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Brexit backer Dyson moves vacuum giant’s HQ to Singapore

LONDON ( ) – James Dyson, the billionaire Brexit supporter who revolutionized vacuum cleaners with his bagless technology, is moving his head office to Singapore from Britain to be closer to his company’s fastest-growing markets.

Dyson’s company said the move to Singapore, where it will build its new electric car, was not driven by Britain’s looming departure from the European Union or tax implications, with much of its product development remaining in south west England.

The 71-year-old inventor has become one of Britain’s best-known entrepreneurs, creating a multibillion-dollar company from an insight that a cyclone could collect household dust better than a clogged-up bag.

Chief Executive Jim Rowan said the manufacturer of air purifiers, hairdryers and cleaner, lauded by politicians as a British success story, was a “global 上海夜生活technology company”, with 96 percent of its sales outside Britain.

“Our growth rate in ,上海夜生活桑拿会所Kailani,Asia has doubled most other places in the world over recent years,” he said, adding that more than half of its profit came from the region and the move was aimed at “future proofing” Dyson.

Rowan said the company, which broke through the 1 billion pound ($1.3 billion) barrier for annual profit in 2018, was moving to be near its manufacturing centers and the markets where it was seeing the biggest demand.

“It allows us to make sure we will be putting our best efforts to secure those opportunities, as well as keeping an eye on those investments, especially EV (electric ,上海夜生活Fabiana,vehicles) and batteries,” he told reporters on Tuesday.

There would be a “negligible difference” to its tax payments as a result, said Rowan, who is already based in Singapore, where the corporate tax rate is 17 percent. It is 19 percent in Britain, but is set to fall to 18 percent in 2020.

He said he would be joined there by other senior executives including the company’s chief financial officer, once the paperwork to re-register was complete.

Rowan said the Chinese market had grown in four years from a start-up to a market of a similar size to the United States.


James Dyson came out in favor of Brexit days before the 2016 vote, when he said Britain could be about 18.5 billion pounds better off each year if it left the European Union.

But with only weeks before Brexit, other manufacturers are warning of huge damage if no divorce deal is struck.

Rowan did not foresee see any issues relating to the movement of goods for Dyson.

“If your supply chain is in Asia, and you are manufacturing in the Philippines, Singapore and Malaysia, then obviously you don’t get badly affected with those changes post-Brexit,” he said.

Dyson, which has 5,853 engineers and scientists working on its new electric car and other products, said it was still expanding its research and engineering operation in Britain.

It reported earnings before interest, tax, depreciatio,上海夜网Barney,n and amortization (EBITDA) of 1.1 billion pounds ($1.42 billion) in 2018 on turnover up 28 percent to 4.4 billion pounds.

Dyson also said on Tuesday it had hired executive Roland Krueger from Infiniti Motor Company and Nissan Motor Co (7201.T) to oversee its automotive project.

“We expect to be able to go in and disrupt yet another industry using bespoke Dyson technology and innovation,” Rowan said.

In October, it said it would build its electric car in Singapore because it said it was close to suppliers and Asian markets for the vehicle, which is due to launch in 2021.

Written by shyw on June 30, 2018 Categories: wkrpepdc Tags: , ,

Exclusive: British Lotus cars to be ‘Made in China’ at new Geely…

BEIJING/SHANGHAI ( ) – The Chinese owner of Lotus plans to start producing the British sports car brand in China for the first time with the opening of a new 9 billion yuan ($1.3 billion) factory in Wuhan city, company job advertisements and government documents showed.

The previously unreported plans are Zhejiang Geel,上海夜生活男人好去处Lake,y Holding Group’s [GEELY.UL] first move to shake up the British brand since its purchase of a majority stake in 2017.

The move is in line with Geely’s ambitions to build more up-market cars and throw off its reputation for copycat designs and shoddy quality. For Lotus, it could mean greater production volumes and new models such as SUVs to boost sales.

“For Geely, going high-end can help it take more market share,” said Alan Kang, Shanghai based analyst at LMC Automotive. “Geely needs to do that to better compete with global brands.”

Lotus cars are currently built in Norfolk, England.

Geely and Lotus said in a joint statement that while Norfolk was Lotus’s manufacturing home, a key part of the firm’s strategy to revive the brand was expanding the brand’s manu上海夜生活论坛facturing footprint globally.

“Details on additional locations and models will be confirmed in due course,” the company said in an e-m,上海夜生活网交流Jackson,ail to .

The planning authority of Hubei province, whose capital is Wuhan, last month approved Geely’s plans for the plant. The factory will be able to manufacture 150,000 cars annually, according to a document posted on the authority’s website.

The Wuhan Development Zone, where the factory will be based, said in a statement posted on its website last month that production at the plant would include “Geely’s Lotus project”.

The Wuhan Development Zone did not respond to ’ request for comment.

The documents did not say when the plant would start operations. The facility is approved to build all-electric battery cars, electric hybrids as well as combustion engine cars like Lotuses.

Job advertisements on Geely’s website show the automaker is looking to fill at least 20 Wuhan-based roles for the Lotus project.


While is not clear what portion of the new Chinese production line would be devoted to the British brand, greater production volumes would be consistent with Geely’s state,上海凤楼夜网Nala,d ambition to grow the market for Lotus by broadening its line-up.

Geely sold only 1,630 Lotuses globally in 2018.

Lotus currently produces models such as the Evora and Elise. James Bond famously drove a Lotus Esprit in 1977’s “The Spy Who Loved Me”, and Lotus once boasted a Formula One team until it was sold to Renault (RENA.PA) for just one pound in 2015.

But in a major break with the past, two sources familiar with the matter said Lotus would likely make luxury SUVs instead of sports cars during the Wuhan plant’s initial phase.

One of the sources said Geely wanted to emulate premium carmakers like Porsche (PSHG_p.DE), whose luxury SUV models were selling well in China.

The share of luxury SUVs in China’s overall passenger car market grew from 4.07 percent in 2014 to 5.01 percent in 2018, according to data from consultancy J.D. Power.

Geely has forecast flat sales this year after the Chinese auto market contracted for the first time in more than two decades in 2018.

The company has made waves in the auto world with its $9 billion purchase of a stake in Germany’s Daimler AG DAIG.DE and its $1.8 billion acquisition of Sweden’s Volvo. It bought 51 percent of Lotus from Malaysian automaker Proton in 2017.

Renault convenes board to turn page on Ghosn era

PARIS ( ) – Renault (RENA.PA) has called a board meeting to replace Chairman and Chief Executive Carlos Ghosn, in a move that may begin to ease tensions with alliance partner Nissan (7201.T) in the wake of Ghosn’s arrest in Japan for alleged financial misconduct.

The board, which meets at 0900 GMT on Thursday, will consider the proposed appointment of outgoing Michelin (MICP.PA) boss Jean-Dominique Senard as chairman and the promotion o,夜上海419龙凤论坛Qirin,f Ghosn’s deputy Thierry Bollore to CEO, three sources said.

Renault confirmed an emergency board meeting was planned for Thursday, but a spokesman did not respond to questions about its agenda or Ghosn’s replacement.

The decision, two months after Ghosn’s Nov. 19 arrest and swift dismissal as Nissan chairman, turns a page on his two decades at the helm of the partnership he transforme上海夜生活论坛d into a global carmaking giant, following Renault’s acquisition of a near-bankrupt Nissan in 1999.

Ghosn has been charged with failing to disclose more than $80 million in additional Nissan compensation for 2010-18 that he had arranged to be paid later. Nissan director Greg Kelly and the company itself have also been indicted.

Both men deny the deferred pay agreements were illegal or required disclosure. Ghosn has also denied a separate breach of trust charge over personal investment losses he temporarily transferred to Nissan in 2008. Nissan has said it takes the matter seriously and pledged to improve corporate governance.

Ghosn has now agreed to resign from Renault, three sources familiar with the matter told – ,夜上海论坛Mace,but only after the French government, its biggest shareholder, called for leadership change and his bail requests were rejected by the Japanese courts.

No formal resignation has yet been received, however, Finance Minister Bruno Le Maire said late on Tuesday.

“As of this moment in time, Renault’s interim leadership has not received a resignation letter from Carlos Ghosn,” the minister said on BFM TV.

Senard, 65, now faces the immediate task of soothing relations with Nissan, which is 43.4 percent-owned by Renault. Since Ghosn’s arrest, Nissan CEO Hiroto Saikawa has sought to weaken Renault’s control and resisted its attempts to nominate new directors to the Japanese carmaker’s board.

Nissan currently owns a 15 percent non-voting stake in its French parent and 34 percent in Mitsubishi Motors (7211.T), a third major partner in their manufacturing alliance.

Once its new management is settled, French officials want work to resume on a new ownership structure cementing the partnership – which Ghosn had been mandated to explore when his Renault contract was renewed last year with government backing.

Nissan is wary of any such move. In an interview last week, Saikawa acknowledged shareholders’ concerns that the current structure undervalues their investment, but added that changing it was “really not the current priority”.

“The subject is not on the table today,” Finance Minister Le Maire said on Sunday amid Japanese press reports that France was actively pu,上海足浴夜网联系方式Lake,shing for a Renault-Nissan merger.

The widely anticipated rejection of Ghosn’s latest bail application raises the likelihood that the 64-year-old executive will remain in custody until his trial in Japan.

Trump urges Alabama voters to back Roy Moore

PENSACOLA, Fla. ( ) – U.S. President Donald Trump on Friday voiced support for Roy Moore, the Alabama Republican Senate candidate dogged by accusations of sexual misconduct, during a rally that foreshadowed themes for next year’s midterm elections.

Trump, speaking to a stadium of supporters in Pensacola, Florida, near the Alabama state line, touted his work to quit or renegotiate trade deals and called on Democrats to support a measure that would avert a government shutdown.

Trump highlighted familiar themes from his political rallies: criticism ,夜上海419龙凤论坛Faith,of violence in Chicago, which he suggested was less safe than Afghanistan, as well as his commitment to improving U.S. border security and to crack down on immigration.

But he made a point of using the rally to note his desire to get Moore elected.

“Get out and vote ,上海夜生活桑拿会所Landon,for Roy Moore,” Trump said ahead of Tuesday’s election.

The race in the heavily Republican state heated up last month with accusations that Moore sexually assaulted or behaved inappropriately with several women when they were teenagers and he was in his 30s.

Moore, a conservative Christian and former state judge, denies the allegations, and Trump formally endorsed him on Monday.

“We cannot afford – this country, the future of this country – cannot afford to lose a seat in the very, very close United States Senate,” Trump said. Republicans hold a slim 52-48 majority in the Senate.

Trump said Moore’s Democratic opponent, Doug Jones, is a “total puppet” of Senate Democratic leader Chuck Schumer and House of Representatives Democratic leader Nancy Pelosi.

“He will never, ever vote for us. We need somebody in that Senate seat who will vote for our Make America Great Again agenda,” Trump said.


Moore’s race against Jones, a former attorney, has come amid an array of allegations of sexual misconduct that have brought down men in media, politics, and entertainment.

U.S. Senator Al Franken said on Thursday he would resign in the coming weeks after allegations of sexual misconduct. Franken said it was ironic that he was leaving while Moore campaigned with backing of his party and Trump, who last year faced allegations of sexual misconduct, remained in the Oval Office.

Trump’s support for Moore puts him at odds with other lawmakers in the Republican Party, particularly Senate Majority Leader Mitch McConnell.

In his speech, Trump did not directly address the sexual harassment allegations against Moore, but he mocked the fact that one of Moore’s accusers acknowledged on Friday that part of an inscription that she had said Moore had written in her high school yearbook was in fact penned by her.

“Did you see what happened today? You know, the yearbook? … There was a little mistake made – she started writing things in the yearbook,” Trump said.

The accuser, Beverly Young Nelson, said last month Moore sexually assaulted her when she was 16 and he was a prosecuting attorney in his 30s.

Moore denies ever having known Nelson. Nelson says the yearbook entry shows that they were acquainted.

Nelson’s attorney Gloria Allred said on Friday a handwriting analysis had concluded that Moore had signed the yearbook.

The White House reiterated on Friday that Moore had denied the accusations against him.

“We find these allegations to be troubling and concerning, and they should be taken seriously. Roy Moore has also maintained that these a上海夜生活llegations aren’t true, and that should also be taken into account,” White House spokesman Raj Shah told reporters on Air Force One during Trump’s flight to Florida.

After initially abandoning Moore, the Republican Party resumed contributing funding to his election effort after Trump’s e,上海夜网推油Gabriella,ndorsement.

Factbox: What is in the U.S. Republicans’ final tax bill

( ) – Republicans in the U.S. Congress reached a deal on final tax legislation on Wednesday, clearing the way for final votes next week on a package that, if approved, would be sent to President Donald Trump to sign into law.

Formal language of the legislation has not been released. The following are known provisions on which House of Representatives and Senate tax writers have agreed, based on conversations with aides and lawmakers:


CORPORATE TAX RATE: Falls to 21 percent from 35 percent. The House and Senate bills, as well as Trump, had earlier proposed 20 percent. Going to 21 percent gave tax writers more federal revenue needed to make the tax cut immediate. U.S. corporations have been seeking a large tax cut like this for many years.

PASS-THROUGH BUSINESSES: Creates a 20 percent business income deduction for owners of ,上海夜网千花Balthazar,pass-through businesses, such as sole proprietorships and partnerships. The House had proposed a 25 percent tax rate; the Senate, a 23 percent deduction.

CORPORATE MINIMUM: Repeals the corporate alternative minimum tax, which was set up to ensure profitable上海夜网 companies pay at least some federal tax.


TOP INDIVIDUAL INCOME TAX RATE: Falls to 37 percent from 39.6 percent. The House had proposed maintaining the 39.6 percent top rate and condensing the current seven tax brackets to f,上海夜生活群Macauly,our. The Senate had proposed cutting the top rate to 38.5 percent and maintaining the seven brackets.

PERMANENCE: The expectation is individual tax rates will snap back to current levels in less than 10 years. The individual tax rates in the House bill were permanent. The individual tax rates in the Senate bill would have expired after 10 years.

STATE AND LOCAL TAX (SALT): Both the House and Senate had proposed scaling back a popular individual deduction for state and local tax payments ,夜上海419龙凤论坛Jackson,by limiting it to property-tax payments and capping it at $10,000. The compromise bill is expected to keep that cap, but also allow for continued deduction of state and local income tax payments.

MORTGAGE INTEREST: Caps the mortgage interest deduction at $750,000 in home loan value, down from the current $1 million. The House had proposed a $500,000 cap. The Senate bill left it at $1 million.

ESTATE TAX: Roughly doubles the exemption from the federal estate tax on inherited assets to about $11 million, but leaves the tax in place, mirroring the Senate proposal. The House bill had raised the deduction, but also entirely phased out the tax.


OBAMACARE MANDATE: Repeals a federal fine imposed on Americans under Obamacare for not obtaining health insurance coverage. The House bill did not repeal the Obamacare individual mandate.

ANWR DRILLING: Allows oil drilling in Alaska’s Arctic National Wildlife Refuge. The provision was sponsored by Republican Senator Lisa Murkowski of Alaska.

‘Fill or kill’: the three weeks that saved Sears

NEW YORK ( ) – The future of Sears Holdings Corp (SHLDQ.PK) and tens of thousands of its employees across the United States hung in the balance in the freezing pre dawn hours last Wednesday, as Wall Street lawyers and bankers sparred over the fate of the beleaguered retailer in a 50-story Manhattan office tower.

Working the phone from Miami, where he has an office and a 17,000-square-foot mansion, was Sears Chairman Eddie Lampert. The investor had to decide between boosting the $5 billion offer he had made a week earlier for most of the retailer’s remaining assets, or letting the 126-year-old company close its doors forever.

A major sticking point: who would cover more than $200 million in costs that Sears had racked up since filing for bankruptcy in October. The company owed money for taxes and merchandise as well as fees charged by lawyers, bankers and other advisers. The advisers’ fees alone had eclipsed $20 million by the end of the November and were mounting with every billable hour. Sears did not have enough money to pay all of the expenses.

Representatives for both Sears and Lampert occupied the 24th floor offices of Weil, Gotshal & Manges LLP, the law firm retained by the company, in the General Motors Building near Central Park. They guzzled coffee like it was water to stay awake, some eating discarded food that was not necessarily theirs. After three days of round-the-clock negotiations, the conference rooms had begun to smell, one adviser said.

Time was running out. The auction Sears was holding as part of its bankruptcy proceedings had already blown past a midnight deadline set by U.S. Bankruptcy Judge Robert Drain. Besides Lampert, the only other bidders were either looking at small pieces of the company or vying to shut it down altogether and sell off its assets.

Finally, at 2:30 a.m., in a conference room that had previously hosted discussions about the bankruptcies of Lehman Brothers and General Motors, a deal was clinched. Lampert would pay more than $5.2 billion to rescue Sears, acquiring the company’s businesses and 425 stores and preserving about 45,000 jobs.

It was the culmination of a battle – with Sears directors and advisers on one side and Lampert and his negotiators on the other – that had begun on the last Friday in December, when the billionaire, through his hedge fund ESL Investments Inc, made an offer to take over the company. This account of those crucial three weeks, based on court documents, securities filings and interviews with nearly a dozen people familiar with the negotiations, shows how close Sears came to liquidation.

A Sears spokesman declined to comment, and a Lampert representative said he was unavailable for an interview.


When Lampert combined Sears and rival chain Kmart almost 15 years ago, he heralded the formation of a retailer with more than $55 billion in annual sales, nearly 3,500 stores and more than 300,000 employees. But within a dozen years, annual revenues had plunged to $16.7 billion in the face of competition from the likes of Amazon.com Inc (AMZN.O) and Walmart Inc (WMT.N).

Lampert loaned Sears money over the years to keep it running, becoming the retailer’s largest creditor in addition to its biggest shareholder. Under his leadership, Sears also spun off clothing manufacturer Lands’ End, parted with 235 of its best stores for $2.7 billion to a company Lampert created called Seritage Growth Properties (SRG.N) and sold its Craftsman tools,夜上海论坛Naia, brand for $900 million.

None of it worked. Sears has not turned a profit since 2010.

In September, Lampert proposed a rescue plan, but a special committee of independent Sears directors spurned it. On Oct. 15, the storied retailer, which thrived with famous mail-order catalogs and once owned the tallest building in the world, filed for bankruptcy protection in White Plains, New York, federal court.

Sears listed about $7 billion in assets, which included just under 700 stores. Liabilities were more than $11 billion, including $2.6 billion owed to Lampert. The Hoffman Estates, Illinois-based company by then employed about 68,000 people.

Sears formed a restructuring committee of independent directors an上海夜生活论坛d appointed veteran turnaround specialist Mohsin Meghji as chief restructuring officer. They so,上海足浴夜网联系方式Macauly,on faced a difficult choice. On Dec. 28, Lampert came forward with a takeover offer: he would pay $4.4 billion to acquire various Sears businesses and 425 stores.

The offer would preserve up to 50,000 jobs. The company’s creditors, such as mall owners and vendors, pushed for liquidation, which would yield a pile of cash to pay the retailer’s bills, not to mention its debts to bankruptcy lenders.


The company faced a court-imposed Jan. 4 deadline to determine whether Lampert’s bid was good enough to compete in the looming auction. The deadline came and went. Sears directors and Lampert were at loggerheads. The retailer wanted another $80 million to cover bankruptcy expenses. Lampert refused.

On Monday, Jan. 7, the deadlock appeared hopeless, said people involved in the discussions. Drain urged the two sides to keep negotiating, but talks into the night went nowhere.

Liquidation announcements were prepared by Sears and Lampert advisers, the people said. Sears tapped New Jersey-based Abacus Advisors Group LLC, whose chairman Alan Cohen was a longtime consultant to the company, to sell the chain’s vast inventories of tools, appliances and store fixtures.

On Tuesday, Jan. 8, Drain delayed the start of a scheduled court hearing, allowing talks to continue. When it finally began, Ray Schrock, the Weil lawyer representing Sears, had an announcement: “We have what we believe is some very good news for Sears and its stakeholders,” he said.

Lampert had increased his bid to roughly $5 billion. He agreed to take on more than $600 million in additional Sears liabilities, mainly bills for merchandise and taxes, and employee severance benefits.


The following Monday morning, Jan. 14, advisers for Sears and Lampert entered the General Motors Building and rode elevators to Weil’s offices for the start of the auction with the recently enhanced bid in hand.

But that evening, Sears advisers at Weil’s offices made an aggressive move: a demand known in Wall Street deal negotiating parlance as “fill or kill.” The retailer wanted another $225 million to cover its bankruptcy costs, and Lampert needed to agree or abandon his takeover plan, people involved in the discussions said.

“The goalposts have moved,” a lawyer for Lampert complained.

Nevertheless, the next morning, Lampert upped his bid. “This is not an ordinary moment,” said Sean O’Neal, a Cleary Gottlieb Steen & Hamilton LLP lawyer representing Lampert. “The fate of an American icon and 50,000 employees hangs in the balance.”

The company rejected it, deciding the offer, though better, did not prove a better alternative to a liquidation, the people said. For the second time in a week, Sears prepared to go out of business.

That afternoon, Drain called. Cut a new deal, the judge told the advisers. Sears’ expenses did not necessarily have to be fully covered, he said. Drain set a midnight deadline. “You have no more time,” he said, citing rising Sears expenses.


“There was a dying patient on the table,” said one adviser involved in the discussions. “Dr. Drain helped give it life.”


The midnight deadline passed. Then Lampert placed a call to his team, people familiar with the development said. His advisers, including Kunal Kamlani, president at Lampert’s hedge fund, and Lawrence Chu, a Moelis & Co banker, soon had their breakthrough.

Lampert would sweeten his bid by roughly $200 million. He agreed to take on one of the company’s bankruptcy loans, which debtors typically repay, in its entirety. He also kicked in extra cash. The $5.2 billion offer would free up yet more of Sears’ coffers for other expenses, including fees for advisers.

The new offer also resolved other contentious points. Lampert would be allowed to use $1.3 billion Sears owed him as currency in the offer, a maneuver known as a credit bid, which some creditors had opposed.

At 12:45 a.m., Schrock, the Weil lawyer for Sears, said the company’s board would consider the latest offer. At 2:30 a.m., he announced that Sears had accepted the bid.

Even then, some Sears directors had second thoughts, and discussions dragged another full day and night. Shortly after 3 a.m., on Thursday, Jan. 17, Sears approved Lampert’s takeover. The auction was over.

Timely trade in PG&E Corp options reaps millions

NEW YORK ( ) – A well-timed trade in the options on PG&E Corp reaped a massive paper profit on Thursday after the electric utility’s shares soared following a state regulator cle,上海夜生活论坛Earl,aring the compa,上海仙霞路夜生活Fabi,ny from any responsibil,上海夜生活网交流Dahlia,ities related to the 2017 Tubbs wildfire.

PG&E shares soared 75 percent after the California Department of Forestry and Fire Protection (CAL FIRE) on Thursday cleared the company of the Tubbs Fire in 2017, saying the blaze was caused by a private electrical system close to a residential structure.

Minutes before the shares jumped, an unnamed trader paid $200,000 for 10,000 call contracts betting on the shares rising above $12 by Feb. 8. PG&E Corp shares were at $7.34 at that time.

Buying a call conveys the right to purchase shares at a fixed price in the future.

With the shares jumping to $13.95, the value of these contracts on paper rocketed to $3.7 million.

The trades took place at 2:39 p.m. EST, according to options analytics firm Trade Alert data. The news release on the Tubbs fire was issued at about 3:10 p.m. E上海夜生活ST, according to CAL FIRE spokesman Scott McLean.

“Even if it was just a lotto ticket trade, it’s an extreme case of leverage paying off,” said Henry Schwartz, president of Trade Alert in New York.

On Wednesday, another 10,000 call contracts betting on PG&E Corp shares rising above $10 by Feb. 1 were bought for $300,000. By the close of trading on Thursday, on paper these contracts were worth $4.7 million.

The two trades are likely to have been made by the same trader, Schwartz said, adding that they are likely to invite regulators’ scrutiny.

Options activity has been known to spike before the public announcement of deals and other news that tends to move stock prices, and the U.S. Securities and Exchange Commission has in the past announced enforcement action for alleged insider trading involving options.

U.S., China ‘miles and miles’ from trade deal: Ross

WASHINGTON ( ) – The United States and China are “miles and miles” from resolving trade issues but there is a fair chance the two countries will get a deal, U.S. Commerce Secretary Wilbur Ross said on Thursday.

A 30-member Chinese delegation plans to come to Washington next week for talks, he said, as the world’s two largest economies try to meet a March 1 deadline to resolve their trade disputes, but Ross tried to tamp down expectations for the high-level talks.

“There is a very large group coming. There’s been a lot of anticipatory work done but we’re miles and miles from getting a resolution and frankly that shouldn’t be too surprising,” Ross said in an interview with CN,上海夜网官方网站Sabine,BC.

“Trade is very complicated, there’s lots and lots of issues – not just how many soybeans and how much LNG.”

More important, he said, were the structural reforms that Washington believes are needed in the Chinese economy, as well as enforcement mechanisms for failure to adhere to whatever is agreed to.

Ross said the two sides were unlikely to resolve all their disputes in next week’s talks, but added, “I think there’s a fair chance we do get to a deal.”

Ross’ comments fed lingering stock market anxieties about damaging economic fallout from the U.S.-China trade fight, helping to keep the Dow Jones Industrial Average in negative territory and limit gains in other indexes.

U.S. Treasury Secretary Steven Mnuchin was somewhat more upbeat on Thursday, saying that the United States and China were “making a lot of progress” in the talks, but he did not elaborate on areas where that progress could be seen.

High-level talks in Washington scheduled for next week will include discussions about China’s currency practices, Mnuchin said. He has criticized the yuan’s weakness in the past, but in recent days, positive sentiment toward the talks has lifted the yuan’s value against the dollar.

If a deal cannot be reached by March 2 to increase China’s protection of U.S. intellectual property, curb industrial subsidies and open Chinese markets to U.S. companies, President Donald Trump has vowed to increase tariffs to 25 percent from 10 percent on $200 billion worth of Chinese imports.

China has repeatedly played down complaints about intellectual property abuses, and has rejected accusations that foreign companies face forced technology transfers as a price of doing business in China. Beijing has offered instead to significantly increases purchases of U.S. soybeans, energy and other products to shrink the $375 billion annual U.S. trade deficit with China.

Mnuchin, U.S. Trade Representative Robert Lighthizer and other top Trump administration officials are scheduled to meet with Chinese Vice Premier Liu on Jan. 30 and 31 in Washington.

“During the upcoming high-level negotiations, both sides will continue to hold in-depth talks on various economic and trade issues of mutual concern,” Gao Feng, spokesman at the commerce ministry, told reporters.

White House economic adviser Larry Kudlow also made positive comments about the meetings in Washington. “I think the Liu He talks will be determinative,” Kudlow,上海夜网邀请码Kailani, told Fox News.

Kudlow told on Tuesday that Trump is “not going to back down” on U.S. demands for structural changes to Chinese IP and technology practices.

Two influential business groups this week also urged Trump to push for meaningful reforms in Beijing to address “systemic issues in the Chinese economy that result in unfair competition and non-,上海夜生活乌托邦Sabia,market outcomes.”

The U.S. Chamber of Commerce and the American Chamber of Commerce in China said in a new report: “While reducing the trade deficit and purchases of U.S. exports may be one aspect of the negotiations, we urge the U.S. government to prioritize outcomes that address structural changes posed by China上海夜网’s economic policies and practices.”

Ross stressed there was no deadline until March 1.

“So there’s quite a little bit of time between now and then to judge just where do we stand, is it worth going forward or have we reached an impasse?”

Volatile market hits Morgan Stanley’s trading, wealth management

( ) – Morgan Stanley’s (MS.N) quarterly profit fell short of expectations as bond trading revenue slumped more than rivals and its wealth management business faltered, sending its shares down 4.4 percent.

The bank has pledged that its expansion into wealth management over the past decade would help deliver more stable results. But the unit, which accounts for roughly half of Morgan Stanley’s revenue, was not immune from year-end market volatility that drove customers to the sidelines.

Morgan Stanley also noted the impact of changes to compensation that addressed what Chief Executive James Gorman called a “very aggressive” deferral program.

Gorman said that Morgan Stanley had been “mortgaging (its) future” by delaying payouts.

On a call with analysts, Gorman characterized the fourth quarter as a temporary, if disappointing, blip.

“2018 was a great year that finished on a disappointing note,” he said. “We do not believe the fourth quarter is the new normal.”

Although market volatility hurt trading, underwriting, wealth management and asset management revenue, Morgan Stanley is keeping a tight lid on costs and making purposeful decisions to position itself for growth, he said.

The bank held its profit margin outlook for wealth management steady at 26 percent to 28 percent through this year. The business had a profit margin of 24 percent in the fourth quarter and 26 percent for all of 2018.

Gorman, who has been pressed by analysts to increase tha,上海夜生活男人好去处Radley,t target, cautioned that the current goal is “not a limit” but that the bank is putting revenue growth in that business ahead of profitability for now.

“The trade-off be上海夜网tween revenue growth and margin expansion is important,,上海夜生活网交流Gabriel,” he said. “This year, we would be more interested in driving higher reve,上海高端夜生活在那里Oakley,nue growth within this margin range that we’ve been public on.”

A pay structure for wealth management employees also weighed on the unit during the market slump.

Morgan Stanley has for years paid its roughly 15,700 brokers a combination of cash up front and stock, which is deferred for several years and invested by the firm.

The bank reported that net revenues for the current quarter fell to $4.1 billion from $4.4 billion a year earlier because of losses in the investments of some deferred compensation plans.

Overall, Morgan Stanley reported a fourth-quarter pre-tax operating income of $1.9 billion, down 25 percent from the $2.5 billion it reported in the year-earlier period, when changes to U.S. tax law dramatically affected results across Wall Street.

Its earnings per share of 80 cents missed analysts’ average estimate of 89 cents per share.

Net revenue fell 10 percent to $8.6 billion, falling well short of the $9.3 billion Wall Street expected, according to IBES data from Refinitiv.

Morgan Stanley’s fixed-income trading revenue fell 30 percent to $564 million. That was a much sharper drop than at rivals, who have bigger bond trading businesses.

Goldman Sachs Group Inc (GS.N), JPMorgan Chase & Co (JPM.N), Citigroup Inc (C.N) and Bank of America this week reported bond trading revenue declines of 15 percent to 20 percent, blaming a sharp and unexpected widening of credit spreads and volatility in rates trading.

Revenue from Morgan Stanley’s wealth business dropped 6 percent. The unit’s profit margin fell to 24 percent from 26 percent in the year-ago quarter.

Investors shifted $121 billion into U.S. money market funds in December, Lipper estimates, the most since November 2008.

One bright spot in the bank’s results was its M&A advisory business, which delivered a 41 percent rise in revenue. Goldman Sachs also saw similar surge in dealmaking.

“After strong results from peers yesterday, Morgan Stanley’s quarter appears weak, and we expect shares to underperform,” said Brian Kleinhanzl, an analyst at Keefe, Bruyette & Woods.

In the last 12 months, Morgan Stanley’s stock has fallen nearly 22 percent, versus a 12.5 percent decline in the financial index .SPSY and a 5.6 percent drop in the S&P 500 index .SPX over the same period.

Exclusive: Foxconn reconsidering plans to make LCD panels at…

( ) – Foxconn Technology Group is reconsidering plans to make advanced liquid crystal display panels at a $10 billion Wisconsin campus, and said it intends to hire mostly engin,上海夜网千花Falkner,eers and researchers rather than the manufacturing workforce the project originally promised.

Announced at a White House ceremony in 2017, the 20-million square foot campus marked the largest greenfield investment by a foreign-based company in U.S. history and was praised by President Donald Trump as proof of his ability to revive American manufacturing.

Foxconn, which received controversial state and local incentives for th上海夜网e project, initially planned to manufacture advanced large screen displays for TVs and other consumer and professional products at the facility, which is under construction. It later said it would build smaller LCD screens instead.

Now, those plans may be scaled back or even shelved, Louis Woo, special assistant to Foxconn Chief Executive Terry Gou, told . He said the company was still evaluating options for Wisconsin, but cited the steep cost of making advanced TV screens in the United States, where labor expenses are comparatively high.

“In terms of TV, we have no place in the U.S.,” he said in an interview. “We can’t compete.”

When it comes to manufacturing advanced screens for TVs, he added: “If a certain size of display has more supply, whether from China or Japan or Taiwan, we have to change, too.”

Rather than a focus on LCD manufacturing, Foxconn wants to create a “technology hub” in Wisconsin that would largely consist of research facilities along with packaging and assembly operations, Woo said. It would also produce specialized tech products for in,上海足浴夜网联系方式Tamara,dustrial, healthcare, and professional applications, he added.

“In Wisconsin we’re not building a factory. You can’t use a factory to view our Wisconsin investment,” Woo said.

Earlier this month, Foxconn, a major supplier to Apple Inc., reiterated its intention to create 13,000 jobs in Wisconsin, but said it had slowed its pace of hiring. The company initially said it expected to employ about 5,200 people by the end of 2020; a company source said that figure now looks likely to be closer to 1,000 workers.

Related CoverageWisconsin governor’s office says evaluating shift in Foxconn LCD display project

It is unclear when the full 13,000 workers will be hired.

But Woo, in the interview, said about three-quarters of Foxconn’s eventual jobs will be in R&D and design – what he described as “knowledge” positions – rather than blue-collar manufacturing jobs. Foxconn is formally known as Hon Hai Precision Industry Co.\

Rather than manufacturing LCD panels in the United States, Woo said it would be more profitable to make them in greater China and Japan, ship them to Mexico for final assembly, and import the finished product to the United States.

He said that would represent a supply chain that fits with Foxconn’s current “fluid, good business model.”

Heavily criticized in some quarters, the Foxconn project was championed by former Wisconsin Governor Scott Walker, a Republican who helped secure around $4 billion in tax breaks and other incentives before leaving office. Critics of the deal, including a number of Democrats, called it a corporate giveaway that would never result in the promis,上海夜生活网419Faith,ed manufacturing jobs and posed serious environmental risks.

“Every step of the way Foxconn has overpromised and under-delivered,” Democrat Gordon Hintz, the minority party leader in the state assembly, said in a Wednesday statement. “This news is devastating for the taxpayers of Wisconsin.”

The company’s own growth projections and employment goals suggest the taxpayer investment would take at least 25 years to recoup, according to budget think tank the Wisconsin Budget Project.

Foxconn CEO Gou plans to meet with Wisconsin’s new Democratic governor, Tony Evers, a past critic of the deal, later this year to discuss modifications of the agreement, according to the source familiar with the company’s thinking.

The Office of the Governor said in a Wednesday statement it has been in contact with senior leadership at Foxconn since the story was published. Evers’ aide Joel Brennan said the team was “surprised” by the development.

Some “details about the continuing evolution of this project will require further review and evaluation,” Brennan said in the statement.

Currently, to qualify for the tax credits Foxconn must meet certain hiring and capital investment goals. It fell short of the employment goal in 2018 – hiring 178 full-time jobs rather than the 260 targeted – failing to earn a tax credit of up to $9.5 million.

The company may be prepared to walk away from future incentives if it is unable to meet Wisconsin’s job creation and capital investment requirements, according to the source familiar with the matter.

Subaru halts bulk of global car output over part defect

TOKYO ( ) – Subaru Corp (7270.T) said its sole car factory in Japan, accounting for roughly 60 percent of global production, could be out of action for almost two weeks after it discovered a suspected defect in a power-steering component.

Shares in Japan’s sixth-largest automaker fell nearly 7 percent at one point before recovering some ground after the company announced further details, including plans to restart production on Monday at the earliest. It closed down 3.4 percent, while the benchmark Nikkei average .N225 ended flat.

The production stoppage, which started from the night shift on Jan. 16 at one of Subaru’s only two factories worldwide, was first reported in the Asahi newspaper on Wednesday.

The possible defect affected the Forester, Impreza, and XV models, the automaker said. Production of all other models had also stopped because they are built on the same assembly line, it said.

“Based on the contribution margin per vehicle, we estimate that a complete shutdown of Japanese production lines for one week would dent operating profits by 13.5 billion yen ($123 million),” Nomura Securities analyst Masataka Kunugimoto said.

Subaru is already reeling from stagnant sales growth in the United States and fresh recalls in Japan due to inspection cheating. In November, it slashed its profit forecast by a quarter citing rising recall costs.

The company said it did not yet know what impact the pr,上海021夜网Gabi,oduction halt would have on its earnings, which are already on track for a third-straight annual drop.

The Asahi ,上海仙霞路夜生活Hadley,newspaper said the impact on production so far likely exceeded 10,000 units, and that delays were starting to be seen in delivery to customers.

Subaru said the cause of the potential defect was still unknown. It declined to comment on why the problem was not disclosed earlier.

Vehicles with the possible defect were produced between late December and Jan. 16, and “appropriate” steps would be taken to ensure the s上海夜网afety of those cars, it added without elaborating.

The automaker said it was investigating whether its U.S. plant had been affected, although production was continuing there for the time being. Subaru counts on the United States for more than 60 percent of global vehicle sales.

A day before the stoppage, Subaru said it planned to build 650,000 vehicles in Japan and 1.03 million globally this year, up 1 percent on the previous year.

It has forecast record global sales of 1.08 million vehicles, of which 700,000 are expected to come from the profitable U.S. market.

Nomura Securities’ Kunugimoto said that while the stoppage could impact this year’s results, he maintained his forecast for a strong recovery from the next fiscal year.

S,上海夜生活群Jace,ubaru’s last major production shutdown occurred after the Great Tohoku earthquake in 2011 due to power outages and supply chain disruptions.

Trump nominates Liberty University professor to Justice Department…

WASHINGTON ( ) – U.S. President Donald Trump on Monday said he plans to nominate Liberty University School of Law professor Caren Harp to oversee the Justice Department’s Office of Juvenile Justice and Delinquency Prevention.

If ultimately confirmed by the U.S. Senate, Harp would oversee the Justice Department office that trains and works with state and local communities to develop effective juvenile justice programs and prevent delinquency.

Harp previously was director of the National Juvenile Justice Prosecution C,上海足浴夜网联系方式Lance,enter at the American Prosecutors Research Institute.

According to Harp’s LinkedIn page, she is in her sixth year as a professor at Liberty, which is located i,上海夜生活去哪玩Pamela,n Lynchburg, Virginia.

The law school’s website says its program is “taught from a Christian worldview” and says it offers a “uniquely tailored legal program taught with sound biblical principles.”

Harp, who holds a law degree from the University of Arkansas-Fayetteville, has also worked as both a prosecutor and a public defender, including as chief of the Sex Crimes Prosecution Unit in New York City, Family Court Division, and as a trial attorney for the Arkansas Public Defender Commission.

In an article published in May, Harp raises questions about the role of adolescent neuroscience in the courtroom and writes that the best way to tackle juvenile justice is by teaching youth to accept responsibility and involve them in community-based diversion programs to prevent them from re-offending.

“Misplaced reliance on nascent neuroscience and neuroimaging evidence to remove from youth and young adults the consequences of their criminal behavior invites pushback from上海夜生活网 those who favor a retributive system, and it may create some unintended and unwanted consequences for youth and young adults,” she writes.

It is unclear when the Senate may consider Harp’s nomination.

There are a,上海夜生活论坛Octavia, handful of key nominees who have been waiting months now for their confirmation votes. Nominees to head the Criminal, Civil and National Security divisions, for instance, are still pending.

Senator Grassley expresses reservations on two Trump judge nominees

WASHINGTON ( ) – The Republican chairman of the U.S. Senate committee that handles judicial nominations on Tuesday raised concerns about two of President Donald Trump’s picks for lower court positions, citing controversial statements each has made.

Senator Chuck Grassley, who chairs the influential judiciary committee, in comments first reported by CNN cast doubt on whether the Republican-controlled U.S,上海夜网推油Tabitha,. Senate will vote to confirm the two nominees.

Grassley told CNN the White House should “reconsider” the nomination of Jeff Mateer for a district judgeship in Texas and “should not proceed” on the nomination of Brett Talley for a district court vacancy in Alabama.

“Chairman Grassley has been concerned about statements made by nominees Mateer and Talley, and he’s conveyed those c,上海夜生活Octavia,oncerns to the White House,” say Taylor Foy, a Grassley spokesman.

Grassley did not sp,上海凤楼夜网Nadia,ecify what statements he was referring to. But Talley was reported by online magazine Slate to have posted online sympathetic comments about the early history of white supremacist group the Ku Klux Klan, often known as the KKK. He also failed to disclose that his wife works in the White House Counsel’s office, which overseas judicial nominations.

Mateer has run into trouble over speeches he made in 2015. In one, he referred to transgender children as being part of “Satan’s plans,” CNN reported.

Talley’s nomination has already been approved by the committee, but Foy said the statements that troubled Grassley only became public after that vote on Nov 9. No action has been taken on Mateer’s nomination, and the Senate has not scheduled a vote on Talley.

Trump has made significant progress in filling vacancies on the federal courts with conservative j上海夜生活网udges. So far the Senate has confirmed 16 of his nominees to district and appeals courts as well as his appointee to the Supreme Court, Neil Gorsuch.

A White House spokesman did not immediately respond to a request seeking comment.

Deutsche Bank queried by U.S. House panels on Trump ties

FRANKFURT ( ) – Deutsche Bank AG has received an inquiry from two U.S. House of Representatives committees on the lender’s ties to President Donald Trump, it said on Thursday.

Democrats now in control of the House had been working out which House panels would take the lead in investigating Trump’s business ties to Germany’s largest lender, lawmakers and aides familiar with the plans told last week.

“The bank has received an inquiry from the House financial services and intelligence committees,” Deutsche Bank said in a statement.

The committee leaders said in a joint statement Thursday that they were in talks with the bank and expect its cooperation in its inqu,上海夜生活男人好去处Dalton,iries.

“The House Financial Services and Intelligence Committees are engaged in productive disc,上海夜哪里艳遇Lake,ussions with Deutsche Bank, and look forward to continued cooperation,” said Intelligence Committee Chairman Adam Schiff and Financial Services Committee Chairman Maxine Waters.

Deutsche Bank s上海夜生活aid it is working with the two committees to “determine the best and most appropriate way of assisting them in their official oversight functions.”

The White House did not respond to a request for comment.

Since U.S. voters on Nov. 6 shifted majority control of the Ho,上海夜网邀请码Larissa,use from the Republicans to the Democrats, Democratic lawmakers have been promising to investigate the first two years of Trump’s administration and possible conflicts of interest presented by his hotel, golf course and other ventures.

A 2018 financial disclosure form showed liabilities for Trump of at least $130 million to Deutsche Bank Trust Company Americas, a unit of the German bank. They are for properties including the Trump International Hotel in a former post office in Washington.

The Financial Services Committee has the broadest power to look into Trump’s relationship with Deutsche.

When the Republicans still controlled the House, Waters tried in 2017 to request documents from the bank on its dealings with Trump and his businesses, as well as information about potential Russian money laundering through the bank.

The bank told Congress that privacy laws prevented it from handing over such information without a formal subpoena and committee Republicans ignored Waters’ request. As chairwoman, Waters can now issue subpoenas herself.

Trump administration bars Haitians from U.S. visas for low-skilled…

WASHINGTON ( ) – Haitians will no longer be eligible for U.S. visas given to low-skilled workers, the Trump administration said on Wednesday, bringing an end to a small-scale effort to employ Haitians in the United States after a catastrophic 2010 earthquake.

The Department of Homeland Security (DHS) announced the change less than a week after President Donald Trump reportedly questioned in an Oval Office meeting why the United States would want to take in immigrants from Haiti and African nations, referring to them as “shithole” countries. Trump has denied using that word.

DHS said in a regulator上海夜生活y filing that it was removing Haiti from lists of more than 80 countries whose citizens can be granted H-2A and H-2B visas, given to seasonal workers in agriculture and other industries.

It cited what it said were “high levels of fraud and abuse” by Haitians with the visas, and a “high rate of overstaying the terms” of their visas.

A DHS report published last year stated that Haitians on a variety of non-immigrant visas, including H-2As and H-2Bs, had a roughly 40 percent visa overstay rate in the 2016 fiscal year.

Belize and Samoa were also removed from the lists, for risks stemming from human trafficking and not taking back nationals ordered removed from the United States, respectively.

Just a few dozen Haitians entered the United States on the visas each year since they were given permission to do so in 2012 by the Obama administration, according to DHS data.

Sixty-five Haitians entered the United States on H-2A visas, given for agricultural work, in the 2016 fiscal year, according to DHS data, and 54 Haitians were granted H-2A visas by the State Department between March and November 2017. The number of Haitians entering in 2016 on H-2B visas, which are for non-agricultural seasonal work, was more than zero but too low to report, according to DHS.

Supporters of the visas say they gave Haitians a rare opportunity to work legally in the United States, contribute to the U.S. economy, and help fund the recovery of Haiti after the earthquake, which killed more than 200,000 people.

“They’re just cutting off the most economically beneficial visa for the Haitian people,” said Sarah Williamson, founder of PTP Consulting, a Virginia-based consultancy that ran a pilot program to bring Haitians to the United States on the visas. “Even though not many people have been able to avail themselves of it, it’s been hugely transformational for those who have participated.”

The Haitian embassy in the United States did not immediately respond to a request for comment. Officials in Haiti were not immediately available for comment.

In an interview with on Wednesday, Trump praised Haitians.

“I love the people. There’s a tremendous warmth,” he said. “And they’re very hard-working people.”

Humanitarian groups and Republican and Democratic members of Congress lobbied the Obama administration to make Haiti eligible for the short-term worker visas, arguing that remittances to family in Haiti would help the country recover from the earthquake. Without H-2A and H-2B visas, there are few legal avenues for most Haitians to go to the United States.

“The post-earthquake reconstruction efforts igno,上海夜生活论坛Idaleen,red migration and remittances entirely,” said Michael Clemens, a senior fellow at the Center for Global Development who was heavily involved in the efforts to allow Haitian workers to come to the United States. “We saw it as,上海仙霞路夜生活Quay, an opportunity to help Haiti rebuild after the earthquake.”

The Obama administration added Haiti to the list of approved countries in 2012, and PTP Consulting stepped in to screen and match Haitian workers with farmers in the United States.

In countries with more experience sending workers to,上海新夜网龙凤Quaid, the United States, such as Jamaica, the home-country government typically does much of that work and regulates the H-2A process heavily, Williamson said.

Jon Hegeman, who operates a commercial greenhouse in Alabama, brought in eight Haitian H-2A workers in 2015 through the consultancy, and nine workers in 2016.

Before Hegeman hired Haitians, his business had trouble finding local workers. Within a three-month period, they went through 300 people for eight positions, he said. When he was approached by PTP to participate in the program, he agreed.

“These guys were awesome. They worked hard, you see a smile on their face every day,” said Hegeman, who as the child of a missionary was born and largely raised in the Dominican Republic, which neighbors Haiti. “We’ve changed or impacted communities in Haiti.”

He said he would escort his workers to the airport in order to make sure they left the United States when their visas ran out.

“That was one of my biggest concerns,” he said. “We had zero visa overstays.”

Williamson said PTP was able to ensure the return to Haiti of every worker that came through its program, but said other companies applying for H-2A visas for Haitians may not have been as scrupulous.

In Versailles, Macron vows to reform to avoid king’s fate

VERSAILLES, France ( ) – President Emmanuel Macron told dozens of the world’s most powerful executives on Monday that he would not follow the path of guillotined French royals and would continue to reform the French economy despite a sometimes violent popular revolt.

For the second year running, Macron hosted corporate A-listers like Microsoft Chief Executive Satya Nadella, Snapchat’s Evan Spiegel and JPMorgan Chase & Co CEO Jamie Dimon at a pre-Davos dinner at Versailles.

Exactly 226 years after the decapitation of Louis XVI, who failed to plug the crown’s dismal finan,上海足浴夜网联系方式Mace,ces and quell popular discontent over a sclerotic feudal society, Macron started his speech by invoking the king and his wife Mar,上海夜玩网论坛Sabine,ie-Antoinette.

“If they met such an end, it is because they had given up on reforming,” Macron told the guests, according to his office.

His office said earlier that foreign companies including medical products comp,上海夜生活桑拿会所Hadley,any Microport, Mars, Procter & Gamble, Cisco and others would announce investments in France totaling more than 600 million euros.

The dinner was an opportunity to reassure investors of Macron’s resolve to reform the economy after images of protesters angry at his policies attacking public monuments, boutiques, banks and riot police were beamed around the world.

“There are questions about the protests’ magnitude, about the violence, because these images are shocking for foreigners,” a source at Macron’s office said before the summit.

“Last year, the summit was in a totally different dynamic, it was all about ‘France is back’. Here we’re in a tougher part of the mandate domestically and that requires more explanations,” the source added.

On Monday, Macron told the business leaders the “yellow vest” movement was part of a bigger picture of middle-class angst over globalization that gave rise to Brexit in Britain, as well as the rise of populist parties in Germany or Italy.

“The solution to the crisis is not to roll back what we have done in the past 18 months,” he said.

Macron was elected in May 2017 against a far-right candidate on a promise to create jobs and drive growth by cutting corporate taxes, easing France’s rigid labor regulations, and developing a more skilled labor force.

He began making good on those campaign pledges in a reform blitz during the first 18 months of his presidency that has impressed investors but infuriated low-paid workers, who feel he favors big busin上海夜生活ess and is indifferent to their struggle to make ends meet.

Over the past two months, that popular anger has been vented at protests across France. The unrest has convulsed Macron and his government and forced costly concessions.

Macron is not attending the World Economic Forum in the Swiss ski resort of Davos, his office says, so that he can deal with quelling the yellow vest uprising.

Below are some of the key investment pledges announced on Monday:

* Microport: 350 million euros over five years to expand a Research & Development center.

* Mars: 120 million euros invested in eight different sites including the Haguenau plant where M&Ms are produced.

* Procter & Gamble: 50 million euro investment in a new detergent production line at its Amiens plant.

* Transpod: 20 million euro investment to finance a 3-km (1.9-mile) hyperloop test line.

Key U.S. senator says progress made on new war authorization

WASHINGTON ( ) – The chairman of the Senate Foreign Relations Committee said on Thursday that progress was being made on legislation to give Congress more control over the U.S. fight against militant groups in Iraq, Syria and elsewhere.

Both Republican and Democratic members of Congress have long argued that they ceded too much authority over the military to,上海夜生活网419Sabine, the White House after the Sept. ,上海足浴夜网联系方式Tabitha,11, 2001 attacks and now they are trying to rein in some of that power by approving a new Authorization for the Use of Military Force, or AUMF.

“There’s a lot of progress being made on the AUMF and I think we’re going to be in a place really soon to have a mark-up,” Republican Senator Bob Corker said during a committee hearing on Syria.

When congressional committees “mark up” legislation, they debate, consider amendments and vote on whether to approve it for a vote in the full Senate or House of Representatives.

In October, President Donald Trump’s top national security aides pushed back against congressional calls for a new AUMF, saying it would be a mistake to impose geographic or time limits on the campaign against Islamic State a,上海新夜网龙凤Mace,nd other militant groups.

Previously, divisions over how much control lawmakers should exert over the Pentagon have stymied repeated efforts to pass a new authorization to cover campaigns such as the fight against Islamic State militants in Syria and Iraq.

Under the constitution, Congress, not the president, has the right 上海夜网to authorize war. But presidents have used AUMFs passed in 2001 for the fight against al Qaeda and affiliates, and one passed in 2002 for the war in Iraq, to justify a wide range of conflicts since, prompting many lawmakers say a new AUMF is long overdue.

Qatar emir to attend Beirut’s Arab economic summit

BEIRUT ( ) – Qatar’s emir will visit Beirut on Sunday for an Arab economic summit which has been marred by regional rifts and internal Lebanese disputes even before it began.

Lebanese ,上海晚上耍女人的地方Ida,President Michel Aoun’s office said on Saturday Sheikh Tamim bin Hamad Al Thani had informed it he would come to lead the Qatari delegation.

Rifts among Arab states over Syria and its ally Iran, on top of divisions inside Lebanon, have overshadowed the summit, with several leaders pulling out.

Although at least eight heads of state were originally due in Beirut, only the Somali and Mauritanian presidents were expected to come, a source in the committee organizing the event said on Friday.

Some of the 20 countries taking part, such as Egypt and Kuwait, are sending prime ministers, foreign ministers or finan,上海足浴夜网联系方式Hadley,ce ministers. Officials have dismissed the idea that the event would be poorly attended.

Last month, Qatar’s emir turned down a Saudi invite to a Gulf Arab summit, sending his state minister for foreign affairs, as a bitter row festers in the six-nation Gulf Cooperation Council.

Saudi Arabia, the United Arab Emirates, Bahrain and non-GCC member Egypt cut diplomatic, trade and transport ties with Qatar in June 2017. They accuse Qatar of supporting terrorism and cultivating ties with Riyadh’s regional foe Tehran.

Doha, which denies the charge, says the boycott seeks to curtail its sovereignty,上海夜网 while the row has defied mediation efforts by Kuwait and the United States which sees Gulf unity as essential to containing Iran.

Ahead of this week’s Beirut summit, a key point of contention has been whether to welcome Syria back into the Arab League, now that President Bashar al-Assad has restored control over most of his country, with Iranian help.

Lebanon’s Iran-backed Hezbollah, which fights alongside Assad, and its political allies including Aoun have stepped up calls for rap,上海仙霞路夜生活Queena,prochement with Damascus.