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U.S. judge dismisses currency-rigging claims against big banks

NEW YORK ( ) – A U.S. judge on Thursday dismissed a lawsuit against 16 big banks by retail foreign currency investors who claimed they were indirectly harmed by a conspiracy to rig prices.

U.S. Dist,上海高端夜生活在那里Naia,rict Judge Lorna Schofield in Manhattan said the investors failed to show they had legal standing to pursue antitrust claims, or that the banks’ alleged conspiracy in the $5.1-trillion-a-day currency market was the proximate cause of their losses.

The plaintiffs claimed they were injured,上海夜网Landon, by hav上海夜生活ing bought currencies from dealers that did not rig prices, but which passed on the costs of the conspiracy. They said the conspiracy included the defendants’ alleged use of chat rooms with such names as “The Cartel” and “The Mafia.”

A lawyer for the plaintiffs did not immediately respond to a request for comment.

Fifteen of the 16 banks have settled similar litigation by other investors for $2.31 billion, with,上海夜生活群Gabi, Credit Suisse Group AG (CSGN.S) being the holdout, court papers show.

Bank of America Corp (BAC.N), Barclays Plc (BARC.L), Citigroup Inc (C.N), Goldman Sachs Group Inc (GS.N), JPMorgan Chase & Co (JPM.N), Royal Bank of Canada (RY.TO) and Royal Bank of Scotland Group Plc (RBS.L) are among the settling banks. All were defendants in the lawsuit dismissed by Schofield.

Exclusive: China to respond to U.S. tariffs, resist protectionism -…

GENEVA ( ) – China is preparing a range of responses to planned U.S. tariffs and will stand up to protectionism, but still hopes for dialogue, Beijing’s ambassador to the World Trade Organization (WTO) said on Thursday.

Zhang Xiangchen said China was considering a WTO complaint against the package of tariffs that President Donald Trump was expected to announce later on Thursday.

“This is a legitimate right for China to do that. But I would not exclude other options because, if the flood approaches, you have to bank up to keep it out,” he told .

Zhang spoke before a senior White House official said Trump would sign a memorandum later on Thursday to p上海夜生活论坛otentially slap tariffs on $50 billion of Chinese imports over forced transfer of intellectual property.

The announcement is the first in a string of U.S. trade restrictions to be aimed squarely at China.

U.S. Trade Representative Robert Lighthizer said on Wednesday the tariffs would target China’s high-technology sector and could also include restrictions on Chinese investments in the United States.

Trump’s protectionist trade policies have already caused a global outcry this year.

In January, he slapped steep import tariffs on solar panels and washing machines and this month worldwide steel and aluminum tariffs have followed, justified by a claim to “national security” under a Cold War-era law.

The European Union, Canada, Mexico, Australia, Brazil and South Korea won exemptions from the steel and aluminum tariffs, Canada and Mexico, Lighthizer said on Thursday.

Asked about the exemptions, Zhang said that “appeasement of protectionism” would not work. “If you surrender to protectionism, you will lose your credibility.”

The United States hopes that the national security claim will make the steel and aluminum tariffs immu,夜上海419龙凤论坛Cadence,ne to a challenge, but Zhang said they failed to pass the WTO test of being “essential” for national security.

“No one has seen the essential national security rationale behind the U.S. measures,” he said. “Even the senior officials of the United States fail to hide the real reasons.”

‘A FLAVOR OF TRADE WAR’

Thursday’s tariffs, under Section 301 of the 1974 Trade Act, would be even more difficult to defend, Zhang said, because in a previous ruling Washington promised to deploy them only with authorization from the WTO.

“The U.S. commitment is still there. But it seems that today they would like to ignore it. This issue can be brought back to the WTO and it will be challenged again.”

China and other WTO members might also retaliate against the solar tariffs with their own tariffs on U.S. goods, Zhang said.

“My colleagues in the capital have been preparing those options and this response. We still cherish the multilateral trading system very much, although there’s a flavor of trade war in the air.”

Asked about a possible U.S. WTO complaint about currency manipulation, Zhang said China had been prepared for such an argument since Trump m,夜上海论坛Quay,entioned it during his election campaign.

China is already under U.S. pressure at the WTO for its industrial overcapacity and its cyber security law.

Asked if China would invoke national security to avoid a ,上海足浴夜网联系方式Caitlin,WTO dispute over cyber security, Zhang said China would exercise self-restraint.

As well as deploying tariffs, the United States has undermined the WTO’s ability to cope with disputes by vetoing the appointment of new appeals judges.

“If the United States has the intention to paralyze the system no one can stop this,” he said, adding that China would keep trying to persuade Trump to unblock the system, although some in Geneva were talking about a plan B for the dispute settlement mechanism.

Zhang said he hoped for good relations with new U.S. ambassador Dennis Shea, who he said had promised to discuss the issue, and he did not want to consider a scenario of the WTO without the United States.

Germany welcomes U.S. tariff exemption, wants more trade cooperation

( ) – Germany’s economy minister on Friday welcomed U.S. President Do,上海夜网邀请码Jace,nald Trump’s decision to temporarily exclude European Union countries from higher U.S. import duties on steel and aluminum and called for more international cooperation on trade.

Trump said on Thursday he would suspend tariffs for the EU, the United States’ biggest trading partner, and for Argentina, Australia, Brazil, Canada, Mexico and South Korea. The tariffs are suspended until May 1 as discussions continue.

“I am very pleased that we have avoided a situation for the German steel and aluminum industry and its workers that could have led to great uncertainty,” Economy Minister Peter Altmaier told Deutschlandfunk radio.

“We don’t want further unilateral measures; rather we want sensible agreements,” he added. “Our goal is that at the end of these talks, th上海夜生活论坛e international trade architecture must be more stable – there must be more cooperation, not less.”

Trump took the first steps on Thursday toward imposing long-promised anti-China tariffs, though his actions appeared to a warning shot rather than the start of a full-blown trade war with Beijing.

Altmaier called for more international cooperation “not just against China, but against all those who harm the rules of fair world trade.”

“We have ove,夜上海论坛Nala,r-capacity and there are some co,上海夜生活网419Qirin,untries who sell their steel below production costs, so they incur a loss to promote their steel on the world market … that is unacceptable,” he said.

China urged the United States on Friday to “pull back from the brink” as President Donald Trump’s plans for tariffs on up to $60 billion in Chinese goods moved the world’s two largest economies closer to a trade war.

Explainer: Spotify listing could be roller coaster for retail…

NEW YORK/SAN FRANCISCO ( ) – Spotify Technology SA’s unusual stock market debut on Tuesday levels the playing field for individual investors who are normally at a disadvantage in traditional listings, but could also make them more vulnerable to swings in the music streaming service’s share price.

The Swedish company is skipping a conventional initial public offering and listing shares directly on the New York Stock Exchange (NYSE) with almost none of the safeguards provided by investment banks that would normally manage the process.

Spotify is foregoing the security of having bankers with a financial interest in its success, which will save it millions of dollars in fees to underwriters. The direct listing gives Spotify insiders a chance to sell their shares, but the company will not be selling any new stock to raise money.

In a normal IPO, underwriters promote a company to institutional investors weeks in advance, using roadshows and meetings to gauge appetite for the stock. They use that information to “build a book” and settle on an IPO price, typically the evening before the shares start trading on the exchange.

WHO GETS FIRST DIBS? ,夜上海419龙凤论坛Sabina,

Spotify’s plan introduces an extra degree of uncertainty over how initial trading in its stock will unfold. And a slump in shares of Facebook Inc and other technology-related stocks this week means investors may be less willing to bet on the listing.

The direct offering should give retail investors opportunities to buy in at the s上海夜网ame price as hedge funds and other big investors who normally get first dibs on IPOs thanks to their relationships with underwriters.

Spotify has warned in filings i,上海夜生活Easton,t expects the popularity of its service to attract outsized interest from individual investors, which could possibly fuel volatility and set an unsustainable trading price.

“There will be people right from the beginning who say, ‘I want to own this at any price,’” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “I think you’ll see a see-saw action. We’ll be looking for the dips.”

In a normal IPO, underwriters act as so-called stabilization agents that can step in and buy shares if trading is weak.

AT WHAT PRICE?

Spotify shares traded between $95 and $127.50 in private transactions in February, according to its filing, giving the company a value of around $20 billion.

RBC anal,上海夜网邀请码Gabriella,yst Mark Mahoney kicked off analyst coverage of Spotify on Friday with an “outperform” rating and a share price target of $220.

Robinhood, a smartphone stock trading app popular with young people, on Thursday started letting customers place orders to buy Spotify shares, but only through so-called limit orders where the buyer specifies a maximum price.

Robinhood’s clients have searched for Spotify about 14,000 times a day in recent weeks, according to a Robinhood spokesman.

Fidelity’s online brokerage plans to let clients enter orders for Spotify shares starting at 7:00 a.m. EDT on Tuesday, 2-1/2 hours before the stock market opens, a spokesman said.

Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma, plans to buy shares of Spotify on Tuesday but is wary of volatility.

“We’ll buy 25 percent of what we want, and then set limit orders for the rest over the next few weeks,” he said.

WHO WILL MANAGE THE OFFERING?

Spotify has hired Citadel Securities as a market maker to set the opening price on the NYSE on Tuesday, with help from Morgan Stanley, but their roles will be limited. Early on Tuesday, they will analyze investors’ buy and sell orders and then set an opening price for the stock.

Citadel will not have the benefit of a price set by underwriters the day before, as would happen in a normal initial stock offer.

Uber sells Southeast Asia business to Grab after costly battle

SINGAPORE/SAN FRANCISCO ( ) – Uber Technologies Inc has agreed to sell its Southeast Asian business to bigger regional rival Grab, the ride-hailing firms said on Monday, marking the U.S. company’s second retreat from an Asian market.

The industry’s first big consolidation in Southeast Asia,上海夜网推油Jacklyn,, home to about 640 million people, puts pressure on Indonesia’s Go-Jek, which is backed by Alphabet Inc’s (GOOGL.O) Google and China’s Tencent Holdings Ltd (0700.HK).

A shake-up in Asia’s fiercely competitive ride-hailing industry became likely earlier this year when Japan-based SoftBank Group Corp’s (9984.T) Vision Fund made a multi-billion dollar investment in Uber. SoftBank owns stakes in most major global ride services companies, and executives have indicated they favored consolidation.

SoftBank already had investments in Grab and India’s Ola, and Vision Fund Chief Executive Rajeev Misra had urged Uber to focus less on Asia and m上海夜生活网ore on profitable markets such as Latin America, a person familiar with the matter said.

Grab President Ming Maa told that SoftBank CEO Masayoshi Son was “highly supportive” of the deal, which he called “a very independent decision by both” Grab and Uber.

Related CoverageAs Uber bows out to Grab, drivers and riders bemoan loss of choiceGrab says Uber deal driven independently by firms, has SoftBank support

Uber will take a 27.5 percent stake in Singapore-based Grab and Uber CEO Dara Khosrowshahi will join Grab’s board. Grab was last valued at $6 billion after a financing round in July.

“It will help us double down on our plans for growth as we invest heavily in our products and technology,” Khosrowshahi said in a statement.

The Competition Commission of Singapore (CCS) said it has the mandate to review whether any mergers will result in a “substantial lessening of competition” and take any action to intervene in the deal, but it has yet to receive notice from the companies.

The deal will help bolster Grab’s meal-delivery service, which will merge with Uber Eats, compete with Go-Jek. Go-Jek has become a dominant player and powerful rival in Indonesia, the region’s biggest economy, and it has rapidly expanded beyond ride hailing to digital payments, food delivery and on-demand cleaning and massage.

Ride-hailing companies throughout Asia have relied heavily on discounts and promotions, driving down profit margins and increasing pressure for consolidation.

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 in the United States and across Asia, as well as a regulatory crackdown in Europe.

Uber invested $700 million in its Southeast Asia business.

Uber previously sold operations in China and Russia to local rivals under former CEO Travis Kalanick. The deal with Grab is the first operations sale by Khosrowshahi, who started in September.

MORE CONSOLIDATION

But Uber’s CEO does not want to make these mergers a pattern, and said he has no plans to do another sale in which it consolida,上海021夜网Cade,tes its operations in exchange for a minority stake in a rival.

“It is fair to ask whether consolidation is now the strategy of the day, given this is the third deal of its kind … The answer is no,” Khosrowshahi said in a note to employees that was shared with .

“One of the potential dangers of our global strategy is that we take on too many battles across too many fronts and with too many competitors.”

SoftBank is also an investor in India’s Ola, another competitive and costly market where rivals have heavily subsidized rides in an effort to gain market share. But a source familiar with Uber’s strategy said the company was going to step up its battle with Ola in India, where Uber has close to 60 percent of the market, by some estimates, but is losing money.

SoftBank’s Misra sees opportunities for mergers and joint ventures between SoftBank-backed ride-hailing companies, particularly for collaborating on research and development, but the investor would never get actively involved with management decisions, the person familiar with the matter said. ,上海夜玩网论坛Pablo,

Uber includes the United States, Australia, New Zealand and Latin America among its core markets – regions where it has more than 50 percent market share and is profitable or sees a path to profitability.

Wall Street roars back as trade war fears fade

NEW YORK ( ) – Wall Street scored its best day in 2-1/2 years and the Dow Jones Industrial Average saw its third-biggest point gain ever on Monday, as trade war fears eased on,上海夜网推油Fabi, reports the United States and China are willing to renegotiate tariffs and trade imbalances.

The rally, fueled by technology stocks, came on the heels of the indexes’ worst weekly performance since January 2016, the S&P 500’s .SPX gain making up for less than half of the prior week’s near 6 percent loss.

“We saw a really good rally because of potential talks上海夜生活论坛 with China,” said Dennis Dick, Head of Markets Structure, Proprietary Trader at Bright Trading LLC in Las Vegas. “People are taking advantage of the huge dip last week.”

“I don’t think you’re out of the woods yet. There’s political uncertainty,” Dick added.

Last week’s drop was fueled in part by tensions surrounding U.S. President Donald Trump’s move to levy tariffs on up to $60 billion of Chinese imports, in addition to those imposed on solar panels, steel and aluminum.

Related CoverageWall Street rebounds on hopes for U.S.-China talks on trade

But tensions were calmed as Chinese Premier Li Keqiang repeated pledges to maintain trade negotiations and ease access to American businesses.

U.S. Treasury Secretary Steve Mnuchin said on Sunday he believed Washington could reach agreement with China on some issues but tariffs would not be put on hold “unless we have an acceptable agreement that the president signs off on.”

“It’s clearly the easing of trade tensions. The comments by Steve Mnuchin late yesterday gave room for negotiation with China,” said Oliver Pursche, Chief Market Strategist at Bruderman Asset Management in New York.

But China did call for unity among World Trade Organization members to prevent the United States from “wrecking” the WTO, and urged opposition to Trump’s tariffs targeting China’s alleged intellectual property theft.

The Dow Jones Industrial Average .DJI rose 669.4 points, or 2.84 percent, to 24,202.6. The two larger point gains for the Dow were in October 2008. The S&P 500 .SPX gained 70.29 points, or 2.72 percent, to 2,658.55 and the Nasdaq Composite .IXIC added 227.88 points, or 3.26 percent, to 7,220.54. 7,220.54

The three major U.S. indexes saw their best percentage gains since Aug. 26, 2015.

All 11 major sectors of the S&P 500 .SPX closed in positive territory, led by technology .SPLRCT and finance .SPSY indexes, up 4.0 percent and 3.2 percent, respectively.

The tech sector saw its biggest daily percentage gain since August 2015 and financials had their best day since November 2016.

Microsoft (MSFT.O) pulled the indexes higher, gaining 7.6 percent. Morgan Stanley upped its price target on the tech company’s stock, saying its market value could hit $1 trillion on improved margins and growth,上海夜哪里艳遇Sabrina, in cloud computing.

Intel (INTC.O) advanced 6.3 percent after brokerage Raymond James upgraded the technology to “market perform”.

Facebook (FB.O) closed up 0.4 percent following several days of declines as the U.S. Federal Trade Commission announced it was investigating how the company allowed data of 50 million users to get into the hands of Cambridge Analytica.

The Cboe Volatility Index .VIX, the most widely followed barometer of expected near-term volatility for the S&P 500, finished down 3.84 points at 21.03.

Advancing issues outnumbered declining ones on the NYSE by a 3.04-to-1 ratio; on Nasdaq, ,上海晚上耍女人的地方Naia,a 2.27-to-1 ratio favored advancers.

Volume on U.S. exchanges was 7.30 billion shares, below the 7.35 billion average for the last 20 trading days.

Melrose’s ‘Project Golf’ bid for GKN beats engineer’s “Damson” defense

LONDON ( ) – The opening salvo in what would become a three-month battle for British engineer GKN GKN.L was fired by Melrose’s (MRON.L) chief executive over the telephone.

On Friday January 5, Simon Peckham rang GKN’s advisers at JP Morgan to arrange a meeting with the FTSE 100-listed aerospace and automotive parts supplier.

The gathering took place the following Monday at the investment bank’s offices next to the River Thames at Blackfriars in London, according to a source.

It was there that Peckham and Melrose executive chairman Christopher Miller made their first takeover proposal to Anne Stevens, the 69-year-old former Ford executive who was interim CEO of GKN, and the engineer’s chairman, Mike Turner.

The cash-and-shares bid valued the engineering company at 7.4 billion pounds ($10.4 billion) and was dubbed “Project Golf” internally by UK-based industrial turnaround specialist Melrose and its advisers.

The codename was a reference to the model of car manufactured by Volkswagen, which is one of GKN’s biggest customers, a person with knowledge of the matter told .

The meeting between the four executives lasted for an hour at most, sources familiar with the situation said.

It marked the only time in the fierce battle that followed that executives from Melrose and GKN would speak to each other, in what quickly escalated into Britain’s biggest hostile bid since Kraft pounced on confectionery giant Cadbury in 2009.

The initial bid was swiftly rejected by GKN, which made the approach public on January 12, when it also appointed Stevens permanently as CEO and disclosed it was examining an alternative plan to de,夜上海论坛Barney,merge its main aerospace and automotive divisions.

At the time, GKN dismissed the Melrose offer as being “entirely opportunistic” and “fundamentally” undervaluing the engineer.

WAR OF WORDS

That set the tone for an acrimonious war of words between the two companies that lasted right up until the takeover battle’s denouement this week, when Melrose, which is also London-listed, finally clinched a takeover.

To win the fight, Melrose had to offer a better deal to shareholders than a rival tie-up with U.S. firm Dana (DAN.N) that GKN struck earlier上海夜网 this month. The Dana transaction was codenamed “Project Damson”, after a type of plum tree, by Stevens and her team, according to a source.

It was a narrow victory for Melrose, which had set a deadline of 1200 GMT on Thursday for GKN investors to back its offer.

When the deadline expired, Melrose had received acceptances from 52.4 percent of GKN shareholders. That just exceeded the acceptance threshold of 50 percent plus one share that Melrose had set.

Indeed, the fight between the two companies had become so finely balanced in its latter stages that even an adviser to Melrose conceded to earlier this week that he was anxious about the outcome.

“I’m confident but it would be wrong of me to say I’m not nervous,” said the adviser, who declined to be named.

The Melrose team, which included bankers from Rothschild, RBC Europe and Investec, endured not just months of criticism from GKN but scrutiny from British lawmakers, a U.S. congressman, regulators, ,上海夜哪里艳遇Gabi,the Unite trade union, GKN shareholders and Airbus (AIR.PA), which is the engineer’s largest customer.

The political attention was driven by GKN’s participation in U.S. and British defense programs and worries about the status of its 6,000 British employees and their pensions following a Melrose takeover.

This is because the turnaround specialist sells companies once it improves their performance, a strategy that fueled concerns about jobs and the possibility an overseas buyer could acquire GKN’s sensitive aerospace business.

Since listing on London’s junior Aim market 15 years ago with net cash of just 12.7 million pounds, Melrose has grown into a business with a market value of more than 4 billion pounds.

It typically owns the firms it buys for three to five years. GKN is its biggest deal yet.

The aerospace and automotive components business is considered a mainstay of Britain’s engineering sector, tracing its roots back more than 250 years to an ironworks in South Wales. During the Second World War, its Hadley Castle site in Shropshire produced Spitfire fighters that won the Battle of Britain.

Today, GKN employs more than 58,000 staff around the world and supplies parts for vehicles and aircraft including the Porsche 918 Spyder supercar, the Blackhawk military helicopter and the Eurofighter Typhoon.

DANA APPROACH

Two profit warnings in October and November caused by problems at GKN’s North American aerospace business, which sent its shares tumbling and prompted the departure of the executive originally selected to be its next CEO, gave Melrose the opening to launch its bid.

However, Melrose was not the only company to seize on the opportu,夜上海419龙凤论坛Earl,nity.

Late last year, U.S. axles and driveshafts maker Dana also privately approached GKN.

The British company and its advisers, which included Gleacher Shacklock, JP Morgan and UBS, started behind-the-scenes talks with the Ohio-based business early this year.

The resulting agreement between GKN and Dana would form the centerpiece of the engineer’s defense against Melrose.

Having already disclosed plans to split itself up, on March 9 GKN announced a cash-and-shares deal to merge its automotive business with Dana.

Along with a pledge to find a buyer for its powder metallurgy business and return as much as 2.5 billion pounds in cash to shareholders, this would leave GKN purely focused on its aerospace business.

Melrose quickly responded on March 12 by raising its offer to 1.69 new shares and 81 pence in cash per GKN share and declaring it bid “final”.

This gave GKN investors a choice: accept a deal that handed them 60 percent of Melrose and valued GKN at about 8 billion pounds, or back the engineer’s management and take a 47.25 percent stake in Dana, which pledged to take a listing in London alongside its New York listing.

In the end, a slim majority supported Melrose.

“There’s a lot of disappointed people at GKN at the moment,” an adviser to the engineer said on Thursday evening.

($1 = 0.7126 pounds)

Daniel Loeb’s Third Point seeks stake in United Technologies

( ) – Billionaire hedge fund manager Daniel Loeb’s firm Third Point LLC wants to build a stake in United Technologies Corp (UTX.N),

according to a filing with the Federal Trade Commission, as the U,上海晚上耍女人的地方Hallie,.S. aero parts maker explores a breakup of its businesses.

Loeb’s Third Point Offshore Fund Ltd has requested permission from the U.S. consumer protection regulator to acquire shares in the company above a certain threshold, acc上海夜生活网ording to the filing dated March 23 on the FTC’s website.

Shares of Farmington, Connecticut-based United Tech rose as much as 3.6 percent to $126.73 on Monday.

United Tech declined to comment and Third Point was not immediately available for comment.

United Tech, which makes Otis Elevators, Pratt & Whitney aircraft engines and Carrier air conditioners, in February said it would decide by the end of 2018 whether its businesses were more valuable together or better off as separate entities.

Chief Executive Officer Greg Hayes has said if the company were to split, its aerospace business would have about $45 billion to $50 billion in sales, Otis elevators unit about $12 billion to $13 billion, and the climate-control business about $17 billion to $18 billion.

The CEO has indicated that a final review of its businesses was possible after it closes the acquisition of avionics and interiors maker Rockwell Collins Inc COL.N by the third quarter of 2018.

The company’s shares have lagged the broader market under Hayes as the company spent heavily on developing a new fuel-saving geared turbofan aircraft engine and as sales of Otis elevators were pressured by a supply g,上海夜玩网论坛Barbara,lut in China.

Up to Friday’s close, United Tech’s shares had fallen about 9.4 percent in the past 12 months, compared with a 13.9 percent increase in the Dow Jones Industrial Average .DJI.

,上海仙霞路夜生活Queena,Billionaire investor William Ackman’s Pershing Square Capital Management is also building a position in United Tech, according to reports in February.

Saudi Arabia’s new crown prince to sit down with Wall Street

BOSTON/NEW YORK ( ) – Saudi Arabia’s crown prince will rub sh,上海高端夜生活在那里Pablo,oulders in New York next week with top figures from Wall Street and Corporate America, part of a whistle-stop first visit to the United States since becoming King Salman’s heir apparent last year.

On a public relations blitz, Crown Prince Mohammed bin Salman has lined up stops in Boston, Houston, Los Angeles, San Francisco and Seattle to cultivate investments. On Tuesday, he met with President Donald Trump in the Oval Office.

In addition to cultivating Western ties for investments in Saudi Arabia, the trip is also an opportunity for the crown prince to try to reassure some investors who were unnerved by the severity and secrecy of an anti-corruption crackdown last November.

Prince Mohammed has won Western plaudits for seeking to reduce his country’s r上海夜生活网eliance on oil, tackle chronic corruption and transform the deeply conservative, mainly Sunni Muslim kingdom.

The crown prince will take part in the 2018 Saudi U.S.-CEO Forum in New York next Tuesday, the Saudi embassy said in a statement on Monday. As part of the event, he is slated to host a gala dinner, according to a copy of the forum’s agenda seen by .

Others set to attend will include JPMorgan Chase & Co (JPM.N) Chief Executive Jamie Dimon, Henry Kravis, who is CEO of private equity firm KKR & Co LP (KKR.N), and Nasdaq CEO Adena Friedman, sources familiar with the matter said. Dimon also planned to attend a gala with the crown prince in Washington on Thursday, one of the sources said.

BlackRock Inc (BLK.N) CEO Larry Fink, who is traveling for the China Development Forum in Beijing this weekend, was not expected to attend the Saudi-U.S. event, a person familiar with the matter said. Two senior executives from BlackRock, Philipp Hildebrand and Mark Wiseman, will attend, the person said.

DowDuPont Inc DWDP.N Executive Chairman Andrew Liveris, who is listed as co-chair of the Saudi-U.S. forum, will also be in attendance, according to the forum’s website.

,上海夜生活怎么玩Landon,Citigroup (C.N) CEO Michael Corbat was to be out of the country during the event but planned to see the crown prince elsewhere, according to a person familiar with the matter.

Next Thursday, Blackstone Group LP (BX.N) CEO Stephen Schwarzman will host an event for the crown prince, a source said.

A Goldman Sachs Group Inc (GS.N) spokeswoman declined to comment whether CEO Lloyd Blankfein would be attending the forum, while a spokesman for Morgan Stanley (MS.N) could not be reached for comment. A Lazard spokeswoman also did not comment on any meetings.

A key focus of the crown prince’s visit has been any information on a potentially lucrative listing of up to 5 percent of state oil company Saudi Aramco. It could value it at up to $2 trillion and make it the world’s biggest oil company by market capitalization.

Saudi Energy Minister Khalid al-Falih said in an interview with in Washington on Thursday that his country may still move forward with an initial public offering on an international exchange such as London or New York in the second half of 2018, despite previously raising doubts it could be delayed to next year.

The New York Stock Excha,上海夜玩网论坛Jack,nge (NYSE) and Nasdaq are among the possible venues for the listing.

A representative for the NYSE declined to comment on whether or not they will have someone in attendance at the forum.

Exclusive: HSBC has 59 percent gender pay gap, biggest among…

LONDON ( ) – HSBC (HSBA.L) will reveal a gender pay gap of 59 percent at its main UK banking operation, the biggest yet disclosed by a British bank, according to a copy of the lender’s report on the subject seen by on Thursday ahead of its publication.

The bank will also disclose a mean gender bonus gap of 86 percent at HSBC Bank Plc, which is the biggest of the lender’s seven entities in Britain and employs 23,507 people,上海夜哪里艳遇Landon,.

A spokeswoman for the bank confirmed the contents of the report.

The gender pay gap is the biggest yet reported by a British financial firm, according to government data, with some firms yet to provide figures ahead of an April deadline set by Prime Minister Theresa May las上海夜生活t year.

Almost 50 years since the passage of Britain’s equal pay act, the continued gulf in earnings between men and women has attracted significant public attention over the past year or so.

In common with other banks, HSBC said its pay gap was largely accounted for by the bank having fewer women in senior roles.

The gender pay gap measures the difference between the average s,上海晚上耍女人的地方Jacob,alary of men and women, calculated on an hourly basis.

HSBC said women held only 23 percent of senior leadership positions in its workforce in Britain, despite accounting for more than half of total staff.

The bank said it was taking a number of steps to reduce the pay gap, including committing to an aspirational target of women holding 30 percent of senior roles by 2020.

Last month, Asia-focused Standard Chartered reported a gap of 30 percent in Britain, while Virgin Money – the only major UK lender run by a woman – said its female staff earned on average 32.5 percent less per hour than its male workforce.

Lloyds Banking Group (LLOY.L) and Royal Bank of Scotland (RBS.L) reported gender pay gaps of 32.8 percent and 37 percent respectively.

Barclays said last month it paid women in its international division, which houses its investment bank, on average 48 percent of what men earned in fixed pay.

The pay gaps have drawn criticism from lawmakers and are likely to spur questions from investors in the upcoming season for shareholder meeti,上海021夜网Faith,ngs, with stock prices and future earnings potential strongly linked to banks’ efforts to revive their reputations in the wake of the global financial crisis.

CEO says committed to Deutsche Bank amid reports of successor…

FRANKFURT ( ) – John Cryan, the chief executive of Deutsche Bank (DBKGn.DE), said in a memo to staff on,上海凤楼夜网Hadleigh, Wednesday he was “absolutely committed” to the lender, a day after and other news organizations reported the bank was searching for a new boss.

Two people familiar with the matter told on Tuesday that Germany’s flagship bank had begun looking for a new CEO, as investors grow frustrated with the slow turnaround of the loss-making lender.

“Once again we are the subject of widespread rumours,” Cryan said in the memo, posted on the bank’s website. “I just wanted to reaffirm that I am absolutely committed to serving our bank and to continuing down the path on which we started some t,上海夜生活网交流Talon,hree years ago.”

In his memo, Cryan said earnings “have so far not been what all of us would,上海夜生活群Nadia, want them to be,” but that the bank needed to stay on task.

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

The sources told that Paul Achleitner, chairman of the board, had initiated the search to replace Cryan, the British CEO who has been in office less than three years.

Cryan cited in the memo the recent initial public offering of the bank’s asset management unit as “the obvious and most illustrative recent example of a key milestone of success.”

Cryan has been criticized for falling behind in cutting costs. Deutsche Bank is conducting a global review of its investment bank that could result in cost cuts, a person with direct knowledge of the matter said on Wednesday.

Exclusive: OPEC, Russia consider 10- to 20-year oil alliance -…

NEW YORK ( ) – Saudi Arabia and Russia are working on a historic long-term pact that could extend controls over world crude supplies by major exporters for many years.

Saudi Crown Prince Mohammed bin Salman told that Riyadh and Moscow were considering a deal to great,上海夜生活群Octavia,ly extend a short-term alliance on oil curbs that began in January 2017 after a crash in crude prices.

“We are working to shift from a year-to-year agreement to a 10 to 20 year agreement,” the crown prince told in an interview in New York late on Monday.

“We have agreement on the big picture, but not yet on the detail.” 

Russia, not a member of the Organization of the Petroleum Exporting Countries, has worked alongside the 14-member group during previous oil gluts, but a 10 to 20 year deal between the two would be unprecedented.

Top OPEC producer Saudi Arabia recruited Russia and other non-OPEC countries to help drain oversupply when oil prices collapsed to below $30 a barrel in 2016 from over $100 in 2014.

Crude has since recovered to $70 but fast-rising output from U.S. shale producers has capped prices.

“This is all about whether the arrangement is a short-term expedient to deal with this particular crisis in the oil market, or whether it reflects a realignment in world oil,” said oil historian Daniel Yergin, vice chairman at consultancy IHS Markit.

“OPEC countries want to find a way to institutionalize this relationship rather than to have it be a one-shot deal.”

Robert McNally at consultancy Rapidan Energy Group said Riyadh wanted help in breaking the boom-bust cycles that characterize oil markets by capping crude on the upside as well as by helping lift low oil prices.

“History shows that without a long-term, powerful, competent coherent, disciplined swing producer in the oil markets … you get space-mountain oil prices. Wild volatility of the sort we have seen in the past 10 to 15 years and that Saudi Arabia and Russia do not want to see again,” McNally said.

He said that would require Russia to join Saudi in building spare production capacity to use when prices rise too much.

SAUDI, RUSSIA ALLIANCE “THICKER THAN OIL”

A long-term pact between Moscow and Riyadh would effectively co-opt Russia to the Saudi-led OPEC cartel while strengthening Russia’s hand in the Middle East where the United States has long been the dominant super-power.

News of the potential oil alliance came at a time when the two have been working to cement an economic relationship despite being at odds over the conflict in Syria, where they back opposing sides.

Riyadh supports rebels fighting Syrian President Bashar al-Assad’s army, while Russian and Iranian forces have backed Assad – meaning that Russia effectively sides with Iran, Riyadh’s regional arch-foe.

A meeting between the Saudi crown prince and Russian president Vladimir Putin on the sidelines of a G20 meeting in China in September 2016 was instrumental in bringing Russia on board to support OPEC, non-OPEC oil curbs.

Last October, Saudi King Salman became the first Saudi monarch to visit Russia, providing investment and political support for a Russian economy battered by Wester,上海高端夜生活在那里Tallulah,n sanctions.

“It is a very important strategic development,” Helima Croft at RBC Capital Markets said of a potential 10 to 20 year Saudi-Russia oil collaboration.

“First, the Crown Prince is making the statement, not the oil minister, one more clear sign that he (like Putin) is the final word on his country’s oil policy.

“Second it is one more sign of the major reversal in Saudi-Russia relations. Saudi was a staunch cold war ally of the U.S. Now this Russia-Saudi alliance appears to be thicker than oil and seems to be driven by the personal affinity bet,上海夜网邀请码Barney,ween Putin and MBS,” said Croft.

ARAMCO IPO LATE 2018, EARLY 2019

The crown prince predicted that world oil demand would not peak until 2040, despite advances in renewable energy technologies and the electric vehicle.

In an attempt to end Saudi Arabia’s reliance on oil, he is leading a push to diversify the Saudi economy away from oil and gas by 2030.

Riyadh plans to raise funds through the flotation of a 5 percent stake in state Saudi oil company Aramco. Time is running out for an init上海夜生活网ial public offering this year but the crown prince said the IPO could still take place at the end of 2018 or in early 2019, depending on financial market conditions.

Saudi Oil Minister Khalid al-Falih said last week that documentation was ready but that a venue for the IPO had not yet been decided. The New York stock exchange is still in the running for the IPO, alongside London and Hong Kong, but Falih said there was a risk of a “frivolous” legal action if Aramco were listed in the United States.

What are the links between Cambridge Analytica and a Brexit…

LONDON ( ) – British consultancy firm Cambridge Analytica lies at the center of a storm for using data obtained from millions of Facebook users without their permission after it was hired by Donald Trump for his 2016 U.S. presidential election campaign.

However, the analytics firm is also under scrutiny over campaigning for th,上海夜网后花园Dalton,e 2016 referendum when Britons voted to leave the European Union.

Cambridge Analytica and the leaders of the Leave.EU group have previously boasted about working together during the Brexit campaign. However, they have since retracted their claims, saying no contract was signed and no work was completed.

Parliament is investigating the links between Cambridge Analytica and Leave.EU as part of an investigation into fake news.

Did Cambridge Analytica and Leave.EU work together?

Arron Banks, the co-founder of Leave.EU, said in a book that in October 2015 his group hired Cambridge Analytica, a company that uses “big data and advanced psychographics” to influence people. In a November 2015, Leave.EU said on its website that Cambridge Analytica “will be helping us map the British electorate and what they believe in, enabling us to better engage with voters”.

In the same month, Cambridge Analytica director Brittany Kaiser spoke at a Leave.EU news conference. She said her organization would be “running large-scale research of the nation to really understand why people are interested in staying in or out of the EU”.

In February 2016, Cambridge Analytica chief executive ,上海夜生活Jace,Alexander Nix wrote in Campaign magazine that his company was working for Leave.EU. “We have already helped supercharge Leave.EU’s social media campaign by ensuring the right messages are getti上海夜生活论坛ng to the right voters online,” said Nix, who was suspended by the company this week.

Leave.EU’s communications director Andy Wigmore also said on Twitter last year that his campaign group had used the company. “You should use Cambridge Analytics,” he said, adding that he could “highly recommend them”.

What does Leave.EU say now?

Banks says Cambridge Analytica sought work with the Leave.EU before the referendum but that ultimately it never did any – paid or otherwise – for the campaign.

“We did have dealings with Cambridge Analytica – they put forward a pitch that went into the designation document submitted to the electoral commission,” Banks told .

No work was done with Cambridge Analytica because Leave.EU did not win the designation as the official leave campaign and due to concerns about the consultancy, Banks said.

When asked if Leave.EU paid or accepted any services from Cambridge Analytica, Banks said: “No benefit in kind, no data, no nothing.”

Banks told a parliamentary committee earlier this month that whe,上海夜网邀请码Barbara,n he referred to Cambridge Analytica being “hired” in his book this was a reference to the intention to work them.

What does Cambridge Analytica say now?

Nix told a parliamentary committee last month that he contacted Banks and Wigmore and their statements were not true.

The article written in the Campaign magazine was a mistake and “drafted by a slightly overzealous PR consultant”, he said.

This “referenced work that we hoped and intended to undertake for the campaign. Subsequently, work was never undertaken. The moment that that statement went out we were absolutely crystal clear to all the media outlets that we were not involved and that it had been released in error,” he said.

Globalists buck U.S. index fund trend

NEW YORK ( ) – Volatility in U.S. equity markets this year is pushing investors not only to invest in stocks abroad, but also to commit their money to an even more foreign place: the hands of stockpickers rather than index funds.

A near decade of gains in U.S. stock prices has left investors on edge about the prospect that anything could end the party, including the prospect of interest rate rises under new Federal Reserve Chairman Jerome Powell or a misstep by one of the market’s darlings.

For instance, the 9.2 percent two-day slide of Facebook Inc (FB.O) earlier this week, which wiped out $50 billion in its market capitalization, underscored the risks to market leaders in the technology sector after the social media company faced questions from regulators and politicians about how its users’ personal data was mined by a political consultancy hired by Donald Trump’s presidential campaign.

Josh Shores, principal at Southeastern Asset Management Inc, said the time is ripe to look outside the United States as valuations are more attractive overseas relative to their risks.

“At the end of an almost 10-year bull up-cycle where the U.S, and growth and passive have really dominated,” he said, “we feel good about being positioned the other way from here.”

Small wonder.

Stockpickers focused on investment abroad have been huge beneficiaries of new investor cash as many have beaten their benchmarks. Those funds are on course to post their second straight year of inflows even as their U.S. counterparts face the sting of investor flight to lower-cost index funds.

Actively managed non-U.S. stock funds have already attracted $19.4 billion in 2018, far surpassing outflows at the same time last year, and nearing the $23.5 billion total for all of 2017, according to Thomson ’ Lipper research unit.

Their passively managed rivals have taken in $45.6 billion so far this year, through February.

In 2017, 50.8 percent of “foreign large blend” funds tracked by Morningst上海夜生活网ar Inc beat their index-tracking rivals, while 59.1 percent of diversified emerging market funds succeeded, in both cases improving their less impressive long-term track record.

The volatile start to 2018 for U.S. stock prices is giving investors all the more reason to defang portfolios heavily weighted toward technology giants. Facebook accounts for about 2.0 percent of an S&P 500 index .SPX fund’s return. “Tech is not a heavy benchmark constituent in our part of the world,” said Thomas Melendez, manager of the $11 billion MFS International Diversification Fund (MDIDX.O), whose performance has bested most rivals over the last,上海夜生活去哪玩Gabe, decade, according to Lipper.

‘IT’S MORE THAN FACEBOOK’

More cash to manage would be a boon to investors including Fabio Paolini, a portfolio manager on the AMG Managers Pictet International Fund (APCTX.O), which has turned in stronger performance than its peers and index over the past three years. Pictet Asset Management SA manages $197 billion.

Paolini and other investors focused outside the United States see places where they can put the cash to work with bargain-priced, all-weather companies that will grow even if the economy stalls.

“We see opportunities – a little bit everywhere,” said Paolini. The company took a stake, for instance, in Safran SA (SAF.PA), the Parisian aircraft engine company that he said enjoys a near-monopoly position in its market.

Southeastern, with $18 billion under management, has built up a stake in London-based Hikma Pharmaceuticals PLC (HIK.L) in recent months, as other asset managers have ditched stocks in the region.

That stock’s true value has been clouded by investors’ pessimistic view on both generic drugs and the United Kingdom’s negotiations to exit the European Union, but the drug company has valuable business units including injectable drugs, said Shores.

More than four in ten fund managers surveyed by Bank of America Corp are holding less stock in Britain than their benchmark, an all-time high.

Many of the active international fund,上海夜生活网交流Paige,s are taking big bets on small groups of stocks, hoping that they will end up with far better gains than index funds whose performance is diluted by hundreds of holdings.

The Prudential Jennison Global Opportunities Fund (PRJAX.O) has fewer than 40 holdings, with top positions like Tencent Holdings Ltd (0700.HK) taking up nearly 6.0 percent of the portfolio.

One of the portfolio managers, Thomas Davis, said he has high conviction in the Chinese technology giant’s prospects. The company on Wednesday reported quarterly revenue that fell short of estimates but its,上海021夜网Macey, profits were up 98 percent compared to the year prior.

“You have Facebook, Opentable, Uber, Airbnb, some basic financial services all embedded within the Tencent WeChat app,” said Davis, noting that the company offers many functions in one place.

“It’s more than Facebook.”

Akzo Nobel reshapes business with 10 billion euro sale

AMSTERDAM ( ) – Akzo Nobel will sell its chemicals business in a 10.1 billion euro ($12.6 billion) deal to buyers led by Carlyle Group, the maker of Dulux paints said on Tuesday, making good on a promise made as it fought off a takeover last year.

The sale of the Specialty Chemicals operation to Carlyle and Singapore’s GIC sovereign wealth fund for a slightly better than expected price will allow Akzo to focus on its main paints and coatings business.

It delivers one of the biggest commitments made by Akzo Nobel in its defense against a 26 billion euro ($32 billion) takeover offer from U.S. rival PPG Industries last year.

It may also help to repair strained relationships with shareholders unhappy with the rejection of the bid.

Akzo Nobel CEO Thierry Vanlancker, who took charge last July after the bid battle, expects 7.5 billion euros in net proceeds from the sale. The 10.1 billion euro valuation includes debt.

The division being sold produces an array of chemicals used in plastic packaging, tissue paper, cleaning materials, pharmaceuticals, food products, salts and adhesives.

The 7.5 billion euro total will be returned to shareholders, Vanlancker told , with the company deciding on the distribution through dividends or share buybacks in the coming months.

The deal leaves Akzo as “one of the top 3 largest paint,上海夜生活群Sabia,s and coatings companies in the world,” Vanlancker said.

He said Akzo must now deliver on a goal to achieve a 15 percent margin on上海夜生活网 sales by 2020, after that measure fell to 9.4 percent last year.

That goal will mainly be delivered through cost savings and efficiency measures, Vanlancker said, as overall sales growth in the paints and coatings market is expected to remain modest.

“We will be looking at size (acquisition) opportunities as they come along”, Vanlancker said. “But size is really not top of mind, it’s performance of the business.”

The remaining Akzo business will have 35,700 employees, while Speciality Chemicals employs around 10,000,上海夜生活桑拿会所Macauly,.

DEFENSE PLAN

Akzo will try to strengthen its position in promising markets such as powder coatings, which showed 10 percent global growth last year, the CEO said. Akzo also expects its sales of decorative paints in China and Europe to increase.

Shares rose 2.7 percent to 77.70 euros. That is well short of the figure of around 95 euros in the cash and share offer from PPG last year.

Analyst Wim Hoste of KBC said the sale price for Specialty Chemicals represented a multiple of 9.8 times core earnings, “which is a bit higher … than we were banking on.”

Bankers advising potential buyers had said they expected the business to fetch an enterprise value of 8-9 times the unit’s expected earnings before interest,,上海凤楼夜网Mace, tax, depreciation and amortization (EBITDA).

Carlyle had been vying for the asset with U.S. private equity firm Apollo and its consortium partner, Dutch fund PGGM, as well as Dutch investor Hal Investments, and Advent International partnered with Bain Capital Private Equity, people familiar with the matter had told .

Akzo first announced plans to sell the business last April, when PPG was in full pursuit. Many shareholders were dismayed as Akzo’s boards appeared uninterested in talks with PPG and when they ultimately rejected the U.S. company’s best offer.

With support from Dutch politicians, Akzo argued a takeover was not in the interest of other stakeholders, including employees.

Shareholders sued unsuccessfully to have chairman Antony Burgmans removed. Akzo’s CEO and chief financial officer both resigned last year on health grounds. Burgmans is due to retire after next month’s annual meeting, with former Maersk CEO Nils Andersen nominated to take his place.

Vanlancker said Akzo had extracted promises from Carlyle to keep the chemicals company’s head offices in the Netherlands, though it made no commitment to retain all of the business’s 2,500 employees in the Netherlands.

The deal is subject to regulatory approvals and is expected to be concluded before the end of the year, Akzo said.

Lazard, JPMorgan Chase and HSBC advised Akzo Nobel on the sale.

($1 = 0.8023 euros)

Best Buy cuts ties with China’s Huawei: source

LAS VEGAS/HONG KONG ( ) – Best Buy Co Inc, the largest U.S. consumer electronics reta,上海夜生活男人好去处Queena,iler, will cut ties with China’s Huawei Technologies Co Ltd, a person familiar with the matter said, amid heightened scrutiny on Chinese tech firms in the United States.

Best Buy will stop selling Huawei’s devices over the next few weeks, according to the person with knowledge of the matter, a setback for the Chinese telecommunications giant as it looks to expand in the U.S. market.

The move, after similar actions from U.S. carriers including AT&T Inc, comes as U.S. scrutiny of Chinese tech firms grows amid simmering tensions over U.S.-China trade and concerns of security.

A Best Buy spokesman told the firm could not comment on specific contracts with vendors. “We make decisions to change what we sell for a variety of reasons,” he said.

Huawei said in emailed comments on Thursday that it valued its relationship with Bes,上海夜哪里艳遇Paisley,t Buy but could not discuss details of its partnership with the U.S. firm.

“Huawei currently sells its prod,上海新夜网龙凤Jacklyn,u上海夜生活论坛cts through a range of leading consumer electronics retailers in the U.S.,” the firm said, adding its products met the “highest security, privacy and engineering standards in the industry”.

Earlier this year, AT&T was forced to scrap a plan to offer Huawei handsets after some members of Congress lobbied against the idea with federal regulators, sources told . Verizon Communications Inc also ended its plans to sell Huawei phones last year, according to media reports.

Last month two Republican Senators introduced legislation that would block the U.S. government from buying or leasing telecommunications equipment from Huawei or Chinese peer ZTE Corp, citing concern the firms would use their access to spy on U.S. officials.

The tougher climate in the United States has forced Huawei to sell its flagship smartphone Mate 10 Pro – its challenger to the iPhone – in the United States only through open channels.

U.S tech and electronics website CNET.com first reported the termination of the agreement on Wednesday.

German tax office examining ADM over legacy trading earnings

( ) – Hamburg’s tax of上海夜生活论坛fice is examining the German activities of U.S. agricultural merchant Archer Daniels Midland over a five-year period in what the company called a routine audit, although sources said ADM could face unforeseen liabilities.

Two sources familiar with the matter said the audit had been complicated by the departure of several senior trading officials from ADM’s German operations in previous years, of whom some had been made redundant through restructuring.

Due to a resulting lack of staff with the experience needed to field the authorities’ questions, ADM could have to pay more tax on billions of dollars of turnover, they added.

“This should have been a routine tax enquiry. The problem is they don’t have the people with the institutional memory necessary to answer the questions being asked by the tax authorities,” one of the sources said.

Chicago-based ADM, which buys, stores and ships crops and byproducts, is one of the world’s biggest grain merchants.

Since 2014 the group has stepped up efforts to restructure European operations and focus more on its European headquarters in Rolle, Switzerland, scaling down its previously more prominent German HQ in Hamburg, the sources said.

Around 200 staff – estimated to account for half of the German office – had left the company in recent years, they said.

Both sources said the audit included the use of futures and options by the German office in emissions, coal and electricity markets as well as its grains and freight desks.

The first source added that the probe also included derivatives trades on the Chicago Board of Trade that were undertaken by ADM’s German office.

“Usually it is no problem squaring the hedges with the exposure of the physical trades. That squaring is normally done at the end of each trading day. For an audit you need the people involved in those trades to be there to explain,” the source said.

“But the traders and managers and back office people who could explain that relationship are no longer there. There is a tremendous amount of turnover that has to be explained.”

ADM’s revenue from its German office reached $6.4 billion in 2010, $6.2 billion in 2011, $9.6 billion in 2012, $10 billion in 2013, $7.1 billion in 2014 and then dropped sharply to $3.4 billion in 2015, $2.3 billion in 2016 and $2.1 billion in 2017, ADM annual filings showed.

Data for 2010 and 2011 covered the financial years ending June 30. The revenue data for 2012 to 2017 was for the years ending Dec. 31. ADM was meant to have paid a standard corporate tax rate of 25 percent in the five-year period, but both sources said it had paid low taxes as a result of carrying forward trading losses and writing off other costs against tax.

“The taxable result could be higher if the hedges made through the futures markets cannot be shown to relate to physical trades,” the source said.

“If that relationship cannot be proven, then losses incurred on the futures market may not be tax-deductible.”

Both sources said it was unclear at this stage how much additional tax – if any – ADM could face.

A spokesman for the Hamburg city government’s finance department said no information on the case would be released as this area was covered by Germany’s tax confidentiality laws.

ADM said in a statement the Hamburg tax office for large enterprises was conducting “a routine tax audit of ADM’s businesses in Germany for the (financial year) period 2010 through 2014”.

“This is a n,上海夜生活论坛Paisley,ormal audit procedure in Germany, in which corporate tax audits are conducted in intervals of four to five years. ADM is thoroughly fulfilling all requests of the audit, and, to date, no conclusions have been drawn.”

ADM added that the audit was “not specific t,上海夜生活男人好去处Babette,o certain areas of our business”. Both sources said there was no indication of impropriety or market manipulation, nor was the tax authority looking into any such activity.

The audit is focusing on any potential underreporting of tax “and the period includes the Toepfer and Wild Flavors acquisitions”, the second source said.

ADM took an 80 percent stake in German trading house Alfred C. Toepfer International in 2002 and bought the rest of the company in 2014,夜上海419龙凤论坛Gabe,. Also in 2014, it acquired Swiss-German natural ingredients company Wild Flavors.

DOWNSIZING

Germany accounted for 10.4 percent of ADM’s revenue in 2010, 7.7 percent in 2011, 10.6 percent in 2012, and 11.2 percent in 2013, then it dropped to 8.8 percent in 2014, 5.1 percent in 2015, 3.8 percent in 2016 and 3.4 percent in 2017, according to annual reports.

“Hamburg has basically been downsized from a global corporate headquarters to a country office and a lot of the traders did not go to Switzerland,” said a former ADM trader familiar with the Hamburg office, referring to the restructuring.

“There would be great difficulty in answering questions about trades five to ten years ago as so many people have left, both front office and back office. I think that would make it difficult even to answer routine tax inquiries.”

Chinese food commodities group COFCO’s trading division COFCO International has also seen staff upheavals in the past year with the loss of experienced senior traders who were part of Nidera, which COFCO acquired in 2014.

ADM is one of a quartet of merchants alongside Bunge, Cargill and Louis Dreyfus – nicknamed the ABCDs after their initials – that has dominated trade in agricultural goods for decades.

ADM has been trying to invest in lucrative areas such as natural flavorings and food ingredients to boost earnings in volatile commodity markets and raise margins, hit by low prices.

A source familiar with the matter told in January that ADM had proposed a takeover of Bunge, which could set up a bidding war with Swiss-based rival Glencore Plc.

GSK advances in Pfizer consumer health auction as Reckitt quits

NEW YORK/LONDON ( ) – GlaxoSmithKline (GSK.L) has pulled ahead in a race to buy Pfizer’s (PFE.N) consumer healthcare business, which the U.S. drugmaker believes could be worth as much as $20 billion, after its main rival Reckitt Benckiser (RB.L) quit the auction.

Sources familiar with the matter said on Thursday that the British pharmaceuticals group had submitted a binding bid. It is possible there may still be other offers, the sources added, or Pfizer could decide against a sale.

Reckitt said late on Wednesday it had only offered to buy part of the Pfizer business, which proved unacceptable. One person fam上海夜生活iliar with the matter said the company had been most interested in the best-selling painkiller Advil.

Although consumer remedies sold over the counter have lower margins than prescription drugs, they are typically very well known and durable brands with loyal customers.

Limited buyer demand could now ease pressure on GSK to pay top-dollar or might instead allow it to coax the Pfizer unit into a joint venture it has with Novartis (NOVN.S), some investors and bankers said, although this would be complex.

Pfiz,上海夜生活男人好去处Gabe,er has been hoping to fetch some $20 billion for its consumer health business, which includes familiar over-the-counter brands such as Advil, Centrum multivitamins and Chapstick lip balm, according to the sources.

Shares in Reckitt jumped 5 percent on relief it would not be over-leveraging or making a dilutive rights issue to fund a deal, while GSK slipped 1.5 percent.

But the decision i,上海高端夜生活在那里Barney,s a blow for Chief Executive Rakesh Kapoor, who has long coveted the Pfizer operation as a means to bolster Reckitt’s position in consumer health (CH).

“If indeed RB has opened the door for Pfizer,上海夜生活Dahlia, CH to be acquired by GSK, it might end up significantly strengthening one of its main CH competitors,” said Bernstein analyst Andrew Wood.

Reckitt said its strict financial discipline meant it only made sense to bid for part of the unit, but this was rejected. It will now focus on organic growth and integration of its $16.6 billion acquisition of Mead Johnson Nutrition.

DURABLE BRANDS

Pfizer said it was reviewing the future of the consumer business following the Reckitt decision.

“Pfizer continues to evaluate potential strategic alternatives for the consumer healthcare business, which include a spin-off, sale or other transaction, and Pfizer ultimately retaining the business. We have not yet made a decision, but continue to expect to make one in 2018,” it said in a statement.

For GSK, a deal would be the boldest move to date for new CEO Emma Walmsley, who took over last April. It would further increase the company’s leading position in consumer health, but could stretch its finances at a time when investors are anxious about the dividend.

Walmsley has also said her first priority is improving GSK’s new drug pipeline in the face of mounting competition in its core respiratory and HIV divisions.

GSK runs its consumer healthcare business via a joint venture with Novartis. Novartis has the right to sell down its minority stake starting from this month, although it has previously indicated it is in no rush to do so.

Analysts said an alternative to buying Pfizer’s operations outright could be to give Pfizer an equity share in the venture. While this would require complex negotiations, GSK and Pfizer do already work together in another joint venture in HIV.

“That sort of thing is a nice idea but it would require such a lot of work on governance,” said GSK shareholder Steve Clayton at Hargreaves Lansdown.

GSK declined to comment on the state of any Pfizer discussions. However, Walmsley has previously said she would look at bulking up in consumer health, where scale is important.

“We will be extremely focused on discipline around returns and frankly, this is not a need to do,” she said last month.

German justice minister calls in Facebook over data scandal

BERLIN ( ) – Germany’s justice minister said on Thursday she had asked to speak to Facebook (FB.O) executives to find out whether the social media site’s 30 million users in the country were affected by a scandal involving the handling of personal data.

The world’s largest social media network is facing government scrutiny in Europe and the United States about a whistleblower’s allegations that London-based consultancy Cambridge Analytica,上海夜网邀请码Fabiana, improperly accessed user information to build profiles on American voters that were later used to help elect U.S. President Donald Trump in 2016.

Katarina Barley said it must be possible for users of social media sites to specify whether they are happy for their data to be used in certain ways, rather than just giving them the option to tick “yes” or not be able to use the service.

“I demand clarification on whether German users and accounts are affected and what Facebook plans to do to prevent this from happening again,” she told a news conference.

She said a day for the talks next week had not been set.

Germany has been a leading proponent of tougher regulation on social media. It passed a tough law to clamp down on online hate speech last year, and Facebook also faces a German anti-trust inquiry over the monetizing,上海夜网Naia, of personal data.

Privacy rights are a particularly sensitive and emotional issue in Germany after decades of state surveillance carried out by the Nazi regime and later in Communist East Germany.

Facebook Chief Executive Mark Zuckerberg apologized on Wednesday for mistakes his company made in how it handled the data of 50 million of its users and promise上海夜生活d tougher steps to restrict developers’ access to such information.

The revelation has knocked nearly $50 billion off Facebook’s stock market value in two days and hit the shares of Twitter (TWTR.N) and Snap (SNAP.N) over fears that a failure by big tech firms to protect personal data could deter advertisers and users and invite tougher regulation.

Barley said that the issue was best dealt with at a European, rather than a national, level. New European Union privacy rules take effect in May.

“We know that companies respect the rules when sanctions are particularly painful,” she,上海021夜网Gabriel, said.

Written by shyw on June 27, 2018 Categories: zcthzytd Tags: , , ,

Trump vows strong U.S. ties with Israel, draws fire from Clinton

WASHINGTON ( ) – Republican presidential front-runner Donald Trump on Monday vowed an unbreakable U.S. alliance with Israel if he is elected president in November, seeking to clear up confusion over his repeated pledges to remain neutral in any peace negotiations between Israelis and Palestinians.

Trump’s speech to the American Israel Public Affairs Committee, a powerful pro-Israel lobbying group, was part of a daylong effort by the anti-Washington candidate to persuade establis,上海夜生活Octavien,hment Republicans to get behind his insurgent candidacy and give up on an effort to deny him the party’s presidential nomination.

Describing Israel as ready to negotiate a peace agreement, Trump said the Palestinians would have to be willing to accept that Israel will forever exist as a Jewish state and able to stop attacks on Israelis.

“The Palestinians must come to the table knowing that the bond between the United States and Israel is unbreakable,” the New York billionaire businessman said.

Trump has drawn fire for his position on Middle East peace negotiations. He has described himself as extremely pro-Israel, but has said he would take a “neutral” stance in trying to negotiate an elusive peace settlement between Israel and the Palestinians.

Trump’s critics have said he could harm long-standing U.S. support for Israel. Trump’s leading Republican rival, U.S. Senator Ted Cruz, reminded th,夜上海419龙凤论坛Sabine,e AIPAC gathering of Trump’s position.

“Let me be very, very clear,” Cruz said. “As president I will not be neutral. America will stand unapologetically with the nation of Israel.”

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Democratic presidential front-runner Hilla,上海夜网千花Pablo,ry Clinton, a former secretary of state, used her AIPAC appearance to attack Trump.

“We need steady hands, not a president who says he’s neutral on Monday, pro-Israel on Tuesday and who-knows-what on Wednesday because everything’s negotiable,” she said.

Clinton also took aim at Trump’s vow that, if elected, he would deport illegal immigrants and bar Muslims temporarily from entering the United States.

“If you see bigotry, oppose it, if you see violence, condemn it, if you see a bully, stand up to him,” she said.

TRUMP TELLS PEOPLE: “BE SMART”

In a rarity, Trump delivered his AIPAC speech with the aid of a TelePrompter, abandoning his typical free-wheeling style. Throughout the day, his public remarks lacked their usual bombast, an obvious effort to appear more presidential.

At a news conference, Trump presented himself as Republicans’ best chances of capturing the White House in the Nov. 8 election. He took steps to appear as the nominee-in-waiting, releasing the names of some foreign policy advisers and pledging to name seven to 10 people he would pick for the Supreme Court.

Trump said establishment Republicans would be making a mistake if they persuade a high-profile party leader to launch a third-party run to deny him the White House. He said it would “almost certainly” mean the Democrats would win the presidency.

“If people want to be smart, they should embrace this movement,” Trump said at the site of a new hotel he is building in Washington. “If they don’t want to be smart, they should do what they’re doing now and the Republicans are going to go down to a massive loss.”

Trump laid out some foreign policy priorities in a CNN interview, saying the United States is contributing more than it should to the NATO alliance and that he would continue a U.S. thaw toward Cuba begun by President Barack Obama, who is now in Havana.

Trump was in Washington for closed-door talks with a variety of Republicans organized by his top backer in the capital, U.S. Senator Jeff Sessions of Alabama. It was his most overt bid yet to seek party unity at a time when many establishment Republicans bitterly oppose him.

The meeting, held at the offices of the Jones Day law firm, included some Republican lawmakers and a former Republican speaker of the U.S. House of Representatives, Newt Gingrich, and former Congressman Bob Livingston.

“We’ve had almost eight years of Mr. Obama, who’s been a disastrous president. We have now an opportunity to change course or have four more years of the same. And I think that Donald Trump is the alternative,” Livingston said after the session.

Also at the meeting were Representatives Renee Ellmers of North Carolina and Chris Collins of New York, as well as former Senator Jim DeMint, who is head of the Heritage Foundation, an influential conservative Washington think-tank.

In a separate session with the Washington Post editorial board, Trump named some members of his foreign policy team.

The team included Walid Phares, who Trump called a counter-terrorism expert; George Papadopoulos, an oil and energy consultant; and Joe Schmitz, a former inspector general at the Department of Defense.

Trump’s rise has alarmed establishment Republicans who have tried in vain to stop him. Their best hope of derailing his insurgent candidacy is to stretch the contest out and deny him the 1,237 delegates needed to formally win the party’s presidential nomination.

Trump has 678 delegates to 423 for Cruz and 143 for Ohio Governor John Kasich, according to the Associated Press.

If Trump does not win the 1,237 delegates, the Republican nominee would be decided at the party’s convention in Cleveland in July.