上海夜生活,上海夜生活网,上海夜网论坛 - Powered by June 2019

UBS sets gloomy tone for Europe’s banks

ZURICH ( ) – UBS (UBSG.S) warned of a tough start to 2019, after reporting an outflow of funds from its flagship wealth management business at the end of last year, sending a shiver through the European banking sector.

Shares in Switzerland’s biggest bank fell 4 percent on Tuesday after its fourth quarter earnings fell short of analyst expectations, with the bank blaming geopolitical tensions and trade disputes for the underperformance.

UBS is the first major European bank to report fourt,上海夜生活男人好去处Earl,h quarter earnings, and shares in rivals Credit Suisse (CSGN.S) and Deutsche Bank (DBKGn.DE) fell as investors fretted over similar news from them next month.

UBS’s pivot to focus more on managing money for the world’s rich and less on volatile areas of investment banking over the past six years or so had made it one of the most stable performers among large European banks.

But the fall in earnings shows its private banking business is not immune to market swings, with much of its earnings dependent on clients’ w,上海夜网千花Talon,illingness to invest.

“Of course in the current environment when you see trading in investment banking perform less, you see wealth management also having its issues with money and net new money figures,” Chairman Axel Weber said in an interview on Bloomberg TV, “but by and large this,上海凤楼夜网Landon, is a stable fee-earning business.”

Overall, UBS generated $862 million in fourth-quarter pre-tax earnings, missing analyst expectations for $985 million in the consensus provided by the bank.

The Zurich-based lender, which manages more than $2 trillion of the world’s wealth, posted a 22 percent dip in fourth-quarter adjusted pre-tax earnings in wealth management as clients reduced risk in their portfolios, traded less and built up their cash positions.

The unit saw $7.9 billion in net new money outflows, a closely watched metric of future earnings.

Chief Executive Sergio Ermotti said UBS should be able to get back to bringing in fresh money, with the bank reaffirming targets to grow wealth management’s pre-tax profit at the upper end of a 10-15 percent target over 2019-2021.

Ermotti said in October he had no doubt the bank could deliver superior and sustainable shareholder value, regardless of market conditions, but on Tuesday acknowledged its path to hitting its return on capital and cost-income targets for the year had become “steeper”.

The investment bank also had a torrid quarter with a fall in earnings in its trading, capital markets and advisory businesses.

Related CoverageUBS CEO says succession ‘years away’UBS won’t take lead in consolidating European bank sector: Weber

In equities, usually an area of strength, UBS posted a 13 percent drop in earnings from a year earlier, bucking the trend seen at U.S. banks last week which largely had a strong quarter for stock market trading.

The bank proposed a dividend of 0.70 Swiss francs for 2018, up from 0.65 Swiss francs the prior year, and said it aimed to buy back up to $上海夜生活网1 billion in shares in 2019.

($1 = 0.9976 Swiss francs)

U.S. top court takes up Republican challenge to Maryland electoral…

WASHINGTON ( ) – The U.S. Supreme Court on Friday added a second case to its docket on a contentious issue that could have major consequences for American elections, agreeing to decide whether Democratic lawmakers in Maryland unlawfully drew a congressional district in a way that would prevent a Republican candidate from winning.

The court’s agreement to take up an appeal by Republican voters in Maryland regarding the U.S. House of Representatives district came two months after the justices heard arguments in a high-profile challenge by Democratic voters to Republican-drawn state legislative districts in Wisconsin.

Both cases target a practice known as partisan gerrymandering that aims to entrench one party in power and that critics have called a distortion of the democratic process. The justices have not yet issued a ruling in the Wisconsin case.

Each case presents a different legal theory as to why limits should be placed on partisan gerrymandering, and the court’s decision to take up a second case on the is,上海夜生活男人好去处Hallie,sue hints that at least some of the nine justices are seriously considering cracking down on it.

Gerrymandering, a practice dating back two centuries in American politics, involves manipulating boundaries of legislative districts to benefit one party and diminish another. Legislative districts around the United States are redrawn every decade after the national census to reflect population changes. The “redistricting” in most states is done by the party in power though some states assign the task to independent commissions.

The Supreme Court for decades has been willing to invalidate state electoral maps on the grounds of racial discrimination but never those drawn simply for partisan advantage.

In the Maryland case, the Republican voters targeting the Democratic-drawn electoral map appealed a 2-1 ruling in August by a panel of three federal judges sitting in Baltimore rejecting their challenge.

Maryland’s sixth congressional district, the focus of the case, was previously held by a Republican and now is held by Democrat John Delaney.

When the Supreme Court heard arguments in the Wisconsin case on Oct. 3, the justices appeared closely divided, with conservative Justice Anthony Kennedy likely to cast the deciding vote.

The Republican challengers in Maryland take aim at a single electoral district, not the whole state as in the Wisconsin case. They argue that the district should be struck down because it was drawn by Democrats as a form of retaliation on the basis of past party affiliation based on the Constituti,上海夜网推油Falkner,on’s guaranteed rights of free association and free speech.

The challengers in the Wisconsin case argued that the Republican electoral map violated Democratic voters’ rights to equal protection under the law as well as free speech and association.

In the Wisconsin case, the legal argument advanced by the Democratic challengers was that an electoral map would be unlawful if the intent was to discriminate against minority party voters, the map had a sizable effect in accomplishing that goal and that there was no other justification for the map.

The theory was based in part on measuring the number of “wasted” votes in each district cast for a losing candidate and comparing each party’s total wasted votes on a statewide basis. The上海夜生活论坛 results, plain,上海021夜网Dallas,tiffs said, show whether one party’s votes are more likely to be wasted than the other party’s, which would show evidence of unconstitutional extreme partisan gerrymandering.

Factbox: Republicans to keep an eye on as Senate nears vote on tax…

WASHINGTON ( ) – Republicans in the U.S. Congress reached a deal this week on a final version of their debt-financed legislation to cut taxes for businesses and wealthy Americans, with House and Senate votes expected early next week.

Republicans control both chambers but have only a 52-to-48 Senate majority, meaning they can lose no mo,上海夜网后花园Macauly,re than two votes and still pass their tax bill, which Democrats oppose.

The following are the Republican lawmakers to watch:


The Florida senator and former presidential contender said on Thursday he will vote against the tax plan if its proposed refundable amount for the child tax credit is not increased.

Rubio told reporters that tax negotiators have made many changes to the legislation, including lowering the top rate paid by wealthy individuals.

“My concern is that if you found the money to lower the top rate … you can’t find a little bit to at least somewhat increase the refundable portion of it?” Rubio asked.


The Utah senator also is unhappy with the legislation’s child tax credit approach and “undecided” on whether he will vote for the measure if there are no changes, his spokesman has told .

Lee and Rubio are in negotiations aimed at making more of the tax credit refundable so more low-income families can benefit from it, his office said on Thursday.


The Maine moderate has said she cannot say whether she will be supportive “until I see the bill.”

Republican leaders persuaded Collins’ to support the Senate’s version of the bill earlier this month by promising to take up two healthcare provisions before the end of the year that would help mitigate her concerns about repealing Obamacare’s “individual mandate.”

Republican tax writers also included amendments offered by Collins to woo her support. One preserves the deductibility of property-tax payments at a cap of $10,000. The final bill goes further by preserving the 上海夜网same deduction fo,上海夜网官方网站Radley,r state and local income-tax payments.


Corker, a deficit hawk from Tennessee, stalled momentum on the Senate tax bill earlier this month, then ended up voting against it due to its expansion of the federal deficit.

Nonpartisan government estimates have shown the Republican tax bill will expand the deficit by about $1.5 trillion in a decade, or $1 trillion after accounting for economic growth.

Corker has said this week of the compromise bill: “My deficit concerns have not been alleviated.”


The Arizona conservative voted for the Senate tax bill earlier this month after announcing he had succeeded in eliminating an $85 billion expensing “budget gimmick.”

Flake also got a commitment from Senate leaders and the Trump administration to work on permanent protections for immigrants brought to the United States illegally as children.

Flake has not yet said whether he will support the compromise bill and was not specific about his hesitation in brief hallway remarks to reporters this week.


    The Arizona senator, war hero and former presidential nominee voted for the Senate bill but his office said this week he is undergoing treatment for side effects of cancer therapy at a military hospital outside Washington.

McCain, 81, missed non-tax votes this week. His office said he “looks forward to returning,上海夜生活男人好去处Gabe, to work as soon as possible.”


The Mississippi senator, who also voted for the Senate bill, was absent from Capitol Hill for nearly a month earlier this year and has missed votes in recent weeks. Cochran’s office said the 80-year-old senator is in Washington and expects to vote for tax legislation next week.


Vice President Mike Pence has delayed a planned trip to the Middle East in case his vote is needed to break a tie on the final tax bill. Pence has played the role of dealmaker during Senate negotiations, assuring both Collins and Flake their concerns about the legislation would be addressed.


Johnson endorsed the Senate bill after getting a 23 percent tax deduction for pass-through business income. The Wisconsin senator has said he is encouraged by the compromise bill, which has a 20 percent tax deduction for pass-through business income, and a lower top individual rate of 37 percent.

JPMorgan CEO: ‘No problem’ paying higher taxes if used properly

( ) – JPMorgan Chase Chief Executive Officer Jamie Dimon, who leads one of Wall Street’s biggest banks, said on Wednesday that the ultra-rich could afford to pay more taxes as a wider political debate rages over increasing taxes for the wealthy.

“I,上海夜网邀请码Tamara, believe that individuals earning the most can afford to pay more, and I have no problem paying higher taxes to address some of the fundamental challenges and inequities in our society,” Dimon said in a statement emailed by JPMorgan, in response to questions posed by reporters over the past week.

“However, we need to ensure that our tax dollars are going where they can be most effective – like expanding the earned income tax credit and other programs that support the people and communities who really need it,” Dimon added.

Dimon’s remarks come as senior Democrats prepare to write a fiscal blueprint this year that would cut annual budget deficits and possibly include tax hikes on corporations and the wealthy.

U.S. Representative Alexandria Ocasio-Cortez, part of a new crop ,上海凤楼夜网Pablo,of Democrats that swept into office this year on a stronger liberal platform, has advocated taxes as high as 70 percent on taxable earnings above $10 million. That represents a large increase over the current 37 percent, which kicks in at $500,000 for a single earner.

Meanwhile, Massachusetts Senator Elizabeth Warren, another Democrat and liberal firebrand who has taken on Wall Street, has proposed a tax on the accumulated wealth of the ultra-rich, through an annual payment of 2 p上海夜生活ercent of the value of net assets between $50 million and $1 billion and a 3 percent rate above that.

Dimon received $31 million in total pay for 2,上海夜网推油Nala,018, according to a regulatory filing by JPMorgan.

Upbeat bank earnings send Wall Street to one-month highs

NEW YORK ( ) – Wall Street’s major indexes hit one-month highs on Wednesday as strong earnings from Bank of America Corp (BAC.N) and Goldman Sachs Group Inc (GS.N) boosted investor sentiment.

Goldman Sachs shares surged 9.5 percent, providing the greatest boost to the Dow, after the bank reported quarterly revenue and earnings that topped estimates. The shares registered their biggest daily percentage gain in nearly 10 years.

Bank of America shares jumped 7.2 percent, leading the S&P 500 higher, after the bank reported a higher-than-expected quarterly profit on growth in its loan book. The shares posted their biggest one-day percentage gain in 6-1/2 years.

The two banks’ results drove a 2.2 percent gain in the S&P 500 financial index .SPSY, which was by far the biggest advan,上海夜生活群Oakley,cer among the S&P’s major sectors. The S&P banking subsector .SPXBK climbed 2.7 percent.

A strong start to the U.S. earnings season, along with trade optimism and hopes of a slower pace in the Federal Reserve’s interest-rate hikes, have helped S&P 500 recoup some of its losses from a recent rout. The index is now 10.7 percent away from its Sept. 20 record close after having fallen as much as 19.8 percent below that level.

“Overall, banks need a good economy and a properly sloped yield curve, and maybe we’re getting that,” said Kevin Caron, senior portfolio manager at Washington Crossing Advisors in Florham Park, New Jersey. “We’re starting to see that percolate into bank earnings.”

With Wednesday’s gains, the S&P 500 came within striking distance of its 50-day moving average, a key indicator of short-term trends, for the first time since Dec. 4. The Nasdaq crossed its 50-day moving average on Tuesday for the first time since Dec. 3.

The Dow Jones Industrial Average .DJI rose 141.57 points, or 0.59 percent, to 24,207.16, the S&P 500 .SPX gained 5.8 points, or 0.22 percent, to 2,616.1 and the Nasdaq Composite .IXIC added 10.86 points, or 0.15 percent, to 7,034.69.

Stocks slightly pared 上海夜生活网gains in the last half-hour of trading after the Wall Street Journal reported federal prosecutors were investigating Huawei Technologies Co Ltd HWT.UL, the world’s largest telecommunications equipment maker, for allegedly stealing trade secrets from U.S. businesses.

Among other stocks, United Continental Holdings Inc (UAL.O) shares rose 6.4 percent after the airline posted a quarterly profit that beat expectations.

Shares of First Data Corp FDC.N soared 21.1 percent after Fiserv Inc (FISV.O) said,上海夜生活Fabi, it had agreed to buy the payment processor for $22 billion in the biggest-ever deal within the digital payments industry. Fiserv’s shares fell 3.3 percent.

Nordstrom Inc (JWN.N) shares fell 4.8 percent after the department store forecast full-year profit at the lower end of its prior estimates.

Ford Motor Co (F.N) shares dropped 6.2 percent after the automaker forecast a weaker-than-expected fourth quarter profit and said tariffs could erode its 2019 earnings.

Advancing issues outnumbered declining ones on the NYSE by a 1.80-to-1 ratio; on Nasdaq, a 1.62-to-1 ratio favored advancers.

The S&P 500 posted one new 52-week high and one new low; the Nasdaq Composite recorded 32 new highs and 19 new lows.

Volume ,上海夜生活论坛Jackson,on U.S. exchanges was 7.48 billion shares, compared to the 8.69 billion average over the last 20 trading days.

South Korea to combine world’s two biggest shipbuilders in $2…

SEOUL ( ) – Hyundai,上海夜生活怎么玩Kade, Heavy Industries, the world’s biggest shipbuilding group, has announ,上海夜生活网交流Quay,ced a share swap deal worth 2.1 trillion won ($1.98 billion) to take over second-ranked Daewoo and create a global heavyweight controlling over 20 percent of the market.

The move comes as the worldwide shipbuilding sector recovers from a global economic downturn that led to massive losses, widespread job cuts and, in 2017, the $2.6 billion bailout of South Korea’s Daewoo Shipbuilding & Marine Engineering Co Ltd.

State-funded Korea Development Bank (KDB) owns 55.7 percent of Daewoo, and has said it intends to sell the stake and consolidate the country’s three biggest shipbuilders – which includes Samsung Heavy Industries Co Ltd – into two.

The combination of two of the giant shipbuilders would ease competition and excess capacity, which have depressed ship prices, KDB Chairman Lee Dong-gull said at a news conference.

The deal will “raise the fundamental competitiveness of Daewoo, at a time when the threat from latecomers in China and Singapore is growing,” Lee said on Thursday.

Hyundai and Daewoo hold a combined market share of 21.2 percent, followed by Japan’s Imabari Shipbuilding with a 6.6 percent, showed data from Clarksons Research.,上海夜生活去哪玩Hadleigh,

Lee said it will take several months to gain approval from antitrust regulators from related countries. He said the size of the resulting entity’s market share would not be detrimental to the interests of customers.

Daewoo will also receive liquidity support of 2.5 trillion won ($2.25 billion) from KDB and Hyundai, Hyundai said in a stock exchange filing.

Related CoverageSouth Korea’s KDB signs conditional deal with Hyundai Heavy over Daewoo stake sale

KDB also said it would approach Samsung Heavy to gauge any interest in taking over Daewoo.

A Samsung Heavy spo上海夜生活kesman said it has received a proposal from KDB and that it needs to review the matter.

Daewoo shares rose as much as 22 percent on Thursday, before ending up 2.5 percent. Those of Hyundai Heavy Industries Holdings Co Ltd and unit Hyundai Heavy Industries Co Ltd fell about 4 percent on concern about a high purchase price, analysts said.

Meanwhile, Samsung Heavy shares ended up 2.5 percent, as investor concerns of it bidding for Daewoo eased.

“Consolidation is good for the industry, but not for the company which buys the stake,” said analyst Um Kyung-a at Shinyoung Securities, citing overlapping businesses between Hyundai and Daewoo.

The shipbuilding industry accounts for 7 percent of both exports and employment in Asia’s fourth-biggest economy.

Hyundai Heavy’s workers’ union said it will delay a vote on last year’s wage deal in protest of a purchase it says could threaten job security. It said it would be “angered” if the shipbuilder plowed money into buying another big firm having released workers after reporting losses and shrinking orders.

KDB’s Lee ruled out any job cuts after the combination.

Hyundai’s holding company is set to raise funds for acquisitions through the sale of part of its stake in refiner Hyundai Oilbank Co Ltd to Saudi Aramco for up to 1.8 trillion won.

($1 = 1,112.3800 won)

Lawyers suing Fiat Chrysler in U.S. diesel case seek over $100 million

WASHINGTON ( ) – Lawyers representing owners of Fiat Chrysler diesel vehicles told a U.S. judge they are seeking up to $106.5 million in legal fees and out-of-pocket costs in connection wit,上海夜生活论坛Dallas,h a settlement over excess vehicle emissions, but they are in talks to finalize the amount, officials said Wednesday.

The attorneys said in a filing late on Tuesday they had reviewed more than 4 million pages of documents and were involved in almost 100 depositions. They seek up to $99.5 million in legal fees and $7 million in costs.

Ken Feinberg, a court-appointed mediator, said at a hearing on Wednesday there has been no agreement over the amount of the legal fees, but talks have been ongoing between Fiat Chrysler, German auto supplier Robert Bosch GmbH [ROBG.UL] and lawyers for 104,000 vehicle owners.

U.S. District Judge Edward Chen said he hoped an agreement could be reached by early February.

The Italian-American automaker on Jan. 10 announced it settled with the U.S. Justice Department, the state of California and diesel owners over civil claims that it used illegal software that produced false results on diesel-emissions tests.

Fiat Chrysler estimated the value of the settlements at about $800 million, a figure that could potentially rise to more than $900 million with the legal fees.

Bosch, which provided emissions control software for the Fiat Chrysler vehicles, also agreed to pay $27.5 million to resolve claims f,上海夜网邀请码Hadrian,rom diesel owners.

Under the settlement, Fiat Chrysler and Bosch will give owners $307.5 million or about $2,800 per vehicle for diesel software updates.

Fiat Chrysler and Bosch agreed to pay the owners’ legal bills on top of the $307.5 million to resolve consumer claims.

Fiat Chrysler will pay $311 million in total civil penalties to U.S. 上海夜生活论坛and California regulators, up to $280 million to resolve claims from diesel owners and extended warranties worth $105 million.

The settlement covers 104,000 Ram 1500 and Jeep Grand Cherokee diesels from the model years 2014 to 2016, said the U.S. Justice Department, which is also conducting a criminal probe.

In addition, Fiat Chrysler will pay $72.5 million for state civil penalties and $33.5 million in payments to California to offset excess emissions and consumer claims.

The hefty penalty was the latest fallout from the U.S. government’s stepped-up enforcement of vehicle emissions rules after Volkswagen AG (VOWG_p.DE) admitted in September 2015 to intentionally evading emissions rules. Fiat Chrysler will be required to work with vendors of aftermarket catalytic converters to improve the efficiency of 200,000 converters in the 47 states that do not already require the use of the California-mandated high efficiency gasoline vehicle catalysts. Justice Department officials have estimated that effort will cost $50 million to $70 million.

Regulators said Fiat Chrysler used “defeat device,上海夜生活群Barbara,s” to cheat emissions tests in real-world driving. Fiat Chrysler did not admit liability.

Three Abu Dhabi lenders agree to create $114 billion bank

DUBAI/ABU DHABI ( ) – Abu Dhabi Commercial Bank, Union National Bank and Al Hilal Bank agreed a merger on Tuesday to create the third-largest bank in the United Arab Emirates.

The bank will become the fifth largest in the GCC with 420 billion UAE dirham ($114.35 billion) in assets with increased productivity and economies of scale expected to boost profitability, the statement said.

Lower oil prices and weak economic growth is pushing consolidation across the Gulf.

The merger, first announced in September, was unanimously recommended to shareholders by the boards of ADCB and UNB, the banks said in a joint statement.

The tie-up is expected to take effect in the first half of 2019.

It will involve a statutory merger between ADCB and UNB. ADCB will issue 0.5966 shares for every UNB share, correspon上海夜网ding to a total of 1.64 billion new shares issued to UNB shareholders and valuing UNB at nearly $4 billion.

Al Hilal Bank will operate as a separate Islamic entity within the merged bank.

Abu Dhabi Crown Prince Mohammed bin Zayed al-Nahyan said in a tweet that the merger would bolster the competitiveness of the UAE’s economy.

UAE has 50 commercial banks including 22 local lenders, a number seen as too high in a country of about 9.5 million people.

Saudi Arabia, which has a population of 32 million, has 12 banks and is set to lose two of those if announced mergers are successfully concluded.

“The Abu Dhabi government is continuing its restructuring efforts to create stronger entities with a strong financial base to grow globally,” said Tariq Qaqish, managing director of asset management at Menacorp.

Abu Dhabi Investment Council (ADIC), a government investment arm, is the majority shareholder in ADCB and UNB, both listed in Abu Dhabi. Unlisted Al Hilal is wholly owned by ADIC, which is now part of Mubadala Investment Company.

On the date the merger takes effect UNB shares will be delisted from the Abu,上海夜网推油Tabitha, Dhabi Securities Exchange, with the combined bank retaining ADCB’s identity and legal registrations.

The combined entity will acquire Al Hilal Bank for 1 billion dirhams ($272 million) by issuing a mandatory convertible note for up to 117.6 million post-merger ADCB shares to ADIC.

“UNB has a weaker asset quality and much lower profitability than ADCB, and both (of these factors) have been taken into consideration to arrive at the swap ratio,” said analyst Chiro Ghosh at Bahrain’s SICO.

“It definitely presents a strong case for further consolidation. We believe banks with similar shareholders have a higher likelihood of merger,” Ghosh said.

ADCB on Tuesday also reported annual profit of 4.84 billion dirhams, up from 4.28 billion a year earlier.

After completion of the merger, ADIC will o,上海夜生活桑拿会所Gabriel,wn 60.2 percent of the combined bank, other ADCB shareholders ,上海夜生活群Sabina,owning 28.0 percent and other UNB shareholders holding 11.8 percent.

As reported by on Monday, Eissa Mohamed al Suwaidi, chairman of ADCB, will retain the same post at the new bank, as will ADCB CEO Ala’a Eraiqat.

($1 = 3.6728 UAE dirham)

U.S. sends 70 questions to WTO about China’s subsidies

GENEVA ( ) – The United States has accused China of hiding some trade-distorting subsidy programs from international scrutiny while disclosing others it does not need to, according to a document circulated on Wednesday at the World Trade Organization.

The U.S. doc,上海夜玩网论坛Hadleigh,ument lists 70 questions about Beijing’s subsidy programs that highlight Washington’s misgivings about the role the state plays in China’s huge and growing market.

China is fighting a major trade dispute at the WTO against U.S. and EU claims that China is not a “market economy” and therefore that its export prices should not be taken at face value when evaluating whether it is trading fairly.

Topics covered by the U.S. questions include subsidies for China’s fishing industry and the activity of so-called government,上海夜生活论坛Falkner, guidance funds, which seek to foster domestic innovation in different industries from advanced engineering and robotics to biotechnology and clean energy.

There were also questions about whether imported cars were eligible for tax breaks and scrappage schemes and whether imported goods were eligible for a Chinese fund for promoting energy saving products.

The U.S. document was sent to the WTO’s subsidies committee in response to a notification by China about subsidies programs it is obliged to disclose for transparency purposes.

China did not immediately respond to the U.S. document. It would normally be expected to file its responses with the WTO committee in a similar document, which is likely to take months to appear.

The United States said in the document it appreciated that for the first time China had notified both central and sub-central subsidies in one document, adding:

“Unfortunately, as was true for China’s previous notifications, China’s most recent notification suffers from both severe under-reporting of important programs and significant over-reporting of irrelevant or minor programs.”

Providing transparency about trade policies is a key job of the WTO, and the United States has been vocal about wanting China, India, Vietnam and other WTO members to improve the standard and their timeliness of their notifications.

U.S. President Donald Trump has threatened to withdraw from the global trade body if it doesn’t “shape up”.

The United States has teamed up with Japan and the European Union to pursue improvements in international trade. After meeting earlier this month, they said they planned to finalize “上海夜网text-based work” on industrial subsidies early this year an,上海仙霞路夜生活Talon,d then engage other key WTO members.

Budweiser spends big on Super Bowl, targets small markets

BRUSSELS/PHILADELPHIA ( ) – This Bud’s for you.

At least, that is what Anheuser-Busch InBev hopes as it strives to reach more than 100 million U.S. TV viewers during Sunday’s Super Bowl, promoting vintage brands such as Budweiser and Bud Light.

The world’s largest brewer will not say how much it is spending for nearly six minutes of commercials, but industry sources estimate it is more than $50 million. That is up from the $42 million that Kantar Media said the brewer spent for four minutes of ad time last year.

It is only part of the company’s strategy to recapture market share from craft beers and Mexican imports.

Brendan Whitworth, the head of sales for U.S. arm Anheuser-Busch, told the company would retain its big, national campaigns but also push ahead with its new strategy of tailoring brand marketing to individual American cities.

“The things we’ve started to work on this year, we’re starting to see real results. We’re looking forward to scaling up those localized programs even more,” he said.

The Super Bowl’s huge and div,上海夜网千花Rae,erse audience has makers of cars, beer and other consumer goods scrambling to create eye-catching commercials that are sometimes more memorable than the game. Budweiser this year will bring back its iconic Clydesdale horses, while telling drinkers that the beer is produced with renewable energy from wind power. Bud Light has continued its mock medieval ad series.

Driven by the need to pay off some $100 billion from its 2016 purchase of rival SABMiller, the company, which is known for acquisitions and cost savings, has made top-line growth its priority. U.S. management, overhauled in late 2017, believes it is on course to rebound in the company’s biggest market. Part of that is the local-ad focus and fresh versions of 143-year-old staple Budweiser, as well as Bud Light – available now in an orange flavor.

The two main brands make up 56 percent of its U.S. beer sales, according to market research company Euromonitor International. That is down from more than 60 percent in 2013. Whitworth, a former Marine, CIA officer and PepsiCo Inc director, said the goal is to boost the brand’s shares and eventually halt their sales decline.

AB InBev has a 36.4 percent share of the U.S. beer market, according to Euromonitor, followed by Molson Coors and Constellation Brands.

In general, mainstream lagers including Bud and Bud Light have fallen, while the shares of craft and imports have risen, according to market research group Nielsen. Drinkers have also shifted to wine and spirits.

Executives at Heineken, the world’s second largest beer maker, have said brewers need to work together to win back drinkers. Industry leaders,上海足浴夜网联系方式Tamara, say there still is a space for mainstream beer, which is cheaper and less caloric than many crafts.

“When (fans)are watching an NFL game, that’s a four to five hour experience… I’m not sure it’s a craft moment,” said Jonnie Cahill, Heineken USA’s chief marketing officer.

Given recent trends, Anheuser-Busch needs the equivalent of a ‘Hail Mary’ pass. Its share of beer sales in the United States, its biggest market, is set to have declined 0.50 percentage points in 2018 after a 0.75 drop in 2017. That may seem slight, but the trend is in the wrong direction.

A return to growth is not imminent.

“It’s a supertanker and it’s not going to turn on a six-pence. I think it’s going to be a slow journey,” said Trevor Stirling, a London-based beverage analyst at Bernstein Research.

AB InBev’s share of the U.S. beer market has declined every year but one since its formation in 2008, when Belgium-based InBev bought America’s Anheuser-Busch. Budweiser has steadily fallen. Bud Light’s share last rose in 2012, when it rolled out an offshoot: Bud Light Lime-A-Rita, a margarita-flavored brew with double the alcohol and calories of Bud Light.

Despite the revival, Anheuser-Busch said it has learned that the company should not stray too far from a brand’s roots.

“Those extensions, they didn’t necessarily reinforce the mother brand’s position,” Whitworth said.

The brewer removed “Bud Light” from Lime-a-Rita cans this year.

Last summer, it launched Bud Light Orange, brewed with orange peels. The product, with slightly more calories, is sweet and fruity, akin to an orange soda with alcohol, some drinkers say.

Whitworth said it was one of the industry’s most successful new products of 2018, boosting sales and margins and bringing in more female drinkers. The company hopes some Bud Light Orange drinkers will become regular Bud Light fans.

Bud Light has partnerships with 28 of the 32 NFL teams, including this season’s finalists, the Los Angeles Rams and the Boston-based New England Patriots. But its marketing efforts with them have been modest to date, including special cans showing each team’s logo.

Earlier this season, Bud Light focused on Cleveland, whose team, the Browns, was e,上海晚上耍女人的地方Easton,xperiencing one of the longest losing streaks in the sport. When the Browns finally won, the brewer set up “victory fridges” in bars across the city. Bud Light’s share of core beer sales there grew as a result, Whitworth said.

Citing another localized effort, Whitworth pointed to Philadelphia, the nation’s sixth largest city. Bud Light offered free beer to fans of the Eagles when they won their first Super Bowl in 2018. This season the company unveiled a statue to commemorate the “Philly Special,” a trick play in which the quarterback turned receiver for a touchdown in the championship game.

Whitworth said the approach led to Bud Light sales g上海夜生活网rowth of 9 percent in Philadelphia in the first half of 2018.

“They had an army of people handing out beer at the parade,” said Pete Ciarrocchi, chief of Chickie and Pete’s, a popular chain of sports bars in the Philadelphia area.

The brewer’s U.S. arm is hoping the sales boost will help build long-term loyalty.

In one potentially positive sign, Philadelphian Peter Rosa, who normally chooses regional craft brands such as Dogfish Head and Troeg, said he turned to Bud Light this season when watching his beloved Eagles.

“I have become superstitious and will only drink Bud Light during Eagles games,” he said.

BofA’s loan growth drives better-than-expected profit

( ) – Bank of America Corp’s (BAC.N) quarterly profit topped analyst estimates on Wednesday as a growing loan book helped it ride out year-end market tur,上海021夜网Gabriel,bulence, sending the lender’s shares up more then 5 percent.

Under Chief Executive Officer Brian Moynihan, the Charlotte-based bank has slashed costs while tightening risk controls, boosting overall profitability while weighing on some businesses like investment banking. Over the last decade the bank cut $30 billion in annualized costs, Moynihan said on a call with analysts.

The second-biggest U.S. bank benefited from 4 percent growth in consumer loans and 2 percent growth in loans to businesses in the fourth quarter, allowing it to capture more revenue from higher U.S. interest rates. Revenue rose in three of the lender’s four main businesses.

Global markets, which includes trading, had a revenue fall that mirrored declines at rivals as market volatility resulted in wider credit spreads and pushed some fixed-in,上海夜生活群Quaid,come clients to the sidelines.

Bank of America, with its large deposit pool and rate-sensitive mortgage securities, relies heavily on higher interest rates to maximize profits.

Its total net interest income, the difference between what a lender earns on loans and pays on deposits, rose 7.3 percent to $12.3 billion. Average deposits rose nearly 2 percent to $1.34 trillion from the preceding quarter.

The results were buoyed by four Federal Reserve rate hikes in 2018 and a U.S. strong job market that kept bad loans in check and borrowing healthy. The bank predicted economic growth would slow in 2019 but remain strong.

Fee income in the investment bank fell 5 percent because of lower debt underwriting and advisory fees.

Earlier in the week JPMorgan Chase & Co (JPM.N) missed profit estimates as its fixed-income trading revenue slumped. Citigroup Inc (C.N) likewise reported declines in bond trading, citing the market downturn in December.

BofA’s adjusted sales and trading revenue fell 6 percent, with a 15 percent fall in bond trading. The fixed-income weakness was cushioned by an 11 percent rise in equity trading revenue driven by client financing and derivatives.

Asked why Bank of America did not suffer the same kind of drop in overall trading revenue as JPMorgan and Citi, who reported 11 percent declines each, Chief Financial Officer Paul Donofrio told reporters the results reflected the bank’s conservative approach.

“We have always said that we are going to run this business in a way th上海夜生活at when things are great we may not make as much as some competitors who are swinging for the fences,” he said.

While the Fed’s forecasts indicate two more rate increases this year, traders are betting the U.S. central bank will not deliver any rate hikes this year and begin cutting rates next year.

But Bank of America executives said there are still indicators pointing to continued economic expansion.

“We still have low inflation, rising wages, low unemployment. And, despite the increase in rates, interest rates remain at all-time lows,” Moynihan said.

In a conference call with analysts, Donofrio said, “We don’t see anything suggesting a broad-based decline in overall credit quality,” despite the fact that the bank moved a few loans to non-performing status after borrowers were downgraded for credit quality.

Non-interest expenses fell 1 percent to $13.13 billion as Moynihan works to streamline the lender’s sprawling oper,上海凤楼夜网Barbara,ations. Two years ago he pledged to cut expenses to $53 billion by the end of 2018 and stick to that level until 2020.

Revenue, net of interest expense, rose 11 percent to $22.7 billion.

Net income applicable to common shareholders rose to $7.04 billion, or 70 cents per share, in the quarter ended Dec. 31 from $2.08 billion, or 20 cents per share, a year earlier, when it took a nearly $3 billion charge related to changes in U.S. tax law.

Analysts on average were expecting 63 cents per share, according to IBES data from Refinitiv.

Time is running out for Deutsche Bank to turn around on its own:…

FRANKFURT ( ) – Time is running out for Deutsche Bank to turn around on its own, making a merger with rival Commerzbank more likely, two people with knowledge of the matter said on Thursday.

Bank executives, analysts, government officials and some investors thought unti,上海夜网后花园Qirin,l some months ago that both banks had more time to turn around independently, but that opinion has recently changed, one of the people said.

A major investor is awaiting market reaction to both banks’ earnings over the next couple of weeks before deciding on the need for a merger, said a second person close to the investor.

“Then we will decide whether we will change our view,” the person said. The investor wouldn’t oppose a merger if the government wanted one, the person said.

Deutsche Bank, Commerzbank, and the German finance ministry declined to comment.

Speculation of a merger between the two has heightened under the tenure of Finance Minister Olaf Scholz, who has spoken in favor of strong banks. His team has met frequently with executives of Deutsche, Commerzbank and major shareholders.

Deutsche is considered one of the most important banks for the global financial system, along with JPMorgan, Bank of America and Citigroup.

But Deutsche has been,上海夜生活论坛Nadia, plagued by three years of losses, ratings downgrades, failed stress tests, and money laundering scandals. A $7.2 billion U.S. fine in 2017 for its role in the mortgage market scandal was a major blow that spooked clients.

A merger between Deutsche and a European bank was also an option but less likely because it would be harder to sell to politicians, said the first person with knowledge of the matter.

Deutsche Bank Chief Executive Officer Christian Sewing, who assumed the helm last year in a sudden management shake-up, has repeatedly said in public that he was focused on the bank’s “homework” – returning the bank to profitability. He announced job cuts last year and moved to slim down the sprawling investment bank division.

Earlier on Thursday, a separate source at Deutsche said the bank was focused on achieving sustainable profitability, seeking to distance the lender from talk of a merger with Commerzbank.

The suggestion that such a merger is the only option for Deutsche is “completely false”, said the source, speaking on condition of anonymity.

Shares in both lenders tumbled on Thursday after Bloomberg reported that Deutsche was expecting a government-brokered merger with Commerzbank by mid-year if efforts to restructure the lender fall short of targets.

Deutsche shares closed 4 percent lower, while Commerzbank – still partially held by the government after a bailout – w,上海夜生活怎么玩Oakley,as 6.7 percent weaker.

On Friday, Deutsche Bank will report its 2018 results and analysts expect it to deliver its first annual profit since 2014.

CEO Sewing is also likely to face further questions about a possible merger.

A Deutsche supervisory board member said last week that there was no desire among board members for a merger with Commerzbank.

Commerzbank reports earnings on Feb. 14.

Related CoverageDeutsche Bank focused on sustainable profitability: source

The Verdi German labor union has said a merger of the no. 1 and no. 2 banks would lead to large job cuts.

Gildas Surry, a portfolio manager with Axiom, which holds Deutsche Bank bonds, said上海夜生活网 that merging the two banks would be like mixing oil with vinegar, with questionable cost and revenue synergies.

But those hurdles may not be enough to sway governments pressing for banking consolidation. “It is very difficult for politicians to forgo their national champions,” he said.

Three years later, India’s bankruptcy reform languishes in courts

MUMBAI ( ) – When India introduced new bankruptcy resolution rules in 2016, government officials and investors said they expected debt-burdened state-owned banks to clear up some of their bad loans and create a dynamic market in restructured debt.

Ultimately, they said, they hoped the reform would remove an impediment to higher economic growth.

Almost three years later, those hopes have been badly dented. Litigation has tied down some big restructuring deals and bankers are starting to sell bad debts at fire sale prices rather than wait for the system to work better.

That is bad news for Prime Minister Narendra Modi, who is keen to get banks lending more to stimulate the economy and create more jobs ahead of an election due by May this year.

“The delay (in resolution) definitely affects the diligence and planning effort of financial ,上海夜生活网419Idaleen,investors,” said Vijay Padmanabhan, director of KKR & Co. Inc., one of world’s biggest private equity firms which has said it is keen on investing in India’s distressed assets.

Although Padmanabhan said the current bankruptcy process was faster than before, he cautioned that “litigations have to be contained and timelines have to be maintained to generate serious interest amongst financial investors.”

The Insolvency and Bankruptcy Code, introduced in May 2016, allows even small creditors to file insolvency petitions against a company that had defaulted on debt. Once the petition is accepted by a court, a resolution plan has to be decided within 270 days, failing which the company will be liquidated.

The idea was the law would provide an incentive to owners to negotiate over distressed debt, rather than face an accelerated bankruptcy process over which they would have very little control.

It would also pull in foreign investors seeking distressed investments and potentially high returns, said Siby Antony, chairman of distressed assets resolution business at Edelweiss, which specializes in turning around debt-ridden companies.

Then, the owners of one of India’s biggest defaulters – Essar Steel, which owes 508 billion rupees ($7.11 billion) mostly to state banks – challenged the bankruptcy court’s decision to sell the steel producer to Arcelor Mittal, taking it away from its previous owners, the brothers Shashi and Ravi Ruia.

The nine months set for the process has上海夜生活论坛 now stretched to more than one and a half years, leaving creditors still not knowing how much of their money will be returned.


The debt of Bhushan Power and Steel Ltd, Jyoti Structures (JYTS.NS) and scores of other companies are also stuck in similar litigation.

While the bankruptcy code was a step forward, it would have been more effective if it had included restrictions on the scope for litigation, bankers and investors said.

India has 14.5 trillion rupees ($204.16 billion) of distressed assets, of which only around 730 billion rupees ($10.26 billion), or about 5 percent, have been resolved. However, only about half of this sum has so far been recouped by the banks due to legal challenges that have stalled payments.

“It would have been helpful if,上海夜哪里艳遇Talon, all the nuances of the law and possible outcomes were thought through,” said Alok Verma, executive director at Kotak Investment Banking, part of the Kotak Mahindra Group which works with clients looking at distressed assets in India.

So far out of 1,198 cases admitted under insolvency process, only 52 have seen approval of resolution plans, and even among those, repayments are still to be made to lenders.

“Most foreign investors are sitting on the fence waiting for the resolution process to stabilize,” said Antony of Edelweiss.

But Anthony does hold some hope that the system will speed up once the Essar Steel issue is resolved as that would set a precedent. “Once the big accounts are cleared the pipeline will move fast,” he predicted.

In the meantime, bankers are now looking to sell some of their bad assets at a steep discount to free up capital.

India’s largest lender State Bank of India is looking to put its 150.4 billion rupees ($2.1 billion) exposure to Essar Steel on the block at 62 cents to the dollar. Other lenders to the company are weighing similar options as prolonged litigation might cost them more in terms of provisions for losses and loss in interest income than any final recovery they might make, one banker to Essar said.

For capital-sta,夜上海419龙凤论坛Jace,rved Indian banks, taking such haircuts is costly. But for the economy, it is an even greater cost given banks fund more than 60 percent of India’s credit requirements.

“State-owned banks’ core capital ratios are already very weak and that is the main factor constraining their capacity to lend,” said Saswata Guha, director and head of financial institutions at Fitch Ratings. “It eventually poses a risk to economic growth.”

(GRAPHIC: India’s stressed debt interactive – tmsnrt.rs/1Sf4ij7)

U.S. top court rejects former New York lawmaker Silver’s appeal

( ) – The U.S. Supreme Court on Tuesday rejected former New York state Assembly Speaker Sheldon Silver’s bid to avoid a retrial on corruption charges after his 2015 conviction was thrown out by a lower court.

Silver, a Democrat, had appealed a July 2017 lower court ruling,上海夜网官方网站Balthazar, that set aside his conviction because of a 2016 Supreme Court precedent but concluded that prosecutors had “sufficient” evidence to prove the extortion, money laundering and honest services fraud counts on which a jury found Silver guilty.

Silver’s new trial is tentatively set to begin on April 16 in Manhattan federal court.

Prosecutors accused Silver of collecting close to $4 million of illegal fees for awarding state grants to a top cancer researcher, and steering real estate developers to a friend’s law firm and supporting their interests on rent legislation. After being convicted, he was sentenced in 2016 to 12 years in prison.

The 2nd U.S. Circuit Court of Appeals in Manhattan ruled that his conviction for collecting the illegal kickbacks cou,上海夜生活乌托邦Tabitha,ld not stand after the Supreme Court in a case involving Republican former Virginia governor Bob McDonnell narrowed the kind of official conduct that can lead to federal corruption charges.

The appeals court, however, rejected Silver’s argument that the prosecution failed to prove the seven counts against him. The court sent the case back the trial court.


Silver appealed to the Supreme Court, in particular arguing that the appeals court had wrongly said the prosecution did not have to specifically trace criminally derived money that is mixed in an account together with “clean” funds in order to prove money laundering. Silver said appeals courts around the country are divided on this matter.

Silver, who represented Manhattan’s Lower East Side, 上海夜网was Assembly speaker from 1994 to 2015. Along with Democratic Governor Andrew Cuomo and Republican former New York Senate Majority Leader Dean Skelos, he was one of the “three men in a room” with effective power to dictate New York legislative priorities.

Skelos’ separate 2016 corruption conviction also was vacated based on the Supreme Court ruling regarding McDonnell.

Tesla cuts jobs as it looks to make Model 3 more affordable

( ) – Tesla Inc said on Friday it would cut thousands of jobs to rein in c,上海凤楼夜网Caitlin,osts as it plans to increase production of lower-priced versions of its crucial Model 3 sedan, sending its shares down as much as 10 percent.

The company, which has struggled to achieve long-term profitability and keep a tight lid on expenses, also said it expects fourth-quarter profit to be lower than the preceding quarter.

Chief Executive Officer Elon Musk said the need for lower-priced versions of Model 3 will become even greater from July, when the U.S. tax credit again drops in half, adding $1,875 to the car’s price tag, and again at the end of the year when it goes away entirely.

The phase-out of the electric vehicle tax break confronts Tesla with the choice of raising prices at the risk of losing customers or slashing costs by thousands of dollars per vehicle, a herculean task for an automaker.

Musk also faces a narrowing window in which his electric luxury vehicles enjoy a monopoly in the segment that Tesla crea,上海夜生活怎么玩Macey,ted and defined. Over,上海新夜网龙凤Octavia, the next several years, established automakers plan to spend nearly $300 billion on electric vehicles and batteries.

Legacy luxury brands such as Volkswagen’s (VOWG_p.DE) Audi and Porsche, Daimler’s Mercedes-Benz and BMW all plan new luxury electric vehicles.

Chinese startups such as Byton and NIO are pushing ahead with technically advanced electric vehicles, building on China’s aggressive support for cleaner cars. Most analysts expect China will be the world’s largest electric vehicle market.

Musk said on Friday the company would need to deliver at least the mid-range M上海夜生活论坛odel 3 version in all markets starting around May, as it needs to reach more customers who can afford the vehicles.

Michelle Krebs, executive analyst at Autotrader, said she expected the year to be challenging for all automakers as new vehicle sales slow.

“It will be especially challenging for Tesla as it desperately tries to rack up more quarterly profits after having one in the third quarter, and it faces an onslaught of competitors in the next couple of years,” she said.

The billionaire entrepreneur has been under intense pressure to stabilize production of the Model 3, a car that was unveiled in early 2016 to great fanfare and is seen critical to the company’s long-term viability.

But Tesla has scrambled to get the Model 3 into the hands of customers, many of whom have been waiting since early 2016, and Musk said last year that Tesla had moved from “production hell to delivery logistics hell.”

This is Tesla’s second job cut in seven months and comes just days after it cut U.S. prices for all vehicles and fell short on quarterly deliveries of its mass-market Model 3 sedan.

In a memo to employees on Friday, Musk said 2018 was the “most challenging in Tesla’s history,” adding the company hired 30 percent more employees last year which was more than it could support.

“I want to make sure that you know all the facts and figures and understand that the road ahead is very difficult,” Musk said.

“There isn’t any other way.”

Tesla sales benefited from a $7,500 federal tax credit on electric vehicles throughout 2018, but that full credit expired at the end of 2018, and new buyers will now receive only half that amount.

The company reported a profit of $311.5 million, or $1.75 per share, for the third quarter ended Sept. 30, which Musk called Tesla’s “first meaningful profit” since the company started.

For the fourth quarter, analysts on average expect the company’s net income to be $216.92 million on a reported basis. The estimate shrinks further in first quarter to $62.80 million, according to Refinitiv data.

“This quarter, as with Q3, shipment of higher priced Model 3 variants (this time to Europe and Asia) will hopefully allow us, with great difficulty, effort and some luck, to target a tiny profit,” Musk said.

Musk, who has often set goals and deadlines that Tesla has failed to meet, surprised investors by delivering on his pledge to make the company profitable in the third quarter, for only the third time in its 15-year existence.

The electric carmaker said on Friday it would reduce full-time employee headcount by about 7 percent and retain only the most critical temps and contractors.

In June, Tesla said it was cutting 9 percent of its workforce. Musk had tweeted in October that the company employed 45,000 people. (bit.ly/2HgyuNH)

France fines Google $57 million for European privacy rule breach

PARIS ( ) – France’s data protecti,上海夜生活群Qirin,on watchdog fined Alphabet’s Google 50 million euros ($57 million) on Monday for breaching European Union online privacy rules, the biggest such penalty levied against a U.S. tech giant.

The French regulator said the world’s biggest search engine lacked transparency and clarity in the way it informs users about its handling of personal data and failed to properly obtain their consent for personalized ads.

The EU’s General Data Protection Regulation (GDPR), the biggest shake-up of data上海夜网 privacy laws in more than two decades, came into force in May. It allows users to better control their personal data and gives regulators the power to impose fines of up to 4 percent of global revenue for violations.

“The amount decided, and the publicity of the fine, are justified by the severity of the infringements observed regarding the essential principles of the GDPR: transparency, information and consent,” the CNIL said in a statement.

Google issued a statement saying that people “expect high standards of transparency and control from us”.

“We’re deeply committed to meeting those expectations and the consent requirements of the GDPR,” it said, adding that it was examining its next steps.

The CNIL decision follows complaints by two non-governmental o,上海夜哪里艳遇Macey,rganizations, None Of Your Business (noyb) and La Quadrature du Net (LQDN), which the regulator said had been mandated by 10,000 people to present the case.

The French authority, known for its stringent interpretation of privacy rules and for favoring a tough approach toward U.S. Internet companies, sets a record with this penalty, which could reverberate in Silicon Valley.

“More than just a significant amount of money, this sanction is particularly detrimental to Google as ,上海会所夜网Balthazar,it directly challenges its business model and will, in all likelihood, require them to deeply modify their provision of services,” Sonia Cissé, Managing Associate at Linklaters, said.

JPMorgan AM turns more constructive on global stock markets

( ) – J.P. Morgan Asset Management has turned more constructive on prospects for global stock markets, saying it saw opportunities among cheaply valued mid-cap companies and financials following a year of weak returns.

“Many of our investors now see an above-average le,上海夜生活服务Idaleen,vel of opportunity across areas of global stock,上海晚上耍女人的地方Sabrina, markets,” Paul Quinsee, Global Head of Equities at the U.S. asset manager, said in an emailed not,夜上海419龙凤论坛Macey,e on Wednesday.

“Our Value team is seeing more constructive opportunities, including investing in financials and small caps; our emerging markets investors are expecting improved returns ahead … though much depends on China,” he added.

Quinsee said at current valuations, small caps looked more attractive than they had about three-quarters of the time over the past 28 years. He said many bank上海夜生活s and insurance companies now looked interesting.

The more upbeat tone from one of the world’s top asset managers adds to signs that investors’ mood is improving even though expectations for corporate profits are still proving too optimistic and trade tensions continue to pose a risk.

Last week, Fidelity International’s multi-asset fund said it has moved to overweight on emerging-market equities and cut cash holdings to underweight.

Deutsche Bank board members not pushing for Commerzbank tie-up: union

BERLIN ( ) – There is no desire among Deutsche Bank’s supervisory board members for a merger with rival Commerzbank in the near-term, a Deutsche board member said.

“At the moment conditions are definitely not ripe,” Frank Bsir,上海凤楼夜网Balthazar,ske, a member of Deutsche Bank’s supervisory board and chairma上海夜生活n of Germany’s Verdi trade union, said.

Merger speculation has heated up under Germany’s finance minister Olaf Scholz, who has spoken out in favor of strong banks in Germany and whose team has met frequently with executives of Deutsche, Commerzbank and major shareholders.

“There is currently no one on Deutsche Bank’s Supervisory Board who would want to merge with Commerzbank in the short term,” Bsirske told journalists in Berlin late on Thursday.

Bsirske’s comments are the most vocal yet from a member of the board that would eventually have to sign off on any merger.

Verdi fears massive job cuts would result if the two banks were to go ahead wit,上海夜生活男人好去处Gabi,h a deal, following intense speculation of a possible tie-up between the two.

The banks and the Finance Ministry declined to comment.

A merger may make sense in a few years’ time but for now both banks have to focus on putting their own houses in order, Bsirske said, pointing to improving the investment bank, reducing complexity and enhancing infrastructure.

Asked about the possibility of a cross-border merger of Deutsche Bank with a foreign financial firm, Bsirske said it would be a good thing if they complemented one another.

But given Deutsche Bank’s low share price, the German bank would enter into any partnership as a minority partner. “And that’s certainly not the way to go at the moment,” he said.

“The CEO of Deutsch,上海夜网Nala,e Bank, whom I think is a very good person for the role, has left no doubt about that. And this position is widely shared,” Bsirske said.

Asked if Scholz were pushing for a merger, Bsirske said he was pretty sure that the finance minister was holding talks to get an assessment of the situation.

“But I am also pretty sure that he is not trying to exert undue influence over business rationale and priorities that are currently being set in the banks. That would be completely counterproductive,” he said.

Alstom, Siemens merger concessions may not save rail deal

PARIS ( ) – Efforts by Alstom and Siemens to create a European rail champion could yet hit the buffers despite their latest concessions to try to address antitrust concerns.

The merger aims to create the world’s second largest rail company — with combined revenues of about 15 billion euros ($17.1 billion) — but the deal has met opposition since it was announced in September 2017 .

In a statement on Monday, France’s Alstom confirmed that last-minute concessions had been offered, but sounded a note of caution, adding: “There is, however, still no certainty that the content of this package will be sufficient to alleviate the concerns of the (European) Commission.”

People familiar with the matter said last week that the European Union competition watchdog would block the deal, with a dec上海夜生活ision likely on Feb. 6, before the Feb. 18 deadline.

German politician Manfred Weber, leader of the European People’s Party in the European Parliament, said the latest proposals were a good way forward.

But a senior EU official cautioned that if the new concessions did not completely remedy problems raised by a market inquiry, the EU competition office will have no room for maneuvers.

Germany’s Siemens and Alstom have argued that their deal would help them be better equipped to comp,上海凤楼夜网Talon,ete with China’s state-owned CRRC, but the EU has stressed its con,上海夜生活群Talon,cerns lay with defending consumer interests rather than creating regional industrial powerhouses.

The combined revenues of the rail company would be roughly half the size of CRRC but double Canada’s Bombardier.

To sweeten the deal, the two companies are now prepared to share Siemens’ high-speed train technology for 10 years instead of five in Europe, a source familiar with the matter told last week.

European Union Competition Commissioner Margrethe Vestager told on Sunday her staff were reviewing last-minute changes filed by the two companies on Friday.

But she added that they had come “way, way over the usual deadline.”

Asked if the door was still open for a possible agreement, Vestager said, “We’re looking at what was handed over to us this Friday. This is the last push, if at all possible.”

Competition agencies in Germany, Britain, Spain, the Netherlands and Belgium have warned against the merger, saying the first set of concessions fell short.

But the French and Ge,上海晚上耍女人的地方Jace,rman governments have argued that halting the deal would be a strategic error, and have thrown their weight behind the rail merger.

Alstom’s shares fell 2.8 percent in Paris on Monday, while Siemens’ shares slipped 0.2 percent.

($1 = 0.8778 euros)

U.S.’ Mnuchin expects progress in ‘complicated’ China trade talks

WASHINGTON ( ) – U.S. Treasury Secretary Steven Mnuchin said on Monday the United States expects significant progress this,上海夜网Naia, week in trade talks with Chinese Vice Premier Liu He, but the two sides will be tack上海夜生活网ling “complicated issues”, including how to enforce any deal.

The talks, scheduled for Wednesday and Thursday in Washington, will include a meeting between Liu and U.S. President Donald Trump and take place amid worsening tensions between the world’s two largest economies.

The U.S. Justice Department on Monday unsealed indictments against China’s top telecommunications equipment maker, Huawei Technologies Co, accusing it of bank and wire fraud to evade Iran sanctions and conspiring to steal trade secrets from T-Mobile US Inc.

China, meanwhile, formally challenged U.S. tariffs on Chinese goods in the World Trade Organization’s dispute settlement system, calling the duties a “blatant breach” of Washington’s WTO obligations.

U.S. Commerce Secretary Wilbur Ross insisted at a news conference that the Huawei indictments ar,上海夜生活Mace,e “law enforcement actions and are wholly separate from our trade negotiations with China.”

The Huawei indictment came as a Chinese delegation including Liu and Vice Commerce Minister Wang Shouwen was already in Washington preparing for the talks, a person familiar with the discussions said.

Mnuchin, speaking at a White House news conference, said the two sides were trying to tackle “complicated issues,” including a way to verify enforcement of China’s reform progress in any deal with Beijing.

The Treasury chief, who will be among the top U.S. officials at the negotiating table, said Chinese officials had acknowledged the need for such a verification mechanism.

“We want to make sure that when we get a deal, that deal will be enforced,” Mnuchin said. “The details of how we do that are very complicated. That needs to be negotiated. But IP (intellectual property) protection, no more forced joint ventures, and enforcement are three of the most important issues on the agenda.”

reported earlier this month that U.S. officials were demanding regular reviews of China’s progress on pledged trade reforms, which would maintain the threat of tariffs long term.

Mnuchin added that there had been “significant movement” in the talks so far, and there will be around 30 days for further negotiations after the meetings in Washington on Wednesday and Thursday to reach an agreement before a March 2 deadline for increasing U.S. tariffs on Chinese goods.

Mounting concerns for both countries, including China’s slowing economy and Trump’s need for a political win, could prod both sides toward a “partial, interim deal,” said Eswar Prasad, a Cornell University trade professor and former head of the International Monetary Fund’s China department.

“There remains a vast distance separating the negotiating positions of the two sides, making a comprehensive and durable deal unlikely,” Prasad said.

Related CoverageChina trade delegation arrives in Washington for talks: Xinhua

China is unlikely to give much ground on industrial policy and state support for industries, but it could promise to improve intellectual property protections and enforcement. However, persuading U.S. negotiators that these can be verified will be a “hard sell,” Prasad added.

The White House said that U.S. Trade Representative Robert Lighthizer w,上海夜生活群Rachel,ould lead the talks for the American side, with participation from Mnuchin, Commerce Secretary Wilbur Ross, White House economic adviser Larry Kudlow and White House trade and manufacturing adviser Peter Navarro.

It said the meetings will take place in the Eisenhower Executive Office Building, part of the White House complex.

Written by shyw on June 7, 2019 Categories: fblpntlx Tags: , ,