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Fed lifts rates, signals tougher stance as economy strengthens

WASHINGTON ( ) – The U.S. Federal Reserve raised interest rates on Wednesday and forecast at least two more hikes for 2018, highlighting its growing confidence that tax cuts and government spending will boost the economy and inflation and spur more aggressive future tightening.

In its first policy meeting under new Fed chief Jerome Powell, the U.S. central bank indicated that inflation should finally move higher after years below its 2 percent target and that the economy had recently gained momentum.

The Fed also raised the estimated longer-term “neutral” rate, the level at which monetary policy neither boosts nor slows the economy, a touch, in a sign the current gradual rate hike cycle could go on longer than previously thought.

“The economic outlook has strengthened in recent months,” the Fed said in a statement at the end of a two-day meeting in which it lifted its benchmark overni,上海夜生活网交流Caden,ght lending rate by a quarter of a percentage point to a range of 1.50 percent to 1.75 percent.

Powell, who took over from former Fed chief Janet Yellen in early February, said the central bank was staying on a path of gradual rate increases but needed to be on guard against inflation.

“We are trying to take the middle ground here,” Powell said in a press conference after the end of the policy meeting, adding that there were no signs the economy was on the cusp of accelerating inflation.

Related CoveragePowell sets record for shortest quarterly news conference by Fed chairAs Trump stimulus fades, Fed sees tight monetary policy on the horizonSee more stories

The rate hike was widely expected. All 104 economists polled by from March 5-13 said the Fed would increase borrowing costs this week.

U.S. stocks rose after the policy statement before paring gains to close lower. U.S. Treasury yields fell and then recovered. The dollar .DXY recorded its steepest one-day loss in nearly two months against a basket of currencies.

“The guidance in terms of the future rate hikes is a touch more hawkish than originally expected. 2019 looks li,上海021夜网Sabine,ke we’re going to get a faster pace of rate hikes,” said Matt Miskin, market strategist at John Hancock Investments.

“This a new Fed chairman starting with a bit of a hawkish tone as he takes leadership.”


The rate hike was the latest step away from years of stimulating the world’s largest economy in the wake of the 2007-2009 financial crisis and recession. The Fed tightened policy three times last year.

The combination of $1.8 trillion in expected fiscal stimulus from the Trump administration and recent hints of price and wage pressures had prompted some Fed officials to speculate more Americans could be drawn into an already tight labor market.

Some even worried inflation could rise well above the Fed’s target if the economy got too hot.

Policymakers were largely split on Wednesday as to whether a total of three or four rate hikes would be needed this year. They predicted rates would rise three times next year and two times in 2020, a further indicati,夜上海论坛Mabel,on of their view that the economy is on solid footing.

“The Fed seems to be gaining confidence,” said Brian Coulton, an economist at Fitch Rating in London.

Fed policymakers projected U.S. economic growth of 2.7 percent in 2018, an increase from the 2.5 percent forecast in December, and also marked up growth for next year. The Fed’s preferred measure of inflation was expected to end 2018 at 1.9 percent, unchanged from the previous forecast, but it is seen rising a bit above the target next year.

The U.S. unemployment rate by the end of 2018 is expected to edge down to 3.8 perce上海夜生活nt, indicating the Fed sees more room for the labor market to run. Fed officials predicted the longer-run rate would settle at 4.5 percent, slightly lower than the forecast from December.

U.S. joblessness stood at 4.1 percent last month.

While recent home sales and retail spending data have been on the weak side, the overall economic picture has brightened after growth accelerated to 2.3 percent last year.

Before the meeting, analysts were split over whether the Fed, which is wary of an early misstep under its new leadership, would raise policy tightening expectations until more price pressures are clearly evident. There are also looming outside risks to the economy such as a possible global trade war.

“This is a new risk (that) had been probably a low-profile risk, but which has become … a more prominent risk to the outlook,” Powell said, adding, however, that the trade tensions had not affected the Fed’s expectations for the economy.

G20 pushes for free trade as U.S. vows to defend national interest

BUENOS AIRES ( ) – World financial leaders pleaded for an endorsement of free trade on Monday amid worries about U.S. metals tariffs and looming trade sanctions on China, but Trump administration officials said they would not sacrifice U.S. national interests.

The Buenos Aires meeting of finance ministers and central bank governors of the world’s 20 biggest economies was meant to discuss a brightening economic outlook, the future of work, cryptocurrencies like bitcoin, and corporate tax avoidance.

But trade dominated the discussions after President Donald Trump on March 8 announced global tariffs of 25 percent on steel and 10 percent on aluminum.

Trump is expected on Friday to announce new tariffs on up to $60 billion worth of Chinese technology and consumer goods annually, to punish Beijing over its drive to acquire U.S. intellectual property, sources told .

G20 officials fretted about the dangers that a potential trade war posed to world economic growth.

“The first risk is the risk of inward looking policies and protectionism,” European Commissioner for Economic and Financial Affairs Pierre Moscovici told reporters after the first day of talks. Protectionism could damage growth, he added.

A draft G20 communique seen by last week said something similar but it was not clear if it would be retained in the final version of the statement to be published on Tuesday and which has to be agreed by unanimity.

Related CoverageJapan says G20 communique to reflect fears of protectionism, gap remainsProtectionism could harm G20 economic growth, must be avoided: EUSee more stories

U.S. Treasury Secretary Steve Mnuchin pushed back at the meeting, saying the U.S. could not sacrifice its own interests so that the system worked.

“There’s no doubt that the secretary represents the president’s very strong view that we believe in free tra,上海夜生活去哪玩Gabriel,de,” one U.S. official told reporters.

“But the environment we’re in now, where the expectation is America totally subordinates its national interests in order for the free trade system to work, is just one we don’t accept. So, we’ve been very clear, we believe in free trade with reciprocal terms that leads to more balanced trade relationships,” he said.

Others at the G20 meeting shared Europe’s concerns.

“There is a solid understanding among the global community that free trade is important,” Haruhiko Kuroda, Japan’s central bank governor, told reporters.

The U.S. steel and aluminum tariffs have raised global alarm that the U.S. would dismantle the trading system based on World Trade Organization rules in favor of unilateral actions.

Canada and Mexico are exempt from the tariffs, which enter into force on March 23 and are mainly aimed at China. But the European Union wants to be exempted, too.

“I’ve been clear with (U.S. Treasury Secretary) Steve Mnuchin that we are waiting for a full exemption from these new American tariffs for the European Union as a whole,” French Finance Minister Bruno Le Maire told reporters.

“I think we should reach that goal. It’s difficult (but) it’s not out of reach,” he added.

Without an exemption, the EU will retaliate with a series of measures it is already preparing, Moscovic,上海夜网推油Barbara,i said.

After meeting with U.S. Commerce Secretary Wilbur Ross in Washington, German Economy Minister Peter Altmaier said he and Ross agreed that U.S.-EU talks on the tariffs should intensify.

“We are convinced that free trade is the best solution to guarantee the well-being of our peoples. We want that world trade remains fair and void of dumping measures,” Altmaier said.


The broad anti-China tariffs and investment restrictions under consideration as part of a U.S. intellectual property probe have raised concerns that retaliation could hit world trade and choke off the strongest global growth since the G20 head of state summits began during the financial crisis a decad,上海夜生活服务Gabriella,e ago.

An early draft of the G20 communique seen by contained the phrase that G20 finance ministers stood by an agreement reached by their leaders in July last year in Hamburg.

That agreement said: “We note the importance of bilateral, regional and plurilateral agreements being open, transparent, inclusive and WTO-consistent, and commit to working to ensure they complement the multilateral trade agreements.”

The Hamburg agreement, signed by all G上海夜网20 leaders including Trump, said G20 countries would fight protectionism, including all unfair trade practices, although it also said they recognize the role of “legitimate trade defense instruments.”

“The problem is that everybody understands the Hamburg wording differently,” a senior European official said.

Hillary Clinton raised $30.1 million in February

WASHINGTON ( ) – Democratic presidential front-runner Hillary Clinton raised $30.1 million in February, and began Super Tuesday with $31 million in cash remaining, her campaign said on Sunday.

Clinton has frequently domin,上海夜生活网419Jackson,ated the fundraising contest, but has in recent months been in a tight money battle with Senator Bernie Sanders of Vermont, her rival for the Democratic nomination for the November election.

Clinton has been trying to increase her fundraising online, an arena where Sanders has dominated, raising small-dollar donations from supporters. Clinton’s campaign said th,上海夜生活怎么玩Tallulah,at in mid-March the campaign exceeded 1 million donors.

“Thanks to the 1 million people who have now contributed to our campaign and the more than 8.6 million people who have supported Hillary Clinton with their votes (in primaries and caucuses), we have the resources we need to continue to run a strong campaign all across the country and a nearly insurmountable pledged delegate lead,” campaign manager Robby Mook said in a statement. “With the majority of our fundraising coming from grassroots online donations, this campaign continues to gain momentum and feed off the energy of millions of supporters across t,上海夜生活Gabriel,he country.”

Democrats will gather in Philadelphia in July to nominate their presidential candidate. The nominee will face the Republicans’ pick in November上海夜生活网.

Written by shyw on July 29, 2018 Categories: sgqotqle Tags: , ,

Malta freezes Pilatus bank’s operations after chairman’s arrest

FRANKFURT ( ) – Malta’s regulators have,上海新夜网龙凤Gabriella, imposed a freeze on the business of Pilatus Bank after its chairman’s arrest on charg,上海仙霞路夜生活Gabi,es of breaking U.S. sanctions prompted a fresh wave of criticism of the island’s authorities.

Earlier this week, the bank’s chairman Ali Sadr Hashemi Nejad, 38, was accused in an indictment filed in a federal court in Manhattan of involvement in a scheme to evade U.S. economic sanctions against Iran, prosecutors have said.

Sadr was arrested on Monday, according to court papers. A lawyer for Sadr has declined to comment.

That prompted criticism of the Maltese authorities for inaction, including from the children of a journalist murdered in Malta last year. Daphne Caruana Galizia had reported on corruption and accused Pilatus of money laundering.

Some lawmakers had also questioned whether Pilatus Bank, which is registered in Malta, should keep its license.

The developments prompted new protests by anti-corruption activists outside the bank’s headquarters near the capital of Valletta, who placed a washing machine on a plaque marking the opening of Pilatus Bank by Prime Minister Joseph Muscat.

Malta’s police said the alleged sanctions busting did not involve Maltese citizens or institutions and that no transactions passed through Malta.

Malta’s financial supe,上海夜生活网交流Quay,rvisors nonetheless responded by imposing controls on Pilatus that effectively freezes the bank’s business.

“The bank has been directed not to transact any business whatsoever,” the Malta Financial Service Authority said in a statement, adding this applied to “all deposits and withdrawals and any disposal of the bank’s assets.”

It was not clear how long the controls would stay in place. 上海夜生活网The bank has not responded to requests for comment.

The events unfolded after a former employee of Pilatus, who ignited a political scandal in Malta after she became a source for the murdered journalist, surrendered herself to Greek police.

Maltese prosecutors have filed a European warrant for the arrest of Maria Efimova, a Russian who left Malta for Greece last year with her family, on suspicion of fraud. A Greek police official said she had been arrested at Malta’s request.

Efimova was employed for three months in 2016 by Pilatus. Caruana Galizia named her as the source of internal bank documents which she said indicated that Michelle Muscat, wife of Prime Minister Joseph Muscat, owned a secret company in Panama.

Joseph Muscat and his wife have denied the accusations.

Wall Street’s tech love affair might end in tears

SAN FRANCISCO ( ) – Outsized returns delivered by Amazon.com (AMZN.O), Netflix (NFLX.O) and other heavyweight technology stocks have made them heroes on Wall Street, but some strategists warn that investors’ reliance on them exacerbates the risk of a steep downturn.

Amazon’s 35 percent surge in 2018 has pushed its market capitalization up to $770 billion, equivalent to 3 percent of the S&P 500 and close behind Apple’s nearly 4 percent share of the index.

Apple (AAPL.O), Facebook (FB.O), Amazon, Netflix and Google-parent Alphabet (GOOGL.O) have grown their collective market value by more than 40 percent in the past year to $3 trillion, and they now account for a quarter of the Nasdaq Composite Index .IXIC.

(For a graphic on how FANG + Apple now accounts for a quarter of the Nasdaq click reut.rs/2FEUeSf)

Technology stocks have been widely viewed in recent months as a “crowded trade,” a situation where most investors have the same opinion, increasing the potential for a volatile sel,上海夜生活Jack,loff if sentiment changes.

“It’s a big momentum trade, investors don’t care if they’re paying 15 or 20 or even 50 times earnings,” said Mike O’Rourke, Chief Market Strategist at JonesTrading. “The problem is, once those names start giving up those gains, then the market starts t上海夜生活网o have problems.”

Investors have been attracted to those stocks for good reason: Amazon’s revenue ballooned 31 percent to $178 billion last year, while Netflix is expected by analysts on average to more than double its net income to $1.2 billion in 2018.

An expected interest rate hike by the U.S. Federal Reserve on Wednesday may not have a strong effect on technology companies, which generally rely less than other kinds of companies on debt.

,上海夜生活群Fabiana,The S&P 500 information technology index .SPLRCT dipped by an average of 0.3 percent in the five-session period following the Fed’s four most recent rate hikes, in line with S&P 500, according to Thomson data.

Investors nervous about how much longer a nine-year bull market can last have favored big tech names as among the most reliable on the stock market because their business models are often viewed as disruptive and less susceptible to economic downturns, at least over the long run.

The popularity of Amazon, which is pushing beyond online retail and cloud computing into supermarkets and even healthcare, has left it trading at 167 times expected earnings, up from around 100 a year ago, according to Thomson Datastream. By comparison, the S&P 500 is trading at about 17 times expected earnings.

“If you ask anyone right now, if it’s a business owner they’ll say they’re afraid of Amazon. If they’re an investor, they’ll tell you Amazon is going up forever,” said Andrew Bodner, president of Double Diamond Investment Group in Parsippany, New Jersey.

“Overall, it creates more volatility for the market because everyone owns Amazon, and if Amazon goes down you’ll see that reflected,” Bodner said.

Investors’ increased reliance on passively managed index funds has also contributed to the rally in technology shares because the companies’ inclusion in the S&P 500 and other indexes means money will be poured into them even if they have expensive earnings multiples, O’Rourke said.

Momentum for some major technology stocks is already showing signs of moderation. Facebook has fallen 5 percent after hitting a record high at the start of February, with some investors worried that people are spending less time on the social media platform.

Posing a potential threat to the rally, the S&P 500 technology index is trading at a relatively expensive 18.8 times expected earnings, 12 percent above its 15-year averag,上海高端夜生活在那里Pamela,e, according to Thomson Datastream.

(Graphic: Tech earnings multiples far above average – reut.rs/2FL29JL)

While S&P 500 information technology earnings per share are expected to grow by a healthy 17.5 percent this year, that’s less than last year’s 20.8 percent surge and lower than the 19.5 percent earnings expansion expected for the entire S&P 500, according to Thomson I/B/E/S. Technology companies may be benefiting more modestly than others from corporate tax cuts enacted this year, according to CFRA investment strategist Lindsey Bell.

Even as the S&P 500 wavered over worries that President Donald Trump might spark a trade war, the Nasdaq on Monday closed at a record high, more than bouncing back from a deep selloff across Wall Street only a month ago.

“People are going with what works, and if tech was working before the shakeout in February, then they’re going to stay in it,” said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey.

Trump picks TV commentator Kudlow to succeed Cohn as economic adviser

WASHINGTON ( ) – U.S. television commentator and conservative economic analyst Larry Kudlow will replace Gary Cohn as President Donald Trump’s,上海夜网千花Larissa, top economic adviser, the White House and Kudlow said on Wednesday, adding another loyalist to Trump’s inner circle.

Kudlow, a Republican who served as ,上海夜生活网419Nadia,an economic adviser to former President Ronald Reagan in the 1980s and also worked on Wall Street, is an ardent advocate of “supply side” economic policies that focus on cutting taxes and reducing regulations.

Kudlow, 70, told that Trump offered him the job on Tuesday evening and he accepted. White House sp,上海夜网Octavia,okeswoman Sarah Sanders confirmed that Trump had offered him the position. A formal announcement could come as early as Thursday.

Chris Zaccarelli, chief investment officer at Independent Advisor Alliance, said investors on Wall Street generally viewed the pick positively because of Kudlow’s Washington experience and his policy views.

“He’s generally regarded to be more of a free trade advocate than (White House adviser Peter) Navarro or the others,” Zaccarelli said.

Related CoverageIncoming Trump adviser Kudlow says strong dollar important for growth: CNBCIncoming Trump adviser Kudlow says he would like dollar a bit stronger: CNBCSee more stories

“Larry Kudlow is very much a free trader,” said Stephen Massocca, senior vice president at Wedbush Securities in San Francisco. “This shows that (Trump) wants to hear the other side of the argument as well.”

Kudlow, a CNBC contributor, has acknowledged ups and downs in his life, having been addicted to drugs and alcohol before getting sober more than 20 years ago.

The NEC director can have wide influence over the president on a variety of issues from steering economic policy to offering guidance on whom to choose for open positions at the U.S. Federal Reserve.

Cohn, a Democrat who was seen as a moderating influence on the president’s nationalist economic instincts, announced his resignation last week after a disagreement over Trump’s decision to impose steep tariffs on imports of steel and aluminum.


Kudlow, an informal adviser to Trump’s 2016 presidential campaign, had also criticized the president’s decision, saying tariffs would harm steel-consuming producers. Earlier this month, he was one of three authors of an article that argued such tariffs were akin to sanctions on the United States itself.

During an interview with CNBC on Wednesday, he said he was relieved that some countries would get exemptions from the tariffs, did not think they would hurt the broader U.S. economy, and believed China deserved to face tough action over trade.

“China has not played by the rules for a long time. … I must say, as somebody who doesn’t like tariffs, I think China has earned a tough response,” he said, adding he hoped a coalition of countries could act against China on trade.

Kudlow also said a strong and stable dollar was important for U.S. economic health and that he had no reason to believe Trum上海夜生活网p disagreed. He echoed his future boss’ views that the North American Free Trade Agreement with Canada and Mexico needed fixing and said the European Union had “very bad protectionist policies.”

His appointment comes as Trump increasingly seeks to surround himself with like-minded advisers.

Cohn’s exit and the dismissal of Secretary of State Rex Tillerson have cleared the way for Trump to elevate advisers who are more inclined to implement his campaign promises ahead of congressional elections this year.

The president, who has described Kudlow as a longtime friend, hinted on Tuesday morning that he was likely to give him the job. He said Kudlow had “come around” to view tariffs as a useful tool for renegotiating trade deals.

Kudlow’s television credentials may help him with one part of the NEC job – trying to win over the public on the president’s economic policies, including the White House’s view of the recently enacted tax overhaul as a major economic success.

Nike brand president resigns; company probes workplace complaints

( ) – Nike Inc’s namesake brand President Trevor Edwards has resigned and will retire in August, a company spokeswoman said on Thursday.

Earlier on Thursday the Wall Street Journal, citing an internal memo, reported that Nike had received in recent weeks reports of “behavior occurring within our organization that do not reflect our core values of inclusivit,夜上海419龙凤论坛Cadence,y, respect and empowerment.”

There has been “conduct incon上海夜网sistent with Nike’s core va,上海夜生活网419Kailani,lues and against our code of conduct,” the spokeswoman said, adding that there have been no direct allegations of misconduct against Edwards.

“When we hear of claims we investigate and take the appropriate action,” she said.

Edwards will now serve as an adviser to Nike Chief Executive Officer Mark Parker until his retirement, she added.

Elliott Hill, the former president of Nike Geographies, will take on the new role of president of consumer and marketplace, Nike said.

Parker,上海仙霞路夜生活Octava, will remain chief executive and chairman beyond 2020, Nike said.

The moves come nearly a year after Nike made several changes to its leadership structure and streamlined its business segments to four from six. It also eliminated a quarter of its shoe styles and cut 2 percent of its workforce.

Edwards was in charge of that initiative.

In the memo, Parker said Nike was conducting a review of the company’s human-resources systems and practices for elevating internal complaints, according to the newspaper. “This has been a very difficult time,” he wrote, according to the Journal.

Parker did not specify the nature of the complaints or whether they involved Edwards or any other executives, the Journal said.

Shares of Nike, which is scheduled to report third-quarter results next Thursday, were up marginally in trading after the bell.

Wall Street advances on strong industrial data but posts weekly losses

NEW YORK ( ) – The S&P 500 and the Dow Industr上海夜生活ials rose on Friday, boosted by strong industrial output numbers, though all three of Wall Street’s major indexes posted losses for the week.

February industrial production jumped 1.1 percent, the l,上海夜网推油Jacob,argest increase in four months.

Energy .SPNY led the major sectors of the S&P 500 with a 1.0 percent gain, as oil prices CLc1 rose 1.7 percent.

“Today, there are not a lot of headlines out of Washington, so the focus is more on the economy,” said Keith Lerner, chief market strategist at SunTrust Advisory Services in Atlanta.

Friday’s gains came at the end of a rocky week dominated by concerns of a U.S. trade war with China and political turmoil, which began with the ouster of Secretary of State Rex Tillerson.

Stocks traded in a narrow range, Lerner said, as investors unwound positions in futures and options contracts expiring on Friday, in a phenomenon known as “quadruple-witching.”

The Nasdaq was barely changed at Friday’s market close.

Investors were also looking ahead to next week, when the Federal Reserve is expected to raise benchmark U.S. interest rates. Rate-sensitive sectors, such as utilities and real estate, rose on Friday, but they could perform poorly if rates increase sharply.

“Many portfolio managers are starting to anticipate that eventually, maybe not at this meeting but in future months, that the Fed will become a little bit more hawkish in its behavior,” said Chad Morganlander, portfolio manager at Washington Crossing Advisors in Florham Park, New Jersey.

The Dow Jones Industrial Average .DJI rose 72.85 points, or 0.29 percent, to end the week at 24,946.51, the S&P 500 .SPX gained 4.68 points, or 0.17 percent, to 2,752.01 and the Nasdaq Composite .IXIC added 0.25 point, or 0 percent, to 7,481.99.

For the week, the Dow fell 1.57 percent, the S&P lost 1.04 percent, and the Nasdaq dropped 1.27 percent.

Walmart Inc (WMT.N) gained 1.9 percent after the University of Michigan’s preliminary reading of its consumer sentiment index rose more than expected to 102.0.

Adobe Systems Inc (ADBE.O) was up 3.1 percent, hitting an all-time high during the session, after the Photoshop maker topped analysts’ profit and revenue estimates for the seventh straight quarter.

M,上海足浴夜网联系方式Tallulah,icron Technology Inc (MU.O) rose 3.0 percent after Baird analysts raised their price target on the stock by $40 to $100. Western Digital Corp (WDC.O) gained 4.1 percent, hitting a three-year high during the session, after Baird upgraded the stock’s rating to “outperform.”

Advancing issues outnumbered declining ones on the NYSE by a 2.01-to-1 ra,上海夜生活论坛Pamela,tio; on Nasdaq, a 1.48-to-1 ratio favored advancers.

The S&P 500 posted 25 new 52-week highs and three new lows; the Nasdaq Composite recorded 178 new highs and 50 new lows.

Volume on U.S. exchanges was 9.54 billion shares, compared to the 7.2 billion average over the last 20 trading days.

Judge weighs what evidence U.S. can use to block AT&T, Time Warner…

WASHINGTON ( ) – AT&T Inc sought to persuade a judge on Monday to throw out evidence the government seeks to use in a trial that begins this week to show that the company’s $85 billion acquisition of Time Warner Inc would harm consumers and competitors.

The Justice Department filed a lawsuit in November to stop the U.S. No. 2 wireless carrier, which owns DirecTV and other serv,上海足浴夜网联系方式Queena,ices with 25 million subscribers, from buying movie and TV show maker Time Warner, which owns HBO and CNN. Opening arguments in the trial, which could shape the future of U.S. media ownership, are set for Wednesday before Judge Richard Leon in Washington.

On Monday, Daniel Petrocelli, the lawyer for AT&T, argued that many exhibits that the government planned to bring should be rejected either because they were irrelevant or because the person writing them was not a decision-maker.

Petrocelli objected, for example, to a document from DirecTV that was written before it was acquired by AT&T that warned of the dangers of higher prices because of a previous media merger. The Justice Department’s Eric Welsh defended the decision to present it. “They are also a market participant,” he said.

Welsh also indicated that an official from Google’s YouTube could testify on the importance of the Turner channel to DirecTV’s rivals, which would help show AT&T’s future ability to raise prices.

AT&T rejected settlement offers from the Justice Department, including government proposals to shed either its DirecTV division or Time Warner’s Turner Broadcasting assets, which include CNN.

The government has argued that the deal could allow a more powerful AT&T to raise prices for pay TV rivals and subscribers while hampering the development of online video. Th上海夜生活论坛ey estimate it will hike a subscriber’s monthly cable bill by 45 cents.

AT&T denies that prices would rise and plans to a,上海夜生活网交流Landon,rgue the deal is necessary for it to compete with media companies like Facebook Inc, Alphabet Inc, Amazon.com Inc and Netflix Inc, according to court documents filed before the trial.

AT&T Chief Executive Randall Stephenson, Time Warner Chief Executive Jeff Bewkes and programming executives from rival companies are expected to testify during the trial that the judge has estimated would last six to eight weeks.

Looming over the trial is the question of whether U.S. President Donald Trump, who criticized the deal on the campaign trail and again as president, may have influenced the Justice Department’s decision to oppose the transaction.

AT&T lawyers have said the Time Warner deal may have been singled out for enforcement, citing Trump’s statements that the deal was bad for consumers and the country.

Leon last month rejected a bid by AT&T to force the government to disclose any White House communication,上海夜哪里艳遇Kailani,s that AT&T lawyers believe may have shed light on the matter. AT&T did not raise any arguments relating to Trump in its final pretrial brief filed earlier this month.

The outcome of the AT&T/Time Warner case could affect other pending “vertical” mergers, in which different parts of a supply chain, rather than rivals in the same business, join together. Health insurer Cigna Corp wants to buy pharmacy benefits manager Express Scripts Holding Co and CVS Health Corp wants to acquire health insurer Aetna Inc.

UBS begins global wealth management shift by merging teams

ZURICH ( ) – UBS (UBSG.S) has begun adopting a unified global wealth management structure by merging teams responsible for its private banking products.

The world’s largest wealth manager said in January it would combine its businesses servicing American and international clients into one global division.

UBS is now combining the re,上海夜网推油Tallulah,gional teams responsible for managing products and services related to alternative investments, investment mandates and partnerships, an internal memo seen by and confirmed by the bank said.

“We are confident that our new set-up will enable us to capture the many new opportunities that our worldwide wealth management business offers,” Jason Chandler and Christian Wiesendanger, who jointly lead wealth management’s Investment Platforms and Solutions (IPS), told UBS employees on Tuesday.

Wiesendanger and Chandler were named global co-heads of IPS a year ago, in a move that presaged the merger of Wealth Management Americas and the separat,上海夜网Fabian,e international Wealth Management unit which took effect in February.

While the North American and international wealth management businesses will maintain distinct business models, with the United States continuing to service clients through a brokerage model, the Swiss-based bank said the unification would better serve ultra-wealthy clients while cutting costs.

By combining IPS reporting lines, UBS hopes to give clients access to its full product suite across wealth management.

Jerry Pascucci — 上海夜生活网hitherto alternative investments head in America — will lead the global alternatives team offering hedge fund and private market investments, including investments in private equity, real estate and impact investment, with effect from April, according to the memo.

Roman Berri and Jake Elmhirst will assume responsibility for private markets and hedged strategies respectively out of Zurich and London.

UBS will also align its mandates business under g,夜上海419龙凤论坛Rachel,lobal investment management head Bruno Marxer and expand offerings in the United States through a new American subdivision.

A global partnerships team under Greg Toskos will provide a single contact point for third-party partners as well as the bank’s asset management and investment banking divisions.

EU demands ‘unilateral’ power over UK banks’ access after Brexit

BRUSSELS ( ) – European Union governments will insist on their “unilateral” control over whether and how British banks can operate in the bloc after Brexit, ministers will agree on Tuesday ahead of their leaders’ summit on Friday.

According to a draft seen by , ministers preparing the EU’s joint negotiating stance for talks with London on their future ties will say that British financial services companies can benefit from “reviewed and improved equivalence mechanisms”.

That underlines that the City of London’s hopes to continue a much closer relationship similar to their “passport” rights to operate across the bloc will not be met by EU negotiators.

The two sides will start talks on the future trading relationship next month, once EU leaders endorse the negotiating guidelines at Friday’s summit.

The guidelines include language underlining that access for British-registered firms will be subject to ensuring financial stability and the existing legal structures of the EU. They also say the two sides should aim for free trade in services.

The text makes clear that would work on existing “equivalence” rules for Britain’s big financial services industry, allowing non-EU firms to operate in certain sectors where their supervision regime is judged by the EU to be equivalent to that of the bloc itself.

In a sign of how the move to a second phase of talks dealing with future trade will test the unity seen among the other 27 states so far, Luxembourg, home to operations,上海夜生活桑拿会所Quay, for many London-based fund operators, has been pressing for the EU to be generous to British-registered firms. It argues that hurtin上海夜生活网g London risks driving European business to New York or Asia.

Germany and, especially, France hope, however, to attract British firms away to Frankfurt or Paris and so want to limit London’s access.

The result, diplomats said, was the compromise text which offers “improved” equivalence — the “improved” is largely ,上海高端夜生活在那里Balthazar,meaningless, though the note refers to the fact that the EU is reviewing its equivalence rules for a range of countries.

But ramming home a determination to keep financial services rules und,上海夜网官方网站Paisley,er its own control, not sharing with London, the note states: “Equivalence mechanisms and decisions remain defined and implemented on a unilateral basis by the European Union.”

In South Korea, U.S. cars are rare, and often German or Japanese

SEOUL ( ) – The United States and South ,上海夜生活论坛Cadence,Korea have agreed to revise a trade pact with a side deal to deter competitive currency devaluation by Se,上海夜哪里艳遇Kaia,oul and with concessions for U.S. autos and pharmaceutical companies, Trump administration officials said on Tuesday.

In addition to increased access for American vehicles that meet U.S. but not necessarily South Korean safety standards, U.S. officials said they won reductions in non-tariff barriers to U.S. vehicle sales in the world’s 11th largest vehicle market, including elimination of duplicate environmental testing requirements and recognition of U.S. replacement parts standards.

In South Korea, vehicles made in the United States are a niche market, and most foreign models sold in 2017 were German and Japanese, according to South Korean vehicle registration data provided to .

In 2017, Koreans registered just over 42,000 U.S. made vehicles, many of them sport utility vehicles. Of those, nearly two thirds were vehicles made by German or Japanese automakers in their U.S. factories.

The Ford Explorer was the most popular U.S. made vehicle in South Korea last year, with about 6,000 vehicles registered, according to statistics compiled by the Korea Automob,上海夜生活群Jackson,ile Importers and Distributors Association.

South Korean consumers registered 4,843 U.S.-made models sold by the Jeep brand of Fiat Chrys上海夜生活网ler Automobiles NV last year, while General Motors Co’s Cadillac brand registered 2,008 U.S.-made models sold last year, according to the KAIDA figures.

The data does not include the 4,739 Chevrolet vehicles imported and sold by local manufacturer GM Korea last year.

Overall, however, South Korean consumers preferred American-made vehicles offered by German and Japanese brands. German luxury vehicle brands BMW AG and Mercedes-Benz registered 12,947 U.S.-made vehicles in South Korea in 2017. South Korea last year became the sixth biggest market for Mercedes.

Among Japanese automakers, Honda had the most success selling its U.S.-made vehicles to South Korean consumers, with 7,900 U.S.-manufactured Hondas registered last year.

Under revisions in the U.S.-Korea free trade agreement, 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.

(For graphic on South Korean car imports, click: bit.ly/2E0mNDO)

Facebook cuts ties to data brokers in blow to targeted ads

( ) – Facebook Inc said on Wednesday it would end its partnerships with several large data brokers who help advertisers target peopl上海夜生活论坛e on the social network, a step that follows a scandal over how Facebook handles personal information.

The world’s largest social media company is under pressure to improve its handling of data after disclosing that information about 50 million Facebook users wrongly ended up in the hands of political consultancy Cambridge Analytica.

Facebook adjusted the privacy settings on its service on Wednesday, giving users control over their personal information in fewer taps.

Facebook has for years given advertisers the option of targeting their ads based on data collected by companies such as Acxiom Corp and Experian PLC.

The tool has been widely used among certain categories of advertisers – such as automakers, luxury goods producers and consumer packaged goods companies – who do not sell directly to consumers and have relatively little information about who their customers are, according to Facebook.

“While this is common industry practice, we believe this step, winding down over the next six months, will help improve people’s privacy on Facebook,” Graham Mudd, a Facebook product marketing director, said in a statement.

Shares in Acxiom traded down more than 10 percent to $25 after Facebook’s announcement after the bell. Shares in other data brokers were largely unchanged.

Acxiom said late on Wednesday it did not expect this change to impact its revenue or earnings for the year ending in March. The company currently expects revenue in the range of $910 million to $915 million in the 2018 fiscal year.

Related CoverageSuspended Cambridge Analytica CEO to appear before UK parliamentary committeeColombia blocks app it says possibly linked to Cambridge Analytica

However, for the 2019 fiscal year, Acxiom expects total revenue and profitability to be negatively impacted by as much as $25 million.

Facebook declined to comment on how the change could affect its ad revenue.

Advertisers would still be able to use third-party data services to measure how well their ads performed by examining purchasing data, Facebook said.

Facebook’s website lists nine third-party data providers that it has worked with, including Acxiom, Experian, Oracle Data Cloud, TransUnion and WPP PLC.

Other companies, besides Acxiom, were not available for comment.

Facebook on Wednesday also put all its privacy settings on one page and made it easier to ,上海021夜网Cadence,stop third-party apps from using personal information. Privacy settings had previously been spread over at least 20 screens, Facebook said.

Facebook said in a blog post it had been working on the updates for some time but sped things up to appease users’ anger over how the company uses data and as lawmakers around the globe call for regulation.

Facebook’s shares closed up 0.5 percent at $153.03 on Wednesday. They are still down more than 17 percent since March 16, when Facebook first acknowledged that user data had been improperly channeled in 2014 via a third-party app to Cambridge Analytica, which was later hired by Donald Trump’s 2016 presidential campaign.

The data leak has raised investor concerns that any failure by big tech companies to protect privacy could deter advertisers, who are Facebook’s lifeblood, and lead to tougher regulation.


Facebook Chief Executive Mark Zuckerberg has repeatedly apologized for the mistakes the company made and has promised to crack down on abuse of the Facebook platform and restrict developers’ access to user information.

There is a new Facebook page – called Access Your Information – where users can see what they have shared and manage it.

“The biggest difference is ease of access in settings, which fulfills Mark Zuckerberg’s promise to make the privacy process and permissions more transparent to users,” Wedbush analyst Michael Pachter said.

It was uncertain whether the changes will satisfy lawmakers.

They were announced ahead of a stringent European Union data law which comes into force in May. It requires companies to give people a “right to portability” – to take their data with them – and imposes fines of up to 4 percent of global revenue for companies breaking the law.

Lawmakers in the United States and Britain are still clamoring for Zuckerberg himself to explain how users’ data ended up in the hands of Cambridge ,上海夜生活去哪玩Radcliff,Analytica.

He plans to testify before Congress, a source briefed on the matter said on Tuesday. Facebook has said it has received invitations to testify and that it is talking to legislators.

Zuckerberg and the CEOs of Alphabet Inc and Twitter Inc have been invited to testify at an April 10 hearing on data privacy. The U.S. House Energy and Commerce Committee and U.S. Senate Commerce Committee have also asked Zuckerberg to appear at a hearing.

The U.S. Federal Trade Commission has opened an investigation into Facebook, and attorneys representi,上海夜生活桑拿会所Fabi,ng 37 states are also pressing Zuckerberg to explain what happened.

GSK advances in Pfizer consumer health auction as Reckitt quits

NEW YORK/LONDON ( ) – GlaxoSmithKline (GSK.L) has pulled ahead in a race to buy Pfizer’s (PFE.N) consumer healthcare business, which the U.S. drugmaker believes could be worth as much as $20 billion, after its main rival Reckitt Benckiser (RB.L) quit the auction.

Sources familiar with the matter said on Thursday that the British pharmaceuticals group had submitted a binding bid. It is possible there may still be other offers, the sources added, or Pfizer could decide against a sale.

Reckitt said late on Wednesday it had only offered to buy part of the Pfizer business, which proved unacceptable. One person fam上海夜生活iliar with the matter said the company had been most interested in the best-selling painkiller Advil.

Although consumer remedies sold over the counter have lower margins than prescription drugs, they are typically very well known and durable brands with loyal customers.

Limited buyer demand could now ease pressure on GSK to pay top-dollar or might instead allow it to coax the Pfizer unit into a joint venture it has with Novartis (NOVN.S), some investors and bankers said, although this would be complex.

Pfiz,上海夜生活男人好去处Gabe,er has been hoping to fetch some $20 billion for its consumer health business, which includes familiar over-the-counter brands such as Advil, Centrum multivitamins and Chapstick lip balm, according to the sources.

Shares in Reckitt jumped 5 percent on relief it would not be over-leveraging or making a dilutive rights issue to fund a deal, while GSK slipped 1.5 percent.

But the decision i,上海高端夜生活在那里Barney,s a blow for Chief Executive Rakesh Kapoor, who has long coveted the Pfizer operation as a means to bolster Reckitt’s position in consumer health (CH).

“If indeed RB has opened the door for Pfizer,上海夜生活Dahlia, CH to be acquired by GSK, it might end up significantly strengthening one of its main CH competitors,” said Bernstein analyst Andrew Wood.

Reckitt said its strict financial discipline meant it only made sense to bid for part of the unit, but this was rejected. It will now focus on organic growth and integration of its $16.6 billion acquisition of Mead Johnson Nutrition.


Pfizer said it was reviewing the future of the consumer business following the Reckitt decision.

“Pfizer continues to evaluate potential strategic alternatives for the consumer healthcare business, which include a spin-off, sale or other transaction, and Pfizer ultimately retaining the business. We have not yet made a decision, but continue to expect to make one in 2018,” it said in a statement.

For GSK, a deal would be the boldest move to date for new CEO Emma Walmsley, who took over last April. It would further increase the company’s leading position in consumer health, but could stretch its finances at a time when investors are anxious about the dividend.

Walmsley has also said her first priority is improving GSK’s new drug pipeline in the face of mounting competition in its core respiratory and HIV divisions.

GSK runs its consumer healthcare business via a joint venture with Novartis. Novartis has the right to sell down its minority stake starting from this month, although it has previously indicated it is in no rush to do so.

Analysts said an alternative to buying Pfizer’s operations outright could be to give Pfizer an equity share in the venture. While this would require complex negotiations, GSK and Pfizer do already work together in another joint venture in HIV.

“That sort of thing is a nice idea but it would require such a lot of work on governance,” said GSK shareholder Steve Clayton at Hargreaves Lansdown.

GSK declined to comment on the state of any Pfizer discussions. However, Walmsley has previously said she would look at bulking up in consumer health, where scale is important.

“We will be extremely focused on discipline around returns and frankly, this is not a need to do,” she said last month.

Amazon in talks with Casino over Brazil electronics chain: source

SAO PAULO ( ) – Amazon.com Inc (AMZN.O) and Casino Guichard Perrachon SA (CASP.PA) are negotiating a deal in Brazil either partnering or selling the French retailer’s local appliance and electronics chain, a source familiar with the talks said on Tuesday.

The talks concerning Casino’s Via Varejo SA (VVAR3.SA) unit, which includes Brazil’s third-largest e-commerce operation and more than 900 stores in the country, would accelerate ,上海夜网Quay,Amazon’s previously tepid advances into Latin America’s largest market.

The negotiation comes as the U.S. e-commerce leader and Casino have struck an agreement to sell groceries from the French group’s upmarket Monoprix through Amazon.

The Brazil deal, a more complex negotiation that has been discussed alongside the French partnership,上海足浴夜网联系方式Paige, since January, could be structured using the same model or as an outright sale of Via Varejo, the source said.

News of the talks sent shares of GPA SA (PCAR4.SA), Casino’s Brazilian supermarket chain that ,上海夜生活网419Nadia,owns Via Varejo, as much as 5.5 percent higher in Sao Paulo trading. Units of Via Varejo, which blend preferred and common stock, also rose up to 5.5 percent.

Via Varejo and Amazon representatives in Brazil declined to comment. Casino and GPA reiterated that they put a controlling stake in Via Varejo up for sale in October 2016, adding that the sale process is underway and there is no news to report at the moment. Casino also denied any partnership involving Via Varejo.

Via Varejo att上海夜生活racted little initial interest in 2016 as its then-traditional infrastructure kept costs high and hurt its bottom line. It has since expanded its e-commerce operations and turned a profit in four of the last five quarters.

Amazon has waded slowly into Brazil’s complex and highly competitive online retail market, starting with e-book sales in 2012, adding physical books two years later and offering third-party sales of electronics in October.

reported in recent months that the world’s largest online retailer has been preparing to ramp up its Brazilian presence, courting local suppliers of appliances and electronics and eyeing a large warehouse outside of Sao Paulo.

JPMorgan analysts told clients that a Via Varejo deal could be “a potential shortcut for Amazon expansion in Brazil, particularly by providing fulfillment capabilities that have been a key issue.” Via Varejo has some 26 distribution centers throughout Brazil.

Shares of Brazilian e-commerce rivals B2W Cia Digital (BTOW3.SA) and Magazine Luiza SA (MGLU3.SA) both fell around 3 percent on news of Amazon’s talks with Casino.

GPA and Via Varejo have sharpened their focus on e-commerce in recent weeks, replacing the chief executives of both companies in a move that will take effect in April.

In February, GPA said it would replace its CEO with Peter Paul Estermann, the current head of Via Varejo, who is credited with the electronics retailer’s digitally focused turnaround.

The top job at Via Varejo will go to Flavio Dias, who leads the company’s online division and has been described by the company as an e-commerce pioneer in Brazil.

Dropbox IPO priced higher than expected on strong demand

( ) – Dropbox Inc’s (DBX.O) initial public offering, the largest tech stock debut in more than a year, was priced at $21 per share, the company announced on Thursday, higher than expected.

At $21, the San Francisco-based company will have a market cap of about $9.18 billion on a fully diluted share count.

The cloud-based file-storage firm on Wednesday raised the expected price range by $2 to $18 to $20 per share, on the back of strong demand.

The IPO raised about $756 million in the largest tech IPO since Snap Inc (SNAP.N) raised $3.9 billion in its debut last year. Dropbox shares are set to start trading on Friday at the Nasdaq under the symbol “DBX.”

The strong pricing bodes well for other highly anticipated IPOs from tech unicorns, or startups valued at more than $1 billion.

“Pricing above the revised range indicates there is more demand than supply for growth technology IPOs especially those generating substantial positive free cash flow,” said Leslie Pfrang of Class V Group, an IPO advisory firm.

Streaming music leader Spotify Technology SA (SPOT.N) is scheduled to do a direct listing of shares on the New York Stock Exchange on April 3.

Dropbox has 500 million users and competes with Alphabet Inc’s (GOOGL.O) Google, Microsoft Corp (MSFT.O), Amazon.com Inc (AMZN.O) and Box Inc (BOX.N,上海会所夜网Paige,), which had a market value of about $3.1 billion as of Thursday’s close.

“For me the biggest problem I have with Dropbox is the上海夜网y don’t have any unique competitive advantages or proprietary offerings that differentiate them from the p,上海夜网官方网站Jacklyn,ack,” said Adam Sarhan of investment advisory service 50 Park Investments.

Dropbox co-founder and Chief Executive Officer Andrew Houston will have a 24 percent of the company after selling 2.3 million shares in the offering.

Venture capital firm Sequoia Capital will retain a stake of about 25 percent.

Dropbox reported revenue of $1.11 billion in 2017, up 32 percent from a year earlier. Its full-year net loss, ,上海夜网邀请码Fabi,meanwhile, nearly halved to $111.7 million.

Goldman Sachs & Co LLC, J.P. Morgan, Deutsche Bank Securities, Allen & Company LLC and Bank of America Merrill Lynch are among lead underwriters to the offering.

Anti-Trump protesters: patchwork of people and Facebook pages

KANSAS CITY, Mo./BLOOMINGTON, Ill. ( ) – Donald Trump has called them thugs, professional organizers and supporters of Democratic presidential contender Bernie Sanders.

But the protesters who have stepped up their actions against the Republican presidential front-runner are a disparate group from different walks of life, with no national organization to sp,上海高端夜生活在那里Fabiana,eak of. They assemble through a patchwork of Facebook pages and myriad advocacy groups.

After demonstrators swarmed a large Trump rally in Chicago on Friday and forced its cancellation over security concerns, protesters are looking for ways to keep up the momentum as the billionaire businessman seeks in primaries this week to clear a path toward the Republican nomination for the Nov. 8 election.

Trump has drawn fervent support as well as harsh criticism, including from within his own party, for his calls to build a wall along the U.S.-Mexico border and impose a temporary ban on Muslims entering the country.

Kevin Bailey, 25, who helped lead an anti-Trump protest on behalf of the Progressive Youth Organization at the candidate’s Kansas City, Missouri, rally on Saturday, said protesters had two goals – to disrupt proceedings as much as possible and signal their outrage over Trump’s divisive rhetoric. Trump spent a good part of his time on stage shouting down the protesters.

Bailey said his group watched a similar protest staged by a sister organization in St. Louis on Friday as well as other protests to see if there were lessons to be learned.

“We want to learn what works as far as, especially, going inside and disrupting rallies,” he said.

Using smaller groups of protesters to enter rallies and station themselves around the venue, as well as staggering the disruptions to maximize their duration, are some of the strategies that seem to work best, Bailey said.

Before Friday’s rally at the University of Illinois at Chicago, organizers used Facebook and worked with student groups on campuses in the Chicago area to encourage them to attend. Inside the stadium, there might have been as many protesters as supporters and a long line of people were waiting to get in when the Trump campaign scrapped the event.

Skirmishes broke out between the two camps, making for some tense minutes that received national television coverage and raised security concerns around the Trump campaign.

One organizer, Nathaniel Lewis, a 25-year-old graduate student, said the cancellation was “the last thing we expected to happen. It shows the power of unity.”


It 上海夜生活happened just days before five nominating primaries on Tuesday in which Trump, 69, is trying to cement his lead over his remaining Republican rivals – U.S. Senators Ted Cruz of Texas and Marco Rubio of Florida and Ohio Governor John Kasich.

Trump’s Republican and Democratic rivals accused him of sowing tension with divisive rhetoric. But on Sunday, he said: “I don’t accept responsibility. I do not condone violence in any shape.”

He called the protesters professional “disrupters” sent to his events by Sanders, the U.S. senator from Vermont.

“Be careful Bernie, or my supporters will go to yours!” Trump said on Twitter on Sunday.

Trump’s campaign rallies have been boisterous, with the real estate mogul often pausing to scold protesters and ask security officers to take them away. At some events, protesters and journalists have bee,上海夜生活乌托邦Daisy,n punched, tackled or hustled out. A 78-year-old man was charged with assault and communicating a threat after he was seen on video punching a young black protester at a North Carolina rally last week.

The threat of violence affected Trump personally on Saturday. Secret Service officers rushed on stage to protect Trump when a man broke through a security barrier at a rally in Ohio. Trump said the man “was looking to do harm.”

Some in the Trump camp believe the protesters’ actions in Chicago will benefit their candidate by galvanizing his supporters.

“Some people were energized,” said Michael McKinney, 47, as he attended a Trump rally in Ohio with his family on Sunday.

“I watched a lot of videos – all the protesters were throwing the first punch,” he added.

Over the weekend, President Barack Obama made a call for civility in the political process and “resolving our differences without encouraging or resorting to violence.”

While young people are a visible contingent among the protesters and some are supporters of Sanders, the demonstrators are a mixed group operating in small clusters.

For a Trump rally in Bloomington, Illinois, on Sunday, Sonny Garcia, a 44-year-old facilities manager, said a loosely organized group called “Dump Trump Illinois” rallied prote,上海夜网推油Hadrian,sters through a “Dump Trump” Facebook page. Some 2,000 people gathered.

Forty members of the local chapter of a national anti-hate advocacy group called “Not in Our Town” showed up to protest, wearing white armbands. High school student Aishwarya Shekara, 16, joined them.

“I’m here because Trump stands for everything I don’t,” she said. “He’s the definition of a demagogue.”

House passes bill requiring EPA actions on lead-laced water

WASHINGTON ( ) – The U.S. House of Representatives on Wednesday easily passed a bill requiring federal environmental regulators to act faster when lead contamination is found in drinking water.

The bill passed 416-2. It was crafted by Michigan Representatives Dan Kildee, a Democrat, and Fred Upton, a Republican, in the wake of Flint’s drinking water crisis.

The measure requires the Environmental Protection Agency to notify the public when concentrations of lead in drinking water rise above mandated levels and to create a plan to improve commun上海夜生活论坛ication between the agency, utilities,,上海夜生活乌托邦Dallas, states, and consumers.

In 2014, under a state-appointed ,上海夜网官方网站Balthazar,emergency,上海夜哪里艳遇Idaia, manager, Flint, a city of 100,000, switched water supplies to the Flint River, from Detroit’s system as part of a plan to save money in the poverty-stricken city.

The more corrosive river water leached lead from aging pipes. Thousands of children are believed to have ingested dangerous levels of lead, a toxin that can harm brains and cause other health problems.

The bill “wouldn’t have prevented Flint, but it would have caught it far sooner,” Kildee, who is from Flint, said after the vote. The measure must be passed by the Senate and signed by President Barack Obama before becoming law.

Other measures in Congress to provide Flint with millions of dollars in aid to deal with the crisis face an uncertain future. Kildee has also introduced a bill to provide about $700 million in federal aid, with a match in funding from Michigan. That and other measures languished as Democrats and Republicans struggled to agree on where the funds would come from.

The Department of Agriculture said on Thursday it would temporarily allow Michigan to use funds from its Women, Infants and Children program for low income citizens to conduct lead testing. The department estimated some 3,800 people could get tested in this way.

Amid state dinner glamor, a serious agenda for Obama-Trudeau talks

OTTAWA/WASHINGTON ( ) – Canada’s charismatic Prime Minister Justin Trudeau will be traveling to Washington this week for talks with U.S. President Barack Obama, hoping to revitalize a frayed relationship and draw rare attention to Canadian issues.

Trudeau’s Liberals came to power in November by ousting the right-wing Conservative leader Stephen Harper, whose ties with Washington deteriorated as he hectored Obama in a failed bid to gain approval for a majo上海夜网r Canada-U.S. pipeline.

Trudeau, who has basked in international media attention since coming to power and whose progressive politics are much more in tune with Obama’s, will attend a state dinner Thursday, becoming the first Canadian leader to do so sin,上海夜生活怎么玩Mace,ce 1997.

“We want to strengthen our relationship with the United States at a time when it is key for our agenda of economic growth,” Foreign Minister Stephane Dion said in an interview on Monday.

Canada sends 75 percent of its exports to the United States. It is also the United States’ largest trading partner and biggest supplier of oil, but has found it hard to stand out.

“We’d sometimes like to think that Americans would pay attention to us from time to time,” Trudeau said in an interview with the CBS television show “60 Minutes” that aired on Sunday.

Trudeau will press his message on Thursday, holding talks with Obama, lunching with Secretary of State John Kerry and then attending the state dinner.

Canada wants to avoid a fres,上海夜生活乌托邦Tallulah,h trade fight over its softwood lumber exports, while the United States will reiterate long-standing concerns about how much information Ottawa shares on terror suspects, say officials involved with the talks.

The two sides are also set to sign a declaration committing to the fight against climate change, sources said.

“Canada’s not an issue that gets a lot of attention normally,” said a senior U.S. administration official.

“(But) I’d be hard-pressed to identify a relationship that’s more important day in, day out, and that affects more Americans day in, day out.”

Trudeau has a higher profile than any Canadian leader since his father, former prime minister Pierre Trudeau, was in power four decades ago. The New York Times and Vogue magazine are among the U.S. outlets that have run sympathetic profiles ,上海夜生活网交流Oakley,about him.

Still, his visit may be overshadowed by the raucous race between Republican candidates vying to run for the White House. Thursday’s dinner coincides with a Republican debate in the battleground state of Florida.

Nissan spins up new plant to give second life to EV batteries

NAMIE, Japan ( ) – At a small plant intended to help revitalize a town ravaged by the 2011 earthquake, Nissan Motor Co is giving its costly electric vehicle (EV) batteries new life after they pass their peak performance.

Global automakers are looking for ways to make cheaper EVs and prolong the life of their batteries, which can account for up to one-fifth of each vehicle’s上海夜网 cost and are made from increasingly costly materials, including cobalt and nickel.

Starting in May, 4R Energy Corporation, a joint venture between the Nissan and Sumitomo Corp will begin selling rebuilt replacement lithium-ion batteries for the first-generation Leaf.

The batteries will be produced at the new factory in Namie by reassembling high-performing modules removed from batteries whose overall energy capacity has fallen below 80 percent.

They will be sold in Japan for 300,000 yen ($2,855.51), roughly half the price of brand-new replacement batteries for the world’s first and best selling mass-marketed all-battery EV.

“By reusing spent EV batteries, we wanted to raise the (residual) value of EVs and make them more accessible,” said Eiji Makino, CEO of 4R, which on Monday opened the plant in Namie, Fukushima Prefecture, around 5 kilometers north of the site of the Fukushima nuclear disaster, the world’s worst since Che,上海夜网Tabitha,rnobyl in 1986.

The flat, rectangular battery packs that line the bottom of each Leaf chassis are trucked into the pla,上海高端夜生活在那里Queena,nt, where each module is assessed.

Sumitomo has come up with a way to analyze all 48 modules contained in each battery pack in four hours, a huge time savings from the 16 days Nissan engineers previously used for similar measurements.

Modules with capacities above 80 percent are assigned for use in replacement Leaf batteries; lesser modules are reassembled and sold as batteries for fork lifts, golf carts, and lower-energy applications such as streetlamps.

The plant can process 2,250 battery packs a year, and initially plans to refabricate “a few hundred” units annually, Makino said, adding that 4R would see whether the process could also be used for batteries from the latest Leaf model, which uses a different battery chemistry.

Bracing for a sharp increase in the price of key EV battery materials, including cobalt, nickel, and lithium, more automakers are focusing on reuse and recycling, with Toyota Motor Corporation announcing in January it would partner with a Japanese electric power company to explore such options.

Makino said it would be difficult for 4R to completely break down and recycle EV batterie,上海夜玩网论坛Gabriella,s on its own but may consider partnering with another company to retrieve reusable materials, a process industry experts say is key to sustainable EV battery production.

“Second use is potentially a really great option, but at the end of it all, batteries still need to be recycled,” said Jeff Spangenberger, energy systems researcher at the U.S. Argonne National Laboratory, adding that the profitability of battery recycling operations would depend on the highly volatile price of component materials. 

($1 = 105.0600 yen)