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After G7, Japan’s Abe says no country benefits from protectionism

QUEBEC CITY, Canada ( ) – Japanese Prime Minister Shinzo Abe said on Saturday that no country benefits from protectionism, and that all measures should be consistent with World Trade Organization rules, as he wrapped up a sometimes contentious summit with other Group of Seven leaders in Canada.

G7 leaders on Saturday papered over cracks in their alliance at a summit in Canada but came away with little more than an agreement to disagree as U.S. President Donald Trump defiantly brandished his “America First” agenda.

Abe said there were moments of “intense debate” during the meeting, which focused on trade.

Trump last week slapped tariffs on steel and aluminum imports from Canada, the European Union and Mexico. Japan did not ,上海凤楼夜网Macauly,win an exemption from the steel and aluminum tariffs despite its close security alliance with the United States.

Trump has also threatened to raise tariffs on Japanese auto exports, a move that Japan’s automakers association criticized on Friday.

Abe said that anxiety and dissatisfaction with globalization at times led to protectionism and intense confrontation between countries.

“But we must not turn back the clock,” he said. “For the G7 to have exchanges of measures that restrict trade will not be in the interests of any country,” Abe said.

Abe also said the G7 had expressed support for Trump ahead of his historic summit with North Korean leader Kim Jung Un in Singapore on Tuesday.

Abe reiterated that Japan would be willing to provide economic aid for Pyongyang if the issues of its nuclear and missile programs, as well as the matter of Japanese citizens kidnapped by North Korean agents decades ago, were resolved.

“Of course, the problem of North Korea … is no,上海足浴夜网联系方式Dahlia,t so easily resolved, but we hope this historic U.S.-North Korea summit will be a success and that progress will be made on the issues of ,上海夜生活男人好去处Hadrian,nuclear, missiles and the abductees,” he said. “Japan wants to completely cooperate and support this.”

Abe said he hoped the Trump-Kim summit made progress on the abductees issue, but added that ultimately that must be resolved by direct talks between Tokyo and Pyongyang. Abe has made a pledge to resolve the emotive issue of the ab上海夜生活网ductees, kidnapped by Pyongyang’s agents decades ago to help train spies, a pillar of his political career.

Deere sues Precision Planting, AGCO claiming patent infringement

( ) – U.S. farm equipment maker Deere & Co (DE.N) on Friday sued Precision Planting LLC and AGCO Corp (AGCO.N), accusing them of infringing on 12 of its patents.

In filings to the U.S. district court in Delaware, Deere alleged that products made or sold by Precision Planting, including vSet seed meters along with SpeedTube products, infringed on its patents.

The company said the patents protected its inventions that facilitate accurate seed placement, uniform seed spacing and even crop emergence.

“Deere has suffered damages as a,上海夜生活乌托邦Eden, result of the direct and indirect infringing activities of Defendant and will continue to suffer such damages as long as those infringing activities continue,” the company said in the lawsuit.

According to the lawsuit, the company is seeking unspecified damages.

AGCO acquired Preci,上海夜网推油[上海夜生活网随机符],sion Planting in September 2017.

Kelli Cook, a spokeswoman for both AGCO and Precision Planting declined to comment on the litigation.

AGCO bought Precision Planting from Monsanto Co MON.N after the world’s largest seed company terminated its agreement to sell the unit to Deere.

Shares of Deere closed up 2.6 percent at $153.39 on Friday. AGCO’s stock ended the day up 1.2 percent at $64.34.

The cases are: Deere & Company v. AGCO Corporation in the United States District Court for the district of Delaware, No. 1:18-cv-00827-UNA and Deere & Company v. Precision Planting LLC in the United States District Court for the district of Delaware, No. 1:18-cv-00828-UNA,上海夜网Tabitha,.

Canadian PM open to compromise on disputed NAFTA sunset clause

LA MALBAIE, Quebec ( ) – Canadian Prime Minister Justin Trudeau on Saturday rejected a U.S. demand for a sunset clause in NAFTA but said he was prepared to compromise on the issue, which is holding up talks to update the 1990s-era pact.

U.S. President Donald Trump – who regularly threatens to pull out of the North American Free Trade Agreement – i上海夜网nsists that Canada and Mexico agree to a sunset clause that would allow a member nation to withdraw after five years.

Although Canada and Mexico say the idea is unworkable, Trump told report,上海夜生活网交流Talon,ers earlier on Saturday that the new deal would contain such a provision. Trudeau rejected the idea.

“There will not be a sunset clause … we will not, cannot sign a trade deal that expires automatically every five years,” he told a news conferenc,上海新夜网龙凤Ida,e at the end of a Group of Seven summit in Quebec.

“I think there are various discussions about alternatives that would not be that, and that would not be entirely destabilizing for a trade deal, and I think we are open to creativity,” he said.

This, he suggested, could involve “a check in and a renewal.” Officials say Canada and Mexico have proposed member nations gather every five years to review the treaty.

Talks to modernize NAFTA, which started last August, have effectively stalled as Canada and Mexico resist U.S. demands for maj,上海会所夜网Nadine,or changes such as the sunset clause and boosting the North American content of autos made in the three nations.

Trudeau said he had told Trump that the talks had been made more complicated by a U.S. decision to impose tariffs on Canadian steel and aluminum, ostensibly for national security reasons. Canada has promised retaliatory measures on July 1.

“I highlighted directly to the president that Canadians did not take it lightly that the United States has moved forward with significant tariffs,” said Trudeau.

“Canadians, we’re polite, we’re reasonable, but we will also not be pushed around.”

Congresswoman raises concerns about VW settlement oversight

SAN FRANCISCO/WASHINGTON ( ) – A settlement with U.S. regulators gives Volkswagen AG (VOWG_p.DE) too much authority over how to spend $2 billion on electric vehicle technology, a U.S. congresswoman from California said this week in上海夜生活 a letter, echoing concerns from states and others who fear the German automaker gains undue influence in the deal.

Volkswagen agreed to spend $1.2 billion nationally and $800 million more in California on electric vehicle technology as penalties for equipping hundreds of thousands of diesel vehicles sold in the United States with software designed to cheat tailpipe emissions tests.

The letter from Representative Anne Eshoo comes ahead of an Oct. 18 hearing at which a federal judge will consider whether to give final approval to $15.3,上海夜网千花Idaleen, billion in settlements for owners, state and federal regulators or require changes and renegotiation.

A provision “of particular concern” allows VW to make “possible investments in its own proprietary technology and subsidiaries,” Eshoo, a Democrat, said in the Oct. 4 letter to Environmental Protection Agency (EPA) Administrator Lisa McCarthy.

The EPA declined to comment. VW was not immediately available for comment. It has urged the court approve the deal.

Eshoo’s fears mirror those raised by electric car-charging station companies in August.

Four members of the California state legislature, in comments to the U.S. Department of Justice, also urged independent oversight and administration of the VW funds “to ensure that multiple vendors with cutting-edge technology are able to enter the ,上海夜网Mabel,market.”

The Justice Department said last month it received 1,195 comments period from private citizens, state and local government offices and agencies, businesses, and institutions and associations. The DOJ urged the agreements be approved with only minor changes.

Objectors face an uphill battle since U.S. courts generally give the government significant latitude to negotiate settlements.

The Justice Department said nearly half of the comments were submitted on behalf of a company that provides truck,上海夜玩网论坛Mace,-stop electrification services to long-haul truck drivers, IdleAir, urging that the VW program be allowed to fund such projects.

Written by shyw on August 5, 2019 Categories: vylwumsx Tags: , , ,

Online shopping boom keeps hopes high for air freight profits

SYDNEY ( ) – An explosion of e-commerce demand is buoying the air freight business, boosting profit at some major airlines despite global trade tensions and underscoring robust consumer confidence.

Air freight demand is expected to rise 4 percent this year, the International Air Transport Association (IATA) said at its annual meeting this week in Sydney.

Top beneficiaries will be freight-heavy carriers like Hong Kong’s Cathay Pacific Airways, Dubai’s Emirates, Germany’s Lufthansa and Korean Air Lines.

The growth in e-commerce is also a boon for parcel firms su,上海夜生活网419Qirin,ch as UPS and FedEx as well as seco,上海夜生活乌托邦Idaia,nd-hand jet traders and an army of pilots known as “freight dogs.”

“The cargo environment is very strong,” Carsten Spohr, chief executive of Germany’s Lufthansa, the world’s seventh largest cargo airline, told on the sidelines of the IATA talks.

He added that planes were full on both the outbound and return legs of their trips thanks to the export-driven German economy on one end and goods sold online on the other.

“Inbound and outbound, I’m looking at probably the best environment I have seen in years,” he said.

Although trade tensions are rising, most notably between the U.S. and China and Europe, the industry is counting on e-commerce continuing to soar, with more people buying products online for quick delivery.

“Air freight may be impacted by the trade tensions, but it could be supported by GDP continuing to be relatively strong, and also by e-commerce,” Mylene Scholnick, principal at consultancy ICF, told .

Cathay Pacific CEO Rupert Hogg said higher consumer spending is driving demand for high-end goods such as electronics.

“Definitely the retail map is changing and e-commerce is just growing and growing and with it the movement of small parcels. I don’t see that changing at the moment. That is beginning to form a baseload,” he said. Cathay’s home airport, in Hong Kong, is the world’s biggest cargo hub.

Business and consumer confidence are rising and tax cuts in the U.S. alongside loose monetary policy have spurred a cyclical revival in world trade, IATA economists say.

Airline leaders said growing protectionism could put that at risk, but only if it escalates into an all-out economic battle.

Although steel and aluminum are in the cross hairs of U.S. tariffs, those goods tend not to be shipped by air.

“The worry would be if this escalates and generally puts up trade barriers and makes it more difficult to facilitate. But at the moment, it’s not affecting air cargo,” said IATA chief economist Brian Pearce.

Lufthansa’s Spohr agreed.

“Looking at the current outlook in cargo, I am more concerned about a trade war as a European than I am concerned about a trade war as CEO of Lufthansa,” he said.

CONSUMER DEMAND

Air cargo rose 9.7 percent in 2017, when companies turned to speedy air freight to refill inventories after unexpectedly good economic growth. Although that trend isn’t expected to continue this year, e-commerce is softening the blow.

And even this year’s softer growth is better than the freight downturn that hit early in the decade, caused partly by a surplus of belly space in the increasing numbers of passenger planes.

“Consumers need to get products and this is happening cross-border now. E-commerce is really supporting growth to a much greater extent than before,” IATA chief economist Brian Pearce said. Time-sensitive pharmaceuticals is also helping.

Air freight supports an ecosystem of jets, either sold brand-new as freighters or adapted from passenger planes late in life once they become too costly.

Boeing 747s, which pound the global freight lanes via transit points such as Anchorage, Alaska, are being brought out of retirement and saved from scrap, experts say. By contrast, early examples of Airbus’s biggest jet, the A380, face the axe with no freighter version available.

Boeing is also increasing production of its mid-sized 767 aircraft to an average of three per month by 2020, up from 2.5, thanks to demand for the freighter version.

It has won new orders for the freight variants of its 747 and 777 from UPS, Lufthansa, Japan’s ANA Holdings and Qatar Airways, helping to support fragile output.

“If the market grows between 4 and 5 percent in terms of cargo, that helps support the production of about two big widebody freighters a month. We are starting to see that demand come back,” said Randy Tinseth, Boeing Commercial Airplanes vice-president of marketing.

All this risks repeating a chronic industry pattern: airlines must not add too much capacity, said Andrew Herdman, director general of the Association of Asia Pacific Airlines.

Last year, capacity grew slower than demand, meaning planes flew with more cargo, helping support profits.

“Now capacity is growing at about the same or even edging slightl上海夜网y ahead, so load factors have stabilized. That is a warning sign to keep an eye on capacity,” he said.

(This version of,上海夜生活群Pamela, the story refiles to correct typo in the 20th paragraph.)

Highlights of Merkel interview on Europe

BERLIN ( ) – German Chancellor Angela Merkel gave her most detailed response to French President Emmanuel Macron’s proposal to reform the euro zone in an interview with the Frankfurter Allgemeine Sonntagszeitung newspaper published on Sunday.

The following are highlights of what she said on major issues:

ITALY

– Merkel appeared to rule out the idea that the European Central Bank could grant Italy significant debt relief. She said she wanted to work with the new Italian government instead of speculating about its intentions. “Solidarity among euro partners should never lead to a debt union, rather it must be about helping others to help themselves.”

THE EURO ZONE RESCUE FUND

– The European Stability Mechanism, which provides financial assistance, should be turned in,上海夜生活论坛Nadine,to a European Monetary Fund, which could offer short-term loans of 5 years. These must be tied to conditionality, be capped in terms of size 上海夜生活论坛and be repaid in full. EMF should have the capacity to evaluate the economic situation in member states on its own. Also to assess debt sustainability – and have the instruments needed to restore this if necessary. It should be intergovernmental, with national parlia,上海夜生活网交流Rachel,ments retaining their rights. Together with the Commission, two pillars to ensure stability in the euro zone.

“I can imagine the possibility of a credit line that is short-term, five years for example. As such, we would be able to take under our wing countries that get into difficulties because of extraordinary circumstances.”

FISCAL CAPACITY

– Backs investment budget in the low two-digit billions of euros that would be introduced step by step and evaluated over time. Could be in current EU budget or outside. Need to talk about parliamentary control. This should be used to address structural weaknesses in some member states, not acute difficulties.

EU BUDGET

– EU budget for post 2021 period should be agreed before the European elections. All net payers will have to pay more into it. ,上海夜生活去哪玩Sabine,Says there is an “urgent need” to reduce bureaucracy in agricultural policy. Says European Commission’s ideas go “very far”. Describes German Finance Minister Olaf Scholz’s 1 percent proposal as “starting position”.

ASYLUM

– Describes border control, a common asylum policy and combating the reasons for migration as “existential questions” for Europe. Need for common asylum standards in Europe, a common procedure at the external borders, Frontex must become European border police force that can act independently. There is need for a European migration body and a Marshall Plan for Africa. Calls for “flexible system” in which each country makes comparable contribution to the common task. With higher flexibility, can overcome blockade from countries that won’t accept refugees. Not sure that EU will reach deal on asylum by the June summit. Better to give it a few more weeks.

DEFENSE

– Merkel said she had a “positive view” of Macron’s intervention force initiative. “In the future we will have to react to the challenges that we are faced with,” she said. In the medium-term, non-permanent seats of European countries on the UN Security Council should become European seats. She can also envision a European Security Council with rotating seats.

EU INSTITUTIONS

– Fewer EU commissioners. Big countries should also be ready to rotate in and out. Spitzenkandidat process has established itself. But ultimately Spitzenkandidat must be based on transnational lists.

Boeing ties up with Safran to push into aircraft services business

( ) – Planemaker Boeing Co (BA.N) will partner with French aerospace firm Safran SA (SAF.PA) to make and service aircraft auxiliary power units as it uses some its profit from record jet sales to push into other lucr,上海夜生活怎么玩Qirin,ative aerospace segments.

Boeing and上海夜生活网 rival Airbus SE (A,上海仙霞路夜生活Pamela,IR.PA) are branching into more profitable services, in a bid to emulate the wider margins of third party suppliers,上海夜生活桑拿会所Jacob, who traditionally control the market for repairs and services.

Safran already makes APUs, which are used to start aircraft engines and run other systems, and competes with Honeywell International Inc (HON.N) and United Technologies Corp (UTX.N) – the two leading manufacturers of such power units.

“This move will strengthen Boeing’s vertical capabilities as we continue to expand our services portfolio and make strategic investments that accelerate our growth plans,” Boeing Chief Financial Officer Greg Smith said.

The alliance with Safran comes about a month after the world’s biggest planemaker said it would buy aerospace parts company KLX Inc KLXI.O to expand its aircraft services business.

The partnership will not affect Safran and Boeing’s 2018 forecasts and plans to return cash to their shareholders.

Safran currently supplies a wide range of components to Boeing’s commercial and defense programs. It also has a partnership with General Electric Co (GE.N) to make LEAP-1B engines for Boeing’s 737 MAX.

Boeing has been riding on strong demand for commercial jets, selling a record number of jets in 2017. In April, the company raised its full-year earnings and cash flow forecasts.

Singapore Exchange postpones launch of Indian derivatives products

MUMBAI ( ) – The Singapore Exchange (SGX) (SGXL.SI) has postponed the launch of a set of India derivatives products after an Indian court on Tuesday referred a dispute around the proposed offerings to an arbitrator.

“We will reschedule the launch of our,上海夜网邀请码Sabia, new India derivatives products, pending the outcome of the arbitration,” SGX said in a statement.

SGX has been locked in a dispute with India’s National Stock Exchange (NSE) after the country’s three main bourses unexpectedly announced in February they would stop licensing their indexes to foreign bourses from August.

In response, SGX said it would launch successor products to its flagship Indian equity derivative products on June 4.

The NSE, however, sought an interim injunction against the launch, saying the proposed products infringed the intellectual property rights of India Index Services and Products (IISL), its unit that runs the Nifty index.

The Bombay High Court on Tuesday referred the matter for arbitration to a senior retired judge, who it said would attempt to resolve the issue by June 16. Until then, the court barred SGX from launching the proposed products.

“SGX will contest the interim injunction and reserves all rights in respect of damages caused by IISL’s action,” the SGX said.

In the meanwhile, SGX said it will continue listing SGX Nifty contracts until August.

The NSE said in a statement late on Tuesday that it was committed to protecting and preserving its proprietary rights and that investors should use licensed and legally permissible products to access Indian markets.

Over the past two decades, SGX has become the most popular market for foreign investors to bet on Indian equi,上海夜生活论坛Talon,ty indexes, with Nifty 50 futures SINc1 tracking the NSE’s main index .NSEI.

But NSE, BSE Ltd (BSEL.NS) and Metropolitan Stock Exchange took steps to end licensing deals with for,夜上海论坛Daisy,eign bourses to prevent the loss of trades to overseas rivals, after SGX moved to introduce trading in single-stock futures contracts.

According to sources, the decision was end上海夜生活网orsed by the Indian government, which is keen to draw investor interest to an international financial center being developed in Prime Minister Narendra Modi’s home state of Gujarat.

Microsoft to take on Amazon with $7.5 billion GitHub deal

( ) – Microsoft Corp (MSFT.O) said on Monday it would buy privately held coding website GitHub Inc for $7.5 billion in an all-stock deal to beef up its cloud computing business and challenge market leader Amazon.com Inc (AMZN.O).

The deal is a big bet上海夜生活论坛 on Azure, the company’s fast-growing cloud business, as it will be able to lure more code developers who use GitHub and drive more business to Microsoft.

By pulling off its largest acquisition since the $26 billion acquisition of LinkedIn in 2016, Microsoft gets a platform universally known by developers. ,夜上海论坛Cain,GitHub calls itself the world’s largest code host with more than 28 million developers using its platform.

After reports of a likely deal between Microsoft and GitHub emerged on Sunday, some users of the software development platform raised doubts on social network Reddit here that GitHub would “eventually favor Microsoft products over competing alternatives.”

But Chief Executive Officer Satya Nadella downplayed those concerns by saying on a conference call that GitHub will continue to be an open platform that works with all public clouds.

He said Microsoft will use GitHub to promote company’s own developer tools and use its sales team to speed up adoption of GitHub by its big business customers.

The deal reflects the company’s ongoing pivot to open source software and seeks to further broaden its large and growing development community, Moody’s analyst Richard Lane said.

It’s also a smart move by Microsoft, which has seen scorching growth in its cloud business over the past few years. Azure posted a 93 percent jump in revenue in the third quarter ended March 31.

Last year, the software giant shut down CodePlex, its own rival for GitHub, saying the latter was the dominant location for open source sharing and that most such projects had already migrated there.

After closing the acquisition, expected by the end of the calendar year, GitHub will become a part of Microsoft’s Intelligent Cloud unit.

Microsoft’s Nat Friedman will ,上海新夜网龙凤Babette,take over as the Chief Executive Officer of San Francisco-headquartered GitHub, whose current CEO Chris Wanstrath will become a Microsoft technical fellow.

On an adjusted basis, Microsoft expects the deal to ad,上海夜网推油Landon,d to its operating income in fiscal 2020 and reduce earnings per share by less than 1 percent in 2019 and 2020.

Microsoft shares rose nearly 1 percent to hit a record high of $101.79.

VW’s Skoda says might outsource production to meet demand

BERLIN ( ) – Volkswagen’s (VOWG_p.DE) Czech brand Skoda said on Monday it might outsource some production to a contract manufacturer as the division looks to respond to booming demand.

Already grappling with stretched capacity at its Czech plants, demand for its new sport-utility vehicles could lead production at Skoda to surge to 2 million cars by about 2025 from 1.2 million currently, the automaker has said.

VW’s labor boss Bern,上海会所夜网Talon,d Osterloh last week told that shifting some production to Germany by 2019 will not solve bottlenecks at Skoda, which has passed Audi (NSUG.DE) to become the second-most profitable unit at VW group after sports-car brand Porsche.

“There is a wide range of options to cover order peaks,” Skoda said in an emailed response to a question from , adding that taking advantage of unused capacity within the multi-brand VW group will not do the trick.

“For that reason we keep looking into alternatives that also include possible contract manufacturing,” Skoda said. “Demand is exceeding our production capacities also in 2018.”

,上海足浴夜网联系方式Daisy,Major carmakers including Germany’s big three BMW (BMWG.DE), Daimler (DAIGn.DE) and VW routinely use contract manufacturers such as Magna (MG.TO) or Finland’s Valmet Automotive to outsource production, earning them greater flexibility while saving investments in their own facilities and resources.

Valmet is hiring up to 1,000 new staff this year to help build the Mercedes GLC sport-utility vehicle and the new A-Class compact.

Osterloh said a decision on how to boost Skoda’s output will likely be reached by November when VW’s supervisory board, of which he ,上海夜生活网419Hadrian,is a key member, is due上海夜生活论坛 to ratify the German group’s rolling budget on capacity, technology and equipment.

Most Americans oppose businesses refusing to serve gay people:…

WASHINGTON ( ) – Nearly three quarters of U.S. adults believe that businesses should not have the right on religious grounds to deny services to customers based on their sexual orientation, a /Ipsos opinion poll released on Monday showed.

The findings of the poll, conducted Friday to Monday, were issued on the same day the U.S. Supreme Court ruled in favor of a baker from Colorado who had refused to make a wedding cake for a gay couple, citing his Christian beliefs.

In the poll, 72,上海足浴夜网联系方式Larissa, percent of respondents said business owners, because of their religious beliefs, should not be allowed to refuse to serve customers based on sexual orientation, while 14 percent said they do have that right. Another 9 percent said businesses have the right “only in certain circumstances” and 6 percent said they do not know.

Like other recent surveys of American adults, the /Ipsos poll also found that the number of Americans who support gay marriage has increased in recent years. In the poll, 53 percent of respondents said same-sex couples should be allowed to marry legally, with all the same rights as marriages between a man and a woman. This is up from 42 percent who said so in a similar /Ipsos poll in l上海夜网ate 2013.

The Supreme Court legalized gay marriage nationwide in a landmark 2015 decision.

The poll also asked a more general question about how much leeway businesses should have to reject any customer for religious reasons. Fifty-seven percent of respondents agreed that business owners “never have the right,上海021夜网Idaline, to deny services to customers,” even if their de,上海夜生活乌托邦Sabia,nial is based on religious beliefs.

Another 19 percent said businesses “always have the right to deny services” and 24 percent said they can deny services “in only some instances.”

The /Ipsos survey collected responses online in English throughout the United States from 722 American adults. It had a credibility interval, a measure of the poll’s precision, of 4 percentage points.

Crude retreats on trade concerns as dollar strengthens

NEW YORK ( ) – Oil prices retreated on Friday after strengthening early in the session as U.S. President Donald Trump’s remarks on trade led the dollar to strengthen against other currencies, weakening greenback-denominated commodities including crude.

Trump told Canada and the European Union to do more to bring down their trade surpluses, a day after hitting the two U.S. allies and Mexico with import tariffs on their steel and aluminum.

The president’s comments led the dollar .DXY to strengthen and dollar-denominated commodities to sell off, said John Kilduff, a partner at Again Capital Management.

U.S. West Texas Intermediate crude CLc1 fell 48 cents to $66.56 a barrel by 12:03 p.m. EDT [1603 GMT]. For the week, WTI was on track for a 1.9 percent fall, adding to last week’s near 5 percent decline.

,上海夜网官方网站Fabian,

Global benchmark Brent LCOc1 fell 91 cents to $76.65 per barrel. It was set to rise 0.3 percent for the week.

WTI’s discount to Brent WTCLc1-LCOc1 widened to $11.57 a barrel, the largest since 2015, before narrowing to $10.19 a barrel as both grades retreated.

Concerns about growing U.S. crud上海夜生活网e production and a glut trapped inland due to a lack of pipeline capacity have pushed prices of WTI lower, doubling its discount to Brent over the course of a month,

U.S. crude production has hit record levels since late last year. In March, it,上海021夜网Jacklyn, jumped 215,000 barrels per day (bpd) to 10.47 million bpd, a new monthly record, the Energy Information Administration said on Thursday.

On a weekly basis, it rose to 10.8 million bpd last week, coming close to matching that of top producer Russia, the EIA also said on Thursday. [EIA/S]

“There’s still the hangover from the report yesterday, the weekly number suggesting U.S. production is really strong and continuing to rip higher,” said Matt Smith, director of commodity research at ClipperData.

“Until transportation is incentivized to get crude to the coasts or production is shut in, “we’re going to continue to see some weakness in WTI,” Smith said.

The Baker Hughes’ U.S. drilling rig count, an indicator of future production, was due at 1 p.m. [RIG/U]

To view a graphic on Brent soars, others lag, click: reut.rs/2JmAsvJ

Russia would be able to raise its oil output within months to levels last seen before a global production-cutting deal took effect if there is a decision to unwind the pact, a Russian Energy Ministry official said.,上海夜生活论坛Cade,

Sources told last week that Saudi Arabia, the effective leader of the Organization of the Petroleum Exporting Countries, and Russia were discussing boosting output by about 1 million bpd to compensate for losses in supply from Venezuela and to address concerns about the impact of U.S. sanctions on Iranian output.

This pushed Brent to a three-week low below $75 a barrel on Monday. Brent recovered some ground, however, when a Gulf source flagged that any rise in production would be gradual.

To view a graphic on Russia vs Saudi vs U.S. oil production, click: reut.rs/2J1fC51

Wall St. slips on renewed trade-war worries but posts monthly gains

NEW YORK ( ) – U.S. stocks fell on Thursday after the United States moved to impose tariffs on metal imports from Canada, Mexico and the European Union, prompting retaliatory measures from some o,上海夜生活男人好去处Kaiden,f its trading partners.

For the month, however, the S&P 500 .,夜上海419龙凤论坛Jackson,SPX, Dow Industrials .DJI and Nasdaq .IXIC had their biggest percentage gains since January. The small-cap Russell 2000 index , whose constituents tend to be domestically focused, had its biggest monthly percentage gain since September.

On Thursday, U.S. Commerce Secretary Wilbur Ross said a 25 percent tariff on steel imports and a 10 percent levy on aluminum imports from its allies would go into effect on Friday.

Mexico responded by imposing measures on U.S. farm and industrial products, targeting pork legs, apples, grapes and cheeses, as well as steel.

Canada said it would impose retaliatory tariffs on $12.8 billion worth of U.S. exports and challenge the steel and aluminum tariffs under the North American Free Trade Agreement and the World Trade Organization.

The S&P 500 Packaged Foods and Meats index .SPLRCFOOD dipped 2.0 percent, with all its 11 components in the red. Tyson Foods Inc ,上海高端夜生活在那里Easton,(TSN.N) and Kraft Heinz Co (KHC.O) were the biggest drags on the index.

Friction between the United States and its trading partners has roiled financial markets since March, when U.S. President Donald Trump decided to impose the metal tariffs. Trade issues overshadowed economic data showing accelerated growth in U.S. consumer spending.

“There’s added uncertainty,” said Shawn Cruz, manager of trader strategy at TD Ameritrade in Chicago. “The tariffs are not just between the U.S. and China. Now you have North America and the euro zone. The market is even mor上海夜生活论坛e sensitive to that, when it had already been on edge.”

The Dow Jones Industrial Average .DJI fell 251.94 points, or 1.02 percent, to 24,415.84, the S&P 500 .SPX lost 18.74 points, or 0.69 percent, to 2,705.27 and the Nasdaq Composite .IXIC dropped 20.34 points, or 0.27 percent, to 7,442.12.

For the month, the S&P rose 2.16 percent, the Dow added 1.05 percent, and the Nasdaq gained 5.32 percent.

The S&P Composite 1500 Steel index .SPCOMSTEEL gave up earlier gains after Mexico’s retaliation, though several of its components, including Nucor Corp (NUE.N) and United States Steel Corp (X.N), advanced. The steel index ended the day down 0.1 percent.

Shares of industrial giants Boeing Co (BA.N) and Caterpillar Inc (CAT.N) slipped 1.7 percent and 2.3 percent, respectively.

Adding to the trade worries was a report that the United States aimed to target German carmakers, having launched a probe last week into car and truck imports.

Utilities .SPLRCU, seen as a defensive sector, were the biggest gainers among the S&P 500’s major sector indexes, rising 0.1 percent.

General Motors Co (GM.N) shares led the S&P 500 in percentage gains, rising 12.9 percent after Japan’s SoftBank Group Corp (9984.T) said it would invest $2.25 billion in GM’s autonomous vehicle unit.

Dollar General Corp (DG.N) shares declined 9.4 percent and Dollar Tree Inc (DLTR.O) shares dropped 14.3 percent after both discount retailers missed Wall Street estimates for their quarterly same-store sales.

Declining issues outnumbered advancing ones on the NYSE by a 1.83-to-1 ratio; on Nasdaq, a 1.58-to-1 ratio favored decliners.

The S&P 500 posted 19 new 52-week highs and 10 new lows; the Nasdaq Composite recorded 144 new highs and 49 new lows.

Volume on U.S. exchanges was 8.09 billion shares, compared to the 6.63 billion average for the full session over the last 20 trading days.

Bayer wins U.S. nod for Monsanto deal to create agriculture giant

FRANKFURT/WASHINGTON ( ) – Bayer (BAYGn.DE) won U.S. approval for its planned takeover of Monsanto MON.N after agreeing to sell about $9 billion in assets, clearing a major hurdle for the $62.5 billion deal that will create by far the largest seeds and pesticides maker.

Makan Delrahim, who heads the U.S. Justice Department’s (DoJ) Antitrust Division, said the asset sales agreed to by Bayer were the “largest ever divestiture ever required by the United States.”

A Bayer spokesman said the planned sale of businesses with 2.2 billion euros ($2.54 billion) in sales to BASF already agreed to address antitrust concerns, mainly in Europe, were not materially different from the DoJ’s demands.

“Receipt of the DOJ’s approval brings us close to our goal of creating a leading company in agriculture,” Bayer CEO Werner Baumann said in a statement.

Shares in Bayer jumped to the top of Germany’s DAX .GDAXI index in early Wednesday trading and were trading up 2.8 percent at 101.6 euros by上海夜生活 0833 GMT.

Bernstein analysts said the DoJ approval made it possible for Bayer to close the Monsanto deal by the end of June.

After months of delays in a drawn-out review process the ruling brings Bayer close to creating an agricultural supplies giant with sales of about 20 billion euros, based on 2017 figures, when taking into accoun,夜上海419龙凤论坛Lark,t the divestments.

At current foreign exchange rates, that compares to about 12.4 billion euros at DowDuPont’s DWDP.N Corteva Agriscience unit, 11 billion euros at ChemChina’s Syngenta and 7.9 billion at BASF, including businesses to be acquired.

Bayer’s move to combine its crop chemicals business, the world’s second-largest after Syngenta AG SYNN.S, with Monsanto’s industry-leading seeds business, is the latest in a series of major agrochemicals tie-ups. U.S. chemicals giants Dow Chemical (DOW.N) and DuPont merged in September 2017 and are now in the process of splitting into three units. In other consolidation in the sector, China’s state-owned ChemChina purchased Syngenta and two huge Canadian fertilizer producers merged to form a new company, now called Nutrien (NTR.TO). Bayer committed to se,上海夜生活群Lark,lling its entire cotton, canola, soybean and vegetable seeds businesses and digital farming business, as well its Liberty herbicide, which competes with Monsanto’s Roundup.

Under agreements with European and other antitrust enforcers, Bayer agreed to sell assets with revenues of 2.2 billion euros ($2.6 billion), to rival BASF (BASFn.DE) for 7.6 billion euros.

Bayer said in a statement it expected Bayer and Monsanto to begin the integration proc,上海会所夜网Gabi,ess as soon as the sales to BASF are complete, which it said are expected to take two months to complete.

If Bayer does not close the deal by June 14, Monsanto could withdraw from the takeover agreement and seek a higher price.

It has already secured the go-ahead from key jurisdictions, including the European Union, Brazil and Russia. Apart from the United States, it still needs clearance in Canada and Mexico.

Related CoverageBayer says EU approves BASF as buyer of antitrust divestments

In a separate statement, Bayer said on Tuesday said the European Commission had approved BASF as a suitable buyer of the businesses to be divested.

German seed seller KWS Saat (KWSG.DE), which had made an eleventh-hour bid for Bayer’s vegetable seed business, said on Wednesday it accepted the Commission’s decision.

Bayer last week said synergies from folding Monsanto into its organization would be about $300 million below its previous target because it will have to sell more businesses than initially expected.

U.S. can sell pork to Mexico through import quota, despite tariffs:…

MEXICO CIT,上海夜网推油Hadrian,Y/DES MOINES, Iowa ( ) – U.S. producers can sell pork legs and shoulders to Mexico via an import quota despite retaliatory measures taken this week after U.S. President Donald Trump imposed tariffs on steel and aluminum, the Mexican government said on Thursday.

Mexico published a long list on Tuesday of U.S. products it would subject to tariffs, including the pork cuts. The measures were a response to U.S. tariffs on steel and aluminum imports from Mexico, Canada and the European Union.

But due to the country’s high consumption of pork legs and shoulders, Mexico created a quota for 350,000 tons that could be imported without tariffs. It was not previously clear that the quota would apply to imports from the United States.

The United States “will be able to take advantage of the quota because the quotas are not discriminatory,” the Mexican economy ministry wrote in response to a inquiry.

The temporary pass to the United States shows Mexico’s dependence on its neighbor to the north, said Adam Speck, commodity market analyst for U.S.-based Informa Economics. That 350,000-ton volume represents about four months of shipments, he said, giving officials from both countries more time to hammer out a deal to revise the North American Free Trade Agreement.

Over the past 10 years上海夜生活论坛, U.S. pork made up 89 percent of Mexico’s imports of the meat, a,上海高端夜生活在那里Sabina,ccounting for about a third of local consumption, according to the Mexican economy ministry.

One big category of pork: ham. The United States exported more than 466,000 metric tonnes of ham to Mexico in 2017 – worth $857.8 million and accounting for more than 80 percent of all U.S. hams exported that year, according to U.S. Department of Agriculture data.

Many of those hams are “bone-in” hams, where the labor to remove the bones costs less, according to industry analysts. After the meat is de-boned, the product is either consumed domestically in Mexico or re-exported to other markets, including the United States.

Mexican Economy Minister Ildefonso Guajardo said this week that Mexico expects to import pork cuts from Europe to compensate for the decline from the United States. The import quota will be in force until Dec. 31.

The economy ministry also clarified that there will be a transition period for the U.S. po,上海晚上耍女人的地方Hadleigh,rk tariffs for any shipments outside of the quota. Starting on June 5, the tariff on U.S. pork was set at 10 percent, and it will be raised to 20 percent on July 5.

Pressure on Trump likely to be intense at second debate with Clinton

WASHINGTON ( ) – Republican presidential nominee Donald Trump, facing eroding support from his party over lewd remarks about women, goes into a second presidential debate with Democrat Hillary Clinton on Sunday needing to demonstrate he remains a credible candidate.

The pressure on the 70-year-old Trump at the debate will be intense. Not only must he parry attacks from Clinton and explain why he is a better alternative. He must also show an apologetic side to stop more Republican supporters from giving up on him.

Trump already had an uphill battle to win the White House in the Nov. 8 election before disclosure of a 2005 video in which he could be heard talking crudely about women.

A -Ipsos poll had Clinton leading by five points on Friday, before the video surfaced. Now, the question is whether Trump’s quest for the presidency is all but over.

The fresh controversy adds an air of unpredictability over the 9 p.m. EDT debate at Washington University in St. Louis, the second of three scheduled presidential debates as the long-running U.S. election contest enters its final weeks.

It will be a town hall-style debate with undecided voters posing half the questions and the debate’s two moderators posing the others.

His vice presidential running mate, Mike Pence, said on Sunday that Trump needs to show contrition.

“We pray for his family and look forward to the opportunity to show what is in his heart when he goes before the nation tomorrow night,” Pence said in a statement.

The crisis has put the Republican National Committee in a tight spot with less than a month to go until Election Day.

Trump would have to resign the nomination to allow Republican leaders to choose a successor, but the New York businessman is showing no signs of stepping down despite increasing calls from elected leaders for him to let Pence become the nominee.

“The media and establishment want me out of the race so badly – I WILL NEVER DROP OUT OF THE RACE, WILL NEVER LET MY SUPPORTERS DOWN!” Trump tweeted on Sunday from Trump Tower in New York.

At the first debate, on Sept. 26, Trump was repeatedly put on the defensive by Clinton. H,上海夜生活男人好去处Landon,e never let her accusations go unanswered, and as a result he missed opportunities to use his speaking time to draw attention to Clinton’s perceived weaknesses.

Republicans said Trump needed to perform more like Pence, who was deemed the winner in his vice presidential debate against Democratic rival Tim Kaine last week.

Republican strategist Ron Bonjean said there is plenty Trump could learn from Pence, who stayed on offense at the vice-presidential debate, did not bother to respond to Kaine’s accusations, and looked calm and unflappable.

“It was a clear lesson in how you avoid falling into your opponent’s traps,” Bonjea上海夜生活n said. “Don’t talk about what the other side wants you to talk about, focus on what you want to talk about.”

Clinton has been hunkered down for days getting ready for what could be, for her, a knockout blow against Trump.

Before the video surfaced, Clinton campaign officials said they were expecting the Republican nominee to come to the debate more subdued than the first round.

But they were also prepared in case Trump ,上海夜生活桑拿会所Hadrian,follows through with a threat to focus on Clinton’s sometimes troubled marriage to former President Bill Clinton.

Clinton, who has already capitalized on Trump’s treatment of women, herself foreshadowed how she might respond to an attack from Trump on her marriage during a speech to a fundraiser in Was,上海夜生活乌托邦Hallie,hington on Wednesday.

“I feel it’s my responsibility not to defend myself against his attacks because, really, been there, done that,” she said. “I think it’s my responsibility to defend everybody else against his attacks,” she said, drawing cheers from the crowd.

Clinton has her own issues to face. Wikileaks on Friday published an email from Clinton advisers appearing to contain excerpts of paid speeches to corporations, in which Clinton voices support for open trade and borders and says how sometimes it is important to have a public and private position.

Ant Financial raises $14 billion in world’s largest-ever single…

SHANGHAI/BEIJING ( ) – Ant Financial Services Group, operator of China’s biggest online payment platform, on Friday said it raised around $14 billion in what market watchers called the biggest-ever single fundraising globally by a private company.

The cash will boost Ant’s firepower ahead of a widely expected initial public offering (IPO) in Hong Kong and mainland China as early a,夜上海论坛Easton,s next year – though the company has neither publicly set a timetable nor chosen a likely stock exchange.

The exercise amounted to the largest confirmed single fundraising round in history, according to data provider Crunchbase.

Ant Financial, spun off from Alibaba Group Holding Ltd before the e-commerce firm’s 2014 listing, has played a major role in shaping China’s financial technology landscape. It oversees the largest mobile payment app in what is increasingly becoming a cash-less society.

In a statement, Ant said the funding included both U.S. dollar and Chinese yuan tranches. The dollar share made up over $10 billion, said people with knowledge of the matter.

Canada Pension Plan Investment Board said in a st上海夜网atement that it will invest about $600 million in Ant Financial’s unit, Ant International Co.

Ant listed Singaporean sovereign wealth fund (SWF) GI,上海高端夜生活在那里Quaid,C Pte Ltd [GIC.UL] and state investor Temasek Holdings (Private) Ltd [TEM.UL], as well as U.S. private equity firm Warburg Pincus LLC [WP.UL] as participants in the dollar tranche.

Other global investors included Malaysian SWF Khazanah Nasional Bhd [KHAZA.UL] and U.S. private equity firms Silver Lake and General Atlantic, it said.

Ant did not release details of its valuation following the funding round. reported earlier that Ant was likely to be valued at around $150 billion, making it one of the world’s most valuable financial firms.

“It’s the most uniquely positioned TechFin company in the world,” said Ben Zhou, a managing director of Warburg Pincus, who led the firm’s investment in Ant.

Participants in the yuan tranche were mainly existing shareholders, Ant said. Among them was China-focused private equity firm Boyu Capital, which invested in both the yuan and dollar tranches, said two of the people with knowledge of the matter, who declined to be identified as details were private.

Ant declined to comment on specific investors beyond those disclosed in its statement. Boyu did not immediately respond to requests for comment.

Ant, in its statement, said it would use the funds to speed up globalisation plans for its Alipay payment platform and to ,上海凤楼夜网Quaid,invest in developing financial technology.

Figures seen by showed that in five years, Ant expects 65 percent of revenue to come from business-oriented financial technology including assisting banks and other institutions as well as providing fraud prevention services.

The emphasis on business comes as Ant shifts focus away from consumer finance in China amid increased regulatory scrutiny of financial risk.

Nevertheless, it aims to reach 2 billion consumers globally with its payments network in coming years, backed by investments and strategic partnerships with Southeast Asian payment firms as well as tie-ups in South Korea, Japan and India.

“Now, with the help of our partners, we are going to accelerate our strategy,” said Ant Chief Executive Eric Jing.

Aside from payments, Ant also offers consumer finance products including credit services, wealth management products and micro-loans.

Deutsche Bank, Citigroup, China International Capital Corp, CITIC Securities, JPMorgan and Morgan Stanley acted as financial advisors to Ant.

Morocco’s Centrale Danone workers protest job losses due to boycott

RABAT ( ) – Workers at Morocco’s Centrale Danone, a subsidiary of French group Danone (DANO.PA), staged a sit-in in Rabat late on Tuesday over losing their jobs as a consumer boycott now in its second month pressures the company.

“We came here to make our voic,上海晚上耍女人的地方Queena,e heard and tell our Moroccan brothers and sisters to stop the boycott because thousands of jobs at Centrale Danone are at risk,” said El Mehdi Hbich, one of the protesters.

About 2,000 people held banners urging an end to the boycott and blaming the government for what they described as a degradation of the purchasing power of Moroccans. Centrale Danone has about 6,000 people on its payroll.

The boycott, launched on Facebook in April, has slashed the company’s sales and on Monday it said it expects a loss of 150 million dirhams in the six m,上海夜生活怎么玩Octava,onths ending June 30, down from a profit of 56 million dirhams in the same period a year ago.

Last week, Centrale Danone said it would cut by 30 percent the amount of milk it collects from 120,000 farme,上海夜生活乌托邦Hadleigh,rs and lay off workers on short-term contracts, estimated by a government minister at 1,000 people. Other companies targeted by the boycott have declined to comment.

The protest against prices set by large groups linked to a business and political elite, or foreign brands was directed at Centrale Danone, Afriquia fuel stations, owned 上海夜生活网by the Akwa group of billionaire agriculture minister Aziz Akhanouch, and the Sidi Ali water brand.

“Centrale Danone’s factories are now running at half their production capacity because of the boycott,” said Hassan Rouicheq of the CDT labor Union. “This augurs ill for the company, the workers and the farmers who supply.”

The government has called for the boycott to end, voicing concern that it may discourage foreign investors and undermine the domestic dairy sector.

Protests over poverty and corruption this year and in 2017 in impoverished regions of Morocco have been described as the most intense since the 2011 unrest that prompted King Mohammed VI to devolve some of his powers to an elected parliament.

Airlines hope flashier content for travel agents boosts sales

SYDNEY ( ) – Airlines are betting that a new system for showcasing their wares on travel agents’ screens will help sell fancier seats, tastier meals, lounge access and flight options – and give profits a lift.

Airlines typically sell about 70 percent of their tickets via third parties, such as travel agents and websites. But in recent years, with more emphasis on selling extras on top of bookings, simply presenting fares and flight times in text wasn’t enough, an industry association said.

Instead, a more engaging visual approach to marketing was needed: airlines wanted potential passengers to be able to view their planes, seats and even meals as though they were browsing a shopping site.

The resulting system, new distribution capability (NDC), is beginning to show results three years after it w,上海夜网Octava,as introduced, airlines say.

“Airlines want the agility and flexibility to push things the way they do on their website and sell more content,” said Yanik Hoyles, director of NDC at the International Air Transport Association (IATA).

With NDC, agents and travel sites are connected directly to airlines’ visuals and information about onboard amenities such as Wi-Fi access, plane type, entertainment options.

The system also allows passengers to buy extras such as seat upgrades, extra baggage or lounge access, and even non-airline items such as hotels, car hire and restaurant reservations, all under the auspices of the carrier on which they book their trip.

“When you know that airlines are investing billions in these options and experiences… you can imagine how happy we are to be able to communicate and try to market these options to the passenger,” IATA director general Alexandre de Juniac said at the association’s annual meeting in Sydney.

The need for airlines to work harder for robust profits was highlighted in Sydney this week, where rising fuel and labor costs were in the spotlight.

Extras are now responsible for virtually all of the net profits in some instances, Peter Harbison, executive chairman of CAPA-Centre f,上海夜玩网论坛Fabiana,or Aviation, told .

“More than half of the world’s airline profits come from the U.S. carriers, and of that almost 100 percent is from baggage charges and booking changes,” he said.

As low-cost but highly profitable carrier Ryanair (RYA.I) puts it, selling flights is a way to get customers to spend on other items.

“Flights become like bread and milk in supermarket – get them in for that and then you sell them as much other stuff as you can,” the airline’s marketing executive Kenny Jacobs said last month.

IATA, which developed the system for its members, released the first version of NDC in 2015. After two years of testing and several further releases, the standard is ready for widespread adoption, and travel agents and travel ,上海夜生活男人好去处Octavien,technology companies have come around to the concept, Hoyles said.

“This is a massive change, like going from pre-internet to internet,” he said, adding that 55 airlines and 55 travel tech companies had so far been certified for the distribution standard. IATA represents about 280 airlines comprising 83 percent of global air traffic.

NDC is being championed by major full-service carriers such as American Airlines (AAL.O), British Airways (ICAG.L), Lufthansa (LHAG.DE), Qatar Airways and Singapore Airlines (SIAL.SI).

Some airlines are already seeing benefits. Using the NDC with Amadeus Altea, a platform that connects agents to airlines’ booking systems, Finnair (FIA1S.HE) saw bookings on Skyscanner rise an average 30 percent, and the number of site visitors who booked a trip increase 4 percentage points to 12 percent, in the first six months of 2017.

The NDC push by the airlines has caused w上海夜生活论坛aves among providers of the traditional distribution systems such as Amadeus (AMA.MC), Sabre (SABR.O) and Travelport TVPT.N.

While they have been certified for NDC, they highlight there will be challenges for the airlines, such as in handling more transactions and dealing with changes to non-airline items on the itinerary, such as hotels.

“It’s important for airlines to continue partnering with the likes of Travelport and other IT providers that can help them solve these problems,” said Derek Sharp, Managing Director of Travelport’s Air Commerce business.

U.S. dollar-store shares marked down but specialty discounters thrive

NEW YORK ( ) – The shares of so-called dollar stores have suffered as U.S. shoppers have started spending more at bargain retailers with focused concepts and big discount chains.

Once thought to be insulated from the retail industry’s challenges, the dollar stores, which got the name because they try to price items for $1 or less, such as Dollar General Corp (DG.N), Dollar Tree Inc (DLTR.O) and Big Lots Inc (BIG.N) derive much of their sales from household staples.

But investors have been drawn to two growing mid-sized chains, Ollie’s Bargain Outlet Holdings Inc (OLLI.O) and Five Below Inc (FIVE.O), which have carved out distinct niches within the discount space focusing on discretionary items, analysts said.

Appealing to trend-watchers and bargain hunters has helped Ollie’s and Five Below stand out while other discounters face intensifying competition from new entrants such as German chains Aldi and Lidl, analysts and investors said.

Ollie’s sells brand-name overstock items from air conditioners to hair dye, and Five Below caters to teens.

“They’re differentiated concepts,” said Anthony Chukumba, managing director at Loop Capital in Chicago of Ollie’s and Five Below. “That’s one of the reasons they’re outperforming.”

Also, investors said, the strong U.S. economy and the federal tax overhaul have given discount shoppers customers more disposable income. As a result, some have shif,上海夜网邀请码Kaia,ted their spending to big-box retailers such as Walmart Inc (WMT.N) and Target Corp (TGT.N).

Dollar Tree stock has fallen 24.1 percent this year, while shares of Big Lots have plunged 26.6 percent. Shares of Dollar General have risen 1.5 percent but still lag the S&P Composite 1500 Multiline Retail index .SPCOMMULR, which includes discount retailers and department stores and has advanced 9.0 percent in the same period.

Ollie’s, ,上海夜生活服务Hal,whose stores are located mainly on the U.S. East Coast, sells closeout and overstock merchandise at deeply discounted prices. The company’s shares have climbed 41.0 percent this year. Ollie’s shares were little changed on Wednesday after late Tuesday’s first-quarter results beat analyst estimates, while the company raised its sales and profit guidance for the 2018 fiscal year.

Gary Bradshaw, a portfolio manager at Hodges Capital Management in Dallas, was persuaded to buy Ollie’s shares after coming across the store on a visit to Pennsylvania l,上海夜网后花园Ebba,ast year. He compared his trip to Ollie’s to a treasure hunt.

“That was the neatest store,” he said. “I came back and bought the stock, and ever since, it’s gone up and up and up.”

Five Below Inc (FIVE.O), which has locations in 32 U.S. states and caters to pre-teen and teenage consumers with items below $5, has had its shares rise 22.6 percent year to date. The chain has found success capitalizing on teen-centered trends such as slime-making kits and mermaid-themed items, Chukumba said. Five Below is scheduled to report it上海夜生活论坛s first-quarter results after the market close on Wednesday.

Last week, shares of all three big dollar discount stores fell after the retailers’ quarterly results missed analyst expectations. Dollar Tree and Dollar General attributed their lower-than-expected same-store sales to unusually cold spring weather.

To be sure, they haven’t completely lost favor. Loop Capital has a “buy” rating for Dollar Tree, and Hodges owns both Dollar Tree and Dollar General shares. Even some investors who are less bullish on the discount segment say the dip in share prices may make them attractive buys.

“With the pullback in the stocks, they’re getting close to fair value,” said Arun Daniel, senior portfolio manager at JO Hambro Capital Management in Boston.

Dollar General and Dollar Tree each have some 15,000 stores throughout most of the United States. Five Below and Ollie’s combined have only about 1,000 stores. In Ollie’s earnings call on Tuesday, chief executive Mark Butler said the company, which currently has fewer than 300 stores, sees potential to expand to more than 950 locations.

“It’s a classic growth story,” Bradshaw said, in reference to Ollie’s. “Everybody loves to find a deal.”