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

China says Iran nuclear deal not derailed, pledges constructive role

SHANGHAI ( ) – China on Saturday pledged to continue playing a constructive role in maintaining and implementin,上海夜网后花园Lark,g the Iran nuclear deal, after U.S. President Donald Trump set an ultimatum to fix “disastrous flaws” in a deal.

Chinese Foreign Minister Wang Yi told Iranian Foreign Minister Mohammad Javad Zarif by phone that implementation of the deal had not been “derailed” but would face “some new complicating factors”, the state news agency Xinhua reported.

Continuing to implement the nuclear deal was the responsibility of all parties concerned and the common wish of the international community, Wang was quoted as saying during the call上海夜生活论坛, which took place on a visit to Rwanda.

The deal would help uphold the international non-proliferation regime, mai,上海凤楼夜网Rae,ntain regional peace and stability and solve “other hot issues” around the world, he said.

He urged Iran to remain calm and continue to fulfill its obligations under the deal.

On Friday, Trump agreed to waive sanctions against Iran that were lifted as part of the international deal but said it would be the last time unless conditions were met to fix what he called “significant flaws” in the deal.

His ultimatum puts pressure on Europeans – key backers and parties to the 2015 international agreement to curb Iran’s nuclear program – to satisfy Trump, who wants the pact strengthened with a separate agreement within 120 days.

Zarif responded on Twitter that the deal was not renegotiable and that Trump’s stance “amounts to desperate attempts to undermi,上海夜生活乌托邦Caitlin,ne a solid multilateral agreement”.

While Trump approved the sanctions waiver, the Treasury Department announced new, targeted sanctions against 14 entities and people, including the head of Iran’s judiciary, Sadeq Amoli Larijani, a close ally of Iran’s Supreme Leader Ayatollah Ali Khamenei.

Iran said on Saturday it would retaliate against the new sanctions, although it did not specify how.

Google, Facebook spend big on U.S. lobbying amid policy battles

SAN FRANCISCO ( ) – Alphabet Inc’s Google disclosed in a quarterly filing on Tuesday that it spent a company-record $21.2 million on lobbying the U.S. government in 2018, topping its previous high of $18.22 million in 2012, as the search engine operator fights wide-ranging scrutiny into its practices.

In its filing to Congress on Tuesday, Facebook Inc disclosed that it also spent more on government lobbying in 2018 than it ever had before at $12.62 million. That was up from $11.51 million a year ago, according to tracking by the nonpartisan Center for Responsive Politics.

Google’s spent $18.04 million on lobbying in 2017, according to the center’s data.

Google and Facebook declined to comment beyond their filings.

U.S. lawmakers and regulators have weighed new privacy and antitrust rules to rein in the power of large internet service providers such as Google, Facebook and Amazon.c上海夜网om Inc. Regulatory backlash in the United States, as well as Europe and Asia, is near the top of the list of concerns for technology investors, according to financial analysts.

Microsoft Corp spent $9.52 million on lobbying in 2018, according to its disclosure on Tuesday, up from $8.5 million in 2017 but below its $10.5 million tab in 2013.

Apple Inc spent $6.62 million last year, compared to its record of $7.15 million in 2017, according to center data going back to 1998.

Apple and Microsoft did not respond to requests to comment. A filing from Amazon was expected later on Tuesday.

Google disclosed that new discussion topics with regulators in the fourth quarter included its search technology, criminal justice reform and international tax reform. The company is perennially among the top spenders on lobbying in Washington along with a few cable operators, defense contractors and healthcare firms.

Google Chief Executive Sundar Pichai, who testified in December before a U.S. House of Representatives panel for the fir,上海足浴夜网联系方式Tallulah,st time, has said the company backs the idea of national privacy legislation. But he has contes,上海晚上耍女人的地方Dalton,ted accusations of the company having a political bias in its search results and of stifling competition.

Susan Molinari, Google’s top U.S. public policy official, stepped down to take on,夜上海419龙凤论坛Barney, an advisory role this month.

Facebook said discussing “election integrity” with national security officials was among its new lobbying areas in the fourth quarter. The filing said the company continued to lobby the Federal Trade Commission, which is investigating its data security practices.

Huawei units to be arraigned on U.S. criminal charges on Feb. 28

WASHINGTON ( ) – Two units of China’s Huawei Technologies Co Ltd are to be arraigned on Feb. 28 in Seattle on a 10-count indictment on c上海夜生活论坛harges they conspired to steal T-Mobile US Inc trade secrets, according t,上海晚上耍女人的地方Idaleen,o court filings Tuesday.

The Justice Department alle,上海高端夜生活在那里Hal,ged that Huawei Device Co Ltd and Huawei Device USA Inc committed wire fraud and obstructed justice by stealing robotic technology from T-Mobile to test smartphones’ durability.

A spokeswoman for the U.S. Attorney’s Office for the Western District of Washington said a corporate representative for Huawei would appear at the arraignment. Huawei did not immediately comment.

Separately, federal prosecutors in Brooklyn have also charged Huawei and its affiliates with bank and wire fraud on allegations that they violated sanctions against Iran. That separate 13-count indictment made public Monday. No arraignment date has been set in that case, which has added to Washington’s tensions with Beijing.

T-Mobile had accused Huawei of stealing the technology, called “Tappy,” which mimicked human fingers and was used to test smartphones. Huawei has said the two companies settled their disputes in 2017.

The charges add to pressure from the U.S. government on Huawei, the world’s biggest,上海夜哪里艳遇Dahlia, telecommunications equipment maker. Washington is trying to prevent American companies from buying Huawei routers and switches and pressing allies to do the same.

Court records show the two Huawei units has retained several high-profile lawyers including former Deputy Attorney General Jim Cole, a partner at Sidley Austin LLP; former Justice Department lawyer David Bitkower, a partner at Jenner & Block; former federal prosecutor Robert Westinghouse, a partner at Yarmuth LLP; and two lawyers at Steptoe & Johnson LLP.

Exclusive: Snapchat weighs what was once unthinkable – permanent snaps

NEW YORK ( ) – Snap Inc is considering changes to its Snapchat app, known for disappearing photos and videos, that could make users’ public posts longer lasting or even permanent, people familiar with the matter said.

The company is also weighing an option to reveal the identities of Snapchat users who make public posts, a person familiar with Snap’s plans said.

Together the changes would mark a big step in Snap’s effort to lure and keep users by making content shared publicly via the “Our Story” section, more available outside Snapchat. They could also create a new revenue source for money-losing Snap, which has seen its user base shrink and executives flee the company.

But such changes to Snapchat, which launched in 2011 and became an instant hit amon,上海夜网官方网站Nadia,g teenagers and millennials, could trigger backlash from users who cherish their privacy, especially as rival Facebook Inc has been plagued by scandals over how it handles user data.

Snap is carefully weighing the privacy, technical and legal considerations of revealing user identities on public posts, said the person familiar with Snap’s plans.

Only Snapchat photo and video content shared to “Our Story”, which shares the snaps publicly to a wide,上海夜生活服务Dakota,r audience and not just a user’s friends, would be affected and users would still have the option of deleting those stories, said the person.

Snap has already extended the shelf life of public stories, but making them last even longer or revealing more about the users who create them would be a further departure from Snapchat’s hallmark features.

Snap declined to comment.

The changes would come in response to feedback from Snap’s four partnerships with news discovery platforms that help media companies spot, analyze and republish public breaking news content on Snapchat, sources said. is a customer of SAM Desk and NewsWhip, two of the news discovery platforms.

The news partnerships are part of Snap’s “Stories Everywhere” initiative, launched last year to push content to more places outside Snapchat.

Snap announced the partnerships last year and will sign four more deals in the near future, said the person familiar with Snap’s plans.

Initially, public stories would disappear after 30 days but now remain viewable for 90 days, according to Snap’s support website.

Some partners have said that the disappearing and anonymous nature of public stories makes them difficult to work with, the sources said.

Some news organizations will not embed Snapchat stories into articles because the content eventually disappears, while others will not use them because they are unable to verify anonymous users’ Snapchat videos.

One source familiar with the news partnership said Snap is already talking with one partner about making public posts last even longer and to make some content from celebrities permanent.


Snap’s stock has been under pressure as investors question the company’s plan to reach profitability. Snap shares on Friday closed some 60 percent below their March 2017 initial public offering price.

Making user content more valuable for partners has helped b上海夜生活oost revenue at Snap’s rivals.

Twitter Inc was one of the first social media platforms to sell access to public posts or tweets and reported $108 million in third-quarter revenue from non-advertising businesses like data licensing, its fastest-growing division.

Twitter sells access to more than 500 million daily tweets to customers including analytics firms, news organizations and financial institutions that use trending tickers and stories to place trades.

Snap does not currently charge for access to public data, but could earn more advertising revenue if snaps embedded outside of Snapchat last longer, said Debra Aho Williamson, a social media marketing analyst with research firm eMarketer.

“The advertising would be visible for longer, and I could see advertisers paying more for it,” Williamson said.

Facebook, viewed as a rival to Twitter in the data licensing market, recently implemented strict restrictions that have in turn made Sna,上海高端夜生活在那里Barbara,p’s content more valuable, industry sources said.

Snapchat’s video-heavy posts also offer elements that Twitter and Facebook’s largely text content cannot, especially in breaking news events, one of the sources said.

Bogle’s legacy: Booming index funds with perhaps too much reach

BOSTON ( ) – John “Jack” Bogle, the founder of index investment pioneer Vanguard Group Inc, changed Wall Street by convincing millions to turn away from mutual funds that actively pick stocks, but his legacy will also be shaped by the unintended consequences of index funds.

Bogle, who died of cancer at age 89 on Wednesday, saved investors billions of dollars by devising and championing low-fee funds that tracked markets instead of trying to beat them.

However, now that index funds and similar exchange-traded funds hold roughly $6.7 trillion, or 35 percent of long-term fund assets, concerns are rising that the products may reduce competition, distort markets, or prove too deferential to management and corporate directors.

As recently as 2007, index funds and ETFs accounted for only 15 percent of long-term fund assets, according to the Investment Company Institute. The 2007-2009 financial crisis buttressed Bogle’s view that in the long run low-cost passive vehicles hold fundamental cost advantages over actively managed funds. Only 44 percent of active managers outperformed their benchmarks during the period, according to Vanguard’s research.

A generation came to believe active managers could not prevent losses, said Todd Ro,上海夜生活服务Qirin,senbluth, senior director of mutual fund and exchange traded fund research at New York based CFRA.

At the same time the growth of index-based products led to the easy availability of ETFs that take leveraged bets on specific sectors, often for little to no trading commission costs, Rosenbluth said, such as Direxion’s new leveraged communications services ETFs. [TAWK.P] [MUTE.P]

Such products allow short-term bets that are inimical to Bogle’s buy-and-hold philosophy.

“We now have strategies that are the opposite of buy and hold and we have fee structures that encourage much more tactical 上海夜生活论坛trading than he had hoped would happen,” Rosenbluth said. Another challenge facing index funds is how they will fare in volatile markets. In theo,上海夜生活网419Daisy,ry such conditions should favor active traders who can hop into undervalued companies and sectors. For instance, as markets sank in 2018, the total return of Fidelity’s famed Contrafund [FCNTX.O] beat the S&P 500 index by 2.26 percentage points, a representative performance among large growth funds.

Still, the passive side is holding up: In the month of December passive funds received net deposits of about $60 billion, while investors pulled a record $143 billion from actively managed funds, according to Morningstar.

For all of 2018 Vanguard led the industry with $161 billion in net deposits, followed by $136 billion to BlackRock Inc’s iShares line.

Together the five largest Vanguard funds saved investors at least $5 billion in fees in 2018, compared with what they would have paid to keep the same assets in the largest active funds, estimated industry consultant Neil Bathon.

Even after Bogle left Vanguard’s board of directors in 1999 he remained a tireless advocate for index funds. “It is quite rare to find people whose principles and conviction are as closely aligned in their personal and professional lives as they were with Mr. Bogle,” Bathon said.

The rapid growth of index investing has also given rise to concerns they could reduce the incentives for competition at the companies they own, or weaken proxy voting pressure on corporate directors.

In a recent paper, professors Lucian Bebchuk of Harvard Law School and Scott Hirst of Boston University Law School argued index fund managers have strong incentives to “defer excessively to the preferences and positions of corporate managers,” in return for benefits like managing corporate pension mon,夜上海论坛Tamara,ey.

Even Bogle himself had become critical of the power of the behemoth he created. In a November opinion piece in The Wall Street Journal, Bogle warned the continued growth of Vanguard, BlackRock and State Street would become problematic.

Soon the three firms could own 30 percent or more of the U.S. stock market. “I do not believe that such concentration would serve the national interest,” Bogle wrote, noting how such a move would concentrate voting power with just a small number of executives.

Jeff Ptak, Morningstar’s head of global manager research, said Vanguard hardly represents a risk to market stability at its current size, but credited Bogle with raising “constructive concerns” about the growing influence of passive funds.

The biggest risk posed by Bogle’s approach to investing, said another Morningstar analyst, Alec Lucas, “is to the profit margins of the average active manager who underperforms after fees.”

Yelp investor SQN says shares could surge to $55-$65

( ) – SQN Investors LP said on Wednesday Yelp Inc’s shares could surge to between $55 and $65, up to 80 percent above its current price, if ,上海夜网千花Nadine,the customer review company appoints new board members and considers selling itself.

SQN, one of the biggest shareholders in Yelp with a more than 4 perce,上海仙霞路夜生活Qirin,nt stake, said investors “must seize opportunity” to refresh board with three new directors, including stockholder representation.

The refreshed board wi,上海夜生活乌托邦Babette,ll evaluate options such as possible sale of the company as an immediate private equity-led buyout could fetch $47 to $50 per share.

SQN said that Yelp should partner with companies like GrubHub Inc and ANGI Homeservices Inc and could alternatively seek potential bidders such as Amazon.com Inc or Facebook Inc.

Shares of Yelp were up 3.3 percent at $36.13 in late afternoon trading.

In response to SQN’s recommendation, Yelp said it was looking for additional board candidates and “is open to hearing any ideas and investor input, including from SQN”.

In the past several quarters, Yelp has struggled to grow, with revenue growth decelerating to high-single digits.

“We see Yelp’s challenges as mainly structural – exploiting the local internet market is a difficult task. We would argue that GrubHub has been the most successful in that endeavor,” DA Davidson analyst Thomas Forte said.

Last month, SQN called for an overhaul of the comp上海夜网any’s board and appointment of new independent directors.

“We remain willing and open to meeting with SQN to hear their perspectives on the topics they have previously raised, all of which are items on which the Board has already been engaged,” Yelp said.

Renault names new leaders as scandal-hit Ghosn bows out

PARIS ( ) – Renault appointed Michelin boss Jean-Dominique Senard as its new chairman on Thursday, after Carlos Ghosn was forced to resign in the wake of a financial scandal that has rocked the French carmaker and its alliance with Japan’s Nissan.

Senard will become chairman immediately, the company said, with deputy chief executive Thierr,上海夜网邀请码Idris,y Bollore taking over Ghosn’s other Renault role as full CEO.

The appointments may begin to ease a Renault-Nissan leadership crisis that erupted after Ghosn’s Nov. 19 arrest in Japan and swift dismissal as Nissan chairman.

Senard, 65, now faces the task of soothing relations with Nissan and resuming talks on a new alliance structure to cement the 20-year-old partnership.

“It’s important that this alliance remain extremely strong,” Senard told reporters after a board meeting – citing the mounting investment demands of new vehicle technologies. “It is our compulsory duty to go forward together.”

Nissan welcomed the leadership change, which CEO Hiroto Saikawa said would open a “new chapter” for the partnership.

The announcement also marks a clear end to one of the auto industry’s most feted careers, two decades after Ghosn was despatched by former Renault boss Louis Schweitzer to rescue newly acquired Nissan from near-bankruptcy – a feat he pulled off in two years.

After 14 years as Renault CEO and a decade as chairman, Ghosn formally resigned from both roles on the eve of the board meeting.

Related CoverageTurnaround to integration: Ghosn’s tenure at Renault, NissanNissan CEO welcomes Renault’s appointment of Senard as chairman

Ghosn’s arrest and indictment for financial misconduct has strained the Renault-Nissan relationship, threatening the future of the industrial partnership he transformed into a global carmaking giant over two decades.

For two months, the tensions deepened as Renault and the French government stuck by Ghosn despite the revelation he had arranged to be paid tens of millions of dollars in additional income, unbeknownst to shareholders.

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

Both men deny the deferred pay was illegal or required disclosure, while not contesting the agreements’ existence. Ghosn has denied a separate breach of trust charge over personal investment losses he temporarily transferred to Nissan in 2008.

Ghosn had agreed in recent days to step down from Renault, reported on Tuesday – but only after the French government, Renault’s biggest shareholder, called for leadership change and his bail requests were rejected.

Senard, who had been due to retire from Michelin in April, now has fences to mend in Japan.

Following Ghosn’s arrest, Nissan CEO Hiroto Saikawa had sought to weaken Renault’s control and resisted its attempts to nominate new directors to the Japanese carmaker’s board.

In a possible sign of detente on Thursday, Nissan called an April shareholder meeting to appoint a Renault-nominated boar,夜上海419龙凤论坛Rae,d member and formally terminate Ghosn and Kelly’s directorships. It remains unclear whether Renault, as Nissan’s parent, will also name its next chairman.

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

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

Nissan is wary of any ,上海仙霞路夜生活Sabrina,such moves. Now is not the time to discuss structural changes, Saikawa reiterated on Thursday.

“Communication between the boards of the two companies has been a bit difficult” since Ghosn’s arrest, the Nissan CEO said. “I’m looking forward to better communication.”

As Renault CEO, Bollore will also become chairman of the alliance, a French official told – as set out in the 2002 shareholder pact underp上海夜网inning the partnership.

His operational alliance role will be overseen by Senard, who will lead discussions on the future “evolution” of its structure, Renault said.

Renault has yet to finalize Ghosn’s severance package, estimated by the CGT union at 25-28 million euros ($28-32 million) in addition to an annual pension of 800,000 euros.

Ghosn’s golden parachute could be politically explosive in France, where the government is battling “yellow vest” street protests over low pay and inequality.

Fabien Gache, a Renault CGT spokesman, said on Thursday the union would press the government to vote against the package at Renault’s annual shareholder meeting in June.

“We should not add indecency to indecency,” Gache said.

The government will decide how to vote on Ghosn’s severance pay when details become clear, a finance ministry official said.

($1 = 0.8814 euros)

Exclusive: MoneyGram exploring options, including potential sale -…

( ) – MoneyGram International Inc is exploring strategic alternatives, including a sale of the money transfer company, a year after a U.S. government panel nixed its $1.2 billion sale to China’s Ant Financial, people familiar with the matter said on Friday.

The Dallas-based company’s shares have lost 83 percent of their value since the deal with Ant Financial collapsed in January 2018. In November, the company had to grapple with a $125 million financial penalty from U.S. regulators for failing to crack down on fraudulent money transfers.

MoneyGram shares closed up 10.6 percent at $2.29 on Friday, for a market capitalization of $127.4 million, after reported on MoneyGram’s exploration of a potential sale.

MoneyGram is also working to restructure its debt pile, which totaled $902.8 million as of the end of September and comes due next year, the sources said. The company has more than $80 million available from an undrawn credit line.

The company, whose largest shareholder is private-equity firm Thomas H. Lee Partners LP and which employs more than 2,900 people globally, had about $200 million in cash at the end of September.

MoneyGram’s debt restructuring efforts are initially focused on addressing a covenant tied to its credit line, the sources said. The company is seeking more time to meet the terms of that covenant, by pushing out a March deadline it faces, the sources added.

In addition, the company hopes to extend the maturity on its roughly $900 million loan, the sources said. Without any action, that debt would soon become “current” for accounting purposes and potentially trigger jitters among MoneyGram’s creditors and shareholders, the ,上海夜生活Gabriella,sources said.

A spokeswoman for Mo,上海夜生活群Octava,neyGram, which has agents at roughly 350,000 outlets in more than 200 countries and territories, declined to comment on the company’s sale process, while reiterating that the firm is focused on refinancing its debt.

The sources cautioned that a sale of the company is not certain and asked not to be identified because the deliberations are confidential.

Wall Street restructuring advisers have contacted MoneyGram’s chairman and chief executive, Alex Holmes, to offer advice, but their calls have for now gone unanswered, the sources said.

In November, Holmes said, “We always entertain discussions,” in response to an analyst’s question about whether MoneyGram was seeking a buyer.

MoneyGram, which has to contend with “junk” credit ratings, is also exploring raising additional money in the form of preferred equity that would sit above shareholders and below lenders for the purposes of repayment in a restructuring, the sources added.

An agreement in November with the U.S. Justice Department on extending a deferred prosecution agreement related to MoneyGram’s anti-fraud failures allowed the company to begin focusing on refinancing its debt, Holmes said during the company’s third-quarter earnings call.

Among MoneyG上海夜生活论坛ram’s most significant setbacks over the past two years was its failed merger with Ant Financial, in a deal to be acquired for $18 per share. The Committee on Foreign Investment in the United States blocked the deal on national security grounds.


Money-transfer companies have traditionally endeavored to operate outlets in as many locations as possible to allow customers to wire cash anywhere in the world. Customers are often workers sending remittances to families living far away.

That business model, though, faces challenges from new technology, in particular mobile banking services.

MoneyGram is currently rolling out a mobile app and transaction alerts through text messages and emails to give customers options beyond brick-and-mortar locations.

In addition, the company has started spending more money on spotting suspicious wire transfers, which includes collecting identification from customers on nearly every transaction as opposed to just larger ones. The higher standard has helped eliminat,上海夜生活服务Dakota,e fraud but also resulted in lost revenue.

Deutsche Telekom reviews procurement plans amid Huawei concerns

FRANKFURT ( ) – Deutsche Telekom said on Tuesday it is reviewing its network equipment procurement plans after the United States moved to restrict China’s Huawei Technologies from accessing its next-generation mobile networks.

Huawei is at the center of a diplomatic row after U.S. officials briefed Western allies that Huawei’s network equipment may contain “back doors” which enable cyber espionage. Huawei says such concerns are unfounded.

“Deutsche Telekom takes the global debate surrounding the security of Chinese network equipment very seriously. We have a multi-vendor strategy for network equipment. We are nonetheless reassessing our procurement strategy,” Telekom said on Tuesday.

Bloomberg, citing an in上海夜网ternal assessment, on Tuesday reported that Deutsche Telekom feared Europe could fall behind in the race to install the next generation of wireless networks if governments ban Huawei.

Tensions between the U.S. authorities and Huawei increased after the Justice Department announced criminal charges agains,上海夜网Lark,t the company and its chief financial officer.

Huawei, once a smaller rival of Nordic firms Nokia and Ericsson, is now a $93 billion global market leader in an industry where there is no U.S. champion.

The German government is debating whether to follow the United States and allies like Australia in restricting China’s Huawei Technologies from accessing its next-generation mobile networks on national-security grou,上海夜生活男人好去处Naia,nds.

Earlier this month, Washington lawmakers introduced bills seeking to ban the sale of U.S. chips or other components to Huawei, ZTE Co,上海夜生活怎么玩Fabiana,rp or other Chinese telecommunications companies that violate U.S. sanctions or export control laws.

Exclusive: U.S. voices concern as India’s e-commerce restrictions…

NEW DELHI/NEW YORK ( ) – The United States government is concerned about India’s revised e-commerce regulations and has told officials in New Delhi the policy will hinder the Indian investment plans of Amazon.com and Walmart Inc, three sources familiar with the talks told .

The tussle marks the latest in a number of U.S. protests over Indian government policies which impact American companies and comes at a time when the two countries are trying to iron out other trade irritants. In 2017, the U.S. lodged a written protest against India’s decision to cap medical device prices, which upset American companies.

India’s e-commerce investment rules, which kick in from Feb. 1, ban companies from selling products via firms in which they have an equity interest and also bar them from making deals with sellers to sell exclusively on their platforms.

The policy has dealt a blow to Walmart, which just last year invested $16 billion in buying 77 percent of India’s Flipkart, and Amazon, as it would force them to change their business structures in the country and raise their operational costs.

“There is a very strong undercurrent as to how this should be made a bilateral issue,” said a Washington-based industry source aware of the companies’ thinking.

“This has gone way beyond being a local (India) tussle.”

A U.S. government official earlier this month told Indian officials to protect Walmart and Flipkart’s investments in the country, an Indian trade ministry official told .

The U.S. government cited “good relations” between the two countries and stressed that American companies should be given concessions in the larger interest of bilateral trade, but India gave a “non-committal” response, the source added.

But Indian Prime Minister Narendra Modi is unlikely to delay the revised rules or amend them in any meaningful way as he is seeking the support of the tens of millions of small retailers and traders in India ahead of a general election that must be held by May. The small firms see Walmart and Amazon as a threat to their businesses.

An Indian industry source said Walmart, Amazon and lobbying groups were coordinating efforts with the Office of the United States Trade Representative (USTR) and the local embassy to express their discontent about the policy.

The USTR did not respond to a request for comment. The U.S. Embassy in New Delhi, and Indian trade ministry spokeswoman Monideepa Mukherjee, declined to comment.

Asked about the Indian policy’s implications, Walmart spokesman Greg Hitt said: “We certainly, as you would expect, have engaged the (United States) administration on this issue.” He declined to share further details.

Amazon India said it was committed to complying with local laws but it needed “adequate time to understand” the policy.


Amazon and Walmart have both made bold bets to tap India’s booming e-commerce market, which Morgan Stanley had estimated, before the latest government move would grow 30 percent a year to $200 billion in the 10 years up to 2027.

The companies have targeted a growing population of tech-savvy shoppers in India, luring them with deep discounts on everything from dishwashers to smartphones.

India’s small traders and shopkeepers had for years complained that e-commerce companies were engaging in predatory pricing and hurting the businesses of brick-and-mortar retailers.

They alleged that the online retailers used their control over inventory from their affiliates to create an unfair marketplace that allowed them t,上海夜生活去哪玩Queena,o sell some products at lower prices. Such arrangements would be barred under the new policy.

“We are disappointed more than surprised. It makes it harder to plan things,” a U.S.-based Walmart source told .

“It is a serious issue. We are doing our best to work with Indian authorities and trying to explain why this is bad for business.”

The Confederation of All India ,上海夜网千花Rachel,Traders, which has supported tougher scrutiny of large e-commerce players, said the companies were acting “desperate” by pressurizing the Indian government.

“Any deferment or change (in the policy) will adversely affect millions of small businesses,” said the group’s secretary general, Praveen Khandelwal.


Both Walmart-owned Flipkart上海夜生活论坛 and Amazon have requested the government to delay implementation of the policy, but India is unlikely to relent.

Indian officials have told no relief was likely as the policy was seen helping the small trader community, who form a critical voter base for Modi.

“The idea is just to win over the trading community ahead of elections and on that point the government will not budge from the deadline,” a second Indian trade ministry official said.

At stake are big ticket investments. When Walmart bought Flipkart last year, it said the decision underscored its “long-term commitment to India”.

Amazon has committed to investing $5.5 billion in the country and Modi has in recent years met its founder Jeff Bezos multiple times. In 2017, Bezos said he was “excited to keep investing and growing” in the country.

That investment climate has turned sour with sudden policy changes. Prasanto Roy, a New Delhi-based consultant who closely tracks India’s technology policy landscape, said the government should provide stable policies to attract investment.

“You can’t change policies overnight without consultation and tell companies who have invested billions to go fly a kite,” Roy said.

Caterpillar and Nvidia warnings send Wall Street tumbling

( ) – U.S. stocks tumbled on Monday after warnings from Caterpillar Inc and Nvidia Corp added to concerns about a slowing Chinese economy and tariffs taking a bite out of U.S. corporate profits.

Shares of Caterpillar, the world’s largest heavy equipment maker, fell 9.13 percent and had their worst day since 2011 after the company’s quarterly profit widely missed Wall Street estimates, hit by softening demand in China and higher manufacturing and freight costs.

Caterpillar’s drop accounted for nearly a third of the Dow’s fall, and the S&P industrial index dropped 1.0 percent.

Nvidia tumbled 13.82 percent after the chipmaker cut its fourth-quarter revenue estimate by half a billion dollars on weak demand for its gaming chips in China and lower-than-expected data center sales.

The Philadelphia semiconductor index slumped 2.09 percent, while the S&P technology index dropped 1.40 percent.

“People had some optimism last week on earnings when numbers were pretty good, and today it’s clearly gone the other way. China is such a big part of so many companies’ earnings picture,” said Rick Meckler, a partner at Cherry Lane Investments, a family investment office in New Vernon, New Jersey.

Also hurting global investor sentiment, China data showed earnings at industrial companies shrank for a second straight month in December, hit by slowing prices and weak factory activity amid a protracted trade war with the United States.

As signs of a slowdown in the world’s second-largest economy become stark, investors are pinning their hopes for a compromise between Washington and Beijing on trade when officials meet on Wednesday and Thursday.

“With the Chinese economy struggling the way it is and with companies feeling the impact, the U.S. is also starting to realize that there is enough motivation to get a deal done. It’s just a question of when,” said Ryan Nauman, market strategist at Informa Financial Intelligence in Zephyr Cove, Nevada.

Although earnings have largely surpassed Wall,上海夜生活网交流Hadleigh, Street’s expectations, helping the S&P 500 climb about 12 percent from its December lows, worries about slowing global growth have tempered expectations.

With Wall Street in the thick of quarterly results this week, 72.6 percent of companies that have already reported have exceeded profit estimates, according t,上海夜网官方网站Sabine,o IBES data from Refinitiv.

Since the reporting season began two weeks ago, analysts’ estimates for fourth-quarter profit growth have stayed steady at ,上海021夜网Kailani,about 14 percent, but expectations for 2019 earnings growth have dro上海夜生活网pped to 5.6 percent from 6.3 percent.

The Dow Jones Industrial Average declined 0.84 percent to end at 24,528.22 points, while the S&P 500 lost 0.78 percent to 2,643.85.

The Nasdaq Composite dropped 1.11 percent to 7,085.69.

Nine of the 11 major S&P sector indexes fell. Amazon.com Inc and Microsoft Corp each dropped nearly 2 percent, while Apple shares declined almost 1 percent, dragging down the S&P 500 and the Nasdaq. All three are set to report later this week.

The S&P energy index dropped 1.03 percent as oil prices fell after U.S. companies added rigs for the first time this year, a signal that crude output may rise further. [O/R]

Amgen Inc fell 3.43 percent, weighing the most on the Nasdaq Biotech index, after Evercore ISI downgraded its stock, citing heightened competition for its arthritis drug.

Declining issues outnumbered advancing ones on the NYSE by a 1.82-to-1 ratio; on Nasdaq, a 2.11-to-1 ratio favored decliners.

The S&P 500 posted seven new 52-week highs and one new low; the Nasdaq Composite recorded 29 new highs and 29 new lows.

Volume on U.S. exchanges was 7.3 billion shares, compared with the 7.7 billion-share average over the last 20 trading days.

Fitch says PG&E’s bankruptcy will not hurt California’s credit rating

( ) – Fitch Ratings said on Thursday power company PG&E Corp’s (PCG.N) planned bankruptcy will not上海夜生活论坛 at this point hurt the credit quality of California.

The credit ratings agency, however, said the state’s wildfires and the inverse condemnation rule will remain a long-term risk for the publicly-owned utilities.

Inverse condemnation is an old California rule that exposes the state’s utilities to liabilities from wildfires regardless of their negligence, as long as their equipment is involved.

Earlier in the day, shareholder BlueMountain Capital Management LLC said the U.S. power company’s decision to file for bankruptcy was unnecessary.

BlueMountain said nearly two months after the Camp Fire around 18 Wall Street analysts had found the company solvent with a consensus equity valuation of $20 billion.

“At the very least, the board should wait to take its case to shareholders at the upcoming annua,上海夜生活群Earl,l meeting,” the asset manager said in a letter to PG&E’s board. The company’s shareholders are scheduled to meet on May 22.

Earlier this week, the biggest U.S. power utility by customers said it was prepa,上海夜生活去哪玩Dalton,ring for Chapter 11 bankruptcy,上海夜生活论坛Caden, protection as soon as this month amid pressure from potentially crushing liabilities linked to California’s catastrophic wildfires in 2017 and 2018.

“We expect this (bankruptcy) process will assure access to the financial resources necessary to support the safe and reliable gas and electric services our customers need,” the company said in an emailed statement on Thursday.

BlueMountain said the utility should consider asset sales or alternative financing, if needed.

The asset manager held a 0.8 percent stake in PG&E, as of Sept. 30, according to Eikon data from Refinitiv.

PG&E’s shares, which have slumped more than 52 percent this week, closed down about 10 percent at $6.36 on Thursday.

J&J, U.S. states settle hip implant claims for $120 million

( ) – Johnson & Johnson and its DePuy Orthopaedic上海夜网s unit have agreed to pay $120 million to resolve deceptive marketing claims by several U.S. states over the company’s metal-on-metal hip implants.

Attorneys general of 46 U.S. states announced the settlement agreement in statements on Tuesday. They alleged DePuy engaged in unfair and deceptive practices in the promotion of its ASR XL and Pinnacle Ultamet hip implant devices.

DePuy in a statement said the settlement involv,上海夜哪里艳遇Ida,es no admission of liability or misconduct on the part of the companies.

“DePuy Synthes remains committed to meeting the current and future needs of orthopedic surgeons and patients,” the company said.

The states claimed J&J made misleading claims about the longevity of its metal-on-metal hip implants, with patients frequently having to undergo a revision surgery before the com,上海夜生活Jack,pany’s advertised timeframe of five years.

Under Tuesday’s settlement agreement, DePuy is required to maintain a post-market surveillance program and update procedures to track complaints over the hip implants, according to a statement by New York Attorney General Letitia James.

DePuy in 2010 announced a worldwide voluntary recall of 93,000 of its ASR hip implant systems, saying that 12 percent of them failed within five years. Saying it would pay at least $2.47 billion, the company has since settled thousands of lawsuits by patients who had to have the ASR implant removed.

In 2013, DePuy ceased selling the Pinnacle devices after the U.S. Food and Drug Administration strengthened its artificial hip regulations.

Metal-on-metal hip implants have also come under scrutiny over allegations that the products cause a build-up of metal ions in the blood, causing groin pain, allergic reactions, bone erosion and tissue death.

The company faces some 10,400,上海凤楼夜网Barrett, lawsuits in the United States over its Pinnacle device in connection with those claims.

J&J denies consumer claims related to its Pinnacle products, saying the company acted appropriately and responsibly in the development, testing, and marketing of the devices.

Written by shyw on December 18, 2018 Categories: zowywagu Tags: , , ,

L’Oreal hoards cosmetics in Britain as Brexit looms

PARIS ( ) – France’s L’Oreal (OREP.PA), whose beauty brands range from Lancome creams to Maybelline make-up, is stocking up cosmetics in Britain as part its preparations for Britain leaving the European Union, its chief executive said.

The company is processing the paperwork needed to smooth truck deliveries of it,上海仙霞路夜生活Kai,s products between France and Britain in the event the United Kingdom leaves the European Union without a negotiated deal, boss Jean-Paul Agon added.

“We’re preparing for all scenarios,” Agon told on the sidelines of a media event late on Thursday.

He said that a no-deal Brexit would not have a major impact on the group, however, with Britain accounting for roughly 3 percent of sales, though it was also bulking up stocks in the United Kingdom, where it no longer has a manufacturing base.

Companies in Britain and elsewhere are ratchetin,上海夜生活服务Radcliff,g up preparations in the event of a chaotic Brexit in March, after a transition deal agreed by Prime Minister Theresa May with Brussels was rejected by UK MPs.

Firms from British fashion brand Bur,上海夜生活去哪玩Hal,berry (BRBY.L) to U.S. automaker Ford (F.N) have this week flagged they could face hefty bills in such a scenario if trade tariffs rose as a result, while supply chains would also be disrupted.

The French government is also preparing for the worst and a possible “no-deal”, Finance Minister Bruno Le Maire said on Friday. A contingency plan involving 50 million euros (43 million pounds) of extra French investment in ports and airports to help them cope with an abrupt UK exit from the EU is already in motion.

L’Oreal makes the bulk of its sales in emerging markets, and particularly Asia, with Chinese demand for its high-end skincare treatments in particular driving growth in recent years.

Agon told analysts in July that the UK market was “not in great shape”, with tourist spending down ver上海夜生活网sus the year before on high-end products, and due to more muted consumer sentiment which he attributed to Brexit.

L’Oreal is due to report full year results on Feb. 7.

Weak Intel outlook stokes fears of a chip slowdown

( ) – Intel Corp forecast current-quarter revenue and profit below analysts’ estimates and missed fourth-quarter sales estimates on Thursday, hit by a slowdown in China and sluggish demand for its data center and modem chips.

The company’s shares fell 6.7 percent in extended trading as the news further stoked fears of an industry slowdown after sales warnings from Apple Inc, Samsung Electronics Co Ltd and ,夜上海论坛Kai,Taiwan Semiconductor Co Ltd earlier this month pointed to stagnating smartphone demand and a cooling Chinese economy.

Those fears had lifted briefly earlier this week with better-than-expected quarterly results from Texas Instruments Inc, Xilinx Inc and Lam Research Corp. But after Intel’s report on Thursday, shares of smaller rival Advanced Micro Devices, which reports results next Tuesday and Nvidia Corp fell.

Intel said weaker demand from China hurt the company’s data center chip business, which has driven growth in recent years as PC sales have slowed and cloud-based services have become more popular.

In an interview, Intel Interim Chief Executive Bob Swan said data center providers tend to make large purchases in spurts and then spend time “digesting” the chips as they build out their centers.

Sales in China fell because some buyers there – especially cloud computing vendors – seem to have bought chips earlier than usual last year because of fears about U.S.-China trade tensions, Swan said. U.S. cloud computing vendors continued their usu,上海夜网后花园Sabia,al buying patterns throughout the year, he added.

“I do believe there was earlier buying (among Chinese cloud customers) for server-type products in the course of the second and third quarter of last year,” Swan said. “But overall I would say … the prospects and the health of the industry are as bright as they’ve ever been. We’re just in a digesting period.”

That digestion period could last until the second half this year, when Intel’s management said it expects data center growth to pick up again. “We see the cloud companies as focusing on optimizing the data centers that have been deployed,” Stifel analyst Kevin Cassidy told .

For years, Intel had been insulated from swings in Apple’s iPhone supply chain because it was not a major supplier. But it was the sole provider in 2018 of iPhone modems, which connect phones to wireless data networks, and earlier this month, Apple cut its revenue forecast, citing weak demand in China.

Swan said Intel’s modem business grew by 60 percent over last year but still came in about $200 million below target. The modem unit had “fantastic growth, but weaker than we expected, and as a result that impacted our revenues for the quarter,” Swan said.

Intel forecast first-quarter revenue of $16 billion and adjusted earnings of 87 cents per share. An上海夜生活alysts on average were expecting revenue of $17.35 billion and a profit of $1.01 per share, according to IBES data fro,上海夜生活桑拿会所Cade,m Refinitiv.

“The macro environment does not look good at the moment and if it gets worse, Intel could see a further downside to its outlook,” said Kinngai Chan, an analyst with Summit Insights Group.

Intel’s search for a permanent CEO has lasted six months. Last June, then-CEO Brian Krzanich resigned after a probe of a relationship with another Intel employee.

“I am convinced the board will close on a new CEO in the near future, and I believe the management team, myself and the 107,000 employees will rally behind him or her to take this company as a whole new level,” Swan said on a conference call with investors. “In the meantime, we will not be distracted by the void.”

Fourth-quarter revenue in the higher-margin data center business came in at $6.07 billion, below expectations of $6.35 billion, according to financial and data analytics firm FactSet.

Revenue in the client computing business, which includes sales to PC makers was $9.82 billion, missing FactSet estimates of $10.01 billion.

Intel reported bit.ly/2FN4ac0 net income of $5.20 billion, or $1.12 per share, for the fourth quarter ended Dec. 29, compared with a loss of $687 million, or 15 cents per share, a year earlier.

Net revenue rose to $18.66 billion from $17.05 billion, but missed estimates of $19.01 billion.

Excluding items, the company earned $1.28 per share, above expectations of $1.22.

Exclusive: BlackRock, Goldman to move some fund managers to U.S. if…

LONDON ( ) – BlackRock and Goldman Sachs Asset Management both plan to temporarily move some British-based fund managers to New York in the event of a no-deal Brexit, two sources told .

The portfolio managers would eventually be transferred to mainland Europe to handle c上海夜网lient accounts there once Britain and the European Union agreed a regulatory framework, they added.

But neither of the firms, who together employ more than 10,000 people in London, expe,夜上海419龙凤论坛Hadley,cts a chaotic exit that would force them to carry out the emergency relocation, the sources said.

A spokeswoman for BlackRock, which is the world’s biggest asset manager and manages around $6.3 trillion, declined to comment on the plan but in an emailed response to said:

“BlackRock maintains extensive regulatory licenses and permissions across Europe and globally to ensure it can continue to serve its clients post-Brexit.”

To avert such moves, the European Securities and Markets Authority (ESMA) is in talks with Britain’s Financial Conduct Authority (FCA) on agreements which would oversee cross-border asset activity and managers.

The U.S. makes sense as a temporary base for Goldman and BlackRock as Europe has cooperation agreements with U.S. regulators, so managers could handle European clients’ accounts from there until ESMA and the FCA have theirs.

“By pulling the UK out of Europe, there’s potentially a regulatory hole because the UK doesn’t have a cooperation and information sharing agreement with each EU country,” said Neil Robson, regulatory partner at law firm Katten Muchin Rosenman.

An ESMA spokesman said it expects to have agreements in place before the end of March. If not, BlackRock will move around 10 equity portfolio managers to New York, one source said, adding they would later move to the euro zone.

Goldman’s asset management business GSAM, with 50 managers in London, has plans to send “a handful” to the U.S. financial capital until a framework is in place, the second source said, adding they too would eventually relocate to the euro zone.

GSAM has picked Dublin as a center for administrative staff when it no longer has access to the single market from London following Brexit. reut.rs/2QUGhAr

“We continue to monitor the situation and are prepared to serve clients whatever the outcome,” a GSAM spokesman said.

It is not known whether other big U.S. asset managers are drawing up similar plan,上海夜生活网交流Falkner,s and State Street, Fidelity Investments and Northern Trust all declined to comment.


Although concerns about a chaotic no-deal exit have eased since the defeat of Prime Minister Theresa May’s draft plan in Parliament on Tuesday, the contingency plans highlight efforts by money managers to avoid major disruption before the March 29 deadline for Britain to leave the EU.

For BlackRock, the strategy expands on plans announced in October in which it said “only very few” roles would be moved from London as a result of Brexit.

Although London-based asset managers already operate funds listed in Luxembourg and Dublin, holding more than a trillion euros of assets for customers across the bloc, they would not be able to continue operating as they do now post-Brexit.

“Until such time as the UK has that agreement in place with each of the EU 27 member states or with ESMA on behalf of all of them, UK managers,上海夜网推油Octava, would find it difficult to conduct marketing of their funds in such countries,” Robson said.

Adam Jacobs-Dean, managing director, global head of markets regulation at the Alternative Investment Management Association (AIMA) in London, said most of its member firms are working on the assumption that new agreements will be in place in time.

“It’s an extreme scenario. Hopefully soon we’ll see agreements being finalised and this falls away in terms of Brexit planning.”

Factbox: Five facts about ex-Trump security aide Michael Flynn

( ) – Michael Flynn, President Donald Trump’s first U.S. national security adviser, pleaded guilty on Friday to lying to the Federal Bureau of Investigation about his contacts with Russia’s U.S. ambassador.

Here are five facts about Flynn:

Flynn was national security adviser for just 24 days, from Jan. 20, when Trump took office, to Feb. 13. Flynn was fired following disclosures that he had discussed U.S. sanctions on Russia with Sergey Kislyak, Moscow’s U.S. ambassador, and misled Vice President Mike Pence about the conversations.

On Feb. 14, Trump asked then-FBI Director James Comey in an Oval Office meeting to end the agency’s investigation into ties between Flynn and Russia, according to news media reports. Trump, who fired Comey on May 9, later denied making such a request.

Trump had named the former Army lieutenant general to the national security post despite red flags about Flynn’s Russian contacts and advocacy for warmer U.S. relations with Moscow, which has been under U.S. economic sanctions for years. Outgoing President Barack Obama had warned Trump not to,上海夜生活去哪玩Tallulah,上海夜生活 hire Flynn, who had been fired by the Democratic president in 2014.

Flynn was an early and vociferous Trump supporter during the New York businessman’s 2016 White House run. He made vitriolic appearances on the campaign trail, notably leading the Republican National Convention in chants of “Lock her up,” referring to Trump’s Democratic ri,上海夜网推油Kai,val, former Secretary of State Hillary Clinton.

In addition to Flynn’s contacts with Russia, Special Counsel Robert Mueller’s investigation of possible ties between the Trump election campaign and Moscow has expa,上海夜玩网论坛Hadleigh,nded its probe to include Flynn’s paid work as a lobbyist for a Turkish businessman in 2016, people with knowledge of the inquiry have told .

France warns against ‘exorbitant’ payoff for ex-Renault boss Ghosn

PARIS ( ) – France’s finance minister said on Sunday a severance package for former Renault chief Carlos Ghosn, forced to resign in a financial scandal, should not be “exorbitant” and that the French state would follow the matter closely.

Renault, which this week appointed a chairman and chief executive tandem to replace Ghosn, has yet to finalize its former boss’ severance package, a potentially explosive issue in France where the government is facing protests over low pay and inequality.

“No one would understand if the severance pay of Carlos Ghosn were exorbitant,” Bruno Le Maire told France Inter radio.

“We are going to be extremely vigilant.”

The French state is Renault’s largest shareholder, with a stake of around 15 percent, and holds two board seats.

Ghosn resigned from his Renault role last week under pressure from the French government following his arrest in Japan in November and indictment there for financial misconduct. He denies any wrongdoing.

The scandal has strained Renault’s alliance with Japan’s Nissan, an industrial partnership Ghosn built into a global carmaking giant over two decades.

France’s CGT union has estimated Gh上海夜生活网osn’s severance package is worth 25-28 million euros ($28-32 million), in addition to an annual pension of 800,000 euros.

Le Maire declined to say what he thought would be an acceptable pay-off for Ghosn, but said the government had previously succeeded in getting Ghosn’s 2018 pay package reduced by 30 percent from his 2017 total of 7.4 million euros.

Related CoverageMacron says concerned about conditions of Ghosn’s detention in Japan

The finance minister also said he would propose in the coming months legislation to require bosses of large companies base,上海021夜网Octava,d in France to make the country their tax domicile.

The changes would target in particular big firms listed on the CAC-40 and SBF-120 indexes on the Paris sto,上海夜哪里艳遇Cain,ck market, along with groups in which the state has a holding, Le Maire said.

The legislation would include sanctions,上海凤楼夜网Gabriella, for company chiefs that breached the rule, he added.

Lockheed sees potential exports of 200 F-16 jets from proposed…

NEW DELHI ( ) – Lockheed Martin (LMT.N) sees a potential export ma,上海夜生活乌托邦Naia,rket of more than $20 billion for its F-16 fighter aircraft from an assembly line in India it has offered to set up in order to win a large Indian military order, a top executive said.

The U.S. defense firm is competing with Boeing’s (BA.N) F/A-18, Saab’s (SAABb.ST) Gripen, Dassault Aviation’s (AVMD.PA) Rafale, the Eurofighter Typhoon and a Russian aircraft to supply the Indian air force with 114 combat planes in a deal estimated to be worth more than $15 billion.

Lockheed Martin has offered to shift its F-16 production line from the United States to India, potentially the biggest bo上海夜生活网ost for Prime Minister Narendra Modi’s Make-in-India project to create a defense industrial base and generate jobs for the thousands of youth entering the workforce each month.

Vivek Lall, the vice president of strategy and business development at Lockheed, told that the firm would make India the sole global production center for the F-16 that would meet the requirements for the Indian military but also overseas markets.

“We see current demand outside of India of more,上海夜生活网419Cadence, than 200 aircraft. The value of those initial acquisition programs would likely exceed $20 billion,” Lall said.

Bahrain and Slovakia had picked the F-16 Block 70 that had been offered to India, he said. “We are in discussions with Bulgaria, several other countries, 10 countries. There is a kind of a renaissance of the F-16.”

India’s defense ministry is expected to issue an expression of interest over the next several months, followed by a request for proposals in a long, drawn out process for the air force contract.

India’s military has said it wants 42 squadrons of jets, around 750 aircraft, to defend against a two pronged attack from China and Pakistan. But with old Russian jets like the MiG-21, first used in the 1960s, retiring soon, it could end up with only 22 squadrons by 2032, officials have warned.

Lall said the plan to relocate the F-16 plant which was originally in Fort Worth, Texas, will not undermine U.S. President Donald Trump’s signature goal of moving manufacturing back to America.

The plant in Texas is being used to produce the fifth generation F-35 Joint Strike Fighter that the United States Air Force is transitioning to.

Lall said there would still be work done out of the United States even if production of the F-16 moves to India and that Make in India and Trump’s Make America Great Again were not at cross purposes.

“I think they complementary. The U.S. has a certain amount engineering and strength that will continue as long as the product is there, that will continue even when production moves.”

Lockheed has picked Tata Advanced Systems as its Indian partner,上海夜生活去哪玩Jace, for the proposed F-16 plant and last year it announced that their joint venture will produce wings for the aircraft in India, regardless of whether it wins the Indian military order.

Audemars Piguet and Swiss watch rivals hasten shift to in-house sales

GENEVA ( ) – Swiss watchmakers Audemars Piguet and Richard Mille are snapping up stakes in their franchised shops, seeking to tighten their grip on the sales network as a growing number of top brands ditch wholesalers.

Changes to distribution for luxury watches have lagged sectors such as groceries or fashion, with eye-watering price tags seen as a barrier to buying online and favoring a more traditional sales approach.

But trouble clearing excess inventory at multi-brand watch retailers, and the lure of better margins, is persuading some labels to cut their reliance on the third-party resellers that still account for around 75 percent of industry sales, according to analysts.

Family-owned Audemars Piguet, which has said it aimed to have only monobrand stores in three to five years’ time, is also investing in some of the around 30 franchises that already carry its name.

Out of a total 200 points of sale, it has 60 monobrand outlets but only 25 are fully-owned for now. The company is taking a majority stake in a Los Angeles franchise in an example of efforts to better control its image, Chief Executive Francois-Henry Bennahmias told .

“Between our stores in Rome and New York City a client could hear slightly different narratives, and we can’t afford that,” Bennahmias said at the SIHH trade fair in Geneva this week.


The shift in-house is not universal, with giants like privately-owned Rolex and Patek Philippe staying the course with multi-brands.

For their part, some smaller independent brands simply cannot afford the higher fixed cost and ensuing risk attached to monobrand stores.

But Richemont (CFR.S), owner of the Cartier and IWC brands, is among those moving more stores in-house at some of its labels. Sixty-three percent of its revenue comes from its own shops, up from 42 percent a decade ago.

Audemars said its strategy was boosting sales. These grew 10 percent last year to 1.1 billion Swiss francs ($1.11 billion) – with half coming now from monobrand stores.

“It’s huge. It’s the point of no return,” Bennahmias said.

Ultra high-end Richard Mille, with average prices of around 180,000 euros ($205,236), already derives 75 percent of sales from its 40 monobrand boutiques, many of which are franchises it has invested in, marketing director Tim Malachard said.

Launched in 2001, the label aimed to eventually phase multi-brand retailers out – it sells via 44 now – and reach 50 to 55 single-brand stores, he added.

“It allows us to get to know our clients. And there is no discounting,” Malachard said.


The industry is still reeling from a downturn, after a crackdown on luxury gift giving in China and the collapse of Hong Kong’s market that has taken time to recover.

That pushed brands like Cartier into buying back stocks languishing at distributors in recent years, to stop them being dumped at discounted prices on the so-called “gray,上海夜网官方网站Hadley,” market.

While momentum has recovered – in spite of renewed concerns about a Chinese slowdown – firms are also tussling over how to attract younger consumers who grew up using smartphones rather than watches.

“Clients want to buy watches but they also want an experience,” said Ricardo Guadalupe, CEO of LVMH’s (LVMH.PA) Hublot. It is cutting back on wholesalers too, though it expects them to still make up half of sales in the long term.

“The multi-brand retailers that used to stock 50 labels are disappearing little by little, only the big players will be left,” Guadalupe said.

For some small watchmakers, however, solo stores are an unaffordable gambit.

“Smaller independent brands cannot do without wholesale distributors,” said Marco Tedeschi, CEO of Switzerland’s RJ, which plans to produce 1,200 pieces this year, including some themed around Batman villains.

RJ is however switching to distributors stocking fewer brands, which might do more to help promote its watches, Tedeschi added.

MB&F, which makes 250 of its futuristic timepieces a year, now reaps up to a quarter of sales through a handful of art gallery joint ventures, from Geneva to Dubai – providing it with,上海晚上耍女人的地方Jack, another way o,上海夜生活网交流Eden,f reaching customers, said communications head Charris Yadigaroglou.

“Not all of the re上海夜生活tailers will survive,” he added.