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Exclusive: Iran slams U.S. for seeking Saudi oil output hike, says…

LONDON ( ) – Iran said on Friday a U.S. request for Saudi Arabia to pump more oil so that it could cover a drop in Iranian exports was “crazy and astonishing” and said OPEC would not heed the appeal, setting the stage for a tough OPEC meeting this month.

Iran, Saudi Arabia’s arch-rival, has a histor,上海夜生活怎么玩Faith,y of raising challenges in OPEC meetings. In 2015, Tehran refused to sign up to OPEC policies, saying it needed to hike output due to the easing of sanctions after a nuclear accord with world powers.

U.S. President Donald Trump pulled out of that nuclear deal last month and announced the “highest leve,上海夜生活群Earl,l” of sanctions against Iran, the biggest producer in the Organization of the Petroleum Exporting Countries after Saudi Arabia and Iraq.

“It’s crazy and astonishing to see instruction coming from Washington to Saudi to act and replace a shortfall of Iran’s export due to their Illegal sanction on Iran and Venezuela,” Iran’s OPEC governor Hossein Kazempour Ardebili told .

U.S. President Donald Trump said in April oil prices were artificially high because of OPEC.

The U.S. government had also unofficially asked Saudi Arabia and some other OPEC producers to raise output a day before Washington slapped new sanctions on Tehran.

In the previous round of sanctions against Tehran, in which the European Union had taken part, Iranian oil exports plummeted by more than half to below 1 million barrels per day.

The EU is not planning to join sanctions this time and has called on the United States to give its companies waivers so they can continue doing business with Tehran.

But many European companies are already severing ties with Tehran for fear of facing secondary sanctions from the United States, which could mean losing access to the U.S. dollar clearing system.

The U.S. sanctions on Iran’s petroleum industry will take effect after a 180-day “wind-down period” ending on Nov. 4 but many European refiners are already winding down Iranian oil purchases.

Iran has called on OPEC to discuss what it called “illegal” sanctions at the next meeting on June 22, which is due to debate production policies.

OPEC and its allies led by Russia have cut a combined 1.8 million barrels per day of output since January 2017 and the cuts are due to expire at ,上海夜玩网论坛Daisy,the end of 2018.

However, Saudi Arabia and Russia have said cuts could be eased after receiving calls from consumers including the United States, China and India to support global demand.

Related CoverageOPEC likely to reject Iran request for discussion of U.S. sanctions

Iran’s Kazempour predicted OPEC would not heed the U.S. request and said oil prices would jump in response to Wa上海夜生活shington’s sanctions on Iran and Venezuela, as they did during a previous round of U.S. sanctions against Iran.

“No one in OPEC will act against two of its founder members,” he said. “The U.S. tried it last time against Iran, but oil prices got to $140 a barrel.”OPEC, founded in 1960, has a history of collaboration over oil policy despite differences of opinion and even wars between some members over the years.Kazempour said the group would unite in opposition to the U.S. request.

“OPEC will not accept such a humiliation. How arrogant and ignorant one could be (to) underestimate the history of 60 years’ cooperation among competitors,” he said.”We have to live together – we cannot change geography but we must build better history,” he said.

U.S. to open new vetting agency for ‘secret’ security clearances

WASHINGTON ( ) – The U.S. government will open the doors next week to a new agency, with stronger data protections, meant to shorten by many weeks the time it takes to vet government workers seeking “secret” and “top secret” security clearances.

The National Background Investigations Bureau will be headed by Charles Phalen, who has worked as a security executive at the CIA, the FBI and defense contractor Northrop Grumman, officials said on Thursday on a conference call with reporters.

The bureau will replace an Office of Personnel Management (OPM) clearance system that was hit by hackers who stole potentially sensitive personal data on as many as 22 million people, including government employees and job applicants.

Phalen and OPM Director Beth Cobert said a top priority for the bureau will be shortening delays in the clearance process, which can hold up the hiring of government employees for months.

Cobert said that OPM figures show on average the time required to complete an investigation for a “secret” level security clearance is now 120 days; for a “top secret clearance, it is 170 days on average.

“These timelines are well too long,” Phelan acknowledged.

Cobert said the new agency’s goal would be to reduce the time for completing a “secret” clearance to 40 days and to ,上海夜网推油Kaia,cut the time for a “top secret” investigation to 80 days.

Officials said that individual government agencies, ,上海晚上耍女人的地方Jack,rather than the new central investigations bureau, would be responsible for social media checks of security clearance applicants.

Officials said that the new bu,上海夜生活网419Barrett,reau would still depend on outside contractors, especially for 上海夜生活论坛hiring field investigators. The new agency will employ 2,500 government workers and 6,000 contract employees, officials said.

Japan Tobacco to cut heated tobacco prices in battle with Philip…

TOKYO ( ) – Japan Tobacco Inc (2914.T) is set to slash prices on its heated tobacco products early next week after a similar move by bigger rival Philip Morris International Inc (PM.N), signaling increased competition in Japan’s nascent market for alternative cigarettes.

Japan, where regular e-cigarettes with nicotine-laced liquid are effectively banned, has become the main market for “heat not burn” (HNB) products which e,上海夜玩网论坛Caitlin,mit less smoke and smell less than conventional cigarettes. The country accounts for over 90 percent of the $5 billion HNB market, according to Euromonitor.

Tobacco makers initially struggled to keep up with strong demand as they began introducing HNB products in l,上海高端夜生活在那里Rachel,imited Japanese markets a few years ago. But they ,上海新夜网龙凤Naia,have since ramped up production, with investors now worried about slowing growth.

Japan Tobacco said it would cut the price of its Ploom TECH device to 3,000 yen ($27.61) from 4,000 yen, timed with the official start of nationwide sales on Monday.

“We are finally prepared and confident that we can reverse our position and go on the offensive,” said Chito Sasaki, president of the company’s domestic tobacco business, told .

The company, while a dominant player in Japan’s cigarette market with a 60 percent share, has been lagging rivals in the HNB category. Philip Morris, which was first to start selling HNB products in Japan in 2014, claims iQOS has a 16.8 percent share in Japan’s overall tobacco market, including conventional cigarettes.

IQOS DISAPPOINTMENT

Philip Morris has said it will cut the price of its tobacco-heating device iQOS by about 30 percent to 7,980 yen from Friday. It said the move was designed to encourage more smokers who are considering switching from conventional cigarettes.

British American Tobacco PLC (BAT) (BATS.L) started to sell its “glo” device at 2,980 yen earlier this month, from 5,980 yen as a time-limited offer through late December. The cuts come as analysts said the industry may need catalysts for more growt上海夜生活h after an initial surge in sales to those eager to try out HNB products.

Philip Morris in April reported weaker-than-expected growth of iQOS devices in Japan in the first quarter, prompting a dive in company’s share price.

Industry officials, however, still see strong growth ahead, with Japan Tobacco forecasting HNB products accounting for 23 percent of Japan’s overall tobacco market in 2018, nearly double last year’s 12 percent.

A investigation in December described irregularities in the clinical trials that supported Philip Morris’ iQOS application to the U.S. Food and Drug Administration.

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Japan Tobacco, a former state monopoly, is still one-third owned by the government.

Japan’s tobacco regulation is among the least strict among developed economies. Cigarettes command prime spots at cash registers at the country’s ubiquitous convenience stores while glossy packaging carries health warnings but no graphic photos.

The government is trying to introduce an indoor smoking ban but critics say it has been watered down due to opposition from small restaurant and bar owners.

($1 = 108.6500 yen)

Moncler aspires to give its puffer jackets a monthly makeover

MILAN ( ) – Italian label Moncler (MONC.MI) has already turned luxury fashion on its head by transforming casual skiwear into trendy items with its sleek puffer jackets.

Now it wants to lead the sector in fast-paced pro上海夜生活网duction, and Chief Executive Remo Ruffini said he hopes his company can one day offer new products for all of its down coat collections on a monthly basis.

The shift highlights luxury brands’ race to adapt to changing shopping habits as the sector attracts younger consumers and those more influenced by the fast pace of social media, who are constantly seeking eye-catching new items.

Moncler has already announced that, under what it calls its “Genius” strategy, it will from June offer each month a limited edition collection of down jackets specially produced for the label by a world famous designer, starting with Japanese streetwear king Hiroshi Fujiwara.

But the shift could be more wide-ranging, Ruffini said, eventually encompassing Moncler’s main puffer ranges – which account for 80 percent of its sales – and which are now phased into stores on a more drawn-out basis.

“I think and I hope that if everything goes well, we will work on a monthly basis for all collections,” Ruffini told in an interview at Moncler’s headquarters in Milan, adding that the overhaul was still in its early stages.

“When you go to a store in July you find one concept, and when you go in September you find a totally different one, the one launched in that moment,” he said.

The overhaul also responds to a particular Moncler challenge: how to keep growing a business with a market value of 10 billion euros ($11.5 billion) that revolves around one star product, down jackets that can cost up to 2,000 euros.

Ruffini is credited with reviving the company after buying in 2003 what was then a French mountain gear brand on the verge of bankruptcy.

Adapting to the Genius plan involves an upgrade of technology and logistics, including investments in a new facilities center in Piacenza, near Milan, tightening oversight of Moncler’s supply chain and bringing quality control in-house.

“It’s really challenging. It’s a change of culture in the company from logistics to production,” Ruffini said, adding that most of the manufacturing will remain outsourced so that Moncler can easily raise or cut production at will.

“Flexibility is particularly important when you think on a monthly basis,” the 56-year-old Italian entrepreneur said.

Since Ruffini snapped up Moncler, the company’s valuation has soared and it now trades at a premium,上海夜生活男人好去处Cain, to many luxury peers.

Analysts have warned further upside could be limited, but are encouraged by the Genius strategy.

(Graphic: Moncler recommendations May 30 – reut.r,上海夜网千花Barbara,s/2L9behN)

NEW ENERGY

Ruffini said Genius sales would be small, yet higher than the Gamme Bleu and Gamme Rouge catwalk collections which Moncler said in November would be phased out.

“It’s not a matter of revenues and top line… it’s to give energy to the brand,” he said.

Analysts estimate those ranges accounted for less than 10 percent of Moncler’s 1.2 billion euro in annual sales.

Despite the Instagram-friendly nature of glitzy launches planned in stores, Ruffini said he wanted Genius, and the brand as a whole, to appeal in the same way to “millennials and the ladies with the Hermes bag”, but without being skewed towards younger generations, seen as more fickle.

“We believe the benefits from greater frequency drops far outweigh low probability execution risks from this revised approach,” said Piral Dadhania, an analyst at RBC Capital Markets. “Over time we may see other luxury apparel brands follow.”

Luxury labels from Kering’s (PRTP.PA) Gucci to LVMH (LVMH.PA)’s Louis Vuitton do several mid-season collections beyond the traditional two a year, though none match the frequency of Moncler’s planned “Genius” collections.

“The main concern with Moncler is the fashion risk,” said Chiara Rotelli, an analyst at Mediobanca. “The Genius project is reducing that concern … showing that it is able to enlarge its proposition to reach a wider customer base.” Moncler’s knitwear, shoes and accessories are also attracting more customers, but will never outshine the main product.

“I will always base my strategy on jackets, it’s the uniqueness of Moncler,” Ruffini said.

(Graphic: Moncler catches up with Kering – reut.rs/2JgmXNZ) ,上海夜生活乌托邦Caitlin,

Senators want to change massive new Israel aid package

WASHINGTON ( ) – Republican U.S. lawmakers launched an effort on Tuesday to modify a $38 billion military aid agreement with Israel by providing more money and easing controls on how it is spent, setting up a showdown with President Barack Obama over the package days after it was signed.

Senators Lindsey Graham, Kelly Ayotte, John McCain and Ted Cruz told a news conference they had filed a measure to give Israel an additional $1.5 billion in military aid, while renewing U.S. sanctions on Iran.

Republican Senators Mark Kirk, Marco Rubio and Roy Blunt also co-sponsored the bill introduced on Tuesday.

Ayotte, McCain, Kirk, Rubio and Blunt all face competitive races for re-election on Nov. 8.

Arguing that U.S. law gives Congress control of spending, they objected to a provision preventing Israel from asking for additional funds from Congress after the new Memorandum of Understanding (MOU), begins at the end of fiscal 2018.

“This is a very dramatic moment in the U.S.-Israel relationship between Congress and the state of Israel. Congress is not going to sit on the sidelines,” Graham said.

The senators also object to Israel’s agreement to return any money if Congress tries to send it more than $3.8 billion per year before then.

Graham said he would introduce legislation to overturn a provision in the agreement that phased out an arrangement that has allowed Israel to spend 26.3 percent of U.S. military aid on its own defense industry instead of on U.S. 上海夜生活weapons.

U.S. and Israeli officials signed the agreement on Wednesday. The 10-year package is the largest in U.S. history. It was reached after nearly 10 months of negotiations that underscored continuing friction between Obama and Israeli Prime Minister Netanyahu.

But Netanyahu decided it would be best to forge a new arrangement with Obama, who leaves office in January, rather than hoping for better terms from the next U.S. administration, according to officials on both sides.

The senators insisted that Netanyahu was forced into signing because Israel’s arch-enemy Iran is growing stronger as it obtains billions of dollars unfrozen under an international nuclear agreement reached last year.

“No,上海会所夜网Macey,w is not the time to say that we’re going to nickel and dime Israel,” Graham said.

Congressional Republicans strongly oppose the nuclear pact. They angered the White House in 2015 by inviting Netanyahu to give an address to Congress opposing it.

They have offered several pieces of legislation to overturn or undermi,上海夜网后花园Radley,ne the nuclear deal, and sought t,上海凤楼夜网Caden,o make it an issue in the 2016 U.S. elections.

Fiat Chrysler recalls 5.3 million vehicles for cruise control defect

WASHINGTON ( ) – Fiat Chrysler Automobiles NV is recalling more than 5.3 million vehicles in North America over a defect that could prevent drivers from deactivating cruise control, the company said on Friday, warning owners not to use the function until they get software upgrades.

The Italian-American automaker said no injuries or crashes are related to the large recall campaign but said it had one report of a U.S. driver of a 2017 Dodge Journey rental car being unable to deactivate the cruise control.

Fiat Chrysler, which in 2015 was hit with penalties from U.S. regulators totaling $175 million for safety lapses, did not say how much the recalls would cost.

The recall addresses what Fiat Chrysler called an “extremely rare” series of events that could lead to drivers being unable to cancel cruise control, a electronic device that allows a vehicle to maintain a constant speed without driver intervention.

The National Highway Traffic Safety Administration (NHTSA) said on Friday it “strongly encourages vehicle owners to follow a warning” to stop using cruise control on the recalled vehicles until repaired.

The recall covers more than 4.8 million vehicles in the United States and 490,000 in Canada, regulators said.

NHTSA said drivers could overpower the system by forcefully applying the brakes until the vehicle stopped. Fiat Chrysler also said the vehicle could be stopped by shifting into neutral and braking.

Fiat Chrysler shares were down 2 percent in afternoon trading in New York on the recall.

Fiat Chrysler said that at times cruise control systems automatically initiate acceleration to help vehicles maintain driver-selected speeds, including when go,上海凤楼夜网Idris,ing uphill. If an acceleration occurs,上海夜哪里艳遇Octava, simultaneously with a short-circuit in a specific electrical network, a driver could be unable to deactivate the function.

Fiat Chrysler said vehicles may be placed in park mode once stopped, at which point cruise-control is canceled.

The recall involves a group of gasoline-powered vehicles with automatic transmissions from various model years built from 2014 through the 2019 model year. Most of the vehicles being recalled cover the 2014-2018 model years.

Among the vehicles being recalled are the Chrysler 200, Chrysler 300, Chrysler Pacifica, Dodge Charger, Dodge Challenger, Dodge Journey, Dodge Durango, Jeep Cherokee, Jeep Grand Cherokee, Jeep Wrangler and Ram 1500, 2500 and 3500 pickup trucks and Ram 3500/4500/5500 cab chassis trucks.

Fiat Chrysler made the announcement going into the busy U.S. Memorial Day weekend, which traditionally kicks off the summer driving season in the United States.

The company said it is recalling an unspecified number of additional vehicles in Mexico and other markets, and recalling some Fiat Fremont vehicles built on the same platform as the Dodge Journey. The company said it was also warning owners in other markets not to use cruise control until recalls are completed.

‘FIGHTING THE BRAKES’

According to a complaint filed with NHTSA on March 2, the driver of an Avis rental car in Olathe, Kansas was traveling at 70 miles per hour (110 km per hour) with the cruise control engaged when the driver reported the wipers turned on by themselves, dashboard instrumentat,上海晚上耍女人的地方Tallulah,ion dials went to zero and the cruise control would not disengage.

“I was able to overpower the engine with the brakes and get the car to the side of the road,” the driver wrote. “It was still running at an engine speed to support 70 mph and fighting the brakes.”

Fiat Chrysler said it uncovered the issue through tests its engineers had conducted.

“Notwithstanding the extraordinary circumstances that must exist before a customer would experience a problem, we are taking this action because we are fully committed to vehicle safety,” Mark Chernoby, Fiat Chrysler’s chief technical compliance officer, said in a statement.

“We have a re上海夜生活网medy and a widespread network of engaged dealers who are preparing to deliver service. … We urge customers to follow the instructions on their recall notices.”

Fiat Chrysler said recall repairs would be free of charge and it would begin alerting affected customers as early as next week. The recalled vehicles have collectively been driven more than 200 billion miles.

Fiat Chrysler promised to improve safety procedures after being penalized by NHTSA in 2015 for safety lapses.

In July 2015, Fiat Chrysler agreed to a $105 million settlement for mishandling nearly two dozen recall campaigns covering 11 million vehicles. It agreed to a three-year consent agreement and monitoring by former Transportation Secretary Rodney Slater. It was separately fined $70 million by U.S. regulators in 2015 for failing to report vehicle crash deaths and injuries since 2003.

In 2015, Fiat Chrysler booked a 602 million-euro ($705 million) after-tax charge, mainly for estimated future recall costs.

U.S. services sector activity picks up; job openings at record high

WASHINGTON ( ) – U.S. services sector activity accelerated in May, pointing to robust economic growth in the se,上海夜生活桑拿会所Faith,cond quarter, but trade tariffs and a shortage of workers posed a threat to the outlook.

Other data on Tuesday showed job openings rising to a record high in April, far outpacing hiring. Strengthening economic growth and tightening labor market conditions likely seal the case for a Federal Reserve interest rate increase next week and raise the probability of two more hikes later in the year.

“Whatever speed the economy is growing at, it isn’t going to keep moving down the road much longer if there is no one to work the economy’s factories and stores and warehouse floors,” said Chris Rupkey, chief economist at MUFG in New York.

The Institute for Supply Management (ISM) said its non-manufacturing activity index jumped 1.8 points to 58.6, ending three straight monthly declines. A reading above 50 indicates expansion in the sector, which accounts for more than two-thirds of U.S. economic activity.

The ISM survey added to bullish data on consumer spending, the labor market, manufacturing and trade that have suggested the economy was regaining speed after slowing in the first quarter. Gross domestic product estimates for the second quarter are as high as a 4.8 percent annualized rate. The economy grew at a 2.2 percent pace in the January-March period.

The dollar .DXY was trading higher against a basket of currencies, while U.S. stocks were mixed. Prices for U.S. Treasuries rose.

The ISM survey said while service industries were optimistic about business conditions and the overall economy, there continued to be concerns about “the uncertainty surrounding tariffs, trade agreements and the impact on cost of goods sold.”

The Trump administration in March announced tariffs for steel and al,上海021夜网Macey,uminum imports to protect domestic industries from what it says is unfair competition from foreign producers. The government last week extended the duties to steel and aluminum imports from Canada, Mexico and the European Union.

WORKER SHORTAGE

Industries complained that predicting material prices this year had been difficult, with some saying the aluminum tariff had “caused supply interruptions and higher costs.”

They are also experiencing difficulties finding qualified workers, especially truck drivers, leading to bottlenecks in the supply chain. Wholesalers described the supply chain as “shuttering because o上海夜生活网f a lack of drivers and equipment causing delays in multiple modes of transportation.”

The worker shortage was underscored by the Labor Department’s monthly Job Openings and Labor Turnover Survey, or JOLTS report showing job openings, a measure of labor demand, increased by 65,000 to a seasonally adjusted 6.7 million in April. That was the highest level since the government started tracking the series in December 2000.

The number of hires rose 92,000 to 5.6 million in April. The labor market is viewed as being either near or at full employment, with the jobless rate at an 18-year low of 3.8 percent. In April, the number of unemployed people per job opening fell to 0.9 from 1 in March.

Economists said the tight labor market could spur faster inflation than currently anticipated by Fed officials. The U.S. central bank holds its next monetary policy meeting on June 12-13. It increased borrowing costs in March and has forecast at least two more rate increases for this year.

“This will fan Fed concerns that inflation will overshoot the central bank’s 2 percent objective by more than policymakers are willing to stomach,” said Ryan Sweet, a senior economist at Moody’s Analytics in West Chester, Pennsylvania. “The Fed could be crossing its fingers that the supply side of the economy responds, helping slow or halt the unemployment rate’s decline.”

The JOLTS report also showed a moderate rise in layo,上海夜生活去哪玩Gabi,ffs in April, with the layoffs and discharges rate increasing to 1.2 percent from 1.0 percent in the prior month. The layoffs were mostly in the arts, entertainment and recreation, and finance and insurance industries.

The quit rate, which the Fed looks at as a measure of job market confidence, was unchanged at 2.3 percent in April.

Job openings in April were concentrated in manufacturing and information sectors. Vacancies fell in the finance and insurance industry.

Trump’s Indian-American fan spreads the word back home

NEW DELHI ( ) – Donald Trump sympathizes with India in its recent escalation of tensions with Pakistan and supports skilled immigration, an adviser said on Friday, portraying the U.S. presidential hopeful as a friend of India and Indian Americans.

Trump, a real estate billionaire, has earned a reputation of hostility toward minorities with proposals such as “extreme vetting” of potential immigrants and building a wall along the Mexican border to stop illegal immigration.

The Republican nominee has proposed a ban on immigration from countries where vetting would be difficult, such as nations faced with Islamic militancy.

Some Indian officials worry the United States could become more isolationist under Trump, leaving allies like New Del,上海夜生活服务Nadine,hi without the support it has enjoyed under President Barack Obama against China’s growing regional influence.

Shalabh Kumar, a Chicago-based businessman of Indian origin tasked by the Trump campaign with reaching out to Asian-Americans, said India and the Indian-American community had nothing to fear from a Trump presidency.

There may be only 4 million Indian Americans but the potential to develop the relationship with their count,上海夜生活去哪玩Hadrian,ry of origin, a land of 1.3 billion, was huge, Kumar told a news conference at a hotel in New Delhi that drew a curious audience of about 30 journalists and several TV cameras.

“Our overarching goal is for the 21st century to be an Indian-American century – instead of a Sino-American century,” said Kumar, wearing a dark suit and gold-rimmed pilot glasses, his white hair swept back.

“Mr Trump is a businessman – he has no bone in his body, not a drop of blood that is anti-immigrant,” Kumar said. “He wants to have legal, skills-based immigration.”

The Punjabi-born businessman, who emigrated in 1969 and was converted to the Republican cause by Ronald Reagan, also said Trump’s determination to keep Islamic militants out of the United States played well with his community.

Around four in 上海夜生活网five Indians profess the Hindu faith, while 14 percent are Muslims. Hindu nationalist groups, including many Indian Americans, have applauded Trump’s anti-Muslim comments.

“There is a war declared on the free world by Islamic terrorists,” Kumar said. “We are very happy that India under Prime Minister Narendra M,上海夜网千花Macey,odi has taken a very firm stand.”

Kumar said the Republican Hindu Coalition, a group that he set up last year, would hold a cultural event and charity fundraiser in New Jersey on Oct. 15 at which Trump will deliver a keynote address.

Half of the gate receipts would go to victims of terrorism, in particular Hindu refugees from Kashmir and Bangladesh.

Factbox: Clinton’s policies on economy, Islamic State, other issues

WASHINGTON ( ) – Democratic presidential candidate Hillary Clinton has pledged to raise taxes on the wealthy, preserve the Dodd-Frank financial reform law and provide a path to citizenship for undocumented workers.

Here are the proposals the former secretary of state has made as part of her argument that she is best qualified to occupy the Oval Office:

ECONOMIC POLICY

Clinton has said the rich, not the middle class, would see their taxes go up.

She supports billionaire investor Warren Buffett’s eponymous tax proposal calling for those making more than $1 million a year to pay an effective tax rate of 30 percent. Clinton has also called for an additional 4 percent tax on those making more than $5 million annually.

Clinton has pledged to raise the estate tax levied on property transferred from a deceased person to their heirs. She also supports a tiered inheritance tax structure, with a top rate of 65 percent on the wealthiest estates of more than $500 million for a single person or $1 billion for a couple.

Clinton has pledged to unveil a plan to 上海夜生活rebuild U.S. infrastructure during her first 100 days, saying this would create new jobs.

She would use some of the revenue generated from her tax plan to pay for making community colleges tuition-free and ensuring students can graduate from public colleges and universities without i,上海夜生活去哪玩Paisley,ncurring debt.

The Committee for a Responsible Federal Budget, a nonpartisan, nonprofit group that independently scored Clinton’s proposals in their totality, estimated her policies would cost $1.8 trillion over the next decade and would be offset by $1.6 trillion, mostly generated by taxing high earners. The group said the remaining $200 billion could be covered by $275 billion in corporate tax revenue the Clinton campaign has called for but not yet spelled out in sufficient detail for them to credit as an offset at this time.

IMMIGRATION

Clinton has promised to propose broad legislation within her first 100 days in office to overhaul the immigration system and establish a process for undocumented workers to become citizens.

Clinton has said she will defend executive actions taken by Democratic President Barack Obama to defer deportations of children brought illegally to the United States and the parents of children who are citizens or legal residents. She has said if Congress does not pass comprehensive immigration reform, she will similarly use executive action to defer deportations in “sympathetic cases.”

A federal court has ruled that Obama did not,上海夜网后花园Lance, have the authority to issue his executive orders on immigration, known as DACA and DAPA. The U.S. Supreme Court, currently short one member, split 4-to-4 on whether to hear the administration’s appeal, leaving the lower court’s ruling in place for the time being.

WALL STREET REGULATION

Clinton has promised to preserve the 2010 Dodd-Frank financial reform law enacted after the financial crisis, and to pursue further measures to toughen Wall Street regulations.

She has proposed a fee for large financial institutions based on their size and the level of risk they pose. She would also give regulators additional authority to force institutions that pose high risks to break apart or reorganize.

Clinton has also urged strengthening the Volcker Rule, which restricts proprietary trading by commercial banks. She has called for a new tax on high-frequency trading and for stricter oversight of hedge funds, private equity firms and other players in the so-called shadow-banking system.

She has promised stiffer policies on people who commit financial crimes, including an extension of the statute of limitations on such crimes and a requirement for bank executives to return bonuses if their institutions suffer major losses.

Changes to Dodd-Frank have stalled in the Republican-controlled Congress, and it is unclear whether Clinton could get congressional backing to strengthen the law, unless Democrats win control of one or both chambers in the Nov. 8 election.

ISLAMIC STATE

Clinton has pledged to defeat Islamic State and has said the first step to fighting the militant group is to eliminate its strongholds in Iraq and Syria.

In a departure from the Obama administration, she supports the establishment of a no-fly zone over Syria and has called for an intensified air campaign by the U.S.-led coalition. Clinton has said she would send additional American special forces to help Arab and Kurdish forces already on the ground. She opposes sending additional U.S. ground troops to the region.

Clinton has said the United States and European allies must share intelligence more effectively in order to thwart potential attacks.

She has urged Silicon Valley companies to work with the government to track militant recruitment tactics on the internet.

RUSSIA

Current and former Obama administration officials have told they believe Clinton would take a harder line on Russia than either Obama or Trump.

Clinton has said she believes Russian hackers are behind the breach of Democratic Party systems in an attempt to influence the U.S. presidential election.

Clinton has said Russia should play a role in combating Islamic State in Syria, and her foreign policy adviser has said she would consider arming government forces in Ukraine, one of Russi,上海夜生活服务Mabel,a’s neighbors, in a move to combat Russian “aggression in Europe.” Russia has backed ethic Russian separatists in Ukraine.

CHINA

Clinton was a key player in Obama’s “pivot” to Asia when she served as his secretary of state from 2009 to 2013.

Clinton has said she will “aggressively pursue trade cases and impose consequences” against China when it commits trade abuses.

She opposes granting China market-economy status, which China will be seeking when a World Trade Organization clause expires in December, and has said she would make sure a newly installed trade prosecutor would ensure that China is playing by the rules.

Clinton has said she would treat cyber attacks from countries such as Russia and China “like any other attack” and that the United States “will be ready with serious political, economic and military responses.”

Trump may have stopped the bleeding, but not the worrying

WASHINGTON ( ) – Donald Trump may have done just enough in Sund,上海021夜网Nadia,ay’s presidential debate to keep his leaky presidential campaign afloat – and that may have put Republicans considering abandoning him in an even tougher position.

Had Trump imploded, the flow of lawmakers and party luminaries who deserted him at the weekend over lewd comments he made about women on a videotape likely would have become a torrent, increasing demands for him to drop out of the race.

But that didn’t happen. Now, Republicans who have seen their party torn apart by Trump’s candidacy are once again faced with a familiar dilemma: Publicly abandon a badly wounded candidate who is endangering closely contested congressional races or stand behind him in the dimming hope that he can still win them the White House.

The Manhattan real-estate mogul delivered a feistier and more disciplined performance than at the first debate, hammering his Democratic opponent Hillary 上海夜生活论坛Clinton on her use of a private email server while she was secretary of state, and again raising decades-old accusations of sexual misconduct against her husband Bill Clinton.

Infographic ID: ‘2dU3n7Y’

That likely endeared him to the rowdy supporters who have packed arenas across the country for more than a year while perhaps doing little to reel in the more moderate voters in swing states that his campaign will need to defeat Clinton in the Nov. 8 election.

“His no-holds barred approach to Hillary tonight is what conservatives have wanted to see out of a candidate since Bill Clinton was in office,” said Craig Robinson, former political director of the Iowa Republican Party. “The Republican base and talk radio will love this performance.”

But the party is still hitched to a deeply flawed candidate who has especially struggled with women, college-educated, and suburban voters. A recent /Ipsos poll showed close to 20 percent of Americans were still undecided on which candidate to support. Sixty percent of those were women.

A poll taken by CNN immediately following the debate showed Republicans have reason to be anxious. Viewers said Clinton had beaten Trump in the encounter, 57 percent to 34 percent.

The furor over the 2005 videotape, in which Trump bragged about groping and trying to seduce women, led dozens of lawmakers to denounce him, including Arizona Senator John McCain. Their condemnation plunged the party into its worst crisis since the resignation of President Richard Nixon, ,上海夜生活去哪玩Eason,a Republican, in 1974.

The House Republican Conference, a body comprised of the almost 250 Republicans in the U.S. House of Representatives, was set to meet on Monday to discuss the foundering Trump campaign, a House leadership aide said. House Speaker Paul Ryan pointedly disinvited Trump for a joint appearance in Wisconsin that had been scheduled for Saturday following publication of the tape.

All but six of the 40 Republican officeholders whose races are considered competitive in the election have condemned Trump’s comments in the video, although only t,上海夜生活网交流Larissa,hree members of that group have called for him to drop out.

RED MEAT FOR THE BASE

Since the release of the video, the party’s governing body, the Republican National Committee, has offered no guidance to local party officials on how to handle questions about it.

“There hasn’t been one email or one phone call or anything as to what the guidance is from the RNC going forward,” said an RNC official who asked to remain unidentified.

The tape intensified talk in Republican circles about diverting funds from Trump to prop up House and Senate candidates who might find themselves in newfound jeopardy because of the backlash.

“It’s well past time to cut all ties with Trump and focus on preserving the Republican Congress and down ballot offices. Immediately,” said John Weaver, a veteran Republican strategist.

Republican officials have another worry: that Trump’s unpopularity may lead many Republican voters to stay at home on Election Day.

Against this backdrop of panic and condemnation, Trump on Sunday sought to rally the party’s base with a fresh barrage of provocative attacks on Clinton that will give the media something other than the tape to talk about.

He offered a blistering critique of her handling of foreign policy while the country’s chief diplomat and brought his rally cry for her to be jailed to the debate stage. He also carried out a threat to make an issue of her husband’s sexual history.

In doing so, Trump may have stopped the bleeding, but he did nothing to stop the worrying.

Saudi Aramco names new head of finance after government reshuffle:…

DUBAI ( ) – Saudi Aramco has named six new heads of departments including its finance unit after a government reshuffle last week saw several executives at the oil giant moving to other state posts, the company and industry sources said on Tuesday.

Khalid al-Dabbagh was named acting service line head for finance, strategy and development at the world’s largest oil producer, taking over on an interim basis from Abdallah al-Saadan, who was senior vice president of the department, the sources who are familiar with the matter told .

In his post, Saadan was effectively chief financial officer of Aramco, overseeing preparations for its initial public offering (IPO), which is expected to take place in 2019 and could be the world’s biggest.

Aramco also appointed Motassim al-Maashouq, who is vice president of IPO development, to the additional post of vice president of treasury, the sources said.

Aramco confirmed all the new appoint,上海夜生活去哪玩Jacob,ments.

In the government reshuffle announced on Saturday under royal orders from,夜上海419龙凤论坛Nadine, King Salman, Saadan was named chairman of the Royal Commission for Jubail and Yanbu, a government body formed to manage and oversee the development of those two cities.

Saudi Arabia also named a prominent businessman as labor minister and new deputies to the Energy, Industry and Mineral Resources Ministry.

The Energy, Industry and Mineral Resources Ministry, under Khalid al-Falih, who is already chairman of Aramco, oversees oil and gas extraction, power generation and distribution, mining and industrial developm上海夜生活ent.

The appointments of deputies for Falih is a long awaited move meant to lessen the load on the minister who juggles a host of responsibilities from steering the kingdom’s oil and OPEC policies to managing development of local industries.

“The Ministry of Energy has a huge portfolio with many challenging growth and development objectives and Falih needs deputies he knows can deliver results,” said Sadad al-Husseini, an energy consultant and former senior executive with Saudi Aramco.

The Aramco appointments also include Mo,上海夜生活论坛Landon,hammed Shammary, who becomes vice president for procurement and supply chain management, replacing Abdulaziz al-Abdulkarim, the sources said.

Abdulkarim was appointed on Saturday to the post of deputy energy minister for industry affairs.

Nabeel al-Jama’ was named vice president for corporate affairs, replacing Nasser al-Nafisi, who was appointed to the position of assistant energy minister, while Nabil al-Dabal now heads the human resources department, the sources said.

Salah al-Harkey is succeeding Dabbagh as the new Financial Controller, the sources said.

Telegram messaging says Apple has prevented its updates since April

MOSCOW/SAN FRANCISCO ( ) – Apple has prevented the Telegram messaging service from updating globally ever since Russia banned the service and ordered Apple to remove it from its online store, Telegram’s chief executive and founder claimed on Thursday.

Pavel Durov said on his Twitter and Telegram accounts that while the application was available from Apple, Telegram has not been able to deliver technical updates to installed versions of the product anywhere.

He wrote that without updates, Telegram would not work properly with the latest version of the iPhone operating system and it was out of compliance with the new European data privacy law. While Russia makes up 7 percent of Telegram’s users, updates for all Telegram users were being restricted, Durov said.

Apple declined repeated requests for comment.

Apple’s control over the apps in its store enables it to inspect and approve or disapprove of every new version, including updates that fix minor technical issues. If it does not approve an updated version of the software, it canno,上海夜网后花园Dallas,t be distributed through the App Store.

“Russia banned Telegram on its territory in April because we refused to provide decryption keys for all our users’ communicati上海夜生活ons to Russia’s security agencies. We believe we did the only possible thing, preserving the right of our users to privacy in a troubled country,” Durov, a pioneer of Russian social media, said on his official Telegram Channel.

“As a result, we’ve also been unable to fully comply with the General Data Protection Regulation (GDPR) for our EU-users by the deadline of May 25, 2018. We are continuing our efforts to resolve the situation,” he said.

After Russia’s decision to block the popular messaging service, two protest rallies were staged in Moscow against what demonstrators called internet censorship. Telegram is challenging the block in Russian courts.

Russia’s Federal Security Service (FSB) has said it needed to guard against security threats.

“App updates are essential to bolster the security of users and their data, and to comply with privacy laws and regulation,” said Peter Micek, general counsel of non-profit digital rights gro,上海夜哪里艳遇Qirin,up Access Now.

“The burden falls squarely on Apple to justif,上海新夜网龙凤Jacklyn,y blocking global updates to Telegram, a hugely popular messaging app,” Micek said.

Apple is known globally as a protector of user rights. It famously fought the Federal Bureau of Investigation in court rather than agree to break into a phone that had been used by a slain man who killed people in San Bernardino, Calif.

Governments have stepped up pressure on technology companies to more actively police content in more forms, including apps.

In China, Apple recently banned Virtual Private Network apps and removed the New York Times from its digital marketplace.

Apple has said publicly that it would notify developers when apps were removed at a government’s request, that it would limit takedowns to specific countries when possible, and that beginning in the second half of this year it would note in periodic transparency reports the number of requests for app removals.

Since updates are critical but not covered by Apple’s policy, “This is more reason for Apple to regularly, publicly report on its own content decisions and responses to government requests, as well as the policies those calls are based on,” said Access Now’s Micek.

SandRidge fights back against Icahn over board control

( ) – SandRidge Energy Inc (SD.N) warned shareholders on Tuesday they would be handing control of the company too cheaply to activist investor Carl Icahn if they elect his new nominees to the board at an annual meeting next month.

Icahn earlier in May added two more nominees to his slate, demanding yet more influence after the company expanded its board to seven directors from five to accommodate the activist investor’s demands. 上海夜生活网

In a letter to shareholders, SandRidge,上海新夜网龙凤Barbara, Chief Executive Officer William Griffin said the billionaire investor, who has said he could make an all-cash offer for the company, was not competing “fairly with other potential counterparties”.

An Icahn-led board would “likely have a chilling effect on the participation of potential counterparties because such a process would be rigged in favor of Icahn,” Griffin said.

Icahn has made a career out of shaking up company management and, as the biggest shareholder in SandRidge with a 13.6 percent stake, he has already forced the resignation of both its chief executive and chief financial officers.

SandRidge’s shares, however, have fallen more than 15 percent since Icahn disclosed his stake on Nov. 21 and the jury is still out on how new management – or sales of company assets – would deliver more value to shareholders.

A slump in oil prices and its exposure to costly production in the Mississippi Lime forced the Oklahoma City-based oil producer briefly into bankruptcy proceedings in 2016.

Oil prices have since recovered to $80 a barrel for the first time since 2014 and shale producers in the United States have benefited from cheaper drilling methods and ever increasing global demand.

The question is whether SandRidge now has a better spread of drilling sites to take advantage of the rise.

David Beard, analyst at Coker Palmer Institutional said while short-term investors often penalize the valuations of companies with current, declining production, Icahn is betting on SandRidge’s undrilled locations in the hope that those will bring the production levels up.

“SD operates in a relatively higher cost Mississippi Lime basin, thus the downturn hurt them particularly hard, having to drop almost all their rigs. This placed downward pressure on production,” Beard said.

“But should production grow and undrilled locations become valuable, we can see net asset values approach ~$50/sh.”

JUNE SHOWDOWN

Icahn initially persuaded SandRidge’s leadership to back out of a $746 million deal with rival Bonanza Creek Energy Inc (BCEI.N) but he has now spent months laying into its management.

In April, the billionaire nominated Jonathan Frates and Nich,上海夜网邀请码Hal,olas Graziano – both of whom work for Icahn companies – to SandRidge’s board.

The other three nominees are John Lipinski and Bob Alexander who have worked with refining company CVR Energy Inc (CVI.N) and Randolph Read, who has worked with investment fund Nevada Strategic Credit Investment.

Ahead of the June 19 shareholders meeting, Griffin said Icahn’s continuous additions to the board would “end the impartial process, drive away competition and position Icahn to consolidate cont,上海夜生活论坛Babette,rol as cheaply as possible”.

Icahn’s involvement and pressuring of Newell Brands Inc NWL.N to appoint four of his nominees to its board ran parallel to the company’s shares recovering some of last year’s almost 50 percent loss. They have since retreated to back to near record lows.

Icahn’s move with fellow shareholder Darwin Deason to prevent Xerox Corp (XRX.N) merging with Fujifilm Holdings (4901.T) have seen shares in the photocopying icon fall around 25 percent from a 3-year high hit when the deal was announced in January.

Icahn did not immediately respond to a request for comment.

Where’s the data? Angst for commods traders as China trade figures…

BEIJING ( ) – Commodities traders have been waiting more than a week for China to release overdue monthly import-export data, frustrating many market watchers and fuelling speculation about reasons for the delay.

The prolonged wait for final April commodities trade statistics from the world’s t,上海高端夜生活在那里Radcliff,op buyer of oil, metals and grains comes as negotiators from Washington gather in Beijing for a round of talks aimed at avoiding an all-out trade war.

The April data, initially due on May 23, will show the scale of market disruptions since Washington and Beijing embarked on escalating tit-for-tat tariff threats, roiling flows of commodities such as soybeans, sorghum and corn.

Traders were hoping to glean from the final April data signs that China had stopped buying American agricultural goods, or started to switch to buying more from other countries, such as Brazil, Russia and Australia.

The company which collates and sells the data, China Cuslink Co Ltd, which is operated by customs, was ordered to delay publication indefinitely due to technical reasons, three officials at the company told .

One said the instructions came from cust,上海夜玩网论坛Naia,oms, while another said it was from another government agency. The officials, who declined to be identified, gave no further details.

A spokesman for General Administration of Customs confirmed the suspension, but gave no reason.

While the timing of the delay may be coincidence, some traders speculated Beijing may want to conceal statistics that could somehow undermine its negotiating stance.

But Michael Mao, senior energy analyst in Shandong province at China Sublime Information Group, doubted there was a link.

“If Beijing wants to adjust the April data to sweeten trade talks, it won’t work for obvious reasons,” Mao said. “If the official data and shipping data don’t match, analysts are smart enough to tell that authorities massaged official data.”

Companies like Thomson and other media companies and consultancies pay to receive the final 上海夜生活网statistics, which give a breakdown by import origin and export destination for everything from sorghum to natural gas and steel.

Mao said speculation had circulated in the market that Beijing was considering stopping the sale of the data to some companies. was not able to verify this.

Traders and analysts seeking to use the data to devise trading strategies expressed frustration at the delay and lack of information. “It is such nonsense to delay the data for political reasons,” said one veteran Beijing-based oil trader, who declined to be identified as he is not authorized to speak to the media.

NOT UNUSUAL

It’s not unusual for statistical releases to be postponed by a day or two, and many analysts and trade experts have anyway long questioned the accuracy of official Chinese economic data.

The delay also comes as China’s customs department undergoes a major overhaul, taking on extra functions, including import safety, which was previously handled by a separate agency, as part of a broader effort to make policymaking more efficient.

Still, an indefinite delay without a clear explanation is extremely rare, experts say.

Preliminary numbers showing total imports and exports earlier in the month revealed upheaval in flows of grains, such as sorghum, which were temporarily hit with anti-dumping sanctions by China.

The wait for the data comes as U.S. Commerce Secretary Wilbur Ross heads to Beijing for talks aimed at narrowing China’s $375 billion trade surplus, an effort Washington hopes results in China significantly ramping up purchases of American farm products and energy.

Ross is due in Beijing on June 2 to 4. On Wednesday, a delegation of more than 50 U.S. officials arrived in the Chinese capital for talks, according to China’s commerce ministry.

Michael Lion, a China me,夜上海论坛Kailani,tals industry veteran who is president of Lion Consulting Asia in Hong Kong, said the delay may be a strategic decision while trade talks continue.

“It would be consistent from my experience for (the Chinese authorities) to withhold information that they might believe could be used by counterparties in negotiations,” Lion told by email.

Some market participants are resigned to a long wait, as the veteran oil trader noted: “Customs will probably delay the data until China solves the trade dispute with the U.S.”

Airlines adjusting hedges, fares, capacity and fleet as oil price…

SYDNEY ( ) – Airlines are locking in fuel hedges, lowering capacity, raising fares and retiring older jets to cope with rising costs alongside the highest oil prices since 2014, industry executives say.

The squeeze from fuel costs, which have risen much faster than ticket prices, poses a particular threat to the industry’s profitability.

The International Air Transport Association on Monday forecast airlines’ combined profits would be 12 percent lower than it had expected in December, at $33.8 billion in total, in large part because of costlier fuel.

Brent crude is trading at around $76 a barrel, up nearly 50 percent from a year ago.

“At this point with rising fuel, you control costs, raise prices and you may have some fall off in demand and reduce capacity,” Air New Zealand chief executive Christopher Luxon told on Monday.

“I think we are seeing pricing move up internationally and certainly yields come u上海夜生活网p as well,” he added.

IATA forecast passenger yields, a proxy for ai,上海高端夜生活在那里Pamela,rfares, will rise by 3.2 percent this year, in the first annual gains since 2011, as airlines look to recoup rising costs.

American Airlines CEO Doug Parker also forecast that fares could rise as capacity is reined in amid higher oil prices.

HEDGING STRATEGIES

China Eastern Airlines Corp Ltd has said it would consider using newly launched yuan-denominated oil futures to hedge oil for the first time in a decade, but others, like Emirates and Delta Air Lines have no plans to return to hedging as a result of the recent oil price increases.

“I think rushing to get hedged when the prices go up is a bit dumb and when they go down they get complacent again,” CAPA Centre for Aviation Executive Chairman Peter Harbison said.

IATA chief economist Brian Pearce said hedging only delays the impact.

“It stabilizes earnings; it doesn’t stop the rising costs happening,” he said.

Other carriers, such as Singapore Airlines Ltd and Air New Zealand Ltd, are well-hedged at lower prices but are being forced to hedge at higher prices as those contracts end, in keeping with their internal policies.

For example, London-listed IAG, the parent of British Airways, hedges up to three years in advance on a rolling basis. That means 80 percent of its fuel is hedged for the current first three months, a number that drops to 10 percent in the final quarter of the three-year period.

“Whilst most of us have hedging in place, that hedging eventually runs out or gets replaced by new positions you have got, and it is a question then of what do you do?” Virgin Australia Holdings Ltd CEO John Borghetti said. “If you look at history, typically some of that cost has to be passed on at some point because you just simply can’t absorb it.”

European carriers are also hedged between 50 and 90 percent as a way to give them better control of costs. ,上海新夜网龙凤Idaleen,

“We take a simple view that hedging is about buying time; it gives you time to address volatility,” said IAG’s chief executive, Willie Walsh.

FLEET RENEWAL

The higher oil price is also expected to drive a new cycle of airlines’ replacing older jets with more efficient newer generation,上海夜生活去哪玩Eason, models like the A320neo and 737 MAX narrowbodies and the A350, A330neo and 787 widebodies.

Australia’s Qantas Airways Ltd is retiring gas-guzzling Boeing Co 747s more quickly than it had originally forecast and replacing them with twin-engine 787s.

“It will be a bittersweet moment when those aircraft will go but it also helps us manage the increase in fuel prices,” Qantas CEO Alan Joyce said Monday. “The 787s are going to give us a big benefit this year on our international operation.”

Boeing Commercial Airplanes vice president of marketing Randy Tinseth said on Sunday that replacement makes sense for airlines when oil reaches $65 a barrel.

“Fuel is definitely an issue and it is eating into profitability,” said Mylene Scholnick, principal at consultancy ICF. “When fuel comes down, the airlines keep aircraft longer, so we had seen ages pushed to 28, 30 years. Now with fuel back up, it won’t bring down the retirement age drastically but will stabilize it at around 25 years.”

Tencent sues Toutiao for alleged defamation, demands 1 yuan and…

HONG KONG ( ) – Chinese social media giant Tencent Holdings on Friday said it is suing two companies under domestic rival Toutiao for alleged defamation, escalating its growing feud with the firm behind what is currently the world’s most downloaded iPhone app.

Toutiao, also known as Bytedance Technology, is one of China’s fastest-growing tech start-ups. It has threatened Tencent’s dominance in social media and online entertainment with its hugely popular news aggregator app Jinri Toutiao and short video app Tik Tok, also known as Douyin in Chinese.

Tik Tok, especially popular among young people for its quirky videos, was th,上海上海夜生活夜网后花园Fabiana,e most downloaded app in the Apple app store globally in the last quarter.

In a WeChat post, Tencent said it is suing in a Beijing court the two Toutiao units running Jinri Toutiao and Tik Tok, alleging they had repeatedly defamed Tencent in the past month with negative news and damaged its reputation.

Tencent alleged Toutiao had intentionally tweaked a state media report’s headline and sourcing unfavorably in a push alert on Wednesday and seriously damaged its reputation.

Toutiao did not immediately,上海夜生活Babette, respond to a request for comment.

Demanding compensation of one yuan ($0.16) and public apologies on Toutiao’s social media platforms, Tencent said it is also suspending collaboration with the two companies as their behavior “constituted unfair competition and infringed (Tencent’s) rights”.

Toutiao’s Douyin last month sued Tenc,上海021夜网Kade,ent, accusing it of spreading false and damaging information on its WeChat platform and seeking 1 million yuan ($155,000) in compensation and an apology.

Tencent said at the time that it had acted appropriately and would not fear to respond to any lawsuit.

Venture-backed Toutiao, valued at more than $30 billion according to sources, is aggressively emerging as one of the few Chinese tech start-ups independent from the juggernauts Tencent, Baidu Inc and Alibaba Holdings.

Written by shyw on May 13, 2018 Categories: yuhucbdm Tags: ,

Airbus to seek CSeries efficiencies across the board: exec

PARIS ( ) – Airbus SE (AIR.PA) will seek efficiencies across the board after taking on Bombardier Inc’s (BBDb.TO) struggling CSeries jet program but is not looking for an adversarial relationship with parts makers, one of its senior executives said.

The European planemaker and Canada’s Bombardier have finalised an agreement for Airbus to take control,上海夜生活去哪玩Tamara, of the CSeries in an effort to rescue the venture through its marketing and cost-cutting muscle.

“We are looking ultimately to end up in a better position in the overall cost of the CSeries, whether it comes through the supply chain or whether it comes through efficiencies in building the aircraft,” Airbus Americas Chairman Jeff Knittel told .

“There are lots of ways to do that and we will be looking at every one of those.”

Asked to explain the rationale of the CSeries deal, Knittel said: “It is really the power of Airbus: in terms of its sales force, in terms of marketing and in terms of operating leverage. We can run factories, we,上海夜网邀请码Kaiden, think, very efficiently.”

People familiar with the plan say Airbus is preparing to battle engine and systems maker United Technologies Corp (UTX.N) over the price of components and services. UTC will have a large slice of the CSeries program by value after completing its $23 billion acquisition of Rockwell Collins Inc COL.N.

Knittel declined to discuss individual suppliers but suggested that Airbus would demand concessions in return for the far larger amounts it spends on parts compared with Bombardier, including $17 billion a year in the United States alone.

“You would expect that someone who spends that type of money has better leverage than someone who spends less, and I’ll leave it at that,” he said.

“We are not looking for an adversarial relationship with the supply chain. We are looking to put ourselves … and the supply chain in a position where上海夜生活网 we sell more planes.”

Airbus Finance Director Harald Wilhelm said on Friday he sa,夜上海419龙凤论坛Octava,w “great potential” to increase the competitiveness and efficiency of the CSeries by addressing costs, helping to generate cash.

Deutsche Bank axes at least 7,000 jobs in trading retreat

FRANKFURT ( ) – Deutsche Bank (DBKGn.DE) is slashing more than 7,000 jobs to cut costs and restore profitability, while keeping its international reach as its new CEO seeks to reassure investors and clients.

Germany’s biggest bank said global headcount would fall to well below 90,000 from 97,000, with a 25 percent cut in equities sales and trading jobs, which are mainly in New York and London and where it has been losing ground to U.S. rivals.

Deutsche Bank did not give a specific number, but a person with knowledge of the matter told ahead of the lender’s annual general meeting on Thursday that it was aiming to axe 10,000 positions.

Christian Sewing, who became CEO in an abrupt management reshuffle last month, said the bank was committed to its international presence, fleshing out his plan to scale back its global investment bank and refocus on Europe and its home market after three consecutive years of losses.

Last month the bank flagged cuts to U.S. bond trading, equities, and its business serving hedge funds.

“We remain committed to our Corporate & Investment Bank and our international presence – we are unwavering in that,” Sewing said, while acknowledging a “challenging” revenue environment.

Deutsche Bank has already dismissed 600 investment bankers over the past seven weeks and will cut spending by 1 billion euros ($1.17 billion) by the end of 2019 in its investment bank.

“This reduction is already fully underway, and so far, due to the considered way we’ve handled this, we have not seen any meaningful revenue attrition,” Sewing said.

Related CoverageDeutsche Bank says revenue environment in second quarter remains challengingDeutsche Bank’s chairman defends abrupt change in CEOSee more stories EUROPE’S ALTERNATIVE

Deutsche Bank has long been a default source of lending and advice for German companies seeking to expand abroad or raise money through the bond or equity markets, a role which has had the tacit backing of successive governments in Berlin.

Sewing said that Deutsche Bank’s position as a competitor to the Wall Street banking heavyweights such as Goldman Sachs, JP Morgan, Morgan Stanley and Bank of America, whose clout has grown in recent years, remained an important focus.

“We are Europe’s alternative in the international financing and capital markets business. However, we must concentrate on what we truly do well,” he said.

Another big European bank, BNP Paribas (BNPP.PA), effectively ruled out any tie-up with the German lender as the French bank’s chief executive told its shareholders that it was not considering big deals.

“In the foreseeable future, the group has no intention to carry out large-sized operations, because it is not possible,” Jean-Laurent Bonnafe said, when asked by an investor at its AGM if BNP was “analysing” Deutsche Bank.

Deutsche Bank has been losing ground to rivals in investment banking in all regions, Thomson data shows. Its ranking for investment banking fees fell to 10th from 8th in the Americas between 2010 and 2017,to 15th from 6th in Asia-Pacific and to 3rd from 2nd in Europe.

Coalition data shows that in global equities, Deutsche has also lost market share in the cash, derivatives and prime services businesses over the same period. Overall in global equities it ranked between 7th and 9th in 2017 against a ranking of between 4th and 7th in 2010.

The reductions will reduce the investment bank’s leverage exposure by 100 billion euros, or 10 percent, but KBW analysts said the moves were disappointing and its shares closed 4.8 percent lower, marking a nearly 35 percent decline this year.

,上海夜哪里艳遇Radcliff,“We view this as confirmation of our view that drastic but necessary restructuring is impossible at this stage,” KBW wrote.

“We remain concerned with their ability to generate free cash flow to support business growth post restructuring,” it said, adding that to achieve its target for a return on tangible equity of 10 percent, Deutsche would need 6 billion euros of profit, something the broker viewed as highly unlikely.

The cuts are merely a first step and further details are needed, Ingo Speich, a fund manager at Union Investment which holds Deutsche Bank shares, said.

“We would have liked to see concrete announcements at today’s shareholder meeting,” he told . “We need clarity on how the decisions will affect the bottom line.”

SHAREHOLDER PRESSURE

Deutsche Bank shareholders, who were fed with Frankfurter sausages and pretzels at the AGM, called on it to speed up the recovery process after months of internal turmoil.

“It is high-time to … end the years-long and still-popular ‘Deutsche Bank bashing’ and get to work finally gett,上海仙霞路夜生活Talon,ing our bank back on its feet after six long years of restructuring,” Klaus Niedi,上海夜网邀请码Hal,ng of shareholder lobby group DSW said.

Chairman Paul Achleitner last month abruptly replaced CEO John Cryan with Sewing amid investor complaints the bank was falling behind in executing a turnaround plan.

Achleitner defended his decision, adding that U.S. banker John Thain would head a new strategy committee on the supervisory board of the bank, which is also under pressure from credit ratings agencies.

Achleitner survived a motion to remove him from the supervisory board, with only 9 percent of shareholders voting for the measure.

In a separate上海夜生活网 vote, Achleitner received support from 84.4 percent of shareholders for his actions in 2017, below the rates of well above 90 percent that shareholders typically give executives and board members at AGMs.

($1 = 0.8543 euros)

Aerospace group Safran sticks to LEAP engine targets, no ‘bad…

PARIS ( ) – French aerospace firm Safran (SAF.PA) is sticking to production targets for the LEAP jet engine, but is still unwilling to back proposals for higher output from Airbus and Boeing until it is convinced its own suppliers can keep up, its chief executive said on Wednesday.

Safran co-owns the world’s largest jet engine supplier, based on the number of units produced, along with General Electric (GE.N) and their plans for a record hike in output of LEAP are 4-6 weeks behind schedule.

“I want to be virtually certain about the robustness of the supply chain before committing to higher production,” Philippe Petitcolin said.

CFM International, the joint venture that makes LEAP engines, aims to deliver around 1,100 of the engines this year, followed by 1,800 next year and hitting the 2,000 mark in 2020.

Its factories are currently churning out 12 LEAP engines a week for the Airbus A320 family and 14 a week for the Boeing 737. By the end of the year it aims to raise the weekly rate by two engines for Airbus (AIR.PA) and 4-6 for Boeing (BA.N), Petitcolin said.

Engine makers have been struggling to keep up with demand triggered by a new generation of fuel-saving engines.

CFM has been spared most of the delays felt by rival Pratt & Whitney or technical problems seen at Rolls-Royce (RR.L), but its performance has widespread economic implications since it powers 75 percent of the world’s most-used narrowbody jets.

Petitcolin said CFM continues to see demand for the previous generation of engines, its decades-old CFM56, even as it switches to the new fuel-saving model. Analysts say airlines calculate that curre,上海夜网千花Tabitha,nt engines are still economic on shorter trips.

Safr上海夜网an is juggling the LEAP ramp-up against efforts to turn around French aircraft seats and cabin equipment maker Zodiac Aerospace ZODFF.PK, which Petitcolin said occupies much of his attention.

Three months after taking control of Zodiac, Safran has not discovered any nasty surprises – seen as a significant fact in its own right after around 10 profit warnings from Zodiac beforehand.

“There have been no major (bad) surprises but there haven’t been any good surprises either,” Petitcolin told the AJPAE aer,上海夜生活论坛Dakota,ospace media association, adding it would take 12-18 months for delayed airline seat projects currently being handled by Zodiac to work their way through the system.

Petitcolin deflected questions about intermittent speculation in France of a future tie-up between Safran and French defense and aerospace equipment company Thales (TCFP.PA).

The two companies faced pressure to merge more than a decade ago but never went through with a deal. Thales later fell into the orbit of Dassault Aviation (AVMD.PA), which has industrial control as part of a shareholder pact with the French state.

Industry sources say the mosaic of state-influenced French aerospace companies could again come under scrutiny following the death this week of industrialist Serge Dassault.

In 2012, one of his sons, Laurent Dassault, suggested a broad combination of Dassault Aviation, Thales, Safran and Zodiac as a counterweight to Franco-German Airbus group (then called EADS), but few in the industry publicly warmed to the idea.

Petitcolin paid tribute to Serge Dassault as a “great man” of French aeronautics, but declined to be drawn on any fut,上海夜网推油Dahlia,ure industry deals, saying his priority was to integrate Zodiac.

Safran meanwhile hopes for an inaugural contract for its new E-Taxi electrically powered aircraft taxiing system at the Farnborough Airshow in July, Petitcolin said.

New Jersey ‘Bridgegate’ defendant says he was duped

NEWARK, N.J. ( ) – After days of complaints about traffic jams at a major New York bridge in 2013, New Jersey Governor Chris Christie’s associate demanded to know if lane closures were political retribution, he testified on Monday.

On trial over his alleged role in the “Bridgegate” scandal, Bill Baroni, Christie’s top political appointee at the Port Authority of New York and New Jersey, said he confronted fellow authority executive David Wildstein to ask whether the lane closures in September 2013 were an act of retribution against the Democratic mayor of a commuter town.

“I said, ‘David, tell me right now, is this true?’” Baroni testified in federal court in Newark, where he is on trial on fraud charges. “He looked me in the eye and said, ‘Absolutely not.’”

In his first day of testimony, Baroni asserted that Wildstein orchestrated the lane closures without his knowledge to punish Mark Sokolich, the mayor of Fort Lee, for his refusal to endorse Christie’s re-election bid.

Baroni also rejected Wildstein’s contention that they discussed the scheme with Christie as it was unfolding.

Christie had soared to national prominence in late 2012 for his response to Superstorm Sandy and wanted to use that spotlight, and an aura of bipartisan spirit, to catapult himself towards the White House. But the scandal hurt his image and his campaign ultimately collapsed early this year, though he has always denied involvement.

Baroni’s story was entirely at odds with the narrative U.,上海夜生活群Caitlin,S. prosecutors have presented at trial. They have accused Baroni, Wildstein and former Christie deputy chief of sta,上海夜生活男人好去处Hadleigh,ff Bridget Kelly of conspiring to create the traffic jam to punish Sokolich.

Kelly, on trial alongside Baroni, is also expected to testify. Wildstein has pleaded guilty and appeared as the government’s star witness earlier in the case.

Baroni said he confronted Wildstein after receiving a letter from Sokolich suggesting the closures had “punitive overtones.”

But during cross-examination, Assistant U.S. Attorney Lee Cortes pointed out that days before, Sokolich left him a voicemail aski,上海夜网官方网站Talon,ng “who’s mad at me?”

“So the first time you heard from him, he was asking if someone was mad at him? It wasn’t Thursday?” Cortes asked.

Baroni said he believed Wildstein’s representation that the George Washington Bridge lane上海夜生活网 closure was part of a traffic study and that he should not respond to Sokolich.

“I’ve regretted it ever since,” Baroni said.

Wildstein said he and Baroni invented the traffic study as a cover story.