January 2017 - 上海夜生活,上海夜生活网,上海夜网论坛 - Powered by Bart!

Wells Fargo CEO defends pay; calls Senator Warren’s criticism…

DETROIT ( ) – Wells Fargo & Co (WFC.N) Chief Executive Tim Sloan on Thursday defended a 35 percent gain in his latest compensation pa上海夜网ckage, while describing comments last year by Democratic U.S. Senator Elizabeth Warren, who had called for his ouster, as “inappropriate.”

The third-largest U.S. lender has been battling a sales practices scandal that erupted in September 2016 with the revelation employees had opened potentially millions of phony accounts in customers’ names.

“It’s not surprising I disagree with almost everything Elizabeth Warren says. Most of her comments are both ill-informed and inappropriate,” Sloan told reporters after speaking to the Detroit Economic Club.

Warren, long a consumer advocate, in October told Sloan she did not believe the bank would be able to change,上海仙霞路夜生活Eden, with him in charge, in remarks during his testimony before the Senate Banking Committee.

Warren’s office did not immediately respond to a request for comment on Sloan’s remarks.

Sloan, who took over when former CEO John Stumpf abruptly departed in October 2016, said in January that Wells Fargo was not certain it had fully uncovered and fixed all scandal-related issues.

Internal reviews and regulatory probes have revealed problems in other areas beyond the initial unauthorized accounts, including mortgage lending and auto insurance.

Earlier this month Wells Fargo said it was ,上海夜哪里艳遇Kaiden,examining its wealth and investment management business for possible issues.

In the question-and-answer session with reporters, Sloan noted that the increase in his 2017 compensation from a year earlier in part reflected that he had been in the role for an entire year.

Regulatory filings on Wednesday showed Sloan’s pay rose 35 percent from the prev,上海夜网千花Dakota,ious year, even though he had opted out of an annual incentive plan.

“I went to the board and said that I don’t believe that it would be appropriate if I were paid a bonus for the year because we haven’t made enough progress in terms of advancing,” he said on Thursday.

He also said that the bank’s scandal-related issues have not resulted in any net loss of retail customers.

“We’ve had certain customers on the retail side that have left, but the net number of customers during this entire period continues to grow,” he said.

The Federal Reserve in February imposed a cap on the lender’s balance sheet until it improves governance, and Wells pledged a refresh of its board.

reported on Wednesday that U.S. regulators are preparing to sanction the bank for receiving commissions on auto insurance policies it helped force on drivers.

New EU law could make ECB’s bad loans rules ‘redundant’: Nouy

FRANKFURT ( ) – The European Central Bank’s new and contested rules on how much money banks must s,上海夜生活Dakota,et aside to cover loans that go unpaid might be “made redundant” by new European Union-wide legislation, the ECB’s top banking supervisor Daniele Nouy said on Monday.

Her admission, though tinged with scepticism, is likely to be seen as a victory by EU lawmakers and bankers in Italy, who have lobbied hard against ECB measures they fear could hurt economic growth and conflict with the planned EU law.

Criticized anew at an EU parliamentary hearing on Monday, Nouy said it would be good if EU law made the ECB’s guidelines “redundant” but that she was skeptical this would happen.

“It means that we could turn the page and move to something else,” Nouy told the hearing. “I’m a little bit skeptical but I’ll be the first to celebrate if that is the case.”

The ECB’s rules, unveiled in watered-down form earlier this month, give banks two years to provide for a loan that sours if it is not backed by collateral and seven if it is. They are not due to be fully enforced until 2021.

The Commission’s proposal is more lenient as it only applies to newly granted credit and gives banks an extra year for secured loans, among other aspects.

“In the end there should be an alignment, otherwise we just create confusion,” Roberto Gualtieri, the Italian chair of the European Parliament’s economic committee, told Nouy during the hearing.

He said he aimed to have the Commission proposal on the matter adopted before the next European elections in the spring o,上海夜生活群Gabe,f next year.

Nouy was presenting the ECB’s annual supervision report, which showed shortcomings and miscalculations worth more than 10 billion euros ($12.44 billion) had been found by her inspectors when going through euro zone banks’ loan books last year.

Some banks were found to be deficient in the way they identify problem customers and loans, set a上海夜生活网side provisions and choose when to grant credit, among other areas.

The ECB is now due to come up with a separate set of rules tackling bad loans already on banks’ balance sheets, a 700 billion euro legacy of the last recession that still affects most countries in Southern Europe.


During the hearing, Nouy also fielded questions from European lawmakers about the ECB’s failure to act in cases of alleged money laundering at Latvia’s ABLV Bank and Malta’s Pilatus Bank, unearthed by U.S. authorities in recent weeks.

She stressed the ECB had no competence over money laundering but described the incidents as “embarrassing” and called for new EU legislation on the matter and even the possible creation of a dedicated watchdog.

“I agree with you it’s very embarrassing to depend on the U.S. authorities to do the job,” Nouy said. “This has to change.”

ABLV Bank was declared failed by the ECB last month after being accused by U.S. authorities of large-scale money laundering.

Malta’s regulators impose,上海夜生活网交流Kai,d a freeze on the business of Pilatus Bank last week after its chairman’s arrest on charges of breaking U.S. sanctions.

($1 = 0.8037 euros)

Written by shyw on January 25, 2017 Categories: zcthzytd Tags: , ,

Oil rallies for weekly gain as S&P ends losing skid

NEW YORK ( ) – Oil prices finished the week at a gain after a big Friday rally, and U.S. stock indices ended flat-to-higher, to close a bumpy week on a high note.

Crude prices had been on track for a weekly loss, but spiked on Friday as energy investors looked to cover short bets ahead of a televised interview Sunday by the U.S. news program “60 Minutes” with Saudi Arabia’s Crown Prince Mohammed bin Salman.

The prince will be “comparing Iran’s Ayatollah to Hitler, and the battle in Ghouta, Syria, is ramping up,” said John Kilduff, partner at investment manager Again Capital in New York. “You can’t be short oil over the weekend with all that going on in the region.”

U.S. crude CLcv1 rose 1.72 percent to $62.24 per barrel and Brent LCOcv1 was last at $66.12, up 1.54 percent on the day. During the session, Brent hit $66.42, its highest since Feb. 28.

Gains on Wall Street also supported crude futures, which have recently been moving in tandem with U.S. stock indices.

The S&P 500 .SPX, which was down 1.5 percent on the week through Thursday, avoided its first five-day losing streak of 2018, gaining 4.68 points, or 0.17 percent, to 2,752.01.

The Dow Jones Industrial Average .DJI rose 72.85 points, or 0.29 percent, to 24,946.51, while the Nasdaq Composite .IXIC added 0.25 points, or 0 percent, to 7,481.99.

Wall Street nevertheless posted losses for the week, as shares struggled to w,上海夜生活网419Talon,eather a growing sense of turmoil in U.S. President Donald Trump’s administration and signs that protectionist policies could spur a trade war.

Those fears took a back seat on Friday to economic data showing U.S. factory output jumped 1.1 percent in February.

“Today, there are not a lot of headlines out of Washington, so the focus is more on the econ,上海夜生活服务Barney,omy,” said Keith Lerner, chief market strategist at SunTrust Advisory Services in Atlanta.

Energy led the S&P with a 0.9 percent gain amid the spike in oil prices.

Retailer Walmart Inc (WMT.N) added 1.9 percent, and Home Depot Inc (HD.N) half a percent, after the University of Michigan’s preliminary reading of consumer sentiment index rose 上海夜网more than expected to 102.0.

Both of those gains were down, however, from higher climbs earlier in the day.

European shares lost ground for the week, despite a modest gain on Friday, driven by exchange operator NEX Group Plc’s NXGN.L 30-percent jump after a takeover offer from U.S.-based peer CME Group Inc (CME.O).

The pan-European FTSEurofirst 300 index .FTEU3 rose 0.29 percent and MSCI’s gauge of stocks across the globe .MIWD00000PUS was about flat.

U.S. Treasury yields rose on the industrial data, and in anticipation of next week’s Federal Open Market Committee meeting, at which the U.S. central bank is expected to raise interest rates for the first time this year.

Benchmark 10-year notes US10YT=RR last fell 6/32 in price to yield 2.8445 percent, from 2.824 percent late on Thursday.

The 30-year bond US30YT=RR last fell 10/32 in price to yield 3.077 percent, from 3.061 percent Thursday.

The economic data, which bolstered the consensus expectation of a rate hike, also pushed the dollar up slightly against a basket of six currencies, with the dollar index .DXY rising 0.08 percent. The euro EUR= fell 0.15 percent to $1.2286.

But fears of political tensions did not disappear entirely, boosting the safe-haven Japanese yen, which strengthened 0.29 percent versus the greenback at 106.05 per dollar.

The dollar had earlier fallen as low as 105,上海夜生活去哪玩Fabi,.61 against the yen, the lowest since March 7.

Sterling GBP= was last trading at $1.3944, up 0.06 percent on the day.1.3944rising 0.08 percent

Euro zone bond yields kept falling after another European Central Bank policymaker warned that inflation in the bloc remained sluggish, a potential hurdle to the withdrawal of monetary stimulus.

On China trade clash, Wall Street embraces Trump’s poker face

SAN FRANCISCO ( ) – To Wall Street money managers who make bets for a living, U.S. President Donald Trump’s aggressive stance against China on trade looks like a high-stakes poker hand – but they believe they can play it for all it’s worth.

Fears that Trump could set off a trade conflict have roiled Wall Street since March 1, when the president announced plans to impose tariffs on imported steel and aluminum, risking retaliation from major trade partners like China, Europe and neighboring Canada.

It’s been a roller coaster ride, with markets slumping after Trump last Friday moved to impose up to $60 billion in tariffs on some Chinese imports and China declared plans to retaliate with duties of up to $3 billion of U.S. imports even as it urged the United States to “,上海夜哪里艳遇Octava,pull back from the brink.”

China’s willingness to negotiate spurred a r,上海夜生活怎么玩Dakota,ebound on Monday, though jitters in the tech sector drove markets back down on Tuesday.

Investors remain concerned about a trade war between the world’s two largest economies, but some big players are sanguine about their prospects to make money even as they try and dissect Trump’s strategy on trade.

The former celebrity businessman on March 2 tweeted, “trade wars are good, and easy to win,” shocking economists who c上海夜生活论坛ite evidence that trade wars in the past have been destructive to economies involved.

“Other administrations have gone to trading partners like China and asked for a fairer deal, only to get a cigar put out on their forehead,” said Steve Chiavarone, a portfolio manager at Federated Investors. “I suspect Trump’s bucking of norms is absolutely part of his negotiating tactics.”

Chiavarone and others said they remain confident the S&P 500 will rise significantly this year.

“So far you are talking about small amounts of tariffs in niche sectors,” said Phil Blancato, head of Ladenburg Thalmann Asset Management in New York. “For anyone who is looking for an opportunity to enter the market here at better valuations, this is it.”


“He has shown himself to act aggressively, quickly and unilaterally, and that’s brought China to the negotiating table,” said Ben Phillips, chief investment officer of EventShares exchange traded funds. “I truly think they are worried about him taking unilateral action and harming China’s economy.”

Fears of a trade war, which could hurt U.S. multinationals and dull the benefits of deep corporate tax cuts enacted this year, have helped push the S&P 500 down nearly 4 percent since the end of February.

The Trump administration has demanded that China immediately cut its $375 billion trade surplus with the United States by $100 billion, a position seen by some as an opening tactic in a long negotiation.

China could respond to U.S. measures with a range of tariffs aimed at U.S. multinationals, or even farmers in rural regions who helped Trump win the 2016 presidential election.

Trump’s bellicose stance with U.S. trade partners reflects a negotiating style outlined in his 1987 book, “Trump: The Art of the Deal,” said Oliver Pursche, chief market strategist at Bruderman Asset Management in New York.

“You propose something horrific, and then when you pull back what you want is not as painful as feared,” Pursche said,上海夜生活男人好去处Paige,. “The problem is the other side isn’t dumb. Eventually, they’re going to figure that out.”

Legal battle over Credit Suisse ‘volatility’ product expands to…

NEW YORK ( ) – The legal fight over a complex Credit Suisse financial instrument betting on stock market swings is expanding, with a new lawsuit targeting one of the product’s service providers.

An investor on Thursday sued both the bank and the service provider, a unit of Janus Henderson Group PLC, over the VelocityShares Daily Inverse VIX Short-Term Exchange-Traded Note (ETN).

That product, traded under the ticker XIV, lost most of its value after the U.S. stock market closed on February 5 in an incident now being probed by U.S. securities regulators. Credit Suisse later took the notes off the market.

Both companies have denied wrongdoing.

The lawsuit, which follows another filed on Wednesday against Credit Suisse and its executives, expand,上海凤楼夜网Macauly,s the focus to asset manager Janus Henderson Group.

Janus Index & Calculation Services LLC was responsible for providing estimates of the notes’ value.

On Feb. 5, those estimations slipped from $72.59 at 4 p.m. to $4.22 by 5:10, during which time they were not updated, as was typical, every 15 seconds.

Investors said lofty estimates led them to buy the notes at inflated prices. Credit Suisse did not announce the market disruption and Janus misreported,上海夜生活群Tabitha, the notes’ value, according to the most recent lawsuit filed in U.S. District Court in Man上海夜生活论坛hattan.

Credit Suisse said the risks were disclosed to investors, including that the estimates could be delayed by a data or market disruption.

“Credit Suisse did not engage in any conduct designed to mislead investors regarding XIV’s value or cause the February 5, 2018, decline in XIV’s price,” the bank said in an emailed statement on Wednesday.

Janus Henderson has not responded to requests for comment from .

“When VIX goes up as extraordinarily as it did overnight and yesterday, I think a short VIX strategy could be expected to have the sort of change in value that it,上海夜网推油Idaline, had,” said Dick Weil, Janus’s co-chief executive, on an February 6 earnings call.

“So from what I can see, the volatility products offered are performing, you know, as advertised, and that’s obviously very important to us.”

He said some of the products marketed by the company are not intended for “buy-and-hold” investors.

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

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

Alibaba doubles Lazada investment to $4 billion in aggressive…

BEIJING/SINGAPORE ( ) – Alibaba Group Holding Ltd (BABA.N) said it will invest an extra $2 billion in Southeast Asian e-commerce firm Lazada Group and tapped a top executive to run the business, as it takes on rivals such as tech titan Amazon in an aggressive expansion in the region.

One of the 18 founders of Alibaba, veteran executive Lucy Peng will take over as Lazada’s chief executive, replacing founder Max Bittner who will become a senior adviser to Alibaba.

Alibaba’s stake will increase to an undisclosed size following the latest investment, a spokeswoman told . It held an 83 percent stake prior to the investment, which now doubles to $4 billion from a $2 billion infusion over the past two years.

“The investment underscores Alibaba’s confidence in the future success of Lazada’s business and the growth prospect of the Southeast Asian market, a region that is a key part of Alibaba’s global growth strategy,” Alibaba said in a statement.

Backed by large cash piles and soaring stock prices, Alibaba’s new funding in loss-making Lazada u,上海夜生活去哪玩Quaid,nderlines an ambitious global push to secure a bigger share of the fast-growing multi-b,上海夜网推油Falkner,illion dollar e-commerce market.

It follows a year of brisk expansion in Southeast Asia by the Chinese e-commerce giant and its payment affiliate Ant Financial, as it faces off against the world’s biggest online r,上海夜生活网419Earl,etailer Amazon.com Inc (AMZN.O) and fellow Chinese retailer JD.com Inc (JD.O) to tap new consumers in the region.

“With a young population, high mobile penetration and just three percent of the region’s retail sales currently conducted online, we feel very confident to double down on Southeast Asi上海夜生活网a,” said Peng, who is also the executive chair at Ant Financial.


Alibaba operates in more than 200 countries and has more than 500 million people using its shopping apps every month, allowing Lazada to tap more of the e-commerce giant’s resources.

Rival firms are already plowing billions of dollars building extensive logistics infrastructure in the region.

Last year Amazon launched its two-hour delivery in Singapore, while China’s JD.com has built its own logistics network in Indonesia, and in January announced an investment in Vietnamese online retailer Tiki.vn.

“It’s a sign of how seriously Alibaba perceive the growth opportunity, and competitive threats, in Southeast Asia,” said James Lloyd, Asia-Pacific fintech leader at EY.

Indeed, with 640 million consumers, a growing middle class and deepening smartphone penetration, Southeast Asia is shaping up as a major battleground for technology giants. Consultancy Frost & Sullivan forecast total gross merchandise value of e-commerce in the region to rise to $65.5 billion in 2021 from $20.5 billion last year.

“If India was the first key battleground between U.S. and Chinese vertical-leaders, then Southeast Asia is surely the second,” said Lloyd.

Alibaba, which has posted double-digit revenue growth every year since 2013, has started offering curated selections of goods from its own Taobao platform to Lazada users. Last April Ant Financial acquired Lazada payment affiliate helloPay Group, re-branding it under its own Alipay brand.

In addition, its cloud business has invested heavily in building data center infrastructure in the region, facilitating the spread of its digital commerce and payments services.

Ant Financial, where Peng was previously chief executive, has also purchased stakes in a handful of other Southeast Asian Payment ventures.

Singapore state investor Temasek Holdings [TEM.UL] and Lazada management are the only other stakeholders in Lazada.

Launched in 2012, Lazada operates in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam.

Toys ‘R’ Us seeks to halt vendor payments ahead of liquidation

( ) – Toy retailer Toys ‘R’ Us Inc on Thursday asked the U.S. Bankruptcy Court for approval to stop paying all of its suppliers while it tries to line up buyers for its international business ahead of a planned liquidation of its U.S. operations.

The iconic toy store’s plan to liquidate inventory and shutter or sell its U.S. stores has put 30,000 jobs a,上海021夜网Tamara,t risk and left vendors wondering where to send merchandise stuck on ships and trucks, and whether their invoices will ever get paid, lawyers said at a court hearing on Thursday.

As shoppers flock to Amazon.com Inc and children choose smartphones and screens over toys, Toys ‘R’ Us has struggled to boost sales and service debt following a $6.6-billion leveraged buyout by private equity firms in 2005.

At a hearing at U.S. Bankruptcy Court in Richmond, Virginia, Toys ‘R’ Us lawyer Joshua Sussberg said the company was working to avoid any contagion from the U.S. liquidation on the foreign businesses it is trying to sell.

Part of that effort means separating the U.S. business from foreign operations to ensure that shipments can reach stores in Canada, Europe and Asia, where the company will be reviewing bid proposals in coming weeks.

But lawyers for vendors said they did not know whether they would ever get paid for those goods.

Kenneth Eckstein, a lawyer on behalf of the official committee of unsecured creditors, called the precipitous liquidation “extremely disappointing and sad,” noting that hundreds of vendors, thousands of employees and millions of customers will suffer.

Related CoverageToys ‘R’ Us asks court to halt vendor payments: lawyerHasbro sees near-term disruption from Toys ‘R’ Us liquidationSee more stories

“This is the largest and most rapid deterioration of a retailer and maybe that any Chapter 11 has ever entertained,” he said.


Toys ‘R’ Us – the last major retailer focusing solely on toys – plans to liquidate inventory at 735 U.S. stores, including Babies ‘R’ Us locations, by the end of this year. The wind-down follows a bruising holiday season, when the company failed to stay competitive and sales came in well below projections. The quarter accounts for 40 pe上海夜生活网rcent of its annual net sales.

With the disappearance of Toys ‘R’ Us, everything from squishies and slime kits made by small companies, to board games and Barbie dolls by heavyweights Hasbro Inc and Mattel Inc, will lose a top customer.

Hasbro said the pending liquidation and closure is expected to be “disruptive” in the near term.

Lutz Muller, president of consultancy Klosters Trading Corp, estimated a single-digit sales impact on companies like Mattel, Hasbro, Spin Master Corp, Jakks Pacific Inc, Funko Inc and MGA Entertainment Inc.

“Bad but not fatal,” Muller said. “But for the little guys that depended on Toys ‘R’ Us as a major showcase … a large number will go to the wall.”

Jefferies predicted the bankruptcy would depress 2018 revenue across the industry by between 2.5 percent and 5.5 percent. It said 40 percent of the toy sales up for grabs would flow to Amazon and 30 percent to Walmart Inc.

Shares of Mattel fell nearly 3 percent while shares of Hasbro were trading slightly lower on Thursday; they had tumbled last week ,上海夜生活男人好去处Naia,on Toys ‘R’ Us’ liquidation repor,上海夜网邀请码Faith,ts.

Toys ‘R’ Us’ creditors said in a court filing that Target Corp, Walmart and Amazon pricing toys at low margins, and a greater-than-expected decline in toy and gift card sales following its bankruptcy filing in September, led to the weak performance in the quarter.


Wayne, New Jersey-based Toys ‘R’ Us was already in the process of closing one-fifth of its stores as part of an attempt to emerge from one of the largest ever bankruptcies by a specialty retailer.

In September, when the company operated more than 1,600 stores globally, with roughly 800 stores outside the United States, it got court permission to borrow more than $2 billion to start paying suppliers.

But efforts to keep the business going collapsed after lenders decided they could recover more in a liquidation by closing stores and raising money from merchandise sales.

Seventy-year-old Toys ‘R’ Us does not rule out a last-minute offer for all of its stores and said it will announce the winning bidder of a March 29 auction on April 12.

More than 8,000 U.S. retail stores closed in 2017, roughly double the average annual store closures in the previous decade, according to data from the International Council of Shopping Centers.

Despite the threat of 30,000 job losses, experts do not expect retail employment and wages to be subdued in the near term. Approximately 700,000 jobs in the industry need to be filled, say retail staffing firms and trade federations such as the NRF.

Aly Sanchez, a two-year employee of Toys R Us in Kansas City, said, “It’s an overwhelming feeling not knowing what’s going to happen. And if we do close, we don’t know if we’ll even get severance pay.”

Trump is a ——: White House hopeful plays fill-in-the-blanks…

NEW YORK ( ) – Donald Trump speaks volumes in what he doesn’t say.

T,上海夜生活群Talon,he Republican presidential hopeful often fails to finish his thoughts during his speeches, abruptly breaking off a sentence or substituting a vague word for a more precise one.

Those half-finished sentences aren’t throwaways. They’re enthymemes, a rhetorical,上海夜网官方网站Dalton, device at the heart of a persuasive speaking style that has helped catapult the billionaire to the top of national polls ahead of the November 2016 election.

To his supporters, Trump is a politician who doesn’t sound like one: He says what he thinks, happily insults rivals and can appear unscripted, particularly when he leaves his thoughts to trail off unfinished or peppers sentences with ambiguities.

Take his comments during a recent Republican debate in which he defended his call for a temporary ban on Muslims entering the United States: “I talked about Muslims,” he said. “We have to have a temporary something, because there’s something going on that’s not good.”

It was left up to the listener to decipher what Trump was saying. What this means in practice is that supporters can tailor his statements to their own beliefs, rhetoric professors said. It also allows Trump, consciously or not, to avoid boxing himself in with quotes that rivals can use against him.

Strictly speaking an enthymeme is a form of argument in which at least one premise remains unstated. The concept isn’t new – it was described by the Greek philosopher Aristotle – and has been used in American politics in the past.

In practice, enthymemes come in various forms, including dramatic pauses, unfinished sentenc上海夜生活论坛es and the place-filling “somethings” Trump employs, according to the experts, who study U.S. public and political speech. In each case, listeners fill in the blanks.

Trump has used enthymemes when taking on Fox News anchor Megyn Kelly and one-time rival Carly Fiorina; he has used them in describing his opposition to a New York City mosque; he routinely uses them in speeches when talking about subjects ranging from immigration to trade wars.

In the case of Kelly, Trump, recounting a heated exchange between them during a televised debate, said she had “blood coming out of her eyes, blood coming out of her – wherever.”

His statement caused a furor among many who concluded Trump had meant Kelly was menstruating and hormonal and therefore irrational. Trump denied it and supporters came to his defense, pointing out he had never spoken the words.

Trump’s habit of leaving listeners to fill in the blanks isn’t new; it’s apparent in recorded interviews done well before his presidential bid. And it’s not clear whether he does it consciously. His spokeswoman, Hope Hicks, called it a symptom of a racing mind.

“People have said Mr. Trump’s speeches are like a game of chess – an intricate web of great genius,” she said.


    Enthymemes can have a potent effect on listeners, said Baylor University rhetoric professor Martin Medhurst. “You have involved them psychologically and helped to persuade them by having them persuade themselves.”

But the rhetorical device carries risks, especially in instances where the unfinished thought is so vague that listeners can complete it with either a positive or a negative statement.

In a Jan. 29 speech, for example, Trump described his views that China is exploiting the United States. “They’ve taken our jobs, they’ve taken our base, they’ve taken our money, and I love China, they get along great with me, I told you I have all these people, I do business with China, they agree with me. They can’t —.”

A clip of the statement was shown by to a group of students in a public policy class at New York’s Hunter College, who disagreed among themselves about what Trump’s next words would have been.

One student, Alexandre Alvalade Ximenes, a freshman studying political science and philosophy, completed Trump’s unfinished thought this way: “They can’t believe how intellectually inferior we ,上海仙霞路夜生活Hadley,are.”

Another, Matthew Locastro, also a political science major, filled in the blank with, “There’s no way they can disagree with him because of his working relationship with them.”

Trump isn’t alone in using enthymemes to effect.

In an interview last September with Rolling Stone, Trump mocked the looks of Fiorina. “Look at that face. Would anyone vote for that? Can you imagine that, the face of our next president?”

To some listeners, Trump was communicating that he thought Fiorina was ugly. Trump later denied he meant that.

Fiorina responded with her own enthymeme: “I think women all over this country heard very clearly what Mr. Trump said.”

Goldman Sachs sees reshaping of industries driving M&A

NEW ORLEANS ( ) – Major shifts in industries ranging from semiconductors and food to beverages and pharmaceuticals will keep fueling the blistering pace o,上海夜生活男人好去处Pamela,f mergers and acquisitions, one of Goldman Sachs Group Inc’s top dealmakers said on Thursday.

Gradually rising interest rates, stock market jitters amid concerns over U.S. trade policy, and new concerns about U.S. regulators moving to thwart mergers have raised questions on Wall Street on whether robust dealmaking activity will continue.

However, most transformative mergers and acquisitions are driven by industries that were static for several years and are now in the process of adjusting to ch上海夜生活网anges ranging from the introduction of new technologies to demographic shifts, Goldman Sachs global M&A co-head Michael Carr told the Tulane Corporate Law Institute conference in New Orleans on Thursday.

“We are in an environment where entire industries are changing structu,上海021夜网Kailani,re and that’s causing M&A to happen… Transactions beget transactions. Sometimes you need to do something because your neighbor did it, “ Carr said.

Semiconductor company managers, for example, have recognized they are in a race to gain scale, saying to themselves and rivals: “I’m either in this game or I’m a seller,” said Carr.

U.S. merger and acquisition volumes reached $389 billion so far this year, compared with $236.5 billion in the same period a year ago, as more mega deals were announced, according to Thomson data, including U.S. health insurer Cigna Corp’s $52 billion agreement to buy pharmacy benefits manager Express Scripts Holding Co and Keurig Green Mountain’s more than $21 billion deal to combine with soda maker Dr Pepper Snapple Group Inc.

Given the strategic reasons companies are exploring mergers, Carr downplayed the risk of rising debt financing costs and soaring corporate valuations weighing on M&A activity. However, he acknowledged that U.S. President Donald Trump’s administration has increased regulatory uncertainty for deals, especially those involving China.

“The relationship between the White house and Beijing is far from great,” Carr said.

With the Trump administration’s tax reform set, companies will have more cash to put to work. The U.S. corporate tax rate was cut to 21 percent from 35 percent at the start of the year. Also, billions of dollars will be brought back to the United States now that companies face a one-time tax on profits stock piled abroad.

“Right now,上海夜网Oakley, this feels like a bit of a juggernaut… this is going to continue until people do stupid deals,” Carr said.

Written by shyw on January 13, 2017 Categories: rjpcynas Tags: , , ,

Ackman exits Nike stake with $100 million in profit: source

( ) – Investor William Ackman has stepped out of his Nike (NKE.N) sneakers, at least in a financial sense.

The billionaire investor’s hedge fund Pershing Square Capital Management earned roughly $100 million in profit when it cashed out of its 0.71 percent stake in the sportswear company recently, a person familiar with the move said on Thursday.

Two months ago, the activist investor told clients that Pershing Square had taken a rare passive stake in Nike at the end of 2017, when the stock was trading at around $53 a share and that the bet had already earned them a roughly 30 percent gain.

Ackman, a passionate tennis player, is often photographed on courts wearing Nike apparel ranging from shoes to shirts to wrist bands.

The Wall Street Journal first reported the hedge fund’s exit from the Dow component.

The quick gains on Nike will be welcome news for Ackman’s investors who have watched him post losses for three consecutive years when long-held investments on Valeant VRX.TO and against Herbalife (HLF.N) weighed on return,上海新夜网龙凤Fabian,s. He exited Valeant last year and got out of Herbalife earlier this year.

In January, Ackman told his investors that he was making changes to return the prominent firm to its glory days by shrinking his team, becoming more involved in the investment process again and leaving the marketing to someone else.. The firm generated compound returns of 21 per cent a year net of fees over 11 years from its launch to the end of 2014. Then it lost money in 2015, 2016, and 2017.


So ,上海夜生活网419Queena,far, he has largely stuck to his plans to keep a lower profile. There was no big a上海夜网nnouncement that he had exited Herbalife and there was not much fanfare around the Nike investment either.

Still, Ackman’s private hedge funds are again in the red for 2018, nursing losses of roughly 3.7 percent as the broader stock market, as measured by the S&P 500, is roughly flat for the year.

Pershing Square, which traditionally makes investments where it seeks to make changes in the board room, has left Nike at roughly the same time the company is grappling with issues surrounding its culture. There have been complaints about workplace behavior and Trevor Edwards, an executive who had been seen as a possible successor to the CEO, is leaving.

Nike is scheduled to report its third-quarter earnings after markets close on Thursday.

Exclusive: Rosneft, Eni fail to discover oil at Black Sea well -…

MOSCOW ( ) – Russia’s state oil company Rosneft (ROSN.MM) and Italy’s Eni (ENI.MI) did not make a commercial oil discovery in the Black Sea as the well they were drilling proved to be dry, a source close to the operations told on Wednesday.

Rosneft chief executive, Igor Sechin, has partnered with a number of foreign companies to develop Russia’s offshore regions, though western sanctions have forced some of its partners such as ExxonMobil (XOM.N) to suspend projects.

Sechin has counted on the Black Sea as an area with high potential and any discovery would help send a message t,上海夜网推油Nala,hat the sanctions will not seriously hamper Rosneft’s global standing or cooperation with other global players.

But the well, “Maria-1”, which Rosneft and Eni started to drill in December, did not bring the desired results, a sourc,夜上海419龙凤论坛Earl,e close to operations said. Rosneft had planned a second well if the first showed hydrocarbon potential.

“There will be nothing. Nothing was found,” the source familiar with the operation said. “Demobilization (of equipment) has started.”

Eni, which holds a 33.33 percent stake in the Zapadno-Chernomorskaya project, declined to comment.

In the Black Sea, Rosneft faces a technically challenging project. “Not a single well has been drilled in the deep water Russian offshore (in the Black Sea),” Sechin said back in December.

The ultra-deep-water prospecting and appraisal well was drilled using the Scarabeo-9 rig and Rosneft said this week it had a target depth of 6,126 meters.


Contra上海夜生活论坛ry to previous statements when Rosneft has discovered oil, on Wednesday the company confirmed that drilling was complete and referred only to finding a “carbonate structure”.

“As a result of the work, a unique carbonate structure… was discovered, which is a fractured reservoir that is highly likely to contain hydrocarbons,” Rosneft said, without giving details of how much or what type of hydrocarbons the structure may contain.

“The obtained results inspire confidence in the discovery of large oil and gas deposits in the Russian area of the Black Sea,” Rosneft said, adding that it will now carefully study the material received by the drilling.

The wording contrasts with Rosneft’s statement following the completion of drilling on the first well in its Kara Sea project in September 2014.

Back then, Rosneft reported it found oil and Sechin took a group of reporters and TV crews to the Kara Sea.

Valery Nesterov, an analyst with Sberbank CIB, said that given there was no information about any oil flow from the “Maria-1” well, Rosneft may need additional drilling.

“The issue of carbonate structures is a high oil movement inside a layer,” Nesterov said. Th,上海夜网官方网站Hal,e high movement means that oil can migrate from one part of the structure to another and can be hard to track, if at all.

According to Thomson tracking data, the Scarabeo-9 rig started to move to the Romanian port of Constanta on March 19 and is expected to arrive there on March 24.

Eni, in contrast to its global peers, does not yet have any oil producing projects in Russia and has teamed up with Rosneft in the Black Sea and the Barents Sea in Russia’s Arctic.

Nesterov said that it was important to note that Eni has not pulled out of the partnership with Rosneft, despite what he described as ‘not very active’ cooperation. “Eni does not announce the exit and this is positive,” he said.

Rosneft said last December that oil resources in the license area in the Black Sea were estimated at over 570 million tonnes, or equal to more than two years of Rosneft’s current oil production.

The partnership has yet to begin drilling in the Barents Sea.

Derek Jeter’s Players’ Tribune expands into Europe

( ) – Players’ Tribune, the three-year-old digital media company owned by former Yankees shortstop Derek Jeter, is expanding into Europe and looking to sign deals with networks, online streaming services and other content distributors, executives told .

The New York-based company, which has raised $58 million in funding, is looking to appeal to global advertisers and content distributors such as television networks and online streaming services like Netflix, said Jeff Levick, chief executive officer.

The company, which just started producing branded content last year, said it has signed several seven-figure deals.

It has also signed deals with brands including Procter & Gamble Co and Samsung. Terms of those deals were not disclosed. The company declined to provide revenue numbers.

“We have shown that not only can we get global athletes but we can tell their stories,” said Levick, the former chief revenue officer of Spotify who joined Players’ Tribune last year as its first CEO.

Players’ Tribune in April will open offices in Barcelona and London and will launch in Europe this spring to coincide the 2018 FIFA World Cup. Given the popularity of athletes, part,上海新夜网龙凤Ebba,icularly soccer players in Europe, expanding abroad makes sense, Levick said.

Unlike the U.S. site which has primarily focused on text, the European site will feature more video, Levick said.

Players’ Tribune is working with Spanish soccer player Gerard Pique and his investment group Kosmos, to grow the business in Europe and bring athletes’ stories to the platform, Pique said.

Players’ Tribune is also doing shows, including a talk show that will be hosted by Pique.

Jeter started Players’ Tribune to allow his fellow athletes to tell their stories. For example, last year, National B,上海夜生活群Lake,asketball Association point guard Isaiah Thomas wrote a first-person essay about the difficulties he experienced when the Boston Celtics traded him to the Cleveland Cavaliers. The Cavaliers later traded him to the Los Angeles Lakers.

Players’ Tribune is expanding into Europe and looking to grow revenue at a 上海夜生活论坛time when more advertisers are looking for “brand safe” environments where their messages will not be in danger of being juxtaposed to untowa,上海夜生活网交流Pablo,rd content nearby, Levick said.

Players’ Tribune has about 3 million unique users a month, a fraction of those at sports sites like ESPN, which averages 85-95 million unique visitors per month.

But the audience is engaged, Levick said. Players’ Tribune averages 150 million content views a month and a viewer spends on average eight minutes on the site.

(This version of the story corrects to add ‘ to Players’ Tribune; clarifies that company has not disclosed value of Samsung and P&G ad deals)

U.S. dollar slides, yields slip, stocks steady after Fed meeting

NEW YORK ( ) – The U.S. dollar slid against major currencies, bond yields slipped, and stocks were mostly steady on Wednesday after the Federal Reserve raised its policy interest rate, and noted economic growth was strengthening, but left markets expecting onl上海夜网y three rate rises this year.

The U.S. cent,上海夜玩网论坛Mabel,ral bank as expected raised its policy rate to 1.50-1.75 percent, but disappointed currency traders who had bet it was prepared to raise rates four times this year as the jobs market approaches full employment.

The U.S. dollar saw its largest one-day loss in two months against major currencies. The U.S. dollar index .DXY, which tracks the greenback versus a basket of six currencies, fell 0.693 points or 0.77 percent, to 89.678, its steepest one-day drop since Jan. 24 when it fell 1.0 percent.

“It looks like a bit of a letdown even though the Fed’s overall outlook is hawkish because their economic outlook has strengthened,” said Minh Trang, senior foreign currency trader at Silicon Valley Bank in Santa Clara, California. “That’s why we are seeing a bit of a disappointment on the dollar side.”

U.S. Treasury yields ended slightly lower as Fed policymakers signaled that only three rate hikes may be needed this year, and not the four increases many had expected.

There,上海夜网推油Nadine, was “no change to 2018 and I think that’s why you have such a muted reaction,” said Aaron Kohli, an interest rate strategist at BMO Capital Markets in New York.

Two-year note yields US2YT=RR, which are highly sensitive to interest rate policy, jumped as high as 2.366 percent, the highest since September 2008, before falling back to 2.308 percent.

Benchmark 10-year note yields US10YT=RR increased to 2.936 percent, the highest since March 12, before retracing to 2.894 percent.

Concerns about rising U.S. Treasury bond issuance as the government faces a widening fiscal deficit after last year’s U.S. tax cuts has seen yields rise this year.

U.S. stocks ended slightly lower, with major indexes giving up gains in choppy trade in the wake of the Fed statement, while a rise in oil prices helped energy stocks.

“That’s a Fed that really feels good about the economy, not only this year but into next year,” said Jim Paulsen, Chief Investment Strategist at The Leuthold Group in Minneapolis.

“The initial response by equities was to go up because of the confidence the Fed seems to have in the economy. But with bond yields going up in anticipation of more hikes …, that kind of scared the stock market again.”

Concerns over the imposition of U.S. trade tariffs on metals and against China continue to weigh on financial markets.

“So far, we have seen low-level (trade) skirmishes, which are not material enough to affect the world economy. But if we see retaliation, and significant trade disruptions, it’s a different order of magnitude (which) could begin to affect global growth forecasts,” said Andrew Milligan, head of global strategy at Aberdeen Standard Investments.

The Dow Jones Industrial Average .DJI fell 44.96 points, or 0.18 percent, to close at 24,682.31, the S&P 500 .SPX lost 5.01 points, or 0.18 percent, to 2,711.93 and the Nasdaq Composite .IXIC dropped 19.02 points, or 0.26 percent, to 7,345.29.7,345.29

World markets had traded lower earlier after the Wall Street Journal r,上海夜生活男人好去处Idris,eported that China was planning counter-measures against U.S. trade tariffs. European shares fell and investors scurried for the safety of German government bonds and the Japanese yen.

A pan-European equity index was off 0.2 percent after the WSJ report on China.

Shares of Facebook Inc (FB.O) edged 0.7 percent higher after two days of steep losses that had wiped some $50 billion off the value of shares of the social media company.

Those declines, caused by controversy over the alleged misuse of user data, filtered through the tech sector, with technology companies .SPLRCT in the benchmark S&P 500 index down 2.0 percent for the week to date.

Fears of a trade war have also weighed on commodity prices, though tensions in the Middle East supported oil prices on Wednesday.

Crude oil hit a six-week high after a surprise decline in U.S. inventories, strong compliance on OPEC production cuts, and persistent concern related to the Iran nuclear deal.

Brent crude futures LCOc1 rose $2.05, or 3 percent, to settle at $69.47, nearly a 7-week high. U.S. West Texas Intermediate (WTI) crude futures CLc1 gained $1.63, or 2.6 percent, to settle at $65.17, their highest since Feb. 2.

The fall in the U.S. dollar after the Fed statement also helped to push gold prices up from a three week low.

Spot gold XAU= rose 1.8 percent at $1,334.75 per ounce, after hitting $1,335.47, its highest since March 7.

Baidu video streaming unit iQiyi launches $2.4 billion U.S. IPO

( ) – Chinese video streaming service provider iQiyi Inc, a unit of search engine giant Baidu Inc (BIDU.O), 上海夜生活网has launched an initial public offering in New York worth up to $2.4 billion, seeking to expand its range of content.

The listing is expected to give the firm extra financial muscle as it squares off against rivals in the Chinese market, including Alibaba Group Holding Ltd’s (BABA.N) service Youku Tudou Inc.

It plans to offer 125 million American depositary shares priced at $17 to $19 each, the company said ,上海会所夜网Radley,in a filing to the U.S. Securities and Exchange Commission.

Underwriters have an option to sell an additional 18.75 mi,上海夜生活网交流Dalton,llion shares, which if exercised in full could bring the value of the deal to about $2.7 billion.

IQiyi, which will list on the Nasdaq, said it expects to use about half of the proceeds to broaden and enhance its content offering while 10 percent would be earmarked to strengthen technology. The rest would go towards general corporate purposes.

Baidu owns 69.6 percent of the Netflix-like video platform and will continue to be its controlling shareholder upon completion of the offering, iQiyi said.

At the end of February, iQiyi had 60.1 million subscribers, over 98 percent of whom were paying members, it said.

IQiyi saw its 2017 revenue jump to 17.38 billion yuan ($2.7 billion), a gain of 55 percent over the previous year. It made a net loss of 3.74 billion yuan.

Bilibili, another Chinese video streaming company, also set tentative pricing for its New York listing, seeking to raise as up to $525 million.

Its depository shares will be offered in a range of $10.50 to $12.50 each. The deal includes an option for an additional 6.3 million shares to be,上海夜网官方网站Jacob, sold.

(This story corrects paragraph 6 to say Baidu owns a 69.6 percent of iQiyi, not 80.5 percent.)

Johnson & Johnson nears diabetes device exit with $2.1 billion…

( ) – Johnson & Johnson (JNJ.N) said on Friday it was offered about $2.1 billion for its LifeScan Inc unit, which makes blood glucose monitoring products, by private equity firm Platinum Equity, another step towards exiting the diabetes device market.

Platinum has given J&J until mid-June to accept the offer to allow for consultations with overseas workers.

Sales at J&J’s diabetes device business, which also includes Animas Corp and Calibra Medical Inc, have been falling since 2012 in a highly competitive market and the company said last January that it was evaluating options for the units.

J&J said in October it would shut down Animas, which makes insulin pumps, after failing to find a buyer. J&J spokeswoman Donna Lorenson said the strategic review of the Calibra division, which sells wearable insulin pumps, is ongoing.

LifeScan, which has headquarters in Chesterbrook, Pennsylvania, and Zug, Switzerland, sells p,上海夜网邀请码Earl,ersonal blood glucose meters, testing strips, and testing systems. More than 20 million people in 90 countries use its products.

Platinum Equity said in a press release that it is currently consulting with works councils that represent employees. The offer could be finalized by mid-June, unless it is extended, and a deal is anticipated to close by the end of 2018.

The company has 2,400 employees, largely in Europe, China and the United States, Lorenson said.


The price for LifeScan, which generated revenue of about $1.5 bil上海夜生活lion in 2017, was disappointing but fair since the unit had weighed on J&J’s growth for some time, Atlantic Equities analyst Steve Chesney said.

“Obviously expectations were for a higher valuation based on earlier reports, but probably closer to reality given ,上海夜生活网419Kai,the state of the business,” Chesney said.

had reported in January that Chinese buyers were interested in paying $,上海凤楼夜网Radcliff,3 billion to $4 billion for the companies.

Cowen analyst Joshua Jennings said in a research note that the LifeScan valuation was reasonable given that the business was declining and facing continued pricing pressure.

J&J said it factored the transaction into the 2018 earnings forecast it gave in January.

J&J shares fell 0.4 percent, or 56 cents, to $132.50 in morning trading.

Banks line up €7.3 billion debt for Akzo Nobel chemicals unit buyout

LONDON (LPC) – Banks have lined up to €7.3bn-equivalent of debt financing to back the buyout of Akzo Nobel’s (AKZO.AS) specialty chemicals business, banking sources said.

Akzo Nobel announced on Tuesday the sale of 100% of the busine,上海夜生活男人好去处Daisy,ss to private equity firm Carlyle Group (CG.O) ,上海夜生活网交流Queena,and Singapore’s GIC, for a slightly better than expected enterprise value of €10.1bn.

Barclays, HSBC and JP Morgan are leading the jumbo financing alongside Citigroup, Credit Suisse, Deuts上海夜生活论坛che Bank, RBC and UBS, the sources said.

Other banks could also join the financing, given its vast size.

The financing equates to around 6.4 times the unit’s approximate €1bn Ebitda and is set to comprise €6.5bn-equivalent of funded debt and around €700m-€800m of undrawn facilities.

The funded debt is expected to include around €5bn-equivalent of senior leveraged loans, mostly denominated in dollar,上海021夜网Jackson,s to match cashflows, but will still likely include up to €1.5bn-€2bn of euro-denominated loans.

The funded debt will also include around €1.5bn-equivalent of subordinated high-yield bonds.

The loans are expected to launch for syndication to investors before the summer.

Carlyle declined to comment on the financing.

The sale delivers one of the biggest commitments made by Akzo Nobel in its defense against a €26bn takeover offer from rival PPG Industries (PPG.N) last year.