上海夜网邀请码 Archives - 上海夜生活,上海夜生活网,上海夜网论坛 - Powered by Bart!

Take Five: Trade winds – World markets themes for the week ahead

( ) – Following are five big themes likely to dominate thinking of investors and traders in the coming week and the stories related to them.

1/WATCH THOSE CURVES

Moody’s warned this week that a trade war could tip the U.S. economy into recession next year. And U.S. President Donald Trump’s latest decision to hike tariff rates on Chinese goods has possibly brought that risk a bit closer. At least the bond market seems to think so — the yield on three-month U.S. Treasury bills is on the cusp of rising above 10-year yields.

A sustained curve inversion, as such a shift is called, would be seen as a sure-fire recession signal; in a normally growing economy, longer-dated borrowing costs are higher than short-term rates.

But the curve has sent a false alarm at least once before and some believe it is doing so again, above all because huge Fed purchases have depressed longer yields. Huge issuance of short-term debt is also likely to have contributed to the flattening.

Which brings us to another question. Given 2019 net borrowing will top $1 trillion, might Washington find itself scrambling to find buyers? Some dismal bond auctions recently have raised the question whether China is paring Treasury purchases — due to the escalating trade spat. Simmering tensions will keep the issue alive.

2/ TALK, TWEET, REPEAT

Industrial output, retail sales, house prices: a batch of data due in coming days was supposed to give investors an idea about how China’s economy was faring against a backdrop of 10% U.S. tariffs and authorities’ stimulus policies.

Fast forward and the stakes have been raised — quite a lot. On Friday, Washington hiked tariffs on $200 billion worth of Chinese goods to 25% and Trump, reverting to Twitter, has threatened more. Beijing warned it would retaliate, though it didn’t say how.

Negotiations to try to end a 10-month-old trade war between the world’s biggest economies are continuing, and markets have taken heart from China’s decision to stick with the talks. Another factor is China’s central bank, which assured markets it had “rich” policy tools to cope with external uncertainties. Weak economic data can only cement that resolve.

3/OIL SLICK

The world economy seems to be shifting into a lower gear but Brent crude futures are holding above $70 a barrel, up 30% this year. Barclays sees a climb to $74-$75 in the coming year.

In the short-term too, oil looks well-supported. On the demand side, Chinese imports hit a record in April, possibly due to economic stimulus measures taking effect. And supply has been curtailed by a pipeline contamination issue in Russia and U.S. sanctions that have cut shipments from Venezuela and Iran.

Venezuelan exports have dropped 40% since January and Iran’s exports have more than halved, to one million barrels per day or less. They are expected to slide further in May.

None of these issues will be resolved anytime soon. Iran for one is threatening to retaliate against U.S. sanctions by breaching a nuclear pact signed in 2015. Sanctions have failed to dislodge Venezuelan President Nicolas Maduro but they are likely to cut oil exports further in May, after the expiry of an April 28 deadline for U.S. firms to complete existing deals.

4/NO STICKER SHOCK

Few U.S. data series have been as choppy in recent months as retail sales. December’s drop in core sales was the largest in nearly two decades — only to be followed by an equally large swing to the upside in January. Demand for big-ticket items like cars then pushed the March total to the highest in 18 months.

Consumer resilience, emboldened by a strong job market, was a key pillar of support for the U.S. economy in the first quarter. So the April reading will show if that willingness to spend continues into Q2.

estimates point to the first back-to-back rise in retail sales since November. Headline sales are seen up 0.2%.

The report comes soon after Trump imposed new tariffs on $200 billion of Chinese imports, but it is far too soon to see a meaningful impact from the trade war between the world’s two largest economies. Shoppers will probably not start reacting to sticker shock until the third quarter.

5/ITALIA DEJA VU

Once again it seems there’s good reason to fret over Italy, the euro zone’s third-biggest economy — and one of its most indebted.

Tensions have flared within the ruling coalition over a corruption scandal that cost a junior minister his job. Rome may find itself footing the bill for a bank bailout after BlackRock ditched a proposed rescue of Carige. And finally, the European Commission has warned that Italian finances may deteriorate further. So another showdown with the EU might be looming.

How talks on deficit targets may pan out could become clearer at the May 16 Eurogroup meeting of finance ministers.

Signs of compromise will bring relief to Italian bond markets, where yields have seen their biggest weekly jump in three months with a rise of over 10 basis points. Contrast that to Spain and Portugal, often lumped in with Italy as the euro zone “periphery” — 10-year Spanish yields are at 2-1/2 year troughs while Portuguese yields have touched record lows.

The latest bond se上海夜生活论坛ll-off, which took Italian yields to 2.7%, is small compared to the rout a year ago when yields spiked to 3.4%. But who could be blamed for a sense of deja vu?

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)

Egyptian pound appreciates to highest in over two years

CAIRO, March 17 ( ) – The Egyptian pound strengthened on Sunday to its highest in over two years, boosted by an increase in foreign funds into the country.

The currency was trading at 17.34 to the dollar o上海夜生活n Sunday, up more than three percent from 17.86 on Jan. 22 when it began its latest round of strengthening.

“You’re seeing most of the indicators improving,” said Hany Farahat, senior economist at Egyptian investment bank CI Capital. “Tourism, exports, substitution of natural gas imports with domestic production, remittances are at a peak, FDI is improving slightly.”

He also said the higher inflows were due in large part to Egypt scrapping a mechanism that guaranteed foreign currency for investors exiting the government securities market.

“Once the repatriation mechanism was abolished, it meant that every single inflow coming into the country reflects directly on interbank liquidity,” he said. “This, in tandem, should also reflect directly on EGP volatility against the dollar.”

“I think it has come a bit late. If the repatriation mechanism had been removed a year ago, this appreciation would have happened a year ago,” he said.

Since the central bank devalued the currency by about half in 2016, economists say it has closely controlled the value of the pound, which was last this strong in March 2017.

Allen Sandeep, head of research at Naeem Brokerage, said the higher inflows were also due to increased carry trade appetite for Egyptian treasury securities and improving balance of payments.

“We have now restarted LNG exports,” Sandeep said. “On an annual basis, assuming that we export 1 billion cubic feet (bcf) of gas every day, that adds more than $2 billion in exports per year.”

Egypt, which now exports 1.1 bcf of natural gas per day, became a net exporter in late 2018, a significant turnaround for a country that spent about $3 billion on annual LNG imports as recently as 2016.

Conte hailed Rooney’s contribution

Antonio Conte, the Chelsea manager, admitted that Wayne Rooney, the captain of his upcoming opponent, is a player who “plays with his soul” and he claimed that the Englishman has got everything to become a successful coach one day.

Rooney managed to find his old form after joining Everton back in summer and Antonio Conte knows that he should be aware of the captain before his Chelsea will face Everton in the upcoming Premier League match. The Italian coach insisted that he considers the 32-year old to be the main attacking threat of the Toffees and his players should be prepared for it.

The former Juventus coach spoke about this player as he said, according to ESPN: “We must pay great attention because Wayne Rooney is an important player, a good player. He is showing his ability. For sure, Rooney is one of the best players of Everton. I think it was a great [move] for him. He’s showing he’s a fantastic player. He’s continued to play in a fantastic way. We must pay great attention because I think Wayne Rooney is a player who, when he plays, plays with his soul. You can see this during the game.”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 made a comment on Rooney’s decision to finish his international career: “We must have great respect for his decision. Only the player understands when the moment is arriving to say ‘stop’ when it comes to playing for the national team. We must have great respect for this decision. It’s not simple to make.”

In the end, Conte insisted that it’s not an easy thing to make such a上海夜生活网 decision: “To stop your career with the national team is not easy. I’m sure his heart is a bit broken by this decision. But, at the same time, we have to respect it because only the player understands when this moment has come.”

Capello slams Bonucci

The former Rossoneri coach has criticized AC Milan’s skipper after a poor start at San Siro.

Fabio Capello has slammed Leonardo Bonucci, insisting he cannot defend and was simply lucky to play in Juventus’ system that suited him well.

The Italy international completed a rather controversial move during the summer, swapping Serie A champions Juve for the Rossoneri in a €42million deal. However, he has been struggling to find his form since his arrival at AC Milan.

And former Rossoneri boss Capello, who led Milan to four Serie A titles and 1994 Champions League, has offered his assessment of Bonucci’s qualities.Jose Fonte recalls incredible first memory of Cristiano Ronaldo Andrew Smyth – Jose Fonte has given a fascinating insight into Cristiano Ronaldo by recalling the time he first met the star during his Sporting Lisbon days.

“He’s the best Italian defender when he has the ball at his feet. He’s among t上海夜生活网he top three in the world,” Capello told Sky Sport Italia.

“But he can’t defend. He has big problems. It was ideal for him at Juventus, where he was free. It’s perfect for him to play in a three [in defence]. Playing in a four is hard.”

The Italy international has played 16 out of 18 Serie A games for AC Milan this season, with his team sitting 11th in the league table.

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: Liverpool – Southampton

Liverpool are currently 5th in the Premier League table and Jurgen Klopp’s side will be looking to catch up on the top four today when they receive the visit of 13th-placed Southampton.

Flashscore presents the key facts before the match: 

Liverpool welcome Southampton to Anfield for this Premier League (PL) clash, but the visitors face an uphill task as they take on a side that are undefeated in their last 13 home games in all competitions.

Jurgen Klopp must try and reverse his poor record versus Southampton as there is no other side he has faced more in the PL without winning, drawing 3 and losing 1 of his 4 matches against them, with The Saints also knocking The上海夜生活 Reds out of the League Cup last season with a 2-0 aggregate victory in the semi-finals.

It is no secret that Liverpool defend likes strangers at times, shipping 17 goals in their 11 PL matches this season, but they have surprisingly managed to keep a clean sheet in 6 of their last 7 home games in the competition.Top 5 Premier League players in September’s last weekend Tomás Pavel Ibarra Meda – A fresh Premier League fixture just ended, which means we can talk about the Top 5 best players of September’s last weekend.After a fresh…

Sadio Mane was sent home from international duty this week after being left out of Senegal’s final World Cup qualifier against South Africa with a reported recurrence of an old hamstring injury and is therefore a major doubt to face his former club.

If they avoid defeat in this match, Mauricio Pellegrino’s side can make it 6 consecutive games without loss against Liverpool for the first time in their history, having won 3 and drawn 2 of the last 5 meetings in all competitions.

Missing players

Liverpool: A. Bogdan (knee injury), N. Clyne (muscle injury), D. Ward (back injury), A. Lallana (doubtful)

Southampton: J. Pied (knock), M. Lemina (doubtful).

Benitez: “The difference was evident”

Following his Newcastle City’s 4-1 loss to Manchester United away from home, Rafael Benitez admitted that the gap between these two teams is simply too big – also because of the money spent on the signings.

Newcastle fell at Old Trafford despite taking the lead through Dwight Gayle and impressing early on, with goals from Anthony Martial, Paul Pogba, Chris Smalling and Romelu Lukaku continuing the hosts’ fine home form, according to Sky Sports. Benitez previously claimed that he was not happy with his side’s summer spendings and he admitted that the difference was not hard to be seen.

The former coach of Real Madrid or Chelsea spoke about this difference as he said: “For sure. This time, you see the difference between money spent. It’s not something we didn’t know, we knew it would make a massive difference between both teams. But I am really pleased with what I saw in the first 30 minutes.”Top 5 Premier League players in September’s last weekend Tomás Pavel Ibarra Meda – A fresh Premier League fixture just ended, which means we can talk about the Top 5 best players of September’s last weekend.After a fresh…

He added that the turnover of the match the equalizer from Martial: “I think it’s a quite simple analysis, a really good first half for 30 minutes, everything was right, we were working hard, we had a clear idea what to do, we did well. And then we conceded a goal, then the second goal made a difference in terms of the mentality. We had the chance of [Isaac] Hayden, later on, but we couldn’t score.”

Rafael Benit上海夜生活ez, in the end, claimed that he is proud of his players for the overall performance and the effort: “The second half was more difficult because of the belief that we had in the first half, to keep this belief until the end, it depended on the goal. And then when we conceded the third goal it was a different game. But I am really pleased and really proud of my players in their first 30 minutes. And after when you pay big money for players, they can make the difference, so you make mistakes, you pay for that because you play against top-class players.”

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).

Official: PSG sign Mbappe

Paris Saint-Germain have officially announced the transfer of Kylian Mbappe from Monaco.

The most expected transfer of the summer has been finalised. PSG have 上海夜生活论坛signed Kylian Mbappe on a season-long loan with an option-to-buy that would tie the player to Paris until 2022. The move of the 18-year-old has been confirmed by both clubs.

The striker, currently with the France national team, said to the official website of the Parisians:“It is with great joy and pride that I join the Paris Saint-Germain. For any young person from the Paris region, it is often a dream to wear the red and blue jersey and to taste the unique atmosphere of the Parc des Princes.”Drogba tips for Neymar and Mbappe to win Ballon d’Or one day Nedim Maric – One of the best strikers in the Premier League era talked about PSG’s sensational duo and their chances of winning individual awards in the…

“I was seduced by the project of the club, it is one of the most ambitious in Europe. Along with my new teammates, I intend to continue my progression today while helping the team to achieve the very big objectives it has set itself”, Mbappe added.

It remains to be seen how PSG will deal with the FFP and how they will explain to UEFA the deal that has brought Mbappe to Paris, after having already spent €222m for Neymar.

Arsenal still pushing for Draxler

The Gunners are still hopeful that they will manage to land the German winger.

Although they have made it clear that they are not interested in selling Alexis Sanchez, Arsenal are trying to get cover in case a late Manchester City offer will prove too hard to refuse. Julian Draxler of PSG is the player identified by Arsene Wenger as a quality replacement for the Chilean.

PSG need to offload some of their players following the record-breaking transfer of Neymar Jr. from Barcelona and the prospect of signing Mbappe from Monaco in the second most expensive deal in history. For this reason, the Parisians are willing to let Julian Draxler go. Bayern Munich and Borussia Dortmund have been link上海夜生活网ed with moves for the German international and now, according to The Mirror, Arsenal have re-entered the race for the 23-year-old.Top 5 players to watch in Manchester United vs Arsenal Tomás Pavel Ibarra Meda – Ahead of the most important Premier League match of the weekend, we got the Top 5 players to watch in Man United vs Arsenal.The…

The Gunners have previously been linked with the German, but now it seems like the interest is real and an official bid will be submitted in the coming hours. Arsene Wenger told Manchester City that he will not sell Alexis Sanchez because he wouldn’t have the time to find a valuable replacement for him. But, if Draxler will move to Emirates, then it might open the door for Alexis to make the switch to Etihad.

Juventus sign Howedes on loan

Benedikt Howedes has put pen to paper at Juventus and will play for the Italian side for at least one season.

Juventus have confirmed on their official website that they have completed the loan deal of the German central defender from Schalke.

The Bianconeri were looking for a replacement for Leonardo Bonucci, who left for Milan earlier this summer. Their search has now ended with the signing of Howedes on a one year loan deal. The world champion arrived earlier today in Turin and has passed his medical tests before signing the deal.Report: Mourinho rejects several offers amid Real Madrid talk Andrew Smyth – Jose Mou上海夜生活rinho has reportedly turned down several job offers in Europe as he eyes up a potential shock return to Real Madrid.

Juventus will pay €3m to Schalke for the loan of Howedes. The deal also includes an option to buy, which will be automatically activated if the central defender will play 25 competitive matches for Juve. In this case, the Italians will have to pay another €13m plus €3m in bonuses to Schalke.

The 29-year-old will play for the first time in his career for a different club than Schalke. He joined the Gelsenkirchen club as a trainee and advanced through the ranks, making 334 appearances for the club, during which he scored 23 goals and helped the team win the German Cup in 2011.

Howedes has 44 matches for the German national team and played an important part in their World Cup winning campaign in 2014.

European blockchain company Bitfury launches artificial intelligence unit

NEW YORK ( ) – European blockchain company The Bitfury Group, valued recently at more than $1 billion, has launched its artificial intelligence (AI) division, the company’s top official told in an interview.

The AI division will operate alongside Bitfury’s existing blockchain 上海夜生活网services and remain part of the company.Bitfury is one of a handful of blockchain companies around the world with at least a $1 billion valuation. That list includes Coinbase, a U.S.-based exchange, and China’s Bitmain, the largest cryptocurrency mining firm in the world.

Valery Vavilov, chief executive officer and co-founder of Bitfury, said the need to analyze and extract value from tons of available data drove the company to go into artificial intelligence, that branch of computer science that emphasizes the creation of intelligent machines that act and behave like humans.

“Data is becoming the next oil,” Vavilov said. “We have collected so much data, but only 2% of all this data has been analyzed; 98% is sitting idle and waiting to be analyzed.”

He believes the best and most efficient way to analyze the data is through artificial intelligence.

“We also need to trust that data so that’s where blockchain comes in,” Vavilov said.

Blockchain, a digital ledger of transactions, gained prominence as the software underpinning virtual currency bitcoin BTC=BTSP. The technology, being developed in the public and private sectors, has gained attention globally for its ability to permanently record and track assets or transactions across all industries.

Artificial intelligence is one of the tech sectors that attracted large funding so far this year. According to research firm CB Insights, the second quarter of 2019 saw a record of $7.4 billion invested in AI startups, with the majority going to transportation and health care-related companies.

Vavilov said that Bitfury’s AI group is still in “research mode”. He would have more clarity about the range of AI products the company intends to offer by the end of the year or the beginning of 2020.

Bitfury also said it appointed technology expert Fabrizio Del Maffeo to lead the AI division. Del Maffeo was the vice president and managing director of AAEON Technology Europe, the AI and internet of things computing company within Taiwan’s ASUS Group.

Snap’s Android fix, gender-changing lens boost users, shares up 9%

( ) – Snap Inc’s Snapchat on Tuesday beat analysts’ estimates for user growth and revenue, getting a boost from a better version of its Android app and the launch of new augmented reality photo lenses.

The company said the number of daily active users rose to 203 million in the second quarter ended June 30 from 190 million in the prior quarter. The user metric was also up from 188 million a year earlier.

Shares of Snap jumped 9% to $16.29 in after-hours trading.

The AR lenses, which are filters that can overlay everything from bunny ears to freckles onto a user’s photo, went viral when it introduced a lens that let users switch their gender in photos.

The latest daily active user figure, widely watched by investors and advertisers, beat analysts’ average estimate of 192.2 million, according to IBES data from Refinitiv.

After struggling last year with declines in users and high executive turnover, Snap finally returned to growth in the first quarter.

In recent months, it scored wins with its augmented reality lenses, launched mobile games within Snapchat in partnership with game developers such as Zynga Inc and invested in more content on Discover, the part of the app that houses original shows and content from media partners.

“The popularity of these lenses drew millions of people into our rebuilt Android application, where they experienced the new and improved Snapchat that led to increased engagement,” Chief Executive Officer Evan Spiegel said on the earnings call with analysts.

Snap’s revenue, which it earns from selling advertising on the app, jumped about 48% to $388 million and beat Wall Street’s average estimate of $359.7 million, according to IBES data from Refinitiv.

Snapchat has been largely untouched by privacy issues plaguing Facebook Inc and Google’s YouTube, two of Snap’s rivals f上海夜网or digital ad dollars, because of its disappearing messages that make it difficult to broadcast misinformation or unsavory content.

Snap expects daily active users to be between 205 million and 207 million in the third quarter, Chief Financial Officer Derek Andersen said.

Of the 13 million daily active users Snap gained during the second quarter, 7 million to 9 million were from the new augmented reality lenses, Andersen said.

Analysts questioned whether Snap could retain the new users it gained from the lenses, during the earnings call.

Spiegel said the lenses not only attracted new users but re-engaged returning users.

It is unclear if Snap can continue having hits like viral lenses every quarter, “but if you can keep engagement going, that’s the key,” said Ron Josey, an analyst with JMP Securities. Average revenue per user jumped more than 36% to $1.91 in the quarter.

Snap emphasized its investment in content on Discover, which increased the time spent on the app by 60% compared with last year, said Kamal Khan, an analyst at financial markets platform Investing.com.

“That trend will continue in the near and medium term, but just like Netflix, it’s betting a lot on content against rivals with much, much deeper pockets,” he said.

Net loss narrowed to $255.2 million, or 19 cents per share, from $353.3 million, or 27 cents per share, a year earlier.

Excluding items, the company lost 6 cents per share. Analysts were expecting a loss of 10 cents per share.

Snap expects third quarter revenue in the range of $410 million to $435 million. Analysts on average were expecting revenue of $402.1 million, according to IBES data from Refinitiv.

Top House Intelligence lawmaker: 2020 election ‘enormously vulnerable’

WASHINGTON ( ) – The U.S. presidential election in 2020 is “enormously vulnerable” to hacking and foreign influence, Representative Adam Schiff, the chairman of the U.S. House Intelligence Committee, said on Tuesday.

Schiff, responding to a reporter’s question at The Christian Science Monitor breakfast, warned that “the potential for mischief now is extreme” and said he is concerned about efforts to undermine U.S. democracy.

Schiff’s committee has been actively investigating the 2016 presidential campaign and allegations that the Russian government actively sought to meddle in the election to help elect U.S. President Donald Trump. Both Trump and the Kremlin have denied any meddling or collusion.

Schiff said dur上海夜网ing the midterm congressional elections in 2018, there was only a handful of incidents of so-called “spearfishing,” a form of hacking that involves trying to get someone to unknowingly hand over their passwords.

But he now thinks the efforts could be more aggressive.

He also said that he thinks Russia and other countries are capable of using “deep fake” technology.

He said outside actors could use the technology “to forge audio tapes, to forge video tapes, to make a far more disruptive impact.”

Conversely, he said he is also concerned that the possible proliferation of fake video or audio could make the public unwilling to believe real images or sounds.

“Even if you can disprove a fake video. If you can show it’s a forgery. The negative impression watching it … you can never erase.”

He said the concern is compounded by what he called Trump’s willingness to deny facts.

“An electorate that is being acclimated to the idea that we’re all entitled to different truths, that makes our democracy very vulnerable,” Schiff said.

Martin Shkreli settles all litigation with his former company…

NEW YORK ( ) – Martin Shkreli, the pharmaceutical entrepreneur serving a seven-year prison term for fraud, has settled all outstanding disputes with Retrophin Inc, the biopharmaceutical company he founded in 2011 and which ousted him three years later.

A Retrophin spokeswoman said on Thursday that the accord covers Shkreli’s $30 million lawsuit last month accusing three former colleagues, including his successor as chief executive, of engineering his ouster and to enrich themselves from his work.

The settlement also covers claims Retrophin first raised in August 2015, in a $65 million lawsuit accusing Shkreli of repeatedly breaching his duty of loyalty to the San Diego-based company. That case moved to arbitration last year.

CNBC earlier reported the settlement.

“Retrophin and Martin Shkreli have reached a settlement resolving all outstanding disputes between them,” the spokeswoman said. “We are pleased with th上海夜生活论坛is outcome.”

Edward Kang, a lawyer for Shkreli’s former colleagues, said in an email that the case against them was “resolved amicably.”

The former Retrophin colleagues included Stephen Aselage, who succeeded Shkreli as chief executive; Gary Lyons, the company’s chairman; and Margaret Valeur-Jensen, who became general counsel after Shkreli left.

Shkreli voluntarily dismissed that case on June 18, according to a court filing.

Known as “Pharma Bro,” Shkreli, 36, is perhaps best known for raising the price of the anti-parasitic drug Daraprim by more than 5,000% while serving as chief executive of Turing Pharmaceuticals, now known as Phoenixus AG.

His prison sentence resulted from his August 2017 conviction by a federal jury in Brooklyn, New York for defrauding investors in hedge funds he once ran, and conspiring to manipulate Retrophin’s stock price.

The federal appeals court in Manhattan is scheduled to hear Shkreli’s appeal of that conviction on June 28.

In VW Chattanooga vote, UAW seeks elusive U.S. southern toehold

CHATTANOOGA, Tenn. ( ) – For the second time in five years, workers at Volkswagen AG’s Chattanooga, Tennessee, assembly plant have been voting this week on whether to unionize, potentially handing the United Auto Workers its first toehold in the U.S. South.

The vote by 1,700 workers at VW’s Chattanooga plant, which makes the Passat sedan and the Atlas SUV, comes at a pivotal time for the UAW. Its membership fell 8% last year and the union faces contentious contract talks this summer with Detroit automakers General Motors Co, Ford Motor Co and Fiat Chrysler Automobiles NV.

The result in Tennessee could mark a small but significant step toward the UAW’s cherished goal of unionizing foreign automakers. In 2014, VW’s Chattanooga workers voted against unionization by a small margin, extending the UAW’s decades-long losing streak in the South.

The latest organizing vote has been opposed by prominent Republican elected officials in Tennessee and is expected to be close. Voting began on Wednesday and polls close late Friday.

Pro-union VW workers complain of lax health and safety procedures, of quality of life issues such as constant last-minute changes in scheduling, insufficient vacation time and small bonuses.

“This is not about a pay raise,” said Steven Fugat, 26. “I just want some stability, I want to know when I have to work and when I get to be with my family or helping out at my church.”

Fugat makes $20 an hour hanging tires, installing consoles, seats and rearview mirrors on Atlas and Passat vehicles near the end of the assembly line.

“I want respect for my time and we are ready for a change for the good,” he said.

UAW faces membership challenge: tmsnrt.rs/2I4S0wa

Detroit automakers pay more for unionized workers: tmsnrt.rs/2WE3UEM

Pro-union workers allege VW has argued against unionization in daily meetings, but a company spokeswoman said it respected “the right of our employees to decide.”

In January, the German automaker said it would invest $800 million to build a new electric vehicle in Chattanooga starting in 2022, creating 1,000 new jobs.

When asked if a vote for unionization could affect that plan VW’s spokeswoman said the automaker’s commitment “is unchanged.”

VW also has workers on the factory floor who oppose the UAW.

Keri Menendez, 44, said her problem was not with organized labor but with the UAW, which has struggled with a wide-ranging federal corruption probe.

So far seven people linked to the union and Fiat Chrysler have been sentenced in the investigation into illegal payouts to UAW officials. The UAW and the automaker insist only a few individuals were involved.

“Corruption has been a problem for the UAW,” said Menendez, a team leader on the line making $23.50 an hour. “They’re more interested in their own business than caring for people.”

Republican U.S. Senator Marsha Blackburn of Tennessee said in a statement it was “deeply concerning that an organization with such a troubled past could soon force their grip onto workers in Chattanooga.”

FALLING MEMBERSHIP

At its peak in 1979, the UAW represented 1.5 million workers. Last year, after nine years of gains, membership dropped again to below 400,000.

The union’s gains in recent years had come mostly from unionizing casino workers, graduate students and nurses instead of automotive workers.

Brandi Ginger, 43, who works in quality control at the VW plant, dislikes that history of decline.

“How can an organization that has fallen that far ever be considered successful?” she asked.

Maury Nicely, a Chattanooga att上海夜生活orney who oversees Southern Momentum, an anti-UAW group, said the union would scare away other potential investors and “render us less competitive.”

A victory in Chattanooga would give the UAW a psychological boost, but the major manufacturing operations of Toyota Motor Corp and Nissan Motor Co Ltd lie further south in states like Alabama and Mississippi that lack Tennessee’s history of partial unionization – GM, for instance, has a plant in Spring Hill, Tennessee.

“A win at VW would give the UAW bragging rights,” said Cox Automotive analyst Michelle Krebs. “But a win in the Deep South is not in the cards.”

Unionizing those major operations could strengthen the UAW’s hand with the Detroit automakers, which want to narrow the gap between what they pay U.S. hourly workers and their foreign counterparts.

For instance, VW notes that in 2018 the average assembly worker at Chattanooga earned nearly $55,000 last year and skilled workers made more than $78,000, above the Chattanooga area’s average annual wage of almost $46,000. But that is well shy of the $95,000 and $123,000 the average U.S.-based GM assembly worker and skilled work made respectively, including overtime and profit-sharing bonuses.

Steven Bernstein, a Tampa-based labor attorney at Fisher Phillips LLP, said that if the UAW wins in Chattanooga, it must prove its worth to win elsewhere.

“The UAW would have to deliver meaningful, tangible benefits to VW workers, otherwise why vote for them?” Bernstein said.

But first, the UAW must win.

Shannon Fossett, a team leader at the Chattanooga plant, campaigned for unionization in 2014 and said he believed the UAW could win, but was nervous about how close the vote could be.

“It’s got to happen, we’ve been pushing for a union for years,” he said. “After all that work, how can it not happen?”

U.S. blacklists China’s Huawei as trade dispute clouds global outlook

WASHINGTON ( ) – The Trump administration hit Chinese telecoms giant Huawei with severe sanctions on Wednesday, adding another incendiary element to the U.S.-China trade dispute just as Treasury Secretary Steven Mnuchin said he would visit China soon for more talks.

The Commerce Department said it was adding Huawei Technologies Co Ltd and 70 affiliates to its “Entity List” – a move that bans the company from acquiring components and technology from U.S. firms without government approval.

Commerce Secretary Wilbur Ross said in a statement that President Donald Trump backed the decision to “prevent American technology from being used by foreign owned entities in ways that potentially undermine U.S. national security or foreign policy interests.”

Trump earlier in the day signed an executive order barring U.S. companies from using telecommunications equipment made by firms deemed to pose a national security risk.

While the order did not specifically name any country or company, U.S. officials have previously labeled Huawei a “threat” and lobbied allies not to use Huawei network equipment in next-generation 5G networks.

Huawei, which denies its products pose a security threat, said it was “ready and willing to engage with the U.S. government and come up with effective measures to ensure product security.”

It said restricting Huawei from doing business in the United States would “limit the U.S. to inferior yet more expensive alternatives, leaving the U.S. lagging behind in 5G deployment and eventually harming the interests of U.S. companies and consumers.”

Speaking at a U.S. Senate Appropriations subcommittee hearing, Mnuchin characterized two days of high-level talks with Chinese officials in Washington last week as constructive.

“My expectation is that we will go to Beijing at some point in the near future to continue those discussions,” he said. “There’s still a lot of work to do.”

He did not say when his China trip might take place.

Shares in Huawei suppliers in China skidded on the news as markets opened in Asia, with Luxshare Precision Industry down as much as 6.1%. Shares in smaller Chinese Huawei rival ZTE Corp also tumbled.

The Trump administration’s rhetoric toward China had cooled in recent days after another round of tit-for-tat tariffs between the world’s two largest economies and a selloff on global stock markets.

Related CoverageTrump administration hits China’s Huawei with one-two punchChina’s Huawei, 70 affiliates placed on U.S. trade blacklistSee more stories

On Tuesday, Trump denied talks with China had collapsed and sounded an optimistic note about the chance of a deal, saying he had an “extraordinary” relationship with Chinese President Xi Jinping, whom he plans to meet at a G20 summit in Japan next month.

Trump also urged China to buy more U.S. farm products.

U.S. agricultural goods have been targeted by China’s retaliatory tariffs, and American farmers, a key political constituency for Trump, are worried.

The U.S. Department of Agriculture has paid $8.52 billion directly to farmers as part of a 2018 aid program designed to offset losses from tariffs imposed by China and other trading partners, a spokesman for the agency said on Wednesday.

The Trump administration had pledged up to $12 billion in aid to help offset losses resulting from Chinese tariffs.

GRAPHIC – Trickle down tariffs: tmsnrt.rs/2WIu31i

TARIFF PAIN

Trump, who has embraced protectionism as part of an “America First” agenda, has railed against what many U.S. and European officials and companies describe as China’s unfair trade practices, including forced technology transfers and intellectual property theft.

But trading partners and close allies in Europe, North America and Asia are also in the U.S. administration’s sights.

Mnuchin said the United States was close to resolving a dispute over steel and aluminum tariffs imposed on Canada and Mexico last year as the three countries renegotiated the North American Free Trade Agreement (NAFTA).

U.S. Trade Representative Robert Lighthizer met with Canadian Foreign Minister Chrystia Freeland in Washington on Wednesday to discuss the tariffs and other issues related to the U.S.-Mexico Canada Agreement (USMCA), which replaced NAFTA.

The three countries have not yet ratified the new deal.

After her meeting with Lighthizer, Freeland declined to say whether the two countries were close to a deal. But she told reporters later that ratification of the agreement would be difficult as long as the tariffs remain in place.

“When it comes to Canada it has still been the case for us that as long as the tariffs remain in place ratification would be very, very problematic,” she said on Capitol Hill.

Jesus Seade, Mexican deputy foreign minister for North America, told on Wednesday that Mexico was close to resolving its part in the tariffs dispute but wanted 上海夜网Canada to be in a similar position before completing the deal.

Three Trump administration officials told that Trump was expected to delay a decision on imposing tariffs on imported cars and parts by up to six months, avoiding opening yet another front in his global trade battles. The decision to delay was expected to be made on Friday, officials and automakers said.

The tariffs of up to 25 percent on cars and parts could have a devastating impact on Japan and countries in the European Union, particularly Germany.

Global stock markets, which have swooned in the past week over the rising trade tensions, gained ground on Wednesday after the reports of the planned delay.

GRAPHIC – U.S.-China tariff war and the S&P 500: tmsnrt.rs/2WA1LWX

‘ADVERSE CONSEQUENCES’

As negotiations toward resolving the U.S.-China dispute stalled last week, the United States ratcheted up the pressure by increasing tariffs on a list of $200 billion worth of Chinese imports to 25% from 10%.

China retaliated on Monday with higher tariffs on a revised list of $60 billion worth of U.S. products.

Trump could launch 25% tariffs on another $300 billion worth of Chinese goods when he meets Xi next month. He has not ruled out imposing punitive levies on all of China’s imports to the United States.

Another escalation could disrupt global supply lines and damage a slowing world economy.

Beijing is vowing not to succumb to U.S. pressure. But on Wednesday, China reported surprisingly weaker growth in its retail sales and industrial output in April.

Data out of the United States showed U.S. retail sales fell in April as households cut back on purchases of motor vehicles and other goods, pointing to a slowdown in economic growth after a boost from exports and inventories in the first quarter. Other data showed a drop in U.S. industrial production.

The U.S. Congress is uneasy about the potential consequences of tariffs on the economy.

House of Representatives Majority Leader Steny Hoyer said U.S. consumers were in the “same boat as farmers” and would end up having to bear the burden of the tariffs. Consumer spending accounts for more than two-thirds of U.S. economic activity.

U.S. services sector activity strengthens, eases gloom over economy

WASHINGTON ( ) – U.S. services sector activity expanded at a brisk pace in May and industries hired more workers, offering some respite for an economy that is slowing following a temporary boost from exports and an accumulation of inventories in the first quarter.

The survey from the Institute for Supply Management (ISM) on Wednesday followed a raft of weak reports on consumer spending, housing and manufacturing that suggested a sharp loss of momentum in economic growth early in the second quarter.

Slowing growth, worsening trade tensions between the United States and China, and looming U.S. tariffs on goods imported from Mexico have led some economists to expect the Federal Reserve to cut interest rates this year.

The U.S. central bank early this year suspended its three-year monetary policy tightening campaign. Fed Chairman Jerome Powell on Tuesday said the central bank was closely monitoring the implications of the trade tensions on the economy and would “act as appropriate to sustain the expansion.”

“Though this won’t completely dismiss the rate-cut-this-year speculation, the much better-than-expected non-manufacturing ISM print helps,” said Jennifer Lee, a senior economist at BMO Capital Markets in Toronto. 

The ISM said its non-manufacturing activity index rose 1.4 points to a reading of 56.9 in May. A reading above 50 indicates expansion in the sector, which accounts for more than two-thirds of U.S. economic activity. Economists polled by had forecast the index would be unchanged at 55.5 last month.

The May increase in services industry activity reflected a jump of 1.7 points in the production subindex. Activity was also boosted by gains in the new orders measure.

A gauge of services industry employment surged 4.4 points to a seven-month high. The ISM said while businesses in the services sector were mostly optimistic about overall business conditions, “concerns remain about tariffs and employment resources.”

President Donald Trump in early May slapped additional tariffs of up to 25% on $200 billion of Chinese goods, which prompted retaliation by Beijing. Trump announced last week that he would impose a tariff on all goods from Mexico in a bid to stem the tide of illegal immigration across the U.S.-Mexican border. The tariff would start at 5% on June 10.

The ISM said 16 industries, including utilities, real estate, finance and insurance, healthcare and social assistance, information, and professional, scientific and technical services reported growth last month. The only industry reporting contraction was agriculture, forestry, fishing and hunting.

Businesses in the utilities industry said they were “waiting to see the impact of Chinese import tariff,” while their counterparts in the mining sector said because of the trade war, “it has been very difficult to plan in a long term ahead.”

Stocks on Wall Street were trading higher. The dollar firmed against a basket of currencies. U.S. Treasury prices rose.

FADING STIMULUS

The trade tensions and fading stimulus from the White House’s tax cuts and spending increases are slamming the brakes on the economy. The Atlanta Fed is forecasting gross domestic product to rise at a 1.3% annualized rate in the second quarter.

The economy grew at a 3.1% pace in the first quarter, lifted by increases in exports, inventories and defense spending. Goods exports fell sharply in April and the inventory overhang, which is mostly concentrated in the auto sector, is weighing on production at factories.

A separate report from the Fed on Wednesday showed tariffs continued to cause anxiety among businesses. In its Beige Book report of anecdotal information on business activity collected from contacts nationwide, the central bank described economic activity as expanding at a “modest” pace from April through mid-May. It said the outlook for the months ahead was “solidly positive but modest.”

Last month’s jump in hiring by services sector businesses suggested that a sharp slowdown in private payrolls growth in May shown in another report on Wednesday was probably a fluke.

The ADP National Employment Report showed private employers added only 27,000 jobs in May, the fewest since March 2010, after creating 271,000 positions in April.

The ADP figures came ahead of the Labor Department’s more comprehensive non-farm payrolls report on Friday, which includes both public- and private-sector employment. The ADP report, which is jointly developed with Moody’s Analytics, has a poor record predicting the private payrolls component of the government’s employment report.

Economists polled by are forecasting non-farm payrolls to have increased 185,000 in May. The unemployment rate is seen unchanged at 3.6 percent.

“Our hunch is that the drop-off in ADP’s estimate of private payrolls growth is likely a blip,” sai上海夜生活d Roiana Reid, an economist at Berenberg Capital Markets in New York. “If the May employment report also exhibits similar weakness, that would provide a more forceful indication that companies are scaling back hiring because of concerns about the economic outlook.”

According to the ADP report, employment in the goods-producing sector fell by 43,000 jobs in May, the first drop in nearly 2-1/2 years. Manufacturing payrolls decreased 3,000 and construction shed 36,000 positions, the most since 2010.

The services sector added 71,000 jobs last month, concentrated in professional and education and health services.