As a result, Chiavarone is holding on to large-capitalization technology stocks like Apple Inc (AAPL.O) and Amazon, despite each company’s stock gaining more than 45 percent for the year to date, because he expects them to be the largest beneficiaries of the global economic expansion.

“You are going to have more money in the pockets of both consumers and of corporations, and these companies are most exposed to where that money will be spent,” he said.

Historically, the U.S. stock market has done well during periods when opposing political parties have control of the presidency and at least one house of Congress. This time, however, the more influential factor looks to be the strength of the gl,上海夜生活群Kailani,obal economy.

In the U.S, the economy grew at its fastest pace in three years during the third quarter this year, while the economy of the eurozone is on pace for its largest expansion in a decade.

In October, the International Monetary Fund raised its outlook for global economic growth to a rate of 3.7 percent in 2018, helping to push emerging market stocks up to six-year highs.

“We haven’t had anything like this on a global growth scale since 2010,” said Ryan Detrick, senior market strategist for LPL Financial, which has $560 billion in assets under management. “Against that backdrop, more gridlock in Washington is not a bad thing, because you won’t have any extreme moves one way or another.”

Detrick expects cyclical value stocks, especially financials and industrials, to outpace the market in the year ahead as the Federal Reserve continues to raise interest rates and corporations start to increase their capital expenditures.

Financial stocks slightly outperformed the broad market on Wednesday following the victory in the Alabama election by Democrat Doug Jones, with the Financial Select SPDR Fund (XLF.P), a measure of financial companies in the benchmark S&P 500 stock index, gaining 0.3 percentage points while the index as a whole was little changed.

The move to invest in stocks that might benefit from gridlock in Washington D.C., if the Democrats regain at least one house in Congress next y,上海夜玩网论坛Rachel,ear, is a reversal from a year ago, when fund managers piled into infrastructure, defense and small-capitalization stocks in anticipation of Republican legislative victories in the 2016 elections.

Dubbed the ‘Trump Trade’ last year, the move helped push the U.S. dollar up to multi-year highs and sent the broad S&P 500 index up more than 10 percent between November and March this year. Now, however, fund managers are looking at companies that can benefit even if Republicans are not able to legislate in Congress.

Barry James, portfolio manager of the $3 billion James Balanced Golden Rainbow fund, is also moving into financial stocks such as Allstate and Capital One Financial Corp (COF.N) because he expects the Trump administration to continue to reduce regulations in the industry, a policy that it can continue if Republicans lose one or both houses of Congress.

At the same time, he is increasing his position in retail companies such as Best Buy Co Inc (BBY.N) and Target Corp (TGT.N) that get the majority of their revenues in the U.S. and are well-positioned to benefit from the Republican-led corporate tax cut likely to be passed soon.

He expects that Democrats will win at least at least one house of Congress in 2018, limiting the impact of Washington on the stock market until the presidential election in 2020.

“It’s looking more and more like the 上海夜生活tax plan will be the one legislative victory that Republicans will have, and there won’t be anything else out of Washington unless it is truly bi-partisan,” he said.

Written by shyw on February 6, 2018 Categories: zegkczqm Tags: , , ,