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Australia’s AMP slapped with fourth lawsuit, shares hit six-year low

( ) – Australia’s biggest wealth manager, AMP Ltd (AMP.AX) on Thursday said it faced a fourth cla,上海夜生活Rachel,ss-action lawsuit for allegedly charging fees fo,上海夜网推油Dalton,r services not provided, sending the company’s shares to their lowest in more than six years.上海夜生活论坛

Slater and Gordon is suing AMP for wrongfully charging customers citing administrative errors or oversights, when in fact AMP knew they arose from deliberate business practices that had been in place for a long time.

Three law firms have already filed shareholder class actions against the 169-year old company, amid damaging revelations from a government-ordered inquiry into the financial industry.

“AMP has been served with a class action proceeding filed in the Federal Court (Victorian registry) by Slater and Gordon,” Catherine Woods, head of media relations at AMP, told in an email. “AMP is vigorously defending all proceedings.”

Last month media said two more law firms were considering suing the wealth manager. If all five file suits, they would be the most class actions against an Australian company at one time.

AMP shares were on track for their fifth straight session of declines, down as much as 3 percent at A$3.62, their lowest since Aug 2011.

In a tough year for AMP, three directors quit in May after the departure of its chairman, chief executive and in-house lawyer. The resignations followed revelations at the inquiry th,上海凤楼夜网Sabine,at the once-venerable firm had lied to regulators, allegedly doctored an independent report, and charged customers fees for no service.

On May 18, Slater and Gordon and Therium said they would offer shareholder claimants the most competitive funding package of all of the class actions announced against AMP till then.

Quinn Emanuel Urquhart and Sullivan, Melbourne-based firm Phi Finney McDonald and Maurice Blackburn have also filed suits against the Australian wealth manager on behalf of shareholders.

A case management hearing on the class action by Phi Finney McDonald in Melbourne is set for Thursday.

HP sees up to 5,000 job cuts as part of restructuring plan

( ) – HP Inc (HPQ.N) now expects 4,500 to 5,000 employees to leave the company by the end,上海夜生活服务Queena, of fiscal 2019 as part of an ongoing restructuring plan, the PC maker said on Tuesday.

In October 2016, HP’s board had approved a restructuring plan to be implemented through fiscal year 2019, under which it had expected around 4,000 job cut,上海晚上耍女人的地方Fabian,s. In May, the company said it expected that number to increase by 1 to 2 percent.

The company employed 49,000 people as of Oct. 31.

HP, formed in 2015 when the then Hewlett-Packard Co was spilt into two, said in a regulatory filing here it now expects pretax charges of about $700 million related to the layoffs, compared with about $500 million forecast earlier.

HP estimates that about half of the expected pretax costs will relate to severance and the remaining costs due 上海夜生活to infrastructure, non-labor actions and other charges.

When Hewlett-Packard Co split up, HP Inc focused on the consumer facing hardware business, including sales of PCs and printers, while Hewlett Packard Enterprise Co hosted the company’s data-center, software and services units.

HP, which has the top position in worldwide PC shipments in the first calendar quarter of 2018 with a 22.6 percent ,上海夜生活论坛Lark,market share, reported better-than-expected quarterly sales of $14 billion in the quarter ended April 30.

Outlines of Trump foreign policy are largely uncharted territory

WASHINGTON ( ) – U.S. President-elect Donald Trump may try to improve ties with Russia, tear up trade deals with Mexico and Pacific nations and abandon U.S. allies in Europe and Asia if they don’t spend more on their own defense – or, he may not.

Foreign governments are uncertain how much of Trump’s rhetoric will be translated into policy because he has frequently made contradictory statements and provided few details of how he would deal with the world or who he would appoint to key posts.

French Foreign Minister Jean-Marc Ayrault pledged to work with Trump but said his personality “raised questions” and he admitted to being unsure what a Trump presidency would mean for key foreign policy challenges, from climate change and the West’s nuclear deal with Iran to the war in Syria.

Trump, who has no foreign affairs or military experience, will confront the absence of a national or even Republican political consensus on how to deal with Syria, the Islamic State militant group, the rise of China and a newly assertive Russia.

“This is virtual terra incognita,” said Aaron David Miller, a Middle East negotiator who served Democratic and Republican presidents and is now with the Woodrow Wilson Center for Scholars in Washington.

“The biggest danger of a Trump presidency is the unpredictability and sheer lack of stability that our allies and adversaries would feel, and he turns that into a virtue by saying that he wants to be unpredictable,” he said.

Among the names said to be in consideration for top national security jobs in a Trump administration are former House of Representatives Speaker Newt Gingrich and one-time United Nations ambassador John Bolton for secretary of 上海夜生活state, and General Michael Flynn, a former head of the Defense Intelligence Agency, for national security adviser.A Republican foreign policy expert who has occasionally counseled Trump, cautioned that he is more likely to make his own decisions and impulses than to follow the advice of his aides.

Many top Republicans have publicly repudiated him, and a number of professional diplomats, intelligence and military officers have privately said they would retire if Trump wins.

“If he does everything he says he’s going to do, we can kiss goodbye our leadership role in the world,” former CIA ,上海夜哪里艳遇Barney,deputy director John McLaughlin told . “So let’s hope he doesn’t mean it or that someone talks him out of it.”

Trump has suggested he could accept Japanese and South Korean nuclear arms development, abandon the Iran nuclear deal, negotiate with North Korea on its nuclear weapons program, and embrace Russian President Vladimir Putin.


Trump has adopted an open-minded stance toward Putin, whom many current and former U.S. officials consider an autocrat bent on suppressing dissent at home while bullying his neighbors and projecting Russia’s power abroad.

Russia has annexed Crimea from Ukraine, backed Syrian President Bashar al-Assad and, according to U.S. intelligence officials, hacked emails of prominent Democratic Party leaders and organizations.

“I would hope to have a good relationship with Russia and I would hope to have a good relationship with Putin,” Trump told in an interview last month. “If we had a good relationship with Russia that would be a wonderful thing.”

James Dobbins, a former U.S. diplomat now at the Rand Corp., said he would not be surprised to see an effort to “reset” U.S. relations with Russia.

Trump has taken a more aggressive tone toward China, threatening to slap tariffs on Chinese products to show Beijing the United States is “not playing games anymore” when it comes to leveling the field on trade.

China’s Foreign Ministry said on,上海夜生活网419Kai, Wednesday it would work with Trump to ensure the steady development of bilateral ties.

Trump also says he could scrap the North American Free Trade Agreement that took effect in Mexico, the United States and Canada in 1994, and he has threatened to impose tariffs of up to 35 percent on Mexican-made goods to help U.S. industry.

Trump has taken aim at the Trans-Pacific Partnership trade deal championed by President Barack Obama, calling it a “death blow” for American manufacturing.


Trump has also floated the idea of abandoning NATO’s guarantee of mutual defense, suggesting that the United States would help defend other NATO members such as the Baltic states only if they had “fulfilled their obligations to us.”

Asked in March if he would object if Japan or South Korea developed their own nuclear weapons, Trump told the New York Times there might come a time that the United States could not protect them as it has in the past and they might need to develop their own arsenals.

Both positions violate bedrock principles of U.S. foreign policy that have stood for decades: that an attack on one NATO member would be regarded as an attack on all and that the proliferation of nuclear weapons is to be avoided at all costs.

Jo,上海凤楼夜网Fabian,n Alterman, the head of the Middle East program at the Center for Strategic and International Studies think tank in Washington, said Trump’s predilection for keeping other nations guessing could itself be a source of instability.

“Countries may feel more at risk and maybe less conflict-averse if they feel they have to protect themselves,” he said.

Robert Zoellick, a former deputy secretary of state who in May signed a letter saying Trump “would be the most reckless president on American history,” suggested that Trump’s temperament could lead to unexpected outcomes.

“No one knows how Mr. Trump’s vanity will respond if a foreign counterpart diminishes him,” he wrote in the Financial Times last month.

UK’s Sainsbury’s tweaks pay proposals after staff pressure

LONDON ( ) – Sainsbury’s (SBRY,上海夜玩网论坛Talon,.L), Britain’s second largest supermarket group, has bowed to pressure from employees and trade unions by changing some of the pay proposals it detailed in March as part of a move to simplify the company’s wage structure.

The group, which last month agreed a 7.3 billion pounds ($9.8 billion) takeover of rival Asda (WMT.N), employs 195,000 in Britain and Ireland and is the UK’s second biggest private sector employer after Tesco (TSCO.L).

Sainsbury’s said on Thursday that following a consultation process with staff representatives and unions it had agreed to increase unsociable hour premium payments, extend location pay supplements to staff working in all outer London areas rather than just inner London, and raise online driver payments.

It said the amendments would come at a cost to the business of over 10 million pounds ($13.4 million), in addition to the 100 million pounds it said the proposals would cost in March.

However, Sainsbury’s has maintained the main elements of its March proposals, including an hourly rate increase from 8 pounds to 9.20 per hour from September but the removal of payments fo,上海夜生活群Babette,r breaks and an annual discretionary staff bonus.

As a result of the changes over 121,000 employees will receive an average pay rise of 9.3 percent, said the firm.

Sai上海夜生活nsbury’s said it would make top-up payments for an 18-m,上海夜生活怎么玩Macauly,onth period to the around 9,000 employees who will not benefit from the changes.

Earlier this week around 100 UK lawmakers signed a letter to Prime Minister Theresa May criticizing Sainsbury’s proposals, claiming some employees could lose up to 3,000 pounds a year.

However, a spokesman for the retailer said fewer than 10 employees stood to lose that amount.

Airbus sales chief defiant on A330neo demand as Boeing seals new win

SYDNEY ( ) – The head of airplane sales at Airbus (AIR.PA) dismissed concerns about a sharp drop in orders for the A330neo jet and predicted European wide-body demand would start to recover this year as rival Boeing extended a series of wins in the lucrative segment.

“The world is still full of opportunities in terms of wide-bodies. We have a lost a couple of campaigns in the West and there are other campaigns around the world. I am not personally in a panicking mode about the A330neo,” Chief Commercial Officer Eric Schulz told on Monday.

Speaking on the sidelines of an airlines meeting in Sydney, Schulz declined to give a numerical sales target for 2018 wide-body orders but said, “,上海021夜网Barney,We will see, I think we will be ok. I can see from the dynamics in the market and what we have in the pipeline and what we have already negotiated.”

The A330neo is a derivative of Airbus’s most-sold wide-body jet, the A330 series, whose fortunes are widely monitored by investors as one of its two main sources of profits and cash.

Airbus h,上海夜生活网419Eden,as lost a series of U.S contests for sales of the 250-300-seat A330neo, followed by a decision set to be approved this week by the owners of India’s Vistara to order six Boeing (BA.N) 787s instead of A330neos, two industry sources said. The same airline may expand a leased fleet of A320neos.

Airbus and Boeing declined to comment and Vistara did not respond to a request to comment on the order, reported earlier by Bloomberg News.

Demand for wide-body jets has weakened recently because of oversupply, but Boeing has extended a traditional lead in that part of the market thanks,上海夜生活论坛Earl, to a spate of orders for its 787 and a rebound in 777 demand, assisted by a recovery in freight demand.

Airbus typically sells 4 in 10 big jets but reaped just 16 percent of wide-body orders between January and April. Adjusted for cancellations, net orders slumped into negative territory.

Analysts say a U.S. decision to revoke export licenses for jets sold to Iran, after pulling out of an international nuclear sanctions deal, could deepen Airbus’s wide-body woes since IranAir’s order for 100 jets had included 28 A330neos.

Schulz said Airbus would not immediately reflect the collapse of the Iran deal in its order book as it uses a grace period for U.S. licenses to “study the political situation”.

Still, industry watchers say the European firm has 16 unfilled production slots for A330s in 2019, raising the prospect of further output cuts if it does not win new sales.

Airbus hopes China could be a promising market.

Schulz said one factor weighing on A330neo sales was the relatively young age of many of the previous A330 models in service, meaning some operators were not yet ready to upgrade.

“I believe that especially for people who are operating the A330, the A330neo is a nice and easy transition towards an aircraft that generates very good efficiency,” he said.

The International Air Transport Association (IATA) said on Monday higher fuel prices were supporting new aircraft demand and that the average size of aircraft was rising. Schulz said on the sidelines of IATA’s annual meeting that wide-body jet demand would soon recover to reflect the underlying fundamentals.

“The market is not that fast but I can sense talking to the airlines that within the next 18 months上海夜生活论坛 to 2 years we will have much more dynamism in the market,” he said.

Written by shyw on April 15, 2018 Categories: yvrafybo Tags: , , ,

Trump says comments on Mexicans good for restaurant business:…

NEW YORK ( ) – Donald Trump said he b,上海夜网官方网站Rae,elieved his assertion last year that Mexicans crossing the border illegal,上海夜生活桑拿会所Fabian,ly are “rapists” bringing crime were “prett上海夜生活论坛y mainstream” and should have attracted customers to his new Washington restaurant, according to court records BuzzFeed News published on Friday.

“I’ve tapped into something and I’ve tapped into illegal immigration,” the Republican presidential candidate said in a June 16 deposition for a lawsuit against a celebrity chef who dropped out of the restaurant venture at his new hotel.

Chef Geoffrey Zakarian pulled out after Trump’s June 15, 2015 comments as he announced his bid for the White House.

Trump said Zakarian may have missed an opportunity.

“If he had the restaurant, it would be helped instead of hurt” by the comments, Trump said in the deposition.

Zakarian, who has appeared in cooking shows like “The Next Iron Chef,” “Chopped” and “Top Chef,” signed a deal with Trump to open the restaurant in the historic Old Post Office building near the White House, which Trump won the right to lease and renovate from the U.S. government.

The project, called the Trump International Hotel, opened on Sept. 12, almost a year after it was originally expected to begin operating.

Zakarian backed out in July 2015, after the speech Trump gave on June 16, 2015 announcing his candidacy and bemoaning the flow of people across the southern U.S. border. Zakarian said Trump’s comments were out of sync with his “personal core values.”

Several companies, i,上海仙霞路夜生活Lance,ncluding Macy’s Inc, broadcaster NBC and stock car racing organization NASCAR, also cut ties with Trump after his comments.

Trump, through his subsidiary operating the hotel, sued Zakarian, alleging the broken deal cost him more than $10 million.

In the deposition, Trump also said his comments about Mexicans illegally crossing the border had helped him win the Republican presidential nomination, a sign his views were “pretty mainstream.”

The case is Trump Old Post Office LLC et al v. CZ-National LLC, et al, District of Columbia Superior Court.

ECB’s Deutsche Bank defense shows concern and irritation

FRANKFURT ( ) – The European Central Bank’s move to defend Deutsche Bank on Friday stems from concern over a sharp fall in the German lender’s share price but also irritation that overseas regulators risk aggravating its problems.

A rare comment by a supervisory source that Deutsche Bank was making good progress and its regulators were reassured by its plans helped calm investor nerves, but also exposed a potential rift between the ECB and its U.S. counterparts.

Reports that the Federal Reserve viewed Deutsche Bank as “troubled” last year hit its shares and bonds on Thursday. A day later S&P Global cut the bank’s rating and questioned a turnaround plan by its new chief executive Christian Sewing.

Sources familiar with the ECB’s thinking told that the data used for the ‘troubled’ classification were old and did not reflect the bank’s restructuring progress or its strategy.

“It’s quite unfair in light of the work they’ve done,” one of the sources said of the leak of the U.S. regulatory classification of Deutsche Bank as “troubled”. “Perhaps the Fed thinks the ECB is too slow, but Deutsche needs more time.”

The sources said that the leak was potentially damaging and did little to improve the bank, which was the ultimate aim of both U.S. and European supervisors.

The Fed, which is due to publish the results of its annual stress tests of banks including overseas entities with a U.S. presence such as Deutsche Bank this month, declined to comment.

“The bank has been making good progress over the past year to address its regulatory concerns,” one of the sources said, requesting anonymity due to the sensitivity of the matter. “The bank now has a tighter management team, good capital and liquidity, and supervisors are reassured by the plans they see.”

The sources added that with the Deutsche Bank’s shares trading near an all time low after persistently negative news, there was a need to reassure markets since a snowball effect could cause lasting damage to the bank.

U.S. and European supervisors have a history of friction, although the sources say cooperation has improved.

Earlier this year the U.S. Treasury alleged complicity in money launder,上海凤楼夜网Oakley,ing by Latvia’s ABLV, triggering a run which led to its failure and embarrassing the ECB, which had been working for years to clean up ABLV’s business model.

“The Americans acted a bit like cowboys,” a European supervisory source said. “By intervening the way they did they effectively put the bank out of business.”

European supervisors have also been frustrated in the past by multi-billion dollar fines against Deutsche and BNP Paribas and by U.S. authorities’ involvement in a European Union discussion on the location of clearing activities once Britain leaves the bloc.

Deutsche Bank shares were up 3.8 percent at 1420 GMT, while the yield on its dollar-denominated convertible bond, a reservoir of emergency capital in a possible crisis, eased to 11 percent after a spike the previous day.

Keeping investors and depositors on side is key for a bank if it is to raise cash and capital to fuel its business.

Deutsche Bank has long had differ,上海高端夜生活在那里Octavia,ences of opinion with U.S. regulators over issues such as how much capital it should hold at its U.S. subsidiary, which has traditionally carried out some of the bank’s riskiest trading business.

But 上海夜生活open discord between the ECB and U.S. regulators, which sit alongside on international bodies such as the Basel Committee on banking supervision, is ,上海新夜网龙凤Faith,unusual.

So too is contradicting ratings agencies like S&P, which the ECB relies on when deciding what collateral to accept from banks and even which bonds to buy as part of its stimulus program.

The ECB has already been criticized by lawmakers for granting Deutsche Bank special treatment in its 2016 stress test, resulting in a boost to its capital level.

Despite Friday’s reassurances, ECB supervisors say Deutsche Bank has still some way to go before returning to rude health, after three consecutive years of losses.

“It’s still a wounded animal, the main issue is trust,” another source familiar with the matter said. “The bank needs to get out of some businesses, particularly abroad.”

Deutsche Bank plans to cut back bond and equities trading, where it has been unable to break the grip of the U.S. powerhouses such as Goldman Sachs and JP Morgan, to invest in German retail banking and asset management in Europe.

Trump scores with small money, lags with big donors

NEW YORK ( ) – U.S. Republican presidential candidate Donald Trump has been a hit with small donors, raking in,上海021夜网Octavien, two-thirds of his individual campaign contributions in sums of $200 or less, according to financial disclosures filed on Tuesday.

But wit上海夜生活网h the big-money donor class, the players Trump blasted during the primary season as greedy influence peddlers, the celebrity businessman has fallen short of expectations, the disclosures filed with the federal government showed.

Trump took in 65 percent of his total $75 million in individual campaign contributions fro,上海夜网千花Nadine,m people who pitched in $200 or less, but Super PAC contributions fell short of expectations.

Great America PAC, the pro-Trump Super PAC led by Republican operative Ed Rollins, said in July it expected to pull in more than $20 million by now. Instead, it has raised just $11 million, according to the latest campaign finance disclosures.

In a similar fashion, a pro-Trump Super PA,上海夜生活网419Lake,C kicked off by Los Angeles real estate investor Tom Barrack, Rebuilding America Now, said in June it had $32 million in fundraising commitments.

But it received just over $2 million that month. A spokesperson for the Super PAC says it has now raised $18 million. It will not file its next report until October 15.

The Republican kingmaker who was expected to be Trump’s single biggest backer, casino magnate Sheldon Adelson, has scaled back his initial pledge of $100 million, made in a private meeting with Trump in May, to just $5 million, according to two associates close to Adelson familiar with the matter.


Democrat Hillary Clinton, who will face Trump in the Nov. 8 election, has received about a quarter of her campaign donations from people who contributed $200 or less – $71 million out of a total of $289 million, according to disclosures.

Among the biggest backers to the pro-Clinton Super PAC, Priorities USA, were Donald Sussman, president of Paloma Partners Advisors, Inc, George Soros, chairman of Soros Fund Management, and Daniel Abraham, executive at SDA Enterprises.

Clinton’s money advantage will help her fund ad campaigns and get-out-the-vote efforts in the final stretch the 2016 election. She leads Trump by 4 percentage points nationally, according to the latest /Ipsos tracking poll.

Together, Clinton’s campaign and Super PAC have raked in a total of $520 million. By comparison, Trump’s campaign and two Super PACs backing him have brought in a combined $200 million.

Super PACs can raise unlimited money for candidates as long as they don’t directly coordinate with the campaign.

The latest filings, which cover spending through August 31, showed a big increase in Trump’s spending, with $30 million in disbursements, more than any month so far.

They also provided further insight into the stark differences between the two candidates’ operations.


The Clinton campaign’s outlays reflect a traditional presidential playbook, spending five times more than Trump’s has on television ads and nine times more on payrolls.

The Trump campaign has spent $21 million on online advertising and strategy, $11 million on T-shirts, trucker hats and yard signs, and $4 million on field consulting.

Trump recently scored a promise of a $1 million donation from the Ricketts family, which had previously backed a Super PAC opposing him, but he has yet to see the flurry of large checks that flowed into the coffers of former Republican White House rivals such as Jeb Bush and Ted Cruz.

Instead of plowing money into the Trump campaign, Adelson – like his fellow top conservative backers, the billionaire industrialist Koch Brothers – will focus his efforts and donations on Senate and House of Representatives races, two sources said.

Tuesday night’s filings show Adelson and his physician wife Miriam gave $20 million to the Senate Leadership Fund, a Republican Super PAC.

The Adelsons plan on giving an additional $20 million to the Super PAC that backs Republican House candidates, the sources said.

(Corrects date)

New Hampshire ‘ballot selfie’ ban unconstitutional: appeals court

BOSTON ( ) – A 2014 New Hampshire law prohibiting voters from taking selfies with their ballots on election day is an unconstitutional infringement on the right to free speech, a federal appeals court ruled on Wednesday.

The New England state had banned the practice, which has become a popular way for voters to show support for favored candidates, claiming that it would set the stage for a return of the vote-buying scandals that rocked many U.S. states in the 19th century.

Three New Hampshire citizens, including a man who wrote in the name of his dog to express dismay at his choices in the 2014 Republican primary for the U.S. Senate, sued the state that year claiming the m上海夜生活论坛easure violated their rights to free expression, as protected by the First Amendment of the U.S. Constitution.

A federal court in New Hampshire sided with them, but the state appealed, making its case in Boston just two weeks ago. The appeals court swiftly rejected its arguments.

“The statute’s purposes cannot justify the restrictions it imposes on speech,” Circuit Judge Sandra Lynch wrote in the court’s decision.

New Hampshire’s argument that ballot self,上海夜生活论坛Faith,ies could lead to people selling their v,上海高端夜生活在那里Nadia,otes or being compelled by their employers to vote in a certain way fell short in no small part because the state had no evidence of that actually happening, Lynch wrote.

“The legislative history of the bill does not contain any corroborated evidence of vote buying or voter coercion in New Hampshire during the 20th and 21st centuries,” she wrote. “Digital photography, the internet, and social media are not unknown quantities — they have been ubiquitous for several election cycles, without being shown to have the effect of fu,上海夜生活怎么玩Gabriella,rthering vote buying or voter intimidation.”

Lynch also noted that several federal and state laws in effect in New Hampshire already make it illegal to buy or sell a vote, which would allow prosecutors to take on allegations of election tampering even in an environment where selfies were permitted.

Other states, including nearby Rhode Island, have passed laws explicitly allowing ballot selfies, partly reasoning that the trend has helped younger voters show their enthusiasm for the democratic process.

Starbucks investors mourn end of an era as Schultz exits

( ) – Starbucks Corp’s (SBUX.O) shares fell as much as 3 percent on Tuesday as the departure of Howard Schultz, the entrepreneur who turned 11 cafes into a global juggernaut, added to a series of worrying上海夜生活网 headlines for the world’s biggest coffee chain.

Schultz, who took up the post of executive chairman after he stepped down as chief executive in 2017, will be stepping away from the company after ne,上海夜生活乌托邦Radley,arly four decades to mull a “range of options”.

Under Schultz, the company reinvented the coffee drinking experience – introducing a consumer friendly environment where people could order a range of beverages and lounge for several hours.

A successful model drove the company’s share price for years, but recently Starbucks has been battling increased competition from rivals such as JAB Holdings and independent coffee shops. It is also facing slower growth in its dominant U.S. market, while also taking on a massive expansion project in China.

Shares of the Seattle based-company fell as much as 3.1 percent to $55.28 on Tuesday, compared to a nearly 2 percent drop when Schultz’s exit was announced ,上海夜网后花园Earl,after the closing bell on Monday.

For graphic on Starbucks shares under Schultz click reut.rs/2JowGCf

The company was recently mired in an embarrassing racial profiling incident that involved the arrest of two black men in a Philadelphia store. Schultz was brought in by CEO Kevin Johnson to control the crisis and stem any further damage to the company’s image.

“Investors did not anticipate Schultz (would) return to the CEO role to help improve domestic trends, but we view the resignation as an incremental negative for shares given the loss of a powerful mind,” Cowen & Co analyst Andrew Charles wrote in a note.

“(It is the) end of an era.”

Schultz leaves on June 26, which would be 26 years to the day since taking the company public, putting management firmly in the hands of Johnson and new Chairman Myron Ullman, who was previously the CEO of J.C. Penney (JCP.N).

“It is reasonable for shareholders to worry about the retirement of a lege,上海夜哪里艳遇Gabriella,ndary leader from the brand, especially one who defines the culture as Howard does,” RBC Capital Markets analyst David Palmer wrote in a note to clients.

One of Wall Street’s most regarded CEO’s, Schultz stepped down as Starbucks CEO in 2000 after taking up the role in 1986. He then returned to the top job in 2008 and again moved away from the role in 2017 after Johnson took over.

“Howard was the not only the guy who started the company but he was the one who maintained brand vision. He walked away once and the company suffered immensely,” Robert Passikoff, president of consultancy Brand Keys said.

Passikoff said same-store sales have been down in the past 18-months and shares are down this year. These are leading indicators that Starbucks has got to keep an eye on the brand, he said.

“He was the one who could and did step in when needed. Yes, SBUX has a deep bench and talented board … but there was only one Howard,” Morgan Stanley analyst John Glass wrote in a note.

Schultz’s departure also fueled speculation that the liberal-leaning executive, known for his views on social issues ranging from gay marriage to government gridlock, could make a U.S. presidential bid.

“The surprise move amplifies the likelihood Schultz ultimately pursues public office,” Cowen & Co’s Charles wrote.

Separately, Starbucks on Tuesday announced the departure of independent director and former Pepsi North America chief Craig Weatherup from the board.

Olympics: Sporting events put Japan businesses in the mood for love

(Refiling item from May 25 to change name to ‘Russell Mark’ in 6th paragraph)

By Jack Tarrant

TOKYO ( ) – As Japan gears up to host the Rugby World Cup and Olympic Games in consecutive years, many businesses are seizing on the opportunity to capitalize on the influx of tourists, media and athletes for both big events.

The Rugby World Cup kicks off in September 2019 followed by the Tokyo Games 10 months later, giving businesses a unique chance to reach an international and diverse customer base that may be encountering Japanese products for the first time.

One business sector looking to benefit from the arrival of thousands of athletes is the local condom industry.

It has become tradition in the lead-up to Olympic Games for tournament organizers to distribute thousands of free prophylactics to athletes looking to let their hair down once their event is over.

Almost half a million condoms were handed out in the 2016 Rio Games Olympic Village, whilst condom packaging for the Beijing 2008 Olympics featured the Games’ motto “faster, higher, stronger”.

With roughly 10,000 athletes expected to descend on the Olympic Village, once described by gold medal-winning Australian target shooter Russell Mark as “the most testosterone fueled place on earth”, Japanese condom companies are keen to promote their unique products to an international audience.

Sagami Rubber Industries, one of Japan’s leading condom makers, are hoping to use the Olympics to enhance awareness of their ultra-thin Polyurethane sheaths.

Sagami, alongside Japanese competitor Okamoto, produce the world’s thinnest condoms, which are only 0.01 millimeters thick.

“Only two companies, Sagami and Okamoto, are producing the 0.02 and 0.01 millimeter condoms and so we think the Olympics are a good opportunity to show this Japanese quality all over the world,” Sagami senior sales manager Hiroshi Yamashita said.

Britain’s Durex — the of,上海夜网官方网站Jacob,ficial sponsor for London 2012 — U.S. brand Trojan and Australia’s Ansell are the major players on the international market but Yamashita believes Okamoto and Sagami are next in line.

Yamashita spoke of the popularity of the ultra-thin condoms in neighboring China and believes Tokyo 2020 can help broaden Sagami’s scope worldwide.

Olympic organizers have yet to name an official condom supplier.

“If the International Olympic Committee ask us then we would be very happy to supply our product for the Tokyo 2020 Games,” said Yamashita, who predicts 150,000 condoms will be needed.


One place where t上海夜生活网hese condoms could end up being used is at one of Japan’s notorious “love hotels” as Tokyo 2020 organizers face an expect,上海夜哪里艳遇Naia,ed shortage of accommodation.

Japan is already dealing with record numbers of tourists — 28.69 million in 2017 — and the government has set a goal of 40 million foreign visitors by 2020.

In order to satisfy the needs of this influx, the government are keen for tourists to use alternative means of accommodation, such as love hotels, capsule hotels and traditional Japanese inns (ryokan).

Many customers are finding themselves drawn to Japan’s love hotels; short-stay hotels with themed rooms that can be reached through discreet entrances, out of curiosity as much as need, according to travel website Booking.com http://www.booking.com.

“The key that we see in the market at Booking is around curiosity of culture and I think a lot of people are just interested to see what it is like,” said Booking’s Regional Director for North Asia Adam Brownstein.

“Where there is nothing like it where they come from, they want to experience it. That is the great thing about travel: you can try new things and kind of peek behind the curtain.”

Love hotels can be booked by the hour, as well as for longer stays, promising guests privacy. In the past, this has been associated almost exclusively with sexual activity.

However, times are changing.

Booking.com has seen the number of bookings in the love hotel category leap 48 percent in the past year and expect that trend to continue as rugby and Olympic fans look to experience all that Japan has to offer.

“What is interesting about the love hotel sector is that they hav,上海夜生活网交流Cain,e very interesting facilities, for example karaoke rooms — which is pretty cool for many foreigners — some will also have bars or very large rooms for families,” added Booking’s Tokyo area manager Donna Morris.

“So we see that it is not just the sort of customers that you might expect to go there.”

American tourist Jerome Davies, who was visiting Tokyo this month with his wife and three children, said he had chosen to stay at a love hotel because it offered a large room at a much cheaper rate than a regular hotel.

“Its clean, it’s well located and it suits our family just fine,” said Davies, standing outside the hotel he had booked for four nights.

“I have stayed in a lot worse places.”

Davies is not alone as thousands of foreign visitors turn to love hotels as a cheap way to broaden their horizons.

As Japan prepares to host back-to-back major sporting events, the country faces an unprecedented challenge but also, for some businesses, a once-in-a-lifetime chance to showcase what they have to offer on the world stage.

Oil hits multi-week lows on fears of growing supplies

LONDON ( ) – Oil prices extended losses on Monday as Saudi Arabia and Russia said they may increase supplies while U.S. production gains showed no sign of slowing.

Brent crude futures LCOc1 stood at $75.32 a barrel at 1805 GMT, down $1.12 from the previous close. The contract touched a three-week low of $74.49 earlier in the session.

U.S. crude fut,夜上海论坛Naia,ures were at $66.47, down $1.41, after hitting a six-week low of $65.80.

The spread between the two contracts CL上海夜网-LCO1=R reached $9.38 a barrel, its widest since March 2015.

Trading was light due to public holidays in the United States and United Kingdom.

The Organization of the Petroleum Exporting Countries (OPEC) and other producers led by Russia began withholding 1.8 million barrels per day (bpd) of supplies in 2017 to tighten the market and prop up prices that in 2016 fell to their lowest in more than a decade at less than $30 a barrel.

Prices have soared since the start of the cuts last year, with Brent breaking through $80 this month, triggering concerns that high prices could crimp economic growth and stoke inflation.

“The pace of the recent rise in oil prices has sparked a debate among investors on whether this poses downside risks to global growth,” Chetan Ahya, chief economist at U.S. bank Morgan Stanley, wrote in a weekend note.

To address potential supply shortfalls Saudi Arabia, the de fact,上海新夜网龙凤Dalton,o leader of OPEC, and top producer Russia have been in talks about easing the cuts and raising oil production by 1 million bpd, sources said last week.

Russian Energy Minister Alexander Novak said on Saturday that a return to October 2016 production levels, the baseline for the current supply pact, was one option for easing curbs.

“Given that our crude balance is short some 825,000 bpd over (the sec,夜上海419龙凤论坛Lance,ond half of the year), a gradual increase of about 1 million bpd would probably limit stock draws to quite some extent,” Vienna-based consultancy JBC Energy said.

Meanwhile, surging U.S. crude production showed no sign of abating as drillers continued to expand their search for new oilfields to exploit.

U.S. energy companies added 15 rigs looking for new oil in the week ending May 25, bringing the rig count to 859, its highest since 2015, in a strong indication that American crude production will continue to rise.

U.S. crude output C-OUT-T-EIA has already surged by more than 27 percent in the past two years, to 10.73 million bpd, ever closer to Russia’s 11 million bpd.

Italy’s new PM says to take ‘moderate’ line on tariffs at G7

LA MALBAIE, Quebec ( ) – New Italian Prime Minister Giuseppe Conte said on Friday he would try to promote “moderate” positions on trade tariffs at a Group of Seven summit where the contentious issue looks set to dominate talks among leaders.

“Regarding the trade tariffs, there are very conflictual positions out there,” Conte told reporters ahead of the summit.

“Certainly .. we will promote a moderate position. We will try to understand the reasoning that have pushed people to take the positions they have and we wi上海夜生活网ll act accordingly.”

The confrontation over U.S. tariffs on ,上海足浴夜网联系方式Talon,steel and aluminum imports threatened to rupture the G7, which during its 42-year history has traditionally sought to ,上海仙霞路夜生活Kaiden,find consensus on the economy and other issues.

In other remarks, Conte said it was important that trade sanctions against Russia do not hurt the country’s ordinary people, and said Italy was “totally dissatisfied” with the way immigration from Africa was being handled in the European Union.

The Italian government, backed by the anti-establishment 5-Star Movement and far-right League, has already signaled it is likely to adopt a pro-Russian line,上海夜生活网419Octavia, in its foreign policy and has called for an end to economic sanctions on Moscow.

Volatility may hit Wall Street as Alphabet, Facebook leave tech…

SAN FRANCISCO/NEW YORK ( ) – Volatility could well be in the cards for Wall Street again early this fall, but not for the same reason stocks got rattled in February.

This time the culprit would be the largest-ever shakeup of the stock market’s broad business sectors, which will mean some of the hottest stocks, like Facebook and Google parent Alphabet, will shift from their traditional homes in the top-performing technology sector and into a deepened pool of telecommunications and media stocks.

The sweeping reorganization of the Global Industry Classification Standard, or GICS, means that funds tracking the telecom, tech and consumer discretionary sectors wil,上海夜生活网419Kai,l be forced to trade billions of dollars of stock to realign their holdings by a Sept. 28 effective date.

While the choppiness many investors expect to see is unlikely to hit stocks in quite the same way that wave of the global uncertainty did in early 2018, the fact that so much money must be shifted among index funds in a short time will cause a stir.

In a bid to ensure a smooth transition, leading fund provider Vanguard Group has have already started adjusting its sector exchange-traded funds, or ETFs, while State Street Global Advisors is launching an entirely new fund.

Other investors predict price swings and commotion on trading desks if last-minute sales of Alphabet and Facebook shares by heavyweight technology index funds dwarf demand from a handful of telecom funds buying those stocks.

“There’s probably going to be net selling,” said Andrew Bodner, president of Double Diamond Investment Group in Parsippany, New Jersey. “That will be a temporary scenario, and it could be a good buying opportunity for a lot of those stocks.”

Maintained by S&P Dow Jones Indices and MSCI since 1999 and widely used by portfolio managers, the GICS classifies companies across 11 sectors. The newest, real estate, was split off from financials in 2016. The upcoming changes, which have yet to be f上海夜生活网inalized, are meant to reflect evolving industries.

Facebook and Alphabet will move from information technology and sit alongside AT&T Inc and Verizon Communications in a broadened telecommunication services sector that will be renamed communications services.

Consumer Discretionary heavyweights Walt Disney, Comcast, Netflix and others will also join the newly defined sector – major changes that will affect investors in sector-focused funds.

Communications services companies will account for one-tenth of the S&P 500, up from under 2 percent for the telecom sector.

To view a graphic on Current S&P 500 sector weights, click: reut.rs/2LkGdax

To view a graphic on S&P 500 sector weights after GICS changes, click: reut.rs/2LkWhJm

U.S. science and technology ETFs have $78 billion in assets, and many will have to sell their shares of Alphabet and Facebook as the changes kick in, according to Thomson Lipper data. Telecom ETFs, with around $4 billion in assets, will have to buy shares of those companies, while selling some of their investments in AT&T, Verizon and other current constituents to make room for the entrants – trades that will certainly create a surge in volume as well as volatility if not choreographed.

“Stocks will be t,上海晚上耍女人的地方Landon,rading differently than the fundamentals just because of the buying and selling pressure that is going to take place,” said Todd Rosenbluth, director of ETF and Mutual Fund Research at CFRA in New York.

To view a graphic on Technology dominates among U.S. sector ETFs, click: reut.rs/2LgQnZG

The reorganization may also make it difficult to analyze investments as statistics for each sector, like earnings growth and valuation multiples, will change drastically. The telecom sector’s dividend yield of over 5 percent will shrink to 1 percent.

“These changes have really upended the apple cart, and investors need to ensure they know all of the changes before they take effect,” said Matthew Bartolini, head of SPDR Americas research at State Street Global Advisors, of the upcoming restructure.

Wealth management firm Exchange Capital Management is reviewing client accounts that include sector ETFs to identify which will be most affected by the changes, said portfolio manager Andrew Stewart. The Ann Arbor, Michigan firm will weigh the benefits of rebalancing clients’ ETFs against the taxes that would have to be paid on capital gains resulting from their sale.

“The powers at GICS have made a very rational, academic decision to reclassify these sectors,” Stewart said. “But I don’t think their systems are built to pay attention to the needs of Jane Doe’s retirement plan.”

To view a graphic on Current S&P 500 Telecom Sector, click: reut.rs/2Jsmpoo

To view a graphic on S&P 500 communications sector components after GICS changes, click: reut.rs/2JsqF7m

To avoid having to make large trades when the changes go into effect, Vanguard has pegged its technology, telecommunications and consumer discretionary sector ETFs to temporary benchmarks adjusting gradually over four months. Its recently relabeled Communications Services fund already inc,夜上海论坛Nala,ludes tiny investments in Alphabet and Facebook.

Bank of America warned in a recent report that the changes will leave the new communications services sector more overbought than any other due to its high concentration of popular stocks Alphabet, Netflix, Facebook.

Ivan Cajic, head of index research at ITG in New York, said he expects most passively managed funds to wait until the changes go into effect to realign their portfolios in order to remain true to the indexes they track.

Australia charges former local heads of Citi, Deutsche, ANZ in…

SYDNEY ( ) – Australian authorities have charged the former local bosses of Citigroup Inc and Deutsche Bank AG with “criminal cartel offences” over a $2.3 billion stock issue, one of the country’s biggest cases of alleged white-collar crime.

The tally of names disclosed on Tuesday showed the ambition of newly empowered antitrust regulator, the Australian Competition and Consumer Commission (ACCC), which revealed on Friday it planned to seek charges against the investment banks over a 2015 share-raising for Australia and New Zealand Banking Group Ltd (ANZ), plus ANZ itself.

The regulator said charges over the share placement have been laid against Citi’s former Australia head Stephen Roberts, its current local head of capital markets John McLean and its London-based head of foreign exchange trading Itay Tuchman, along with Deutsche’s former local chief Michael Ormaechea and former local capital markets head Michael Richardson.

It said charges were also laid against ANZ, its treasurer Rick Moscati, as well as the two investment banks.

“These serious charges are the result of an ACCC investigation that has been running for more than two years,” ACCC Chairman Rod Sims said in a statement. He declined to comment further since the matter was before the court.

ANZ, Citi and Deutsche have previously said they would defend the charges. After the names of the people being charged were released, Deutsche said it continued to believe it and its staff had acted responsibly, in the interests of clients and legally.

Related CoverageAustralia charges investment banks with alleged cartel activity

“Both Michael Ormaechea and Michael Richardson are highly regarded and have our full support,” a spokeswoman said in an email.

Citi, which has said the regulator appeared to have criminalized standard practices in capital raisings without warning, and ANZ were not immediately available for comment.

The charges come at difficult time for Australia’s financial sec,夜上海419龙凤论坛Rae,tor which is facing a year-long public miscondu上海夜网ct inquiry that has brought embarrassing headlines on an almost daily basis.

Earlier this week, the country’s biggest lender, Commonwealth Bank of Australia (CBA), paid a record A$700 million ($535 million) to settle a civil lawsuit in which it was accused of more than 50,000 breaches of anti-money laundering protocols.

The charges against ANZ and its investment banks, which can carry hefty fines and 10-year prison terms, could lead to changes in the way institutional capital raisings are handled, and do further damage to the reputation of Australian lenders.

The placement was made when Australian banks were under pressure to meet new capital requirements, which prompted ANZ and CBA to raise a combined A$8 billion in a single week.

The regulators disclosed the nam,上海夜生活乌托邦Caitlin,es of the people charged after the close of share trading on Tuesday. ANZ shares closed down 0.3 percent, in line with the broader market, but are down 7 percent since the inquiry started in February.

The ACCC has been building a team,上海夜网Caden, of investigators since cartel conduct was criminalized in 2009, and was further empowered last year with new laws governing competition.

The Commonwealth Director of Public Prosecutions, which brought the charges on behalf of the ACCC, said further details would not be made public until after the first court appearance in Sydney on July 3.

G7 leaders urge Russia to stop undermining democracies

LA MALBAIE, Quebec ( ) -,上海夜网Sabrina, Leaders of the Group of Seven countries urged Russia on Saturday to stop undermining democracies and said they were ready to step up sanctions aga,上海夜生活论坛Macauly,inst Moscow if necessary.

The leaders of the United States, Canada, Japan, France, Germany, Italy and Britain made the strongly worded statement just hours after U.S. President Donald Trump, who is part of the G7, said he wanted Moscow re-invited to the group.

“We urge Russia to cease its destabilizing behavior, to undermine democratic systems and its support of the Syrian regime,” the leaders said in a statement at the end of their two-day meeting in La Malbaie, Quebec.

The G7 leaders condemned an attack in Salisbury in Britain on a former Russian spy using a Russian-made military grade nerve agent, saying it was highly likely Moscow was responsible because there was no other plausible explanation. Russia denies having anything to do with the attack.

The G7 leaders made a commitment on Friday, without naming Russia, to share information between themselves and work with internet service providers and social media companies to thwart foreign meddling in elections. The Kremlin has denied allegations by the United States and some European countries that Russia interfered in,上海夜玩网论坛Rae, their elections.

Earlier on Saturday, Trump told a news conference the issue of Russia’s return to t上海夜网he group was discussed. Russia was a member of the then G8 until it was expelled for annexing Crimea in 2014.

“I think it would be an asset to have Russia back in. I think it would be good for the world. I think it would be good for Russia. I think it would be good for the United States. I think it would be good for all of the countries of the current G7,” Trump said.

Italy’s new Prime Minister Giuseppe Conti expressed similar sentiment.

But the final communique struck a different note, saying western sanctions against Russia would continue as long as Moscow failed to meet its obligations in Ukraine under the Minsk accord it signed, and could even be stepped up.

“We reiterate our condemnation of the illegal annexation of Crimea and reaffirm our enduring support for Ukrainian sovereignty, independence and territorial integrity within its internationally recognized borders,” the G7 statement said.

“The continuation of sanctions is clearly linked to Russia’s failure to demonstrate complete implementation of its commitments in the Minsk Agreements and respect for Ukraine’s sovereignty,” it said.

The Minsk Agreement brokered by Ukraine, Russia, Germany and France was to produce, among others, a ceasefire in the eastern Ukraine regions engulfed by a pro-Russian insurgency and restore full control of Ukraine’s eastern border to Kiev.

French President Emmanuel Macron said he would welcome his Russian counterpart Vladimir Putin at the next G7 summit to be held in France next year, but only if Russia delivered on its Minsk agreement commitments.

Social media helps U.S. millennial voters register, turnout worries…

NEW YORK ( ) – As the youngest members of the millennial generation became old enough to vote in this year’s U.S. presidential election, states and social media platforms poured efforts into online registration, hoping to attract these tech savvy voters who now rival Baby Boomers as the country’s largest demographic.

With Election Day just two days away, political experts are skeptical that a record number of millennials who signed up to vote will actually result in the 18-34 year-old age group turning out at the polls in proportion to their relative size of the U.S. population.

Millennials make up approximately 31 percent of U.S. citizens eligible to vote, according to the Pew Research Center, on par for the first time with Baby Boomers, who are typically aged 52-70 years old. There are an estimated 225.8 million eligible U.S. voters.

Millennials have so far, however, turned out in much lower numbers in elections than Baby Boomers. In 2008, a record year for millennial turnout, just 50 per cent of those eligible to vote did so, the National Census Bureau said. That compared with turnout rates of 69 per cent for Baby Boomers and 61 percent for people aged 36 to 51, also known as Generation X.

This year, a number of efforts on social media by states and non-profits aimed to change that, including Facebook reminders on users’ accounts, Twitter hashtag campaigns, celebrities creating Snapchat and an Instagram post urging people to vote.

According to a survey of state electoral officials and voter non-profits around the United States, these social media campaigns have paid off, at least when it came to getting young voters registered.

A survey of 2,000 millennials conducted by social media platform Yik Yak, which is known for its popularity among college students and teens, showed that 62 percent registered to vote,上海夜生活怎么玩Nadia, for the first time this year and, of those, 9 percent registered online following a social media prompt.

In California, roughly 31 per cent of all registered voters are now aged 18-35. A Facebook reminder on May 16 coincided with 143,255 people registering or updating their registrations online that day in the state, compared to an average of 23,166 per day that month, said California Secretary of State spokesman Sam Mahood. Other states reported similar spikes.

In Oregon, more than 420,000 people registered to vote online in 2016, up from 2012 when 163,545 used the online system. Digital voter enrollments in Washington jumped by roughly 135,000 in 2016, compared to 2012. From January through mid-October 上海夜生活this year, 381,318 people used the online system in Indiana, nearly three times as many as in 2012.

“Let’s face it – that’s where [younger voters] are; they’re on social media,” said Denise Merrill, the secretary of state for Connecticut, which used social media campaigns, including a dedicated hashtag and Facebook’s banner ads, to drive registrations. “Whatever we’re doing, we’re having pretty dramatic results.”


Like a lot of experts, Donald Green, a professor of political science at Columbia University, is skeptical that an increase in young voter registration will correspond with millennials unseating the Baby Boomers as the most active voting bloc.

Green conceded that there was “change afoot,” but said he thought it would far more gradual. By his estimate, it would be 25 years before millennials overtake Baby Boomers, or what he dubbed “generational replacement.”

“In presidential elections the translation of new registration to votes is more like one half or one third,” he said.

Michael Cornfield, an associate professor of political management at George Washington University, agreed t,上海足浴夜网联系方式Dakota,hat regi,上海夜生活Jacklyn,stering someone to vote does not guarantee they’ll show up on Election Day.

“It’s up to the campaigns to do the last bit, which is to say make sure the right millennials in the right battleground states are being targeted,” said Cornfield.

Some political experts said that, in general, millennials tend to vote more for Democratic Party candidates than Republicans.

Laura Wray-Lake, an assistant professor at the University of California-Los Angeles, said the increase in millennial registration could be a boon for Democrats if they could harness some of the social media techniques used to register voters to get them to the polls.

With many political experts expecting overall voter turnout to be lower this year, millennial voters in swing states are a bloc that Democratic candidate Hillary Clinton could hope to turn out. Clinton leads Republican candidate Donald Trump by 27 percentage points among likely voters ages 18-34, according to a /Ipsos poll.

“Young people have huge potential for political impact” Wray-Lake said. “I think eventually these millennials will be deciding the future of the country.”

For a graphic on Online voter registration, click tmsnrt.rs/2fjdh4j

Written by shyw on April 4, 2018 Categories: fvwemxpv Tags: , ,

With deal to close this week, Bayer to retire Monsanto name

FRANKFURT ( ) – Germany’s Bayer (BAYGn.DE) will wrap up the $63 billion takeover of Monsanto MON.N on Thursday and also retire the U.S. seeds maker’s 117 year-old name.

The German drugmaker had received all required approvals from regulatory authorities, it said in a statement on Monday.

“Bayer will remain the company name. Monsanto will no longer be a company name. The acquired products will retain their brand names and become part of the Bayer portfolio,” it said.

Bayer launched a 6 billion euro ($7 billion) rights issue on Sunday, a cornerstone of the financing package for the deal, shortly after clearing the last major antitrust hurdle in the United States.

The deal is the first of a trio of major U.S.-German merger deals to cross the finish line at a time of harsh criticism by U.S. President Donald Trump of Germany’s trade surplus with the United States.

Deutsche Telekom’s (DTEGn.DE) T-Mobile US (TMUS.O) plans to merge with Sprint for $26 billion, while industrial gases makers Linde LING.DE and Praxair PX.N are also seeking to combine.

Bayer was expected to rid itself of the target’s name. Mons上海夜生活论坛anto, the largest – though not the only – m,上海夜生活网419Dallas,aker of genetically modified seeds, has been a lightning rod for environmentalists’ opposition to the technology.

The U.S. seed maker has also drawn criticism for pursuing its intellectual property rights with farmers, many of which depend on its seeds, more aggressively than its peers.

“We aim to deepen our dialogue with society. We will listen to our ,上海夜网邀请码Dalton,critics and work together where we find common ground. Agriculture is too important to allow ideological,上海足浴夜网联系方式Jace, differences to bring progress to a standstill,” Bayer Chief Executive Werner Baumann said in the statement.

The companies’ separately listed Indian units, Bayer CropScience Ltd. (BAYE.NS) and Monsanto India Ltd. (MNSN.NS), will continue to operate independently for the time being, Bayer said in a separate statement.

Italy’s euroskeptics and their currency ideas take center-stage

ROME ( ) – If Italy leaves the euro, it will be late on a Friday night.

Government officials will have planned the move in the utmost secre,上海夜生活网交流Ebba,cy, telling their European partners only that same evening while simultaneously ordering the shutdown of banks and financial markets to prevent a stampede of capital out of the country.

This is “Italy’s Plan B”, an eye-popping contingency scenario drawn up by the team at a website specializing in economic issues, for how the euro zone’s third-largest economy should go about returning to the lira if necessary.

The 80-page pamphlet was overlooked when it first appeared in October 2015, and would ordinarily have stayed that way.

But then one of the best-known contributors to the website, 81-year-old economist Paolo Savona, was put forward last week as a candidate for economy minister under the new anti-establishment coalition between the right-wing League and the 5-Star Movement.

The government forged on Thursday has since relegated Savona to the more junior European affairs portfolio after the head of state refused to allow an arch euroskeptic to occupy the key economics ministry.

And inside the League, which is dominant in the wealthy Lombardy and Veneto regions in the north, sources say there are no signs of anxiety that leader Matteo Salvini would ever risk the chaos of pulling the country out of the single currency.

Nevertheless, “Plan B” remains on the list of compulsory reading for those seeking to understand the intellectual foundations of the new coalition.

Salvini in particular has been instrumental in bringing Savona and several other euroskeptic economists and their ideas o上海夜生活网ut of intellectual obscurity and into the cabinet for the first time, people familiar with the situation said.

The new economy minister, Giovanni Tria, economics professor at Rome’ Tor Vergata University, was not involved in outlining ‘Plan B’, but he too is no fan of the euro.

Last year he wrote that “not even European Central Bank president Mario Draghi is right when he says the euro ‘is irreversible’, unless he clarifies the conditions and timings of the reforms needed to save the euro”.

On Friday night, however, he told that he “never said that Italy must leave the euro”.

“A debate on how to reform Europe is going on all over the block and in Italy too. There is no political force in Italy th,上海夜网官方网站Idaline,at wants to leave the euro,” he added.


Salvini has cited the work of euroskeptic thinkers in characterizing the currency union as a form of monetary “slavery”, a view not promoted by the League and its heavily business-based supporters until he became its head in 2013.

“Euroskeptic economists have been very able to build up a consensus on social media. Thanks to Salvini, they have now emerged from the academic shadows,” said Riccardo Puglisi, a political economy professor at the University of Pavia and one of the most vocal critics of the idea of leaving the euro.

Another economist who has moved into Salvini’s intellectual circle is Alberto Bagnai, who entered parliament as a senator for the first time in the March 4 elections.

An associate professor in economic policy at Gabriele d’Annunzio University, Bagnai published “Il tramonto dell’euro” (“The sunset of the euro”) in 2012, a book considered by Salvini as a must for any library.

In it, Bagnai described the euro as “an economic monster” and German chancellor Angela Merkel “as intransigent as a League member” for advocating austerity for recession-hit European countries during the global financial crisis rather than letting them spend more to s,上海夜生活怎么玩Macey,upport internal demand.

At the center of Salvini’s euroskeptic circle is League economics policy chief Claudio Borghi, an economist and former managing director of Germany’s Deutsche Bank who just before 2014 European election wrote “Basta euro” (“Enough Euro”), the party’s policy on the single currency.

In it, Borghi claimed the European single currency would inevitably come to an end and expressed his hope that this would happen sooner rather than later.

Savona did not respond to requests for comment. Bagnai did not comment, and Borghi said he was an economist coming from the business world rather than from academia.


Economists in favor of leaving believe that a devalued currency would revive Italy’s exports and that by throwing off the shackles of EU fiscal rules the country could ramp up public spending to boost growth and create jobs.

Salvini’s outspoken attacks on the fiscal rules governing the euro zone, which Italy agreed to in the 1992 Maastricht Treaty, appear to be polling well with Italian voters who traditionally have been among the strongest supporters of the single currency.

But few inside the League believe he would ever take the plunge and pull the country out of the currency.

“The League’s leaders are radical but not mad. In the era of social media strong language helps to attract followers on the web, but we are in good hands,” said a long-time member of the party who was not authorized to speak publicly on the matter.

Those who want to stay in the euro say leaving it would trigger a surge in interest rates and inflation, capital flight, a banking crisis and possibly a default on Italy’s public debt.

Many show confidence in the moderating role of Giancarlo Giorgetti, 51, a veteran League lawmaker who went to Milan’s Bocconi University and will play the crucial role of undersecretary to the prime minister in the new government.

“I say that no one must be afraid of a political force such as the League, which rules two of the most important Italian regions,” Giorgetti told on Friday night, referring to Lombardy and Veneto.

However, the League’s northern heartland is dominated by a large constituency of small to medium-sized businesses who during the recession were hit by both falling demand and a severe euro credit crunch.

According to central bank data, Italy’s output has recouped only half of the nine percentage points lost during the recession.

“I voted for the League because the tax pressure is unbearable. I was in favor of the euro, but now I’m more for leaving than for remaining,” said Massimo Perego, owner of a family company specializing in graphic arts based in Senago, near Milan.

“Big companies have relocated their production to Eastern Europe, but small companies struggle to sell their goods in the local market. We can’t go on like this anymore”.

Volkswagen lowers 2018 car sales outlook in Argentina: executive

BUENOS AIRES ( ) – Volkswagen (VOWG_p.DE) expects its car sales in Argentina to grow 5 percent in 2018, down from a previous estimate of 20 percent, regional Chief Executive Pablo Di Si said on Friday, citing the country’s high interest rates.

A sharply weake上海夜网ning peso in late April spurred Argentina’s central bank to make a series of emergency rate hikes culminating at 40 percent, the world’s highest, and,上海021夜网Queena, effectively closing off credit for consumers.

The fact that sales are not expected to fall from 2017 is a positive sign, Di Si said in an interview on the sidelines of an event in Buenos Aires. He noted that a weaker currency was boosting exports to neighboring Brazil.

“Argentina will keep growing this year from last year, less than expected but there will be growth,” said Di Si, president of South America, Central Ameri,上海夜哪里艳遇Mace,ca and the Caribbean, of Volkswagen’s car sales.

Vehicle manufacturing in Argentina rose 20.4 percent in the first four months of the year compared to the same period last year, according to carmakers association Ade,上海夜网邀请码Jacob,fa. Exports through April rose 31.4 percent in that period while sales rose 13.8 percent.

“We are consistently raising the volume of exports to Brazil,” said Di Si. “I have increased the production program from Argentina to Brazil twice this year.”

The peso has weakened 25.3 percent so far this year and is trading around 25 per dollar, benefiting exporters.

“At 25 we can export competitively, at 20 no,” said Cristiano Rattazzi, head of Fiat Chrysler Argentina, in a panel discussion.