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

Trump’s new Netherlands envoy sheds no light on ‘Muslim chaos’ comment

THE HAGUE ( ) – U.S. President Donald Trump’s new ambassador to t,上海夜哪里艳遇Ebba,he Netherlands, who two years ago said Muslim migrants had sown chaos in the country, cut short questions seeking clarification of those remarks in his first meeting with its media on Wednesday.

Pete Hoekstra, a former Republican congressman for Michigan, was repeatedly asked about the comments, made at an event sponsored by the right-wing David Horowitz Freedom Center.

“The Islamic movement is now gotten to a point where they have put,上海夜生活去哪玩Jack, Europe into chaos,” Hoekstra had said at the November 2015 gathering, during a recorded panel discussion about migration from Muslim states.

“Chaos in the Netherlands – there are cars being burned. There are politicians that are being burned and, yes, there are no-go zones in the Netherlands.”

There are no instances in modern Dutch history of politicians being set alight, and no areas of the country considered no-go zones.

Hoekstra last month denied making the comments, telling a reporter with current affairs program Nieuwsuur they were “an incorrect statement… fake news”.

He later apologized, saying in a tweet on Dec. 23: “I made certain remarks in 2015 and regret the exchange during the Nieuwsuur interview. Please accept my apology.”

On Wednesday at his new residence in The Hague, Dutch reporters repeatedly asked him to clarify if he believed local politicians had been set on fire.

Hoekstra repeated that he regretted the filmed exchange, which went viral on social media last month, but refused to comment further, angering reporters who were cut off by press officers.

“Please answer the question,” the Nieuwsuur reporter said. “This is not how we do things here.”

Dutch-U.S. political and military ties go back four centuries and American officials rarely face hostility from Dutch media.

President D上海夜生活论坛onald Trump nominated Netherlands-born Hoekstra as ambassador to The Hague last July and the Senate confirmed the posting in November.

Hoekstra served as a Congressman from 1993 to 2011. He chaired the House Permanent Select Committee on Intelligence or was the ra,夜上海419龙凤论坛Mace,nking Republican on the Committee from 2004-2011.

Fed policymakers leave little doubt: Rate hikes can wait

SOMERSET, N.J./SAN FRANCISCO ( ) – “Patience” is the new mantra at the Federal Reserve, less than two weeks ahead of the U.S. central bank’s first policy meeting of the new year, as officials leave little doubt they want to stop raising interest rates – at least for a while.

Fed Chair Jerome Powell first used the word “patient” to describe his approach to monetary policy early this month, in words that soothed financial markets after months of volatility.

This week seven other policymakers followed Powell in embracing a “patient” approach or otherwise signaling an inclination to pause the cycle of rate hikes.

That follows a wait-and-see approach laid out earlier this month by several other Fed policymakers, making clear that a consensus has emerged among the 17 Fed officials who will meet on Jan. 29-30.

Slower global growth, a stock meltdown last quarter, and a partial U.S. government shutdown that threatens consumer confidence and spending have many of them worried about what Fed policymakers only last month called “strong” economic activity. And, they say, the economy ,上海仙霞路夜生活Cade,has yet to feel the full effects of the Fed’s four rate hikes last year.

“The approach we need is one of prudence, patience and good judgment,” New York Fed President John Williams said on Friday, adding that if growth continues, further rate hikes could be needed “at some point.”

But for now, he said, the tail winds that propelled the U.S. economy for most of last year have “lost their gust.”

Mary Daly, who used to work for Williams when he ran the San Francisco Fed and now is president of that regional bank herself, is “leaning toward pausing for a while” to see how the economy progresses, the Washington Post reported Friday, in remarks confirmed by a bank spokesman.

Similarly, Dallas Fed President Robert Kaplan said on Tuesday the Fed’s “patience” should run a quarter or two. Even Kansas City Fed President Esther George, who made her name as the lone backer of rate hikes when most policymakers opposed them, made the case for a pause on rate hikes.

Chicago Fed’s Charles Evans and Minneapolis Fed’s Neel Kashkari this week reiterated their support for pausing rate hikes, and St. Louis Fed’s James Bullard and Atlanta Fed’s Raphael Bostic staked out that view earlier this month.

Concerns range from broad ones like slowing growth in China to narrower ones like the ongoing budget stalemate in Washington that has kept parts of the federal government shut down for 28 days.

Uncertainty around such issues, as well as over the outlook for Britain’s contentious exit from the European Union, presents negative risks for the U.S. economy, Fed Governor Lael Brainard said in a Marketplace interview aired late Friday.

“The longer these drag on the,上海夜生活桑拿会所Rae, more I worry that they really materially weigh on consumer confidence, business confidence, and then start to work their way through actual activity in the economy,” Brainard said.

That may already be happening. Consumer confidence has fallen to a two-year low, a gauge released early Friday showed, in part because of the shutdown, which Williams said could shave as much as a full percentage point off of first-quarter economic growth.


Not all policymakers are equally worried. Fed Governor Randal Quarles on Thursday said the “base case remains very strong” for the U.S. economy. Boston Fed’s Eric Rosengren said earlier this month that the Fed may still need to raise rates twice this year. That is what the Fed signaled when it lifted rates in December to a target range of 2.25 percent to 2.5 percent.

Markets, however, are not buying it. On Friday U.S. short-term interest-rate futures were pricing in just a one-in-four chance of a single interest-rate hike this year. 上海夜网

Lampert wins Sears bankruptcy auction with $5.2 billion bid

( ) – Sears Holdings Corp Chairman Eddie Lampert won,上海凤楼夜网Cadence, a bankruptcy auction to buy the once iconic U.S. retailer after presenting an improved offer of $5.2 billion, Sears said on Thursday, but creditors quickly moved to oppose the deal.

Sears picked Lampert’s hedge fund ESL Investments Inc as the winner at a bankruptcy court-supervised auction after his latest bid topped an earlier $5 billion proposal following weeks of talks.

The deal would keep open more than 400 stores, preserve up to 45,000 jobs and ESL would acquire substantially all of the company, including its “Go Forward Stores” on a going-concern basis, Sears said.

“We are pleased to have reached a deal that would provide a path for Sears to emerge from the chapter 11 process,” the restructuring committee of Sears’ board of directors said in a statement.

The official committee of unsecured creditors said in a court f上海夜生活iling it opposed the sale and asked court permission to file under seal a complaint against ESL for years of misconduct.

“ESL’s current bid to ‘save the company’ is nothing but the final fulfillment of a years-long scheme to deprive Sears and its creditors of assets and its employees of jobs while lining Lampert’s and ESL’s own poc,上海夜生活服务Idaline,kets,” the committee said.

The committee said it wanted to disallow the debt that ESL used to bid for Sears and wanted to unwind deals from recent years that the committee said benefited Lampert, including the sale of real estate assets and the spin-off of Lands’ End.

ESL said in a statement it would “vigorously contest” any effort to pursue claims against it or Lampert. The fund said it had extended $2.4 billion to Sears for its transformation plan and its deals were approved by the board’s independent directors.

A Sears spokesman declined to comment.

The sale to ESL must be approved by a U.S. bankruptcy judge and a hearing to consider the deal is currently scheduled for Feb. 1. If approved, the transaction is expected t,上海夜生活网419Sabrina,o close on or about Feb. 8, Sears said.

More than 20 U.S. retailers have filed for bankruptcy since the start of 2017 in the face of e-commerce competition from companies like Amazon.com Inc.

John Anderson, liberal Republican who challenged Reagan, dies at 95

WASHINGTON ( ) – John Anderson, a former Republican congressman who challenged the party’s conservative drift by taking on its chief symbol, Ronald Reagan, and ran for president as an independent in 1980, died on Sunday. He was 95.

Anderson had been ill for some time, family friend Dan Johnson told in a telephone interview. Ande,上海会所夜网Hal,rson’s wife, Keke, and his daughter Diane were at his side when he died in Washington, Diane Anderson said by phone.

Anderson finished a distant third with almost 7 percent of the vote in the 1980 presidential election but gave almost 6 million voters an alternative to the conservative Reagan – who won the election – and the unpopular Democratic president, Jimmy Carter.

But Anderson did not win a single precinct and political analysts said he ultimately may have contributed to Reagan’s electoral landslide by taking votes from Carter.

Anderson’s first venture into politics came in 1956 when he was elected as a state attorney in Illinois. In 1960, he won the first of 10 terms in the U.S. House of Representatives running as a conservative.

He later moved to the left, breaking with conservatives in 1968 by voting for a bill to outlaw racial discrimination in housing.

Anderson served as chairman of the House Republican Conference for the next 10 years even as he became more critical of Republican President Richard Nixon, especially on his handling of the Vietnam War. He was上海夜生活 one of the first Republican House members to call for Nixon’s resignation over the Watergate scandal.

“He’s the smartest guy in Congress, but he insists on voting his conscience instead of party,” Republican U.S. Representative Gerald Ford, who later become president, said of Anderson in 1973.

In 1980, with Carter low in the opinion polls and his administration mired in the Iran hostage crisis, many Republicans, including Anderson, jumped into the party’s presidential primaries for a chance to oppose the Democrat in the November election.


Reagan, who had come close to winning the Republican presidential nomination in 1976, quickly moved to the front of the race, with his main opponent being former U.N. Ambassador George H.W. Bush.

Anderson dropped out of the Republican primaries in the spring of 1980 and announced he was running as an independent. When he entered the race, he was enthusiastically greeted as an alternative to the major parties, getting around 25 percent support in at least one poll.

But his poll,上海夜生活桑拿会所Jacob, numbers began sliding, even though he was seen as having bested Reagan in surveys after a televised debate with the Republican presidential nominee.

Carter boycotted that debate and refused to face Reagan if Anderson was included. Carter finally agreed to a debate with Reagan shortly before the election, when the sponsoring League of Women Voters agreed not to invite Anderson.

Four years later, Anderson’s break with conservative Republicans was complete and he supported Democratic presidential nominee Walter Mondale, who lost to Reagan in a landslide.

Born in Rock,上海晚上耍女人的地方Dahlia,ford, Illinois, on Feb. 15, 1922, Anderson was educated at the University of Illinois Urbana-Champaign and Harvard Law School. He served in the Second World War and joined the foreign service, stationed in Germany, his family said in a statement.

After his presidential defeat, Anderson became a visiting professor at various universities, wrote extensively and served on many boards including FairVote, a voting rights organization formerly known as the Center for Voting and Democracy.

In the 2000 presidential election, Anderson was seen as a possible presidential candidate for the Reform Party founded by Texas billionaire Ross Perot, but he ended up endorsing Ralph Nader.

Diane Anderson said her father believed the two-party system was broken and was appalled by what happened with the Republican Party.

“Everything he wanted to prevent unfortunately came to pass,” she said.

As outlook darkens, central banks think hard about their language

DAVOS, Switzerland ( ) – As central banks stock up on policy ammunition in the face of a worsening global economic outlook, they are having to reassess one of their most delicate weapons – the ‘forward guidance’ they use to flag their intentions to the markets.

Forced to slash borrowing costs, in some cases below zero, to fight the global financial crisis, the big central banks relied heavily on verbal hints and signals to set expectations about the future path of rates. By promising to keep monetary conditions ultra-loose, they hoped to push down longer-term rates and spur growth.

A decade on, they are again grappling for the right language as they wind down crisis-era measures while still facing an array of daunting risks, from the U.S.-China trade war to Brexit and slowing global growth.

Conditions have not deteriorated to the point where central banks need to ponder reverting to extreme measures. The Fed can pause its rate hike cycle, the European Central Bank can go slow in raising rates and,上海夜网官方网站Radcliff, the Bank of Japan feels maintaining its current stimulus will be enough.

But policymakers gathering in Davos for the World Economic Forum this week – including central bank chiefs Haruhiko Kuroda of Japan and Mark Carney of Britain – will be taking a hard look at what ammunition they have left to battle the next economic downturn.

While shrugging off fears of an imminent global recession, International Monetary Fund Managing Director Christine Lagarde warned policymakers on Monday to brace for a “serious slowdown” as trade protectionism, higher tariffs and f上海夜生活论坛inancial market turbulence darken the outlook.

“After two years of solid expansion, the world economy is growing more slowly than expected and risks are rising,” Lagarde told reporters in Davos after the global lender cut its estimates for global economic growth this year and next. [L1N1ZL0BZ]

The U.S. Federal Reserve has been weaning itself off forward guidance as it dials back crisis-mode policies, removing last year a phrase that policy will stay “accommodative” for some time.

But other central banks, notably the BOJ, have been forced to maintain or even strengthen forward guidance to make up for a lack of alternative tools. Compared with other options, this has the advantage that it only requires tweaking language.

While central banks may eventually turn to radical means like quantitative easing (QE), depending on the severity of the situation, they could prepare such steps or complement them with forward guidance to buy time or maximize the stimulus effect.

“Policymakers at both the Fed and the ECB will want to keep forward guidance as a tool of monetary stimulus in future,” said Mansoor Mohi-uddin, Macro Strategist at NatWest Markets.


The BOJ could be among the major central banks most reliant on forward guidance. Already owning half of Japan’s government bond market, there are limits to how much more QE it can do.

Rate cuts are also controversial as years of ultra-low rates have narrowed financial institutions’ margins, enough to draw concerns within the BOJ of the rising cost of prolonged easing.

The BOJ could thus consider offering stronger forward guidance, such as binding itself to keep interest rates at current ultra-low levels until inflation approaches 2 percent, if it,上海夜网千花Easton, were to ramp up stimulus again, say sources familiar with the central bank’s thinking.

“It’s definitely among tools the BOJ will consider when the economy is hit by a big shock,” one of the sources said, a view echoed by two other sources.

Forward guidance could also come in handy for the ECB, as reverting to QE would be difficult given it has essentially run out of bonds to buy within its self-imposed role.

The ECB has pledged to keep its deposit rate at minus 0.4 percent at least until the summer of 2019 but does not provide guidance beyond that. The likely response to any further economic slowdown would be to push out rate hike expectations even further, a relatively easy move.

“Interest rate cuts and quantitative easing will likely remain the main instruments for reviving demand when the next recession strikes,” said Mohi-uddin of NatWest Markets.

There is debate, however, on how well central bankers could steer market expectations without confusing investors.

ECB President Mario Draghi sent bond yields soaring in September last year when he talked about a “vigorous” inflation rise, sparking expectations of an imminent lift-off.

BOJ Governor Kuroda also jolted markets in late 2017 when he spoke of a “reversal rate,” or the rate at which the cost of easing exceed,上海夜网推油Easton,s the benefits, stoking fears his central bank would soon dial back stimulus.

Market expectations on the Fed’s policy path whip-sawed after its chairman Jerome Powell gave conflicting signs on how quickly the Fed would hike rates and shrink its balance sheet.

Striking the right balance between transparency and flexibility has also always been tricky.

“Forward guidance is effective at times but not always. It needs to be realistic and credible. That’s not easy,” said Kazuo Momma, executive economist at Mizuho Research Institute and a former senior BOJ official with experience of drafting monetary policy.

“It’s pretty hard to deal with various situations by forward guidance alone. If it’s too ambiguous, it doesn’t have punch. But if you’re too clear, the guidance could bind future policy.”

Former BOJ board member Sayuri Shirai, who has worked with the IMF, said central banks need to be more creative on how to maximize the effect of forward guidance.

“Forward guidance was effective after the Lehman crisis because it was something new and surprised people,” she said. “Now, everyone got used to it. That raises the hurdle for central banks to make forward guidance work.”

Davos influence graphic: tmsnrt.rs/2HgY4lx

Pennsylvania court could order new congressional map before 2018…

HARRISBURG, Pa. ( ) – Pennsylvania Supreme Court justices on Wednesday grilled a lawyer who defended the way state congress,上海夜生活网419Cade,ional districts are apportioned, a design opponents have challenged as illegally skewed to benefit Republicans who hold 13 of its 18 seats in the U.S. House of Representatives.

The majority of the court, which has five Democrats and two Republicans, appeared sympathetic to the argument that Pennsylvania’s congressional districts are illegally gerrymandered. A civic group and some Democratic voters brought the challenge, one of several such lawsuits nationwide.

If the court ordered lawmakers to draw a new map, it could help Democrats in the 2018 midterm elections. The party needs to flip two dozen seats nationwide to win control of the House, and Pennsylvania is a key battleground.

Jason Torchinsky, a lawyer representing Republican legislative leaders, endured tough questions from the justices over his cont上海夜生活论坛ention that lawmakers can legally draw the map to protect partisan interests.

Justice Max Baer, a Democrat, questioned Torchinsky’s claim that district maps can connect disparate neighborhoods using “land bridges,” sometimes no wider than a single property.

“So if you took the Democratic areas of Pitt,上海夜网Gabriel,sburgh and Philadelphia and connected them via the Pennsylvania Turnpike, that’s okay?” he asked.

Torchinsky replied yes.

During the 2-1/2-hour hearing, several justices expressed uncertainty about whether the map could be redrawn in time for fall elections, with some candidates already on the campaign trail.

“We coul,上海夜生活Idaleen,d agree with your argument and still deny a remedy that puts the state into a tailspin,” said Justice Debra Todd, a Democrat.

The League of Women Voters of Pennsylvania filed the lawsuit challenging a 2011 redistricting by the Republican-led Pennsylvania legislature. The suit claims the legislature violated the state constitution by contorting the map to favor Republicans with some of the most gerrymandered districts in the country.

“We’re not doing it to equalize population or make the districts more compact or contiguous,” David Gersch, a lawyer for the plaintiffs, said of Republican legislators. “We’re doing it because we don’t like the way you vote.”

Similar challenges nationwide include a case involving Wisconsin currently before the U.S. Supreme Court, which has previously suggested extreme partisan gerrymandering may be unconstitutional.

Still, the U.S. high court has never articulated a specific standard, a point some of the Pennsylvania justices noted.

“You are asking us to go further than any court has gone before,” Todd said.

A lawyer for Democratic Governor Tom Wolf told the court the governor supports a new map for 2018 and that primary elections in May could be postponed if needed.

(This version of the story corrects spelling of Pennsylvania’s in paragraph two)

Written by shyw on September 24, 2018 Categories: zegkczqm Tags: , , ,

Investors say banks have halted PDVSA trading after U.S. sanctions

LONDON ( ) – Major banks have stopped trading the bonds of Venezuela’s state- owned oil firm PDVSA for clients after the United States imposed sweeping sanctions on the firm, according to fund managers.

The move by Washington are set to ratchet up the pressure on Venezuela’s socialist President Nicolas Maduro and will effectively prevent investors who operate in the United States from buying PDVSA bonds.

“Most dealers are restricted from trading PDVSA now,” said Pala Asset Management’s David Nietlispach, adding that bond trading systems were now showing virtually no pricing for PDVSA debt, compared to at least 20 being available normally.

A spokeswoman for Barclays, one of the big European banks said to have halted its PDVSA dealing, would not comment on messages from its fixed income desk informing clients of its decision.

Peter Kisler, an emerging market portfolio manager at North Asset Manager, said most of the banks had,上海夜网后花园Fabian, stopped market-making to give compliance departments time to go through the details of the U.S. sanctions.

A fund manager at one major bank who requested anonymity added: “We have asked for runs (quotes) to see where the market is opening and all we are hearing in unison from the street is that ‘we are not allowed to trade them until further notice’”.

“We heard this from all the major counter parties that have a Venezuela trading desk – JP Morgan, Bank o,上海新夜网龙凤Tallulah,f America, Morgan Stanley.”


Washi上海夜生活论坛ngton officials had said on Monday that the sanctions were intended to prevent Maduro’s government from siphoning off funds from the oil company to maintain his grip on power.

There were some nuances in terms of timing of sanctions and how PDVSA’s U.S. refining offshoot CITGO would be impacted, but investors were gradually digesting the various permutations.

Torino Economics said in a note that one of the reasons for banning the buying and selling of PDVSA’s bonds on the secondary market was to “strengthen the hand” of Venezuelan opposition leader Juan Guaido in any future debt restructuring.

“The logic of this reasoning is that the larger the haircuts for bondholders, the less funds will the U.S. (either directly or through international financial institutions) have to provide for Venezuela’s reconstruction,” Torino’s chief economist Francisco Rodriguez said.

Bond markets were also on alert for any sign that JP Morgan might review Venezuela’s and PDVSA’s place in the bank’s ‘Emerging Markets Bond Index Global Diversified’, which fund managers track and use as the main benchmark for performance.

The surge in Venezuela’s bonds this year, as the U.S. pressure has mounted on Maduro, has been a boon for those holding the paper. However, those who don’t have missed out on one of the top gainers in the EMBI global diversified.

A JP Morgan index spokesman declined to comment on any possible changes in terms of Venezuela.

PDVSA bonds w,上海夜生活网交流Gabrielle,ere down as much as 1.25 cents in early U.S. trading on Tuesday.

New e-commerce rules jolt Amazon.com in India as products vanish

NEW DELHI/MUMBAI ( ) – India’s revised e-commerce rules caused widespread disruption on Amazon’s India website when they kicked in on Friday, forcing the company to take down its key grocery service and remove a wide range of products such as sunglasses and floor cleaners.

The products began to disappear from Amazon India late on Thursday as it began complying with the regulations before a midnight deadline, two sources with direct knowledge of the matter told .

In December, India modified foreign direct investment rules for its burgeoning e-commerce sector, which has drawn major bets from not only Amazon.com but also the likes of Walmart Inc, which last year bought a majority stake in homegrown e-commerce player Flipkart.

India’s new e-commerce investment rules bar online retailers from selling products via vendors in which they have an equity interest, and also from making deals with sellers to sell exclusively on their platforms.

Numerous items sold by Amazon vendors such as Cloudtail, in which Amazon holds an indirect equity stake, were no longer available on its India site. Amazon Pantry, a grocery service primarily managed by company affiliates, was also discontinued, though grocery products could be purchased individually.

“Pantry is completely empty, how I am suppose to grocery shop,” Twitter user Pamela wrote on the social network. “Whatever government rules are, (I) don’t care, you guys fix it, I need to shop.”

Amazon, which saw record sales and profit during the holiday season, has forecast first-quarter sales below Wall Street estimates due to the uncertainty in India – one of its key growth markets.

The situation in India is “a bit fluid right now,” but the country remains a good long-term opportunity, Amazon Chief Financial Officer Brian Olsavsky said. The company’s main goal was to minimize the impact of the new rules on customers and sellers, he added.

Flipkart CEO Kalyan Krishnamurthy warned last month that it faced “significant customer disruption” if the new rules were implemented from Feb. 1. On Friday, the company said it was disappointed the government acted in “haste”, but assured compliance.

“We are committed to doing everything we can to be compliant with the new rules,” Fl上海夜生活论坛ipkart India executive Rajneesh Kumar said in a statement, without explaining how the website was impacted.


The new policy was announced after complaints from small Indian traders who said the e-commerce giants used their control over inventory from affiliated vendors to create an unfair marketplace where they could offer discounts. Such arrangements will now be barred.

Both Amazon and Walmart unsuccessfully lobbied against the latest rules and pushed for a delay in their implementation. The U.S. government too urged India to protect the investments of the two retailers, reported last week.

But Indian Prime Minister Narendra Modi’s administration stood firm as the move was wide,夜上海论坛Rachel,ly seen as one to appease small traders in the run-up to a general election due by ,上海夜网邀请码Fabi,May.

Industry sources have said the new rules will dent foreign investor sentiment and force the big online retailers to change their business structures, raising compliance costs.

“The company has no choice as they are fulfilling a compliance requirement, the customers will suffer,” said one of the sources. “It is very upsetting for foreign investors.”

Both companies have bet heavily on India being a big growth driver: Amazon has committed to investing $5.5 billion there, while Walmart last year spent $16 billion on Flipkart.

Amazon’s own range of Presto-branded home cleaning goods and other Amazon Basics products such as chargers and batteries vanished from its website late on Thursday.

Clothing from Indian department store chain Shopper’s Stop was also no longer available, as Amazon owns 5 percent of the company.

The Confederation of All India Traders (CAIT), which supported tougher scrutiny of large e-commerce players, said the removal of products by Amazon was a step in the “right direction”.

Exclusive deals with sellers, in compliance with the revised rules, will also be discontinued on Amazon India, the two sources said.

It was unclear how long the disruption will last. On Friday, Amazon’s own range of Echo smart speakers, which were earlier removed as they were sold by a company affiliate, returned for sale via other sellers on the platform.

However, buyers would now need to wait for up to 36 days to get some of the speakers delivered even under Amazon’s fast-delivery Prime service, wh,上海夜生活群Faith,ich often delivers goods in a day or two.

Japan’s Nintendo slashes Switch hardware forecast after bumper…

TOKYO/OSAKA, Japan ( ) – Japan’s Nintendo Co Ltd on Thursday slashed its full-year hardware forecast for the hybrid home-portable Switch console, revising a figure that had been treated with scepticism by investors and added to pressure on its share price.

The Kyoto-based gaming company said it expected to sell 17 million Switch consoles in the year ending March from 20 million previously and also cut the forecast for its aging 3DS handheld, underscoring the need to find other sources of revenue.

“We didn’t work hard enough to c,上海夜生活男人好去处Pablo,onvince customers of the Switch’s appeal,” Chief Executive Shuntaro Furukawa said at an earnings briefing.

At the same time, Nintendo smashed profit estimates for its October-December quarter and upgraded its Switch software forecast to 110 million units from 100 million previously, announcing that hit titles “Super Smash Bros. Ultimate” and “Po,上海仙霞路夜生活Macauly,kemon: Let’s Go” have shifted over 10 million copies each.

Operating profit for October-December was 158.6 billion yen ($1.46 billion), the highest in nine years and the second consecutive third-quarter rise. That was well above the 149 billion yen average of 11 analyst estimates compiled by Refinitiv.

Nintendo shares lost 29 percent of ,上海夜生活Gabrielle,their value last year as investors questioned the Switch’s ability to appeal beyond hardcore gamers and the strength of the games pipeline. However, renewed enthusiasm following reports of strong demand for Switch software has helped lift the stock 16 percent this year.

The stock closed up 2 percent ahead of the earnings.

Nintendo said it sold 14.5 million Switch consoles in the April-December period along with 94.6 million software units.


Meanwhile, Nintendo is pushing into mobile gaming but is yet to score a major hit. Role-playing game “Dragalia Lost”, developed with CyberAgent Inc, got off to a strong start supported by heavy ad spending but is underperforming expectations, CyberAgent CEO Susumu Fujita said on Wednesday.

And gamers hoping to play smartphone games featuring popular Nintendo characters face a longer wait after the firm pushed the release date of 上海夜生活论坛“Mario Kart Tour” to the summer from earlier in the year.

That delay means Nintendo will miss its target of releasing two to three mobile titles each financial year, though CEO Furukawa said there was no change to that goal.

Nintendo also cut its sales forecast for its 3DS device to 2.6 million units from 4 million previously.

The need to offset the fall-off in 3DS sales has led to speculation Nintendo will release another device such as a cut-price Switch.

“While it’s true demand fell more than we expected, for children playing for the first time the 3DS is light and has an advantage in price terms,” Furukawa said.

“We want to continue with both the 3DS and the Switch,” he said.

($1 = 108.7700 yen)

Asian slowdown spoils the picture for Swatch Group

ZURICH ( ) – A downturn in Asia and France hit Swatch Group in the last three months of 2018, leading the Swiss watchmaker to post lower-than-expected results for the full year and sending its shares almost seven percent lower.

Sales of Swiss luxury watches are under pressure as trade-war tensions and a slowing Chinese economy and weak yuan have curbed,上海夜网后花园Pablo, the appetite of their biggest group of customers for spending on big-ticket items, especially during trips abroad.

“(In Asia) a downturn in demand occurred in the last three months of the year, particularly in wholesale,” the maker of Swatch watches, sporty Tissot and luxury Breguet timepieces said in a statement on Thursday.

It also pointed to a “very weak” performance in France, where luxury boutiques saw sales dwindle before Christmas due to “yellow vest” protests.

Swatch Group’s comments contrasted with an upbeat report on Tuesday from luxury goods giant LVMH, whose like-for-like sales rose 9 percent in the fourth quarter thanks to strong demand for leather and fashion goods.

RBC Capital Markets analyst Rogerio Fujimori said Swatch’s negative performance in the Christmas quarter contrasted with 7 percent organic growth at LVMH’s watch and jewelry business and 5 percent at Swiss peer Richemont.

He attributed the divergence to a high comparison base ,夜上海419龙凤论坛Babette,at Swatch and a “material underperformance” in the low to mid-price segment that was reflected in Swiss watch export statistics.

Swatch shares, which lost almost 28 percent of their value last year, fell 6.8 percent by 1030 GMT, also dragging down Richemont.

Swatch, which is behind Omega watches regularly worn by James Bond, said it had seen solid growth in January — which analysts attribute to the Chinese New Year — and was anticipating healthy growth this year.

“The leadership position (…) in China will become a major opportunity for the group in 2019, even if ongoing market turbulenc上海夜生活论坛e remains disruptive,” Swatch said.

It pointed to jewelry brand Harry Winston, high-end Blancpain and mid-range Longines as growth drivers. Production bottlenecks had led to delays and inventory buildup at Longines and Omega, a problem it expected to resolve soon.

It didn’t mention its othe,上海夜网推油Jacklyn,r high-end brands Breguet and Jaquet Droz or demand for its Swatch and Tissot watches that are facing competition from smartwatches. It delayed the launch of a Tissot with its own operating system to later in 2019.

Sales rose 5.7 percent at constant currency rates to 8.48 billion Swiss francs ($8.54 billion), below a forecast for 8.65 billion francs in a poll.

Net profit rose 14.8 percent to 867 million francs, short of a 952 million forecast. A dividend proposal of 8 francs per bearer share was also below expectations.

($1 = 0.9928 Swiss francs)

U.S. envoy erred in comments about Muslims in Netherlands: State…

WASHINGTON ( ) – The new U.S. ambassador to the Netherlands made mistakes and feels great remorse for falsely saying two years ago that Muslim migrants had “burned” politicians and created “no-go zones” in Holland, a State Department official said on Thursday.

Hoekstra angered Dutch media on Wednesday when he met with reporters for the first time since taking over as ambassador but declined to answer questions asking him to clarify his remarks from two years ago.

Under Secretary of State Steve Goldstein told a briefing on Thursday the State Department “does not agree” with Hoekstra’s 2015 remarks about Muslim migrants in the Netherlands.

Goldstein said Hoekstra would be interviewed by a Dutch media outlet on Friday and was expected to address the issue. He said Hoekstra also was expected to visit ,上海足浴夜网联系方式Rachel,various Dutch communities over the weekend, including Muslim communities.

He told reporters that Ambassador Pete Hoekstra had apologized for the 2015 remarks in a statement on Twitter in December and also said he regretted telling a Dutch television reporter he never made the comments.

“The ambassador made mistakes in 2015, made comments that should not have been made. He recognizes that,” Goldstein said. “He apologized in December. He is doing an interview tomorrow. … We have made clear to the ambassador that he must move to get this behind him. And he definitely understands that. He feels great remorse.”

Hoekstra told reporters he regretted the exchange with Dutch television denying the remarks but declined to comment further. U.S. press officers prevented some reporters from asking more questions about the issue.

Hoekstra, who was born in the Netherlands, said during a recorded panel discussion sponsored by the right-wing David Horowitz Freedom Center in 2015 that “the Islamic movement is now gotten to 上海夜网a point where they have put Europe into chaos.”

“Chaos in the Netherlands – there are cars being burned. There are politicians that are being burned and, yes, there are no-go zones in the Netherlands,” he added.

In December, Hoekstra denied making the 2015 remarks, telling the Dutch television program Nieuwsuur it was “an incorrect statement … fake news.” Later, ,上海夜生活去哪玩Talon,after being played a recording of his comment, he denied calling it fak,上海夜网后花园Dalton,e news.

In a Dec. 23 note on Twitter Hoekstra acknowledged having made the comments in 2015 and said he regretted his exchange with the Dutch news organization: “I made certain remarks in 2015 and regret the exchange during the Nieuwsuur interview. Please accept my apology.”

Senator Gillibrand calls Trump Twitter post ‘sexist smear’

WASHINGTON ( ) – U.S. Senator Kirsten Gillibrand fired back at President Donald Trump on Tuesday and said she would not be silenced after he attacked her on Twitter for calling for an investigation into accusations of sexual harassment and misconduct against him.

Six U.S. senators, including Gillibrand, have said Trump should resign.

Trump lambasted Gillibrand on Twitter on Tuesday writing, “Lightweight Senator Kirsten Gillibrand, a total flunky for Chuck Schumer and someone who would come to my office ‘begging’ for campaign contributions not so long ago (and would do anything for them), is now in the ring fighting against Trump.” Schumer is the Senate Democratic leader.

Gillibrand, whose name has been floated as a possible Democratic presidential candidate in 2020, said she would not back down.

“It was a sexist smear attempting to silence my voice, and I will not be silenced on this issue,” she told reporters at a news conference.

Trump did not answer a reporter’s question at a White House event later on Tuesday when asked what he meant by the tweet.

White House spokeswoman Sarah Sanders, told that some people thought Trump’s tweet contained sexual innuendo, said, “Only if your mind is in the gutte,上海夜生活网419Quaid,r would you have read it that way … it’s obviously talking about political partisan games that people often play and the broken system.”

Sanders told a regular White House briefing that Trump had used similar language previously to refer to men of both major parties.

Related CoverageTrump’s attack on Senator Gillibrand ‘nasty’: Senator Schumer

Other Democratic lawmakers rallied behind Gillibrand, including U.S. Senator Elizabeth Warren, another possible 2020 presidential candidate.

In a tweet directed at Trump, Warren wrote on Tuesday, “Are you really trying to bully, intimidate and slut-shame @SenGillibrand? Do you know who you’re pi,夜上海论坛Gabriel,cking a fight with? Good luck with that, @realDonaldTrump. Nevertheless, #shepersisted.”

U.S. Senate Democratic Leader Chuck Schumer said Trump’s attack on Gillibrand was “nasty, unbecoming of a president,” but he did not join her call for Trump to resign the presidency over sexual misconduct accusations.

More than a dozen women have accused Trump, a New York-based real estate developer and former reality television star, of making unwanted sexual advances against them years before he entered politics. Trump, a Republican, has denied the allegations.

has not independently verified the accusations against Trump.

Interest in accusations of sexual harassment and misconduct came to the fore again on Monday when three women who had previously accused Trump of misconduct called on the U.S. Congress to investigate his behavior.

On Tuesday, a fourth woman who had also previously made similar accusations backed their call for an investigation during an interview with NBC.

Nearly 60 female Democratic U.S. lawmakers called for an investigation in a letter on Monday.

By Tuesday, the group said many male colleagues had also joined on, bringing the number to more than 100 lawmakers in the U.S. House of Representatives.

Representative Trey Gowdy, Republican chairman of the House Oversight Committee, responded to the group上海夜生活 in a letter on Tuesday that said, “The specific allegations set forth in your letter constitute crimes,” both federal and state.

Gowdy noted that congressional panels cannot prosecute crimes so he was forwarding the group’s letter to the Justice Department. He added that any charges not alleging crimes should go to the House Judiciary Committee, which has jurisdiction over “allegations related to fitness for office and non-criminal matters.”

Trump has called the accusations fabricated stories and he has said he did not know his accusers.

On Monday, Gillibrand called the allegations credible and called on Trump to resign over them.

The attention to sexual harassment accusations against Trump comes amid a wave of similar accusations against prominent men in Hollywood, the media and politics in recent months.

Federal Election Commission records showed Trump gave $4,800 to Gillibrand’s Senate campaign in 2010, and that he donated $2,100 to her in 2007 while she was a member of the House of Representatives.

Concerns over sexual impropriety have become a political issue the United States, leading to the resignations of two Democratic and one Republican lawmaker. has not independently verified accusations against them.

The issue of sexual harassment has also become central to Tuesday’s U.S. Senate election in Alabama after accusations of misconduct were made against Republican candidate Roy Moore.

The White House said on Monday that the women’s accusati,上海夜生活Paige,ons against Trump were false and “totally disputed in most cases by eyewitness accounts” and later promised to provide a list of those accounts to reporters.

On Tuesday, the White house sent a list of three 2016 media reports, including a New York Post interview with a British man who disputed one of the accusers’ accounts of alleged groping and said he never saw it happen. It also included New York Daily News and CNN reports with two other former pageant participants supporting Trump.

Written by shyw on September 17, 2018 Categories: wjxqxjow Tags: , ,

Oil gains with Wall Street, but rising U.S. fuel stocks weigh

NEW YORK ( ) – Oil prices edged higher on Wednesday, buoyed by a U.S. equity market rally and a supply cut agreement by OPEC+, but gains were limited by data showing growing U.S. refined product inventories and record crude production.

Brent crude LCOc1 futures rose 68 cents to settle at $61.32 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 20 cents to settle at $52.31 a barrel.

Boosting oil prices, Wall Street’s main indexes hit a one-month high. [.N] Crude futures sometimes track equity markets.

Futures drew support from a supply cut agreement from the Organization of the Petroleum Exporting Countries (OPEC) and major non-OPEC producer Russia. The group agreed in December to cut combined oil output by 1.2 million barrels per day from January.

Russia’s deputy energy minister said the country will reach its,上海夜生活去哪玩Lark, oil output target reduction in April.

“The market is consolidating. To see what our next driver is, we’re going to watch to see if the cuts are working, if the members that agreed to them are adhering to them,” said Gene McGillian, director of market research at Tradition Energy.

Despite the output cuts, rising crude oil production in the United States could pressure prices. 上海夜生活网The U.S. Energy Information Administration (EIA) said crude production rose last week to a record 11.9 million barrels per day, as crude exports jumped close to record highs near 3 million bpd.

U.S. fuel stockpiles rose more than forecast and were up for the fourth straight week, EIA data showed. [EIA/S]

U.S. crude output is expected to grow this year to a record beyond 12 million bpd, with the country turning into a net crude exporter in late 2020, the EIA said on Tuesday.

Gasoline stockpiles USOILG=ECI rose 7.5 million barrels, far exceeding analysts’ expectations in a poll for a 2.8 million-barrel gain. At 255.6 million barrels, gasoline stocks were at the highest weekly level since February of 2017.

Distillate stockpiles USOILD=ECI, which include diesel and heating oil, increased 3 million barrels, versus expectations for a 1.6 million-barrel rise, the data showed.


Crude inventories USOI,上海夜生活怎么玩Jacob,LC=ECI fell 2.7 million barrels, more than double forecasts.

“Any bullish sentiment from the crude draw has been vanquished by emphatic builds to the products,” said Matthew Smith, director of commodity research at ClipperData.

Mounting signs of an economic slowdown across the world may also keep oil prices in check.

White House estimates showed on Tuesday that the U.S. economy is taking a larger-than-expected hit from a partial government shutdown.

The outlook for the global economy darkened further after Britain’s parliament on Tuesday shot down Prime Minister Theresa May’s deal to leave the European Union.

China this week reported poor December trade data. China’s central bank on Wednesday made its biggest daily net cash injection via reverse repo operations on record, in efforts oil markets will watch closely.

Samsung Electronics forecasts weaker 2019 earnings as chip sales slow

SEOUL ( ) – Samsung Electronics Co Ltd warned of weaker earnings in 2019 as it posted a 29 percent drop in fourth-quarter operating profit on Thursday, hit by a slowdown in demand for memory chips.

The global market leader in computer chips and smartphones said it expected “overall annual earnings to decline” this year, although sales of memory products would begin to revive in the second half.

Unce,上海高端夜生活在那里Jace,rtainties over U.S.-China trade tensions and China’s sluggish economy bode ill for global electronics makers in 2019, pressuring demand for memory chips, smartphones and display panels, analysts say.

But some investors are hoping for a recovery for Samsung in the second half, fueled by chip sales to data centers, the rollout of 5G wireless technology and the launch of new gadgets including its long-promised, high-e,上海凤楼夜网Hal,nd foldable smartphone.

“If Samsung’s foldable smartphone becomes a hit, it will be a good factor for Samsung’s shares,” Park Jung-hoon, a fund manager at HDC Asset Management which holds Samsung Electronics stock, told .

Samsung said operating profit was 10.8 trillion won ($9.7 billion) in the fourth quarter, in line with its estimates earlier this month. Revenue fell 10 percent to 59.3 trillion won.

Samsung stock fell 0.2 percent after the result on Thursday, in a flat broader market. The shares lost 24 percent last year amid investor fears over the impact of the U.S.-China trade conflict.

The South Korean firm’s chips power the handsets of most major smartphone makers, including Apple and China’s market leader, Huawei Technologies Co Ltd. Its memory and processor chips account for about 72 percent of overall profit.

Samsung said memory demand was expected to 上海夜生活论坛remain weak in the first quarter before improving,上海夜生活网419Fabi, gradually from the second, helped by sales to cloud-computing companies.

Data centers have been one of the brightest spots for the memory chip market due to the growing need for cloud computing services for the e-commerce and data analytics industries.

Such demand faltered late last year, partly because some Chinese buyers seem to have bought chips earlier than usual amid fears about U.S.-China trade tensions, according to Intel Corp.

Nvidia Corp and Intel both recently flagged stagnating growth in data center sales.


Fourth-quarter operating profit for Samsung’s chip division fell 29 percent to 7.8 trillion won, the company said. Its mobile division logged a 1.5 trillion won profit, down 38 percent from a year ago.

While overall smartphone sales would remain flat this year, average prices would rise as more devices were built with expensive features like multi-cameras, Samsung said.

Samsung is offering foldable phones and 5G-capable devices this year. Its new flagship Galaxy series will be unveiled next month, but no date has been set for the launch of the foldable device.

The South Korean giant has been struggling to defend its top rank in the global smartphone market against competition from Chinese rivals like Huawei, which last week said it could overtake Samsung this year.

U.S tariffs will slow GDP growth: Congressional Budget Office

WASHINGTON ( ) – Tariffs imposed by the Trump administration will limit growth of U.S. real gross domestic product by an average of 0.1 percent each year for the next 10 years if they remain in place at current levels, the Cong上海夜生活论坛ressional Budget Office (CBO) said on Monday.

The nonpartisan agency said growth of GDP – a measure national economic output – would be curbed by a drop in consumer spending power and a fall in U.S. exports. Those declines would be only partly offset by an expected increase in output as domestic goods replace imports, the CBO said in its budget and economic outlook for 2019-2029.

President Donald Trump’s administration last year slapped tariffs on goods from China and other countries, as Trump sought better trade terms. The outlook for the impact of these tariffs, and retaliation from trading partners, was part of the CBO’s updated budget forecasts.

The tit-for-tat tariff war with China has cost both countries billions of dollars. Global stocks were down on Monday after data showed profits at China’s industrial firms shrank for a second straight month in December, the late,上海夜生活Sabrina,st indication of the trade war’s toll.

“U.S. tariffs reduce U.S. economic activity primarily by reducing the purchasing power of U.S. consumers’ income as a result of higher prices and by making capital goods more expensive,” the CBO said.

Changes in trade policy both in the United States and overseas will reduce real U.S. exports by 0.5 percent by 2022, the agency said in its annual report.

Real GDP is expected to grow by 2.3 percent in 2019. That is slower than 2018’s 3.1 percent growth in real GDP but still faster than expected, the CBO said. After this year, annual growth is expected to average 1.7 percent through 2023, below the office’s projection of potential growth.

By 2022, the trade policy changes are expected to cut real consumption by 0.1 percent and real private investment by 0.3 percent, the agency said.

The longer-term impacts are particularly uncertain, the CBO said. The analysis did not take into account an increase in the tariff rate from 10 percent to 25 percent on certain Chinese imports scheduled for March 2019.

The “changes in trade policy increase policy uncertainty among investors, which may further reduce U.S. output,” the report said.

Chinese Vice Premier Liu He is due to meet with U.S. Trade Representative Robert Lighthizer and U,上海凤楼夜网Macey,.S. Treasury Secretary Steven Mnuchin in Washington this week. The two countries are tryi,上海夜生活去哪玩Octava,ng to resolve deep differences over China’s trade and intellectual property practices, industrial subsidies and market access to avert an increase in duties scheduled to take effect on March 2.

Tiffany holiday sales fall as dollar crimps Chinese tourists’ spending

( ) – Tiffany & Co (TIF.N) te,上海夜生活网419Nadia,mpered its yearly profit forecast on Friday after the luxury jeweler’s holiday sales fell unexpectedly as Chinese tourists spent less globally due to a stronger dollar and demand softened in Europe and at home.

Like other luxury goods firms, Tiffany relies on spending by China’s burgeoning middle class as consumer demand remains subdued in the United States and Europe, weighed down at the moment by uncertainties such as a partial U.S. government shutdown and Britain’s plan to exit the European Union.

During the crucial November-December period, Tiffany’s worldwide same-store sales fell 2 percent while net sales dipped 1 percent, against its expectations of modest increases.

Tiffany Chief Executive Alessandro Bogliolo blamed softer spending globally by foreign tourists, primarily Chinese, and “a lot of uncertainties and volatility” which may have hit customer demand in Europe and the Americas.

“We see Chinese tourists spending abroad going down heavily, minus 20-25, 30-3,上海新夜网龙凤Eason,5 percent, and this is in many, many countries … in the U.S., but it’s also Hong Kong and now it’s spreading to Southeast Asia,” Bogliolo told . “For sure it’s due to the exchange rate.”

Shares of Tiffany, which have fallen 22 percent in the past 12 months, were up 3 percent in morning trade.

“Tourism is the culprit for TIF’s underwhelming holiday numbers, but this is not a surprise to us given the stronger dollar,” Jefferies analyst Randal Konik said.

Bogliolo also said issues such as Brexit, protests in France and the U.S. shutdown, now in its 28th day, “makes me more cautious” about sales and earnings forecasts, but he expects a couple of “very tough” quarters.

A slowdown in spending by Chinese tourists prompted Tiffany to shy away from raising its yearly profit targets in November. On Friday, it said it expects full-year earnings for fiscal 2018 around the lower end of its estimated range of between $4.65 and $4.80 per share.

Still, customer demand at Tiffany stores in mainland China remained strong during the holiday season, the company said.

Consumer Edge Research’s David Schick said that strength “supports the view of continued brand relevance, which is important to the long-term story.”

The New ,上海足浴夜网联系方式Paige,York-based jeweler’s holiday period results mirror similar reports from other U.S. retailers. Macy’s (M.N), Kohls (KSS.N) and others reported disappointing results even as overall shopping dur上海夜生活论坛ing the 2018 U.S. holiday season reached a six-year high.

Smaller U.S.-based jeweler Signet (SIG.N) on Thursday reported lower holiday period sales and slashed its full-year profit forecast, driving its shares more than 20 percent lower.

Tiffany, known for its engagement rings and robin’s egg blue boxes, said holiday sales of engagement and designer jewelry fell 3 percent and 8 percent, respectively.

Annual sales should rise 6 to 7 percent, the company said. It had earlier estimated growth in the high single percentage digits.

For the year ending January 2020, Tiffany expects earnings per share to rise in the mid-single digits and net sales to grow in low-single digits.

Raytheon’s mixed quarter, modest forecast hurt shares

( ) – Tomahawk missile maker Raytheon Co disappointed investors on Thursday by forecasting conservative 2019 profit and revenue after reporting quarterly revenue below Wall Street expectations.

Revenue in the quarter rose to $7.36 billion from $6.78 billion a year earlier boosted by higher demand for its weapons from the United States and its allies, but it missed estimates of $7.46 billion, according to IBES data from Refinitiv.

Raytheon was the latest top U.S. defense contractor th,上海夜生活桑拿会所Octavia,is week to reveal it wasn’t growing as fast as Wall Street expected, suggesting an anticipated surge in defense spending under President Donald Trump had not directly translated into weapons contracts – at least not yet.

Chief Executive Tom Kennedy told analysts on the call that the Trump administration’s recently released Missile Defense Review included several Raytheon programs including the Standard Missile-3 (SM-3) Block IIA and the ICBM interceptors that Raytheon is working on.

“All around I think the missile defense review is great for us,” he said.

Shares were down about 2.2 percent to $167.63 in early trading.

The company said it expected 2019 net sales to range between $28.6 billion and $29.1 billion, marginally below analysts’ average expectation of $29.01 billion, according to Refinitiv data.

The U.S. weapons maker forecast 2019 profit in the range of $11.40 to $11.60 per share, below analysts’ average estimate of $11.78 per share, according to IBES data from Refinitiv.

Toby O’Brien, Raytheon’s chief financial officer, told in an interview on Thursday that the approaching end of an Army training contract was holding back some of the 2019 growth.

“It’s transitioning out, and winding down that program in and of itself dropped about a half a billion dollars year-over-year, so we’re absorbing that headwind,” he said, without providing an end date.

If that were ignored in 2019 “we’d be talking about, you know, eight to 10 percent growth instead of 6 to 8,” he said. The contract is in the Intelligence, Information and Services business unit, which posted a 23 percent jump in operating income in the fourth quarter versus the same period a year earlier.

Rivals Lockheed Martin Corp, General Dynamics Corp and Northrop Grumman also forecast their 2019 profit below analysts’ estimates this week.

Raytheon said operating cash flow from continuing operations is expected to be in the range of $3.9 billion to $4.1 billion in 2019, compared with $3.4 billion in the previous year. But the mid-point of the forecast fell short of analysts’ average estimate of about $4.1 billion.

The company projected that 2020 cash flow would be $4.6 billion. O’Brien told analysts during a post-earnings call that the out-year cash flow projection came from operational improvements as well as international collections.

Raytheon reported higher sales across its five segments, led by its missile systems unit, where sales rose 6 percent to about $2.32 billion. The increase was driven by higher sales from “classified programs,” for which the company does not provide detailed numbers.

Waltham, Massachusetts-based Raytheon and other U.S. weapons mak上海夜生活网ers are expected to benefit from strong global demand for fighter jets and munitions as well as higher U.S. defense spending in fiscal 2020.

Operating margins of Raytheon’s Integrated Defense Systems (IDS) unit, which makes the Patriot missile system, fell to 14.7 percent in the fourth quarter from 15.9 percent from a year earlier, due,上海新夜网龙凤Idaia, to higher investment in new business lines.

Operating margin in the missile systems unit, which makes Paveway smart bombs and advanced medium-range air-to-air missiles, fell to 11.8 p,上海夜网千花Octavien,ercent in the quarter ended Dec. 31 from 12.7 percent a year earlier, due to a change in mix.

Raytheon’s net income attributable to the company jumped to $832 million, or $2.93 per share, in the quarter, compared with $393 million, or $1.35 per share, a year earlier, benefiting from lower taxes related to the U.S. tax overhaul.

Sales at the space and airborne systems unit, which makes electronic warfare systems for tactical aircraft, helicopters and ships, rose 12.6 percent to $1.88 billion, but operating margins fell to 13.9 percent from 14.5 percent.

Factbox: Big-ticket items at center of Congress spending bill

( ) – The U.S. Congress on Thursday approved a temporary funding bill to prevent federal agencies from shutting down at midnight Friday when existing money was set to expire.

The following are the major items that were debated on the legislation that President Donald Trump is expected to sign into law:


The Friday midnight deadline for action was the result of the Republican-controlled Congress failing to pass any of the regular appropriations bills for the fiscal year that began Oct. 1. Instead, the government has been operating on a series of temporary measures.

This newest stopgap bill continues funding for government operations through Jan. 19, giving lawmakers several weeks to work out a spending bill that would pay for agency activities through Sept. 30, the end of the current fiscal year.


House of Representatives conservatives failed in their bid to attach a major defense spending increase that would fund the Pentagon through September. Instead, Congress agreed to fund the military through Jan. 19, like most other programs.

But in a move to attract support, a $4.7 billion increase was included to be used for missile defense and ship repair.

Democrats and Republicans will continue negotiations on higher funding for both military and non-military programs.


An $81 billion disaster aid bill was going to be attached to the government funding bill. Instead, the House approved it as a stand-alone bill, only to see the Senate put off action until at least next month.

It would build on about $52 billion already provided to Puerto Rico, the U.S. Virgin Islands and several states hit by severe hurricanes, wildfires or other natural disasters.

Democrats want to do more for Puerto Rico and some Republicans worry about the mounting costs of disaster aid.


The Children’s Health Insurance Program, which helps provide medical care to nearly 9 million children in low-income families, will get $2.85 billion,上海足浴夜网联系方式Idris, to cover expenses through March as lawmakers seek a more permanent solution.


Senators put off until early next year their bid to maintain healthcare subsidies for low-,上海夜哪里艳遇Lake,income people participating in the Affordable Care Act, also known as Obamacare. Many House Republica,上海夜网官方网站Faith,n lawmakers dislike the idea.


The National Security Agency’s warrantless internet surveillance program under the Foreign Intelligence Surveillance Act will be extended through Jan. 19 as lawmakers try to reconcile competing versions of such legislation in the House and Senate.


Legislation to protect “Dreamers” from deportation was not included, despite Democrats’ push to resolve the issue by year’s end. It was a major disappointment for the Congressional Hispanic Caucus and immigration advocacy groups. But negotiators are still trying to reach a deal on helping immigrants, many from Mexico and Central America, brought to the United States illegally as children. The issue is expected to come back to life in early 2018.

Trump Iran decision due as allies plea for nuclear deal

WASHINGTON ( ) – U.S. President Donald Trump was expected to decide on Thursday whether to extend sanctions relief to Iran under the 2015 nuclear deal as major European allies implored Washington to preserve the landmark arms control pact.

Under Secretary of State Steve Goldstein told reporters he expected Trump to decide on whether to continue sanctions relief for Ir,上海仙霞路夜生活Octava,an on Thursday but was not sure if the decision would be announced Thursday night or Friday.

A move to reimpose sanctions would effectively torpedo the agreement reached between Iran and five major powers under which Tehran pledged to rein in its nuclear program in return for some easing of the economic restrictions imposed on it by the United States, the United Nations and the Euro,上海021夜网Lance,pean Union.

In a telephone call with Trump on Thursday, French President Emmanuel Macron stressed the importance of abiding by the nuclear deal and, in an apparent effort to win the U.S. president over, emphasized the need to enforce it r,上海夜生活网交流Gabriel,igorously.

“The proper implementation of the agreement should be accompanied by a strengthened dialogue with Iran on its ballistic program and its regional policy, in order to guarantee better stability in the Middle East,” the French presidency said in a statement on the call.

Two senior U.S. officials told on Wednesday that Trump’s top advisers were recommending that he not reimpose sanctions on Iran that were lifted under the nuclear agreement.

However, Trump, who has previously vowed to scrap the nuclear pact, was privately expressing reluctance to heed the advisers, the officials said.

In one possible compromise, Trump could choose not to reimpose the sanctions that were eased under the nuclear deal but could slap other punishments on Iran, a pattern he has followed over the last year.

One U.S. official said on Wednesday that if Trump waived the key sanctions under the deal, the administration would impose new, targeted measures against Iranian businesses and people.

U.S. Treasury Secretary Steve Mnuchin said on Thursday that he expected Trump to impose new sa上海夜生活网nctions on Iran, without addressing what he would decide on the nuclear deal’s sanctions.

“I am expecting new sanctions on Iran,” Mnuchin told reporters. “We continue to look at them. We’ve rolled them out and I think you can expect there will be more sanctions coming.”

Powell faces early reckoning on Fed’s $4-trillion question

NEW YORK/SAN FRANCISCO ( ) – Federal Reserve Chairman Jerome Powell has a problem: how to explain that the Fed may soon begin to taper its ongoing asset-shedding operation without looking like he’s hunkering down for a coming recession, or caving to U.S. President Donald Trump.

Not long ago, Powell expected to face this delicate communication test some time later in 2019, rather than at his news conference on Wednesday following the close of the Fed’s first policy meeting of the year.

But three things – an unexpected scarcity of reserves deep in the plumbing of Wall Street, overt public pressure from investors and the White House, and the Fed’s own decision to rethink its interest-rate hikes – are forcing the U.S. central bank to acknowledge the real possibility ,上海夜生活群Easton,of hanging on to more bonds than originally planned.

“You cannot stop the rate-hiking cycle without communicating on,上海021夜网Mabel, the balance sheet as well,” said Thomas Costerg, senior U.S. economist at Pictet Wealth Management, in Geneva, Switzerland.

A bigger balance sheet could result in an across-the-board easing of market borrowing costs and the foreign-exchange value of the dollar, easing strains on emerging markets. It could also affect the Fed’s appetite for bond buying in the face of a future U.S. downturn.

For more than a year, the Fed has methodically trimmed its multi-trillion-dollar balance sheet – from nearly $4.5 trillion to about $4.1 trillion and falling – without much notice.

Instead, it has kept the world’s eyes trained on a series of interest-rate hikes which, according to careful messaging from policymakers in recent weeks, may have come to an end.

But late last year, prominent investors took to blaming the Fed’s balance sheet runoff for market volatility. To underline what they saw as the harmful restraining effects of the Fed’s reversal of its bond-buying stimulus, the program known as quantitative easing undertaken during the financial crisis to jump-start the economy, they dubbed the runoff “quantitative tightening.”

In December, Trump amplified that theme, tweeting that the central bank ought not to “make yet another mistake” and “stop with the 50 B’s” – a reference to the $50 billion maximum in bonds by whi,上海高端夜生活在那里Quay,ch the Fed has been shrinking its portfolio each month, according to a plan it outlined and began in 2017.

A day after the tweet, when Powell said the run-off remained on “automatic pilot,” the Standard & Poor’s 500 stock index delivered its worst 60-minute selloff in at least a year.

Two weeks later, when Powell stressed that the plan was actually flexible, the index delivered its best 60 minutes in at least a year.

Trump’s tweet exposed a dilemma for the Fed: though its 2017 plan divorced balance sheet policy from monetary policy, markets see a stronger connection. If the Fed is to stick to its guns on keeping the balance sheet from becoming a first-res上海夜生活论坛ponder tool against economic ups and downs, Powell needs to keep that divorce on the books.

“I don’t think they’re going to stop,” said Chuck Self, chief investment officer at iSectors LLC, in Appleton, Wisconsin. “They want to get it down as low as they can without disrupting the economy.”


The central bank is indeed nearing the point at which it needs to adjust its balance sheet plan, not because of the state of the domestic economy, which appears strong, but because of the plumbing of short-term markets.

As the portfolio has decreased, banks have trimmed the reserves they keep at the Fed by even greater amounts, putting a strain on the Fed’s ability to control the short-term policy rate by which it steers monetary policy.

Economists had already speculated last summer that to deal with mounting scarcity of reserves, and the resulting upward push on interest rates beyond a target range, the run-off would need to end two years earlier and leave the Fed with $1 trillion more than it had envisioned.

For its part, the Fed aims to trim its portfolio to an unspecified level at which demand for reserves matches supply – though not to as low as the $900 billion it held before the 2007-2009 recession prompted it begin the purchases.

“It’ll be substantially smaller than it is now…but nowhere near where it was before,” Powell said on Jan. 10, framing any decision as a technical one and not a referendum on the overall policy stance.

Growing questions about the balance sheet may prompt Powell to sketch out a clearer road map for the asset holdings at his 2:30 p.m. (19:30 GMT) Wednesday news conference.

“They’ve got to get started on that,” Darrell Duffie, a professor at Stanford University’s graduate school of business, said of telegraphing the policy change. “They are not boxed in now, but the longer they wait, the more boxed in they’ll be.”

After raising rates gradually last year, the Fed is taking a wait-and-see approach to further tightening in the face of an overseas slowdown and market volatility.

Long winter’s nap? Global slowdown, market fears could extend Fed pauseA set of domestic and global factors put Fed rates hikes on hold through 2016, and futures markets responded by narrowing the gap or spread between forward-looking contracts. The Fed only moved when that spread recovered. A similar dynamic is developing today.

But even if rates remain steady this year, the ongoing shedding of assets, including some $380 billion since October 2017, will continue to tighten financial conditions by making funding more expensive for banks.

In 2017, the Fed projected it would trim the portfolio until around 2022 when it would hold $2.3 trillion to $2.9 trillion in assets.

But minutes from the Fed’s December meeting showed growing internal debate with policymakers mulling holding a larger “buffer” of securities than planned, or slowing the pace of run-off as the finish line approaches.

In mid-2018, economists at Deutsch Bank Securities were among those predicting the Fed would be forced to stop the process by early 2020 with about $3.7 trillion in assets.

The minutes, they wrote in a note, have “shifted the balance of risks” even more and convinced them that Powell will move to halt the portfolio run-off as early as the third quarter of 2019.

In a possible preview of Powell’s message, New York Fed President John Williams, a permanent voter on the Fed’s policy-setting committee, said on Jan. 18: “If circumstances change, I will reassess our choices regarding monetary policy, including the path of balance sheet normalization. Data dependence applies to all that we do.”