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Deutsche Bank boosts bonuses to 2.3 billion euros despite bigger…

FRANKFURT ( ) – Deutsche Bank (DBKGn.DE) paid bonuses worth 2.3 billion euros ($2.83 billion) for 2017, four times higher than the previous year even as the German lender warned on costs for 2018 and reported a bigger 2017 loss than previously disclosed.

Germany’s flagship lender said on Friday that its top 12 managers would forego payouts for 2017 after the bank said it lost 735 million euros, the third annual loss in a row and more than the 497 million euros it had reported in February.


The bank, which distributed 546 million euros in bonuses in 2016, also said its cost-cutting plans were hitting roadblocks, partly because of a delay in disposals.

In addition, the lender said it expected higher costs related to Britain’s exit from the European Union – which is expected to lead to hundreds of the bank’s staff moving from London – and a postponement in savings from the merger of its in-house retail bank with Postbank.

The bank’s decision to push ahead with paying big bonuses, despite heavy losses, has tested relations with German politicians and the public, many of whom deeply disapprove of high pay and Anglo-,上海夜玩网论坛Mabel,Saxon style capitalism.

Chief Executive John Cryan, who has called for patience in his effort to turn around the bank, defended the bonus payments as an effort to retain staff.

“If we want to live up to our claim of being the leading European bank with a global network, we have to invest in our employees so that we can continue to provide the best solutions for our clients,” he said in a letter to shareholders.

Deutsche sharply cut bonuses for 2016 following speculation that it would need a state bailout to stay afloat.

Since then, the bank has executed an overhaul that includes the merger of its in-house retail bank with Postbank and the partial IPO of its asset management unit, which is expected to start trading next week.

In its annual report, the bank said adjusted costs in 2018 were now expected to be 23 billion euros, up from its original forecast for 22 billion, and that some cost savings wouldn’t kick in until 2019.

The bank was cautiously optimistic for this year, saying it expects revenues to rise in 2018 after d,上海夜生活去哪玩Ebba,eclining 12 percent in 2017. “We remain committed to our objective of delivering a net profit and a competitive dividend payout for 2018,” Cryan said.

During his tenure, Cryan has stabilized the bank, raised capital, designed an overhaul, cut some costs, confronted daunting legal challenges, and managed the demands of greater regulation.

But the 2017 loss has prompted some investors to question whether Cryan should be given more time to turn around the bank, after less than three years as chief executive.

Investors are also frustrated by paltry dividends, which the bank said would be 11 cents for 2017, resulting in a payout for investors of 230 million euros.

“The stark mismatch between 上海夜网bonuses and dividends must be remedied in the next few years,” said Ingo Speich, a fund manager at Union Investment, which holds Deutsche stock.

Shares in Deutsche Bank were 0.2 percent higher at 1121 GMT, up less than the broader DAX index of major German companies as investors ignored news of the bigger loss.

($1 = 0.8115 euros)

Factbox: How United States, others regulate autonomous vehicle testing

( ) – An Uber self-driving sport utility vehicle struck and killed a woman crossing a street in Arizona on Sunday, the first fatality involving an autonomous vehicle and a potential blow to the,夜上海论坛Idaline, technology expected to transform transportation.

The ride services company said it was suspending North American tests of its self-driving vehicles. Safety advocates have called for a national moratorium on the testing of all so-called robot cars on public roads.

Here is a brief look at how the United States and some other countries regulate testing of autonomous vehicles.

– So far, 21 U.S. states plus the District of Columbia have enacted legislation related to autonomous vehicles, according to the National Conference of State Legislatures. (here)

– Nevada was the first to authorize operation of autonomous vehicles in 2011.

– Arizona has opened its arms to companies testing self-driving vehicles as a means to economic growth and jobs. Republican Governor Doug Ducey reached out to Uber in 2016 after California regulators cracked down on the company over its failure to obtain testing permits.

– China has issued licenses to automakers that allow self-driving vehicles to be road tested, the state-owned Xinhua news agency has reported. The licenses allow operators to test drive the vehicles on a 5.6-km (3.5-,上海夜生活桑拿会所Rachel,mile) public road in Jiading District of Shanghai, Xinhua said. Shanghai has regulations on road tests for such smart cars and has said it would promote the application and commercialization of vehicles using artificial intelligence technology and internet-linked functions, Xinhua reported.

– South Korea’s transport ministry began the provisional permit system in February 2016 and has approved provisional permits for 41 self-driving cars as of March including 14 for Hyundai Motor Co (005380.KS), two for Kia Motors (000270.KS) , and one for Audi-Volkswagen (VOWG_p.DE). Audi-Volkswagen is the only foreign company with a provisional permit in South Korea.

South Korea said it was aware of the Uber incident and that it makes “frequent improvements to the permit system and could make changes in light of the incident going forward.”

– In Japan, all vehicles on roads require a driver to be sitting in the driver’s seat, according to the Transport Ministry. As long as someone is in the driver’s seat during an automated driving test and has his or her hands close to the wheel at all times, no special permit is needed to conduct self-driving tests.

A ministry spokesman said of the Uber incident, “We will be following it closely, but it’s too early to say how it will affect our approach to self-driving tests.”

– Singapore requires that all autonomous上海夜网 test vehicles undergo a vehicle safety assessment before they are approved for on-road ,上海夜生活网419Eden,trials. Test vehicles can only be driven in autonomous mode within an approved test-site. All test vehicles are required to have a qualified safety driver who is ready to take control, until autonomous vehicle trials demonstrate that the technology is ready for fully autonomous operations. All trial participants are also required to have third-party insurance for test vehicles and must share data.

Facebook must face tighter rules, tougher penalties: German minister

BERLIN ( ) – Misuse of data by Facebook means it will in future be bound by stricter regulations and the threat of tougher penalties for further privacy violations, Germany’s justice minister said on Mond,上海晚上耍女人的地方Dahlia,ay.

Katarina Barley spoke after talks to which she summoned executives of the firm (FB.O) including European public affairs chief Richard Allan.

“Facebook admitted abuses and excesses in the past and gave assurances that measures since taken mean they can’t happen again,” she said. “But promises aren’t enough. In future we will have to regulate companies like Facebook much more strictly.”

The firm has faced a global outcry over allegations that data from millions of users was improperly harvested by consultancy Cambridge Analytica to target U.S. and British voters in close-run elections.

Facebook’s shares fell more than 5 percent on Wall Street on Monday after the U.S. consumer protection regulator made public the fact it is investigating the firm over the Cambridge Analytica link.

Facebook managers were not present for Barley’s news conference, held after a meeting she called “long, intensive and controversial.”

She said the firm told her around 1 percent of 300,000 users of a personality quiz whose results were later fed into Cambridge Analytica’s voter-targeting algorithms were in Europe.

It was still unclear how many of them were in Germany, or how many of the further 50 million users in their friendship circles whose data the consultancy used were in Germany or Europe, she said.

Facebook had promised to try and contact all those affected.

Memories of two 20th-century totalitarian surveillance states make privacy issues especially sensitive in Germany, where competition authorities have since last year been probing the so上海夜网cial network’s use of data from partner websites.

“We need well-equipped data protection authorities and confident users who know their rights,” Barley said. “The sovereignty of users must be strengthened.”

Federal Carte,上海夜网千花Tabitha,l Office President Andreas Mundt told Tagesspiegel in comments released by the newspaper on Monday that users were largely ,上海凤楼夜网Ebba,unaware how much information flowed to the social network when they visited third-party websites with Facebook integration.

The office was working on the basis of possible abuses stemming from “the collection and assessment of data from third-party sources outside Facebook,” he said.

Facebook declined to comment on Mundt’s remarks.

Short visits rise at Whole Foods stores with Amazon lockers

LOS ANGELES ( ) – Shoppers are making more quick trips to Whole Foods stores that have installed Amazon.com (AMZN.O) lockers,,上海足浴夜网联系方式Mabel, giving the natural and organic retailer a new way to boost sales, research from location data advertising firm inMarket showed on Monday.

Short “micro” visits, defined as three to five minut,上海夜网邀请码Earl,es in length, were up 11 percent at stores with lockers since Amazon closed its purchase of Whole Foods on Aug. 28, according to an inMarket report provided exclusively to News.

That compares with the 7 percent gain at stores in the same cities that do not have the banks of lockers, inMarket said.

Amazon shoppers, including those seeking to avoid “porch pirate” package thefts, can choose to have their orders sent to a locker for one-time use at no additional cost. Amazon sends the customer the locker number and a unique code to open it and collect their package.

The firm studied 98 stores in the New York, Los Angeles, Chicago, Philadelphia, Dallas-Fort Worth, San Francisco, Washington, Houston, Boston and Atlanta metro areas. Some 76 stores, or about 16 percent the chain’s 473 stores, had lockers.

People who stop at Whole Foods to retrieve a package from an Amazon locker could be tempted to buy a drink, milk or a promoted item, said experts, who added that the trips are also a way for the retailer to keep shoppers abreast of changes at the chain.

“There’s a serendipity and immediacy to the in-store experience,” said Todd Dipaola, chief executive and founder of inMarket, which analyzes anonymous location data from the mobile devices of 50 million U.S. consumers.

“As good as delivery is getting – one-day delivery, sometimes one-hour delivery – that still can’t compete with the one上海夜生活论坛-second immediacy of being in store and picking up that avocado that I’m about to make guacamole out of because I thought about it in that moment,” Dipaola said.

Micro visits hav,上海夜生活网419Jacob,e accounted for about 9 percent of all visits to grocery sellers so far this year, with Whole Foods lagging at 6.5 percent, inMarket said.

Representatives from Amazon and Whole Foods did not comment.

Whole Foods can drive impulse sales by placing products adjacent to lockers and providing quick and easy payment options, such as self-checkout, said Stewart Samuel, program director for IGD Services. He added that the chain already has tested an impulse/food-to-go area within a larger store in New York.

“While this would be additional volume for Whole Foods Market, the impact on the convenience store channel overall would be negligible,” Samuel said.

Amazon has lockers in 7-Eleven Inc convenience stores in more than 300 cities, according to published reports. Representatives from 7-Eleven did not comment for this story.

SoftBank Vision Fund, Saudi Arabia to create world’s biggest solar…

NEW YORK ( ) – SoftBank Group Corp’s (9984.T) Vision Fund will invest in creating the world’s biggest solar power project in Saudi Arabia, it said on Tuesday, stepping up its involvement in the kingdom and expanding beyond technology.

The project is expected to have the capacity to produce up to 200 gigawatts (GW) by 2030, SoftBank Chief Executive Masayoshi Son told reporters in New York. That would add to around 400 GW of globally installed solar power capacity and is comparable to ,上海夜生活男人好去处Nadia,the world’s total nuclear power capacity of around 390 GW as of the end of 2016.

By investing in solar power, Saudi Arabia, the world’s biggest oil exporter, c上海夜生活论坛an reduce the amount of crude it currently uses to generate power and increase its overseas shipments. The move illustrates the commitment by the de facto Saudi ruler, Crown Prince Mohammed bin Salman, to transform the country’s economic status quo.

The final investment total for the 200 GW of generation, including the solar panels, battery storage and a manufacturing facility for panels in Saudi Arabia, will eventually total around $200 billion, Son said.

The initial phase of the project, for 7.2 GW of solar capacity, will cost $5 billion, with $1 billion coming from SoftBank’s Vision Fund and the rest from project financing, he said.

Saudi Arabia’s Vision 2030 reform plan, which aims to reduce the country’s economic dependence on oil, was a good match for the fund’s long-term vision for innovation, said Son.

“These two visions have come together to create clean, sustainable, low-cost and productive renewable energy,” he said. “The Kingdom has great sunshine, great size of available land, and great engineers…”

Despite being one of the world’s sunniest countries, Saudi Arabia generates most of its electricity from oil-fired power plants.

Related CoverageSMA Solar not involved in SoftBank solar project in Saudi Arabia

Saudi’s entire installed power capacity is currently around 60 GW. Adding 200 GW would create enormous excess capacity that could be exported to neighbors or used by industry, although the kingdom will still require other forms of power generation for night-time back-up.

Industry estimates say around 300,000 to 800,000 barrels per day of crude oil are burnt for Saudi power generation.

Exporting that oil could increase Saudi’s annual oil revenues by between $7 billion and $20 billion, at the current price for benchma,上海凤楼夜网Caden,rk Brent LCOc1 oil of almost $70 per barrel.


“Saudi Arabia is clearly preparing for a post-fossil fuel dependent economy in terms of domestic energy consumption, and this huge bet on renewables would free up a lot of domestic output of oil for exports, while probably saving domestic gas resources as well,” said Peter Kiernan, lead energy analyst at the Economist Intelligence Unit in Singapore.

“Up until now, progress in building solar capacity in the kingdom has been very slow, but this deal might give it the kick start it needs. But 200 GW by 2030 though, that’s another question,” Kiernan said.

Last May, Softbank said it raised over $93 billion for the Vision Fund, the world’s largest private equity fund with backers including Saudi Arabia’s sovereign wealth fund, Apple Inc (AAPL.O) and Foxconn, formally known as Hon Hai Precision Industry (2317.TW).

The Vision Fund has funneled $27.5 billion into 20 tech firms as of the end of December, transforming SoftBank from a Japanese telecoms upstart into one of the world’s biggest technology investors.

The Saudi investment is Softbank’s second major global solar project.

The company has said it will invest up to $20 billion along with Foxconn and Bharti Enterprises in solar projects in India, which has an ambitious target to gen,上海会所夜网Jack,erate 100 GW of power from solar by 2022. SoftBank estimated the electrification drive could create a requirement for over 150 GW of additional power.

(This story corrects name of Saudi crown prince to Salman not Sultan in paragraph 3.)

Cambridge Analytica CEO claims influence on U.S. election, Facebook…

(This March 20 story has been corrected to fix stock losses figure in third paragraph to “nearly $50 billion” from “$60 billion”)

By Eric Auchard and David Ingram

LONDON/SAN FRANCISCO ( ) – The suspended chief executive of Cambridge Analytica said in a secretly recorded video broadcast on Tuesday that his UK-based political consultancy’s online campaign played a decisive role in U.S. President Donald Trump’s 2016 election victory.

CEO Alexander Nix’s comments, which could not be verified, are potentially a further problem for Facebook Inc as it faces lawmakers’ scrutiny in the United States and Europe over Cambridge Analytica’s improper use of 50 million Facebook users’ personal data to target voters.

The social media network’s shares fell for a second day, closing down 2.5 percent, as investors worried that its dealings with Cambridge Analytica might damage its reputation, deter advertisers and invite restrictive regulation. The company has lost nearly $50 billion of its stock market value over the last two days.

Cambridge Analytica’s board of directors suspended Nix on Tuesday, shortly before the second part of British broadcaster Channel 4’s expose of the firm’s methods.

In the program Nix describes questionable practices used to influence foreign elections and said his firm did all the research, analytics and targeting of voters for Trump’s digital and TV campaigns. He also boasts he met Trump when he was the Republican presidential candidate “many times”.

Nix’s comments “do not represent the values or operations of the firm and his suspension reflects the seriousness with which we view this violation,” Cambridge Analytica said in a statement on Tuesday.

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.

Brad Parscale, the 2016 Trump campaign’s main digital adviser who dealt regularly with Cambridge Analytica, did not immediately respond to a request for comment on Nix’s claims.

Jared Kushner, Trump’s son-in-law and now senior adviser, oversaw the Trump campaign’s digital operations. One former Trump adviser said Kushner brought Cambridge Analytica into the 2016 campaign effort. Kushner’s lawyer did not immediately respond to a request for comment.

Related CoverageAcademic behind Facebook breach says he is a ‘scapegoat’: BBCSocial media stocks tumble as Wall Street fears regulationSee more stories

Cambridge Analytica whistleblower Christopher Wylie told the Washington Post on Tuesday that in 2014 conservative strategist Steve Bannon, who would go on to be Trump’s White House adviser, oversaw the firm’s early efforts to collect Facebook data to build detailed profiles on millions of American voters. (wapo.st/2HOTQNu)

Bannon ap,上海新夜网龙凤Queena,proved spending nearly $1 million to acquire data, including Facebook profiles, in 2014, Wylie told the Post. It is unclear whether Bannon knew how Cambridge Analytica was obtaining the Facebook data, the Post reported.

Bannon, who served on Cambridge Analytica’s board, did not immediately respond to a request for comment from .

U.S. law bans foreigners from making contributions or spending money on behalf of a U.S. election campaign but it was not illegal for the Trump campaign to retain Cambridge Analytica’s services, according to Bradley Smith, a former Republican member of the U.S. Federal Election Commission.

“The fact that they are a British company doesn’t add anything to the analysis unless they were giving their services away for free or charging below-market rates,” said Smith, now a professor at the Capital University Law School in Columbus, Ohio.


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

Facebook said it had been told by the Federal Trade Commission (FTC), the leading U.S. consumer regulator, that it would receive a letter this week with questions about the data acquired by Cambridge Analytica. It said it had no indication of a formal investigation.

“The entire company is outraged we were deceived,” Facebook said in a statement on Tuesday. “We are committed to vigorously enforcing our policies to protect people’s information and will take whatever steps are required to see that this happens.”

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 .

If the FTC finds Facebook violated terms of the consent decree, ,夜上海论坛Sabine,it has the power to fine the company thousands of dollars a day per violation, which could add up to billions of dollars.

Facebook was also hit on Tuesday in a San Francisco court by the first of what could be many lawsuits by shareholders claiming to suffer losses because the company misled them about its ability to protect user data. The company could also soon face lawsuits on behalf of users whose personal information was exposed.

Facebook and its peers Alphabet Inc’s Google and Twitter already face a backlash from users and lawmakers over their role during the U.S. presidential election by allowing the spread of false information that might have swayed voters toward Trump.

Fear of increased regulation hurt other social media firms on Tuesday. Shares of Snap Inc fell 2.5 percent and Twitter Inc fell more than 10 percent.


U.S. Senator Dianne Feinstein, the top Democrat on the Judiciary Committee, called on Tuesday for Facebook CEO Mark Zuckerberg to testify in Congress. Congressional staff said the company would brief U.S. Senate and House aides on Wednesday.

A Congressional official said House Intelligence Committee Democrats plan to interview Cambridge Analytica whistleblower Wylie. The committee interviewed Nix by video teleconference, according to the Congressional official, but a transcript of that interview has not yet been made public.

The Senate Intelligence Committee, which is conducting a long-term investigation of alleged Russian interference in U.S. politics and a detailed examination of U.S. election security precautions, would carry out its own inquiry of Cambridge Analytica, a Congressional official with direct knowledge of the investigation said.

The White House said it welcomed inquiries, and that the president believes that Americans’ privacy should be protected.


In Britain, the Information Commissioner’s Office, an independent authority set up to uphold information rights in,上海高端夜生活在那里Hal, the public interest, was seeking a warrant from a judge to search the offices of London-based Cambridge Analytica. It was unclear late on Tuesday whether it had obtained it.

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 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 data from their friends.

Facebook said Kogan then violated上海夜生活网 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 was not immediately reachable for comment.

Berkshire says median employee makes over half Buffett’s pay

( ) – Berkshire Hathaway Inc (BRKa.N) on Friday said its median employee last year made a little over half the $100,000 salary that Chairman Warren Buffett was awarded for running the conglomerate that made him the world’s third-richest person.

In a regulatory filing, Berkshire said Buffett’s salary, unchanged for more than a quarter century, was about 1.87 times the $53,510 median pay, based on a sample of about two-thirds of Berkshire’s 377,000 employees across some 90 bus,上海夜生活怎么玩Sabrina,inesses such as Geico insurance, the BNSF railroad and Dairy Queen ice cream.

The 1.87 pay multiplier contrasts with the three-figure multipliers that some chiefs of big U.S. companies receive.

But nearly all of their fortunes, and those of Berkshire employees, are far smaller than Buffett’s, whose $88.8 billion net worth trails only those of Amazon.com Inc (AMZN.O) Chief Executive Jeff Bezos and Microsoft Corp (MSFT.O) co-found,上海夜生活乌托邦Paige,er Bill Gates, according to Forbes magazine.

Berkshire is working with Amazon and JPMorgan Chase & Co (JPM.N) to develop a comp上海夜生活网any that lowers healthcare costs. Gates is a Berkshire director and longtime friend of Buffett.

According to Friday’s filing, Berkshire in 2017 also provided Buffett with $375,000 of home and personal security services, while Buffett, 87, reimbursed Berkshire $50,000 for personal expenses.

Berkshire Vice Chairman Charlie Manger, 94, drew his usual $100,000 salary in 2017, while Chief Financial Officer Marc Hamburg’s pay rose 46 percent to $2.29 million, the filing said.

Pay was not disclosed for Greg Abel and Ajit Jain, the newly installed vice chairmen respectively overseeing Berkshire’s non-insurance and insurance operations, but it will continue to be determined by Buffett.

Berkshire also recommended the rejection at its May 5 annual meeting in Omaha, Nebraska of proposals by two shareholders.

Marcia Sage wants Berkshire to issue a ,上海夜网邀请码Gabriella,report on its methane emissions, while Freeda Cathcart wants Berkshire to encourage more operating businesses to issue sustainability reports.

Berkshire called Sage’s proposal imprudent, and said Cathcart’s was “inconsistent with Berkshire’s culture” of letting managers do their jobs without Buffett’s interference.

Buffett controls 32 percent of Berkshire’s voting power.

He also owns 17.2 percent of its stock, despite having donated more than $27.6 billion since 2006.

Carmakers’ group warns of post-Brexit customs, approvals mess

BRUSSELS ( ) – European carmakers said they want Britain and the European Union to establish urgently how vehicle approvals, environmental targets and customs will work after Brexit to avert disastrous consequences for the automotive sector.

European car manufacturers association ACEA, representing 15 vehicle makers with plants in Europe, released a paper on Monday highlighting three principal areas of concern, all of which could raise costs or disrupt tightly linked supply chains.

ACEA officials told a news conference that members were concerned about the certificate of conformity known as a “type approval” granted to vehicle types, which is currently issued by authorities in one EU country and valid for the bloc as a whole.

They asked whether the hundreds of such type approvals already granted by EU authorities would still be valid in Britain and vice versa.

“Without this legal continuity there will be chaos in the market place. It could even lead to blocked exports on both sides of the Channel,” said ACEA secretary general Erik Jonnaert.

Britain and the EU agreed on Monday to a transition period to avoid a “cliff edge” Brexit next year but large areas of their future regulatory relationship remain to be settled, including for the motor industry which moves large numbers of components and completed vehicles back and forward over the Channel.

ACEA urged th,上海凤楼夜网Easton,e EU and Britain to accept mutual recognition for past and future type approvals. Otherwise, carmakers could face costs of about 450,000 to 600,000 euros ($552,600-$737,800) per model to duplicate approvals.

The car body also encouraged both sides to agree simplified customs procedures and ensure that authorities were able to carry out necessary checks as rapidly as possible.

Even without 上海夜生活网possible duties, ACEA said customs formalities could add 100-1,夜上海419龙凤论坛Tabitha,50 euros to the cost per vehicle.

“Any new customs checks as a result of Brexit would have a cost and reduce productivity, maybe resulting in production even being stopped in severe cases,” Jonnaert said.

ACEA is also concerned by EU rules laying down the average carbon dioxide emissions of new cars sold in 2021 at 95 grams per kilometer. Carmakers, they say, are geared to meeting this target for the EU, including Britain.

However, if Britain were removed from the calculations, this would make it more difficult for the auto industry beca,上海夜玩网论坛Gabrielle,use Britain has a higher proportion of hybrid and electric vehicles.

Jonnaert said the European Commission, which is leading Brexit negotiations for the EU, had not yet been willing to discuss these issues. “We hear they are working on it and prefer not to engage right now,” he said.

($1 = 0.8143 euros)

In search of higher margins, Canada Goose to make more of its own…

( ) – Luxury coat maker Canada Goose plans to bring more manufacturing in-house in a bid to boost margins and help it live up to lofty investor expectations as the most expensive stock among major luxury brands.

The Toronto-based company aims to make a least half of its outerwear itself in a few years, up from about a third now, Chief Executive Officer Dani Reiss told in an interview at the company’s Toronto headquarters.

“We’d like to grow our internal capacity,” Reiss said, referring to the move as one of its “pillars of growth.”

“Here’s an opportunity for us to have more in-house capacity and increase our profit margins, which is important for our investors and for us,” he said.

By tightening their hold on manufacturing, luxury outerwear makers such as Canada Goose and Italian rival Moncler as well as Kering’s Italian fashion label Gucci are able to increase control over quality to justify charging eye-watering prices.

“If you’ve got a multi-tier supply chain, you’re leaving profit margin throughout every element of the supply chain for everybody along the way,” said Rod Sides, Deloitte’s U.S. retail and distribution leader.

Companies still have to be able to predict future demand accurately for the strategy to succeed, and other factors, like the location of new facilities, can make a di,上海夜生活论坛Eden,fference.

For instance, putting new facilities in Canada Goose’s home province, Onta,上海夜生活男人好去处Kaiden,rio – which has the highest electricity rates in Canada and 上海夜生活raised the minimum wage 21 percent this year – would likely not help the bottom line, said Brian Madden, portfolio manager at Goodreid Investment Counsel.

But the risk is worth it for Canada Goose, which has all of its coats made in Canada and sells them for between $725 and $1,695. The company posted December quarter operating margins of 60 percent on online and own-store sales versus 43 percent from wholesale, causing investors to cheer the growth in its direct-to-consumer business.

(For a graphic, click tmsnrt.rs/2GBRFNK)

The stock has almost doubled since it listed a year ago, vastly outperforming the flat Toronto stock benchmark, and is trading at 55 times forward earnings, more than double Moncler’s.

Canada Goose, which opened the first of its own stores in 2016, plans to have as many as 20 by the end of 2020 from six now, compared with Moncler’s 201 stores.

“At this point they’re relatively under-penetrated across their ultimate audience, and they’re going to grow into that,” said Nomura equity analyst Simeon Siegel.

Despite Siegel’s positive view, he has a neutral rating because of its valuation.

As it expands its footprint, and starts selling online in China and possibly Russia beyond that, Reiss said the company needs to ensure it can keep up with demand.

GRI,上海夜生活怎么玩Jace,P ON QUALITY

For many luxury companies, having a tight grip on quality for big ticket items is often crucial to convince customers to fork out small fortunes. Most luxury companies would also rather sell out temporarily at full price than produce too much and have to discount merchandise.

Moncler took control of its own jacket manufacturing site in Romania and slightly reduced the number of its suppliers in 2016. Most of its manufacturing and supply chain remains outsourced, though it declined to detail how much.

Kering’s Gucci is also looking to bring more of its handbag production in-house this year with a new facility near Florence.

Though operating in a different sphere, France’s Hermes, best-known for its $10,000-plus Birkin and Kelly handbags, makes all its leather goods at its own domestic workshops.

But outsourcing can also make sense, especially for basic items like T-shirts, if there are compelling cost reasons, or if expertise lies elsewhere.

Canada Goose has no plans to change suppliers for its knitwear lines from Italy and Romania, nor the exclusive external suppliers for its coats’ components, according to the company.

It has six factories that make its outwear in Canada, and has lifted manufacturing capacity by building new sites, acquiring contractors and adding employees.

“What this offers is more control on the quality and timing and product,” said luxury consultant Robert Burke, who has counted Canada Goose among his clients. “The risk is to ensure you buy (a facility) that’s big enough for future growth but not cumbersome.”

From Wall Street to weed: How the financial crisis lit up the pot…

NEW YORK ( ) – As a senior vice president at Wachovia and then Morgan Stanley during the dark months of the 2008 and 2009 financial crisis, Derek Peterson watched as colleagues lost their jobs and life savings and wondered if he was next.

At the time, he was managing approximately $120 million in client assets, but was growing disenchanted with what he saw as a U.S. stock market driven by high-frequency trading and algorithms rather than fundamentals. He started looking for other opportunities, and soon stumbled on some of the first legal medical marijuana dispensaries that had opened in the San Francisco Bay Area.

“I started looking at this through a finance guy’s eyes and saw that maybe there was something going on here,” he said.

He soon discovered that dispensaries were bringing in sales of more than $4,000 per square foot, a rate higher than any U.S. retailer but Apple Inc , and more than 12 times the average $325 per square foot among all companies in the sector.

“You had places the size of Starbucks bringing in $15 million a year, which is absurd,” Peterson said.

He quit his day job at Morgan Stanley in late 2010, and in 2012 became chief executive officer and president of Terra Tech Corp, which is now a $247 million company that cultivates medical marijuana and上海夜网 whose shares trade on the over-the-counter market, making it one of the few publicly traded pot stocks.

Peterson is not alone in the jump from Wall Street to weed.

Ten years after the start of the financial crisis, what was once the province of shady stoners and drug cartels is now a thriving industry, with recreational marijuana legal in states ranging from California to Massachusetts. (Map: tmsnrt.rs/2AFalvZ)

Powering the expansion of the industry are former Wall Street executives like Peterson that hail from such staid firms as BlackRock Inc , Goldman Sachs Group Inc and Prudential Financial Inc, all of whom say that they might not have ever left traditional finance if not for the lingering damage of the 2008 crisis.

There are few reliable numbers on how many former Wall Street professionals who now work in the cannabis industry, though those in the sector say that they expect the migration to accelerate as revenue growth continues to attract talent.

Companies in the U.S. marijuana market posted revenues of approximately $6 billion in 2017, a 500 percent incr,上海会所夜网Lance,ease from the roughly $1 billion in 2011, ac,上海夜网邀请码Balthazar,cording to estimates from Marijuana Business Daily, a trade publication.

Approximately 250,000 people work in the sector, and both jobs and revenues are expected to double or triple over the next four years, the publication estimates.

“The financial crisis and the stagnation of many industries in the U.S. in its aftermath have led many people to consider this a viable career,” said Chris Walsh, editorial vice president at Marijuana Business Daily.


Despite the growth p,上海夜玩网论坛Queena,rospects, many financial professionals are still too leery of federal law, which considers marijuana an illegal drug, to take a job in the industry until there are clear signals from Washington or a change in the makeup of government, said Ruth Epstein, a partner at San Francisco-based BGP Advisors, a business advisory firm that focuses on companies in the cannabis sector.

In January, the Justice Department reversed a policy from the Obama administration which allowed states to legalize marijuana without fears of a federal crackdown. That has had a “chilling effect” on recruiting within the industry, Epstein said.

“People have really been scared away from investing and to a large extent that same mentality is keeping the talent away,” said Epstein, a Harvard Business School graduate who spent nearly 10 years on the corporate finance desk at Goldman Sachs. That, in turn, has “created a massive opportunity for someone who understands finance and is willing to be out on the vanguard,” she added.

Morgan Paxhia, co-founder of San Francisco-based Poseidon Asset Management, a $25 million hedge fund that focuses exclusively on the marijuana sector, was a trader on the municipal debt desk at UBS in New York during the financial crisis. He would pass by the Lehman Brothers building each day on the way to work, and it felt as if “the building were just cratering around you,” he said.

He was laid off on March 9, 2009, the day that the U.S. stock market finally bottomed out. He spent a few years at a registered investment adviser before starting Poseidon with his sister, Emily, in 2013, attracted by the possibility of growth at a time when financial companies seemed to be overly cautious, he said.

“If the financial crisis never happened we would have banks in this industry already, but they won’t push this industry forward because they’re too afraid,” he said. “It’s opened up huge opportunities for those who are willing to come in and capitalize it.”

Peterson, the Terra Tech CEO, said that he now routinely fields calls from employees of large banks and investment firms who are looking to enter the industry. That is a steep change from his first few years in the pot sector, when it was still largely ruled by black-market growers and questionable outfits.

“When I first started out, the fact that I had worked on Wall Street made me seem like a real outsider, to the point where people would ask, “Are you a narc?’” he said, referring to a federal narcotics officer. “It’s in the last two years that we’ve seen a tremendous influx of people from traditional business backgrounds.”

Trump loves ‘the poorly educated’ … and social media clamors

( ) – U.S. presidential candidate Donald Trump’s declaration of love for “the poorly educated” in his Nevada victory speech lit up social media on Wednesday, sparking a battle between those dumbfounded by the remark and those saying it had been taken out of context.

After winning the vote of the state’s Republicans by a wide margin on Tuesday, the real estate billionaire rattled off a list of those groups who swept him to victory: “We won with young. We won with old. We won with highly educated. We won with poorly educated. I love the poorly educated.”

By Wednesday morning, the phrase “I LOVE THE POORLY EDUCATED” was trending heavily. On Twitter, it was tweeted roughly 15 times a minute, according to social media analytics firm Zoomph.

“I am, by modern standards, poorly educated, and I think that Donald Trump is a threat to America,” tweeted Aaron Camp (@AaronApolloCamp). Tweet ID: “702495660998791168”

Another Twitter user, Kat (@VTweddingPhoto), wrote, “This is an embarrassment. For the GOP and for us as Americans. The world is once again laughing.”

Others said Trump’s remark was be,上海夜网Jacob,ing taken out of context, as he also touted having won the support of “the highly educated.”

“To be fair with Trump, he said ‘I love the highly educated and the poorly educated’. Don’t take it out of context,” tweeted Super Bowl Champs (@Josh_D_Manning). Tweet ID: “702372916680331265”

Dan Slott (@DanSlott) was not swayed. “We won the poorly educated vote. I lov,上海上海夜网夜生活桑拿会所Dahlia,e the poorly educated” – Trump Not a joke. Not parody. Not out of context. Trump ACTUALLY said this.”

Trump has won three of the four state-by-state Republican nominating contests, including Nevada, in the run-up t,上海夜网邀请码Balthazar,o the party nominating convention in July and the Nov. 8 general election to succeed President Barack Obama.

Written by shyw on April 20, 2018 Categories: folqyqzn Tags: ,

Former F-Squared CEO must pay $12.4 million in SEC case: U.S. judge

BOSTON ( ) – The former chief executive of F-Squared Investments Inc, once the largest U.S. money manager creating portfolios out of exchange-traded funds, must pay more than $12.4 million for making false statements to investors, a federal judge ruled on Tuesday.

U.S. District Judge Leo Sorokin in Boston issued the order 上海夜生活网after a federal jury in October found former F-Squared CEO Howard Present liable in a lawsuit brought by the U.S. Securities and Exchange Commission.

Sorokin said Present had failed to recognize the harm he caused by recklessly making false statements that lured investors seeking to avoid market declines after the 2008 financial crisis.

“Present was reckless, his conduct was repeated, and he has never meaningfully acknowledged or appreciated his own misconduct,” Sorokin wrote,上海夜网推油Larissa,.

The judge ordered Present to disgorge more than $10.85 million in earnings and pay a nearly,上海夜生活网交流Caden, $1.56 million civil penalty. Sorokin also said an injunction was needed to ensure Present did not engage in future violations given his “egregious” conduct.

A lawyer for Present did not respond to requests for comment. Present, the co-founder of Wellesley, Massachusetts-based F-Squared, has denied wrongdoing.

The SEC sued Present in 2014 on the same day it announced F-Squared had agreed to pay $35 million and admit wrongdoing to resolve claims it misled investors by falsely advertising the performance of an investment product called AlphaSector.

At its height, F-Squared was one of the largest U.S. firm,上海晚上耍女人的地方Sabine,s of its kind, with more than $28 billion invested with it, the SEC said. It filed for bankruptcy in 2015.

According to the SEC, beginning in September 2008 amid the economic crisis, Present began marketing AlphaSector as having a successful record dating back to 2001 that was based on a multibillion-dollar wealth manager’s strategy.

In truth, the data F-Squared used to market AlphaSector was based on an algorithm developed by a college student at a nearby firm and was applied to historical market data, resulting in a hypothetical performance, the SEC said.

The SEC also said an F-Squared analyst who calculated the hypothetical numbers made a mistake in the process that substantially inflated the investment performance that appeared in marketing materials Present wrote.

Despite learning about the error, Present did not tell the analyst to correct it and continued using the inflated performance figures, the SEC said.

Following a four-week trial, a jury on October found that Present intentionally or recklessly violated the Investment Advisers Act.

The case is Securities and Exchange Commission v. Present, U.S. District Court, District of Massachusetts, No. 14-cv-14692.

Meredith moves to sell Time, Fortune and Sports Illustrated titles:…

( ) – U.S. media company Meredith Corp has hired advisers to explore a sale of its Time, Fortune, Money and Sports Illustrated magazines following its $1.84 billion acquisition of Time Inc in January, people familiar with the matter said.

The move illustrates how Meredith sees some of Time Inc’s titles that attract primarily male readership as not playing to its core strength in wome上海夜网n’s magazines, which include Better Homes & Gardens, Family Circle and Martha Stewart Living.

The Des Moines, Iowa-based company has tapped investment banks Citigroup Inc and Houlihan Lokey Inc to find potential buyers for the magazines, the sources said this week. There is no certainty that a divestiture will occur, the sources added.

,上海高端夜生活在那里Macauly,While it’s possible that media, telecommunications or technology companies could express an interest in the magazines, a sale to wealthy individuals, such as philanthropists or billionaires, is viewed by Meredith as more likely, according to one of the sources.

The sources asked not to be identified because details of the sale process are confidential. Citigroup declined to comment, while Houlihan Lokey did not immediately re,上海夜哪里艳遇Mabel,turn a request for comment.

“We are in fact exploring a number of additional changes to the (magazine) portfolio, including divestitures of brands and businesses that might perform better under a different owner,” Meredith CEO Steven Lacy told investors at a Deutsche Bank conference earlier this month.

Time Inc referred calls to Meredith, which declined to comment beyond reiterating that the company is reviewing its portfolio.

It was not clear how much the magazines could be worth. Fortune and Money generated more than $20 million in 12-month earnings before interest, taxes, depreciation and amortization (EBIDTA), while Time generated more than $30 million in 12-month EBITDA, according to one of the people.

The potential divestitures underscore how Time Inc’s primary attraction for Meredith was building scale in digital advertising. With its roots in traditional publishing, Meredith has been in a fierce competitive online race against internet giants such as Alphabet Inc’s Google and Facebook Inc for consumer eyeballs and advertising dollars.

The deal with Time Inc expanded Meredith’s reach with internet-savvy mill,上海夜生活网419Nala,ennials, creating a digital media business with 170 million monthly unique visitors in the United States and more than 10 billion annual video views.

Meredith’s acquisition of Time Inc was aided by a $650 million investment from the private equity arm of Charles and David Koch, the billionaire brothers known for championing conservative political causes.

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

Nike forecasts reversal in North America sales decline, tops estimates

( ) – Nike Inc (NKE.N) on Thursday signaled an end to revenue declines in North Amer上海夜生活网ica as the world’s largest footwear maker reaps the benefits of its efforts to sell directly to customers and focus on new launches.

The company sai,上海夜生活服务Eden,d it expected revenue in North America to be flat in the fourth quarter and return to growth in the first half of fiscal 2019.

Shares of the Dow component rose about 3 percent in extended trading. They had closed down 3 percent at $64.42 in regular trading on reports that William Ackman’s Pershing Square had exited the company with a profit of about $100 million.

“As we close Q3, we now see a significant reversal of trend in North America,” CEO Mark Parker said in a statement.

,上海夜生活网419Paige,North America has been a weak spot for Nike as the company battled tough competition from a resurgent Adidas (ADSGn.DE) and as the bankruptcies of sporting goods retailers Sports Authority and Sports Chalet weighed on its supply chain.

Revenue in the region has de,上海足浴夜网联系方式Tallulah,clined for three straight quarters, including a 6 percent drop in the latest quarter.

In response, Nike has pivoted toward selling directly to customers and has partnered with Amazon.com Inc (AMZN.O).

Nike is also banking on its strength in innovation.

With more innovation in the Nike Air range, Parker said on a post-earnings call that he expected to grow the business by “several billion dollars over the next few years.”

“The greater scale of these platforms will create greater impact on our business into Q4 and beyond.”

The company’s international business continued to perform well, with all three regions reporting growth in the third quarter.

China sales jumped 24.3 percent and the company plans to maintain the momentum through the launch of NikePlus membership in the Asian country in the first quarter of fiscal 2019.

Nike reported a net loss of $921 million, or 57 cents per share in the three months ended Feb. 28, compared with a profit of $1.14 billion, or 68 cents per share, a year earlier.

The company recorded a one-time charge of $2 billion in the reported quarter related to the recently enacted U.S. tax law.

Excluding the charge, the company earned 68 cents per share, beating expectations of 53 cents.

Revenue rose 6.5 percent to $8.98 billion, also above estimate of $8.85 billion, according to Thomson I/B/E/S.

Blackstone co-founder Peter Peterson dies, aged 91

( ) – Billionaire Wall Street financier Peter Peterson, who co-founded private equity firm Blackstone Group LP (BX.N) and served as U.S. President Richard Nixon’s commerce secretary, died on Tuesday of natural causes, his family said. He was 91.

“As a first-generation American born in Kearney, Nebraska, Pete exceeded all of his expectations in becoming a successful businessman, statesman and philanthropist,” the Peterson family s上海夜生活网aid in a statement.

The son of Greek immigrants who operated a diner in Kearney,,夜上海论坛Lake, Peterson founded Blackstone in 1985 with Stephen Schwarzman, with an initial investment of $200,000.

The firm, which is still led by 71-year-old Schwarzman, now manages more than $400 billion in assets and went public in 2007. Forbes estimated Peterson’s net worth at $2 billion.

Peterson and Schwarzman settled on the Blackstone name by combining the German meaning of ‘schwarz’, which is black, with the meaning of ‘petros’ in Greek, which translates ,上海夜生活Easton,as stone.


“Pete led an incredible life, leaving a lasting mark on both Blackstone and the broader world. On behalf of the firm and its more than 2,000 employees, we extend our deepest condolences to the Peterson family,” Schwarzman said in a statement.

Peterson received an undergraduate degree from Northwestern University in 1947 and an MBA from the University of Chicago Graduate School of Business in 1951.

He joined the Nixon administration in 1971, serving as assistant to the president for international economic affairs and then commerce secretary from 1972-73.

From Washington he went to Wall Street and was chairman and chief executive at investment bank Lehman Brothers, where he worked until 1983.

In his later years, Peterson focused more on philanthropy and in 2008 established the Peter G. Peterson Foundation.

In 2010, he signed The Giving Pledge, an initiative by investor Warren Buffett and Microsoft co-founder Bill Gates to encourage the world’s billionaires to give away at least 50 percent of their wealth to charity.

Peterson is survived by his wife, five children and nine grandchildren.

Written by shyw on April 11, 2018 Categories: sgqotqle Tags: , ,

U.S. fourth-quarter growth revised up to 2.9 percent; consumer…

WASHINGTON ( ) – U.S. economic growth slowed less than previously estimated in the fourth quarter as the biggest gain in consumer spending in three years partially offset the drag from a jump in imports.

Gross domestic product expanded at a 2.9 percent annual rate in the final three months of 2017, instead of the previously reported 2.5 percent, the Commerce Department said in its third estimate for the quarter on Wednesday. That was a slight moderation from the third quarter’s brisk 3.2 percent pace.

The upward revision to the fourth-quarter growth estimate also reflected less inventory reduction than previously reported. Economists polled by had expected that fourth-quarter GDP growth would be revised up to a 2.7 per,夜上海419龙凤论坛Hadrian,cent rate.

There are signs that economic activity slowed further in the first quarter, with retail sales falling in February for a third straight month. Housing data have been generally weak and the trade deficit hit a more than nine-year high in January.

The Atlanta Federal Reserve is currently forecasting the economy growing at a 1.8 percent rate in the January-March period. First-quarter GDP growth tends to be weak because of a seasonal quirk.

Still, analysts believe the economy will hit the Trump administration’s 3 percent annual growth target this year, driven by the $1.5 trillion tax cut package and an increase in government spending.

That could keep the door open to slightly more aggressive interest rate increases from the Federal Reserve this year. The U.S. central bank raised rates last week and forecast at least two more hikes for 2018. The Fed also lifted its economic growth projections for this year and 2019.

“Tax cuts and stronger government spending will boost average GDP growth to 2.9 percent in 2018,” said Gregory Daco, chief U.S. economist at Oxford Econom,上海夜哪里艳遇Lance,ics in New York. “We forecast this environment will lead the Fed to raise interest rates four times this year.”

There are worries the Trump administration’s adoption of protectionist trade measures could sour business sentiment and hurt spending on capital goods.

President Donald Trump last week signed a memorandum targeting up to $60 billion in Chinese goods with tariffs over what his administration says is misappropriation of U.S. intellectual property. Trump also has imposed tariffs on steel and aluminum imports.

The economy grew 2.3 percent in 2017, an acceleration from the 1.5 percent logged in 2016.

Related CoverageU.S. pending home sales rise in February

U.S. financial markets were little moved by Wednesday’s data. Stocks on Wall Street were trading mostly higher, while prices of U.S. Treasuries edged up. The dollar .DXY firmed against a basket of currencies, pushing further away from a five-week low in the prior session.


The government also reported on Wednesday that after-tax corporate profits increased at a 1.7 percent rate in the fourth quarter after rising at a 5.7 percent pace in the third quarter.

As a result, an alternate measure of growth, gross domestic income, rose at a 0.9 percent rate in the October-December period. GDI expanded at a 2.4 percent rate in the third quarter.

The average of GDP and GDI, also referred to as gross domestic output and considered a better measure of economic activity, increased at a 1.9 percent rate in the fourth quarter. That followed a 2.8 percent rate of growth in the prior period.

Growth in consumer spending, which accounts for more than two-thirds of U.S. economic activity, was revised up to a 4.0 percent rate in the fourth quarter from the 3.8 percent pace reported last month. That was the quickest pace since the fourth quarter of 2014 and followed a 2.2 percent rate of growth in the July-September period.

Imports grew at an upwardly revised 14.1 percent pace instead of the previously reported 14.0 percent rate. That was the fastest pace since the third quarter of 2010 and overshadowed a rise in exports driven by weakness in the dollar.

The resulti上海夜网ng trade deficit sliced off 1.16 percentage points from GDP growth last quarter, the most in a year, after adding 0.36 percentage point in the third quarter. Trade will likely remain a drag on GDP growth in the first quarter.

A separate report from the Commerce Department on Wednesday showed the goods trade deficit rose 0.1 percent in February as an increase in imports slightly outpaced a jump in exports.

“The drag (from trade) looks less meaningful than we had previously anticipated, likely coming in around a half percentage point,” said Daniel Silver, an economist at JPMorgan in New York.

While robust consumer spending curbed the accumulation of inventories, the slowdown in inventory investment was not as steep as previously reported.

Inventory investment rose at a rate of $15.6 billion in the fourth quarter instead of the previously reported $8.0 billion pace. Inventories subtracted 0.53 percentage point from GDP growth after adding 0.79 percentage point in the prior period.

Inventories could contribute to growth in the first quarter. The Commerce Department reported on Wednesday that both wholesale and retail inventories increased solidly in February.

There were modest downward revisions to business and residential construction spending growth estim,上海夜生活桑拿会所Fabi,ates in the fourth quarter. Growth in government spending was raised slightly.

Senator McCain says could subpoena U.S. sailors held by Iran

WASHINGTON ( ) – U.S. Republican Senator John McCain said on Sunday he would subpoena 10 U.S. sailors to testify about their brief detention by Iran if the Obama administration does not provide the findings of an investigation into the incident by March 1.

“It’s an option that I do not want to exercise,” McCain, who chairs the Senate Armed Services Committee, told reporters as he was returning to the United States from an international security conference in Germany.

    The sailors were detained by the Islamic Revolutionary Guard Corps after their two patrol boats strayed into Iranian waters on Jan. 12. U.S. officials later blamed a navigational problem. 

The Americans were freed the next day after U.S. Secretary of State John Kerry intervened with Iranian Foreign Minister Javad Zarif, averting a dip,夜上海419龙凤论坛Dahlia,lomatic crisis just days before implementation of the Iran nuclear deal and the lifting of international sanctions on Tehran.

Iranian media broadcast videos of the detainees, including scenes in which Revolutionary Guards personnel trained weapons on the sailors as they kneeled.

The Obama administration has said the sailors’ speedy release showed the power of diplomacy and the promise of its new enga上海夜生活网gement with Iran.

The U.S. Navy had briefed McCain several times about the incident, and would continue to do so as the investigation proceeded, said one U.S. official.

Republicans have been critical of the deal with Iran, and some say the detainment of the sailors showed how little regard Iran had for the United States.

    McCain said he had been told the sailors were still being debriefed, but added that he assumed that administration members were “dragging their feet” in completing an investigation into the incident, which he accused Iran of exploiting for propaganda purposes.

    “I guarantee you, if they don’t have a debrief by the first of March like they said, we’ll have a hearing and we’ll subpoena. We’re not going to wait any longer,” McCain said. “We will subpoena the individuals if we have to.”

McCain said he raised the case in ,上海021夜网Lance,a meeting on Saturday with Kerry on the sidelines of the s,上海夜生活网交流Caden,ecurity conference in Munich.

Obama names first African-American, woman to be Librarian of Congress

WASHINGTON ( ) – Baltimore library chief Carla Hayden, a defender of library users’ freedom from surveillance, was nominated by ,上海夜网推油Quay,President Barack Obama on Wednesday to be Librarian of Congress, the first African-American and first woman in the post.

Hayden, who since 1993 has served as chief executive of the Enoch Pratt Free Library, Baltimore’s public library system, is renowned for modernizing libraries so that users can take part in the digital culture, Obama said in a statement.

“She has the proven experience, dedication and deep knowledge of our nation’s libraries to serve our country well,” Obama said in a statement.

Hayden would replace Acting Librarian David Mao, who stepped in after James Billington retired in October after 28 years running the world’s largest library. If confirmed by Congress, Hayden would be the 14th Librarian of Congress.

American Library Association,上海夜生活网交流Cain, President Sari Felman praised the nomination, saying in a statement: “The president could not have made a better choice.”

As president of the American Library Association in 2003 to 2004, Hayden publicly opposed part of the Patriot Act, controversial legislation aimed at fighting extremism after the Sept. 11, 2001, attacks.

She objected in particular to a section of the act that gave the U.S. Justice Department and the Federal Bureau of Investigation the power to access library user records.

When then-Attorney General John Ashcroft said that the library association had been misled into opposing that part of the law, Hayden said the group was “deeply concerned that the attorney general should be so openly contemptuous” of librarians, th上海夜生活e Library Journal reported.

After the criticism from Hayden, Ashcroft dropped his refusal to make public any information about the use of that section and said it had not been employed to get,上海021夜网Idris, access to library records, the journal said.

Hayden is the former chief librarian of the Chicago Public Library, and was an assistant professor for library science at the University of Pittsburgh. Obama named her to the National Museum and Library Services Board in 2010.

The Library of Congress is the U.S.’ oldest federal institution and has more than 158 million items. They include 36 million books and other print materials in 460 languages.

Congress established the library in 1800, but British troops burned the collection in 1814. President Thomas Jefferson offered his personal library of 6,500 books as a replacement and it is the foundation of the current collection.

Former Qualcomm chairman Jacobs to exit board of directors

( ) – Qualcomm Inc (QCOM.O) on Friday said former executive chairman Paul Jacobs would not be renominated for the U.S. semiconductor company’s board after Jacobs disclosed his intention to pursue a long-shot acquisition of the firm.

Jacobs, the former chief executive of the world’s largest mobile chipmaker and the son of its co-founder, said in a separate statement that it was “unfortunate and disappointing” that his fellow board members were “attempting to remove me from the board at this time.”

The board decision c上海夜网omes just days after U.S. President Donald Trump blocked a $117 billion hostile bid from Singapore-based rival Broadcom Ltd (AVGO.O) to acquire Qualcomm, citing national security concerns.

,上海夜生活去哪玩Jace,Jacobs supported Qualcomm’s resistance to Broadcom’s bid, but he increasingly clashed with other members of the San Diego-based company’s board, including Chief Executive Steve Mollenkopf, over how Qualcomm defended itself, according to people familiar with the matter.

Qualcomm said in a statement that its board of directors met on Friday and decided that Jacobs would not be nominated for re-election at its annual meeting on March 23, and that the board would shrink to 10 members from 11.

The company did not give specific reasons for the decision but said it wanted to stay independent and continue with its business plans. Mollenkopf has outlined a plan to cut more than $1 billion in costs and boost profits to more than $7 per share by 2019 by resolving disputes with customers such as Apple,上海夜网邀请码Quay, (AAPL.O).

In his statement, Jacobs said he believed that Qualcomm could strengthen itself in the global chip business by going private.

“There are clear merits to exploring a path to take the company private in order to maximize the company’s long-term performance, deliver superior value to all stockholders, and bolster a critical contributor to American technology,” Jacobs said.

Jacobs’ attempt this week to put together an offer to acquire Qualcomm by reaching out to investment firms including SoftBank Group Corp’s (9984.T) Vision Fund was a result of his disaffection, the sources said. The sources asked not to be identified because the deliberations are confidential.

Qualcomm shares rose less than 1 percent to $61.15 in after hours trading following the decision on Friday, giving the company a market capitalization of around $90 billion.

Without an existing company as acquirer, Jacobs is attempting to put together the largest leveraged buyout of all time, three times as large as the 2007 $45 billion buyout of Texas power utility Energy Future Holdings, which ended,上海夜生活网交流Tabitha, in bankruptcy.

Jacobs holds about 1.3 million shares of Qualcomm, less than 0.1 percent of outstanding shares, according to Qualcomm’s security filings.

Even if SoftBank, a Japanese telecommunications group with technology investments around the world, wanted to join Jacobs’ bid, it could face conflicts given its ownership of British chip designer ARM Holdings Plc, sources said on Thursday.

Given that Qualcomm’s board director slate faces no competition, the re-election of Qualcomm’s nominees is assured. However, limited support for Qualcomm’s directors could put pressure on Mollenkopf.