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Citi sets restrictions on gun sales by retail clients

( ) – Citigroup Inc (C.N) added restrictions on firearms,上海夜网推油Pablo, sales for new retail-sector clients, the Wall Street bank said on Thursday, the strongest move to date by a major U.S. lender following last month’s high school shooting in Florida.

In an emailed statement Citi said it will require those clients only sell firearms to customers who have passed a background check, restrict firearms sales for buyers under 21, and not sell so-called “bump stocks” or high-capacity magazines.

The new rules could be seen as somewhat symbolic since they are unlikely to directly affect a large share of business at the bank, which had total assets of $1.8 trillion at Dec. 31. They come weeks after a shooting at a Florida high school that killed 17 people, the second-deadliest shooting at a public school in U.S. history.

Major retailers and at least one online lender have taken similar steps since the shooting brought new calls for gun safety measures and tighter restrictions.

So far other major banks and financial services firms have focused more on their communications or talks with the weapons industry, including outreach by Bank of America (BAC.N) and asset manager BlackRock Inc.(BLK.N)

Avery Gardiner, co-president of the Brady Campaign to Prevent Gun Violence, a Washington, D.C. group seeking weapons restrictions, said Citi’s steps demonstrate changes other financial firms could make.

She praised Citi’s stance on requiring completion of background checks, since current law al上海夜生活lows dealers to sell weapons if a background check does not come back in three days. Citi’s move, she said, “is a next big step.”

Lawrence G. Keane, general counsel for the National Shooting Sports Foundation, a trade association for the firearms industry, said in a statement, “These policies do nothing to add to public safety and, in fact, may put vulnerable Americans at greater risk to be victims of crime.” He called Citi’s action “virtue signaling.”

Citi said that in addition to the policy for new clients, it is starting talks with current clients on their practices and if they do not adopt changes the bank will help “transition their business away from Citi.”

In the e-mailed statement, Citigroup CEO Michael Corbat said its new policy “was designed to respect the rights of responsible gun owners while helping to keep firearms out of the wrong hands.”

Corbat, who called himself “an avid outdoorsman and responsible gun owner,” said Citi also will start talks with other finance companies on possible additional steps to improve gun safety. It will also speak with clients that make guns, though the bank has few such relationships, he said.

By most measures the weapons industry represents a small slice of Citi’s overall business. It was not among bank groups that arranged loans or bonds for gunmakers Vista Outdoor, Remington or American Outdoor Brands (AOBC.O) in recent years, according to a review by Thomson ’ IFR unit.

Citi was however the lead bank on a recent $550 million bond issue by Olin Corp (OLN.N), and since 2012 has participated in three othe,上海夜网邀请码Hadrian,r debt sales for the chemical company that owns ammunition maker Winchester, according to IFR data.

Ed Skyler, executive vice president for global public affairs, said in an interview that Citigroup realizes its tighter rules on guns could cost some business from customers who disagree.

“Our eyes are wide open about what some of the impacts could be,” he said.

Some gun-control advocates have suggested banks and companies involved in payments could restrict sales at certain specialized gun dealers tagged as “bad apples” for loose compliance with gun laws.

Citigroup declined to comment on the idea though it noted in a blog that current payment systems do not allow it to see exactly what items customers are buying at the checkout aisle.

Citi provides store-branded credit cards to various retailers. None currently sell guns but if Citi were in talk,上海会所夜网Cade,s with such a retailer, Skyler said, “we would want to see these best practices used at their point-of-sale.”

Exclusive: Firms complain of contaminated crude from U.S. reserve

NEW YORK ( ) – Three firms that bought crude oil last year from U.S. emergency stockpiles raised concerns about dangerous levels of a poisonous chemical in the cargoes, according to internal Energy Department emails and shipping documents reviewed by .

Problems with crude quality would make the U.S. Strategic Petroleum Reserve (SPR) less useful in an emergency because refiners would need to spend time and money removing contamination before producing fuel. The reserve is the world’s largest government stockpile, currently holding 665 million barrels.

Hydrogen sulfide (H2S) occurs naturally in crude and natural gas, but oil producers typically decontaminate such products before delivery to buyers. High levels of H2S can corrode refinery parts and pipelines – and can be lethal to humans in gas form.

Authorities in all major consuming countries keep oil in reserve to ensure that they do not run out of crude to refine into fuels if a natural disaster or war disrupts global supplies. The U.S. government established its reserve in 1975 following the Arab oil embargo.

The U.S. Department of Energy oversees the reserve and periodically sells some of its oil at times when there are no emergencies, as it did with the sales that sp,上海凤楼夜网Queena,arked contamination concerns.

Department Spokeswoman Shaylyn Hynes declined to comment about the contamination complaints uncovered by .

The three firms that raised concerns about high H2S levels were Royal Dutch Shell Co (RDSa.L), Australian bank Macquarie Group and PetroChina International America, the U.S. trading arm of state-owned energy firm PetroChina Co Ltd [601857.SS], according to the shipping documents, emails provided by the Energy Department in response to a public records request, and a department official who declined to be identified.

The department took responsibility for cleaning the shipment to PetroChina with an additive after it determined in May of last year that levels of H2S were too high, according to the department official. The department disputes tests showing levels were too high in the other two cargoes, the official said.

All three firms bought cargoes of SPR oil stored in an underground salt cavern in Bryan Mound, Texas last year. The oil was pumped from Bryan Mound through pipelines to the nearest上海夜网 oil terminal at Freeport, Texas before being loaded onto ships, according to records reviewed by and the department official.

The Freeport facility is owned by Houston-based Enterprise Products Partners LP (EPD.N). Enterprise knew about higher levels of H2S in a small number of cargoes traded between private firms that passed through its terminal, Enterprise Senior Vice President Brent Secrest told in an interview.

“Of the hundreds of cargoes we’ve loaded across Freeport and other Enterprise terminals, we’ve only had a handful of customers give us feedback regarding high levels of H2S,” he said.

UNPLEASANT SURPRISE

In March, Shell complained to the Energy Department after finding high levels of H2S in a cargo the company bought as ,上海夜网官方网站Eden,part of a 6.2 million-barrel purchase from the U.S. government in January, according to emails provided by the department in response to the public records request.

The firm was “unpleasantly surprised” to find the high levels, Shell oil trader Steve Sellers wrote to the department, adding that the issue caused concern at Shell about the quality of SPR crude for future purchases.

Shell declined to comment on its complaint to the government.

The oil firm’s emails said an initial test sample detected H2S gas at levels of less than five parts per million (ppm). But a later test by Shell – after it shipped the crude by boat to another U.S. location – showed H2S levels of 600 parts per million, according to Shell’s emails to the department.

Exposure to vapors containing 500-700 ppm of H2S could cause a person to collapse in five minutes and die within an hour, according to the U.S. Occupational Safety and Health Administration.

SAFETY CONCERNS

In November, Australian bank Macquarie Group bought the third shipment from the SPR and sold it to PetroChina, according to the shipping documents reviewed by .

The cargo was loaded at Freeport onto a ship called the Stena Sunrise, the documents show.

A testing company named Inspectorate tested a sample from the SPR cargo purchased by Macquarie, according to the documents,,上海夜生活群Macey, and found H2S levels of up to 9,000 ppm.

Inspectorate declined to comment and referred questions to the Energy Department. Macquarie declined to comment.

After the Inspectorate testing, the terminal operator refused to allow workers to perform additional tests out of concern about violating safety regulations, according to the shipping documents.

It is unclear if PetroChina or Macquarie decontaminated the cargo. PetroChina shipped the oil to China, where it arrived on Jan. 18, according to Thomson shipping data.

RARE INCIDENTS

was not able to determine how often high levels of H2S are detected across the industry, but industry experts and chemical petroleum engineers said such incidents are rare.

Some crude grades can have H2S levels as high as 1000 ppm when produced, said Ramanan Krishnamoorti, chief energy officer and a professor of chemical and biomolecular engineering at the University of Houston. But producers remove most of that before transporting crude to customers.

Contamination could result from blending different crude grades, for example when one grade of crude is stored in a tank that previously contained a different grade, Krishnamoorti said.

“There has to be some concentrated source of it,” Krishnamoorti said. “It’s just very odd.”

Oh nuts! China shoppers lament tariffs on US almonds, pistachio and…

SHANGHAI ( ) – As Beijing and Washington exchange barbs that threaten a potential trade war, health-conscious Chinese shoppers are beginning to fret over what this could mean for their pockets: a potential jump in prices for U.S.-grown cherries and pistachios.

Close to 80 fruit and nut products from the United States are at risk, after China declared plans to levy additional duties on up to $3 billion of U.S. imports in retaliation against U.S. President Donald Trump’s plans to slap tariffs on up to $60 billion in Chinese goods.

U.S. exports of fruits, frozen juices and nuts to China amounted to $669 million last year, and it was the top supplier of apples, cherries, walnuts and almonds, with much of the produce coming from grower,夜上海论坛Lark,s in California, Florida and Michigan.

“At the end of the day it’s us common people who will pay the bill because fruits will become pricier,” said one user on China’s Twitter-like Weibo service, where the potential U.S.-China trade war ranked as the most-read topic on Friday.

“American pistachios will become even more expensive. I will need to switch to use domestic peanuts from pistachios in my meals,” said another user. ,上海会所夜网Kailani,

Chinese imports of fresh fruit and nuts have surged in recent years thanks to the country上海夜网’s rapidly growing middle class, which has given rise to a new generation of consumers willing to splurge on healthy food.

In a demonstration of their buying power,,上海夜网推油Quaid, Chinese shopping portal JD.com sold 57 million cherries to Chinese consumers in one day during a shopping event in June last year.

These fruits and nuts are part of a list of 128 U.S. products that could be hit with tariffs if the two countries fail to agree on trade issues, China’s Ministry of Commerce said.

The two countries have, however, said they are in talks. The Trump administration says it wants to impose the tariffs in response to China’s “economic aggression”.

Still, not all Chinese consumers viewed negatively the potential higher duties on U.S. fruit and nuts. Some said they could find alternatives from Australia and Europe, with at least one saying the tariffs could be good for China’s own growers.

“These products all have domestic equivalents,” said the commentator on Weibo. “This could lift demand!”

Steve Wynn sells stake in company he founded, Macau casino Galaxy…

( ) – Steve Wynn, the former chief executive of Wynn Resorts Ltd, has disposed his entire 11.8 percent stake in the firm for $2.1 billion in a dramatic exit of the casino and hotel enterprise he founded over 16 years ago.

In an unexpected separate move, Macau casino operator Galaxy Entertainment said it has agreed to buy 5.3 million primary shares of Wynn Resorts at $175 per share, giving them around a 5 percent stake in the operator which has resorts in Las Vegas a上海夜生活论坛nd Macau.

Galaxy is one of six licensed operators in the world’s largest gambling hub of Macau and competes with Wynn along with Sands China, MGM China and Melco Resorts.

The casino mogul’s share sale comes a week after Wynn Resorts said Steve and Elaine Wynn, who has a 9.26 percent stake, had scrapped a shareholder agreement that prevented them from selling their stakes.

Steve Wynn resigned as CEO of the Las Vegas-based company last month, following claims he subjected women who worked for him to unwanted advances. He has denied the accusations.

In a joint statement by Galaxy and Wynn on Wednesday, Galaxy Vice Chairman Francis Lui said it was a unique opportunity to “acquire an investment in a globally recognised entertainment corporation with exceptionally high quality assets and a significant development pipeline.”

A Galaxy spokeswoman could not comment further on whether Galaxy would look to increase its holding in the future.

Wynn Resorts CEO Matt Maddox said Galaxy shared many of the same core “operating philosophies and values.”

The announcement also follows the settlement two weeks ago of long standing litigation between Wynn Resorts and Universal Entertainment Corporation.

Wynn said two long-term institutional investors, currently holding stakes in Wynn Resorts, have agreed to purchase the remaining eight million shares held by Steve Wynn also at $175 a share.

A Thursday filing showed the embattled founder sold 4.1 million shares of Wynn Resorts at $180 per share – effectively exiting his entire 12.1 million shares, or 11.8 percent stake in the firm, for a total of $2.14 billion.

WYNN IMPACT

Wynn, who started in Las Vegas casinos in the 1960s, created some of Las Vegas’ most iconic landmarks – the Mirage, Bellagio and Treasure Island.

He was forced to sell his multi-billion dollar operation Mirage Resorts to tycoon Kirk Kerkorian in a hostile takeover in 2000. Kerkorian then created MGM Mirage and Wynn went on to create Wynn Resorts with his ex-wife in 2002.

The 76 year old businessman, whose signature denotes the company’s logo, had built two lavish resorts in the former Portuguese colony of Macau where only six firms have license,上海夜生活服务Idris,s to operate casinos.

Vitaly Umansky, analyst at Sanford C. Bernstein in Hong Kong, said the implications of the Galaxy’s investment goes beyond what looks like a passive move at this stage.

“Wynn and Galaxy may be looking at collaborating on future development opportunities in Asia, with Japan being the critical development initiative.”

Galaxy’s octogenarian founder Lui Che Woo, one of Asia’s wealthiest billionaires, has a net wealth of $22 billion according to Forbes. Lui who started his career in construction has grown his casino company into one of Macau’s biggest operators over the past decade.

“There are other large gaming companies who do not have a presence in Macau, but who desperately want to be in Macau, and we would not be surprised to see them angling for a seat at the acquisition table too,” said Gran,上海夜生活乌托邦Barney,t Govertsen, analyst at Union Gaming in Macau.

While Galaxy has been primarily focused on Macau with its three casinos, it this week received a license to operate a roughly $500 million resort in Boracay, the Philippines most famous holiday island.

Wynn, which operates a resort on Cotai and Macau’s main peninsula, focuses on premium and VIP customers, while Galaxy targets both the high end segment and the broader mass. Both companies have reported strong earnings growth in the fourth quarter with Galaxy posting a 67 percent surge in 2017 profit.

Shares in Wynn Macau and Ga,上海夜生活男人好去处Caitlin,laxy dropped 3.9 percent and 2.9 percent respectively on Friday against the benchmark Hang Seng Index which was down 3.1 percent.

Exclusive: Kaspersky Lab plans Swiss data center to combat spying…

MOSCOW/TORONTO ( ) – Moscow-based Kaspersky Lab plans to open a data center in Switzerland to address Western government concerns that Russia exploits its anti-virus software to spy on customers, according to internal documents seen by .

Kaspersky is setting up the center in response to actions in the United Sta,上海夜生活群Jacklyn,tes, Britain and Lithuania last year to stop using the company’s products, according to the documents, which were confirmed by a person with direct knowledge of the matter.

The action is the latest effort by Kaspersky, a global leader in anti-virus software, to parry accusations by the U.S. government and others that the company spies on customers at the behest of Russian intelligence. The U.S. last year ordered civilian government agencies to remove the Kaspersky software from their networks.

Kas,上海夜网邀请码Mace,persky has strongly rejected the accusations and filed a lawsuit against the U.S. ban.

The U.S. allegations were the “trigger” for setting up the Swiss data center, said the person familiar with Kapersky’s Switzerland plans, but not the only factor.

“The world is changing,” they said, speaking on condition of anonymity when discussing internal company business. “There is more balkanisation and protectionism.”

The person declined to provide further details on the new project, but added: “This is not just a PR stunt. We are really changing our R&D infrastructure.”

A Kaspersky spokeswoman declined to comment on the documents reviewed by .

In a statement, Kaspersky Lab said: “To further deliver on the promises of our Global Transparency Initiative, we are finalizing plans for the opening of the company’s first transparency center this year, which will be located in Europe.”

“We understand that during a time of geopolitical tension, mirrored by an increasingly complex cyber-threat landscape, people may have questions and we want to address them.”

Kaspersky Lab launched a campaign in October to dispel concerns about possible collusion with the Russian government by promising to let independent experts scrutinize its software for security vulnerabilities and “back doors” that governments could exploit to spy on its customers.

The company also said at the time that it would open “transparency centers” in Asia, Europe and the United States but did not provide details. The new Swiss facility is dubbed the Swiss Transparency Centre, according to the documents.

DATA REVIEW

Work in Switzerland is due to begin “within weeks” and be completed by early 2020, said the person with knowledge of the matter.

The plans have been approved by Kaspersky Lab CEO and founder Eugene Kaspersky, who owns a majority of the privately held company, and will be announced publicly in the coming months, according to the source.

“Eugene is upset. ,上海夜网后花园Kade,He would rather spend the money elsewhere. But he knows this is necessary,” the person said.

It is possible the move could be derailed by the Russian security services, who might resist moving the data center outside of their jurisdiction, people familiar with Kaspersky and its relation上海夜生活网s with the government said.

Western security officials said Russia’s FSB Federal Security Service, successor to the Soviet-era KGB, exerts influence over Kaspersky management decisions, though the company has repeatedly denied those allegations.

The Swiss center will collect and analyze files identified as suspicious on the computers of tens of millions of Kaspersky customers in the United States and European Union, according to the documents reviewed by . Data from other customers will continue to be sent to a Moscow data center for review and analysis.

Files would only be transmitted from Switzerland to Moscow in cases when anomalies are detected that require manual review, the person said, adding that about 99.6 percent of such samples do not currently undergo this process.

A third party will review the center’s operations to make sure that all requests for such files are properly signed, stored and available for review by outsiders including foreign governments, the person said.

Moving operations to Switzerland will address concerns about laws that enable Russian security services to monitor data transmissions inside Russia and force companies to assist law enforcement agencies, according to the documents describing the plan.

The company will also move the department which builds its anti-virus software using code written in Moscow to Switzerland, the documents showed.

Kaspersky has received “solid support” from the Swiss government, said the source, who did not identify specific officials who have endorsed the plan.

Facebook, Twitter support Apple on encryption dispute with FBI

SAN FRANCISCO ( ) – Facebook Inc (FB.O) and Twitter Inc (TWTR.N), two of Silicon Valley’s most powerful companies, on Thursday backed Apple Inc’s (AAPL.O,上海夜网邀请码Radley,) refusal to help the FBI break into an iPhone used by a shooter in the San Bernardino attack, saying that complying would set a dangerous precedent for privacy.

It took two days, but the companies’ entry solidifies a small but powerful band of tech giants supporting Apple in its quest to buck government demands that it says would irreparably damage security and erode consumer trust.

Among the first to come to Apple’s defense was its chief rival. Chief Executive Officer Sundar Pichai of Alphabet Inc’s (GOOGL.O) Google tweeted in support of Apple on Wednesday.

But other companies are staying mum. Yahoo Inc YHOO.O and Microsoft Corp (MSFT.O) have yet to weigh in on the case.

In characteristic fashion, Twitter CEO Jack Dorsey used the service itself to lend support to Apple CEO Tim Cook, tweeti,上海夜哪里艳遇Tallulah,ng “We stand with @tim_cook and Apple (and thank him for his leadership).” (bit.ly/1RbfI5j)

In a statement, Facebook said, “We will continue to fight aggressively against requirements for companies to weaken the security of their systems.”

The case has intensified the rift between tech companies,上海仙霞路夜生活Lark, and law enforcement over the limits of encryption. And law enforcement groups have been vocal about their support for the Justice Department.

Although some firms have remained silent, the industry is firmly on Apple’s side, said Aaron Levie, CEO of cloud-based storage provider Box Inc (BOX.N).

“Companies choose to use their political capital when it is really important or relevant to them,” Levie said. “If individually pressed you would see the same message from essentially any Internet or hardware or enterprise software CEO or company, and that’s because the fundamental security model of our technology would break if you were to comply with this kind of order.”

Levie said he unequivocally supports Cook’s stance.

“The whole grounds on which Apple is standing on are just super important,” he said.

At the center of the case is an iPhone used by Rizwan Farook, who along with his wife, Tashfeen Malik, killed 14 people and wounded 22 in a shooting rampage in San Bernardino, California.

上海夜生活

The young married couple sympathized with Islamic State militants, and government investigators want the data on the phone to learn more about their activities the day of the shooting and their contacts with either accomplices or Islamic State.

Apple’s Cook had said the court’s demand threatened the security of Apple’s customers and had “implications far beyond the legal case at hand.”

U.S. judge dismisses currency-rigging claims against big banks

NEW YORK ( ) – A U.S. judge on Thursday dismissed a lawsuit against 16 big banks by retail foreign currency investors who claimed they were indirectly harmed by a conspiracy to rig prices.

U.S. Dist,上海高端夜生活在那里Naia,rict Judge Lorna Schofield in Manhattan said the investors failed to show they had legal standing to pursue antitrust claims, or that the banks’ alleged conspiracy in the $5.1-trillion-a-day currency market was the proximate cause of their losses.

The plaintiffs claimed they were injured,上海夜网Landon, by hav上海夜生活ing bought currencies from dealers that did not rig prices, but which passed on the costs of the conspiracy. They said the conspiracy included the defendants’ alleged use of chat rooms with such names as “The Cartel” and “The Mafia.”

A lawyer for the plaintiffs did not immediately respond to a request for comment.

Fifteen of the 16 banks have settled similar litigation by other investors for $2.31 billion, with,上海夜生活群Gabi, Credit Suisse Group AG (CSGN.S) being the holdout, court papers show.

Bank of America Corp (BAC.N), Barclays Plc (BARC.L), Citigroup Inc (C.N), Goldman Sachs Group Inc (GS.N), JPMorgan Chase & Co (JPM.N), Royal Bank of Canada (RY.TO) and Royal Bank of Scotland Group Plc (RBS.L) are among the settling banks. All were defendants in the lawsuit dismissed by Schofield.

Obama to nominate Supreme Court justice when Senate returns: White…

RANCHO MIRAGE, Calif. ( ,上海021夜网Rae,) – President Barack Obama will not rush through a Supreme Court choice to replace Justice Antonin Scalia this week but will wait to nominate a candidate until the U.S. Senate is back in session, the White House said on Sunday.

“Given that the Senate is currently in recess, we don’t expect the president to rush this through this week, but instead will do so in due time once the Senate returns from their recess,” White House spokesman Eric Schultz said.

“At that point, we expect the Senate to consider that nominee, consistent with their responsibilities laid out in the United States Constitution,” he said.

Obama is traveling in California and returns to Washington on Tuesday. The Senate returns from recess on Feb. 22.

Making a recess appointment would have been extremely controversial.

The White House declined to give a ,上海夜哪里艳遇Caitlin,more specific timeline for Obama to announce his nominee.

For his previous two Supreme Court picks, Elena Kagan and Sonia Sotomayor, the president took about 30 days each to announce his selection after their predecessors, Justice John Paul Stevens and Justice David Souter, respectively, said they planned to step down.

In remarks honoring Scalia on Saturday, Obama made clear he would not succumb to pressure from Republicans to leave the selection of a new justice to his successor.

The president, who leaves office in January 2017, said he,上海夜网邀请码Idaleen, would make his choice in due time.

“These are responsibilities that I take seriously, as should everyone. They’re bigger than any one party. They are about our democracy,” he said. “They’re about the institution to which Justice Scalia dedicated his professional life, and making sure it continues to function as the beacon of justice that our founders envisioned.”

Scalia’s death and the upcoming fight over his replacement gives the White House an unexpected shot at shifting the balance of power on the S上海夜生活论坛upreme Court in what would be a legacy-defining act during his last year in office. It also keeps the president from slipping quickly into “lame duck” status during an election year.

White House officials are unlikely to drag out the process of announcing Obama’s choice.

“They should move with dispatch,” said David Axelrod, Obama’s former senior adviser.

To rebut Republican arguments, the White House points to a host of previous Supreme Court nominees who have received speedy hearings and votes regardless of which party had control in Congress.

Credit Suisse sued over U.S. ‘volatility’ product losses

NEW YORK ( ) – An investor sued Credit Suisse (CSGN.S) on Wednesday, alleging that misstatements about a complex product betting on stock market swings led to losses for people who bought in at inflated prices.

A popular product offered by the bank and linked to expectations of future price swings, or volatilit上海夜生活论坛y, in the S&P 500 .SPX stock index sank by more than 90 percent within hours last month following a market selloff.

Credit Suisse later took the product – once worth $1.6 billion and known as the VelocityShares Daily Inverse VIX Short-Term Exchange-Traded Note (ETN) – off the market.

The lawsuit, filed in U.S. District Court in Manhattan ,said Credit Suisse “manipulated” the notes by liquidating its holdings in various financial products to avoid a loss. It also said the company’s statements about the product to investors were incomplete.

“The publicly available prospectus accurately and fully disclosed the risks of an investment in XIV, which is only intended for sophisticated institutional clients,” the bank said in a statement emailed to , referring to the product by its former stock ticker.

“Credit Suisse did not engage in any conduct designed to misl,夜上海论坛Octavien,ead investors regarding XIV’s value or cause the February 5, 2018, decline in XIV’s price,” the bank said.

The bank’s chief executive, Tidjane Thiam, has called the product “legitimate” and said investors took their ow,上海夜生活桑拿会所Tamara,n risk on a trade that did not pan out.

Investors flocked to XIV, launched in 2010, for profits that grew in calm markets. XIV booked a 585 percent gain for the two years ended Feb. 1.

The market action that led to the trade’s death in the Feb. 5 reversal of fortune in U.S. markets that some investors called “vol-mageddon” is now being probed by securities regulators, has reported.

Other banks and asset managers have since tamed or closed competing products also indirectly tied to Wall Street’s “fear gauge,” the CBOE Volatility Index .VIX.

The lawsuit, which seeks class-action status as well as unspecified damages, is not the first challenge for investors in a Credit Suisse ETN.

The bank was sued in 2012 by investors who owned a “leveraged” ETN after new issuances of the notes, which doubled one market’s returns, were suspended. A federal appeals court in 2014 ruled in favor of the bank, saying no reasonable investor could have read disclosures for the product without understand,上海夜生活论坛Kaiden,ing their risk.

Merits of any Takeda bid for Shire questioned, shares slide

TOKYO ( ) – A potential acquisition of London-listed Shire SHP.L by Takeda Pharmaceutical (4502.T) was greeted with investor scepticism about its merits on Thursday, with shares in the Japanese drug maker tumbling 7 percent.

Takeda, currently worth some $39 billion, is smaller than Shire, a rare disease specialist which saw its shares jump 16 percent to be valued at some $45 billion after the Japanese firm said it was in a “preliminary and exploratory stage” of considering a bid.

That similarity in size has raised the question of whether the damage to Takeda’s finances would be worth the boost to its portfolio and pipeline.

“The impression left by the news is that the acquisition would be an overreach,” said Mizuho Securities analyst Hiroshi Tanaka in a note to clients.

Any deal is expected to involve some form of equity, whether that be a share swap or a share issue, analysts also said, noting a share issue could be highly dilutive for Takeda shareholders.

Takeda said an acquisition of Shire, which also sells treatments for attention deficit disorder, could create a global biopharmaceutical leader, boost its position in the United States and in the fields of oncology, gastrointestinal diseases and neuroscience.

But some analysts also doubted whether Shire’s treatments fo,上海会所夜网Landon,r haemophilia and other rare diseases would benefit Takeda and though,上海夜生活乌托邦Paige,t that any deal should be more targeted.

“We th,上海夜生活Naia,ink neuroscience assets alone, which Shire said are under strategic review, would be a realistic target, but we find it hard to imagine Takeda acquiring all of Shire,” said UBS analyst Atsushi Seki.

“We think the possibility of it making a proposal is very low, but its share price will likely be under pressure from concern over potential dilution.”

Takeda’s potential bid for Shire, most of whose employees are based in North America, immediately stoked expectations for another takeover battle in the deal-hungry pharma industry.

In recent months, France’s Sanofi (SASY.PA) agreed to buy U.S haemophilia specialist Bioverativ BIVV.O for $11.6 billion and Belgium’s Ablynx ABLX.BR for 3.9 billion euros ($4.8 billion). Before that, U.S.-based Celgene (CELG.O) bought cancer specialist Juno Therapeutics JUNO.O.

Japanese companies, faced with a rapidly shrinking population, are seen as particularly acquisitive. Takeda, founded in 1781 as 上海夜网a purveyor of traditional herbal medicine, has sought to internationalise through deals under its French CEO Christophe Weber, who took over in 2015.

(This story has been refiled to fix typographical error in first paragraph.)

U.S. core capital goods orders bolster business spending outlook

WASHINGTON ( ) – New orders for key U.S.-made capital goods rebounded more than expected in February after two straight monthly declines and shipments surged, which could temper expectations of a sharp slowdown in business spending on equipment in the first quarter.

The Commerce Department’s report on Friday prompted some economists to raise their economic growth estimates for the first three months of the year. They were slashed last week after data showed retail sales fell in February for the third month in a row.

The Federal Reserve painted上海夜生活网 an upbeat picture of the economy on Wednesday when it raised interest rates and forecast at least two more increases for 2018.

“There is speculation that the economy is running out of room to grow. But the jump in core durable goods purchases, machinery that is used in factory production, keeps the recession winds at bay,” said Chris Rupkey, chief economist at MUFG in New York.

Orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, jumped 1.8 percent last month as demand increased almost across the board. That was the biggest gain in five months and followed a 0.4 percent decrease in January.

Economists polled by had forecast those orders to rise 0.8,上海夜生活群Landon, percent in February. Core capital goods orders increased 7.4 percent on a year-on-year basis.

Shipments of core capital goods increased 1.4 percent last month, the biggest advance since December 2016, after a 0.1 percent gain in January. Core capital goods shipments are used to calculate equipment spending in the government’s gross domestic product measurement.

Business spending on equipment powered ahead in 2017 as companies anticipated a hefty reduction in the corporate income tax rate. The Trump administration slashed that rate to 21 percent from 35 percent effective in January. ,上海夜生活论坛Hadley,

U.S. financial markets were little moved by the data as investors worried that President Donald Trump’s announcement on Thursday of tariffs on up to $60 billion of Chinese goods could start a global trade war.

Stocks on Wall Street were trading lower while prices of U.S. Treasuries were mixed. The dollar .DXY fell against a basket of currencies.

STRONG BUSINESS SPENDING There had been concerns spending could slow sharply after double-digit growth in the last two quarters.

While the surge in core capital goods orders in February suggests business spending on equipment is on solid footing, economists said the threat of a trade war cast a cloud on the outlook for capital investment.

“Uncertainty hurts capital spending and the greatest uncertainty in the economic environment at present is the wild-card threat that U.S. tariff actions poses to the global trading system,” said John Ryding, chief economist at RDQ Economics in New York.

For now, spending on equipment remains underpinned by robust business confidence, strengthening global economic growth and a weakening,上海高端夜生活在那里Ebba, dollar, which is boosting demand for U.S. exports. That is helping to support manufacturing, which accounts for about 12 percent of U.S. economic activity.

The strength in core capital goods shipments, together with a surge in industrial production in February, could help offset the impact of soft consumer spending on first-quarter growth.

Economists at Barclays raised their first-quarter GDP growth estimate by one-tenth of a percentage point to a 1.9 percent annualized rate. JP Morgan lifted its estimate for equipment spending growth in the first three months of the year to a 7 percent rate from 5 percent.

A second report from the Commerce Department on Friday showed new home sales falling for a third straight month in February, suggesting a moderation in growth in spending on residential construction in the first quarter.

“This morning’s data suggest slightly lower brokers’ commissions in the first quarter,” said Pooja Sriram, an economist at Barclays in New York.

The government reported last month that the economy grew at a 2.5 percent pace in the fourth quarter. However, revisions to December data on construction spending, factory orders and wholesale inventories have suggested the fourth-quarter growth estimate could be raised to a 3.1 percent pace. The government will publish its third GDP estimate on Wednesday.

Last month, orders for machinery soared 1.6 percent. There were also hefty increases in orders of primary metals and electrical equipment, appliances and components.

Orders for computers and electronic products fell 0.2 percent, with bookings for communications equipment recording their biggest drop since December 2015.

Overall orders for durable goods, items ranging from toasters to aircraft that are meant to last three years or more, vaulted 3.1 percent last month as demand for transportation equipment soared 7.1 percent after tumbling 3.5 percent in January. Orders for motor vehicles and parts increased 1.6 percent last month after edging up 0.1 percent in January.

Unfilled durable goods orders rebounded 0.2 percent in February after slipping 0.3 percent in the prior month. Inventories of these goods increased 0.4 percent, matching January’s gain.

China renews pledges to open economy, protect IP rights

BEIJING ( ) – China pledged on Sunday to pres,上海夜网Ebba,s ahead with market opening and reforms while reiterating that it will treat domestic and foreign firms equally and protect intellectual property rights.

The pledge on reform and equal treatment came from Vice Premier Han Zheng, at a time there are increasing prospects of a trade war with the United States.

Han, making his first speech since being named executive vice premier earlier this month, told the China Development Forum in Beijing that China needs to “open even wider to the outside world,” and would do so via its ,上海夜生活男人好去处Nadine,Belt and Road Initiative.

China is fully aware that economic globalization is “irreversible,” said Han, adding that unilateralism and trade protectionism served nobody’s interests.

Also at the forum, He Lifeng, chairman of the National Development and Reform Commission (NDRC), said China “will deepen supply-side structural reforms and work hard to eliminate ineffective supply”.

Earlier this month, the NDRC said China, the world’s biggest steel and coal producer, would cut its annual steel capacity by around 30 million tonnes and coal capacity by about 150 million tonnes this year.

China will also promote international capacity cooperation as part of its Belt and Road Initiative, which Beijing considers to be a modern-day ‘silk road’, and widen access to the Chinese market, including the financial, telecom and education sectors, He said.

EQUAL PROTECTION

It will also “give equal protection to property rights of all ownership types by law,” and strengthen protection of intellectual property rights, said He, adding that China would better integrate its financial sector and real economy.

John Frisbie, president of the U.S.-China Business Council told China “has been promising market-opening measures and protection of intellectual上海夜生活 property for some time, but what the U.S. business community is waiting for is action.”

The United States launched a complaint against China at the World Trade Organization on Friday, part of a package of trade measures announced by President Donald Trump on Thursday over China’s alleged theft of U.S. intellectual property..

Related CoverageChina’s opening up not forced by external pressure: commerce ministerChina weighs ending some restrictions on foreign stakes – vice commerce ministerSee more stories

China’s Ministry of Commerce said on Friday it opposed U.S. unilateralism and protectionism after Washington unveiled plans for tariffs on up to $60 billion in Chinese goods following an intellectual property probe.

Tim Cook, chief executive of Apple (AAPL.O), who is co-chairing the forum, told the meeting the business community “has always supported the idea that open markets foster new ideas and allow entrepreneurship to thrive.”

“The strongest companies and economies are those that are open – those that thrive on diversity of people a,上海晚上耍女人的地方Idaleen,nd ideas,” said Cook, who on Saturday called for “calm heads” in the brewing U.S.-China trade dispute.

Republican Trump releases healthcare proposals

WASHINGTON ( ) – U.S. Republican presidential front-runner candidate Donald Trump on Wednesday unveiled proposals for reforming U.S. healthcare that included repealing Obamacare, allowing prescription drugs to be imported, and turning the Medicaid program for the poor into b,上海夜生活网交流Barrett,lock grants to states.

The plan also calls for the sale of health insurance,夜上海419龙凤论坛Caitlin, plans across state lines, full deduction of health insurance premiums from income tax and adds: “We must also make sure that no one slips through the cracks simply because they cannot afford insurance.” (here)

Trump, who is the front-runner in the race to become the Republican nominee in November’s presidential election, is also proposing allowing individuals to use Health Savings Accounts (HAS) to pay for out-of-pocket expenses. Contributions to HSAs would be tax-free and could be passed on to heirs without any tax penalty.

The proposals include requiring “…price transparency from all healthcare providers, especially doctors and heal上海夜生活网thcare organizations like clinics and hospitals. Individuals should be able to shop to find the best prices for procedures, exams or any other medical-related procedure.”

On drug prices, Trump departs from standard Republican policy by calling for lowering barriers to cheaper imported pharmaceuticals.

“Allowing consumers access to imported, safe and dependable drugs from overseas will bring more options to consumers,”

the statement says, adding that “Congress will need the courage to step away from the special interests and do what is right for America.”

The proposals also call for reforming ment,夜上海论坛Fabian,al health programs and institutions, but provides few details about how to do this.

Trump also called for tighter enforcement of immigration laws, a key plank in his campaign platform, as a way to bring down healthcare costs.

“Providing healthcare to illegal immigrants costs us some $11 billion annually. If we were to simply enforce the current immigration laws and restrict the unbridled granting of visas to this country, we could relieve healthcare cost pressures on state and local governments,” the proposal statement says.

Democrats were quick to criticize the plan.

“As Democrats have said all along, Donald Trump is not an outsider engaging in a hostile takeover of the GOP – in fact, he embodies the Republican Party.

“The fact that his healthcare ‘plan’ is clearly cribbed from worn-out and false GOP talking points proves that Trump is just another Republican politician who wants to take healthcare away from millions of Americans without offering any substantive alternative,” Democratic National Committee Communications Director Luis Miranda said in a statement.

Melrose wins UK engineer GKN with $11 billion hostile bid

LONDON ( ) – Melrose Industries (MRON.L) has narrowly clinched an 8 billion-pound ($11 billion) takeover of British engineer GKN GKN.L, winning an acrimonious three-month battle for control of the FTSE 100 company.

The UK-based turnaround specialist said on Thursday that 52.4 percent of GKN’s shareholders had accepted its hostile cash-and-shares offer by the time the deadline for a deal expired at 1200 GMT.

That just surpassed the acceptance threshold of 50 percent plus one share that Melrose had set for the takeover of the aerospace and automotive parts supplier.

It means Melrose has triumphed with Britain’s biggest hostile bid since Kraft pounced on confectionery giant Cadbury in 2009.

GKN supplies parts to carmakers such as Volkswagen, components to aircraft including the Eurofighter Typhoon and produced Spitfires during the Second World War.

Given its status as a mainstay of British engineering, Melrose’s bid has attracted close scrutiny f,上海新夜网龙凤Paisley,rom politicians.

The turnaround specialist’s motto is “buy, improve, sell”, provoking fears among some lawmakers about the security of GKN’s 6,000 British employees and the future of the engineer’s pension schemes.

It also raised concerns Melrose could in the future sell GKN’s aerospace business, which is involved in defense programs, on to an overseas buyer in a move that might have implications for national security.

Seeking to quell such worries, Melrose made a series of legally binding commitments about GKN’s future this week. They included pledges on research and development expenditure and a promise the combined firm would remain headquartered in Britain.

Business mini上海夜生活网ster Greg Clark said on Thursday that Melrose is “bound to honor” those commitments.

“Now that shareholders have made their decision the government has a statutory responsibility to consider whether the merger in its proposed final form gives rise to public interest concerns,” he added.

“This assessment will be made by the appropriat,上海夜网官方网站Caden,e authorities and the conclusion set out in due course.”

Rebecca Long-Bailey, business spokeswoman for the main opposition Labour Party, said the government had “acted too little, too late.”

“They have allowed a takeover to happen which may harm both our national security and industrial strategy,” she said.

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

Meanwhile, the Committee on Foreign Investment in the United States, which reviews takeovers for possible security concerns, is yet to give its verdict on the deal.

SHARES RISE

GKN, led by chief executive Anne Stevens, had put up a staunch defense again,上海夜网后花园Sabia,st the unsolicited offer that included striking a separate deal to merge its autos division with U.S. firm Dana (DAN.N)

That tie-up was dependent on the failure of the Melrose takeover and Dana said its deal was now “unlikely” to proceed.

The trustees of GKN’s pension schemes said they were looking forward to working with Melrose.

“We are delighted and grateful to have received support from GKN shareholders for our plan to create a UK industrial powerhouse with a market capitalization of over 10 billion pounds and a tremendous future,” said Christopher Miller, Melrose’s chairman.

Melrose added that it urged hold-out GKN shareholders to accept its bid, which will now stay open. It expects to declare the offer unconditional by April 19.

Melrose shares closed up 3.4 percent at 231 pence, lifting the value of its offer for the engineer to about 471.4 pence per GKN share. That values GKN as a whole at about 8 billion pounds.

Shares in GKN finished up 9.5 percent at 463 pence.

Despite Melrose’s victory, GKN said it still believed the bid “fundamentally undervalues” its business.

However, given Melrose will take control of the engineer when the offer is declared unconditional, GKN said it now recommended its shareholders accept the bid.

Melrose plans to delist the company if it secures acceptances from 75 percent, which would leave investors who have still not backed the offer with a stake in an unlisted business.

The statement from GKN did not include a comment from either Stevens or Chairman Mike Turner, who have both fiercely opposed Melrose since it first made an approach in early January and quickly became embroiled in a war of words with the bidder.

Meanwhile, the chief executive of Ohio-based Dana, James Kamsickas, said he was disappointed by the outcome. He added the U.S. firm still believed it was “the best owner and operator” of GKN’s auto parts business.

It is possible that Dana could revive a deal for the division with Melrose in the future, a source close to GKN said.

($1 = 0.7128 pounds)

Novo Banco posts record loss, remedied by Portugal resolution fund

LISBON ( ) – Portugal’s Novo Banco, rescued by the state and acquired last year by U.S. private equity firm Lone Star, reported a record net loss of 1.4 billion euros on Wednesday for 2017 and a fresh capital injection from the country’s bank resolution fund.

The annual loss, up 77 percent from 2016 due to a 50 percent rise in impairments and a drop in net interest income, meant that the unlisted bank needed 791.7 million euros from the resolution fund, which holds a 25 percent stake in the bank.

The fund is the common responsibility of all banks operating in Portugal, and receives state loans to cover any large shortfalls in the banking system.

The i上海夜生活论坛njection, under the so-called contingency capital mechanism, is,上海夜生活怎么玩Quaid, meant to keep solvency ratios at the country’s third-largest bank at adequate levels required by regulators.

Lone Star had already injected 1 billion euros in Novo Banco last year under the terms of the acquisition deal.

The new cash allowed the lender to slightly increase its solvency ratio to 12.8 percent from 12 percent a year ago as it continued to clean up its balance sheet.

The bank that was carved out of the collapse of Banco Espirito Santo in 2014 and rescued by the state to the tune of 5 billion euros, took 2.06 billion euros in impairments and provisions for bad loans, assets, debt, restructuring costs and contingencies, 50 percent higher than a year earlier.

Net interest income – the difference between interest charged on loans and interest paid on deposits – fell 23 percent, but commissions rose 17 percent. Client deposits rose b,上海夜生活群Lance,y 2.1 billion euros, or,上海新夜网龙凤Pamela, 16 percent, while the loan portfolio was reduced by 2.3 billion euros of 7 percent.

The weight of bad loans in its total loan portfolio fell to 30.5 percent from 33.4 percent. It also slashed operating costs by 7 percent to 549 million euros, mainly by laying off staff and closing branches in Portugal and abroad.

U.S. judge says AT&T-Time Warner merger trial may last 8 weeks

WASHINGTON ( ) – U.S. District Judge Richard Leon said on Thursday a trial to decide if AT&T’s (T.N) $85 billion acquisition of Time Warner Inc TWX.N is legal under U.S. antitrust law may last six to eight weeks, significantly longer than previously forecast.

At a pre-trial hearing, Leon said he will hear up to two days of motions before hearing opening arguments on Wednesday.

Lawyers for the government and both companies did not comment on Leon’s estimate on the length of the trial; they had previously suggested it would last three weeks.

The U.S. Justice Department filed a lawsuit in November to stop AT&T, which owns DirecTV and other products with 25 million subscribers, from buying movie and TV show maker Time Warner, which owns HBO and CNN, among many other channels, saying it上海夜生活论坛 could raise prices for rivals and pay-TV subscribers while hampering the development of online video.

The judge will hear arguments on a number of objections including whether some emails can be introduced as evidenc,上海夜生活桑拿会所Jack,e and how to handle potentially confidential information during the trial.

Shares of AT&T closed nearly unchanged at,上海夜生活怎么玩Easton, $37.04, while Time Warner closed up 0.5 percent to $96.88.

Leon warned reporters not to use electronic devices and said they could be banned from the courtroom a,上海夜生活去哪玩Lance,nd held in contempt of court if they violated the prohibition.

He also discouraged the government and companies from attempting to try the case in the press, saying his goal was to ensure both sides receive a fair trial. “The case will be tried in this room,” Leon said.

After the hearing, Leon told both sides to “Get your rest” before the start of a lengthy trial.

Trade war fears roil equity markets while yen, bonds gain

NEW YORK ( ) – The threat of a trade war sent world stock markets broadly lower in choppy trading on Friday and boosted safer assets like the yen and government bonds, a day after U.S. President Donald Trump announced tariffs on up to $60 billion of Chinese goods.

Trump signed a presidential memorandum on Thursday that could impose tariffs on up to $60 billion of imports from China, although the measures have a 30-day consultation period before they take effect.

After another bruising week, a key gauge of world equity markets was broadly headed for its first quarterly loss since early 2016 as a spike in volatility, rising inflation and the specter of a trade war spooked investors who had enjoyed a multi-year bull run.

MSCI’s gauge of stocks across the globe shed 1.8 percent. The index lost 3.4 percent this week for its worst week since early February when a spike in volatility had sent markets into a tailspin.

“The equity markets are getting clobbered, which is not that surprising with fears of a trade war breaking out,” said Paul Fage, a TD Securities emerging markets strategist.

The losses accelerated near the close of U.S. trading.

The Dow Jones Industrial Average fell 424.69 points, or 1.77 percent, to 23,533.20, the S&P 500 lost 55.43 points, or 2.10 percent, to 2,588.26 and the Nasdaq Composite dropped 174.01 points, or 2.43 percent, to 6,992.67.

The declines sent the Dow and the S&P 500 down more than 4 percent and more than 2.75 percent, respectively, for the year to date.

“There’s a whole lot less predictability in the news flow after this week, and I don’t think that gave investors a lot of confidence going into the weekend ‘long’ (stocks),” said Art Hogan, chief market strategist at B. Riley FBR in New York.

European stocks fell broadly, with the Euro Stoxx index dropping 0.9 percent. That followed large declines in Asia, where the Nikkei tumbled 4.5 percent and the Hang Seng index lost 2.5 percent.

China urged the United States to “pull back from the brink,” but investors fear Trump’s tariffs are leading the world’s two largest economies into a trade war with potentially dire consequences for the global economy.

China disclosed its own plans on Friday to impose tariffs on up to $3 billion of U.,夜上海论坛Qirin,S. imports in retaliation against U.S. tariffs on Chinese steel and aluminum products.

SAFETY

Amid the uncertain global economic climate, investors seeking safer assets jumped into government bonds in Europe and the United States.

Benchmark 10-year U.S. Treasury notes last rose 6/32 in price to yield 2.8117 percent, from 2.832 percent late on Thursday.

In Europe, benchmark issuer Germany’s 10-year bond yields hovered close to 10-week lows struck a day earlier at around 0.52 percent. While German bond yields recovered in European trading, they suffered their biggest two-week drop since November.

Many investors also turned to the Japanese yen, a currency likely to benefit from a full-fledged trade war.

The currency gained as much as 0.6 percent against the dollar to 104.635 yen, the first time it has been below 105 since November 2016. Investors later booked profits to leave the yen up 0.1 percent at,上海新夜网龙凤Jace, 105.19 yen per dollar.

The Swiss franc, another currency bought in times of market uncertainty, rose 0.2 p上海夜生活网ercent versus the dollar, although it fell against the euro.

The dollar index, tracking it against other major currencies, fell 0.4 percent.

U.S.,上海夜生活群Nadia, crude rose 2.6 percent to $65.97 per barrel and Brent was last at $70.55, up 2.4 percent.

U.S. Justice Department urges judge to block AT&T-Time Warner merger

WASHINGTON ( ) – The U.S. Justice Department squared off on Thursday with AT&T Inc in a long anticipated trial, as the two sides disputed whether AT&T’s $85 billion purchase of Time Warner Inc would be good for consumers or an expensive drag on innovation.

During opening statements, Justice Department lawyer Craig Conrath asked for the deal to be blocked, saying it would hike prices for consumers by more than $400 million annually, or an average of $0.45 a month for pay TV subscribers, by making rival pay TV companies pay more for Time Warner content.

“Time Warner would be a weapon for AT&T because AT&T’s competitors need Time Warner,” Conrath told U.S. District Judge Richard Leon, who will decide the case after a trial expected to last six to eight weeks.

Conrath also said AT&T would be able to use content from movie and TV show maker Time Warner, including its Turner unit, to slow innovation in online video.

In opening remarks, Daniel Petrocelli, speaking for AT&T and Time Warner, ridiculed the Justice Department’s case and suggested the government was “fundamentally stuck in the past” with arguments that were “divorced from reality.”

Petrocelli said the deal would actually lead to a 50-cent decrease in prices for pay ,上海夜网后花园[随机符上海夜网],TV subscribers, citing what he said were errors in a government expert’s model of how the transaction would impact future prices.

The Justice Department, Petrocelli said, “cannot meet their burden of proof. They cannot prove that this would lessen competition.”

The merger is about the companies trying to better compete with technology businesses like Alphabet Inc and Amazon.com Inc, Petrocelli said.

The internet companies, including Netflix Inc, pose two challenges to pay TV. They either compete with cable and satellite television for ad dollars or provide cheaper online video that has hurt pricey pay-TV. Some do both.

Petrocelli added that the combined company would be better at using customer data to target advertising. Companies like General Motors Co and Mastercard In will pay more for higher quality advertising and consumers will pay less, he said.

The Justice Department filed suit in November to stop AT&T, which has some 25 million pay-TV subscribers, from closing the deal. AT&T says a merger would benefit consumers by creating efficiencies. AT&T is the biggest pay-TV provider via subsidiary DirecTV.

Conrath suggested that AT&T would be able to hike fees that Turner charges for its content by about 10 percent if the merger were approved and that the company could withhold content from rival distributors. He referenced an internal email from Turner executives that Dish Network Corp’s Sling service would be “crap” without Turner content, as he paraphrased the stronger language in the email.

President Donald Trump publicly criticized the deal as a candidate and as president, and the Republican president often has excoriated Time Warner’s CNN news network.

For its first witness, the Justice Department called Cox Communications content buyer Suzanne Fenwick, who described Time Warner’s movies, television shows and sports programming as “must-have content” for the cable TV provider.

If the merger went through, she said, she feared the next negotiation. “We’re very concerned that we’re going to be presented with a horribly ugly deal,” she said.

Petrocelli, in response, pressed her in vain to show any,夜上海论坛Oakley, analytics to prove that Cox needed Time Warner to prevent customers from moving to DirecTV. “You’ve never done a single bit of quantitative analysis,” he concluded.

GOVERNMENT LOSS MEANS MORE DEALS

If the government loses, that could open up the field for more tie-ups between distributors and content providers. But a win could strengthen the hand of antitrust regulators looking at other, similarly structured mergers.

AT&T and Time Warner are not direct competitors, making the deal a so-called vertical merger between companies on the same supply chain. The vast majority of challenged mergers involve one rival buying another.

The merger would hand AT&T, if it becomes the new owner of Time Warner, the motive and opportunity to refuse to license March Madness NCAA basketball tournament games, along with premium cable channel HBO and other content, to pay-TV rivals and online distributors, the Justice Department has said.

Petrocelli had asked for access to communications b,上海夜网邀请码Eden,etween the White House and Justice Department about the deal, but the judge denied the request. Trump’s opposition to the merger did not come up during opening statements.

If the government loses, Verizon Communications Inc and Charter Communications Inc could strike deals to buy movie or television makers and squeeze smaller pay-TV providers.

AT&T has said the merger would result in more than $2.5 billion in annual cost savings by 2020.

Meredith to cut about 1,200 jobs, sell some Time publications

(This version of the March 21st story corrects company name in paragraph 7 to “Epiris” from “Epiris Fund II”. The error had also occurred in an earlier version of the story)

( ) – U.S. media company Meredith Corp上海夜网 (MDP.N) said on Wednesday it cut about 200 jobs and ,上海夜网千花Paige,would lay off another 1,000 as it streamlines its operations following the completion of its Time Inc acquisition.

Meredith also said it had decided to explore a sale of Time, Sports Illustrated, Fortune and Money magazines after a review.

The move to sell the brands illustrates how Meredith sees some of Time’s titles that attract primarily a male readership as not playing to its core strength in women’s magazines.

Meredith, which owns lifestyle magazines such as Better Homes & Gardens and Family Circle, agreed to buy Time Inc in a $1.84 billi,上海夜网推油Babette,on all-cash deal backed by conservative billionaire brothers Charles and David Koch.

reported last week about the company’s plan to sell the Time Inc brands.

“There are guys who would like to own these marquee brands and are probably gonna pay more than what Meredith paid to acquire them,” said Daniel Kurnos, an analyst with Benchmark Co.

The company last month said it would sell Time Inc’s UK arm to private equity firm Epiris.

The media company said the job cuts were part of a plan to achieve annual savings in the $400 million to $500 million range from the Time Inc acquisition, which closed in January.

The company has notified about 200 employees, while the around 1,000 more positions will be eliminated over the next 10 months.

Meredith needs to be more aggressive to reach its cost-cut targets and will likely have to lay off a lot more, said Craig Huber, an analyst with Huber Research Partners.

With its roots in traditional publishing, Meredith has been facing a fierce competitive online race against internet giants such as Alphabet Inc’s (GOOGL.O) Google and Facebook Inc (FB.O) for consumer eyeballs and adverti,上海夜生活服务Landon,sing dollars.

Hyundai’s union says revised trade deal with U.S. ‘humiliating’

SEOUL ( ) – Hyundai Motor,上海夜哪里艳遇Hallie, Co’s (005380.KS)上海夜生活网 South Korean labor union on Tuesday called Seoul’s revised free trade deal with the United States “humiliating”, and said the extended tariffs on pick-up trucks mean a missed opportunity to tap into the U.S. market.

The United States and South Korea agreed to revise a trade pact sharply criticized by U.S. President Donald Trump, Seoul said on Monday, with the nations agreeing to extend U.S. tariffs on Korean pickup trucks by 20 years until 2041.

“The union has called for domestic (South Korean) production of pickup trucks for the past several years,” the union said in a statement, adding it believes the U.S. pickup truck market “represents the U.S. market’s blue ocean and the future bread and butter of the South Korean auto industry”.

Although no South Korean automakers currently export pickup trucks to the United States, Hyundai Motor had said last year it planned to launch a model there to catch up with a shift away from sedans.

The government’s agreement to revise the U.S.-Korea Free Trade Agreement’s auto industry section “is a humiliating negotiation that accepted Trump’s ‘strategy to preemptively block Korean pickup trucks’”, the union said.

Hyundai was the worst performer among major automakers in ,上海夜网邀请码Gabe,the United States as of February, with its sales down 12 percent year-on-year over the first two months of this year due to its heavy reliance on sedans and its aging SUV models. This compares to the market’s 0.8 percent drop over the period.

“Among potential offerings from (Korean) automakers in the U.S. market, Hyundai Motor’s pickup truck is likely to be made locally (in the U.S.),” Yoo Ji-woong, analyst at eBest Investment & Securities, wro,上海夜网后花园Earl,te in a note on Tuesday.

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