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Wall Street nosedives as investors flee on trade war fears

NEW YORK ( ) – Wall Street tumbled on Friday with more than 1,000 points knocked off the Dow in two days as investors, increasingly nervous about a potential U.S. trade war with China, shied away from risk ahead of the weekend and sought shelter from further losses.

In a volatile session, the S&P 500 came within a hair of its 200-day moving average, a key technical level. The benchmark index also nudged closer to its February low, which marked a correction, ending 9.9 percent lower than its Jan. 26 record.

“There is concern what the trade war could look like. Investors want to manage their risk. If it escalates rapidly, it could be a major headwind for the market,” said Peter Kenny, senior market strategist at Global Markets Advisory Group, in New York.

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 as China declared plans to levy duties on up to $3 billion of U.S. imports including fruit and wine even as it urged the United States to “pull back from the brink.”

The Dow Jones Industrial Average .DJI fell 424.69 points, ,上海夜网邀请码Cain,or 1.77 percent, to 23,533.2, the S&P 500 .SPX lost 55.43 points, or 2.10 percent, to 2,588.26 after hitting an intraday low that was barely above its 200-day moving average of 2585.22.

The Nasdaq Composite .IXIC dropped 174.01 points, or 2.43 per,上海夜玩网论坛Kaia,cent, to 6,992.67.

For the week, the Dow was down 5.67 percent, the S&P 500 was down 5.95 percent and the Nasdaq was down 6.54 percent, marking their biggest weekly percentage falls since January 2016.

The Dow was down 11.6 percent since its Jan. 26 high, and,上海夜网推油Gabriel, hit its lowest close since confirming a correction in February.

The Cboe Volatility Index .VIX, the most widely followed barometer of expected near-term volatility in the S&P 500, finished up 1.53 points at 24.87, its highest close since Feb. 13.

The S&P’s financial sector .SPSY was the S&P’s biggest percentage loser, at 3 percent, after a volatile session in which it was whip-sawed by volatile Treasury yields.

Bloomberg News cited China’s ambassador to the United States saying that the country is “looking at all options” in response to tariffs, which could include scaling back purchases of U.S. Treasuries.

Nasdaq was weighed down by declines in momentum stocks such as Facebook (FB.O), Amazon.com (AMZN.O), Microsoft (MSFT.O) and Google’s parent Alphabet (GOOGL.O).

The semiconductor sector took a fall after Micron Technology’s (MU.O) quarterly report stoked fears about falling NAND prices. The Philadelphia Semiconductor index .SOX slumped 3.3 percent.

Declining issues outnumbered advancing ones on the NYSE by a 3.96-to-1 ratio; on Nasdaq, a 3.72-to-1 ratio favored decliners.

The S&P 500 posted two new 52-week highs and 42 new lows; the Nasdaq Composite recorded 23 new highs and 93 new lows.

Volume on U.S. exchanges was 8.11 billion share上海夜生活s, above the 7.3 billion average for the last 20 trading days.

U.S. and EU warn China on need to respect South China Sea ruling

WASHINGTON ( ) – The United States and the European Union warned China on Wednesday that it should respect an international court ruling expected later this year on its dispute with the Philippines over territory in the South China Sea.

China claims virtually all the South China Sea and rejects the authority of the Permanent Court of Arbitration in the Hague hearing the dispute, even though Beijing has ratified the U.N. Convention on the Law of the Sea on which the case is based.

Amy Searight, U.S. deputy assistant secretary of defense for South and Southeast Asia, said the United States, the European Union, and allies like Australia, Japan and South Korea must be ready to make clear that the court’s ruling must be binding and that there would be costs to China for not respecting it if it lost the case.

“We need to be ready to be very loud and vocal, in harmony together, standing behind the Philippines and the rest of the ASEAN claimants to say that this is international law, this is incredibly important, it is binding on all parties,” she told a seminar at Washington’s Center for Strategic and International Studies.

Searight said the message to China, if it did not respect a negative ruling, should be, “we will hold you accountable.”

“Certainly, reputational cost is at stake, but we can think of other creative ways to perhaps impose costs as well,” she said without elaborating.

The Hague trib上海夜生活unal has no powers of enforcement and its rulings have been ignored before. Manila has said the court may hand down a ruling before May.

China disputes South China Sea territory with several other members of the Association of Southeast Asian Nations (ASEAN) as well as th,上海夜生活男人好去处Jack,e Philippines.

Klaus Botzet, head of the political section of the EU Delegation in Washington, said it was difficult to oppose world opinion.

“A joint Western, a joint world opinion, matters also for Beijing,” he said.

“If we unanimo,上海夜生活乌托邦Easton,usly support that international law as formulated by the international tribunal in the Hague … needs to be upheld, that’s a very strong message and will be very difficult to ignore,” he said.

Chinese Foreign Ministry spokesman Hong Lei said he had “noted” the comments, and repeated China’s opposition to the arbitration case and refusal to participate.

The Philippines’ “scheme would never succeed”, he told a daily news briefing in Beijing.

In unusually forthright language, Botzet said China’s policy of military buildup was not in its interest.

“It’s investing much more in its military relative to its economic growth; it’s forcing its neighbors into alliances ,上海夜网Idaleen, against itself; positions its neighbors otherwise wouldn’t take and the return on investment on this policy is negative,” he said.

The United States had exceptional military capabilities in the Asia-Pacific, Botzet said, adding that the European Union “strongly supports the American guarantee of international law in Asia.”

Trump set for China tariff announcement on Thursday, trade war…

WASHINGTON ( ) – President Donald Trump will announce tariffs on Chinese imports on Thursday, a White House official said, in a move aimed at curbing theft of U.S. technology and likely to trigger retaliation from Beijing and stoke fears of a global trade war.

There was no indication of the size and scope of the tariffs, which U.S. Trade Representative Robert Lighthizer said on Wednesday would target China’s high-technology sector and could also include restrictions on Chinese investments in the United States. Other sectors like apparel could also be hit.

“Tomorrow the president will announce the actions he has decided to take based on USTR’s 301 investigation into China’s state-led, market-distorting efforts to force, pressure, and steal U.S. technologies and intellectual property,” the official said.

The White House said Trump would sign a presidential me上海夜生活morandum “targeting China’s economic aggression” at 12:30 p.m. (1630 GMT) on Thursday.

The investigation by the United States under Section 301 of the 1974 Trade Act has identified theft from and coercion of U.S. companies to disclose their intellectual property as well as purchases by Chinese state funds of U.S. companies for their technology knowledge.

Lighthizer told the House of Representatives Ways and Means Committee, a top economic panel, that the aim would be to minimize the impact of any tariffs on U.S. consumers.

China has threatened to retaliate by hitting U.S. agricultural exports if tariffs on Chinese imports worth up to $60 billion are announced by Washington.

“The remedies, in my judgment at least, would be one, doing something on the tariff front, and two, doing something on the investment front, and then perhaps other things,” said Lighthizer, a lawyer and veteran trade negotiator.

The United States runs a hefty goods tr,上海夜生活Gabrielle,ade deficit with China of $375 billion. Estimates of the cost of counterfeit goods, pirated software and theft of trade secrets could be as high as $600 billion, according to one study.

Talk of a gl,上海夜生活去哪玩Barbara,obal trade war emerged earlier this month when Trump announced hefty tariffs on steel and aluminum imports, aimed at hitting Chinese overproduction, but which could also affect key allies like members of the European Union.

Lighthizer conceded that China would likely hit back with measures on U.S. agricultural exports, particularly soybeans, and said if that happened, Washington would impose “counter-measures,” although he said that “nobody wins from a trade war,” a stance that appeared to put him at odds with Trump who has termed trade wars “good and easy to win”.

Related CoverageChina says must protect interests in face of U.S. trade actionsChina says wants win-win solution with U.S. to settle trade issuesSee more stories

Since taking office, Trump has taken a hard line on trade, abandoning a 14-nation Pacific trade pact and threatening to pull out of the North American Free Trade Agreement with Canada and Mexico.

He has also attacked Germany, saying it hides behind tariffs to win an export advantage for its car industry.

The administration has been forced to walk back some of its steel and aluminum measures, granting exemptions to Canada and Mexico and entering talks with the European Union and others to discuss potential exemptions.


China has already identified agriculture as a U.S. weak point and has said it would target soybeans, a $14 billion-a- year business. America’s farm states heavily backed Trump in his presidential election win.

“China does not want to fight a trade war with anyone. But if anyone forces us to fight one, we will neither be scared nor hide,” Foreign Ministry spokeswoman Hua Chunying said.

“If, in the end, the United States takes actions that harm China’s interests then China will have to take resolute and necessary steps to respond to protect our legitimate interests.”

The European Union’s response to the threat of steel and aluminum tariffs also targeted areas where Republicans are vulnerable, threatening Harley-Davidson motorcycles, which are made in House Speaker Paul Ryan’s home state of Wisconsin.

While China has stepped up its rhetoric, it is far from clear that Beijing is ready to take the next step and move to an economi,上海夜生活怎么玩Mabel,c confrontation that would pit the world’s two leading economic powers against each other.

Financial markets reacted to the Trump steel and aluminum tariffs with an initial sharp sell-off, although they have since regained their poise.

A global trade war would have much harsher economic consequences, possibly hitting the dollar, U.S. stock markets and currencies as varied as the Mexican peso and the Australian dollar, according to analysis from investment bank Morgan Stanley.

A targeted use of Section 301 that covered $60 billion of Chinese high-tech products could see a response from China that is relatively muted, the bank said in a report, with agriculture and transport equipment being hit in return,

“This would have a moderate impact on growth in both the U.S. and China,” it said.

The risk of an escalation in which there were a broad-based tariff across a range of Chinese goods followed by a response from Beijing that was commensurate with that would cause a hit to U.S. and Chinese growth, a rise in U.S. inflation and possibly prompt China to take domestic action to boost growth.

Written by shyw on July 29, 2019 Categories: pqypogrx Tags: , ,

Apple’s Tim Cook calls for calm heads on China, U.S. trade

BEIJING ( ) – Apple Inc’s Chief Executive Tim Cook on Saturday called for “calm heads” and more open trade, amid rising fears of a trade war between the United States and China.

T,上海夜生活论坛Kaiden,rade tension between China and the United States flared this week when President Donald Trump unveiled plans on Thursday to slap tariffs on potentially up to $60 billion in Chinese goods.

China’s Commerce Ministry on Friday urged the United States to “pull back from the brink”, saying it was not afraid to engage in a trade war.

“I’m cognizant that in both the U.S. and China, there have been cases where everyone hasn’t benefited, where the benefit hasn’t been balanced,” Cook said.

Speaking at the annual China Development Fo,上海夜生活桑拿会所Larissa,rum in Beijing, Cook said he hoped “calm heads” would prevail.

The sparring has cast a spotlight on hardware makers such as Apple, which assemble the majority of their products in China for export to other countries. Electrical goods and tech are the largest U.S. import item from China.

In the past year, Apple and other foreign tech firms have grappled with a string of new regulatory requirements in China, including a controversial law requiring firms to house user data in data centers overseen by Chinese firms.

Last month, Apple officially moved to store keys for its iCloud data in China, provoking intense criticism from rights groups who say the decision makes it easier for Chinese officials to tap and collect private data.

Despite challenges, the company has sought to expand its services in China, its third-largest market, where roughly 1.8 million developers use its platform.

“My belief is that businesses,上海夜网千花Quay, should be engaged with governments in countries where they ar上海夜网e doing business, whether they agree or disagree,” Cook said.

Cook has come to China several times in the past year, and was among executives who met Chinese President Xi Jinping last October.

“My belief is that one plus one equals three. The pie gets larger, working together,” Cook said.

Others attending the three-day forum include the chief executives of IBM Group , Google Inc and Qualcomm Inc.

Cook, who this year co-chaired the event, also attended last year when he called for China to increase trade and continue opening itself up to the world.

U.S. pork to feel further chill from China tariff threat

BEIJING ( ) – China’s threat of steep tariffs on American pork imports will put further pressure on an industry already facing weaker demand from the world’s top buyer of the meat.

Beijing said on Friday it was considering levying an additional 15 percent tariff on U.S. products including dried fruit, wine and steel pipes, and an extra 25 percent duty on pork products and recycled aluminum in response to U.S. tariffs on steel and aluminum.

Some industry participants said the tariffs and the threat of a brewing trade war between China and the United States would create more Chin上海夜生活网ese demand for European pork exporters, who have boosted supplies to China in the last two years after sanctions on Russia closed one of the region’s key markets.

“Even without the tariffs, with such low prices, we will use more domestic pork for our Chinese business,” said Luis Chein, a company director at WH Group, China’s top pork producer and its biggest importer of U.S. pork.

WH Group has also been increasing its supplies from South American and European countries in recent years, said Chein.

Rapid expansion of large-scale pig farms in China has been boosting domestic supply and lowering production costs. As a result, China’s pork prices are currently hovering around 10 yuan ($1.58) per kg, their lowest level in nearly four years and already squeezing demand for imports.

It is not yet clear if or when China will implement the tariffs in response to U.S. President Donald Trump’s plans for tariffs on up to $60 bi,上海夜生活网419Sabrina,llion in Chinese goods.

Even so, overall Chinese pork imports are set to fall by as much as 30 percent this year because,上海夜网邀请码Jacklyn, of the decline in domestic hog prices, said Feng Yonghui, chief researcher with industry website Soozhu.com.

“Currently U.S. pork doesn’t have much of an advantage,” said Feng.

An importer based in eastern China’s Shandong province said: “With those tariffs, we wouldn’t import U.S. pork. We would just import from Germany and Denmark.”

China plays a valuable role in the global pork market because of its demand for “variety meats” – pig feet, elbows and offal – which have little value otherwise.

The United States was by far its biggest overseas supplier of those parts last year, shipping 416,000 tonnes, worth $874 million. Germany was a distant second with 147,000 tonnes, according to Chinese customs data.

Total U.S. pork exports to China were worth $1.16 billion.

“This [tariffs on U.S. pork] will have a big impact on our import trade but our company also does domestic pork so overall the impact is not so bad,” said an import manager at Beiji,上海仙霞路夜生活Idaleen,ng Changxinchang Food Products Co Ltd.

Spotify CEO eligible to sell up to $2 billion stake in public listing

( ) – Daniel Ek, the CEO and co-founder of streaming music leader Spotify Technology SA (SPOT.N), is eligible to sell up to 15.8 million shares of the company worth up to $2 billion in its direct listing, the company disclosed in a filing on Tuesday.

In an amended filing with the U.S. Securities and Exchange Commission, ,上海021夜网Cain,Spotify said it expected current shareholders to sell up to 55.7 million ordinary shares when the stock begins trading on the New York Stock Exchange on April 3. (bit.ly/2u77nhu)

Instead of a traditional IPO, Spotify plans a direct listing, which will let investors and employees sell shares without the company raising new capital or hiring a Wall Street bank or broker to underwrite the offering.

Spotify is valued at roughly $19 billion on the private markets but has not set an opening share price for its direct listing. The company has hired Morgan Stanley & Co (MS.N) to help evaluate buy and sell orders on the NYSE to help set an opening price.

But the company, which was founded in Sweden, disc,上海夜网后花园Hadrian,losed for the first time how many shares Ek, its 35-year-old chief executive, would be able to sell. The stake is worth between $775 million to $2 billion at the most recent private market prices, which ranged from $48.93 to $131.88 for the month of March, according to Spotify’s updated filing.

The move allows Ek to sell the shares but does not obligate him to do so, and Ek has given no public indication he plans to sell them. Ek will retain 37 percent voting power上海夜网 in Spotify regardless of how many of the newly registered shares he sells. Ek and fello,上海夜生活怎么玩Tabitha,w Spotify co-founder Martin Lorentzon together control more than 80 percent of the voting power in the company.

Spotify also disclosed for the first time that it would pay Alphabet Inc’s (GOOGL.O) cloud computing unit, Google Cloud Platform, at least 365 million euros, or about $447 million, over the course of three years to host Spotify’s streaming services.

(1 Euro = $1.22 U.S. Dollar)

Germany says trade war could damage global recovery

BERLIN ( ) – Germany said on Thursday any escalation of U.S. President Donald Trump’s tariffs on metal imports into a full-blown trade war could cause tangible damage to the global recovery, although the tariffs themselves should have only a limited effect.

Trump last week ordered the imposition of duties on incoming steel and aluminum and threatened to levy a tax on European cars if the European Union did not remove “horrific” tariffs and trade barriers on a range of goods.

“The German economic upswing is continuing at the beginning of 2018. The global economic environment is still favourable,” the Economy Ministry said in its monthly report. But it said U.S. trade policies were creating a sense of uncertainty.

The tariffs on steel and aluminum will affect trade flows in some regions, but their overall implications for the global economy are likely to be manageable, it said.

“But a possible escalation into a trade war and rising uncertainty among market participants could cause tangible damage,” it added.

European Council President Donald Tusk on Wednesday urged the United States to revive trade talks rather than escalate a dispute over tariffs on metals and cars,上海夜哪里艳遇Sabina,.

Germany’s transatlantic coordinator Juergen Hardt also pushed for a quick resumption of negotiations between Brussels and Washington on a free trade agreement, known as TTIP.

“It was a big mistake not advancing this,” Hardt told lawmakers in the Bundestag lower house of parliament.

Germany favors the abolition of all tariffs and other forms of trade barriers between the United States and the EU, Hardt said, adding: “Our offer is TTIP and (U.S. Trade Representative Robert) Lighthizer is invited to come back to Brussels soon.”


Germany’s new economy minister, Peter Altmaier, said Trump was challenging the multilateral trade system as defined by the rules of the World Trade Organisation (WTO).

“We are at a very important crossroads,” Altmaier said, warning of a scenario in which countries could start a spiral of tit-for-tat trade restrictions.

“This is a really huge challenge with implications for all of us,” Altmaier added. He said consumers in all countries would end up footing the bill because tariffs would push up prices for many kinds of products.

The threat of a full-blown trade war will also be on the agenda of the G20 meeting in Argentina, where finance ministers and central bank governors from the world’s 20 biggest economies meet from March 17 to 20.

Germany’s new finance minister, Olaf Scholz, will meet his U.S. counterpart Steven Mnuchin on Sunday or Monday on the sidelines of the meeting to discuss trade, banking regulation and other issues, senior German officials said on Thursday.

“The minister will have bilateral meetings with all G7 counterparts,” one of the officials said, on condition of anonymity, adding that multilateral trade would “certainly be a big topic” at the G20 meeting.

The taxation of profits from digital business and regulation of crypto currencies will also be in focus, the,上海高端夜生活在那里Idaleen, official added.

Swiss Nation,上海夜生活论坛Nadine,al Bank Chairman Thomas Jordan said on Thursday U.S. protectionism could be a threat to the export-dependent Swiss economy and trigger safe-haven flows that would drive up the value of the Sw上海夜生活iss currency.

Wall Street rethinks blockchain projects as euphoria meets reality

NEW YORK ( ) – Wall Street has been much more excited about the system underpinning bitcoin than the cryptocurrency itself, but the global financial industry has not yet been able to do much with the technology known as blockchain.

has found several blockchain projects launched by major financial institutions that have been shelved, as development of the technology enters a hype-meets-reality,上海夜网后花园Paige, phase.

The casualties include projects by the Depository Trust & Clearing Corporation (DTCC), BNP Paribas SA (BNPP.PA) and SIX Group, has found.

These were among the wave of blockchain tests touted by the financial industry over the past few years, as firms bet the new technology would displace much of the sector’s infrastructure, cutting out middlemen, speeding transactions and reducing costs for things like securities and payments processing.

Yet as some projects were developed, companies pulled back for various reasons – from costs to industry readiness, underscoring that, for all its p,上海夜生活群Macauly,otential, blockchain is still in its early days.

DTCC, known as Wall Street’s bookkeeper, recently put the brakes on a blockchain system for the clearing and settlement of repurchase, or repo, agreement transactions, said Murray Pozmanter, head of clearing agency services at the DTCC.

The project, which had successfully tested with startup Digital Asset Holdings (DA), was shelved because banks and other potential users believed the same results could be achieved more cheaply using current technology, he said.

“Basically, it became a solution in search of a problem,” he said.

Post-trade services provider, SIX Securities Services, a unit of the group that operates Switze,上海夜生活乌托邦Dahlia,rland’s stock exchange, has also decided not take into production a prototype built by DA for the processing of securities, SIX spokesman Jürg Schneider, told .

“We wanted to go into another direction,” Schneider said.

The partnership with DA, run by former JPMorgan Chase & Co (JPM.N) executive Blythe Masters, was announced in 2016.

French bank BNP Paribas in 2016 said its securities services division had partnered with startups including SmartAngels to build a platform for private small businesses to manage their securities.

The bank stopped work on the project, and will instead team up with other financial institutions on another blockchain initiative called LiquidShare, s上海夜生活aid a source familiar with the matter. “Creating an enterprise-wide robust blockchain platform requires the full cooperation of the whole post trade ecosystem,” the source said.


The DTCC, BNP Paribas and SIX tests were among a barrage of blockchain “proofs of concept” announced with great fanfare by financial institutions.

“A large part of the problem has been expectation management, or rather lack thereof by many vendors and large consultancies that made claims that could not be fulfilled in the time spans they had said on stage at fintech events,” said Tim Swanson, founder of technology advisory Post Oak Labs.

reported last week JPMorgan was considering spinning off its marquee blockchain project Quorum. In July a partnership between settlement provider Euroclear and startup Paxos to develop a blockchain service was dissolved.

Still, other projects are moving forward.

Pozmanter said the DTCC is still examining another project with DA and that it is close to testing a blockchain-based trade information warehouse set to launch next year.

“We’re still bullish on the technology,” Pozmanter said.

The repo test with DA “met all its stated goals” and led to a new project that DTCC is examining, said DA spokeswoman Vera Newhouse.

SIX is working on a blockchain project with Nasdaq (NDAQ.O) and Australia’s stock exchange ASX Ltd (ASX.AX) said in December that DA will help replace its registry, settlement and clearing system, in one of the most ambitious projects to receive a green light.

Pratt & Whitney to deliver spare A320neo engines soon to India’s…

NEW DELHI ( ) – Pratt & Whitney will soon begin deliveries of spare engines to India’s IndiGo airlines, which was forced to ground eight of its Airbus (AIR.PA) A320neo aircraft last week after engine problems, a source familiar with the matter told .


P&W, owned by United Technologies Corp (UTX.N), will deliver two engines on Wednesday and the remaining within the next 40 days, said the source who did not want to identified.

A series of in-flight engine failures prompted India’s aviation regulator to ground 11 aircraft last week fitted with certain P&W engines and operated by IndiGo, the country’s biggest carrier by market share, and rival GoAir.

That led to the cancellation of hundreds of flights and about a 5 percent fall in the share price of IndiGo’s parent, InterGlobe Aviation (INGL.NS), over the past week.

A string of problems has clouded the rollout of P&W’s new engines, with the U.S. aviation regulator warning in February that some engines fitted on the narrow-body A320neo planes posed a shutdown risk.

IndiGo and GoAir have hundreds of A320neo planes on order but they, among other carriers, are facing delivery delays due to problems with the engines.

IndiGo did not immediately reply to an email seeking comment, but said in a statement earlier on Tuesday it had canceled no上海夜生活 more than 35 to 45 flights a day, which is around 3 percent of its schedule.

“We are mindful of the inconvenience that some of our customers have had due to the cancellation,” I,上海夜生活群Gabi,ndiGo president Aditya Ghosh said in the statement.

“We are actively engaged ,上海夜生活Idaline,with the engine manufacturer on getting all our aircraft back in the skies in the coming weeks.”

Written by shyw on  Categories: 上海夜网 Tags: , ,

Privacy issues emerge as major business risk for Facebook

SAN FRANCISCO/ FRANKFURT ( ) – Facebook faces substantial business risks from new European Union privacy rules set to take effect in May, a loomin,上海夜生活服务Quay,g reality that came into stark relief over the weekend with revelations that a controversial political consulting firm had improperly obtained personal data on 50 million Facebook users.

Privacy experts said the disclosure that a researcher had sold Facebook data collected via a personality quiz to the consulting firm Cambridge Analytica is a prime example of the kinds of practices that the new General Data Protection Regulation, or GDPR, is supposed to prevent or punish.

The danger faced by Facebook going forward is two-fold: Complying with the rules means letting European users opt out of the highly targeted online ads that have made Facebook a money machine. Violating GDPR mandates could subject the California company to fines of up to 4 percent of annual revenues.

Had the Cambridge Analytica incident happened after GDPR becomes law on May 25, it “wou上海夜网ld have cost Facebook 4 percent of their global revenue”, said Austrian privacy campaigner and Facebook critic Max Schrems. Because a UK company was involved and because at least some of the people whose data was misused were almost certainly European, GDPR would have applied.

Shares in Facebook fell on Monday by 7 percent, their biggest drop since 2014, wiping nearly $40 billion off the value of the firm founded in 2004 by Mark Zuckerberg.

Schrems first raised concerns in 2011 about how easy it would be for third-party apps to harvest data from the unwitting friends of Facebook users. Facebook says it has tightened its controls on such practices since it discovered the alleged abuses by Cambridge Analytica in 2015.

Schrems has founded a non-profit, called None Of Your Business (NOYB), that is hiring lawyers and exploring avenues for “strategic litigation” over GDPR privacy violations.

According to whistleblower Christopher Wylie, who formerly worked with Cambridge Analytica, the consulting firm used the data to help then-U.S. presidential candidate Donald Trump to predict and influence choices at the ballot box.

“The fact of the matter is that Facebook lost control of the data and wasn’t adequately monitoring what third-parties were doing,” said Scott Vernick, a partner and an expert in privacy and data security at the Philadelphia law firm Fox Rothschild.

Vernick said the maximum GDPR fine could come into play in an incident like this because of the number of users affected and what appears to have been inadequate monitoring of third-party data practices.

Facebook said it changed its policies in 2014 to “to give much less data, especially about friends,” Facebook Vice President Andrew Bosworth said in a Facebook post on Monday.

“We conduct a robust review to identify potential policy violations and to assess whether the app has a legitimate use for the data,” the company said on Monday. “We actually reject a significant number of apps through this process.”

Compliance with GDPR rules could cost Facebook a significant amount of money. Deutsche Bank analysts in January estimated that Facebook’s overall revenue could be lowered by 4 percent in a scenario in which 30 percent of EU users opt out of targeted ads, reducing the effectiveness and likely price of ads shown by 50 percent.

The EU represents 24 percent of Facebook’s ad revenue, so multiplying those figures, the bank said the regulations could have a 4 percent impact on overall Facebook revenue.

“If this regulatory approach spreads to other countries or if GDPR ever becomes more onerous over the medium or long term, it would pose more risk,” Deutsche Bank warned.

The firestorm over Cambridge Analytica has prompted a furious response from lawmakers on both sides of the Atlantic, raising the prospect of just such an expansion of privacy protections.

Pivotal Research analyst Brian Wieser reiterated his ‘sell’ rating on Facebook after the weekend reports. Wieser expressed concerns that the company’s regulatory risks would intensify and that its sophisticated use of data in advertising was in jeopardy.

A December 2017 survey found that only 21 percent of European consumers know what GDPR is. But after the regulation was explained, 82 percent of respondents said they plan to exercise their new rights, according to the survey of 7,000 Europeans conducted by Cambridge, Mass.-based Pegasystems Inc (PEGA.O), which makes sales and marketing software.

PageFair, an Irish startup that helps websites deliver targeted ads without using personal data, estimates that only 3 percent of European social media users will opt-in to targeted ads, a potentially “devastating” blow for Facebook and other platforms, says Johnny Ryan, PageFair’s head of ecosystem.


The quandary for Facebook is readily apparent from a video it began showing customers in February: i,上海夜网千花Tallulah,t teaches people how to delete their accounts.

GDPR gives users the right to access their data, delete it or transfer it to competing companies. Social networks will also need to regain Europeans’ consent every time they want to use their data in new ways, including for targeted advertising.

Lawmakers had social networks in mind when drafting GDPR, said Helen Dixon, the data protectio,上海夜生活桑拿会所Hadley,n commissioner of Ireland, which is the lead GDPR regulator for numerous tech companies including Facebook, Twitter and LinkedIn.

“There was very big consideration of these newer types of platforms,” she told .

Tough European rules stand in sharp contrast to the lack of privacy regulation in the United States and many other countries, raising the prospect that Facebook will begin to look much different from one country to the next.

For example, the social media giant in 2017 released new artificial intelligence features that detect when a user is at risk of suicide or when someone else uploads a picture of their face.

The company did not make those features available in Europe. Facebook did not specify a reason. But heightened scrutiny in Europe over such practices with GDPR looming may have been a factor.

Another challenge for social networks are GDPR provisions mandating how companies must obtain permissions. The regulation demands that requests for consent be presented “in an intelligible and easily accessible form, using clear and plain language.”

In other words, the days of extensive “terms of service” agreements written in small text will no longer pass muster in Europe, numerous data privacy lawyers told .

In practice, social network users may find themselves seeing more “permissions screens” and being asked to check boxes every time a social network rolls out a new feature.

That could depress usage, Facebook Chief Financial Officer David Wehner said at an investor conference last month. “Whenever you walk people through permission screens, there’s some potential that people decide they’re not going to use the product,” Wehner said. “We don’t think it will be big, but there could be some implication there.”(This version of the story was refiled to correct description of PageFair’s business in 19th paragraph)

Brexit and the City: Food for thought from London dining room

LONDON ( ) – Diners are still flocking to the elegant, glass-domed dining room at 1 Lombard Street, despite uncertainty about London’s future after Britain exits the European Union next year.

But the restaurant’s owner, former banker Soren Jessen, says Brexit is hampering his ability to hiring qualified staff.

has created a tracker that monitors six indicators, including restaurant and bar license applications, to help assess the fortunes of “the City” as Brexit talks progress.

The second edition of the tracker shows signs of a slowdown, with the number of venues with licenses to sell alcohol in the City of London falling 1.6 percent in 2017.

The number of venues applying for new licenses was flat compared with the previous year, the data shows, although the City of London Corporation said such fluctuations were normal.

Below are excerpts from the latest interview with Jessen.

Q: What are you seeing now – is there anything different?

A: We’ve seen difficulty in hiring staff and difficulty in sourcing the right people for new jobs. We’re not getting the flow that we would norma上海夜生活网lly see. But (w,上海021夜网Dalton,hat) we’re not seeing yet is a change in customers’ behavior… We’re still busy. We are apprehensive to see if there will be reaction in people’s spend or people going out less, but so far we haven’t seen that.

Q: Last time you mentioned how important EU citizens are for your sector and your staff – that remains the same I presume?

A: They’re crucial, not only because I’m opening two new restaurants this year that we need new staff (for), but to just keep the widest possible sourcing we need the whole world to be available and if we can only source from British staff it’d be a huge problem for the whole sector, the industry.

Q: The figure you put on it last time was that you had twenty percent of the applicants you had the year before, is that around the same?

A: It’s probably the same number but we get the quality of the applications and less people have less experience. So… if we’re looking for an assistant manager or a sort of mid-management level we might get one in 30 applicants that we would get before. We’ll get a lot of applicants (from) the entry level, but they are not qualified.

Q: What’s stopping people coming – is it the lack of clarity in the living rights of EU citizens?

A: It’s definitely that, lots of people who just think of other places, and England or Britain has now sent a message, a quite strong message, that we’re not that keen on pe,上海高端夜生活在那里Balthazar,ople coming from abroad. That alone I think makes a lot of young people think ‘well, I can go to Berlin and go to Portugal’…

Q: Since the vote, how has business changed in terms of customer mood?

A: I think there is a change in dining out in London that’s happened over the last 5-10 years and it’s changed from expensive, celebratory, extravagant, much higher-end gastronomic dining to much more casual dining. But the frequency I would say is the same or up. So the change is more in terms of spend and the type of dining out, but dining out is as busy as ever.

Q: Last time we spoke, you said there was a ‘wait and see’ approach in the industry – do you think that’s still the case?

A: Definitely. I think that if you’re looking for places (to rent) it’s a good change because there are places, more places available and less people competing for the same space. It’s a welcome change in (that) there are more properties available for good restaurants.

Q: In terms of the Brexit negotiations, what issues do you think need to be resolved for you to see progress on the issues that are really concerning you?

A: We just need some clarity on what’s going to happen and when. We need some dates. I think eventually the outcome will be something we can live with, but not knowing is something we can’t live with for very long.

Q: Do you think that there’s been quite a lot of reputational damage done to Britain?

A: There’s been huge reputational damage in the sense that Brexit, from the outside world, is seen as retrenching into old Britain and not embracing the future and not being open to other cultures,,上海夜网千花Rachel, and young, energetic, innovative people coming from abroad. I don’t think that would eventually be the case, but that’s been the message and it’s hugely negative.

Stocks end modestly lower after Fed hikes rates; energy up

NEW YORK ( ) – U.S. stocks ended slightly lower on Wednesday, with major indexes giving up gains in choppy trade after the Federal Reserve raised U.S. interest rates, while a strong 上海夜生活网gain in the energy space helped limit losses.

The Fed raised interest rates and forecast at least two more hikes for 2018, signaling growing confidence that U.S. tax cuts and government spending will boost the economy and inflation and lead to more aggressive future tightening.

The hike was widely expected, and new Fed Chairman Jerome Powell said in a news conference after the rate-hike announcement that the U.S. central bank was trying to take the “middle ground” in raising rates.

“That’s a Fed that really feels good about the economy, not only this year but into next year,” said Jim Paulsen, Chief Investment Strategist at The Leuthold Group in Minneapolis.

“The initial response by equities was to go up because of the confidence the Fed seems to have in the economy. But with bond yields going up in anticipation of more hikes …, that kind of scared the stock market again.”

Financials .SPSY, which benefit from a higher rate environment, briefly extended gains in the wake of the announcement but lost ground to close down 0.03 percent. Names sensitive to higher rates such as utilities .SPLRCU, down 0.39 percent, and real estate .SPLRCR, off 0.93 percent, were under pressure.

Stock,上海晚上耍女人的地方Hal,s were choppy following the Fed announcement, as yields on the 10-year U.S. Treasury note US10YT=RR moved closer to 3 percent, touching a one month high of 2.936 percent.

Stocks have struggled this year while bond yield have moved higher.

(GRAPHIC: S&P 500 vs U.S. 10-Year Treasury Yield – reut.rs/2ptJdIs)

Energy .SPNY jumped 2.63 percent and helped lift equities for a second straight session. Crude oil prices hit a six-week high after a surprise decline in U.S. inventories and as concern persisted over possible disruption to Middle East supply.

Markets participants are still trying to decipher the number of rate hikes this year – whether the Fed will stay at three increases as previously forecast by policy makers, or whether a fourth hike is possible.

The Dow Jones Industrial Average .DJI fell 44.96 points, or 0.18 percent, to end at 24,682.31, the S&P 500 .SPX lost 5.01 points, or 0.18 percent, to 2,711.93 and the Nasdaq Composite .IXIC dropped 19.02 points, or 0.26 percent, to 7,345.29.

Facebook shares gained 0.74 percent to stem its recent sell-off over the past two days, which cost the social media company about $50 billion in market value after reports of data misuse that raised broader quest,上海夜生活服务Octavia,ions about consumer privacy and the need for,上海高端夜生活在那里Jace, tougher regulation.

The company chief executive, Mark Zuckerberg, said Facebook “made mistakes” in a statement.

General Mills (GIS.N) slumped 8.85 percent after the company cut its full-year profit forecast due to higher freight and commodity costs.

That weighed on other food companies, with Kellogg (K.N) off 3.98 percent, JM Smucker (SJM.N) down 4.20 percent and ConAgra (CAG.N) off 2.94 percent.

Southwest Airlines (LUV.N) fell 4.79 percent after the carrier cut its forecast for a key revenue metric. Other airlines also fell, with the NYSE Arca Airline index .XAL down 1.09 percent.

Advancing issues outnumbered declining ones on the NYSE by a 1.35-to-1 ratio; on Nasdaq, a 1.49-to-1 ratio favored advancers.

Volume on U.S. exchanges was 6.72 billion shares, compared to the 7.16 billion average over the last 20 trading days.

FCC chief proposes steps to protect U.S. communications networks

WASHINGTON ( ) – Federal Communications Commission Chairman Ajit Pai on Monday said he was proposing new rules to bar the use of funds from a government program to purchase equipment or services from companies that pose a security threat to U.S. communications networks.

Pai’s statement did not disclose what companies or countries prompted the proposal. But on Friday, Pai said in a letter to Congress that he shared the concerns of U.S. lawmakers about espionage threats from Chinese smartphone maker Huawei Technologies Co.

Pai said Monday that “hidden ‘back doors’ to our networks in routers, switches — and virtually any oth,上海夜生活桑拿会所Cadence,er type of telecommunications equipment – can provide an avenue for hostile governments to inject viruses, launch denial-of-service attacks, steal data, and more.”

The FCC will hold an initial vote on the proposal on April 17. It would bar carriers from getting government subsidies in purchasing equipment to provide service in four programs, including providing service in some rural or hard-to-reach areas, service to libraries and schools and a program that helps low income consumers get phone service.

The proposal asks how the FCC should define companies that would be covered the prohibition and how to enforce the rules.

The proposal would bar the spending of funds from the $8.5 billion FCC Universal Service Fund on companies or countries described as posing a “national security threat to the integrity of communications networks or their supply chains.”

USTelecom, an industry trade group representing companies including Verizon Communications Inc (VZ.N), Oracle Corp (ORCL.N) and CenturyLink Inc (CTL.N), said its members “will continue working with the FCC and other agencies to address supply chain vulnerability issues.”

The Telecommunications Industry Association, which represents Qualcomm Inc (QCOM.O), Cisco Systems Inc (CSCO.O) and others, said it “strongly support efforts by the government to address concerns regarding certain communications equipment providers deemed to pose a heightened security risk.”

Pai’s proposal follows the introduction of legislation by Republican Senators Tom Cotton and Marco Rubio in February that would block the U.S. government from buying or leasing telecoms equipment from Huawei, the world’s third largest smartphone maker, or Chinese telecommunications equipment maker ZTE Corp (000063.上海夜生活网SZ), citing concerns the companies would use their access to spy on U.S. officials.

Chinese firms have come under greater scrutiny in the United States in recent years over fears they may be conduits for spying, something they have consistently denied.

Huawei declined to comment Friday.

In January, Huawei’s planned deal with U.S. carrier AT&T Inc (T.N) to sell its smartphones in the United States collapsed at the 11th hour. AT&T was pressured to drop the deal after lawmakers sent a letter to Pai citing concerns about Huawei’s plans to launch U.S. consumer products.

In February, Republican Senator Richard Burr, chairman of the Senate Intelligence Committee, said at a hearing that he worried about the spread in the United States of “counterintelligence and information security risks that come prepackaged with the goods and services of certain overseas vendors.”

“The focus of my concern today is China,” Burr added, “and specifically Chinese telecoms like Huawei and ZTE Corp, that are widely understoo,上海夜网官方网站Queena,d to have extraordinary ties to the Chinese government.”In 2012, Huawei and ZTE were the subject of a U.S. investigation into whether their equipment provided an opportunity for foreign espionage and threatened critical U.S. infrastructure – something they have consistently denied.

Congress in ,上海夜网邀请码Pamela,2017 banned U.S. government agencies from using security software from Moscow-based Kaspersky Lab. It came amid mounting concern among U.S. officials that the software could enable Russian espionage and threaten national security.

Last week reported Best Buy Co Inc, the largest U.S. consumer electronics retailer, will stop selling Huawei’s devices over the next few weeks.

Verizon also ended its plans to sell Huawei phones last year, according to media reports.

Apple grabs two-year lead in 3D sensing race

( ) – Most Android phones will have to wait until 2019 to duplicate the 3D sensing feature behind Apple’s Face ID security, three major parts producers have told , handicapping Samsung and others on a technology that is set to be worth billions in revenue over the next few years.

The development of new features for the estimated 1.5 billion smart phones shipped annually has been at the heart of the battle for global market share over the past decade, with Apple, bolstered by its huge R&D budget, often leading.

When the iPhon,上海夜哪里艳遇Kaia,e 5S launched with a fingerprint-sensing home button in September 2013, for example, it took its biggest rival Samsung until just April of the next year to deliver its own in the Galaxy S5, with others following soon after.

The 3D sensing technology is expected to enhance the next generation of phones, enabling accurate facial recognition as well as secure biometrics for payments, gesture sensing, and immersive shopping and gaming experiences.

Tech research house Gartner predicts that by 2021, 40 percent of smartphones will be equipped with 3D cameras, which can also be used for so-called augmented reality, or AR, in which digital objects cling tightly to images of the real world.

“This kind of functionality is going to be very important for AR,” said Gartner analyst Jon Erensen. “I think that is something where you don’t want to get left behind.”

According to parts manufacturers Viavi Solutions Inc, Finisar Corp and Ams AG, bottlenecks on key parts will mean mass adoption of 3D sensing will not happen until next year, disappointing earlier expectations.

That means that China’s Huawei, Xiaomi and others could be a total of almost two years behind Apple, which launched Face ID with its iPhone X anniversary phone last September.

In particular, Android producers are struggling to source vertical-cavity surface-emitting lasers, or VCSELs, a core part of Apple’s Face ID hardware.

“It is going to take them a lot of time, the Android-based customers, to secure capacity throughout the whole supply chain,” said Bill Ong, senior director of investor relations from Viavi, seen as the only major supplier of optical filters needed for the 3D sensing modules.

“We may have a potential introduction of a second handset maker into 3D sensing at the end of this calendar year. (But) th,上海夜生活男人好去处Dahlia,e volumes would be very low. In 2019 you clearly will see at least two or more android-based phones,” he added.

Ong declined to name the company that might launch an Android phone with 3D face recognition this year but said that Viavi was in talks with all the major smart phone makers to supply the filters.

Some Android phones with 3D sensing capabilities have hit the market in small numbers, such as the Asus ZenFone AR released last year, but those models didn’t use the sensors for facial recognition like the iPhone X does.

Apple, Huawei and Xiaomi all declined to comment, as did Samsung, whose current phones use a standard camera for facial recognition.


Apple’s effort to get ahead with the technology is the latest evidence of an aggressive approach by the Cupertino-based com上海夜生活论坛pany to making the most of the technological advances its financial firepower can deliver.

The iPhone maker’s $390 million deal in December to secure supplies from VCSEL-maker Finisar was one such move. Another is Apple’s discussions with major cobalt producers to nail down supplies for lithium-ion rechargeable batteries that power its mobile phones.

“Apple is always very focused on its supply chain,” says Gartner’s Erensen. “When it comes to new technologies like this and implementing them to new phones, it’s one of the ways that Apple can really can be aggressive, differentiate and take advantage of the position they have in the market.”

Several sector analysts say their channel checks show Apple was initially sourcing VCSELs chiefly from California-based Lumentum and that bottlenecks in production there last year also spurred the $390 million deal with Finisar.

Lumentum, which declined to comment, is ramping up additional manufacturing capacity for VCSELs and edge-emitting lasers for the first half of fiscal 2019, according to the company’s earnings call.

It will also be helped by the purchase this week of another optical components producer Oclaro Inc. Finisar too, expects to expand in 2019.

All of that, however, still leaves the major Android producers searching for their own supplies of VCSELs.

Craig Thompson, vice president of new markets at Finisar, says interest in the technology is universal across the sector.

“Each customer has their own adoption timeline and rollout plan, which we can’t discuss, but we expect the market opportunity for VCSEL technology to increase substantial,上海021夜网Jackson,ly in 2019,” he says.

Another producer, Austria-based Ams, also expects to have VCSEL chips widely available next year and says it has won a large deal with one phone maker.

“As part of a combined external and internal VCSEL supply chain where an external volume production supply chain is available to us, we are currently building internal VCSEL production capacity in Singapore,” Moritz Gmeiner, head of investor relations for AMS, told .

“I expect this capacity to be available for mass production next year.”

After pay vote, Disney investors question Iger’s rich deal

BOSTON ( ) – Walt Disney Co (DIS.N) Chairman and Chief Executive Robert Iger stands to earn up to $423 million over four years, according to a new analysis of a compensation package rejected by shareholders, and some investors want to raise the bar on his performance targets.

Disney suffered a rare rebuke from its shareholders last week when a 52 percent majority opposed the compensation of Iger and other executives in a non-binding vote that could encourage the board to tweak the pay package.

ISS Analytics, the data arm of proxy advisory firm Institutional Shareholder Services, estimated that if Iger hits maximum goals the package would make him the 12th-highest paid U.S. CEO on an annual basis in the past 10 years.

Disney did not put a total value on Iger’s pay package.

Markus Hansen, senior research analyst at Vontobel Asset Management, which had 2.4 million Disney shares at year-end, praised Iger’s performance but said the firm voted against the compensation with the view the four-year pay package could be too easy to collect.

Under a contract extension through 2021 Iger could receive the full value of $100 million in stock awards tied to a deal to buy film and television assets from Twenty-First Century Fox Inc (FOXA.O) even if Disney’s total shareholder returns are middle-of-the-pack versus other big companies.

While the metrics are not unusual, the feedback the board should take from the shareholder vote is that “the amount is large, so maybe a reduction in the amount and an increase in the performance targets” would be in order, Hansen said.

Jacob Williams, corporate governance manager for pension overseer Florida State Board of Administration, said it voted its 2.2 million Disney shares against the compensation on similar concerns. It also had concerns about the lack of a clear succession plan after Iger leaves.

“You hate to see a payout of that magnitude for short-term performance,” Williams said. He said however that a reorganization Disney announc上海夜生活网ed on Wednesday had assuaged some succession concerns.

To be sure, some investors would be pleased if Iger earned the top number. Ross Gerber, CEO of Gerber Kawasaki Wealth and Investment Management, said he voted 150,000 shares for Disney’s compensation plan because other media companies also pay well and Iger’s Fox deal looks smart.

“If he succeeds, then you,上海夜网推油Kai, pay the guy,” Gerber said.

Compensation consultant Brent Longnecker said the vote could spur the board to re-examine Iger’s performance goals, though he did not expect major change.

“I assume they won’t ignore it,” Longnecker said of the vote.

Asked about the pay estimate and investor concerns, a Disney spokesman referred to comments after the vote from Aylwin Lewis, chair of the company’s compensation committee.

Lewis had said the board will take the vote result under advisement for future CEO compensation. Iger is “imperative” for Disney to keep as it absorbs Fox, Lewis said, with the CEO’s value illustrated by a total shareholder return of 414 percent during his tenure. Iger became CEO in 2005.

Iger made $36.3 million in the twelve months ended Sept. 30.

The analysis by ISS Analytics done at the request of showed the agreement could yield Iger roughly $423 million over four years if he hits all goals, or $274 million as the base case targeted by the board.

The analysis assumed that the Fox deal closes early next year and excluded elements such as stock ,上海新夜网龙凤Rachel,appreciation. After the deal closes, Iger’s target annual pay would be about $55 million per year including salary and some stock ,上海夜生活服务Eason,awards.

That amount could rise based on performance goals, ISS found.

Investor groups win vote on RBS shareholder committee

LONDON ( ) – The Royal Bank of Scotland (RBS.L) will allow a shareholder vote on whether to give retail investors more power over the British state-backed lender, ceding to a deman,上海会所夜网Ida,d from shareholder groups that had foug,夜上海论坛Caden,ht for this since 2016.

Shareholder groups ShareSoc and the UK Shareholders’ Association (UKSA) said on Monday the bank had agreed to let investors consider the creation of an advisory committee including shareholder representatives that would have a say on high-profile and 上海夜生活论坛controversial issues like executive pay.

The vote will take place at the bank’s annual general meeting (AGM) in May via a special resolution, meaning it will need 75 percent of votes cast to succeed rather than the standard 50 percent.

ShareSoc director and co-ordinator of its RBS campaign, Cliff Weight, said ShareSoc and UKSA had been calling for better shareholder engagement for over 20 years.

“At last our efforts are being recognized,” he said. “A positive vote at the AGM will be a great step forward for shareholder democracy.”

As majority shareholder with a 71 percent stake, the British government’s position will be decisive in the vote. Prime Minister Theresa May said ,上海夜玩网论坛Sabina,she would crack down on irresponsible capitalism when appointed in 2016.

ShareSoc and UKSA had previously said they would launch a campaign to persuade UK Financial Investments (UKFI), which manages the government’s shareholdings, and institutional shareholders to vote for the proposal.

UKFI declined to comment.

The two groups have been fighting to force a vote on the proposal since 2016, arguing the creation of a committee would improve corporate governance and avoid the mistakes that led to the bank’s 45.5 billion pound ($63.8 billion) state bailout in 2008. RBS had previously rejected a vote on the proposals on legal grounds.

“RBS has been very clear in its support for enhanced corporate governance and, in particular, stakeholder engagement,” an RBS spokeswoman said.

“We have liaised closely with ShareSoc and UKSA to ensure their resolution was in a fit state to be put to shareholders at this year’s AGM.”

($1 = 0.7128 pounds)

Arizona says not time to rein in self-driving cars after Uber fatality

TEMPE, Ariz./DETROIT ( ) – Arizona officials said on Tuesday they saw no immediate need to tighten rules on the testing of self-driving cars in the state in reaction to a fatal accident involving an Uber autonomous vehicle that has focused attention on the safety of the new technology.

Meanwhile, Toyota Motor Co,上海新夜网龙凤Pablo,rp (7203.T) said it will pause autonomous vehicle testing following Sunday’s accident in which an Uber Technologies Inc self-driving SUV struck and killed a woman in Tempe, Arizona.

Automakers and tech companies are evaluating whether or not to suspend their autonomous vehicle programs in the wake of the first fatality involving a self-driving vehicle. Uber said on Monday it was suspending its own program.

Toyota said it was temporarily pausing its testing on U.S. public roads to help its test drivers, who could be experiencing “an emotional effect” from the incident.

“This ‘timeout’ is meant to give them time to come to a sense of balance about the inherent risks of their jobs,” the automaker said in a statement.

Uber, along with other technology companies and automakers, has been testing in Arizona, which regulates autonomous vehicles with a lighter touch than neighboring states such as California.

The state has a long history of allowing automakers to test new vehicles on its wide, open roads, and a 2015 executive order by Governor Doug Ducey paved the way for companies to test autonomous technology without interference by the legislature. More than 600 self-driving vehicles are now testing on Arizona roads, according to the governor’s office.

On Tuesday, Arizona’s director for policy and communications at the state’s department of transportation, Kevin Biesty, said existing regulations were sufficient and that the state had no immediate plans to issue new rules.

“We believe we have enough in our laws right now to regulate automobiles,” Biesty told . “There will be issues that the legislature will have to address in the future as these become more widespread.”

During the early phase of self-driving vehicle testing, Arizona refrained from adding new restrictions on companies testing on state roads, Biesty said, adding they did not believe any new regulations would add to safety.

Biesty said his agency was waiting for federal safety regulators to conclude an investigation before drawing any conclusions. Arizona’s self-driving vehicle oversight committee has not planned any meetings or actions, he said.

Related CoverageFactbox: How United States, others regulate autonomous vehicle testing

Also on Tuesday, Tempe Mayor Mark Mitchell issued a statement saying he supported Uber’s decision to suspend testing until the end of the investigation. His office said the mayor had not asked other autonomous vehicle companies to suspend testing in the city.

Full details are still forthcoming surrounding the death on Sunday night of pedestrian Elaine Herzberg after she was struck by Uber’s test vehicle, a Volvo SC 90 sport utility vehicle, operating in autonomous mode..

Herzberg, who was homeless, was crossing a four-lane road with her bicycle outside of the crosswalk when she was struck.

The Maricopa County Attorney’s Office in Phoenix said it was awaiting the results of an investigation by Tempe police before reviewing whether any charges should be filed. Officials with the National Transportation Safety Board and National Highway Traffic Safety Administration also are investigating.

The Tempe police department said in a brief statement it “would like to reaffirm that fault has not been determined in this case.”

The NTSB said investigators had viewed video captured by a camera in the Uber vehicle, and were gathering data from the vehicle and Uber. A photo posted on Twitter by the NTSB showed the front right corner of the vehicle’s hood seriously dented. Investigators will be in Tempe for the rest of the week and will not release findings until reviews of information from the scene and analysis of vehicle data are finished, the agency 上海夜网said.

Uber’s Advanced Technologies Group office in Tempe appeared empty on Tuesday except for a security guar,上海夜网后花园Octavia,d who said only a small security crew was working at the site since the accident. The autonomous vehicles normally filling the parking lot outside were nowhere to be seen.


The fatality is drawing fresh attention to the safety of autonomous vehicles, and the challenges of testing them on public streets. Self-driving cars have been involved in minor accidents, but nearly all have been blamed on human motorists hitting the autonomous vehicle.

The outcome of the investigations in Arizona will be pivotal for companies racing to profit from robo-taxi services and automated delivery vehicles. Among them are General Motors Co (GM.N), Alphabet Inc’s (GOOGL.O) Waymo unit, ride services company Lyft, Ford Motor Co (F.N) and others.

For a graphic showing one measure of autonomous vehicle performance, click here: (tmsnrt.rs/2DFUPgA)

Waymo earlier this month said it began operating self-driving vehicles in Arizona without human minders, offering rides to select customers. GM, through its Cruise Automation unit, has said it plans to launch a robo-taxi service next year, and said on Tuesday it stood by that timeline.

Self-driving startup nuTonomy, owned by Aptiv Plc (APTV.N), said it was temporarily halting its testing on public roads in Boston, following the city’s request.

Analysts and experts said the fatality involving Uber could slow progress toward deployment in the sector.

“What this incident indicates is that the state of autonomous driving (and especially Uber) is very far from where it needs to be to become market-ready,” Richard Windsor, technology analyst for London-based Edison Investment Research, said in a blog post on Tuesday.

Coty launches $8 billion-equivalent jumbo refinancing

LONDON (LPC) – Beauty products maker Coty Inc (COTY.N) has launched an US$8bn-equivalent deb上海夜生活t refinancing to increase its euro borrowings and add bonds to its all-loan capital structure, banking sources said.

Bank of America Merrill Lynch and JP Morgan are leading the financing alongside Morgan Stanley, BNP Paribas, Credit Agricole, Deutsche Bank, HSBC, UniCredit, ING, Mizuho and RBC.

The deal will refinance Coty and Galleria’s outstanding debt. Galleria is the collective name for the 40-plus brands sold to Coty by Procter & Gamble (PG.N) in 2016 for US$12bn, including CoverGirl, Max Factor and Wella Professional.

The refinancing includes,上海凤楼夜网Nadine, a US$1.25bn term loan A and a US$2.25bn euro-denominated term loan A.

Prior to the refi,上海夜生活网交流Paige,nancing the company had around US$3.4bn of TLA and a small €150m TLA.

The refinancing also includes a US$1bn seven-year term loan B and a US$1.5bn euro-denominated seven-year term loan B.

Pricing is guided at 200bp-225bp Libor on the dollar TLB and 225bp-250bp over Euribor on the euro TLB. Both TLBs are offered with a 0% floor at 99.75 OID.

The new loans will potential shave up to 50bp off of Coty’s existing TLB that repriced in 2016 to pay 250bp on the dollars and 275bp on the euros, according to Thomson LPC data.

Prior to the refinancing the TLB included an approximate US$1.59bn tranche and €1.158bn tranche.

The deal also refinances around €1.15bn of drawn outstandings from an approximate US$3bn revolving credit facility.


For the first time Coty is also set to raise bonds as part of its capital structure, the sources said, although these are yet to launch.

It is expected to raise around US$2bn-equivalent of unsecured notes, though the exact currency split is yet to be determined.

The deal is expected to better match Coty’s debt profile with its cash flows and simplify its capital structure, one of the sources said.

A call is set to take place with lenders on March 20 with loan commitments due by March 27.

Coty has been trying to keep pace with rivals Estee Lauder (EL.N) and LVMH’s (LVMH.PA) Sephora, and has paid billions to acquire brands and take minority stakes in firms that appeal to younger consumers, most notably skincare brand Younique and ghd, which makes popular hair straighteners.

Coty is now the third-largest beauty company in the ,上海足浴夜网联系方式Radcliff,world.

Back to the drawing board for Reckitt after dropping Pfizer bid

LONDON ( ) – Reckitt Benckiser’s (RB.L) decision to drop its pursuit of Pfizer’s (PFE.N) consumer health assets leaves it with a tough job to restore growth to its flat-lining business.

With a deal off the table, investors will turn their attention to Reckitt’s internal challenges, including the integration of Mead Johnson, the ailing baby formula maker it bought for $17 billion last year, and reigniting sales growth.

“T,夜上海论坛Dalton,he market has been used to Reckitt being the company that consistently delivered ahead-of-marke上海夜生活论坛t volume growth and last year they didn’t,” said Reckitt shareholder Steve Clayton at Hargreaves Lansdown. “They really need to pick the crown up and get it back on their head.”

Reckitt has forecast 2 to 3 percent like-for-like sales growth for 2018, after no growth in 2017.

The British con,上海夜玩网论坛Eden,sumer goods company was in the running for some of the consumer health brands, including painkiller Advil, being sold by Pfizer.

Many investors saw the attractiveness of the assets, but worried about Reckitt’s ability to fund and manage a deal that could have reached $20 billion so soon after buying Mead Johnson.

Following news late on Wednesday that Reckitt had abandoned the auction – after Pfizer rejected its bid for some of the assets – its shares jumped 6 percent as investors breathed a sigh of relief there would be no dilutive issue of equity or new distraction for senior management.

Since October, when Pfizer announced it was exploring options for its consumer health unit, Reckitt’s shares had fallen 21 percent, in part on concerns about a possible deal.

Even after Thursday’s gain, the stock is only trading at 16 times forecast earnings, below its five-year average of 19.

“We caution on being too optimistic over the prospects of a quick fundamental turnaround of the core businesses,” said Barclays analyst Alex Smith. “In particular, we still see too many uncertainties around the cost and cultural change,上海新夜网龙凤Jacob, required to restore growth and competitiveness.”


The Pfizer business would have made Reckitt the global leader in consumer health, a category supported by aging populations and growing interest in health and wellness. Becoming a leading player there has been the long-stated strategy of the company’s chief executive, Rakesh Kapoor.

Some analysts praised Kapoor’s financial discipline in walking away from Pfizer, as it did from a deal for Merck in 2014, but Bernstein’s Andrew Wood was disappointed.

“When Mead Johnson is fully integrated and RB’s core business is back to health, we think that RB might regret having missed this once-in-a-decade acquisition opportunity for global consumer health leadership,” he said.

With the consumer health market still very fragmented, there will be opportunities to grow in future, but it will be slower.

“Ex-Pfizer, these would now either need to be gestated organically, or acquired more painstakingly via sequential bolt-on deals,” Jefferies analyst Martin Deboo said.

Yet, if Pfizer decides to keep its business for now, Reckitt could be in a better position in a few years’ time.

“If the sale falls through altogether and they get another couple of years to sort the balance sheet out, maybe it will be an opportunity in the future,” Hargreaves Lansdown’s Clayton said.

McDonald’s agrees settlement in franchisees’ U.S. labor case

( ) – McDonald’s Corp (MCD.N) said on Monday it had agreed to settle a U.S. labor board case on whether the company is accountable for its franchisees’ alleged labor law violations.

The settlement, which must be approved by a National Labor Relations Board judge, would allow McDonald’s to avoid a ruling that it is a “joint employer” of workers at McDonald’s franchises and can be held liable when franchisees violate federal labor law.

McDonald’s, which did not admit to any wrongdoing in the settlement, said in a statement that it was pleased to resolve the claims.

“While the settlement is not yet final, we believe this is上海夜网 a major first step in ending this wasteful multi-year litigation,” the company said.

The exact terms of the settlement were not immediately clear.

Business groups had said that a ruling against McDonald’s could upend the franchising model by making franchisors more vulnerable to lawsuits and requiring them to bargain with unions representing franchise workers.

Illinois-based McDonald’s and the office of NLRB General Counsel Peter Robb presented the settlement to an administrative judge at a hearing in New York.

Union-backed worker advocacy group Fight for $15 filed dozens of legal claims on behalf of McDonald’s workers beginning i,上海021夜网Faith,n 2012. The group said workers across the United States were fired for taking part in protests calling for higher wages.

The judge had agreed in January to pause the trial against McDonald’s that began in 2015 so that Robb, an appointee of President Donald Trump, could pursue settlement talks with the company.

Fight for $15 lawyer Micah Wissinger said the group would object to the proposed settlement.

“In a real settlement, McDonald’s woul,夜上海419龙凤论坛Caden,d take responsibility for illegally firing and harassing workers fighting to get off food stamps and out of poverty,” he said.

The case ,上海会所夜网Dalton,was seen as an important test of how a 2015 NLRB decision that had rankled business groups by making it easier to prove that a company is a joint employer would apply to franchisees.

In December, a new Republican majority on the board overturned the 2015 decision and said only companies with direct control over workers may be considered joint employers.

Last month, the board said its December ruling was invalid because NLRB member William Emanuel, a Trump appointee, had a conflict of interest. Emanuel’s former law firm represented a staffing agency involved in the 2015 NLRB case.