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

Siemens, Alstom sweeten EU antitrust concessions, maybe too late

BRUSSELS ( ) – Siemens and Alstom on Friday beefed up concessions aimed at allaying EU antitrust concerns about their rail merger deal, a person familiar with the matter said, in a ,上海021夜网Hadrian,belated and possibly futile move to stave off an EU veto against the deal.

German company Siemens and French peer Alstom have said their deal aims to help them better deal with China’s state-owned CRRC Corp Ltd, an assertion dismissed by the European Commission.

The companies, which offered to license parts of Siemens’s high-speed train business and sell parts of their signaling operations, are now prepared to share Siemens’ high-speed train technology for 10 years instead of five in Europe, the source said.

They are also willing to extend non-exclusive licensing outside Europe but excluding China, Japan and South Korea, and sell more signaling assets, the person said.

Commission spokesman Ricardo Cardoso said that the enforcer’s investigation was ongoing. Bloomberg first reported the new concessions,上海夜网邀请码Gabrielle,.

To convince EU regulators a上海夜网t this late stage of the process, concessions must fully and unambiguously resolve competition concerns, according to EU merger rules.

People familiar with the matter said last week that the EU competition watchdog will block the deal, with a decision likely on Feb. 6 ahead of the Feb. 18 deadline.

Competition agencies in Germany, Brita,上海会所夜网Quaid,in, Spain, the Netherlands and Belgium have warned against the deal, saying that the first set of concessions fell short. Alstom unions have also criticized the deal.

The Commission will brief national regulators on Jan. 31.

JPMorgan’s private bank expands business in Mexico: regional CEO

MEXICO CITY ( ) – JPMorgan Chase & Co’s (JPM.N) private bank is expand,上海夜生活论坛Idaleen,ing in Mexico and elsewhere in Latin America, the unit’s regional CEO said on Wednesday, as wealth creation and political changes bolster the sector’s prospects.

The bank plans to increase the number of its frontline private bankers in Latin America by 15 percent, the executive, Adam Tejpaul, said in an interview.

JPMorgan Private Bank employs 450 people in the regi,上海夜生活Nala,on and most of then work as client advisers. BBVA Bancomer, Citi, Credit Suisse and Santander all have private banking businesses in Mexico as has the largest Mexican bank Banorte.

The bank’s growth priorities are Mexico, Argentina and Colombia, Tejpaul said, although it also serves clients in Brazil, Chile, Peru and even Venezuela, despite the country’s economic and political crisis.

Tejpaul said the increased regional headcount should help the bank to expand its client base by as much as 20 percent, although he declined to disclose more specific numbers.

“Mexico has had a lot of wealth creation and the number of wealthy individuals has increased materially,” Tejpaul said.

Mexican telecom tycoon Carlos Slim and many other lesser known entrepreneurs have amassed fortunes over the p上海夜生活论坛ast decades, although wealth tends to be unevenly distributed in Mexico, as is the case elsewhere in Latin America.

Tejpaul said the bank would offer more products and services to clients that wanted to pass on their wealth to future generations, including tax planning.

“If we think of Latin America as a whole, there is a lot of volatility in the capital market and political instability,” Tejpaul said, adding that clients in emerging markets tend to be conservative with their investment decisions as a result.

Talks between Mexico, the United States and Canada to renegotiate the North America Free Trade Agreement dragged on for months last year, stalling at times. Leftist Andres Manuel Lopez Obrador – now president – successfully campaigned in favor of a dramatic shift from the prior government’s pro-market policies.

“This affects th,上海夜网官方网站Kailani,eir perception of where and how they want to invest their wealth, more globally more locally,” Tejpaul said.

China fast tracks new foreign investment law as U.S. talks loom

BEIJING ( ) – China’s parliament will vote in March on a new foreign investment law ,上海021夜网Gabriella,that will ban forced technology transfer and illegal government “interference” in foreign business practices, the official Xinhua News agency reported in Wednesday.

The time-table suggests the law will probably be formally approved then by the largely rubber-stamp legislature, accelerating a process that usually would take a year or more as Beijing rushes to meet Washington’s demands in order to de-escalate their trade war.

The full annual session of parliament, which opens on March 5, only tends to pass select landmark legislation, with other laws being passed by its standing committee.

Parliament is unlikely to reject the law as its delegates are chosen for their loyalty to the ruling Communist Party and its agenda.

The Trump administration has accused Beijing of intellectual property (IP) theft and forced IP transfers, demanding change and threatening further tariffs since trade tension flared between two countries last year. China has repeatedly rebutted such accusations.

The two sides will hold two days of talks in Washington starting on Wednesday in the highest-level discussions since U.S. President Donald Trump and Chinese President Xi Jinping agreed a 90-day truce in their trade wa,上海夜网Radley,r in December.

The decision to accelerate the legislative process came after the National People’s Congress (NPC) Standing Committee convened a special two-day session this week to conduct a second review of the draft.

The first draft of the law was submitted to it on Dec. 23, with the draft made available to the public for comment until Feb. 24.

There is an “urgent need” for such a law to be passed as current legislation “could hardl上海夜生活网y catch up with the changing requirements in building a new system of open economy”, Ju,上海夜网官方网站Earl,stice Minister Fu Zhenghua was quoted by Xinhua as saying.

Once adopted, the law will replace three existing laws that regulate joint ventures and wholly foreign-owned enterprises.

The latest draft of the law appeared largely in line with the first draft, which included 39 articles with a notably stronger line on IP protection, with definitions of the terms on “pre-establishment national treatment” and “the negative list” added to ensure clarity, Xinhua reported.

The new draft also specified penalties on failure to report their investment information to related authorities.

It is unclear if the second draft of the law would be made available to the public for comment, which could protract the process.

Some law experts and business consultants have expressed scepticism about how far the legislation would protect foreign firms’ interests, given a general lack of rule of law in China.

As of October, there were almost 950,000 foreign-funded companies registered in China, accounting for investments exceeding $2.1 trillion, according to Xinhua.

Trump on Twitter (Dec 22) – Tax cut, Missile defense bill

The following statements were posted to the verified Twitter accounts of U.S. President Donald Trump, @realDonaldTrump and @POTUS.

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

@realDonaldTrump :

– Our big and very popular Tax Cut and Reform Bill has taken on an unexpected new source of “love” – that is big companies and corporations showering their workers with bonuses. This is a phenomenon that nobody even thought of, and now it is上海夜网 the rage. Merry Christmas! [0747 EST]

– At some point, and for the good of the country, I p,上海夜玩网论坛Mace,redict we will start working with the Democrats in a Bipartisan fashion. Infrastructure would be a perfect place to start. After having foolishly spent $7 trillion in the Middle East, it is time to start rebuilding our country! [0805 EST]

– “The President has accomplished some absolutely historic things during this past year.” Thank you Charlie Kirk of Turning Points USA. Sadly, the Fake Mains,上海夜网千花Ebba,tream Media will NEVER talk about our accomplishments in their end of year reviews. We are compiling a long & beautiful list. [0917 EST]

– With all my Administration has done on Legislative Approvals (broke Harry Truman’s Record), Regulation Cutting, Judicial Appointmen,上海足浴夜网联系方式Barrett,ts, Building Military, VA, TAX CUTS & REFORM, Record Economy/Stock Market and so much more, I am sure great credit will be given by mainstream news? [1004 EST]

– Will be signing the biggest ever Tax Cut and Reform Bill in 30 minutes in Oval Office. Will also be signing a much needed 4 billion dollar missile defense bill. [1007 EST]

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

U.S. import prices fall; year-on-year drop largest since 2016

WASHINGTON ( ) – U.S. import prices fell for a second straight month in December as the cost of petroleum products tumbled and a strong dollar curbed prices of other goods, leading to the largest year-on-year drop in more than two years.

The report from the Labor Department on Wednesday added to weak producer and consumer prices data in strengthening economists’ expectations of a,上海夜生活Sabia, pause in interest rate increases from the Federal Reserve i,上海夜生活网419Hadrian,n the near term.

Fed Chairman Jerome Powell said last week that low inflation afforded policymakers “the ability to be patient and watch patiently and carefully” while they monitored economic data and financial markets for risks to growth. The U.S. central bank has forecast two interest rate increases this year.

“In 2019, we see a weaker inflationary impulse from abroad on domestic prices,” said Jake McRobie, a U.S. economist at Oxford Economics in New York. “This will give the Fed some breathing room in adjusting rates slowly.”

Import prices declined 1.0 percent last month after dropping 1.9 percent drop in November. Economists polled by had forecast import prices decreasing 1.3 percent in December.

In the 12 months through December, import prices fell 0.6 上海夜生活percent, the biggest year-on-year drop since September 2016, after rising 0.5 percent in November. Prices declined 0.6 percent in 2018, the first calendar year decrease since 2015, after surging 3.2 percent in 2017.

U.S. financial markets were little moved by the data.

Last month, prices for imported fuels and lubricants fell 9.2 percent after tumbling 13.3 percent in November. Imported food prices edged up 0.1 percent in December after dropping 2.2 percent in the prior month.

There were decreases in the cost of capital goods, but prices for motor vehicles and consumer goods eked out small gains. Excluding fuels and food, import prices were unchanged last month after slipping 0.1 percent in November.

The so-called core import prices rose 0.6 percent in the 12 months through December. Imported core inflation is being restrained by the strong dollar, which gained about 7.5 percent last year against the currencies of the United States’ main trade partners.

Import prices do not include tariffs. The cost of goods imported from China was unchanged last month. Prices for imported Chinese goods fell 0.2 percent in 2018 and have not increased on a calendar year basis since 2011.

DOWNSIDE RISKS

Against the backdrop of low inflation and slowing growth in China and Europe, some economists believe the Fed will not hike interest rates in the first half of 2019. There are signs the U.S. economy slowed at the end of 2018, with consumer and business sentiment surveys weakening sharply in December.

“Downside risks are developing for U.S. inflation,” said Ryan Sweet, a senior economist at Moody’s Analytics in West Chester, Pennsylvania. “Therefore, the Fed has the green light to pause until June, if not longer.”

But an ongoing partial shutdown of the federal government, which has delayed the release of data from the Bureau of Economic Analysis and Census Bureau, is making it hard to get a good read on the economy and could complicate policy decisions.

The government partially shut on Dec. 22 amid demands by President Donald Trump that the U.S. Congress give him $5.7 billion this year to help build a wall on the country’s border with Mexico. The longest government shutdown in history has delayed the release of December retail sales and November business inventory data, which were scheduled for Wednesday.

The publication of November construction spending and trade figures has also been delayed, and the December housing starts and building permits report due on Thursday is likely to be ,上海夜生活群Tallulah,postponed. Economists estimate the shutdown is cutting at least two-tenths of a percentage point from quarterly gross domestic product growth every week.

Other data on Wednesday suggested a recent moderation in mortgage rates was boosting the struggling housing market. The number of people seeking loans to buy a home and to refinance one rose to an 11-month high last week, the Mortgage Bankers Association said.

Separately, homebuilders sentiment climbed this month, buoyed by optimism over sales conditions now and over the next six months. Homebuilding weighed on economic growth for three straight quarters in 2018.

“While housing activity probably hasn’t changed drastically over the past month, the improvement in the NAHB survey suggests that the recent decline in mortgage rates likely has boosted activity somewhat,” said Daniel Silver, an economist at JPMorgan in New York.

Written by shyw on March 22, 2018 Categories: vanyoxfh Tags: , ,

GE urges speedy fix for power turbine blades, says blade broke in…

NEW YORK ( ) – General Electric Co is advising some buyers of its big power turbines to switch out faulty blades sooner than expected and has disclosed that a blade broke in 2015, according to a presentation reviewed by and people briefed on the matter.

The second blade break, which has not been previously reported, involved an earlier turbine model and was similar to a break last September that severely damaged a turbine in Texas and shut it down for two months of repairs.

The defective blade issue affects GE’s newest turbine technology, which cost billions of dollars to develop, and is among the challenges facing new Chief Executive Larry Culp as he tries to revive the profits and share price of the 127-year-old conglomerate.

GE’s advice for fixing the problem can curb turbine use by utilities, according to the sources and utilities that use GE turbines, potentially threatening the revenue streams at the power plants.

At private meetings in Florida and London last mon上海夜生活论坛th, GE executives said the company is offering extended warranty coverage and making spare parts available to ease concerns of insurers, lenders and utilities interested in buying turbines, according to a GE executive’s slideshow presentation and three people who attended the meetings. Some said they signed non-disclosure agreements.

GE told participants that turbines with at-risk blades should run for fewer than about 7,000 hours depending on individual plant circumstances, before shutting down for blade replacement, according to two people who attended the meetings. GE said it had advised customers of the change. GE’s previous guidance for blades was after 25,000 hours.

The executives also said in the meetings that the blade that broke in 2015 at an undisclosed power plant was in a GE 9FB turbine, which has similar technology to the HA turbine that broke in Texas. The 2015 break prompted GE to work on new protective coatings and alter a heat treatment process for the parts, a second presentation showed.

(GE turbine outage data: tmsnrt.rs/2Rs5mU3)

GE told that after the blade broke in 2015, GE did not know at first that the problem would also afflict its HA models.

“The HA components were in development before the initial 9FB issue occurred, and the HA units began to ship while the root-cause analysis was in process and before it was determined that it was a component issue that impacted the 9FB fleet and the HA,” GE said in a statement to .

GE declined to provide more detail about the 2015 blade break or usage restrictions, saying some of the information is proprietary.

“We are executing the plan we laid out to fix the (blade) issue,” GE said in a statement to . “The feedback from customers has been positive, and they continue to choose the HA, which remains the fastest-growing fleet of advanced technology turbines in the world today.”

The details from GE’s meetings come as GE is installing new blades in about 50 9FB and 52 HA turbines, according to a person familiar with the matter, fewer than the 130 estimated after the blade break in Texas prompted it to warn that other turbines are at risk for blade failure.

previously reported that GE found an oxidation problem, not a break, in 2015 and developed a fix before the failure in Texas.

Scaling back use of GE turbines reduces how much electricity they produce, a threat to revenues and profits for Exelon Corp, PSEG Power LLC, Chubu Electric Power Co Inc and others with the 400-ton GE machines that form the core of modern gas-fired power plants, according to utilities and industry experts.

Japan’s Chubu Electric said it learned about the blade problem with its six new GE turbines last October. It is restricting operation time at one of the two plants that use GE’s HA turbines, but expects to have “enough reserve capacity to generate sufficient electricity to meet demand during this winter,” a spokesman told . He said Chubu will tally,上海高端夜生活在那里Balthazar, the financial impact “depending on how long the plants would be shut down” to replace blades. It expects repairs to be completed by the end of February.

PSEG Power and Exelon, based in the United States, declined to comment on how restrictions would affect them.

GE is continuing to sell turbines in a slumping market for big power plants, where it has lost share to rivals Mitsubishi Hitachi Power Systems and Siemens AG. GE has said it booked orders for three large turbines last month.

GE’s share price fell after GE revealed a blade issue in Texas on September 19, saying such “teething problems” are not uncommon with new technology and would require “minor adjustments” to fix. GE has said it would set aside $480 million for repairs and warranty claims.

Three days after the break in Texas became known, Electricite de France SA shut down its HA turbine to replace blades. EDF did not respond to requests for comment.

At the London meeting, about 100 insurance industry people gathered in the oak-paneled Old Library room of Lloyd’s of London on December 13, according to the sources, who spoke on condition of anonymity to discuss confidential information.

GE power executives Marcus Scholz and Tom Dreisbach gave presentations about GE’s turbine technology. In its turbine documentation, GE has advised its power customers to inspect turbines with so-called “Generation 1” blades after 25,000 hours of use. GE said its ,上海夜玩网论坛Caden,improved blades, known as “Generation 2,” are designed to last 25,000 hours or more before being replaced.

According to page 11 of his presentation, Dreisbach said the Generation 1 blade that broke in 2015 failed after 22,000 hours. New parts treated with a special coating wer,上海夜生活Kaia,e inspected by technicians after about 12,000 and 16,000 hours and “cracking (was) still observed,” the presentation said.

GE inspected other turbines at about 7,000 hours and “early stages of cracking (were) observed,” the presentation said.

Trade war shifts feed for U.S. hogs away from ethanol byproduct

CHICAGO ( ) – A steep downturn in U.S. ethanol output linked to the trade war with China is raising costs for American farmers who feed a byproduct of the corn-based biofuel to hogs, cattle and chickens.

Sales of the feed, known as distillers’ dried grains, or DDGs, were one of the bright spots for ethanol makers such as Green Plains Inc (GPRE.O), Valero Energy Corp VLO.N. and Pacific Ethanol Inc (PEIX.O) after China all but stopped buying corn ethanol, contributing to oversupply.

But now cuts to ethanol production are tightening supplies of DDGs and raising prices paid by livestock farmers. Many are turning to other feeds including soybean meal, the price of which eased as China halted imports of American soybeans.

While soymeal is more expensive than DDGs, it is also more nutritious for livestock and therefore more cost-eff上海夜生活网ective at current prices.

The shift away from DDGs is another blow to a struggling biofuel sector. Robust demand for DDGs had been a buffer as the lowest ethanol prices in over a decade dragged on the industry.

The Maschhoffs, the largest U.S. family-owned pork producer, roughly halved DDG use from the autumn to December due to routine cost assessments, nutrition director Omarh Mendoza said. DDGs formerly accounted for up to 30 percent of hogs’ rations, he said, but the Carlyle, Illinois-based company now is using more corn and soymeal instead.

“A lot of ethanol is not being produced and therefore there’s not a whole lot of product out there,” Mendoza said about DDGs.

Ethanol makers slashed production rates last year due in part to negative profit margins, according to the companies and traders.

Green Plains, the fourth largest U.S. producer, also put several plants up for sale, complaining of burdensome biofuel supplies. The cuts in output pushed up prices of DDGs and prompted switching to soymeal, company spokesman Jim Stark said.

Still, more reductions in ethanol output were,上海新夜网龙凤Idaline, necessary as supplies continued to outpace demand, Stark added.

U.S. ethanol inventories this month climbed to a near-record of over 23 million barrels even as output slowed to the lowest in over six months, Energy Information Administration data showed.

Prices for DDGs in the eastern half of Iowa, the top ethanol producing state, surged to $180 per ton in December, the highest in 3-1/2 years, according to Refinitiv Eikon data. Meanwhile, soymeal prices in Cedar Rapids, Iowa, were more stable, averaging $283 per ton last month.

Soymeal has more protein than DDGs, making it more expensive. However, in Cedar Rapids, soymeal’s premium to DDGs reached just $103 per ton in mid-December, the smallest since 2012, the data showed.

The shift ,上海夜生活Gabriel,from DDGs is largely in the hog sector, a DDGs trader working for a publicly traded company said. Cattle generally are not fed as much soymeal and need fiber from DDGs, he said.

Hog producers are cutting the percentage of DDGs in their rations to as little as 10 percent from 30 percent due to high prices, said swine nutritionist John Goihl, who owns 3-D Nutrition Services in Shakopee, Minnesota.

Farmers are reluctant to abandon DDGs completely because they provide energy, amino acids and phosphorus important for healthy animals, he said, meaning that producers absorb some of the price increase.

“They’ll stay at the lower levels unless this DDG price relationship really gets out of hand,” Goihl said.

China, formerly the top importer of both DDGs and ethanol, last year stopped buying U.S. products due to the trade war.

Thailand recently halted imports of U.S. DDGs, too, over concerns,上海夜玩网论坛Naia, about beetles found in two shipments. U.S. exports of DDGs have remained robust elsewhere in Asia and in Mexico.

“DDGs had really helped keep the ethanol industry going when ethanol prices were low, and supplement margins,” said Arlan Suderman, chief commodities economist for U.S. broker INTL FCStone.

Written by shyw on March 20, 2018 Categories: zegkczqm Tags: , ,

Malaysia court rules in favor of Wynn Macau in $4.2 million case:…

KUALA LUMPUR ( ) – A Malaysian judge on Friday ruled in favor of Wynn Macau (1,上海夜生活乌托邦Quaid,128.HK) in a case against a fund manager who owed the casino millions of dollars, the company’s lawyer said, the first time a casino has been allowed to recover dues in the country.

Wagering or gaming contracts are not recognized in Malaysia, which means casinos do not have legal recourse for the gambling dues owed to them by its clients.

But in the Wynn case against the Malaysian fund manager, the casino’s lawyers said they weren’t seeking dues from a wagering contract but from a credit agreement that the Malaysian had failed to honor.

Wynn brought the lawsuit against Paul Poh Yang Hong in 2017 for HK$33 m,上海夜生活群Tallulah,illion ($4.21 million) he owed the casino.

Poh took a line of credit of HK$40 million from Wynn, and he had paid down to about HK$33 million before Wynn sued him, Vincent Law, Wynn’s attorney told .

Poh had said at an earlier court hearing he was not aware he had signed a cre上海夜网dit agreement and that he did not owe the casino HK$40 million.

Judge S. Nantha Balan ruled in chambers on Friday that Poh will have to pay the outstanding amount of HK$33 million plus interest to Wynn, Law told at a Ku,上海夜生活去哪玩Octava,ala Lumpur court.

Poh’s lawyer declined to comment on the ruling or whether they would appeal.

“If there is no appeal, I believe this judgment today will be the law in Malaysia for the foreseeable future,” Law said. “It is a good sign for the whole gaming industry.”

Exclusive: Private equity firms circling Nestle’s skin health…

FRANKFURT/LONDON ( ) – Private equity firms Cinven an,上海夜生活去哪玩Naia,d Advent have teamed up to bid in an auction that could value Nestle’s (NESN.S) skin health business at about 7 billion Swiss francs ($7 billion), three sources familiar with the matter said.

Private equity companies Blackstone (BX.N), KKR (KKR.N), Carlyle, CVC, EQT and Partners Group are also expected to bid and might look for partners, according to the sources, who declined to be identified as the process is private.

Nestle launched a review of the unit in September, as the maker of Nescafe coffee and Perrier water ditches underperforming businesses and f上海夜网ends off criticism from an activist investor who wants an overhaul.

The fragmented consumer health sector is attractive for deals because of aging populations in many industrialized nations, increased interest in health and rising incomes, analysts say.

Information memorandums on the skin health business s,上海夜生活群Gabriel,ale, being run by Credit Suisse and Evercore, are expected to be sent by the end of January and first-round bids are likely to be submitted in early March, the sources said.

Nestle and all the funds declined to comment.

Merz Pharma, a private German company that sells wrinkle fillers and other skin treatments, has reached out to several private equity bidders to find a partner, the sources said.

The move by Merz shows the strength of private equity in the auction, given they want the whole Nestle unit. Industry rivals are only expected to bid for parts of the business.

Nestle Skin Health, which sells Cetaphil and Proactiv skin care products, Restylane wrinkle fillers and prescription dermatology medicines, had sales of 2.7 billion Swiss fra,上海晚上耍女人的地方Earl,ncs last year, accounting for about 3 percent of Nestle’s total.

The sources said industry players which might take part in the auction included Beiersdorf (BEIG.DE), Allergan (AGN.N), Henkel (HNKG_p.DE), Johnson & Johnson (J&J) (JNJ.N), L’Oreal (OREP.PA), Pfizer (PFE.N) and Unilever (ULVR.L).

They all declined to comment as well.

Sources previously estimated the unit could fetch 6 billion to 8 billion francs.

On Monday, one source put the range at 7.5 billion to 8.5 billion francs, based on 2018 operating earnings of 500 million to 550 million francs. Another source said the price tag could reach more than 9 billion francs if the unit was broken up.

Nestle, the world’s largest packaged food maker, created the Skin Health unit in 2014 when it bought out L’Oreal’s stake in their Galderma joint venture.

Under CEO Paul Bulcke, skin treatments were part of Nestle’s push into higher-growth health products to counter a slowdown in its traditional food business. But the unit has performed poorly, leading to one-off costs and restructuring.

($1 = 0.9972 Swiss francs)

Explainer: Key Issues, implications of U.S.-China trade talks

WASHINGTON ( ) – U.S.-China trade talks will reach a pivotal phase this week when Chinese Vice Premier Liu He comes to Washington for negotiations with his U.S. counterparts, U.S. Trade Representative Robert Lighthizer and U.S. Treasury Secretary Steven Mnuchin.

The two sides are trying to resolve deep differences over China’s trade and intellectual property practices, industrial subsidies and market access to avert an increase in U.S. tariffs on Chinese goods scheduled for March 2.

Here is a look at the key issues in the talks and their implications:

WHAT ARE WASHINGTON AND BEIJING FIGHTING ABOUT?

After years of steadily rising U.S. trade deficits with China and U.S. complaints that Beijing has systematically obtained American intellectual property and trade secrets through coercion and outright theft, the Trump administration last year demanded fundamental changes to China’s economic model to allow U.S. companies to compete on a more level playing field. These include an end to policies that Washington claims effectively force U.S. firms to transfer their technologies to Chinese partners and full protection for American intellectual property rights.

WHAT’S AT STAKE IN THESE TALKS?

At the most basic level, a dominant position in future high-technology industries, according to the U.S. Trade Representative’s office. China is determined to upgrade its industrial base in 10 strategic sect,上海夜网官方网站Radcliff,ors by 2025, including aerospace, robotics, semiconductors, artificial intelligence and new-energy vehicles. U.S. officials say they don’t have a problem with China moving up the technology ladder, but they don’t want it to happen with stolen or unfairly obtained American know-how. They argue that China’s massive support for state-owned enterprises is leading to overproduction, making it hard for U.S. companies to compete on a market-driven basis.

HOW DOES BEIJING VIEW THESE COMPLAINTS?

Chinese officials generally view the U.S. actions as a broad effort to thwart China’s inevitable rise to a dominant position in the global economy. They deny that China requires or coerces technology transfers, saying that any such actions are commercial transactions between American and Chinese firms. At the same time, China is looking to make a deal with Trump to ease U.S. tariffs on Chinese goods and to directly reduce the trade imbalance between the world’s two largest economies through increased purchases of U.S. goods, including soybeans and energy. Beijing has also taken some steps to open up to more imports, including lowering tariffs on imported cars and allowing foreign companies in some sectors to own a majority of their operations in China.

WHAT ACTIONS HAS THE UNITED STATES TAKEN?

U.S. President Donald Trump has imposed punitive tariffs on $250 billion worth of imported goods from China so far — a 25 percent duty on $50 billion worth of machinery, semiconductors and other technology-related products, and 10 percent tariffs on a broader, $200 billion range of goods that includes many chemicals, building materials, furniture and some consumer electronics. Thus far, Trump has spared many consumer goods including cell phones, computers, clothing and footwear from tariffs. But if no deal is reached by March 2, Trump has threatened to impose new tariffs on about $267 billion worth of goods, effectively the remainder of imports from China.

HAS CHINA RETALIATED?

Yes. China has imposed tariffs of 25 percent on $50 billion worth of U.S. goods, including soybeans, beef, pork, seafood, whiskey, ethanol and motor vehicles. Beijing also has imposed tariffs of 5 to 10 percent on another $60 billion worth of U.S. goods, including liquefied natural gas, chemicals, frozen vegetables and food ingredients. So far, Beijing has spared imports of U.S. commercial aircraft largely made by Boeing Co. Since Trump and Chinese President Xi Jinping agreed in December to pursue the current round of talks, China has also suspended tariffs on U.S. made autos and has resumed some purchases of U.S. soybeans.

WHAT HAS HAPPENED IN THE TALKS SO FAR?

The United States rebuffed some initial offers by China in the spring of 2018 to increase purchases of U.S. goods, opting instead to proceed with tariffs. In Buenos Aires in December, presidents Trump and Xi agreed to negotiate over structural issues, including “forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft, services and agriculture,” the White House said in a statement. But there was little progress on these issues at a round of talks among mid-level officials in Beijing ea,上海夜生活网419Tamara,rlier in January. Instead, Chinese officials offered to substantially increase purchases of U.S. products in an effort to eliminate the U.S. trade deficit with China over a period of years.

WILL U.S. OFFICIALS ACCEPT A DEAL BASED MAINLY ON PURCHASES?

Trump has been optimistic about a deal, saying a weakening Chinese economy gives Beijing incentive to negotiate. But the president’s advisers say that he will not soften his demands that China make structural reforms on IP and related issues. Some Trump administration officials, including Wilbur Ross, have tried to temper expectations for this week’s meetings, saying that the two countries “are miles and miles” from resolving their trade differences. A key U.S. demand is creating a mechanism for regular reviews of China’s progress on following through上海夜网 on any reform pledges that it makes, a plan that would maintain a perpetual threat of U.S. tariffs.

WHAT ARE POSSIBLE OUTCOMES OF THIS WEEK’S TALKS?

The two sides could report some progress toward a deal though another stalemate on core structural issues would be viewed as a negative sign for a deal by March, and investors would brace for higher tariffs. But trade negotiations often go down to the wire, so a final outcome is not likely before the end of February, and any agreement will need the approval of Trump and Xi. If enough progress is made, the two sides also could decide to extend the deadline a,上海夜玩网论坛Dallas,nd keep negotiating, as often happened during talks last year to replace the North American Free Trade Agreement.

Trading operations stung banks in fourth quarter but dovish Fed…

( ) – Big trading operations were a thorn in the side of the top U.S. banks in the fourth quarter as fears about global growth sent credit markets into a tailspin, but a “dovish” turn from the Federal Reserve may mean the drama is over for now.

Citigroup Inc, JPMorgan Chase & Co, Goldman Sachs Group Inc and Bank of America Corp all reported declines in fourth-quarter revenue from their key fixed income, commodity and currency trading arms, although overall results at most were cushioned by improving loan growth and net interest margins.

The final months of 2018 were dominated by investor worries about slowing global growth and the U.S.-China trade dispute and were further aggravated by concerns that the Fed might be pushing interest rates too high. The resulting volatility in equity, bond and commodity markets sent many investors to the sidelines, pushing down bond trading volume and hurting the value of credit market assets sitting on banks’ own books.

“You had a one-two punch of market losses on inventory along with a lot of bank clients stepping back from market because you couldn’t have much of an opinion given the uncertainty,” said Jeffery Harte, bank analyst at Sandler O’Neill & Partners.

Credit spreads, the measure of additional compensation investors demand for owning riskier corporate securities over safer U.S. Treasuries, widened in the fourth quarter by the most in more than seven years both for investment-grade and high-yield, or junk, bonds, according to ICE BofAML index data.

Moreover, corporate bond issuance largely dried up, slicing into underwriting fees.

As quarterly results spilled out this week, it became clear that it all added up to a sizable hit for Wall Street’s biggest players.

Bank of America said fixed income fees fell 5 percent because of lower debt underwriting and advisory fees, while its adjusted sales and trading revenue fell 6 percent, with a 15 percent fall in bond trading. Goldman Sachs’ bond trading revenue slid 18 percent to $822 million, far from its peak of more than $6 billion.

In both cases, a big surge in equity trading volumes during the quarter helped offset those losses.

But JPMorgan missed profit estimates for the fourth quarter as its bond trading revenue slump overpowered strong consumer loan growth.

At Citigroup, Chief Financial Officer John Gerspach said for much of the quarter corporate and investor clients “remained on the sidelines, waiting for some clearer market conditions.” Citi reported a 21 percent fall in revenue in its markets and securities business for the quarter.

After being slow to address the spasms i,上海夜网官方网站Hadleigh,n financial markets, Fed offici上海夜生活网als in recent weeks have said they are mindful of how such moves have tightened financial conditions. The Fed raised interest rates four times in 2018, but since the start of this year a chorus of Fed officials, including Chairman Jerome P,上海足浴夜网联系方式Jacklyn,owell, have come out to pledge that they will take it slow from here.

That dovish tone has investors in a better mood so far in the first quarter.

The S&P 500 is up more than 11 percent from its Dec. 24 low and junk bonds are enjoying their strongest start to a year in a decade, according to ICE BofAML’s high-yield index.

The S&P bank sector has risen 17.5 percent since its Dec. 24 low, including a 5.6 percent gain since Citigroup kicked off earnings season on Monday.

Even as “the potential for tape-bombs from trade and political developments still present challenges, the dovish pivot at the Fed has helped calmed markets,” said Crai,上海021夜网Quay,g Bishop, lead strategist for U.S. fixed income strategies at RBC Wealth Management. “This has contributed to tamping down fixed income volatility, so to me it could be just a matter of one bad month/quarter.”

But no one is quite ready to dismiss the possibility that the environment could change quickly again for the worse.

“That could change tomorrow,” said Sandler O’Neill’s Harte. “That’s the trouble with trading revenues, they’re awfully volatile. But at least today the first quarter is looking a lot better than the fourth.”

Canada dismisses China’s warning of repercussions over Huawei ban

SHERBROOKE, Quebec ( ) – Canada’s government on Friday dismissed China’s warning of repercussions if Ottawa banned Huawei Technologies Co Ltd [HWT.UL] from supplying equipment to 5G networks, saying it would not compromise on security.

China’s ambassador to Canada issued the threat on Thursday as relations between the two nations continued to deteriorate after a senior Huawei executive was arrested in Vancouver last month on a U.S. extradition warrant. China has also detained two Canadians.

Canadian officials are studying the security implications of 5G networks, the latest generation of cellular mobile communications, but their report is not expected in the immediate future, a source familiar with the matter told on Wednesday.

Some Canadian allies have already imposed restrictions on using Huawei equipment, citing the risk of espionage.

Canadian Public Safety Minister Ralph Goodale, asked at a cabinet retreat about the Chinese ambassador’s remarks, said Ottawa had already made clear it would not cut corners on national security.

“We understand that those sorts of comments will be made in the process, but we will make our judgment based on what is right for Canada and not be deterred fro,上海足浴夜网联系方式Kailani,m making the right decision,” he told reporters.

“We are determined to stand our ground based on what is right for Canada … this is a tough and turbulent world.”

Goodale noted that China had made similar comments after Australia banned Huawei from supplying 5G equipment last year.

Western intelligence agenci,上海夜生活去哪玩Hal,es have for years raised concerns about Huawei’s ties to China’s government and the possibility its equipment could be used for espionage.

China detained the two Canadians last month after Meng Wanzhou, chief financial officer of Huawei, was arrested in Vancouver on a U.S. extradition request.

Canadian Prime Minister Justin Trudeau later told reporters he was concerned ab,上海夜网邀请码Falkner,out “the apparent blendi上海夜生活论坛ng of Chinese commercial interests with Chinese political positioning”.

Trudeau has called several world leaders in recent weeks to raise concerns about the case of the two Canadians. The Chinese ambassador on Thursday advised Canada to stop seeking support from allies.

“We are going to continue to stand up for the rule of law … this is something we continue to impress upon the Chinese authorities, firmly and respectfully,” Trudeau said at the end of a cabinet retreat in Sherbrooke, Quebec.

South Korean city OKs revised plan for low-wage carmaking JV with…

SEOUL ( ) – A South Korean city council on Wednesday green lit a revised plan for a low-wage automaking joint venture with Hyundai Motor, setting the stage for the construction of the car maker’s,上海夜网Tamara, first factory at home in more than two decades.

The proposed plant in the southwestern city of Gwangju is in line with Seoul’s policy to spur job creation, but comes as Hyundai is grappling with excess capacity globally amid sluggish domestic demand, falling U.S. exports and weak China sales.

With unemployment rates hitting a 17-year peak in 2018, South Korean President Moon Jae-in has called on the country’s biggest automaker to build a local factory. The liberal government counts Gwangju as its political stronghold.

The city council said it aims to sign the deal with Hyundai on Thursday after final negotiations and, according to a city official, Moon is expected to attend the signing ceremony.

A preliminary deal for the JV had been reached early last month. It included an annual wage of 35 million won ($31,341.51) for JV employees, or less than half the average 92 million won that the a,上海夜生活网交流Eden,utomaker’s unionized workers earn.

But the plan was scuttled as labor representatives in the city council called for a revision to terms that allow the JV to skip annual wage negotiations with its workers.

Hyundai had spurned the proposal.

The council has now agreed on a compromised plan regarding collective wage bargaining, the city official said, without elaborating because of the confidentiality of the matter.

Hyundai’s labor union released a statement, saying it will “fight strongly” against the company and the government. The union worries the JV would put downward pressure on wages, and eventually take away production and jobs.

A Hyundai spokeswoma,上海会所夜网Jack,n did not have immediate comments.

At the上海夜生活网 proposed JV, Hyundai is looking to build mini-SUVs starting 2021, with an annual capacity of 100,000 vehicles.

Since its factory in the central city of Asan in 1996, Hyundai has not built new production facilities in South Korea – home to high-wage, strike-prone workers.

It has instead focused on setting up overseas production units, such as in the world’s largest auto market China, in search of cheaper labor and to be closer to consumers.

General Electric stock buyers preach patience, eye progress

NEW YORK ( ) – Investors who have scooped up decimated shares of General Electric Co are willing to wait years to reap a solid return but also hope the U.S. conglomerate will show progress in its turnaround plan and avoid more negative surprises.

GE shares, which traded above $32 at the end of 2016, sank to $6.66 late last year, and remain at levels not seen since the financial crisis a decade ago. The stock, an original component of the Dow Jones Industrial Average, was replaced in the blue-chip index last year.

The dramatic plunge has lured investors who see worth in GE’s jet-engine, healthcare equipment and power turbine businesses and are confident in new CEO Larry Culp, as shareholders seek to capitalize on the stock’s steep slide.

“Based on what we believed the business is worth, it is one of the best investment returns, even on a risk-adjusted basis, that we can find in the large-cap space,” said Gary Lenhoff, chief investment officer at Great Lakes Advisors in Chicago, which Lenhoff said was buying GE shares in the second half of last year and said his timeline was three years.

Even those with long-term investment horizons will keenly watch fourth-quarter results on Thursday. GE is trying to restore profitability at the power division, which manufactures and services turbines. The unit is expected to realize virtually no earnings this year, according to analyst estimates compiled by Refinitiv.

“The actions that need to be taken in the power business – it’s not a quick fix, it’s not something that you can achieve in six months,” said Michael Kon, portfolio manager with Golub Group in San Mateo, California. “Usually a turnaround of that magnitude takes a year or two to be complete and you can then start seeing the fruit of it.”

Investors will also watch GE’s moves to shore up the balance sheet and reduce debt, including updates on planned asset sales. They hope GE, which booked billions of dollars in charges last year, can avoid negative surprises.

Daniel Babkes, senior research analyst at Pzena Investment Management, said GE’s stock price already accounts for some potential negative news, including prolonged struggles for the power business and dour assumptions for liabilities.

Pzena bought GE shares last year, the first time in the value investment firm’s more than 20-year history that it has made a significant investment in the company’s stock.

“We are in this period of peak uncertainty,” Babkes said. “What is particularly attractive about the investment is not just the fact that the path forward can look better, it’s that none of that is priced in.”

Graphic: Long road lower for GE shares – tmsnrt.rs/2Bar3SD

Several investors expressed enthusias上海夜生活网m for Culp, named GE’s chief executiv,上海仙霞路夜生活Ebba,e officer on Oct 1 with a compensation package linked to stock price performance. Culp is well-regarded for previously running industrial company Danaher Corp, whose shares soared during his tenure.

“I think people are probably buying Larry rather than buying GE at this point,” said Graham Copley, industrials and materials analyst at SSR LLC. “There is an expectation that he can make something better than lemonade out of this lemon.”

GE shares have rebounded more than 30 percent from their low in December. Yet many remain skeptical. GE is,上海足浴夜网联系方式Hadleigh, saddled with heavy debt, and income-driven investors have likely been chased away after Culp slashed GE’s quarterly dividend to a penny a share to preserve cash.

There are serious concerns about the GE Capital lending arm and the power division. GE posted a third-quarter loss of $22.8 billion, including a massive writedown of goodwill from the power business, mainly from its 2015 acquisition of assets from Alstom.

Granite Investment Advisors plans to play the long game, buying GE shares again after selling some at the end of 2018 for tax purposes, said Scott Schermerhorn, chief investment officer.

Granite believes “fair valuation is about double where it is right now,” Schermerhorn said. “I just thin,上海凤楼夜网Landon,k if you own the stock right now and you just ignore it for two years, you’re going to be happy you have it two years from now.”

Canada union calls for boycott of GM Mexico-made vehicles

TORONTO ( ) – The union representing autoworkers at General Motors’ Oshawa, Ontario plant called on Canadian and U.S. consumers on Friday to stop buying GM cars made in Mexico, the latest tactic in its campaign to get the automaker back to the bargaining table.

GM has said it will close Oshawa by the end of this year, but Unifor wants GM to continue production until,上海夜生活论坛Hadley, September 2020, when the current contract expires, hoping that provides enough time to secure the plant’s future.

The closure, which GM said will affect 2,973 assembly-line上海夜生活网 jobs in Oshawa, is part of a broad restructuring aimed at cutting the automaker’s costs as investments increase in electric and self-driving vehicles.

Between 600,000 and 650,000 GM vehicles produced annually in Mexico are shipped to Canada and the United States, representing approximately $20 billion in sales, Unifor President Jerry Dias said in an interview.

GM Canada said it imports just 3 models from Mexico, of the 47 it sells in Canada, about 37,000 vehicles annually.

Dias stopped short of calling for a total boycott of GM vehicles because Unifor also represents GM workers in Ontario who assemble the Chevrolet Equinox and work at a propulsion plant.

“Buyers will need to know which particular models to avoid. Only a few versions of the GMC Sierra, Chevrolet Silverado, and Chevrolet Cruze are sourced from Mexico,” said AutoForecast Solutions vice president Sam Fiorani. “The majority of them come from plants in the U.S. or Canada.”

If the boycott does not result in negotiations with GM, Unifor would consider a strike, Dias said, adding that job action is not currently planned.

“The only way to get General Motors’ attention is if we fight back,” Dias,上海夜网官方网站Hal, said at a press conference, adding that any vehicle with a vehicle id,上海夜生活服务Larissa,entification number, or VIN, that starts with a 3 is Mexican made.

The move could mean “collateral damage” for the 60-plus Ontario-based auto parts companies that support production in Mexico, GM Canada said.

Dias said the boycott may hurt such Canadian auto parts suppliers as Magna, Linamar and Martinrea, with operations in Mexico, but will have minimal impact on Canadian parts workers.

The companies could not be reached for comment.

Dias plans to discuss the boycott with the United Auto Workers in early February. The union, which a spokesman said has no position currently, encourages members to buy UAW-made products.

Qantas customers request exercise bikes, virtual reality for…

SINGAPORE ( ) – Australia’s Qantas Airways Ltd on Monday said customers were requesting in-flight innov上海夜生活网ations such as exercise bikes and virtual reality relaxation to pass the time on proposed 20-hour non-stop flights from Sydney to London.

The airline expects to order Airbus SE A350 or Boeing Co 777X jets capable of flying the world’s longest-ever commercial route later this year, with the first services starting in 2022.

Focus group research as well as customer surveys of those who have flown on its 17-hour non-stop route from Perth to London have found health and wellness are the top trends, Qantas said in a statement.

Passenger suggestions include spaces f,上海会所夜网Paisley,or gentle exercise, providing wireless noise-cancelli,上海新夜网龙凤Babette,ng headsets and installing an in-flight cafe with both alcoholic and non-alcoholic beverages and snacks, the airline said.

“Customers are sharing some incredibly imaginative ideas, which is an exciting challenge and helps us to think outside of the box to redefine the ultra-long haul experience,” Qantas Industrial Designer David Caon said.

For its Perth-London flights, which began last year, Qantas offers 15-minute stretch classes at its Perth transit lounge prior to and following the flight, with the airline reporting a take-up rate of 80 percent. The flight menu and cabin lighting are also designed to aid the body clock.

Rival Singapore Airlines Ltd hired wellness brand Canyon Ranch to design healthy meals and guided stretching exercises through its in-flight entertainment system ,上海夜网Landon,when it resumed near-19 hour flights from Singapore to New York last year after a five-year hiatus.

But neither carrier has set aside dedicated cabin space for exercise or lounging on its current ultra-long haul flights.

Qantas International Chief Executive Alison Webster said the airline would examine customer requests for Sydney-London services and design the cabin in a way that made it “both affordable for customers and commercially viable for the airline”.

Senator-elect Jones not joining calls for Trump resignation

WASHINGTON ( ) – Democrat Doug Jones, who scored an upset victory last week in the U.S. Senate race in Alabama, said on Sunday he did not believe President Donald Trump needed to resign over sexual misconduct allegations against him.

“I don’t think that the president ought to resign at this point,” Jones told CNN’s State of the Union program. “Those allegations were made before the election, and so people had a,上海夜网推油Rachel,n opportunity to judge before that election. I think we need to move on and not get distracted by those issues.”

More than a dozen women have accused Trump of making unwanted sexual advances against them before he entered politics.

Accusations of sexual harassment against high-profile men in politics, media and the entertainment industry have put a new spotlight on the allegations against Trump, and several Democratic senators have called on him to resign.

Trump and White House officials have denied the allegations.

The accusations emerged during the 2016 presidential campaign, when a videotape surfaced of a 2005 conversation caught on an open microphone in which Tr,上海晚上耍女人的地方Ebba,ump spoke in vulgar terms about trying to have sex w,上海夜生活去哪玩Cade,ith women.

Trump apologized for the remarks but called them private “locker-room talk” and said he had not done the things he talked about.

Jones prevailed in the Senate race against Republican Roy Moore, who himself had been accused of sexual misconduct. Jones’上海夜生活 victory in the deeply conservative state of Alabama was a political blow to Trump, who had endorsed Moore.

EU court paves way for $2 billion UPS claim as annuls TNT bid veto

BRUSSELS ( ) – Europe’s top court opened the way to a $2 billion damages claim by U.S. delivery company UPS (UPS.N) on Wednesday by annulling a 2013 decision to stop it buying Dutch firm TNT Express.

The European Court of Justice said the ruling followed a procedural error by the European Commissio上海夜生活网n in its veto, which paved the way for FedEx Corp (FDX.N) to acquire TNT Express for 4.4 billion euros in 2016, ,上海夜网推油Cade,a deal it approved.

UPS, which has said it is seeking 1.74 billion euros ($1.98 billion) from the European Commission, said it was pleased the court agreed that ,夜上海论坛Eden,the company had been given a fair hearing.

“The judgment in UPS’s favor makes a number of points preserving a competitive environment in Europe by clarifying the procedure and relevant criteria for merger approval,” it said.

The Commission had rejected UPS’s planned 5.2 billion euro acquisition of TNT, saying it had not offered enough concessions to allay concerns that the deal would hurt consumers.

The court said the Commission had infringed UPS’s rights of defense by using a different econometric model in its analysis than that used in its exchange of views,上海晚上耍女人的地方Paige, and arguments with UPS.

Wednesday’s ruling follows that of the General Court of the European Union, the EU’s second highest court, in 2017. The Commission had appealed against that ruling.