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Hudson’s Bay chairman puts together $1.3 billion offer for retailer

( ) – Hudson’s Bay Co Executive Chairman Richard Baker said on Monday he had teamed up with other shareholders to offer to take the struggling Canadian department store operator private in a C$1.74 billion ($1.3 billion) cash deal.

The proposal comes as Hudson’s Bay has been shuttering its underperforming shops to cut costs as it competes with discount direct-to-consumer brands and e-commerce behemoths such as Amazon.com Inc.

It opens up Baker to inv上海夜生活论坛estor scrutiny, given that the buyout consortium he put together is made up of shareholders who already own 57% of the company. Hudson’s Bay said it had set up an independent board committee to evaluate the offer, which is subject to a vote by a majority of shareholders not affiliated with Baker’s bid.

“If you don’t go through these processes, you are really vulnerable to a lawsuit alleging that you shoved this down their throats,” said Eric Talley, co-director of the Millstein Center for Global Markets and Corporate Ownership at Columbia Law School in New York.

Shares of Hudson’s Bay rose 45% to close at C$9.25, slightly below the C$9.45 that shareholders will receive under the proposed deal. The offer represents a 48% premium to Friday’s closing share price. At its peak in 2015, the retailer was worth almost $30 per share.

Hudson’s Bay, which owns the Saks Fifth Avenue and Lord & Taylor retail chains, is the latest challenged retailer to consider going private. Last year, members of Nordstrom Inc’s founding family offered $8.4 billion for the company, but abandoned the bid once that company’s special board committee rejected it.

“While we continue to believe in Hudson Bay’s long-term potential, it has become clear that the significant challenges, risks and uncertainties facing Hudson Bay in the rapidly evolving retail environment are best addressed in a private market setting,” Baker said in a statement.

Baker’s buyout consortium includes Rhone Capital, WeWork Property Advisors, Abu Dhabi Investment Council and Abrams Capital Management.

Hudson’s Bay had said last month it was pursuing strategic alternatives such as a sale or merger for its department store Lord & Taylor.

Management has resisted calls from activist investor Jonathan Litt’s Land and Buildings Investment Management LLC to also sell Saks Fifth Avenue. A source familiar with Land & Buildings’ thinking said the hedge fund considers Baker’s offer significantly inadequate.

Hudson’s Bay also said on Monday it would sell its stake in its real estate joint venture in Germany to Signa Retail Holdings in a deal valued at C$1.5 billion.

Proceeds from its Signa deal will be used to reduce Hudson’s Bay’s debt, making a take-private deal more easy to finance.

Hudson’s Bay real estate could be worth as much as $6.4 billion or $35.24 per share, the company said in 2017. However, that figure included the Lord & Taylor flagship store, which the company sold to WeWork and partner Rhône Capital for $850 million in October 2017, and a Vancouver property owned by the company’s RioCan joint venture, since sold for $675 million.

Land and Buildings and other shareholders have criticized Hudson’s Bay for not doing enough to capitalize on the value of its properties.

EVALUATING OFFER

Investment bank JPMorgan Chase & Co worked with Hudson’s Bay on its deal to sell its stake in its German real estate joint venture, and will also advise the retailer’s special board committee in evaluating Baker’s proposed deal.

The special board committee will oversee the preparation of a formal assessment of the offer by an additional independent valuator, Hudson’s Bay said. Toronto-Dominion Bank is in line to win that role, according to a person familiar with the matter.

Hudson’s Bay, North America’s oldest company, was taken over in 2008 by Richard Baker’s private equity firm NRDC Equity Partners, which already owned Lord & Taylor.

Baker took the company public in 2012, following up with a string of acquisitions, including Saks Fifth Avenue for $2.9 billion, Gilt Groupe for $250 million, and German department store chain Galeria Kaufhof from Metro Group for $3.2 billion.

To bolster the company’s finances while retaining his influence over Hudson’s Bay, Baker sold stakes in the firm in separate transactions to other investors who aligned with him in the board room.

Other department store retailers including Sears Holdings Corp and J C Penney Co Inc have faced financial troubles as more consumers buy online.

Sears Chairman Edward Lampert also orchestrated deals to keep the retailer alive, before it filed for bankruptcy last year. He also became the company’s biggest creditor.

Mexico central bank chief flags concern over ratings setbacks

MEXICO CITY ( ) – Mexico’s government must address concerns flagged by rating agencies over the sustainability of the country’s finances following debt downgrades last week, Mexican Central Bank Governor Alejandro Diaz de Leon said on Tuesday.

Fitch last week cut Mexico’s sovereign credit rating and then became the first major ratings agency to downgrade the debt of state oil company Pemex to “junk” status, in a major setback for President Andres Manuel Lopez Obrador.

Fellow ratings agency Moody’s also lowered its outlook for Mexico to negative, adding to pressure on the peso.

Speaking at a banking conference in Mexico City, Diaz de Leon said the ratings developments were a risk factor for the Mexican economy that needed to be tackled.

“This has happened at times in the past, and it was dealt with, and let’s hope this is the case (now) and that it’s not a major worry going forward,” Diaz de Leon said.

The central bank has repeatedly raised concerns about the risks posed to Mexico’s finances by Pemex, which has financial debts of around $106 billion.

Lopez Obrador has vowed to revive the struggling company, pumping extra cash into Pemex to shore it up.

Mexico’s economy contracted by 0.2% quarter-on-quarter in the first three months of the year, and Diaz de Leon said the economic outlook for the coming months was uncertain.

He noted that investment had been sluggish this year but said remittances from abroad were helping to prop up private consumption.

Look上海夜网ing ahead, Diaz de Leon said attracting more investment and improving productivity were among the principal challenges facing Mexico’s policymakers.

UPDATE 2-China banks temper April lending as debt worries rise, but all eyes on U.S. trade threat

* April new loans at 1.02 trln yuan vs forecast 1.2 trln yuan

* April M2 money supply up 8.5 pct y/y, in line with forecast

* April TSF at 1.36 trln yuan vs forecast 1.7 trln yuan (Adds analyst quote)

BEIJING, May 9 ( ) – Chinese banks throttled back new lending in April after a record first quarter that sparked fears of more bad loans, but analysts say the central bank will have to keep up policy support for the economy due to escalating trade tensions with the United States.

Global investors are closely watching to see how much more support Beijing injects into the economy to shore up growth. But expectations that it may be moving to a more cautious approach shifted wildly this week after a sudden blowup in U.S.-China ties.

Chinese banks extended 1.02 trillion yuan ($150.16 billion) in net new yuan loans in April, the central bank said on Thursday, well below analysts’ expectations of 1.2 trillion yuan in a poll and March’s surprisingly strong 1.69 trillion yuan.

The credit data was released unexpectedly early, hours ahead of the resumption of last-ditch U.S.-China trade talks and a day ahead of a threatened U.S. tariff increase on Chinese goods. The numbers are usually released between the 10th and 15th of every month.

U.S. President Donald Trump stunned global financial markets on Sunday by announcing the tariff measures, which Beijing later said it will retaliate against. Investors had been betting on news of a trade agreement soon that would relieve pressure on both economies.

While China’s April lending levels have tended to moderate from March in past years, investors had been looking to details of the data for clues on how much more policy easing to expect.

Policy insiders told late last month that China’s central bank is likely to pause to assess economic conditions before making any further moves to ease banks’ reserve requirements, after better-than-expected March growth data reduced the urgency for action.

While the central bank’s easing bias remained unchanged, the sources said it was concerned that pumping too much cash into the economy could reignite bubbles over time, and it wanted to save some of its policy ammunition in case activity deteriorated again.

April’s more modest lending levels suggested Beijing was fine-tuning its policy stance last month, economists at Nomura said in a note.

But they added: “We expect a rebound of money and credit in May.

“The sudden escalation of U.S.-China trade tensions and the recent sharp drop of stock prices could convince Beijing to take further easing measures to bolster confidence and stabilize growth.”

CREDIT GROWTH KEY TO RECOVERY

Thursday’s data also showed that broad M2 money supply in April grew 8.5 percent from a year earlier, in line with market estimates but dipping slightly from March.

Outstanding yuan loans grew 13.5 percent from a year earlier, slightly lower than expectations and March’s 13.7 percent.

Growth of outstanding total social financing (TSF), a broad measure of credit and liquidity in the economy, slowed to 10.4 percent from a year earlier from 10.7 percent in March. TSF growth is a rough gauge of credit conditions.

Total TSF in April fell much more than expected, to 1.36 trillion yuan from 2.86 trillion yuan in March.

Optimism over the outlook for the world’s second-largest economy has improved recently, although preliminary economic data for April showed growth had become more subdued.

But analysts say the Chinese economy is not out of the woods yet, and the chance of reaching a trade deal during Vice Premier Liu He’s visit has declined, adding more uncertainties which might prompt policymakers to take swifter and stronger action.

Top officials have repeatedly vowed not to open the credit floodgates in an economy already saddled with piles of debt – a legacy of massive stimulus during the global financial crisis in 2008-09 and subsequent downturns.

The central bank has cut banks’ reserve requirements five times over the past year,上海夜生活网 and on Monday announced a smaller targeted cut to help cash-strapped smaller firms.

It has also guided money market interest rates lower in various ways, but has not cut benchmark policy rates as it did in the past.

U.S. internet firms ask Trump to support encryption, ease regulations

WASHINGTON ( ) – U.S. internet companies including Facebook Inc and Amazon Inc have sent President-elect Donald Trump a detailed list of their policy priorities, which includes promoting strong encryption, immigration reform and maintaining liability protections from content that users share on their platforms.

The letter sent on Monday by the Internet Association, a trade group whose 40 members also include Alphabet’s Google, Uber and Twitter, represents an early effort to repair the relationship between the technology sector and Trump, who was almost universally disliked and at times denounced in Silicon Valley during the presidential campaign.

“The internet industry looks forward to engaging in an open and productive dialogue,” reads the letter, signed by Michael Beckerman, president of the Internet Association, and seen by .

Some of the policy goals stated in the letter may align with Trump’s priorities, including easing上海夜生活网 regulation on the sharing economy, lowering taxes on profits made from intellectual property and applying pressure on Europe to not erect too many barriers that restrict U.S. internet companies from growing in that market.

Other goals are likely to clash with Trump, who offered numerous broadsides against the tech sector during his campaign.

They include supporting strong encryption in products against efforts by law enforcement agencies to mandate access to data for criminal investigations, upholding recent reforms to U.S. government surveillance programs that ended the bulk collection of call data by the National Security Agency, and maintaining net neutrality rules that require internet service providers to treat web traffic equally.

The association seeks immigration reform to support more high-skilled workers staying in the United States. Though Trump made tougher immigration policies a central theme of his campaign, he has at times shied away from arguing against more H-1B visas for skilled workers, saying in a March debate he was “softening the position because we need to have talented people in this country.”

While urging support for trade agreements, the letter does not mention the Trans Pacific Partnership, which Trump has repeatedly assailed with claims it was poorly negotiated and would take jobs away from U.S. workers. The technology sector supported the deal, but members of Congress have conceded since the election it is not going to be enacted.

Trump’s often-shifting policy proposals on the campaign trail frequently alarmed tech companies and sometimes elicited public mockery, such as when Trump called for closing off parts of the internet to limit militant Islamist propaganda.

Trump has also urged a boycott of Apple Inc products over the company’s refusal to help the Federal Bureau of Investigation unlock an iPhone associated with last year’s San Bernardino, California, shootings, threatened antitrust action against Amazon, and demanded that tech companies such as Apple manufacture their products in the United States.

In a statement, Beckerman said the internet industry looked forward to working closely with Trump and lawmakers in Congress to “cement the internet’s role as a driver of economic and social progress for future generations.”

Norway clears way for Euronext to secure Oslo Bors in Nasdaq battle

PARIS/OSLO ( ) – Euronext won approval from Norway’s Ministry of Finance to buy up to 100% of Oslo Bors on Monday, effectively ending a five-month battle with Nasdaq for one of the last independent stock market operators in Europe.

While Euronext has already secured a stake of more than 50% in Oslo Bors, Nasdaq had argued that no takeover should be allowed unless a two-thirds stake was obtained in order to ensure that a buyer would have complete control.

Both had offered 158 Norwegian crowns per share for Oslo Bors, valuing it at around 6.8 billion Norwegian crowns ($779 million), but the view of the Norwegian government was crucial.

“Euronext welcomes the ministry’s clearance to acquire up to 100% of Oslo Bors VPS’s capital and looks forward to completing the next steps to close the transaction by the end of June,” its Chief Executive Stephane Boujnah said on Monday.

“We are extremely satisfied the process is carried out in full respect of Norwegian law,” Boujnah told .

Both Euronext, which runs exchanges in Paris, Brussels, Amsterdam, Lisbon and Dublin, and Nasdaq are looking to expand their portfolios but opportunities are scarce as market operators either already belong to international groups or because their shareholders want to remain independent.

Given technological changes, size has become an important feature as big data allows larger market operators to squeeze costs and reduce transaction fees.

Oslo Bors was one of the last potential target for Euronext in the region where Nasdaq and London Stock Exchange already control several platforms.

Shares in Paris-based Euronext, which is due to release first quarter results this week, traded 1.6% higher at 61 euros.

Nasdaq had won the support of more than a third of Oslo Bors shareholders including the Norwegian market operator’s major shareholders DNB and KLP. The U.S.-based firm had been hoping to block Euronext’s bid.

No such minimum ownership requirement will be imposed however, the Norwegian ministry said in a statement.

DISAPPOINTMENT FOR NASDAQ

Euronext’s CEO said the offer filed by Euronext is open for the shareholders who supported the Nasdaq bid.

He expects them to tender their shares to Euronext now since the offer filed by Nasdaq is unlikely to proceed. “I don’t think Nasdaq intends to be an minority shareholder in Oslo Bors,” Boujnah said.

Nasdaq expressed its disappointment at the decision by the government, and said it would assess its options.

“The decision not to require a two-thirds majority of the shares to be obtained by any person seeking to acquire control of Oslo Bors VPS is disappointing,” Lauri Rosendahl, president of Nasdaq Nordic, said.

Oslo Bors would diversify Euronext’s revenue from shares and derivative trading, given Oslo Bors’ leading position in seafood derivatives as well as oil services and shipping.

Euronext plans to appoint the CEO of Oslo Bors to its managing board, and set up a hub that would supervise all commodities transactions in the Norwegian capital.

“Euronext looks forward to supporting the Norwegian financial and business community, to working constructively with all key 上海夜生活constituents and stakeholders to further drive the success of Oslo Bors VPS,” Boujnah said.

The board of Oslo Bors, which had supported Nasdaq over Euronext, said it would work with the new owner.

“The board of Oslo Bors VPS takes note of the (ministry’s) decision and will work closely with the new majority owner to maintain the company, its business and the employees in the best possible way,” it said in a statement.

($1 = 8.7338 Norwegian crowns)

Preview: Lazio – Chievo

Will it be the Champions League ambitions of Lazio or the survival instincts of Chievo? With it all to play for, this Serie A clash hosted in the capital city has an interesting sub-context.

Flashscore presents the key facts before the match:

The hosts are fourth in SA, taking advantage of a poor recent run by Roma. With the battle for the final CL qualification spot looking set to be between these two eternal rivals, Lazio would be eager to pocket three points against Chievo.

The visitors have picked up just one win since the end of October and are living off their early season form of 15 points from the opening nine games. They now sit 13th in SA and just seven points above the relegation places. If the slide is not halted, do not be surprised if they find themselves amid that battle soon!

The hosts have won their last three home games in all competitions to go with four on the trot at home to teams in the bottom half. They have a very good scoring record (48 goals) behind only Juventus in SA, although they have conceded the most (24 goals) among the top five!

Compare that to Chievo, who have scored just 20 goals in 20 games so far in SA! In addition, their away form is shaky, with no wins in six trips (W0, D2, L4).

Key battles: With 20 goals this year, Lazio’s Ciro Immobile has been the mainstay for Lazio’s goals. Can he continue his goal lust?Top 5 matches to watch during October’s first weekend Tomás Pavel Ibarra Meda – With a new weekend in European football about to begin, we dive into the Top 5 matches to watch a上海夜网cross all the major leagues.After…

Leading Chievo’s charge will be Roberto Inglese with seven goals. He will look to capitalise on Lazio’s generosity at the back.

Stat attack: Chievo have not scored in their last three away SA games and lost all of them.

These two sides, together with Inter Milan, have scored the most headed goals in SA this season (seven).

Missing players

Lazio: F. Caicedo (leg injury), S. Radu (suspension), D. Di Gennaro (doubtful), F. Marchetti (doubtful), Mauricio (doubtful)

Chievo: L. Castro (knee injury), A. Gamberini (muscle injury), R. Inglese (knee injury), R. Meggiorini (doubtful).

Silva: “We need to show how good we are”

It has been a very difficult season so far for Watford – after their great start to the campaign, their manager, Marco Silva, was linked with a move to Everton and since then, the performances and results of the team have been getting worse and worse…

The Hornets managed to gain just one point from their last six Premier League matches and this situation can be called a huge crisis after their terrific start to the season. To be added, they will miss their suspended captain Troy Deeney in their upcoming home fixture against Leicester City and Marco Silva urged his players to finally show up and prove their worth.

The former Hull C上海夜生活论坛ity coach spoke about this difficult situation as he said, according to Sky Sports: “In the Premier League we have to work really hard to achieve good results like we did at the start of the season. Of course, we now have big problems with some players (injuries and suspensions). We knew this could happen with our team and in this moment we need to find the solutions.”Opinion: Martin Odegaard is perfect for the Premier League Tomás Pavel Ibarra Meda – Given how much he’s been rejected by Real Madrid, we are convinced that Martin Odegaard is perfect for the Premier League.Martin Odegaard is finally…

He also added that he can’t blame just his side’s huge absences: “Not only for us. I think for every team, if you miss four, five players from your starting XI, of course, it’s different. We have 25, 26 players and it’s the moment for everyone to play and to show [their] quality as well.”

In the end, Marco Silva admitted that the mood is not entirely great at the moment: “Of course, nobody is happy in this moment. When you win your face is different to when you didn’t achieve a good result. Like you imagine, in this moment our face in the dressing room is not the best but it’s the football. Our obligation as a team is to keep all together. I believe and I hope and I’m sure we’ll continue all together to change the situation.”

Giggs thinks that United are still the best in Manchester

Ryan Giggs still thinks that Manchester United have to be considered as a bigger and more successful club than Manchester City are – and the Citizens have to start winning trophies to change that fact.

Pep Guardiola’s Manchester City are expected to clinch their first Premier League since 2014 when they managed to gain it under Manuel Pellegrini – since then, they failed to win it again and Giggs thinks that they can’t be considered as the best team in Manchester because of that. Now, there is an eight-point gap between these two and José Mourinho will be looking for closing it in the upcoming fixture.

The former Manchester United player and legend spoke about the differences between these two as he said, according to Sky Sports: “There are more academy players coming through at United than there are at City. United won two trophies last year, and City haven’t won any for a couple of years. They a上海夜生活re obviously very good, and with the spending power that they have got, every year they get closer, but still, United, with the record that they have got, to go with the top manager and the top players, are still on top, but the gap is closing.”Solskjaer “very pleased” after another failure to win George Patchias – Ole Gunnar Solskjaer said he was “very pleased,” even though United failed to win yet again.It is now ten games on the road since…

He continued by adding that City can be considered as a big contender: “With that spending power, and the coach that they have got, they will be very difficult to stop them over the next couple of years because they are playing unbelievable football. But until you win that trophy, you can’t start comparing them to Arsenal’s Invincibles or other teams who have won the Premier League.”

Phil Neville, another TV pundit, mentioned that City are just at the beginning of their journey: “They are still putting those building blocks in place. They are dominating and, at this moment in time, they are the best team, in Europe, they are playing the best football, but you have to measure success on winning trophies. They have a fantastic training ground, an academy that can produce top players, but not in great numbers. These are the sort of things where they need to match United. Winning trophies is how this team will be defined.”

Nemyar tried to have Barcelona excluded from UCL

Neymar left Barcelona this summer for PSG, but his departure did not come in the best terms.

PSG decided to pay the €222m release clause in the Brazilian’s contract and Barcelona were left powerless. The Catalans delayed as much as possible the sending of the relevant documents to France and therefore PSG were not able to register Neymar in time for their first match in Ligue 1.

Furthermore, Barcelona accused PSG of breaching the FFP regulations. However, Neymar hit back and has his own personal war going on with the Catalans. The Brazilian reported Barcelona to UEFA and asked for nothing less than the exclusion of the Catalans from Champions League, according to AS.Opinion: FC Barcelona needed to end the internal war Tomás Pavel Ibarra Meda – After a victory at Camp Nou, we believe that FC Barcelona did well by ending the internal war between players and the board ASAP.Those…

The 25-year-old formulated a com上海夜生活论坛plaint against his former team, after Barcelona refused to pay the player’s father the €26m loyalty bonus for the extension on his contract until 2021. Neymar’s decision came after multiple consultations with his legal team, but UEFA decided to dismiss the case, deeming the Brazilian’s claims not founded.

According to Mundo Deportivo, Neymar and his father decided to give up their status as socios of the Catalan club, after the decision that came from UEFA.

Barcelona to go back in for Coutinho

Barcelona have not given up at the idea of signing Philippe Coutinho.

The Catalans will start negotiations again in January with Liverpool, for the transfer of the Brazilian midfielder, according to El Mundo Deportivo. 

During the summer, Liverpool made it clear that they are not interested in allowing Coutinho to move, not even for €200m. However, Barcelona believe that if the player continues to put pressure on his club, he will eventually be allowed to move to Spain.Opinion: FC Barcelona needed to end the internal war Tomás Pavel Ibarra Meda – After a victory at Camp Nou, we believe that FC Barcelona did well by ending the internal war between players and the board ASAP.Those…

The Catalans are ready to submit an initial offer of €80m and another €30m in bonuses, counting on the player’s public desire to play for them. Barcelona lost Neymar to PSG in上海夜网 the summer in a record-breaking deal of €222m and brought in Ousmane Dembele from Borussia Dortmund as a replacement, paying €105m for the French forward. However, the 20-year-old got injured and will be unavailable for the next 2-3 months.

Therefore, Barcelona are still looking to add some quality players to their squad. The club’s general director, Oscar Grau, said: “We are ready to sign with Coutinho or with any other player that the technical staff wants this winter. We want the most competitive team possible.”

Preview: Sporting – Olympiakos Piraeus

Sporting are still hoping to reach the knockout stages of Champions League. They are currently third in Group D, three points behind Juventus. At th上海夜网e same time, the Portuguese are three points ahead of their opponents today.

Flashscore presents the key facts before the match:

Sporting CP welcome Greek side Olympiakos to the Estádio José Alvalade for this Champions League (CL) Group D round 5 tie. This group looks to be the so called “group of death” as both of these sides were always up against the odds with Barcelona and Juventus being drawn in the same group.

The hosts have a slight glimmer of hope of qualification if Juventus lose at home and they can capitalise with a victory – this would set up a very tight final gameday in which Sporting must win in order to qualify. However, the Europa League looks like a more likely destination, even though we all know that stranger things have happened in football!

The reverse fixture in Piraeus, Greece, turned out to be a very tasty encounter. A 5-goal thriller in which Sporting came away with the win (3-2). That game was not quite as close as the scoreline suggests, as the Portuguese outfit were already 3 goals to the good by the break, with Felipe Pardo managing to score 2 last-gasp goals for Olympiakos in stoppage time.

Reports coming from Greece described that last game as “one of the worst nights in Olympiakos’ history”. They were simply spectators to a strong Portuguese side who scored 3 goals, hit the woodwork 3 times, and missed 5 one on one opportunities – the red and whites will be looking for redemption tonight in a must-win encounter.Koulibaly warns about Genk danger Nedim Maric – The reliable Napoli defender, Kalidou Koulibaly warned his team about Genk’s quality as he’s played for the Belgian side in the past.Napoli opened their…

Sporting are much less prolific on home soil. They have scored 15 goals in their last 11 home games, in contrast to their record of 25 goals in their last 9 away games. Olympiakos have lost 4 of their last 6 away from home, conceding on average 2 goals per game in this time.

Olympiakos are yet to win in the competition thus far (D1, L3), but may take inspiration from their stalemate vs the mighty Barcelona. They now must come up with 2 massive performances to retain any hope of European glory this term.

In the prematch presser, Olympiakos coach Takis Lemonis spoke of the team’s determination to qualify for the Europa League and their approach to this game: “Victory is imperative for us, but it’s not imperative to field a hoard of strikers.”

Missing players

Sporting: S. Coates (suspension), S. Doumbia (injury), J. Silva (knee injury)

Olympiakos Piraeus: E. Emenike (injury), E. Ben (doubtful), H. Milic (doubtful).

Conte uncertain of Luiz’s future at the club

The defender missed Sunday’s game against Manchester United as he was not even featured in the group for the game.

Chelsea manager Antonio Conte said he did not know if David Luiz has a future at the club after the Brazilian was left out for the Premier League showdown against the Red Devils.

Luiz was replaced by Andreas Christensen for the game against Mourinho’s men, with the full-back not even making it into the bench as 17-year-old Ethan Ampadu was chosen over him.

Despite the absence of David Luiz, Chelsea went on to take the three points thanks to Morata’s header in the 64th minute.Jamie Carragher puts Chelsea over Manchester United and Arsenal Nedim Maric – In an uneventful上海夜生活论坛 derby, last night, Manchester United and Arsenal both got point each.Top four-fight this season looks like it’s going to be between…

Speaking after the game Conte ruled out that there is a problem with Luiz, stating it was only his form that made him leave the Brazilian out of the squad. However, he also added that he has no idea if Luiz has future at the club even though he started during the week in the Blues’ 3-0 loss to AS Roma in the Champions League.

“Luiz’s future? I don’t know. He has to work really hard otherwise he will be on the bench or in the stand,” the manager explained to the BBC after the game. The Italian also added that this could happen to each and every one of his players, should they be out of shape.

Yet, speaking before the game to Sky Sports, Conte stated that the decision was entirely from a tactical point of view: “It is a tactical decision. There is Andreas Christensen in good form and we have Ethan Ampadu who is a good, young player at the club.

“We are conceding many goals so you have to find stability and solidity. We have to be patient with the team and defend in the right way.”

Son fires Spurs to an important victory over Palace

Pochettino’s men struggled against the last team in the Premier League, but still clinched the three points.

Tottenham Hotspur won against Crystal Palace at Wembley Stadium, but their performance certainly was not their strongest of the season. The heroes for Spurs were Son, who scored in the 64th minute, and their third-choice goalkeeper Gazzaniga, who made a number of vital saves to help his team come out as a winner.

Mauricio Pochettino made five changes to his squad that started against Real Madrid during the week. Gazzaniga started his first game in the Premier League for the first time in 687 days. The other four new faces were Aurier, Rose, Son and Sissoko.

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Tottenham Hotspur were the team that dominated the ball and controlled the game for the greater part of the first half, but they never created a clear chance in front of the goal. The best opportunity was for Dany Rose in the 31st minute when he was left uncovered at the back post, but his shot did not find its target.

Crystal Palace, however,  had the best chance during the first half. In the 36th minute Gazzaniga was forced to produce a brilliant save to prevent his team from conceding a goal after上海夜生活 a header from Dann that was going straight into the bottom corner.

Spurs goalkeeper was tested on a few more occasions by Townsend and Milivojević, but his saves were on point and denied Palace from opening the score.

In the 64th minute Tottenham took the lead through Son Heung-Min who precisely placed the ball into the left corner and wrapped up the final 1:0 in favour of Pochettino’s men.

The goal Son scored on Sunday put him as the the highest scoring Asian in the history of Premier League with 20 goals.

Preview: CSKA Moscow – Basel

CSKA and Basel both have three points after the first two rounds and they are currently third and respectively second in Group A.

Flashscore presents the key facts before the match:

CSK上海夜生活A Moscow have won 5 of their last 6 Champions League matches, but only 1 of their last 12 group games, which came in a 2-1 victory away at Benfica last month.

CSKA Moscow goalkeeper Igor Akinfeev has failed to keep a clean sheet in his last 41 group-stage and knockout matches in the Champions League, with his last one coming against Arsenal in November 2006.

CSKA Moscow have scored at least 1 goal in 15 of their last 18 home games in the Champions League, while Basel have failed to score in 7 of their last 11 away games in the competition.

There have been less than 3 goals in 7 of CSKA Moscow’s last 8 home games in the Champions League, while there have been at least 3 goals in 5 of Basel’s last 6 matches at this level.Can Marseille make it to the Champions League? Taimoor Khan – With a depleted workforce with not a lot of quantity or quality, Olympique de Marseille are bound to struggle this season. After being held…

Basel ended their 9-game winless run in the Champions League with a stunning 5-0 victory at home to Benfica in their last outing, largely thanks to an inspired performance from on-loan forward Dimitri Oberlin, who scored a goal in each half on his 20th birthday.

Missing players

CSKA Moscow: A. Dzagoev (achilles tendon injury), V. Berezutski (doubtful), A. Makarov (doubtful)

Basel: R. van Wlofswinkel (injury), G. Vailati (doubtful).

Kola\u0161inac admits he was nervous about working with Wenger

The full-back has certainly been one of the surprises from the transfer window following a run of great performances for the Gunners.

Sead Kolašinac joined Arsenal on a free transfer from Schalke during the close-season, but has turned out a great bargain. The 24-year-old has settled in perfectly at the club from north London, but he admits he was nervous about working with his new manager.

The defender quickly became a fan favourite, featuring in almost every Premier League game so far and even scoring in Arsenal’s上海夜网 3-1 win over Koln. Kolašinac believes he has developed well at the Emirates Stadium and insists he is happy to work under Wenger despite having second thoughts about it in the beginning.Strachan: Arsenal’s Kieran Tierney similar to Virgil van Dijk Andrew Smyth – Gordon Strachan believes Arsenal new signing Kieran Tierney is a similar kind of defender to Liverpool star Virgil van Dijk.

“It is really a lot of fun to work alongside a manager like Wenger. He has been here ever since I can remember,” he told Arsenal’s website.

“At the start, maybe I was a bit nervous to work alongside him. The fact that he speaks German really helps me – it made it a lot easier again for me to settle in here. He is good to work with.

“The season is young but I am happy with how I’ve developed and how I have started. But I have got more potential to get better and I want to show that in the coming games.”

Alderweireld admits no progress in contract talks

The Belgium international defender remains a Spurs player until 2019, but there is no development on the discussions regarding an extension.

Toby Alderweireld has admitted there is nothing regarding a potential new contract from Tottenham. The Belgium full-back has established himself as a top-quality centre-back during his time in England. Spurs are reportedly interested in extending his contract, but no breakthrough has been made as Alderweireld has to keep waiting on updates from his superiors.

When approached and asked about a potential contract renewal, the 28-year-old told Sky Sports: “No news that I know of so nothing… zero.”

The player also shared that Kyle Walker’s departure was bad news for the whole squad, but they will have to find a way to deal with it.Kane: Transfer window disrupted the Spurs squad Andrew Smyth – Harry Kane believes a key reason behind Tottenham’s early-season crisis is down to all the uncertainty surrounding some players’ fu上海夜网ture in the transfer window.

“Everybody is sad that he left.

“He is one of the best full-backs in the world and unfortunately he goes to another [Premier League] team, but we have to focus ourselves to win the game.”

The Belgium international joined Tottenham from Atletico Madrid in 2015 and has made 80 appearances for the Spurs over the course of two seasons.

Naby Ke\u00efta saga is over

The 22-year-old will remain at RB Leipzig ‘100 percent’ says the manager.

RB Leipzig head coach Ralph Hasenhüttl has ended all speculations regarding the future of Naby Keïta for the upcoming season.

The midfielder was heavily speculated amid Liverpool interest, with the Reds seeing two bids rejected from the Bundesliga side. Latest media reports suggested that Klopp’s side are prepa上海夜生活ring a third bid, but the speculations appear to be false.

Leipzig boss has confirmed that Liverpool’s interest is over and Keïta will not be going anywhere, since he is of great importance to his team.

According to the Guardian, the Ralph Hasenhüttl said:

“The chance [of Keïta leaving] is null,Top 5 – Performers in Bundesliga this weekend Boro Tanchev – The fifth Bundesliga round is not over yet, but we have to name our the top 5 performers in top-flight German football over the past weekend.

“It’s 100% clear that Naby Keïta will play this year in Leipzig.

“At the beginning of the transfer period that we said we would start with the same team and of the players we had last year no-one will go.

“For us, everyone can see how important Naby is for our game. It’s 100% sure that he will be with RB Leipzig in the Champions League.”

RB Leipzig stormed through the Bundesliga last season as they finished second behind the giants from Bayern Munich. Keïta played a vital part in their journey to the second spot as he scored eight goals and provided seven assists. Ever since his incredible season, the Guinean has been linked with a move away from the German club, but that will not be the case.

“When you play such a famous season as last year it is normal players get interest, that other clubs are watching us is normal,” Hasenhüttl said.

“I said for all the players it is very important to stay together as it’s the first time we play Champions League and that is a new situation for every one of us.”

Conte expects Morata to improve his fitness

The Blues boss has warned the new arrival he needs to get better.

Alvaro Morata made his first start for Chelsea in a 2-1 International Champions Cup defeat against Inter. The game took place in Singapore on Saturday and all goals were scored by Nerazzurri players. Jovetić and Perišić made it 2-0 for Spalletti’s side, while Kondogbia’s extraordinary own goal wrapped up the final 2-1.

The £70m Chelsea striker started on the left of the front three, but struggled to make an impression throughout the match.

Antonio Conte is aware that Morata needs time to adapt, but says the Spaniard needs to work on his fitness.

Speaking to media reporters after the game, Conte said:

“Morata is just starting to train with us,Too early to talk ab上海夜生活网out the Scudetto says Inter’s Godin George Patchias – Inter Milan’s summer signing Diego Godin says it is too early to start talking about the Scudetto.33 year old Uruguayan international arrived in Milan…

“He has to improve his condition a lot to adapt quickly into our team.

“He is working well but it has been only five days. Today he tried to do his best but for sure he has to improve.”

The Italian manager also thinks that the upcoming season will be a really tough challenge and all players should give it their all.

“We know it will be difficult in the new season. Two years ago the team ended the league in 10th place and we want to try to avoid this. Two coaches [Mourinho and Carlo Ancelotti] were sacked after they won the league so for sure I want to avoid it.

“We are working very hard and I hope to find the best solution in the future. We have a lot of young players and it is necessary to try to improve them.”

Dybala only wants Barca legends jersey

Paulo Dybala has winked at the former Barcelona player Ronaldinho Gaucho, as he stated that he wanted the Brazilians jersey but has not been able to get it

Written by Christian Møller Poulsen. May 2, 2017

Paulo Dybala was recently one of the key figures for Juventus knocking FC Barcelona out of the Champions League, and the Argentinian recently renewed his contract with the Italian side, but is still being linked with FC Barcelona and Real Madrid. However, now the Argentina has revealed that Ronaldinho was one of his greatest idols when he was little and hails the South Americans way of looking at football.Inter Milan V Lazio: Players to Watch Taimoor Khan – Inter Milan are set to host Lazio at the San Siro on Thursday and the game is definitely going to be an exciting affair…

Dybala told UEFA the following: “The one player’s shirt that I would still love to h上海夜生活论坛ave is Ronaldinho’s. One day Gennaro Gattuso promised me that he was going to call him to ask him for a shirt for me, because he’d played with him, but it didn’t happen.”

“Ronaldinho was one of my favourite players when I was growing up and the image he conveyed to me was that you’ve got to have fun and play with a smile on your face.”

“European coaches and players sometimes don’t look at football the way we South Americans do. We enjoy the game, laugh a lot, dance and so on. I always seek to have fun and enjoy what I do out on the pitch. That’s just my mindset.”

Exclusive: Full restart of Codelco’s Chuquicamata smelter delayed until end of October – sources

(This Aug. 1 story corrects to show that the smelter is ramping up; adds Codelco statement)

By Zandi Shabalala

LONDON ( ) – The full reactivation of a smelter belonging to Chile’s state-run Codelco, the world’s top copper producer, will be delayed until the end of October after missing a previous target of April, four industry sources told .

Codelco said in a statement that the Chuquicamata smelter in northern Chile was ramping up, in line with plans, after incorporating two new acid plants and re-powering its flash furnace.

It added that the plant, with those three units, was operating normally and that shutdowns had been minor, corresponding only to corrections or tests.

Codelco [COBRE.UL] is also buying copper cathode on the spot market, the sources added.

One of the sources said that was part of efforts to build up an in-house trading unit.

Codelco, in the statement, said i上海夜生活网t was not efficient for the company to be developing a trading office.

The Chuquicamata smelter is one of the world’s largest, producing 320,000 tonnes of metal in 2018, and was originally halted in December last year for changes to meet new emissions standards.

More broadly Chuquicamata, or “Chuqui”, one of Codelco’s key copper deposits, is undergoing a complex $5 billion-plus transformation into an underground shaft mine from an open pit facility to counter deteriorating ore grades.

The 24-million-tonne copper market is expected to see a deficit of 189,000 tonnes this year which will widen to 250,000 tonnes in 2020, the International Copper Study Group said.

Prices of the metal used widely in power and construction are around $5,880 a tonne on the London Metal Exchange.

Smelters are charging miners less to refine concentrates into metal due to falling availability of mine supply, reflected in declining treatment and refining charges.

Treatment charges in China, the world’s top consumer of copper, are around $60 a tonne, their lowest since November 2012.

The smelter delay will also affect the output of molybdenum, a byproduct of copper smelting and used to make stainless steel, where Codelco is the world’s second-largest producer in the 265,000-tonne market.

As part of efforts to modernise state-owned Codelco, about 200 employees lost their jobs at the company in July, a source said.

Codelco appointed company veteran Octavio Araneda chief executive last month as it pushed forward with a 10-year, $40 billion plan to overhaul its flagship mines against a backdrop of falling ore grades and wavering markets.

reported in May that production at the Chuquicamata mine would drop by 40% over the next two years.