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Goldman Sachs’ stock-based pay ratio still much higher than rivals’

BOSTON ( ) – Goldman Sachs Group Inc pays employees a much bigger portion in stock than Wall Street rivals, a trend that has come into sha,上海新夜网龙凤Gabrielle,rper focus as the bank overhauls its business strategy.

Goldman’s “burn rate” – the proportion of outstanding stock used to pay everyone from Chief Executive Officer Lloyd Blankfein to rank-and-file workers – averaged 3 percent over the past three years, the bank said on Friday in its annual proxy filing with the U.S. Securities and Exchange Commission.

That three-year burn rate compares with 0.64 percent recently reported by Citigroup Inc, and 1.82 percent at financial companies in the S&P 500, according to proxy adviser Institutional Shareholder Services (ISS).

Big investors take notice of a burn rate because it measures how much value a company transfers to executives, said John Roe, head of ISS’s data arm.

“The faster the company is diluting shareholders, the harder the company has to work just to get up to par,” Roe said.

Investors asked Goldman to put a special focus on its stock grant practices and how they dilute shareholders during feedback sessions last year, the bank said in its proxy filing. A spokeswoman declined to comment further.

If the high burn rate persists, Goldman stock could become less attractive to investors relative to its peers while potentially weighing on its operating performance.

Although Goldman slashed its annual burn rate to 2.2 percent last year from 6.6 percent in 2010, it remains elevated partly because of its business mix, which the bank is now trying to change.

Unlike rivals that have big retail operations stocked with bank tellers and other salaried branch workers, Goldman’s workforce is more weighted with investment bankers and traders. They typically receive a hearty portion of their pay in stock. That is by design, to better align their interests and risk-taking with shareholders.

Gol,上海夜网后花园Sabrina,dman also has been aggressively,上海夜生活网419Fabian, buying back stock, which elevates the burn rate. The bank has reduced outstanding shares 27 percent since the end of 2009, giving it a historically low share count, according to its proxy.

CHANGES AFOOT

Looking ahead, Goldman is moving into businesses like digital banking to offset declines in bond trading, its one-time profit engine. It has also been shifting workers from big cities to low-cost hubs to cut compensation expenses. Those trends could help subdue its burn rate. (reut.rs/AdGtFv)

Goldman finds itself using “muscles we never exercised before” as it shifts toward consumer-facing businesses, Blankfein told an audience in Boston last week.

“For us, there’s an evolution here. We became a bank holding company over a weekend,” Blankfein said, alluding to a move forced by the 2007-2009 financial crisis. “We didn’t do a lot of bank-like activities that could even be in a bank.”

Building “Goldman Sachs 3.0” is a process that will take time, he said.

As the biggest individual holder of Goldman shares, Blankfein arguably has more a上海夜生活t stake in the transition than anyone else. The 2.3 million common shares he owns is worth about $571 million, according to the company’s proxy.

Nordea shareholders approve plan to move HQ from Sweden to Finland

STOCKHOLM/HELSINKI ( ) – Nordea NDA.S,上海夜玩网论坛Larissa,T, the Nordic region’s biggest bank, won shareholder approval on Thursday to transfer its headquarters from Sweden to Finland – the first time since the 2008 financial crisis that a major bank has moved to avoid tougher rules.

The bank is moving to cut the costs of complying with Swedish regulations and to fall under the supervision of the European Central Bank (ECB).

Nordea says it wants a level playing field with rivals supervised by the ECB, which since 2014 has sought to establish common standards across the euro zone, which includes Finland but not Sweden.

“We only have one fifth of our business in Sweden. We are actually more a European bank than a Swedish bank or a Finnish bank,” Chairman Bjorn Wahlroos said at the bank’s annual general meeting, which voted overwhelmingly on Thursday to approve the move.

“The (euro zone’s) European Banking Union gives us a regulatory framework, and a stable framework, that is actually上海夜生活网 equal,” he said.

The Swedish government has long sought higher taxes on the banking sector, much to Wahlroos’s annoyance.

Nordea said a year ago it could move its headquarters if the Swedish government raised fees to cover the cost of winding up failed banks, prompting the centre-left coalition to soften some terms.

Sweden’s demand for big capital buffers has acted as a stamp of quality for buyers of bank debt, lowering borrowing costs for Swedish banks.

FINNS CELEBRATE

Finland, which is only just recovering from a decade of economic stagnation, celebrated Nordea’s move. The bank is set to become the largest company run out of Finland, overtaking Nokia (NOKIA.HE) in market value.

“This is a significant thing to our economy… The decision proves that Finland is an attractive environment for large companies,” Finance Minister Petteri Orpo said in a statement.

“This government will not tighten corporate tax ,上海夜生活群Jack,or bank fees, that would not be in no-one’s interest.”

The move’s immediate economic benefits will be limited but Helsinki hopes the move would help its financial sector compete and encourage new players to the country.

Meanwhile, the vote makes Finland the smallest country in the world to host a bank classed by regulators as systemically important globally, and bring with it a balance sheet of more around 600 billion euros – close to triple Finland’s annual economic output.

Howe,上海夜生活网交流Octavien,ver, regulators considers the risk that Nordea would ever require state money as very small.

“Large banks will not anymore be only a risk for taxpayers as the main responsibility will be on private investors,” Orpo said.

Finland’s financial watchdog said it would hire around 30 new employees to help it oversee Nordea.

Nordea’s move drew strong criticism in Sweden, with unions and politicians accusing the bank of being greedy and shortsighted.

The Swedish Shareholders’ Association voted against the proposal, arguing that more time should have been taken over such an important decision and that conditions for banking in Sweden could change after a September general election.

“It’s not like changing your shirt,” said Per Westerberg, chairman of the association. “We don’t vote ‘no’ because we think the arguments are wrong, but because the board is moving too fast,” he said.

Nordea expects one-off savings of around 0.9 to 1.2 billion euros from the move, which it expects to happen by October.

Nordea’s proposal to move, which needed a two-thirds majority to pass, got 96 percent of the votes at the meeting.

Toyota, Suzuki to produce cars for each other in India

TOKYO ( ) – Toyota Motor Corp (7203.T) and ,上海夜哪里艳遇Cade,Suzuki Motor Corp (7269.T) agreed on Thursday to produce上海夜生活论坛 cars for each other in India as Toyota aims to increase its market share in the world’s fifth-largest passenger car market.

The agreement follows an R&D tie-up announced by the two Japanese automakers a year ago, and will see Toyota, one of the world’s biggest automakers, secure production from its much smaller rival, which dominates India with its line-up of affordable compact cars.

Suzuki will supply gasoline and mild-gasoline hybrid versions of its Baleno hatchback, along with the Vitara Brezza compact SUV to Toyota while the latter will produce gasoline and gasoline-hybrid Corolla sedans for Suzuki, the automakers said.

Analysts said the arrangement would help Toyota expand its presence in India, where it has struggled to grow sales due to lean demand for its lower-cost models.

“India is a big blemish on Toyota’s otherwise strong track record for breaking into emerging markets,” said Janet Lewis, head of Asia transportation research at Macquarie Securities.

“By selling rebadged and slightly changed Balenos and Vitaras, Toyota can bolster its distribution network and move more towards expanding its market share.”

Manufacturing will begin by mid-2019. Under the deal, vehicles made by Suzuki will be rebranded and renamed as Toyota cars, while the Toyota vehicles will sport the Suzuki badge.

A Toyota spokeswoman declined to give details on production figures, while the Nikkei business daily reported that Toyota would supply around 10,000 vehicles to Suzuki, while Suzuki would produce up to 50,000 units annually for Toyota.

The deepening partnership between the two automakers will enable Suzuki to tap into Toyota’s R&D firepower to develop lower-emission vehicles and self-driving cars – areas which Suzuki has admitted it is struggling to keep up with.

The two companies plan to introduce electric cars in India around 2020.

Suzuki has dominated the Indian automobile market through a majority stake in Maruti Suzuki India Ltd (MRTI.NS), the country’s largest automaker, which sold roughly 1.6 million vehicles last year, accounting,夜上海论坛Hadrian, for every other car sold in the country. Producing 50,000 vehicles for Toyota would represent just a sliver of what Suzuki sold in India in 2017.

Toyota lags far behind with a roughly 5 percent market share. An additional 50,000 units could push Toyota’s annual sales above those of Honda Motor (7267.T) and Tata Motors (TAMO.NS), but it will still lag far behind the top three manufacturers – Suzuki, Hyundai Motor Co (005380.KS) and Mahindra & Mahindra (MAHN.NS).

Last year, Toyota sold roughly 140,000 cars in India, leaving its two plants in the country to operate at about half their capacity of manufacturing more than 300,000 vehicles a year.

Toyota has produced cars specifically for the Indian market for 20 years, but sales have been dented by poor demand of its last two no-frills models made specifically for India, the Etios sedan and the Liva hatchback, which were criticized for compromising on quality and finish to keep costs low.

The supply from Suzuki would alleviate pressure on Toyota to develop its own low-cost models for the country under its Daihatsu compact car brand, which has made limited progress in developing affordable, appealing models for emerging marke,上海仙霞路夜生活Oakley,ts.

In the past, Toyota had looked to Daihatsu for help to develop affordable, competitive cars in India. But its engineers and parts purchasing managers have told that establishing supply chains from scratch which can compete with Suzuki’s would be highly time-consuming.

Republican Marco Rubio not making a play for 2016 vice presidency

WASHINGTON ( ) – Former U.S. Republican presidential candidate Marco Rubio sa,上海仙霞路夜生活Naia,id on Thursday he would not be anybody’s running-mate in the Nov. 8 presidential election, slamming down rumors that he was seeking the vice presidential nod from former rivals.

“No, I’m not going to be anybody’s vice president… I’m not interested in being vice president,” Rubio told reporters on Capitol Hill.

Rubio also ruled out both seeking re-election to the U.S. Senate and a run for the Florida governorship, which was speculated as a potential next step for the first-term U.S. s,夜上海419龙凤论坛Earl,enator from Florida.

“I’m going to finish out my term ,上海夜上海夜网网推油Barbara,in the Senate over the next 10 months… and then I’ll be a private citizen in January,” he said.

Throughout his 2016 bid for the White House, Rubio repeatedly stated he was uninterested in returning to the Senate, instead focusing his campaign efforts solely on the Republican Party’s nomination.

Asked whether he would rule out a run for a political office in the future, Rubio said: “I’m not running for governor, I’m not running for re-election to the Senate. Beyond that, who knows?”

Rubio, once seen as the establishment favorite for the party’s nomination, suspended his campaign efforts on Tuesday following a loss in his home-state of Florida to party front-runner and political upstart Donald Trump.

Instant View: U.S. stocks tumble on trade worries

NEW YORK ( ) – Major U.S. stock indexes fell as much as 2 percent on Thursday, where they looked on track for the steepest drop since a Wall Street rout six weeks ago, in anticipation of an announcement by U.S. President Donald Trump that had traders concerned about prospects for a global trade war.

Markets pared gains slightly by midafternoon after Trump signed a presidential memorandum that could impose tariffs on up to $60 billion of imports from China, although his action was far removed from threats that could have ignited a global trade war.

White House officials told a briefing ahead of the trade announcement that the administration was eyeing tariffs on $50 billion in Chinese goods. There was no expla,上海夜生活Jacob,nation of the difference between the numbers provided by White House officials in the briefing and Trump’s $60 billion.

COMMENTS

KEVIN CARON, SENIOR PORTFOLIO MANAGER, WASHINGTON CROSSING ADVISORS, FLORHAM PARK, NEW JERSEY

“Once the (tariff) news came out, the unknown became a known. Perhaps that gave some traders a sense of proportion and removed one of the uncertainties from the market…It’s been a long time: you have to go all the way back to the Paris Accords of the 1980s to find something similar, where there was a direct effort to address the imbalance between two countries, and even then it was a more cooperative kind of effort. If this is just posturing, and there’s nothing on the follow-through, it will just evaporate. On the other hand, if there’s retaliation and things become more hostile, you can expect an interruption in trade and capital flow, which will be negative for the stock market in the near term.”

“In the long run, it might actually be a positive thing to resolve the global imbalance that many economists have said was at the root of the global instability that resulted in the financial crisis and the European debt crisis…It’s very unusual to have one country run a significant deficit or surplus against another country for a long period of time. That has been the relationship between the United States and China. It’s highly unusual and it’s not sustainable, without one country ending up with a large debt and a growth burden to go along with it.”

KEITH LERNER, CHIEF MARKET STRATEGIST, SUNTRUST ADVISORY SERVICES, ATLANTA

“Global growth momentum has shown a bit of softness, specifically in the manufacturing data, the PMI in Europe and Japan that came overnight. You also have some uncertainty around the Fed. It didn’t raise the forecast for interest rates for this year, but it did raise it for the (la上海夜生活ter) years. There’s still some anxiety around what that means for the market. The third thing is trade. The market expects the White House to announce tariffs on China today. The report is around $50 billion. So you take in trade, the Fed, softer economic data, that’s the catalyst for today’s move.”

“The bigger picture is that we’re in a multi-month bottoming process that’s very sloppy. The market is looking for a catalyst out there to break to the upside, and there’s not an obvious one in the near term.”

JOHN CAREY, PORTFOLIO MANAGER, AMUNDI PIONEER ASSET MANAGEMENT, BOSTON

“There’s too much negative sentiment right now. There are stories about the tech sector, between the disappointing results at Oracle and the Facebook situation, that place in doubt the continued leadership of the so-called FANG stocks. At the same time, you have concerns about tariffs with respect to international trade. There’s too much uncertainty for investors.”

“At the Fed press conference, the Fed reduced its outlook for the economy somewhat. It changed its description of economic growth to ‘moderate’ from ‘solid,’ suggesti,上海夜生活服务Eden,ng that maybe its view of things is a little bit more cautious. Yet it also indicated that it will continue its course of raising rates. Maybe that introduced a little bit of doubt about what the Fed is seeing with economic growth, the potential for accelerated growth.”

“I think it’s possible that it will be rough sledding for a while. I don’t see anything on the horizon that will reassure people that things are just great. We’ll have corporate earnings in the next few weeks. If those are better than expected, then it’s possible that the market will look beyond the uncertainties.”

MICHAEL O,上海021夜网Ida,’ROURKE, CHIEF MARKET STRATEGIST, JONESTRADING, GREENWICH, CONNECTICUT:

“There are trade war fears and we’re supposed to get (an announcement) on the Chinese tariffs and there’s (U.S. Trade Representative Robert) Lighthizer testifying in front of the Senate on trade policy. I don’t think that helps. Facebook still has its issues so that’s stirring tech. The fact that Mark Zuckerberg said maybe we should be regulated… I’m not sure that will inspire confidence on the part of investors.

“Treasuries are getting a flight-to-quality bid so that’s creating a bid in interest-rate sensitive names.”

STEFAN WINTNER, VICE PRESIDENT, VOLATILITY STRATEGIES, DUNN CAPITAL MANAGEMENT, STUART, FLORIDA “From what I see (in the U.S. equity options market), there does not seem to be a lot of panic there yet – at least not more than since the Feb 5 crash. “The Cboe Volatility Index is doing exactly what I would have expected given the size of the move in the S&P 500 Index. The VIX futures market at the moment is a bit subdued. I would say it could have gone up more if there had been panic. “In the past, we have seen larger moves closer to the end of the session. It appears people wait for an intra-day reversal of the S&P. Towards the end of the day, if we stay down there, in the S&P, where we are now, there could be a pickup in VIX futures activity.”

PETER COSTA, PRESIDENT, EMPIRE EXECUTIONS, NEW YORK

“The market has been extremely sensitive to anything to do with trade. Because in reality, no one wins a trade war, and if there is going to be any kind of escalation of a trade war with China, let’s say, we’re not going to be winners on that and neither are they. The market is a little spooked from that and anytime you hear that, that definitely puts a sour taste in people’s mouths.”

“(Facebook) definitely is impacting the tech sector and I think that has some bearing on the fact that tech stocks have been down.”

“There’s a lot of jitters about. There’s not a lot of positives right now to hang onto because earnings season is over and that is generally where you hang your positive feelings.”

MARKET REACTION

STOCKS: The Dow was down 368 points, or 1.49 percent; The S&P 500 was 1.34 percent lower and the Nasdaq was off 1.32 percent. The Dow and Nasdaq briefly fell more than 2 percent in late morning trade.

TREASURIES: The yield on the U.S. 10-year Treasury note fell to 2.8336 percent.

VIX: The Cboe volatility index rose to 20.56

DOLLAR: The U.S. dollar index was up 0.08 percent

Written by shyw on February 25, 2017 Categories: pqypogrx Tags: , ,

Qualcomm re-elects board of directors with tepid support

SAN DIEGO ( ) – Qualcomm Inc (QCOM.O) re-elected its board of directors on Friday with weak support from shareholders, who grilled the U.S. chipmaker over its strategy following its successful defense against a $117-billion hostile bid from Broadcom Ltd (AVGO.O).

Qualcomm has been under pressure to defend its decision to take Broadcom’s bid to a U.S. national security panel for review. This resulted in U.S. President Donald Trump blocking the deal earlier this month over concerns the acquisition would set the United States back in its race against China to develop 5G wireless technology.

The re-election of Qualcomm’s directors was not in doubt on Friday given that Trump had ordered Broadcom to drop its challenge to Qualcomm’s board and withdraw its nominees. However, the investor support the Qualcomm directors received was lower than in most cases where directors run for election unopposed.

Some of the directors were elected with more than 50 percent of the vote. The rest, including Qualcomm Chief Executive Steve Mollenkopf, received support in the range of 40 percen上海夜生活t to 50 percent, according to sources familiar with preliminary results of the shareholder vote.

“Anything below 80 percent to 90 percent of votes cast is kind of questionable, 40 percent is very questionable. (Trump)has created some breathing room for Qualcomm. Hopefully, they will use it wisely and improve both their Board and company,” said Kevin McManus, vice president and director of proxy services for Egan-Jones Proxy Services.

Ahead of Friday’s meeting, Institutional Shareholder Services Inc, a shareholder advisory firm, had urged investors to lodge protest votes for Broadcom’s withdrawn board nominees, even though they would not be counted under the company’s rules.

Mollenkopf told investors following the company’s rejection of Broadcom’s bid that he could achieve earnings per share of $6.75 to $7.50 in fiscal 2019, through a number of measures, including a $1-billion cost reduction program and the resolution of licensing disputes, including with Apple Inc (AAPL.O).

One shareholder at the meeting asked whether Qualcomm planned to return some or all of its offshore cash to shareholders “who have seen the shares go up to $80 and now is at $55” but “have been faithful. How about a little of that (cash)?”

Qualcomm CFO George Davis said the company’s offshore cash was already earmarked for use in the company’s $44-billion acquisition of chip maker NXP Semiconductors NV (NXPI.O), which is pending clearance from Chinese regulator MOFCOM.

“That doesn’t sound close to $80,” the shareholder responded. Davis pointed to the company’s earnings goal for its fiscal 2019. “That probably sounds more like $80,” Davis said.

SMALLER BOARD

Qualcomm last week said its board would shrink to 10 directors from 11 because former chairman Paul Jacobs, the son of Qualcomm’s co-founder, would not be renominated for the board after disclosing his intention to pursue a long-shot bid to take the company private.

Qualcomm shares closed down 1.9 percent on Friday at $53.66. NXP shares ended down 0.7 percent at $120.19, their lowest level since Qualcomm revised its NXP bid last week, amid investor concerns that China will block the deal.

In response to a shareholder question about MOFCOM’s delay in approving the NXP deal, Don Rosenberg, Qualcomm’s legal chief, said that Qualcomm had been “actively engaged” with Chinese regulators “as recently as this week.”

Mollenkopf said he believed the company would close the NXP deal on schedule and noted he was headed to China for a conference immediately after the shareholder meeting. But in response to separate shareholder question about U.S.-China relations, he said Qualcomm has little visibility into broader trends between the two nations.

“This is a little bit of uncharted territory for all of us,” Mollenkopf said. “We have developed a,上海夜生活男人好去处Mabel, strong China-friendly, U.S.-friendly business model.”

On Friday, Broadcom said its shareholders had voted to redomicile the company from Singapore to the Uni,上海夜生活Jackson,ted States. The compa,上海夜网后花园Eason,ny is hoping this will make its future acquisitions exempt from reviews from the U.S. security panel, known as the Committee on Foreign Investment in the United States.

However, Trump’s order prohibiting a Broadcom bid for Qualcomm continues to apply even after the redomiciling to the United States.

Deutsche Boerse could be fined for not updating market on CEO search

FRANKFURT ( ) – Germany’s financial markets watchdog is investigating whether Deutsche Boerse (DB1Gn.DE) should have provided more information to invest上海夜生活ors during its search for a new chief executive, with a ruling against the company potentially leading to a fine.

A spokeswoman for the BaFin watchdog said it was looking into whether the German stock exchange operator should have publicly disclosed that a personnel committee on the supervisory board had on Nov. 13 narrowed its CEO search to two candidates.

On Nov. 16, Deutsche Boerse announced that Theodor Weimer would be its new chief executive officer.

German law requires companies listed on an exchange to publish information that could affect share prices in a timely fashion. The rules are in place to prevent insider trading.

Failure to do so can in theory cost up to two percent of a company’s annual revenue, or 48 million euros ($59 million) in this case.

A spokesman for Deutsche Boerse said the company took its duties to promptly inform the public very seriously. “These duties were also ca,上海夜网邀请码Qirin,refully considered in the selection and appointment of a new chief executive officer,” he said.

Instead of waiting three days to announce the final decision, Deutsche Boerse could have been required to announce that it had short-listed two individuals, without naming names,,上海凤楼夜网Quaid, said a per,上海夜生活去哪玩Mabel,son familiar with the matter.

That could have cleared up concerns about a leadership vacuum, said the person, who was speaking on condition of anonymity due to the ongoing investigation.

Separately, BaFin has dropped an inquiry into a July 18 announcement by Deutsche Boerse about the status of an investigation into its previous CEO, the BaFin spokeswoman said.

WirtschaftsWoche first reported the news on BaFin’s investigations.

($1 = 0.8145 euros)

Advertisers look to online ads for brand growth: Zenith

( ) – Money spent on online advertising has risen rapidly, a leading forecaster said, despite talk about firms trimming digital ad budgets as they question the medium’s effectiveness.

Zenith, owned by France’s Publicis (PUBP.PA), forecast that advertisers would spend 40.2 percent of their budgets on online campaigns this year, higher than 37.6 percent in 2017.

“For many consumers, checking their mobile devices for social media has become a regular, ingrained habit, while social media ads blend seamlessly into their mobile app newsfeeds,” Zenith said in a statement.

Mark Zuckerberg’s Facebook (FB.O) is often credited with spearheading the social media revolution that has gripped billions of users globally.

However, the world’s largest social media network faces government scrutiny in Europe and the United States following allegations by a whistleblower that British consultancy Cambridge Analytica improperly accessed users’ information.

Global advertising ex,上海夜生活Cade,penditure is forecast to expand by 4.6 percent in 2018 to $579 billion, helped by improved economic growth in China and Argentina.

The new projection marks the biggest quarterly upgrade since March 2011 by Zenith, which had forecast 4.1 percent growth in December. [nL8N1O41AI]

Zenith added 上海夜生活网that it expected advertising expenditure to grow more slowly than the global economy as a whole out to 2020.

Zenith forecast that global advertising spending would rise by $77 billion between 2017 and 2020.

The United States, the world’s largest economy, would contribute the most to this additional outlay – 26 percent, with China ranked second.

A notable development in China is that television has fought back against strong competition from online video and no longer loses ad spend, which it did in 2014, 2015 and 2017, Zenith said.

In the Middle East and North Af,上海夜网后花园Cain,rica, a fall in oil prices in 2014 prompted advertisers to pare budgets in anticipation of lower consumer demand. Political turmoil and conflict have worsened, further shaking advertisers’ confidence in the region, Zenith said.

The forecaster estimates a 6.2 percent fall in ad spend this year in the region.

Zenith forecast 8.8 percent a,上海夜生活网交流Fabiana,nnual growth to 2020 in Eastern Europe and Central Asia, which were hurt by the Ukraine conflict in 2014, foreign sanctions on Russia and the drop in oil prices.

Factbox: The race to the U.S. presidential nominations: How…

( ) – The Democratic and Republican nominees for the Nov. 8 U.S. presidential election are decided in a series of state-by-state contests. The key to winning the nomination for each party is ultimately not about the popular vote, but about securing the number of delegates needed to win the nomination at each party’s convention – July 18-21 in Cleveland for the Republicans and July 25-28 in Philadelphia for the Democrats.

The following is a guide to the nominating process:

Q: Is the delegate selection process the same for the Republican and Democratic parties?

A: No. The parties set their own rules. One thing that is the same is that at each party convention, a candidate needs to reach only a simple majority of the delegate votes to win the nomination.

Q: How many delegates are there?

A: The Democratic convention will be attended by about 4,763 delegates, with 2,382 delegates needed to win the nomination. The Republican convention will be attended by 2,472 delegates, with 1,237 delegates needed to win.

Q: I keep hearing abo上海夜生活网ut “superdelegates.” Are they different from other delegates? Do both the Republicans and Democrats have superdelegates?

A: Superdelegates, officially known as unpledged delegates, are a sort of wild card in the nominating process, but only the Democrats have them.

The category was created for the 1984 Democratic convention, and according to political scientists, they are a legacy of the 1980 convention when there was a fight for the nomination between President Jimmy Carter, who was seeking a second term in the White House, and Senator Edward Kennedy of Massachusetts. Members of Congress were frustrated by their lack of influence, because delegates elected to support one candidate could not switch to support another. So Democratic members of the House of Representatives led an effort to win a role for themselves. That resulted in the creation of superdelegates.,上海夜网千花Tamara, Unlike other delegates, superdelegates may change what candidate they are supporting right up to the convention.

There is no fixed number of superdelegates because the group is defined by various categories whose members change from one election cycle to another. Here is who gets to be a superdelegate:

All Democratic members of the House of Representatives and the Senate; the Democratic governors; the Democratic president and vice president of the United States; former Democratic presidents and vice presidents; former Democratic leaders of the U.S. Senate; former Democratic speakers of the House and former Democratic minority leaders. Throw in the members of the Democratic National Committee and the former chairs of the DNC and you finally have the whole pool of superdelegates.

Q: What about the other delegates? Do they get to choose which candidate to support?

A: Both the Democratic and Republican parties send delegates to their conventions based on the popular vote in the primary elections and caucuses held in each of the 50 states. But the parties have different rules on how delegates are allotted to a candidate.

The Democratic Party applies uniform rules to all states. In each state, delegates are allocated in proportion to the percentage of the primary or caucu,上海021夜网Kailani,s vote in each district. But a candidate must win at least 15 percent of the vote to be allocated any delegates.

The Republican Party lets states determine their own rules, although it does dictate some things. Some states award delegates proportionate to the popular vote, although most such states have a minimum percentage that a candidate must reach to win any delegates. Some other states use the winner-take-all method, in which the candidate with the highest percentage of the popular vote is awarded all the delegates. Other states use a combination of the two methods.

States that use the proportionate method may instead use the winner-take-all method if one candidate wins more than 50 percent of the popular vote.

In addition, the Republican Party requires that all states with nominating contests held between March 1 and March 14 use the proportional method, meaning that all the states holding votes on Super Tuesday will have to award delegates proportionally.

Q: What happens to delegates if a candidate drops out of the race?

A: Another good question, because we have certainly seen that happen this year.

For the Democratic Party, in every state, delegates are reallocated to the remaining candidates.

For the Republican Party, it varies by ,上海夜生活去哪玩Ida,state. In some states, delegates are required to stick with their original candidate at least through the first ballot at the Republican National Convention. In some other states, if a candidate drops out, his or her delegates may immediately pledge to another candidate. There is also a middle ground in which those delegates are reallocated to the remaining candidates.

Graphic on the delegate count: tmsnrt.rs/1QHZulM

Graphic on Super Tuesday delegates won: tmsnrt.rs/1RABdg7

SOURCES:

Republican National Committee: here

here

Democratic National Committee: here

Battlopedia: here

Vote for Bernie: here

http://www.realclearpolitics.com

here

here

www.demconvention.com/

Cadillac, Lincoln launch SUVs in New York with an eye on China sales

NEW YORK ( ) – Luxury U.S. automaker brands Cadillac and Lincoln both unveiled SUV models this week at the ,上海夜生活网交流Radcliff,New York auto show to meet rising American demand, but also are keeping one eye on a growing Chinese appetite for the same vehicles, executives said.

Cadillac, General Motors Co’s (GM.N) luxury division, unveiled the XT4, a sport crossover, at the New York auto show on Tuesday.

Johan de Nysschen, who heads up the division, told on Wednesday that Cadillac is still in discussions with its Chinese joint venture partner SAIC Motor Corp (600104.SS) on rolling out the XT4 in that market, but he is optimistic that it will happen.

“The (Chinese) volume potential played an important role in ensuring the financial feasibility for the investment in this (vehicle) program,” de Nysschen said.

After the XT4, Cadillac plans a larger SUV with three rows of seats in 2019. China is the w上海夜生活网orld’s largest,夜上海419龙凤论坛Fabian, auto market and accounts for more than half of Cadillac’s sales. And as in the United States, more consumers in China are opting for SUVs instead of sedans. But Cadillac’s de Nysschen said overall, the number of sedans should continue to grow in China.

“Our data indicate that by 2025, ,上海足浴夜网联系方式Nadine,despite a contracting market share, the luxury sedan segment will be as big as the total Chinese luxury market today,” he said. “The (Chinese) market will almost treble over the next 10 years, so it’s massively important to Cadillac.”

GM Chief Executive Mary Barra on Wednesday told investors at a conference on the sidelines of the New York show that selling more vehicles, such as the XT4, in China should drive “a 100 percent increase in Cadillac profitability over the next four years.”

Separately, Ford Motor Co’s (F.N) Lincoln brand unveiled a three-row mid-size SUV at the auto show on Wednesday.

Consumers can buy the Aviator in a hybrid version, which Joy Falotico, head of the Lincoln division, said is aimed in part at the Chinese market with its looming government mandates for electric vehicles.

Chinese buyers “may have their parents in the back seat and they deserve the same stature as children,” Falotico said. “The fact that it’s a comfortable ride is a very important feature.”

Powell’s Fed to show policy caution, shun political friction

WASHINGTON ( ) – Jerome Powell heads for his first interest rate increase as Federal Reserve Chairman this week with an unanswered question looming above others: could his optimism about the U.S. economy lead to more hikes than markets have prepared for?

Powell’s public comments and conversations with his Fed colleagues since January, when he was confirmed as chairman, suggest such fears are overblown: Powell, the consensus-builder, may make some tweaks to reflect changing economic conditions but is as committed to gradual, moderate rate increases as his predecessor Janet Yellen who adopted that approach.

The new chairman’s overriding concern will be to sustain one of the longest U.S. recoveries for as long as possible, according to conversations with Fed officials and analysts. But given signs that the economy’s potential has strengthened, that might mean a policy-tightening cycle that lasts longer, with rates going a bit higher than earlier thought.

Powell was widely seen as a choice of continuity when President Donald Trump picked him. He served as one of the Fed governors during the central bank’s transition from crisis-era stimulus to a more balanced approach that l,上海会所夜网Idaleen,ed to three rate increases last year in response to steady growth and falling unemployment.

Yet uncertainty over how the 65-year old lawyer and former investment banker would steer the Fed was on full display last month when global stocks sold off briefly after Powell’s first congressional testimony.

Investors initially took his upbeat assessment of the U.S. economy as a sign he was more of a policy “hawk” than Yellen, and that four rate hikes might be in stor,上海夜玩网论坛Jacob,e for this year rather than the three previously telegraphed by the Fed.

This might still turn out to be the case. Even the dovish Fed Governor Lael Brainard noted recently that the economy’s “headwinds are shifting to tailwinds.”

But a stronger economy does not necessarily mean the Fed is abandoning its balanced assessment of risks to growth and price stability. Rather, it can give Powell wiggle room in balancing nudging inflation up after more than five years below target, and guarding against the risk of runaway prices as some $1.8 trillion in tax cuts and new government spending take hold.

Under Yellen, the central bank was still more guarded about the economic impact of such fiscal stimulus that could overheat an economy already near full capacity, but also boost business confidence and productivity, giving the rates more room to rise.

One hint whether the Powell Fed now sees more policy leeway will come on Wednesday when the central bank will publish its new median estimate of the so-called neutral rate of interest – the level that neither stimulates nor chills the economy.

This rate has drifted down to a 2.75 percent median, from 4 percent in 2013. A rise to, say 3 percent, could signal the fiscal stimulus and recent data like the blockbuster February jobs report have begun convincing Powell and others that the gradual rate-hike cycle could go on for another couple years or more, allowing,上海仙霞路夜生活Barney, extra room to cut rates in the next recession.

IF IT AIN’T BROKE

The Fed is expected to lift its policy rate to a range of 1.5 to 1.75 percent at the end of its two-day meeting on Wednesday and also update its assessment of the economy. (Fed’s hawks and doves: tmsnrt.rs/1N6BwRs)

Months of synchronized global growth, some signs of U.S. price pressures and fears Trump’s protectionist steps could escalate into a trade war have fanned concerns within the Fed that inflation, now a bit below its 2-percent target, could accelerate. (Graphic: tmsnrt.rs/1N6BwRs)

Some policymakers also worry the tax cuts could stoke risky investments that could tip the economy into another downturn.

But the Powell Fed is likely to take extreme care not to over-react to stronger economic data, according to a series of public statements by policy上海夜生活论坛makers and minutes of their January meeting.

Investors can also take comfort from what those who have worked with Powell describe as his “if it ain’t broke, don’t fix it,” approach, which ultimately helped him land his job.

While Powell has shown little appetite for sweeping changes, such as revamping an inflation-targeting regime as advocated by some of his colleagues, the new Fed chief has already begun setting his own tone.

He is “careful and practical but definitely open to new approaches,” said Narayana Kocherlakota, former Minneapolis Fed president who worked with the then-Fed Governor Powell between 2013 and 2015.

For one, Powell, a Republican former Treasury official who enjoys his regular private meetings with lawmakers of both parties, emphasizes a warmer relationship with Congress and avoids venturing outside of the Fed’s strict policy remit.

During his first appearance on Capitol Hill as Fed chief, when asked what he was willing to do to ensure economic growth benefits all Americans and not just elites, Powell stuck to the script saying the Fed simply lacked the tools to do that.

That marks a contrast to the era when Yellen and her predecessor Ben Bernanke were in charge.

Their years in office were dominated by innovation and experimentation in the face of crisis, an overhaul of how the Fed sets and communicates policy, and sometimes free-form public discussions about social issues like inequality that put Yellen in particular at odds with the Republicans who control Congress.

So far Powell has dropped no hints of immediate changes to press conferences or other means of communication. His reluctance to take unnecessary risks may convince him that any change could confuse the public, do little to improve policy, and draw unnecessary political fire.

Asian business sentiment edges up to hit seven-year high: Thomson…

SYDNEY ( ) – Business confidence among Asian companies rose in the first quarter to the highest level in seven years, a Thomson /INSEAD survey showed, as a fresh surge by the Chinese economy offset concerns about rising trade barriers. 上海夜生活

The Thomson /INSEAD Asian Business Sentiment Index .TRIABS RACSI, representing the six-month outlook of 67 firms, advanced one notch to 79 for the January-March quarter compared with three months before.

A reading above 50 indicates a positive outlook.

“The improvement is not dramatic but with a historical perspective this is a good reading,” said Antonio Fatas, a Singapore-based economics professor at global business school INSEAD.

Thailand, the Philippines and Malaysia saw robust jumps in sentiment, showing that many countries in Asia continue to benefit from accelerating global growth. In particular, China has seen exports soar, up 45 percent in February to mark their fastest growth in three years.

(PDF of survey – tmsnrt.rs/2HMxYCl)

(Graphic: Business sentiment index – tmsnrt.rs/2G9OZJs)

(Graphic: Bigg,上海夜生活去哪玩Landon,est perceived risks – tmsnrt.rs/2G77AGg)

“China … has escaped the fear of a crisis that started back in 2016 and that’s why you see strong confidence. Imbalances persist but there is no real threat of a crisis over the short term,” said Fatas.

The subindex for Thailand surged to 100 from 85 and the Philippines saw a climb to 83 from 70 while sentiment in Malaysia improved five notches to 75.

“The tourism and export sector expansion will help drive growth (in Thailand) this year,” said Rattham Somboonchareon, a planning manager at survey respondent Thai Airways (THAI.BK), adding that government spending was also a key driver of growth.

Australia’s subindex dropped to 80 from 92, although the figure is relatively high when compared with its historical average of 69.

While the International Monetary Fund and the World Bank have raised their global growth forecasts for this year due to strong trade, consumer spending, and investment in many major economies, intensifying rhetoric in favor of protectionism has become a major concern.

U.S. President Donald Trump has announced import tariffs on steel and aluminum, and is expected to consider additional tariffs targeted spe,夜上海419龙凤论坛Tallulah,cifically at China. He has also repeatedly said the U.S. free-trade deal with South Korea is “unfair” and has threatened to scrap it altogether on multiple occasions.

That has battered sentiment in South Korea, with the country’s subindex plunging to 50 from 83.

“There is a sense among Korean businesses that Trump will continue to be aggressive against their country,” said Fatas.

Si,上海夜网邀请码Talon,ngapore’s subindex declined to 75 from 79. The country’s exports took a surprise dip in February as tech product shipments continued to retreat from the hot pace of recent months.

Japan, where consumer spending numbers have been subdued, recorded its lowest reading in a year, at 67 compared to the fourth-quarter’s 70. India also experienced a decline in sentiment, falling to 72 from 79.

The index for sentiment in China increased to 88 from 83, but the number of respondents was low at four companies.

Increasing trade friction and higher interest rates were cited as the biggest concerns in the Thomson /INSEAD survey.

By industry, the technology, construction, energy and metals sectors expressed concern about trade friction, showed the survey, which was conducted March 2-16.

Sectors which identified rising interest rates as a risk included the energy, real estate, retail and technology sectors. The energy sector also showed concern about the potential for a sudden asset price correction.

The auto sector matched its highest subindex reading posted seven years ago, while the retail and leisure sector recorded its best ever reading. Healthcare had its highest score in two years.

Note: Companies surveyed can change from quarter to quarter.

Global stock investors call tech support and get nowhere

NEW YORK ( ) – Stocks stumbled again on Wednesday as jitters about major technology and internet companies pushed investors toward their first quarterly fall in equity markets in two years.

Amazon.com Inc (AMZN.O), Netflix Inc (NFLX.O) and Apple Inc (AAPL.O), once market leaders, mutated into an albatross just one day after concerns about other t上海夜网echnology names sent stocks down sharply.

Amazon fell 4.4 percent after reports that U.S. President Donald Trump is looking to target the company by changing its tax treatment.

The 47-country MSCI global index .MIWD00000PUS sank 0.7 percent, enough to send traders piling back into the safety of bonds.

Safe-haven 10-year U.S. Treasury notes US10YT=RR rose in price to yield 2.777 percent, the lowest since early February’s market meltdown.

That decline in yields chipped away at the spread between 2-year Treasuries US2YT=RR, which yield 2.282 percent, and longer-term bonds. Some investors see a narrowing between those bonds’ yields as a sign the economy will sputter.

“There’s a general rotation from risky assets towards safe-haven assets … with weakened equities and trade war tensions in the general backdrop,” said ING rates strategist Benjamin Schroeder.

The market’s losses were extended after China’s state-run Global Times reported that Beijing would soon announce a list of retaliatory tariffs on United States imports, reigniting fears of a U.S.-China trade war.

Amazon, categorized as a consumer discretionary name rather than a technology stock, weighed on its sector, which also includes Netflix and which is grappling with the potential for trade conflict and investors’ growing impatience with high U.S. stock valuations.

Apple (AAPL.O) dropped 1.1 percent after Goldman Sachs cut its March and June quarter sales estimates for the iPhone, citing weak demand.

Wednesday’s stock rout came after tech woes had given the Nasdaq its worst day since June 2016 on Tuesday.

Facebook Inc (FB.O) and Twit,上海夜生活怎么玩Sabine,ter Inc (TWTR.N) sank on Tuesday over data privacy concerns. Those social media shares pared their losses from the day prior after Facebook adjusted privacy settings to give users more control over their information.

Nvidia (NVDA.O), by contrast, added another day of losses after the chipmaker temporarily suspended self-driving tests across the globe after an Uber UBER.UL autonomous vehicle killed a woman.

The Dow Jones Industrial Average .DJI fell 9.29 points, or 0.04 percent, to 23,848.42, the S&P 500 .SPX lost 7.62 points, or 0.29 percent, to 2,605 and the Nasdaq Composite .IXIC dropped 59.58 points, or 0.85 percent, to 6,949.23.

The pan-European FTSEurofirst 300 index .FTEU3 rose 0.53 percent.

Asian stocks .MIAPJ0000PUS traded 1.75 percent lower, with Japan’s Nikkei .N225 ending down 1.3 percent and top Chinese internet stock Tencent (0700.HK) down 4.6 percent.

Since hitting a record high on Jan. 26, world stocks have been battered by worries about rising inflation, the pace of U.S. interest rate hikes and the possibility of a global trade war. The MSCI global index is down 9 percent from its high this year.

“We are rotating from the old regime of low interest rates and growth stocks like the FAANGs (Facebook, Amazon, Apple, Netflix and Google parent Alphabet Inc (GOOGL.O)) into a new world where that paradigm is rocked and that creates volatility,” said SEB Investment Management’s global head of asset allocation Hans Peterson.

TRADING BLOWS

The report that Beijing plans to announce retaliatory tariffs against Trump’s plans for tariffs on,上海021夜网Pablo, up to $60 billion of Chinese goods was also rekindling worries about a Sino-U.S. trade war.

“The market is still nervous, and there’s a feeling you never know what Trump will do. But excessive wariness is likely to gradually wane,” said Hiroshi Watanabe, economist at Sony Financial Holdings.

The dollar got some respite from its recent sell-off as revised fourth-quarter data showed U.S. economic growth slowed less than previously estimated and revealed the biggest gain in consumer spending in three years.

The dollar index .DXY rose 0.8 ,上海晚上耍女人的地方Hadley,percent, with the Japanese yen weakening 1.50 percent at 106.94 per dollar.

Dollar gains put pressure on commodities. Spot gold XAU= dropped 1.4 percent to $1,325.21 an ounce.

U.S. crude oil futures CLcv1 settled at $64.38 per barrel, down 1.3 percent, after data from the Energy Information Administration showed a surprise build in U.S. crude stockpiles.

Missouri Senate Republicans pass anti-gay religious amendment

CHICAGO ( ) – A 39-hour Democratic filibuster in the Missouri Senate ended on Wednesday when Republicans forced a vote and approved a proposal to prohibit sanctions against groups and wedding vendors that discriminate against same-sex couples for religious reasons.

The resolution to am,上海021夜网Idris,end the state’s constitution passed 23-9 after the majority Republican caucus used a parliamentary maneuver to end the filibuster, which began at 4:00 p.m. CST on Monday, said Lauren Hieger, communications director for the Missouri Senate Majority Caucus.

The amendment must be voted on again in the Senate next week before passing to the lower house, where Republicans have a majority, and then to the state’s voters, Hieger said.

Missouri Governor Jay Nixon, a Democrat, applauded the effort by the Senate minority to block the resolution. “Rewriting our state’s constitution to condone discrimination would be contrary to our values and harmful to our economy,” Nixon said in a statement on Wednesday.

The legislation is among a series of measures introduced around the country by conservatives in response to last year’s U.S. Supreme Court legalization of same-sex marriage. The measures seek to protect religious groups and companies from being fined or punished if they decline to provide services such as wedding cakes or flowers to same-sex couples.

Republicans who backed the amendment said it was about religious freedom, but De上海夜生活论坛mocrats said it would enshrine discrimination in the state’s constitution.

Given their minority position in both chambers of Missouri’s General Assembly, Democrats chose t,上海夜网邀请码Ida,o filibuster, debating overnight on Monday and Tuesday to block the initiative.

“Inspired by senators’ heroic stand against discrimination in #MO. The nation is watching & cheering you on!” Nixon tweeted on Tuesday night.

“In our pluralistic society, we should have room to respect the religious freedom of Missourians,” Republican Senator Bob Onder, who sponsored the bill, told reporters at a news conference on Wednesday morning. He said the language of the bill was modified in a compromise on Tuesday to narrowly define wedding vendors.

The American Civil Liberties Union civil rights group said it would work to fight the bill in Missouri’s House ,上海夜生活怎么玩Sabrina,of Representatives.

“This amendment raises serious constitutional concerns because it singles out same-sex couples for discrimination,” Jeffrey Mittman, executive director of ACLU of Missouri, said in a statement.

Kenya’s ruling party says hired firm linked to data breach

N,上海仙霞路夜生活Gabrielle,AIROBI ( ) – Kenya’s ruling Jubilee party said on Tuesday it had paid for “branding” in the 2017 presidential election from SCL, affiliate of consultancy Cambridge Analytica, which is at the center of an election manipulation scandal involving Facebook.

Best known for helping Donald Trump’s U.S. presidential bid in 2016, the London-based consultancy also ran the campaigns of Kenyan President Uhuru Kenyatta in the 2013 and 2017 elections, according to video secretly recorded and broadcast by Britain’s Channel 4 News on Monday.

Commenting on the role of SCL in last year’s Kenyan election, an ethnically divisive affair in which about 100 people were killed, Jubilee vice-chairman David Murathe said: “They were basically branding and all that but not directly.”

It was the first public comment by a senior official of Kenya’s ruling party on SCL’s involvement in the election.

Murathe did not elaborate on the precise nature of the work done by SCL or Cambridge Analytica in Kenya.

Kenyatta came to power in 2013 and won a second and final term last August, defeating opposition leader Raila Odinga by 1.4 million votes. The Supreme Court nullified the vote citing procedural irregularities and ordered a second election that Kenyatta also won.

In Channel 4 News’s “sting operation”, Mark Turnbull, a managing director for Cambridge Analytica and SCL Elections, bragged about the extent of his firms’ influence in the Kenyan elections in both 2013 and 2017.

Cambridge Analytica denied all allegations made by Channel 4 News, saying it was humoring the und,上海足浴夜网联系方式Daisy,ercover reporters and trying to gauge their motives by actively encouraging them “to tease out any unethical or illegal intentions”.

The consultancy is currently facing a search of its London office and questions from U.S. state authorities after a whistleblower rev上海夜生活ealed it had harvested the private information of millions of people to support Trump’s presidential bid.

Kenya’s opposition reacted angrily to the reports of Cambridge Analytica’s involvement in the Kenyan elections.

“The same propaganda that they used in Trump’s election is what has been used in Kenya. Cambridge Analytica is now becoming an international propagandist,” said Junet Mohamed, a lawmaker for Odinga’s ODM party and its director of elections.

However, Jubilee senator Kipchumba Murkomen denied any influence on the election, saying that social media were of only marginal influence in Kenya despite its reputation as one of Africa’s most tech-savvy ,上海夜生活男人好去处Macey,nations.

“Those things don’t influence elections in Kenya,” he said. “Kenya is not America. In Kenya, vernacular radio stations are more influential than those things.”

UK lawmakers publish evidence from Cambridge Analytica whistleblower

LONDON ( ) – A committee of British lawmakers published written evidence on Thursday provided by a whistleblower who says information about 50 million Facebook users ended up in the hands of political consultancy Cambridge Analytica.

Cambridge Analytica said the documents did not support whistleblower Christopher Wylie’s testimony to the committee this week.

Wylie, who formerly worked for Cambridge Analytica (CA), alleges the data was used to help to build profiles on American voters and raise support for Donald Trump in the 2016 U.S. presidential election.

He also alleges that CA was linked to Canadian firm AggregateIQ (AIQ), which he says was involved in the development of the software used to target voters. AggregateIQ, he says, received payment from a pro-Brexit campaign group before the 2016 referendum when Britain voted to quit the European Union.

This was co-ordinated with the lead “Vote Leave” group in a breach of British electoral funding rules, Wylie alleged. Vote Leave denies any wrongdoin,上海夜生活乌托邦Gabrielle,g.

Wylie appeared before the Digital, Culture, M,上海夜生活怎么玩Mabel,edia and Sport Committee of the British parliament on Tuesday. The committee said Wylie provided it with documents including a services agreement between AIQ and SCL Elections, an affiliate of Cambridge Analytica, dated September 2014.

was unable to independently verify the authenticity of the documents made public by the committee.

“None of these documents support the false allegations made,上海021夜网Barbara, in Tuesday’s hearing,” Cambridge Analytica said in a statement, adding that Wylie had left the company in July 2014 and would have no direct knowledge of its work or practices since then.

“It is wrong to suggest that Cambridge Analytica’s earlier relationship with Aggregate IQ implies that we were involved with their work for Vote Leave. Cambridge Analytica did no work in any capacity in the 2016 EU referendum.”

AIQ did not respond to a request for comment after Tuesday’s committee hearing, but in an earlier statement said it had never entered into a contract with Cambridge Analytica and had never been part of the firm.

The parliamentary committee’s chairman has said it was “a上海夜生活网stonishing” that Facebook CEO Mark Zuckerberg decided not to answer lawmakers’ questions, given the claims that Wylie had made about how data was used.

Smurfit Kappa rejects raised bid from International Paper

DUBLI,上海凤楼夜网Earl,N ( ) – Ireland’s Smurfit Kappa (SKG.I) rejected a raised takeover offer from International Paper (IP.N) on Monday, frustrating a bid to combine the largest listed U.S. paper packaging firm with Europe’s biggest.

The Memphis-based company, which has a market value of almost $21 billion, had raised its offer for Smurfit Kappa in hopes of entering into merger talks. Smurfit Kappa had turned down a proposed face-to-face meeting this month, it said.

“We believe our revised proposal is responsive to the views of Smurfit Kappa shareholders and provides a sound basis upon which to secure a recommendation from Smurfit Kappa’s board,” International Paper’s chairman and CEO Mark Sutton said in a statement after Smurfit rejected its second offer in a month.

Smurfit said its board had unanimously rejected the increased offer of 25.25 euros in cash and 0.3 new International Paper shares.

The offer valued Smurfit at 8.9 billion euros ($11 billion)based on International Paper’s closing price on Friday. The Irish firm said that remained well below valuations in recent industry transactions.

“The Board is resolute in its belief that the best interests of the group’s stakeholders are served by pursu上海夜网ing its future as an independent company,” said Smurfit, which operates in 35 countries in Europe and the Americas.

Smurfit Kappa shares closed down 3.4 percent at 33.56 euros, though still about 17 percent higher than the level they were trading at before International Paper’s initial approach.

RBC Capital Markets analyst Paul Quinn said the drop in shares could indicate that the situation was tilting in International Paper’s favor.

International Paper has indicated it was willing to move quickly and coo,上海夜生活网交流Dahlia,peratively to engage with Smu,上海夜生活Pablo,rfit.

International Paper’s shares were up about 4 percent at $52.16 in afternoon trading on the New York Stock Exchange.

A merger would help International Paper diversify beyond North America and the company said it could generate annual synergies of at least $450 million at a one-off cost of $570 million.

Growth in consumer spending and online shopping have boosted demand for packaging in recent years.

But some analysts said International Paper should be careful about increasing its bid further, as savings from a potential deal could be limited.

“One of the primary concerns investors have had since the news about IP’s initial approach broke was that the synergy opportunities weren’t obvious given the lack of geographic overlap,” said KeyBanc Capital Markets analyst Adam Josephson.

International Paper said expected savings from a deal with Smurfit would represent just 5 percent of Smurfit’s sales, compared with the 8 percent to 12 percent of sales for the U.S. company’s three most recent acquisitions.

($1 = 0.8066 euros)

Written by shyw on February 7, 2017 Categories: rjpcynas Tags: , , ,

EU leaders receive positive news on Trump tariffs

BRUSSELS ( ) – European Union leaders gave a cautious welcome on Thursday to news that U.S. President Donald Trump had decided not to apply tariffs to European steel and aluminum but said they were waiting for Washington to confirm that decision.

U.S. Trade Representative Robert Lighthizer had earlier told a Senate committee hearing that Trump had chosen to “pause” the imposition of metals tariffs for Argentina, Australia, Brazil, Canada, Mex上海夜网ico South Korea and “Europe”.

His comments prompted EU leaders arriving in Brussels for a summit to postpone a discussion about transatlantic trade tensions until later in the evening.

The United States is set to begin charging import duties of 25 percent on steel and 10 percent on aluminum from Friday.

One senior EU official described Lighthizer’s announcement as “welcome, in line with our expectations”, adding: “But we’ll see whether this is officially confirmed.”

The exemption from tariffs, if it is confirmed, followed EU Trade Commissioner Cecilia Malmstrom’s trip to Washington for talks with Lighthizer and U.S. Commerce Secretary Wilbur Ross.

Briefing EU ambassadors and the European Parliament on Thursday morning, she had indicated there was a greater willingness to find a solution to avert a trade war.

German Chancellor Angela Merkel told reporters that Europe had shown itself united in its support of free trade and rejection of protectionism.

French President Emmanuel Macron said he expected a final announcement on U.S. tariffs late evening Brussels time.

“My wish is that we can continue to preserve international trade rules that are good for all and that the powers that have contributed to putting them in place will assure that they are respected,” he said.

TECH TAX

The European Commission h,上海夜网Hal,a,上海夜网推油Nadia,s proposed that, if tariffs are imposed, the bloc should challenge them at the World Trade Organization, consider measures to prevent metal flooding into Europe and impose import duties on U.S. products to “rebalance” EU-U.S. trade.

The EU leaders’ second topic on Thursday, taxation, also threatens to expose transatlantic strains.

The European Commission on Wednesday proposed rules to make digital companies pay more tax, with U.S. tech giants such as Google (GOOGL.O), Facebook (FB.O) and Amazon (AMZN.O) set to foot a large chunk of a potential 5 billion euro ($6.1 billion) bill.

EU,上海夜玩网论坛Barney, Economics Commissioner Pierre Moscovici brushed off accusations that he was going after rich American tech companies to enrich EU coffers and France, Germany, Italy, Britain and Spain welcomed the proposals in a joint statement.

However, some smaller countries fear the proposed tax would undermine their ability to attract multinationals and see the measure as more likely to shift tax revenue to bigger EU countries rather than raising more money.

($1 = 0.8143 euros)

Written by shyw on February 5, 2017 Categories: pqypogrx Tags: , ,

China urges WTO members: Put U.S. tariff ‘beast back in the cage’

GENEVA ( ) – China called on World Trade Organization members on Monday to unite to prevent the United States “wrecking” the WTO, and it urged them to oppose U.S. President Donald Trump’s tariffs targeting China’s alleged theft of intellectual property.

Trump’s trade policy, labeled “medieval” by former WTO head Pascal Lamy, has inflamed international opinion this year.

While a U.S. veto on new WTO judges jams up legal disputes in Geneva, Trump has slapped tariffs on solar panels, cited national security to restrict steel and aluminum imports, and demanded that China slash $100 billion from its U.S. trade surplus.

China’s WTO ambassador Zhang Xiangchen said the latest U.S. move, linked to alleged theft of U.S. innovation, was fundamentally incompatible with the WTO.

“In the open sea, if the boat capsizes, no one is safe from drowning. We shouldn’t stay put watching someone wrecking the boat. The WTO is under siege and all of us should lock arms to defend it,” he told a WTO meeting.

Washington needed WTO authorization for the intellectual property tariffs, he said.

“WTO members should jointly… lock this beast back into the cage of the WTO rules,” Zhang said.

A U.S. diplomat at the meeting said Chinese technology transfer policies cost U.S. businesses billions of dollars annually, and noted that the United States had filed a WTO complaint accusing China of allowing patent theft and discriminating against foreign technology holders.

China is alone in facing that,夜上海论坛Gabi, allegation, but it is not alone in its opposition to Trump’s worldwide tariffs on steel and aluminum, and on Monday it became the first country to launch a WTO claim of compensation for lost metals exports.

STEEL BAR

The U.S. tariffs on steel and aluminum imports have drawn widesp上海夜生活网read criticism and sparked fears that metals markets elsewhere will be oversupplied after the United States slams its door.

The EU served notice on Monday that it could also introduce protective steel tariffs to stop the supply surge, although its study of the situation could take nine months.

It and four other U.S. allies have temporary exemptions from the tariffs. South Korea became the first to get an indefinite waiver after agreeing to cut steel exports by 30 percent of the past three years’ average.

That worries steelmakers in Japan, which is not exempt.

“We are concerned that the new tariffs are being used by the U.S. as a card for wider trade negotiation deals,” said Japan Iron and Steel Federation Chairman Kosei Shindo.

The steel tariffs are based on a claim to “national security”, a justification that the United States says provides immunity to a legal cha,上海夜网推油Ida,llenge at the World Trade Organization.

The United States has already submitted an opinion in a WTO dispute between Russia and Ukraine, saying that national security is “self-judging” – a stance that puts it on the side of Russia and at odds with Ukraine and the EU.

Others insist a national security claim must rest on hard evidence. China said many countries saw no such threat for the United States, where domestic steel production covered military needs,上海021夜网Jacob, 32 times over, or more if one counted exemptions given “temporarily and likely permanently” to U.S. allies.

Russian steelmaker Severstal filed a New York lawsuit last Thursday, arguing that the tariffs were unlawful and that the exemptions revealed the “specious” national security claim.

“The president’s public statements on these exemptions lay bare that not only was the Steel Proclamation a political move, but the true rationale was simply that of seeking leverage in other trade negotiations,” Severstal’s lawsuit says.

A spokeswoman said Severstal strongly believed the tariffs violated international regulations and U.S. law, and the national security claim was unfounded.

BMW says electric car mass production not viable until 2020

FRANKFURT ( ) – BMW (BMWG.DE) will not mass produce electric cars until 2020 because its current technology is not profitable enough to scale up for volume production, the chief executive said on Thursday.

Munich-based BMW unveiled its first battery electric car in 2013, and has been working on different generations of battery, software and electric motor technology since then.

The i8 R,夜上海论坛Jack,oadster model, due to hit showrooms in May, is equipped with what BMW calls its fourth-generation electric drive technology. Advances in battery raw materials and chemistry has increased its range by 40 percent over the previous version, BMW said.

BMW is working to make electric car technology more modular and scalable to make mass production commercially viable.

“We wanted to wait for the fifth generation to be much more cost competitive,” Chief Executive Harald Krueger told analysts in Munich. “We do not want to scale up with the fourth generation.”

The cost advantage between BMW’s fourth and fifth generation electric vehicle technology was a “two digit number” in percent terms, Krueger said. He did not offer precise figures.

“If you want to win the race, you must be the most cost competitive in the segment, otherwise you cannot scale up the volume,” he said.

BMW is working on a sixth generation of its technology and is investing a 上海夜网three-digit-million euro amount in battery cell research to better understand mass production, the company said.

BMW makes electric cars at 10 plants across the world but has focused mainly on hybrids, which combine combustion engines with battery powered electric motors, rather than vehicles reliant solely on batteries for their power.

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BMW said it wanted to add 25 new electrified models by 2025, of which 12 vehicles will be fully battery electric variants.

Thanks to a new production method available from 2020 onwards, BMW will be able to make all its cars with pure electric, hybrid and combustion engined variants.

In 2019 BMW will start making a fully electric Mini at its plant on the outskirts of the British city of Oxford, and will start production of a battery electric version of the X3 offroader in 2020.

BMW is increasing the number of factories where it makes the X3 offroader. This year it will start making the X3 in China and South Africa, in addition to Spartanburg in the United States.

BMW has chosen Contempora,上海夜生活网419Tamara,ry Amperex Technology Co Ltd (CATL) as its partner in China for battery cell production, Krueger said.