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Apple’s Tim Cook calls for calm heads on China, U.S. trade

BEIJING ( ) – Apple Inc’s Chief Executive Tim Cook on Saturday called for “calm heads” and more open trade, amid rising fears of a trade war between the United States and China.

T,上海夜生活论坛Kaiden,rade tension between China and the United States flared this week when President Donald Trump unveiled plans on Thursday to slap tariffs on potentially up to $60 billion in Chinese goods.

China’s Commerce Ministry on Friday urged the United States to “pull back from the brink”, saying it was not afraid to engage in a trade war.

“I’m cognizant that in both the U.S. and China, there have been cases where everyone hasn’t benefited, where the benefit hasn’t been balanced,” Cook said.

Speaking at the annual China Development Fo,上海夜生活桑拿会所Larissa,rum in Beijing, Cook said he hoped “calm heads” would prevail.

The sparring has cast a spotlight on hardware makers such as Apple, which assemble the majority of their products in China for export to other countries. Electrical goods and tech are the largest U.S. import item from China.

In the past year, Apple and other foreign tech firms have grappled with a string of new regulatory requirements in China, including a controversial law requiring firms to house user data in data centers overseen by Chinese firms.

Last month, Apple officially moved to store keys for its iCloud data in China, provoking intense criticism from rights groups who say the decision makes it easier for Chinese officials to tap and collect private data.

Despite challenges, the company has sought to expand its services in China, its third-largest market, where roughly 1.8 million developers use its platform.

“My belief is that businesses,上海夜网千花Quay, should be engaged with governments in countries where they ar上海夜网e doing business, whether they agree or disagree,” Cook said.

Cook has come to China several times in the past year, and was among executives who met Chinese President Xi Jinping last October.

“My belief is that one plus one equals three. The pie gets larger, working together,” Cook said.

Others attending the three-day forum include the chief executives of IBM Group , Google Inc and Qualcomm Inc.

Cook, who this year co-chaired the event, also attended last year when he called for China to increase trade and continue opening itself up to the world.

After pay vote, Disney investors question Iger’s rich deal

BOSTON ( ) – Walt Disney Co (DIS.N) Chairman and Chief Executive Robert Iger stands to earn up to $423 million over four years, according to a new analysis of a compensation package rejected by shareholders, and some investors want to raise the bar on his performance targets.

Disney suffered a rare rebuke from its shareholders last week when a 52 percent majority opposed the compensation of Iger and other executives in a non-binding vote that could encourage the board to tweak the pay package.

ISS Analytics, the data arm of proxy advisory firm Institutional Shareholder Services, estimated that if Iger hits maximum goals the package would make him the 12th-highest paid U.S. CEO on an annual basis in the past 10 years.

Disney did not put a total value on Iger’s pay package.

Markus Hansen, senior research analyst at Vontobel Asset Management, which had 2.4 million Disney shares at year-end, praised Iger’s performance but said the firm voted against the compensation with the view the four-year pay package could be too easy to collect.

Under a contract extension through 2021 Iger could receive the full value of $100 million in stock awards tied to a deal to buy film and television assets from Twenty-First Century Fox Inc (FOXA.O) even if Disney’s total shareholder returns are middle-of-the-pack versus other big companies.

While the metrics are not unusual, the feedback the board should take from the shareholder vote is that “the amount is large, so maybe a reduction in the amount and an increase in the performance targets” would be in order, Hansen said.

Jacob Williams, corporate governance manager for pension overseer Florida State Board of Administration, said it voted its 2.2 million Disney shares against the compensation on similar concerns. It also had concerns about the lack of a clear succession plan after Iger leaves.

“You hate to see a payout of that magnitude for short-term performance,” Williams said. He said however that a reorganization Disney announc上海夜生活网ed on Wednesday had assuaged some succession concerns.

To be sure, some investors would be pleased if Iger earned the top number. Ross Gerber, CEO of Gerber Kawasaki Wealth and Investment Management, said he voted 150,000 shares for Disney’s compensation plan because other media companies also pay well and Iger’s Fox deal looks smart.

“If he succeeds, then you,上海夜网推油Kai, pay the guy,” Gerber said.

Compensation consultant Brent Longnecker said the vote could spur the board to re-examine Iger’s performance goals, though he did not expect major change.

“I assume they won’t ignore it,” Longnecker said of the vote.

Asked about the pay estimate and investor concerns, a Disney spokesman referred to comments after the vote from Aylwin Lewis, chair of the company’s compensation committee.

Lewis had said the board will take the vote result under advisement for future CEO compensation. Iger is “imperative” for Disney to keep as it absorbs Fox, Lewis said, with the CEO’s value illustrated by a total shareholder return of 414 percent during his tenure. Iger became CEO in 2005.

Iger made $36.3 million in the twelve months ended Sept. 30.

The analysis by ISS Analytics done at the request of showed the agreement could yield Iger roughly $423 million over four years if he hits all goals, or $274 million as the base case targeted by the board.

The analysis assumed that the Fox deal closes early next year and excluded elements such as stock ,上海新夜网龙凤Rachel,appreciation. After the deal closes, Iger’s target annual pay would be about $55 million per year including salary and some stock ,上海夜生活服务Eason,awards.

That amount could rise based on performance goals, ISS found.

AT&T judge warns parties to hurry to make June 21 deadline

( ) – U.S. judge Richard Leon on Wednesday warned attorneys for the Department of Justice and AT&T Inc to speed up the trial over the proposed merger of the large telecommunications company and Time Warner Inc, or risk missing the June 21 deadline to complete the deal.

Under the agreement, which had been extended from April 22, either company can pull out if the deal announced in October 2016 is not completed by the deadline.

“Both sides n上海夜生活论坛eed to sit down with their clients and their teams and make sure the have down what they need versus what they want,” Leon said. “If we are going to get this done prior to that date, we have to move.”

The U.S. government opposes the $85 billion deal, arguing that it would hurt consumers because AT&T, which owns pay TV service DirecTV, would have more leverage to raise prices by ownin,上海夜生活Hallie,g Time Warner’s Turner networks.

Wednesday was the fourth,上海夜生活怎么玩Lance, day of the trial in U.S. District Court in Washington, that is due to last six to eight weeks. It has been delayed by one snow day.

In testimony that began late Tuesday and ended on Wednesday, Turner networks Chief Executive John Martin said the company had no incentive to hold back its CNN, TBS and TNT content from other distributors if parent Time Warner was bought by AT&T.

The government, however, claims Time Warner would hold back Turner content from distributors that compete with AT&T and DirecTV.

“I would like every distributor to carry every network I have and carry it at 100 percent penetration,” Martin said, when cross-examined by AT&T attorney Daniel Petrocelli.

Online streaming services, such as Dish Network Corp’s Sling TV and Hulu, which cost subscribers $20 to $40 a month for a select number of networks live and on-demand, are important for Turner because revenue cable and satellite companies is slowing down, he said.

The Department of Justice also asked Marty Hinson, a marketing executive at Cox Communications, about HBO, Time Warner’s premium channel. He said it was vital to attract new customers and keep old ones.

When asked about government estimates that if AT&T bought Time Warner each subscriber’s average monthly cable bill would rise by 45 cents, Hinson said Cox customers would end up paying “tens of millions of dollars a year for the exact same content.”

In his cross exam, Petrocelli aske,上海足浴夜网联系方式Cain,d Hinson if he had ever seen documentation or been told that prices would go up or that it would withhold its programming. Hinson said, “No.”

Europe’s response to U.S. import tariffs

BRUSSELS ( ) – The European Commission called for industry views on Friday on a list of U.S. products it will subject to import tariffs, the first step towards measures to counter planned U.S. taxes on European steel and aluminum.

The Commission, which oversees trade policy for the 28-nation EU, has said it would respond in three ways.

WTO CHALLENGE

The European Commission would launch a legal challenge at the World Trade Organization and has been discussing doing so jointly with other trading partners.

However, it could take about three years for a ruling and there is no guarantee of victory. Trump has invoked national security as the justification for tariffs, which may make it impossible for them to be challenged at the WTO.

The case may also face further delay because of massive congestion in the WTO’s dispute settlement system, largely caused by Washington blocking appointments to the WTO’s appeals body. It will be down to just three members in September and just one by December 2019. A case needs three members to adjudicate.

SAFEGUARDS

The European Union would consider setting its own duties or quotas on imports of steel and aluminum to prevent metal shipments that might otherwise have gone to the United States being diverted to Europe.

The EU would need to show the measures were necessary because of a sharp spike in imports. They could be in place within about two to three months. Safeguards for steel could come in sooner because the EU has been monitoring steel imports since 2016.

The tariffs or quotas would have to apply to all countries, meaning leading exporters China, India, Russia, South Korea and Turkey would be hit. U.S. steel makes up less than 1 percent of EU steel imports.

COUNTER-MEASURES

The European Commission say the U.S. tariffs are not to protect national security, the official U.S. justification, but are safeguard measures, which should only apply if imports have risen.

For certain steel grades, the EU says, they have 上海夜生活网not and that EU exports of these grades to the United States amount to 2.8 billion euros ($3.4 billion). Under World Trade Organization rules, it says, it can apply similar 25 percent duties on imports from the United States to “rebalance” the situation.

The European Commission has drawn up a list of products, divided into three categories – steel, agricultural products, other industrial and consumer products.

They include sweetcorn, orange juice, cranberries, bourbon, motorcyles, make-up, clothing and stainless steel sinks as well as various steel bars and tubes used in construction and industry.

A second list has further products, including handkerchiefs and hosepipes, tableware, dishwashers and certain trucks.

These could incur duties if ,上海夜网千花Dakota,the WTO declared the U.S,上海夜生活网交流Falkner,. tariffs illegal or after a period of three years.

The first and second lists total 6.4 billion euros.

The Commission has given industry until March 26 to provide input and will then draw up a proposal for approval by the 28 EU countries.

If it did go ahead with the first set of counter-measures, these would have to come into force within 90 days of the U.S. tariffs being imposed – which Trump has set for Ma,上海夜网Nala,rch 23.

($1 = 0.8145 euros)

Written by shyw on May 11, 2019 Categories: tgnkovyn Tags: , , ,

Big Deutsche Bank investors seek clarity on CEO: sources

FRANKFURT ( ) – Large investors in Deutsche Bank (DBKGn.DE) have urged its chairman to provide a clear signal on whether the board backs the lender’s embattled chief executive or not, sources close to the matter told on Thursday.

Separate sources had told on Tuesday that Germany,上海夜生活桑拿会所Radcliff,’s flagship bank had b,上海夜生活论坛Quaid,egun looking for a new CEO to replace John Cryan to mollify investors frustrated by the slow turnaround of the loss-making lender.

Cryan said in a staff memo on Wednesday that he was “absolutely committed” to the lender. But Paul Achleitner, the board chairman who the sources said had initiated the search for a new CEO, has remained silent.

Two major investors contacted by said they had called Achleitner to ask him to provide clarity.

Cryan’s staff memo “looks like an affirmation that he at least wants to remain in his seat”, said one source with knowledge of the thinking of one of the large investors. “But where’s the confirmat,上海夜网千花Earl,ion from the board? Why doesn’t Achleitner say anything?”

A spokeswoman for Deutsche Bank declined to comment.

Cryan’s memo urged staff to “focus on executing” the bank’s strategy despite “widespread rumours”.

The bank’s strategy has come under criticism from some investors, who have grown impatient after three consecutive years of losses.

The CEO search, which the sources said was in its early stages, has come after a flurry of negative headlines for the bank. During the past two weeks, the bank said its loss in 2017 was larger than initially reported, and it has also warned about conditions in the first quarter.

A second major investor, speaking on condition of anonymity, said he was frustrated that Achleitner had not provided investors with an update following the reports this week of the CEO search.

Achleitner must find a strong candidate who can solve the bank’s problems in a sustainable way, the investor said. “No hasty solutions. That is important.”

“Cryan can remain from our point of view, though this will probably not be so simple anymore,” the person added.

Cryan and top managers at the bank have repeatedly called on patience, saying a turnaround would take years, not quarters.

The bank has raised capital and made progress with reforming its two retail banking divisions. Last week, it achieved a milestone in its turnaround by floating its asset management unit, DWS.

“We need to focus on executing on the strategy that was agreed and signed off by both the management and supervisory boards. There is no difference of opinion here,上海夜生活论坛” Cryan wrote to staff on Wednesday.

Cuba issues bristling editorial ahead of Obama visit

HAVANA ( ) – Cuba said it would welcome President Barack Obama to Havana later this month, but the Communist government had no intention of changing its policies in exchange for normal relations with the United States.

In a long editorial on Wednesday in Communist Party newspaper Granma and other official media, Cuba demanded Washington cease meddling in its internal affairs and said Obama cou,上海021夜网Jace,ld do more to change U.S. policy.

The White House brushed off the piece and defended the president’s trip next month as an opportunity to engage both with Cuba’s government and its citizens.

Obama will visit on ,上海足浴夜网联系方式Eason,March 20-22, 15 months after he and Cuban President Raul Castro agreed to end more than five decades of Cold War-era animosity.

They have restored diplomatic ties, and Obama has relaxed a trade sanctions and travel restrictio上海夜生活ns, leading Republican opponents and some of the president’s fellow Democrats to question whether Washington was offering too much without reciprocation from Havana.

But the editorial made it clear that Cuba still has a long list of grievances with the United States, starting with the comprehensive trade embargo. Obama wants,上海凤楼夜网Macey, to rescind the embargo but Republican leadership in Congress has blocked the move.

Cuba also objected to U.S. support for its political dissidents, whom some Americans consider champions of human rights but whom the Cuban government views as an unrepresentative minority funded by U.S. interests.

“(The United States) should abandon the pretense of fabricating an internal political opposition, paid for with money from U.S. taxpayers,” the nearly 3,000-word editorial said.

White House spokesman Josh Earnest told reporters that Obama’s “long agenda includes visiting with political opposition of the Cuban government and standing up for, in a very tangible way, the universal human rights of the Cuban people.”

Obama visit will be only the second by a U.S. president and the first since the 1959 revolution led by Fidel Castro that overthrew a pro-American government.

The editorial said Cuba no one should assume Cuba had to “renounce any of its principles or cede the slightest bit in its defense” to do so.

The two countries have also negotiated greater cooperation on law enforcement and environmental issues and agreed to resume scheduled commercial flights and postal services. Obama has removed Cuba from a list of state sponsors of terrorism.

The editorial acknowledged Obama had taken positive steps but criticized their “limited nature and the existence of other regulations and intimidation caused by the overall blockade that has been in force for more than 50 years.”

EU leaders tell social networks to guarantee users’ privacy

BRUSSELS ( ) – EU leaders on Thursday urged social networks to guarantee transparent practices and fully protect personal information as pressure piled on Facebook after allegations that data from 50 million of its users was mishandled.

More than $50 billion has been wiped off Facebook’s market value on reports that British political consultancy Cambridge Analytica improperly accessed data to build pr,上海晚上耍女人的地方Paige,ofiles on American voters and influence the 2016 presidential election.

“Social networks and digital platforms need to guarantee transparent practices and full protection of citizens’ privacy and personal data,” the European Union heads of state said in after meeting in Brussels. “EU and national legislation must be respected and enforced.”

The harvesting of user data happened before a new EU data protection law comes into force under which companies could be fined up to 4 percent of global turnover for violating.

“We cannot apply the sanctions which are coming with GDPR (General Data Protection Regulation) from May onwards,” EU Justice Commissioner Vera Jourova told reporters on Thursday.

In Britain, which is leading the investigation from the European s,上海夜网后花园Nala,ide, the maximum sanction is 500,000 pounds ($705,000), Jourova said, an insignificant amount compared to Faceb上海夜网ook’s $40.65 billion in revenue for 2017.

European Parliament head Antonio Tajani invited Facebook’s Chief Executive Mark Zuckerberg to come to the legislature to explain “how Cambridge Analytica came to use the personal data of millions of people to influence the… U.S. presidential elections and the Brexit referendum.”

On Wednesday Zuckerberg apologized for mistakes his company made and promised to restrict developers’ access to user information as part of a plan to improve privacy protection.

Jourova said more than one announcement would be needed to renew people’s trust in Facebook. “This is much more serious because here we witness the threat to democracy, to democratic plurality. It is endangering the f,上海021夜网Lake,ree electoral choices of the people in Europe,” she said.

Exclusive: Amazon’s internal numbers on Prime Video, revealed

( ) – Amazon.com Inc’s top television shows drew more than 5 million people worldwide to its Prime shopping club by early 2017, according to company documents, revealing for the first time how the retailer’s bet on original video is paying off.

The documents also show that Amazon’s U.S. audience for all video programming on Prime, including films and TV shows it licenses from other companies, was about 26 million customers. Amazon has never released figures for its total audience.

The internal documents compare metrics that have never been reported for 19 shows exclusive to Amazon: their cost, their viewership and the number of people they helped lure to Prime. Known as Prime Originals, the shows account for as much as a quarter of what analysts estimate to be total Prime sign-ups from late 2014 to early 2017, the period covered by the documents.

Core to Amazon’s strategy is the use of video to convert viewers into shoppers. Fans access Amazon’s lineup by joining Prime, a club that includes two-day package delivery and other perks, for an annual fee.上海夜生活

The company declined to comment on the documents seen by . But Chief Executive Jeff Bezos has been upfront about the company’s use of entertainment to drive merchandise sales. The world’s biggest online retailer launched Amazon Studios in 2010 to develop original programs that have since grabbed awards and Hollywood buzz.

“When we win a Golden Globe, it helps us sell more shoes,” Bezos said at a 2016 technology conference near Los Angeles. He said film and TV customers renew their subscriptions “at higher rates, and they convert from free trials at higher rates” than members who do not stream videos on Prime.

Video has grown to be one of Amazon’s biggest expenditures at $5 billion per year for original and licensed content, two people familiar with the matter said. The company has never disclosed how many subscribers it won as a result, making it hard for investors to evaluate its programming decisions.

The internal documents show what Amazon considers to be the financial logic of its strategy, and why the company is now making more commercial projects in addition to high-brow shows aimed at winning awards, the people said.

For example, the first season of the popular drama “The Man in the High Castle,” an alternate history depicting Germany as the victor of World War Two, had 8 million U.S. viewers as of early 2017, according to the documents. The program cost $72 million in production and marketing and attracted 1.15 million new subscribers worldwide based on Amazon’s accounting, the documents showed.

Amazon calculated that the show drew new Prime members at an average cost of $63 per subscriber.

That is far less than the $99 that subscribers pay in the United States for Prime; the company charges similar fees abroad. Prime members also buy more goods from Amazon than non-members, Bezos has said, further boosting profit.

AMAZON’S SECRET MATH

Precisely how Amazon determines a customer’s motivation for joining its Prime club is not clear from the documents viewed by .

(See an interactive version of the above graphic)

But a person familiar with its strategy said the company credits a specific show for luring someone to start or extend a Prime subscription if that program is the first one a customer streams after signing up. That metric, referenced th,上海夜网官方网站Kade,roughout the documents, is known as a “first stream.”

The company then calculates how expensive the viewer was to acquire by dividing the show’s costs by the number of first streams it had. The lower that figure, the better.

The internal documents do not show how long subscribers stayed with Prime, nor do they indicate how much shopping they do on Amazon. The company reviews other metrics for its programs as well. Consequently, the documents do not provide enough information to determine the overall profitability of Amazon’s Hollywood endeavor.

Still, the numbers indicate that broad-interest shows can lure Prime members cheaply by Amazon’s calculations. One big winner was the motoring series “The Grand Tour,” which stars the former presenters of BBC’s “Top Gear.” The show had more than 1.5 million first streams from Prime members worldwide, at a cost of $49 per subscriber in its first season.

The documents seen by reflect Prime subscribers in the United States, United Kingdom, Germany, Austria and Japan, where Amazon’s programs were available before Prime Video rolled out globally in December 2016.

Analysts estimate that 75 million or more customers have Prime subscriptions worldwide, including about half of all households in the Unit,上海夜生活乌托邦Eden,ed States.

BIGGER BETS

About 26 million U.S. Prime members watched television and movies on Amazon as of early 2017. calculated this number from the documents, which showed how many viewers a TV series had as a percentage of total Prime Video customers.

Rival Netflix Inc had twice that many U.S. subscribers in the first quarter of last year. It does not disclose how many were active viewers.

For years, Amazon Studios aimed to win credibility in Hollywood with sophisticated shows beloved by critics. Its marquee series “Transparent,” about a transgender father and his family, won eight Primetime Emmy Awards and created the buzz Amazon wanted to attract top producers and actors.

Yet “Transparent” lagged Amazon’s top shows in viewership. Its first season drew a U.S. audience half as large as that of “The Man in the High Castle,” and it fell to 1.3 million viewers for its third season, according to the documents.

Similarly, “Good Girls Revolt,” a critically-acclaimed show about gender inequality in a New York newsroom, had total U.S. viewership of 1.6 million but cost $81 million, with only 52,000 first streams worldwide by Prime members.

The program’s cost per new customer was about $1560, according to the documents. Amazon canceled it after one season.

Amazon is now working on more commercial dramas and spin-offs with appeal outside the United States, where Prime membership has far more room to grow, people familiar with the matter said.

The effort to broaden Amazon’s lineup, long in the works, will be in the hands of Jennifer Salke, NBC Entertainment’s president whom Amazon hired last month as its studio chief. Amazon’s Bezos has wanted a drama to rival HBO’s global hit “Game of Thrones,” according to the people.

In November, Amazon announced it will make a prequel to the fantasy hit “The Lord of the Rings.” The company had offered $250 million for the rights alone; production and marketing could raise costs to $500 million or more for two seasons, one of the people said.

At half a billion dollars, the prequel would cost triple what Amazon paid for “The Man in the High Castle” seasons one and two, the documents show. That means it w,上海夜玩网论坛Nadia,ould need to draw three times the number of Prime members as “The Man in the High Castle” for an equal payoff.

Tesla shareholders approve CEO Musk’s $2.6 billion compensation plan

SAN FRANCISCO/BOSTON ( ) – Shareholders of electric car company Tesla Inc approved a compensation package potentially worth $2.6 billion for Chief Executive Officer Elon Musk on Wednesday, though by a lower margin than U.S. CEOs typically receive on pay votes.

Excluding votes by Musk and his brother Kimbal, the measure passed with about 73 percent of votes cast. Including the Musk votes, the award passed with about 80 percent support, Tesla said in a Securities and Exchange Commission filing.

The compensation award includes no salary or cash bonus for the Silicon Valley billionaire, but sets rewards based on Tesla’s market value rising to as much as $650 billion over the next 10 years.

The vote result indicated some, but not all big investors were prepared to support a large payout at the founder-led company. If achieved, the award surpasses anything previously granted to top U.S. executives, according to proxy advisory firm Institutional Shareholder Services, which had recommended votes against the compensation.

Musk could own as much as $55.8 billion in Tesla stock and more than a quarter of the electric car company in the next decade if he hits all targets of the new plan.

“At $2.6 billion, the grant value is unprecedented and sets ,上海夜生活群Gabriel,the new high-water mark for an indi,上海夜生活Dallas,vidual executive equity award at a U.S. public company,” ISS wrote last month. ISS said it valued the award even higher, at $3.7 billion.

Shares of Tesla are dow,上海021夜网Sabina,n 18 percent from a year high reached in September. The company has faced pressure on multiple fronts, from a cash crunch and production delays to increasing competition from rivals. Some investors are concerned that Musk is distracted by too many projects including his SpaceX rocket launches.

Compensation for the CEOs of large U.S. companies is typically approved by around 95 percent of votes cast in annual “say on pay” advisory votes. Musk’s potentially huge payout meant extra scrutiny. The vote total was 63,014,339 “for” votes and 23,407,632 against.

John Trentacoste, partner at pay consultant Farient Advisors, said the 73 percent support level shows “there is support, but skepticism” among investors for Musk’s pay plan.

Noting the 95 percent typical support level for CEO pay, he said Musk’s big payout has been roundly criticized. Ultimately th上海夜生活e result, he said, “is not great comparatively, but for the amount of fodder that’s been around on this pay plan, I think it could be worse.”

Ahead of the vote tally, compensation consultant Brent Longnecker said any result above 70 percent would prompt Tesla to “breathe a sigh of relief.”

SOME OPPOSITION

Before Tesla began a special shareholder meeting on Wednesday, a spokesman for T. Rowe Price Group, Tesla’s fourth-largest investor with about 6 percent of its shares, told Musk’s pay plan “is well aligned with shareholders’ long-term interests.” But a smaller investor, the California State Teachers’ Retirement System (CalSTRS), said it planned to vote no.

CalSTRS is one of the nation’s largest public pension plans but only the 59th largest investor in Tesla, with a 0.13 percent stake.

“Given the size of the award, we believe the potential dilution to shareholders is just too great. In addition, we have concerns about the lack of focus on profitability for the company, and the one profitability metric that is used excludes the cost of stock-based compensation,” CalSTRS’ Director of Corporate Governance, Anne Sheehan, said in a statement.

Under the proposed award, which involves stock options that vest in 12 tranches, Tesla’s market value must increase to $100 billion for the first tranche to vest and rise in additional $50 billion increments for the remainder.

Tesla was valued at about $53.47 billion at Wednesday’s close, according to Thomson data. Its shares had fallen nearly 12 percent since the pay plan was announced, but rose 2 percent on Wednesday to close at $316.53.

Tesla has been struggling to manufacture its Model 3 sedan – for which it holds about 500,000 advance reservations – and has repeatedly pushed back production timelines.

The company has been burning through cash and expects spending to rise this year, even as a host of upcoming projects demand attention and capital, including the new Tesla Semi and the Model Y crossover.

A wave of electric vehicles on the horizon from rivals are also adding pressure. Global automakers from Ford Motor Co to Volkswagen AG (VOWG_p.DE) are cumulatively investing $90 billion in electrification over the next five years, with luxury models from Audi and Tata Motors Ltd’s Jaguar due this summer.

Written by shyw on January 1, 2019 Categories: tgnkovyn Tags: , ,

U.S., South Korea revise trade deal, Korean steel faces quota

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,上海夜网邀请码Kaia,. automakers winning improved market access and Korean steelmakers hit with quotas but avoiding 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. [MKTS/GLOB]

The agreement means South Korea will be forced to cut its steel exports to the U.S. by 30 percent of 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.

Last week, Trump temporarily excluded six trade partners, including Canada, Mexico and the European Union from higher U.S. import duties on steel and 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 ,上海021夜网Tallulah,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.

TRADE WAR FEARS

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 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.

“If President Trump becomes a two-term president … I believe there will be continuous (trade) risks during that time,” Trade Minister Kim said.

Shares in South Korean steelmakers rallied on Monday, with Dongbu Steel (016380.KS) leading gains as tariff exemptions were confirmed.

South Korea’s steel association said in a statement it was a “relief” that South Korea has been excluded from U.S. steel tariffs, but regrettable it was unable to secure higher quotas.

AUTOS CONCESSION

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 (005380.KS) 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 (F.N) and General Motors (GM.N) each shipped fewer than 10,000 vehicles last year.

“I don’t see a high chance of automakers expanding U.S上海夜生活. imports,” he said.

Kim Jong-hoon, a former chief negotiator for the KORUS FTA, said South Korea had fared relatively well in negotiations.

“South Korea gave concessions in autos in return for steel tariff exemptions,” he told . “This is not a free trade, but a managed tr,上海新夜网龙凤Fabi,ade.”

G20 sees need for ‘dialogue,’ fails to defuse trade war threat

BUENOS AIRES ( ) – The world’s financial leaders rejected protectionism on Tuesday and urged “further dialogue” on trade, but failed to defuse the threat of a trade war days before U.S. metals tariffs take effect and Washington is to announce measures against China.

Finance ministers and central bankers of the world’s 20 biggest economies, which represent 75 percent of world trade and 85 percent of global gross domestic product, discussed trade disruptions as a risk to growth at a two-day meeting.

But after talks described by participants as “polite” and mainly consisting of read-out statements with no debate, the G20 agreed only to stand by an ambiguous declaration on trade from 2017 and “recognize” the need for more “dialogue and actions”.

“We reaffirm the conclusions of our leaders on trade at the Hamburg Summit and recognize the need for further dialogue and actions. We are working to strengthen contribution of trade to our economies,” the final G20 ministers’ statement said.

But the declaration did little to dispel concern over a global trade war as the United States’ tariffs of 25 percent on imported steel and 10 percent on aluminum take effect on Friday.

Two officials briefed on the matter said U.S. President Donald Trump would also unveil tariffs on up to $60 billion in Chinese technology and telecoms products by Friday, a move stemming from Beijing’s intellectual property practices.

The 2017 Hamburg declaration, which the financial leaders referred to on Tuesday, said G20 countries would “continue to fight protectionism including all unfair trade practices.”

Related CoverageTreasury’s Mnuchin says U.S. tariffs ‘not about protectionism’Former PBOC governor: China will continue to adopt proactive fiscal, neutral monetary policiesSee more stories

But it also said G20 leaders “recognize the role of legitimate trade defense instruments,” an ambiguity which provides the United States with a way to argue its cause on the tariffs.

U.S. Treasury Secretary ,上海夜生活论坛Fabi,St,上海新夜网龙凤Dalton,even Mnuchin made clear Washington’s tariff action was such a legitimate defense.

“We need to be prepared to act in the U.S. interest, again, to defend free and fair, reciprocal trade,” he said in a press conference after the talks, adding that there was always a risk that others would reciprocate.

“There’s a risk of a trade war, the president has said we’re not afraid of getting into a trade war, given the size of our market, the size of our economy, and the fact that we have a big trade deficit,” Mnuchin said.

“On the steel and aluminum issue, this is a result of unfair trade practices and that’s why we’ve responded that way.”

Canadian Finance Minister Bill Morneau, comparing this G20 meeting to the one in Germany last year when Mnuchin demanded a rewrite of the longstanding communique language on trade, said the rest of the world now has a better sense of the U.S. view on how the rules of trade should be reworked.

“There’s not a consensus, everyone around the table doesn’t have the same point of view, but there’s a greater understanding of what it is they’re trying to achieve,” Morneau said.

EUROPE READY TO RETALIATE

The European Union, the biggest U.S. trading partner, wants to be exempt from the metals tariffs like Canada and Mexico, but so far has not had any success.

The EU, as a result, is preparing retaliatory tariffs on U.S. products ranging from bourbon and jeans to Harley-Davidson motorcycles.

European officials said a trade上海夜生活 war would produce only losers and the G20 were united in support of “multilateralism” – G20 jargon for solving disputes through negotiations in the World Trade Organization.

“We all agreed trade wars are a negative sum game,” Bank of Italy Governor Ignazio Visco told reporters on the sidelines of the meeting. “There hasn’t been any voice against rule-based multilateralism.”

French Finance Minister Bruno Le Maire stressed Europe expected to get exemptions from the U.S. tariffs without any conditions and warned protectionism would hurt world growth.

“It is of the utmost importance to avoid any u,上海021夜网Queena,nilateral choice that might jeopardize our growth. Unfair trade conditions, protectionism might jeopardize the economic recovery all over the world,” he said.

Mnuchin said he has had very direct conversations with his counterparts in China and that he looks forward to working with Liu He, China’s newly-installed, Harvard-educated vice premier in charge of financial and industrial policy, on getting better access to the Chinese market.

“I think there’s a general view among the G20 that it is our desire to see China open their markets so that we can participate in their markets the way they participate in ours in a much more … reciprocal … relationship,” Mnuchin said.

The G20 also called for continued international monitoring of cryptocurrencies such as bitcoin, and the risks they posed.

It said these assets raised issues with consumer and investor protections, market integrity, money laundering and terrorist financing.

(This story has been refiled to correct the spelling of “defuse” in first paragraph)

Lawmakers see strong board as part of Puerto Rico debt fix

SAN JUAN/WASHINGTON ( ) – Republican lawmakers are writing a fix to the Puerto Rico debt crisis that would give an independent financial review board sweeping power to arbitrate creditor disputes and map a future for the U.S. territory’s pension system.

Rather than pick winners and losers among investors who hold roughly $70 billion of Puerto Rican debt, the Republican plan envisions leaving key questions to a newly-created board, according to legislative sources familiar with the work. Republicans control both houses of Congress and so the party leaders often write the first draft of legislation.

Under the proposal, White House and congressional leaders would appoint a board of financial experts to arbitrate politically-charged questions like whether bonds issued by utilities or even the island’s government should be written down.

“We expect to have a framework that protects taxpayers and restores solvency to the island,” said Parish Braden, spokesman,上海夜生活论坛Lake, for the Natural Resources Committee that is writing legislation in the House of Representatives.

A crucial issue for lawmakers is whether Puerto Rico will have a clear path to restruc,上海夜生活男人好去处Easton,ture debt through the courts, in a process akin to U.S. bankruptcy, if the new board could not facilitate a deal among stakeholders.

The U.S. Treasury Department has long called for a debt restructuring for Puerto Rico. So have Congressional Democrats, and Puerto Rico’s leaders.

A spokesman for the Treasury Department said officials were “encouraged by the increased legislative activity,” but declined to speculate on the Republican legislation that was expected to be finished before the end of the month.

And while Republicans will write the first draft of the rescue bill, Democrats in Congress and the White House will have a say as legislation moves toward approval from President Barack Obama.

On Monday, New Jersey Senator Robert Menendez, a Democrat, proposed putting roughly $45 billion in unfunded pension liabilities at the top of the list of creditors.

Some creditors are concerned where they might rank with such a move and many oppose any provision that would allow the island to file for bankruptcy. Municipal bond markets would be roiled if Puerto Rico were cleared, some Republican lawmakers have argued.

“These are complicated issues and Congress needs to empower people qualified to handle them,” said one staffer working on the plan.

The 3.5 million residents of Puerto Rico may face a reduction of “essential government services” like public safety and health care if there is no fix before the next debt payments in May, Puerto Rico Governor Alejandro Garcia Padilla told Congress last year.

The Menendez plan would restructure all of Puerto Rico’s debt, establishing a chief financial officer, a “Fiscal Stability and Reform Board” and require the island’s governor to develop a 5-year fis,上海夜生活Barbara,cal plan.

If Puerto Rico accepts the plan Menendez proposes then an automatic 12-month stay on debt payments would go into effect, after which a restructuring plan with creditors would be crafted.

The plan would see that pensions would be paid be上海夜生活fore the island’s General Obligation debt, which is typically the first in line for payment.

Padilla praised Menendez’s plan for providing tools needed to stave off the immediate impact of the crisis while helping to stabilize the economy.

Orrin Hatch, the Utah Republican who is chairman of the powerful Senate Finance Committee, swatted away Menendez’s proposals.

“While I have yet to see the full legislative text of the proposals, from what I’ve read, Senate Democrats appear to want to move the goal posts on broad debt restructuring,” Hatch said in a statement emailed to .

Written by shyw on October 17, 2018 Categories: tgnkovyn Tags: , ,

Canadian dollar rallies as rising inflation boosts rate hike chances

TORONTO ( ) – The Canadian dollar strengthened to an 11-day high against the greenback on Friday as oil prices rose and hotter-than-expected domestic inflation data raised the chances of a further Bank of Canada interest rate hike over t,上海凤楼夜网Cadence,he coming months.

The annual inflation rate rose to 2.2 percent, a three-year high, from 1.7 percent in January,,上海夜网推油Kaiden, Statistics Canada said. Economists had forecast a rate of 2.0 percent.

The Bank of Canada’s three measures of core inflation also all strengthened.

“I think it will reinforce the view that the bank will keep slowly grinding rates higher,” said Doug Porter, chief economist at BMO Capital Markets.

The central bank has hiked rates three times since July even as it worried about a more uncertain outlook for trade. Chances of a hike in May rose to 82 percent from 74 percent before the data, the overnight index swaps market indicated. BOCWATCH

Still, separate data showing a weaker-than-expected 0.3 percent rise in January retail sales added to the picture of a domestic economy that has lost some momentum 上海夜网in recent months.

The price of oil, one of Canada’s major exports, rose after the Saudi energy minister said the Organization of the Petroleum Exporting Countries would need to keep coordinating supply cuts with non-member countries including Russia into 2019.

U.S. crude CLc1 prices were up 1.1 percent at $65.02 a barrel.

At 9:49 a.m. EST (1349 GMT), the Canadian dollar CAD=D4 was trading 0.7 percent higher at C$1.2846 to the greenback, or 77.85 U.S. cents.

The currency touched its strongest since March 12 at C$1.2825.

The U.S. dollar .DXY fell against a basket of major currencies as investors,上海夜生活群Eason, weighed escalating global trade tensions.

Canada’s commodity-linked economy could be hurt if global trade slowed. But the loonie has benefited this week from optimism about a deal to revamp the North American Free Trade Agreement.

Canadian government bond prices were lower across the yield curve, with the two-year CA2YT=RR price down 8 Canadian cents to yield 1.868 percent and the 10-year CA10YT=RR falling 18 Canadian cents to yield 2.202 percent.

The gap between Canada’s 2-year yield and its U.S. equivalent narrowed by 5.3 basis points to -41.1 basis points.

Russia eyes restrictions on U.S. imports in response to tariffs

MOSCOW/GENEVA, Russia ( ) – Russia will lik,上海夜生活男人好去处Hadrian,ely prepare a list of restrictions on imported products from the United States in response to U.S. tariffs on steel and aluminum, Moscow’s trade ministry said on Friday, according to Interfax news agency.

The announcement came after China threatened to retaliate to U.S. President Donald Trump’s measures, stoking fears of a looming global trade war.

“We will prepare our position, submit it to the Economy Ministry and apply to the WT上海夜生活网O (the World Trade Organization),” Russia’s Deputy Trade Minister, Viktor Yevtukhov, said, according to Interfax.

“We will probably prepare proposals on the response measures. Restrictions against the American goods. I think that all countries will follow this path,” Yevtukhov added.

The United States has said the tariffs are needed to protect its national security and therefore do not need to be cleared by the WTO. Many trade experts disagree saying they fall under the jurisdiction of the Geneva-based global trade body.

Russian steel and aluminum producers have been playing down the potential impact of the U.S. tariffs. But Russia’s Trade Ministry said there would be an impact.

Russian steel and aluminum producers may lose $2 billion and $1 billion, respectively, from the U.S. tariffs introduction, Yevtukhov said, citing preliminary estimates for the Trade Ministry. It was not clear whether he was referring to annual losses.

China’s commerce ministry said on Friday that the country was planning measures against up to $3 billion of U.S. imports to ba,上海夜生活桑拿会所Oakley,lance the steel and aluminum tariffs, with a list of 128 ,上海夜生活去哪玩Oakley,U.S. products that could be targeted.

Religious liberty bill passes Georgia state legislature

(In March 16 item, corrects timing of legislative session in final paragraph)

By Rich McKay

ATLANTA ( ) – A religious freedom bill described by opponents as being discriminatory against same-sex couples passed the Georgia state legislature on Wednesday night in an 11th-hour vote ahead of the session’s close.

The legislation, dubbed the Religious Liberty Bill, still has to be signed by Georgia’s Republican Governor Nathan Deal to become law. Deal has made clear that he will not sign a bill that allows discrimination, but his office did not immediately respond to request for comment on Wednesday night.

Similar bills in states like Indiana and Arkansas sparked storms of criticism last year, forcing many lawmakers to retreat from the provisions.

The Georgia bill, reworked several times by lawmakers amid criticism that earlier versions went too far, declares that no pastor can be force,上海晚上耍女人的地方Kaia,d to perform a same-sex wedding.

The bill also grants faith-based organizations – churches, religious schools or associations – the right to reject holding events for people or groups of whom they object. Faith-based groups also could not be forced to hire or retain an employee whose beliefs run counter to the organization’s.

Opponents say the bill could be used to deny services and discriminate against same-sex couples.

“The decision by the legislature today was to make an egregious and discriminatory bill even worse,” the Human Rights Campaign, which represents the lesbian, gay, bisexual, and transgender community, said in a statement.

“It’s appalling that anti-equality extremists in the legislature are trying to ignore the will of the people of Georgia,” it said.

Mike Griffin, a lobbyist and spokesman for the Georgia Baptist Convention, applauded the bill’s passage. He said that while the bill did not give them everything they wanted, he added: “We feel we’ve advanced our protection of our First Amendment Right to religious freedom.”

“Our rights of religious liberty don’t end inside the four walls of a church,” he said.

In a late a,上海夜网Mace,dded amendment, the proposed law says that it cannot allow discrimination already prohibited by federal law, which opponents said could nullify some of its provisions.,上海夜网邀请码Sabia,

More than 300 large corporations and small businesses, including Delta Airlines and Coca Cola, have signed a pledge decrying the Georgia legislation and urging the state lawmakers to drop it.

The state legislature is set to wrap up its current legislative 上海夜生活论坛session next week.

On eve of trial on Time Warner deal, AT&T, U.S. government lay out…

WASHINGTON ( ) – In a preview of arguments in a trial over AT&T’s (T.N) deal to buy Time Warner Inc TWX.N, government lawyers said on Tuesday the deal will raise prices for consumers while AT&T’s lawyer argued the company has no reason to withhold programming from,上海夜生活男人好去处Quay, competitors as feared.

U.S. District Judge Richard Leon, who will decide the case, delayed opening arguments until Thursday because of bad weat,上海会所夜网Idaleen,her in Washington. The government has asked Leon to rule that the $85 billion deal is illegal because it would hurt cable television rivals and, by extension, their consumers.

The government estimates that the deal would hike an average subscriber’s monthly cable bill by 45 cents. It filed its lawsuit in November.

At a hearing to discuss how to handle sensitive business information in the trial, AT&T lawyer Daniel Petrocelli said it would be “catastrophic” for Time Warner to withhold programming in hopes that disgruntled customers wo,上海夜生活Octavien,uld drop their cable company and sign up with AT&T’s DirecTV, as the government has said they could do.

Petrocelli argued that Time Warner would lose millions of dollars a month in fees and advertising, and tha上海夜生活网t the few subscribers that DirecTV could gain would not make up the difference.

He also pointed to a voluntary commitment that AT&T made to distributors to refrain from withholding programming if there is an impasse in licensing talks. Twenty of its 1,000 distributors signed on.

Justice Department lawyer Craig Conrath said the government’s first two witnesses, whom he did not identify, would discuss their companies’ negotiations in buying Time Warner content.

“What drives these customers to have concerns is that their negotiating partner (Time Warner) is being acquired by someone they compete with,” said Conrath.

An official from Google’s YouTube (GOOGL.O) will testify on the importance of Time Warner’s Turner family of stations, which includes CNN, to DirecTV’s rivals, a government lawyer said previously.

AT&T’s Petrocelli also noted the role of big technology companies such as Facebook (FB.O), Amazon (AMZN.O), Apple(AAPL.O), Netflix (NFLX.O) and Google in transforming how people watch television and, more to the point, winning away advertisers from the pay TV companies.

“They are running away with the industry,” said Petrocelli, noting the internet companies’ skill at targeting ads to the right consumer. “Cable bills can’t go up any more because people won’t pay any more.”

Conrath indicated that an expert on advertising, whom he did not identify, would testify on this issue.

AT&T Chief Executive Randall Stephenson and Time Warner Chief Executive Jeff Bewkes are also expected to testify. The trial is expected to last six to eight weeks.

Justice Department lawyer Don Kempf urged the judge to reject AT&T’s arguments that some government evidence was nothing more than draft reports written by junior executives, and not indicative of the thinking of top executives.

At issue, was a document that appeared to show that AT&T’s business people saw the merger as a way to prevent market changes that would encourage cord-cutting.

Kempf said the preliminary documents show the “real truth” of AT&T’s thinking. “The final version isn’t the thoughts of the business people. It’s the cover story of the lawyers,” he said.

Looming over the trial is the question of whether U.S. President Donald Trump, who criticized the deal on the campaign trail and again as president, may have influenced the Justice Department’s decision to oppose the transaction.

AT&T lawyers have said the Time Warner deal may have been singled out for enforcement, citing Trump’s statements that the deal was bad for consumers and the country.

Written by shyw on August 7, 2018 Categories: tgnkovyn Tags: , ,

UBS begins global wealth management shift by merging teams

ZURICH ( ) – UBS (UBSG.S) has begun adopting a unified global wealth management structure by merging teams responsible for its private banking products.

The world’s largest wealth manager said in January it would combine its businesses servicing American and international clients into one global division.

UBS is now combining the re,上海夜网推油Tallulah,gional teams responsible for managing products and services related to alternative investments, investment mandates and partnerships, an internal memo seen by and confirmed by the bank said.

“We are confident that our new set-up will enable us to capture the many new opportunities that our worldwide wealth management business offers,” Jason Chandler and Christian Wiesendanger, who jointly lead wealth management’s Investment Platforms and Solutions (IPS), told UBS employees on Tuesday.

Wiesendanger and Chandler were named global co-heads of IPS a year ago, in a move that presaged the merger of Wealth Management Americas and the separat,上海夜网Fabian,e international Wealth Management unit which took effect in February.

While the North American and international wealth management businesses will maintain distinct business models, with the United States continuing to service clients through a brokerage model, the Swiss-based bank said the unification would better serve ultra-wealthy clients while cutting costs.

By combining IPS reporting lines, UBS hopes to give clients access to its full product suite across wealth management.

Jerry Pascucci — 上海夜生活网hitherto alternative investments head in America — will lead the global alternatives team offering hedge fund and private market investments, including investments in private equity, real estate and impact investment, with effect from April, according to the memo.

Roman Berri and Jake Elmhirst will assume responsibility for private markets and hedged strategies respectively out of Zurich and London.

UBS will also align its mandates business under g,夜上海419龙凤论坛Rachel,lobal investment management head Bruno Marxer and expand offerings in the United States through a new American subdivision.

A global partnerships team under Greg Toskos will provide a single contact point for third-party partners as well as the bank’s asset management and investment banking divisions.

Nissan spins up new plant to give second life to EV batteries

NAMIE, Japan ( ) – At a small plant intended to help revitalize a town ravaged by the 2011 earthquake, Nissan Motor Co is giving its costly electric vehicle (EV) batteries new life after they pass their peak performance.

Global automakers are looking for ways to make cheaper EVs and prolong the life of their batteries, which can account for up to one-fifth of each vehicle’s上海夜网 cost and are made from increasingly costly materials, including cobalt and nickel.

Starting in May, 4R Energy Corporation, a joint venture between the Nissan and Sumitomo Corp will begin selling rebuilt replacement lithium-ion batteries for the first-generation Leaf.

The batteries will be produced at the new factory in Namie by reassembling high-performing modules removed from batteries whose overall energy capacity has fallen below 80 percent.

They will be sold in Japan for 300,000 yen ($2,855.51), roughly half the price of brand-new replacement batteries for the world’s first and best selling mass-marketed all-battery EV.

“By reusing spent EV batteries, we wanted to raise the (residual) value of EVs and make them more accessible,” said Eiji Makino, CEO of 4R, which on Monday opened the plant in Namie, Fukushima Prefecture, around 5 kilometers north of the site of the Fukushima nuclear disaster, the world’s worst since Che,上海夜网Tabitha,rnobyl in 1986.

The flat, rectangular battery packs that line the bottom of each Leaf chassis are trucked into the pla,上海高端夜生活在那里Queena,nt, where each module is assessed.

Sumitomo has come up with a way to analyze all 48 modules contained in each battery pack in four hours, a huge time savings from the 16 days Nissan engineers previously used for similar measurements.

Modules with capacities above 80 percent are assigned for use in replacement Leaf batteries; lesser modules are reassembled and sold as batteries for fork lifts, golf carts, and lower-energy applications such as streetlamps.

The plant can process 2,250 battery packs a year, and initially plans to refabricate “a few hundred” units annually, Makino said, adding that 4R would see whether the process could also be used for batteries from the latest Leaf model, which uses a different battery chemistry.

Bracing for a sharp increase in the price of key EV battery materials, including cobalt, nickel, and lithium, more automakers are focusing on reuse and recycling, with Toyota Motor Corporation announcing in January it would partner with a Japanese electric power company to explore such options.

Makino said it would be difficult for 4R to completely break down and recycle EV batterie,上海夜玩网论坛Gabriella,s on its own but may consider partnering with another company to retrieve reusable materials, a process industry experts say is key to sustainable EV battery production.

“Second use is potentially a really great option, but at the end of it all, batteries still need to be recycled,” said Jeff Spangenberger, energy systems researcher at the U.S. Argonne National Laboratory, adding that the profitability of battery recycling operations would depend on the highly volatile price of component materials. 

($1 = 105.0600 yen)

Written by shyw on July 11, 2018 Categories: tgnkovyn Tags: , ,

South Dakota House fails to override veto of transgender bathroom bill

( ) – The South Dakota House of Representatives failed on Thursday to override a veto by Governor Dennis Daugaard of a bill that would have made the state the first in the United States to dictate what bathrooms transgender students can use in public schools.

By a vote of 36-29, supporters of the bill did not muster the two-thirds vote required in both chambers to override the veto. The Rep上海夜生活网ublican-controlled House had approved the bill beyond that threshold in January.

The proposed law would have required transgender pupils to use restrooms and locker rooms in public schools that correspond to their gender at birth.

Supporters, including conservative Christian groups such as Family Heritage Alliance Action, said the bill would enhance the privacy of all students.

But civil rights groups said the measure would expose schools to legal challenges over access to restrooms and that it violated Title IX, a federal rule regarding discrimination in public schools.

“Fairness and equality have prevailed over this unconscionable legislative assault on transgender childre,上海夜网后花园Naia,n,” said Chad Griffin, president of the Washington-based Human Rights Campaign, a gay, lesbian, bisexual and transgender civil rights organization, reacting to the vote on Thursday.

The bill would have required schools to provide “reasonable” accommodations,上海夜网Balthazar, for transgender students. Those accommodations include a single-occupancy restroom, a unisex restroom or the supervised use of a restroom, locker room or shower room designated for use by faculty.

In vetoing the bill on Tuesday, Daugaard, a Republican, said it would invite conflict and litigation, diverting resources from education.

In December, a suburban Chicago school district reached an accord with the U.S. government over locker room access for a transgender student after the U.S. Department of Education’s Office of Civil Rights found the district discriminated against the student in violation of Title IX.

Daugaard’s veto came about a month after a U.S. appeals court heard arguments over whether a high school in Virginia should be ordered to allow a transgender male student to use the boys’ bathroom.

Last week, local lawmakers in Charlotte, North Carolina, voted to allow transgender peo,上海021夜网Hallie,ple to use public bathrooms matching their gender identity. Republican State House of Representatives Speaker Tim Moore said he would consider legislation to block the measure.

Written by shyw on May 17, 2018 Categories: tgnkovyn Tags: , , ,

Factbox: How United States, others regulate autonomous vehicle testing

( ) – An Uber self-driving sport utility vehicle struck and killed a woman crossing a street in Arizona on Sunday, the first fatality involving an autonomous vehicle and a potential blow to the,夜上海论坛Idaline, technology expected to transform transportation.

The ride services company said it was suspending North American tests of its self-driving vehicles. Safety advocates have called for a national moratorium on the testing of all so-called robot cars on public roads.

Here is a brief look at how the United States and some other countries regulate testing of autonomous vehicles.

– So far, 21 U.S. states plus the District of Columbia have enacted legislation related to autonomous vehicles, according to the National Conference of State Legislatures. (here)

– Nevada was the first to authorize operation of autonomous vehicles in 2011.

– Arizona has opened its arms to companies testing self-driving vehicles as a means to economic growth and jobs. Republican Governor Doug Ducey reached out to Uber in 2016 after California regulators cracked down on the company over its failure to obtain testing permits.

– China has issued licenses to automakers that allow self-driving vehicles to be road tested, the state-owned Xinhua news agency has reported. The licenses allow operators to test drive the vehicles on a 5.6-km (3.5-,上海夜生活桑拿会所Rachel,mile) public road in Jiading District of Shanghai, Xinhua said. Shanghai has regulations on road tests for such smart cars and has said it would promote the application and commercialization of vehicles using artificial intelligence technology and internet-linked functions, Xinhua reported.

– South Korea’s transport ministry began the provisional permit system in February 2016 and has approved provisional permits for 41 self-driving cars as of March including 14 for Hyundai Motor Co (005380.KS), two for Kia Motors (000270.KS) , and one for Audi-Volkswagen (VOWG_p.DE). Audi-Volkswagen is the only foreign company with a provisional permit in South Korea.

South Korea said it was aware of the Uber incident and that it makes “frequent improvements to the permit system and could make changes in light of the incident going forward.”

– In Japan, all vehicles on roads require a driver to be sitting in the driver’s seat, according to the Transport Ministry. As long as someone is in the driver’s seat during an automated driving test and has his or her hands close to the wheel at all times, no special permit is needed to conduct self-driving tests.

A ministry spokesman said of the Uber incident, “We will be following it closely, but it’s too early to say how it will affect our approach to self-driving tests.”

– Singapore requires that all autonomous上海夜网 test vehicles undergo a vehicle safety assessment before they are approved for on-road ,上海夜生活网419Eden,trials. Test vehicles can only be driven in autonomous mode within an approved test-site. All test vehicles are required to have a qualified safety driver who is ready to take control, until autonomous vehicle trials demonstrate that the technology is ready for fully autonomous operations. All trial participants are also required to have third-party insurance for test vehicles and must share data.