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Saudi tycoon’s creditor banks weigh multi-billion dollar debt deal

DUBAI ( ) – Bank creditors of detained Saudi Arabian tycoon, Maan al-Sanea, have asked his advisers for more details on a proposed settlement covering 16 billion riyals ($4.3 billion) in claims before they agree to move forward with the process, sources close to the matter said.

Banks met in Dubai on Wednesday as they seek to resolve the debt crisis that has rumbled on since al-Sanea’s company Saad Group defaulted on its debt in 2009.

The meeting, the first major gathering of the debtors and creditors since 2009, took pl,上海夜生活怎么玩Idaia,ace as auctions were underway to sell around 900 vehicles owned by al-Sanea and Saad.

More than 30 banks, some of whom were represented by lawyers, attended the meeting, said one source close to the matter. Another said around 12,上海夜网官方网站Dallas, banks attended themselves included Emirates NBD, Dubai’s largest bank, Al Rajhi Bank, Saudi Arabia’s second largest bank by assets, and Ger上海夜生活网many’s Portigon.

In a case separate from the dozens of Saudi businessmen and officials who were held up in a corruption crackdown, al-Sanea was detained by authorities late last year for unpaid debt.

Since then a tribunal in charge of resolving Saad’s debt dispute appointed a consortium late last year to liquidate assets owned by the billionaire.

In an effort to halt that process and get al-Sanea released from detention, his family and their advisers are striving to reach a consensual settlement with bank creditors.

As well as properties and shares in companies including National Commercial Bank, Kingdom Holding, Samba Financial Group and Riyad Bank, proposed terms set out a framework for a deal that include “top-up assets” to be contributed by relatives of Maan al-Sanea.

In response to a request by Reemas, a financial consultancy advising al-Sanea, to form a steering committee to coordinate negotiations between lenders and al-Sanea and Saad, the banks asked for more details a,上海夜生活Cadence,bout the “top-up assets” before deciding on whether to move forward with a potential settlement, the sources said.

Reemas is expected to give banks details of those assets in the coming days, the sources said.

Banks, most of which have long written off the debt, have been told they would get better returns under the Reemas process than via the liquidation process, the sources said, who added that the process would also be faster.

They were also told there was potential for other banks to join the process once they have claims approved by the tribunal.

($1 = 3.7499 riyals)

Nestle chairman calls CEO ‘man of action,’ praises his first year

SAO PAULO ( ) – Nestle SA’s (NESN.S) chairman gave a vote of confidence to Chief Executive Mark Schneider 14 months into his tenure at the helm of the world’s biggest packaged food company as it struggles to recover from a sixth straight year of slowing growth.

“He has moved a lot of things, and the board is happy with that,” Chairman Paul Bulcke told , in an interview on the sidelines of the World Economic Forum in Sao Paulo late on Wednesday. He said the choice of Schneider, a German who moved to Switzerland to become Nestle’s first external leader in nearly a century, was the right one.

“His first year was very good, he’s a man of action, he sees the need of change,” Bulcke said, adding that Schneider is also acting in a “balanced way.”

S,上海高端夜生活在那里Fabi,ince Schneider took the job, he has sold Nestle’s confectionery business in the United States, closed high-cost factories in Europe and focused on expansion into consumer health and high growth businesses, with the acquisition of vitamin maker Atrium Innovations.

Schneider reckons the Sw上海夜生活论坛iss group, which like other multinational food companies is grappling with slowing growth and greater competition, could buy and sell brands accounting for as much as 10 percent of its sales.

Bulcke said the board expects Schneider to stay as CEO for the long term, saying the company did not want “a CEO to stay for two or three years.”

Bulcke declined to comment on meetings with billionaire hedge fund manager Daniel Loeb, saying that Nestle “respects investors’ opinions.” Loeb’s hedge fund, Third Point, made a $3.,上海会所夜网Pamela,5 billion investment in Nestle last June.

“He has strong opinions, but many of his suggestions are already in our program anyway,” Bulcke said. Third Point has demanded that Nestle move faster to overhaul its strategy and sell assets such as its stake in beauty business L’Oreal.

Nestlé is starting to see a recovery in Brazilian consumption after its harshest recession in decades, Bulcke said.

Brazil, where the food processing giant has more than 30 factories, is Ne,上海夜生活论坛Oakley,stle’s fourth largest market, after the United States, China and France. Bulcke said Nestle plans to continue investing in expansion in the country.

Pentagon to submit plan to Congress for closing Guantanamo prison

WASHINGTON ( ) – The Pentagon is expected to submit to Congress on Tuesday President Barack Obama’s long-awaited plan for closing the U.S. military prison at Guantanamo Bay, setting up a battle with lawmakers who oppose his efforts.

Obama, whose pledge to shut the facility at the U.S. naval base in Cuba dates back to the start of his presidency in 2009, is seeking to make good on his promise before he leaves office next January.

Pentagon spokesman Captain Jeff Davis said the administration intended to meet Tuesday’s deadline to present its detailed proposal for closing the facility. There are still 91 prisoners detained there.

“We underst,上海夜玩网论坛Jacklyn,and the deadlin,上海夜网Hadrian,e is tomorrow and it’s our intent to meet it,” Davis told reporters.

U.S. officials have said the plan would call for sending to their homelands or third countries detainees who have been cleared for transfer, now numbering 35, and bringing remaining prisoners, possibly several dozen, to U.S. soil to be held in maximum-security prisons. Congress has banned such transfers to the United States since 2011.

Another option that will be cited in the administration’s blueprint will be the possibility of sending some prisoners overseas for prosecution and trial, one U.S. official said.

The closure plan could also serve as a template for how to deal with future terrorism suspects captured in the fight against the Islamic State militant group.

However, the document will not name the alternative U.S. prisons under consideration for housing detainees, U.S. officials sa,上海凤楼夜网Cadence,id. The administration wants to avoid fueling any political outcry over specific sites during a U.S. presidential election year.

Still, Pentagon officials have already surveyed a federal prison in Florence, Colorado, a military jail at Fort Leavenworth, Kansas, and the Navy brig at Charleston, South Carolina.

An effort will also be made to speed up parole-style reviews to determine whether more prisoners can be added to the group cleared for release, officials said.

The plan will include costs for upgrading U.S. facilities and housing the inmates there, according to a source familiar with the matter. The White House last year rejected one Pentagon proposal as too expensive, sending it back for revis上海夜网ions.

Republicans and some Democrats in Congress largely oppose proposals to move any of the prisoners to the United States.

Republican Senator Kelly Ayotte said on Monday the Obama administration refused to “level with the American people regarding the terrorist activities and affiliations of the detainees who remain at Guantanamo.”

White House spokesman Josh Earnest reiterated Obama’s view of Guantanamo as a terrorist “recruiting tool” and urged lawmakers to look at the plan “with an open mind,” although he expressed doubt about whether they would do so.

The White House has left open the possibility that Obama might resort to executive powers to close the facility.

The prison was opened in 2002 by former Republican President George W. Bush to house foreign terrorism suspects rounded up after the Sept. 11, 2001 attacks on New York and Washington.

The United States quickly drew criticism from human rights activists and foreign governments over Guantanamo, where most prisoners have been held for more than a decade without trial.

Written by shyw on November 25, 2018 Categories: cacraomx Tags: , ,

U.S. court to re-examine decision striking down of Texas voter ID law

AUSTIN, Texas ( ) – A Texas law previously struck down requiring voters to show authorized identification before casting ballots will be re-examined, the U.S. Court for Appeals for the Fifth Circuit said on Wednesday.

The court, which said its full bench of judges will participate, did not set a date or elaborate on why it will hold the review of the law a three-judge panel from the court said in an August 2015 decis上海夜网ion violated the U.S. Voting Rights Act through its “discriminatory effect,夜上海论坛Jacob,s.”

The measure was signed into law in 2011 by then Texas Governor Rick Perry, a Republican, and has been in effect since even as the legal challenges have wound their way through the courts.

Plaintiffs have argued the law hits elderly ,上海会所夜网Easton,and poorer voters, including minorities, hardest because they are less likely to have such identification. They contend the measure is used by Republicans as a way suppressing voters who typically align with Democrats.

The measure, which supporters say will prevent voter fraud, requires voters to present a photo identification such as a driver’s license, passport or military ID card.

Texas Attorney General Ken Paxton, a Republican welcomed the court’s decision.

“Today’s decision is a strong step forward in our efforts to defend the state’s Voter ID laws. Safeguarding the integrity of our elections is a primary function of state government and is essential to preserving our democratic process,” he said in a statement.

Critics contend that voter fraud is a miniscule problem overblown by Republicans,上海仙霞路夜生活Tamara, for political purposes. Republicans contend voter fraud erodes the fabric of the democratic process.

Civil rights groups have urged the court not to re-hear the case.

U.S. District Judge Nelva Gonzales Ramos ruled in October 2014 that the law, which was challenged by the administration of President Barack Obama and civil rights groups, was unlawful under the Voting Rights Act and U.S. Constitution in part because it discriminates against minority voters.

The Obama administration has been trying to counter a U.S. Supreme Court ruling in June 2013 that overturned parts of the Voting Rights Act. That ruling freed several states, mostly in the South, from strict federal oversight.

BP chief Dudley’s 2017 pay rises after previous year’s cut

LONDON ( ) – BP Chief Executive Bob Dudley’s remuneration rose to $13.4 million in 2017, when the oil and gas giant’s profits more than doubled and production soared.

Dudley’s salary was up 13 percent from 2016, when his pay package was cut by 40 percent after a majority of shareholders opposed the company’s pay policy.

Royal Dutch Shell Chief Executive Ben van Beurden saw his total remuneration in 2017 rise to 8.9 million euros ($11 mi上海夜生活lli,上海晚上耍女人的地方Oakley,on) from 8.6 million euros the previous year.

(Graphic: BP CEO Pay – reut.rs/2pO1ykw)

“2017 was a year which saw delivery and growth across all our businesses. This was an impressive performance from Bob Dudley and his great team, now fully into their stride,” BP Chairman ,夜上海论坛Ebba,Carl-Henric Svanberg said in a statement.

Dudley, 61, took the helm of BP in 2010, months after a deadly spill on the Deepwater Horizon platform in the Gulf of Mexico. BP has since paid more than $65 billion in clean-up costs, fines and lawsuits, some of which are still ongoing.

After selling oil and gas fields, refineries and other assets since the spill, ,上海夜生活去哪玩Kai,2017 marked one of the strongest years of growth in BP’s history after it launched 7 new projects.

It plans to start six additional fields this year, which will help it boost its production by 900,000 barrels of oil equivalent per day (boed) by 2021. BP’s production rose 12 percent in 2017 to 2.47 million boed.

(For a graphic on BP profits click reut.rs/2Ba1v97)

BP’s current pay policy, which applies until 2019, includes lowering Dudley’s maximum long-term payout to five times salary from seven times and cutting bonus payments by a quarter.

($1 = 0.8118 euros)

Exclusive: On Amazon, a quarter of merchants’ sales are cross-border

LAS VEGAS ( ) – Amazon.com Inc is making a push for merchants on its website to sell goods into other countries, setting the stage for greater competition with rival marketplaces run by eBay Inc and potentially Alibaba Group Holding Ltd.

More than a quarter of all revenue for sellers on Amazon globally was from cross-border transactions in 2017, up more than 50 percent from the year prior, Amazon Vice President Eric Broussard said in an interview, ahead of his Tuesday speech at the ShopTalk conference in Las Vegas.

That amounts to between $50 billion and $75 billion for merchants selling to customers in another country, based on analysts’,上海夜生活怎么玩Macauly, estimates for Amazon’s total gross merchandise sales. Amazon does not disclose the figure.

The cross-border increase – outpacing Amazon’s 31 percent rise in overall net sales – represents a massive opportunity for the world’s largest online retailer. That is why Amazon has encouraged merchants to list ever-more products on its websites around the world, which could make its marketplaces more desirable to shoppers than those of the competition.

“The speed with which sellers have been selling globally has accelerated over time,” said Broussard, who oversees Amazon’s international marketplaces.

Global trade has been crucial to Amazon and its e-commerce competitors. In a 2015 news post online, eBay touted cross-border sales as one of its key strengths. It said cross-border represented about 20 percent of its gross merchandise volume in 2014, or $17 billion. The company declined to offer a figure for 2017.

Last month, eBay’s chief executive told the company planned to bring “the world’s inventory into Japan” as part of its global expansion. [nL4N1QH72Z]

Alibaba, meanwhile, recruits companies to sell into China, and its unit Tmall Global features products from brands in 63 countries and regions, it has said.

Cr,上海夜生活群Caden,itics of Amazon have said ther上海夜网e are too many counterfeit products from China on its U.S. marketplace. Amazon prohibits the sale of counterfeit goods and has said it is investing heavily in programs to keep them off its platform.

CUT OF SALES

For Amazon, a key way it attracts sellers is by renting space in more than 150 warehouses worldwide so merchants can store inventory near customers – without the hassle of exporting each order. Amazon operates 13 marketplaces globally.

“A customer shops in German, pays in euros an,上海夜生活去哪玩Octavien,d gets very rapid fulfillment” for a product from a U.S. seller, for example, Broussard said.

Tech Armor, a smartphone accessories maker near Los Angeles, said that its business was growing faster internationally than in the United States and that it has shipped more than 12 million units through Fulfillment by Amazon (FBA) since 2012. That has come partly from Amazon’s encouragement.

“Someone from the FBA business called,” Tech Armor co-founder Joe Jaconi told . “They wanted to talk to us about Canada.”

Amazon takes a cut of merchants’ transactions, which for jewelry can reach 30 percent of a sale fulfilled by Amazon, said Elena Castaneda, founder of Bling Jewelry in greater New York. Amazon’s net sales from seller services was $32 billion in 2017.

Castaneda said this was worthwhile.

“Say I do $1 million in Amazon U.S. If you take all of Europe and you do all five countries (with Amazon Marketplaces), it would almost be equivalent to the amount you do in the U.S.,” she said.

Exports by sellers on Amazon – where merchants handle the fulfillment to foreign countries – increased by nearly 30 percent in 2017, Amazon said.

U.S., South Korea revise trade deal, Korean steel faces quota

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

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

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

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

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

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

Last week, Trump temporarily excluded six trade partners, including Canada, Mexico and the European Union from higher U.S. import duties on steel and aluminum which came into effect on Friday.

South Korea has received a quota of about 2.68 million tonnes of steel exports, or 70 percent of the annual average Korean steel exports to the United States between 2015-2017, which will be exempt from ,上海021夜网Tallulah,the new tariffs, the ministry said in a statement.

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

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

TRADE WAR FEARS

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

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

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

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

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

“If President Trump becomes a two-term president … I believe there will be continuous (trade) risks during that time,” Trade Minister Kim said.

Shares in South Korean steelmakers rallied on Monday, with Dongbu Steel (016380.KS) leading gains as tariff exemptions were confirmed.

South Korea’s steel association said in a statement it was a “relief” that South Korea has been excluded from U.S. steel tariffs, but regrettable it was unable to secure higher quotas.

AUTOS CONCESSION

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

No South Korean automakers currently export pickup trucks to the United States, but Hyundai Motor (005380.KS) said last year it planned to launch a model there to catch up with a shift away from sedans.

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

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

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

“I don’t see a high chance of automakers expanding U.S上海夜生活. imports,” he said.

Kim Jong-hoon, a former chief negotiator for the KORUS FTA, said South Korea had fared relatively well in negotiations.

“South Korea gave concessions in autos in return for steel tariff exemptions,” he told . “This is not a free trade, but a managed tr,上海新夜网龙凤Fabi,ade.”

Exclusive: OPEC, Russia consider 10- to 20-year oil alliance -…

NEW YORK ( ) – Saudi Arabia and Russia are working on a historic long-term pact that could extend controls over world crude supplies by major exporters for many years.

Saudi Crown Prince Mohammed bin Salman told that Riyadh and Moscow were considering a deal to great,上海夜生活群Octavia,ly extend a short-term alliance on oil curbs that began in January 2017 after a crash in crude prices.

“We are working to shift from a year-to-year agreement to a 10 to 20 year agreement,” the crown prince told in an interview in New York late on Monday.

“We have agreement on the big picture, but not yet on the detail.” 

Russia, not a member of the Organization of the Petroleum Exporting Countries, has worked alongside the 14-member group during previous oil gluts, but a 10 to 20 year deal between the two would be unprecedented.

Top OPEC producer Saudi Arabia recruited Russia and other non-OPEC countries to help drain oversupply when oil prices collapsed to below $30 a barrel in 2016 from over $100 in 2014.

Crude has since recovered to $70 but fast-rising output from U.S. shale producers has capped prices.

“This is all about whether the arrangement is a short-term expedient to deal with this particular crisis in the oil market, or whether it reflects a realignment in world oil,” said oil historian Daniel Yergin, vice chairman at consultancy IHS Markit.

“OPEC countries want to find a way to institutionalize this relationship rather than to have it be a one-shot deal.”

Robert McNally at consultancy Rapidan Energy Group said Riyadh wanted help in breaking the boom-bust cycles that characterize oil markets by capping crude on the upside as well as by helping lift low oil prices.

“History shows that without a long-term, powerful, competent coherent, disciplined swing producer in the oil markets … you get space-mountain oil prices. Wild volatility of the sort we have seen in the past 10 to 15 years and that Saudi Arabia and Russia do not want to see again,” McNally said.

He said that would require Russia to join Saudi in building spare production capacity to use when prices rise too much.

SAUDI, RUSSIA ALLIANCE “THICKER THAN OIL”

A long-term pact between Moscow and Riyadh would effectively co-opt Russia to the Saudi-led OPEC cartel while strengthening Russia’s hand in the Middle East where the United States has long been the dominant super-power.

News of the potential oil alliance came at a time when the two have been working to cement an economic relationship despite being at odds over the conflict in Syria, where they back opposing sides.

Riyadh supports rebels fighting Syrian President Bashar al-Assad’s army, while Russian and Iranian forces have backed Assad – meaning that Russia effectively sides with Iran, Riyadh’s regional arch-foe.

A meeting between the Saudi crown prince and Russian president Vladimir Putin on the sidelines of a G20 meeting in China in September 2016 was instrumental in bringing Russia on board to support OPEC, non-OPEC oil curbs.

Last October, Saudi King Salman became the first Saudi monarch to visit Russia, providing investment and political support for a Russian economy battered by Wester,上海高端夜生活在那里Tallulah,n sanctions.

“It is a very important strategic development,” Helima Croft at RBC Capital Markets said of a potential 10 to 20 year Saudi-Russia oil collaboration.

“First, the Crown Prince is making the statement, not the oil minister, one more clear sign that he (like Putin) is the final word on his country’s oil policy.

“Second it is one more sign of the major reversal in Saudi-Russia relations. Saudi was a staunch cold war ally of the U.S. Now this Russia-Saudi alliance appears to be thicker than oil and seems to be driven by the personal affinity bet,上海夜网邀请码Barney,ween Putin and MBS,” said Croft.

ARAMCO IPO LATE 2018, EARLY 2019

The crown prince predicted that world oil demand would not peak until 2040, despite advances in renewable energy technologies and the electric vehicle.

In an attempt to end Saudi Arabia’s reliance on oil, he is leading a push to diversify the Saudi economy away from oil and gas by 2030.

Riyadh plans to raise funds through the flotation of a 5 percent stake in state Saudi oil company Aramco. Time is running out for an init上海夜生活网ial public offering this year but the crown prince said the IPO could still take place at the end of 2018 or in early 2019, depending on financial market conditions.

Saudi Oil Minister Khalid al-Falih said last week that documentation was ready but that a venue for the IPO had not yet been decided. The New York stock exchange is still in the running for the IPO, alongside London and Hong Kong, but Falih said there was a risk of a “frivolous” legal action if Aramco were listed in the United States.

White House narrows search to three for Supreme Court

WASHINGTON/AUSTIN, Texas ( ) – The White House has narrowed its search for a U.S. Supreme Court nominee to three federal appeals court judges, Sri Srinivasan, Merrick Garland and Paul Watford, a source familiar with the selection process said on Friday.

Srinivasan, an Indian-American who served under presidents of both parties before President Barack Obama named him as an appellate judge, and Garland, considered but passed over for the Supreme Cour上海夜网t twice before by Obama, are considered the leading contenders, according to the source and two other sources close to the process.

Obama is searching for a replacement for long-serving conservative Justice Antonin Scalia, who died on Feb. 13. Senate Republicans have vowed not to hold confirmation hearings or an up-or-down vote on any nominee picked by the Democratic president for the lifetime position on the court.

Senate Republicans, hoping a candidate from their party wins the Nov. 8 presidential election, want the next president, who takes office in January, to make the selection.

A formal announcement could come as soon as Monday. That would give Obama the weekend to think about his final choice and make an announcement before Tuesday’s presidential primary elections in five states including Florida and Ohio.

Srinivasan, 49, and Garland, 63, serve together on the U.S. Court of Appeals for the District of Columbia Circuit. That appeals court has served as a springboard to the Supreme Court for several justices including Scalia in recent decades.

Srinivasan, who was born in India and grew up in Kansas, would be the first Asian-American and first Hindu on the high court. Obama appointed him to the appeals court in 2013. The Senate confirmed him in a 97-0 vote.

Srinivasan served in the Justice Department under Democratic and Republican presidents and worked as a clerk to the first woman to serve on the Supreme Court, Sandra Day O’Connor, a Republican appointee.

Garland, who has earned praise from lawmakers of both parties, is the chief judge of the Washington appeal,上海夜哪里艳遇Gabriella,s court, where he has served since being appointed by Democratic President Bill Clinton in 1997, winning confirmation in a 76-23 vote. Prior to that, he served in the Justice Department under Clinton.

Watford, 48, is a judge on the San Francisco-based 9th U.S. Circuit Court of Appeals, winning Senate confirmation in a 61-34 vote in 2012. He previously worked as a prosecutor and in private practice.

If confirmed, he would be the nation’s third black justice, following current justice Clarence Thomas, appointed in 1991, and Thurgood Marshall, who retired in 1991 and died in 1993. Obama is the first black U.S. president.

It was unclear whether the other two other candidates who had been expected ,上海夜生活怎么玩Sabine,to be interviewed by Obama, federal appeals court judge Jane Kelly and federal trial judge Ketanji Brown Jackson, were now out of the running altogether.

Kelly is a judge on the St. Louis-based 8th U.S. Circuit Court of Appeals. Jackson is a federal trial judge in Washington. Both were appointed to those positions by Obam,上海夜网Sabrina,a.

Without Scalia, the Supreme Court is evenly split with four liberals and four conservatives. An Obama appointment could tilt the court to the left for the first time in decades.

Obama is traveling in Texas, where he spoke at Austin’s South by Southwest festival on Friday and is appearing at Democratic fundraisers. He returns to Washington late on Saturday.

Written by shyw on November 20, 2018 Categories: sgqotqle Tags: , , ,

No Obama meeting with Fidel Castro, dissident talks on track: White…

WASHINGTON ( ) – The White House has ruled out an上海夜生活网 encounter between President Barack Obama and revolutionary leader Fidel Castro in Cuba this month and is confident the Cuban government will not create obstacles to a meeting between Obama and dissidents in Havana, a top adviser said on Wednesday.

Despite the goal of improving ties between former Cold War foes, deputy national security adviser Ben Rhodes said Obama would not use his trip to meet Cuba’s demands that he shutter Radio and TV Marti, U.S. broadcasters created to transmit anti-communist programing to the island nation.

Obama plans to hold talks with Cuban President Raul Castro during his historic March 20-22 visit bu,上海夜哪里艳遇Sabine,t will not meet with Castro’s brother, a legendary figure who took power in a 1959 revolution and led Cuba for 49 years.

“We’ve had no discussion about that meeting taking place, and we certainly wouldn’t seek it,” Rhodes, who was one of the negotiators in secret talks that led to a thaw in U.S.-Cuba relations, told in an interview.

Asked if a meeting was ruled out, Rhodes said: “Yes.”

A meeting with the elder Castro could overshadow a trip that is meant to focus on the future of the U.S.-Cuba relationship rather than its troubled past. Castro, 89, stepped down from power after a series of health problems and rarely leaves his Havana home, though he occasionally meets visiting dignitaries.

The White House has said previously it did not expect a Fidel Castro meeting to occur but did not say it was ruled out.

The administration made clear when it set up Obama’s trip that he would meet with anti-government dissidents in Havana despite the Cuban leadership’s objections to what it sees as meddling in the country’s internal affairs.

Rhodes said the list of participants had not been finalized and the meeting would take place in a U.S. facility, which suggests the U.S. embassy or ambassador’s residence.

That meeting would take place after official events with Raul Castro.

Cuban dissidents in the past have reported being detained in their homes or picked up by police en route to major international events such as summits or papal visits, but Rhodes said he did not anticipate that happening for Obama’s trip.

“We haven’t worked out the logistics, but … they have not suggested that they will throw up those types of obstacles,” he said, adding the United States would be watching whether Cuba detained or harassed activists in connection with the visit.

Two of Cuba’s most prominent dissidents, Berta Soler and Jose Daniel Ferrer, were detained on Tuesday, according to dissident groups.

Susan Rice, Obama’s national security adviser, on Wednesday met with Cuban-American activists and U.S. human rights advocates and told them Obama would me,上海晚上耍女人的地方Octavia,et Cuban “independent civil society” representatives chosen by his aides, the White House said.

OUTSTANDING DIFFERENCES

Obama’s Republican critics have accused him of playing down human rights concerns in order to pursue rapprochement with Cuba, which began in December 2014 and is now seen as a major piece of his foreign policy legacy.

The Cuban government has done little to reciprocate for a series of U.S. measures that eased restrictions on U.S.-Cuba travel and trade. It is unclear whether it will make any large gestures during Obama’s visit, the first by a sitting U.S. president since 1928.

Rhodes countered that the outreach to Cuba was aimed at helping the local population while opening up commercial opportunities for Americans.

The administration plans to roll out further measures next week to chip away at decades-old restrictions to commerce.

Obama also wants to lift the embargo on Cuba, which is only possible through congressional action. Republican leaders in Congress oppose such a move.

Other differences remain. The Obama administration is not considering returning the U.S. naval base at Guantanamo Bay to the Cuban government, and Rhodes said it would not make changes to the Radio and TV Marti broadcasters at this time.

Both issues are irritants that the Cubans consider obstacles to full normalization with Washington.

“The Cubans don’t like Radio Marti and TV Marti for sure,” Rhodes said. “There’s only so much you can get to.”

The U.S. government launched Radio Marti in 1983 and later a,上海夜网推油Lake,dded TV Marti to transmit anti-communist news and information into Cuba, where the government has a monopoly on the media.

A decision on whether to put an end to a U.S. program that encourages Cuban doctors and nurses on overseas assignments to defect was not tied to the trip either, Rhodes said.

China’s BYD warns profit to plunge on electric car subsidy cuts,…

SHANGHAI ( ) – China’s BYD Co Ltd (1211.HK)(002594.SZ), backed by Warren Buffett’s Berkshire Hathaway Inc (BRKa.N), warned subsidy cuts for new-energy vehicles could slash its quarterly profit by as much as 90 percent, driving its shares down a,上海足浴夜网联系方式Jacob,lmost 10 percent.

The squeeze on BYD’s profits underscores the challenge carmakers are facing in the world’s largest auto market, which is moving toward pure electric and plug-in hybrid vehicles with strict quotas set to come into effect next year.

BYD has invested,上海夜网Jacob, heavily in battery electric and plug-in hybrid vehicles amid Beijing’s push for greener transport.

“(As we are) affected by reduction in new energy vehicles (NEVs) subsidies, the profitability of the business, especially for electric buses, has declined substantially so as to bring great pressure to the g上海夜网roup’s overall profit,” BYD said.

The company expects its first-quarter net profit to slump 75.2-91.8 percent from a year ago due to the subsidy cuts.

That would put profits for the three months to March between 50 million yuan ($7.96 million) and 150 million yuan, versus 605.8 million yuan a year ago.

In February, China’s finance ministry cut subsidies for lower-range NEV cars and for some buses, but raised them for vehicles with higher performance.

BYD’s shares in Hong Kong and Shenzhen both fell as much as 10 percent to multi-month lows in intraday trade on Wednesday.

“Even though,上海凤楼夜网Sabina, people are still buying NEVs as subsidies fall, BYD’s plight speaks to a tough future for electric cars,” said Yale Zhang, head of consultancy Automotive Foresight.

BYD’s net profit in 2017 fell 19.5 percent to 4.07 billion yuan, roughly in line with preliminary figures release last month. In 2016, the firm’s net profit had jumped almost 80 percent.

China’s central government wants the country to be a world leader in NEVs and related technologies, but has been looking to phase out financial subsidies that have been behind the rapid growth of the sector.

BYD said a quota system giving carmakers a “credit score” based on their NEV output and performance, set to come into effect next year, would support larger players while “eliminating weaker players in the industry”.

Domestic and international industry executives have called for continued policy support from Beijing to help maintain growth in the world’s largest NEV market, where broader auto sales growth is slowing down.

BYD, which is looking to diversify its businesses into electric batteries and other transport services, should see earnings growth pick up in 2018, with analysts polled by predicting a 50 percent jump in net profit this year.

Written by shyw on November 17, 2018 Categories: sgqotqle Tags: , ,

Former Qualcomm chairman explores long-shot bid for U.S. chip…

( ) – Former Qualcomm Inc (QCOM.O) Chairman Paul Jacobs has informed its board of directors that he will seek to partner with investment firms to make an offer for the U.S. semiconductor company, people familiar with the matter said on Thursday.

Jacobs’ attempt to put together an offer comes just a few days after Qualcomm fended off a $117 billion hostile bid from Singapore-based rival Broadcom Ltd (AVGO.O) thanks to an order by U.S. President Donald,上海夜生活去哪玩Nala, Trump prohibiting the deal due to national security concerns.

Qualcomm does not view Jacobs’ attempt to put together a buyout bid as credible, the sources said. Jacobs has held talks with several investment firms, including SoftBank Group Corp’s (9984.T) Vision Fund, but has so far been unable to secure the necessary financing, the three sources added.

Jacobs is attempting to put together the largest leveraged buyout of all time, three times as large as the $45 billion buyout of Texas power utility Energy Future Holdings, which ended in bankruptcy.

Even if SoftBank, a Japanese上海夜生活网 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, the sources said. Adding to the potential conflicts, Qualcomm is an investor in the Vision Fund.

SoftBank’s deals are also subject to review by the Committee on Foreign Investment in the United States (CFIUS), the U.S. national security panel that also objected to Bro,上海夜玩网论坛Fabian,adcom’s bid for Qualcomm.

The sources asked not to be identified because the deliberations are confidential. Qualcomm declined to comment, while Jacobs and SoftBank could not be immediately reached for comment. The Financial Times first reported on Jacob’s buyout efforts earlier on Thursday.

Jacobs, who still sits on Qualcomm’s board, was stripped of his title of executive chairman earlier this month when Jeffrey Henderson, another Qualcomm dire,上海夜网千花Gabriel,ctor, was named non-executive chairman.

While Jacobs shared the view of Qualcomm’s board that Broadcom’s bid undervalued the company and was fraught with regulatory risks, many on Qualcomm’s board blamed him for the dissatisfaction of some Qualcomm’s shareholders with the company’s handling of Broadcom’s bid, according to the sources.

Jacobs, whose father Irwin co-founded Qualcomm, is up for re-election as board director, alongside other Qualcomm nominees, at the company’s shareholder meeting on March 23. Proxy advisory firm ISS on Wednesday recommended to Qualcomm shareholders that they vote for Broadcom’s four nominees on Qualcomm’s 11-person board, even though their nominations have been withdrawn, as a form of protest.

Given that Qualcomm’s board director slate faces no competition, the re-election of Qualcomm’s board directors is assured. However, limited support for Qualcomm’s nominees could put pressure on Qualcomm CEO Steve Mollenkopf, who was criticized by some investors for inviting CFIUS to review Broadcom’s bid, to make changes to the company’s strategy.

Norway subject to U.S. steel, aluminum tariffs

OSLO ( ) – Norway will be subject to the new U.S. tariffs on steel and aluminum, the Nordic country’s foreign minister said on Friday, calling on her American counterparts to remedy the situation.

U.S. President Donald Trump signed a memorandum on Thursday to impose tariffs on products such as stee上海夜生活论坛l and aluminum. The EU and some other allies were exempted from,上海夜玩网论坛Nadia, the tariffs, but non-EU member Norway was not on the list.

“U.S. authorities informed us late last night that Norway was not among the countries exempted from the new tariffs on steel and aluminum,” Foreign Minister Ine Eriksen Soereide said in a statement.

Earlier on Friday, Norwegian aluminum-maker Norsk Hydro said the tariffs would have a negative impact on the aluminum sector, but a limited direct effect on the company.

“From a Norwegian perspective, this will have a very limited effect on us,” said Hydro spokesman Halvor Molland, adding the company had “some exports” to the United States, but mainly from Germany, which is exempt, and from the Middle East, which is not.

Soereide said she would follow up with U.S. authorities both in Osl,上海夜生活去哪玩Caden,o and Washington and that Norway, a member of NATO and close U.S. ally, expects equal treatm,上海021夜网Oakley,ent.

“Norwegian exports are no threat to the U.S. We will convey this clearly to them today.

Norsk Hydro’s Molland said unilateral tariff barriers outside the World Trade Organization system would be bad for the entire aluminum industry.

“You risk creating flows of trading that do not follow regular market mechanisms,” he said.

What are the links between Cambridge Analytica and a Brexit…

LONDON ( ) – British consultancy firm Cambridge Analytica lies at the center of a storm for using data obtained from millions of Facebook users without their permission after it was hired by Donald Trump for his 2016 U.S. presidential election campaign.

However, the analytics firm is also under scrutiny over campaigning for th,上海夜网后花园Dalton,e 2016 referendum when Britons voted to leave the European Union.

Cambridge Analytica and the leaders of the Leave.EU group have previously boasted about working together during the Brexit campaign. However, they have since retracted their claims, saying no contract was signed and no work was completed.

Parliament is investigating the links between Cambridge Analytica and Leave.EU as part of an investigation into fake news.

Did Cambridge Analytica and Leave.EU work together?

Arron Banks, the co-founder of Leave.EU, said in a book that in October 2015 his group hired Cambridge Analytica, a company that uses “big data and advanced psychographics” to influence people. In a November 2015, Leave.EU said on its website that Cambridge Analytica “will be helping us map the British electorate and what they believe in, enabling us to better engage with voters”.

In the same month, Cambridge Analytica director Brittany Kaiser spoke at a Leave.EU news conference. She said her organization would be “running large-scale research of the nation to really understand why people are interested in staying in or out of the EU”.

In February 2016, Cambridge Analytica chief executive ,上海夜生活Jace,Alexander Nix wrote in Campaign magazine that his company was working for Leave.EU. “We have already helped supercharge Leave.EU’s social media campaign by ensuring the right messages are getti上海夜生活论坛ng to the right voters online,” said Nix, who was suspended by the company this week.

Leave.EU’s communications director Andy Wigmore also said on Twitter last year that his campaign group had used the company. “You should use Cambridge Analytics,” he said, adding that he could “highly recommend them”.

What does Leave.EU say now?

Banks says Cambridge Analytica sought work with the Leave.EU before the referendum but that ultimately it never did any – paid or otherwise – for the campaign.

“We did have dealings with Cambridge Analytica – they put forward a pitch that went into the designation document submitted to the electoral commission,” Banks told .

No work was done with Cambridge Analytica because Leave.EU did not win the designation as the official leave campaign and due to concerns about the consultancy, Banks said.

When asked if Leave.EU paid or accepted any services from Cambridge Analytica, Banks said: “No benefit in kind, no data, no nothing.”

Banks told a parliamentary committee earlier this month that whe,上海夜网邀请码Barbara,n he referred to Cambridge Analytica being “hired” in his book this was a reference to the intention to work them.

What does Cambridge Analytica say now?

Nix told a parliamentary committee last month that he contacted Banks and Wigmore and their statements were not true.

The article written in the Campaign magazine was a mistake and “drafted by a slightly overzealous PR consultant”, he said.

This “referenced work that we hoped and intended to undertake for the campaign. Subsequently, work was never undertaken. The moment that that statement went out we were absolutely crystal clear to all the media outlets that we were not involved and that it had been released in error,” he said.

NY Fed’s Dudley says regulators should increase focus on bank…

WASHINGTON ( ) – Banks should adopt compensation plans that discourage excessive risk-taking and place greater onus on senior managers for wrongdoing, the outgoing head of the New York Federal Reserve said on Monday.

William Dudley, who plans to step down late,上海仙霞路夜生活Mabel,r this year, said regulators should encourage banks to overhaul their corporate cultures to reduce risk and bad beha,上海足浴夜网联系方式Barney,vior, even as regulators move to relax other rules introduced following the 2007-2009 financial crisis.

Dudley broadly defended the post-crisis regulatory regime, while giving credence to the push from the Trump administration to ease those rules in an effort to spur economic growth. He said changes under consideration at the Fed, including simplifying the “Volcker Rule” on bank trading, are “common sense.”

He also offered praise for legislation under consideration in the U.S. Congress about easing rules on banks, saying it maintains the key parts of post-crisis rules while easing requirements on smaller banks.

In fact, he argued that there are pitfalls to having too many rules, as it could create a dynamic where banks feel free to do anything that falls within the letter of the rules, even if it runs counter to the goals of those rules.

Instead, Dudley said banks, with help from regulators, need to overhaul their internal cultures to discourage misbehavior without requiring regulators to shine a spotlight on it.

“If you have a good culture, you’d say, ‘I could do this, but it’s misleading, it’s unethical and therefore it’s inappropriate,’” he said.

Some banks have already altered com上海夜网pensation plans to discourage risk-taking by minimizing the use of cash and deferred stock, with a greater emphasis on deferred long-term debt. Dudley said regulators could help more banks adopt that approach.

“Some banks have experimented with such compensation schemes, and I would encourage more to do so. But, this type of reform may also need a push from the regulatory side,” he said at an event hosted by the U.S. Chamber of Commerce in Washington.

“Another possible r,上海夜生活乌托邦Nadia,eform could involve putting a greater onus on senior management for the costs incurred from regulatory fines or other legal liabilities, rather than on shareholders alone,” he added.

Regulators in other markets including the United Kingdom and Hong Kong have introduced rules that would make senior bank managers more responsible for corporate malfeasance, in a bid to curtail risk-taking.

LVMH’s Vuitton taps Off-White’s Virgil Abloh to design menswear

PARIS ( ) – LVMH’s (LVMH.PA) Louis Vuitton brand, the ,上海凤楼夜网Octava,biggest revenue driver at the French luxury goods group, said on Monday it had hired Virgil Abloh, the founder of streetwear label Off-White, to design its menswear collections.

The appointment follows internal reshuffles at LVMH that included switching menswear designers at sister brand Christian Dior.

Abloh, a 37-year-old American who has worked as hip-hop singer Kanye West’s creative director, launched his first men’s and women上海夜网swear collections through his Off-White label four years ago.

The brand is known for its luxury urban style, featuring hoodies that start at 400 pounds ($570), at a time when high-end brands are adopting some streetwear looks to attract younger shoppers.

Abloh, who interned with the rapper at LVMH’s Fendi label, takes over from Briton Kim Jones – also known for introducing a streetwear look at Vuitton and who was last week named as the new designer of menswear at Dior.

Vuitton chief executive Michael Burke said in a statement that Abloh’s “innate creativity and disruptive approach have made him so relevant, not just in the world of fashion but in popular culture today.”

Menswear is typically a much smaller contribu,上海高端夜生活在那里Pablo,tor to sales than women’s fashion for big brands, but LVMH is shaking up men’s collections across a number of its firms, as well as revamping the management of several labels.

Its French label Ce,上海夜生活桑拿会所Lake,line aims to at least double revenues under incoming designer Hedi Slimane as it branches into menswear and perfumes as well as growing online.

($1 = 0.7048 pounds)

AMC is working with Citi on potential $2 billion float of Odeon…

LONDON ( ) – AMC Entertainment Holdings (AMC.N) is working with Citi (C.N) on an initial public offering (IPO) of Britain’s Odeon cinemas group, three sources familiar with the matter said.

New York-listed AMC said in November it may pursue a London IPO of Odeon, which now includes Nordic Cinema, the largest cinema chain in the Nordic and Baltic regions, by the middle of 2019, keen to take advantage of higher valuations in European markets.

“It has not escaped our notice that even though European public markets value movie theaters at double-digit EBITDA,上海夜哪里艳遇Gabrielle, (earnings before tax, interest, depreciation and amortization) multiples, we are not seeing such valuations for our European assets at these levels when they are buried within AMC,” AMC Chief Executive Adam Aron said on a call in November.

Three sources familiar with the matter said Citi was working on a London float for the chain, which could value it at more than $2 billion. AMC, which,上海会所夜网Kai, is majority owned by China’s Dalian Wanda Group, has been introducing recliner seating and alcohol sales in European cinemas to help boost returns.

Citi, which advised AMC on its $652 million Nordic Cinema acquisition in 2017, declined to comment. AMC, whi,上海夜生活怎么玩Balthazar,ch operates around 1,000 theaters with approximately 11,000 screens globally, did not respond to an emailed request for comment.

The adjusted EBITDA for AMC’s international business grew 4.4 percent in th上海夜生活e fourth quarter to $92.8 million and 7.8 percent to $244.8 million for the full year on a constant currency basis.

According to data, AMC is trading at enterprise value of around 8 times EBITDA while Odeon competitor Cineworld (CINE.L) is trading at enterprise value of 17 times EBITDA. Based on these estimates, Odeon could achieve a valuation of between $2 and $4 billion including debt.

AMC is in discussions to expand to Saudi Arabia as the kingdom lifts a 35-year ban on cinemas. Saudi sovereign wealth fund, Public Investment Fund a likely partner and source of capital.

AMC shares closed down 0.75 percent on Wednesday at $13.5.

Over 100 countries agree to seek digital tax consensus by 2020: OECD

PARIS ( ) – Some 110 countries have agreed to work towards forming an international consensus by 2020 on how to tax digital businesses across borders, the Organisation for Economic Cooperation and Development said on Friday.

Big digital companies like Google (GOOGL.O), Apple (AAPL.O) and Amazon (AMZN.O) have for years been able to exploit current rules to legally slash their tax bills in some countries, leaving other governments furious.

In a report commissioned by G20 powers, the OECD said the countries had agreed to review decades-old pillars of the international tax system that the digit,上海夜哪里艳遇Sabine,al economy has increasingly rendered out of date.

The report, which is to be presented to G20 finance ministers at a March 19-20 meeting in Buenos Aires, acknowledged their was a range of positions that would need bridging with some countries considering nothing needs to be changed.

At the heart of the issue are rules on what constitutes a sufficient presence of a company in a country to be taxed there and how profits are allocated across borders in multinational groups.

In the absence of an international solution, some countries like India, Australia and various European countries have set out on their own to close loopholes.

Pressed by France and Germany, the European Commission is to propose next week that large compan,上海夜玩网论坛Babette,ies with significant digital revenues in the European Union could face a 3 percent tax on their turnover,,上海高端夜生活在那里Fabiana, according to a draft pr上海夜网oposal seen by .

After meeting his German counterpart in Paris, French Finance Minister Bruno Le Maire, who has made a political priority in recovering more tax from digital companies, described the OECD report as a “positive and important step”.

United CEO acknowledges airline’s mistake in puppy’s death

CHICAGO ( ) – The head of United Airlines UAL.N acknowledged on Wednesday that the carrier had made a mistake last week when a French bulldog puppy died on a United flight after a cabin attendant forced the dog’s owner to stow it in an overhead bin.

“As hard as we try, it’s obvious we don’t always get it right,” United Chief Executive Officer Oscar Munoz said at a gathering of The Executives Club of Chicago.

The 10-month-old puppy, Kokito, was found dead on arrival by his distraught family after a 3-1/2-hour flight from Houston to New York.

“It should have never, ever happened. We take this deeply seriously,” Munoz said.

The dog’s death kicked off a weeklong上海夜生活网 rash of animal-related mishaps for the airline.

Following that incident, United reported two separate instances of shipping dogs onto the wrong flights, with one Kansas family’s dog ending up in Tokyo.

In another instance, a United flight carrying 33 passengers from Newark, New Jersey, to St. Louis was diverted to Akron, Ohio, after the airline realized that a p,上海夜哪里艳遇Barrett,et had been mistakenly loaded onto t,上海新夜网龙凤Balthazar,he wrong flight.

In reaction to those mix-ups, United said on Tuesday it was suspending the shipment of pets in airplane cargo holds until an unspecified date while it studies improvements. That does not apply to pets flying in the cabin.

Speaking to CNBC on Wednesday, Munoz said United was reviewing the program and would not be suspending it permanently.

“Doing away with something would be t,上海夜生活男人好去处Octava,he simplest thing to do,” Munoz said on CNBC. “That’s not what we’re going to do. That’s not what United’s about.”

U.S. pressing China to cut trade surplus by $100 billion: White House

WASHINGTON ( ) – The Trump administration is pressing China to cut its trade surplus with the United States by $100 billion, a White House spokeswoman said on Wednesday, clarifying a tweet last week from President Donald Trump.

Last Wednesday, Trump tweeted that China had been asked to develop a plan to reduce its trade imbalance with the United States by $1 billion, but the spokeswoman said Trump had meant to say $100 billion.

The United States had a record $375 billion trade deficit with China in 2017, which made up two thirds of a global $566 billion U.S. trade gap last year, according to U.S. Census Bureau data.

China reported its 2017 U.S. trade surplus as $276 billion, also ab,上海夜生活网419Pablo,out two thirds of its reported global surplus of $422.5 billion.

The White House spokeswoman declined to provide details about how the adm,上海高端夜生活在那里Pablo,inistration would like China to accomplish the surplus-cutting goal – whether increased purchases of U.S. products such as soybeans or aircraft would suffice, or whether it wants China to make major changes to its industrial policies, cut subsidies to state-owned enterprises or further reduce steel and aluminum capacity.

In a Thursday editorial, widely-read Chinese state-run tabloid the Global Times said the United States was trying to play the victim.

Related CoverageChina says trade war not in anyone’s interests

“If the U.S. wants to reduce its trade deficit, it has to make Americans more hard-working and conduct reforms in accordance with international market demand, instead of asking the rest of the world to change,” it wrote.

“Once a trade war starts, capable countries won’t bow to the U.S. China has tried hard to avoid a trade war, but if one breaks out, appeasement is not an option.”

Speaking to reporters in Beijing, Chinese Foreign Ministry spokesman Lu Kang said history showed that trade wars are in nobody’s interests, but that China would protect its legitimate rights if “something happens we don’t want to see”.

“We believe that China and the Unit,上海夜网推油Caden,ed States can use friendly consultations to resolve our disputes. We have the good faith to do it this way,” Lu said.

The U.S. request comes as the Trump administration is said to be preparing tariffs on imports of up to $60 billion worth of Chinese information 上海夜生活technology, telecoms and consumer products as part of a U.S. investigation into China’s intellectual property practices.

It is also unclear if the requested $100 billion reduction would address U.S. complaints about China’s investment policies that effectively require U.S. firms to transfer technology to Chinese joint venture partners in order to gain market access.

The issue is a core part of the probe being conducted under Section 301 of the Trade Act of 1974, a provision seldom invoked since the World Trade Organization was founded in 1995. Trade experts have said tariffs imposed as a result of the China intellectual property probe may fall outside of WTO rules.

U.S. TARGETS INDIAN SUBSIDIES

But Washington showed on Wednesday that it has not abandoned the global trade body, launching a WTO legal challenge to India’s export subsidies for domestic companies, including producers of steel, chemicals, pharmaceuticals, textiles and IT products.

U.S. Trade Representative Robert Lighthizer said India had failed to remove the subsidies as required by WTO rules after the country reached certain economic benchmarks.

The United States is expected to invoke a national security exception to WTO rules in imposing import tariffs of 25 percent on steel and 10 percent on aluminum announced by Trump last week.

U.S. Commerce Secretary Wilbur Ross told lawmakers on Wednesday his department would soon publish procedures for product-specific exemptions from the steel tariffs for items that are not available from domestic producers or in short supply. The procedures are due by Sunday.

Anne Forristall Luke, president of the U.S. Tire Manufacturers Association, said the group would be “pressing very hard” for an exemption from tariffs for high-strength wire rod used to make cord for steel tire belts that is not produced by U.S. mills.

The largest sources for the material are Japan and Brazil, she said, adding that U.S. tire producers will lose business to foreign competitors if their steel costs rise.

“We are working this from the product side and the country side. We think we have a very good case,” she told .