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EU regulators look at Volkswagen’s Luxembourg tax deals: Bloomberg

BR,上海夜网后花园Barbara,USSELS ( ) – EU antitrust regulators are seeking information on German carmaker Volkswagen’s (VOWG_p.DE) tax deals with Luxembourg, Bloomberg reported on Tuesday, citing a person familiar with the matter.

The European Commission is checking whether Volkswagen benefited from an ,上海021夜网Barney,unfair tax deal, Bloomberg said.

The EU competition enforcer and the Luxembourg finance ministry declined to comment. Volkswagen did not respond immediately to a request for comment.

Luxembourg’s tax deals with U.S. fast-food chain McDonald’s (MCD.N) and French gas and power producer Engie (ENGIE.PA) are already in the EU’s cross hairs. The Commission also opened a case to examine the Netherlands’ arrangement with Swedish furniture retailer Ikea [IKEA.UL] three months ago.

The EU’s crackdown on unfair ta,上海夜网推油Landon,x deals between multinationals and EU countries in recent years has resulted in an order for Ireland to recover up to 13 million euros ($16.1 million) from Apple (AAPL.O).

In 2015 Luxembourg was told to claw back up to 30 million euros from Italian carmaker Fiat Chrysler (FCHA.MI) and the Netherlands a similar amount from U.S. coffee chain Starbucks (SBUX.O).

A year later Belgium was ordered to recover about 700 million euros from 35 multinationals, among上海夜生活网 them brewer ABInbev (ABI.BR).

($1 = 0.8057 euros)

Credit Suisse sued over U.S. ‘volatility’ product losses

NEW YORK ( ) – An investor sued Credit Suisse (CSGN.S) on Wednesday, alleging that misstatements about a complex product betting on stock market swings led to losses for people who bought in at inflated prices.

A popular product offered by the bank and linked to expectations of future price swings, or volatilit上海夜生活论坛y, in the S&P 500 .SPX stock index sank by more than 90 percent within hours last month following a market selloff.

Credit Suisse later took the product – once worth $1.6 billion and known as the VelocityShares Daily Inverse VIX Short-Term Exchange-Traded Note (ETN) – off the market.

The lawsuit, filed in U.S. District Court in Manhattan ,said Credit Suisse “manipulated” the notes by liquidating its holdings in various financial products to avoid a loss. It also said the company’s statements about the product to investors were incomplete.

“The publicly available prospectus accurately and fully disclosed the risks of an investment in XIV, which is only intended for sophisticated institutional clients,” the bank said in a statement emailed to , referring to the product by its former stock ticker.

“Credit Suisse did not engage in any conduct designed to misl,夜上海论坛Octavien,ead investors regarding XIV’s value or cause the February 5, 2018, decline in XIV’s price,” the bank said.

The bank’s chief executive, Tidjane Thiam, has called the product “legitimate” and said investors took their ow,上海夜生活桑拿会所Tamara,n risk on a trade that did not pan out.

Investors flocked to XIV, launched in 2010, for profits that grew in calm markets. XIV booked a 585 percent gain for the two years ended Feb. 1.

The market action that led to the trade’s death in the Feb. 5 reversal of fortune in U.S. markets that some investors called “vol-mageddon” is now being probed by securities regulators, has reported.

Other banks and asset managers have since tamed or closed competing products also indirectly tied to Wall Street’s “fear gauge,” the CBOE Volatility Index .VIX.

The lawsuit, which seeks class-action status as well as unspecified damages, is not the first challenge for investors in a Credit Suisse ETN.

The bank was sued in 2012 by investors who owned a “leveraged” ETN after new issuances of the notes, which doubled one market’s returns, were suspended. A federal appeals court in 2014 ruled in favor of the bank, saying no reasonable investor could have read disclosures for the product without understand,上海夜生活论坛Kaiden,ing their risk.

Republican Trump releases healthcare proposals

WASHINGTON ( ) – U.S. Republican presidential front-runner candidate Donald Trump on Wednesday unveiled proposals for reforming U.S. healthcare that included repealing Obamacare, allowing prescription drugs to be imported, and turning the Medicaid program for the poor into b,上海夜生活网交流Barrett,lock grants to states.

The plan also calls for the sale of health insurance,夜上海419龙凤论坛Caitlin, plans across state lines, full deduction of health insurance premiums from income tax and adds: “We must also make sure that no one slips through the cracks simply because they cannot afford insurance.” (here)

Trump, who is the front-runner in the race to become the Republican nominee in November’s presidential election, is also proposing allowing individuals to use Health Savings Accounts (HAS) to pay for out-of-pocket expenses. Contributions to HSAs would be tax-free and could be passed on to heirs without any tax penalty.

The proposals include requiring “…price transparency from all healthcare providers, especially doctors and heal上海夜生活网thcare organizations like clinics and hospitals. Individuals should be able to shop to find the best prices for procedures, exams or any other medical-related procedure.”

On drug prices, Trump departs from standard Republican policy by calling for lowering barriers to cheaper imported pharmaceuticals.

“Allowing consumers access to imported, safe and dependable drugs from overseas will bring more options to consumers,”

the statement says, adding that “Congress will need the courage to step away from the special interests and do what is right for America.”

The proposals also call for reforming ment,夜上海论坛Fabian,al health programs and institutions, but provides few details about how to do this.

Trump also called for tighter enforcement of immigration laws, a key plank in his campaign platform, as a way to bring down healthcare costs.

“Providing healthcare to illegal immigrants costs us some $11 billion annually. If we were to simply enforce the current immigration laws and restrict the unbridled granting of visas to this country, we could relieve healthcare cost pressures on state and local governments,” the proposal statement says.

Democrats were quick to criticize the plan.

“As Democrats have said all along, Donald Trump is not an outsider engaging in a hostile takeover of the GOP – in fact, he embodies the Republican Party.

“The fact that his healthcare ‘plan’ is clearly cribbed from worn-out and false GOP talking points proves that Trump is just another Republican politician who wants to take healthcare away from millions of Americans without offering any substantive alternative,” Democratic National Committee Communications Director Luis Miranda said in a statement.

Wall Street rethinks blockchain projects as euphoria meets reality

NEW YORK ( ) – Wall Street has been much more excited about the system underpinning bitcoin than the cryptocurrency itself, but the global financial industry has not yet been able to do much with the technology known as blockchain.

has found several blockchain projects launched by major financial institutions that have been shelved, as development of the technology enters a hype-meets-reality,上海夜网后花园Paige, phase.

The casualties include projects by the Depository Trust & Clearing Corporation (DTCC), BNP Paribas SA (BNPP.PA) and SIX Group, has found.

These were among the wave of blockchain tests touted by the financial industry over the past few years, as firms bet the new technology would displace much of the sector’s infrastructure, cutting out middlemen, speeding transactions and reducing costs for things like securities and payments processing.

Yet as some projects were developed, companies pulled back for various reasons – from costs to industry readiness, underscoring that, for all its p,上海夜生活群Macauly,otential, blockchain is still in its early days.

DTCC, known as Wall Street’s bookkeeper, recently put the brakes on a blockchain system for the clearing and settlement of repurchase, or repo, agreement transactions, said Murray Pozmanter, head of clearing agency services at the DTCC.

The project, which had successfully tested with startup Digital Asset Holdings (DA), was shelved because banks and other potential users believed the same results could be achieved more cheaply using current technology, he said.

“Basically, it became a solution in search of a problem,” he said.

Post-trade services provider, SIX Securities Services, a unit of the group that operates Switze,上海夜生活乌托邦Dahlia,rland’s stock exchange, has also decided not take into production a prototype built by DA for the processing of securities, SIX spokesman Jürg Schneider, told .

“We wanted to go into another direction,” Schneider said.

The partnership with DA, run by former JPMorgan Chase & Co (JPM.N) executive Blythe Masters, was announced in 2016.

French bank BNP Paribas in 2016 said its securities services division had partnered with startups including SmartAngels to build a platform for private small businesses to manage their securities.

The bank stopped work on the project, and will instead team up with other financial institutions on another blockchain initiative called LiquidShare, s上海夜生活aid a source familiar with the matter. “Creating an enterprise-wide robust blockchain platform requires the full cooperation of the whole post trade ecosystem,” the source said.


The DTCC, BNP Paribas and SIX tests were among a barrage of blockchain “proofs of concept” announced with great fanfare by financial institutions.

“A large part of the problem has been expectation management, or rather lack thereof by many vendors and large consultancies that made claims that could not be fulfilled in the time spans they had said on stage at fintech events,” said Tim Swanson, founder of technology advisory Post Oak Labs.

reported last week JPMorgan was considering spinning off its marquee blockchain project Quorum. In July a partnership between settlement provider Euroclear and startup Paxos to develop a blockchain service was dissolved.

Still, other projects are moving forward.

Pozmanter said the DTCC is still examining another project with DA and that it is close to testing a blockchain-based trade information warehouse set to launch next year.

“We’re still bullish on the technology,” Pozmanter said.

The repo test with DA “met all its stated goals” and led to a new project that DTCC is examining, said DA spokeswoman Vera Newhouse.

SIX is working on a blockchain project with Nasdaq (NDAQ.O) and Australia’s stock exchange ASX Ltd (ASX.AX) said in December that DA will help replace its registry, settlement and clearing system, in one of the most ambitious projects to receive a green light.

Graphic account of Hulk Hogan sex tape read in Florida court

ST. PETERSBURG, Fla. ( ) – Gawker founder Nick Denton read out a graphic account of the acts shown in a sex tape featuring wrestling celebrity Hulk Hogan in a Florida courtroom on Tuesday, saying his company’s 2012 online publication “stands up to the test of time.”

Gawker was sued for $100 million by Hogan, who says the release violated hi,上海夜生活群Jacob,s privacy. The New York-based media com,上海足浴夜网联系方式Queena,pany could be forced out of business by an unfavorable verdict in a civil trial testing the limits of freedom of the press.

Hogan’s attorneys asked Denton, a high-profile figure in the world of Web publishing, to read aloud a very explicit article acco上海夜生活网mpanying the video, which he did in an even tone.

,上海夜玩网论坛Queena,The lawsuit centers on the one-minute, 41-seconds of video that Gawker excerpted from the sex tape of unknown origin. It has not yet been shown to the jury in St. Petersburg, Florida, near Hogan’s home.

The clip shows Hogan’s tryst with the wife of his then-best friend, radio “shock jock” personality Bubba the Love Sponge. Hogan says their consensual encounter was recorded without his knowledge five years before Gawker’s posting.

Denton said he had not watched the video, nor read the article before publication. He described his role as broadly overseeing the portfolio of websites under Gawker media.

Still, he stood by the piece as in keeping with Gawker’s mission to produce “true and interesting” journalism.

“The piece had value. It was true. It was a story honestly told and it was interesting to millions of people,” Denton said.

The Hogan sex tape piece was one of more than 10,000 posts in 2012 on the Gawker website, a former company executive testified later on Tuesday. The video alone was viewed 2.5 million times, with 57 percent watching the entire clip.

Denton’s testimony, spread out over two days, highlighted his approach to websites run by the Gawker company, which include technology-oriented Gizmodo and women-focused Jezebel.

Pressed on his views on privacy rights during cross-examination, Denton said celebrities have “a smaller zone.”

Jurors had questions for Denton, too. One of them asked if the sex in the video would be protected speech under the First Amendment of the U.S. Constitution if it was gratuitous.

“No,” he replied. He had previously said that he did not think the sexual content overreached.

Hogan’s attorney, David Houston, issued a statement suggesting the jury question “perhaps sets the tone for deliberations.”

Thiam’s earnings dip as Credit Suisse overhauls executive pay

ZURICH ( ) – Credit Suisse (CSGN.S) is revising pay for top management as it completes a major overhaul, hoping to ease shareholder concerns with a returns-focused policy and lower 2017 rewards.

Chief Executive Tidjane Thiam earned slightly less during his third year in the role, the bank’s annual report showed on Friday, after cuts to his long-term share bonuses brought his pay under 10 million Swiss francs ($10.6 million).

“The compen,上海晚上耍女人的地方Hadley,sation committee considers that Mr. Thiam’s proposed total com,上海夜生活网419Pablo,pensation for 2017 of 9.7 million francs reflects his strong performance against the suite of measures, while also recognizing that the group is still in a transition phase,” compensation committee chair Kai Nargolwala said.

Changes to the bonus scheme for the current year’s pay come amid increasing scrutiny of executive 上海夜生活网pay, including a “Fat Cat” referendum in 2013 giving shareholders a veto power over management and board pay in Switzerland.

On the other hand, the proposal could also mean a significant pay rise for several executives if the bank beats its targets and delivers rising rewards to its shareholders.

The bank last year agreed to cut executive bonuses by 40 percent, including 2016 cash bonuses and 2017 share incentives, after coming under fire for proposing stepped up payouts despite a second consecutive multi-billion-franc loss.

Nargolwala, who became chairman of the compensation committee in April, said the bank decided to simplify its compensation policy for 2018 to reflect investor feedback.

The new bonus system should provide greater transparency, Nargolwala said, while focusing more on profitability and shareholder returns.

These changes were not reflected in the 2017 pay scheme, which saw overall executive earnings drop 4.3 percent and bank-wide bonuses drop 3.4 percent to 3.2 billion francs.


Credit Suisse posted a 983 million franc loss for 2017 following a U.S. tax asset writedown. On a pre-tax basis, it was the bank’s first year in profit since Thiam launched the turnaround plan in 2015.

Thiam earned 4.5 million francs less in 2017 than the head of crosstown ,上海夜网千花Kai,rival UBS (UBSG.S), which years ago underwent a similar restructuring to scale back its investment bank and emphasize wealth management.

Thiam’s pay still places him among the top earners amongst Swiss company bosses.

At Deutsche Bank (DBKGn.DE), top managers did not take bonuses as Germany’s flagship lender posted its third annual loss in a row. CEO John Cryan earned 3.4 million euros ($4.2 million) in 2017.

Credit Suisse will propose an overall 5.5 percent increase in the maximum payout available to top management and board members for 2018 compared to what the bank had originally envisioned for 2017.

The rise is mainly due to higher maximum share rewards for three unnamed executives, who do not include the CEO.

($1 = 0.9454 Swiss francs)

($1 = 0.8115 euros)

Take Five: World markets themes for the week ahead

LONDON ( ) – Following are five big themes likely to dominate thinking of investors and traders in the coming week and the stories related to them.


The U.S. Federal Reserve’s first meeting with new head Jerome Powell at the helm takes place on Tuesday and Wednesday and an interest rate rise – this year’s first – is seen as a done deal.

Against the backdrop of brewing inflationary pressures, mortgage rates and Treasury yields have been rising and risk assets including equities and junk debt prices have been exhibiting signs of stress.

World investors will be paying close attention to the wording of the Fed statement for clues on whether Powell and co think conditions are now strong enough to hike rates beyond the three the financial markets have been forecasting. Oh, and what they think about the risk of a global trade war.

(GRAPHIC: Fed ahead – reut.rs/2FEDs5u)


The March 22 meeting at the Reserve Bank of New Zealand should be eventful but not for the normal reasons. For almost no one expects a change in rates. But the RBNZ is having a change of guard. Adrian Orr takes over as governor on March 27 from Grant Spencer.

A new Policy Target Agreement (PTA), which is to be signed between the incoming governor and the country’s finance minister, must also be released before Orr takes over. It could allude to the employment objective that the government wants to include in the RBNZ mandate and is seeking parliamentary approval for.

As for interest rates, markets expect no change until mid-2019. Economic conditions – growth seen slightly above last year’s, below-target inflation, a stable currency and r,上海凤楼夜网Gabriella,ising share prices – validate those expectations.

New governor Orr has worked for the RBNZ before and is considered a continuity candidate, analysts warn against taking a change of guard for granted though. They cite the example of Philip Lowe at the Reserve Bank of Australia, who surprised markets with his focus on financial stability.

(GRAPHIC: New Zealand GDP, rates, jobs, inflation – reut.rs/2pfJlMe)


Emerging market investors’ love for South Africa and Russia will be severely tested, with Moody’s set to deliver a long-awaited verdict on South Africa’s last remaining investment grade credit rating by March 23, and Russia facing Western condemnation over a nerve agent attack on British soil just as Vladimir Putin limbers up for another presidential election win.

South African assets have rallied hard this year on a turnaround ticket, with new President Cyril Ramaphosa pledging to fight corruption, implement much-need structural reforms and kickstart growth. The country’s bonds are currently international investors’ top “overweight” in portfolios linked to JPMorgan’s GBI-Emerging Markets index so the rating call could be tense.

Russian assets meanwhile have come under scrutiny, amid the potential for more biting and globally coordinated sanctions on Moscow if the spy poisoning case escalates further.

So far bond investors appear largely unperturbed. There was strong interest for a new Russian Eurobond which landed on big funds’ desks just as Britain and the United States were expelling dozens of Russian diplomats.

(GRAPHIC: South Africa’s 上海夜网rating decision awaits – reut.rs/2HDfpjV)


Next week will be a crunch one for sterling traders. A key summit between,上海夜生活男人好去处Dallas, British and European officials Thursday and Friday next week could yield a “provisional” deal on a post-Brexit transition period, though with wide differences still on the Irish border conundrum, dealers aren’t taking chances.

The pound has made a solid recovery – against the dollar at least – over the last year. “Long” positions on cable GBPNETUSD= are only fractionally below a three-year high. But if there no sign of a deal and a “hard” Brexit is suddenly the base case again, the currency would almost certainly go skidding again.


Implied sterling volatility options show it well GBP1MRR= They are more in demand than other G10 FX counterparts, showing just how nervy the pound markets are feeling.

Add to the mix that there will also be a Bank of England meeting on Thursday. Any sniff of a transition deal might give it cover to strike a more confident tone on further rate hikes this year. Just like Brexit, rate markets are looking to May.

(GRAPHIC: Sterling positions – reut.rs/2FNZVJr)


Hedge funds have been ramping up their bets against European equities in recent weeks. “Short” demand for European equities is now up 18 percent year-to-date, and the current total short position is $188 billion, just below a post-euro crisis high of $193 billion hit a month ago.

With a strong economic backdrop and more attractive valuations than U.S. equities, what’s pushing investors to short the European market?

The strong euro is one reason why hedge funds think the region’s corporate earnings won’t live up to share prices. And political risk – the main reason why short positions increased last year – reared has its head again with the complicated outcome of Italian elections this month.

But another reason may be strategic: Analysts say it has been cheaper to “short” a basket of big European names than those from across the pond. European stocks also have a higher “beta”, or correlation, than U.S. stocks to the broader market when it is going down. So a bet against Europe may simply be the most efficient way to bet against markets overall.

(GRAPHIC: Bets against European stocks increase – reut.rs/2pfY8qa)

Facebook’s lead EU regulator ‘following up’ on third party data use

DUBLIN ( ) – Facebook’s lead regulator in the European Union, the Irish Data Protection Commissioner, is “following up” with the U.S. internet giant to ensure its oversight of app developers’ use of its data is effective, her office said on Tuesday.

Britain is investigating whether Facebook (FB.O) did enough to protect data after a whistleblower said a London-based political consultancy hired by Donald Trump improperly accessed information on 50 million Facebook users to sway public opinion.

Facebook, like a number of U.S. multinationals, has its European headquarters in Dublin and the office of Irish Data Protection Commissioner Helen Dixon said she was looking into the matter.

“The Irish DPC is following up with Facebook Ireland in relation to what forms of active oversight of app developers and third parties that utilise their platform is in place with a view to ensuring it is effective,” it said in a statement.

The micro-targeting of social media users with political advertisements is “an ongoing issue”, it added.

But it s,上海021夜网Lance,aid that issues reported by Britain’s Observer newspaper “affected substantially U.S. Facebook users” and was already being investigated by the British regulator.

Facebook said in a statement that if Cambridge Analytica still held the data it would be a “grave violation of Facebook’s policies.” Cambridge Analytica has denied all the media claims.

The Irish government has significantly increased the funding of the DPC in recent years following accusations its regulation system was weak.

In 2011 Austrian privacy activist Max Schrems submitted a complaint to the Irish regulator about the use of Facebook users’ friends’ data by third-party apps without their direct consent.

That complaint was rejected, but the DPC said it recommended in 2012 that Facebook reconsider its policy of allowing the data of friends of Facebook users to be harvested by app-owners.

In May 2014, access to friends data was restricted by Facebook in a platform upgrade, the DPC said.

Asked on Tuesday about上海夜生活论坛 concerns over regulation in Ireland, where U.S. internet multinationals are major employers, Irish Prime Minister Leo Varadkar said the system was “robust” and the government would continue to increase the DPC’s resources.

“I don’t think we can be any way complacent about the risks that,上海高端夜生活在那里Talon, are posed by people interfering in elections,” Varadkar said.

Schrems told Irish broadcaster RTE on Tuesday that the issue described by a whistleblower in the Observer was exactly what was described in the complaint to the Irish DPC in 2011 and that the regulator “could prob,上海夜网后花园Cain,ably have prevented” Cambridge Analytica from securing that data.

The DPC did not directly respond when asked if its actions had allowed Cambridge Analytica to harvest data.

Equities, commodities hit by trade war worries

NEW YORK ( ) – The threat of a global trade war pushed benchmark equity indexes in the United States and Europe deep into the red on Thursday and cut into commodity prices, a day after the Federal Reserve raised interest rates as expected.

U.S. President Donald Trump signed a presidential memorandum on Thursday that could impose tariffs on up to $60 billion of imports from China. Under the terms of the memorandum, Trump will target the Chinese imports only after a consultation period.

The Dow Jones Industrial Average .DJI fell 724.42 points, or 2.93 percent, to 23,957.89, the S&P 500 .SPX lost 68.24 points, or 2.52 percent, to 2,643.69 and the Nasdaq Composite .IXIC dropped 178.61 points, or 2.43 percent, to 7,166.68.

Equity markets were down worldwide, with the 1 percent increase in Japan’s Nikkei the only positive among major indexes for上海夜网 the day. Emerging market stocks lost 1.21 percent, and MSCI’s gauge of stocks a,上海夜网千花Eason,cross the globe .MIWD00000PUS shed 1.65 percent.

China blamed U.S. export restrictions for its record trade surplus with the United States, but expressed hope that a solution can be found to settle trade issues.

China also gingerly raised a key short-term interest rate.

“Markets are saying that these tariffs are going to cut into the global growth story that looked pretty strong just a few weeks ago. The prospect of more tariffs is making markets very unsettled and you’re going to see choppy trading until we see the effect they are having on earnings,” said Jamie Cox, a managing partner for Harris Financial Group.

Those jitters, plus weaker-than-expected German business confidence data, caused European shares to fall 1.6 percent.

The dollar index .DXY rose 0.03 percent, with the euro EUR= down 0.19 percent to $1.2312. The yen rose to a three-week peak against the dollar as traders piled into the Japanese currency in a safe-haven move.

The Fed raised its key rate by 25 basis points to a range of 1.50 percent to 1.75 percent on Wednesday and flagged at least two more increases for the ye,上海夜生活服务Oakley,ar, short of the three that some economists had been predicting.

Shares in U.S. social media giant Facebook fell 2.6 percent. Chief Executive Mark Zuckerberg apologized for a “major breach of trust” over how it had handled data belonging to 50 million users. That did little to ease investor worries about the cost to fix mistakes and lawmakers’ dismay that his response did not go far enough.

Bond yields fell broadly. Borrowing costs on 30-year German debt hit their lowest level of the year.

Benchmark 10-year Treasury notes US10YT=RR last rose 22/32 in price to yield 2.8263 percent, from 2.907 percent late on Wednesday.

Concern about a trade war between the world’s two largest economies also rattled,上海夜网推油Balthazar, commodity markets.

U.S. crude CLcv1 fell 1.41 percent to $64.25 per barrel and Brent LCOcv1 was last at $68.90, down 0.82 percent on the day.

Spot gold XAU= dropped 0.2 percent to $1,328.61 an ounce. U.S. gold futures GCcv1 gained 0.55 percent to $1,328.80 an ounce.

Home improvement chain Lowe’s CEO to retire, shares rise

( ) – Lowe’s Cos Inc (LOW.N) on Monday said its chief executive officer is retiring, the latest executive departure as the home improvement chain tries to move out of the shadow of larger rival Home Depot Inc (HD.N) that has outperformed it for years.

Shares of Lowe’s rose as much as 7.8 percent to $90.33 after R,上海高端夜生活在那里Rachel,obert Niblock said he would step down once a successor was found.

The No. 2 U.S. home im,上海仙霞路夜生活Gabrielle,provement store has struggled to control margin pressures and its same-store sales growth has trailed Home Depot’s for many years, weighed down by a focus on do-it-yourself customers compared to Home Depot’s core customer base of professional ,上海足浴夜网联系方式Kaiden,contractors who bill more.

Lowe’s underperformance has also attracted shareholder activism.

Hedge fund D.E. Shaw Group secured two independent board seats after taking a nearly $1 billion stake and agitating for change. D.E. Shaw, best known as a quantitative hedge fund, started carving out an activist practice last year.

D.E. Shaw portfolio manager Quentin Koffey said in a statement that Niblock leaves the company in “excellent condition” to execute on value creation opportunities.

In the past year, Lowe’s stock gained 1.7 percent, in contrast to Home Depot’s near 17 percent rise.

Telsey Advisory Group analyst Joseph Feldman said, “a transition will be well received by investors, given their pent-up frustration with the company, and could be the first step toward improved operational execution.”

Niblock’s departure follows the retirements of Chief Financial Officer Robert Hull and Chief Operating Officer Rick Damron over the past year.

Lowe’s said its board has formed a six-person committee to find a successor, led by D.E. Shaw-backed director David Batchelder.

“After a 25-year career at Lowe’s … I am confident that it is the right time to transition the company to its next generation of leadership,” Niblock, who is also the chairman and president of上海夜生活 the board, said in a statement.

Since Niblock took the top job at Lowe’s in January 2005, the company’s sales have risen 88 percent to $68.62 billion, while the stock has gained more than threefold.

Lowe’s shares closed 6.6 percent higher at $89.30.

China preparing list of retaliatory tariffs on U.S. imports: Global…

BEIJING ( ) – China will soon announce a list of retaliatory tariffs on United States exports to China to counter an expected announcement from the United States of proposed new tariffs on Chinese imports, the Global Times said Wednesday.

The Chinese list will target a large number of major U.S. imports to China, said the English-language editorial.

The widely-read state run Global Times is run by the ruling Communist Party’s official People’s Daily, although its stance does not necessarily equate with Chinese government policy.

Trade tensions between the two countries flared last week after U.S. President Donald Trump imposed tariffs on steel and aluminum imports and targeted China by announcin,上海夜玩网论坛Easton,g plans for tariffs on up to $60 billion of Chinese goods.

Alarm over a possible trade war between the world’s t,上海会所夜网Faith,wo largest economies has chilled financial markets as investors anticipated dire consequences should trade barriers go up due to Trump’s bid to cut the U.S. deficit with China.

Markets are now waiting for the U.S. to publish a list of Chinese products that could be targeted with additional tariffs after a U.S. inquiry found China guilty of intellectual property theft and unfair trade.

“Compared to China’s list, the U.S. list hurts itself more than C,上海夜生活去哪玩Eden,hina. The tougher the move, the stronger the impact on Washington,” said the Global Times in its editorial.

“This will deal a heavy blow to Washington that aggressively wields the stick of trade war and will make the U.S. pay a price for its radical trade policy toward China,” the tabloid outlet said.

The Global Times said the United States was naive to think it could make China agree to unreasonable demands as Chi上海夜网na’s economy is strong and stable, while it has “weathered bluster before from previous U.S. administrations”.

Kerry trip to Cuba for rights dialogue canceled: U.S. officials

WASHINGTON ( ) – Tentative plans for U.S. Secretary of St,上海夜网Octavien,ate John Kerry to visit Cuba before mid-March for a human rights dialogue have been canceled, two U.S. officials said on Thursday, amid concerns over the Cuban government’s human rights record.

Kerry told a congressional hearing on Feb. 23 that he might be in Cuba “in the next week or two” to hold a dialogue on human rights, ahead of President Barack Obama’s scheduled trip to the island on March 21-22.

The sources said the trip had been canceled because U.S. and Cuban officials were deep in negotiations on issues including which dissidents Obama might see in Havana and that a trip in the timeframe Kerry had mentioned was not seen as constructive.

State Department spokesman John Kirby said he had no updates regarding Kerry’s potential travel to Cuba.


“The Secretary is still interested in visiting in the near future, and we are working with our Cuban ,夜上海论坛Octava,counterparts and our embassy to determine the best timeframe,” Kirby said in an emailed statement.

U.S. critics of Obama’s opening to Cuba have complained that the president has received little in return for restoring diplomatic relations with the former Cold War foe.

On Feb. 24, the Cuban government granted seven dissidents who were out of prison on parole a one-time per上海夜网mission to travel outside the country in an apparent gesture to the United States ahead of Obama’s historic visit.

Written by shyw on September 8, 2018 Categories: rjpcynas Tags: , ,

Ford CEO Jim Hackett earned $16.3 million as profit dropped

DETROIT ( ) – Ford Motor Co (F.N) Chief Executive Officer Jim Hackett earned salary, bonus and stock awards of $16.3 million in 2017, while adjusted pretax profit for the automaker dropped $1.9 billion from 2016, the company said on Thursday.

Including pensions and perks, Hackett, who took the helm of the No. 2 U.S. automaker in May, made $16.7 million.

His predecessor Mark Fields earned around $15 上海夜网million in salary, bonus and stock awards in 2017, with a total compensation package of around $21 million.

That brought total CEO compensation to about $37 million during a year in which the company earned,上海021夜网Idaia, a pretax profit $8.4 billion, down from $10.3 billion in 2016.

Hackett was abruptly named as CEO in response to investors’ growing unease about the U.S. automaker’s slumping stock price and its ability to counter threats from longtime automotive rivals and upstarts in Silicon Valley.

Hackett overhauled furniture maker Steelcase Inc (SCS.N), and then as University of Michigan athletic director turned around the storied but ailing Big 10 football program. He is the latest in a line of non-family CEOs brought in with a mandate to change the management culture at one of the auto industry’s oldest institutions.

Earlier this mo,上海仙霞路夜生活Kade,nth, Ford disclosed ambitious plans to shift the product portfolio from passenger cars to SUVs, add more hybrid and pure electric vehicles, and reduce development and manufacturing costs. The moves are aimed at boosting profits and share price.

Ford and the rest of the U.S. auto industry face declining sales. New vehicle sales fell 2 percent in 2017 after hitting an all-time high of 17.55 million units in 2016.

Sales are expected to fall further in 2018 despite,上海夜生活乌托邦Gabe, a strong economy due to rising interest rates. New vehicle sales also face a challenge from millions of cheaper, nearly-new off-lease models returning to dealer lots.

Ford also said Thursday that Executive Chairman Bill Ford, 59, received a salary, bonus and stock awards totaling $13 million in 2017, up 17 percent from 2016. His pension award fell about 14 percent to $1.2 million.

The automaker’s shares closed up 2 percent at $11.08 on Thursday. Year to date, Ford’s shares are down 10 percent.

Last month Fiat Chrysler Automobiles NV (FCAU.N) (FCHA.MI) said CEO Sergio Marchionne received $11.9 million (9.7 million euros) in pay and benefits for 2017.

Dropbox IPO priced higher than expected on strong demand

( ) – Dropbox Inc’s (DBX.O) initial public offering, the largest tech stock debut in more than a year, was priced at $21 per share, the company announced on Thursday, higher than expected.

At $21, the San Francisco-based company will have a market cap of about $9.18 billion on a fully diluted share count.

The cloud-based file-storage firm on Wednesday raised the expected price range by $2 to $18 to $20 per share, on the back of strong demand.

The IPO raised about $756 million in the largest tech IPO since Snap Inc (SNAP.N) raised $3.9 billion in its debut last year. Dropbox shares are set to start trading on Friday at the Nasdaq under the symbol “DBX.”

The strong pricing bodes well for other highly anticipated IPOs from tech unicorns, or startups valued at more than $1 billion.

“Pricing above the revised range indicates there is more demand than supply for growth technology IPOs especially those generating substantial positive free cash flow,” said Leslie Pfrang of Class V Group, an IPO advisory firm.

Streaming music leader Spotify Technology SA (SPOT.N) is scheduled to do a direct listing of shares on the New York Stock Exchange on April 3.

Dropbox has 500 million users and competes with Alphabet Inc’s (GOOGL.O) Google, Microsoft Corp (MSFT.O), Amazon.com Inc (AMZN.O) and Box Inc (BOX.N,上海会所夜网Paige,), which had a market value of about $3.1 billion as of Thursday’s close.

“For me the biggest problem I have with Dropbox is the上海夜网y don’t have any unique competitive advantages or proprietary offerings that differentiate them from the p,上海夜网官方网站Jacklyn,ack,” said Adam Sarhan of investment advisory service 50 Park Investments.

Dropbox co-founder and Chief Executive Officer Andrew Houston will have a 24 percent of the company after selling 2.3 million shares in the offering.

Venture capital firm Sequoia Capital will retain a stake of about 25 percent.

Dropbox reported revenue of $1.11 billion in 2017, up 32 percent from a year earlier. Its full-year net loss, ,上海夜网邀请码Fabi,meanwhile, nearly halved to $111.7 million.

Goldman Sachs & Co LLC, J.P. Morgan, Deutsche Bank Securities, Allen & Company LLC and Bank of America Merrill Lynch are among lead underwriters to the offering.

Obama names first African-American, woman to be Librarian of Congress

WASHINGTON ( ) – Baltimore library chief Carla Hayden, a defender of library users’ freedom from surveillance, was nominated by ,上海夜网推油Quay,President Barack Obama on Wednesday to be Librarian of Congress, the first African-American and first woman in the post.

Hayden, who since 1993 has served as chief executive of the Enoch Pratt Free Library, Baltimore’s public library system, is renowned for modernizing libraries so that users can take part in the digital culture, Obama said in a statement.

“She has the proven experience, dedication and deep knowledge of our nation’s libraries to serve our country well,” Obama said in a statement.

Hayden would replace Acting Librarian David Mao, who stepped in after James Billington retired in October after 28 years running the world’s largest library. If confirmed by Congress, Hayden would be the 14th Librarian of Congress.

American Library Association,上海夜生活网交流Cain, President Sari Felman praised the nomination, saying in a statement: “The president could not have made a better choice.”

As president of the American Library Association in 2003 to 2004, Hayden publicly opposed part of the Patriot Act, controversial legislation aimed at fighting extremism after the Sept. 11, 2001, attacks.

She objected in particular to a section of the act that gave the U.S. Justice Department and the Federal Bureau of Investigation the power to access library user records.

When then-Attorney General John Ashcroft said that the library association had been misled into opposing that part of the law, Hayden said the group was “deeply concerned that the attorney general should be so openly contemptuous” of librarians, th上海夜生活e Library Journal reported.

After the criticism from Hayden, Ashcroft dropped his refusal to make public any information about the use of that section and said it had not been employed to get,上海021夜网Idris, access to library records, the journal said.

Hayden is the former chief librarian of the Chicago Public Library, and was an assistant professor for library science at the University of Pittsburgh. Obama named her to the National Museum and Library Services Board in 2010.

The Library of Congress is the U.S.’ oldest federal institution and has more than 158 million items. They include 36 million books and other print materials in 460 languages.

Congress established the library in 1800, but British troops burned the collection in 1814. President Thomas Jefferson offered his personal library of 6,500 books as a replacement and it is the foundation of the current collection.

Chemical companies fear toxic consequences of Brexit

KNUTSFORD, England ( ) – Julian Sarkar has spent more than 10 years and around 600,000 euros (525,000 pounds) making his small British company compliant with strict European Union regulations to import chemicals into the bloc.

Now, incensed by the government’s pursuit of what he sees as an extreme version of Brexit, he is shifting a third of his business into continental Europe, fearing that higher costs and bureaucracy will prove toxic for his firm over time.

“I despair,” said the 59-year-old, who will avoid UK ports when shipping goods from India and China into continental Europe with his firm Zanos. “Everything I’ve seen in terms of the new approach will involve additional cost and additional work”.

Zanos is one of thousands of British companies that could be stripped of the right to trade seamlessly in Europe after Brexit if a way cannot be found to keep Britain in or a,上海夜生活乌托邦Gabi,ligned to the regulatory system Reach that acts as a passport for chemicals.

At stake is not just the future of an 11-billion-pound industry and its thousands of British jobs, but also the other sectors it supplies, including autos, aerospace and pharmaceuticals.

The chemicals sector’s quandary is more acute than most industries’ because of its dense web of regulations, but it is also emblematic of problems facing several other trades that rely on some kind of “passporting” system to operate across the EU, like financial services and haulage.

Prime Minister Theresa May has said she wants Britain to remain under European oversight for certain sectors including chemicals but be allowed to diverge from the EU in others, a position dismissed as pure illusion by Brussels so far.

On top of the regulatory uncertainty, the prospect of tariffs or border delays remains while any Brexit deal may not come until late in the talks, leaving firms with little clarity.

As a result, the bigger chemical makers are preparing for all outcomes. Germany’s BASF (BASFn.DE), worth 76 billion euros, estimates that a British return to World Trade Organisation rules could cost it an additional 60 million euros a year.

“At the moment you really get the impression of two high-speed trains on a collision course with no constructive solution to be found,” BASF Chief Executive Kurt Bock said in February of his fears about tariffs. “Something must happen very quickly.”


Of immediate concern is Reach, a regulatory regime so complex it has taken 11 years to be introduced. Designed to manage risk while protecting health and the environment, it operates across the 28 EU member states plus Norway, Iceland and Liechtenstein that make up the European Economic Area (EEA).

Standing for Registration, Evaluation, Authorisation and Restriction of Chemicals, Reach requires companies to register the substances they use, creating a vast central database that is managed by the European Chemicals Agency (ECHA) in Helsinki.

According to the ECHA, Britain becomes a “third country” after 2300 GMT on 29 March 2019, making Reach registrations held by British companies invalid. A transition deal, which was announced on Monday, should postpone that until the end of 2020, if a future trade deal with the EU is agreed before Brexit.

“This is a big deal,” said Elizabeth Shepherd, environment partner at corporate law firm Eversheds Sutherland who is facing mounting questions from clients. “If companies have to comply with two sets of rules then they run the risk of being less competitive.”

Zanos’ Sarkar said he decided to act after May said at the start of 2017 that Britain would leave the EU single market and customs union after Brexit.

May’s government argues that being outside the EU will give Britain the freedom to strike trade deals with faster-growing emerging markets, and that although the economy may suffer in the short term it will flourish later on.

But for now, Sarkar cannot see beyond the disruption.

Based in the leafy town of Knutsford, northern England, the 18-year-old company he founded sources, imports and distributes aromatic chemicals such as Benzyl Alcohol and Linalol, which go into cleaning sprays, shower gels, candles and other products.

It employs five people, has annual revenue of about 10 million pounds and holds around 10 Reach registrations.

In a bid to insulate as much of the business as he can, Sarkar has set up a company in Ireland to handle the compliance and transport of chemicals imported from Asia that do not need to go through Britain, around a third of his total business.

Hiring a qualified operative there will cost around 50,000 euros a year before other costs, Sarkar said, but he would rather take the hit now than become less competitive over time.

“We buy significant materials from China that are sold in Europe,” Sarkar said, clutching business plans for the new company. “The intention is that anything that doesn’t require UK input will not come here. We’ll just keep it out.”

For future British-EU trade, he expects costs and red tape to rise if Britain launches its own Reach system with its own regulator, forcing Zanos to comply with two systems at once.

That could also put some European companies off selling into Britain, work Zanos currently handles.

“My first preference would be to use Reach, to find some way to buy into Reach,” Sarkar said, sat in a small office on a business park 30 miles from a warehouse storing 150 palettes of chemicals. “Several hundred millions of pounds have been invested in this, so why do it again?”


In an illustration of the size of the British chemicals sector, 6,625 of the 18,403 substances registered within Reach are registered in the United Kingdom, according to the ECHA.

Like so much of the preparation for Brexit, bigger companies with large legal teams and advisers are better placed to plan.

Once dominated by ICI, Britain’s biggest chemical names now include Johnson Matthey, Ineo,上海夜玩网论坛Cain,s, Croda and Synthomer.

Johnson Matthey, which moves more than 2 billion pounds of goods between Britain and the EU a year, and polymer supplier Synthomer told they were making contingency plans.

Companies are examining the location and size of their stocks and testing if they could supply customers and receive goods under all outcomes, including if no Brexit deal is struck.

But both said they expected the government to ultimately get around the politics and stay aligned with Reach.

“We need to be prepared ,上海夜网后花园Hal,for everything,” said Jane Toogood, the CEO of Johnson Matthey’s Efficient Natural Resources sector. “If we move away from this, you’re talking about rebasing everything, redoing the registrations. It’s sound, it’s robust, it’s taken years to agree, let’s stay convergent with it.”

One possible remedy would be for British manufacturers selling into the EEA to hire agents in the bloc, known as Only Representatives, to handle compliance, but this would in上海夜网cur extra costs.

A more comprehensive solution would be for Britain and the EU to agree “mutual recognition” – where Britain and Europe agree to achieve the same standards – but Michael Coxall of law firm Clifford Chance said that was untested and would require not just a recognition of standards but a whole machinery to oversee Britain’s access to EU data.

However the uncertainty of the situation has forced Sarkar, with fewer resources than the big players, to act now.

He does not much like Reach – he is a member of a “Reach self-help group” – but he would rather stick with the devil he knows than adapt to a new British system too.

“We’ve had zero information,” he said. “We’ve been told by the government this is where we are and this is where we would like to be. But the question is: what are they going to do?”

($1 = 0.8127 euros)

GM’s South Korean union seeks job, plant security in exchange for…

SEOUL ( ) – General Motors’ (GM.N) South Korean union said on Thursday that it will not demand a pay rise and bonuses this year, but instead wants the U.S. automaker to provide a future production plan and job security.

It marked the first time the union hasn’t demanded pay increases and bonuses durin,上海足浴夜网联系方式Sabine,g annual wage talks, a union official said.

GM, which last month announced the planned shutdown of one of its factories in South Korea, has proposed a base wage freeze and no bonuses this year as well a suspension of some worker benefits including school tuition for employees’ children.

In exchange for agreeing wage concess,上海夜生活去哪玩Kaiden,ions, the union called on GM to detail a roadmap for new models, and distribute stocks worth 30 million won ($28,214)in GM Korea to each worker after swapping the nearly 3 trillion won of debt owed by the Korean unit to its headquarters into equity.

The union also wants an agreement under wh,夜上海论坛Kaia,ich GM would not lay off all employees at GM Korea for the next 10 years.

GM previously said it is looking to the union to “accept important concessions that can help address a lack of competitiveness in costs and productivity.”

The U.S. automaker is currently waiting on a final decision by the South Korean government to extend financial support to continue operating in the country.

“We make it clear that we are making concessions and sacrifices with unbearable pain, to protect jobs and survival rights of 300,000 workers,” the union said in a statement.

A GM Korea spokesman was not immediately available for comment.

Almost 2,500 workers at GM Korea, equivalent to 15 percent of its staff, have applied fo上海夜生活r a redundancy package that the U.S. automaker is offering as part of a drastic restructuring.

($1 = 1,063.3200 won)

Amazon is now second most valuable U.S.-listed company, tops Alphabet

( ) – Amazon.com (AMZN.O) became the second most valuable publicly listed U.S. company on Tuesday, surpassing Google parent Alphabet Inc (GOOGL.O) for the first time.

Amazon shares finished up 2.69 percent at $1,586.51, for a market capitalization of $768 billion, underscoring Wall Street’s confidence in its relentless expansion into cloud computing, groceries and other new businesses.

Alphabet lost 0.39 percent, trimming its stock market value to $762 billion, as Wall Street fretted about regulatory fallout following revelations that a political consulting firm had improperly obtained personal data on 50 million Facebook Inc (FB.O) users.

(GRAPHIC: Race for $1 trillion market cap – reut.rs/2FWeWZK)

Together, Alphabet and Facebook dominate online advertising. They have previousl,上海夜网后花园Hadley,y faced government criticism for how they employ their user data.

Amazon’s stock has surged 81 percent over the past year, through Monday, bolstered by scorchingly fast revenue growth as more shopping moves online and businesses shift their computing operations to the cloud, where Amazon Web Services leads the market.

“They’re using their cash flow to develop new businesses,” said Tim Ghriskey, chief investment strateg,上海夜生活Gabrielle,ist at Inverness Counsel in New York. “They could have Apple in their sights at some point.”

Seattle-based Amazon dislodged Microsoft Corp (MSFT.O) as the No. 3 U.S. company by market capitalization in February. Apple (A上海夜生活论坛APL.O) is the world’s most valuable publicly listed company, with a market capitalization of $889 billion.

Obviously, past stock gains are not a reliable predictor of future performance, and the surge in Amazon shares,上海夜生活男人好去处Ebba, in recent years has been exceptional by most standards. But if Amazon’s stock were to keep growing on the trajectory seen over the past year, its market capitalization would hit $1 trillion in late August.

Apple’s market cap would reach $1 trillion around a month later if its stock price continued to rise at the 25 percent pace seen over the past year.

Alphabet’s stock has risen 4 percent so far in 2018 and is up 26 percent in the past year.

The median of analyst price targets for the three companies put Amazon’s market capitalization at $823 billion, Alphabet’s at $914 billion and Apple’s at $989 billion, according to Thomson data.

Deutsche Bank sees $550 million first-quarter impact from strong…

FRANKFURT ( ) – A strong euro and higher funding costs would have a 450 million euro ($553 million) impact on Deutsche Bank (DBKGn.DE) in the first quarter of the year, the German lender’s finance chief warned on Wednesday.

James von Moltke, the bank’s chief financial officer, said a stronger euro was turning out to be a 300 million euro drag on the investment bank, while the cost of funding would be an additional ,上海仙霞路夜生活Macauly,150 million euros.

“We do have a headwind on a year-on-year comparison before you get to business performance of about 450 million euros,” von Moltke said at an investor conference in London.

The outlook for the first quarter ,夜上海419龙凤论坛Gabrielle,comes after the bank posted three consecutive years of losses. Last week, it disclosed an even bigger than previously disclosed 2017 loss of 735 million euros but expressed cautious optimism about 2018.

“We remain committed to our objective of delivering a net profit and a competitive dividend payout for 2018,” Deutsche’s Chief Executive Officer John Cryan said on Friday.

Shares in the bank were down 5.7 percent at 1344 GMT.

Von Moltke noted that the first quarter of last year was a strong one, complicating the picture when comparing the first quarter of this year.

The revenue base of Deutsche Bank’s investment上海夜生活论坛 bank is 40 percent dollar denominated or linked to the dol,上海夜生活桑拿会所Macauly,lar, von Moltke said when explaining the negative currency effect of a stronger euro. ($1 = 0.8139 euros)

U.S., South Korea revise trade deal with quotas on Korean steel

SEOUL ( ) – The United States and South Korea agreed to revise a trade pact sharply criticized by U.S. President Donald Trump, Seoul said on Monday, with U.S. automakers winning improved market access and Korean steelmakers hit with quotas but avoiding ,上海夜玩网论坛Earl,hefty tariffs.

The planned changes in the U.S.-Korea Free Trade Agreement (KORUS) were seen as limited, leaving South Korea’s key passenger car exports untouched and helping soothe fears that Trump’s tough approach could start a spiraling global trade war.

In April, Trump told he would either renegotiate or terminate what he called a “horrible” trade deal that has doubled the U.S. goods trade deficit with South Korea since 2012.

Asian shares steadied on Monday, stemming last week’s hefty losses after Trump’s action on steel and aluminum, and his plans to slap tariffs on up to $60 billion in Chinese goods.

The agreement means South Korea will be forced to cut its steel exports to the U.S. by 30 percent of the past three years’ average, in exchange for becoming the first U.S. ally to receive an indefinite exemption on steel tariffs imposed by Trump.

“We had heated discussions,” South Korean Trade Minister Kim Hyun-chong said at a media briefing in Seoul. “The latest agreement removed two uncertainties,” he said, referring to steel tariff exemptions and KORUS renegotiation.

The U.S. Trade Representative’s office in Washington did not respond on Monday morning to requests for comment on the announcements in Seoul. But White House trade adviser Peter Navarro told CNBC television, “It looks like we’re going to have a very, very good result” from the negotiations with South Korea.

Last week, Trump temporarily excluded six trade partners, including Canada, Mexico and the European U,上海仙霞路夜生活Dallas,nion from import duties of 25 percent on steel and 10 percent on aluminum, which came into effect on Friday.

South Korea has received a quota of about 2.68 million tonnes of steel exports, or 70 percent of the annual average Korean steel exports to the United States between 2015-2017, which will be exempt from the new tariffs, the ministry said in a statement.

South Korea is not allowed to export steel products exceeding that quota to the U.S. market, a ministry official said.

“This leaves a bad precedent of exchanging steel tariffs – which is a breach of international trade law – for a legitimate free trade agreement, in negotiations,” said Wonmog Choi, professor of law at Ewha Womans University.


South Korea is the third-largest steel exporter to the United States and the world’s top importer of Chinese steel, leading to concerns it was a conduit for China’s excess capacity.

Trump was elected in 2016 after promising to punish what he saw as unfair trade practices by other countries, particularly China.

While Trump was adamant the KORUS deal needed renegotiating, the trade spat risked undermining relations between Seoul and Washington at a crucial time, as Washington and Seoul work closely to try to contain a nuclear-armed North Korea.

“We 上海夜网are at a time when U.S.-South Korea cooperation is needed more than ever ahead of the inter-Korean summit and the summit between North Korea and the United States,” said a senior official at South Korea’s presidential Blue House, who was not authorized to speak to media.

South Korean officials said that while the deal agreed was the best they could hope for, further pressure on trade was likely under Trump’s presidency.

Shares in South Korean steelmakers rallied on Monday, with Dongbu Steel leading gains as tariff exemptions were confirmed.

U.S. shares also climbed on Monday after steep falls last week as fears of a U.S.-China trade war eased on news that U.S. Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer were negotiating to resolve difference with their Chinese counterparts.


As part of the KORUS revision, the countries agreed to extend U.S. tariffs on Korean pickup trucks by 20 years until 2041.

No South Korean automakers currently export pickup trucks to the United States, but Hyundai Motor said last year it planned to launch a model there to catch up with a shift away from sedans.

Hyundai said on Monday it was “too early to elaborate on the details such as the estimated timing of the model release and production location”. Its shares fell 1.3 percent.

Under KORUS revisions, U.S. automakers will be able to bring into South Korea 50,000 vehicles per automaker per year that meet U.S. safety standards, not necessarily Korean standards, up from 25,000 vehicles previously.

Kim said no automakers previously exceeded the 25,000-vehicle threshold. Ford Motor Co and General Motors each shipped fewer than 10,000 vehicles last year.

“I don’t s,上海晚上耍女人的地方Rae,ee a high chance of automakers expanding U.S. imports,” he said.