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EU must approve Siemens/Alstom deal, says French finance minister

PARIS ( ) – The European Union must approve the tie-up between G上海夜生活论坛ermany’,上海新夜网龙凤Gabi,s Siemens (SIEGn.DE) and French group Alstom (ALSO.PA), said French Finance Minister Bruno Le Maire, who added he would meet a main European regulator to express his support for the deal.

Le Maire told France’s Journal du Dimanche newspaper that he would meet European Competition Commissioner Margrethe Vestager on Jan. 21 to reiterate France’s backi,上海晚上耍女人的地方Dallas,ng for the deal.

“Rejecting the merger between Alstom and Siemens would be both an economic and a political mistake,” Le Maire said in the interview that was published on Sunday.

People familiar with the matter told on Friday that Siemens’ and Alstom’s plan to create a European rail champion to take on a Chinese rival had failed to win over EU antitrust regulators, despite German and French backing.

The EU veto, to be announced early next month, could push Siemens to float its own in-house rail technolo,上海夜网邀请码Jack,gy division, called Siemens Mobility, while keeping a stake.

The planned deal between Siemens and Alstom would create the world’s second largest rail company with combined revenues of around 15 billion euros ($17 billion), roughly half the size of China’s state-owned CRRC (601766.SS) but twice the size of Canada’s Bombardier (BBDb.TO).

($1 = 0.8797 euros)

Shell sticking with spending discipline as 2018 profits soar

LONDON ( ) – Royal Dutch Shell said to would stick to spending discipline this year after 2018 profits jumped by more than a third to $21.4 billion, their highest since 2014.

The Anglo-Dutch oil company also reported a sharp rise in cash generation, in a further sign that cost savings since the 2014 oil market downturn are filtering into its operations.

Its shares were up by more than 4 percent at 1120 GMT.

(Graphic: Shell 2018 results – tmsnrt.rs/2TpvZdm)

A strong performance in the fourth quarter was driven by higher oil and gas prices, year-on-year, as well as a stronger contribution from crude oil and liquefied natural gas (LNG) trading.

“The cash flow is incredible,” said Rob West, analyst at Redburn. “It’s heavily flattered by downstream inventory liquidation, but it still squashes any lingering worries abo,上海夜网邀请码Nala,ut debt and dividend coverage.”

Investors were expected to turn their focus to the company’s growth as oil and gas reserves declined for a third year and production largely stagnated.

“The debate will move to long-run growth now … My view is that Shell could create a lot of value for investors by upping investment and returning to growth mode,” he said. Redburn has a “neutral” rating on Shell shares.

(Graphic: Shell 2018 reserves – tmsnrt.rs/2SkUWta)

Shell is developing a number of new projects around the world, including in the Gulf of Mexico and Brazil and Chief Executive Officer Ben van Beurden told reporters that Shell would look to increase its footprint in onshore U.S. shale production, particularly in the Permian Basin.

The world’s top oil companies are expected to have generated more cash in 2018 than at any other time this decade after years of cuts, but boards remain cautious ami上海夜网d uncertainty over oil prices.

Investors saw large gains in energy shares in the first nine months of 2018 that were largely wiped out in the final quarter as oil prices collapsed from a four-year high of $86 to $50 a barrel within weeks. Oil prices have hovered near $60 a barrel so far this year.

Concerns over global economic growth amid a Sino-U.S. trade war further weighed on global shares.

But Shell’s strong results are set to raise confidence in the company’s strategy of boosting cash generation by focusing on high margin businesses such as deepwater oil and liquefied natural gas.

Related CoverageCrude trading propels Shell’s fourth quarter results

“We delivered on our promises for the year, including the completion of the $30 billion divestment program and starting up key growth projects while maintaining discipline on capital investment,” van Beurden said in a statement.

“We will continue with a strong delivery focus in 2019, with a disciplined approach to capital investment and growing both our cash flow and returns.”

Shell is the first oil major to report 2018 results. U.S. rivals Exxon Mobil and Chevron publish results on Friday.

PROFITS SOAR

Shell’s 2018 profits jumped 36 percent to $21.4 billion, beating the $20.98 billion in a company-provided forecast and boosted by a strong second half performance.

In the fourth quarter, net income attributable to shareholders, based on a current cost of supplies (CCS) and excluding identified items, rose 32 percent to $5.69 billion as cost cuts filtered through. That topped a company-provided forecast of $5.28 billion.

(Graphic: Shell Q4 2018 profits – tmsnrt.rs/2TnxDfL)

Oil and gas production in the year rose slightly to 3.666 million barrels of oil equivalent per day as new fields that came online offset the effect of disposals.

Shell’s cash flow from operations in the fourth quarter rose to $22 billion, boosted by a $9 billion working capital movement, which brought the annual figure to $53 billion.

Free cash flow – cash available to pay for dividends and share buybacks – rose to $39.4 billion from $27.6 billion in 2017.

(Graphic: Shell cashflow 2018 – tmsnrt.rs/2SfY9u1)

Shell, the world’s biggest dividend payer at $16 billion a year, started last October a three-year $25 billion share buyback program promised following the acquisition of BG Group in 2016.

Shell had acquired around $4.5 billion of shares by the end of January. On Thursday, it launched the next tranche of $2.5 billion until the end of April, it said. ,上海会所夜网Pablo,

It largely completed by the end of 2018 a three-year, $30 billion asset disposal program to pay for the $54 billion BG Group acquisition. The assets included large portfolios in the North Sea, Norway and Canada that led to a decline in Shell’s oil and gas production.

Van Beurden said the company,上海夜生活桑拿会所Kaia, will continue to divest around $5 billion a year.

Capital investment reached $24.8 billion for the year, slightly below the lower end of Shell’s guidance.

Explainer: Why Siemens-Alstom rail merger is creating European…

PARIS ( ) – Germany’s Siemens (SIEGn.DE) and France’s Alstom (ALSO.PA) agreed in 2017 to merge their rail assets, hoping to create a European industrial champion. But the EU’s competition authority has doubts about the deal and could turn it down, despite the companies offering to take steps to clinch it.

Siemens said on Thursday it was not prepared to make further concessions, meaning the merger’s fate now likely rests in the hands of the European Commission, whose 28 commissioners are themselves split on the issue.

The Commissio,上海夜网千花Nadine,n has not commented publicly on its deliberations, beyond saying it will take a decision by Feb. 18.

French Finance Minister Bruno Le Maire has warned the EU’s executive of a grave political error if it rejects the deal.

His outspoken intervention reflects a frustration in Paris and some other European capitals that the EU’s competition laws no longer reflect modern-day geopolitical realities, and in particular the threat from China.

WHAT’S THE LATEST?

Sources said Siemens planned no further concessions after it already offered to license parts of its high-speed train business and sell parts of its signaling operations to allay the EU antitrust concerns.

For its part, Alstom said it considered the proposed concessions already on the table “appropriate and adequate” to get the deal approved.

The merger would create the world’s second largest rail company, with combined revenues of around 15 billion euros ($17 billion). That is roughly half the size of China’s state-owned CRRC Corp Ltd (601766.SS) but twice the size of Canada’s Bombardier (BBDb.TO).

EU Competition Commissioner Margrethe Vestager worries the merger would stifle Europe’s rail industry and has voiced doubts that China is likely to be a competitor on European railways in the near future.

WHY IS IT SO POLITICALLY CHARGED?

French President Emmanuel Macron champions a “Europe that protects”. That includes protecting citizens from the threat to European jobs from Chinese firms. Europe, he says, needs to create industrial giants, like planemaker Airbus (AIR.PA), to ensure its firms are not squeezed out of their own market.

The Commission bases its judgment on EU competition law – ensuring that consumers have a choice that maintains downward pressure on prices in the European market.

A weakness of the EU is its faith in an international rules-based system, especially when others violate it, French officials say.

By applying its antitrust rules to the letter, the EU may end up benefiting China more than its own economic area, the French argue.

At the,夜上海419龙凤论坛Jack, same time, officials in Brussels question whether bending competition rules to forge European champions is the best way to rein China in or teach it a lesson.

In a sign of the Commission’s splits, the French and German commissioners are speaking up internally about the ne上海夜网ed to take the Chinese threat into account in deciding whether the Siemens-Alstom merger would hurt competition, European officials say.

Several national regulators have opposed the deal or raised doubts about it, as have unions at the companies, making it hard for the Commission to overlook concerns.

ARE THE EU LAW’S OUTDATED?

France’s Le Maire says Europe needs to wake up, branding its competition laws “obsolete”.

One German official said the Commission struggled to see beyond the EU market: “They haven’t understood the way China works … (it) is not a market economy. There’s this EU bubble thing, they haven’t seen the global tectonic shifts.”

Vestager says European champions cannot be built by undermining competition, and questions whether using competition policy is the best way to alter China’s behavior.

French officials acknowledge the debate is one that will not be resolved before a decision on Siemens-Alstom is due, meaning the deal may end up becoming collateral damage.

AREN’T MACRON AND VESTAGER POLITICAL ALLIES?

With a high profile in Brussels for attacking tax,上海晚上耍女人的地方Faith, avoidance and monopoly powers among U.S. multinationals, Vestager is widely talked about as a liberal who could win support beyond her party as the next Commission president.

The former Danish economy minister hasn’t announced any public bid for the job, but if she does she would likely need the backing of Macron, another liberal, whose party will compete in May’s European elections for the first time.

If she ultimately rejects the Siemens-Alstom deal, it might taint her relations with Macron. Even so, French officials acknowledge that she has every reason to want to protect her reputation for applying the EU’s rules firmly and fairly, earned via investigations into Google (GOOGL.O) and Apple APPL.O over taxes, no matter what the political cost.

WHAT DOES THIS LEAVE THE MERGER?

Tom Pick, a competition expert at law firm Fieldfisher in Brussels, said he had heard no noises from Vestager that suggested she had changed her mind as a result of the concessions offered by the companies.

“From what I see, what they are probably going to say is a prohibition, unless they have decided to market test again and have come to a different view,” Pick said.

The Commission will take a decision in a “collegial” manner involving all 28 commissioners, one nominated from each member state. As the commissioner responsible for competition, Vestager has a very strong say but the process of arriving at a collective decision can be opaque.

U.S. allies fret as ‘guillotine’ hangs over Tillerson

BRUSSELS/BERLIN ( ) – On the eve of his trip to Europe, Rex Tillerson gave a speech last week that European allies had waited months to hear: an “ironclad” promise of U.S. support to its oldest allies.

The relief in European capitals lasted barely a day as reports surfaced of a White House plan to oust the U.S. secretary of state, plunging America’s friends back into confusion over President Donald Trump’s foreign policy.

The uncertainty is particularly acute given Washington’s leading role in crises in North Korea and Syria.

“Just as Tillerson comes to Brussels to give a public statement of support that the EU and NATO have wanted all along, it seems he has no mandate, that the guillotine is hanging over his head,” said an EU official involved in diplomacy with White House officials.

“It leaves Europe just as doubtful as before about Trump.”

U.S. officials said on Thursday the White House had a plan for CIA Director Mike Pompeo to replace Tillerson but Trump said on Friday he was not leaving and the secretary of state said on Saturday the reports were untrue.

European leaders yearn for stability in U.S. foreign policy. They are troubled by ,上海夜玩网论坛Landon,Trump’s “America first” rhetoric and inconsistent statements on NATO and the European Union.

In addition, Trump’s decision to pull out of the Paris climate change accord and his decision not 上海夜生活网to certify Iran’s compliance with a nuclear deal undermine European priorities.

“The chaos in the administration doesn’t help in the current geopolitical climate,” said a senior French diplomat.

Early last week, Tillerson, a former Exxon Mobil chief executive, delivered a long address in support of Europe in Washington more akin to traditional U.S. policy.

“The United States remains committed to our enduring relationship with Europe. Our security commitments to European allies are ironclad,” he told a think tank.

He said he would convey that message to the European Union and NATO. He is set to visit Brussels on Tuesday and Wednesday, the Organization for Security,上海仙霞路夜生活Cadence, and Cooperation in Europe in Vienna on Thursday and Paris on Friday.

The question is whether European officials believe him, given tensions during his April visit to Europe, when reported Tillerson initially planned to skip a NATO meeting in Brussels and then only attended under pressure from allies.

“If there were expectations that Tillerson might evolve into a counterweight to Trump, someone who could pass on messages from partners and exert moderating influence over American foreign policy – those expectations have been disappointed,” said Niels Annen, foreign policy spokesman for Germany’s Social Democrats in parliament.

“On his watch, the State Department has become a non-actor.”

Despite Tillerson’s pledge to reform the U.S. foreign service, European governments take a dim view of how he has sought to cut costs at the State Department, with top diplomatic posts unfilled almost a year into the administration.

The French have gone around Tillerson to develo,上海夜生活Mabel,p contacts with U.S. Secretary of Defense Jim Mattis, White House National Security Adviser H.R. McMaster and White House Chief of Staff John Kelly, while the EU’s top diplomat Federica Mogherini has gone directly to Vice President Mike Pence.

Berlin has focused on Capitol Hill, as well as Kelly, McMaster and Mattis.

Yet it is unclear if that access translates into a direct impact on Trump’s foreign policy, diplomats said.

“LARGER DOSE OF TRUMP”

There is hope that if Pompeo is appointed he could rejuvenate the State Department after Tillerson, who is seen as ineffective, diplomats said. Pompeo is an unknown quantity in Europe but is viewed as closer to Trump.

“We may be looking at a larger dose of Trump at the State Department,” if Pompeo did get the job, said Thomas Kleine-Brockhoff, head of the German Marshall Fund’s Berlin office.

One European diplomat said Tillerson was in a difficult position from the outset because the Trump administration was hostile to Iran and brought in a team of generals who took a hard line, “so it never left Tillerson much room.”

In addition, Trump’s son-in-law Jared Kushner has taken a leading role in formulating policy on Middle East peace.

But Europeans see Trump as a blizzard of conflicting signals. At a NATO summit in Brussels in May, the president publicly admonished European leaders for their low defense spending and threatened to reduce support, only to announce a jump in U.S. military spending in Europe months later.

Things may only become more unpredictable, diplomats say.

European diplomats see Tillerson and Mattis as instrumental in talking Trump out of making any rash decisions over North Korea and its nuclear program, given administration comments about “utterly destroying” the country.

Bipartisan Senate group crafts ‘Dreamer’ immigration plan

WASHINGTON ( ) – A bipartisan group of U.S. senators on Thursday reached a tentative agreement on legislation to protect young “Dreamer” immigrants from deportation, along with other immigration policy changes, and is attempting to build support for the deal in Congress.

The senators, three Democrats and three Republicans, “have reached an agreement in principle that addresses border security, the diversity visa lottery, chain migration/family reunification and the Dream Act,” they wrote in a statement. “We are now working to build support for that deal in Congress.”

Details of the plan were not immediately available and the proposal promptly met some resistance.

The six senators are Democrats Dick Durbin, Michael Bennet and Robert Menendez and Republicans Lindsey Graham, Jeff Flake and Cory Gardner.

The proposal was presented to the White House for President Donald Trump’s consideration before seeking passage in the Senate and House of Representatives.

A senior Republican congressional aide, who did not want to be named, noted that the White House was briefed on the senators’ proposal and said, “It’s clear it’s a non-starter.”

At that meeting, Trump questioned why the United States would want to have immigrants from Haiti and African nations, referring to some as “shithole countries,” according to two sources familiar with the comments.

The aide said that instead, the White,上海夜生活服务Idaline, House is working with a different group of lawmakers – the four No. 2 House and Senate Republican and Democratic leaders who began meeting on Wednesday. It includes Durbin.

At a White House meeting two days ago with a large group of lawmakers, Trump said he would accept whatever legislation Congress presents him. But conservatives have been pressing him to stand behind their efforts to curtail new immigration.

And in an interview with the Wall Street Journal, Trump backed away from remarks he made on Tuesday in which he said he could eventually consider legislation providing a pathway to citizenship for the 11 million undocumented immigrants estimated to be in the United States.

“I’m not talking amnesty at all,” Trump was quoted on Thursday by the Wall Street Journal.

The Senate group has been working for months in hopes of crafting legislation that would prevent the around 700,000 illegal immigrants brought to the United States as children – known as Dreamers – from being subject to deportation after Trump ended a program providing them with temporary legal status and work permits.

Without action by Congress, the Dreamers, who are largely from Mexico and Central American countries, could be subject to deportation beginning in early March.

Senate negotiators were trying to get legislation assembled by next week so it could possibly be attached to a spending bill that Congress will have to pass to avoid government shutdowns after Jan. 19.

A thicket of controversial provisions has been under discussion, according to lawmakers, congressional aides and immigration experts outside of government.

For example, Democratic Representati上海夜生活ve Henry Cuellar said in an interview on Wednesday that the legislation should include protections from deportation for parents of Dreamers.

,上海夜网推油Hadley,

Many conservatives would balk at providing “amnesty” to parents who brought their families across the border illegally. One possible compromise, according to congressional aides, could be to let these parents receive temporary legal status that could be renewed every three years. But unlike their children, the parents would never be placed on a pathway to citizenship.

That could anger Dreamers and Hispanic groups who have long railed against creating a “second-class” category of people in the United States.

Also under consideration, according to congressional aides, is a plan to restructure the “diversity” immigrant visa program so that it no longer operates via a lottery system. The program, which aims to provide visas to people from countries with low rates of immigration to United States, currently distributes up to 50,000 visas a year.

A related initiative, according to congressional aides, would shore up the Temporary Protection Status program that has been under attack by the Trump administration.

Related CoverageBipartisan Senate immigration plan draws quick opposition

Trump has decided, for example, to end the TPS status granted to about 200,000 people from El Salvador following a devastating earthquake in the Central American country. TPS grants legal status to immigrants, allowing them to work.

A border security provision is likely to include more,夜上海论坛Pablo, money for a mix of additional physical barriers and technology along the U.S. border with Mexico but probably not a border wall on the scale that Trump campaigned on in 2016.

For years, Congress has weighed clamping down on what conservatives call “chain migration,” which opens the door for immediate relatives of legal immigrants to come the United States – often following a protracted wait time. It was not clear whether the senators’ deal would somehow target parents or siblings seeking entry.

Wall Street extends rally on U.S.-China trade optimism

NEW YORK ( ) – U.S. stocks rallied on Friday, helping Wall Street’s major indexes advance for the fourth consecutive week, as increased hopes the United States and China would resolve their trade dispute lifted shares across sectors.

The market was boosted after a Bloomberg report said China sought to raise its annual goods imports from the United States by a combined value of more than $1 trillion in order to reduce its trade surplus to zero by上海夜生活论坛 2024.

The news followed a report on Thursday that U.S. Treasury Secretary Steven Mnuchin was considering lifting some,上海夜生活乌托邦Ebba, or all tariffs imposed on Chinese imports. A Treasury spokesman denied Mnuchin had made any such recommendation.

A strong rally in January has put the benchmark S&P 500 index on track for its best monthly gain since March 2016. The S&P 500 is now 8.9 percent below its Sept. 20 record close after dropping 19.8 percent below that level – near the 20-percent threshold commonly considered to confirm a bear market – on Christmas Eve.

“It’s risk-on again,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “We’ve gotten an olive branch from China regarding trade. Obviously there’s been a very positive reaction from the market.”

The Dow Jones ,上海夜生活桑拿会所Nala,Industrial Average .DJI rose 336.25 points, or 1.38 percent, to 24,706.35, the S&P 500 .SPX gained 34.75 points, or 1.32 percent, to 2,670.71 and the Nasdaq Composite .IXIC added 72.77 points, or 1.03 percent, to 7,157.23.

For the week, the Dow rose 2.96 percent, the S&P 500 gained 2.87 percent, and the Nasdaq added 2.66 percent. All three indexes registered their biggest four-week percentage gain since October 2011.

U.S. stock markets will be closed on Monday for the Martin Luther King Jr. holiday.

Industrial stocks .SPLRCI rose 1.9 percent, the second-most among the S&P 500’s major sectors, while the Philadelphia SE semiconductor index .SOX climbed 2.3 percent. Both groups of shares have been sensitive to trade developments.

Technology stocks .SPLRCT were the biggest boost to the S&P 500, rising 1.5 percent.

Even with the session’s gains, relatively light trading volume during the week indicated some investors were s,上海夜玩网论坛Qirin,till waiting on the sidelines. On Friday, volume on U.S. exchanges was 7.99 billion shares, compared to the 8.44 billion average over the last 20 trading days.

“A lot of people have liquidated their positions coming into earnings so that they can react quickly as earnings come out,” said Mark Otto, global market commentator at GTS in New York.

Analysts have lowered their fourth-quarter earnings forecast for S&P 500 companies to 14.2 percent year-over-year growth from 20.1 percent estimated on Oct. 1, according to IBES data from Refinitiv.

Shares of Schlumberger NV (SLB.N) jumped 8.1 percent after the oilfield services provider reported quarterly revenue that beat estimates.

Shares of Netflix Inc (NFLX.O), however, fell 4.0 percent after the video-streaming company forecast lower-than-expected revenue for the first quarter.

Advancing issues outnumbered declining ones on the NYSE by a 2.93-to-1 ratio; on Nasdaq, a 2.26-to-1 ratio favored advancers.

The S&P 500 posted three new 52-week highs and no new lows; the Nasdaq Composite recorded 32 new highs and 22 new lows.

U.S. judge rejects Yahoo data breach settlement

( ) – A U.S. judge rejected Yahoo’s proposed settlement with millions of peo上海夜生活论坛ple whose email addresses and other personal information were stolen in the largest data breac,上海夜网邀请码Jace,h in history, faulting the Internet services provider for a lack of transparency.

In a Monday night decision, U.S. District Judge Lucy Koh in San Jose, California, said she could not declare the settlement “fundamentally fair, adequate and reasonable” because it did not say how much victims could expect to recover.

Yahoo, now part of New York-based Verizon Communications Inc, was accused of being too slow to disclose three breaches from 2013 to 2016 that affected an estimated 3 billion accounts.

The settlement called for a $50 million payout, plus two years of free credit monitoring for about 200 million people in the United States and Israel with nearly 1 billion accounts.

But the judge said the accord did not disclose the size of the settlement fund or the costs of the credit monitoring, and the proposed class may be too big because the number of “active” users that Yahoo disclosed privately to her was far lower.

Koh also said the maximum $35 million of fees for the plaintiff,上海夜网推油Nadia,s’ lawyers may be “unreasonably high,” saying the legal theories of the case were “not particularly novel.”

A lawyer for the plaintiffs did not immediately respond on Tuesday to requests for comment.

Verizon said: “While preliminary approval of the settlement was not granted, we’re confident that we can achieve a viable path forward.”

Yahoo revealed the full scope of the breaches after having agreed in July 2016 in to sell its internet business to Verizon for $4.83 billion. The revelations prompted a cut in the purchase price to $4.48 billion.

U.S. prosecutors charged two Russian intelligence agents and two hackers in connection with one of the breaches in 2017. One hacker later pleaded guilty.

Koh contrasted her decision with her approval last August of health insurer Anthem Inc’s $115 million settlement over data breaches affecting about 79 million victims.

The judge said Anthem, unlike Yahoo, timely disclosed the breaches, offered free credit monitoring even before settling, and committed to upgrading its data security.

“Yahoo’s history of nondisclosure and lack of transparency related to the data breaches are egregious,” Koh wrote.

“Unfortunately, the settlement agreement, proposed notice, motion for preliminary approval, and public and sealed supplemental filings continue this pattern of lack of transparency,” she added,上海021夜网Sabina,.

The case is In re: Yahoo Inc Customer Data Security Breach Litigation, U.S. District Court, Northern District of California, No. 16-md-02752.

Trump tariffs force tough choices at U.S. auto suppliers

WYOMING, Mich. ( ) – Bob Roth makes no bones about his feelings towards U.S. manufacturing.

The co-owner and chief executive of RoMan Manufacturing Inc, which makes transformers and glass-molding equipment for automakers and other industries, asks callers on his voicemail: “What have you done today to support U.S. manufacturing?”

His procurement team has been under long-standing orders to source all parts and materials as near as possible to his western Michigan factory, even with President Donald Trump’s tariffs on steel and aluminum.

But with those tariffs dragging into a new year and steel comprising a quarter of RoMan’s f上海夜生活论坛ixed costs, Roth says his company has now begun the lengthy process of switching from its U.S. suppliers to an Israeli company for a key component for its products.

It is a strategic decision that RoMan and other auto suppliers have put off since the tariffs kicked in last spring. With tariffs firmly part of the landscape, some are now starting to shift their own supply chain to keep costs in check, according to more than a dozen interviews with U.S. auto suppliers and industry consultants.

The choice is stark for most suppliers: absorb the extra cost, pass them on to customers or find ways to slash material costs.

The transformers Roth’s 150 workers at RoMan produce require a magnetized steel core that is now more expensive as tariffs have allowed U.S. steel producers to raise prices. The Israeli supplier has access to cheaper steel and its cores qualify as finished products, so they are no,上海夜生活网交流Qirin,t subject to tariffs – making them a cheaper alternative.

“We don’t have the money to buy our way out problems like this,” Roth said of RoMan, which has annual revenue of around $35 million. “In the long run we can’t afford to absorb the extra cost of tariffs.”

Roth says he appreciates the sentiment behind Trump’s push to bring back American manufacturers jobs, but adds tariffs are “the wrong tool” because they hurt U.S. firms.

Trade consulting firm Trade Partnership Worldwide LLC estimated last summer metals tariffs could cost 5,000 jobs in the U.S. auto industry and 400,000 jobs overall – 16 jobs lost for every steel or alumi,上海夜网推油Octavia,num worker hired. But so far there is little data available on how tariffs affect businesses such as RoMan because the process of switching suppliers is a long one and many manufacturers have muddled through so far.

Steven Wybo, a managing director at consultancy Conway MacKenzie, said “every single auto supplier we are working with has concerns around tariffs,” and he worries they come at an already challenging time for the sector.

Suppliers are gearing up for a large number of vehicle launches over the next three years, an expensive business, while also bracing for an expected decline in U.S. new vehicle sales. And some in the sector will bear the brunt of restructuring at Ford Motor Co (F.N) General Motors Co (GM.N), which are dropping less-popular sedan models.

Adding tariffs to the mix can require a creative approach.

RoMan, for instance, splits half of a 10 percent tariff with a Chinese customer on transformers subject to retaliatory measures against U.S. manufacturers. RoMan will raise some prices 2 percent this month to partially offset rising copper prices.

Warren, Michigan-based Eckhart Inc – which books about $100 million in annual sales by building robots and automated tools for GM, Volvo and Tesla Inc (TSLA.O) and other automakers – must absorb the tariffs or run the risk of losing out in competitive bids.

So Eckhart has focused on cutting costs, including rolling out a new U.S. purchasing system for raw materials, CEO Andrew Storm said.

“We have to fight for every single dollar of revenue that com,上海会所夜网Gabe,es in the door,” Storm said. “So we find ways to eat the extra cost.”

That is why RoMan is seeking alternative suppliers to cut costs – and it takes a long time to ensure a new supplier is financially sound and can consistently hit industry standards. Months into that process, RoMan is only now validating test parts produced by its potential new Israeli supplier.

“You can’t turn your supply chain on a dime,” said Kristin Dziczek, vice president of industry, labor and economics at the Center for Automotive Research (CAR).

Dziczek said she gets calls “all the time” from suppliers wondering whether to overhaul their supply chain, and yet worrying that if they do, Trump may reverse policy overnight.

LOSING BUSINESS

The issue stretches up and down the supply chain for cars. Ford and GM have already warned metals tariffs will cost them $1 billion each in profits, setting in motion a complex dance over who foots the bill.

If automakers have to cover the cost, they typically raise vehicle prices to pass it onto consumers. Just this week, a Toyota Motor Corp (7203.T) executive said industry wide tariffs have increased the average U.S. vehicle price by around $600.

Peter Bible, chief risk officer at tax advisory firm EisnerAmper and former chief accounting officer at GM, said suppliers making parts for less-popular vehicles will have trouble passing on higher costs. Automakers will resist price increases, but will be also be wary of pushing suppliers too hard, Bible said.

Problems at a single supplier can be disastrous, as Ford discovered last May when a fire at a supplier halted production of some highly-profitable pickup trucks.

Some suppliers have adapted quickly to cut costs.

They have cost Gentherm Inc (THRM.O), which makes climate control systems for vehicles and had revenue of close to $1 billion in 2017, a “few million” dollars, according to CEO Phil Eyler.

“We’ve worked really fast to change supplier locations in a couple cases,” he said.

Mark Wakefield, a managing director at consultancy AlixPartners, said suppliers providing more commoditized parts will find adjusting harder.

That’s the case for Grand Rapids, Michigan-based Pridgeon & Clay, which supplies stamped steel and stainless steel parts to automakers, with annual revenue of more than $350 million.

Third-generation owner Kevin Clay has lost business to low-cost overseas competitors in India who use cheaper tariff-free steel, and whose finished products are not subject to Trump’s U.S. tariffs.

Metal tariffs have shaved 25 percent off Clay’s pre-tax profit. Banks still wary of his sector following the Great Recession are growing reluctant to issue loans, and his company has mothballed some spending plans and cut staff more than usual for this time of year, according to Clay.

“These tariffs have cost me business,” said Clay, who describes himself as a moderate conservative who fervently believes in free trade. “If the aim is to get to a tariff-free world, this is a crappy way to get there.”

Trump in ‘excellent health,’ White House doctor says after exam

WASHINGTON ( ) – The White House physician pronounced Donald Trump to be i,上海新夜网龙凤Radley,n “excellent health” after Trump had his first medical exam as U.S. president on Friday, capping off a week in which his mental fitness for the job has come under intense scrutiny.

Trump spent about three hours with military doctors at the Walter Reed National Military Medical Center in Bethesda, Maryland, an exam that White House doctor Ronny Jackson said went “exceptionally well.”

“The president is in excellent health and I look forward to briefing some of the details on Tuesday,” Jackson said in a brief statement distributed by the White House.

The exam came after a new best-selling book portrayed Trump, 71, as unfocused and childlike. The White House has faced a barrage of questions over his contradictory messages on key policies and an incident last month where he slurred some words while giving a speech.

The White House determines what data will be released from the exam. Trump is not compelled to release any information, and there is no template for the presidential exam. Jackson is expected to take questions about the results from reporters on Tuesday.

Past presidents are not known to have been tested for mental acuity while in office – including Ronald R上海夜生活网eagan, ,夜上海论坛Lake,who five years after leaving the White House was diagnosed with Alzheimer’s disease.

The White House had made clear that Trump’s examination would not include a psychiatric exam. Results of past presidential physicals have included basic data like weight, blood pressure and cholest,上海夜网官方网站Balthazar,erol levels.

There is a long history of the White House picking and choosing what to reveal about the commander in chief’s health, said Barbara Perry, director of presidential studies at the University of Virginia’s Miller Center.

For example, John F. Kennedy disclosed war injuries but not the fact he suffered from Addison’s disease, a degenerative condition.

Perry said she believed presidents should be subject to a raft of tests to establish they are fit to serve.

When he was running for office, Trump released a glowing report from his personal physician in New York, who said Trump would be “the healthiest individual ever elected to the presidency.”

The public report from Trump’s upcoming exam was also likely to be short and sweet, said George Annas, head of the Center for Health Law, Ethics and Human Rights at Boston University School of Public Health.

“I don’t think you could expect to see anything else, unless it’s something that makes him look good,” Annas said.

Better later: FX options signal more pound strength on Brexit delay…

( ) – Hard Brexit, soft Brexit, no Brexit – or maybe just later Brexit?

Currency options markets appear to signal an increasing bias toward bets that Britain will extend its deadline to leave the European Union, a move seen as bullish for sterling over the short term at least.

Tuesday’s crushing defeat in parliament for Prime Minister Theresa May’s Brexit proposal leaves her with little leeway to come up with alternatives; nor is there time to call another referendum or elections before March 29, the day Britain is meant ,上海夜玩网论坛Nala,to exit the EU.

The vote outcome therefore skewed risks even more in the direction of “上海夜生活a softer, later Brexit”, Goldman Sachs analysts told clients on Wednesday, a view echoed by many other banks on Wednesday.

May has ruled out extending the Article 50 regulation governing EU members’ departure from the bloc. But markets do not seem to believe she can avoid that now.

Soft Brexit hopes have already lifted sterling well off last year’s lows and traders in currency options — investors’ favored way for many months to protect against a weakening pound — now report growing demand to flip those positions and hedge against further sterling gains over the months ahead instead.

On Wednesday, three-month implied vol — a measure of expected swings in the currency — a contract encompassing the end-March period, dropped to the lowest in more than two months to 11.5 vol — well off 2-1/2-year highs around 15 vol hit in December.

(GRAPHIC: Cable vols – tmsnrt.rs/2AN5h7q)

Some of the decline in implied volatility seen since Tuesday’s vote on 1-to-3 month horizons can probably be attributed to a growing perception that Article 50 will be extended, prompting traders to reduce exposure to broader volatility and raise the possibility of sterling breaking out of the trading ranges it has been stuck in for months.

Brexit optimism has also pushed up sterling risk reversals — a gauge of expectations for a currency’s direction measured by comparing the relative cost of options to buy and to sell the pound. The premium on calls, or options to buy on one-month contracts recently hit seven-month highs.

(GRAPHIC: GBP/USD risk reversals – tmsnrt.rs/2RP2KDu)

Options traders said demand for these call options remained robust. What is more, many of the expiry dates fall well beyond the,上海夜网后花园Talon, end-March deadline and a majority of these would profit if sterling were to trade above $1.35 – about 5 percent higher than current spot levels.

Paul O’Connor, chief investment officer at Janus Henderson, said the company’s multi-asset team was positioned for a sterling bounce, having increased currency hedging on non-sterlin,上海021夜网Ebba,g assets to 50 percent versus one-third toward the end of 2018.

“It’s more about looking to protect against sterling strength in the short term,” he said.

But could it be that investors are being complacent? The possibility of Britain crashing out of the EU without a trade deal on March 29 cannot be dismissed, a development that could easily send sterling to $1.10.

Option markets seem aware of the risks sterling still faces.

While costs to protect against sterling downside have eased off highs, they remain very high on a historical basis – six-month implied vol is currently around 11 percent, well above its long-term average below 8.

‘Total shock’: PDVSA workers take stock of U.S. sanctions’ impact

CARACAS ( ) – Shock and fear swept through the headquarters of Venezuela’s state-owned oil firm, PDVSA, on Monday, employees said, after the United States imposed sanctions aimed at limiting President Nicolas Maduro’s access to oil revenues.

A high-level manager said PDVSA President and Oil Minister Manuel Quevedo was ensconced in his office. Several employees and union leaders wondered how much worse PDVSA’s situation could get now that President Donald Trump’s administration had frozen its crucial U.S.-based assets.

“There is total shock. This company is already too beat-down,” the manager said on condition of anonymity. PDVSA was once among the world’s leading oil companies, but has suffered years of mismanagement and output declines.

White House national security adviser John Bolton said the sanctions on PDVSA were intended to prevent Maduro’s government from siphoning off funds from the oil company to maintain his grip on power. Bolton said they would block Maduro from accessing PDVSA assets worth $7 billion and cost him $11 billion in lost export proceeds over the next year.

Trump’s order restricts assets including PDVSA’s U.S. refining arm, Citgo Petroleum Corp,, Venezuela’s most important foreign asset and a key source of foreign income.

The U.S. government, along with countri上海夜网es around the world, have declared Maduro an illegitimate usurper and have thrown support behind the leader of the Venezuelan opposition, Juan Guaido, who has proclaimed himself interim president.

Maduro began a second term on Jan. 10 after an election last year that the opposition and the United States considered a fraud. Maduro says he is victim of an economic war and accuses Trump of directing a coup against his socialist government.

On Monday, Maduro said the United States was unlawfully seeking to “steal” Citgo and PDVSA would take legal action to defend Venezuela’s U.S. interests.

Since being appointed oil minister in 2017, Quevedo, a National Guard general, has enacted a series of measures that oil industry experts and PDVSA employees say have pushed the company, which accounts for over 90 percent of export revenues, toward ruin.

Quevedo gave the company’s reins to military managers with scant oil experience, while workers face the risk of arrest and charges of,上海仙霞路夜生活Sabrina, sabotage or corruption, and contracts go to small, little-known firms with no experience in the sector, according to a special report last month that cited former and current officials.

‘NO TEARS’

Ivan Freites, a PDVSA union leader, said the sanctions marked the moment for “responsible people” to take over Venezuela’s oil industry, where production has slid to a 70-year-low after years of crushing debt and shrunken investment.

“It’s an industry ruled by mafias, where smuggling is the chief operation,” Freites said.

Thousands of PDVSA’s workforce, which totals some 100,000 employees, have already fled abroad to escape poor pay and shortages of food and medicine, draining the company of expertise, according to employees.

Employees said there were no tears at PDVSA’s headquarter,上海021夜网Pamela,s, just stony-faced resignation. They said they were tired of Quevedo’s military management and the corruption they alleged had spread to every corner of the company.

“There is no return now. Either Maduro leaves, or the country sinks completely,” said one plant operator.

The T,上海夜网千花Barney,rump administration had long held off on targeting Venezuela’s vital oil sector for fear it would hurt U.S. refiners and deepen Venezuela’s economic crisis. The United States stopped short of imposing a ban on imports of Venezuelan oil, which U.S. oil refiners had opposed.

U.S. Senate panel to discuss bitcoin with markets regulators -source

WASHINGTON ( ) – The U.S. Senate’s financial services panel will hold a hearing next month with the country’s top markets regulators to discuss上海夜生活论坛 bitcoin amid rising concerns over the ,上海夜生活怎么玩Ida,risks cryptocurrencies pose to the financial system, a person with direct knowledge of the matter told .

The Senate Banking Committee will take testimony from Commodity Futures Trading Commission Chairman Christopher Giancarlo and Securities and Exchange Commission Chairman Jay Clayton in early February, the source said.

Concerns about a bubble in the bitcoin market have heightened since the currency soared to record highs of more than $19,000 in December – only to then slump more than 28 percent. On Wednesday, bitcoin was trading at $14,676, according to prices compiled by the Luxembourg-based Bitstamp exchange.

The emerging asset class has created a divide among Wall Street and central bankers alike over whether it is a legitimate and sustainable financial instrument.

The SEC and the CFTC have been increasing their jurisdiction over the cryptocurrency market, which has no overriding U.S. federal regulat,上海夜网官方网站Easton,or. Both watchdogs have warned of the considerable risks posed by the v,上海仙霞路夜生活Macey,olatile currency and have said they may not be able to protect investors from cryptocurrency fraudsters.

The CFTC last month allowed CME Group Inc and CBOE Global Markets Inc to list bitcoin futures contracts, but this month said it would review its process for listing digital currency futures following criticism from market participants.

Five fund managers this week shelved plans to launch exchange-traded funds based on bitcoin futures, citing concerns from the SEC regarding the liquidity of the underlying futures market.

Tesco may cut thousands of fresh food counter jobs: report

LONDON ( ) – Tesco (TSCO.L), Britain’s biggest supermarket chain, may cut thousands of jobs by closing in-store meat, fish a上海夜生活网nd delicatessen counters and by replacing staff canteens with vending machines, the Mail on Sunday newspaper reported, citing industry sources.

Up to 15,000 jobs could be put at risk by the changes, which are likely to affect the majority of Tesco’s 732 larger stores, the report said, adding that details are expected to be announced this week.

A spokesman for Tesco declined to comment on the details of the report.

“We’re always looking at ways to run our business more simply and efficiently,” he said,上海夜网官方网站Queena,.

“Whenever we make changes in our business, colleagues are always the first to know.”

The company will close some fresh food counters and scale back the opening hours of others, the newspaper said.

It was also considering changes to its in-store bakeries, such as using frozen instead of fresh dough, the report added.

Tesco set out a plan in October 2016 to reduce its operating costs by 1.5 billion pounds ($2 billion) over three years by making its stores and its distribution network more efficient.

In the last two years it has cut 1,200 jobs at its head office and ,上海凤楼夜网Easton,1,100 jobs in Cardiff with the closure of a customer service center. Management has also been c,上海021夜网Caden,ulled at its convenience stores.

The group, which needs to make the savings to help achieve its profit margin target by its 2019-2020 financial year, fared better than rivals in the important festive trading period.

Asset managers brace for more job cuts amid market turbulence

LONDON/NEW YORK ( ) – Turmoil on financial markets is expected to deepen layoffs and accelerate acquisitions in the fund management industry.

BlackRock (BLK.N), the world’s largest money manager, and industry No. 3 State Street (STT.N) announced job cuts this month after the worst year for many stock indexes since the financial crisis and losses across most other financial assets. Hedge funds AQR Capital and Balyasny Capital took similar steps.

“It will be a common industry trend,” said Kyle Sanders, an analyst with financial services firm Edward Jones.

“When markets go down, the first place asset managers look to cut costs is with headcount.” Until last year, rising markets – buoyed by easy money from central banks – had helped keep fund managers comfortably afloat, with many enjoying profit margins of 20-40 percent, even though fees have fallen.

But the prospect of tighter monetary policy and concerns around economic growth saw $168.1 billion drained from mutual funds globally in上海夜生活网 the final quarter of 2018, data from Lipper at Refinitiv showed.

Early January saw some money return to equity markets but it is too early to say if that will be sustained. In the meantime, without market performance to bolster their assets under management, investment managers’ revenues, largely based on charging a fee on those assets, will suffer.

BlackRock reported a smaller-than-expected fourth quarter profit and analysts expect fourth-quarter earnings for S&P 500 asset,上海夜生活群Easton, managers and custody banks to drop 0.8 percent on average. At the beginning of October, they had forecast growth of 10.3 percent, Refinitiv data show.

“With revenue-growth expectations dialed back, i,上海晚上耍女人的地方Octavia,t’s not surprising that firms like AQR and BlackRock are reprioritising,” Neal Epstein, Vice President at Moody’s Investors Service, said.

BlackRock, State Street and Balyasny Capital declined to comment. Claudia Gray, a spokeswoman for AQR Capital, said the company had experienced record growth in staffing over the past three years.

“Recent small reductions in headcount reflect the need to balance our workforce growth with the current needs of our business,” Gray said in a statement.

CONSOLIDATION DRIVE

If market volatility prompts more investors to pull their money it will compound existing pressure on asset managers from increased competition, particularly from cheaper index-tracking products that have driven down fees. Tougher regulations and investments in technology and data have also inflated costs with compliance managers and data specialists continuing to be hired.

Despite plans to cut 3 percent of its global workforce, BlackRock has said its staffing levels would be 4 percent higher this year as it invests in other areas, including technology.

Elsewhere, the cost-cutting pressure is particularly acute for smaller asset managers which lack the heft to compete on price against behemoths such as BlackRock, which has nearly $6 trillion in assets under management.

Smaller companies will have to go further to shore up their bottom line and, in addition to firing staff, may look to join forces with larger rivals to help share mid- and back-office costs, accelerating a trend begun over the last few years.

A 10 percent fall in assets under management could see profit margins slide by 700-1,000 basis points, which would “absolutely drive consolidation”, UBS analyst Mike Werner said.

A total of 915 deals with a combined value of $50 billion were sealed last year, two thirds more valuable than in 2017, Refinitiv data showed, including Invesco’s (IVZ.N) $5.7 billion acquisition of OppenheimerFunds.

That trend is expected to accelerate, particularly in Europe, where listed asset managers’ share prices have been hit hard, and banks and insurers, which held onto their asse,上海夜网Jacklyn,t management arms during the financial crisis, may be more tempted to sell.

“As the value… is declining, potential sellers may be more inclined to close a deal, leading to increased consolidation,” said Christian Edelmann, head of global banking and wealth & asset management at consultants Oliver Wyman.

Over 2018, the Thomson global fund managers index .TRXFLDGLPUINVM fell 27 percent with Standard Life Aberdeen (SLA.L) down 40 percent, France’s Amundi (AMUN.PA) down 35 percent and Italy’s Anima (ANIM3.SA) down 39 percent.

By comparison, the MSCI World index .WORLD fell 10.4 percent.

Health secretary nominee indicates support for Medicaid overhaul

WASHINGTON ( ) – Alex Azar, a former drug industry executive and lobbyist nominated to run the U.S. Department of Health and Human Services, indicated on Tuesday he supported a Republican bid to overhaul Medicaid and again vowed to tackle high drug prices.

Azar appeared before the Senate Finance Committee on Tuesday, which will ultimately decide whether to move his nomination forward. Azar also vowed to uphold Obamacare as long as it remained the law but said that the program needed changes.

“I believe I have a very important obligation to make the program work as well as possible,” Azar said during the wide-ranging hearing,上海晚上耍女人的地方Gabriel, that lasted more than two hours. “What we have now is not working for people.”

Republicans have been trying to dismantle the 2010 Affordable Care Act, former President Barack Obama’s signature domestic policy achievement. Repealing and replacing Obamacare was one of President Donald Trump’s most frequently repeated campaign promises but Congress has repeatedly tried and failed to do so.

Azar said he favored elements of a Republican Senate Obamacare repeal bill that failed to garner enough support last year, which would have fundamentally restructured Medicaid, the government insurance program for the poor and disabled.

The doomed measure proposed repealing enhanced federal funding for Medicaid under Obamacare and instead providing block grants to states based on the number of enrollees in each state. The block grants, coupled with the repeal of Medicaid expansion, would slash funding to the 31 states that expanded the government program under Obamacare.

Azar said he supported that element of the legislation because it would provide states more flexibility in deciding how to run their Medicaid programs. Some Republican lawmakers have fl上海夜生活网oated the idea of taking on Medicaid reform as a legislative priority this year.

Azar spent about a decade at Eli Lilly & Co, including five years as president of its U.S. unit. Democrats on Tuesday pointed to a handful of Lilly drugs whose prices more than doubled under Azar’s watch and fiercely questioned how seriously he would work to make prescription drugs more affordable.

During the questioning, Azar did not dismiss the possibility of allowing Medicare, the government health program for the elderly, to negotiate drug prices, a ,上海夜网邀请码Barbara,favored proposal among Democrats.

Azar vowed to work with Republicans and Democrats on his four top priorities: drug pricing, making healthcare more affordable and helping people who cannot purchase insurance on the Obamacare market, Medicare reform and the opioid epidemic.

Senator Ron Wyden, the top-ranking Democrat on the committee, said Azar’s promise to work on a bipartisan basis was a welcome change from the previous health secretary, Tom Price, who Wyden said did not work with Democrats.

Price, a former U.S. Republican Representative, resigned in September amid a furor over his use of expe,上海夜生活去哪玩Octava,nsive taxpayer-funded private charter jets for government travel.

Trump ‘inclined’ to impose new U.S. auto tariffs: senator

WASHINGTON ( ) – U.S. President Donald Trump is likely to move ahead with tariffs on imported vehicles, a move that could prompt the European Union to agree a new trade deal, said Senate Finance Committee Chairman Charles Grassley on Wednesday.

“I think the president’s inclined to do it,” the Republican senator told reporters. “I think Europe (is) very very concerned about those tariffs … It may be the instrument that gets Europe to negotiate.”

U.S. Commerce Department recommendations into whe上海夜网ther Trump should impose tariffs of up to 25 percent on imported cars and parts on national security grounds are due by mid-February. A Commerce Department spokeswoman declined to comment.

Grassley, who has had regular talks with Trump and U.S. Trade Representative Robert Lighthizer on trade issues, said he did not like new tariffs but “they are a fact of life when Trump is in the White House.” He said they may have been an “effective tool” in getting China, Canada, Mexico and others to negotiate on trade.

Iowa senator Grassley also wants the EU to agree to include agricultural issues in trade tal,上海夜生活网交流Faith,ks, although EU trade commissioner Cecilia Malmström said last week the 28-country bloc could not negotiate on agriculture.

The White House has pledged not to move forward with imposing tariffs on the European Union or Japan as long as it is making constructive progress in bilateral trade talks.

Trump has urged the EU to drop its 10 percent tariff on imported vehicles. The U.S. passenger car tariff is 2.5 percent, while it imposes 25 percent tariffs on pickup trucks.

Trump has repeatedly threatened to impose new auto tariffs.

“Cars is the big one,” Trump said last year.

The U.S. Trade Representative’s office last week published its objectives for EU talks, including seeking comprehensive agriculture access.

The prospect of 25 percent tariffs sent shockwaves through the auto industry, with U.S. and foreign-brand producers lobbying against it.

German automakers met with Trump in December to urge him not to impose tariffs. On Monday, Volkswagen AG (VOWG_p.DE) said it would invest $800 million in its Chattanooga, Tennessee operations and add 1,000 jobs to build electric vehicles. That drew praise from Trump.

Automakers say imposing 25 percent tariffs would raise cumulative prices for U.S. vehicles by $83 billion annually and cost hundreds of thousands of jobs. They argue there is no evidence auto imports pose a national,上海高端夜生活在那里Pamela, security risk.

The Alliance of Automobile Manufacturers, whose members include General Motors Co , VW and Toyota Motor Corp, warned tariffs would boost imported car prices by nearly $6,000 on average.

Earlier this week, Senators Doug Jones and Lamar Alexander re-introduced legislation to delay any 25 percent auto tariff and require the International Trade Commission to conduct a comprehensive study before tar,上海夜网后花园Nadine,iffs could be applied.

U.S. copper projects gain steam thanks to electric vehicle trend

YERINGTON, Nev. ( ) – Once seen as a laggard in the global mining industry, U.S. copper deposits have quietly drawn more than $1.1 billion in investments from small and large miners alike as Tesla and other electric carmakers scramble for more of the red metal.

Four U.S. copper projects are set to open by next year – the first to come online in more than a decade – with several mine expansions also underway across the country, home to the world’s fifth-largest copper reserves, according to the U.S. Geological Survey.

The rising popularity of electric vehicles – which use twice as much copper as internal combustion engines – and increasingly pro-mining policies in the U.S. while other nations exert greater control over their mineral deposits are fueling the spending, according to mining executives and investors.

“Fifteen years ago, U.S. mining was thought to be a dead industry, but now it’s a profitable area for us,” said Richard Adkerson, chief executive of Freeport-McMoran Inc (FCX.N).

The Phoenix-based miner, which last month relinquished majority control of the world’s second-largest copper mine under pressure from the Indonesian government even though it will remain the project’s operator, is set to open a $850 milli,上海夜网推油Gabi,on expansion of one of its Arizona copper mines next year.

“The U.S. is really the core for our future growth,” Adkerson said. The U.S. is home to half of Freeport’s reserves.

The buildouts are expected to boost U.S. copper production by at least 8 percent in the next four years, according to data from the International Copper Study Group and DBS, with Nevada Copper Corp (NCU.TO), Taseko Mines Ltd (TKO.TO), THEMAC Resources Group Ltd (MAC.V) and Excelsior Mining Corp (MIN.TO) aiming to open copper mines by the end of 2020.

The development trend has gone largely under the radar, with copper industry customers like Tesla Inc (TSLA.O) – rather than miners themselves – grabbing the headlines. But that is slowly changing.

The prospect of a copper boom in the U.S., where the Trump administration is pushing for mining permit approvals to be approved five times faster and where resource nationalism fears are largely absent, is starting to draw major institutional investors.

Industry analysts recommend investors buy shares of companies building new U.S. copper mines, a marked change from just 12 months ago when most recommendations were to hold.

Four analysts, for instance, advise buying Taseko shares; none did a year ago. These analysts also have set price targets for the miners at more than double current trading levels, according to Refinitiv data.

“The copper industry needs areas of good supply with low political risk, and that’s what we get in the United States,” said Stephen Gill of Switzerland-based Pala Investments, Nevada Copper’s largest shareholder.

‘COPPER,上海夜网官方网站Ida, IS KING’

Nevada Copper’s Pumpkin Hollow copper project in Yerington, Nevada is less than 60 miles (100 km) from Tesla’s massive Gigafactory, a proximity that Gill said was a key factor in Pala’s investment.

Surrounded by onion farms and backed by the Sierra Nevada mountains, the Pumpkin Hollow mine will produce more than 100,000 tons of copper each year once its underground and open-pit portions fully open, which is slated to happen in phases.

“Copper is king for this electrification trend taking over the global economy,” said Matt Gili, Nevada Copper’s chief executive. “We see demand increasing steadily in the years ahead and, so far, supply is not keeping up.”

Majors Freeport, Rio Tinto (RIO.L) and BHP Group Ltd (BHP.AX) also have U.S. copper projects of th,上海夜哪里艳遇Cade,eir own under development. These come just as copper prices are forecast to rise more than 10 percent in the next two years, according to Canaccord Genuity.

Nevada Copper’s project has been largely supported by local residents in a state whose economy is linked to mining. But elsewhere, there has been opposition due to concerns about water rights and native lands.

“Green technologies can have a dark side,” said John Hadder of Great Basin Resource Watch, a Nevada-based environmental group.

SMALL VERSUS BIG

Nevada Copper and other junior miners have an advantage over larger peers. Their smaller balance sheets force them to plan small copper mines, making permitting and negotiations with local residents easier.

Rio and BHP, for instance, have been trying since 2001 to open Arizona’s Resolution Copper mine, one of the world’s largest projects of its type.

The two are still waiting for regulatory clearance, having spent more than $1.3 billion since 2001, in a delay brought on partly by a dispute involving local American Indian tribes.

The mine is not slated to open until at least 2030. The U.S. Forest Service is expected to post a draft environmental study on the project by this summer, after which American Indian groups and others will be able to give feedback.

Rio is also studying ways to open the mine sooner – perhaps a year or two – by making engineering changes, but nothing has been finalized, said Arnaud Soirat, head of Rio Tinto’s copper and diamond上海夜网 businesses.

Resolution is on U.S. federal land, complicating the development. Many of the projects that are set to open in the next two years, though, are on private land, fueling an easier path to bring copper to a hungry market.

“I’m convinced over time there will be a global movement toward renewable energy generation and electric vehicles … that means the world will need our U.S. copper,” said Freeport CEO Adkerson.

Internet users help Charter beat revenue estimates

( ) – Charter Communications Inc topped quarterly revenue estimates on Thursday, as the cable operator attracted more customers for its internet services, offsetting a drop in video subscribers.

The company’s shares rose 6.2 percent in trading before the bell.

More and more subscribers are deserting pay TV bundles and switching to cheaper streaming services such as Netflix and Amazon.com’s Prime video.

That has pushed companies including C,上海夜生活服务Sabine,harter and Comcast Corp to focus on their broadband businesses and high-speed internet upgrades as a strategy to survive in the rapidly changing media landscape.

Charter added 289,000 resi,上海凤楼夜网Nadine,dential internet customers in the上海夜生活网 fourth quarter ended Dec. 31.

The company reported a loss of 36,000 residential video customers in the quarter, compared with net 2,000 customers it gained last year.

Net income attributable to shareholders fell to $296 million, or $1.29 per share, from $9.55 billion, or $34.56 per share, a year earlier, when the company booked a huge tax benefit.

Analysts had estimated a profit of $1.51 per share.

Total revenue rose 5.9 percent to $11.23 billion. Analysts on average had expected revenue of $11.14 billion, ,上海夜网后花园Idaleen,according to IBES data from Refinitiv.

CVS, Walmart resolve pharmacy contract impasse

( ) – Walmart Inc (WMT.N), the world’s largest retailer, will remain part of CVS Health Corp’s (CVS.N) network for commercial and Medicaid pharmacy customers, the companies said on Friday, breaking a contract impasse disclosed earlier this week.

The companies did not provide financial terms of the new contract.

On Tuesday, CVS said the companies had failed to agree on pricing and that Walmart was leaving the pharmacy network for prescription drug plans that CVS manages for companies and health insurers and for the government-run Medicaid program for low-income people.

Walmart and CVS also said on Tuesday they were still in discussions.

CVS shares gained 1.6 percent to $64.76 in premarket trading, recouping some of the stock’s losses on Tuesday.

“We view the agreement positively for CVS,” Cantor Fitzgerald analyst Steven Halper said in a research note, explaining that the loss of Walmart pharmacies could have negatively impacted CVS’ ability t,上海夜网邀请码Kaia,o sign up customers for its 2020 prescription drug plans.

Evercore ISI analyst Ross Muken said the speed at which the dispute was resolved likely points to the negotiating strength上海夜生活 of pharmacy benefit managers in contract discussions. Consumers historically move to where their insurance is accepted, and Walmart likely would have lost out on the estimated 15 million to 20 million prescriptions it receives from CVS customers, Muken said.

In 2012, Walgreens Boots Alliance (WBA.O) and pharmacy benefit manager Express Scripts, now part of Cigna Corp (CI.N), failed to come to contract terms. Walgreens sales fell as it stopped filling prescriptions for Express Scripts custo,上海021夜网Oakley,mers, and the two companies reached a new agreement in the middle of the year that put Walgreens back in its network.

In addition to its retail pharmacies and stores, CVS is one of the country’s biggest pharmacy benefit managers and, after buying Aetna, one of its top health insurance companies. Its prescription plans for those on the government-run Medicare program were unaffected by the contract dispute as was its Sam’s Club agreements.

Sean Slovenski, a Walmart senior vice president, described the t,上海夜哪里艳遇Gabe,erms as “fair and equitable” in a press release.

Wall Street drops as economic outlook, corporate forecasts sour

NEW YORK ( ) – U.S. stocks ended lower on Tuesday, snapping a four-session rally, as a gloomy global economic growth outlook, trade concerns and disappointing company forecasts dampened sentiment.

All three major U.S. stock indexes pared losses after White House economic advisor Larry Kudlow denied a report by the Financial Times that the Trump administration canceled preparatory trade talks with China.

Still, the S&P 500, the Nasdaq and the Dow all posted their biggest one-day percentage drops since Jan. 3.

On Monday, the International Monetary Fund trimmed its 2019 global economic growth estimates, and China confirmed its slowest economic growth rate in 28 years.

“There seems to be a plethora of negative news regarding the global economy and China and the corporate profits that were reported today couldn’t offset that,” said Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana.

“A lot of companies are coming out with earnings this week, so it’s going to be a battle between earnings and the perception of what’s g,上海晚上耍女人的地方Jack,oing on China and the global market,” Carlson added.

The downbeat China news pulled chipmakers lower. The Philadelphia SE Semiconductor index .SOX fell 2.9 percent.

Each of the FAANG momentum stocks, Facebook Inc (FB.O), Apple Inc (AAPL.O), Amazon.com (AMZN.O), Netflix Inc (NFLX.O) and Google parent Alphabet Inc (GOOGL.O), ended down between 1.6 percent and 4.1 percent.

Fears of a slowdown in corporate profits mounted as companies posting fourth-quarter results provided disappointing forward-looking projections.

Johnson & Johnson (JNJ.N) dropped 1.4 percent after its 2019 sales forecast fell short of analyst expectations.

Shares of Stanley Black & Decker Inc (SWK.N) tumbled 15.5 percent after its disappointing 2019 forecast.

The Dow Jones Industrial Average .DJI fell 301.87 points, or 1.22 percent, to 24,404.48. The S&P 500 .SPX lost 37.81 points, or 1.42 percent, to 2,632.9 and the Nasdaq Composite .IXIC dropped 136.87 points, or 1.91 percent, to 7,020.36.

Of the 11 major sectors of the S&P 500, all上海夜生活网 but utilities .SPLRCU closed lower. Industrials .SPLRCI, energy .SPNY, communications services .SPLRCL and consumer discretionary .SPLRCD had the largest percentage losses.

With just over 12 percent of S&P 5,上海夜生活怎么玩Fabi,00 companies having reported thus far, 78.7 percent have beat expectations. Analysts expect,上海夜生活去哪玩Qirin, S&P 500 fourth-quarter earnings growth of 14.1 percent, down from 20.1 percent on Oct. 1, according to Refinitiv data.

Oilfield services company Halliburton Co (HAL.N) declined 3.1 percent as falling oil prices LCOc1 and slowing U.S. demand weighed on fourth-quarter results.

International Business Machines Corp (IBM.N) rose in post-market trading after reporting a smaller-than-expected drop in fourth-quarter revenue.

During the dearth of U.S. economic data stemming from the government shutdown, a report from the National Association of Realtors showed U.S. sales of existing homes fell in December to the lowest level in three years.

The PHLX Housing index .HGX fell 1.8 percent.

Declining issues outnumbered advancing ones on the NYSE by a 3.16-to-1 ratio; on Nasdaq, a 3.15-to-1 ratio favored decliners.

The S&P 500 posted 3 new 52-week highs and 1 new low; the Nasdaq Composite recorded 19 new highs and 33 new lows.

Volume on U.S. exchanges was 7.97 billion shares, compared to the 8.24 billion average over the last 20 trading days.