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Facebook’s size no barrier to deals in new areas: executive

RANCHO PALOS VERDES, Calif. ( ) – Facebook Inc believes it could acquire other large companies without running afoul of antitrust enforcers if the world’s largest social media network chose to enter a new market, Chief Operating Officer Sheryl Sandberg said on Tuesday.

Sandberg was aske上海夜网d on stage by a journalist at the Code Conference whether Facebook, because of its size, would be allowed in the future to buy companies as it has such as virtual reality firm Oculus and messaging service WhatsApp.

“It really depends what it is. If it was in something that wasn’t core,上海夜生活去哪玩Nala, to what we were doing and a new area, like Oculus was, I think it would probably be allowed,” Sandberg said.

She gave no indication that a deal was forthcoming.

Facebook, one of the largest corporations by market capitalization, has grown in part through acquisitions. In 2014 it ,上海夜生活怎么玩Gabi,bought WhatsApp for $22 billion and Oculus for $3 billion, but has not made a similar purchase since. It bought Instagram for $1 billion in 2012.

EU regulators have expressed concern about a plan ,上海夜生活网交流Babette,by Facebook and WhatsApp to begin sharing users’ phone numbers and other data.

Sandberg said sharing data between the two services had benefits, such as catching people who exploit children, and that Facebook should not be broken up.

“If you are doing child-exploitative content, WhatsApp’s encrypted, but we know who you are from Facebook. We can take your account down on WhatsApp, too,” she said.

Talks end with China warning trade benefits at risk if U.S. imposes…

BEIJING ( ) – China warned the United States on Sunday that any agreements reached on trade and business between the two countries will be void if Washington implements tariffs and other trade measures, as the two ended their latest round of talks in Beijing.

A short statement, carried by the official Xinhua news agency, made no mention of any specific new agreements after U.S. Commerce Secretary Wilbur Ross met Chinese Vice Premier Liu He.

It referred instead to a consensus they reached last month in Washington, when China agreed to increase significantly its purchases of U.S. goods and services.

“To implement the consensus reached in Washington, the two sides have had good communication in various areas such as agriculture and energy, and have made positive and concrete progress,” the state news agency ,上海夜网后花园Fabi,sa,上海夜网Octavien,id, adding上海夜生活网 details would be subject to “final confirmation by both parties”.

The United States and China have threatened tit-for-tat tariffs on goods worth up to $150 billion each.

Xinhua said China’s attitude had been consistent and that it was willing to increase imports from all countries, including the United States.

“Reform and opening up and expanding domestic demand are China’s national strategies. Our established rhythm will not change,” it added.

“The achievements reached by China and the United States should be based on the premise that the two sides should meet each other halfway and not fight a trade war,” Xinhua said.

“If the United States introduces trade sanctions including raising tariffs, all the economic and trade achievements negotiated by the two parties will be void.”

There was no immediate comment or statement from the U.S. delegation or from Ross himself.

At the end of last month’s Washington talks the two countries released a joint statement.

But just when it appeared a trade truce between the two economic heavyweights was on the cards, the White House last week warned it would pursue tariffs on $50 billion worth of Chinese imports, as well as impose restrictions on Chinese investments in the United States and tighter export controls.

State-run Chinese newspaper the Global Times said in an editorial on its website that China needed to prepare for the long haul due to the U.S. propensity for changing its mind and coming up with new demands.

“Tariffs and expanding exports – the United States can’t have both,” it said. “China-U.S. trade negotiations have to dig up the two sides’ greatest number of common interests, and cannot be tilted toward unilateral U.S. interests.”

Xinhua said in a separate commentary that the United States should not test China with any further flip-flops or provocations.

“The Chinese government’s attitude of not wanting but also not fearing a trade war has never changed,” it said.

Ross arrived in Beijing on Saturday for talks after the Trump administration renewed tariff threats against China, and with key U.S. allies in a foul mood toward Washington after they were hit with duties on steel and aluminum.


Addressing Liu earlier in the day at the start of their formal talks at a government guest house, Ross praised the tone of their interactions.

“Our meetings so far have been friendly and frank, and covered some useful topics about specific export items,” Ross said, in brief comments before reporters.

Liu spoke only to welcome Ross.

Neither man has made any other comments to the media.

Ross left Beijing for Washington early Sunday evening.

Liu, a Harvard-trained economist who is a trusted confidant of Chinese President Xi Jinping, is China’s chief negotiator in the trade dispute.

U.S. Treasury Secretar,上海夜生活网419Hadrian,y Steven Mnuchin said on Saturday the United States wanted this weekend’s talks to result in structural changes to China’s economy, in addition to increased Chinese purchases of American goods.

The purchases are partly aimed at shrinking the $375 billion U.S. goods trade deficit with China.

Mnuchin, speaking at a G7 finance leaders meeting in Canada where he was the target of U.S. allies’ anger over steel and aluminum tariffs, said the China talks would cover other issues, including the Trump administration’s desire to eliminate Chinese joint venture requirements and other policies that effectively force technology transfers.

“I want to be clear, this isn’t just about buying more goods, this is about structural changes,” Mnuchin said.

“But I also fundamentally believe that if there are structural changes that allow our companies to compete fairly, by definition, that will deal with the trade deficit alone.”

The U.S. delegation at the Beijing talks included Under Secretary of Treasury for International Affairs David Malpass, Under Secretary of Agriculture for Trade and Foreign Agricultural Affairs Ted McKinney, and United States Trade Representative Chief Agricultural Negotiator Gregg Doud.

Other officials and technical experts from the Department of Commerce, Department of Treasury, United States Trade Representative, Department of Agriculture, and Department of Energy also took part, the White House said.

China’s delegation included central bank governor Yi Gang, Commerce Minister Zhong Shan, and Ning Jizhe, a deputy head of the National Development and Reform Commission, a powerful planning body.

Ross, who was preceded in Beijing last week by more than 50 U.S. officials, had been expected during the two-day visit to try to secure long-term purchases of U.S. farm and energy commodities to help shrink the U.S. trade deficit.

The U.S. team had also wanted to secure greater intellectual property protection and an end to Chinese subsidies that have contributed to overproduction of steel and aluminum.

Exclusive: Sorrell tells investor his new venture is not targeting WPP

LONDON ( ) – WPP’s former chief executive Martin Sorrell has moved to reassure investors in the advertising 上海夜生活网giant that the firm he has set up since his abrupt exit will not compete directly with it.

Sorrell has spoken to at least two WPP shareholders in recent weeks in calls instigated by the investors and facilitated by WPP (WPP.L), a spokesman for the FTSE-100 company told .

In one of the calls the 73-year-old former CEO told Alastair Gunn, a fund manager at Jupiter Asset Management which is WPP’s 15th biggest shareholder, that the new venture he launched just six weeks after leaving the group in April will not undermine WPP.

Sorrell, who did not have a non-compete clause in his contract and remains WPP’s eighth biggest shareholder, indicated that he would not seek to hurt the company he founded 33 years ago, Gunn told .

“He’s got a lot of money still invested in WPP and he made it clear that it would be very illogical of him to be out to try and undermine his single largest investment,” Gunn said.

“He said he wasn’t going to come back and do something that would be a waterfront-type competitor to WPP.”

Sorrell outlined a deal to invest 40 million pounds of his own money in a reverse takeover of London-listed Derriston,上海夜生活怎么玩Hadleigh, Capital on Wednesday. The shell company will be renamed S4 Capital and be used to buy marketing firms.

The Derriston deal echoes the strategy that Sorrell used to tr,上海夜网后花园Lake,ansform shopping basket producer Wire and Plastic Products into WPP, the world’s largest advertising company with a market value of around 15.6 billion pounds.

Sorrell said that he saw “significant opportunities for development in technology, data and content” and institutional investors have indicated they are willing to provide more than 150 million pounds to help S4 with acquisitions.

His swift return was not a surprise, Jupiter’s Gunn said.

“One of the things that made him so impressive at WPP was that he wasn’t like other CEOs, he was very driven and motivated and very accessible all the time. So the idea he was just going to sit on a beach somewhere was a bit of a joke,” Gunn added.

A spokesman for Sorrell confirmed that he had spoken to WPP shareholders.

Sorrell, who was one of Britain’s most high-profile and best-pai,上海夜生活论坛Landon,d business executives, left WPP after the board investigated an allegation of personal misconduct. 

WPP has not given any details of the allegation and Sorrell has denied any wrongdoing.

HSBC to invest $15-17 billion by 2020 in push for growth

LONDON ( ) – HSBC will invest $15-17 billion in the next three years in areas including technology and China as it swings from a strategy of c,上海夜生活网419Ida,ost-cutting to growth, new CEO John Flint said on ,上海夜生活Gabriella,Monday, while keeping profitability and dividend targets little changed.

In a first public outline of his strategy at the helm of Europe’s biggest bank by market capitalization, Flint set o上海夜生活论坛ut ambitions to grow its return on tangible equity to 11 percent, in line with previous targets, from 6.8 percent in 2017.

The update marks a shift in HSBC’s (HSBA.L) post-2008 crisis attitude from cost-cutting and restructuring to investment and growth, but analysts said the focus on China and technology were familiar themes.

HSBC shares fell by 0.7 percent amid some disappointment the bank said it would keep its current levels of dividends rather than the increase some investors had hoped for.

“The early read is that this is not a revolutionary strategy review – rather accelerating growth (particularly in Asia) as well as driving better value creation,” analyst Joseph Dickerson at Jefferies International in London said.


The main points of the bank’s refreshed strategy will come as little surprise to HSBC investors, with the focus squarely on further expansion in China and its prosperous southern Pearl River Delta region in particular.

The bank will also seek to expand further in the British mortgage market as one of eight new strategic targets, it said.

“After a period of restructuring, it is now time for HSBC to get back into growth mode,” Flint said.

The bank has found no silver bullet for its underperforming U.S. business, the strategy update showed, with HSBC set to focus on trying to grow its market share among internationally-focused mid-sized companies.

The bank will also resume unsecured lending in its retail bank, taking on the riskier but more profitable segment of the consumer market that drives the higher profits achieved by its domestic rivals in the United States.

Flint in Februa,上海足浴夜网联系方式Tallulah,ry said the bank was reviewing its U.S. franchise, which has suffered from lack of scale and the consequences of its disastrous $15 billion acquisition of consumer lender Household in 2003.

Few of the bank’s identified areas for growth focused on its investment banking business, which has suffered an exodus of high-profile dealmakers in Europe in recent months amid frustration at a lack of clear strategy.

Trump metals tariffs make Granite City great again, but at what cost?

GRANITE CITY, Ill. ( ) – After Donald Trump was elected president in 2016 on a pledge to “Make America Great Again” and revive the country’s old industrial heartland, Dave Chrusciel hoped someday to return to his previous job at the steel mill here in this southern corner of Illinois.

That day has arrived. Chrusciel, 61, is one of around 500 workers United States Steel Corp (X.N) is re-hiring or recruiting as it readies for production in mid-June at a blast furnace it idled in 2015.

“I’d been waiting for that phone call asking me to come back for more than two years,” he said.

Chrusciel and Granite City are among the winners as the Trump administration fights a multi-front war to reshape ,上海会所夜网Caitlin,U.S. trade policy. City officials say the well-paid jobs at the Granite City Works, which traces its roots to the late 19th century, are the heart of this town of 29,000 people.

“These are jobs you can raise a family on,” said Granite City Mayor Ed Hagnauer. “Those are the jobs we’ve seen disappear.”

Trump imposed the tariffs of 25 percent on steel imports and 10 percent on aluminum in March. They are popular in Granite City, but problematic in other communities.

Major U.S. manufacturers as diverse as Caterpillar Inc (CAT.N), Ford Motor Co (F.N), Whirlpool Corp (WHR.N), Campbell Soup Co (CPB.N) and Harley-Davidson Inc (HOG.N) have said rising steel and aluminum prices will have to be passed on to consumers, offset with cost-cutting measures, or hurt profits.

Bill Hickey, chairman of Chicago-based Lapham-Hickey Steel, which has half a dozen U.S. steel processing plants, said he wants to help U.S. steelmakers, but is concerned rising prices will push manufacturers to duck tariffs by purchasing steel parts overseas.

“The main beneficiary would be China, which has plenty of surplus steel,” he said.

The tariffs are in effect for some countries, and a temporary exemption for Canada, Mexico and the European Union is supposed to expire on June 1.

Uncertainty over the tariffs’ future has left U.S. steel producers’ shares in limbo. U.S. Steel shares surged earlier this year but are now up just 1.6 percent in the year to date. Nucor Corp (NUE.N) is also up just 1.6 percent for the year.


Tariffs created Granite City.

The 1890 McKinley Tariff Act, which increased protective duties, acted as a catalyst for the nascent U.S. domestic steel industry and created Granite City in 1896.

Dominated by steel since, the city’s fortunes have mirrored the industry’s. Its population peaked at around 40,000 in the 1970s. U.S. steel-making’s decline is reflected in the faded glory of formerly grand brick buildings, like those in many Rust Belt cities.

Across the Mississippi from St Louis, Granite City sits in Madison County, which voted for Trump by a 15-point margin.

U.S. Steel has not disclosed its investment in restarting the blast furnace, which will have an annual capacity of 1.5 million tons of raw steel, but said in March the furnace would “support anticipated increased demand for steel” from Trump’s tariffs.

“People say tariffs could start a trade war,” said Dan Simmons, president of United Steelworkers’ Local 1899, which represents workers at the plant. “But we’ve been in a trade war for 15 years and we’ve been losing.”

Nucor has announced two investments sinc,上海夜生活怎么玩Hal,e Trump’s tariff announcement, which a spokeswoman said were part of a long-term growth strategy.

“The impact should be even greater when the remaining tariff exemptions expire on June 1st,” the spokeswoman said.

Granite City business owners say the 500 new jobs – bringing U.S. Steel’s local workforce up to 1,300 – are a much-needed boost.

Joe Jones owns Joe’s Hog Doc opposite the plant. His business repairing and customizing Harley-Davidso,上海夜上海夜生活网推油Paige,n bikes has more than doubled since Trump took office last year and continues to rise.

“The Trump effect is really working,” he said. “It’s making Granite City great again.”

GRAPHIC: Iron and steel manufacturing employment


Elsewhere, steel and aluminum price volatility following Trump’s tariff actions puts jobs at risk, company executives said.

Tim Chimera, director of metal procurement for North America at Norwegian aluminum maker Norsk Hydro (NHY.OL), said aluminum consumers have been whipsawed by tariffs and by U.S. sanctions on the major shareholder of Russian aluminum producer United Company Rusal Plc (0486.HK). Norsk Hydro has warned those sanctions could lead to global supply shortages.

“The big risk I see is the threat to the business overall because of extremely volatile pricing,” Chimera said.

In March, Bob Miller, who heads U.S. operations at top Russian steelmaker Novolipetsk Steel PAO (NLMK) (NLMK.MM), said the unit halted planned U.S. investments of more than $600 million and warned that its 1,200 U.S. workers’ jobs are at risk.

Miller now says his stocks of pre-tariff steel are dwindling, while Canadian rivals have exploited the tariff exemption.

Like many other companies, NLMK’s U.S. unit has applied for an exemption from the tariffs so it can import Russian steel slabs. Miller says the Trump administration’s response will likely determine whether he has to lay off workers.

For Granite City steelworker Dave Chrusciel, Trump’s commitment to steel tariffs is crucial. He calls himself a “hard-headed” Democrat, but voted for the Republican Trump because he believed the businessman could revive steel jobs.

Although only a year from retirement himself, Chrusciel says his future vote for Trump depends on the president “seeing it through” and keeping the tariffs in place.

“Many people here have a lot riding on the tariffs,” Chrusciel said. “Without them, this would be a ghost town.”

Map showing iron and steel manufacturing employment tmsnrt.rs/2Fc94hU in the United States.

Trump backs off praise of Russia’s Putin after debate

HENDERSON, Nev. ( ) – U.S. Republican presidential candidate Donald Trump backed off from praising Vladimir Putin on Wednesday, saying he was unsure of his relationship with the Russian president who he has described as a better leader than President Barack Obama.

The day after running mate Mike Pence appeared to break ranks with Trump during a vice presidential debate and called Putin “a small and bullying leader,” Trump adjusted his own previously warm rhetoric toward the Russian.

“I don’t love (Putin), I don’t hate. We’ll see how it works. We’ll see,” Trump told supporters during a campaign stop in the swing state,上海夜网邀请码Barney, of Nevada. “Maybe we’ll have a good relationship. Maybe we’ll have a horrible relationship. Maybe we’ll have a relationship right in the middle.”

,上海夜生活去哪玩Lake,Democratic presidential candidate Hillary Clinton has criticized Trump, who often praises Putin, as being too cozy with the Russian leader and questioned the Republican’s business interests in Russia. Those charges were repeated by her vice presidential candidate Tim Kaine during a debate with Pence on Tuesday.

In response, Pence denounced Putin for his interference in Syria’s civil war and support for Syrian President Bashar al-Assad.

“The small and bullying leader of Russia is now dictating terms to the United States,” Pence said. “The greatest nation on earth just withdraws from talks about a ceasefire, while Vladimir Putin puts a missile defense system in Syria.”

The vice presidential encounter set the table for a second presidential debate on Sunday in St. Louis between Clinton and Trump, who needs to rebound from a rocky performance in,夜上海论坛Dallas, his first debate, one that gave Clinton a boost in national opinion polls with the Nov. 8 Election Day only five weeks away.

In Nevada, Trump suggested Russia could be a valuable ally in the fight against Islamic State, also known by the acronym ISIS.

“I will say if we get along with Russia and Russia went out with us and knocked the hell out of ISIS, that’s okay with me, folks,” he said.

Trump celebrated a strong debate performance by Pence, the governor of Indiana, and said his running mate had won on style and on the issues.

“He’s getting tremendous reviews from me and everybody,” Trump told a group of pastors and leaders gathered at a Christian academy in Las Vegas.


The encounter between Pence and Kaine, a U.S. senator from Virginia, was the only such debate between the vice presidential contenders, and the two spent most of their time attacking each other’s running mates.

For more than 90 minutes at Longwood University in Farmville, Virginia, Pence sought to project an image as a reassuring presence, in contrast with the bombastic Trump, wh上海夜生活网ile Kaine tried to frighten voters away from Trump and make Clinton seem more trustworthy.

A CNN/ORC snap poll declared Pence the winner with 48 percent support, compared with 42 percent for Kaine, who frequently interrupted his opponent.

The television audience for the debate was 35.6 million viewers, according to preliminary data, about half the number who watched the first encounter between Trump and Clinton.

Republican strategists said Pence’s strong debate performance could provide lessons for Trump on how to approach the second debate – if he was willing or able to learn.

“Trump should hopefully learn a lesson – don’t get angry, don’t lose your cool, answer the question you want to answer,” Republican strategist John Feehery said. “The biggest thing is to not get rattled and be able to smile when you are attacked.”

Clinton met with advisers at her Washington, D.C., home on Wednesday and did not appear on the campaign trail. An aide said she spoke by phone with Kaine and congratulated him on his debate performance.

“Mike Pence didn’t want to defend Donald Trump, and as Senator Kaine said, if you can’t defend the person at the top of the ticket, how can you ask people to vote for you,” Clinton campaign chairman John Podesta told reporters outside her house.

(This story corrects quote in 3rd paragraph to put Putin in parentheses)

German regulator found defeat devices in Daimler diesel cars: BamS

FRANKFURT ( ) – Germany’s road vehicle authority KBA has found five “illegal switch-off d,上海夜生活网交流Macey,evices” in Daimler (DAIGn.DE) car engines, newspaper Bild am Sonntag (BamS) reported on Sunday.

The authority said it suspected the emissions control devices were being used in the bulk of Daimler’s new Euro 6 diesel car fleet, encompassing some 1 million vehicles, according to,上海足浴夜网联系方式Paige, the report.

A Daimler spokesman said he would not comment on the BamS story, adding, “We are cooperating to a full extent and transparently with the KBA and the federal transport ministry.”

He reiterated previous Daimler comments objecting to the KBA stance that switch-off devices were in breach of regulations.

Daimler, like other car manufacturers, uses urea nitrate liquids to naturalize nitrogen oxide emissions in exhaust fumes. However, the KBA has taken issue with the e,上海新夜网龙凤Dalton,mission control features amid suspicion they allow vehicles to emit excess pollution without detection.

Daimler said last month it would appeal against an order by the KBA to上海夜网 recall the Mercedes van Vito 1.6l Diesel Euro 6 model, following a transport ministry investigation.

Since rival Volkswagen (VOWG_p.DE) admitted in 2015 to cheating U.S. emissions tests, German carmakers including VW, Daimler and BMW (BMWG.DE) have faced a backlash against diesel technology in which they have invested billions of euros.

Daimler boss Dieter Zetsche is set to meet with German Transport Minister Andreas Scheuer on Monday, after they met last week to discuss diesel emissions.

Kia recalls 507,000 vehicles in U.S. for air bag issues

WASHINGTON,上海夜哪里艳遇Gabrielle, ( ) – Kia Motors Corp said on Friday it was recalling more than 507,000 vehicles in the United States because an electronic glitch may prevent air bags from deploying in a crash.

The recall follows an announcement in March by the National Highway Traffic Safety Administration (NHTSA) that it was investigating why some air bags had failed to deploy in Kia vehicles and its affiliate Hyundai Motor Corp after crashes in which four people were killed and another six were injured.

The two Korean automakers have now recalled nearly 1.1 million U.S. vehicles to address the issue. NHTSA said in March that it was aware of six serious crashes in which air bags failed to deploy in frontal crashes, including four in 2011 model Hyundai Sonatas and two in 2012 and 2013 Kia Forte vehicles. The crash of the 2013 Forte occurred in Canada.

Kia’s recall issued on Friday covers 2010-2013 Kia Fortes, 2011-2013 Kia Optimas and 2011-2012 Kia Optima Hybrid and Sedona vehicles.

The company said the air bag control unit may short circuit because they may be susceptible to electrical overstress, preventing the frontal air bags and seat belt pretensioners, which pull the driver and front seat passenger firmly back into their seats, from deploying.

The company said it does not yet have a fix, but is working with its ,上海夜网后花园Fabian,supplier on the issue.

Kia spokesman,上海夜生活Mace, James Bell said the company “is attempting to have a remedy by the scheduled owner notification date of July 27. If Kia does not have a remedy by that date or if any customer feels unsa上海夜生活fe in his/her vehicle, we will provide a rental car until the repair has been completed.”

Hyundai in February issued a recall for 154,000 U.S. Sonatas after non-deployment reports were linked to electrical overstress in the air bag control unit. In April, Hyundai recalled an additional 425,000 U.S. vehicles to address the same issue.

Hyundai said in March that it was aware of reports of two deaths in its vehicles, which occurred in head-on collisions at extremely high rates of speed.

NHTSA said the air bag control module under investigation was built by ZF Friedrichshafen AG [ZFF.UL], a German auto supplier.

ZF said on Friday that it has worked with Kia and “continues to cooperate and support NHTSA and its customers in the investigation.”

The safety agency also said that electrical overstress appeared to be the root cause in a 2016 recall by Fiat Chrysler Automobiles NV of 1.4 million U.S. vehicles for air bag non-deployments in significant frontal crashes.

In March, NHTSA said it was investigating if other automakers used similar air back control units and if they could pose a risk.

ZF said on Friday that each air bag control unit “is designed to a customer’s particular vehicle and platform-specific specifications.”

Written by shyw on June 21, 2017 Categories: kkvupdvr Tags: , , ,

Japan’s home-sharing offerings evaporate ahead of new regulations

TOKYO ( ) – Japan, which just months ago had tens of thousands of Airbnb and home-sharing properties available, has approved only about 150 before a new law kicks in next week, meant to bring order to the market and create more lodging options for foreign tourists.

The private temporary lodging, or “minpaku,” law, which comes into force on June 15, requires hosts to register with the government and imposes other rules and restrictions.

Market leader Airbnb Inc had 62,000 listings in Japan earlier this year, but as of May 11, the Japanese government had approved 152 of 724 applications for home-sharing, according to the Japan Tourism Agency.

On Friday, Airbnb said the Japanese government had ordered it on June 1 to cancel reservations made even before the law came into force. Airbnb had said in March it would remove listi,上海凤楼夜网Barrett,ngs without government approval by June 14.

“This announcement came as a surprise to us. It was contrary to the guidance our team had previously been given by t上海夜生活he Japanese Tourism Agency and put the travel experiences of thousands of visitors to Japan at risk,” Airbnb said in a statement.

An official at the tourism agency said that the government had told organizations about the policy before June 1, and that the written announcement was in line with previous communications.

The new law limits home-sharing to 180 days a year, a cap hosts say makes it difficult to turn a profit, and leaves final decision-making up to local governments, some of which have imposed even stricter rules to protect security.

“We are on course to register tens of thousands of new listings in Japan in the months ahead,” said Jake Wilczynski, spokesman for Airbnb in Asia-Pacific. “There will be undoubtedly be a period of adjustment, but ultimately, clear rules and regulations for home sharing will make our community in Japan bigger and stronger.”

As foreign tourist numbers have risen, more Japanese have offered their apartments and homes for short-term rental. But that has generated neighborhood concerns about noise, safety and whether visitors can follow complex trash-sorting rules.

The new regulations were meant to bring transparency to a business that was until now rather murky, and technically allowed only in certain zones – although many hosts ignored such restrictions.

The government said it also wanted to offer more lodg,夜上海论坛Gabriel,ing options for tourists, with an eye toward next year’s Rugby World Cup and the 2020 Tokyo Olympics.

“We expect the number of applications will increase after the home sharing law is enacted,” said Soichi Taguchi, deputy director at Japan Tourism Agency.

Chuo ward, home of the popular Ginza shopping district, had no registrations. Another well-known part of Tokyo, Shinjuku, had three, according to the local governments.

Japan’s ancient capital of Kyoto had just three registrations out of 27 applications as of May 30, said Kazuhiro Shimokubo, a city official.

Most of the applicants had submitted incomplete forms, which needed to be fixed, Shimokubo said. Applicants must measure their properties properly and submit an English map to the host’s house so foreigners do not have to ask neighbors for directions, he said.

The government has given property owners another option: to provide lodging with a hotel license, which frees them from the 180-day limit.

In Kyoto, one of the most popular tourist destinations in the world, the number of hotel licenses had exploded in recent years, hitting 2,366 in April from about 7,上海夜生活网交流Hadleigh,00 in 2015.

But many local government officials do not expect a similar surge in the number of home-sharing licenses.

Kazumasa Takeuchi, head of the living hygiene section at Tokyo’s Chuo ward office, said he expected few applications because the ward banned weekday rentals.

“We set these rules as we considered the effect on residents’ lives,” he said.

Delta Air shares slip as rising fuel costs weigh on profits

NEW YORK ( ) – Delta Air Lines (DAL.N) on Wednesday lowered its second quarter profit forecast due to rising fuel costs, and its shares fell as much as nea,上海夜生活群Jack,rly 4 percent before trimming those losses.

The Atlanta-based carrier said it now expects to earn between $1.65 and $1.75 per share, down from its earlier,上海夜哪里艳遇Tabitha, projection of up to $2 per share.

Its pre-tax ma上海夜生活网rgin will now fall somewhere in the 13 percent to 14 percent range, from its prior view of between 14 percent and 16 percent, the carrier said in a Wednesday report.

The airline’s shares were down 1.5 percent at $53.83,上海夜玩网论坛Tallulah, after earlier falling as low as $52.63, extending about a 5 percent year-to-date loss. The Dow Jones U.S. Airlines Index .DJUSAR was down 0.5 percent and off nearly 12 percent for the year.

Delta said jet fuel prices have risen some 50 percent since last year and about 12 percent since the beginning of the quarter.

The rising cost of jet fuel is weighing on earnings across the U.S. sector, cutting into summer profits and prompting air fare increases.

Delta and its competitors are hoping strong demand, higher ticket prices and benefits from reductions in the U.S. corporate tax rate will eventually offset the impact of higher fuel prices. Rival American Airlines (AAL.O) cut its profit forecast in April, also citing higher fuel costs.

Nestle plans to cut up to 500 IT jobs in Switzerland

ZURICH ( ) – Nestle (NESN.S) plans to elimina,上海夜生活乌托邦Octava,t,上海夜生活论坛Easton,e up to 500 information technology jobs at its Swiss home base as its shifts work to an existing tech hub in Spain and other locations, the food and beverage giant said on Tuesday.

None of the group’s Swiss production sites will be ,上海夜玩网论坛Ebba,affected by the plan, which is being presented to staff for consultation, it said in a statement.

Its Nespresso coffee business also plans to establish operational centers in Spain and Portugal to benefit from existing Nestle e-commerce and supply chain hubs, and intends to create a center for boutique operations in Italy too.

“It is Nespresso’s intention to offer roles上海夜网 in these centers to all of the 80 employees impacted by the proposed change,” it added. These were in addition to the 500 Swiss IT jobs at risk.

Nestle said it remained committed to its Swiss base, where it employed more than 10,100 people in 2017.

It said this month it planned to combine its scientific research operations into a single Swiss unit in an attempt to speed up development of new products at a time when competition from smaller rivals is intensifying.

Under pressure from activist shareholder Daniel Loeb to increase investor returns, Nestle has been keeping a close eye on costs.

Kerry says confident on Philippines ties, hopes to visit again

WASHINGTON ( ) – U.S. Secretary of State John Kerry said on Thursday he remained confident about the future of the U.S.-Philippines relat,上海夜生活男人好去处Sabia,ionship despite “a difference here or there” and that he hoped to visit Manila again before leaving office.

New Philippine President Rodrigo Duterte has thrown Manila’s long-standing alliance with Washington into question since taking office in June with a series of insults and threats to cut ties with the former colonial power.

Speaking at a swearing-in ceremony for the new U.S. ambassador to the Philippines, Sung Kim, Kerry called the ,上海021夜网Barbara,alliance between the two peoples “indelible.”

Kerry recalled shared resistance to Japan in World War Two and noted that nearly 4 million people of Philippine descent live in the United States while almost a quarter of a million Americans live in the Philippines.

“I am confident about the future of our bilateral relations, notwithstanding a difference here or there about one thing or another,” he said.

Kerry did not mention Duterte by name but said all needed to have the wisdom to adjust to change brought about by democratic elections. He noted that Sung Kim had tackled “some really tough, complex challenges” in the past, given his previous assignments dealing with North Korea.

Kerry said the United States and the Philippines would “continue to consult openly and honestly” and added: “I very much hope to visit there before leaving my term of office as secretary of state.”

Kerry’s term officially ends on Jan. 20 after Tuesday’s U.S. presidential election, although he could be asked to stay on temporarily under the future administration.

He said he told Duterte on a visit to the Philippines in July of Washington’s “ironclad commitment to the sovereignty and independence and security of the Philippines.”

“We will continue to cooperate in efforts to maintain peace and stability and to promote shared prosperity in the Asia Pacific,” Kerry said, adding that Washington would continue to help the Philippines in the event of national emergencies.

Daniel Russel, the senior U.S. diplomat for East Asia, who visited the Philippines last month, conceded that the relationship was “going through a bit of a rough patch – some growing pains.

“There been some name-calling coming out of Manila; some questions raised about what the future holds,” he told a news briefing. “But … the deep, deep roots between the United States and the Philippines … will over the long term ensure stability in the relationship.”

Russel, an assistant secretary of state, said all the senior officials he met in Manila told him they saw value in continued defense cooperation and he was not aware of any ac,上海夜生活服务Sabia,tion that h上海夜生活论坛ad “significantly affected our ability to cooperate.”

“I am not saying that can’t happen, but I hope it doesn’t,” he said.

In his latest outburst, Duterte chided the United States on Wednesday for the halt of a planned sale of 26,000 rifles to his country, calling those behind the decision “fools” and “monkeys” and indicating he might turn to Russia and China instead.

Uber’s ‘business is finished’ in Turkey, Erdogan says

ISTANBUL ( ) – Turkey’s President Tayyip Erdogan has said ride hailing app Uber is finished in Turkey, following pressure from Istanbul taxi drivers who said it was providing an illegal service and ca,上海夜生活去哪玩Babette,lled for it to be banned.

About 17,400 taxis operate in Istanbul, home to about a fifth of Turkey’s population of 81 million people, and since Uber entered the country in 2014 tensions have risen sharply.

Erdogan’s statement came after new regulations were announc,上海夜网邀请码Lark,ed in recent weeks tightening transport licensing requirements, making it more difficult for drivers to register with Uber and threatening a two-year ban for violations.

“This thing called Uber emerged. That business is finished. That does not exist anymore,” he said in a speech in Istanbul late on Friday.

“We have our taxi system. Where does this (Uber) come from? It is used in Europe, I do not care about that. We will decide by ourselves,” added Erdogan, who is running for re-election in three weeks.

Uber [UBER.UL] had no immediate response to his comment. After the transport licensing chan,上海夜网上海夜生活论坛后花园Eden,ges were announced it said it wanted to work with all sides to improve transport and to be “a true partner to Turkey for the long term”.

Uber said that about 2,000 yellow cab drivers use its app to find customers, while another 5,000 work for UberXL, using large vans to transport groups to parties, or take people with bulky luggage to Istanbul’s airports.

It declined to reveal the number of Uber users in Turkey, where it operates in Istanbul, and in the resort towns of Bodrum and Cesme in the summer months.

Earlier this year, Istanbul’s taxi drivers took Uber to court accusing it of hindering their business and operating illegally.

Several reports said that Uber vehicles, drivers and customers were either mistreated, threatened or faced violence by yellow taxi drivers.

Property investors in Austria give Starwood the cold shoulder

VIENNA ( ) – U.S. investment firm Starwood Capital failed on Wednesday in its attempt to take major stakes in Austrian property groups CA Immo (CAIV.VI) and Immofinanz (IMFI.VI), as shareholders bet a more lucrative deal could be secured.

Starwood’s bid could have sped up a shift of powers in the region aft,上海夜网推油Jace,er residential property groups Conwert and Buwog were recently taken over by German market leader Vonovia (VNAn.DE).

CA Immo and Immofinanz, two out of three remaining l,上海夜生活去哪玩Lark,isted Austrian property groups, had agreed in 2016 to merge and create a heavyweight but the plan fell through this year after pressure from an activist investor.

Shortly after that, Starwood offered to buy up to 26 percent in CA Immo and up to 5 percent i上海夜生活n Immofinanz. But only 0.2 percent of each firm’s shareholders tendered their stakes by the end of the acceptance period on May 30, the companies said.

Starwood was ready to pay CA Immo shareholders 26.70 euros per share, and Immofinanz shareholders 2.03 euros per share.

CA Immo traded at 29.24 euros and Immofinanz at 2.08 euros at 1350 GMT on Wednesday, indicating investors hoped for more.

Analysts and the property groups have said consolidating the remaining groups would make sense as it would increase sales power and financial strength.

There were several parties looking to buy, a property banker familiar with the matter said in March.

CA Immo’s 4.3 billion euro portfolio comprises offices and shops in Austria, Germany and eastern Europe. Immofinanz’s portfolio is comparable in value and geographical focus b,上海凤楼夜网Fabian,ut some of the portfolio is less attractive, according to analysts.

A third listed property firm, S Immo (SIAG.VI), is also included in some consolidation scenarios. Immofinanz already holds 29 percent in S Immo, which return has a 12 percent stake in Immofinanz and a 6 percent stake in CA Immo.

While CA Immo had welcomed Starwood’s interest. But Immofinanz had dismissed the offer as too low and, after the Starwood bid, put its 26 percent stake in CA Immo on the block, inviting investors to express interest by the end of April.

Immofinanz declined to comment on the sales process on Wednesday. A decision is expected in summer.

G7 finance chiefs kick trade dispute to leaders’ summit in Quebec

WHISTLER, British Columbia ( ) – Finance leaders of the closest U.S. allies vented anger over the Trump administration’s metal import tariffs on Saturday, ending a three-day meeting with a stern rebuke of Washington and setting up a heated fight at a G7 summit next week in Quebec.

In a rare show of division among the normally harmonious club of wealthy nations, the six other G7 member countries issued a statement asking U.S. Treasury Secretary Steven Mnuchin to convey their “unanimous concern and disappoint,上海夜网后花园Idaia,ment” about the tariffs to President Donald Trump.

The 25 percent steel and 10 percent aluminum tariffs were imposed this week on Mexico, Canada and the European Union after temporary exemptions expired.

“We’re concerned that these actions are actually not conducive to helping our economy, they actually are destructive, and that is consistently held across the six countries that expressed their point of view to上海夜生活网 Secretary Mnuchin,” Canadian Finance Minister Bill Morneau said at a news conference after the meeting ended in the Canadian mountain resort town of Whistler, British Columbia.

The statement, written by Canada, also called for “decisive action” to resolve the tariff dispute at a G7 leaders’ summit starting on Friday in Charlevoix, Quebec.

Japanese Finance Minister Taro Aso said that direct discussions between Prime Minister Shinzo Abe and Trump may help resolve the issue, though Japan has refused to accept import quotas.

Related CoverageBOJ’,上海夜网千花Landon,s Kuroda concedes ‘some weaknesses’ in Japanese pricesFrench-German deal on euro zone ‘fiscal capacity’ in reach: Le MaireSee more stories

“I’ve been to these meetings for a long time. But this is a very rare case where opposition against the United States was unanimous,” Aso told reporters.

Speaking separately after the meeting, frequently referred to as the “G6 plus one,” Mnuchin told reporters that he was not part of the six-country consensus on trade and said Trump was focused on “rebalancing our trade relationships.”

Mnuchin rejected comments from some G7 officials that the United States was circumventing international trade rules with the tariffs or ceding leadership of a global economic and trading system it largely built after World War Two.

“I don’t think in any way the U.S. is abandoning its leadership in the global economy, quite the contrary. I think that we’ve had a massive effort on tax reform in the United States which has had a incredible impact on the U.S. economy,” Mnuchin said.

The U.S. Treasury chief said he has already relayed some of the G7 comments to Trump and added that the U.S. president would address trade issues with other G7 leaders, but declined to speculate on any outcomes.


Just before the G7 meeting ended, Trump wrote on Twitter that “the United States must, at long last, be treated fairly on Trade. If we charge a country ZERO to sell their goods, and they charge us 25, 50 or even 100 percent to sell ours, it is UNFAIR and can no longer be tolerated. That is not Free or Fair Trade, it is Stupid Trade!”

All six of the other G7 countries – Britain, Canada, France, Germany, Italy and Japan – are now paying the metals tariffs, which are largely aimed at curbing excess production in China.

Canada and Mexico, which are embroiled in talks with the United States to update the North American Free Trade Agreement, responded to the move by announcing levies of their own on a variety of U.S. exports.

The EU is set to retaliate with tariffs on a range of U.S. goods, from Harley-Davidson (HOG.N) motorcycles to jeans and bourbon.

French Finance Minister Bruno Le Maire said the United States has only a few days to avoid sparking a trade war with its allies and it was up to Washington to make a move to de-escalate the tensions.

Speaking after the meeting, Le Maire said the EU was poised to take counter-measures against the new U.S. tariffs.

Some officials at the meeting said the tariffs made it harder for the group to work together to confront China over its trade practices.

Mnuchin disagreed, saying there was support for dealing with China’s joint venture requirements, technology transfer efforts and other policies, as Commerce Secretary Wilbur Ross began trade talks in Beijing on Saturday.

“The G7 ought to collectively tell China to follow global rules,” Japan’s Aso said. “By taking measures that violate G7 and World Trade Organization rules, the United States is actually benefiting China. That’s wrong.”

German Finance Minister Olaf Scholz said G7 countries also told Mnuchin about their opposition to new U.S. sanctions on Iran, which will affect European companies. Trump announced last month that he was pulling the United States out of an international nuclear agreement with Tehran.

“There were several issues discuss,上海会所夜网Mabel,ed at the G7 over which there was no agreement,” Scholz told reporters. “That’s really quite unusual in the history of the G7.”

Expect disagreements over tariffs at G7 summit: Canada official

OTTAWA ( ) – The Group of Seven leading industrial nations at its summit this week is poised to disagree over U.S. metals tariffs, which have infuriated Canada and European Union members of the bloc, a Canadian official said on Tuesday.

U.S. President Donald Trump, who is due to attend the leaders’ meeting ,夜上海419龙凤论坛Sabina,in the Canadian province of Quebec, imposed tariffs last week of 25 percent on steel and 10 percent on aluminum from Canada, the EU and Mexico, citing national security reasons.

A senior Canadian government official said discussions on the global economy on the first day of the summit, which is scheduled for Friday and Saturday, would quickly turn to trade issues.

“There will be disagreements on important issues and tariffs will certainly be one of them,” the official told reporters.

“We won’t be hiding the fact that we disagree on some of these issues and that’s the value of the G7, is to be able to have these frank discussions between leaders.”

G7 finance ministers met last week and rebuked Washington over the tariffs, setting up a fight at the G7 summit.

Canadian Prime Minister Justin Trudeau’s position on the punitive m上海夜生活网easures would remain “consistent and clear” during talks at the summit, the official said.

Canada, the No. 1 steel exporter to the United States, said last week it would impose retaliatory tariffs on C$16.6 billion ($12.79 billion) worth of U.S. exports and challenge the U.S. steel and aluminum tariffs under the North American Free Trade Agreement a,上海夜网邀请码Octava,nd the World Trade Organization.

The G7 groups Canada, the United States, Japan, Britain, Italy, France and Germany. The European Union also attends.

The Canadian official said Trudeau intended the summit to focus on themes such as economic growth that benefited everyone and increasing gender equality.

But the question of tariffs – as well as the U.S. decision to pull out of a deal designed to curb Iran’s nuclear,上海夜网后花园Talon, ambitions – is what most G7 members want to sort out.

Related CoverageG7 to uphold Russia sanctions: senior EU officialG7 to call on North Korea to get rid of nuclear weapons: senior EU officialSee more stories

In Berlin, a German official said European G7 members would present a united front on issues from Iran to trade and climate change but did not know whether leaders would agree on a final communique.

In Brussels, a senior European Union official said the bloc had “extremely low expectations for the G7 summit” and did not foresee a breakthrough on the tariffs.

Trudeau is expected to hold one-on-one meetings with all of the attending countries’ leaders, the official said, although he did not answer directly when asked by reporters if a communique would be issued at the end of the summit.

The rise of the apprentice: a European tradition comes to the U.S

NEW YORK ( ) – The growing number of apprenticeships in the U.S. has more to do with European companies importing the practice into their American operations than with the long-running NBC television reality show and its former host who now lives in the White House.

Traditional apprenticeships are more than summer internships familiar to Americans, and involve a significant service period of a year or two, plus training, often for a community college degree. Apprenticeships come with plenty of corporate support, including mentor partnerships and placement across multiple company divisions.

And they always involve getting p上海夜网aid.

While companies such as Zurich Insurance Group, Accenture and Walgreens are ramping up their programs, apprenticeships are not totally new to the U.S.

About 80 percent of registered American apprenticeships occur in skilled trades, such as plumbing, electrical work or metal work. Yet there are only about 500,000 of these apprenticeships, representing a tiny sliver of U.S. workers.

But if the U.S. continues to follow the European model, there is plenty of room for growth. In Europe, the apprenticeship system has deep roots throughout the entire economy, in particular in Germany, where apprentices are almost 4.0 percent of the workforce.


European companies have been introducing apprenticeships into their U.S. businesses. Switzerland-based Zurich Insurance, for instance, built a U.S. program in 2015, beginning with about 20 apprentices per year and the g,上海足浴夜网联系方式Ebba,oal is to reach 100 by 2020.

The first class already graduated and is rotating through various business divisions of the insurance giant while getting a degree at local community college Harper College (near headquarters in Schaumburg, Illinois) at the same time.

The program lasts two years, with three days a week spent on the job and two days in the classroom. It then requires a commitment to stay on for a year at the company after that. Apprentices have the opportunity to apply to different divisions throughout the company.

“We think of it as another avenue to attract and develop talent for the industry,” said Al Crook, a human resources executive at Zurich North America. “With the proven track record of apprenticeships in Europe, we knew it was a fairly safe test to run.”

Zurich Insurance has since been sharing its model with other companies, such as financial consultancy Accenture and pharmacy giant Walgreens, which are developing their own apprenticeship plans.

For apprentice graduate Dane Lyons, a 39-year-old father of two, the unique program allowed him to get a foothold in an entirely new career, where he is now an underwriting service specialist.

“It let me check both boxes, of getting some experience while also going to school,” Lyons said. “With the current prices of college tuition, it is not something everyone can handle – so this gives people another path.”

According to Mary Alice McCarthy, director of the Center on Education & Skills at Washington-based think tank New America, other firms th,上海仙霞路夜生活Kaia,at are in the apprenticeship vanguard include: The Hartford, Aon Insurance, and tech firms like Microsoft and Amazon.

American apprenticeships have also flourished as German companies have set up U.S. operations in recent years, including BMW, Siemens, Volkswagen (VOWG_p.DE) and Bosch [ROBSCJ.UL].

The U.S. government is also trying to help out. The Obama administration supported them, funding apprenticeship programs to the tune of $250 million. The Trump administration does, too. An executive order pledges to double funding, and a task force set up to promote their development will roll out guidelines shortly.

Multiple states are active on the apprenticeship front, setting up their own initiatives too, among them Colorado, the Carolinas, Wisconsin and Washington State.

With the nation’s unemployment rate at a historically low 3.9 percent, the unique combination of on-the-job and educational training is a useful way to lure poten,上海夜网官方网站Kaiden,tial talent.

“Young people don’t have any preset notions about apprenticeships, so it feels like there is an opportunity to reshape the whole space right now,” said New America’s McCarthy.

“It’s a real way for families to acquire good skills and get into good jobs.”

(The writer is a contributor. The opinions expressed are his own.)

U.S. militia girds for trouble as presidential election nears

JACKSON, Ga. ( ) – Down a Georgia country road, camouflaged members of the Three Percent Security Force have mobilized for rifle practice, hand-to-hand combat training — and an impromptu campaign rally for Republican presidential candidate Donald Trump.

“How many people are voting for Trump? Ooh-rah!” asks Chris Hill, a paralegal who goes by the code name “Bloodagent.”

“Ooh-rah!” shout a dozen militia members in response, as morning sunlight sifted through上海夜生活 the trees last weekend.

As the most divisive presidential election in ,上海夜生活论坛Idaline,recent memory nears its conclusion, some armed militia groups are preparing for the possibility of a stolen election on Nov. 8 and civil unrest in the days following a victory by Democrat Hillary Clinton.

They say they won’t fire the first shot, but they’re not planning to leave their guns at home, either.

Trump’s populist campaign has energized militia members like Hill, who admire the Republican mogul’s promise to deport illegal immigrants, stop Muslims from entering the country and build a wall along the Mexico border. Trump has repeatedly warned that the election may be “rigged,” and has said he may not respect the results if he does not win. At least one paramilitary group, the Oath Keepers, has called on members to monitor voting sites for signs of fraud.

Armed paramilitary groups first gained prominence in the early 1990s, fueled by confrontations in Ruby Ridge, Idaho and Waco, Texas, culminating in a militia sympathizer’s 1995 bombing of a federal office building in Oklahoma City that killed 168 people.

Their numbers dwi,上海夜网千花Idaline,ndled following that attack but have spiked in recent years, driven by fears that President Barack Obama will threaten gun ownership and erode the power of local government. The Southern Poverty Law Center, which tracks extremist groups, estimates there were 276 active militias last year, up from 42 in 2008.

In recent years, armed groups have confronted federal authorities in a series of land-use disputes in the western United States. Federal officials fear more clashes could come after seven militants were acquitted on conspiracy charges for occupying a federal wildlife refuge in Oregon.

Many fear Clinton would push the county further to the left.

“This is the last chance to save America from ruin,” Hill said. “I’m surprised I was able to survive or suffer through eight years of Obama without literally going insane, but Hillary is going to be more of the same.”


The Oath Keepers, a prominent anti-government force that sent gun-toting members to the 2014 race riots in Ferguson, Missouri, called on members last week to monitor voting sites on election day for any signs of fraud.

An hour south of Atlanta, the Three Percent Security Force started the day around the campfire, taking turns shooting automatic pistols and rifles at a makeshift target range. They whooped with approval when blasts from one member’s high-powered rifle knocked down a tree.

The group operates independently, but is affiliated with a national armed movement that calls for members to defend individual rights in the face of what they see as an overreaching federal government. The movement draws its name from the notion that no more than 3 percent of the American population fought in the Revolutionary War against Britain.

Amid the war games, Hill weighed plans for a possible armed march on Washington if Clinton wins.

He said he doesn’t want his members leading the way, but they will defend the protesters if,上海夜网推油Easton, need be. His group will not hesitate to act if a President Clinton tries to disarm gun owners, he said.

“I will be there to render assistance to my fellow countrymen, and prevent them from being disarmed, and I will fight and I will kill and I may die in the process,” said Hill, who founded the militia several years ago.

Trump’s candidacy has emboldened extremist groups to speak more openly about challenging the rule of law, said Ryan Lenz, a researcher at the Southern Poverty Law Center.

“Prior to this campaign season, these ideas were relegated to sort of the political fringe of the American political landscape,” he said. “Now these ideas are legitimized.”

Over the past week, some prominent Trump supporters have hinted at violence.

”If Trump loses, I’m grabbing my musket,” former Illinois Representative Joe Walsh wrote on Twitter last week. Conservative commentator Wayne Root fantasized about Clinton’s death while speaking at a Trump rally in Las Vegas on Sunday.

Back in Georgia, the Three Percent Security Force wrapped up rifle practice in the midday sun. They then headed further into the trees to tackle an obstacle course with loaded pistols at their sides, ready for whatever may come.

“We’ve building up for this, just like the Marines,” he said. “We are going to really train harder and try to increase our operational capabilities in the event that this is the day that we hoped would never come.”

Italy’s luxury brand Prada paves way for family succession: CEO

VALVIGNA, Italy ( ) – Prada (1913.HK) Chief Executive Patrizio Bertelli said on Friday his family would not sell its 80 percent stake in Italy’s biggest luxury goods group and said his son Lorenzo may one day head the company.

The Milan-based firm is run by the husband-and-wife team of Patrizio Bertelli and designer Miuccia Prada, whose grandfather founded the label in 1913.

The couple’s eldest child Loren,上海夜生活Faith,zo, 30, joined Prada to run its digital communications last year, the company confirmed this week following a Bloomberg report. Bertelli said his son was being prepared to take over.

“Lorenzo is getting ready to become one day – if he wants to – the he,夜上海419龙凤论坛Tabitha,ad of Prada,” Bertelli said, at the inauguration of a production site in Italy, although 72-year-old also said it was “too early to retire.”

The succession question comes as Prada looks to cement early signs of a turnaround following several years of falling sales.

Chinese consumer demand rebounded in the,上海新夜网龙凤Rae, past 18 months, fuelling rapid growth for some rivals like Kering’s Gucci (PRTP.PA) or LVMH’s (LVMH.PA) Louis Vuitton, but Prada was slow to catch on to trends such as the rise of high-end streetwear like sneakers.

It is also playing catch up with online sales, and trying to build a bigger digital presence by forging ties with influential fashion bloggers, especially in China.

Sales trends improved in the second half of 2017.

Other famed Italian fashion houses such as Salvatore Ferragamo (SFER.MI) are also in the midst of a turnaround, as some brands struggle more than others to grab younger shoppers’ attention with new products and eye-catching looks.

That has sparked speculation that names like Prada or Ferragamo could become takeover targets, though both are tightly controlled by families seen as unlikely to let go easily.

“We’r上海夜生活网e not selling, we’ll never sell,” Prada’s Bertelli said, adding that there were no acquisitions in sight either because of “really crazy” prices.

The luxury industry’s biggest, cash-rich players – French conglomerates Kering and LVMH – have succeeded in picking up some Italian family brands in recent years, however.

LVMH grabbed jeweler Bulgari in 2011, while Kering bought into smaller Italian jewelry brand Pomellato in 2013.

Written by shyw on June 4, 2017 Categories: fcpqgpsj Tags: , ,

Walmart sells majority of Brazil unit, takes $4.5 billion charge

NEW YORK/SAO PAULO ( ) – Walmart Inc (WMT.N) said on Monday that it has sold an 80 percent stake in its Brazilian operations to private equity firm Advent International, exiting an underperforming business in its third major internationa,上海夜生活群Gabi,l deal since April.

The world’s biggest retailer has been looking to jumpstart its overseas business by retreating from lower-growth markets and investing in places like China and India. Brazil had for a decade been the focus of expansion but the unit stumbled in recent years as operational issues compounded the effects of a deep recession.

Walmart did not disclose the value of the transaction but said it would record a noncash charge of roughly $4.5 billion related to the deal in the second quarter. The retailer will retain the remaining 20 percent stake in Walmart Brazil.

Shares in Walmart rose more than,上海夜哪里艳遇Idris, 2 percent, with analysts saying the deal allows the company to focus on more promising markets.

Two people involved in the deal said that the charge is close to the value of the Brazilian unit on Walmart’s books, meaning the deal value was close to zero. The sources declined to specify the exact value of the deal and one of the sources said the final value of liabilities was not yet determined.

Walmart spokesman Randy Hargrove said the retailer will not receive payment for the unit but could receive up to $250 million from Advent based on the unit’s performance. Walmart does not disclose detailed financial statements for Brazil.

The Bentonville, Arkansas-based retailer is trying to catch up with competitors ranging from grocer Aldi Inc to Amazon.com Inc (AMZN.O) in key markets. Walmart’s underperforming international business made up less than one-quarter of total revenue of $500.3 billion in fiscal 2018.

In an effort to fix its international performance, Walmart Chief Executive Doug McMillon in January appointed Chief Operating Officer Judith McKenna to run the international unit.

Walmart recently sold a majority stake in its UK arm ASDA to J Sainsbury Plc (SBRY.L) and paid $16 billion for a majority stake in Indian e-commerce firm Flipkart.

Steven Roorda, portfolio manager with Minnesota-based Stonebridge Capital Advisors and holds Walmar上海夜生活网t shares, said the retailer has struggled outside North America and “CEO McMillon (is) picking markets that he thinks he can scale and win in.”

The move is credit positive as it allows Walmart to make investments in places that have more long-term potential, said Moody’s retail analyst Charlie O’Shea.

Walmart had been looking for buyers for its Brazilian business and sounded out possible investors last year but received no interest from rival retailers, according to a source.

had reported in January that Walmart was shopping its Brazilian unit to private equity firm Advent and others.

In March, reported that in the due diligence process potential buyers estimated Walmart owes up to $3 billion in back taxes to state governments in Brazil, potentially adding to pressure for a discount sale.

Walmart entered Brazil in 1995 and had grown into the country’s third-largest retailer following two major acquisitions in 2004 and 2005 and a period of rapid store expansion that came to a halt in 2013.

It operates 471 stores in Brazil, according to the company’s local website. The Brazilian unit reported sales of more than $25 billion Brazilian real ($6.68 billion) in 2017.

Walmart has posted operating losses in Brazil for seven straight years after the aggressive, decade-long expansion left it with poor locations, inefficient operations, labor troubles and uncompetitive prices. (reut.rs/2DWNOtp)

A source with knowledge of the deal said Walmart’s operations in Brazil had not improved over the last two years, which coincided with the country’s harshest recession in decades.

Walmart’s brand Maxxi has been underperforming the Atacadão SA (CRFB3.SA) division of Carrefour SA (CARR.PA) and GPA SA (PCAR4.SA) unit Assaí.


One of the sources, who requested anonymity because details of the transaction have not all been made public, said Advent is expected to invest mainly in the cash-and-carry business, where big box stores sell groceries and other staples in bulk quantities.

That format has soared in popularity during Brazil’s recent recession, with stores acting as a wholesaler but also attracting bargain-hunting consumers.

The deal includes a commitment from the buyout firm to invest in the business in coming years, the source said, giving Walmart potential upside from its remaining stake.

“We plan to invest in the business, work with the Walmart Brazil management team … to create a more agile and modern company,” Patrice Etlin, a managing partner at Advent International in Brazil said in a statement.

The transaction is subject to regulatory approval, and the retailer expects it to close later this year.

A significant portion of the expected $4.5 billion net loss will be due to foreign currency translation losses, and the final loss could fluctuate significantly due to changes in forex rates up to the closing date, the retailer said.

The retailer expects no material impact to earnings per share in the current fiscal year and a slight positive impact next fiscal year.

Walmart was a,上海夜网千花Kaiden,dvised by Goldman Sachs and Advent was advised by Credit Suisse and Euro Latina Finance.

Law firms in the deal were Skadden, Mattos Filho, Veiga Filho, Marrey e Quiroga Advogados and Saiani & Saglietti.