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Detained ex-Nissan chairman Ghosn offers stock, passports for bail

( ) – Ousted Nissan Motor Co (7201.T) chairman Carlos Ghosn has offered to post stock he owns in the automaker as collateral, surrender his passports and submit to electronic tracking as part of a renewed effort to persuade a Tokyo court to grant him bail while he awaits trial on charges of financial misconduct, a spokeswoman for the car executive said.

Ghosn, imprisoned since his arrest on Nov. 19, has asked a Tokyo District Court for the second time to grant him bail after a request last week was denied. A hearing is scheduled for Monday evening in Tokyo.

He is willing to offer a higher bail am上海夜生活ount to secure his release and remain in a Tokyo apartment his family has leased, the spokeswoman said, without specifying the bail amount.

“I remain imprisoned in the detention center, 64 days after I was arrested, with no release in sight,” Ghosn said in a statement on Sunday. “As the Court considers my bail application, I want to emphasize that I will reside in Japan and respect any and all bail conditions the Court concludes are warranted.”

Ghosn has denied three Japanese charges of financial misconduct, including understating his salary for eight years and temporarily transferring personal financial losses to Nissan’s books.

The Tokyo court last week denied his bail application, citing concerns that he was a flight risk, which the once-feted executive disputes.

Ghosn had planned to make his way to France if released and return to Japan for trial, but now intends to stay put, according to a person familiar with the matter.

“I will attend my trial not only because I am legally obligated to do so, but because I am eager to finally have the opportunity to defend myself,” Ghosn said in the statement. “I am not guilty of the charges against me and I look forward to defending my reputation in the courtroom. Nothing is more important to me or to my family.”

The Japanese government could not be reached immediately for comment. The To,上海夜生活桑拿会所Mabel,kyo Public Prosecutors Office said it was not in a position to comment.

A Nissan spokesman declined to comment on Japanese judicial proceedings. It has said the company’s internal investigation had uncovered “s,上海仙霞路夜生活Idaleen,ubstantial and convincing evidence of misconduct” involving Ghosn and that the probe is ongoing and broadening.

Ghosn’s lawyer, Motonari Otsuru, expects his client to be held until trial, which he said could begin in about six months.

If granted bail, Ghosn said he would remain in a Tokyo apartment and wear a tracking device to monitor his whereabouts, the spokeswoman said. Ghosn would also pay for private security guards approved by local authorities to watch him, report daily to Japanese prosecutors and refrain from speaking to individuals who might be witnesses in his case, the spokeswoman said.

Related CoverageNissan’s Ghosn offers to wear electronic ankle tag for bail

Ghosn has not spoken to his family since being detained, the spokeswoman said.

Ghosn spearheaded Nissan’s turnaround two decades ago, and his arrest has jolted the auto industry, while muddying the outlook for Nissan’s three-way alliance with France’s Renault SA (RENA.PA) and Mitsubishi Motors C,上海高端夜生活在那里Fabi,orp (7211.T).

Renault, which dominates the partnership through its 43.4 percent stake in Nissan, is expected to meet within days to consider potential candidates to replace Ghosn as chief executive officer and chairman.

Bill could make Congress members liable for harassment payouts

WASHINGTON ( ) – Lawmakers of both parties are working on legislation that would make members of Congress liable for settlements of sexual harassment claims against them, as new data shows public funds have been used to settle nearly a dozen cases of misconduct over the last decade.

From 2008 through 2012, the employment office for Congress paid more than $166,000 in public money to settle eight claims against lawmakers alleging sexual harassment or discrimination, according to data it provided on Tuesday to Representative Gregg Harper, the Republican chairman of the House Administration Committee who is drafting a bill to overhaul how Congress handles sexual ,上海新夜网龙凤Jace,harassment.

The Office of Compliance previously said it has resolved three other cases since 2013.

Provisions in settlement agreements and other legal limits block the office fro上海夜生活网m disclosing details of the payouts it has made on behalf of lawmakers, including identities of those involved, an issue that has come to light as allegations of misconduct swirl around Capitol Hill.

A growing wave of women reporting abuse or misconduct has ,上海夜网推油Sabia,brought down powerful men recently, from movie producer Harvey Weinstein to popular television personality Matt Lauer, as well as one of the longest-serving Democrats in Congress, former Representative John Conyers.

Harper said on Tuesday he hopes to file a bipartisan bill by Wednesday evening overhauling how Congress handles sexual harassment that would include making lawmakers personally liable for settlements.

“They should have to reimburse” the government for payouts, he told reporters. “There’s no doubt that members have made it clear that taxpayer dollars should not be used for the purposes of settling a sexual harassment claim.”

Harper expects swift action, with the House voting on the bill next month. Democratic Representative Jackie Speier, who has proposed similar legislation and has been working with Harper and other Republicans, said she was “thrilled” about the bill.

Bipartisan legislation on sexual harassment was introduced in the Senate last week.

In a letter to Harper the compliance office’s executive director said it had paid $354,465.85 to settle 16 total claims of employment discrimination, retaliation and harassment from fiscal 2008 through fiscal 2012.

According to the letter, eight claims included sexual harassment or discrimination, and often involved other violations such as breaking federal wage rules. Two claims were simply categorized as “retaliation” while the rest were focused on racial, age or disability discrimination.

The largest amount paid over those years was $85,000, labeled as “s,上海夜网邀请码Gabrielle,exual harassment and harassment because of retaliation.”

The office does not have investigatory authority and cannot probe allegations, said Executive Director Susan Tsui Grundmann in the letter.

Settlements typically have nondisclosure provisions, she said, adding the office has not found an admission of liability in any of the settlement documents.

EU to challenge U.S. duties on Spanish olives

BRUSSELS ( ) – The European Union will begin legal action at the World Trade Organization this week against U.S. duties imposed on Spanish olives, EU trade chief Cecilia Malmstrom said on Monday.

Malmstrom, the European Trade Commissioner, tweeted that the duties imposed by the United States were unjustified, unwarranted and went against WTO rules.

“Tomorrow, we are taking this case to the WTO dispute settlement system, requesting consultations with the U.S,” the commissioner said on Twitter.

“From the Commission side, we have already raised this case with our U.S. counterparts at many occasions. Together with Spanish authorities, we will continue to vigorously defend the interests of EU producers,” she continued.

U.S. imports of Spanish olives were worth $67.6 million in 2017.

The U.S. ,上海夜生活网交流Naia,Commerce Department has concluded that Spanish olives are being sold too cheaply and benefit from unfair subsidies. It has imp上海夜生活osed anti-subsidy tariffs of between 7.52 and 27.02 percent and anti-dumping duties of between 16.88 and 25.50 percent, according to the pr,上海夜生活论坛Dallas,oducer, to,上海足浴夜网联系方式Kaiden, counteract this.

Under WTO rules, the two sides have 60 days to try to settle the dispute, after which time the European Union could ask the WTO to adjudicate.

But the WTO’s dispute system is facing an imminent breakdown because the United States is blocking appointments of judges to hear trade dispute appeals. [nL8N1YM24Q]

Disputes filed now risk falling into legal limbo and may never get resolved, unless an agreement can be found before two of the three remaining appeal judges leave in December.

Wall Street advances as industrials jump on trade hopes

NEW YORK ( ) – U.S. stocks advanced on Thursday as hopes of a resolution to the trade dispute between the United States and China boosted industrial shares and lifted investor sentiment.

Stocks spiked higher in afternoon trading after the Wall Street Journal reported that U.S. Treasury Secretary Steven Mnuchin discussed lifting some or all tariffs imposed on Chinese imports and suggested offering a tariff rollback during trade discussions scheduled for Jan. 30.

S&P 500 industrial stocks .SPLRCI, which have been sensitive to trade developments, rose 1.7 percent. They held most of their gains even as U.S. stocks pulled back from session highs after a Treasury spokesman said that Mnuchin had not made any such recommendations.

“The market reaction is really telling,” said Michael Antonelli, managing director of institutional sales trading at Robert W. Baird in Milwaukee. “It shows how badly people want the trade war to end.”

Earlier, industrial stocks had moved higher as shares of defense contractors rose after President Donald Trump unveiled a new U.S. missile defense strategy. Shares of Northrop Grumman Corp (NOC.N) advanced 3.3 percent, and shares of Lockheed Martin Corp (LMT.N) gained 2.,上海新夜网龙凤Radcliff,4 percent.

The Dow Jones Industrial Average .DJI rose 162.94 points, or 0.67 percent, to 24,370.1, the S&P 500 上海夜生活网.SPX gained 19.86 points, or 0.76 percent, to 2,635.96 and the Nasdaq Composite .IXIC added 49.77 points, or 0.71 percent, to 7,084.46.

With Thursday’s gains, the benchmark S&P 500 index closed above its 50-day moving average for the first time since Dec. 3. The S&P 500 is 10.1 percent away from its Sept. 20 record close after having rallied from a 20-month low on Christmas Eve on concerns over a global economic slowdown.

Also helping to boost stocks on Thursday was a rebound in financial shares, which ended 0.5 percent higher after having dropped as much as 1 percent. The financial index has posted gains for,上海夜网千花Daisy, seven straight sessions.

However, shares of Morgan Stanley (MS.N) ended 4.4 percent lower after the investment bank reported a lower-than-expected quarterly profit.

In after-hours trading, shares of Netflix Inc (NFLX.O) fell 2 percent after the video-streaming company reported quarterly results.

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

Advancing issues outnumbered declining ones on the NYSE by a 2.45-to-1 ratio; on the Nasdaq, a 1.69-to-1 ratio favored advancers.

The S&P 500 posted one new 52-week high and no new lows; the Nasdaq Composite recorded 29 new highs and 23 new lows.

Volume on U.S. exchanges was 7.19 billion shares, compa,上海夜生活服务Idaleen,red to the 8.58 billion average over the last 20 trading days.

U.S. start-up CommonGrounds raises $100 million, unveils ‘hackable’…

NEW YORK ( ) – CommonGrounds, a California start-up trying to carve out a niche in the crowded flexible workspace sector with movable office walls, has raised $100 million from three investors, including the Emirati developer of Dubai’s Burj Khalifa, the world’s tallest sk,上海夜网推油Barbara,yscraper.

CommonGrounds plans to build 2 million square feet of flexible office space in two years with the Series A funding, one of the largest capital-raising rounds for a commercial real estate venture at such a stage, the San Diego-based firm said.

A build-out of about 50 sites would vault CommonGrounds, which has three locations in California and one in Denver, into a select grouping of U.S. coworking firms. Th,上海夜网官方网站Octava,e company declined to say what its valuation was after the fundraising.

Still, it would lag WeWork with its more than $10 billion in backing from Japan’s SoftBank Gr上海夜生活论坛oup Corp (9984.T).

WeWork raised just $17 million in its Series A funding in early 2012 and did not top $100 million in a single round until late 2013, according to website Crunchbase.

Workspaces with movable office walls have been the Holy Grail in office construction. They boost the flexibility that shared work space operators tout, allowing shorter-term leases, immediate occupancy and minimal planning by management.

However, these systems have not been cost effective and have been plagued by poor quality, lousy acoustics and difficulty in wiring the walls with electricity, said Dan Doyon of Workplace Hospitality Management, a San Francisco coworking consultancy.

“If you can get the price right and solve all the fundamental issues, it obviously makes a ton of sense,” he said.

CommonGrounds recently reconfigured about 11,000 square foot of workspace used by 130 people in 14 days for $40,000 using a system designed and manufactured by Tecno Spa of M,上海夜网邀请码Gabrielle,ilan, Italy, said Chief Executive Jacob Bates of CommonGrounds.

“Without this building technology it would have taken a minimum 90 days and hundreds of thousands of dollars,” he told , highlighting the “hackable” environment of its workspace, a phrase it plans to trademark.

CommonGrounds has entered an exclusive contract for the flexible space industry with Tecno Spa, he said.

Investors in the fundraising were Mohamed Alabbar, chairman of Emaar Properties (EMAR.DU) in the United Arab Emirates; Bob Davidson, an early developer of educational software and Pacifica Enterprises Inc, which also provided the seed money.

Landlords have sought to partner with coworking firms as it can be 50 percent more profitable than leasing directly to a company, Green Street Advisors said.

U.S. flexible workspace has grown 23 percent annually since 2010, JLL research shows.

Political risk looms over Republicans’ welfare tinkering

WASHINGTON ( ) – Political danger signs are flashing, but conservatives in Washington are pushing forward with proposals to change America’s social safety net, an agenda even fellow Republican President Donald Trump recently shied away from.

Fresh from a tax overhaul victory and keen to act while they retain control of ,上海021夜网Quay,Congress, Republicans are seeking tougher work and job training requirements for those helped by assistance programs such as Medicaid and food stamps.

Kentucky on Friday became the first U.S. state to get approval from Washington to impose work req上海夜生活uirements on recipients of Medicaid, a government program that provides health coverage to millions of Americans, primarily the poor, children, pregnant women, elderly adults and disabled people.

The approval came a day after the Trump administration said states could move toward putting work or job training conditions on Medicaid, which has never had such conditions attached.

Democrats and health advocacy groups said such changes would make healthcare less accessible to vulnerable Americans.

The Southern Poverty Law Center, a liberal group, said it plans to file a legal challenge against the administration.

Changes like Kentucky’s appeal to conservative Republican voters, although more broadly, Americans’ strong views and personal stakes in U.S. social programs have long been seen as political dynamite – especially in election years.

“That is fraught with danger, political danger,” said John Feehery, a Republican strategist who served as spokesman to former Republican House Speaker Dennis Hastert.

After the deep tax cuts for corporations that Republicans pushed through Congress in December, critics will say the party wants to “pay for it by slashing benefits to poor people. They just don’t need that right now,” Feehery said.

In November, Republicans must defend their Senate and House majorities in nationwide midterm congressional elections, which historically produce big gains for the opposition in the first term of a new presidency.

Related CoverageFactbox: What Republicans mean when they talk about U.S. welfare reform

Trump said on Saturday after,上海夜生活怎么玩Cade, a meeting with Republican leaders that any welfare legislation should be bipartisan or wait until later in 2018 after other priorities such as infrastructure and immigration are addressed.

Some House Republicans interpreted Trump’s statement as ruling out overhauls of big programs such as Social Security and the Medicare program for the elderly, but leaving room for more modest initiatives such as stricter work requirements.


House Speaker Paul Ryan, the Republican Party’s policy wonk in chief, has long advocated for some of the welfare changes that party colleagues are trying to decide how to package.

“What we will see is perhaps a more focused approach, to a work requirement, instead of a comprehensive entitlement reform initiative,” North Carolina Republican Representative Mark Meadows said in an interview. He is chairman of the House Freedom Caucus, a conservative faction.

In an example of what such proposals invite, Democrats quickly attacked the administration’s de,上海夜生活群Idaia,cision to let states proceed with Medicaid work requirements.

“It’s really sad. … The elderly, disabled, pregnant women and children will all suffer,” House Democratic Leader Nancy Pelosi told reporters.

A person familiar with a meeting last weekend at Camp David, the president’s mountain retreat in Maryland, between Trump and congressional leaders said some participants were wary of making “welfare reform” a Republican message.

Still, polling in mid-2017 by the Kaiser Family Foundation found 70 percent of respondents favored work requirements for Medicaid for non-disabled adults. At the same time, 74 percent said they had a favorable view of Medicaid as it is now.

House Agriculture Committee Chairman Mike Conaway, a Texas Republican, said the 2018 farm bill will including tighter work requirements for the Supplemental Nutrition Assistance Program (SNAP), better known as food stamps. He gave no details.

House tax committee Chairman Kevin Brady, also a Texas Republican, said his panel is exploring ways to get workers who are “trapped in the welfare system … off the sidelines.”

Representative Bradley Byrne, an Alabama Republican, said safety net programs are under review by a bipartisan group he co-chairs called the Opportunity Action Caucus. He said he hoped the group this month would propose ways for “able-bodied people who are presently on one or more of our welfare programs, to go out and get the skills and training they need to get a job.”

Ghosn says Nissan executives used ‘plot and treason’ to halt…

TOKYO ( ) – Carlos Ghosn said Nissan executives opposed to his plans for closer tie,上海高端夜生活在那里Tallulah,s with automaking partner Renault SA resorted to “plot and treaso上海夜生活网n” to disrupt them and were behind the financial misconduct allegations against him.

Speaking to the Nikkei newspaper in his first media interview since his arrest on Nov. 19, Ghosn said he had discussed plans to integrate the companies with Nissan CEO Hiroto Saikawa in September.

But Nissan executives employed “plot and treason” to uproot those plans, Ghosn said.

Ghosn, who spearheaded Nissan’s turnaround two decades ago, had pushed for a deeper tie-up between Nissan and Renault, including possibly a full merger, despite strong reservations at the Japanese corporation.

He remains in detention following his arrest and indictment on charges related to breach of trust and understating his salary.

His arrest has clouded the outlook for closer ties between Nissan and Renault, along with Mitsubishi Motors Corp, the third member of the,上海仙霞路夜生活Mabel, automaking alliance

Since his arrest, Saikawa has said it was not the time to discuss revising the partners’ complex capital ties. Nissan and Mitsubishi Motors have dismissed him as chairman, while he has resigned from the helm at Renault.

Ghosn denied accusations of improper payments to a company run by a Saudi businessman, saying the payment had been approved by a Nissan executive.

Ghosn also called accusations by both Nissan and Mitsubishi ,上海夜生活男人好去处Balthazar,that he received nearly 8 million euros in improper payment through a Dutch-based joint venture of the two automakers “a distortion of reality”, and argued his luxury residences in Rio de Janeiro and Beirut were approved by Nissan’s legal department.

Nissan has said it was not aware that it had paid for many of Ghosn’s properties. On Wednesday, a spokesman said that the company was unable to comment on Ghosn’s legal defense.

Ghosn, in the 20-minute interview, denied that his tenure at Nissan had been a “dictatorship”.

“People translated strong leadership to dictator, to distort reality” for the “purpose of getting rid of me,” he said.

Ghosn added that his health was fine, and that he wouldn’t flee if freed on bail.

Meanwhile, NHK reported that Saikawa plans to hold his first face-to-face discussion with new Renault Chairman Jean-Dominique Senard on the sidelines of an alliance meeting in the Netherlands on Thursday.

Ford and IBM among quartet in Congo cobalt blockchain project

LONDON ( ) – Carmaker Ford (F.N), technology giant IBM (IBM.N), South Korean cathode maker LG Chem (051910.KS) and China’s Huayou Coba上海夜生活lt (603799.SS) have joined forces in the first blockchain project to monitor cobalt supplies from Democratic Republic of Congo.

The pilot, overseen by responsible-sourcing group RCS Global, aims to help manufacturers ensure that cobalt used in lithium-ion batteries has not been mined b,上海夜生活桑拿会所Sabia,y children or used to fuel conflict.

Companies are under pressure from consumers and investors to prove that minerals are sourced without human rights abuses, but tracking raw materials throughout their journey is challenging.

The project announced on Wednesday has been quietly under way since December. Starting with industrially mined cobalt in Congo, it is monitoring supplies all the way to lithium-ion batteries for Ford vehicles.

Supplies of cobalt, expected to be needed in huge quantities for electric vehicles and electronic devices, are concentrated in Congo, a sprawling, volatile nation that has been racked by civil war and political tension.

The outcome of elections in December, which had been intended to be Congo’s first democratic transfer of power in six decades, is contested. [nL8N1ZB393]

RCS says the IBM blockchain platform could be used to include other minerals and to allow artisanal miners, which analysts say are the biggest issue with regard to ethical sourcing, to join a blockchain-based network of validated participants.

Blockchain, famed as the technology behind cryptocurrency bitcoin, works by providing a shared record of data held by a network of individual computers rather than a single party.

For the pilot project, which should be completed around the middle of the year, cobalt from Huayou’s industrial mine will be placed in secure bags, entered into a blockchain and traced from the mine and smelter to LG Chem’s cathode and battery plant in South Korea and then on to a Ford plant in the United States.

Because minerals are often combined with metals from various sources when they are smelted, they are particularly difficult to track.

The RCS project seeks to enforce best practice by using guidelines drawn up by the Organisation for Economic Cooperation and Development.

IBM said it was exploring the potential of chemical analysis using artificial intelligence,上海凤楼夜网Fabiana, to pinpoint the origin of cobalt and ensure so-called clean cobalt was not smelted with minerals sourced less responsibly.

“There is no fool-proof method, but you have to keep the ball moving forward, to keep raising the level of accuracy,” Manish Chawla, general manager of IBM’s mining and industrial sector business, told .

“Blockchain has been proven to be a very effective te,夜上海419龙凤论坛Hal,chnology in raising the bar.”

IBM has already worked with retailers including Walmart (WMT.N) and Carrefour (CARR.PA) to trace food through supply chains. [nL4N1WK2YO]

In the mining sector, meanwhile, Anglo American’s (AAL.L) De Beers has begun using blockchain to track diamonds. [nL8N1WE4YQ]

British lawmakers tell banks that no deal Brexit will not spell…

LONDON ( ) – Britain would have “fully func,上海夜哪里艳遇[上海夜生活网随机符],tional” rules to remain a top global financial center even if it left the European Union without a Brexit deal, its lawmakers said on Tuesday.

They sought to reassure foreign financial firms that a no deal Brexit would not result in disarray for the City of London at a time when many banks, insurers and asset managers were already moving staff and operations to new EU hubs.

Lawmakers vote on Tuesday in a bid to end a deadlock over Britain’s divorce settlement with the EU and prevent it leaving with no deal on March 29.

EU financial rules are being embedded into British law, but changes are needed to make them work,上海晚上耍女人的地方Larissa, properly as Britain falls outside the purview of EU regulators.

Lawmakers are scrutinizing measures known as statutory instruments (SIs) to give ministers and financial regulators powers to largely bypass parliament to push through changes.

Nicky Morgan, chair of parliament’s Treasury Select Committee, told Britain’s financial services minister John Glen that while the po,上海夜生活男人好去处Jack,wers showed that finance would be prepared for all eventualities, full parliament should debate them.

“We can understand why the powers are needed but they are unprecedented. Having the SIs in place is an important message to the world,” Morgan said.

Glen said Britain would be in uncharted territory if there is no deal.

“The predominant message I have is that we need to secure a deal. Equally it would be imprudent and irresponsible not to have a fully functional regime in a no deal situation,” Glen said.

“In the event of a no deal Brexit, we won’t have vast parts of the financial services sector saying ‘well, we didn’t know what was happening’,” Glen added.

Andrew Bailey, chief executive of the Financial Conduct Authority, and Sam Woods, Deputy Governor of the Bank of England, said tweaks from the “massive operation” run to over 2,000 pages.

Bailey said the powers would only be used to keep regulatory system “where it is today”, rather than make fundamental changes, and the vast majority of changes would be published.

European power firms aim to harness electric car batteries

FRANKFURT/LONDON/PARIS ( ) – Ever wanted to run your electric car for free? If you’re open to a bit of give and take, then stay plugged in and your wishes might come true. At least that’s what some European power companies and Japanese carmakers believe.

E.ON (EONGn.DE) and EDF (EDF.PA) are already working with Nissan (7201.T) to develop services that allow power stored in electric vehicle batteries to be sold back to the grid – and now they’re trying to persuade European carmakers to follow suit.

With millions of electric cars expected on European roads over the next decade, utility firms see both an opportunity to sell drivers more electricity and a risk that surges in charging at peak times could destabilize st,上海足浴夜网联系方式Barbara,ressed power grids.

That’s why E.ON is working with Nissan to develop so-called vehicle-to-grid (V2G) services, including software for aggregating and marketing charging data so the German power company can predict peaks and troughs in electricity demand.

Nissan’s idea is that if you charge your electric vehicle (EV) at off-peak times and are prepared to sell power back to the grid when it’s under strain, you could effectively charge for free.

French utility EDF has teamed up with San Diego-based V2G technology specialist Nuvve to build the first commercial-scale V2G charging network in Europe for vehicles made by Japan’s Nissan and Mitsubishi (7211.T).

Europe’s biggest utility by market value, Italy’s Enel (ENEI.MI), has also worked with Nissan and Nuvve on V2G pilots in Denmark and the Netherlands, as well as in Rome and Genoa.

The problem for the utilities is that unlike Nissan, the French and German firms that will make most of the electric cars expected on Europe’s road in coming years are not playing ball – at least for now.


E.ON and EDF are talking to European carmakers about taking V2G seriously, according to two industry sources, but they are more focused on EV charging technology that the sources say is less suited to two-way flows than Japanese standards.

IONITY, a joint venture of Volkswagen (VOWG_p.DE), Daimler (DAIGn.DE), BMW (BMWG.DE) and Ford (F.N), said it did not see an initial case for V2G in its drive to install high-speed charging stations across Europe to facilitate long-distance journeys.

“Our clients want to charge fast and not feed back in,” a spokesman for IONITY said. “Only in combination with an external storage system would a use case possibly be interesting.”

The other big V2G holdout is EV pioneer Tesla (TSLA.O), which also sells large stationary batteries for home power storage. Tesla declined to comment on V2G.

The idea of using millions of EV batteries as large virtual power plants to put power back into the grid has been around for years though the concept is still mostly a上海夜生活论坛t the pilot phase, mainly because there are very few EVs on the roads now.

But its appeal to the power industry is obvious.

With a typical car driving less than 10 percent of the day, the rest of the time car batteries could be used to balance out demand and supply swings in energy networks that increasingly need to juggle intermittent solar and wind power.

That’s the case in Germany in particular as it is phasing out baseload nuclear and coal-fired plants, unlike France and Japan which are sticking with nuclear to ensure a secure supply.

Jonathan Tudor, director of technology strategy at the innovation division of Britain’s biggest utility, Centrica (CNA.L), said V2G will be part of the mix of technologies stabilizing networks – once more EVs hit the road.

“Winding the clock forward 10-12 years, if consumer behavior stays the same we will see thousands of people arriving home and,上海夜网后花园Caden, wanting to charge up their cars at the time that is already peak demand for most countries,” he said.

Alberto Piglia, global head of e-mobility at Enel, said as the EV market grows exponentially, there will be a tipping point at which there will be an explosion of related energy services. “We are preparing the world for this.”


One major hurdle for the roll-out of V2G in Europe is that for now it only works well with the EV charging standard developed in Japan known as CHAdeMO.

The IONITY e-mobility joint venture, meanwhile, is focused on establishing the Combined Charging System (CCS) plug as the industry standard.

Plug wars: the battle for electric car supremacy

But experts say the communication protocol between CCS chargers and EV batteries is not being set up currently in way that allows rapid changes in two-way information flows to charge and discharge electricity.

Rather, CCS is being developed so EV owners can charge vehicles as fast as possible, to encourage the acceptance of electric cars by drivers reluctant to give up the convenience of quickly filling up vehicles with gas.

“We are missing a V2G charging standard,” said Gregory Poilasne, chief executive of Nuvve.

The network of 4,000 V2G charging stations it is developing with EDF in Britain and France will onl,上海021夜网Barney,y be used for now with corporate fleets of Nissan Leaf E-NV200 utility vans and Mitsubishi Outlanders running on the CHAdeMO standard.

That’s why Nuvve is also in talks with French and other carmakers about making CCS compatible with V2G.

China, the world’s biggest market for EVs, also has V2G in mind. China’s own GB/T standard is not well suited to V2G but the China Electricity Council struck an agreement with the Japan’s CHAdeMo Association last year to develop a common fast-charging plug that should handle rapid two-way flows.

But at a time when global infrastructure standards for EVs have yet to be established, German carmakers are reluctant to give up on the technology they have invested in, nor cede too much control over their vehicle components to utility firms – something V2G effectively requires them to do.


Still, despite making little headway so far, E.ON hopes that the CCS standard will become part of the V2G mix.

“The technology for aggregation and marketing that we’re developing at E.ON based on the CHAdeMO standard will also be applicable to the CCS standard,” said Johannes Werhahn, E.ON’s head of flexibility, renewables marketing and storage solutions.

OVO Energy, a challenger to Britain’s “Big Six” power retailers, is also eyeing CCS as a market for the V2G charger it launched last year in a deal with Nissan.

“We are very close partners with Nissan but we do expect to work with other car manufacturers in future, including those that use CCS,” said Tom Pakenham, OVO’s head of EVs.

Centrica invested in Israeli EV software charging firm Driivz last year and said part of the deal would involve developing V2G technology.

“Once the software is integrated and we understand what needs to be done we will look to start trials, likely sometime in the next 18 months,” Tudor said.

One catch for V2G proponents is that constantly charging and discharging is widely perceived to be the fastest way to shorten the life span of a battery – the most expensive component in an EV usually accounting for about a third of its cost.

Analysts say persuading consumers that V2G makes economic sense and doesn’t disrupt their daily lives will be crucial.

Nissan, though, is convinced V2G will “change the rules of the game” once consumers can be offered a service that will effectively mean they can charge vehicles for free.

Japan’s Honda (7267.T) also plans to incorporate V2G capability when it launches its first EV in Europe this year.

Nuvve’s Poilasne said V2G could reduce the total cost of EV ownership by about 25 percent without ruining the battery, though earnings from grid-balancing services would be greater in countries with a larger share of intermittent renewable energy.

Pfizer quarterly profit in line, touts pipeline of future products

( ) – Pfizer Inc on Tuesday repor,上海021夜网Queena,ted fourth-quarter profit and sales that edged past Wall Street estimates, helped by higher sales of breast cancer medicine Ibrance and pain drug Lyrica.

The largest U.S. drugmaker also touted its pipeline of drugs in development and its shares rose more than 2 percent after initially falling on a 2019 earnings forecast below Wall Street estimates. That continued a trend among major drugmakers as Johnson & Johnson and Bristol-Myers Squibb Co have also issued initial 2019 earnings forecasts below analysts’ estimates.

On a call with analysts, new,上海夜生活论坛Jacklyn, Chief Executive Albert Bourla said Pfizer had “the best pipeline in our history,” and predicted that the company would return to sustained growth beginning in the middle of 2020.

“Our job now is to stay the course,” said Bourla, who took over as CEO to start the year.

Pfizer forecast 2019 adjusted earnings of $2.82 to $2.92 per share, while analysts were estimating $3.04 per share, according to IBES data from Refinitiv. Its revenue forecast of $52 billion to $54 billion, which takes into account the impact of a stronger dollar and the loss of U.S. patent exclusivity on Lyrica around mid-year, also fell short of an,上海夜网后花园Radcliff,alysts’ estimates of $54.25 billion.

“The confidence in the pipeline and potential for accelerated growth beginning in 2020 is contributing to the positive share price reaction,” Edward Jones analyst Ashtyn Evans said.

Pfizer and partner Eli Lilly & Co also reported positive results from a late-stage trial of their experimental non-opioid arthritis treatment tanezumab, one of 15 potential billi上海夜生活论坛on-dollar drugs Pfizer says could win approval within five years. However, some analysts suggested that the new data may not alleviate safety concerns around the pain drug.

Pfizer executives said they expected flat pricing for its drugs in the United States this year, but that it was not counting on price increases to drive growth.

Bourla also said Lyrica would be its last top-selling product to go off patent until the second half of the decade.

Pfizer’s promising pipeline also includes potential blockbuster heart medicine tafamidis, as well as potentially lucrative vaccines and cancer drugs.

In the fourth quarter, Ibrance sales rose 58 percent to $1.13 billion, helped by growing demand in Europe.

Excluding items, Pfizer earned 64 cents per share, exceeding analysts’ average expectations by a penny. Revenue of $13.98 billion also edged past forecasts of $13.90 billion.

Pfizer shares were up 2.2 percent at $40.40.

EnBW open to partnerships in U.S. offshore wind expansion

BERLIN ( ) – German utility EnBW (EBKG.DE) could seek more partners in its planned push into the burgeoning U.S. offshore wind sector, its chief executive said.

EnBW has already formed a joint venture with project developer Trident Winds to cater to the U.S. west coast but is so far working alone on the booming east coast, where it set up a subsidiary in the fourth quarter of 2018.

“We’re open to partnerships also in the offshore business,” Frank Mastiaux told at the annual Handelsblatt energy conference in Berlin.

“At the moment, it is very difficult to develop new offshore wind parks in our home market Germany as well as in the remaining parts of Europe. We want to continue to grow and are looking for attractive foreign markets in a very selective way.”

Along with Taiwan, the United States has become one of the global offshore wind industry’s growth markets, with HSBC expecting up to 8.7 gigawatts worth of capacity auctions ther,上海会所夜网Fabian,e over the next four years.

European rivals EDF (EDF.PA) and EDP Renovaveis (EDPR.LS) have each teamed up with oil major Shell (RDSa.L) to make bids for U.S. offshore wind capacity, with one of them having been successful in recent bids.

Despite its strong regional focus, EnBW has been aggressive in its offshore wind expansion, with installed capacity of 336 megawatt (MW) and a further 609 MW under construction.

Last year, it became the first German utility to take stakes in offshore wind projects in Taiwan, where it works together with Macquarie (MQG.AX) and Swancor 3708.TW.

EnBW, w,上海夜网Falkner,hich lost out in a first auction round last year, is now preparing for upcoming tenders, Mastiaux said.

“When it comes to entering a market, no matter in which industry, it’s always the exception to be successful right away. Usually, you have to learn a few lessons first.”

EnBW has cut the profit contribution from conventional energy sources to 18 percent now from up to 80 percent in the past, but has decided against a major corporate restructuring, unlike larger peers RWE (RWEG.DE) and E.ON (EONGn.DE,上海仙霞路夜生活Dakota,).

Mastiaux, a former E.ON and BP (BP.L) executive, said that would not change, as large structural overhauls swallow a lot of time, energy and money, adding he would rather use these resources to expand EnBW’s business.

That includes examining retrofits of coal plants, which are上海夜生活 due to be phased out by Germany, but Mastiaux said operators would have to be compensated if there were cases of expropriation.

Written by shyw on August 6, 2019 Categories: zegkczqm Tags: , , ,

As China’s economy falters, some fund managers look to bonds

HONG KONG/SHANGHAI ( ) – Despite mounting signs of a Chinese economic slowdown, 2019 is off to a good start for fund manager Du Zhenye.

His Shanghai-based ChangAn Xinyi Enhanced Mixed Fund has increased its assets over the past two weeks by shunning Chinese stocks for bonds. And it was the best-performing of nearly 3,000 mixed funds ranked by Haitong Securities for 2018, returning more than 14 percent.

“I don’t dare say it’s already the bottom of the stock market,” Du said.

He’s not alone in favoring Chinese bonds over equities. Slowing growth signals an earnings slump after a brutal 2018, when the Shanghai Composite index .SSEC tumbled 25 percent.

For some, bonds retain a shine as policymakers combat the slowdown上海夜生活论坛 with more stimulus. The phased inclusion of some Chinese bonds in global indexes starting this year also should draw inflows.

“We believe this year will be another bullish one for bonds,” said Du.

According to Shanghai consultancy Z-Ben Advisors, assets under management (AUM) at domestic equity mutual funds shrank 12 percent in the fourth quarter from a year earlier to 194 billion yuan ($28.62 billion) while fixed income funds expanded 20 percent to 3 trillion yuan.

That was one factor driving yields on benchmark 10-year Chinese government bonds down nearly 40 basis points in the quarter. CN10YT=RR

More policy easing could further cut yields, implying more gains for bondholders.

On Monday, China reported 2018 growth was the slowest in 28 years, at 6.6 percent. Beijing will reduce its 2019 full-year growth target to 6-6.5 percent, from around 6.5 percent last year, sources have told .


While authorities rule out “flood-type stimulus” to juice growth, they have pumped cash into the banking system to boost lending. China made a cut to banks’ reserve requirement ratios t,上海夜网后花园Kai,his month, and more is promised.

Josh Sheng, chief investment officer at Shanghai Tongshengtonghui Asset Management, says fresh cash should fuel further gains in bonds, both sovereign and corporate. At the same time, he is watching credit data for signs of an investment pick-up that could support the stock market.

Interest in Chinese bonds isn’t limited to domestic investors.

Lenny Kwan, a portfolio manager at T Rowe Price in Hong Kong, is bullish on five- and 10-year gover,上海凤楼夜网Kaia,nment bonds. Edmund Goh, Asian fixed income manager at Aberdeen Standard Investments in Shanghai, is keen on corporate bonds, largely shunned by foreign investors unfamiliar with the Chinese market.

Offshore interest is likely to increase in April, when the Bloomberg-Barclays Global Aggregate Index begins to include Chinese government and policy-bank bonds.

Standard Chartered estimates the inclusion, which will be phased in over 20 months, could bring $50 billion in passive inflows into China’s fixed income market this year. It said offshore investors could own up to 2.8 trillion yuan of onshore bonds by the end of 2019, or 1 trillion yuan more than at the end of last year.


Not all domestic investors are convinced. Fresh funding has been only enough “to fill the old gaps,” and the People’s Bank of China is keen to avoid excess cash putting pressure on the yuan, said Yun Xiong, partner at Leiton Capital in Shanghai.

Last year brought a record number of defaults, according to data, and “credit bombs will continue to explode” in 2019, Xiong said.

Another factor that could dent bonds is stricter insurance industry rules that took effect in 2018. Huachuang Securities said these reduced returns from insurance products and raised costs for insurers – traditionally big bond buyers. On top of this, weak income growth and rising household debt will hit growth of premiums.

Some asset managers see more value in Chinese stocks than bonds, believing that more stimulus is coming and that the U.S. and China will resolve their trade war.

Last year’s market correction led Khiem Do, Hong Kong-based head of Greater China investments at Barings, to pick up a range of stocks.

Sh,上海晚上耍女人的地方Cade,ares on mainland exchanges are “trading at about 11 times (price to earnings). That’s very low,” said Do, who expects China’s economy to rebound in the second quarter.

Wang Qing, president of Shanghai Chongyang Investment Co, is also optimistic that China shares will rise this year.

“Market consensus at the start of a year is often wrong,” he said.

(GRAPHIC: Investors in China drawn to bonds – tmsnrt.rs/2AQAOFx)

Sterling up after May wins confidence vote; stocks climb

NEW YORK ( ) – Major world stock indexes rose on Wednesday, with the S&P 500 supported by sharply higher U.S. bank shares after strong earnings, while the pound was up after British Prime Minister Theresa May’s government won a confidence vote in parliament.

That should allow her to attempt to create a consensus among lawmakers on an agreement on Britain’s departure from the European Union. The confidence vote followed the parliamentary defeat of May’s Brexit deal late Tuesday.

Expectations of a softer Brexit – per上海夜网haps incorporating the Labour Party’s idea of membership of a permanent customs union – gave some support to the pound.

Sterling GBP= was last trading at $1.2873, up 0.12 percent on the day.

Stocks mostly shrugged off the results of the vote. MSCI’s gauge of stocks across the globe .MIWD00000PUS gained 0.39 percent.

On Wall Street, strong earnings from Bank of America (BAC.N) and Goldman Sachs (GS.N) helped to keep stocks in positive territory. Bank of America shares were up more than 7 percent while Goldman’s stock was up about 8 percent.

“There is hope for this earnings season, and Goldman Sachs and Bank of America have got it started off on the right foot,” said Jake Dollarhide, chief executive officer at Longbow Asset Management in Tulsa, Oklahoma.

The Dow Jones Industrial Average .DJI rose 218.87 points, or 0.91 percent, to 24,284.46, the S&P 500 .SPX gained 15.34 points, or 0.59 percent, to 2,625.64 and the Nasdaq Composite .IXIC added 32.57 points, or 0.46 percent, to 7,056.40.

The pan-E,上海夜网千花Quaid,uropean STOXX 600 index rose 0.54 percent.

The dollar rose against the euro as the euro zone single currency was pushed lower by worries about the zone’s economy, with the euro EUR= down 0.12 percent to $1.14.

Earlier this week, data showed Germany barely escaped a recession in the second half of 2018 and European Central Bank chief Mario Draghi warned on Tuesday the euro zone economy was weaker than anticipated.

In sovereign debt markets, British government bonds underperformed versus German peers in early trade.

U.S. Treasury yields rose as stronger-than-forecast results from two major banks lifted Wall Street, reducing safe-haven demand for U.S. government debt.

Benchmark 10-year notes US10YT=RR last fell 7/32 in price to ,夜上海论坛Idris,yield 2.7326 percent, from 2.708 percent late on Tuesday.

Oil prices gained, with data showing growing U.S. refined product inventories and record crude production.

U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 0.4 percent to settle at $52.31 a barrel.

For Live Markets blog on European and ,上海夜生活论坛Idris,UK stock markets, please click on: [LIVE/]

Another shutdown spells deeper pain for U.S. economy: Moody’s

( ) – Another government shutdown could inflict greater harm on the U.S. economy, especially it were to happen only three weeks after the end of the longest ever such closure, Moody’s Investors Service said on Tuesday.

“If another shutdown occurs, there could be a more severe impact on the U.S. economy than during the recently ended shutdown,” the rating agency said in a statement.

The recent shutdown began in late December after U.S. President Donald Trump refused to sign a bill to fund the government as he demanded $5.7 billion for building a wall along the border between the United States and Mexico.

Last Friday, Trump agreed to fund the government through Feb. 15 in a bid to reach an agreement on border security. He said he would be willing to shut down the government again if U.S. lawmakers do not deliver a deal he finds acceptable.

The 35-day partial government shutdown affected some 800,000 federal employees who were furloughed or worked without pay. After the government reopened, these workers are expected to receive missed salaries, but federal contractors will not be compensa上海夜生活ted.

The shutdown’s effects “have been concen,上海夜生活群Earl,trated with limited ramifications for the broader economy,” Moody’s said in a statement.

Still the shutdown was a “credit negative” on Moody’s top-notch Aaa credit rating on the United States. This caused the rating agency to assess Washington’s budget process as “less robust” than other Aaa-rated countries.

The U.S. economy was expected to lose $3 billion from the partial government shutdown, the Congressional Budget Office said on Monday.

If the g,上海021夜网Dahlia,overnment were to shut down again in less than three weeks, it would “complicate negotiations over the debt ceiling,” kindling worries about the Treasury delaying its debt payments, a,上海夜生活去哪玩Nadia,ccording to Moody’s.

On Monday, Fitch Ratings said another shutdown could raise the risks to U.S. economic growth and corporate earnings in the first quarter.