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Steve Wynn cuts stake in Wynn Resorts, becomes No. 3 holder

( ) – Steve Wynn, the former chief executive of Wynn Resorts Ltd (WYNN.O), has lowered his stake in the casino operator to about 7.8 percent from 11.78 percent, a regulatory filing showed on Thursday.

Steve Wynn sold 4.1 million shares of Wynn Resorts at $180 per share, the filing showed, which now makes him the third-biggest shareholder in the company, behind his former wife Elaine Wynn and The Vanguard Group Inc, according to Thomson data.

Wynn Resorts’ shares dipped 0.8 percent to $177.50 in trading ahead of the opening bell.

The casino mogul’s share sale comes a week after Wynn Resorts said Steve and Elaine Wynn, who has a 9.26 percent stake, had scrapped a shareholder agreement t,上海夜生活群Fabiana,hat prevented them fro,夜上海论坛Cadence,m selli,上海夜网千花Octavien,ng their stakes.

Steve Wynn resigned as CEO of the Las Vegas-based company last month, following claims he subjected women who worked for him to unwanted advances. He has denied the accusations.

Analysts have said Wynn Resorts may become a takeover target followi上海夜生活网ng the departure of Steve Wynn, who was a strategic visionary and the chief diplomat for the company.

Elaine Wynn said in a regulatory filing earlier this week that she may hold talks with Wynn Resorts shareholders and management regarding the company’s strategy, capital structure and allocation, and board composition, among others.

Exclusive: Firms complain of contaminated crude from U.S. reserve

NEW YORK ( ) – Three firms that bought crude oil last year from U.S. emergency stockpiles raised concerns about dangerous levels of a poisonous chemical in the cargoes, according to internal Energy Department emails and shipping documents reviewed by .

Problems with crude quality would make the U.S. Strategic Petroleum Reserve (SPR) less useful in an emergency because refiners would need to spend time and money removing contamination before producing fuel. The reserve is the world’s largest government stockpile, currently holding 665 million barrels.

Hydrogen sulfide (H2S) occurs naturally in crude and natural gas, but oil producers typically decontaminate such products before delivery to buyers. High levels of H2S can corrode refinery parts and pipelines – and can be lethal to humans in gas form.

Authorities in all major consuming countries keep oil in reserve to ensure that they do not run out of crude to refine into fuels if a natural disaster or war disrupts global supplies. The U.S. government established its reserve in 1975 following the Arab oil embargo.

The U.S. Department of Energy oversees the reserve and periodically sells some of its oil at times when there are no emergencies, as it did with the sales that sp,上海凤楼夜网Queena,arked contamination concerns.

Department Spokeswoman Shaylyn Hynes declined to comment about the contamination complaints uncovered by .

The three firms that raised concerns about high H2S levels were Royal Dutch Shell Co (RDSa.L), Australian bank Macquarie Group and PetroChina International America, the U.S. trading arm of state-owned energy firm PetroChina Co Ltd [601857.SS], according to the shipping documents, emails provided by the Energy Department in response to a public records request, and a department official who declined to be identified.

The department took responsibility for cleaning the shipment to PetroChina with an additive after it determined in May of last year that levels of H2S were too high, according to the department official. The department disputes tests showing levels were too high in the other two cargoes, the official said.

All three firms bought cargoes of SPR oil stored in an underground salt cavern in Bryan Mound, Texas last year. The oil was pumped from Bryan Mound through pipelines to the nearest上海夜网 oil terminal at Freeport, Texas before being loaded onto ships, according to records reviewed by and the department official.

The Freeport facility is owned by Houston-based Enterprise Products Partners LP (EPD.N). Enterprise knew about higher levels of H2S in a small number of cargoes traded between private firms that passed through its terminal, Enterprise Senior Vice President Brent Secrest told in an interview.

“Of the hundreds of cargoes we’ve loaded across Freeport and other Enterprise terminals, we’ve only had a handful of customers give us feedback regarding high levels of H2S,” he said.


In March, Shell complained to the Energy Department after finding high levels of H2S in a cargo the company bought as ,上海夜网官方网站Eden,part of a 6.2 million-barrel purchase from the U.S. government in January, according to emails provided by the department in response to the public records request.

The firm was “unpleasantly surprised” to find the high levels, Shell oil trader Steve Sellers wrote to the department, adding that the issue caused concern at Shell about the quality of SPR crude for future purchases.

Shell declined to comment on its complaint to the government.

The oil firm’s emails said an initial test sample detected H2S gas at levels of less than five parts per million (ppm). But a later test by Shell – after it shipped the crude by boat to another U.S. location – showed H2S levels of 600 parts per million, according to Shell’s emails to the department.

Exposure to vapors containing 500-700 ppm of H2S could cause a person to collapse in five minutes and die within an hour, according to the U.S. Occupational Safety and Health Administration.


In November, Australian bank Macquarie Group bought the third shipment from the SPR and sold it to PetroChina, according to the shipping documents reviewed by .

The cargo was loaded at Freeport onto a ship called the Stena Sunrise, the documents show.

A testing company named Inspectorate tested a sample from the SPR cargo purchased by Macquarie, according to the documents,,上海夜生活群Macey, and found H2S levels of up to 9,000 ppm.

Inspectorate declined to comment and referred questions to the Energy Department. Macquarie declined to comment.

After the Inspectorate testing, the terminal operator refused to allow workers to perform additional tests out of concern about violating safety regulations, according to the shipping documents.

It is unclear if PetroChina or Macquarie decontaminated the cargo. PetroChina shipped the oil to China, where it arrived on Jan. 18, according to Thomson shipping data.


was not able to determine how often high levels of H2S are detected across the industry, but industry experts and chemical petroleum engineers said such incidents are rare.

Some crude grades can have H2S levels as high as 1000 ppm when produced, said Ramanan Krishnamoorti, chief energy officer and a professor of chemical and biomolecular engineering at the University of Houston. But producers remove most of that before transporting crude to customers.

Contamination could result from blending different crude grades, for example when one grade of crude is stored in a tank that previously contained a different grade, Krishnamoorti said.

“There has to be some concentrated source of it,” Krishnamoorti said. “It’s just very odd.”

Meredith to cut about 1,200 jobs, sell some Time publications

(This version of the March 21st story corrects company name in paragraph 7 to “Epiris” from “Epiris Fund II”. The error had also occurred in an earlier version of the story)

( ) – U.S. media company Meredith Corp上海夜网 (MDP.N) said on Wednesday it cut about 200 jobs and ,上海夜网千花Paige,would lay off another 1,000 as it streamlines its operations following the completion of its Time Inc acquisition.

Meredith also said it had decided to explore a sale of Time, Sports Illustrated, Fortune and Money magazines after a review.

The move to sell the brands illustrates how Meredith sees some of Time’s titles that attract primarily a male readership as not playing to its core strength in women’s magazines.

Meredith, which owns lifestyle magazines such as Better Homes & Gardens and Family Circle, agreed to buy Time Inc in a $1.84 billi,上海夜网推油Babette,on all-cash deal backed by conservative billionaire brothers Charles and David Koch.

reported last week about the company’s plan to sell the Time Inc brands.

“There are guys who would like to own these marquee brands and are probably gonna pay more than what Meredith paid to acquire them,” said Daniel Kurnos, an analyst with Benchmark Co.

The company last month said it would sell Time Inc’s UK arm to private equity firm Epiris.

The media company said the job cuts were part of a plan to achieve annual savings in the $400 million to $500 million range from the Time Inc acquisition, which closed in January.

The company has notified about 200 employees, while the around 1,000 more positions will be eliminated over the next 10 months.

Meredith needs to be more aggressive to reach its cost-cut targets and will likely have to lay off a lot more, said Craig Huber, an analyst with Huber Research Partners.

With its roots in traditional publishing, Meredith has been facing a fierce competitive online race against internet giants such as Alphabet Inc’s (GOOGL.O) Google and Facebook Inc (FB.O) for consumer eyeballs and adverti,上海夜生活服务Landon,sing dollars.

Apple grabs two-year lead in 3D sensing race

( ) – Most Android phones will have to wait until 2019 to duplicate the 3D sensing feature behind Apple’s Face ID security, three major parts producers have told , handicapping Samsung and others on a technology that is set to be worth billions in revenue over the next few years.

The development of new features for the estimated 1.5 billion smart phones shipped annually has been at the heart of the battle for global market share over the past decade, with Apple, bolstered by its huge R&D budget, often leading.

When the iPhon,上海夜哪里艳遇Kaia,e 5S launched with a fingerprint-sensing home button in September 2013, for example, it took its biggest rival Samsung until just April of the next year to deliver its own in the Galaxy S5, with others following soon after.

The 3D sensing technology is expected to enhance the next generation of phones, enabling accurate facial recognition as well as secure biometrics for payments, gesture sensing, and immersive shopping and gaming experiences.

Tech research house Gartner predicts that by 2021, 40 percent of smartphones will be equipped with 3D cameras, which can also be used for so-called augmented reality, or AR, in which digital objects cling tightly to images of the real world.

“This kind of functionality is going to be very important for AR,” said Gartner analyst Jon Erensen. “I think that is something where you don’t want to get left behind.”

According to parts manufacturers Viavi Solutions Inc, Finisar Corp and Ams AG, bottlenecks on key parts will mean mass adoption of 3D sensing will not happen until next year, disappointing earlier expectations.

That means that China’s Huawei, Xiaomi and others could be a total of almost two years behind Apple, which launched Face ID with its iPhone X anniversary phone last September.

In particular, Android producers are struggling to source vertical-cavity surface-emitting lasers, or VCSELs, a core part of Apple’s Face ID hardware.

“It is going to take them a lot of time, the Android-based customers, to secure capacity throughout the whole supply chain,” said Bill Ong, senior director of investor relations from Viavi, seen as the only major supplier of optical filters needed for the 3D sensing modules.

“We may have a potential introduction of a second handset maker into 3D sensing at the end of this calendar year. (But) th,上海夜生活男人好去处Dahlia,e volumes would be very low. In 2019 you clearly will see at least two or more android-based phones,” he added.

Ong declined to name the company that might launch an Android phone with 3D face recognition this year but said that Viavi was in talks with all the major smart phone makers to supply the filters.

Some Android phones with 3D sensing capabilities have hit the market in small numbers, such as the Asus ZenFone AR released last year, but those models didn’t use the sensors for facial recognition like the iPhone X does.

Apple, Huawei and Xiaomi all declined to comment, as did Samsung, whose current phones use a standard camera for facial recognition.


Apple’s effort to get ahead with the technology is the latest evidence of an aggressive approach by the Cupertino-based com上海夜生活论坛pany to making the most of the technological advances its financial firepower can deliver.

The iPhone maker’s $390 million deal in December to secure supplies from VCSEL-maker Finisar was one such move. Another is Apple’s discussions with major cobalt producers to nail down supplies for lithium-ion rechargeable batteries that power its mobile phones.

“Apple is always very focused on its supply chain,” says Gartner’s Erensen. “When it comes to new technologies like this and implementing them to new phones, it’s one of the ways that Apple can really can be aggressive, differentiate and take advantage of the position they have in the market.”

Several sector analysts say their channel checks show Apple was initially sourcing VCSELs chiefly from California-based Lumentum and that bottlenecks in production there last year also spurred the $390 million deal with Finisar.

Lumentum, which declined to comment, is ramping up additional manufacturing capacity for VCSELs and edge-emitting lasers for the first half of fiscal 2019, according to the company’s earnings call.

It will also be helped by the purchase this week of another optical components producer Oclaro Inc. Finisar too, expects to expand in 2019.

All of that, however, still leaves the major Android producers searching for their own supplies of VCSELs.

Craig Thompson, vice president of new markets at Finisar, says interest in the technology is universal across the sector.

“Each customer has their own adoption timeline and rollout plan, which we can’t discuss, but we expect the market opportunity for VCSEL technology to increase substantial,上海021夜网Jackson,ly in 2019,” he says.

Another producer, Austria-based Ams, also expects to have VCSEL chips widely available next year and says it has won a large deal with one phone maker.

“As part of a combined external and internal VCSEL supply chain where an external volume production supply chain is available to us, we are currently building internal VCSEL production capacity in Singapore,” Moritz Gmeiner, head of investor relations for AMS, told .

“I expect this capacity to be available for mass production next year.”

Indian-American judge who could replace Scalia worked on…

WASHINGTON ( ) – One possible contender to replace Justice Antonin Scalia on the U.S. Supreme Court is an Indian-American appeals court judge, Sri Srinivasan, who has pro-business credentials and a stellar resume.

If he was nominated his background may make it more politically challenging for Republicans as they plan to block anyone put forward by President Barack Obama.

Srinivasan, 48, has served on the U.S. Court of Appeals for the District of Columbia Circuit since he was confirmed on a 97-0 bipartisan vote in the U.S. Senate in May 2013. Republican senators who su,上海夜网Dallas,pported him then would likely be asked to justify why they couldn’t back him for the Supreme Court.

Many names are likely under consideration and the White House has not tipped its hand, but recent Supreme Court appointments have tended to be appeals court judges and the appeals court in Washington on which Srinivasan serves has often been a springboard to the high court. Scalia himself served on the court, as did other Supreme Court members Chief Justice John Roberts, Justice Clarence Thomas and Justice Ruth Bader Ginsburg.

The White House said on Sunday that Obama will wait until the U.S. Senate is back in session before making a nomination. The Senate returns from recess on Feb. 22.

Republicans have called for Scalia’s seat to remain open so that the next president, who would take office in January 2017, can nominate a replacement. Other judges Obama could consider appointing include Paul Watford, a black man who serves on the 9th U.S. Circuit Court of Appeals, and Jacqueline Nguyen, a Vietnamese-American woman who serves on the same court as Watford.

Little is known about Srinivasan’s views on divisive social issues like abortion and affirmative action. But as a senior Justice Department lawyer in 2013, he was part of the legal ,上海夜生活男人好去处Sabine,team that successfully urged the high court to strike down the Defense of Marriage Act, a law that restricted the definition of marriage to heterosexual couples for the purposes of federal benefits. The ruling helped pave the way for the court’s ruling in June 2015 that legalized gay marriage nationwide.

Srinivasan could not be reached for comment.


In private practice, prior to his appointment to the appeals court, Srinivasan successfully represented former Enron Corp CEO Jeff Skilling in a Supreme Court case. The Supreme Court narrowed the reach of the so-called honest services fraud law, invalidating one theory used by prosecutors for Skilling’s conspiracy conviction and ordering f上海夜生活论坛urther appeals court review. Despite the high court ruling, Skilling’s conviction was later upheld by an appeals court.

Srinivasan also represented Exxon Mobil Corp in a lawsuit alleging human rights abuses in Indonesia, and mining giant Rio Tinto in a similar case about its activities in Papua New Guinea. Both cases concerned in part whether a law called the Alien Tort Statute allows such cases to be heard in U.S. courts. The Exxon case is still ongoing. The Rio Tinto lawsuit was dismissed.

His work during two stints with the O’Melveny and Myers law firm prompted expressions of concern from liberal groups and unions that normally back Democratic judicial nominations when he was nominated to the appeals court in 2012.

He has had a lengthy career in public service, serving in the Justice Department during both the Obama and George W. Bush administrations. Under Bush he had a junior role, while under Obama he was a political appointee serving as the top deputy to the solicitor general.

Srinivasan was born in Chandigarh, India and grew up in Lawrence, Kansas, where his father was a professor at the University of Kansas. If appointed, he would be the first Indian-American to serve on the Supreme Court.

He played basketball in high school and then attended Stanford for undergraduate, business and law degrees, yet never lost his allegiance to the University of Kansas Jayhawks. That was a theme of the judicial dignitaries that saluted him at his 2013 investiture for the appeals court, as was the fact that when he was an advocate before the Supreme Court, he carried in his pockets for good luck the socks his twin son and daughter wore when they were newborns.

Srinivasan’s bipartisan credentials are lengthy. He was a law clerk to Supreme Court Justice Sandra Day O’Connor, now retired, a 1981 appointee of Republican President Ronald Reagan. At Srinivasan’s confirmation hearing, he was backed by conservative Texas Republican Senator Ted Cruz, who is now running for president.

“We have been friends a long time, so I am hopeful that our friendship will not be seen as a strike against you by some,” Cruz, who is known for having tense relationships with Senate colleagues, joked at the time.

A spokesman for Cruz said the senator would not be commenting on any possible Obama nominee, reaffirming that Cru,上海高端夜生活在那里Tallulah,z believes the nomination should be left to the next U.S. president.

Boeing moves to keep 777X on track after engine snag

SEATTLE ( ) – Boeing Co (BA.N) has scrambled to reorganize testing of its new 777X to avoid being delayed by engine snags, while robots and mechanics are starting work on the fuselage, the executive who heads efforts to build the world’s largest twin-engined jet said in an interview.

Engine supplier General Electric (GE.N) began flight trials of its new GE9X jet engine on Tuesday after a three-month delay caused mainly by a problem in its compressor. But to put the engine development back on track it must build a new component.

During that time, Boeing will place two temporary engines on the first flight-test aircraft that is gradually beginning to take shape, starting with its lightweight carbon wings and now the fuselage, which Boeing says is on schedule.

The engines, identical in every other respect to the ones that will go into service, will be swapped for fresh ones with the new part before the first 777X carries out its maiden flight next year. The temporary engines will not be fired up, but having them in place will allow other tests to go ahead.

“Honestly, when this happened I thought ‘this is going to be bad’ and we just kept grinding and grinding at it, and we came up with some pretty creative things to test where we could, build where we could,” 777X Vice President and General Manager Eric Lindblad told .

“To put engines on and then take them off – that is all to protect the schedule,” Lindblad said.

The hurried rejig reflects the fact that after years of planning, production has begun in earnest – something evident from activity inside Boeing’s new high-tech wing center.

“We are at the point where it is time to start scaling up the speed that we build thi,上海夜网Nadine,ngs here,” Lindblad said inside the 1.3 million-square-foot (120,800-square-meter) fabrication plant where machines weave and bake major parts of the carbon wings.

The engine swap is also an example of how Boeing is trying to avoid eating into the ‘buffer’ traditionally built into development schedules. That’s because it faces a challenging two years before the latest version of its 777 enters service.

“We are now in the thick of it … There is no more waiting until later to solve problems,” Lindblad said. “There are still two years left. You cannot give away your buffer.”

The 777X aims to maintain Boeing’s grip on the ‘mini-jumbo’ market by leapfrogging Airbus SE’s (AIR.PA) 365-seat A350-1000. Boeing has sold over 300 jets, though activity has slowed.


So far, Boeing says it is on track to meet a 2020 target for delivering the first 406-seat 777-9 model to Emirates Airline.

But although the engine snag marks the first significant public slippage, Boeing has already faced a number of teething problems in building carbon wings and other components.

“Everything is hard at this point where you start building an airplane. When you ask me how wing assembly has been going, it’s been hard,” Lindblad said.

One of the problems involves fitting the carbon panels to the skeleton of spars and ribs, with the light but strong carbon-fiber material less forgiving than traditional aluminum.

“Assuming we continue to march our way through the plan that we have laid out, I feel pretty optimistic about (the engine) and I think that wing assembly is a matter of incorporating the learnings,” Lindblad said.

Six months ago, Lindblad says something else was making him feel “queasy”. Integration of aircraft systems in a special demonstration lab was not happening as quickly as planned.

“I am more optimistic today,” he said. He added that he would be “cautiously guarded” until the first flight, due in the first quarter of 2019.

Another headache has been producing enough wing stringers: reinforcing strips that go outwards from the fuselage.

“I feel confident we have got a plan for that so we are tracking basically back to schedule.”

Now Boeing must marry together the various wing parts and produce the long metallic fuselage.

Fuselage panels arriving from Japan have been loaded into a “Fuselage Automated Upright Build” (FAUB) machine used to fasten them. Boeing had delays when the machine was tried out on exist,上海夜网千花Radley,ing versions of the 777, but Boeing says the system is now running at full speed of five planes a month.

Drawing on experience of the smalle,上海夜生活男人好去处Paisley,r 737 MAX, which has absorbed production increases on a larger scale, Lindblad said the 777X production system had been set up to handle a targeted speed but would not disclose c上海夜生活网apacity.

“We are planning for world demand,” he said.

The first task is to get flight trials under way so that ambitious fuel-saving goals can be tested.

“Will we get four airplanes in the flight test on schedule? We’ll see. I think we have a pretty good shot at it.”

Romney offers vote, little else, to Cruz in Republican election battle

WASHINGTON ( ) – Republican Mitt Romney said on Friday he would vote for U.S. Senator Ted Cruz in Utah’s presidential nominating contest, but the party’s 2012 election standard-bearer stopped short of an official endorsement as he urged voters to deny the nomination to front-runner Donald Trump.

In a Facebook post, Romney said,上海夜生活去哪玩Talon, a vote for Cruz in Utah’s caucus on Tuesday was the best way to prevent Trump from locking down the nomination, which would give opponents a chance to select another candidate at the part,夜上海419龙凤论坛Gabi,y’s July convention.

“The only way we can reach an open convention is for Senator Cruz to be successful in as many of the remaining nominating elections as possible,” Romney wrote.

Romney did not offer any praise for Cruz, who emerged as a favorite of the party’s most ardent conservatives after clashing with par,上海夜生活桑拿会所Earl,ty leaders in Washington. Romney did not say whether or not he would campaign with Cruz, a first-term senator from Texas.

Trump responded quickly. “Mitt Romney is a mixed up man who doesn’t have a clue. No wonder he lost!” he wrote on Twitter.

Cruz, acknowledging the tepid nature of Romney’s support, said the pledged vote enforces the idea that his campaign is the only one that can beat Trump, likening a vote for Ohio Governor John Kasich, the third remaining Republican contender, to tacit support for Trump.

“In my book, when someone says ‘I’m voting for you, and I encourage everyone else to vote for you,’ that’s pretty darn good,” Cruz, a self-styled Washington outsider, told reporters in Arizona. “And I’ll take that and take that happily.” Arizona also holds its nominating contest on Tuesday.

“As Mitt Romney observed today, if you want to beat Donald Trump, Cruz is the only campaign that can do it. That’s why he’s voting for me in Utah,” Cruz said.

Romney has emerged as one of the most prominent critics of Trump, the billionaire businessman and reality-TV star who has become the surprise front-runner in the battle to secure the Republican nomination for the Nov. 8 election. Romney, who lost to Democratic President Barack Obama in 2012, called Trump a “fraud” and a dangerous demagogue who would lose to Hillary Clinton, the Democratic Party front-runner, in November.

“Today, there is a contest between Trumpism and Republicanism,” Romney wrote, adding that Trump has encouraged racism, misogyny and violence. “I am repulsed by each and every one of these,” he wrote.

Kasich’s campaign called Romney’s turn to Cruz the result of “bad political advice.” “This is just the old establishment trying again to game the political system, but John Kasich’s defeated the Republican establishment his entire career,” the campaign said.

Romney’s support for Cruz comes a day after U.S. Senator Lindsey Graham threw his support behind the Texas senator, saying in similar fashion that Cruz has the best chance of stopping Trump, even though he thinks Kasich would have a better chance of winning in November’s general election. 上海夜生活网

Trump has continued to notch victories in the state-by-state nominating process as Republicans have failed to unite behind Cruz or Kasich. At this point, those who oppose Trump say their best bet is to prevent him from securing the 1,237 delegates he needs to lock up the nomination before the convention in Cleveland. So far, Trump has won 678 delegates.

Cruz would need to win 81 percent of the remaining delegates to reach a majority, according to the Cook Political Report. It is impossible for Kasich to reach 1,237 delegates, according to the nonpartisan election tracker.

Romney said Kasich has a “solid record” as a governor and he would have voted for him in Ohio last Tuesday.

What is 5G and who are the major players?

LONDON/SAN FRANCISCO ( ) – U.S. President Donald Trump has blocked microchip maker Broadcom Ltd’s (AVGO.O) $117 billion takeover of rival Qualcomm (QCOM.O) amid concerns that it would give China the upper hand in the next generation of mobile communications, or 5G.

Below are some facts about 5G and major players.


5G networks, now in the final testing stage, will rely on denser arrays of small antennas and the cloud to offer data speeds up to 50 or 100 times faster than current 4G networks and serve as critical infrastructure for a range of industries.

Deals to start building mass-market 5G networks are still largely a year away, but by 2025, 1.2 billion people are set to have access to 5G networks – a third of them in China, according to the global wireless trade group GSMA.

Moving to new networks promises to enable new mobile services and even whole new business models, but could pose challenges for countries and industries unprepared to invest in the transition.

Unlike the upgrades of cellular standards 2G in the,上海夜生活论坛Tamara, early 1990s, 3G around the millennium and 4G in 2010, 5G standards will deliver not just faster phone and computer data but also help connect up cars, machines, cargo and crop equipment.


The Committee on Foreign Investment in the United States (CFIUS), which vets acquisitions of U.S. corporations by foreign companies, said the Broadcom takeover risked weakening Qualcomm, which would boost China over the United States in the 5G race.

Acquiring Qualcomm would represent the jewel in the crown of Broadcom’s portfolio of communications chips, which supply wi-fi, power management, video and other features in smartphones alongside Qualcomm’s core baseband chips – radio modems that wirelessly connect phones to networks.

The concern is that a takeover by Singapore-based Broadcom could see the firm cut research and development spending by Qualcomm or hive off strategically important parts of the company to other buyers, including in China, U.S. officials and analysts have said.

5G promises to open up the clubby world of telecom equipment by creating openings for a far wider range of players in hardware, software and semiconductors, many of them fro上海夜生活网m Asia, increasing the dependence of Silicon Valley on foreign players.


Before the new technology becomes a reality for consumers, two transitions need to take place.

Mobile operators have to upgrade their networks with 5G gear made by the likes of Huawei [HWT.UL] and ZTE 0000630.SZ of China, Sweden’s Ericsson (ERICb.ST) and Finland’s Nokia (NOKIA.HE). And phone makers need to make handsets with built-in 5G radios ready to hook up to networks.

Qualcomm (QCOM.O) is the dominant player in smartphone communications chips, making half of all core baseband radio chips in smartphones. It is one of the last big U.S. technology companies with a major role in mobile communications hardware.

Most other baseband chips come from Asia: MediaTek (2454.TW) of Taiwan holds about one quarter of the market, while Samsung Electronics (005930.KS) and Huawei [HWT.UL] – two big smartphone makers – develop chips for their own devices. Huawei does through a subsidiary known as HiSilicon.

Its dominant position in 5G comes from its mastery of two areas: getting its patents adopted in what are known as standards and then selling the chip designs that work with those standards.

The standards are set by a global body to ensure all phones work across different mobile networks, and whoever’s essential patents end up making it into the standard stands to reap huge royalty licensing revenue streams.

Qualcomm has landed a number of these foundational patents, which means that both handset makers and teleco,上海夜生活去哪玩Pablo,mmunications gear makers will have to pay it licensing fees. It dominated standards setting in 3G and 4G wireless and looks set to top the list of patent holders heading into the 5G cycle.

Huawei, Nokia, Ericsson and oth,上海021夜网Talon,ers are also vying to amass 5G patents, which has helped spur complex cross-licensing agreements like the deal struck late last year Nokia and Huawei around handsets.

Drugmaker Shire soars as Japan’s Takeda considers bid

LONDON/TOKYO ( ) – Japan’s largest drugmaker Takeda Pharmaceutical (4502.T) i,上海夜生活网419Dalton,s considering a bid for London-listed rare disease specialist Shire SHP.L that could top $40 billion and spark another takeover battle in the deal-hungry pharma industry.

Takeda said on Wednesday it was “at a preliminary and exploratory stage” of considering a bid, sending Shire’s shares up as much as 26 percent. They ended 15.7 percent higher, valuing the group at around 32 billion pounds ($45 billion).

Shire sells treatments for rare diseases and attention deficit disorder. Takeda said buying it could create a global biopharmaceutical leader, boosting its position in the United States, oncology, gastrointestinal diseases and neuroscience.

The drugs industry has seen a surge i上海夜生活论坛n dealmaking as large players look for promising assets to improve their pipelines.

In recent months, France’s Sanofi (SASY.PA) agreed to buy U.S hemophilia specialist Bioverativ BIVV.O for $11.6 billion and Belgium’s Ablynx ABLX.BR 3.9 billion euros. Before that, U.S.-based Celgene (CELG.O) bagged cancer specialist Juno Therapeutics JUNO.O.

The prospect of a bid for Shire, 57 percent of whose employees are based in North America, immediately stoked expectations for a takeover battle.

“Takeda publicly saying it is considering an approach for Shire inevitably means that other big pharma players including AbbVie, Novartis, Pfizer et al will equally be running the numbers with a very high likelihood of ,上海仙霞路夜生活Fabian,leading to a competitive M&A multi-bidder situation,” said Michael Wegener, managing partner at hedge fund Case Equity Partners, which has a stake in Shire.

Others shared that view.

“We expect most large pharma companies have a takeout model of Shire and the Takeda’s announcement will force them to make a decision whether they want to step up,” said Bernstein analyst Wimal Kapadia, also pointing to Pfizer (PFE.N) and Abbvie (ABBV.N), in particular.


U.S. drugmaker AbbVie in 2014 walked away from a planned $55 billion purchase of Shire after changes to U.S. tax rules that would have allowed it to take advantage of lower corporate tax rates overseas.

Analysts pointed to Shire’s relatively low market value as helping to attract suitors. At 8.2 times expected core earnings, its market value including debt ranks well below most of its European peers, according to Thomson data.

Takeda said it had not approached Shire’s board. Under UK takeover rules, it has until April 25 to decide whether to make a bid.

Shire said it noted Takeda’s statement, and confirmed it had not received an approach.

Shire has been under pressure in the last year, with its shares down 24 percent, due to greater competition from generic drugs and a debt pile that stems from its biggest ever deal, the $32 billion acquisition of Baxalta in 2016.

The company said in January that it would run its attention deficit hyperactivity disorder (ADHD) business, which consists mainly of its blockbuster drug Vyvanse, as a distinct business and possibly seek a separate listing.


Takeda, Japan’s largest drugmaker by sales, focuses its research on developing treatments for cancer and diseases of the digestive and nervous systems.

It has made no secret of its ambition to become a more global company through acquisitions, although buying Shire would be the boldest m,上海夜生活论坛Nala,ove yet by its French CEO Christophe Weber.

“Clearly defined strategic and financial objectives are core to Takeda’s disciplined approach to acquisitions, including in relation to its dividend policy and credit rating, which are well-established,” Takeda said in a statement.

“Any potential offer for Shire, if made, would have to align with this strict investment criteria.”

The statement came after Takeda’s shares had closed 1.9 percent lower on the Tokyo stock exchange.

Analysts at Deutsche Bank and Bernstein Research said, given the two companies’ debt burden, Takeda is likely to make a considerable part of any bid in the form of its own shares.

Not including Wednesday’s share surge, Shire is roughly on par with Takeda in terms of stock market value.

Weber, a former GSK executive, was appointed CEO in April 2015 and has already done a number of deals.

In January, Takeda agreed to buy Belgian biotech group TiGenix NV G9U.BR for 520 million euros, funding the deal with cash on hand, and last year, it bought U.S. cancer drug specialist Ariad for $5.2 billion. Takeda’s overseas deals mirror those by other Japanese companies, which are facing bleak prospects at home as a rapidly shrinking population weighs on domestic demand.

($1 = 0.7061 pounds)

($1 = 106.2200 yen)

Top executive resigns from Cohen’s Point72 after lawsuit, fundraising

( ) – Douglas Haynes has resigned as president of Point72 Asset Management LP, a spokeswoman for billionaire Steven Cohen’s investment firm said on Sunday, as the company and Haynes face a lawsuit claiming women are subject to a hostile working environment.

The resignation on Friday comes after Stamford, Connecticut-based Point72 successfully raised $3 billion from outside investors for its relaunch as a traditional hedge fund manager.

Cohen told employees in an email on Friday that Haynes’ departure followed his leadership of the firm as a so-called family office for Cohen’s fortune and its reopening to outside money in January after being banned from taking public money.

“With these milestones achieved, Doug and I have taken stock and agreed that this is a natural point to make way for a new, different type of leader,” C,上海夜生活男人好去处Nadine,ohen said in the email, according to the spokeswoman.

Cohen’s former hedge fund firm, SAC Capital Advisors LP, pleaded guilty in an insider trading case in 2014. Cohen was not charged by U.S. authorities, but accepted the two-year ban from managing public money.

Haynes, a former McKinsey & Co executive who joined Point72 in early 2014 to help reshape the firm, di,上海会所夜网[随机符上海夜生活],d not respond to an email seeking comment on his resignation.

In February, Lauren Bonner, an associate director focused on employee performance, said in ,上海夜生活论坛Kaiden,a lawsuit that “structural sexism” pervades Point72, where women are denigrated by high-level employees, including Haynes. He was named as a defendant along with the firm and Cohen.

Cohen was not accused of inappropriate behavior in Bonner’s lawsuit.

The firm’s view “remains that (the sexism lawsuit) is without merit,” the Point72 spokeswoman said on Sunday. Cohen hired law firm Wilmer Cutler Pickering Hale and Dorr LLP to conduct an independent assessment of the firm’s practices.

“Steve Cohen wants to make sure that his firm is living up to its stated values and fostering a respectful workplace,” the spokeswoman said in an emailed statement.

Haynes’ departure was previously reported by Bloomberg and the New York Times.

Reckitt Benckiser CEO gets second pay cut in two years

LONDON ( ) – Reckitt Benckiser’s (RB.L) chief executive Rakesh Kapoor got an 18 percent pay cut in 2017, his second in two years, due to a halving of his long-term incentive benefits, after a year of underperformance at the British consumer goods company.

The maker of Durex condoms and Lysol cleaners said on Wednesday Kapoor received total compensation of 12.5 million pounds ($17.7上海夜网 million,上海夜生活网交流Naia,) in 2017, down from 15.3 million in 2016. Without the reduction in his long-term incentive plan (LTIP), Kapoor’s 2017 compensation would have been 23.7 million pounds.

Kapoor’s 2016 package had been slashed by a third, after a damaging safety scandal in South Korea, following a measure of investor dissatisfaction with 2015 compensation of 25.5 million pounds that made him Britain’s third-highest paid boss. That package was rejected by 18 percent of voting shareholders.

The reduction in the 2017 LTIP, which accounts for the biggest portion of compensation, was volunteered by Kapoor and exercised by the board “based on the committee’s evaluation of performance in the round and alignment of pay outcomes with the shareholder experience,” the company said.

“We recognized that 2017 was a challenging year,” said Mary Harris, chair of the remuneration committee.

For years, Reckitt enjoyed a reputation as a pace-setter of growth in,上海会所夜网Barbara, the consumer goods industry. But sales growth evaporated last year, due to a slowdown in its core consumer health business and pressure on pricing, as well as a series of one-time items including a cyber attack, a failed product launch and the scandal in South Korea.

Reckitt’s shares ended 2017 roughly in line with where they started it, despite rising to a record high in June, the same month the company closed its $17 billion takeover of baby formula maker Mead Johnson. They have lost more than a quarter of their value so far this year, even after a rally last week.

At 12.5 million pounds, Kapoor is still likely to be at the upper end of the British CEO pay scale. According to the High Pay Centre think tank, the average CEO pay at a FTSE 100 company was 4.5 million pounds ($6.4 million) in 2016. Figures for 2017 have not yet been calculated.

Reckitt’s market capitalization is 59 billion pounds ($83.6 billion), making it the 15th biggest company in the blue-chip FTSE,上海新夜网龙凤Naia, 100 .FTSE index.

($1 = 0.7058 pounds)

Waymo CEO says its tech would have handled Uber self-driving…

LAS VEGAS ( ) – The head of Alphabet Inc’s autonomous driving unit, Waymo, said on Saturday that the company’s t,上海仙霞路夜生活Idaia,echnology would have safely handled the situation confronting an Uber self-driving vehicle last week when it struck a pedestrian, killing her.

Waymo CEO John Krafcik told auto dealers at a gathering of the National Automobile Dealers Association in Las Vegas that the company was well on its way to its goal of decreasing motor vehicle fatalities.

“At Waymo, we have a lot of confidence that our technology would be able to handle a situation like that,” Krafcik said, referring to a scenario in which a pedestrian crosses the street at night.

The fatal collision on March 18 in Tempe, Arizona, has raised questions about the safety of auton上海夜网omous technology in general, and of Uber’s system specifically, of which few details are known.

An investigation by police and federal safety regulators is ongoing into the accident, in which an Uber test vehicle driving in autonomous mode hit a pedestrian at night as she was walking across a four-lane roadway with her bike.

Having worked on self-driving cars since 2009 and with 5 million miles (8 million km) driven on public roads under its belt, Waymo is generally considered to be ahead of rivals in the development of autonomous vehicle technology.

The company plans to roll out a service for passengers in coming months in the Phoenix area offering rides in a fully self-driving Waymo car with no driver, with plans to subsequently roll out the program more widely.

Companies developing self-driving technology, which also include General Motors Co, Toyota Motor Corp and a host of startups, are waiting to see whether fall-out from the accident ,上海夜网千花Paisley,leads to new r,上海夜网后花园Ebba,estrictions on the relatively unregulated sector.

With Qualcomm behind it, Broadcom looks to smaller deals

( ) – Broadcom Ltd (AVGO.O) on Thursday said it was likely to pursue smaller acquisitions of chipmakers after its failed hostile takeover bid to acquire rival Qualcomm Inc (QCOM.O) and said that its smart phone chip business would see a drop in demand this quarter from a North American customer and an increase from South Korea.

Most analysts believe that the North American customer is Apple Inc (AAPL.O), which made up a fifth of Bro,上海仙霞路夜生活Hadleigh,adcom revenue last year, and the Korean customer is Samsung Electronics Co Ltd (005930.KS), which is ramping up production of its recently announced Galaxy S9 smart phone.

Broadcom results beat expectations days after U.S. President Donald Trump blocked its $117 billion hostile bid for Qualcomm on national security concerns. The company scrapped the offer on Wednesday.

Singapore-based Broadcom, however, said it would continue with its plans to redomicile to the United States, fueling expectations that the company would likely scout for smaller targets.

“Qualcomm was clearly a unique and very large acquisition opportunity,” Chief Financial Officer Tom Krause told investors on a conference上海夜网 call. “Given the maturity of the industry, the consolidation it is seeing and our relative size now, our future acquisitions are much more likely to be funded with cash available on our balance sheet and without the need to flex the balance sheet.”

Broadcom’s shares were down 1.2 percent at $264.50 in extended trading on Thursday.

“Typically, Broadcom has to make acquisitions to drive the earnings,” said Summit Insight Group analyst Kinngai Chan. “If the company is able to make two or three medium-size acquisitions, then I think the stock will move up again.”

But Broadcom officials were still publicly smarting over the loss of the Qualcomm deal. Krause said he was “touched” by an Institutional Shareholder Services report Wednesday encouraging Qualcomm shareholders to cast protest ballots for Broadcom’s director nominees.

Krause said Broadcom believes that “based on the vote tally as of today, the 11 Qualcomm nominees are only garnering between 15 percent to 16 percent of the outstanding shares, not necessarily something to celebrate on San Diego.” Qualcomm declined to comment on Krause’s comments.

Broadcom, whose WiFi chips are found in Apple Inc’s (AAPL.O) iPhone and most Android phones, was eyeing Qualcomm’s core baseband chips and license business that would significantly benefit from the rollout of 5G wireless technology.

Broadcom said first-quarter smart phone results were driven by an increase in orders from a “North American smartphone customer,” which most analysts believe is Apple Inc (AAPL.O), which released its flagship iPhone X later than normal last year, pushing production into the early part of this year.

CEO Hock Tan said that customer’s business was expected to “trend down sharply” i,上海夜生活Idaia,n the second quarter, partially offset at Broadcom by more business for a “next-generation flagship [phone] from a large Korean smartphone customer.”

Net income attributable to ordinary shares surged to $6.23 billion, or $14.62 per share, in the first quarter ended Feb. 4, from $239 million, or 57 cents per share, a year earlier.

The company, which announced a quarterly interim dividend of $1.75 per share, said it recorded a gain of $5.79 billion due to the recently enacted U.S. tax law.

Excluding items, the company earned $5.12 per share.

Net revenue rose to $5.,上海夜生活网419Kade,33 billion from $4.14 billion.

Analysts on average had expected earnings of $5.05 per share and revenue of $5.32 billion.

(This version of the story has been refiled to fix punctuation in first paragraph)

Exclusive: Emirates NBD closes in on Turkey’s Denizbank despite…

ANKARA/DUBAI ( ) – Emirates NBD could agree to buy Turkey’s Denizbank within weeks, sources said, after intense lobbying by the Turkish bank to convince President Tayyip Erdogan of the benefits of the potential $5.3 billion deal despite a diplomatic rift.

Dubai’s biggest bank, Emirates NBD (ENBD.DU) said it was in preliminary talks to buy Denizbank (DENIZ.IS) from Russia’s Sberbank (SBER.MM) in January, but the plan has met resistance from Erdogan, four sources told .

While Erdogan does not have direct control over Turkey’s banks, ,上海夜网邀请码Jackson,the president could potentially block any deal by telling the country’s BDDK banking watchdog not to approve it.

Repeated efforts by Denizbank’s chief executive to persuade Erdogan of the case for the takeover illustrate the president’s important role in sealing major deals in Turkey.

Although it still requires approval, the deal is expected to be agreed in “the next few weeks”, one of the sources said.

The BDDK did not respond to a request for comment.

Turkish relations with the Gulf states have been strained上海夜生活网 since Ankara stood by Qatar after the UAE, Saudi Arabia and others accused Doha of supporting terrorism, a charge it denies.

The United Arab Emirates, of which Dubai is part, also regards Erdogan’s AK Party as a friend of Islamist forces it opposes across the Arab world and last week the UAE’s foreign minister said it faced challenges from Iran, Israel and Turkey.

And earlier this month the Arab world’s largest private broadcaster stopped showing Turkish tele,上海夜生活网419Daisy,vision programs.

“I’m not saying this deal will fall through, but it wouldn’t be realistic to say these developments are supportive of the negotiations,” one senior official in Ankara said.

Emirates NBD, Sberbank and Denizbank all declined to comment, as did Erdogan’s office.


Denizbank Chief Executive Hakan Ates has met Erdogan and other senior officials in Ankara over the past month in an attempt to convince them that the deal would be positive for Turkey’s banking system, several sources said.

It was not clear how successful Ates, who declined to comment, had been, but one source said there was an acknowledgement in Ankara that Turkey’s tensions were with Abu Dhabi, not Dubai – meaning with the UAE’s policy makers, not the region’s main commercial and financial hub.

The cities are run by two close, but separate, families.

“There is a lot of scepticism about the Emi,上海夜生活去哪玩Lake,ratis but investment is something else,” said the source.

Denizbank is Turkey’s ninth-largest lender by assets, making it a relatively small player in a fast-growing market. Sberbank, which is selling Denizbank as part of a broader regional strategy shift, paid around $3.5 billion for it in 2012.

Shares in Denizbank have risen around 70 percent this year, helped by news of the talks, giving it a $5.3 billion market value.

Emirates NBD, which previously acquired BNP Paribas’ Egyptian business, has been scouting for opportunities in the Turkish banking sector for several years as part of its international expansion.

China steel industry adds voice to steel import concerns

BEIJING ( ) – China’s steel industry on Tuesday urged Beijing to ensure any increase in st,上海新夜网龙凤Lake,eel products seeking a market in the wake of U.S. tariffs did not affect its domestic industry, following the announcement of a European Union import probe.

The comments by the China Iron & Steel Association (CISA) came after the EU initiated a probe on Monday into import,上海会所夜网Caden,ed steel in response to the U.S. tariffs, worried that steel manufacturers subject to the tariffs may divert their products to Europe.

The U.S. tariffs, of 25 percent on steel and 10 percent on aluminum,,上海夜哪里艳遇Landon, came into force last Friday.

CISA said the EU investigation would complicate the response to the U.S. tariffs and add uncertainty to the global steel market.

“We appealed to the Chinese government to take relevant measures if necessary and s上海夜生活trictly prevent the surge of imports from affecting the Chinese market,” it added.

China, the world’s biggest steelmaker, exported 75.43 million tonnes of steel products in 2017 and imported 13.3 million tonnes of steel products in 2017, according to data from the General Administration of Customs.

China’s commerce ministry said on Monday that China is willing to strengthen communications and coordination with European Union to cope with chaos caused by the U.S. tariffs, adding that protective measures would only make the situation worse.

Self-driving Uber car kills Arizona woman crossing street

TEMPE, Ariz./SAN FRANCISCO ( ) – An Uber self-driving car hit and killed a woman crossing the street in Arizona, police said on Monday, marking the first fatality involving an autonomous vehicle and a potential blow to the technology expected to transform transportation.

The ride services company said it was suspending North American tests of its self-driving vehicles, which are currently going on in Arizona, Pittsburgh and Toronto.

So-called robot cars, when fully developed by companies including Uber, Alphabet Inc and General Motors Co, are expected to drastically cut down on motor vehicle fatalities and create billion-dollar businesses. But Monday’s accident underscored the possible challenges ahead for the promising technology as the cars confront real-world situations involving real people.

U.S. lawmakers have been debating legislation that would speed introduction of self-driving cars.

“This tragic accident underscores why we need to be exceptionally cautious when testing and deploying autonomous vehicle technologies on public roads,” said Democratic Senator Edward Markey, a member of the transportation committee, in a statement.

Elaine Herzberg, 49, was walking her bicycle outside the crosswalk on a four-lane road in the Phoenix suburb of Tempe about 10 p.m. MST Sunday (0400 GMT Monday) when she was struck by the Uber vehicle traveling at about 40 miles per hour (65 km per hour), police said. The Volvo XC90 SUV was in autonomous mode with an operator behind the wheel.

Herzberg later died from her injuries in a hospital, police said.

“The pedestrian was outside of the crosswalk. As soon as she walked into the lane of traffic she was struck,” Tempe Police Sergeant Ronald Elcock told reporters at a news conference. He said he did not yet know how close Herzberg was to the vehicle when she stepped into the lane.

Related CoverageSelf-driving car industry faces critical test after first death

Elcock said he belie,上海夜玩网论坛Mace,ved Herzberg may have been homeless.

The San Francisco Chronicle late Monday reported that Tempe Police Chief Sylvia Moir said that from viewing videos taken from the vehicle “it’s very clear it would have been difficult to avoid this collision in any kind of mode (autonomous or human-driven) based on how she came from the shadows right into the roadway.” (bit.ly/2IADRUF)

Moir told the Chronicle, “I suspect preliminarily it appears that the Uber would likely not be at fault in this accident,” but she did not rule out that charges could be filed against the operator in the Uber vehicle, the paper reported.

The “Tempe Police Department does not determine fault in vehicular collisions,” the department said in a statement late Monday, in reply to questions from about the chief’s comments. “Ultimately the investigation will be submitted to the Maricopa County Attorney’s Office for review and any potential charges.”

Tempe authorities and federal officials are still investigating the incident. Canada’s transportation ministry in Ontario, where Uber conducts testing, also said it was reviewing the accident.

Volvo, the Swedish car brand owned by China’s Geely, said the software controlling the car in the crash was not its own.

Video footage will aid the ongoing investigation, and the case would be submitted to the district attorney, Elcock said.

“Our investigators have that information, and they will be using that in their investigation as well as the Maricopa County Attorney’s Office as part of their investigation,” said Elcock. “They are going to attempt to try to find who was possib上海夜生活ly at fault and how we can better be safe, whether it’s pedestrians or whether it’s the vehicle itself.”


Uber and Waymo on Friday urged Congress to pass sweeping legislation to speed the introduction of self-driving cars into the United States. Some congressional Democrats have blocked the legislation over safety concerns, and Monday’s fatality could hamper passage of the bill, congressional aides said Monday.

Safety advocates called for a national moratorium on all robot car testing on public roads.

“Arizona has been the wild west of robot car testing with virtually no regulations in place,” said Consumer Watchdog, a non-profit consumer advocacy group, in a statement. “That’s why Uber and Waymo test there. When there’s no sheriff in town, people get killed.”

Arizona has opened its arms to companies testing self-driving vehicles as a means to economic growth and jobs. Republican Governor Doug Ducey reached out to Uber in 2016 after Califor,上海夜网后花园Fabian,nia regulators cracked down on the company over its failure to obtain testing permits.

Self-driving cars being tested routinely get into fender-benders with other vehicles. Last week, a self-driving Uber crashed with another vehicle in Pittsburgh, local news reported. There were no injuries.

A year ago, Uber temporarily grounded its self-driving cars for a few days following a crash with another car in Tempe. The company has been the subject of a number of complaints about its autonomous vehicles, but the company has said the cars were being driven by a human driver at the time of the incidents.


Uber has said its ability to build autonomous cars is essential to its success in the rapidly changing transportation industry. The company envisions a network of autonomous cars that would be summoned through the Uber app that would supplement – and eventually replace – human-driven cars.

Uber has logged 2 million self-driving miles (3.2 million km) through December. The company has more than 100 autonomous cars testing on the roads of the greater Phoenix area, the company’s prime testing ground due to the state’s loose regulations and hospitable weather. Rain, snow and ice a,夜上海419龙凤论坛Qirin,re particularly challenging for autonomous cars. The company also tests in Pittsburgh and Toronto.

Concerns over the safety of autonomous vehicles flared after a July 2016 fatality involving a Tesla Inc automobile with a partially autonomous system that required human supervision. Safety regulators later determined Tesla was not at fault.

Nestle’s Milkybar targets healthy sweet spot with designer sugar

YORK, Eng,上海夜生活群Fabian,land ( ) – Nestle is launching a lower-sugar Milkybar made with a new version of the sweetener which could help ease the $185 billion confectionery industry’s growing public health headache.

Milkybar Wowsomes, a new more expensive take on the 81-year-old white chocolate made famous by the gun-slinging Milkybar Kid ads, will be on shelves in Britain and Ireland in coming weeks.

The world’s largest packaged food company says the new bars have 30 percent less sugar than a typical chocolate bar, helped by the use of Nestle’s new ingredient, sugar that has been physically altered to be lighter and dissolve faster. But they have only 3 percent fewer calories, due to extra natural ingredients.

The new sugar, first discussed publicly in 2016, partly addresses one of Big Food’s toughest challenges – how to make junk food healthy but keep it tasty.

“Health is important, but … many consumers are not ready to give up taste,” Vontobel analyst Jean-Philippe Bertschy said. “If you could have a tablet of chocolate with the same taste with 30 percent less sugar, I think consumers would jump on it.”

Nestle’s marketing chief says the aim of the new chocolate, which underwent more than 300 recipe tweaks, is to give parents the option of a better treat for their children.

Unlike the original plain white Milkybar chocolate, Wowsomes have a chocolate shell around a creamy center containing both the lighter sugar and crisped oat cereal.

“We felt it was important to signal that this brand is evolving and answering new consumer trends,” Patrice Bula, head of marketing, told .

Nestle shares were up 1.4 percent on Tuesday.

Nestle is under shareholder pressure to accelerate sales after six years of slowing growth, with the sector struggling as consumers seek fresher foods and flock to new, independent brands seen as healthier or more ethical.

Governments are also cracking down on sugar to help fight obesity, but taxes, like the one coming into effect in Britain next week, generally concentrate on soft drinks.

Companies like Nestle are trying to stay ahead. Next month it is rolling out San Pellegrino soft drinks with the low-calorie sugar substitute stevia, which will keep the fruit-flavored drinks below the new British tax threshold.

Nestle’s new invention is not for use in drinks and for now, it is just in confectionery – one of the toughest categories to reformulate, as chocolate can be up to 55 percent sugar.


Nestle executives said it was too early to specify how much this development would curb sugar purchases, although the company is looking to cut back over time.

Although the move by one of the world’s largest sugar buyers will not impact demand overnight, it may serve as a litmus test for other manufacturers, industry sources said.

Nestle’s business in the UK and Ireland has already taken out 10,400 tonnes of sugar from its portfolio since 2015. A long-term move away from sugar could spell disaster for farmers in top producing countries like India and Brazil, which together produce over 65 million tonnes of the sweetener each year. 

Global production continues to rise, outstripping demand and hurting prices. Benchmark raw sugar prices have slid 17 percent so far this year, after falling over 22 percent last year. tmsnrt.rs/2DIcmEG

Following the UK test, Nestle hopes to roll the sugar out elsewhere, focusing first o上海夜生活n childrens’ confectionery brands.

“We have quite a few brands in a lot of markets in Latin America, but also in Europe and Asia that could use that technology,” Bula said.

The company declined to say how much the project had cost, but for Jas Scott de Martinville, head of confectionery research and development and the product technology center in the northern English city of York, where the chocolate was developed, it was money well spent.

“Every time you create something as break-through as this, you learn so much … Our scientists in Switzerland,上海夜生活桑拿会所Dallas, will use the knowledge gained to help us advance in other categories.”

In 2016, Nestle said the product had the potential to reduce total sugar by up to 40 percent in confectionery. Milkybar Wowsomes have only a 30 percent reduction, partly because the chocolate shell utilizes regular sugar.


Nestle says the new sugar is made by spraying a mixture of sugar, milk powder and water into warm air which forms a porous sugar structure that melts more quickly, meaning that less sugar can be used for the same amount of sweetness.

The idea is similar to that behind SODA-LO Salt Microspheres, which Tate & Lyle launched in 2012, with hollow spheres that allow for sodium reduction.

Most packaged food makers have initiatives aimed at making their products healthier, but some say there is a limit.

“It would,上海凤楼夜网Hallie, not make sense to cut sugar in all our chocolate by 2-3 percent or to use stevia everywhere,” Lindt & Spruengli CEO Dieter Weisskopf said this month. “That would harm the taste.”

U.S. court to re-examine decision striking down of Texas voter ID law

AUSTIN, Texas ( ) – A Texas law previously struck down requiring voters to show authorized identification before casting ballots will be re-examined, the U.S. Court for Appeals for the Fifth Circuit said on Wednesday.

The court, which said its full bench of judges will participate, did not set a date or elaborate on why it will hold the review of the law a three-judge panel from the court said in an August 2015 decis上海夜网ion violated the U.S. Voting Rights Act through its “discriminatory effect,夜上海论坛Jacob,s.”

The measure was signed into law in 2011 by then Texas Governor Rick Perry, a Republican, and has been in effect since even as the legal challenges have wound their way through the courts.

Plaintiffs have argued the law hits elderly ,上海会所夜网Easton,and poorer voters, including minorities, hardest because they are less likely to have such identification. They contend the measure is used by Republicans as a way suppressing voters who typically align with Democrats.

The measure, which supporters say will prevent voter fraud, requires voters to present a photo identification such as a driver’s license, passport or military ID card.

Texas Attorney General Ken Paxton, a Republican welcomed the court’s decision.

“Today’s decision is a strong step forward in our efforts to defend the state’s Voter ID laws. Safeguarding the integrity of our elections is a primary function of state government and is essential to preserving our democratic process,” he said in a statement.

Critics contend that voter fraud is a miniscule problem overblown by Republicans,上海仙霞路夜生活Tamara, for political purposes. Republicans contend voter fraud erodes the fabric of the democratic process.

Civil rights groups have urged the court not to re-hear the case.

U.S. District Judge Nelva Gonzales Ramos ruled in October 2014 that the law, which was challenged by the administration of President Barack Obama and civil rights groups, was unlawful under the Voting Rights Act and U.S. Constitution in part because it discriminates against minority voters.

The Obama administration has been trying to counter a U.S. Supreme Court ruling in June 2013 that overturned parts of the Voting Rights Act. That ruling freed several states, mostly in the South, from strict federal oversight.

Written by shyw on November 25, 2018 Categories: zvarmipn Tags: , , ,

NY Fed’s Dudley says regulators should increase focus on bank…

WASHINGTON ( ) – Banks should adopt compensation plans that discourage excessive risk-taking and place greater onus on senior managers for wrongdoing, the outgoing head of the New York Federal Reserve said on Monday.

William Dudley, who plans to step down late,上海仙霞路夜生活Mabel,r this year, said regulators should encourage banks to overhaul their corporate cultures to reduce risk and bad beha,上海足浴夜网联系方式Barney,vior, even as regulators move to relax other rules introduced following the 2007-2009 financial crisis.

Dudley broadly defended the post-crisis regulatory regime, while giving credence to the push from the Trump administration to ease those rules in an effort to spur economic growth. He said changes under consideration at the Fed, including simplifying the “Volcker Rule” on bank trading, are “common sense.”

He also offered praise for legislation under consideration in the U.S. Congress about easing rules on banks, saying it maintains the key parts of post-crisis rules while easing requirements on smaller banks.

In fact, he argued that there are pitfalls to having too many rules, as it could create a dynamic where banks feel free to do anything that falls within the letter of the rules, even if it runs counter to the goals of those rules.

Instead, Dudley said banks, with help from regulators, need to overhaul their internal cultures to discourage misbehavior without requiring regulators to shine a spotlight on it.

“If you have a good culture, you’d say, ‘I could do this, but it’s misleading, it’s unethical and therefore it’s inappropriate,’” he said.

Some banks have already altered com上海夜网pensation plans to discourage risk-taking by minimizing the use of cash and deferred stock, with a greater emphasis on deferred long-term debt. Dudley said regulators could help more banks adopt that approach.

“Some banks have experimented with such compensation schemes, and I would encourage more to do so. But, this type of reform may also need a push from the regulatory side,” he said at an event hosted by the U.S. Chamber of Commerce in Washington.

“Another possible r,上海夜生活乌托邦Nadia,eform could involve putting a greater onus on senior management for the costs incurred from regulatory fines or other legal liabilities, rather than on shareholders alone,” he added.

Regulators in other markets including the United Kingdom and Hong Kong have introduced rules that would make senior bank managers more responsible for corporate malfeasance, in a bid to curtail risk-taking.

Exclusive: S&P Global cuts top sovereign analysts as part of…

LONDON ( ) – The world’s biggest credit ratings agency S&P Global has cut more than five of its most senior sovereign analysts as part of a broader reduction of in excess of 100 staff, a source told .

The firm’s highly-regarded sovereign division, which monitors the creditworthiness of some 130 countries, is also being folded into its bank-focused Financial Services arm.

The most high-profile exit under that reorganization has been its top global analyst, Moritz Kraemer, the source with knowledge of the cuts said.

Kraemer was the firm’s public face for its mass downgrades of euro zone countries during the debt crises of 2011 and 2012, and for states hit by the commodity price collapse of 2014.

Others veterans to have left include its chief Europe, Middle East and Africa analyst Myriam Fernandez de Heredia Martinez and Liesl Saldanha, who oversaw Asia-Pacific from Singapore as well as a number of their deputies.

“The sovereign group has basically been dismantled,” said the source who spoke to on the condition of anonymity. “It’s a major decision. It took 25 years to build up the reputation as a leader in the sector.”

An S&P spokesman confirmed changes had been made but did not put a figure on departures.

“We have made some organizational changes globally as we continue to move toward a structure that is simpler and more effective,” the spokesman said. “Some individuals are leaving the organization as a result.”

S&P Global, which is home to the Standard and Poor’s name and employs around 1,400 analysts, has been in flux since it was rebranded from McGraw Hill Financial two years ago.

The latest cuts took shape last month when two of the firm’s three rating divisions, Sovereigns-International Public Finance and Financial Services’ were combined at a regional level.

It w,上海夜网官方网站Nadia,as the sovereigns arm that took the hit in terms of senior staff though. The top Financial Services analysts took over the combined units in U.S. and Canada, EMEA and Asia-Pacific, while in Latin America the lead analytical manager for Corporates took ,上海新夜网龙凤Talon,control.

The source estimated that around 110 analysts had either been cut or left S&P’s three ratings divisions.


The changes are likely to raise eyebrows within the sector and the governments that S&P and its main rivals,,上海夜网Gabrielle, Moody’s and Fitch, monitor.

S&P has generally been faster and more aggressive with its sovereign rating moves than Moody’s and Fitch over recent years, which has also led to some intense public scrutiny.

The firm and five of its former and current managers were acquitted last year after Italian prosecutors had accused them and Fitch’s top sovereign analyst of market manipulation at the peak of the euro zone’s downgrades.

It was censured for wrongly announcing France’s rating had been downgraded in 2011 and that year had to hire round-the-clock guards for some top staff after it stripped the United States of its triple-A rating.

The sovereigns business brings in only about 8 percent of the firm’s revenues – roughly the same as it was a decade ago. The larger Corporates division has doubled its contribution over that period to 55 percent.

S&P has an EU market share of 46 percent, ESMA data shows, well ahead of Moody’s on 31 percent.

It recently announced plans to make a new Dublin office its post-Brexit EU headquarters, despite already having sizable offices and staff n上海夜生活论坛umbers in Frankfurt, Paris, Madrid and Milan.

“It shows the desire of the firm to extract regulatory rent from this,” the source said referring to the potential benefit of Ireland’s lower taxes and more flexible labor laws.

The big three agencies have most of their European staff in London, and are facing regulatory demands to move “sufficient” numbers of senior personnel to the EU when Britain leaves the bloc.