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Hyundai’s union says revised trade deal with U.S. ‘humiliating’

SEOUL ( ) – Hyundai Motor,上海夜哪里艳遇Hallie, Co’s (005380.KS)上海夜生活网 South Korean labor union on Tuesday called Seoul’s revised free trade deal with the United States “humiliating”, and said the extended tariffs on pick-up trucks mean a missed opportunity to tap into the U.S. market.

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 the nations agreeing to extend U.S. tariffs on Korean pickup trucks by 20 years until 2041.

“The union has called for domestic (South Korean) production of pickup trucks for the past several years,” the union said in a statement, adding it believes the U.S. pickup truck market “represents the U.S. market’s blue ocean and the future bread and butter of the South Korean auto industry”.

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

The government’s agreement to revise the U.S.-Korea Free Trade Agreement’s auto industry section “is a humiliating negotiation that accepted Trump’s ‘strategy to preemptively block Korean pickup trucks’”, the union said.

Hyundai was the worst performer among major automakers in ,上海夜网邀请码Gabe,the United States as of February, with its sales down 12 percent year-on-year over the first two months of this year due to its heavy reliance on sedans and its aging SUV models. This compares to the market’s 0.8 percent drop over the period.

“Among potential offerings from (Korean) automakers in the U.S. market, Hyundai Motor’s pickup truck is likely to be made locally (in the U.S.),” Yoo Ji-woong, analyst at eBest Investment & Securities, wro,上海夜网后花园Earl,te in a note on Tuesday.

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

Back to the drawing board for Reckitt after dropping Pfizer bid

LONDON ( ) – Reckitt Benckiser’s (RB.L) decision to drop its pursuit of Pfizer’s (PFE.N) consumer health assets leaves it with a tough job to restore growth to its flat-lining business.

With a deal off the table, investors will turn their attention to Reckitt’s internal challenges, including the integration of Mead Johnson, the ailing baby formula maker it bought for $17 billion last year, and reigniting sales growth.

“T,夜上海论坛Dalton,he market has been used to Reckitt being the company that consistently delivered ahead-of-marke上海夜生活论坛t volume growth and last year they didn’t,” said Reckitt shareholder Steve Clayton at Hargreaves Lansdown. “They really need to pick the crown up and get it back on their head.”

Reckitt has forecast 2 to 3 percent like-for-like sales growth for 2018, after no growth in 2017.

The British con,上海夜玩网论坛Eden,sumer goods company was in the running for some of the consumer health brands, including painkiller Advil, being sold by Pfizer.

Many investors saw the attractiveness of the assets, but worried about Reckitt’s ability to fund and manage a deal that could have reached $20 billion so soon after buying Mead Johnson.

Following news late on Wednesday that Reckitt had abandoned the auction – after Pfizer rejected its bid for some of the assets – its shares jumped 6 percent as investors breathed a sigh of relief there would be no dilutive issue of equity or new distraction for senior management.

Since October, when Pfizer announced it was exploring options for its consumer health unit, Reckitt’s shares had fallen 21 percent, in part on concerns about a possible deal.

Even after Thursday’s gain, the stock is only trading at 16 times forecast earnings, below its five-year average of 19.

“We caution on being too optimistic over the prospects of a quick fundamental turnaround of the core businesses,” said Barclays analyst Alex Smith. “In particular, we still see too many uncertainties around the cost and cultural change,上海新夜网龙凤Jacob, required to restore growth and competitiveness.”

FUTURE DEALS

The Pfizer business would have made Reckitt the global leader in consumer health, a category supported by aging populations and growing interest in health and wellness. Becoming a leading player there has been the long-stated strategy of the company’s chief executive, Rakesh Kapoor.

Some analysts praised Kapoor’s financial discipline in walking away from Pfizer, as it did from a deal for Merck in 2014, but Bernstein’s Andrew Wood was disappointed.

“When Mead Johnson is fully integrated and RB’s core business is back to health, we think that RB might regret having missed this once-in-a-decade acquisition opportunity for global consumer health leadership,” he said.

With the consumer health market still very fragmented, there will be opportunities to grow in future, but it will be slower.

“Ex-Pfizer, these would now either need to be gestated organically, or acquired more painstakingly via sequential bolt-on deals,” Jefferies analyst Martin Deboo said.

Yet, if Pfizer decides to keep its business for now, Reckitt could be in a better position in a few years’ time.

“If the sale falls through altogether and they get another couple of years to sort the balance sheet out, maybe it will be an opportunity in the future,” Hargreaves Lansdown’s Clayton said.

Uber to sell Southeast Asia business to rival Grab: sources

SINGAPORE ( ) – Ride-hailing firm Uber Technologies Inc [UBER.UL] has agreed to sell its Southeast Asian business to bigger regional rival Grab, sources with knowledge of the matter said on Sunday, in what would be the U.S. company’s second retreat from Asia.

The deal, which could be announced as early as Monday, marks the industry’s first big consolidation上海夜网 in Southeast Asia, home to about ,上海夜生活网交流Eden,640 million people, and puts pressure on rivals such as Indonesia’s Go-Jek, backed by Alphabet Inc’s Google and China’s Tencent Holdings Ltd.

As part of the transaction, Uber would get a stake of as much as 30 percent in the combined business, said a source with direct knowledge of the matter w,上海夜生活去哪玩Caitlin,ho did not want to be identified as the deal is not yet public.

Another source familiar with the deal said Uber would acquire a 25 percent to 30 percent stake in Grab, valuing the entire business at $6 billion, the same valuation it commanded in its most recent capital raising.

Uber and Singapore-based Grab, Southeast Asia’s biggest ride-hailing firm, declined to comment.

Expectations of consolidation in Asia’s fiercely competitive ride-hailing industry were stoked earlier this year when Japan’s SoftBank Group Corp made a multi-billion dollar investment in Uber.

SoftBank is also one of the main investors in several of Uber’s rivals, including Grab, China’s Didi Chuxing, and India’s Ola.

Ride-hailing companies throughout Asia have relied on discounts and promotions to attract both riders and drivers in the fast-growing market, driving down profit margins.

Uber, which is preparing for a potential initial public offering in 2019, lost $4.5 billion last year and is facing fierce competition at home and in Asia, as well as a regulatory crackdown in Europe.

It is also recovering from a year of scandals that saw co-founder Travis Kalanick forced out as chief executive in June amid U.S. criminal inquiries and a workplace marred by sexual harassment allegations.

SoftBank gained two seats on Uber’s board of directors through its investment and has said it wants the company to focus on growing in the United States, Europe, Latin America and Australia, but not in Asia, due to the lack of profitability.

Uber’s CEO Dara Khosrowshahi said at a conference in New York in November that the company’s Asia operations were not going to be “profitable any time soon,” particularly because of how heavily Uber was subsidizing rides there.

“The economics of that market are not what we want them to be,” he said at the time.

Khosrowshahi, who took over the top job at Uber in August, has been working to clean up the company’s financials ahead taking it public.

Still, during a visit to India in February, he pledged to continue investing aggressively in Southeast Asia.

Now that Uber is pulling out of Southeast Asia, attention may turn to the company’s operations in India, which accounts for more tha,上海高端夜生活在那里Fabian,n 10 percent of Uber’s trips globally, but is not making money yet.

Uber’s deal with Grab would be similar to the one struck in China in 2016, when a bruising price war ended in Didi Chuxing buying out Uber’s China business in return for a stake in the company.

Grab raised about $2.5 billion last July from Didi, SoftBank and others in a deal valuing the company at around $6 billion. Bloomberg first reported the deal.

U.S. steel tariffs meet barrage of criticism at WTO

GENEVA ( ) – U.S. President Donald Trump’s steel and aluminum tariffs met a barrage of criticism at a World Trade Organization meeting on Friday, as the European Union, Japan, Australia and others joined a debate started by China and Russia.

The EU representative dismissed U.S. assertions that the steps were needed to protect national security, saying Washington was just trying to support its industry, a Geneva trade official said.

WTO Director-General Roberto Azevedo said it was positive to see the discussion happening within the WTO’s walls, since taking disputes outside greatly increased “the上海夜生活论坛 risk of escalation in a confrontation that will have no winners”.

“Disrupting trade flow,上海夜网官方网站Nala,s will jeopardize the global economy at a time when economic recovery, though fragile, has been increasingly evident around the world,” he said in a statement.

“I again call for restraint and urgent dialogue as the best path forward to resolve these problems.”

China and Russia have already said they are drawing up plans to retaliate to offset the impact of the tariffs.

China’s representative at the WTO meeting said the tariffs were “groundless” and violated WTO rules in multiple ways, said the trade official, who gave an account of the closed-door talks on condition of anonymity.

China’s representative said that the experience of the 1930s showed that trade barriers did the opposite of safeguarding national security, a reference to the U.S. Great Depression and the build-up to World War Two.

Russia queried the basis for temporary exemptions to the tariffs, which Washington has granted to the EU, Argentina, Australia, Canada, Mexico, South Korea and Brazil, the official said.

South Korea said countries should be careful using national security as a reason for trade barriers, as it might set off a domino effect with other states piling in to justify measures to protect the,上海仙霞路夜生活Jacob,ir own industries. Japan said the U.S. move was regrettable, and Turkey asked how it could be in line with WTO rules, the trade official added.

Others echoed the concerns about a domino effect, and said it might damage the WTO consensus, under which states have shied away from invoking security to justify barriers.

Brazil said the issue could only be addressed multilaterally, but added that it was encouraged by U.S. efforts for bilateral talks on the issue, the official added.

The U.S. representative at the meeting did not respond directly to the criticism but said its tariffs were “consistent” with the WTO’s General Agreement on Tariffs and Trade.

Related CoverageU.S. accuses ,上海凤楼夜网Dakota,China of stealing patents in WTO complaintWTO chief warns of disruption to global economy, urges restraint

China has added two items that it wants to discuss under “any other business” at the meeting, which was already set to hear 15 trade concerns.

China plans to raise concerns about another package of tariffs announced by Trump on Thursday, to combat what he says is Chinese theft of U.S. intellectual property.

China also plans to raise the issue of “U.S. civil aviation security equipment measures”, diplomats said. No further detail was immediately available.

Republican Party gears up to fight Obama court nominee

WASHINGTON ( ) – The Republican Party on Monday stepped up its fight against any Supreme Court nominee put forward by President Barack Obama while the president’s allies hit back against a conservative group’s attack on a judge who had been considered for the job.

The Republican Party’s move to create a task force to coordinate advertising and other steps to assail Obama’s nominee to fill the vacancy left by the Feb. 13 death of conservative Justice Antonin Scalia is the latest indication that the political fight could become very nasty.

“It’s clear what Republicans are planning to do,” White House spokesman Josh Earnest said. “They are planning to tear down the president’s nominee, without regard to who that person is.”

The Republican National Committee said the task force will contract and team up with America Rising Squared, a conservative group, in the effort.

“This will be the most comprehensive judicial response effort in our party’s history,” RNC Chairman Reince Priebus said in a statement.

“If the president wants to break with decades of precedent by pushing through a nominee in an election year, we’re going to vet that person and put their real record on display,” Priebus said.

Earnest declined to say when Obama would announce his choice to fill the vacancy, beyond saying it would not be on Monday.

The Republicans who control the Senate have vowed not to hold confirmation hearings or an up-or-down vote on anyone Obama picks, saying the choice should belong to the next president who takes office in January after the Nov. 8 presidential election.

The nomination requires Senate confirmation.

HIGH STAKES

The stakes are high, as Obama’s selection could pivot the nine-member court to the left for the first time in decades.

In an interview with CNN Espanol that aired on Monday, Obama said he will make his decision “soon.” He said he is looking for someone with “impeccable credentials” who “should be a consensus candidate.”

Senate Democratic Leader Harry Reid denounced on the Senate floor what he called a “smear” campaign aga上海夜生活论坛inst federal appeals court judge Jane Kelly, who had been on Obama’s short list of potential nominees.

Sources familiar with the selection,上海夜网Jace, process said on Friday Kelly was not among the final three under consideration, federal appeals court judges Sri Srinivasan, Merrick Garland and Paul Watford.

Reid was referring to an ad campaign mounted by a conservative activist group called the Judicial Crisis Network referring to Kelly as a “a liberal extremist” with a “disturbing backgroun,上海夜生活论坛Gabe,d.” It cited her prior work as a public defender in Iowa for a man charged with possessing child pornography who was later convicted of first-degree murder and sexual assault in the death of his former girlfriend’s 5-year-old daughter.

The group, in a news release, called the ads the next phase of its “national campaign to educate and inform the public about what’s at stake in filling the Supreme Court vacancy.”

Reid referred to the group as “a,上海夜网推油Idaline, dark money, right-wing political organization that operates in total secrecy.”

“The accusations leveled against Judge Kelly are despicable,” Reid said, calling on Iowa’s U.S. senators including Republican Chuck Grassley, the chairman of the Judiciary Committee who in the past praised Kelly, to denounce to the group’s charges.

The Senate voted to confirm Kelly to her current position in 2013 in a 96-0 vote.

Obama administration lawyers continued to review the legal opinions of three finalists, weighing whether elements could become a flashpoint for opponents on the right or even the left. The current finalists generally are considered more moderate than liberals in the tradition of Obama’s two previous appointments, Sonia Sotomayor and Elena Kagan.

Written by shyw on April 3, 2019 Categories: uyreiggv Tags: , , ,

New head of scandal-hit Kobe Steel may seek mergers for some…

( ) – Kobe Steel’s new president on Friday said he may seek mergers or alliances outside the company for one or more of its business divisions, as he battles to repair damage from a data fraud scandal that roiled Japanese industr,上海足浴夜网联系方式Ebba,y.

Mitsugu Yamaguchi faces a difficult challenge to rebuild credibility at the 112-year-old steelmaker, which sent shockwaves through global supply chains after revealing widespread tampering of specifications on products used in planes, trains and automobiles.

While no safety issues have been identified and the company’s shares have recovered much of their sharp losses from the early days of the scandal, Kobe Steel (5406.T) faces a U.S. Department of Justice investigation that may yet prove costly.

Consumers in the United States and Canada have also filed lawsuits against Japan’s third-largest steelmaker.

Kobe Steel has lost certificates of industrial quality that may make it harder to sell to certain customers.

“I will fully carry out my responsibilities to prevent any recurrences and regain trust,” Yamaguchi, 60, said at a press conference.

He said the company was unlikely to seek a full merger with a rival, but that individual businesses could be combined with others.

Yamaguchi replaces Hiroya Kawasaki as president and chief executive officer on April 1 after the long-serving head of the company stepped down to take responsibility for the fraud that the company admitted had been going on for nearly five decades. Kawasaki remains a director of the company.

Yamaguchi heralds from Kobe Steel’s machinery division, unlike many of his predecessors who had come from the company’,上海夜生活Idaleen,s mainstay steel business or its general affairs operations.

Kobe Steel last week released 上海夜生活论坛results from a four-month-long investigation by an external committee and said it had found new cases of impropriety, increasing the total number of affected clients to 605, including 222 overseas.

The company’s data tampering came mostly from its aluminum and copper division, but some cheating cases were found at the steel division.

The Kobe Steel case, one of the country’s bi,上海夜网官方网站Macauly,ggest industrial scandals in recent memory, set off a rash of malfeasance revelations by other Japanese heavyweights, hitting the country’s reputation for manufacturing excellence.

Exxon eyes Gulf of Mexico plastics plant to meet Asia demand

( ) – Exxon Mobil Corp (XOM.N) said on Tuesday it was planning to build a plastics plant on the U.S. Gulf Coast to meet the rising demand from Asia.

The plant, which is expected to open by 2021, will help increase its manufacturing capacity by up to 450,000 tons a year.

The expansion is part of Chief Executive Officer Darren Woods’ plans to spend $50 billion in the United States over the next five years.

Earlier this month, the world’s largest publicly traded oil producer set a goal to double annual earnings by 2025 through heavier investments.

The company has been under pressure from investors, some of whom fear that the company’s best days may be behind it.

A final decision on investment for Tuesday’s plans, estimated at several hundred million dollars, is expected later this year, Exxon said.

“Abundant supplies of domestically produced oil and natural gas have reduced energy costs and created new sources of feedstock for U.S. chemical manufacturing,” ExxonMobil Chemical Co President John Verity said.

“Most of our planned investment in the Gulf Coast region is focused on supplying emerging markets like Asia.,上海夜生活服务Kai,”

T,上海夜生活去哪玩Nadia,he project will create more than 600 jobs during peak construction and about 60 permanent jobs when production begins, the company said.

Shar上海夜生活网es of the company were slightly up at $7,上海夜网邀请码Hadrian,4.42 on Tuesday morning on the New York Stock Exchange.

As Uber bows out to Grab, drivers and riders bemoan loss of choice

SINGAPORE ( ) – A mix of concern and disappointment met Uber Technologies Inc’s [UBER.UL] deal to sell its Southeast Asian business to bigger regional rival Grab, as drivers and users of the ride-hailing firms took in the prospect of sharply reduced competition.

The services throughout Asia have long relied on discounts and promotions for consumers and incentives for drivers, which made for tough competition, pushing down profit margins.

Grab said the Uber acquisition accelerated its path to profitability in its core transport business, as it would become the most cost-efficient Southeast Asian platform.

While drivers were split on which of the two services offered better compensation, they generally expected fares to go up with the reduced competition.

Rennu Mahajan, who has driven a combined three-and-a-half years for both companies in Singapore, said some of her driver friends were concerned because now they would not be able to switch to the other app.

“But I am personally not worried. I am quite confident that the fares will go up. If incent,上海夜生活网419Oakley,ives don’t go up, fares will increase and we will still get a little bit more,” said Mahajan, 57.

On its Singapore website, Grab said passengers could expect better service with more drivers and transport options available on one app and that fares would not change. For drivers, it said the benefits and incentives structure remained the same.

However, following a similar merger between Grab investor Didi Chuxing and China’s Uber business in 2016, driver numbers dropped dramatically as subsidies lapsed and new regulations raised residence requirements for drivers.

In the year following Didi Chuxing’s acquisition, driver response rates fell between 15 and 40 percent in major Chinese cities, according to Didi Chuxing’s data.

According to mobile data analytics firm App Annie, Grab was ranked fifth among top apps based on monthly active users in Singapore in 2017 versus Uber at No. 7. In Indonesia, Go-Jek was at No. 9 just ahead of Grab.

REGULATORY CONCERN

Whether the merger would eliminate competition in Singapore will be the focus of government review, a spokeswoman for the Land Transport Authority said.

“We will ensure that no one single market player dominates the sector to the detriment of commuters and drivers,” she said.

Malaysia’s Land Transport Authority issued a similar statement, saying it “will work closely with relevant consumer and various regulatory agencies such as the Malaysia Competition Commission to safeguard passengers from unfair terms”.

For both Ricky Tan, who has driven for Uber in Singapore for over a year, and Andre Pereira who uses both services, Grab’s ability to exert greater control on prices was cause for concern as it may drive away customers to public trans,上海夜网Ida,port.

“As the only app left, Grab can easily increase prices,” Pereira, 24, said.

While there are smaller ride-hailing apps in each market, Grab and Uber have a presence across the region, while Indonesia’s popular Go-Jek only operates within its home country.

Drivers in Cambodia, one of the last frontiers in the battle of apps, say competition is fierce and the market will not be easy for Grab.

“A lot of people are used to using Uber, Grab isn’t strong yet, Uber is stronger…Grab just arrived,” said Krem Sokhom.

DISCOUNTS AND PROMOTIONS

The apps have also grown in popularity in countries with fewer public transportatio上海夜生活论坛n options, such as Vietnam.

Le Minh Quan, 30, who drives w,上海夜生活乌托邦Fabiana,ith both Grab and Uber in Vietnam, said: “Without competition they could enforce higher commission or reduce their support, and that’s worrying. Before we had a choice, but now we don’t.”

Banker Le Hoang Ngan also uses both.

“Whoever gives me discount codes I’ll go with it, if not, I’ll skip. So one down will just give me less option,” he said.

In Thailand, ride-hailing services by privately owned vehicles are illegal but many drivers work with both Uber and Grab. There was no shortage of drivers and riders who liked the service that Grab had to offer.

“Grab provides enough promotions for my liking, and even if sometimes they don’t, I don’t mind paying the full price,” said Choltanutkun Tun-atiruj, a magazine writer, who said she preferred Grab’s services and relied on it in her everyday life.

“I prefer convenience and what’s the quickest, easiest.”

After crucial win, Kasich sees path to Republican nomination

BEREA, Ohio ( ) – After a critical win on his home turf, Ohio Governor John Kasich begins a new phase of his long-shot presidential campaign that his aides hope will ultimately propel him past Republican front-runner Donald Trump by triggering a rare contested convention.

Kasich’s victory in Ohio’s primary on Tuesday, along with the departure from the race of U.S. Senator Marco Rubio, makes him the party establishment’s last hope of stopping the New York billionaire businessman from winning the Republican nomination for the Nov. 8 election.

Trump and his closest rival, U.S. Senator Ted Cruz of Texas, are deeply unpopular among Republican insiders.

“I want you to know, the campaign goes on,” Kasich, 63, t上海夜生活old a victory rally near Cleveland. In a reference to Trump’s fiery campaign rhetoric, Kasich added: “I will not take the low road to the highest office in the land.”

Trump, 69, notch,夜上海419龙凤论坛Dakota,ed wins in Florida, Illinois and North Carolina on Tuesday and was projected by MSNBC to win a close race with Cruz in Missouri. But losing Ohio’s winner-take-all contest for 66 delegates complicates his attempt to clinch the 1,237 delegates needed to win his party’s nomination before the party’s July convention in Cleveland.

With most of the remaining states allocatin,上海高端夜生活在那里Jacklyn,g delegates proportionally, Kasich’s aides believe he could prevail at a convention at which no candidate enters with a majority.

“The plan is to win Ohio, and some other states, and if that happens, nobody is going to have enough delegates to win the nomination on the first ballot,” said John Weaver, Kasich’s chief campaign strategist, who also worked on Republican Senator John McCain’s losing presidential campaigns in 2000 and 2008.

Kasich’s plan, according to aides, is to leverage the momentum to gather more endorsements from mainstream party insiders and Republican donors.

With the wind at his back, he hopes to score more victories in upcoming primaries including Pennsylvania, Maryland, Wisconsin, Connecticut and California, where he believes the terrain is friendlier to his brand of Republican moderation.

To become the nominee who faces Democratic contenders Hillary Clinton or Bernie Sanders — in the November election — a Republican needs to win a majority of the 2,472 Republican delegates. After last night’s contests, excluding Missouri’s, Trump leads with 619 delegates, followed by Cruz with 394. Kasich has 136.

ESTABLISHMENT BACKING

If no candidate reaches that threshold by the close of the last primary on June 7, the convention will almost certainly be contested — a recent historical rarity that would signal deep party rifts. No convention, by either party, has gone beyond a first ballot since 1952.

Kasich has almost no hope of winning enough delegates to secure the nomination outright. Ohio is the lone state he has won. But if he can succeed in blocking Trump from getting a majority, he can make a case to convention delegates that he is more electable than Trump or Cruz, 45, a conservative evangelical and, to date, Trump’s most successful Republican rival.

Signs of the Republican establishment rallying behind Kasich were on show this week. Mitt Romney, the Republican presidential nominee in 2012 who recently blasted Trump as a “fraud” in a scathing speech, campaigned with Kasich in Ohio on Monday.

“He has the kind of record that you want in Washington,” Romney said in North Canton, Ohio, on a stage next to Kasich, who spent 18 years as a Republican congressman and six as Ohio governor. “You look at this guy, and unlike the other people running, he has a real track record.”

On Wednesday, Kasich heads to a campaign event in Pennsylvania and then holds three events in Utah on Friday — where Romney, the former Massachusetts governor, is popular with Republicans. Utah, with 40 delegates, votes on March 27. Pennsylvania is one of five states voting on April 26.

Ford O’Connell, a Republican strategist who has stayed neutral in this year’s nominating fight, said Kasich’s victory should earn him more help from party insiders.

“There are really just two options left: Either Trump gets enough delegates, or nobody does,” O’Connell said. “Kasich’s win in Ohio means Trump must now win roughly 60 percent of the remaining delegates before the convention. I would say we now have a 50-50 chance of a brokered convention.”

O’Connell said that under Republican party rules, a candidate must receive a clear majority of primary votes overall to become the nominee.

The history of Republican nominating fights is littered with candidates who received a plurality of the votes, but not a majority, and never became the nominee.

HISTORY AS A GUIDE

Kasich’s aides are looking to history as a guide, particularly Wendell Willkie’s path to the 1940 Republican nomination. That year, three leading candidates – Robert Taft, Thomas Dewey and Arthur Vandenberg – each arrived at the convention without enough delegates to win.

Willkie – a businessman and former Democrat who had never before run for public office – opposed the Republican Party’s isolationists and was a supporter of Britain’s war efforts. His cause gained momentum after the Nazi blitzkrieg in Europe in May 1940.

After six ballots at the convention, delegates in Pennsylvania, New York and Michigan deserted other candidates and switched to Willkie, giving him victory.

Trump, Cruz and Kasich could face the same scenario this year, which would force to them to lobby delegates on the convention floor ,上海夜生活男人好去处Balthazar,until one emerged with a majority.

“A lot of people who do not want Trump have been sitting back to see how Kasich and Rubio do in their home states on Tuesday,” said Republican strategist Charlie Black, who signed up on Tuesday night as a Kasich adviser.

Over 100 countries agree to seek digital tax consensus by 2020: OECD

PARIS ( ) – Some 110 countries have agreed to work towards forming an international consensus by 2020 on how to tax digital businesses across borders, the Organisation for Economic Cooperation and Development said on Friday.

Big digital companies like Google (GOOGL.O), Apple (AAPL.O) and Amazon (AMZN.O) have for years been able to exploit current rules to legally slash their tax bills in some countries, leaving other governments furious.

In a report commissioned by G20 powers, the OECD said the countries had agreed to review decades-old pillars of the international tax system that the digit,上海夜哪里艳遇Sabine,al economy has increasingly rendered out of date.

The report, which is to be presented to G20 finance ministers at a March 19-20 meeting in Buenos Aires, acknowledged their was a range of positions that would need bridging with some countries considering nothing needs to be changed.

At the heart of the issue are rules on what constitutes a sufficient presence of a company in a country to be taxed there and how profits are allocated across borders in multinational groups.

In the absence of an international solution, some countries like India, Australia and various European countries have set out on their own to close loopholes.

Pressed by France and Germany, the European Commission is to propose next week that large compan,上海夜玩网论坛Babette,ies with significant digital revenues in the European Union could face a 3 percent tax on their turnover,,上海高端夜生活在那里Fabiana, according to a draft pr上海夜网oposal seen by .

After meeting his German counterpart in Paris, French Finance Minister Bruno Le Maire, who has made a political priority in recovering more tax from digital companies, described the OECD report as a “positive and important step”.

U.S. pressing China to cut trade surplus by $100 billion: White House

WASHINGTON ( ) – The Trump administration is pressing China to cut its trade surplus with the United States by $100 billion, a White House spokeswoman said on Wednesday, clarifying a tweet last week from President Donald Trump.

Last Wednesday, Trump tweeted that China had been asked to develop a plan to reduce its trade imbalance with the United States by $1 billion, but the spokeswoman said Trump had meant to say $100 billion.

The United States had a record $375 billion trade deficit with China in 2017, which made up two thirds of a global $566 billion U.S. trade gap last year, according to U.S. Census Bureau data.

China reported its 2017 U.S. trade surplus as $276 billion, also ab,上海夜生活网419Pablo,out two thirds of its reported global surplus of $422.5 billion.

The White House spokeswoman declined to provide details about how the adm,上海高端夜生活在那里Pablo,inistration would like China to accomplish the surplus-cutting goal – whether increased purchases of U.S. products such as soybeans or aircraft would suffice, or whether it wants China to make major changes to its industrial policies, cut subsidies to state-owned enterprises or further reduce steel and aluminum capacity.

In a Thursday editorial, widely-read Chinese state-run tabloid the Global Times said the United States was trying to play the victim.

Related CoverageChina says trade war not in anyone’s interests

“If the U.S. wants to reduce its trade deficit, it has to make Americans more hard-working and conduct reforms in accordance with international market demand, instead of asking the rest of the world to change,” it wrote.

“Once a trade war starts, capable countries won’t bow to the U.S. China has tried hard to avoid a trade war, but if one breaks out, appeasement is not an option.”

Speaking to reporters in Beijing, Chinese Foreign Ministry spokesman Lu Kang said history showed that trade wars are in nobody’s interests, but that China would protect its legitimate rights if “something happens we don’t want to see”.

“We believe that China and the Unit,上海夜网推油Caden,ed States can use friendly consultations to resolve our disputes. We have the good faith to do it this way,” Lu said.

The U.S. request comes as the Trump administration is said to be preparing tariffs on imports of up to $60 billion worth of Chinese information 上海夜生活technology, telecoms and consumer products as part of a U.S. investigation into China’s intellectual property practices.

It is also unclear if the requested $100 billion reduction would address U.S. complaints about China’s investment policies that effectively require U.S. firms to transfer technology to Chinese joint venture partners in order to gain market access.

The issue is a core part of the probe being conducted under Section 301 of the Trade Act of 1974, a provision seldom invoked since the World Trade Organization was founded in 1995. Trade experts have said tariffs imposed as a result of the China intellectual property probe may fall outside of WTO rules.

U.S. TARGETS INDIAN SUBSIDIES

But Washington showed on Wednesday that it has not abandoned the global trade body, launching a WTO legal challenge to India’s export subsidies for domestic companies, including producers of steel, chemicals, pharmaceuticals, textiles and IT products.

U.S. Trade Representative Robert Lighthizer said India had failed to remove the subsidies as required by WTO rules after the country reached certain economic benchmarks.

The United States is expected to invoke a national security exception to WTO rules in imposing import tariffs of 25 percent on steel and 10 percent on aluminum announced by Trump last week.

U.S. Commerce Secretary Wilbur Ross told lawmakers on Wednesday his department would soon publish procedures for product-specific exemptions from the steel tariffs for items that are not available from domestic producers or in short supply. The procedures are due by Sunday.

Anne Forristall Luke, president of the U.S. Tire Manufacturers Association, said the group would be “pressing very hard” for an exemption from tariffs for high-strength wire rod used to make cord for steel tire belts that is not produced by U.S. mills.

The largest sources for the material are Japan and Brazil, she said, adding that U.S. tire producers will lose business to foreign competitors if their steel costs rise.

“We are working this from the product side and the country side. We think we have a very good case,” she told .

Investors back on the defensive, but where to hide?

LONDON ( ) – Equity investors looking for protection from tech-led share reversals, trade wars and Europe’s slowing economic momentum may find that the “defensive” sectors they usually seek out during market storms are no longer the safe havens they once were.

Earnings of telecom, consumer staples and healthcare companies and utilities tend to hold up when macro indicators turn south, but many of these now face disruptive or competitive forces that threaten their traditionally robust income streams.

“‘Defensive value’ stocks have become a very small niche this cycle. Those that appear defensive and not aggressively priced typically have some structural or regulatory issues,” said Pau,夜上海论坛Dahlia,l Harper, equity strategist at DNB in Oslo.

Big European telecom firms for instance are struggling to get hoped-for returns from their investments in broadband and mobile infrastructure as smaller rivals nip at their heels with simple, cheap data plans.

And competition rules and the lack of a unified European telecom market are making defensive mergers hard to pull off.

Utilities face similar challenges and are also grappling with weak wholesale energy prices, an increasingly redundant model of centralized power generation and the cost of building new networks to manage a rapid switch to renewables.

Tobacco companies are pushing new technologies but they are at a relatively early stage, the results are patchy and it is unclear whether they can offset the gradual decline in revenue as more smokers kick the cigarette habit.

And the food industry is going through unprecedented upheaval as big brands face competition from retailers’ own labels and activist investors push for swingeing cost cuts, making it harder for companies like Unilever and Nestle to defend their profit margins.

In healthcare, drug distribution and health insurance face the threat of disruption by e-commerce giants, forcing prices lower even as pressure grows on state health budgets.

“A number of politicians have talked about tighter regulations on pricing of pharmaceutical products which is a risk for defensive healthcare stocks,” said Harper. “In the UK, a change of government could potentially hit some utilities with nationalisation.” 

WARNING SIGN

The recent rise of tech stocks to rule global markets, and the dominance of banks in the rally starting after U.S. President Trump was elected in November 2016, have combined to create a highly cyclically-led market.

“Defensive” sectors look cheaper on some measures than cyclical stocks after rising less during the breakneck equities rally.

Morgan Stanley said on Thu上海夜网rsday that European cyclicals were now trading at a rare premium to defensives on price-to-book.

This historically was a reliable warning signal for cyclicals’ price and earnings per share performance over the following 12 to 24 months, MS said.

Investors’ positioning on cyclicals has also begun to look elevated. Barclays found both European and global funds have increased their cyclicals exposure to near the highest levels in the last decade.

Among the best-performing STOXX 600 sectors over the past five sessions are utilities .SX6P and consumer staples .SCOST, which rose while banks, tech stocks and industrials fell.

Those now looking at defensives are being very selective. Chris Dyer, global investment director at Eaton Vance, said investors should look for high quality companies with strong pricing power, including powerful consumer brands and franchises.

“You look at the derating of the defensive sectors and see some good opportunities,” he said.

Angelo Meda, head of equities at Banor SIM in Italy, is adding to positions in Italian utilities, Reckitt Benckiser (RB.L) and Nestle (NESN.S). He also holds German utilities E.ON (EONGn.DE) and RWE (RWEG.DE).

Even tobacco stocks look attractive to some. Saracen Global Income and Growth Fund has bought back into Imperial Brands (IMB.L), a stock that has tumbled 24 percent this year, saying it was generating strong enough cash to maintain its dividends.

OTHER DEFENSIVE OPTIONS

Some investors, reluctant to bet on defensives, are looking for protection elsewhere.

“We haven’t made any specific changes, but our portfolio managers have been holding some portfolio insurance in case of a setback,” said Kevin Gardiner, global investment strategist at Rothschild.

The insurance is a mix of put options and third-party funds that either trade volatility themselves, or can deliver uncorrelated returns, he added. “[It] means we have been spared the difficulties of having to choose speci,上海夜生活Nala,fic “defensive” sectors – it wouldn’t be easy!”

This reluctance to opt for specific defensive sectors and risk choosing the “wrong” one has also inspired some to look to exchange traded funds.

“The interest in more defensive, high quality, low volatility (factor ETFs), has increased,” said Michael Hunstad, ,上海夜生活男人好去处Cain,head of the quantitative strategies group at Northern Trust Asset Management. “Investors don’t want to just buy a Utilities ETF, they want something more diversified.”

Written by shyw on October 31, 2018 Categories: uyreiggv Tags: , , ,

Germany summons Facebook over user data safety concerns: report

BERLIN ( ) – Germany’s justice minister Katarina Barley has asked Facebook to clarify whether the personal data of the social media site’s 30 million users in the country were protected from unlawful use by third parties, according to a report in the Funke group,上海凤楼夜网Cade, of German regional newspapers.

Barley, in remarks published on Thursday in the newspapers, said Facebook’s management in Europe must explain to the German government how data of millions of American Facebook users reached Cambridge Analytica, a consultancy hired by U.S. President Donald Trump for his 2016 election campaig,上海会所夜网Mabel,n.

“The question of what happens with the data of 30 million German users is a central issue of consumer protection,” she said.

The justice ministry could not be reached for comment.

Barley has summoned Facebook for talks at the justice ministry. She did not say when the meeting would take place.

She also said it was unacceptable that social media users “are spied on in order to be targeted with election ads or bombarded with hate messages against political rivals”.

Clear rules were needed to prevent such misuse of user data, which poses a threat to democracy, she said in the newspaper report.

Facebook has been rocked this week by a whistleblower who said Cambridge Analytica, which Trump hired for the 2016 campaign, improperly accessed information on Facebook users to build detailed profiles on American voters.

The revelation has knocked nearly $50 billion off Facebook’s stock market value in two days and hit the shares of Twitter and Snap over fears that a failure by ,上海夜网邀请码Rachel,big tech firms to protect personal data could deter advertisers and users and invite tougher regulation.

A former Facebook operations manager told a British parliamentary committee on Wednesday that data harvesting of member profiles by outside software developers was once routine and that the company took years to clamp down on the practice.

Facebook declined to comment directly on the testimony of the ex-employee, Sandy上海夜生活 Parakilas.

In announcing the suspension of Cambridge Analytica and related researchers from Facebook late last week, it said it now requires app developers to justify any data they collect and how they are going to use it

“In the past five years, we have made significant improvements in our ability to detect and prevent violations by app developers,” Facebook said.

Tesla shares dive again, stung by fatal crash, credit downgrade

NEW YORK ( ) – Tesla Inc shares fell sharply again on Wednesday, reeling from a credit downgrade of the electric car maker by Moody’s Investors Service, federal probes of a fatal crash and concerns about Model 3 production.

Shares tumbled 9 percent before ending down 7.7 percent at $257.78. On Tuesday, Tesla tumbled 8.2 percent to its lowest close in almost a year after the U.S. National Transportation Safety Board (NTSB) opened a field investigation into a fatal crash and vehicle fire in California on March 23.

On Wednesday, a second federal regulator, the National Highway Transportation Safety Administration (NHTSA), said it was sending a team to California to investigate the crash.

Late on Tuesday, Moody’s Investors Service downgraded Tesla’s credit rating to B3 from B2, citing “the significant shortfall in the production rate of the company’s Model 3 electric vehicle.” It also noted “liquidity pressures due to its large negative free cash flow and the pending maturities of convertible bonds.”

Tesla has $230 million in convertible bonds maturing in November 2018 and $920 million in March 2019.

Moody’s said its negative outlook “reflects the likelihood that Tesla will have to undertake a large, near-term capital raise in order to refund maturing obligations and avoid a liquidity shortfall.”

Related CoverageExtreme bearish options on Tesla making money as stock divesU.S. auto safety agency to probe fatal Tesla California crash

It said Tesla’s weekly production target is now 2,500 Model 3 vehicles by the end of March, down sharply from its year-earlier target of 5,000 per week by the end of 2017. Tesla’s weekly target for the end of June is 5,000.

Tesla declined to comment on the downgrade. The compan,上海夜哪里艳遇Eden,y plans to provide an update on Model 3 production next week.

Tesla shares have e,上海会所夜网Sabrina,xperienced big swings in the past, as worries about losses have vied with enthusiasm for Chief Executive Elon Musk’s ambitiou,上海夜生活怎么玩Qirin,s plans.

The sell-off has left Tesla’s stock market value at $44 billion, below General Motors Co’s $49 billion. Palo Alto, California-based Tesla has at times had a larger market value than GM, the largest U.S. automaker by vehicle sales.

Since the end of February, the median analyst price target for Tesla has dipped by $10 to $356, about 37 percent higher than Wednesday’s price, according to Thomson data. Nomura Securities analyst Romit Shah has the highest Tesla price target, $500, or nearly double th上海夜生活e current price. All the targets were set before the March 23 crash.

In last week’s accident in which the Tesla struck a highway median, it was unclear if the vehicle’s automated control system called Autopilot was driving, the NTSB and police said.

The 38-year-old driver of the Tesla died at a nearby hospital shortly after the crash.

Late Tuesday, Tesla said in a blog post it does “not yet know what happened in the moments leading up to the crash,” but added that data shows Tesla owners have driven the same stretch of highway with Autopilot engaged “roughly 85,000 times … and there has never been an accident that we know of.” The statement did not say if the crashed vehicle was in Autopilot mode.

BlackBerry shares rise after software security pact with Microsoft

( ) – BlackBerry Ltd’s shares,上海夜生活网419Gabrielle, rose 4 percent in early trading on Tuesday after the company said it would provide security for one-time rival Microsoft Corp’s flagship Office apps.

The deal reflects a push by companies to ramp up their cybersecurity capabilities following a wave of recent high-profile data breaches.

“Even though BlackBerry no longer dominates the smartphone hardware market, they are still consi,上海夜生活怎么玩Jack,dered a leader in mobile security software,” Nomura Instinet analyst Christopher Eberle said.

BlackBerry and Microsoft were bitter rivals until both decided to focus their businesses elsewhere after losing out in the fiercely competitive smartphone market.

Microsoft has concentrated on cloud computing, while BlackBerry has moved away from selling its own phones to providing software and security to others’ devices.

As part of上海夜生活论坛 the partnership, the Canadian software maker’s platform, BlackBerry Enterprise Bridge, will allow businesses to securely access Microsoft’s apps such as Excel, Word and PowerPoint on smartphones.

“Microsoft’s core Exchange/Outlook customer base is commercial, including government and regulated industries,” Ber,上海凤楼夜网Dalton,nstein analyst Mark Moerdler said. “These customers were the big users of BlackBerry.”

BlackBerry’s services such its mobile application developing tool BlackBerry Dynamics and Workspaces will be available on Microsoft’s cloud computing platform Azure, the companies said.

BlackBerry’s shares were up 4 percent at C$17.32 in Toronto, while Microsoft was marginally higher at $93.07 in early trading on the Nasdaq.

Goldman Sachs CEO calls reports of pending retirement ‘wishful’

BOSTON ( ) – Goldman Sachs Group Inc Chief Executive Lloyd Blankfein said on Thursday a recent media report speculating about his possible retirement this year was wishful thinking, but conceded it would be difficult to decide when to leave his job.

During a public appearance in Boston, Blankfein, one of the most powerful banking executives in the world, said speculation about his retirement was off the mark.

“The Wall Street reported (my retirement), which is more of a wishful thought than anything,” Blankfein said at a luncheon hosted by the Boston College Chief Executives Club. “(The story) wasn’t right, but it may not be wrong forever.”

During a question-and-answer session with State Street Corp CEO Jay Hooley, Blankfein discussed retirement but declined to ,上海夜网Cade,specify when he would end his tenure at the bank.

“My wife says, ‘Don’t quit,’ and I think part of that is selfish,” the 63-year-old Blankfein joked. “…I’m worried about it, but I do know that it is very hard to leave these jobs. T,上海夜生活乌托邦Balthazar,hey are hard jobs to get. People have been speculating (about) when I’m leaving (since) the day I got the job.”

After the Wall Street Journal story was published earlier this month, Goldman Sachs fueled further speculation about Blankfein’s retirement with an announcement that narrowed the pool of candidates to succeed him at the top job.

The bank said Harvey Schwartz would retire, leaving David Solomon as sole president and chief operating officer. Solomon is now the most obvious successor to Blankfein, who has held the top job for 12 years.

“We narrowed down the succession candidates, but said nothing about my tenure,” Blankfein noted. “When things,上海夜生活群Gabriel, are going badly, you can’t leave. When things are going well, you don’t want to leave.”

“And so, almost by definition, you have to leave when you don’t want to leave,” he said.

“…I don’t th上海夜生活ink I’m destined to leave because I’m finding something else attractive,” Blankfein said. “I just think I’m going to have the discipline to leave when I want to stay.”

Shares were down 3.5 percent at $252.60 in late trading, against the broader Dow Jones Industrial Average, which dropped more than 700 points, or 2.9 percent.

Unexpected euro zone slack could slow inflation rebound: ECB’s Praet

FRANKFURT ( ) – Europe may be regaining some of its long-lost growth potential, European Central Bank chief economist Peter Praet said, a boon for the bloc’s five-year expansion but a potential drag on already weak inflation.

The 19-member currency bloc may have more unexploited capacity, particularly in the labor market, which could mean that inflation might take longer to rise back to the ECB’s target of almost 2 percent, Praet, 69, told in an interview.

Having revived growth with years of stimulus, the ECB is now slowly clawing back support and investors are searching for clues about its next move after a token change in its policy language earlier this month.

Markets expect the ECB to end its 2.55 trillion euro bond purchase scheme this year and Praet’s comments suggest that policymakers will continue to take a gradualist approach, moving by small increments, fearing that abrupt moves could upset markets and unravel its ef,上海夜生活Tallulah,forts to keep borrowing conditions loose.

“It is clear that if you believe that the degree of slack is higher, then the process of convergence to below, but close to, 2 percent over the medium term would be drawn out,” the Belgian economist told in an interview. “Other things being equal, it would (mean a) shallower (inflation path)”.

“Mario Draghi was opening the conversation on the possibility that there may be more slack in the economy,” Praet said, referring to recent comments from the ECB President. “That still needs to be confirmed but we already have strong evidence of a strong labor supply reaction.”

More women, elderly workers and qualified labor from Central Europe coming into the market could be among the explanations for this unexpected labor supply, Praet added.

Inflation has undershot the ECB’s target for five years and will continue to miss it at least through the end of the decade, a risk to the ECB’s credibility as price stability is the bank’s singular objective.

While Praet said the debate was open about this slack, it would explain why growth and employment continue to surprise o上海夜网n the upside and inflation on the downside, seemingly contradicting a long-proven interaction between jobs and price growth.

Launched three years ago, the ECB’s bond purchase scheme is set to run until the end of September at 30 billion euros per month, already well below peak purchases at 80 billion euros.

‘WELL PAST’

Even if slack is bigger, the ECB is seeing an improvement in the path of inflation so the bank will eventually need to provide more much more clarity on its interest rate path, Praet argued.

The ECB’s guidance now stipulates that rates will stay at their current level until ‘well past’ the end of asset buys, a clause that will lose its potency as that point approaches.

“Markets quantify the ‘well past’ interval as ‘up to next spring’,” Praet said. “Once you stop net asset purchases the signaling aspect of the asset purchase program disappears and you therefore have to be much more precise about the future path of the short term rates.”

“As we move forward in time, as is natural, the relative importance of the three policy tools will change, and the main tool for shaping the policy stance will become the path of our key interest rates and the forward guidance about their likely evolution,” Praet said.

“As in the past, we will ensure that monetary policy controls the short end of the yield curve.”

The bank’s key deposit rate stands at -0.4 percent and markets see the first rate hike next spring with the rate moving to zero by the end of 2019.

“Market prices seem to be coherent with the narrowing of the gap between market-based inflation expectations and our objective. It’s a good sign. There is a convergence between market expectations and our intended end date, with the optionality,” he said.

The ECB earlier flagged a discussion about a new policy guidance and Praet argued that openly discussing life after bond buys is already a signal about such an exercise.

“The fact that the two of us are talking about this now is already very telling,” Praet said. “I would not revise the guidance too early, because that could send wrong signals about the end of our net asset purchases, which in any case are intended to run until the Governing Council sees a sustained adjustment in the path of inflation.”

But he said the ECB has time to take its decision on the guidance and,上海夜生活去哪玩Eden, the future of bond buys so it can still examine incoming data.

Related Coverage interview with ECB chief economist Praet

“We will proceed at a gradual pace, or a measured pace,” he said.

Weighing in on the topic of whether the ECB should end the bond buys in a single step or wind it down over several months, Praet said markets expect no cliff edge from the bank.

,上海夜网邀请码Octavien,“Markets expect us to avoid cliff effects,” he said. “So people can judge what is coherent with a notion of prudence and could conclude that we will gradually bring net asset purchases to an end once the Governing Council sees a sustained adjustment path. I think it is well understood by the market.”

Trump moves toward China tariffs in warning shot on technology…

WASHINGTON ( ) – U.S. President Donald Trump lit a slow-burning fuse on Thursday to launch long-promised anti-China tariffs, but his actions appeared to be mo,上海夜生活论坛Hal,re of a warning shot than the start of a full-blown trade war with Beijing.

A presidential memorandum signed by Trump will target up to $60 billion in Chinese goods with tariffs over what his administration says is misappropriation of U.S. intellectual property, but only after a 30-day consultation period that starts once a list is published.

Trump gave the Treasury Department 60 days to develop investment restrictions aimed at preventing Chinese-controlled companies and funds from acquiring U.S. firms with sensitive technologies.

The waiting periods will give industry lobbyists and U.S. lawmakers a chance to water down a proposed target list that runs to 1,300 products, many in technology sectors.

It also will create space for potential negotiations for Beijing to address Trump’s allegations on intellectual property and delay the start of immediate retaliation against U.S. products from aircraft to soybeans.

“I view them as a friend” Trump said of the Chinese as he started his announcement. “We have spoken to China and we are in the middle of negotiations.”

‘FIGHT TO THE END’

But his actions provoked a belligerent response from China’s embassy in Washington, which vowed Beijing would “fight to the end” in any trade war with the United States.

“We will retaliate. If people want to play tough, we will play tough with them and see who will last longer,” Chinese ambassador Cui Tiankai said in a video posted to the embass上海夜生活网y’s Facebook page.

Stocks fell sharply on Trump’s announcement, with the Dow Jones Industrial Average .DJI falling nearly 3 percent. Major industrials that could become targets of Chinese trade retaliation slumped further, with aircraft maker Boeing (BA.N) down 5.2 percent and earthmoving equipment maker Caterpillar (CAT.N) falling 5.7 percent.

In addition to punitive tariffs, Trump’s memo also directed U.S. Trade Representative Robert Lighthizer to challenge China’s technology licensing programs at the World Trade Organization. The WTO has repeatedly drawn the ire of the administration but it could provide a resolution that avoids a trade war.

The steps are based on the results of USTR’s eight-month investigation of suspected misappropriation of American technology by China.

U.S. officials say that probe, undertaken through Section 301 of the 1974 Trade Act, has found that China engages in unfair trade practices by forcing American investors to turn over key technologies to Chinese firms.

Trump, who earlier this month announced steep tariffs on steel and aluminum imports to the United States, also wants the Chinese to take action that would lower the $375 billion goods trade deficit that the United States is running with China.

White House officials told a briefing ahead of the trade announcement that the administration was eyeing tariffs on $50 billion in Chinese goods. They said the figure was based on a calculation of the impact on the profits of U.S. companies that had been forced to hand over intellectual property as the price of doing business in China.

There was no explanation of the difference between that figure and Trump’s $60 billion.

“Many of these areas are those where China has sought to acquire advantage through the unfair acquisition and forced technology transfer from U.S. companies,” said Everett Eissenstat, deputy director of the National Economic Council.

In addition, Trump will also direct the U.S. Treasury to propose measures that could restrict Chinese investments in the United States, Eissen,上海夜网邀请码Queena,stat said.

China has threatened to target U.S. exports of agricultural commodities, in particular the $14 billion in exports of soybeans.

Reaction from U.S. industry groups sought to strike a balance, applauding the president for tackling the persistent drain of U.S. technology to Chinese competitors, but urging negotiations instead of tariffs.

“American business wants to see solutions to these problems, not just sanctions such as unilateral tariffs that may do more harm than good,” said John Frisbie, president of the US-China Business Council.

Despite threats of retaliation, China has been keen to portray itself as a defender of globalization, a message that was reinforced in a call between President Xi Jinping and French President Emmanuel Macron.

That said, there is a risk of a mounting cycle of retaliation. U.S. Trade Representative Lighthizer warned on Wednesday that Washington would take “counter measures” if Beijing targeted U.S. agriculture.

The biggest risk to world trade over the longer term may not be a tit-for-tat trade war, but the breakdown of global supply chains that feed companies such as U.S. auto giant General Motors Co (GM.N) and Apple Inc (AAPL.O).

“Tensions are likely to escalate further, even without a full-scale trade war. This could disrupt global supply chains and damage investor sentiment,” said Dario Perkins, head of global macroeconomics research at TS Lombard, a London-based economic consultancy.

Trump’s steel and aluminum tariffs, which are tied to Section 232 of the 1962 Trade Expansion Act, go into effect on Friday. Canada and Mexico have been given initial exemptions from the 25 percent steel and 10 percent aluminum tariffs.

Lighthizer told U.S. lawmakers on Thursday that the European Union, along with Argentina, Australia, Brazil and South Korea, would also be exe,夜上海419龙凤论坛Kailani,mpted.

(This version of the story corrects consultation period for tariffs to 30 days from 60 days, paragraph 2)

Designed in California, made in China: how the iPhone skews U.S….

(This version of the March 21 story has been refiled to add dropped words “technology and” in paragraph 10)

By Adam Jourdan

SHANGHAI ( ) – U.S. President Donald Trump often tweets from his iPhone about pressuring China to address its $375 billion trade surplus with the United States. But a closer look at the Apple smartphone reveals how the headline figure is distorted.

The big trade imbalance – at the heart of a potential trade war, with Trump expected to impose tariffs on Chinese imports this week – exists in large part because of electrical goods and tech, the biggest U.S. import item from China.

Apple Inc’s iPhone, however, illustrates how a big portion of that imbalance is due to imports of American-branded products – many of which use global suppliers for parts but are put together in China and shipped around the world.

Take a look at the iPhone X. IHS Markit estimates its components cost a total of $370.25. Of that, $110 goes to Samsung Electronics in South Korea for supplying displays. Another $44.45 goes to Japan’s Toshiba Corp and South Korea’s SK Hynix for memory chips.

(GRAPHIC: Manufacturing the iPhone X – tmsnrt.rs/2FXbo9C)

Other suppliers from Taiwan, the United States and Europe also take their portion, while assembly, done by contract manufacturers in China like Foxconn, represents only an estimated 3 to 6 percent of the manufacturing cost.

Current trade statistics, however, count most of the manufacturing cost in China’s export numbers, which has prompted global bodies like the World Trade Organization to consider alternative calculations that include where value is added.

The impact on export data of just the iPhone could be major.

Apple shipped 61 million iPhones to the United States last year, data from researchers Counterpoint and IHS Markit show, spending $258 on average to make each iPhone 7 and 7 Plus.

(GRAPHIC: U.S. imports from China – tmsnrt.rs/2FMsz1Q)

Using a rough calculation, that implies the iPhone 7 series added $15.7 billion to the U.S. trade deficit with China last year, about 4.4 percent of the total. That’s also about 22 percent of the $70 billion in cell phones and household goods the U.S. imported from China.

“With an iPhone, where China is just the final assembler, most of the value (contributed by China) is just the labour rather than the components themselves,” said John Wu, an economic analyst with a U.S.-based think tank, the Information Technology and Innovation Foundation.

Louis Kuijs, head of Asia economics research at Oxford Economics, notes that U.S. companies’ using global supply chains to manufacture products in China means other economies would be caught in the crossfire of a trade war.

“That is an important reason why U.S.-China trade friction will cause ‘collateral damage,’ especially in other Asian economies,” he said, adding that in value added terms, the U.S. trade deficit with China was only $239 billion last year, 36上海夜生活 percent lower than the headline number.

For its part, Apple has responded to Trump’s concerns with a pledge to bring some suppliers to the United States. It said i,上海夜网官方网站Sabia,n January it planned to pay $55 billion to U.S. suppliers this year.

DESIGNED IN CALIFORNIA

Over the last decade, Apple shipped 373 million iPhones, worth $101 billion by manufacturing value, in the United States, according to researcher StrategyAnalytics.

The iPhone’s contribution to U.S. trade deficits is almost certain to have grown sharply alongside higher retail prices and shipments.

But the manufacturing value does not ,上海夜生活群Gabrielle,include the intellectual property value Apple adds through engineering and design work done in its headquarters in Cupertino, Calif., as well as margins taken by distributors.

The iPhone X has a manufacturing cost o,上海夜网Lake,f about $400, an $800 wholesale cost, and a $1,200 retail unsubsidised cost, according to analysts.

Siri, Apple’s “digital assistant,” reflects the challenge of knowing exactly where the value of an iPhone comes from – even if it’s put together in China. If users ask Siri where she is from, the response is: “Like it says on the box… I was designed by Apple in California.”

The closely intertwined manufacturing ecosystem has led to warnings that a trade war would be painful for all sides.

Forty-five U.S. trade associations representing some of the largest U.S. companies urged the president on Sunday not to impose tariffs on China, warning it would be “particularly harmful” to the U.S. economy and consumers.

Retailers and shoemakers, including Wal-Mart Inc and Nike Inc, also sounded the alarm on Monday over concerns the plans would result in higher consumer prices.

A 10 percent tariff levied on Chinese electronics imports would slow the growth of U.S. output by $163 billion over the next 10 years, and a 25 percent tariff would slow output by $332 billion, according to the Information Technology & Innovation Foundation.

Kuijs wrote that both sides would likely show restraint. All-out economic war, he added, “would cause major economic damage globally.”

Buffett’s Dairy Queen sues W.B. Mason over ‘Blizzard’

( ) – Warren Buffett’s favorite ice cream company has kicked up a legal storm over the “Blizzard.”

American Dairy Queen, whose Blizzard has long been one of its most popular products, sued W.B. Mason Co in federal court this week to stop the office supplies distributor from selling bottled spring water also bearing the Blizzard name.

Dairy Queen’s Blizzard contains soft-serve ice cream that can be blended with fruit, nuts, M&Ms, Oreos and other mix-ins.

W.B. Mason has fought back, and on Thursday fil,上海夜玩网论坛Kade,ed its own federal lawsuit seeking a declaration that it did not infringe any trademark belonging to Dairy Queen, owned since 1998 by Buffett’s conglomerate, Berkshire Hathaway Inc (BRKa.N).

The litigation is not Dairy Queen’s first over the Blizzard name, and follows its 2010 settlement of a lawsuit involving a Southern California frozen yogurt company, Yogubliz.

Dairy Queen began using the Blizzard name in 1946, and has five Blizzard trademarks dating back to 1952. Its current Blizzard has been for sale since 1985.

W.B. Mason, known for the slogan “Who But W.B. Mason,” has since 2上海夜生活010 sold Blizzar,上海晚上耍女人的地方Sabine,d water, in sizes from 8 ounces to 5 gallons, and has used the name to sell copy paper as early as 2003.

It attracted Dairy Queen’s attention last April after submitting trademark applications for Blizzard water.

In its March 12 complaint, Dairy Queen said W.B. Mason’s conduct threatens “irreparable injury” and has caused a “likelihood of confusion” because many of Dairy Queen’s ,上海夜生活论坛Gabriella,4,500 U.S. locations sell bottled water.

The Edina, Minnesota-based company, which has more than 6,700 locations worldwide, is seeking an injunction against W.B. Mason, plus profits from water sales.

W.B. Mason, based in Brockton, Massachusetts, said it has “no interest” in creating confusion, and has created none.

The companies have had “a long period of what we call co-existence,” its lawyer, Jason Kravitz, a partner at Nixon Peabody in Boston, said in an interview. “There has not been to our knowledge a single instance of any consumer being confused by W.B. Mason’s sale and promotion of its spring water.”

Dairy Queen does not discuss pending litigation, spokesman Dean Peters said in an email.

Buffett sometimes visits Dairy Queen in his Omaha, Nebraska, hometown.

Known for eating habits that would give some doctors fits, the 87-year-old billionaire told Yahoo Finance in 2016 he usually orders a small sundae for the ice cream and an extra large sundae for the topping, and combines them.

The cases are American Dairy Queen Corp v. W.B. Mason Co, U.S. District Court, District of Minnesota, No. 18-00693; and W.B. Mason Co v American Dairy Queen Corp, U.S. District Court, District of Massachusetts, No. 18-10488.