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U.S. SEC says court should deny Rio Tinto’s push to dismiss fraud…

NEW YORK/MELBOURNE ( ) – The U.S. securities re上海夜生活论坛gulator said on Monday that a U.S. court should deny a bid by Rio Tinto Plc (RIO.L) (RIO.AX) and two former top executives to have civil fraud charges over a failed African coal project dismissed.

The filing is the latest salvo in the SEC’s lawsuit accusing the defendants of waiting too long to write down the coal assets, enabling the big Anglo-Australian mining company to raise about $5.5 billion from U.S. investors.

“Defendants violated multiple provision,夜上海419龙凤论坛Gabriella,s of the federal securities laws by engaging in a prolonged fraudulent course of conduct,” the U.S. ,夜上海论坛Kaiden,Securities and Exchange Commission said in a filing with the U.S. District Court in Manhattan.

Accordingly, the defendants’ motion to dismiss the charges should be denied, it said.

The defendants are Rio Tinto, former Chief Executive Officer Tom Albanese and former Chief Financial Officer Guy Elliott.

In an emailed comment, a Melbourne-based Rio Tinto spokesman said: “Rio Tinto believes that the SEC case is unwarranted and that, when all the facts are considered by the court, or if necessary by a jury, the SEC’s claims will be rejected.,上海夜生活男人好去处Hadrian,”

Rio Tinto had acquired the coal assets in a 2011 takeover of Riversdale Mining and later renamed Rio Tinto Coal Mozambique for about $3.7 billion.

It wrote off most of the assets in January 2013 and sold them in late 2014 for just $50 million.

On March 5, the defendants said the SEC was “plainly wrong” to say they should have taken a big writedown no later than 11 months after the purchase.

They said rising prices for “scarce” coking coal offset lower barging and rail capacity, and might have even boosted the assets’ value at that time.

The SEC said that the defendants were wrong to argue that it was too soon to book an impairment on Rio Tinto Coal Mozambique (RTCM).

“Rio Tinto was required to assess impairment at every reporting period,” it said.

The defendants have until March 26 to respond, court records show. The case is being overseen by U.S. District Judge Analisa Torres in Manhattan.

On March 2, the Australian Securities and Investments Commission brought its own civil court action against Rio Tinto, Albanese and Elliott over the coal assets.

U.S. lawmaker to introduce bill to broaden CFIUS mandate beyond…

WAS上海夜生活论坛HINGTON ( ) – A Democratic lawmaker will introduce a bill on Thursday that seeks to broaden the powers of a U.S. government panel that reviews mergers for national security concerns, including giving it the ability to block a deal if it could cause job losses, but it faces an uphill battle in the Republican-controlled House.

According to a draft copy of the proposed legislation reviewed by , the multi-agency Committee on Foreign Investment in the United States (CFIUS) would be able to review a deal “to determine whether such transaction is of net benefit to the United States.”

If the legislation passed, CFIUS would consider a proposed deal’s effect on employment, product innovation, and public health and safety, as well as national security, according to the draft reviewed by . It would also consider factors like whether a foreign company purchasing a U.S. company abides by U.S. rules concerning disclosure and transparency.

But it is unclear whether the measure, which will be introduced by Connecticut Rep. Rosa DeLauro, has support from other lawmakers in the House.

A spokesman for Republicans in the House Committee on Financial Services, which considered an earlier version of the bill in 2014, did not immediately respond to a request for comment.

Even,上海夜网千花Cade, if the DeLauro bill passed the House, there would need to be companion legislation passed in the Senate and then it would still need to get signed into law by President Barack Obama. There is currently no companion bill in the Senate, according to a source on Capitol Hill. DeLauro introduced her previous bill following the U.S. approval of China-based Shuanghui International Holdings Ltd’s $4.7 billion acquisition of pork producer Smi,上海高端夜生活在那里Kade,thfield Foods Inc, but it never went to the full House for a vote.

TALL ORDER

While the House bill does not target China specifically, it could have most implications for the country. In 2014, the last year for which data is available, CFIUS looked at more deals involving China than any other country for the third year in a row.

It comes amid signs of increased concerns in Washington about a flur,上海夜生活怎么玩Paisley,ry of proposed takeovers of American companies by Chinese entities. Still, such sweeping legislation could be a tall order for the administration at a time of already tense Sino-U.S. relations.

Earlier this month, 46 U.S. lawmakers, most of them Republicans, urged CFIUS to take a hard look at a bid by a Chinese company, Chongqing Casin Enterprise Group, to buy the storied Chicago Stock Exchange because of fears that the deal would give China access to the data of U.S. companies who use the exchange. In the past few weeks alone, CFIUS concerns have killed three proposed Chinese investments. On Tuesday, Western Digital Corp (WDC.O) said China’s Unisplendour Corp Ltd (000938.SZ) backed out of buying a stake in the U.S. company because CFIUS planned to probe it.

BMW raises R&D spending for electric, autonomous cars

Munich ( ) – German carmaker BMW (BMWG.DE) will increase research and development (R&D) spending to an all-time high of up to 7 billion euros ($8.6 billion) this year as part of efforts to bring 25 electrified models to market by 2025.

The Munich-based maker of BMW, Rolls-Royce and Mini vehicles said that despite higher spending it expects group pre-tax profit to be over 10 billion euros in 2018, at least in line with last year’s level.

In i,上海021夜网Eason,ts annual report, BMW also warned of a possible impact from trade barriers and any anti-dumping customs duties in the United States and added that Brexit could have an adverse long term effect.

Spending on developing electric and autonomous cars pushed R&D costs a billion上海夜生活论坛 euros higher last year, reaching 6.1 billion euros.

“Investment will rise by a further high three-digit million euro amount year-on-year, primarily from the ongoing new model initiative as well as continued work on e-mobility and autonomous driving,” BMW said in a statement on Wednesday.

BMW’s R&D ratio for 2018 is expected to be between 6.5 percent and 7 per,上海夜生活服务Ebba,cent of sales. In the next two years the R&D ratio is expected to remain above its usual target corridor of 5 percent to 5.5 percent range, BMW said.

LUXURY CARS IN DEMAND

BMW this month reported a 5.3 percent rise in 2017 operating profit on surging demand for high-margin sports utility vehicles, helping to offset higher research spending.

Sales of luxury cars are expected to continue rising, contributing to new record unit sales this year, it said.

“In the automotive segment we expect to achieve new all-time highs in 2018. As long as conditions remain stable, we should see a light increase in deliveries from growth in China and the U.S. in particular,” BMW Chief Financial Officer Nicolas Peter said in a statement.

BMW did inject a note of caution over trade tensions and Britain’s looming exit from the European Union.

“A possible introduction of trade barriers, including anti-dumping customs duties, by the U.S. administration could have an adverse impact on the BMW Group’s operations,” BMW said in its annual report.

Separately, BMW said the prospect of diesel bans had hit the second-hand values of some cars, leading to ,上海夜网后花园Daisy,a rise in the credit loss ratio to 0.34 percent, from 0.32 percent a year earlier, reflecting “the situation in the used car markets in North America and Europe.”

The increase was mainly due to the debate on diesel engines in parts of Europe, BMW said. BMW said risks related to the residual value of used cars were covered by risk provisions.

BMW shares traded 0.6 percent higher at 0935 GMT.

($1 = 0.8140 euros)

Formerly detained Saudi businessmen Alwaleed and Alhokair in talks…

DUBAI ( ) – Two businessmen formerly detained a part of Saudi Arabia’s anti-corruption campaign are now in talks with banks for loans for their firms in excess of $3 billion, sources said, suggesting that bank markets are open again for those who have reached financial settlements with the government.

Saudi Prince Alwaleed bin Talal’s investment firm Kingdom Holding 4280.SE is in talks for a loan worth up to $1 billion, while Saudi fashion retailer Fawaz Abdulaziz Alhok,上海夜生活桑拿会所Radcliff,air (4240.SE), whose major shareholder Fawaz Alhokair was also detained, is in discussions with banks for a loan of around 8 billion riyals ($2.13 billion).

Local banks are expected to provide most of the debt, while international banks appear to be more cautious given the lack of clarity over the terms of settlements the business figures reached with the Saudi authorities, banking sources said.

Alhokair was not immediately available for comment, while Kingdom Holding confirmed in an email to that it has started talks again with local and international banks in order to raise up to $1 billion.

Saudi Arabia’s Crown Prince Mohammed bin Salman launched a sweeping anti-graft crackdown last November, arresting dozens of princes, senior officials and top businessmen accused of crimes such as money laundering, bribing and extorting officials.

Saudi officials said earlier this year that several detained businessmen had reached financial settlements with the government amounting to over $100 billion in total. Among them were prince Alwaleed – Saudi Arabia’s most prominent business figure – and Fawaz Alhokair, released from detention at the end of January.

Prince Alwaleed confirmed to Bloomberg TV this week that he had reached an agreement with the government although he did not disclose any details, saying the agreement was “confidential and secret.”

No details of the financial settlement reached by Fawaz Abdulaziz Alhokair has been made public either, bankers said. According to one banking source famili上海夜生活论坛ar with the matter, the settlement could involve Alhokhair’s personal wealth, rather than shares in his company.

Kingdom Holding’s plans to borrow funds for new investments stalled last November when the prince was detained, several sources told at the time, indicating that the crackdown had slowed down new Saudi business activity.

Discussions on the 8 billion riyals loan for the retailer Alhokair had also started before the anti-graft campaign, but the financing was held up when Fawaz was detained.

The loan is now about to be completed. It will be used to refinance existing debt and will be provided by a group of local banks including Al Rajhi Bank and Samba Financial Group, sources said.

Kingdom Holding is working with a group of banks including Arab National Bank and Samba Financial Group for the new financing, which would be backed by the company’s shares in Banque Saudi Fransi, sources said. Prince Alwaleed told Bloomberg TV earlier this week that he was “on the verge” of obtaining debt facilities worth $1 billion and $2 billion.

He also said Kingdom Holding was planning to split its $13 billion of assets by spinning off its domestic property and other holdings.

None of the banks responded to a request for comment.

The planned loan has no recourse to Kingdom Holding itself. “Ultimately the financing was never dependent on the credit worthiness of Alwaleed himself, the loan was always going to be secured against the shares in Saudi Fransi and probably some top-up shares in Citigroup. But with him in detention, banks put everything on hold, obviously,” one source said.

Alwaleed is a longstanding major shareholder in Citigroup. (C.N)

Two bankers working in the region at international banks said, however, that too many questions have remained unanswered regarding Prince Alwaleed’s release and h,上海夜哪里艳遇Kaia,is financial settlement, and that international lenders are likely to be more cautious than the,上海夜生活网419Pamela,ir local counterparts in dealing with Kingdom Holding.

“Further clarity is still required about the future. The only thing I know is that they might split the assets into two. That’s not enough information to convince me to lend,” one of them said.

($1 = 3.7498 riyals)

U.S. lawmakers formally ask Facebook CEO to testify on user data

WASHINGTON ( ) – U.S. lawmakers on Friday formally asked Facebook Inc’s (FB.O) Mark Zuckerberg to explain at a congressional hearing how 50 million users’ data got into the hands of political consultancy Cambridge Analytica.

The world’s largest social media network is under growing pressure from governments, investors and advertisers. This follows allegations by a whistleblower that British political consultancy Cambridge Analytica improperly accessed users’ information to build profiles on American上海夜生活 voters that were later used to help elect U.S. President Donald Trump in 2016.

“The hearing will examine the harvesting and sale of personal information from more than 50 million Facebook users, potentially without their notice or consent and in violation of Facebook policy,” chairman Representative Greg Walden, a Republican who chairs the panel, and Frank Pallone, the top Democrat, and,上海夜生活桑拿会所Sabia, other committee leaders wrote in the letter.

The House Energy and Commerce Committee did not say when they planned the hearing but it will not happen until Congress returns from a two-week recess.

Zuckerberg said this week he would be willing to testify if he is the right person at the company to speak to lawmakers.

A Facebook spokesman confirmed the company had received the House letter and was reviewing it, but did not say whether or not Zuckerberg would agree to testify.

Separately, the leaders of the U.S. Senate Com,上海夜生活Jacklyn,merce Committee also asked Zuckerberg to testify. Senator John Thune, the committee chairman, and Bill Nelson, the top Democrat, said the committee would work with Facebook “to find a suitable date for Mr. Zuckerberg to testify in the coming weeks.”

Facebook executives spent Wednesday and Thursday on Capi,上海夜生活网419Mabel,tol Hill briefing congressional committee staffers.

Two senators also asked the Federal Trade Commission, the leading U.S. consumer regulator, to investigate if other firms improperly obtained user data from Facebook users. The FTC is reviewing whether Facebook violated a 2011 consent decree it reached with the authority over its privacy practices, a person briefed on the matter told this week.

Zuckerberg apologized on Wednesday for the mistakes his company had made and promised to restrict developers’ access to user information as part of a plan to protect privacy.

His apology has failed to appease investors and advertisers.

Facebook shares fell on Friday, although not at the pace of earlier in the week. After opening higher, they were down 1.6 percent at $162, and have fallen around 12 percent since last Friday. The company has lost more than $50 billion in market value since the allegations surfaced.

Advertisers Mozilla and German bank Commerzbank (CBKG.DE) have suspended ads on the service and the hashtag #DeleteFacebook remained popular online.

On Friday, electric carmaker Tesla Inc’s (TSLA.O) and its rocket company SpaceX’s Facebook pages – each with more than 2.6 million followers – were deleted after Chief Executive Elon Musk promised to do so.

“I didn’t realize there was one. Will do,” Musk wrote on Twitter, responding to a person urging him to delete the SpaceX page. The Tesla page was taken down shortly afterwards. “Definitely. Looks lame anyway,” Musk tweeted.

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Siemens Healthineers up 7 percent on 4.2 billion euro market debut

FRANKFURT ( ) – Shares in Siemens Healthineers (SHLG.DE) gained as much as 7 percent in the medical equipment maker’s stock market debut on Friday, boding well for a string of pending German flotations including asset manager DWS.

In one of Germany’s biggest listing in recent years, parent Siemens (SIEGn.DE)上海夜生活网 raised 4.2 billion euros from selling a 15 percent stake in the world’s largest maker of medical imaging equipment.

Issued at 28 euros apiece, the shares opened at 29.10 euros after a delay of more than an hour because of market-wide technical problems at Deutsche Boerse’s (DB1Gn.DE) electronic trading platform. By 1157 GMT the shares were up by 7.1 percent at 29.98 euros, outpacing a 0.3 percent gain for the benchmark DAX .GDAXI index.

Deutsche Boerse said it would take two to three days to investigate the technical problems but ruled out a hacking attack.

The offer price, which valued Healthineers’ equity at 28 billion euros, was seen by some market participants as a climbdown by Siemens to stoke interest in the issue.

Healthineers had been touted at between 26 billion euros and 31 billion euros, below initial expectations of up to 40 billion euros.

Investors have cited uncertain prospects for Healthineers’ flagship Atellica blood and urine diagnostics machines. It is also seen facing slightly more volatile markets, which have pulled valuations off record highs.

Several large German listings are in the pipeline, with Deutsche Bank’s (DBKGn.DE) asset-management arm DWS due to float next week. Publisher SpringerNature, property company Godewind, home-shopping group HSE24, fashion retailer Takko and online furniture retailer Home24 are all expected to follow suit.

EXTERNAL INVESTMENT

The Healthineers IPO, which investors have hailed as a pure-play medical technology investment, is among the biggest German listings since the start of the millennium. Deutsche Post (DPWGn.DE) and Infineon (IFXGn.DE) are top of the pile, both topping 6 billion euros when they listed in 2000, with Innogy’s (IGY.DE) 2016 flotation raising 4.6 billion euros.

For parent Siemens, Healthineers’ market debut marks a key step in the group’s drive to attract external investors for businesses outside its core industrial engineering and automation operations.

It completed a merger of its wind power business with Gamesa (SGREN.MC) in April last year and agreed to create a joint venture with France’s Alstom (ALSO.PA) for its rail operations.

Siemens wants Healthineers to be able to raise its own funds for takeovers and investments as well as crystallize its standalone value, removing some of the “conglomerate discount” tha,上海夜生活桑拿会所Quay,t some investors say weighs on Siemens’ valuation.

Healthineers’ management has promised growth from its Atellica platform by catching up quickly with established dia,上海夜网Barrett,gnostics competitors, but Sebastien Buch of fund manager Union Investment — a top 10 Siemens shareholder, which is buying into the IPO — voiced some doubts.

“A discount is warranted as investors are skeptical about how successful the rollout will be,” Buch told this week. “The preceding five Siemens diagnostics platforms continually lost market share over the last couple of years.”

Healthineers is on track to join Germ,上海新夜网龙凤Naia,any’s mid-cap index .MDAXI in June via a fast-track entry mechanism ahead of the normal assessment date.

“With its expected free float market cap of about 4.2 billion euros, Healthineers currently ranks 18th and clearly exceeds the 1.9 billion needed for fast-entry inclusion,” said Silke Schluensen, index specialist at brokerage Oddo Seydler.

($1 = 0.8116 euros)

Senate banking panel approves Szubin for key sanctions post

WASHINGTON ( ) – The Senate Banking Committee approved Barack Obama’s choice to be the Treasury Department’s undersecretary for terrorism and financial intelligence by a 14-8 vote on Thursday, nearly 11 months after the president nominated him.

Obama nominated Adam Szubin in April 2015 for the post, which oversees U.S. sanctions as well as efforts to cut off money illegally flowing to nations such as Iran and North Korea and groups including Islamic State.

But his nomination got caught up in partisan fighting over foreign policy, particularly the international nuclear agreement with Iran announced in July, between the administration of Obama, a Democrat, and Republicans who control Congress.

Senator Richard Shelby, the banking panel’s chairman, did not allow votes on any of Obama’s nominees until after surviving a challenge in Alabama’s primary on March 1.

All eight of the “no” votes on the committee were from Republicans, although four Republicans joined all of the panel’s 10 Democrats in recommending Szubin. The nomination must still be approved by the full Senate.

Shelby, who voted no, told reporters the nominee “is a nice man,” and qualified for many jobs. “But the policies he would have to carry out, a lot of us o上海夜生活ppose them.”

In a statement issued later, he said, “Mr. Szubin’s role at the Treasury Department has requ,上海夜生活网419Nala,ired him to both promote and defend the Administration’s il,上海晚上耍女人的地方Fabian,l-conceived Iran nuclear agreement. I could not support his nomination today because of his participation in facilitating a deal that I believe is crippling to our national security.”

The deal betwe,上海夜生活论坛Idris,en Iran and major powers eases international sanctions on Tehran in exchange for curbs on Iran’s nuclear program.

The banking panel was the only committee in the U.S. Senate that did not vote on any Obama nominee in 2015. About 14 are still outstanding.

Shelby said he did not know when the full Senate might vote on Szubin, who is currently acting undersecretary.

“The simple fact is that the Senate should have unanimously confirmed Mr. Szubin last spring instead of keeping him in limbo for almost an entire year,” Senator Sherrod Brown, the committee’s top Democrat, said in a statement.

Besides Shelby, Republican Senators Mike Crapo, Tom Cotton, Dean Heller, Mark Kirk, Ben Sasse, Tim Scott and Pat Toomey opposed Szubin’s nomination. Republicans Bob Corker, David Vitter, Mike Rounds and Jerry Moran backed him.

Deutsche Bank sees $550 million first-quarter impact from strong…

FRANKFURT ( ) – A strong euro and higher funding costs would have a 450 million euro ($553 million) impact on Deutsche Bank (DBKGn.DE) in the first quarter of the year, the German lender’s finance chief warned on Wednesday.

James von Moltke, the bank’s chief financial officer, said a stronger euro was turning out to be a 300 million euro drag on the investment bank, while the cost of funding would be an additional ,上海仙霞路夜生活Macauly,150 million euros.

“We do have a headwind on a year-on-year comparison before you get to business performance of about 450 million euros,” von Moltke said at an investor conference in London.

The outlook for the first quarter ,夜上海419龙凤论坛Gabrielle,comes after the bank posted three consecutive years of losses. Last week, it disclosed an even bigger than previously disclosed 2017 loss of 735 million euros but expressed cautious optimism about 2018.

“We remain committed to our objective of delivering a net profit and a competitive dividend payout for 2018,” Deutsche’s Chief Executive Officer John Cryan said on Friday.

Shares in the bank were down 5.7 percent at 1344 GMT.

Von Moltke noted that the first quarter of last year was a strong one, complicating the picture when comparing the first quarter of this year.

The revenue base of Deutsche Bank’s investment上海夜生活论坛 bank is 40 percent dollar denominated or linked to the dol,上海夜生活桑拿会所Macauly,lar, von Moltke said when explaining the negative currency effect of a stronger euro. ($1 = 0.8139 euros)

Volkswagen looking at ways to boost Skoda output, including new…

BERLIN ( ) – Volkswagen (VOWG_p.DE) is looking at ways to boost production at Skoda, including building a new factory outside the brand’s Czech home, to help it keep up with booming demand, company sources said.

Best,上海夜网后花园Paisley, known for its low-priced cars, Skoda moved last year into the fast-growing market for sport-utility vehicles (SUVs) with the new Kodiaq and Karoq models, and plans to launch another 19 models by 2020.

But attempts to increase capacity at its main Czech plant in Mlada Boleslav, where it builds more than half a million cars a year, are in limbo because the Kovo union opposes extending the work-week to Saturday, two Volkswagen (VW) group sources said.

Skoda has offered to create 3,000 jobs in the Czech Republic if labor leaders agree to additional shifts at the two automaking plants, a move management says could boost output at Mlada Boleslav alone by 83,000 cars a year.

“Additional capacity is absolutely essential to be able to meet continually growing demand,” Skoda said in an emailed statement. “The company has been producing at full capacity for some time.”

Once the butt of jokes in the West, Skoda has blossomed under nearly 30 years of VW ownership to become one of its profit drivers, even beating luxury brand Audi’s (NSUG.DE) and BMW’s (BMWG.DE) operating margins last year, thanks to its cheap labor and to VW’s cost-saving modular production platforms.

Growing demand in Europe and China has helped Skoda’s sales to jump nearly a third over the past five years to a record 1.2 million cars in 2017.

Sources said Skoda could miss out on about 360,000 car sales by 2020 if capacity is left unchanged. Production of Skoda models has been expanded in recent years in markets including China, India and Russia.

VW and Skoda are aiming to find solutions by the summer, the sources said, to help the brand with its goal to expand foreign sales to 120 countries, from about 100, by 2025.

Deliberations include searching for under-used capacity within the VW group, as well as investing in a new facility outside the Czech Republic where production could be shared with other VW brands,上海夜生活 the sources said.

BOTTTLENECKS

“Of course we are always pleased if brands like Skoda develop very positively. But that also affects other brands where we have bottlenecks,” VW group ,夜上海论坛Idaline,chief executive Matthias Mueller told TV last week when asked how he wanted to solve capacity constraints at Skoda.

“Our platform strategy thankfully gives us a chance to also react at short notice, meaning within a few weeks or months,” he said, referring to the group’s strategy of maximizing the number of parts used in common across brand and model lines.

Last year, labor leaders at the group’s VW brand pushed for some Skoda production to be shifted from the Czec,上海夜生活群Ebba,h Republic to help offset declining output at German sites, fuelling concerns among some Czech workers and politicians.

It remains unclear where Skoda models could be built.

The VW brand’s main Wolfsburg plant in Germany is grappling with falling demand for its top-selling Golf hatchback, but utilization has improved at a fellow German plant in Emden, which has been awarded production of another model and so sees no room to build Skodas before 2020, a VW source said.

Audi says capacity is tight at its main Ingolstadt plant in Germany, where some models are based on the MQB platform shared by Skoda.

VW’s Spanish brand Seat is also operating near full capacity at Martorell after the new Arona SUV was added to assembly lines, and the brand has swapped production of the higher-volume Audi Q3 for the Audi A1 to ease workload at the factory.

But in the wake of the group’s costly diesel emissions scandal, it is likely to want to tap any under-used capacity across the business ahead of building a new factory.

VW finance chief Frank Witter last week reaffirmed the group’s goal to cut both capital spending and R&D costs to 6 percent of sales by 2020, from 6.4 percent and 6.7 percent respectively.

“I have said all along that … 2017, 2018 and 2019 will be a dog fight, and I haven’t changed my view,” Witter, also Skoda’s chairman, said on an earnings call.

At Skoda, management are determined not to lose momentum. “We are intensively pushing forward Skoda,” CEO Bernhard Maier said at the Geneva auto show this month. “We are motivated from head to toe to continue along this path.”

U.S., South Korea revise trade deal with quotas on Korean steel

SEOUL ( ) – The United States and South Korea agreed to revise a trade pact sharply criticized by U.S. President Donald Trump, Seoul said on Monday, with U.S. automakers winning improved market access and Korean steelmakers hit with quotas but avoiding ,上海夜玩网论坛Earl,hefty tariffs.

The planned changes in the U.S.-Korea Free Trade Agreement (KORUS) were seen as limited, leaving South Korea’s key passenger car exports untouched and helping soothe fears that Trump’s tough approach could start a spiraling global trade war.

In April, Trump told he would either renegotiate or terminate what he called a “horrible” trade deal that has doubled the U.S. goods trade deficit with South Korea since 2012.

Asian shares steadied on Monday, stemming last week’s hefty losses after Trump’s action on steel and aluminum, and his plans to slap tariffs on up to $60 billion in Chinese goods.

The agreement means South Korea will be forced to cut its steel exports to the U.S. by 30 percent of the past three years’ average, in exchange for becoming the first U.S. ally to receive an indefinite exemption on steel tariffs imposed by Trump.

“We had heated discussions,” South Korean Trade Minister Kim Hyun-chong said at a media briefing in Seoul. “The latest agreement removed two uncertainties,” he said, referring to steel tariff exemptions and KORUS renegotiation.

The U.S. Trade Representative’s office in Washington did not respond on Monday morning to requests for comment on the announcements in Seoul. But White House trade adviser Peter Navarro told CNBC television, “It looks like we’re going to have a very, very good result” from the negotiations with South Korea.

Last week, Trump temporarily excluded six trade partners, including Canada, Mexico and the European U,上海仙霞路夜生活Dallas,nion from import duties of 25 percent on steel and 10 percent on aluminum, which came into effect on Friday.

South Korea has received a quota of about 2.68 million tonnes of steel exports, or 70 percent of the annual average Korean steel exports to the United States between 2015-2017, which will be exempt from the new tariffs, the ministry said in a statement.

South Korea is not allowed to export steel products exceeding that quota to the U.S. market, a ministry official said.

“This leaves a bad precedent of exchanging steel tariffs – which is a breach of international trade law – for a legitimate free trade agreement, in negotiations,” said Wonmog Choi, professor of law at Ewha Womans University.

TRADE WAR FEARS

South Korea is the third-largest steel exporter to the United States and the world’s top importer of Chinese steel, leading to concerns it was a conduit for China’s excess capacity.

Trump was elected in 2016 after promising to punish what he saw as unfair trade practices by other countries, particularly China.

While Trump was adamant the KORUS deal needed renegotiating, the trade spat risked undermining relations between Seoul and Washington at a crucial time, as Washington and Seoul work closely to try to contain a nuclear-armed North Korea.

“We 上海夜网are at a time when U.S.-South Korea cooperation is needed more than ever ahead of the inter-Korean summit and the summit between North Korea and the United States,” said a senior official at South Korea’s presidential Blue House, who was not authorized to speak to media.

South Korean officials said that while the deal agreed was the best they could hope for, further pressure on trade was likely under Trump’s presidency.

Shares in South Korean steelmakers rallied on Monday, with Dongbu Steel leading gains as tariff exemptions were confirmed.

U.S. shares also climbed on Monday after steep falls last week as fears of a U.S.-China trade war eased on news that U.S. Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer were negotiating to resolve difference with their Chinese counterparts.

AUTOS CONCESSION

As part of the KORUS revision, the countries agreed to extend U.S. tariffs on Korean pickup trucks by 20 years until 2041.

No South Korean automakers currently export pickup trucks to the United States, but Hyundai Motor said last year it planned to launch a model there to catch up with a shift away from sedans.

Hyundai said on Monday it was “too early to elaborate on the details such as the estimated timing of the model release and production location”. Its shares fell 1.3 percent.

Under KORUS revisions, U.S. automakers will be able to bring into South Korea 50,000 vehicles per automaker per year that meet U.S. safety standards, not necessarily Korean standards, up from 25,000 vehicles previously.

Kim said no automakers previously exceeded the 25,000-vehicle threshold. Ford Motor Co and General Motors each shipped fewer than 10,000 vehicles last year.

“I don’t s,上海晚上耍女人的地方Rae,ee a high chance of automakers expanding U.S. imports,” he said.

Nissan launches new Altima into a sputtering U.S. sedan market

NEW YORK ( ) – Japanese automaker Nissan Motor Co Ltd (7201.T) on Wednesday unveiled an all-new Altima sedan, and demonstrated the auto industry’s problem adjusting new-model investments fast enough to keep pace with shifts in consumer demand.

The Altima, and rival midpriced sedans such as Toyota Motor Corp’s (7203.T) Camry and Honda Motor Co Ltd’s (7267.T) Accord, used to be high-volume sellers, keeping assembly lines rolling full-time. All three automakers several years ago committed to significant redesigns of their sedans.

Since those investments were made, demand for midsized cars has collapsed in the United States due to the growing consumer appetite for larger SUVs and pickup trucks. Sales of sedans made up 36.8 percent of the U.S. market in 2017, down sharply from 51.2 percent in 2012.

Through February this year, sedans made up 33.3 percent of new-vehicle sales and are down 12 percent versus the same period in 2017.

Jack Hollis, Toyota’s North American head of sales and marketing, said the automaker expects by the end of 2018 sedans will make up around 30 percent of sales.

Last summer, Honda launched its all-new Accord, arguing that the well-reviewed sedan would help it maintain sales levels in a declining market. Instead, sales of the new Accord dropped nearly 16 percent in February from a year ago. Honda said that between April and June it will halt production at its Marysville, Ohio, plant for 11 days to reduce a high inventory of unsold vehicles.

Nissan executives at the New York auto show on Wednesday said the new Altima has a chance to buck the trend.

“I think we’re going to ,上海021夜网Idris,have a hell of a lot of conquests in the segment,” Denis Le Vot, who took over running Nissan’s North American operations earlier this year, told . “Not only from competing models, but also the whole market.”

Nissan has added all-wheel drive, automatic rear braking and some autonomous features that help drivers stay in their lane or remain a set distance behind the vehicle in front to make the revamped Altima more attractive to consumers.

Le Vot said automakers will have to add more features to remain competitive in the sedan segment. “Do we put more things in the car? Yes, because the market and the value of the market is going to that.”

Rivals are shifting investments to trucks and sport utility vehicles. Intensifying competition among automakers to sell sedans should lead to higher discounts and narrower profits, said car-shopping website Autotrader’s executive publisher, Brian Moody.

“That’s good news if you want to buy a sedan because you should be able to get a good deal,” Moody said.

Johan de Nysschen, head of General Motors Co’s (GM.N) luxury Cadillac division, reiterated plans to cut the number of sedans in its family of vehicles and add sport utility vehicles and crossovers to its lineup.

“Just as we are rebalancing our portfolio and reducing our number of sedan entries, so I imagine others will be doing the same,” de Nysschen said on Wednesday. “The market just won’t sustain that many derivatives anymore.”

The three big Japanese automakers, however, have large U.S. factories dedic,上海足浴夜网联系方式Gabrielle,ated to midsized sedans such as the Altima, Camry and Accord.

Toyota’s Hollis said Toyota remains committed to sedans.

“We’re not pulling anything back, we will continue to invest,”,上海仙霞路夜生活Hadley, he said. “If other players want to pull out, fine, we’ll just take more market share.”

Nissan’s Le Vot said the U.S. midsize sedan segment should stabilize at around 1.6 million units annually.

“This is a very big playground and we have enough room in this playgroun上海夜生活d to play with our car.”

U.S. tech companies win changes in bill to limit China access to…

(This version of the March 15 story has been refiled to fixes law firm organization type in 18th paragraph to LLP from PLLC)

By Diane Bartz

WASHINGTON ( ) – Lawmakers pushing legislation aimed at preventing China from acquiring sensitive U.S. technology have proposed relaxing elements of the measure after lobbying by high-tech firms but will tighten another portion, according to a draft revision seen by .

The bill in the Senate and a companion measure in the U.S. House of Represe,上海夜网邀请码Octavia,ntatives would broaden the reach of the inter-agency Committee on Foreign Investment in the United States (CFIUS) in hopes of halting Chinese efforts to acquire sophisticated U.S. technology. The bipartisan legislation has the support of President Donald Trump’s administration.

Tech companies criticized the original legislation amid concerns it could limit or slow their exports, which in 2016 totaled $153 billion, according to World Bank data.

Among the companies lobbying for the changes were Google parent Alphabet Inc (GOOGL.O), Facebook Inc (FB.O), IBM Corp (IBM.N), Intel Corp (INTC.O), Qualcomm Inc,上海夜生活男人好去处Faith, (QCOM.O) and a long list of other hardware and software companies.

CFIUS has gone from virtually unknown several years ago to front-page news this month as one of its probes resulted in Trump forbidding chipmaker Broadcom (AVGO.O), which is in the process of moving back to the United States, from buying rival Qualcomm.

A technology industry group said the original bill broadened CFIUS’ reach so much that companies that sell sensitive technology could potentially be forced to go before the panel to have any sale reviewed, even the most uncontroversial.

They also argued that some technology transfers were already reviewed by other U.S. agencies.

Josh Kallmer, senior vice president for global policy for the Information Technology Industry Council, said the changes were positive.

“We see this as a huge step in the right direction both atmospherically and substantively,” he said.

One revision would exempt products covered by other export rules, meaning a technology already covered by the Arms Export Control Act, to cite one example, would also fall under CFIUS jurisdiction.

The initial draft of the bill could have expanded CFIUS oversight to anything sold by a “critical technology company,” a term meaning technology with military importance and a big expansion of CFIUS’ mandate.

The revision trims that back to giving CFIUS oversight over joint ventures that might involve “critical technology” transfer, preventing CFIUS from being flooded with applications related to older technology.

The revised version of the bill also makes it easier for CFIUS to review certain, smaller investments. An earlier version had said that investors had to buy 25 percent of a company or have a “voting interest” to come under CFIUS’ jurisdiction. The new version says only that CFIUS would look at foreign investors buying a “substantial interest” in a firm.

“The change from ‘voting interest’ to any ‘interest’ is a big change. It could subject government-backed investment funds, like pension plans, to mandatory CFIUS filings even when their investment gives them no voting authority,” said Peter Alfano, a CFIUS expert with the law firm Squire Patton Boggs LLP. “CFIUS has long been concerned about dominant minority shareholdings.”

MORE DEALS REJECTED

The bills are aimed at reining in China’s acquisition of U.S. high tech knowledge even as China has sought to focus on production of higher-value goods. China’s industrial output in January and February showed the output of computers, telecommunications equipment and other electronics rose sharply over the previous year. Output of industrial robots rose around 25 percent.

While CFIUS’ review of Broadcom got a huge attention, the panel has quietly rejected an increasing number of proposed acquisitions, many of them Chinese companies seeking to buy U.S. semiconductor firms or companies with large amounts of data about Americans.

“They (the changes) 上海夜生活论坛don’t detract significantly from the thrust of the bill, but they do ease the minds of business lawyers,” added Stewart Baker, a CFIUS expert with the law firm Steptoe & Johnson LLP.

The Senate version of the bill has 11 co-sp,上海凤楼夜网Tabitha,onsors while the House version has more than 35 co-sponsors.

English court refuses to hear Dana Gas’s appeal in sukuk dispute

DUBAI ( ) – Dana Gas has lost an attempt to overturn English court rulings that backed creditors’ demands for the repayment of $700 million of Islamic bonds, the UAE company said on Monday.

The English Court of Appeal refused an application by the United Arab Emirates (UAE) company to appeal the November 2017 and February 2018 English High Court orders.

Dana Gas last year shocked the global Islamic finance industry when it stopped payments on its sukuk, which matured in October, saying that because of changes in the interpretation of Islamic finance rules the bond h,上海夜网推油Nala,ad become unlawful in the UAE.

Instead, it proposed to exchange the sukuk for new instruments with lower profit rates. The proposal was rejected by bondholders and a legal battle started over the validity of the sukuk in both Englis上海夜生活网h and UAE courts.

While the English Court of Appeal’s decision may complicate further legal action by the company in English courts, proceedings in the UAE ,上海仙霞路夜生活Kai,continue.

A court in the emirate of Sharjah, where Dana is headquartered, issued an order earlier this month prohibiting the company from withdrawing its legal efforts in the UAE.

The order was issued at the request of a plaintiff, Marwan John Shorkry Kattan, a shareholder in Dana Gas.

The Sharjah court also added BlackRock – one of the largest creditors of Dana Gas – to the UAE proceedings and issued an injunction prohibiting it and other creditors from taking any action against Dana Gas or its shareholders in the UAE and the United Kingdom until the UK courts’ rulings “are referred to the UAE judiciary to resolve their enforceability in the UAE.”

This could mean that Dana’s creditors may not be able to advance any enforcing cl,上海足浴夜网联系方式Octavien,aims against the company and its assets as long as the UAE court orders remain in place.

Despite the ongoing legal dispute, Dana said on Sunday it would seek shareholder approval to pay a dividend for 2017 totaling about 349 million dirhams ($95.03 million).

U.S., South Korea on verge of trade deal: Trump

WASHINGTON ( ) – The United States and South Korea could announce a trade deal next week that would cover an exemption from U.S. steel and aluminum tariffs and other trade issues, President Donald Trump and his commerce secretary said on Friday.

Trump said the agreement “would be a wonderful deal with a wonderful ally. We’re get上海夜生活ting very close to it.”

It was not immediately clear whether the deal would encompass a revamp of the 2012 U.S.-South Korea Free Trade Agreement, known as KORUS, which has been under negotiation for several months.

Spokesmen and spokeswomen for the U.S. Trade Representatives Office and the Commerce Departm,上海高端夜生活在那里Hadley,ent could not be immediately reached for more details on the announcement, which Trump made while speaking at an event to say he would sign a $1.3 trillion U.S. budget deal.

Commerce Secretary Wilbur Ross, at Trump’s prompting, said: “We believe we are relatively close to a pretty comprehensive resolution with the South Korean government.”

Ross said if the deal goes through, it would encompass exemptions under the U.S. steel and aluminum tariffs that went into effect on Friday, as well as “broader trade issues.”

“And,上海夜生活乌托邦Eason, we hope by sometime next week to be able to have a real announcement,” Ross said.

Trump late on Thursday issued a proclamation that,上海夜生活怎么玩Paige, South Korea, Argentina, Australia, Brazil and the European Union would get temporary exemptions from steel and aluminum tariffs, along with Canada and Mexico’s earlier exemptions. The exemptions run until May 1 while discussions over their metals exports continue.

South Korea and the United States held a third round of negotiations last week on updating KORUS. Reducing South Korean non-tariff barriers to U.S. automotive exports has been a priority for the Trump administration in the talks.

Balancing act: Chip giant Qualcomm caught between Washington and…

SHANGHAI ( ) – U.S. chipmaker Qualcomm Inc (QCOM.O), blocked this week from a takeover bid amid national security fears, was already walking a Pacific tightrope: it has government and defense contracts in America, but two-thirds of its revenue comes from China.

U.S. President Donald Trump on Monday halted microchip maker Broadcom Ltd’s (AVGO.O) $117 billion takeover of Qualcomm over concerns it would give China the upper hand in the next generation of mobile communications, forcing the Singapore-bas,上海夜网千花Faith,ed firm to drop its bid.

The move illustrated the awkward position of Qualcomm, which is based in San Diego. In the United States, it has government and defense contracts and is seen as a “trusted” supplier. In China, it has its most lucrative market, thanks to patent licensing fees it receives there from smartphone ,上海会所夜网Paisley,vendors including Apple Inc (AAPL.O), Samsung (005930.KS) and Xiaomi.

(GRAPHIC: Broadcom, Qualcomm global footprint – tmsnrt.rs/2FIS93)

On top of that, China, the United States and Europe are racing to develop the next generation of wireless data network, called 5G, for mobile phones and increasingly connected devices. Whoever controls the technology will gain a potential strategic advantage, and the U.S. government does not want to have to rely on Chinese-made gear.

The result is a delicate balancing act to navigate trade disputes and political tensions between Beijing and Washington that could irk policymakers and regulators on both sides, hurting business and deals.

“We see ourselves as part of the China semiconductor system,” Cristiano Amon, Qualcomm Pres上海夜生活网ident told at a Beijing event in January. “It’s very clear that 5G is important to the United States of America. It’s important for China.”

Qualcomm is still waiting for Chinese approval of its proposed $44 billion acquisition of NXP Semiconductors NV (NXPI.O) and trying to mend its relationship with Chinese customers after paying a fine of nearly $1 billion for anti-competitive practices in 2015.

The company is helping Chinese firms ZTE and China Mobile develop 5G technology and is involved in China’s 5G standard development trials. It has similar partnerships in the U.S. and Europe.

GAINING AN ADVANTAGE

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

A Broadcom takeover could see the company cut research and development spending by Qualcomm or sell strategically important parts of the company to other buyers, including those in China, officials and analysts said.

As such concerns emerged, Broadcom immediately jumped into action, pledging to invest in Qualcomm’s 5G technology and accelerate its move to the United States. But the plan didn’t go down well with CFIUS.

The clash marked a sharp fall from grace for Broadcom, whose chief executive, Hock Tan, Trump welcomed to the White House last year to announce a plan to move its headquarters to the United States. At the time, Trump called it “one of the really great, great companies.”

Led by Tan, a Harvard-educated Malaysian entrepreneur, Broadcom grew largely through acquisitions. Tan is an aggressive dealmaker and built the $100 billion chip giant up from a business worth just $3.5 billion in 2009.

Until the Qualcomm bid, its biggest deal had been the $37 billion acquisition of Irvine, California-based Broadcom, where the company, called Avago Technologies at the time, got its current name.

COMPLEX RELATIONSHIP

Qualcomm executives acknowledge the tricky relationship the firm has in China, especially with local companies like Huawei, which is spearheading China’s 5G push.

“Our relationship with Huawei is complex; I don’t know if there’s a good word for it,” Amon said in Beijing in January, adding that the company was a big supplier to Huawei while also being a competitor with Huawei’s semiconductor business.

Although Huawei is in a strong position to supply 5G network equipment to carriers in many large markets – with the notable exception of the United States – it still has to license some technologies from Qualcomm, which owns more 5G patents than any other company in the world.

Keeping Chinese relationships on track is key for Qualcomm as domestic smartphone makers like Oppo, Vivo and Xiaomi gain prominence and as broader U.S.-China trade tensions rise.

Trump is seeking to impose tariffs on up to $60 billion of Chinese imports and will target the technology and telecommunications sectors, two people who had discussed the issue with the Trump administration told .

“I would imagine relationships that we have in China, and probably the symbiosis of that relationship, it will play a very strong role with the (Chinese) regulators’ view of the future of Qualcomm,” Amon said in January.

And the Broadcom takeover case highlights a growing risk for U.S. companies in China.

“It’s an unenviable position because they are pretty dependent on China,” said Andrew Gilholm, director of analysis for China and North Asia at risk consultancy Control Risks, referring to Qualcomm.

“They are an extreme case but as more and more sectors become effectively considered ‘strategic’ from a comprehensive national security perspective, more and more companies are facing this kind of squeeze between the U.S. and China.”

(GRAPHIC: Global tech M&A – tmsnrt.rs/2z,夜上海419龙凤论坛Dalton,jPc9A)

Some holders of Etihad-linked $1.2 billion bonds brace for default:…

DUBAI ( ) – Some holders of $1.2 billion in bonds linked to Etihad Airways are seeking to appoint legal advisers to evaluate their options with respect to a potential default of the notes, sources familiar with the matter said.

Etihad issued the bonds in 2015 and 2016 through an Amsterdam-based special purpose vehicle, called Equity Alliance ,上海夜哪里艳遇Dallas,Partners (EAP).

The proceeds were used to enter into separate debt obligations with Etihad and airlines partially owned by the Abu Dhabi carrier at the time, including Alitalia and Air Berlin, both of which are now insolvent.

The bonds lost over 25 cents on the dol上海夜生活网lar after Alitalia entered special administration and Air Berlin filed for bankruptcy last year.

With over $500 million of the paper held by United Arab Emirates investors, EAP bondholders have assumed that Etihad, which is owned by the government of Abu Dhabi, would step in to support the notes despite the insolvency of the two European airlines.

Etihad, however, is not legally obliged to do so because the bonds have no cross-default provision.

Etihad declined to comment.

The bonds have a credit enhancement mechanism, called “liquidity pool”, which can be used for coupon payments should one of the borrowing airlines in the bonds not be able to pay interest rates on its portion of the debt.

According to the EAP bonds documentation, should such liquidity pool go below 75 percent of its original value, a so-called “remarketing event” would be triggered, meaning that the defaulted loans within the EAP bonds would be auctioned for cash. The bond issuer, EAP, said in an announcement on the Irish stock exchange last week that a remarketing event had occurred.

The group of bondholders, which holds a “significant minority” of the notes across the two issues – $700 million issued in 2015 and $500 million,上海夜生活乌托邦Jacklyn, issued in 2016 – is now seeking advice to evaluate its options in relation to the defaulted airlines’ debt obligations, said the sources.

In particular, the creditors are evaluating what actions they could take should the remarketing of the Alitalia and Air Berlin loans not be successful, which could lead to a default of the EAP notes.

Etihad agreed at the end of 2016 to repay Alitalia’s portion of the EAP debt, corresponding to around $235 million, but such agreement was signed ahead of a restructuring plan for the Italian carrier that Alitalia’s workers rejected in early 2017, leading the company to bankruptcy.

Such a “debt assumption agreement” is not public and holders of the EAP notes have not seen it. The group of creditors will also seek advice to determine their recourse to Etihad under its debt agreement with Alitalia, said the sources.

Meanwhile Etihad is discussing what its options are in relation to the bonds.

Some sources believe a refinancing of the entire structure could be on the cards. Others believe Etihad may buy the defaulted loans at par during the remarketing, given it,上海夜网后花园Octava,s previous commitment to cover Alitalia’s debt portion.