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Tech rally helps Wall Street push higher, Nasdaq has record close

NEW YORK ( ) – Wall Street’s three major indexes rose on Monday, led by a rally in tech stocks, pushing the Nasdaq to a record closing high as investors bet on a continuation of strong economic growth, while falling oil prices weighed on the energy sector.

Apple (AAPL.O) shares rose to their highest ever due to investor bets on its annual developers conference and Microsoft (MSFT.O) impressed with an acquisition, pushing the S&P 500 technology index .SPLRCT to a record high, while Amazon.com (AMZN.O) led consumer stocks higher.

Better-than-expected U.S. jobs data for May was still key to investor optimism as traders turned their focus away from recent trade war fears.

“There’s momentum from Friday’s job report that’s spilled into Monday’s trading and helped propel stocks higher,” said Kristina Hooper, chief global market strategist at Invesco in New York.

However, while impressed “to see a jobs report so strong late in an economic expansion,” Hooper worried about the U.S. government’s announcement last week of steel and aluminum tariffs for Europe, Canada and Mexico, which ended a two-month exemption.

“The jobs report is looking in the rear-view mirror while the protectionist actions last week will impact the future,” she said. “Investors may be caught off guard if there is a negative impact to economic growth this year from protectionism.”

The Dow Jones Industrial Average .DJI rose 17,上海凤楼夜网Gabi,8.48 points, or 0.72 percent, to 24,813.69, the S&P 500 .SPX gained 12.25 points, or 0上海夜生活网.45 percent, to 2,746.87.

The Nasdaq Composite .IXIC added 52.13 points, or 0.69 percent, to reach 7,606.46, a record closing high.

The S&P ,上海夜网千花Earl,500’s technology sector was the benchmark index’s biggest boost with a 0.8 percent gain.

Apple unveiled its latest operating system iOS 12 at the conference and after paring some gains in the afternoon, it closed up 0.8 percent.

Along with the jobs report, Kim Forrest, senior portfolio manager at Fort Pitt Capital Group in Pittsburgh, also cited Apple’s developer conference and Microsoft’s $7.5 billion deal to buy privately held coding website GitHub Inc as key drivers on Monday.

The consumer discretionary index .SPLRCD was the biggest percentage gainer of the S&P’s 11 sectors, with a 1.1 percent rise, while the energy sector .SPNY was its biggest loser with a 0.9 percent drop as oil prices fell on worries about growing U.S. production. [O/R]

As well as the jobs report, Invesco’s Hooper said falling oil prices were helping sentiment around the consumer sector.

The Nasdaq Biotechnology Index .NBI underperformed the broader market with a 0.7 percent decline as shares of cancer-focused companies moved after presentations at the American Society of Clinical Oncology’s meeting.

Nektar Therapeutics (NKTR.O) tumbled 41.8 percent and weighed on the index after mixed results from its experimental cancer drug with Bristol-Myers Squibb’s (BMY.N) Opdivo disappointed investors.

Bristol-Myers Squibb ended 3.2 percent lower.

Merck (MRK.N), however, gained about 2.4 percent after latest data showed its cancer drug Keytruda improved survival as,上海夜网后花园Idaia, a stand-alone treatment for a type of lung cancer.

Boeing (BA.N) rose 1.1 percent, the biggest boost to the Dow, after the planemaker said it would partner with French aerospace firm Safran SA (SAF.PA) to make and service aircraft parts.

Advancing issues outnumbered declining ones on the NYSE by a 1.83-to-1 ratio; on Nasdaq, a 1.35-to-1 ratio favored advancers.

The S&P 500 posted 46 new 52-week highs and five new lows; the Nasdaq Composite recorded 228 new highs and 44 new lows.

Volume on U.S. exchanges was 6.5 billion shares, compared with the 6.6 billion average for the last 20 sessions.

U.S. lawmakers press Facebook over Chinese data sharing

WASHINGTON/SAN FRANCISCO ( ) – Facebook Inc faced criticism on Wednesday from Republican and Democratic U.S. lawmakers who demanded that the social media company be more forthcoming about data it has shared with four Chinese firms.

The bipartisan criticism reflected rising frustration in Congress about how Facebook protects the privacy of the more than 2 billion people who use its services worldwide.

The leaders of the U.S. House of Representatives Energy and Commerce Committee accused Facebook Chief Executive Officer Mark Zuckerberg of failing to disclose the company’s agreements with the Chinese firms when he appeared before them in April and testified about Facebook’s sharing of users’ personal information with third parties.

“Clearly, the company’s partnerships with Chinese technology companies and others should have been disclosed before Congress and the American people,” the panel’s Republican chairman, Greg Walden, and to,上海夜生活去哪玩Dakota,p Democrat Frank Pallone said in a statement.

“We strongly encourage full transparency from Facebook and the entire tech community,” they wrote.

Facebook responded that Zuckerberg spent more than 10 hours responding to lawmakers’ questions.

“The arrangements in question had been highly visible for years – with many ,上海足浴夜网联系方式Lake,manufacturers advertising these features. But with fewer and fewer people relying on them, we proactively announced this spring we’d begin winding them down,” the company said in a statement.

Facebook has said that the contracts with smartphone maker Huawei Technologies Co Ltd [HWT.UL] and other Chinese firms were standard industry practice and necessary to ensure that people who bought electronic devices had ready access to Facebook services.

Facebook said it had control over the data sharing all along and that other tech firms struck similar arrangements with U.S. and Chinese companies in the early days of smartphones.

Facebook shares closed down nearly 1 percent in New York.

On Tuesday, Facebook said Huawei, computer maker Lenovo Group and smartphone makers OPPO and TCL Corp were among about 60 companies worldwide that received access to some user data after they signed contracts to re-create Facebook-like experiences for their users.

Huawei, the world’s third-largest smartphone maker, has come under scrutiny from U.S. intelligence agencies that have said that Chinese telecommunications companies provide an opportunity for foreign espionage and threaten critical U.S. infrastructure, something the Chinese have denied.

Huawei said in a statement, “Like all leading smartphone providers, Huawei worked with Facebook to make Facebook’s service more convenient for users. Huawei has never collected or stored any Facebook user data.”

Francisco Varela, Facebook’s vice president of mobile partnerships, said on Tuesday the user data in question was stored on people’s devices, not on Huawei’s company servers.

Senator Ed Markey, a Democrat, wrote on Twitter, “Mark Zuckerberg needs to return to Congress and testify why @facebook shared Americans’ private information with questionable Chinese comp,夜上海论坛Balthazar,anies.”

Republican Senator Marco Rubio asked on Twitter, “why didn’t @facebook just reveal this data sharing deal with #Huawei months ago? And don’t compare this to deals with other telecomms. S.Korea govt doesnt control or use @Samsung the way China controls & uses Huawei.”

A Chinese Foreign Ministry spokeswoman had no comment.

Lawmakers expressed concern after The New York Times reported that the data of users’ friends could have been accessed without their explicit consent. Facebook denied that, and said the data access was to allow its users to access account features on mobile devices.

The U.S. Federal Trade Commission, which reached a settlement with Facebook in 2011 over its information-sharing practices, declined comment.

In a separate letter on Tuesday, the Senate Commerce, Science and Transportation Committee pressed Facebook for more information, while the Senate Intelligence Committee’s top Democrat urged Facebook to release further details. Facebook said it would address the commerce panel’s questions.

Congressional aides have said Facebook has not answered hundreds of questions from lawmakers after Zuckerberg’s April testimony before two committees. Several aides said lawmakers were waiting for Facebook’s answers before deciding on whether to hold additional hearings.

Facebook has said that other companies that have used its data sharing include Amazon.com I上海夜生活nc, Apple Inc, HTC Corp, Microsoft Corp and Samsung Electronics Co Ltd.

Several countries are scrutinizing Facebook after it failed to protect the data of some 87 million users that was shared with now-defunct political data firm Cambridge Analytica.

Alibaba leads consortium in $1.4 billion deal for stake in Chinese…

SHANGHAI ( ) – Alibaba Gro,上海夜哪里艳遇Gabi,up Holding Ltd (BABA.N) on Tuesday said it has led a consortium of investors to buy about 10 percent of Chinese courier ZTO Express (Cayman) Inc (ZTO.N) for $1.38 billion, as part of the e-commerce firm’s push into offline services.

The consortium includes Alibaba’s majority-owned logistics affiliate Cainiao Smart Logistics Network Ltd, Alibaba and ZTO said in a joint statement without disclosing the identity of other investors. They said they expect the deal to close in June.

The investment would be Alibaba’s third in a Chinese courier after buying a minority stakes in YTO Express Group Co Ltd (600233.SS) and Best Inc BSTI.N.

The e-commerce firm has been expanding its logistics network at home and abroad as it works to diversify its customer base. As part of that effort, it became majority shareholder in September of Cainiao, which provides logistics support to Alibaba’s main e-commerce platform, Taobao.

ZTO owns 1 percent of Cainiao, which it co-founded with Alibaba and over a dozen other Chinese companies in 2013.

ZTO’s chairman, Lai Meisong, told the latest deal would allow ZTO and Alibaba to better share resources and help ZTO cut costs through access to new technologies. He said the pair decided to enter a deal so as ,上海夜网后花园Idris,to work more closely on operations and build trust between affiliates.

ZTO said Alibaba will have a seat on its board.

“This trust will improve the efficiency of our cooperation,” Lai said in a telephone interview.

Shanghai-based ZTO’s $1.4 billion New York listing was the United States’ largest listing in 2016 and was the biggest by a Chines上海夜生活e firm since Alibaba’s $25 billion initial public offering,上海夜生活Cain, in 2014.

ZTO shares closed at a lifetime high of $19.30 on Friday, their most recent day of trading, valuing the firm at $13.7 billion.

Earlier this month, ZTO reported a 36 percent on-year rise in first quarter revenue. It said it handled 6.2 billion parcels in 2017, giving it a 15.5 percent market share, from 7.6 percent in 2011.

Opel agrees job guarantees, investments at German sites

BERLIN/FRANKFURT ( ) – German labour leaders on Tuesday agreed with PSA Group’s (PEUP.PA) Opel unit on an investment plan and job guarantees for German factories in return for wage concessions.

PSA Group, which bought Opel from General Motors (GM.N) for $2.6 billion last year, is aiming to restore profitability by 2020 after two decades of losses at the unit.

Workers at German production sites in Ruesselsheim, Kaiserslautern, Eisenach, Dudenhofen and Bochum will have their jobs guaranteed until July 2023 and investments,上海夜生活怎么玩Queena, have been budgeted for each site, according to a joint statement by the company, its works council and trade union IG Metall.

In return, the labour side agreed for pay rises under a industry-wide collective bargaining agreemen上海夜网t to be delayed until 2020.

The agreement said job cuts would be limited to 3,700 employees and that it would only be based on voluntary lea,上海夜生活去哪玩Barrett,ve programmes, adding that around 3,500 employees had already accepted such offers.

As of mid-2019, the Grandland X model, including a hybrid version, would be allocated to be built at the Eisenach plant and job cuts would only affect 450 people of its 1,800 workforce there, the company said.

Work leaders had feared the plant’s workforce would halve after the management had made allocating a new model conditional on workers’ concessions on pay.

“With these cornerstones, we finally got what we have been demanding for a long time,” work,上海夜生活男人好去处Sabrina,s council chief Wolfgang Schaefer-Klug said in a statement.

German labour leaders had warned last week they would escalate the dispute with management and call staff for demonstrations at the German sites unless progress is made towards an agreement.

Labour representatives said they would lift their blockade of the existing voluntary leave applications, the agreement said, but the buyout programme would stop except for workers at three divisions.

Voluntary redundancies had been suspended two weeks ago, after staff representatives warned that a wave of departures following PSA Group’s takeover could leave it short of skilled workers.

“With today’s agreement, important prerequisites have been achieved, although the negotiations were very intense and complex,” Joerg Koehlinger, an IG Metall regional director said in the statement on Tuesday.

Opel Chief Executive Michael Lohscheller said the agreement will help Opel to increase its competitiveness in the auto industry.

“We are looking ahead after delivering on our commitment to not close any plants or announce any forced redundancies,” Lohscheller said.

Qantas plans to change Taiwan website reference, but says needs time

SYDNEY ( ) – Australia’s Qantas Airways Ltd said it plans to change its website to refer to Taiwan as a Chinese territory, not an independent nation, but that it needed extra time to comply with the request from Beijing.

China’s aviation regulator in April gave three dozen airlines a May 25 deadline to remove references on their websites or in other material that suggest Taiwan, Hong Kong and Macau are part of countries independent from China, a move described by White House as “Orwellian nonsense”.

Self-ruled Taiwan is claimed by Beijing as a Chinese territory, and has become one of China’s most sensitive issues and a potential military flashpoint. Hong Kong and Macau are former European colonies that are now part of China but run largely autonomous,夜上海419龙凤论坛Hadley,ly.

Qantas and some other airlines had requested at the time for an extension to decide how they would respond to the request.

At the International Air Transport Association (IATA) annual meeting in Sydney on Monday, Qantas Chief Executive Officer Alan Joyce said his company planned to comply with the request, although the company needed extra time.

“Our intention is to meet the requirements. It is just taking time to get there,” Joyce told journalists on the sidelines of the meeting.

The CEO of Qantas’ international unit, Alison Webster, said the decision was not influenced by Qantas’ partnership with China Eastern Airlines Corp.

“I don’t think the relationship makes any difference to how we review our response,” Webster said.

She said Qantas only ne上海夜生活论坛eded extra time to make the change because “we have some complexity to work through”.

“This is not just Qantas Airways, this is the Qantas group that has to be adjusted,” she said. Due to the technology behind Qantas’ websites, “it takes some time for us to get to grips with changes that need to be put into the program”, she added.

Air Canada, Lufthansa and British Airways are among the other carriers that have made changes on their websites after China’s request. China said on May 25 that 18 carriers had changed their websites.

“As diffic,上海夜生活男人好去处Babette,ult and sensitive a decision as this is, our view is that we will comply with the Chinese government requirement,” Air Canada CEO Calin Rovanescu said at the IATA meeting.

“We’re not making any political statement. Airlines have enough issues to deal with,” he added.

American Airlines has not made changes on its website, saying it was following the direction of the U.S. government.

“We received the notice b,上海夜生活网419Babette,ut then the United States has replied and we’re following the direction of the U.S. government,” CEO Doug Parker said in Sydney. “Right now it’s between our government and their government.”

Singapore Airlines to launch world’s longest commercial flight in…

SINGAPORE ( ) – Singapore Airlines Ltd (SIAL.SI) said it would launch the world’s longest commercial flight in October, a near-19 hour non-stop journey from Singapore to the New York area.

The 8,277 nautical mile (15,329 kilometer) flight from Singapore to Newark, New Jersey with 161 business class and premium economy se,上海会所夜网Oakley,ats will eclipse the 7,843 n,上海夜生活群Macey,autical mile Qatar Airways flight from Doha to Auckland as the world’s longest, according to airline data provider OAG.

Airlines including Singapore Airlines, Australia’s Qantas Airways Ltd (QAN.AX) and U.S.-based United Continental Holdings Inc UAL.N are adding ultra-long haul flights that can capture an airfare premium of around 20 percent versus flights involving one or more stops.

The S上海夜生活ingapore-Newark flight marks the return of a popular rou,上海夜网千花Naia,te for Singapore Airlines. The carrier had flown the marathon flights until 2013, when high fuel prices made the use of four-engine Airbus SE (AIR.PA) A340-500 jets uneconomic. It has since flown to New York’s JFK Airport via Frankfurt.

Singapore Airlines is Airbus’ first and to date only customer for the A350-900ULR, an ultra-long range version of the fuel-efficient twin-engine A350 jet.

Qantas has said it is considering the purchase of the A350-900ULR or Boeing Co’s (BA.N) 777X to allow it to fly non-stop from Sydney to London from 2022, an even longer 9,200 nautical mile journey.

Singapore Airlines said on Wednesday that it also plans to introduce non-stop flights from Singapore to Los Angeles with the A350-900ULR at a later date.

The airline expects to receive its first A350-900ULR in September, with all seven on order due by the end of the year.

FBI warns Russians hacked hundreds of thousands of routers

( ) – The FBI warned on Friday that Russian computer hackers had compromised hundreds of thousands of home and office routers and could collect user information or shut down network traffic.

The U.S. law enforcement agency urged the owners of many brands of routers to turn them off and on again and download updates from the manufacturer to protect themselves.

The warning followed a court order Wednesday that allowed the FBI to seize a website that the hackers planned to use to give instructions to the routers. Though that cut off malicious communications, it still left the routers infected, and Friday’s warning was aimed at cleaning up those machines.

Infections were detected in more than 50 countries, though the primary target for further actions was probably Ukraine, the site of many recent infections and a longtime cyberwarfare battleground.

In obtaining t,上海夜玩网论坛Caitlin,he court order, the Justice Department said the hackers involved were in a group calle上海夜生活网d Sofacy that answered to the Russian government.

Sofacy, also known as APT28 and Fancy Bear, has been blamed for many of the most dramatic Russian,上海夜网推油Qirin, hacks, including that of the Democratic National Committee during the 2016 U.S. presidential campaign.

Ear,上海新夜网龙凤Fabian,lier, Cisco Systems Inc said the hacking campaign targeted devices from Belkin International’s Linksys, MikroTik, Netgear Inc, TP-Link and QNAP.

An FBI official told that the kinds of devices known to be affected by the hack were purchased by users at electronic stores or online.

However, the FBI was not ruling out the possibility that routers provided to customers by internet service companies could also be affected, the official added.

Cisco shared the technical details of its investigation with the U.S. and Ukrainian governments. Western experts say Russia has conducted a series of attacks against companies in Ukraine for more than a year amid armed hostilities between the two countries, causing hundreds of millions of dollars in damages and at least one electricity blackout.

The Kremlin on Thursday denied the Ukrainian government’s accusation that Russia was planning a cyber attack on Ukrainian state bodies and private companies ahead of the Champions League soccer final in Kiev on Saturday.

“The size and scope of the infrastructure by VPNFilter malware is significant,” the FBI said, adding that it is capable of rendering peoples’ routers “inoperable.”

It said the malware is hard to detect, due to encryption and other tactics.

The FBI urged people to reboot their devices to temporarily disrupt the malware and help identify infected devices.

People should also consider disabling remote-management settings, changing passwords and upgrading to the latest firmware.

China’s Xiaomi plans $3 billion CDRs in blockbuster July IPO: sources

HONG KONG ( /IFR) – Chinese smartphone and connec,上海足浴夜网联系方式Ida,ted device maker Xiaomi plans to raise up to 30 percent of its blockbuster $10 billion IPO by selling shares in mainland China while offering the remainder in Hong Kong, said people with knowledge of the matter.

The Beijing-based, Cayman-domiciled company [IPO-XMGP.HK] was previously expected to raise as much as $10 billion from an initial public offering (IPO) of shares in Hong Kong only.

The IPO is set to be the largest listing globally in four years and one of the first in the city under new rules designed to attract tech listings.

Xiaomi is likely to be among the first overseas-listed Chinese tech firms to seek a secondary listing at home through new Chinese Depositary Receipts (CDRs), the people said. The CDR portion was likely to account for up 30 percent of its total fundraising size, they said.

The revised plans come as Xiaomi is hoping to get approval from the Hong Kong stock ,上海夜网邀请码Caitlin,exchange for its IPO in the Asian financial hub later this month, three of the people said.

The company is working t,上海夜生活网419Radley,owards a simultaneous offering of Hong Kong shares and CDRs in mainland China in early or mid-July, they said.

A dual listing could set a template for future CDR offerings and help boost Xiaomi’s chances of meeting a $70 billion plus valuation target that some analysts and investors see as aggressive.

Xiaomi is looking to sell about 15 percent of its enlarged capital in the combined share sale, implying a fundraising size of about $10 billion, said the people.

Xiaomi filed a prospectus for an IPO in Hong Kong last month.

The company declined to comment further on its listing plans. The people declined to be identified because the deal details are still confidential.

Xiaomi’s listing time frame is however contingent on regulatory change, as China’s securities regulator has yet to finalise CDR rules following the end of a consultation period on June 3.

The regulator had planned to implement the rules by the end of June but the process could take longer as a result of disagreement with would-be issuers over key details, such as disclosure requirements.

Under the tentative timetable, Xiaomi plans to price its Hong Kong and China shar上海夜生活网e offerings on the same day and begin trading in China a day before its shares float in Hong Kong – in early or mid-July – said the people.

Listing in China by selling CDRs will allow Chinese companies domiciled and listed overseas to make their shares available on the domestic market. Other firms planning such issuance include U.S.-listed Alibaba Group Holding Ltd and JD.com.

Citic Securities is leading Xiaomi’s CDR issue, the people said. Citic did not respond to a request for comment.

CLSA, Goldman Sachs and Morgan Stanley are joint sponsors for the listing in Hong Kong.

Software and stealth: how carmakers hike spare parts prices

LONDON/PARIS ( ) – Carmakers including Renault, Jaguar Land Rover and Peugeot have boosted revenues by over $1 billion in the past decade by using sophisticated pricing software, according to sales presentations prepared by the software vendor, Accenture, and other documents filed in a court case.

The software works, Accenture told prospective clients, by identifying which spare parts in a manufacturer’s range customers would be content to pay more for, how much to raise prices by and which prices should not be hiked.

The latter would include, for example, radiators and body parts that may feature in French automotive insurer group SRA’s basket of parts that measures them for inflation, according to a court filing by the software creator, Laurent Boutboul.

Documents relating to the case were obtained by French news site Mediapart and shared with and EIC, a network of European investigative news outlets.

The client presentations and court complaints seen by cover the period 2009 to 2015.

Jaguar Land Rover (JLR) acknowledged still using the Partneo software but was unable to determine which other car makers, if any, currently use it.

Accenture denied its software was unfair to motorists and said its focus was on increasing clients’ efficiency.

“Solutions of this type, which enable companies to assess and manage their products, are commonplace across industries. They help companies analyze spare part visibility and availability,” it said in a statement.

Boutboul is claiming 33 million euros from Accenture over what he says is damage to his reputation because Accenture broke European competition rules. 

He says it did this by using non-public information taken from Renault to help configure the pricing systems it set up for PSA and potentially other manufacturers. His lawsuit did not specify the exact information.

Boutboul’s lawyer said Boutboul could not comment on the details of an ongoing legal action. Accenture said it rejected his claims.

Renault, Jaguar Land Rover (JLR) and Peugeot said their pricing strategies for spare parts were legal, did not take advantage of car owners and were focused on efficiency and ensuring availabili,上海夜生活Paisley,ty for motorists.

Peugeot said in a statement its replacement parts strategy “consists in offering ranges of spare parts that meet the needs of all customers, regardless of their budget, at the highest level of reliability and safety.” 

Renault上海夜网 said it “strives to provide its customers with a wide variety of quality spare parts, the price of which is calculated based on parameters that Renault considers fair and equitable”.   

JLR said it used Partneo to “deliver consistency in pricing across our spare parts range to ensure that we are appropriately priced against our competition”.

France’s competition regulator said it had examined the software and did not see a reason to open a full anti-trust investigation, without explaining its thinking.

Renault said it was unaware of any of its non-public pricing information being shared with other carmakers. PSA said it rejected Boutboul’s accusations, but did,上海夜哪里艳遇Eden, not answer detailed questions about how its software was configured.

Accenture said its pricing software, called Partneo “does not share confidential or sensitive data between clients”.


In the past two decades, pricing software has become widely used.

Aaron Roth, Associate Professor of Computer and Information Science at the University of Pennsylvania, said using software to try and identify the highest prices people were willing to pay was merely an extension of long-established practice among manufacturers and retailers.

“Already, prices for products are set trying to maximize profits,” he said.

In a 2013 presentation to BMW, Accenture claimed its software had, on average, allowed clients to increase parts prices by 15 percent.

But the recommended increases varied widely from product to product. Accenture recommended in presentations seen by to six clients, including PSA, Honda and Volvo, that prices of many replacement parts should be doubled.

An Octobe,上海夜生活去哪玩Radcliff,r 2013 presentation to carmaker Volvo said that the software had led to “yearly gains achieved” at seven car and truck makers of a combined $415 million a year.

Volvo said it did not use Partneo but declined to comment on the presentation. PSA declined to comment on whether or how much it increased prices. Honda did not respond to a request for comment.

Accenture said in its presentations that Partneo relies on a “perceived value pricing methodology”.

While manufacturers often seek a specific margin on parts, the software attempts to identify those parts for which consumers would be happy to pay above the typical mark-up.

It selected these based on a product appearing to a car buyer to be more valuable or expensive to produce, client presentations show.

Accenture noted in a 2009 presentation to France’s PSA that customer perceptions of the intrinsic value of a part are often based on factors like size, weight, and material of an item like a shiny brand badge or a cog.

In one presentation to Mitsubishi, it suggested the Japanese carmaker lift the price of a silvery model badge from 14.42 euros to 87.49 euros, an increase of 507 percent. Mitsubishi declined to comment on whether it used the software or increased its prices.

The car parts business has long been highly profitable, industry analysts say.

While manufacturers struggle to make a profit margin of more than 10 percent when selling a vehicle, “spare parts gross margin can go up to 90 percent,” Accenture said in a presentation for BMW’s South African arm in 2013.

BMW said it decided not to use Partneo but declined to elaborate further.


Although the market for new cars is highly transparent and competitive, the market for spare parts is less liquid and transparent, partly because some components can be protected by trademarks or patents, analysts say.

Car manufacturers have long been accused by insurers and motoring groups from Australia to the United States of charging too much for spare parts.

Partneo mainly focuses on increasing parts prices based on their appearance but it also has a feature that tries to avoid potential insurer reaction to price increases of certain items.

The software categorizes components as those “with or without 3rd party pricing supervision” — prices monitored by specialist publications or insurers — according to three client presentations seen by .

For example, in France, Securite Reparation Automobile (SRA), a group backed by insurers, measures car parts inflation and publishes this in the hope it will help exert downward pressure on parts inflation.

According to Boutboul’s complaint, Partneo avoided hiking prices of the specific parts whose price is closely followed by SRA. Accenture declined to comment on whether the software still operated in this way.

Rubio campaign test: Can money bring U.S. Republicans happiness?

WASHINGTON ( ) – Republican Marco Rubio, the failed U.S. presidential contender, is battling to hold on to his U.S. Senate seat from Florida in what is shaping up to be the costliest congressional contest of 2016.

More than $33 million has been raised and over $24 million spent so far by both parties in the Florida race, according to the latest U.S. Federal Election Commission data.

That high price tag testifies, in part, to Rubio’s success in building a national fundraising base as a presidential candidate, even though he was trounced in his own backyard by eventual nominee Donald Trump in the state’s Republican presidential nominating contest.

It also underscores Republicans’ firm belief that if they cannot hold Rubio’s seat, they cannot hold the Senate.

Rubio’s re-election bid, launched late in the game in June, is bolstered by the deep pockets of the Senate Leadership Fund. The group’s mission is to protect the Republican Senate majority in the Nov. 8 election. It is run by confidants of Senate Majority Leader Mitch McConnell.

So far, the group has devoted more money to Florida than any other state, spending $3.4 million to attack Rubio’s Democratic opponent, U.S. Representative Patrick Murphy, according to the Center for Respons,上海夜生活Lake,ive Politics, a watchdog group.

The Republican fund is sitting on a mountain of cash – at least $40 million on hand for the closing weeks of Senate campaigns nationwide. That looks to be having an impact.

Rubio led Murphy by an average of 5.7 percentage points on Wednesday in RealClear Politics’ basket of polls for Aug. 31 to Sept. 19.

With that in view, the Democratic Senatorial Campaign Committee has decided to scale back its plans for television and internet advertisements for Murphy in Florida to $6 million from $10 million between now and Nov. 8, a DSCC official said.

Even the remaining money is being held back until the final three weeks of the campaign, the official added.

Instead, Democrats are redeploying into lower-cost media markets in North Carolina, Missouri and Indiana, according to the DSCC, which works to elect more Democrats to the Senate.


Until June 22, when Rubio decided he wanted to return to the Senate despite a low attendance record in his first term, Democrats saw Florida as low-hanging fruit. That was because Republicans had fielded a roster of candidates with limited statewide appeal and money-raising ability.

Rubio, hoping to remain a rising Republican star with an eye on a 2020 run for president, quickly cleared the field, knocking out his last Republican opponent, a wealthy political novice, and setting up his race against上海夜生活论坛 Murphy.

As of Aug. 10, Rubio had raised $14.2 million and spent $6.3 million, according to the Center for Responsive Politics, citing Federal E,上海夜生活论坛Jacob,lection Commission figures. Murphy had raised $11.2 million and spent $7.8 million.

Despite the money disadvantage, Murphy is by no means vanquished. A Sept. 16-19 poll by Monmouth University had Rubio leading by only 2 percentage points, and showed Murphy enjoying a 14-point lead in Rubio’s home base of South Florida.

If the numbers improve further for Murphy, the DSCC could readjust and, like a race-track bettor, scurry to plunk down millions of new dollars in a renewed Florida push.

Last week, a Democratic political action committee and the AFSCME labor union announced a $1.8 million anti-Rubio ad campaign as part of a $10 million ad plan.

While money plays an outsized role, it is not everything in this freewheeling U.S. election season. For instance, the political fortunes of Republican presidential nominee Trump could benefit other Republicans, including Rubio. Trump has opened a 4-point lead against Democratic presidential nominee Hillary Clinton in Florida, according to the latest /Ipsos polling.

In a Senate hallway interview, Rubio downplayed any Trump effect, even a positive one, saying: “I always feel like I need to win my own race.” Rubio has endorsed Trump, but clashed sharply with him when they were presidential rivals.

U.S. Senator Roger Wicker of Mississippi, who heads the National Republican Senatorial Committee emphasized the importance of Florida to Republicans’ hopes of keeping control of the Senate.

Asked about Democrats refocusing resources from Florida to other states, Wicker said: “If they take their money out and put,上海夜生活桑拿会所Pamela, it someplace else, we’ll combat it there,” adding: “We are going to stay vigilant in the state of Florida.”

Written by shyw on November 18, 2017 Categories: 上海夜网 Tags: , ,

U.S. companies continued stock buyback frenzy in May: report

( ) – U.S. companies continued a shopping spree for their own shares in May, making $173.6 billion in buyback announcements, the highest monthly total ever, according to a research report.

In May U.S.-l,夜上海419龙凤论坛Daisy,isted companies also sold new shares at the fastest pace in three years, but cash takeovers of companies with U.S.,上海夜生活Hadleigh, listings fell to a three-month low, according to TrimTabs Inves上海夜生活论坛tment Research.

The high number of buyback announcements was due “in large part” to expected corporate tax savings, it said.

TrimTabs said Apple Inc (AAPL.O) was the biggest spender, with an announcement for potential buybacks of up to $100 billion, while Micron Technology (MU.O) made a $10.0 billion announcement, followed by Qualcomm Inc’s (QCOM.O) $8.8 billion buyback proposal.

Adobe Systems (ADBE.O) said it would buy $8.0 billion of its stock and T-Mobile (TMUS.O) announced $7.5 billion in buybacks.

The tally for cash takeovers involving companies with U.S. listings was $27.7 billion, according to TrimTabs. It said that the largest deals were Japanese drugmaker Takeda Pharmaceutical’s (4502.T) offer for rival Shire PLC SHP.L SHPG.O for $9.0 billion and Elliott Management’s $6.3 billion buyout bid for Athenahealth ATHN.O.

Underwriters were also active in May, with new equity offerings spiking to a three-year high of $43.6 billion, accordi,上海夜生活男人好去处Idaline,ng to the report. It said that AXA Equitable Holdings’ (EQH.N) $3.6 billion listing was the largest initial public offering since March 2017.

S&P 500 companies returned a record $1 trillion to shareholders the past year, according to a late May report from S&P Dow Jones indices. It cited a surge in dividends and stock buybacks after sweeping corporate tax cuts introduced by Republicans late in 2017.

U.S. and China clash over ‘technology transfer’ at WTO

GENEVA ( ) – Chinese and U.S. envoys sparred at the World Trade Organization on Monday over U.S. President Donald Trump’s claims that China steals American ideas, the subject of two lawsuits and a White House plan to slap huge punitive tariffs on Chinese goods.

U.S. Ambassador Dennis Shea said “forced technology transfer” was often an unwritten rule for companies trying to access China’s burgeoning marketplace, especially,上海夜哪里艳遇Dalton, if they were partnering with a state-owned or state-directed Chinese firm.

China’s licensing and administrative rules forced foreign firms to share technology if they wanted to do business, while government officia,上海晚上耍女人的地方Macey,ls could exploit vague investment rules to impose technology transfer requirements, he said.

“This is not the rule of law. In fact, it is China’s laws themselves that enable this coercion,” Shea told the WTO’s dispute settlement body, according to a copy of his remarks provided to .

“Fundamentally, China has made the decision to engage in a systematic, state-directed, and non-market pursuit of other (WTO) members’ cutting-edge technology in service of China’s industrial policy.”

It was a lose-lose proposition for foreign investors, he said, and not just Americans. All countries would see their competitiveness eroded if China’s policies were left unchecked. 上海夜网

China flatly rejected the criticism, which has spawned WTO disputes from both sides and a $50 billion tariff threat from Trump.

“There is no forced technology transfer in China,” China’s Ambassador Zhang Xiangchen told the meeting, adding that the U.S. argument involved a “presumption of guilt”.

“But the fact is, nothing in these regulatory measures requires technology transfer from foreign companies.”

The U.S. Trade Representative’s office had failed to produce a single piece of evidence, and some of its claims were “pure speculation”, he said, adding that the USTR saw Chinese M&A activity as a Chinese government conspiracy.


Technology transfer was a normal commercial activity that benefited the United States most of all, he said, while Chinese innovation was driven by “the diligence and entrepreneurship of the Chinese people, investment in education and research, and efforts to improve the protection of intellectual property.”

Legal experts say Washington needs WTO backing to implement its tariffs as far as they relate to WTO rules, while China has rejected the tariff plan wholesale and resorted to WTO action to stop it.

Under WTO rules, if disputes are not settled amicably after 60 days, the complainant can ask for a panel of experts to adjudicate, escalating the dispute and triggering a legal case that takes year,上海夜生活服务Nala,s to settle.

The United States, which launched its complaint on March 23, could have used the dispute meeting on Monday to take that step. China could do so at next month’s meeting.

But since the dispute erupted, U.S.-China trade policy has been the subject of high-level bilateral talks.

Last week Trump tweeted cryptically that “our trade deal with China is moving along nicely” but said it probably needed a “different structure”.

U.S. announces $364 million more in aid for Syrians

WASHINGTON ( ) – The U.S. State Departm,上海夜生活去哪玩Qirin,ent said on Tuesday it was providing an additional $364 million in humanitarian assistance to help Syrians caught up in the country’s civil war, bringing total U.S. humanitarian spending for S,上海新夜网龙凤Kailani,yria to about $5.9 billion.

Assistant Secretary of State for Population, Refugees and Migration Anne Richard said the funding would help provide food, shelter, safe drinking water, medical care and other support for millions of Syrian refugees and the communities that host them.

Richard told a State Department briefing about three-quarters of the a上海夜生活网dditional funding would help people still inside Syria and the rest would assist Syrians who have fled the country.

She also said the United States had admitted some 85,000 refugees over the past fiscal year, which ends Sept. 30. That figure included about 12,500 Syrian refugees, exceeding the administration’s goal of 10,000, she said.

State Department spokesman Mark Toner said the push for additional humanitarian aid funds came in part because of deteriorating conditions in Aleppo after the collapse of a ceasefire sponsored by the United States and Russia.

The forces of Syrian President Bashar al-Assad have launched a massive push against rebel-held areas of the city, where some 250,000 civilians are believed to be trapped. Intensive bombing has killed hundreds of people, many of whom died in buildings collapsed by bunker-buster bombs.

“Until the past few weeks we felt like we were on a firm path towards a possible diplomatic resolution to this. We still believe that’s possible,” Toner told a briefing.

“That doesn’t mean we’re not mindful ,上海夜网千花Sabrina,… of the tremendous humanitarian suffering that’s going on right now in Aleppo. And that’s why we’re working so hard to ramp up our assistance,” he added.

While saying the United States continued to seek a diplomatic resolution of the problem, he left the door open to other action.

“We’ll continue to weigh all options. Those discussions are ongoing. I don’t want to rule anything out, but right now we’re focused on the diplomatic one,” Toner said.

He noted the United States has warned that failure to achieve a ceasefire could lead to an escalation of the conflict.

“We cannot dictate what other countries … may or may not decide to do in terms of supporting certain groups within Syria,” Toner said. “You may have a further deterioration on either side … and by deterioration I mean more arming and more conflict between them, and intensification of the conflict.”

Honda’s China sales slump for 4th month amid quality issues

BEIJING ( ) – Honda Motor Co Ltd’s (7267.T) sales in China slumped for a fourth consecutive month in May, due to the lingering impac,上海夜生活去哪玩Babette,t from a quality issue associated with the automaker’s popular CR-V sport-utility vehicle,上海会所夜网Dakota,.

The Japanese automaker’s sales in China fell 15.3 percent in May from a year earlier to 99,263 vehicles, it said on Monday.

That brings Honda’s sales in the world’s biggest auto market for the first five months of the year to 501,116 vehicles, down 6.5 percent from the same period a year earlier.

The drop in its China sales this year stems from a cold-climate engine problem caused by an unusual amount of un-combusted petrol collecting in the engine’s lubricant oil pa,上海夜生活群Jackson,n.

In early March, Honda decided to halt new sales of its CR-V and noted the company might have to do the same with the Civic after a Chinese quality watchdog rejected the automaker’s plan to recall 350,000 of the cars to fix the problem.

The issue has since been resolved, as the watchdog last month allowed Honda to recall both vehicles. But Honda was not able to resume sales of the CR-V till around May 22.

“CR-V sales are still slow, but are showing signs of recovery,” a Beijing-based Honda spokesman said.

Demand for the popular CR-V and more recently a redesigned Civic has been the main driver of a significant increase in Honda’s sales 上海夜生活in China over the past three years.

Last year, Honda’s sales rose 15.5 percent to 1.44 million vehicles. The automaker’s China sales were up 24 percent in 2016 and 32.5 percent in 2015.

Negative tone of White House race sours young voters

BOSTON ( ) – The exceptionally negative tone of this year’s race for the White House is souri,上海夜生活桑拿会所Eason,ng young Americans, turning some away from the democratic process just as the millennial generation has become as large a potential bloc of voters as the baby boomers.

/Ipsos polling shows that Americans aged 18 to 34 are slightly less likely to vote for president this year than their comparably aged peers were in 2012. Some political scientists worry that this election could scar a generation of voters, making them less likely to cast ballots in the future.

Young Americans on the left and right have found reasons to be dissatisfied with their choices this year. Senator Bernie Sanders had an enthusiastic following of younger people before he lost the Democratic primary race to former Secretary of State Hillary Clinton. On the Republican side, some are unwilling to vote for Donald Trump, citing the New York businessman’s sometimes insulting rhetoric on women, minorities and immigrants.

Brandon Epstein, who turned 18 on Monday, had looked forward earlier in the year to casting his first vote for Sanders. Now, the resident of suburban Suffolk County, New York, plans to,上海夜网千花Octavia, sit out the vote on Election Day, Nov. 8.

“It’s because of the selection of the candidates. I find them to be not just sub-par, but unusually sub-par,” said Epstein, a student at the Massachusetts Institute of Technology, in Cambridge, Massachusetts. “Something’s gone terribly wrong.”

That sentiment is broadly reflected in poll data that show that young Americans are less enthusiastic about their choices in November than they were four years ago when Democratic President Barack Obama faced a re-election challenge from Republican Mitt Romney.

Some 52.2 percent of respondents aged 18 to 34 told /Ipsos they were certain or almost certain to vote, compared with 56.1 percent who reported that level of certainty at the same point in 2012.

The national tracking poll was conducted online in English in all 50 states. It included 3,088 people between 18-34 years old who took the survey from Oct. 1 to Oct. 17, and 2,141 18-34 year olds who took the poll on the same days in 2012. It has a credibility interval, a measure of accuracy, of 2 percentage points for both groups.


For at least the past half century, young Americans have voted at lower rates than their elders. But this year’s decline in enthusiasm is of particular concern because it comes as the millennial generation – people born from 1981 through 1997 – has become as large a bloc of eligible voters as the baby boomers – born between 1946 and 1964. Each group’s number of eligible voters is approaching 70 million people, according to the Pew Research Center.

“This generation has never trusted the government, Wall Street or the media less,” John Della Volpe, director of polling at Harvard University’s Institute of Politics, said of the millennials. “That’s likely to result in turnout of less than 50 percent and of those who do turn out, there is still a deep cynicism regarding the impact of their vote, whether or not it will make a difference.”

The projected low turnout is a particular concern given recent research showing how important habit is in encouraging voter participation. Put simply, a person who votes in one election is about 10 percent more likely to vote in the next than an eligible voter who opted to stay home, said Alexander Coppock, an assistant professor of political science at Yale University.

“If you extend that logic, if you have an election that fails to turn people on to voting, you’d expect that you wouldn’t get that cumulative effect,” said Cop,上海夜生活怎么玩Easton,pock, whose article “Is Voting Habit Forming?” was published in this month’s issue of the American Journal for Political Science.

However, not all young voters unhappy with their choices will be staying home. Some plan to ca上海夜网st a ballot anyway, even if only in protest, rather than sitting out.

That group includes Cameron Khansarinia, a 20-year-old vice president of the Harvard Republican Club, who said he would cast a ballot even though he opposed Trump.

“I will definitely vote, I just don’t know if I will be writing someone in or voting for (Libertarian) Gary Johnson or even voting for Hillary Clinton when it gets down to it,” said Khansarinia, who is registered to vote in heavily Democratic California. “Once this is over, come Nov. 9, we will need people here to rebuild the party.”

Exclusive: U.S. stopped Philippines rifle sale that senator opposed…

WASHINGTON ( ) – The U.S. State Department halted the planned sale of some 26,000 assault rifles to the Philippines’ national police after Senator Ben Cardin said he would oppose it, Senate aides told on Monday.

Aides said Cardin, the top Democrat on the U.S. Senate Foreign Relations Committee, was reluctant for the United States to provide the weapons gi,上海夜网官方网站Cade,ven concerns about human rights violations in the Philippines.


News of the thwarting of the weapons sale was met with disappointment among the Philippine police and government on Tuesday, but they said alternative suppliers would be found. Police spokesman Dionardo Carlos said the Philippines had yet to be notified about the sale being stopped.

The relationship between the United States and the Philippines, a long-time ally, has been complicated lately by President Rodrigo Duterte’s angry reaction to criticism from Washington of his violent battle to rid the country of illegal drugs.

More than 2,300 people have been killed in police operations or by suspected vigilantes in connection with the anti-narcotics campaign since Duterte took office on June 30.

The U.S. State Department informs Congress when international weapons sales are in the works. Aides said Foreign Relations committee staff informed State that Cardin would oppose the deal during the department’s prenotification process for the sale of 26,000-27,000 assault rifles, stopping the deal.

U.S. State Department officials did not comment.

Ronald dela Rosa, the Philippine national police chief and staunch supporter of the war on drugs, said he liked the American rifle, but suggested China as an alternative small-arms provider.

“We really wanted the U.S. rifles because th,上海夜生活网419Cadence,ese are reliable,” he told broadcaster ABS-CBN.

“But if the sale will not push through, we will find another source, maybe from China.”

In October, Duterte told U.S. President Barack Obama to “go to hell” and said the United States had ,上海夜网推油Jace,refused to sell some weapons to his country, but he did not care because Russia and China were willing suppliers.

According to some U.S. officials, Washington has been doing its best to ignore Duterte’s rhetoric and not provide him with a pretext for more outbursts.

An open break with the Philippines could create problems for the United States in a region where China’s influence has grown.

Australia’s CBA seeks redemption with record settlement

SYDNEY ( ) – Commonwealth Bank of Australia (CBA) (CBA.AX) agreed to pay a record penalty of A$700 million ($529.3 million) to settle explosive money laundering charges brought by Australia’s financial intelligence agency.

The biggest financial penalty in Australian corporate history was almost double the amount CBA had set aside, signaling the tougher r,上海夜生活怎么玩Kaia,egulatory framework Australian banks face following revelations of widespread misconduct.

Even so, CBA shares were up 1.5 percent in afternoon trade as investors breathed a sigh of relief that authorities had not pur上海夜网sued much larger fines, in a case that shocked the country and triggered an executive shake-up at the bank.

It is the second major case new CEO Matt Comyn, who replaced Ian Narev in the wake of the scandal, has settled with regulators in a month after admitting to rate-manipulation allegations.

Australia’s biggest bank admitted it had breached money laundering and terror financing laws on 53,750 occasions, according to an statement of facts tendered in court by both parties.

Suspicious transactions were repeatedly not reported, and monitoring processes failed, it said.

“The money laundered through the CBA accounts included the proceeds of drug and firearms importation and distribution syndicates – predominantly involving methamphetamine,” the court document said.

CBA also failed to adequately notify the regulator of transactions linked to several customers who posed “a potential risk of terrorism or terrorism financing”.

CBA shares were up 2 percent in a slightly positive market, even though the fine was by far the biggest in Australian corporate history and almost double the A$375 million CBA had set aside to deal with the case.

Many of the breaches carried maximum penalties of up,上海会所夜网Daisy, to A$21 million each, exposing CBA to fines running into the billions of dollars.

“While we had not factored in a fine above $375 million given a wide variety of potential outcomes, we note that many in the market had expected a fine as large as $1 billion,” UBS said in a note to clients.

The breaches were first revealed in August last year. CBA blamed them on a computer error but the case triggered a share selldown and a board shake-up, with Narev announcing his retirement two weeks later amid a public outcry.

“While not deliberate, we fully appreciate the seriousness of the mistakes we made,” new CEO Comyn said in a statement.

“Our agreement today is a clear acknowledgement of our failures and is an important step towards moving the bank forward.”

Australian Treasurer Scott Morrison told reporters it was now time for CBA to “get on with the job of restoring trust”.


As part of the settlement – which must be approved by the Federal Court – the bank acknowledged it did not take all the necessary steps to identify, mitigate and manage money laundering and terrorism financing risks.

The bank said it would book a A$700 million provision in its fiscal 2018 results, to be released in August.

Last month, CBA was ordered to carry an additional $1 billion in reserve capital until it satisfies regulators that it has improved oversight to avoid similar breaches in the future.

The bank is still facing two separate class actions by shareholders linked to losses suffered from the money-laundering breaches.

The Australian government has pledged to boost oversight of the financial sector and increase penalties for corporate crimes in light,上海夜网千花Nadine, of widespread misconduct revealed by an ongoing inquiry into the country’s banks and wealth managers.

One of CBA’s main rivals, Australia and New Zealand Banking Group Ltd (ANZ.AX), is facing criminal cartel charges, along with underwriters Deutsche Bank and Citigroup, over a $2.3 billion share issue.

Republicans defend grip on U.S. Congress as Trump wins presidency

WASHINGTON ( ) – Republicans maintained their majorities in b,上海夜网邀请码Faith,oth chambers of the U.S. Congress in a momentous election on Tuesday in which Republican Donald Trump won the presidency, empowering the party to reshape Washington.

The Republican sweep sets up the United States for two years of “unified” government, which would normally mean significant policy change, although Trump’s election was anything but normal and he will start his presidency with unusual handicaps.

Both Republican leaders on Capitol Hill held Trump at arm’s length during the campaign. Trump offended and attacked some congressional Republicans on the stump, including House of Representatives Speaker Paul Ryan.

Early on Wednesday, shortly after Clinton conceded to Trump, Ryan said in a statement: “We are eager to work hand-in-hand with the new administration to advance an agenda to improve the lives of the American people.”

Senate Majority Leader Mitch McConnell, also a Republican, said in a guarded and similarly timed statement: “The American people have chosen a new direction for our nation.”

The new Congress will not convene until Jan. 3, but the “lame-duck” Congress will return next week and Republicans are set to begin the process of picking leaders for both chambers.

Ryan’s position as speaker could be challenged by Republican conservatives who backed Trump and it remains to be seen if the president-elect himself will try to push Ryan out.

“Trump seems magnanimous right now,” an aide to one of Trump’s House supporters said after Trump stressed unity in his victory speech in New York. “We shall see.”

In a huge disappointment to Democrats, Republicans were on a pace to lose only a handful of seats in the House, well below the double-digit losses some predicted.

Similarly, Democrats gained only one seat in the Senate, although a few races were still to be determined, including New Hampshire, where incumbent Republican Kelly Ayotte was deadlocked with Democrat Maggie Hassan early on Wednesday.

In Illinois, Democratic U.S. Representative Tammy Duckworth defeated Republican Senator Mark Kirk. Democrats needed to pick up a net five seats to win Senate control.


Republican successes came on the heels of big Republican gains in the 2014 congressional elections and defied predictions the party was in tatters and on the verge of splitting apart because of deep divisions over Trump.

Congressional Republicans are sure to flex their muscles on a range of legislation, not the least of which is fulfilling a six-year quest to repeal President Barack Obama’s landmark healthcare law known as “Obamacare.”

Republicans also campaigned on an agenda that shunned comprehensive immigration reform and opposed gun control and expanded environmental and financial regulations.

In the Senate, McConnell, a Kentucky Republican, was expected to remain at his post for at least the next two years.

Paul Sracic, who chairs the politics department at Youngstown State University in Ohio, said: “There was all this concern that Trump would damage Republicans down-ticket. Just the opposite happened” as Trump brought out more Republican voters.

Come January, Republicans will have to pivot from trying to block Obama’s initiatives – such as his signature health insurance program Obamacare – to governing along with Trump.

“Republicans no longer have the luxury of being the opposition party, said,上海夜生活网419Octava, Sarah Binder, a political science professor at George Washington University.

“For example, will they actually repeal Obamacare and agree what to implement in its,上海凤楼夜网Dakota, place?” she added.


McConnell led conservatives’ opposition to any Supreme Court nominee named by Obama foll上海夜生活论坛owing last February’s death of conservative Justice Antonin Scalia.

His gamble paid off and he will now await a nomination from Trump, likely dooming Obama’s choice of federal judge Merrick Garland.

Related CoverageFactbox: Republicans retain control of Senate, HouseSpeaker Ryan pledges to work with Trump on bold agenda

Star-power incumbent Republicans, such as Senator John McCain in Arizona and Marco Rubio in Florida, also scored victories.

Issues ranging from tax cuts to border security will now take center stage in Washington. Trump’s opposition to trade deals with foreign countries puts in serious jeopardy the Trans-Pacific Partnership agreement negotiated by Obama that would cover economies from Japan to Chile.

“In terms of trade, I think TPP is dead. The stake went through its heart tonight,” Sracic said.

White House, government agencies discuss possible shutdown

WASHINGTON ( ) – The White House budget office scheduled a call with U.S government agencies on Friday to plan for a government shutdown in case the U.S. Congress fails to pass a short-term funding bill by a deadline next week.

“It is our hope that this work will ultimately be unnecessary and that there will be no lapse in appropriations,” a spokeswoman for the White House Office of Management and Budget (OMB) said in a statement.

The federal fiscal year ends on Sept. 30 and Congress must pass a spending measure by then to keep the government open.

In recent years, lawmakers have seldom agreed on a full federal budget and instead have relied on stop-gap measures.

On Thursday, Republicans produced a bill which Democrats immediately rejected. The Senate is expected to hold an initial procedural vote on the legislation on Tuesday, according to a senior Republican aide.

The White House was pleased that bill includes fundin,上海夜网邀请码Cain,g to fight the Zika virus, but has concerns about other provisions, spokesman Josh Earnest said, noting that it was “too soon to panic” about the bill.

“I think it is unclear at best right now whether or not this particular piece,上海021夜网Babette, of legislation will pass both houses of Congress and make its way to the president’s desk. Even if it were, it’s also unclear at best right now if the president would sign it,” Earnest told reporters.

Related CoverageWhite House: Congress has more work to do on spending bill

The OMB said there was enough time for Congress to pass a short-term funding bill, but “prudent management requires that the government plan for the possibility of a lapse.”

Republicans and Democrats annually,上海新夜网龙凤Larissa, fig上海夜网ht about spending bills but normally reach a deal to avert a shutdown, particularly during election years. In 2013, the two sides failed to agree, and the government stopped operations for 16 days.

Why Canada’s pot legalization won’t stop black-market sales

TORONTO ( ) – Jake Rowinski, a 20-year-old University of Toronto student, buys marijuana every week from one of the many self-described “medical” dispensaries in downtown Toronto.

The illegal store sells openly to customers ranging from budget-minded recreational users like Rowinski to silver-haired grandmothers treating legitimate ailments.

“Nobody really cares at this point,” Rowinski said outside the shop, near the city’s financial district.

As Canada’s Liberal government prepares to legalize recreational marijuana use this summer, the biggest remaining obstacle to regulated sales will be competition from a thriving black market, according to cannabis investors, researchers, policy analysts and government data.

Many buyers of illegal pot will have little incentive to switch to legal weed, which is expected to be more expensive and less available because of strict regulations on sales, according to hedge fund GTV Capital, which invests almost exclusively in Canadian cannabis stocks, and the Marijuana Policy Group, a U.S. research firm.

As the first major economy to fully legalize cannabis, Canada’s regulatory rollout will be closely watched by other nations considering the same path – and by global investors, who have already poured billions into Canadian marijuana firms.

Canada legalized medical marijuana in 2001 but still restricts it to mail-order purchases from licensed providers. That has spurred the proliferation of unsanctioned retailers like the one where Rowinski shops, which recently changed its name to Trees Station Medical Dispensary.

Employees at the store declined to comment.

Such illicit retailers may soon compete with new legal outlets, and many provinces plan initially to limit the number of government-operated or -licensed stores. Medical marijuana, meanwhile, will remain legal only by mail, despite a push by major pharmacy chains to sell it.

The cautious approach could restrain legal investment in a market estimated by Statistics Canada at C$5.7 billion in 2017. About a fifth of Canadians between 15 and 64 years old used marijuana, spending an average of C$1,200 per person at C$7.48 per gram, the agency found. Ninety percent of that money was spent illegally.

GTV Capital estimates an average pre-tax price of C$8.33 upon legalization, already higher than the average illegal price because of testing, packaging and security regulations. That doesn’t include a planned excise tax of $1 per gram or 10 percent, whichever is higher, or sales taxes of 5 to 15 percent.

If the price difference allows the black market to compete, that will hamper the public benefits of legalization – legitimate investment, job creation and tax revenue – and complicate efforts to stamp out crime associated with illegal drug trafficking. Statistics Canada, working with police data in a 2014 study, found organized crime involvement in about a third of marijuana production and trafficking.

“Canada’s been brave enough to take the step to make cannabis fully legal, but they’ve also taken the stance that they don’t want to promote it,” said Steve Ottaway, managing director for investment banking at GMP Securities. “I can appreciate their intent, but at the same time, this is an adult-use market.”

Canada’s Senate voted late Thursday to legalize recreational marijuana, but included amendments that still need approval in the House of Commons. The proposed changes include tighter advertising restrictions,上海仙霞路夜生活Fabi, and allowing provinces to decide if Canadians can grow cannabis at home.

Mark Ware上海夜网 – a McGill University family medicine professor who served as vice-chair of the federal task force advising on the legalization – said the measured approach aims to curb underage use and install government-controlled supply networks, safety checks and legal processes before further expansion.

“I don’t think anybody can be under any illusion that it will happen right away,” said Ware, who will become chief medical officer of cannabis producer Canopy Growth Crop on July 1.


Most investors and analysts predict legal sellers will be able to compete on price in the next few years as regulations loosen and legal supply networks grow. At least for now, provinces plan fewer stores than needed to meet demand.

Ontario, Canada’s most populous province, plans 40 government-run stores at first, rising to 150 by the end of 2020; Quebec, the second largest, will start with 20 stores and decide the pace of expansion later.

That compares to about 1,000 retailers in the U.S. state of Colorado, which legalized recreational marijuana use in 2012 and has seen prices drop from more than $12 a gram to less than $7 with the expansion of retailers, according to research firm BDS Analytics. Today, about 70 percent of Colorado marijuana users buy legally, a state spokesperson said.

In response to questions about their policies, Quebec and Ontario spokespeople pointed to previous statements. Ontario officials have said they looked to their experience with alcohol and tobacco retailers to guide marijuana policy; a Quebec official has said the province will consider as many as 300 retailers in the long-term.

Patchy availability and higher pricing are likely to reduce provincial tax revenues in the early years of legalization, Moody’s Investors Service said in a recent report. It predicted British Columbia, with the most liberal retailing regulations, will collect far more tax revenue, about $50 million, than provinces with tighter rules. The federal government will get 25 percent of the excise tax revenue, with the rest going to the province where any given sale occurs.


Canada’s national legalization of recreational use has little precedent; it will be only the second country after Uruguay to do so.

But it’s clear from smaller-scale legalizations that heavy users drive pot-market economics – an obstacle in converting illegal sales to legal ones.

“Heavy users use more than everyone else combined,” said Damitha Pathmalal, portfolio manager at GTV. Many will “stick to the illicit market, given the price difference.”

Daily users are only 14 percent of the total but buy about two-thirds of all pot sold, according to GTV Capital and a 2016 report from the Office of the Parliamentary Budget Officer.

(For a graphic on Canadian marijuana consumption, see: tmsnrt.rs/2JvANMH )

Recreational consumers who don’t live near a legal store will be able to buy online. But many customers will turn to local outlets – legal or illegal – rather than wait for mail-order, said Miles Light, co-founder at the Marijuana Policy Group in Denver, Colorado.

“These are comfort goods; they’re a lot like pizza,” he said. “The model works, but it’s got to be pretty local.”


Jeremy Jacob, president of the Canadian Association of Medical Cannabis Dispensaries, said availability issues could be solved by giving illicit retailers a path to legal status.

But most provinces want to “eradicate the existing industry,” Jacob said.

British Columbia is the exception. It plans to allow some existing dispensaries to apply for licenses, as Jacob plans to do for his Village Bloomery in Vancouver.

,上海夜生活网交流Eden,The province also plans to step up raids on shops who continue to sell illegally.

The goal is “to put a significant dent in the black market,” said Mike Farnworth, the province’s solicitor general and minister for public safety.

Ontario will set aside C$40 million for enforcement after legalization, including policing impaired driving.

The Royal Canadian Mounted Police plans to add analysts to monitor organized crime in the cannabis industry after legalization an,上海夜网邀请码Sabia,d determine what enforcement resources are needed, said the RCMP’s Yves Goupil, a director of federal policing.

“If the black market can still operate profitably, there will need to be significant justice resources devoted to enforcement,” said Rosalie Wyonch, a policy analyst at the C.D. Howe Institute, a nonprofit economic policy think tank.

Canada has no plans to allow storefront access for medical marijuana despite a pharmacy-industry push to dispense it.

Pharmacies including Shoppers Drug Mart – Canada’s biggest chain, owned by Loblaw Companies – and PharmaChoice, the country’s second-biggest independent pharmacy group, have signed supply agreements with marijuana producers in case rules change.

A survey by the Canadian health regulator Health Canada last year found that only 29 percent of those reporting medical cannabis use had a medical document from a health professional, a requirement for buying from licensed producers.

The rest bought illegally.

($1 = 1.2855 Canadian dollars)