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UK investigates Facebook over data breach, to raid Cambridge Analytica

LONDON ( ) – Britain is investigating whether Facebook did enough to protect data after a whistleblower said a London-based political consultancy hired by Donald Trump improperly accessed information on 50 million Facebook users to sway public opinion.

Facebook (FB.O) shares closed down nearly 7 percent on Monday, wiping nearly $40 billion off its market value as investors worried that damage to the reputation of the world’s largest social media network would deter users and advertisers.

Elizabeth Denham, the head of Britain’s Information Commission, is seeking a warrant to search the offices of consultancy Cambridge Analytica after a whistleblower revealed it had harvested the private information of millions of people to support Trump’s 2016 U.S. presidential campaign.

“We are looking at whether or not Facebook secured and safeguarded personal information on the platform and whether when they found out about the loss of the data they acted robustly and whether or not people were 上海夜网informed,” Denham told BBC Radio.

U.S. and European lawmakers have demanded an explanation of how the consulting firm gained access to the data in 2014 and why Facebook failed to inform its users, raising broader industry questions about consumer privacy.

In Washington, the Republican chairman of the Senate Commerce, Science and Transportation Committee sent a letter on Monday to Facebook CEO Mark Zuckerberg requesting information and a briefing on the Facebo,上海021夜网Eden,ok user data.

“The possibility that Facebook has either not been transparent with consumers or has not been able to verify that third party app developers are transparent with consumers is troubling,” read the letter which was also addressed to Nigel Oakes, chief executive of Cambridge Analytica’s affiliate SCL.

Bloomberg reported that the U.S. Federal Trade Commission is investigating Facebook. Its shares fell a further 1.8 percent.

In London, the head of Britain’s cross-party Media parliamentary committee also wrote to Zuckerberg asking for more information. “We would like to receive your response by Monday 26 March,” lawmaker Damian Collins wrote.

Related CoverageIndex provider MSCI says it is reviewing Facebook data privacy issueMalaysia says never hired British data firm at center of scrutinySee more stories

In Dublin, Ireland’s privacy watchdog said it was following up with Facebook to clarify its oversight. The Irish body is the lead regulator for Facebook in the European Union because the network’s European headquarters are in Dublin.

Created in 2013, Cambridge Analytica markets itself as a source of consumer research, targeted advertising and other data-related services to both political and corporate clients.

According to the New York Times, it was launched with $15 million in backing from billionaire Republican donor Robert Mercer and a name chosen by the-then future Trump White House adviser Steve Bannon.

Facebook says the data were harvested by a British academic, Aleksandr Kogan, who created an app on the platform that was downloaded by 270,000 people, providing access not only to their own personal data but also their friends’.

Facebook said Kogan then violated its policies by passing the data to Cambridge Analytica. Facebook has since suspended both the consulting firm and SCL (Strategic Communication Laboratories), a government and military contractor.

Facebook said it had been told that the data were destroyed.

Kogan says he changed the terms and conditions of his personality-test app on Facebook from academic to commercial part way through the project, according to an email to Cambridge University colleagues obtained and cited by CNN.

Kogan says Facebook made no objection, but Facebook says it was not informed of the change, CNN reported. Kogan was not immediately reachable for comment.

GRAVE VIOLATION

“If this data still exists, it would be a grave violation of Facebook’s policies and an unacceptable violation of trust and the commitments these groups made,” Facebook said.

Cambridge Analytica has denied all the media claims and said it deleted the data after learning the information did not adhere to data protection rules.

On Tuesday people were seen carrying multiple plastic storage containers into and out of the building that houses Cambridge Analytica’s London office, among other companies. It was not clear which firm they were going to.

“We are not alone in using data from social media sites to extract user information,” Cambridge Analytica said. “No Facebook data was used by our data scienc,上海夜生活怎么玩Queena,e team in the 2016 presidential campaign.”

Denham, head of the Information Commissioner’s Office (ICO) said on Monday she was seeking a warrant to access the offices of Cambridge Analytica after seeing an investigation by Britain’s Channel 4 news which secretly recorded its executives boasting of their ability to sway elections.

She said it would not take long to obtain the warrant.

“We have offered to share with the ICO all the information that it asked for and for the ICO to attend our office voluntarily, subject to our agreeing the scope of the inspection,” Cambridge Analytica said.

Facebook said it had hired forensic auditors from,上海夜生活论坛Gabriel, the firm Stroz Friedberg to investigate and determine whether Cambridge Analytica still had the data. The auditors were in Cambridge Analytica’s offices on Monday night but left at the request of the British authorities.

The Information Commissioner can currently impose fines of up to 500,000 pounds ($700,000) but will gain the power to fine an organization up to 4 percent of its global turnover when new data protection legislation comes into force in May.

The criticism of Cambridge Analytica presents a new threat to Facebook, which is already under attack over Russia’s alleged use of Facebook tools to sway U.S. voters with divisive and false news posts before and after the 2016 election.

“This story comes on the back of increasing scrutiny and societal unease with FB’s potential impact on kids as well as increasing concerns around the power of mega cap Internet names, setting the stage for deeper investigation,” Deutsche Bank analyst Lloyd Walmsley wrote in a note, keeping his “buy” rating on Facebook stock.

Walmsley said he was worried “about how scrutiny could ultimately impact Facebook’s ability to gather and deploy data for ad targeting, which has been critical to ad efficacy and budget growth”.

The company said last month it had 1.4 billion active daily users, up 14 percent from a year earlier. But the number of daily users in the United States and Canada fell for the first time in its history, dipping in the company’s home market by 700,000 from a quarter earlier to 184 million.

($1 = 0.7136 pounds)

Bike-sharing companies face an uphill ride in U.S.

SAN FRANCISCO ( ) – A bike-sharing craze that has swept China over the past two years is picking up speed in cities across the United States, but with a different spin as tough local regulations rein in the roll-out of dockless bikes.

Chinese startups pioneered dockless bike sharing: unlock a bike with your cellphone, ride it, park it, and relock it. But the downside has been bikes piled everywhere in many cities, clogging the sidewalks.

Many major U.S. cities have pre-empt,上海足浴夜网联系方式Kaia,ed that problem with rules that sharply limit how many dockless-bike companies can operate and how many bikes they can offer in an effort to avoid problems with blocked sidewalks.

Mobike, one of the Chinese bike-sharing giants, has launched in just five U.S. cities and is deliberately moving slowly to work with local communities, according to U.S. General Manager Jason Wong. In Dallas, a city that bike-share companies say is lax on regulation, Mobike has “voluntarily capped” its dockless bike number at 3,000 to make sure the business can thrive in the long term.

Ofo, another Chinese dockless bike-sharing power, will not enter a city without the blessing of local officials, said Chris Taylor, head of the company’s North America business. It is now in 25 U.S. cities, including Seattle, San Diego, and Washington, D.C.

“I think it’s definitely tougher than it is in China but I see that as a good thing,” said Toby Sun, co-founder and CEO of San Mateo, California-based LimeBike. The company put its first dockless bikes on the road in June and has so far raised $132 million from investors, including top Silicon Valley venture capital firm Andreessen Horowitz.

In New York City and San Francisco, dockless bike sharing is all but banned. Both cities have exclusive, multi-year deals with Motivate, which operates the Citi Bike and Ford GoBike services, which use fixed docking stations.上海夜生活网

“There’s one city in the U.S. that didn’t have any regulation and that’s Dallas, and quickly had more than 20,000 bikes that were not being used very often and so now they’re looking at what kind of regulation they want to adopt,” said Ryan Rzepecki, CEO of electric bike-sharing startup Jump Bikes.

“There’s going to be some regulation and that does impact the growth.”

Jared White, a spokesman for Dallas, said the city is getting ready to roll out permits and is ,上海夜生活乌托邦Larissa,considering imposing a fee on bike-sharing companies.

Meanwhile, cities with bike-share docking stations are considering what to do next. San Francisco has given a permit for electric bike-sharing to Jump Bikes, though it is limited to 250 bikes at the start.

New York City is considering dockless bikes for areas that are not serviced by the Citi Bike program. Nice Ride, a non-profit in Minneapolis that has been running a bike-sharing program for the past 8 years, has signed up Motivate to help run the docked bikes and roll out a dockless program to test the new concept.

Beyond the cautious city officials, bike-sharing companies face the challenge of getting Americans accustomed to driving to pedal instead – especially when the public transit options are far inferior to those in the biggest Chinese cities.

But the uphill ride is not worrying investors betting on so-called last mile solutions – bikes, electric bikes, and scooters. Just last week the electric scooter-sharing ,上海夜网邀请码Hadleigh,company Bird, which was founded in the fall of last year and has already had to pay fines to the city of Santa Monica for leaving scooters around town, raised $100 million in a series B funding.

As Trump stimulus fades, Fed sees tight monetary policy on the horizon

WASHINGTON/SAN FRANCISCO ( ) – The Trump administration’s punchbowl of tax cuts and government spending may leave the U.S. economy with a stinging hangover in two years, according to fresh Federal Reserve forecasts that show monetary policy moving into “restrictive” territory for the first time in more than a decade.

The new round of projections by policymakers, issued on Wednesday, was the clearest indication yet that higher short-term growth coming from massive fiscal stimulus may pose a cost down the road in the form of interest rates high enough to actually put the brakes on the economy.

A starkly different view has predominated since the 2007-2009 financial crisis. The Fed has focused for the past decade on how much accommodation to,上海夜网Qirin, provide, in hopes of easing the economy into a steady groove of full employment and low inflation.

In the Fed’s latest projections, however, the effect of the administration’s tax and spending plan seems to diminish hopes for such a soft landing.

The Fed expects the fiscal stimulus to boost economic growth for two years, but ,上海夜网推油Barney,give no apparent permanent help to the economy. Unemployment dives, inflation rises just above the Fed’s target, and the central bank responds with interest rates rising to 3.5 percent in 2020, a full half a percentage point above the current estimate of “neutral.”

After an extended period of cheap borrowing costs, that rate could be “a lot more damaging to consumer and business sentiment,” than similar rate levels in the past, said Scott Anderson, chief economist for Bank of the West in San Francisco.

The policy forecast for 2019 and 2020 seems “like a lot of rate hikes and it does raise the risk that the Fed overshoots and triggers a downturn,” he said.

FRO,上海新夜网龙凤Fabi,M ‘MODESTLY RESTRICTIVE’ TO LEANING IN

Fed chairman Jerome Powell in his press conference termed that policy path “modestly” restrictive, but emphasized it was a median of forecasts by individuals, not a f上海夜生活ormal projection by the central bank. In addition, it is “years in the future, it is highly uncertain,” he said. “I would not put a lot into that.”

Still, the fresh “dots” and economic forecasts issued by the Fed did start to hint at conclusions at the central bank about the combined impact of President Donald Trump’s economic initiatives to date.

Powell and his colleagues see the fiscal stimulus pressing unemployment to boomtime lows of 3.6 percent, and appear ready to let that happen without fear of inflation rising too fast.

But the effects fade, and long-term growth falls to around 1.8 percent annually, far from the 3 percent Trump has pledged his tax and spending plans would produce.

There is “higher growth over the next year or two as a result of fiscal stimulus, not as a result of structural factors, such as a permanent improvement in productivity,” Cornerstone Macro analyst Roberto Perli wrote.

The Fed’s response will not necessarily trigger a recession. But it does indicate that Trump’s plans will exact a cost.

“It is a realistic path for rates,” said Nathan Sheets, chief economist at PGIM Fixed Income in Newark New Jersey. “I have never seen a hiking cycle by a central bank that in the process of that hiking didn’t overshoot.”

U.S. probes air bag failures in deadly Hyundai, Kia car crashes

WASHINGTON ( ) – The U.S. National Highway Traffic Safety Administration said on Saturday it is opening a probe into why some air bags failed to deploy in Hyundai and Kia vehicles after crashes in which four people were reportedly killed and another six injured.

The agency said it was reviewing 425,000 2012-2013 Kia Forte and 2011 Hyundai Sonata cars. It also said it will determine if any other manufacturers used similar air bag control units and if they posed a safety risk.

Hyundai Motor Co issued a recall last month for 154,753 U.S. Sonatas after non-deployment reports were linked to electrical overstress in the air bag con,上海夜生活桑拿会所Mace,trol unit, but said it did not have a final fix yet.

Hyundai spokesman Jim Trainor said the South Korean automaker is aware of reports of two deaths in its vehicles, which he said occurred in head-on collisions at extremely high rates of speed. Trainor said the automaker is working with NHTSA in the investigation, and that it has not seen any issues with any vehicle apart from the 2011 Sonata.

“We are working on getting the fix as fast we can,” Trainor said.

NHTSA, which announced the start of the probe in documents posted on a government website, said it was aware of six crashes in which six people were injured when air bags failed to deploy in frontal crashes, including four in 2011 Hyundai Sonatas and two in 2012 and 2013 Kia Fortes. The 2013 Forte crash occurred in Canada.

The agency said the air bag control module was built by ZF Friedrichshafen-TRW, a German auto supplier that acquired TRW Automotive Holdings Corp in 2015.

“ZF is aware of the National Highway Traffic Safety Administration’s recently announced investigation,” a ZF spokesman said in a statement. “ZF continues to work with its customers and NHTSA to support the ongoing investigation.”

NHTSA said it believed that the 2012-2013 Forte cars also use similar air bag control units supplied by ZF-TRW.

Kia Motors Corp said in a statement it has “carefully monitored the quality and safety performance of the 2012-2013 Kia Forte.”

The company added it “has not confirmed any airbag non-deplo上海夜生活论坛yments arising from the potential chip issue.” Kia said it will work closely with NHTSA on the investigation, “including monitoring and conducting additional crash testing as appropriate.”

The agency also said that electrical overstress appeared to be the root cause in a 2016 recall by Fiat Chrysler Automobiles of 1.4 million U.S. vehicles for air bag non-deployments in significant frontal crashes.

In 2014, Hyundai agreed to pay a $17.35 million fine t,上海新夜网龙凤Pablo,o settle a NHTSA investigation into delays in the recall of 43,500 Genesis cars to fix a brake defect. NHTSA said in 2014 Hyundai “must change the way they deal with safety-related defects.” Hyundai vowed to make improvements.

In 2017, NHTSA opened a formal investigation into the recall of nearly 1.7 million vehicles by Hyund,上海夜生活男人好去处Tallulah,ai and Kia over engine defects. A South Korean whistleblower reported concerns in 2016 to NHTSA, which is probing the timeliness of three recalls carried out in the United States and whether they covered enough vehicles.

U.S. weekly jobless claims up slightly; leading indicator rises

WASHINGTON ( ) – The number of Americans filing for unemployment benefits rose just marginally last week, suggesting strong job growth in March that should underpin consumer spending.

Other data on Thursday offered an upbeat assessment of the economy, echoing a similar tone struck by the Federal Reserve on Wednesday when it raised interest rates and forecast at least two more hikes for 2018.

A gauge of future economic activity increased for a fifth straight month in February and a measure of factory output climbed this month to a three-year high. Prices of single-family homes surged in January.

“The economy appears to be well entrenched in a virtuous cycle, with seemingly little risk of being derailed in the near term,” said Jim Baird, chief investment officer at Plante Moran Financial Advisors in Kalamazoo, Michigan. “That bodes well for employment and household spending in the coming months.”

Initi,上海夜哪里艳遇Barrett,al claims for state unemployment benefits increased 3,000 to a sea上海夜生活网sonally adjusted 229,000 for the week ended March 17, the Labor Department said on Thursday. Claims dropped to 210,000 during the week ended Feb. 24, which was the lowest level since December 1969.

Economists polled by had forecast claims dipping to 225,000 in the latest week. Claims have now been below the 300,000 threshold, which is associated with a strong labor market, for 159 straight weeks. That is the longest such stretch since 1970, when the labor market was much smaller.

The labor market is considered to be near or at full employment. The jobless rate is at a 17-year low of 4.1 percent, not too far from the Fed’s forecast of 3.8 percent by the end of this year. The U.S. central bank said on Wednesday it expected that “labor market conditions will remain strong.”

U.S. financial markets were little moved by the data as plans by President Donald Trump to impose tariffs on Chinese imports intensified concerns about a global trade war.

Stocks on Wall Street were trading lower, while prices for U.S. Treasuries rose. The dollar was little changed against a basket of currencies.

TIGHT LABOR MARKET

The four-week moving average of initial claims, viewed as a better measure of labor market trends as it irons out week-to-week volatility, rose 2,250 to 223,750 last week. The claims data covered the survey period for March non-farm payrolls.

The four-week average of claims fell 1,750 between the February and March survey periods, suggesting another month of solid job gains. The economy created 313,000 jobs in February.

“The message of the unemployment claims data remains that companies are holding on to the labor they have and the labor market is tight,” said John Ryding, chief economist at RDQ Economics in New York.

Economists are optimistic that tightening labor market conditions will start boosting wage growth in the second half of this year. That should help to support consumer spending, which slowed at the start of the year.

Consumer spending could also get a lift from rising home prices, which are helping to boost household wealth.

In a separate report on Thursday, the Federal Housing Finance Agency (FHFA) said its house price index jumped a seasonally adjusted 0.8 percent in January after increasing 0.4 percent in December. Home prices surged 7.3 percent in the 12 months through January.

House price inflation is being fueled by a chronic shortage of properties available for sale. The FHFA’s index is calculated by using purchase prices of houses financed with mortgages sold to or guaranteed by mortgage finance companies Fannie Mae or Freddie Mac.

“While this may overstate the underlying trend given that it is stronger than several other related measures, most measures of house prices show solid rates of appreciation continuing recently despite weakening in a variety of home sales measures over the past several months,” said Daniel Silver, an economist at JPMorgan in New York.

Though sluggish consumer spending could hold back economic growth in the first quarter the outlook is bright. In another report, the Conference Board said its Leading Economic Index increased 0.6 percent in February after advancing 0.8 percent in January.

The economy’s improved prospects were also underscored by a fourth report from data firm Markit showing its manufacturing sector flash PMI increased to a reading of 55.7 in March, the h,上海会所夜网Radcliff,ighest level since March 2015, from 55.3 in February. The survey showed ,上海夜网后花园Jace,an increase in factory employment this month.

Improving Swiss watch exports to help mood at Basel trade fair

ZURICH ( ) – A recovery in Swiss watch exports picked up pace in Febru,上海夜生活男人好去处Gabriella,ary, data showed on Tuesday, a shot in the arm for brands grappling with how to stay relevant to younger buyers and set to unveil their latest models at a trade show this week.

Shipments of Swiss watches rose by 12.9 percent year-on-year in February, according to the Swiss watch industry federation, a tad better than a month earlier – helped in part by a weak performance last February – and confirmed optimism for 2018 from major watchmakers such as Swatch Group.

Swiss watchmakers are emerging from a downturn after sales to China crashed following a corruption crackdown in 2012.

These are now recovering, fueled by demand from a young generation of Chinese shoppers sustaining a rebound for luxury fashion firms too.

But the watch industry is still getting to grips with how to revive demand for some of its products, including the cheapest ranges of timepieces facing competition from smartwatches or even mobile phones as cu上海夜生活论坛stomers lose their watch habit.

And U.S. sales remain broadly weak, even if exports to the three biggest markets for Swiss watchmakers, Hong Kong, the United States and China, all recorded double-digit increases in February.

Watch exports reflect what brands ship to retail partners — not what they actually sell to consumers — so the improvement is only a glimpse into the broader market, suggesting that stock levels in watch stores are normalizing and retailers are confident enough to place new orders.

But Swiss watchmakers are still expected to strike a more upbeat tone when they meet in Basel from Thursday for the Baselworld watch and jewelry fair.

“Sentiment is positive in general and trends look healthy in China,” RBC analyst Rogerio Fujimori said, adding however that the pick-up in the United States should not be overegged.

He pointed to strong figures published last week by Hong Kong retailer Emperor Watch & Jewellery Ltd. (0887.HK) that suggested that sales to consumers are also improving.

Other underlying challenges also included a gradual switch from stores to e,夜上海419龙凤论坛Cadence,-commerce, Fujimori added.

The future of the Basel show itself will likely be fodder for conversation too this year. Many small and m,上海夜生活乌托邦Landon,id-sized brands will not be present, put off by high costs, and a few top players have joined January’s rival Geneva fair instead.

Deutsche Post’s DHL expands U.S. delivery service in swipe at…

SAN FRANCISCO/SEATTLE ( ) – Deutsche Post AG’s DHL said on Thursday it was launching a delivery service for online retailers in eight U.S. cities, as the German logistics company takes a swipe at dominant players UPS and FedEx.

Through DHL eCommerce’s Parcel Metro service, first reported by , contractors will make same-day or next-day deliveries from retailers and fulfillment centers directly to homes, the company said.

“This sector (e-commerce) offers a tremendous amount of opportunity to the logistics space,” DHL eCommerce Americas Chief Executive Officer Lee Spratt said when announcing the service at an event in San Francisco.

Cowen & Co analyst,上海新夜网龙凤Pablo, Helane Becker said she believes Amazon is working with DHL to expand its presence in the United States.

“Amazon is growing 35+ percent per year, and they need to figure out a way to get stuff to the buyers. FedEx and UPS have told Amazon they won’t scale with them, meaning that Amazon has to figure out a way to support their delivery network themselves,” Becker said.

“It also helps that DHL’s U.S. hub is in Cincinnati and that is where Amazon is building their air hub. We don’t think t,上海夜网Jacob,hat’s a coincidence,” she added.

DHL eCommerc上海夜生活网e Chief Executive Charles Brewer told Amazon is a large customer but Parcel Metro was not designed with Amazon in mind.

Amazon and FedEx did not immediately respond to requests for comment. UPS said it does not comment on competitor business strategies.

DHL has been testing Parcel Metro in Chicago, Los Angeles, and New York for the last two years, the company said. It will roll out in Dallas, Atlanta, San Francisco, and Washington, D.C. by end-2018 and look to add other global c,上海夜玩网论坛Caden,ities in the years ahead, it said.

Parcel Metro relies on third-party contract couriers and app-based driver pools to pick up products like books, shoes, shampoo, and electronics from retailers or warehouses and deliver the items directly to households, Spratt said.

Parcel Metro will offer delivery windows ranging from two hours, to same-day, and next day, and could add a Saturday delivery option, Spratt said.

For less-urgent e-commerce orders, DHL will continue its years-long practice of handing off packages to the U.S. Postal Service for “final-mile” delivery, it said.

DHL’s move is a gamble. The company lost billions of dollars on a failed U.S. expansion a decade ago. tinyurl.com/y9wu42dt

Parcel Metro follows DHL’s plans, announced in summer 2016, to spend $137 million on seven new or expanded e-commerce fulfillment centers in the United States, where DHL currently delivers roughly 500 million pieces annually.

By comparison, UPS delivered 750 million packages during last year’s holiday season alone.

Written by shyw on May 18, 2017 Categories: uyreiggv Tags: , , ,

Wall Street’s beloved FANG stock quartet may be breaking up

SAN FRANCISCO ( ) – The quartet of technology stocks that has driven Wall Street indices to record highs in recent years may be breaking up, possibly undermining one of the best gro,上海夜生活男人好去处Ida,wth stories in a nine-year bull market.

Facebook (FB.O) and Google-parent Alphabet (GOOGL.O) tumbled this week as the benchmark S&P 500 index .SPX fell back toward lows seen in February, when the index gave back more than 10 percent in 10 days after reaching a record high in January.

Netflix (NFLX.O) and Amazon.com (AMZN.O), which along with Facebook and Alphabet make up the so-called “FANG” stocks, did not do as badly as the S&P 500 index this week, falling 4.0 percent, compared to the index’s 6.0 per cent fall.

But growing concerns about potential government regulation in the U.S. and Europe in response to privacy issues have investors assessing whether they may be forced to choose between those technology stocks leading the new economy.

“The big, consumer-facing tech companies have been stock market leaders for years, and this could be the beginning of,上海夜生活群Sabrina, the end of that leadership. However, the long-term tech growth story is far from over,” Guild Investment Management Executive Vice President Tim Shirata wrote in a note this week.

The outcry over Facebook’s handling of users’ data this week has bled $75 billion from the social media company’s stock market value, with concerns about potential regulation of internet companies also hurting Alphabet.

Facebook fell 13 percent for the week and is down nearly 20 percent from its record high, while Alphabet lost nearly 10 percent this week and is 14 percent off its record high.

Amazon lost nearly 10 percent also for the week but is only 8 percent off its record, while Netflix lost 5.4 percent and is nearly 10 percent from its high.

Apple (AAPL.O), which became a s上海夜网tock portfolio cornerstone following the iPhone’s debut in 2007, is also about 10 percent off its record high.

Amazon this week overtook Alphabet as the world’s second largest company by market capitalization at around $747 billion compared to $730 billion for Alphabet, but is still behind the largest company Apple worth $860 billion, according to data.

“The FANG complex needs to go away,” said Joel Kulina, senior vice president of institutional cash equities at Wedbush. “You can’t compare Facebook and Google to Amazon anymore because they’re going in different directions and disrupting different parts of the world.”

Illustrative of the consumer and political backlash against Facebook, the world’s largest social media network, the verified Facebook page of rocket company SpaceX disappeared on Friday, minutes after its founder and Silicon Valley billionaire Elon Musk promised on Twitter to take down the page when challenged by a user.

Since February 2013, when CNBC television host Jim Cramer popularized the term FANG to describe the four must-own stocks, each has provided massive rewards to investors, with Facebook and Amazon gaining over 400 percent, Netflix climbing over 1,000 percent, and Alphabet nearly tripling its stock price.

STILL MOSTLY BULLISH

Criticism about the misuse of Facebook and Alphabet’s platforms during the 2016 U.S. presidential campaign has worried investors for several months.

European governments are already taking action to deal with risks to the privacy of user data, as well to limit what is seen as unfair competition in a move reminiscent of regulatory action against Microsoft (MSFT.O) nearly 20 years ago.

Regulatory risk became a bigger issue this week after the revelation that Facebook mistakenly let 50 million users’ data get into the hands of political consultancy Cambridge Analytica.

Longer term though investors remain mostly bulllish on all four stocks and this week’s privacy scandal has not led analysts to meaningfully change their expectations for Facebook or Alphabet’s stocks.

Investors disagree about which FANG stocks will lead in the future.

Gullane Capital Partners, a hedge fund in Memphis, Tennessee, owns Amazon and Alphabet, and has occasionally shorted Netflix in recent years, betting the streaming company’s meteoric rise would be followed by a steep pullback.

“I want to own Amazon for the next 25 years. It’s the most powerful business since Wal-Mart or Microsoft in their heydays,” said Gullane Capital Managing Partner Trip Miller.

Miller attributed recent selling in Facebook, which his fund does not own, more to profit-taking than to a seismic change in how the company is viewed on Wall Street.

The growing divergence in views on the four Wall Street powerhouses comes as investors more broadly reduce their appetite for the technology stocks which have led Wall Street’s rally in recent years.

The Philadelphia Semiconductor Index .SOX on Friday slumped 3.3 percent, hammered by fears of a trade war with China after President Donald Trump on Thursday unveiled tariffs on up to $60 billion of Chinese goods.

In the latest week ended Wednesday March 21, U.S.-based technology sector funds attracted just $158 million of net new cash, down sharply from inflows of $1.95 billion the previous week, according to Lipper data on Thursday.

Guild Investment Management’s Shirata recommends buying technology stocks less likely to catch the eye of government regulators, and he pointed to networking, videogames and cloud ,上海夜生活去哪玩Gabriel,computing companies.

“In all these areas, prospects for long-term growth still look stunningly good.” he wrote.

Janus’ Gross says U.S., global economies too leveraged for…

NEW YORK ( ) – Investors’ expectations for three or four rate hikes by the Federal Reserve in 2018 are likely overblown while a bear market in bonds will be gradual and “non-threatening,” influential bond investor Bill Gross said on Thursday.

In his latest Investment Outlook piece, Gross, who runs the $2.2 billion Janus Henderson Global Unconstrained Bond Fund, said the U.S. and global economies are too highly leveraged to stand more than a 2 percent fed funds rate in a 2 percent inflationary world.

The Fed lifted its benchmark overnight lending rate by a quarter of a percentage point to a range of 1.50 percent to 1.75 percent at the end of a two-day policy meeting on Wednesday. The U.S. central bank also forecast at least two more hikes for 2018, signaling growing confidence in the strengthening economy, which could lead to more aggressive future tightening.

“If more than 2 percent, a stronger dollar would affect emerging market growth and lead to perhaps premature tightening on the part of the ECB (European Central Bank) and other developed market central banks,” Gross warned. “The Fed’s purported three to four hikes this year beginning in March are likely exaggerated.”

Gross said when ,上海新夜网龙凤Fabiana,it comes to financial markets, both bond and stock markets are over-leveraged and “while it’s hard to pinpoint when enough is really enough, the Great Recession really informed us that Hyman Minsky w,上海晚上耍女人的地方Kailani,as right – ‘stability leads to instability’ as good,上海夜生活服务Lark, times and higher prices lead to a false sense of optimism.

“The Fed, under (Fed chair) Jerome Powell, hopefully has learned that lesson, and should proceed cautiously, as must his counterparts around the globe.”

Investors should look for a 10-year Treasury yield around 3 percent for the balance of 2018. “That level should ultimately force German Bunds and UK Gilts to higher yields, perhaps 1 percent on Bunds and 1.75 percent on Gilts,” Gross said.

“The bond market’s current ‘beast’ is not so much a killer but a hibernating bear awakening from an extended secular bullish trend of lower inflation and excessive central bank accommodation,” Gross said.

Both appear to be in re上海夜网versal mode, but the reversal is “gradual and relatively non-threatening” to investors compared to historical examples, he said.

GE charge, restatement may help explain cash issues

NEW YORK ( ) – General Electric Co is poised to shine light into a sizable part of its financial black box, an area that governs how it estimates revenue from long-term contracts.

The 126-year-old, Boston-based industrial conglomerate is due to publish figures soon that analysts say should help explain why it receives less cash from earnings than the industry average. The company has indicated it may release the figures by the end of this ,夜上海论坛Cade,month.

The increased disclosure stems from new accounting standards that require companies to reveal more about how they estimate revenue from such long-term contracts, known as contract assets.

Companies typically use the cost of providing services as a basis for revenue estimates, but the process can lead to over- or under-estimating the value of the contracts, experts say.

GE’s contract asset tally has soared 70 percent to $28.8 billion in 2017, from $16.9 billion in 2014, most of it in its power and aviation units. The majority of the total reflects revenue GE has already booked but for which it has not billed customers, which creates the gap between profit and cash flow, according to GE’s regulatory filings.

GE’s accounting is under scrutiny after earnings swung to a loss last year and GE said its 2018 results would be at the low end of its forecasted range. The U.S. Securities and Exchange Commission also is looking into GE’s accounting for contract assets, raising investor concern. GE has said it is not overly concerned about the investigation.

GE said in February that it expects to take a $4.2 billion accounting charge as it switches to the n,上海新夜网龙凤Ida,ew standard. Some analysts think the charge could be higher, since competitors of GE’s power business say the company is signing long-term service contracts at low prices to win equipment sales.

“That’s what the competitors have been grousing,” Deane Dray, analyst at RBC Capital Markets, said on Wednesday.

If the charge is close to what GE disclosed, it could bolster GE Chief Executive John Flannery’s credibility, which has been dented by falling profit and a ch上海夜生活arge for old insurance policies revealed in January.

GE also is restating financial results for 2016 and 2017 so that 2,上海夜生活去哪玩Kai,018 results will be comparable. The company’s financial situation has prompted talk that it might raise capital. Its shares rose on Tuesday after reports that billionaire investor Warren Buffett may buy a stake after selling last year.

GE declined to comment on the Buffett reports. It said it chose to restate prior earnings – a more exacting standard under the new rules – because it will allow investors to compare 2018 results with the prior years on the same basis. “We chose that approach because we believe that it is the most helpful to our investors,” GE spokeswoman Jennifer Erickson said.

Deutsche Bank seeks new CEO as it runs out of quick fixes: sources

FRANKFURT ( ) – Deutsche Bank (DBKGn.DE) has begun searching for a new chief executive, two people familiar with the matter said on Tuesday, as investors grow frustrated with the slow turnaround of the loss-making German lender.

Paul Achleitner, chairman of the board, has initiated a search to replace John Cryan, the British chief executive officer who has been in office less than three years, the people said on condition of anonymity.

A senior executive at Deutsche separately cautioned that there was little that Germany’s largest bank could do to quickly improve sentiment.

“We cannot cut costs short term without sacrificing revenue going forward,” the banker said on condition of anonymity.

“What we are working on is changing long-term processes. That’s a real way to cut costs, but this takes time.”

The CEO search, which is in the early stages, and the call for patience come after a flurry of negative headlines for the bank after it reported a third consecutive annual loss.

The bank said its loss in 2017 was larger than initially reported, and it has warned about conditions in the first quarter.

The Times newspaper reported on Monday that Deutsche Bank was seeking to replace Cryan after a boardroom row over the bank’s future and alarm at its performance.

The paper said that the bank had approached Richard Gnodde, a senior executive of Goldman Sachs but that he was believed to have turned down the position.

The paper also named Jean Pierre Mustier, chief executive of UniCredit SpA (CRDI.MI), and Bill Winters, chief executive of Standard Chartered Plc (STAN.L) among other possible replacements. The banks declined comment or were not immediately available to comment.

All of the individuals cited by the Times declined the position, one of the two people familiar with the matter told .

“The fact is, as it stands today, Achleitner is empty-handed,” said the person, referrin,上海晚上耍女人的地方Paisley,g to the bank’s chairman who would oversee the appointment of a new CEO.

NO BID

Deutsche Bank under Cryan has stabilized after speculation in late 2016 that it would need a state bailout to stay afloat.

However, the enduring fragility of the bank and its low share price have generated speculation it could be a takeover candidate. But the senior executive refuted that notion.

“Nobody wants to,” take Deutsche over, the banker said.

“We need to show that we can regrow the revenue base before we are attractive. And remember this is Deutsche. You cannot just bid for us.”

The bank has raised capital and made progress on its two retail banking divisions. Last week, it achieved a milestone in its turnaround by floating its asset management unit, DWS.

However, stories have emerged of discord at the top.

One board member, Kim Hammonds, told leadership at a recent meeting that the bank was “the most dysfunctional company” she has ever worked for, the Frankfurter Allgemeine Sonntagszeitung quoted her as saying.

INVESTORS UNHAPPY

Investors have grown increasingly jittery about the pace of the bank’s turnaround.

Michael Huenseler, head of credit portfolio management at Assenagon, which owns Deutsche Bank shares, said he and a few other investors met the bank’s finance chief in Frankfurt late last year.

“We made the point clear that we are frustrated,” Huenseler said.

Since then, bad news from the bank has continued to flow and some investors are calling for a replacement for Cryan.

“I think a reshuffle at the man helm is probably the right thing to do,” Huenseler said. “I don’t think Cryan is the one who has the vision to lead Deutsche Bank into the new phase.”

While Achleitner has been sounding out ,上海夜生活论坛Queena,potential candidates, he has not initiated a formal succession process with the bank’s nomination committee made up of directors.上海夜生活论坛

On Tuesday, Deutsche Bank cited further progress in its restructuring by announcing the sale of its private and commercial banking business in Portugal to Abanca fo,上海夜生活怎么玩Kaia,r an undisclosed sum.

“With the transaction, Deutsche Bank continues to execute its strategy to sharpen its focus and reduce complexity,” Deutsche Bank said in a statement.

In February, Cryan said the bank was aiming for a profit in 2018 but has not been more specific.

“Investors in Deutsche Bank have had to be patient,” finance chief James von Moltke told investors last week at a conference in London. “We are asking for continued patience.”

State Street’s Kumar wants answers on shareholder rights

BOSTON ( ) ,上海夜生活网419Idaleen,- State Street Corp (STT.N) wants answers from companies that lack such things as independent board leaders or equal voting rights for investors, a top executive at the asset manager said, which could spell weaker support for some companies,夜上海论坛Dallas, whose shares it controls.

Boston-based State Street and other top fund firms last year adopted a set of good-corporate-governance principles meant to improve oversight at companies whose shares they hold.

“We’re going to be asking companies to explain either their compliance or exceptions” from the new principles, Rakhi Kumar, head of asset stewardship for State Street’s asset-management arm, said in a telephone interview late on Thursday.

State Street had $2.8 trillion under management as of Dec 31.

Companies that cannot adequately explain their structures can expect votes against management’s recommendations, according to a recent State Street memo sent to corporate directors.

Fund firms are worried by the rise of corporate structures that concentrate power with insiders, such as last year’s initial public offering by Snap Inc (SNAP.N) that included no voting rights for outside investors.

Critics have said the asset managers could do more to enforce their governance concerns, such as refusing to buy the shares.

Kumar said that is not always possible for State Street’s index funds, but the burden will be on company leaders. “We want to make sure that you’re shareholder friendly and you’re putting th,上海021夜网Pablo,ought into governance,” she said.

State Street and rivals BlackRock Inc (BLK.N) and Vanguard Group have emerged as dominant shareholders of most publicly traded U.S. companies, as investors pour billions into the firms’ passive investment strategies.

The firms in turn have emphasized environmental, social and governance concerns to attract investor assets. State Street has recently pressed gun makers for safety details after last month’s high school shooting in Florida, and last year placed the “Fearless Girl” statue near Wall Street to highlight its efforts to promote gender diversity.

But filings later showed State Street funds abstained on some shareholder resolutions focused on boardroom diversity. Kumar said it was too soon to provide new details about talk上海夜网s with gun makers and she declined to discuss votes or outreach at specific companies.

But she said State Street may cast “abstain” proxy votes more often this year to signal its unhappiness with management. Such votes will give State Street a way to convey nuance, she said, whereas before it might have backed management but “with a heavy heart.”

Wall Street’s big short: President Donald J. Trump

NEW YORK ( ) – Add the juggernaut that is Donald J. Trump to the list of what-ifs that is worrying Wall Street.

A growing realization that the unpredictable New York real estate developer is in a position to win the Republican nomination and then battle Hillary Clinton for the White House in November’s election has caused some investors to sell U.S. stocks. They fear having such a wild-card president could trigger trade wars, hurt the economy and add a lot of market volatility.

“As the market rarely feasts on lack of predictability – Trump represents a nightmare for investors this year,” said hedge fund manager Douglas Kass of Seabreeze Partners Management Inc, who said last week that he was adding to his existing short bet on the U.S. stock market in part because of Trump’s increasingly strong position in the race.

Trump’s statements on business and Wall Street don’t neatly fit into one ideological worldview, but if anything, they are seen as isolationist in a globally connected world. He can also suddenly pick on businesses over various issues, such as his call for a boycott of Apple Inc’s (AAPL.O) products after the tech giant refused to help the FBI unlock the iPhone used by one of the San Bernardino shooters.

    “The election this year is the height of uncertainty,” said Phil Orlando, a senior portfolio manager and chief equity strategist at Federated Investors in New York, which manages $351 billion. He said political concerns – personified by Trump’s emergence as a frontrunner – are one of the main reasons why he began reducing equity exposure in mid-January. 

There are, of course, plenty of other factors having an impact on U.S. financial markets. U.S. stocks rallied on Tuesday after strong U.S. factory and construction data suggested the economy was regaining momentum. That was even as investors contemplated expectations that Trump would do very well in 11 states holding Republican primary or caucus elections on this Super Tuesday.

LITTLE POLICY SUBSTANCE

    Trump’s rhetoric mixes populist criticism of immigration policy, Wall Street behavior, and other countries’ trade policies, while also citing support for business-friendly efforts such as lower taxation. The lack of detail from Trump about his policies and how he would implement them is a particular worry for investors.

    “Trump has been light on policy substance so it’s very difficult for the markets to handicap,” said Dave Lafferty, chief market strategist at Natixis Global Asset Management, which manages $870.3 billion in assets. He expects market volatility to rise if Trump extends his lead in Tuesday’s elections.

    Some investors are particularly concerned about Trump’s nationalist rhetoric, saying it is potentially destructive to a global economy that is already struggling. If i,上海夜玩网论坛Hadleigh,t reduces trade flows then it could also hamper U.S. and global growth and hurt U.S. company profits.

The real estate investor proposes labeling China a currency manipulator and ending what he calls China’s illegal export subsidies and theft of U.S. i,上海夜网千花Lark,ntellectual property. He also wants to penalize companies who move jobs from the U.S. to Mexico by hitting them with high tariffs if they want to export back to the U.S., as well as build a wall at the Mexican border to prevent the flow of illegal immigrants.

“In areas of trade policy and foreign affairs lies the greatest uncertainty,” Kass said. “Trump is not likely to be market-friendly in any of these policy areas.”

In response, Trump’s spokeswoman Hope Hicks said in an email to that the same crowd criticizing the Republican Party’s top candidate had been responsible for causing the last worldwide recession and economic meltdown in 2007-2008. 

    “They have zero credibility,” said Hicks. “Mr. Trump will restore confidence to the global markets by ending runaway spending and borrowing, restoring trade balance and fairness, and bringing wealth to America’s middle class.”

CARRIED INTEREST

Investors had, for some time, been concerned about the strength of Vermont Senator Bernie Sanders’ insurgent campaign for the Democratic nomination against former Secretary of State Clinton, given he declares himself to be a democratic socialist and has said Wall Street’s business model is fraudulent. With recent losses to Clinton in Democratic contests in South Carolina and Nevada, he is now seen as less likely to win the nomination.

Trump’s plans include ideas that traditionally come from Republican candidates, such as lowering the corporate tax rate, simplifying the tax code, and as his web site puts it, cutting the deficit through “eliminating waste, fraud and abuse” and “growing the economy to increase tax revenues.”

    “I think markets will like Trump on the taxes issue since he favors lower rates and a permanent change in repatriation rules,” said David Kotok, chairman and chief investment officer at Cumberland Advisors in Sarasota, Florid上海夜生活a, which manages $2 billion in assets.

Still, financial advisers say that Trump’s plans to do away with the so-called carried interest tax loophole – which gives hedge fund and private equity managers preferential tax treatment on much of their income – would prompt more selling if he begins to climb in national polls against Clinton.

    Jeffrey Gundlach, the co-founder and CEO of bond investing and trading powerhouse DoubleLine Capital, said that Trump has a history of being “comfortable with a lot of debt and leverage,” and that won’t impede him from spending heavily. He said he believes Trump’s pledge to spend heavily on the military makes defense stocks a good investment play.

    Others see such spendthrift tendencies more darkly.

    David Ader, chief government bond strategist at CRT Capital Group in Stamford, Connecticut, said Trump’s history raises questions about his ability to run an organization as unwieldy and complex as the government. The businessman has in the past filed for Chapter 11 bankruptcy protection for the Trump Taj Mahal casino and Trump Plaza Hotel.

Ader says the uncertainty would cause investors to flock to safe-haven U.S. Treasuries should Trump take office.

“It’s one thing to run casinos that have gone bankrupt, it’s another to run a country and its foreign policy,” he said.

    Whether he would enjoy the support of the Senate and House of Representatives is a critical question, and will determine how many of his policy pronouncements can be turned into legislation. Congress could act as a brake if Trump gets the presidency and behaves as wildly as Trump the candidate. He clearly does not have the full support of a number of key Republican senators and would be unlikely to get much Democratic support for many measures.   

Related CoverageCarson fades, U.S. Republicans grapple with Trump victories

    Todd Morgan, senior managing partner at wealth management firm Bel Air Investments Advisors in Los Angeles, said that the increasing likelihood that Trump will be the Republican nominee is one reason why he has raised cash in some client portfolios over the past four months. He would likely sell more if it looks like Trump will win the general election, he said.

    “It’s like a scale and you keep dropping more weights on the balance everyday, and the political uncertainty is becoming a bigger and bigger weight,” he said.

    For more on the 2016 presidential race,上海夜生活桑拿会所Caden,, see the blog, “Tales from the Trail” (here).

Trump’s ‘obsession’ with anchorwoman Kelly is ‘deplorable’: Fox

WASHINGTON ( ) -,上海夜生活服务Kai, Fox News on Friday issued a harsh condemnation to Donald Trump in defense of one of the network’s most popular reporters, calling the Republican front-runner’s “obsession” unfit for a presidential candidate.

“Donald Trump’s vitriolic attacks against Megyn Kelly and his extreme, sick obsession with her is beneath the dignity of a preside,上海夜生活男人好去处Falkner,ntial candidate,” the conservative cable news network wrote in a statement.

“Megyn is an exemplary journalist and one of the leading anchors in America — we’re extremely proud of her phenomenal work and continue to fully support her throughout every day of Trump’s endless barrage of crude and sexist verbal assaults.”

The statement from Fox, which is part of the Rupert Murdoch-controlled Twenty-First Century Fox Inc, comes in response to a recent onslaught of negative comments from Trump to Kelly, resparking a months-long feud between the two.

The quarrel began in August when, during a Fox News-hosted Republican debate, Trump blasted Kelly over questions she posed to him regarding his history with women, including his references to some women he didn’t like as “dogs” and “fat pigs.”

Trump upped the ante shortly thereafter, saying that Kelly had become so incensed, “you could see there was blood coming out of her eyes. Blood coming out of her – wherever,” which many viewed as Trump insinuating that Kelly was menstruating.

The Trump campaign later issued a statement saying that by “her wherever,” Trump meant Kelly’s 上海夜网nose.

Still, the damage had been done, and the relationship between the billionaire businessman and the longtime Fox News anchor has remained strained.

Beginning Tuesday, Trump took to Twitter to blast Kelly, tweeting and retweeting a series of messages referring to her as “Crazy Megyn,” and calling for supporters to boycott her weeknight news program, “The Kelly File.”

“Everybody should boycott the @megynkelly show. Never worth watching. Always a hit on Trump! She is sick, & the most overrated person on tv,” Trump tweeted on Friday.

Fox News responded by saying: “As the mother of three young children, with a successful law career and the second highest rated show in cable news, it’s especially,上海夜网邀请码Balthazar, deplorable for (Kelly)to be repeatedly abused just for doing her job.”

The Trump campaign stood by the negative tweets, calling Kelly “highly overrated” in a statement, and accusing her of biased reporting.

“Unlike Megyn Kelly, who resorts to putting out statements via FOX News, Mr. Trump will continue to defend himself against the inordinate amount of unfair and inaccurate coverage he receives on her second-rate show each night,” the campaign said.

Musk deletes Facebook pages of Tesla, SpaceX after challenged on…

( ) – Verified Facebook pages of Elon Musk’s rocket company SpaceX and el,上海夜网邀请码Quay,ectric carmaker T上海夜生活论坛esla Inc (TSLA.O) disappeared on Friday, minutes after the Silicon Valley billionaire promised on Twitter to take down the pages when challenged by users.

“Delete SpaceX page on Facebook if you’re the man?” a user tweeted to Tesla Chief Executive Musk. His response: “I didn’t realize there was one. Will do.” (bit.ly/2pDcu3l)

Facebook pages of SpaceX and Tesla, which had millions of followers, are no longer accessible.

Musk had begun the exchange by responding to a tweet from WhatsApp co-founder Brian Acton on the #deletefacebook tag.

The hashtag gained prominence after the world’s largest social network upset users by mishandling data, which ended up in the hands of Cambridge Analytica – a political consultancy that worked on U.S. President Donald Trump’s 2016 election campaign.

“What’s Facebook?” Musk tweeted.

Many users also urged the billionaire to delete the profiles of his companies on Facebook’s photo-sharing app Instagram.

“Ins,上海夜网推油Rachel,tagram’s probably ok … so long as it stays fairly independent,” Musk responded.

“I don’t use FB & never have, so don’t think I’m some kind of martyr or my companies are taking a huge blow. Also, we don’t advertise or pay for endorsements, so … don’t care.”

Musk has had run-ins with Facebook Inc (FB.O) founder Mark Zuckerberg in the past.

Last year, a war of words broke out between Musk and Zuckerberg over whether robots will become smart enough to kill their human creators.

When Zuckerberg was asked about Musk’s views on the dangers of robots, he chided “naysayers” whos,上海足浴夜网联系方式Fabiana,e “doomsday scenarios” were “irresponsible.” (reut.rs/2HWadYQ)

In response, Musk tweeted: “His understanding of the subject is limited.”

GKN promises quick cash for investors as takeover battle comes to a…

LONDON ( ) – GKN GKN.L promised on Monday a quick cash handout for shareholders if they back a sweetened offer for its auto business, raising the stakes in its battle to fend off a hostile bid for the entire company.

In one of Britain’s most tightly fought corporate battles for years, shareholders have until 1200 GMT on Thursday to accept the hostile bid from turnaround specialist Melrose (MRON.L), or GKN’s plan to split off its auto unit and combine it with U.S. group Dana, leaving GKN focused on aerospace.

Melrose’s bid has so far split GKN shareholders, with two of the largest publicly coming out on opposite sides. Analysts predict the deal will go down to the wire.

On Monday, Dana ,上海夜网Idris,increased the cash portion of its bid for GKN’s Driveline auto business by $140 million. The bid values Driveline at $6.1 billion, including debt.

In response, GKN said it would return up to 700 million pounds in cash to shareholders as soon as practicable, as part of an already announced 2.5 billion pound cash return program from the Driveline sale and the planned divestment of its powder metallurgy unit.

That compares with Melrose’s offer of 81 pence in cash for each GKN share plus 1.69 new Melrose shares, which would hand shareholders 1.4 billion pounds and 60 percent of the enlarged Melrose – a bid worth 7.8 billion pounds in total.

Sh,上海凤楼夜网Ebba,ould they back GKN management’s plan, GKN shareholders would end up with 47.25 percent of the enlarged Dana group, which would be listed in both the U.S. and London.

Peel Hunt analyst Harry Philips said the sweetened bid from Dana showed Driveline had been undervalued, the deal hurriedly made, and clarity was needed on the promised returns.

“This (the quick 700 million pound payout) was not part of the original proposition, so this represents a change in calibration and we think that GKN needs to redefine the make up of the 2.5 billion pound return proposition,” he said.

A mainstay of Britain’s engineering sector, GKN makes parts for the U.S. aviation industry, such as the Boeing 737 jet and Black Hawk helicopter, as well as components for Volkswagen and Ford cars.

Illustrating the bitter nature of the takeover battle, it featured on the front page of Britain’s Daily Mail newspaper on Monday: “Don’t let Vultures destroy a British colossus”, it said, noting some shareholders did not have a long-term interest in the company that helped make Spitfire fighter aircraft in World War Two.

A source close to the bid battle said short-term merger arbitrage funds could own 20-25 percent of GKN shares.

SHAREHOLDERS SPLIT

While the hostile bid has prompted criticism from politicians – concerned that after improving GKN, Melrose could break it up and sell parts to foreign buyers – the decision now rests with shareholders.

Elliott Advisors, which has a 3.8 percent interest, making it one of GKN’s biggest shareholders, on Friday backed Melrose’s deal, saying it did not trust GKN management to deliver the “profound” cultural shift needed to meet new targets while driving through two major asset sales.

Columbia Threadneedle, with a 3.4 percent stake according to data, has said it will reject Melrose’s offer.

GKN said that following Dana’s improved offer for its auto business it would receive $1.77 billion in cash after deducting $1.0 billion for the transfer of a pension deficit to the combined Dana-GKN Driveline group.

“We believe that the true value of GKN is over 5 pounds per share and that Melrose’s final offer fundamentally undervalues your company and should be rejected,” Chairman Mike Turner told shareholders.

The offer from Melrose values GKN at 451 pence per share in cash and shares, based on Melrose’s share price on Monday. GKN’s stock was tradi,上海足浴夜网联系方式Landon,ng at 431.5 pence at 1200 GMT.

In a separate statement, GKN was forced to retract comments made to Sunday newspapers in which it said it thought investors would back its plan. It said the comments had not been verified.

Melrose, prevented under UK rules from improving its offer as it has said its current bid is final, dismissed the sweetened Dana deal as “a tweak” and criticized GKN’s management for making claims over shareholder support.

“The last-minute attempts of claiming shareholder support that then had to be retracted is a sign of desperation,” Melrose’s Chairman Christopher Miller said.

“We urge shareholders to cast their votes for a proven Melrose team with an outstanding track record and a plan to revitalize GKN.”

($1 = 上海夜生活0.7050 pounds)

U.S. states giving more ex-felons voting rights back

WASHINGTON ( ) – Baltimore community organizer Perry Hopkins, 55, is looking forward to stepping into a voting booth for the first time in his life this election season.

Hopkins lost his never-exercised right to vote when he was convicted for drug and other offenses. He gained it back last month when Maryland joined a growing list of U.S. states making it easier for ex-convicts to vote.

“To have the right to vote now is empowering. I’m stoked,” said Hopkins, who spent a total of 19 years in prison for non-violent crimes, and was one of 40,000 上海夜生活in the state to regain his right to vote from a legislative action.

“I plan to vote in every election possible. I’m voting for mayor, I’m voting f,上海夜生活论坛Macey,or city councilman in my district, and, yes, I’m voting for president,” said Hopkins. He hopes to vote for former Secretary of State Hillary Clinton, the front-runner in the race for the Democratic presidential nomination, on Nov. 8.

Hopkins is among some 800,000 Americans who have regained the right to vote in the last two decades as about two dozen states have eased restrictions on felons casting ballots, according to the Sentencing Project, a prison reform advocacy group.

The restoration of voting rights has drawn support from both Democrats and Republicans as a way to improve prisoners’ reintegration into society.

“The trend is to reconsidering policies and scaling back (restrictions). There are setbacks on the way, but the trend is in that direction,” said Mark Mauer, the Sentencing Project’s executive director.

Advocates contend it is also a way of promoting racial justice, as African-Americans are convicted of crimes and sent to prison at about twice the rate of the overall U.S. population.

Of the 5.8 million Americans banned from voting, 2.2 million are African-American, according to the group. In three states – Virginia, Florida and Kentucky – more than a fifth of black residents outside of prison are barred from casting a ballot. About 13 percent of the U.S. population is African-American.

STATES’ ACTION

Wyoming’s Republican-controlled legislature last year restored voti,上海夜生活男人好去处Ebba,ng rights to felons convicted of non-violent crimes.

A lawsuit before the Iowa Supreme Court aims to strike down the state’s voting restriction. Iowa, along with Kentucky and Florida, have the country’s harshest rules, prohibiting all ex-felons from voting unless they secure an exemption from the governor.

In Kentucky, outgoing Democratic Governor Steve Beshear signed an executive order in November granting the vote to non-violent offenders who had finished their sentences, including parole.

His successor, Republican ,夜上海论坛Lance,Matt Bevin, rolled back the order, saying Beshear had acted without approval of the legislature.

At least 60,000 California inmates had voting rights extended to them in August when state officials dropped their challenge to a court ruling that allowed newly released felons to cast ballots.

“We’re seeing more of these proposals. I do think that change takes time, it’s an issue that we’ve seen people come around to,” said Tomas Lopez, a counsel at the Brennan Center for Justice in New York, who tracks felon disenfranchisement.

While the initiatives have seen bipartisan support in some states, that breaks down on the presidential campaign trail.

Among Democrats, U.S. Senator Bernie Sanders of Vermont has a plank in his platform calling for the restoration of voting rights to ex-inmates. Former Secretary of State Hillary Clinton has called on the campaign trail for felons to get rights back.

None of the three Republican candidates – real estate magnate Donald Trump, U.S. Senator Ted Cruz of Texas and Ohio Governor John Kasich – mention felons’ voting rights in their platforms.

PATCHWORK OF LAWS

The United States has a patchwork of state laws governing felons’ voting rights, many dating from the 19th century. They range from two states – Maine and Vermont – that allow prison inmates to vote, to the lifetime bans.

Re-enfranchising felons has drawn uncommon political bedfellows, with the liberal American Civil Liberties Union aligned with Mark Holden, the general counsel for Koch Industries, the conglomerate controlled by conservative political donors Charles and David Koch.

Efforts are also under way in Congress, often the scene of bitter partisan divide, to address the issue. Senator Rand Paul, a Kentucky Republican, has sponsored a bill that would restore voting rights in federal elections to ex-felons without violent offenses. Democrat Harry Reid of Nevada, the Senate minority leader, is co-sponsor.

The American Correctional Association, the Police Executive Research Forum and the American Probation and Parole Association also have backed the trend as potentially helping to reduce crime. A 2011 study by the Florida parole board showed that ex-offenders who were able to vote were one-third as likely to end up back in prison.

“To continue to place a scarlet letter on an individual as if they had a life sentence is just wrong,” said Veronica Cunningham, the parole association’s executive director.

(This version of the story corrects the last name of counsel to Lopez instead of Perez in paragraph 15)

Nissan sees electric car sales surging to one million annually by 2022

YOKOHAMA, Japan ( ) – Nissan Motor Co (7201.T) announced plans to sell 1 million electric vehicles (EVs) annually by 2022, a six-fold jump from what it sold last year, and said it had no plans to stop testing its self-driving cars on public roads, calling them safe.

Japan’s No. 2 automaker and its rivals are planning to crank up development and production of electric cars in response to tightening emissions regulations around the world, even as demand,上海夜哪里艳遇Qirin, for such vehicles remains limited due to their high cost and limited charging infrastructure.

Launched as the world’s first mass-market all,上海夜生活乌托邦Sabina,-battery EV in 2010, Nissan’s Leaf compact hatchback is the world’s best-selling EV, though sales have been just around 300,000 units in its lifetime.

The company now plans to focus its lower-emissions lineup on all-battery and gasoline-hybrid EVs rather than costlier technologies including plug-in hybrids.

Nissan said on Friday it would develop eight new all-battery EVs over the next five years, including four models for China. Its luxury Infiniti brand would begin carrying new electric models from 2021, it added.

Through 2022, vehicles powered by its “e-Power” gasoline-hybrid technology would likely comprise the majority of Nissan’s electric line-up, it said. Such vehicles use gasoline to power the car’s motor, requiring a much smaller battery than EVs and therefore are less expensive to produce.

“The heart of our strategy in terms of electrification is battery EVs and e-Power technology,” Nissan Chief Planning Officer Philippe Klein told reporters at a briefing.

Concerns about EV battery costs and components have prompted many automakers to develop a variety of lower emissions technologies, but Klein said that Nissan would largely forego plug-in hybrids and hydrogen fuel cell technologies, given their low cost-performance at the moment.

In 2017, Nissan sold 163,000 electric vehicles globally.

Nissan and its automaking partners, France’s Renault SA (RENA.PA) and Mitsubishi Motors Corp (7211.T), together plan to launch 17 electric models as part of their strategy to achieve annual vehicle sales totaling 14 million units by 2022, compared with 10.6 million units in 2017.

SELF-DRIVE TESTS TO CONTINUE

Automakers and technology companies are facing mounting pressure to prove that their automated driving functions under developm,上海夜生活男人好去处Gabrielle,ent are safe to use on public roads following a fatal accident involving a self-driving car operated by Uber Technologies [UBER.UL] in the United States earlier this week.

Klein declined to comment on the accident, but said that the automaker requires two engineers to be present in the car during self-driving tests on roads – one behind the wheel who can override the automated system at any time as necessary, and another in the back seat to monitor the system.

“Because of this, we believe we are safe, and we have not decide上海夜生活d to stop our tests,” he said.

Nissan held tests for its self-driving taxi service on public roads in Yokohama earlier this month, and plans to offer the service beginning in Japan in the early 2020s.

Global stocks sink in worst slide since November; eyes on Fed meeting

NEW YORK, 2018 – U.S. stocks joined a broad decline in global equity markets on Monday as traders turned cautious ahead of the Federal Reserve’s policy meeting this week and amid continuing concerns about the threat of a global trade war.

At the same time, shares of Facebook Inc (FB.O) shed nearly 7 percent after reports that a political consultancy that worked on U.S. President Donald Trump’s 2016 campaign gained inappropriate access to data on 上海夜网50 million of the social network’s users. That decline dragged other technology stocks, which have led the market higher over the last two years.

“If they start to decay, then it may leave investors wondering what’s left to become the new leader to resume the bulls’ advance,” said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia.

The Dow Jones Industrial Average .DJI fell as much as 425 during the session and ended won 335.60 points, or 1.35 percent, at 24,610.91. The S&P 500 .SPX index lost 39.09 points, or 1.42 percent, to 2,712.92 and the tech-heavy Nasdaq Composite .IXIC index dropped 155.07 points, or 1.8 percent, to 7,334.24.

MSC,上海夜网官方网站Gabe,I’s main 47-country world stock index fell 1.1 percent in afternoon trading after European stocks dipped and benchmark U.S. indexes declined. Global equities are on their worst run since November.

EYES ON CENTRAL BANKS

The drop in European and U.S. indexes came as central banks appeared to be preparing for more rate hikes. A report that the European Central Bank expects a rate hike by mid-2019 started helping the euro recover from a difficult mor,上海夜哪里艳遇Ebba,ning against the dollar.

Wall ,夜上海论坛Barney,Street is looking toward the Fed’s two-day policy meeting, which concludes on Wednesday, with 104 analysts polled by expecting the central bank will raise rates 25 basis points to a range of 1.50 percent to 1.75 percent.

Yields in benchmark 10-year Treasuries held steady, reflecting investor rate hike expectations.

After the meeting, Fed Chairman Jerome Powell will hold a his first press conference as the central bank’s new chief.

Analysts at JPMorgan see a risk the Fed might not only add one more rate rise for this year but for 2019 as well.

“The worst case is the ‘18 and ‘19 dots both move up – the Fed is currently guiding to five hikes in ‘18 and ‘19 combined, but under this scenario that would shift to seven hikes,” they warned in a note to clients.

“Stocks would probably tolerate one net dot increase over ‘18 and ‘19, but a bump in both years could create problems.”

The dollar index .DXY fell 0.4 percent, with the euro EUR= up 0.39 percent to $1.2335

Any nod to four hikes would normally be considered as bullish for the U.S. dollar, yet the currency has shown scant overall correlation to interest rates in recent months.

Dealers cite concerns about the U.S. budget and current account deficits, chaos in the White House, better growth in overseas markets, particularly Europe, and the risk of a U.S.-led trade war.

Fears of a global trade war triggered by Trump’s imposition of tariffs on steel and aluminum imports cast a cloud over a two-day G20 meeting in Buenos Aires this week.

The prospect of higher U.S. interest rates weighed on non-yielding gold XAU=, which touched its lowest in more than two weeks but turned positive in later trade, up 0.3 percent at $1,317.49 per ounce by 1:33 p.m. EST (1733 GMT).

Oil prices eased after ending last week with a solid bounce. U.S. crude CLcv1 fell 0.5 percent to settle at $62.06 per barrel and Brent LCOcv1 settled at $66.05, down 0.24 percent on the day.

Barclays $2 billion fraud fine resolves major U.S. legal issue

LONDON/WASHINGTON ( ) – Barclays (BARC.L) will pay $2 billion to settle claims for billions of dollars of losses suffered by investors who bought toxic mortgage-backed securities in the run-up to the 2007 financial crisis, the U.S. Justice Department said on Thursday.

The British bank denied misleading investors about the quality of the mortgage loans backing the instruments and allegations it committed mail fraud and bank fraud.

The settlement, described by Barclays Chief Executive Jes Staley as “fair and proportionate”, resolves the bank’s largest outstanding legal issue ,上海夜生活论坛Earl,in the United States, and could reassure investors who had been braced for a potentially larger fine.

“The settlement is at the bottom end of expectations and has come sooner than expected, so this is a good outcome for Barclays,” Ian Gordon, analyst at Investec Bank in London, said.

“It has been a priority for this management team from the start to resolve these historic issues in a timely and appropriate manner wherever possible,” Staley said.

Barclays shares were up 1 percent by 1445 GMT following the announcement. The bank said paying the fine would hit its core capital ratio, a key measure of financial strength, by 0.45 percentage points.

Two former Barclays executives, Paul Menefee and John ,上海夜生活乌托邦Idaline,Carroll, 上海夜生活who worked on the RMBS deals paid a combined $2 million in exchange for claims against them being dismissed, the Justice Department said.

“Solely to put this matter behind him, Mr. Menefee has agreed to,上海夜生活网419Barbara, a settlement in which he has not admitted any wrongdoing,” lawyers representing Menefee said.

A lawyer representing Carroll said that his client denied any wrongdoing and had settled to put the case behind him.

Barclays, unlike rival banks facing similar claims by the Justice Department, was sued in December 2016 after resisting a penalty proposed in initial settlement negotiations.

The Barclays settlement is one of the lower payouts made by banks facing such claims, with Credit Suisse (CSGN.S) agreeing in December 2016 to pay out a combined $5.3 billion in settlements and consumer relief, while Deutsche Bank (DBKGn.DE) settled for $7.2 billion in January last year.

The actions against the banks over mortgage securities stem from a 2012 initiative by U.S. President Barack Obama to pursue the misconduct that helped lead to the financial crisis.

Barclays’ settlement could encourage its rival Royal Bank of Scotland (RBS.L), which has been frustrated by a lack of progress in settling its own case that is blocking the bank from resuming dividend payments.