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Germany welcomes U.S. tariff exemption, wants more trade cooperation

( ) – Germany’s economy minister on Friday welcomed U.S. President Do,上海夜网邀请码Jace,nald Trump’s decision to temporarily exclude European Union countries from higher U.S. import duties on steel and aluminum and called for more international cooperation on trade.

Trump said on Thursday he would suspend tariffs for the EU, the United States’ biggest trading partner, and for Argentina, Australia, Brazil, Canada, Mexico and South Korea. The tariffs are suspended until May 1 as discussions continue.

“I am very pleased that we have avoided a situation for the German steel and aluminum industry and its workers that could have led to great uncertainty,” Economy Minister Peter Altmaier told Deutschlandfunk radio.

“We don’t want further unilateral measures; rather we want sensible agreements,” he added. “Our goal is that at the end of these talks, th上海夜生活论坛e international trade architecture must be more stable – there must be more cooperation, not less.”

Trump took the first steps on Thursday toward imposing long-promised anti-China tariffs, though his actions appeared to a warning shot rather than the start of a full-blown trade war with Beijing.

Altmaier called for more international cooperation “not just against China, but against all those who harm the rules of fair world trade.”

“We have ove,夜上海论坛Nala,r-capacity and there are some co,上海夜生活网419Qirin,untries who sell their steel below production costs, so they incur a loss to promote their steel on the world market … that is unacceptable,” he said.

China urged the United States on Friday to “pull back from the brink” as President Donald Trump’s plans for tariffs on up to $60 billion in Chinese goods moved the world’s two largest economies closer to a trade war.

Kinross Gold settles U.S. charges related to bribe prevention in…

WASHINGTON ( ) – The U.S. Securities and Exchange Commission said Canadian-based mining company Kinross Gold Corp agreed to pay $950,000 to settle civil 上海夜网charges that it failed to ensure its payments in Africa were not being used to bribe government officials.

The SEC said in a statement Monday the company did little to verify payments to politically connected consultants and vendors – often made in cash – in,上海夜生活群Gabrielle, Ghana and Mauritania were being used for their stated purpose.

For example between 2012 and 2015, Kinross paid a Ghanaian consultant $1,000 in cash per work visa he helped obtain for company staff, without detailing just what this former government official did to help expedite the process, the SEC said.

The U.S,上海夜生活去哪玩Dalton,. Foreign Corrupt Practices Act compels companies to maintain book keeping practices aimed at preventing bribery.

Louie Diaz, a Kinross spokesman, said in an email that the SEC had made no findings that bribes had been paid, but rather targeted shortcomi,上海夜哪里艳遇Fabi,ngs in “timeliness and maintenance of our internal controls in West Africa, which we have strengthened and improved.”

As part of the civil settlement Kinross did not admit or deny wrongdoing but pledged to improve its accounting and compliance practices, Kinross said in a statement.

The Justice Department notified Kinross that it had closed its parallel criminal investigation last year, Kinross said in a statement.

Reforms aimed at making Pentagon acquisition more agile: House

WASHINGTON ( ) – U.S. House Armed Services Committee Chairman Mac Thornberry introduced a second batch of legislative proposals on Tuesday aimed at speeding up how the Pentagon buys weapons and making it easier for firms to retain their intellectual property.

Thornberry’s legislation follows an initial batch of reforms enacted last year with the 2016 annual defense policy bill, and continues efforts to make weapons programs more transparent.

The proposals are aimed at simplifying the convoluted U.S. Defense D,上海夜生活网交流Qirin,epartment acquisition process, with a big push to fund more experimentation and prototyping of new weapons, while driving to get new technologies into the hands of troops faster.

Many big weapons programs are over budget and behind schedule, although Pentagon officials say changes undertaken since 2009 are starting to have a positive impact.

The new legislation aims to shorten the time it takes from the start of the design phase of a new program until a military service can start using a new weapon in combat to five-to-six years from around nine year currently, the staff said.

The bill requires all weapons systems to have “open systems architectures” that will allow the services to hold competitions for more components, and carry out quicker upgrades as new technologies ,夜上海419龙凤论坛Dalton,are developed.

It authorizes the Air Force, Army and other military services to use certain funding to pay for prototype upgrades of components an,上海夜网官方网站Qirin,d to develop technology faster.

The bill also seeks to end a controversy about how the Pentagon treats private companies’ intellectual property that has made non-traditional suppliers reluctant to do business with the U.S. military and its complex defense acquisition rules.

Instead of automatically giving the government broad rights to control intellectual property rights that are jointly funded by industry and government, the bill would mandate that such arrangements would have to be negotiated between the parties.

The legislation would also continue a push to make the military services more responsible and accountable for weapons programs, requiring them to begin overseeing mil上海夜网estone decisions for joint programs after Oct. 1, 2019.

The bill also requires the secretary of defense, or his staff, to fix the costs and expected fielding date for new weapons programs, and then hold the services accountable for meeting those targets.

To ensure more transparency, the bill also calls for creation of an acquisition scorecard that would compare program cost estimates with those submitted by independent estimators.

AT&T judge warns parties to hurry to make June 21 deadline

( ) – U.S. judge Richard Leon on Wednesday warned attorneys for the Department of Justice and AT&T Inc to speed up the trial over the proposed merger of the large telecommunications company and Time Warner Inc, or risk missing the June 21 deadline to complete the deal.

Under the agreement, which had been extended from April 22, either company can pull out if the deal announced in October 2016 is not completed by the deadline.

“Both sides n上海夜生活论坛eed to sit down with their clients and their teams and make sure the have down what they need versus what they want,” Leon said. “If we are going to get this done prior to that date, we have to move.”

The U.S. government opposes the $85 billion deal, arguing that it would hurt consumers because AT&T, which owns pay TV service DirecTV, would have more leverage to raise prices by ownin,上海夜生活Hallie,g Time Warner’s Turner networks.

Wednesday was the fourth,上海夜生活怎么玩Lance, day of the trial in U.S. District Court in Washington, that is due to last six to eight weeks. It has been delayed by one snow day.

In testimony that began late Tuesday and ended on Wednesday, Turner networks Chief Executive John Martin said the company had no incentive to hold back its CNN, TBS and TNT content from other distributors if parent Time Warner was bought by AT&T.

The government, however, claims Time Warner would hold back Turner content from distributors that compete with AT&T and DirecTV.

“I would like every distributor to carry every network I have and carry it at 100 percent penetration,” Martin said, when cross-examined by AT&T attorney Daniel Petrocelli.

Online streaming services, such as Dish Network Corp’s Sling TV and Hulu, which cost subscribers $20 to $40 a month for a select number of networks live and on-demand, are important for Turner because revenue cable and satellite companies is slowing down, he said.

The Department of Justice also asked Marty Hinson, a marketing executive at Cox Communications, about HBO, Time Warner’s premium channel. He said it was vital to attract new customers and keep old ones.

When asked about government estimates that if AT&T bought Time Warner each subscriber’s average monthly cable bill would rise by 45 cents, Hinson said Cox customers would end up paying “tens of millions of dollars a year for the exact same content.”

In his cross exam, Petrocelli aske,上海足浴夜网联系方式Cain,d Hinson if he had ever seen documentation or been told that prices would go up or that it would withhold its programming. Hinson said, “No.”

U.S. steel tariffs meet barrage of criticism at WTO

GENEVA ( ) – U.S. President Donald Trump’s steel and aluminum tariffs met a barrage of criticism at a World Trade Organization meeting on Friday, as the European Union, Japan, Australia and others joined a debate started by China and Russia.

The EU representative dismissed U.S. assertions that the steps were needed to protect national security, saying Washington was just trying to support its industry, a Geneva trade official said.

WTO Director-General Roberto Azevedo said it was positive to see the discussion happening within the WTO’s walls, since taking disputes outside greatly increased “the上海夜生活论坛 risk of escalation in a confrontation that will have no winners”.

“Disrupting trade flow,上海夜网官方网站Nala,s will jeopardize the global economy at a time when economic recovery, though fragile, has been increasingly evident around the world,” he said in a statement.

“I again call for restraint and urgent dialogue as the best path forward to resolve these problems.”

China and Russia have already said they are drawing up plans to retaliate to offset the impact of the tariffs.

China’s representative at the WTO meeting said the tariffs were “groundless” and violated WTO rules in multiple ways, said the trade official, who gave an account of the closed-door talks on condition of anonymity.

China’s representative said that the experience of the 1930s showed that trade barriers did the opposite of safeguarding national security, a reference to the U.S. Great Depression and the build-up to World War Two.

Russia queried the basis for temporary exemptions to the tariffs, which Washington has granted to the EU, Argentina, Australia, Canada, Mexico, South Korea and Brazil, the official said.

South Korea said countries should be careful using national security as a reason for trade barriers, as it might set off a domino effect with other states piling in to justify measures to protect the,上海仙霞路夜生活Jacob,ir own industries. Japan said the U.S. move was regrettable, and Turkey asked how it could be in line with WTO rules, the trade official added.

Others echoed the concerns about a domino effect, and said it might damage the WTO consensus, under which states have shied away from invoking security to justify barriers.

Brazil said the issue could only be addressed multilaterally, but added that it was encouraged by U.S. efforts for bilateral talks on the issue, the official added.

The U.S. representative at the meeting did not respond directly to the criticism but said its tariffs were “consistent” with the WTO’s General Agreement on Tariffs and Trade.

Related CoverageU.S. accuses ,上海凤楼夜网Dakota,China of stealing patents in WTO complaintWTO chief warns of disruption to global economy, urges restraint

China has added two items that it wants to discuss under “any other business” at the meeting, which was already set to hear 15 trade concerns.

China plans to raise concerns about another package of tariffs announced by Trump on Thursday, to combat what he says is Chinese theft of U.S. intellectual property.

China also plans to raise the issue of “U.S. civil aviation security equipment measures”, diplomats said. No further detail was immediately available.

Explainer: Spotify listing could be roller coaster for retail…

NEW YORK/SAN FRANCISCO ( ) – Spotify Technology SA’s unusual stock market debut on Tuesday levels the playing field for individual investors who are normally at a disadvantage in traditional listings, but could also make them more vulnerable to swings in the music streaming service’s share price.

The Swedish company is skipping a conventional initial public offering and listing shares directly on the New York Stock Exchange (NYSE) with almost none of the safeguards provided by investment banks that would normally manage the process.

Spotify is foregoing the security of having bankers with a financial interest in its success, which will save it millions of dollars in fees to underwriters. The direct listing gives Spotify insiders a chance to sell their shares, but the company will not be selling any new stock to raise money.

In a normal IPO, underwriters promote a company to institutional investors weeks in advance, using roadshows and meetings to gauge appetite for the stock. They use that information to “build a book” and settle on an IPO price, typically the evening before the shares start trading on the exchange.

WHO GETS FIRST DIBS? ,夜上海419龙凤论坛Sabina,

Spotify’s plan introduces an extra degree of uncertainty over how initial trading in its stock will unfold. And a slump in shares of Facebook Inc and other technology-related stocks this week means investors may be less willing to bet on the listing.

The direct offering should give retail investors opportunities to buy in at the s上海夜网ame price as hedge funds and other big investors who normally get first dibs on IPOs thanks to their relationships with underwriters.

Spotify has warned in filings i,上海夜生活Easton,t expects the popularity of its service to attract outsized interest from individual investors, which could possibly fuel volatility and set an unsustainable trading price.

“There will be people right from the beginning who say, ‘I want to own this at any price,’” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “I think you’ll see a see-saw action. We’ll be looking for the dips.”

In a normal IPO, underwriters act as so-called stabilization agents that can step in and buy shares if trading is weak.


Spotify shares traded between $95 and $127.50 in private transactions in February, according to its filing, giving the company a value of around $20 billion.

RBC anal,上海夜网邀请码Gabriella,yst Mark Mahoney kicked off analyst coverage of Spotify on Friday with an “outperform” rating and a share price target of $220.

Robinhood, a smartphone stock trading app popular with young people, on Thursday started letting customers place orders to buy Spotify shares, but only through so-called limit orders where the buyer specifies a maximum price.

Robinhood’s clients have searched for Spotify about 14,000 times a day in recent weeks, according to a Robinhood spokesman.

Fidelity’s online brokerage plans to let clients enter orders for Spotify shares starting at 7:00 a.m. EDT on Tuesday, 2-1/2 hours before the stock market opens, a spokesman said.

Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma, plans to buy shares of Spotify on Tuesday but is wary of volatility.

“We’ll buy 25 percent of what we want, and then set limit orders for the rest over the next few weeks,” he said.


Spotify has hired Citadel Securities as a market maker to set the opening price on the NYSE on Tuesday, with help from Morgan Stanley, but their roles will be limited. Early on Tuesday, they will analyze investors’ buy and sell orders and then set an opening price for the stock.

Citadel will not have the benefit of a price set by underwriters the day before, as would happen in a normal initial stock offer.

Hyundai union head fears GM-like crisis; says electric cars destroy…

ULSAN, South Korea ( ) – Hyundai Motor’s (005380.KS) union chief warned its workers may face a similar crisis to the one hitting General Motors’ (GM.N) South Korean unit as sales in key markets slide, adding that electric cars were ‘evil’ and will destroy jobs.

South Korea’s auto industry, known for its robust unions whose workers tend to be paid more and have better benefits than their compatriots in other sectors, has come to a crossroads.

Blaming high labor costs and falling sales, General Motors (GM.N) plans to close one of its plants in the country by May and is weighing options for its three other factories.

“We’re feeling job anxiety. We’re feeling a sense of crisis,” Ha Bu-young, the head of the Hyundai Motor union, South Korea’s biggest and most powerful union, told in an interview late last week.

He said that at three of Hyundai’s five plants in Ulsan, the world’s biggest car factory complex, some workers had been asked to take longer holidays as sales of sedans and older model SUVs like the Santa Fe slow in the United States and other markets.

Hyundai Motor and its affiliate Kia Motors (000270.KS) were also hit by diplomatic tensions between Seoul and Beijing last year, leading to a slump in sales in the world’s biggest auto market. The two automakers have flagged only modest global sales growth in 2018.  

Longer term, Ha worries about the advent of electric cars, which when they go mainstream could wreak havoc on traditional auto jobs as they don’t require engines and transmissions.

Hyundai’s union has predicted a drastic shift into electric cars could ,上海夜生活网交流Octava,lead to a loss of 70 percent of Hyundai jobs in a worst case scenario.

“Electric cars are disasters. They are evil. We are very nervous,” he said.

Ha said the union is studying how cars of the future might be built without slashing headcount and has proposed the automaker revive a committee to review the impact o上海夜生活论坛f new vehicles and new technology on jobs.

He also noted that some 30,000 workers out of 50,000 union members will retire in 15 years, which could cushion the impact that cars of the future could have on staffing levels.


At GM’s South Korean unit, the threat of potential plant closures has led its union to offer to freeze wages and skip bonuses while about 15 percent of its employees have applied for a voluntary redundancy package.

While there is a sense of crisis at Hyundai’s union, the situation is not that dire.

Hyundai’s management has proposed th,上海夜网后花园Kaia,e scaling back of some benefits such as free week-long trips to Europe for 500 workers annually as well as support for some employees’ sporting events – a proposal that the union plans to oppose, a union official said.

But the union will for the first time seek pay raises for temporary workers this year that are higher than those of full-time auto workers, responding to criticism that regular auto works are generously paid.

It will ask for a 7.4 percent wage increase for temporary workers versus a 5.3 percent wage raise for regular workers, Ha said, in line with a policy advocated by the umbrella union for South Korea’s metal workers.

Last year,上海夜网邀请码Idaline, Hyundai’s union initially demanded annual wage increases of 7 percent for its full-time workers and won a raise of less than 5 percent after tense negotiations that involved strikes.

The shift towards improving pay for non-full time workers could invite opposition within the union, said Ha, adding that he was trying to right old wrongs.

Starbucks’ mobile order push meets resistance from ritual seekers

LOS ANGELES ( ) – Starbucks Corp (SBUX.O) wants more people to use its time-saving mobile ordering app that lets customers buy drinks without waiting in line.

Interviews with more than two dozen Starbucks customers suggest that the move, aimed at countering robust competition,上海晚上耍女人的地方Landon, from fast-food chains and other coffee sellers, may face obstacles.

To start, saving time was not high on some customers’ wish lists. In fact, several said they deliberately slow down their Starbucks visits to indulge in mini catch-up sessions with the “baristas” who take orders and make lattes.

Such comments highlight Starbucks’ cultural conundrum: How can the company meet the demands of tech-savvy, time-crunched customers as well as growth-hungry investors without turning into a commodity fast-food chain?

“I don’t mind standing in line. I like to chat with the baristas,” said Los Angeles business consultant John Mishler, 30, who began using Starbucks’ mobile order app shortly after it launched nationally in September 2015.

He visits a Starbucks virtually every day, but only uses the service roughly once every three weeks.

“I have an excuse to be doing nothing,” Mishler said, referring to his wait in line. “It’s part of my morning routine and I don’t want to change it.”

“If my life is so complicated that I can上海夜生活网’t wait 5 minutes for a cup of coffee, I have to realign my priorities,” said San Francisco Bay Area marketing consultant Diane Schreiber, 49.

Kevin Johnson, who succeeded St,上海021夜网Caitlin,arbucks’ co-founder Howard Schultz as chief executive in April last year, told shareholders on Wednesday that Starbucks can satisfy both rushing customers and those who prefer to take it easy.

“Some in the industry believe that you must either focus on a retail experience that is about community or a retail experience that is about convenience, you cannot do both,” he said at the company’s annual meeting in Seattle. “We do not buy into the false trade off.”

Shortly after launching the mobile-ordering service, Starbucks suffered a fiasco – bottlenecks at locations where baristas were not prepared for the crush of orders. Baristas worked through the issues, and by the end of 2017 mobile orders accounted for 11 percent of Starbucks’ U.S. transactions. Now, the company wants to offer mobile orderings, previously available only to members of its loyalty program, to all customers.

Its journey is instructive for other restaurants, including McDonald’s Corp (MCD.N) and Dunkin’ Donuts (DNKN.O), which followed Starbucks into mobile ordering.

Such services might help companies save money by automating tasks. On the other hand, some customers say they can put spending on autopilot – a potentially expensive proposition when Starbucks medium “grande” lattes cost around $5 each.

Molly Harper, 26, stopped using Starbucks mobile order after it became a burden on her wallet.

“Your money runs out pretty fast,” said Harper, a Los Angeles restaurant server and self-described coffee lover. She was spending about $40 a week on mobile order and has cut way back since dropping it.

All of the customers interviewed by appreciated the appeal of faster service, and some prefer it.

Alex Vorro, 37, who works in downtown Chicago, is satisfied with mobile ordering – except when beverages take significantly longer than the app estimates or he gets the wrong drink because of a mix-up with someone with the same name.

Washington, D.C., economist Preston Motes, 49, visits Starbucks weekly, pays with its app but doesn’t use mobile order because he finds it “irritating.”

His beef? Mobile orders go into the queue as soon as they are placed, allowing users to skip ahead of the people who are waiting in line.

“I’m always wondering why my drink takes longer when there,上海夜玩网论坛Jace,’s no one in line and it’s because of the mobile orders,” Motes said.

That is not lost on Robert Street, 33, a former Starbucks barista who is still in the habit of watching customers.

Street sends his mobile order to Starbucks through Inc’s (AMZN.O) Alexa every morning as he is leaving for work at a private high school in Houston.

Breezing past the line in the store to grab his beverage waiting on the counter, “I selfishly feel like I won the system and saved a bunch of time,” Street said.

Then, he notices the people in line.

“I always feel like a criminal,” said Street, who admits that he still feels like he is pilfering a drink he already paid for.

He’s heard waiting customers ask baristas what he is doing and wants them to know that he is not Instagram’s @thisisnotmycoffee – a “Bandit” who rates stolen Starbucks mobile order drinks. When reached by , @thisisnotmycoffee declined comment.

What is 5G and who are the major players?

LONDON/SAN FRANCISCO ( ) – U.S. President Donald Trump has blocked microchip maker Broadcom Ltd’s (AVGO.O) $117 billion takeover of rival Qualcomm (QCOM.O) amid concerns that it would give China the upper hand in the next generation of mobile communications, or 5G.

Below are some facts about 5G and major players.


5G networks, now in the final testing stage, will rely on denser arrays of small antennas and the cloud to offer data speeds up to 50 or 100 times faster than current 4G networks and serve as critical infrastructure for a range of industries.

Deals to start building mass-market 5G networks are still largely a year away, but by 2025, 1.2 billion people are set to have access to 5G networks – a third of them in China, according to the global wireless trade group GSMA.

Moving to new networks promises to enable new mobile services and even whole new business models, but could pose challenges for countries and industries unprepared to invest in the transition.

Unlike the upgrades of cellular standards 2G in the,上海夜生活论坛Tamara, early 1990s, 3G around the millennium and 4G in 2010, 5G standards will deliver not just faster phone and computer data but also help connect up cars, machines, cargo and crop equipment.


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

Acquiring Qualcomm would represent the jewel in the crown of Broadcom’s portfolio of communications chips, which supply wi-fi, power management, video and other features in smartphones alongside Qualcomm’s core baseband chips – radio modems that wirelessly connect phones to networks.

The concern is that a takeover by Singapore-based Broadcom could see the firm cut research and development spending by Qualcomm or hive off strategically important parts of the company to other buyers, including in China, U.S. officials and analysts have said.

5G promises to open up the clubby world of telecom equipment by creating openings for a far wider range of players in hardware, software and semiconductors, many of them fro上海夜生活网m Asia, increasing the dependence of Silicon Valley on foreign players.


Before the new technology becomes a reality for consumers, two transitions need to take place.

Mobile operators have to upgrade their networks with 5G gear made by the likes of Huawei [HWT.UL] and ZTE 0000630.SZ of China, Sweden’s Ericsson (ERICb.ST) and Finland’s Nokia (NOKIA.HE). And phone makers need to make handsets with built-in 5G radios ready to hook up to networks.

Qualcomm (QCOM.O) is the dominant player in smartphone communications chips, making half of all core baseband radio chips in smartphones. It is one of the last big U.S. technology companies with a major role in mobile communications hardware.

Most other baseband chips come from Asia: MediaTek (2454.TW) of Taiwan holds about one quarter of the market, while Samsung Electronics (005930.KS) and Huawei [HWT.UL] – two big smartphone makers – develop chips for their own devices. Huawei does through a subsidiary known as HiSilicon.

Its dominant position in 5G comes from its mastery of two areas: getting its patents adopted in what are known as standards and then selling the chip designs that work with those standards.

The standards are set by a global body to ensure all phones work across different mobile networks, and whoever’s essential patents end up making it into the standard stands to reap huge royalty licensing revenue streams.

Qualcomm has landed a number of these foundational patents, which means that both handset makers and teleco,上海夜生活去哪玩Pablo,mmunications gear makers will have to pay it licensing fees. It dominated standards setting in 3G and 4G wireless and looks set to top the list of patent holders heading into the 5G cycle.

Huawei, Nokia, Ericsson and oth,上海021夜网Talon,ers are also vying to amass 5G patents, which has helped spur complex cross-licensing agreements like the deal struck late last year Nokia and Huawei around handsets.

Graphic account of Hulk Hogan sex tape read in Florida court

ST. PETERSBURG, Fla. ( ) – Gawker founder Nick Denton read out a graphic account of the acts shown in a sex tape featuring wrestling celebrity Hulk Hogan in a Florida courtroom on Tuesday, saying his company’s 2012 online publication “stands up to the test of time.”

Gawker was sued for $100 million by Hogan, who says the release violated hi,上海夜生活群Jacob,s privacy. The New York-based media com,上海足浴夜网联系方式Queena,pany could be forced out of business by an unfavorable verdict in a civil trial testing the limits of freedom of the press.

Hogan’s attorneys asked Denton, a high-profile figure in the world of Web publishing, to read aloud a very explicit article acco上海夜生活网mpanying the video, which he did in an even tone.

,上海夜玩网论坛Queena,The lawsuit centers on the one-minute, 41-seconds of video that Gawker excerpted from the sex tape of unknown origin. It has not yet been shown to the jury in St. Petersburg, Florida, near Hogan’s home.

The clip shows Hogan’s tryst with the wife of his then-best friend, radio “shock jock” personality Bubba the Love Sponge. Hogan says their consensual encounter was recorded without his knowledge five years before Gawker’s posting.

Denton said he had not watched the video, nor read the article before publication. He described his role as broadly overseeing the portfolio of websites under Gawker media.

Still, he stood by the piece as in keeping with Gawker’s mission to produce “true and interesting” journalism.

“The piece had value. It was true. It was a story honestly told and it was interesting to millions of people,” Denton said.

The Hogan sex tape piece was one of more than 10,000 posts in 2012 on the Gawker website, a former company executive testified later on Tuesday. The video alone was viewed 2.5 million times, with 57 percent watching the entire clip.

Denton’s testimony, spread out over two days, highlighted his approach to websites run by the Gawker company, which include technology-oriented Gizmodo and women-focused Jezebel.

Pressed on his views on privacy rights during cross-examination, Denton said celebrities have “a smaller zone.”

Jurors had questions for Denton, too. One of them asked if the sex in the video would be protected speech under the First Amendment of the U.S. Constitution if it was gratuitous.

“No,” he replied. He had previously said that he did not think the sexual content overreached.

Hogan’s attorney, David Houston, issued a statement suggesting the jury question “perhaps sets the tone for deliberations.”

Europe’s response to U.S. import tariffs

BRUSSELS ( ) – The European Commission called for industry views on Friday on a list of U.S. products it will subject to import tariffs, the first step towards measures to counter planned U.S. taxes on European steel and aluminum.

The Commission, which oversees trade policy for the 28-nation EU, has said it would respond in three ways.


The European Commission would launch a legal challenge at the World Trade Organization and has been discussing doing so jointly with other trading partners.

However, it could take about three years for a ruling and there is no guarantee of victory. Trump has invoked national security as the justification for tariffs, which may make it impossible for them to be challenged at the WTO.

The case may also face further delay because of massive congestion in the WTO’s dispute settlement system, largely caused by Washington blocking appointments to the WTO’s appeals body. It will be down to just three members in September and just one by December 2019. A case needs three members to adjudicate.


The European Union would consider setting its own duties or quotas on imports of steel and aluminum to prevent metal shipments that might otherwise have gone to the United States being diverted to Europe.

The EU would need to show the measures were necessary because of a sharp spike in imports. They could be in place within about two to three months. Safeguards for steel could come in sooner because the EU has been monitoring steel imports since 2016.

The tariffs or quotas would have to apply to all countries, meaning leading exporters China, India, Russia, South Korea and Turkey would be hit. U.S. steel makes up less than 1 percent of EU steel imports.


The European Commission say the U.S. tariffs are not to protect national security, the official U.S. justification, but are safeguard measures, which should only apply if imports have risen.

For certain steel grades, the EU says, they have 上海夜生活网not and that EU exports of these grades to the United States amount to 2.8 billion euros ($3.4 billion). Under World Trade Organization rules, it says, it can apply similar 25 percent duties on imports from the United States to “rebalance” the situation.

The European Commission has drawn up a list of products, divided into three categories – steel, agricultural products, other industrial and consumer products.

They include sweetcorn, orange juice, cranberries, bourbon, motorcyles, make-up, clothing and stainless steel sinks as well as various steel bars and tubes used in construction and industry.

A second list has further products, including handkerchiefs and hosepipes, tableware, dishwashers and certain trucks.

These could incur duties if ,上海夜网千花Dakota,the WTO declared the U.S,上海夜生活网交流Falkner,. tariffs illegal or after a period of three years.

The first and second lists total 6.4 billion euros.

The Commission has given industry until March 26 to provide input and will then draw up a proposal for approval by the 28 EU countries.

If it did go ahead with the first set of counter-measures, these would have to come into force within 90 days of the U.S. tariffs being imposed – which Trump has set for Ma,上海夜网Nala,rch 23.

($1 = 0.8145 euros)

Uber sells Southeast Asia business to Grab after costly battle

SINGAPORE/SAN FRANCISCO ( ) – Uber Technologies Inc has agreed to sell its Southeast Asian business to bigger regional rival Grab, the ride-hailing firms said on Monday, marking the U.S. company’s second retreat from an Asian market.

The industry’s first big consolidation in Southeast Asia,上海夜网推油Jacklyn,, home to about 640 million people, puts pressure on Indonesia’s Go-Jek, which is backed by Alphabet Inc’s (GOOGL.O) Google and China’s Tencent Holdings Ltd (0700.HK).

A shake-up in Asia’s fiercely competitive ride-hailing industry became likely earlier this year when Japan-based SoftBank Group Corp’s (9984.T) Vision Fund made a multi-billion dollar investment in Uber. SoftBank owns stakes in most major global ride services companies, and executives have indicated they favored consolidation.

SoftBank already had investments in Grab and India’s Ola, and Vision Fund Chief Executive Rajeev Misra had urged Uber to focus less on Asia and m上海夜生活网ore on profitable markets such as Latin America, a person familiar with the matter said.

Grab President Ming Maa told that SoftBank CEO Masayoshi Son was “highly supportive” of the deal, which he called “a very independent decision by both” Grab and Uber.

Related CoverageAs Uber bows out to Grab, drivers and riders bemoan loss of choiceGrab says Uber deal driven independently by firms, has SoftBank support

Uber will take a 27.5 percent stake in Singapore-based Grab and Uber CEO Dara Khosrowshahi will join Grab’s board. Grab was last valued at $6 billion after a financing round in July.

“It will help us double down on our plans for growth as we invest heavily in our products and technology,” Khosrowshahi said in a statement.

The Competition Commission of Singapore (CCS) said it has the mandate to review whether any mergers will result in a “substantial lessening of competition” and take any action to intervene in the deal, but it has yet to receive notice from the companies.

The deal will help bolster Grab’s meal-delivery service, which will merge with Uber Eats, compete with Go-Jek. Go-Jek has become a dominant player and powerful rival in Indonesia, the region’s biggest economy, and it has rapidly expanded beyond ride hailing to digital payments, food delivery and on-demand cleaning and massage.

Ride-hailing companies throughout Asia have relied heavily on discounts and promotions, driving down profit margins and increasing pressure for consolidation.

Uber, which is preparing for a potential initial public offering in 2019, lost $4.5 billion last year and is facing fierce competition at home in the United States and across Asia, as well as a regulatory crackdown in Europe.

Uber invested $700 million in its Southeast Asia business.

Uber previously sold operations in China and Russia to local rivals under former CEO Travis Kalanick. The deal with Grab is the first operations sale by Khosrowshahi, who started in September.


But Uber’s CEO does not want to make these mergers a pattern, and said he has no plans to do another sale in which it consolida,上海021夜网Cade,tes its operations in exchange for a minority stake in a rival.

“It is fair to ask whether consolidation is now the strategy of the day, given this is the third deal of its kind … The answer is no,” Khosrowshahi said in a note to employees that was shared with .

“One of the potential dangers of our global strategy is that we take on too many battles across too many fronts and with too many competitors.”

SoftBank is also an investor in India’s Ola, another competitive and costly market where rivals have heavily subsidized rides in an effort to gain market share. But a source familiar with Uber’s strategy said the company was going to step up its battle with Ola in India, where Uber has close to 60 percent of the market, by some estimates, but is losing money.

SoftBank’s Misra sees opportunities for mergers and joint ventures between SoftBank-backed ride-hailing companies, particularly for collaborating on research and development, but the investor would never get actively involved with management decisions, the person familiar with the matter said. ,上海夜玩网论坛Pablo,

Uber includes the United States, Australia, New Zealand and Latin America among its core markets – regions where it has more than 50 percent market share and is profitable or sees a path to profitability.

In Illinois homecoming, Obama calls for improved tone in U.S. politics

SPRINGFIELD, Ill. ( ) – President Barack Obama paid a nostalgic visit on Wednesday to the place that launched his political career and made a renewed call for better relations between Republicans and Democrats to create a more positive tone in U.S. politics.

Obama won the White House in 2008 partially on a promise to overcome partisan divides in Washington. He has called his failure to do that, seven years after taking office, a regret.

On the ninth anniversary of his 2007 announcement in Springfield that he was running for president, Obama addressed Illinois lawmakers at the state Capitol where he once worked as a state senator in what he described as a collegial, friendly atmosphere.

“I was able to be part of that here, and yet I couldn’t translate it the way I wanted to in our politics in Washington,” he said.

Obama said reducing the influence of money, making it easier to vote and ending the way voting districts,夜上海论坛Daisy, were drawn 上海夜生活网politically would help solve the problem.

“We’ve got to build a better politics,” he said. “When I hear voices in either party boast of their refusal to compromise as an accomplishment in and of itself, I’m not impressed.”

Congressional Republicans have said the Democratic president is often unwilling to work with them to pass legislation.

“”The central premise of the Obama presidency was to unite the country, and that’s been an unquestionable failure,” Doug Andres, a spokesma,上海夜生活男人好去处Kaia,n for Republican Speaker of the U.S. House of Representatives Paul Ryan, said in a statement.

Obama has made clear he views Republican presidential front-runner Donald Trump’s rhetoric as corrosive. Trump, who has called for a temporary ban on Muslims entering the United States, won the New Hampshire Republican primary on Tuesday as the parties hold state-by-state nominating contests for the Nov. 8 election to succeed Obama.


The chamber in ,上海夜生活去哪玩Idris,which Obama addressed Illinois lawmakers also became a microcosm of the challenges he was hoping to address.

Democrats stood and clapped when Obama said the country was better off since he became president. Republicans stayed seated. The situation was similar to what occurred at his annual State of the Union addresses in Washington.

Obama chided both sides, however, and said he believed Republicans shared some of his values even if they disagreed on how to enact them. He noted the importance of basic governance such as fixing roads and passing budgets, a reference to a crisis facing his home state.

Republican Governor Bruce Rauner has refused to sign a spending plan for Illinois’ 2016 fiscal year without winning Democratic concessions that would weaken collective bargaining rights for public-sector unions, impose term limits, freeze property taxes and make it harder for workers injured on the job to collect damages from their employers.

Democrats, who control both of Illinois’ legislative chambers, have resisted his demands, setting up a stalemate that has left the state’s public universities and social-service programs starved for funding. Chicago State University, for example, last week declared a financial emergency, and furloughs have been imposed at other public universities.

Obama’s trip was aimed both at solidifying his legacy in a familiar place and making good on a promise to spend his last year working toward healing partisan wounds.

Shortly after arriving, he stopped at a restaurant he frequented as a state senator, then shook hands with onlookers outside the Old State Capitol, where Obama announced his bid for the White House exactly nine years ago.

Whistleblower says Canadian company worked on software to find…

LONDON ( ) – A Cambridge Analytica whistleblower said on Tuesday that Canadian company AggregateIQ worked on software called Ripon whi上海夜生活ch was used to identify Republican voters ahead of the 2016 U.S. presidential election.

AggregateIQ did not immediately respond to request for comment on the remarks by Christopher Wylie, a whistleblower formerly of British political consultancy Cambridge Analytica.

Wylie has previously disclosed how users’ data ,夜上海论坛Sabina,from Facebook was used by Cambridge Analytica to help elect U.S. President Donald Trump.

Ripon, the town in which the Republican Party was founded in 1854, was the name given to a tool that let a campaign manage its voter database, target specific voters, conduct canvassing, manage fundraising and carry out surveys.

“There’s now tangible proof in the public domain that AIQ actually built Ripon, which is the software that utilised the algorithms from the Facebook data,” Wylie told the British Parliament’s Digital, Culture, Media and Sport Committee.

Related CoverageCanada privacy commissioner contacted British Columbia a,上海021夜网Dahlia,bout AggregateIQ

AggregateIQ told on March 2,上海夜生活论坛Dakota,4 that it had never been and is not a part of Cambridge Analytica nor ever entered into a contract with Cambridge Analytica.

It said it works in full compliance within all legal and regulatory requirements and had never knowingly been involved in any illegal activity.

Cambridge Analytica said on Tuesday that it had not shared any of the Facebook profile data procured by a Cambridge academic with AggregateIQ. It said it had not had any communication with AggregateIQ since December 2015.

Thiam’s earnings dip as Credit Suisse overhauls executive pay

ZURICH ( ) – Credit Suisse (CSGN.S) is revising pay for top management as it completes a major overhaul, hoping to ease shareholder concerns with a returns-focused policy and lower 2017 rewards.

Chief Executive Tidjane Thiam earned slightly less during his third year in the role, the bank’s annual report showed on Friday, after cuts to his long-term share bonuses brought his pay under 10 million Swiss francs ($10.6 million).

“The compen,上海晚上耍女人的地方Hadley,sation committee considers that Mr. Thiam’s proposed total com,上海夜生活网419Pablo,pensation for 2017 of 9.7 million francs reflects his strong performance against the suite of measures, while also recognizing that the group is still in a transition phase,” compensation committee chair Kai Nargolwala said.

Changes to the bonus scheme for the current year’s pay come amid increasing scrutiny of executive 上海夜生活网pay, including a “Fat Cat” referendum in 2013 giving shareholders a veto power over management and board pay in Switzerland.

On the other hand, the proposal could also mean a significant pay rise for several executives if the bank beats its targets and delivers rising rewards to its shareholders.

The bank last year agreed to cut executive bonuses by 40 percent, including 2016 cash bonuses and 2017 share incentives, after coming under fire for proposing stepped up payouts despite a second consecutive multi-billion-franc loss.

Nargolwala, who became chairman of the compensation committee in April, said the bank decided to simplify its compensation policy for 2018 to reflect investor feedback.

The new bonus system should provide greater transparency, Nargolwala said, while focusing more on profitability and shareholder returns.

These changes were not reflected in the 2017 pay scheme, which saw overall executive earnings drop 4.3 percent and bank-wide bonuses drop 3.4 percent to 3.2 billion francs.


Credit Suisse posted a 983 million franc loss for 2017 following a U.S. tax asset writedown. On a pre-tax basis, it was the bank’s first year in profit since Thiam launched the turnaround plan in 2015.

Thiam earned 4.5 million francs less in 2017 than the head of crosstown ,上海夜网千花Kai,rival UBS (UBSG.S), which years ago underwent a similar restructuring to scale back its investment bank and emphasize wealth management.

Thiam’s pay still places him among the top earners amongst Swiss company bosses.

At Deutsche Bank (DBKGn.DE), top managers did not take bonuses as Germany’s flagship lender posted its third annual loss in a row. CEO John Cryan earned 3.4 million euros ($4.2 million) in 2017.

Credit Suisse will propose an overall 5.5 percent increase in the maximum payout available to top management and board members for 2018 compared to what the bank had originally envisioned for 2017.

The rise is mainly due to higher maximum share rewards for three unnamed executives, who do not include the CEO.

($1 = 0.9454 Swiss francs)

($1 = 0.8115 euros)

Chipotle wins dismissal of investor lawsuit over foodborne illness

NEW YORK ( ) – Chipotle Mexican Grill Inc on Thursday won the dismissal of an investor lawsuit claiming it ,上海新夜网龙凤Pamela,concealed food safety risks, causing its stock to drop after widely publicized outbreaks of foodborne illnesses in 2014 and 2015.

U.S. District Judge Katherine Polk F上海夜网ailla in Manhattan said that while the outbreaks were cause for concern, the lawsuit failed to support its claim that Chipotle defrauded investors.

The judge wrote that she was “as concerned as the parties about foodborne illness outbreaks,” but that “not all adverse events are the product of corporate misfeasance or nonfeasance.”

Failla dismissed the lawsuit with prejudice, meaning it cannot be filed again. She had dismissed an e,上海夜玩网论坛Nala,arlier version of the case last March.

A lawyer for the investors, which include the Construction Laborers Pension Trust of Greater St. Louis and Germany’s Metzler Investment GmbH, could not immediately be reached for comment. A spokesman for Chipotle also could not immediately be reached.

Chipotle was linked to a series of outbreaks of salmonella, E. coli and norovirus in 2014 and 2015, causing sales to plummet. Chipotle’s share price fell 47 percent in just over five months from its August 2015 peak above $758.

In their 2016 lawsuit, the investors claimed that in statements made to i,上海夜网后花园Hadley,nvestors in 2015 and early 2016 the Denver-based company failed to disclose changes in its food handling practices, recorded cases of customer illness and details about its plans for dealing with the widely publicized outbreaks.

The investors had also brought claims against Chipotle’s founder and Executive Chairman Steve Ells, former Co-Chief Executive Monty Moran and Chief Financial Officer John Hartung individually.

The judge said that although the newer version added more details, it failed to point to any specific instances of Chipotle or the executives knowingly making statements or failing to disclose information that would be material to investors.

Wall Street roars back as trade war fears fade

NEW YORK ( ) – Wall Street scored its best day in 2-1/2 years and the Dow Jones Industrial Average saw its third-biggest point gain ever on Monday, as trade war fears eased on,上海夜网推油Fabi, reports the United States and China are willing to renegotiate tariffs and trade imbalances.

The rally, fueled by technology stocks, came on the heels of the indexes’ worst weekly performance since January 2016, the S&P 500’s .SPX gain making up for less than half of the prior week’s near 6 percent loss.

“We saw a really good rally because of potential talks上海夜生活论坛 with China,” said Dennis Dick, Head of Markets Structure, Proprietary Trader at Bright Trading LLC in Las Vegas. “People are taking advantage of the huge dip last week.”

“I don’t think you’re out of the woods yet. There’s political uncertainty,” Dick added.

Last week’s drop was fueled in part by tensions surrounding U.S. President Donald Trump’s move to levy tariffs on up to $60 billion of Chinese imports, in addition to those imposed on solar panels, steel and aluminum.

Related CoverageWall Street rebounds on hopes for U.S.-China talks on trade

But tensions were calmed as Chinese Premier Li Keqiang repeated pledges to maintain trade negotiations and ease access to American businesses.

U.S. Treasury Secretary Steve Mnuchin said on Sunday he believed Washington could reach agreement with China on some issues but tariffs would not be put on hold “unless we have an acceptable agreement that the president signs off on.”

“It’s clearly the easing of trade tensions. The comments by Steve Mnuchin late yesterday gave room for negotiation with China,” said Oliver Pursche, Chief Market Strategist at Bruderman Asset Management in New York.

But China did call for unity among World Trade Organization members to prevent the United States from “wrecking” the WTO, and urged opposition to Trump’s tariffs targeting China’s alleged intellectual property theft.

The Dow Jones Industrial Average .DJI rose 669.4 points, or 2.84 percent, to 24,202.6. The two larger point gains for the Dow were in October 2008. The S&P 500 .SPX gained 70.29 points, or 2.72 percent, to 2,658.55 and the Nasdaq Composite .IXIC added 227.88 points, or 3.26 percent, to 7,220.54. 7,220.54

The three major U.S. indexes saw their best percentage gains since Aug. 26, 2015.

All 11 major sectors of the S&P 500 .SPX closed in positive territory, led by technology .SPLRCT and finance .SPSY indexes, up 4.0 percent and 3.2 percent, respectively.

The tech sector saw its biggest daily percentage gain since August 2015 and financials had their best day since November 2016.

Microsoft (MSFT.O) pulled the indexes higher, gaining 7.6 percent. Morgan Stanley upped its price target on the tech company’s stock, saying its market value could hit $1 trillion on improved margins and growth,上海夜哪里艳遇Sabrina, in cloud computing.

Intel (INTC.O) advanced 6.3 percent after brokerage Raymond James upgraded the technology to “market perform”.

Facebook (FB.O) closed up 0.4 percent following several days of declines as the U.S. Federal Trade Commission announced it was investigating how the company allowed data of 50 million users to get into the hands of Cambridge Analytica.

The Cboe Volatility Index .VIX, the most widely followed barometer of expected near-term volatility for the S&P 500, finished down 3.84 points at 21.03.

Advancing issues outnumbered declining ones on the NYSE by a 3.04-to-1 ratio; on Nasdaq, ,上海晚上耍女人的地方Naia,a 2.27-to-1 ratio favored advancers.

Volume on U.S. exchanges was 7.30 billion shares, below the 7.35 billion average for the last 20 trading days.

Big Deutsche Bank investors seek clarity on CEO: sources

FRANKFURT ( ) – Large investors in Deutsche Bank (DBKGn.DE) have urged its chairman to provide a clear signal on whether the board backs the lender’s embattled chief executive or not, sources close to the matter told on Thursday.

Separate sources had told on Tuesday that Germany,上海夜生活桑拿会所Radcliff,’s flagship bank had b,上海夜生活论坛Quaid,egun looking for a new CEO to replace John Cryan to mollify investors frustrated by the slow turnaround of the loss-making lender.

Cryan said in a staff memo on Wednesday that he was “absolutely committed” to the lender. But Paul Achleitner, the board chairman who the sources said had initiated the search for a new CEO, has remained silent.

Two major investors contacted by said they had called Achleitner to ask him to provide clarity.

Cryan’s staff memo “looks like an affirmation that he at least wants to remain in his seat”, said one source with knowledge of the thinking of one of the large investors. “But where’s the confirmat,上海夜网千花Earl,ion from the board? Why doesn’t Achleitner say anything?”

A spokeswoman for Deutsche Bank declined to comment.

Cryan’s memo urged staff to “focus on executing” the bank’s strategy despite “widespread rumours”.

The bank’s strategy has come under criticism from some investors, who have grown impatient after three consecutive years of losses.

The CEO search, which the sources said was in its early stages, has come after a flurry of negative headlines for the bank. During the past two weeks, the bank said its loss in 2017 was larger than initially reported, and it has also warned about conditions in the first quarter.

A second major investor, speaking on condition of anonymity, said he was frustrated that Achleitner had not provided investors with an update following the reports this week of the CEO search.

Achleitner must find a strong candidate who can solve the bank’s problems in a sustainable way, the investor said. “No hasty solutions. That is important.”

“Cryan can remain from our point of view, though this will probably not be so simple anymore,” the person added.

Cryan and top managers at the bank have repeatedly called on patience, saying a turnaround would take years, not quarters.

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

“We need to focus on executing on the strategy that was agreed and signed off by both the management and supervisory boards. There is no difference of opinion here,上海夜生活论坛” Cryan wrote to staff on Wednesday.

Melrose’s ‘Project Golf’ bid for GKN beats engineer’s “Damson” defense

LONDON ( ) – The opening salvo in what would become a three-month battle for British engineer GKN GKN.L was fired by Melrose’s (MRON.L) chief executive over the telephone.

On Friday January 5, Simon Peckham rang GKN’s advisers at JP Morgan to arrange a meeting with the FTSE 100-listed aerospace and automotive parts supplier.

The gathering took place the following Monday at the investment bank’s offices next to the River Thames at Blackfriars in London, according to a source.

It was there that Peckham and Melrose executive chairman Christopher Miller made their first takeover proposal to Anne Stevens, the 69-year-old former Ford executive who was interim CEO of GKN, and the engineer’s chairman, Mike Turner.

The cash-and-shares bid valued the engineering company at 7.4 billion pounds ($10.4 billion) and was dubbed “Project Golf” internally by UK-based industrial turnaround specialist Melrose and its advisers.

The codename was a reference to the model of car manufactured by Volkswagen, which is one of GKN’s biggest customers, a person with knowledge of the matter told .

The meeting between the four executives lasted for an hour at most, sources familiar with the situation said.

It marked the only time in the fierce battle that followed that executives from Melrose and GKN would speak to each other, in what quickly escalated into Britain’s biggest hostile bid since Kraft pounced on confectionery giant Cadbury in 2009.

The initial bid was swiftly rejected by GKN, which made the approach public on January 12, when it also appointed Stevens permanently as CEO and disclosed it was examining an alternative plan to de,夜上海论坛Barney,merge its main aerospace and automotive divisions.

At the time, GKN dismissed the Melrose offer as being “entirely opportunistic” and “fundamentally” undervaluing the engineer.


That set the tone for an acrimonious war of words between the two companies that lasted right up until the takeover battle’s denouement this week, when Melrose, which is also London-listed, finally clinched a takeover.

To win the fight, Melrose had to offer a better deal to shareholders than a rival tie-up with U.S. firm Dana (DAN.N) that GKN struck earlier上海夜网 this month. The Dana transaction was codenamed “Project Damson”, after a type of plum tree, by Stevens and her team, according to a source.

It was a narrow victory for Melrose, which had set a deadline of 1200 GMT on Thursday for GKN investors to back its offer.

When the deadline expired, Melrose had received acceptances from 52.4 percent of GKN shareholders. That just exceeded the acceptance threshold of 50 percent plus one share that Melrose had set.

Indeed, the fight between the two companies had become so finely balanced in its latter stages that even an adviser to Melrose conceded to earlier this week that he was anxious about the outcome.

“I’m confident but it would be wrong of me to say I’m not nervous,” said the adviser, who declined to be named.

The Melrose team, which included bankers from Rothschild, RBC Europe and Investec, endured not just months of criticism from GKN but scrutiny from British lawmakers, a U.S. congressman, regulators, ,上海夜哪里艳遇Gabi,the Unite trade union, GKN shareholders and Airbus (AIR.PA), which is the engineer’s largest customer.

The political attention was driven by GKN’s participation in U.S. and British defense programs and worries about the status of its 6,000 British employees and their pensions following a Melrose takeover.

This is because the turnaround specialist sells companies once it improves their performance, a strategy that fueled concerns about jobs and the possibility an overseas buyer could acquire GKN’s sensitive aerospace business.

Since listing on London’s junior Aim market 15 years ago with net cash of just 12.7 million pounds, Melrose has grown into a business with a market value of more than 4 billion pounds.

It typically owns the firms it buys for three to five years. GKN is its biggest deal yet.

The aerospace and automotive components business is considered a mainstay of Britain’s engineering sector, tracing its roots back more than 250 years to an ironworks in South Wales. During the Second World War, its Hadley Castle site in Shropshire produced Spitfire fighters that won the Battle of Britain.

Today, GKN employs more than 58,000 staff around the world and supplies parts for vehicles and aircraft including the Porsche 918 Spyder supercar, the Blackhawk military helicopter and the Eurofighter Typhoon.


Two profit warnings in October and November caused by problems at GKN’s North American aerospace business, which sent its shares tumbling and prompted the departure of the executive originally selected to be its next CEO, gave Melrose the opening to launch its bid.

However, Melrose was not the only company to seize on the opportu,夜上海419龙凤论坛Earl,nity.

Late last year, U.S. axles and driveshafts maker Dana also privately approached GKN.

The British company and its advisers, which included Gleacher Shacklock, JP Morgan and UBS, started behind-the-scenes talks with the Ohio-based business early this year.

The resulting agreement between GKN and Dana would form the centerpiece of the engineer’s defense against Melrose.

Having already disclosed plans to split itself up, on March 9 GKN announced a cash-and-shares deal to merge its automotive business with Dana.

Along with a pledge to find a buyer for its powder metallurgy business and return as much as 2.5 billion pounds in cash to shareholders, this would leave GKN purely focused on its aerospace business.

Melrose quickly responded on March 12 by raising its offer to 1.69 new shares and 81 pence in cash per GKN share and declaring it bid “final”.

This gave GKN investors a choice: accept a deal that handed them 60 percent of Melrose and valued GKN at about 8 billion pounds, or back the engineer’s management and take a 47.25 percent stake in Dana, which pledged to take a listing in London alongside its New York listing.

In the end, a slim majority supported Melrose.

“There’s a lot of disappointed people at GKN at the moment,” an adviser to the engineer said on Thursday evening.

($1 = 0.7126 pounds)