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Investor Elliott’s stake raises pressure on Thyssenkrupp CEO

FRANKFURT/BERLIN ( ) – Activist hedge fund Elliott said on Thursday it would step up pressure on Thyssenkrupp’s (TKAG.DE) leadership to revive the German industrial conglomerate’s fortunes, confirming it had taken a stake of less than 3 percent.

The stake increases the influence of interventionist investors on the group, which already counts Sweden’s Cevian as its second-largest shareholder. Cevian has called for a broad strategic review of the sprawling elevators-to-submarines group.

“Elliott believes Thyssenkrupp has significant scope for operational improvement which would benefit all stakeholders,” Elliott said in a brief statement, adding it would soon seek to start a constructive dialogue with the group’s boards.

Those talks will reveal Elliott’s desire for far-reaching changes at the conglomera上海夜网te, whose shares have fallen more than a fifth since CEO Heinrich Hiesinger took the job in 2011. The STOXX Europe 600 Industrial Goods & Services Index .SXNP has risen more than two thirds over the same period.

Investors have become more vocal in criticizing management for being too slow in selling a legacy steel business into a joint venture with Tata Steel (TISC.NS), a move aimed at revealing the value of Thyssenkrupp’s higher-tech businesses.

Elliott did not disclose the exact size of its stake, only saying that, as of Thursday, it did not exceed any thresholds forcing it to reveal it. Under German capital market rules, the ,上海夜生活男人好去处Idris,first such threshold is 3 percent.

The move puts Hiesinger under pressure to launch a more radical overhaul, which some shareholders have suggested might be difficult to deliver under the existing management, or break up the firm, an idea he has resisted in the past with the backing of Supervisory Board Chairman Ulrich Lehner.

The chief executive is due to out,上海会所夜网Paige,line refinements to his existing strategy in a few weeks.

Thyssenkrupp declined to comment.

Shares in Thyssenkrupp traded 1.6 percent higher at 0849 GMT. They had posted their biggest single-day gain in almost a decade earlier this week when news about Elliott’s stake first em,上海仙霞路夜生活Kaia,erged.

The investment is also in line with a pickup in the U.S. hedge fund’s activity in Europe this year, with sources saying Elliott sees a chance in a region where activist funds are usually less present.

A day earlier, Elliott, led by Paul Singer, raised its stake in German energy group Uniper (UN01.DE) to 8.03 percent, ahead of a shareholder meeting where it is trying to appoint a special auditor to investigate management.

With Trump tensions high, Merkel reaches out to Macron on Europe

BERLIN ( ) – Germany’s Angela Merkel has offered her most detailed response to French President Emmanuel Macron’s ideas for reforming Europe, seeking to avert a damaging rift with Paris at a time of high anxiety over Italy and growing transatlantic tensions.

With the clock ticking down to a European Union summit this month at which Merkel and Macron have promised to present a joint plan for overhauling Europe, the German chancellor gave an extensive newspaper interview on Sunday that touched on reform of the euro zone as well as defense and asylum policy.

She has faced mounting criticism in recent weeks for failing to engage with Macron, who campaigned on a pledge to reform Europe and has sketched out his ambitious vision in a series of speeches over the past year.

Pressure on the EU to show a united front has grown following U.S. President Donald Trump’s decision to pull Washington out of the Iran nuclear deal and to impose tariffs on European steel and aluminum exports.

Top exporter Germany is especially vulnerable to a trade conflict with the United States and several analysts said the threats from Washington had given the notoriously cautious Merkel added incentive to reach out to Macron.

“This is a typical Merkel move,”,上海凤楼夜网Falkner, said Henrik Enderlein, director of the Jacques Delors Institut in Berlin. “She’s on the defensive, people say she’s not going to do anything, and then she pulls something out of her hat.”

CLARITY

In the interview with the Frankfurter Allgemeine Sonntagszeitung (FAS), Merkel offered clarity about Germany’s stance on a number of key issues:

– She backed the idea of turning the euro zone’s ESM bailout mechanism into a European Monetary Fund (EMF) that could offer short-term loans for countries suffering economic stress. She said the EMF should be able to assess the debt sustainability of member states and “the instruments needed to restore this if necessary” – a nod to debt restructuring, which France opposes.

– She backed the step-by-step introduction of a euro zone investment budget in the low double-digit billions of euros, saying this could be housed within the EU budget or outside.

– She called for common asylum standards, a European border police force and a pan-European migration agency that could eval,上海夜生活群Mace,uate asylum applications. Crucially, she backed a “flexible system” in which countries that refuse to take on refugees could compensate by making contributions in other areas.

– She backed Macron’s idea for a European intervention force with a “common strategic military culture”, opening the door to a more active German defense role.

ITALY

Merkel has been torn for months between compromising with Macron and satisfying conservative hardliners at home who accuse the French leader of seeking a “transfer union” in which countries that refuse to reform are rewarded with German money.

The creation of a populist, euroskeptic government in heavily indebted Italy last week has only reinforced this scepticism.

Macron and his allies argue that Europe will continue to be vulnerable to external shocks unless its rules and structures are fundamentally overhauled.

He has called for a far bigger euro zone budget than Merkel spelled out in her FAS interview and urged Europe to become a bolder, more autonomous actor in defense, a shift that unsettles conflict-wary Germans.

“What is good is that for the first time Merkel has said something precise about what she has in mind,” Philippe Martin, a former Macron adviser who heads France’s Council of Economic Analysis (CAE), told .

However Martin called Merkel’s ideas for the euro zone, which reject federalist solutions in favor of an intergovernmental approach, minimalist.

“It is the minimum so that there is no big rift between France上海夜生活网 and Germany at,上海夜网官方网站Idaia, a time when it would be extremely damaging.”

Merkel and Macron are due to present their ideas at an EU summit on June 28-29. They will meet, together with their top ministers, at the Meseberg palace outside Berlin on June 19 to finalize their joint position.

Related CoverageHighlights of Merkel interview on Europe

Ahead of those meetings, a number of prominent voices had criticized Merkel for failing to respond to Macron. Former German foreign minister Joschka Fischer called her silence a “scandal” and Timothy Garton Ash, the author and Oxford historian, labeled it “pathetic”.

“We should be happy that Merkel has finally replied,” said Laurence Boone, chief economist at Axa and a former adviser to French President Francois Hollande.

“My sense is that she needs Macron now. Germany, with its trade surplus and car industry, is the country that is most vulnerable to Trump. Merkel has something to gain from European solidarity.”

Mexico aims tariffs at Trump country, sees NAFTA complications

MEXICO CITY ( ) – Mexico hit back fast on U.S. tariffs on steel and aluminum on Thursday, targeting products from congressional districts that President Donald Trump’s Republican party is fighting to retain in November elections.

Economy Minister Ildefonso G,上海凤楼夜网Radcliff,uajardo said the tit-for-tat measures would complicate talks between the United States, Canada and Mexico to revamp the North American Free Trade Agreement (NAFTA) that underpins trade between the neighbors.

The spat meant it would be “very difficult” to reach a deal to revamp NAFTA before Mexico’s July 1 presidential election, though he underlined the continent had not entered a trade war.

“A trade war is when there is an escalation of conflict. In this case, it is simply a response to a first action,” Guajardo told Mexican radio.

“We should stick to the clearly defined battlefield, where the response is appropriate and proportional.”

Mexico’s retaliatory tariffs target pork legs, apples, grapes and cheeses as well as steel – products from U.S. heartland states that supported Trump in the 2016 election.

The country reacted right after Washington said in the morning it was moving ahead with tariffs on aluminum and steel imports from Canada, Mexico and the European Union.

“It sends a clear message that this kind of thing does not benefit anybody,” Guajardo said of the Mexican retaliation.

“Because, in the end, the effect,上海夜生活男人好去处Earl, will fall on voters and citizens that live in districts where the people have a vo上海夜网ice and vote in the (U.S.) Congress.”

Mexico said it was imposing “equivalent” tariffs, ratcheting up tensions during talks to renegotiate NAFTA ahead of the U.S. mid-term elections in November. The measures will be in place until the U.S. government drops its tariffs, Mexico’s government said.

MEXICO WITH THE WORLD

Guajardo said retaliation was aimed at products chosen to hit districts with important lawmakers who had been warning Trump not to mess with Mexico. He estimated the U.S. tariffs would affect $4 billion in trade between the two countries.

“It is a sad day for international trade,” Guajardo said. “But hey, the decision was made, and we always said that we were going to be ready to react.”

In 2011, Mexico successfully used a similar list of mostly agricultural products to push Washington into letting Mexican truckers on U.S. highways.

Trump’s Republicans ,上海新夜网龙凤Falkner,are fighting to retain control of Congress in mid-term elections. Their majority in the House of Representatives is seen as vulnerable.

Pork exporter Iowa, where incumbent Republican Rod Blum faces a Democratic challenge, is an example of a place Mexico’s reaction could hurt.

Mexico buys more steel and aluminum from the United States than it sells. It is the top buyer of U.S. aluminum and the second-biggest buyer of U.S. steel, Guajardo’s ministry said.

The countermeasures will hit U.S. hot and cold rolled steel, plated steel and tubes, the ministry said.

Canadian Prime Minister Justin Trudeau and Mexican President Enrique Pena Nieto spoke by phone after the U.S. announcement. Canada pledged to fight back with its own measures.

Trump threatened to rip up the NAFTA deal during his election campaign but agreed to renegotiate early in his term. Still, since talks began nine months ago, he has repeatedly said he could walk away from NAFTA if it is not redone to his liking.

“The difference between a year and four, five months ago is that it seems the world looked and said ‘poor Mexico,” Guajardo said. “Now, Mexico is facing these threats together with the world.”

Asia sees changed U.S. relationship, whoever wins

TOKYO/JAKARTA ( ) – Win or lose, Donald Trump’s campaign has changed the way countries in Asia view their relationships with Washington.

Final polling suggests the most likely outcome is a victory for Hillary Clinton. But even Clinton, an architect of the U.S. strategic pivot to Asia, has some work ahead of her in rebuilding trust, analysts and former officials in Asia said.

“With or without Trump, this marks the end of U.S. leadership, in particular, moral leadership,” said a former Japanese diplomat, who asked not to be identified because of the sensitivity of the topic.

“I don’t think it’s a question of ,上海高端夜生活在那里Kaia,Trump as an individual, but a question of the U.S. society that produced this man as the Republican candidate.”

Trump upended U.S. democratic traditions during his White House campaign, drawing enthusiastic crowds where people cheered his often provocative and outrageous remarks. Critics labeled him ignorant, uncouth, a racist, hypocrite, demagogue and a sexual predator, all accusations he denied.

He described a dark America, knocked to its knees by China, Mexico and the Islamic state.

Trump’s harnessing of a populist backlash against immigration and global trade has challenged the ideal of benevolent American power that helped shape the global economy – and the forces of globalization – since the fall of the Soviet Union in the early 1990s.

Now the United States faces a rising China, long an economic force and now becoming more assertive in geopolitics – building its military capability and ignoring an international tribunal’s ruling against its claims to most of the South ,上海夜生活论坛Hadrian,China Sea.

TRANS-PACIFIC PARTNERSHIP

Asia is most worried about trade protectionism – exports make up a quarter of Asia’s GDP and a fifth of them go to the United States.

The Trans-Pacific Partnership (TPP) trade deal, championed by Barack Obama in part to increase U.S. influence in Asia, was to be an essential feature of Washington’s strategic pivot to Asia – an “economic NATO”.

It now looks dead in the water. Both Clinton and Trump oppose the deal, which would set up a free trade zone among 12 countries that excludes China.

Former Indonesian finance minister Chatib Basri told the TPP “is an i,上海夜生活服务Falkner,mportant instrument for the U.S. pivot to Asia”.

“There is some kind of a rivalry between America and China, and the way America can get into Asia is with TPP,” said Basri, now a visiting professor at Australian National University.

With U.S. allies such as Japan, South Korea, Taiwan and Singapore among the biggest winners of an open trade regime, a more isolationist and protectionist stance will cost Washington influence in Asia.

Ironically, it would be China, the subject of many of Trump’s tirades, that could emerge the big winner as uncertainty over Washington’s future commitment to Asia pushes countries into dealing more closely with Beijing.

“If the U.S. pulls out of TPP, that will certainly increase China’s influence in Asia,” said Kanti Bajpai, Professor of Asian Studies at the Lee Kuan Yew School of Public Policy in Singapore.

“Already, U.S. criticism of domestic issues in Thailand, the Philippines, and Malaysia has alienated those countries and caused them to lean towards Beijing. Pulling out of the TPP will help China geopolitically.”

Philippine President Rodrigo Duterte has been particularly hostile towards Washington over its criticism of his lethal anti-drugs campaign, announcing a “separation” from the United States during last month’s visit to China.

Malaysian Prime Minister Najib Razak came back from a visit to China last week with $34 billion worth of deals and an agreement to buy four Chinese naval vessels.

SECURITY WORRIES

China has long been in Trump’s sights, with promises to declare it a currency manipulator and impose punitive tariffs on imports. But any such moves could also hurt Asian exporters who ship components there for assembly and export to the United States, at a time when global trade is already weakening.

Gareth Leather, senior Asia economist at Capital Economics, said the Philippines, Taiwan and South Korea were the emerging Asia economies most vulnerable to a Trump presidency.

“Perhaps the biggest risk to the region’s economies, however, stems not from Trump’s trade policies, but from his foreign policy,” Leather said.

Trump has created doubts over his commitment to security alliances, suggesting Japan and South Korea need to pay more for a U.S. military presence and that they should even develop their own nuclear capability to counter China and North Korea.

Clinton, who was secretary of state when the Obama administration launched its Asia pivot, is expected to maintain Obama’s foreign policy, with some seeing her as being more hawkish.

The divisive U.S. presidential campaign has already done a lot of damage to the reputation of the United States in Asia, regardless of the election outcome, according to some analysts.

“The broader question is whether the Unit上海夜网ed States can assert global leadership,” said Jesper Koll, CEO at fund manager WisdomTree Japan.

“All my Chinese friends say, ‘We thought we would run the world in 20 years. Now it’s going to be in January’. This is not a joke. It’s the natural state of development,” Koll said

Disney, Fox carved out assets ‘surgically’: U.S. antitrust chief

NEW YORK ( ) – Walt Disney Co’s (DIS.N) $52.4 billion deal to acquire most of Twenty-First Century Fox Inc’s (FOXA.O) assets was “surgically” structured on good advice to be submitted to regulators, Makan Delrahim, assistant attorney general for the U.S. Department of Justice’s antitrust division, said on Thursday.

“We will see what the investigation shows. (Disney) didn’t propose to acquire Fox Sports 1 and 2. They didn’t acquire Fox Broadcasting and say, you know what, we will combine this with ABC and don’t worry about it we’ll have an arbitrator decide if prices for advertisers go up or competition for content creators goes down,” Delrahim told The Deal’s annual ,上海夜哪里艳遇Rae,corporate governance conference in New York.

“They had good advice and carved out surgically … a transaction that might be doable. But again, who knows where that transaction leads,” Delrahim added.

Antitrust considerations have become especially important as Fox prepares to weigh a rival offer for the assets Disney agreed to buy last December. Comcast Corp (CMCSA.O) said last month it was preparing an offer for the Fox assets that would top the deal,上海仙霞路夜生活Jackson, with Disney.

A regulato,上海夜网千花Queena,ry filing in April showed that Comcast offered to acquire Fox’s assets for $64 billion last November, before it agreed to sell to Disney. Fox rejected Comcast’s offer, even though it was higher, partly because it was concerned it faced a greater risk of regulators shooting it down.

Comcast is waiting to see if a U.S. federal judge will allow AT&T Inc’s (T.N) planned $85 bill上海夜生活网ion acquisition of Time Warner Inc TWX.N to proceed before submitting its new offer to Fox, sources have said.

The Department of Justice has sued to block that deal, and Fox has cited the lawsuit as a reason why a tie-up with a cable operator such as Comcast could irk regulators.

Brown-Forman upped Jack Daniel’s shipments as trade war loomed

( ) – Jack Daniel’s maker Brown-Forman Corp (BFb.N) (BFa.N) warned on Wednesday of trouble ahead from tariffs being slapped on U.S. bourbon and said it had been working in recent months to mitigate the potential impac,上海夜网推油Pamela,t by shipping more liquor overseas.

The spirit and wine maker was thrust into the spotlight last week when Mexico placed a 25 percent tariff on bourbon imports in respons上海夜生活e to President Trump’s imposition of import,上海凤楼夜网Jacklyn, duties on metals.

The European Union has said it will also respond with levies and the company, while promising it was on top of the situation, said the issue made it hard for it to give a precise full-year outlook.

“It’s a tough, tricky situation that we’ve been watching now for months. It seems like every day we wake up and it takes a little bit of a twist and turn,” Brown-Forman Chief Executive Paul Varga told a conference call on fourth-quarter results.

Brown-Forman earns only half of its revenue from the United States, with Europe accounting for a quarter and Mexico and Canada contributing around 5 percent and 1 percent of net sales, respectively.

Shares of the Kentucky-based company were on course for their worst day in nearly seven years, falling 6.5 percent in afternoon trade as the company also warned of gross margin declines due to higher wood, agave and freight costs.

Varga said the company has gained more flexibility in managing trade risks by moving shipments to markets where it has its own distribution, rather than depending on third-party distributors.

Excluding the impact of any potential tariffs, the company expected earnings per share of $1.75 to $1.85 in fiscal year 2019, with the midpoint of the range coming in below the analysts’ forecast of $1.82 per share, according to Thomson I/B/E/S.

Net income for the company fell to $110 million, or 23 cents per share, in the quarter ended April 30, from $1,上海夜网Macauly,44 million, or 30 cents per share, a year earlier.

Net sales rose 5.6 percent to $733 million. Analysts had expected the company to earn 22 cents per share on revenue of $755.4 million in the quarter.

Factbox: Republicans retain control of Senate, House

( ) – Republicans kept control of both chambers of the U.S. Congress in Tuesday’s election, empowering the party to reshape Washington along with Donald Trump, who won the White House.

The following outlines what was at stake in the races, and results based on television projections and state election boards:

U.S. Senate, 100 seats

With a handful of races still to be decided, Republicans had secured 51 seats in the 100-member Senate, dashing Democrats’ hopes to take control of the chamber.

Senators serve six-year terms. A third of the Senate is up for re-election every two years. Procedural rules in the Senate mean 60 votes are needed to advance major initiatives.

Republicans entered the election with 54 seats, led by Kentucky’s Mitch McConnell, versus the Democrats’ 44 seats and two independents. The Democrats’ leader in the next Senate is expected to be New York’s Chuck Schumer.

The Republicans this year were defending 24 seats. The Democrats defended 10 seats and gained only one, in Illinois.

U.S. House, 435 seats

Television networks declared that Republicans, as expected, retained their majority in the House of Representatives and lost fewer seats than anticipated. Members of the House serve two-year terms and all are up for re-election every two years.

To advance most bills in the House, 218 votes or more are needed. Republicans went into the elections holding 246 seats to the Democrats’ 186. There were three vacancies.

The Republican leader is Speaker Paul Ryan of Wisconsin; the Democrats’ leader is Nancy Pelosi of California. To win a majority, Democrats had needed to gain 30 seats.

In a blow to Democrats, Republicans were on pace to lose only nine seats in the House, well below the double-digit losses some analysts had predicted.

Senate races, with results from television projections and state election offices:

Alabama – Senate Banking Committee Chairman Richard Shelby, as expected, won a sixth term, defeating Democrat Ron Crumpton.

Alaska – Republican Senator Lisa Murkowski defeated Democratic challenger Ray Metcalfe.

Arizona – Veteran Republican Senator John McCain, 80, defeated Democratic U.S. Representative Ann Kirkpatrick, 66.

Arkansas – Republican Senator John Boozman beat Democrat Conner Eldridge.

California – State Attorney General Kamala Harris, a Democrat, won the seat held by retiring Democratic Senator Barbara Boxer. Harris defeated fellow Democrat Loretta Sanchez.

Colorado – Democratic Senator Michael Bennet won a third term, turning back a challenge from Republican Darryl Glenn.

Connecticut – Democratic Senator Richard Blumenthal won a second term, defeating Republican Dan Carter.

Florida – Incumbent Republican Marco Rubio, the failed presidential contender, defeated Democratic Representative Patrick Murphy.

Georgia – Republican Senator Johnny Isakson won his race against Democrat Jim Barksdale.

Idaho – Republican Senator Mike Crapo defeated Democrat Jerry Sturgill.

Indiana – Democrat Evan Bayh, 60, failed in his bid to recapture his Senate seat, defeated by Republican Representative Todd Young, 44.

Illinois – Democratic Representative Tammy Duckworth unseated Republican Senator Mark Kirk. Duckworth, 48, is a double-amputee Iraq War veteran. Kirk, 57, suffered a stroke that sidelined him for much of 2012.

Iowa – Republican Senate Judiciary Committee Chairman Chuck Grassley, 83, won a seventh term, defeating Democrat Patty Judge.

Kansas – Republican Sena,夜上海论坛Dalton,tor Jerry Moran won a second term, defeating Democrat Patrick Wiesner.

Kentucky – Republican Senator Rand Paul won a second term against Democrat Jim Gray. Paul unsuccessfully ran for president this year.

Louisiana – A runoff election will be held on Dec. 10 to decide whether Republican John Kennedy or Democrat Foster Campbell replaces Republican Senator David Vitter, who is retiring.

Maryland – Democratic Representative Chris Van Hollen will replace retiring Senator Barbara Mikulski. Van Hollen defeated Republican Kathy Szeliga.

Missouri – Republican Senator Roy Blunt turned back a stiff challenge from Democrat Jason Kander, Missouri’s secretary of state.

Nevada – Catherine Cortez Masto, 52, a former Democratic state attorney general, beat Republican Representative Joe Heck, 55, in a battle to replace retiring Democratic Senator Harry Reid.

New Hampshire – Democratic Governor Maggie Hassan, 58, led Senator Kelly Ayotte, a 48-year-old Republican, by a few hun,上海晚上耍女人的地方Cade,dred votes with a handful of precincts still to be counted.

New York – Senator Chuck Schumer, who is expected to become the next Senate Democratic leader, defeated Republican Wendy Long in the heavily Democratic state.

North Carolina – Republican Senator Richard Burr, 60, won re-election against Democrat Deborah Ross, 53, a former state legislator.

North Dakota – Republican Senator John Hoeven won a second term, defeating Democrat Eliot Glassheim.

Ohio – Republican Rob Portman, 60, defeated Democratic challenger Ted Strickland, 75, a former governor. Portman initially endorsed Trump, but la,上海夜生活网419Gabrielle,ter withdrew that and pointedly refused to appear with Trump or talk about him.

Oklahoma – Senator James Lankford won a second term, defeating Democrat Mike Workman in this overwhelmingly Republican state.

Oregon – Senator Ron Wyden, the senior Democrat on the Senate Finance Committee, defeated Republican Mark Callahan.

Pennsylvania – Republican Senator Patrick Toomey, 54, defeated Democratic challenger Katie McGinty, 53, in the most expensive U.S. Senate contest in the country.

South Carolina – Senator Tim Scott, the only African-American Republican in the Senate, beat Democrat Thomas Dixon.

South Dakota – Senator John Thune, a member of the Senate Republican leadership, won a third term, defeating Democrat Jay Williams.

Utah – Conservative Republican Senator Mike Lee, in this heavily Republican state, won against Democrat Misty Snow.

Vermont – Senator Patrick Leahy, the longest-serving Democrat in the Senate, beat Republican Scott Milne.

Washington – As expected, Senator Patty Murray, a member of the Senate Democratic leadership, defeated Republican Chris Vance.

Wisconsin – Democrat Russ Feingold, 63, failed to oust Republican Ron Johnson, 61, according to projections. Johnson unseated Feingold in 20上海夜生活网10 and was seen as one of the most vulnerable Republicans going into the 2016 campaign.

In new blow to campaign, Trump’s foundation ordered to halt…

WASHINGTON ( ) – New York’s attorney general ordered Republican presidential nominee Donald Trump’s charitable foundation to immediately stop fundraising in the state, warning that a failure to do so would be a “continuing fraud.”

For Trump, the cease-and-desist order was the latest in a series of blows that has sent his campaign reeling. The New York businessman and his aides spent much of the weekend dealing with the f上海夜网allout from a New York Times report that said Trump may have avoided paying federal income taxes for almost 20 years.

New York Attorney General Eric Schneiderman’s office said the Donald J. Trump Foundation was violating a state law requiring charitable organizations that solicit outside donations to register with the office’s Charities Bureau.

The order followed a series of reports in The Washington Post that suggested improprieties by the foundation, including using its funds to settle legal disputes involving Trump businesses.

“The failure immediately to discontinue solicitation and to file information and reports required under Article 7-A with the Charities Bureau shall be ,上海晚上耍女人的地方Idris,deemed to be a continuing fraud upon the people of the state of New York,” according to a letter dated on Friday that the office posted online on Monday.

Trump’s campaign has suggested that the probe launched by Schneiderman, a Democrat, was politically motivated.

While again putting Trump’s campaign on the defensive, the order could also undercut his efforts to make the Clinton Foundation, the family charity of Democratic presidential rival Hillary Clinton, a primary target in his campaign against her for the Nov. 8 election.

Trump has sought to paint the Clinton Foundation as a “pay-to-play” operation under which the former U.S. secretary of state and her husband, former President Bill Clinton, rewarded big donors to the foundation with access.

The Clinton Foundation, which has $354 million in assets and almost 500 staffers, is a radically different charitable vehicle from the small-scale Trump nonprofit. It has worked to reduce the cost of drugs for people with HIV in developing countries, eradicate childhood obesity in the United States and reduce greenhouse gas emissions.

There has been no evidence that foreign donors to the foundation obtained favors from the State Department while Clinton headed the agency. While some donors were able to obtain meetings with her or senior State Department officials, Clinton has said the fact that they had donated to the foundation did not play a role in her decision to meet with them.

‘POLITICAL MOTIVES’

The scrutiny of the Trump Foundation came as the Republican candidate was dealing with a torrent of bad news, including his shaky performance in his first debate with Clinton on Sept. 26 and the release ,上海凤楼夜网Tamara,by the New York Times of tax records that showed Trump taking an almost $1 billion loss in 1995 that may have allowed him to avoid paying federal income taxes for up to 18 years.

In its series on the Trump Foundation, The Washington Post reported that Trump may have violated U.S. Internal Revenue Service rules ,上海夜生活男人好去处Pamela,against “self-dealing” by using foundation money to purchase two portraits of himself, which were then hung at his private golf clubs in New York and Florida.

The newspaper also said that Trump may have improperly used the foundation to settle legal disputes, including one at his Palm Beach, Florida, estate, diverted income from his business to the charity to avoid paying income tax, and donated foundation money to support Florida Attorney General Pam Bondi, a Republican, who was considering launching an investigation into Trump University, Trump’s for-profit education venture.

The foundation ended up paying a $2,500 fine to the IRS for that donation. A Trump Organization representative told the Post the donation was meant to be from Trump’s personal account, and that it came from his foundation’s account by clerical error.

In response to the Post’s reporting, Schneiderman’s office began a probe into the Trump Foundation.

The Trump campaign said in a statement on Monday that the charity would cooperate with the investigation.

“While we remain very concerned about the political motives behind AG Schneiderman’s investigation, the Trump Foundation nevertheless intends to cooperate fully with the investigation,” said Trump campaign spokeswoman Hope Hicks.

“Because this is an ongoing legal matter, the Trump Foundation will not comment further at this time,” she added.

The New York Attorney General’s Office is the sole regulator of charities in the state. A spokesman for the office said it was not unusual for the regulator to send notices to charities whose filings were overdue or incomplete but that a cease-and-desist letter was more serious.

While letters such as the one the Trump Foundation, which is based in Woodbury, New York, on Long Island, received are not judgments of wrongdoing, they are sent only after the office gets “a clear indication of wrongdoing,” the spokesman said.

Trump established the charitable foundation in 1988, but it runs no programs of its own. Instead, it donates money to other nonprofit groups such as the Police Athletic League for youths. Once the foundation began soliciting money from other donors beyond the Trump family, it was required by New York law to register with the state and file regular reports.

Japan regulators raid Kobe Steel over data tampering

TOKYO ( ) – Kobe Steel Ltd (5406.T) said on Tuesday it had been raided by Japanese regulators over a data tampering scandal revealed last year which had continued for almost 50 years.

Prosecutors and police searched its headquarters in Tokyo and Kobe, western Japan, as well as other facilities on suspicion that the firm violated ,上海夜生活怎么玩Queena,a law aimed at preventing unfair competition, local media reported.

“We have been sub,夜上海419龙凤论坛Mabel,ject to a raid since this morning and we are si,上海夜网官方网站Hadrian,ncerely responding (to the regulators),” a Kobe Steel spokesman said, adding that the firm could not give any further comment.

The Tokyo District Public Prosecutors Office and the Metropolitan Police Department declined to comment on the investigation.

Kobe Steel, which supplies steel and aluminum parts to manufacturers of cars, planes and trains around the world, has admitted to supplying products with falsified specifications to more than 600 customers and admitted the data fraud has been going on for nearly five decades.

In April, Japan’s third-biggest steelmaker said it was under investigation by Japanese authorities over its data falsification, widening a scandal that undermined faith in Japan’s industrial sector last year. Th上海夜网e latest raid comes as part of that investigation.

Kobe Steel is also the subject of a U.S. Justice Department probe.

Indian police launch probe against AirAsia boss Tony Fernandes

NEW DELHI ( ) – Indian police said on Tuesday they have filed a case against AirAsia Group Bhd (AIRA.KL), the airline’s CEO Tony Fernandes and its domestic entity AirAsia India, over allegations of corruption and breaking rules in obtaining a flying license.

The Central Bureau of Investigation (CBI) accused the airline, some of its employees and third parties of violating India’s foreign direct investment rules while obtaining the license, and of bribing government officials in an attempt to get regulations relaxed to allow AirAsia India to fly international routes.

AirAsia India said in a statement on Tuesday it refuted any allegations of wrongdoing and was co-operating with all regulators and agencies “to present the correct facts”.

The parent group, AirAsia, on Wednesday referred requests for comment to AirAsia India. Fernandes did not respond to requests for comment.

Shares in AirAsia slid 4 percent in early Wednesday trade, compared with a 2 percent decline for the wider market.

The police investigation is a blow for the budget airline, which has been planning to add new jets to its Indian fleet as it seeks to expand in one of the world’s fastest-growing aviation markets.

In its complaint, the CBI said the airline, Fernandes and others “chose to beat the legal frameworks and policies of the aviation sector of India” and lobbied government officials “to secure mandatory approvals, some of them through non-transparent means”.

The Malaysian low-cost carrier in 2014 launched domestic flight operations in India along with local joint venture partner Tata Sons.

At the time, India’s aviation rules required AirAsia In,上海夜生活群Fabi,dia to ,上海夜生活服务Macauly,operate in the domestic market for a period of five years and have a fleet of 20,夜上海419龙凤论坛Landon, aircraft before it was allowed to fly international routes.

India in 2017 relaxed the rules by abolishing the five-year clause.

According to the complaint, Fernandes wanted the airline’s Indian operation to be able to fly internationally from day one.

The CBI has all上海夜网eged that bribes were paid to government officials “for securing permit for operation of international scheduled air transport services”.

The complaint listed five other individuals and a Singapore-based company, along with unidentified government officials.

A CBI spokesman said it was conducting searches at AirAsia’s offices, including in Delhi and Mumbai, without elaborating.

Fernandes is also under investigation in Malaysia in a dispute with the country’s regulator, the Malaysian Aviation Committee, over the cancellation of 120 flights during the general election period earlier in May.

AirAsia Group Bhd, said in January it was considering an IPO of the Indian operation, which had 14 planes at end-2017 with plans to grow to 60 over the next five years.

Wall Street shares slide with Italy in focus

NEW YORK ( ) – U.S. stock markets tumbled on Tuesday, on downbeat trading guidance from JP Morgan and worries over Italy putting the S&P 500 and Dow Jones Industrial Average on track for their biggest one-day drops in seven weeks.

A political crisis in Rome, and the threat to the euro project it represents, triggered a rush to traditional safe havens like U.S. debt, pulling down U.S. 10-year bond yields and in turn spurring losses for U.S. banks.

JP Morgan corporate and investment bank chief Daniel Pinto drove another round of selling by saying his bank’s second-quarter markets revenue would be flat on the year.

COMMENTS:

GREGORY DACO, HEAD OF U.S. MACROECONOMICS, OXFORD ECONOMICS, NEW YORK

“You have a renewed outlook on risk, whether it’s Italy, the protectionist tone or higher oil prices. You are seeing the market repositioning with yields lower, stocks struggling and the dollar rallying against the euro. The situation in Italy is not going to be short-lived.”

MOHAMED EL-ERIAN, CHIEF ECONOMIC ADVISER AT ALLIANZ, NEWPORT BEACH, CALIF

“In the short-term, we are witnessing technical contagion in both bonds and stocks as ‘fast money’ investors who have been caught off base scramble to square positions, including record shorts in Treasuries and over-extended long carry trades. “If the political situation in Italy worsens, the longer-term spillovers would be felt in the U.S. via a stronger dollar and lower European growth. This would act as a headwind, especially for some multinationals’ corporate profits. Having said that, the domestic economy is resilient enough to avoid a growth derailment.”

ART HOGAN, CHIEF MARKET STRATEGIST, B. RILEY FBR, NEW YORK

    “When you look at lower yields and the lower energy, it’s taking a real bite out of the energy complex and certainly the financial complex.”

    “I don’t think anything has changed (in the last hour or so) but when you call into question, one of the larger economies in the euro zone, and what that will mean to the stability of the euro zone, its certainly going to manifest itself into a larger punishment than we saw this morning. So compare what our stocks were doing versus European, versus across the board, we were down 40 or 50 bps and once we breached 2700 on S&P, all it takes is for the guys to decide that it was time to take the selloff seriously and that’s where we really saw the pressure.”

BRIAN BATTLE, DIRECTOR OF TRADING, PERFORMANCE TRUST CAPITAL PARTNERS, CHICAGO

1 – “It’s all the see-saw of trying to figure out how real the Italian political threats are … This isn’t Greece or Crete. This is Italy, so this matters. The euro skepticism is real so that has put fear i,上海夜网官方网站Radcliff,nto the market and has put money back into the d,上海夜生活网419Hadrian,ollar. The euro is at $1.15. We have a raging rally in long-dated treasuries.”

    “The 30-year bond is big and its deep and it takes a lot to move it. We’re almost 2 points in price higher.”

2 – “The drama in Europe is about Italy.”

“This takes the bid out of the euro, euro bonds and makes the euro currency cheaper, and interest rates higher. That money comes to North America, the dollar and U.S. Treasuries rally. The Italy political drama is about rates and currencies, not equities.”

“Stocks sell off on political instability that can diminish global demand, changes in currencies that will diminish demand for U.S. goods (denominated in expensive dollars).”

PETER CECCHINI, MANAGING DIRECTOR AND CHIEF MARKET STRATEGIST, CANTOR FITZGERALD, NEW YORK

    “I’ve been skeptical and cautious about equities for a few months here, and the sort of developments in Italy, Spain and LatAm, what they really do is they don’t present new facts that are particularly devastating to the markets, but they get people to actually step back and think about risk.”

    “Frankly, investors have been very complacent, and these sort of macro risks that people had forgotten, that existed, are all of a sudden front of mind for them.”

    “With regard to U.S. equities, most of the catalysts are in the rear-view mirror. I think it’s a little bit easier for investors to say ‘I’d rather be a buyer than seller.’ Peak earnings are behind us, interest rates are rising slowly and the only reason why 10-year is down is because of the flight to quality.”

“Italian and Spanish banks, it may probably 上海夜生活make sense for them to be down. European banks’ balance sheets are in a far worse shape than U.S. banks. I’m a bit surprised that U.S. banks are down in sympathy. U.S. banks I feel are just a bit extended and this is just an excuse.”

MICHAEL ANTONELLI, MANAGING DIRECTOR, INSTITUTIONAL SALES TRADING, ROBERT W. BAIRD, MILWAUKEE

“Investors have bad memories of times past. Anyone working in the market today remembers the last European crisis that happened seven years ago and has it burned into their memories.”

“The Italian bond market has had a hell of a day. The Italian two-year yield moved from a little less than 1 percent all the way to 2.7 percent in one day. That’s a bigger move than (during) the entire crisis in 2011. Italy is a huge part of the international banking system. These kinds of moves being so large, they tend to panic risk assets, even over here (in the United States).”

“Later this week, things will smooth out. If Italy came out today and said it was going to leave the European Union, certainly that would be a market-changing event. But there are no clues that that will happen any time soon. The market tends to price in the worst-case scenario and then walk it back.”

MARKET REACTION

STOCKS: The Dow unofficially closed down 393.13 points, or 1.59 percent, its biggest daily percentage fall since April 24. Likewise for the S&P 500, which unoffi,上海021夜网Landon,cially closed 1.16 percent lower. The Nasdaq ended down 0.52 percent.

TREASURIES: The yield on the U.S. 10-year Treasury note fell to 2.7738 percent.

VIX: The Cboe volatility index jumped 38 percent to 18.27

Dollar: The U.S. dollar index was up 0.64 percent

Putin’s close friend: Donald Trump will be next U.S. president

MOSCOW ( ) – One of Vladimir Putin’s closest friends said on Thursday he believed Donald Trump would be the next president of the United States and that Western上海夜网 leaders were no match for the Russian president.

Sergei Roldugin, a childhood friend of Putin’s and godfather to his eldest daughter, made international headlines earlier this year after his name featured in the leaked Panama Papers as the owner of a sprawling network of offshore accounts.

Some Western media said the papers suggested Roldugin, 64, was looking after Putin’s money. Putin called such reports “a provocation” and said Roldugin, a famous cellist, had done nothing wrong and spent the money he earned from business on buying expensive musical instruments.

Speaking to reporters,上海凤楼夜网Paige, in the Kremlin on Thursday before Putin bestowed a state award on him, Roldugin said:

“I know who will win in America. You may check it later. Trump will win.” He went on to say that politicians changed their behavior once they were in power.

,上海夜网邀请码Octavien,“I can’t say I feel euphoria about Trump winning because he said he was with Putin and Hillary (Clinton) hasn’t said that. Putin has said he will work with either and he’s right.”

Trump, the Republican candidate, has been criticized by Clinton, his Democratic Party rival, for praising Putin as a strong leader and saying ties with Moscow should be improved at a time when Moscow and Washington are at odds over Syria and Ukraine.

The Kremlin has tried to take a neutral stance on the U.S. election, saying it will respect the choice of the American people, though Kremlin-backed TV channels have tilted their coverage in favor of Trump, whom Putin called “very talented.”

Roldugin told reporters Putin was a more impressive leader than his various Western counterparts.

“The one thing I’ve always admired about him is that he is not afraid to assume responsibility. He often comes under heavy criticism, but h,上海会所夜网Daisy,e is not afraid (of that) and says: ‘Yes that’s what we decided, that’s what I decided.’”

“He is not afraid of taking responsibility, unlike many Western politicians and American politicians who, as far as I understand, can’t bring themselves to say ‘That’s what I decided and that’s how it will be.’”

Roldugin listed German Chancellor Angela Merkel, French President Francois Hollande, and U.S. President Barack Obama as being guilty of not taking responsibility and of concealing the true nature of agreements they had struck.

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

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

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

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

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

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

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

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

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

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

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

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

U.S. Commerce’s Ross to visit China for trade talks in early June

BEIJING ( ) – U.S. Commerce Secretary Wilbur Ross will visit China early next month for another round of talks amid ongoing trade frictions between the world’s two largest economies.

Ross will visit China from June 2 to June 4, the official Xinhua news agency reported on Friday, adding that Vice Premier Liu He, China’s chief negotiator in the trade dispute, had spoken with Ross over the phone. It gave no further details.

The trade dispute took on added complexity this week when U.S. President Donald Trump announced a national security investigation into imports of cars and trucks, a probe that could lead to tariffs against China as well as key U.S. allies such as Canada, Mexico, Japan and Germany.

U.S. Treasury Secretary Steven Mnuchin told CNBC on Monday that Ross is aiming to negotiate “a framework” that could then turn into “binding agreements … between companies.”

In the last round of talks in Washington in mid-May, China agreed to ramp up purchases of U.S. agriculture and energy products, and the two sides worked t,上海夜生活桑拿会所Paige,owards a possible reprieve for ZTE Corp 上海夜生活(000063.SZ)(0763.HK) from a U.S. ban on American companies supplying the Chinese maker of telecoms equipment.

The developments and constructive comments from both sides eased fears that the United States and China could plunge into a trade war, but President Donald Trump said this week that any deal would need “a di,上海夜生活服务Caitlin,fferent structure,” fueling uncertainty over the negotiations.

Trump has threatened to impose tariffs on up to $150 billion of Chine,上海夜生活乌托邦Nadia,se goods to combat what he says is Beijing’s misappropriation of U.S. technology through joint venture requirements and other policies.

Beijing has threatened equal retaliation, including tariffs on some of its largest U.S. imports, including aircraft, soybeans and autos.

AmTrust agrees to sweetened $2.95 billion buyout offer

( ) – U.S. insurer AmTrust Financial Services Inc AFSI.O on Thursday agreed to be acquired by a group of investors for a sweetened $2.95 billion deal that also helped secure the support of dissenting shareholder Carl Icahn.

Evergreen Parent, an entity formed by AmTrust’s founding family, its chief executive officer and some private equity funds, will pay $14.75 per share in cash, up from its earlier offer of $,上海夜生活男人好去处Easton,13.50 per share, the insurer said.

Billionaire investor Icahn, who owns a 9.4 percent stake in the company, had strongly opposed the ,上海夜哪里艳遇Fabian,go-private deal and sued AmTrust and the controlling family, accusing them of trying to take the insurer private at the wrong time and the wrong price.

“By raising the merger price to $14.75, over $100 million of incremental value has been created for public stockholders,” 上海夜生活论坛Icahn said on Thursday.

AmTrust’s shares were up 2.7 percent at $14.48 in early trading, still trading below the latest offer.

The revised offer, however, failed to appease another shareholder opposed to the deal – Arca Capital. The firm reiterated that it sees $22 per share as the ‘fair value’ for AmTrust.

“We are still opposed to the $14.75/shr deal value – we think this still undervalues the company and it’s still not enough,” said Pavol Krúpa, chairman of the Czech-based investment firm told .

“The increased offer is just a cosmetic change to sway some shareholder’s view.”

Arca holds a 2.,上海夜生活去哪玩Caden,4 percent stake in the company. It said in a press release that AmTrust’s long-term price target lies between $25 and $31, but it was ready to negotiate with the founding family.

“If no deal can be reached, we are very happy for AmTrust to remain public,” Krúpa said.

France’s PSA suspends joint ventures in Iran to avoid U.S. sanctions

PARIS ( ) – French carmaker PSA Group (PEUP.PA) has begun to suspend its joint venture activities in Iran to avoid U.S.,上海夜生活怎么玩Paige, sanctions after Washington’s withdrawal from the international nuclear deal.

Large French companies active in Iran, including oil major Total (TOTF.PA), are struggling to obtain exemptions from the sanctions imposed by U.S. President Donald Trump’s administration.

“The group has begun to suspend its joint venture activities, to comply with U.S. law by Aug. 6,” PSA said in a statement on Monday.

“With the support of the French government, the Groupe PSA is engaging with the U.S. authorities to consider a waiver.”

European signatories are scrambling to save the international deal, which seeks to protect trade with Iran in return for curbing the country’s nuclear program.

PSA and its French rival Renault (RENA.PA) moved swiftly to sign new production deals to upgrade their pre-sanctions partnerships with Iran Khodro and SAIPA.

Production deals worth 700 million euros ($818 million) have been signed by PSA, while Renault has announced a new plant investment to increase production capacity to 350,000 vehicles a year.

Th,上海夜生活去哪玩Idaleen,e suspension of its joint ventures does not alter PSA’s curre上海夜生活论坛nt financial guidance, the group said, adding that i,上海夜生活群Jacob,ts Iranian activities accounted for less than 1 percent of revenue.

Kansas, ACLU reach temporary agreement on voter ID

( ) – The Kansas Secretary of State and the American Civil Liberties Union (ACLU) have reached a temporary agreement over the state’s voter registration laws, keeping Kansas’ chief elections officer from a contempt of court hearing, according to court documents filed on Thursday.

The deal between Secretary of State Kris Kobach and the ACLU comes six weeks before the U.S. presidential election.

The two sides have been at odds over a Kansas law requiring people to prove American citizenship if they want to register to vote while applying for a d,上海夜网后花园Idaia,river’s license. Critics say this requirement disenfranchises voters, especially minorities.

The deal will allow people who registered at motor vehicle offices or with a federal form without providing citizenship documents to vote in the Nov. 8 election with a standard ballot, rather than be forced to use a provisional one, the ACLU and Kobach said in a status report filed on Thursday.

Kobach will also clarify his office’s website to help voters find information more easily, according to the report filed to U.S. District Judge Julie Robinson.

Robinson had ordered Kobach, a Republican, to explain by Thursday why he should not be held in contempt for failing to obey a federal order issued in May.

That order required him to register people wh上海夜生活网o applied to vote at motor vehicle offices or with a federal form without proof of citizenship.

Robinson canceled the contempt hearing scheduled for Friday, according to her own court filing, citing the ACLU and Kobach’s agreement.

“Our case is ongoing, but this interim agreement is a critical victory for Kansans who want to vote in the November election. It is a shame t,上海凤楼夜网Paisley,hat voters had to fight so hard to get Kris Kobach to do his job,” ACLU attorney Orion Danjuma said in a statement.

Kobach said he was pleased an agreement had been reached, but criticized the ACLU.

“The ACLU’s argument was weak at best. However, at this point the preparations for the November 8, 2016, general election must proceed with rules established to ensure the efficient administration of the election,” he said in a statement.

Kansas’ law, among the strictest voter identification statutes in the,上海夜生活群Rae, country, is defended by Republicans who say the rules are meant to prevent voter fraud.

On Tuesday, a Kansas state judge issued a separate ruling extending voting rights through the Nov. 8 election of about 17,500 people who registered to vote at motor vehicle offices.

Trade conflict undermines investor confidence

NEW YORK ( ) – Investor concerns over U.S. trade policy overshadowed worries about political instability in Italy, driving equity prices lower on Thursday.

Equity indexes around the world fell after the United States said it would impose tariffs on aluminum and steel imports from Canada, Mexico and the European Union and Washington’s allies took steps to retaliate against U.S. goods.

That helped deflate and, in,夜上海论坛Paige, many cases, erase earlier gains in financial markets from Chicago to Milan. The trade rift rippled through commodities, too.

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

MSCI’s gauge of stocks across the globe .MIWD00000PUS shed 0.24 percent after earlier gains.

“We’re on a trajectory that could easily escalate to trade war,” said Angus Sippe, portfolio manager at Schroders plc (SDR.L).

Aluminum MALTRC0 rose 1 percent to $2,292 a tonne after the United States said it was moving ahead with a 10 percent tariff on aluminum imports from the EU, Canada and Mexico.

Soybean futures SN8 closed 0.4 percent lower at $10.18-1/2 per bushel amid worries that Mexico could target imports of the crop next if trade tensions escalate.

Traders also worried about possible retaliation from China, the world’s biggest soy importer.

China lashed out at renewed threats from the White House on trade and warned it was ready to fight back, days ahead of a planned visit by U.S. Commerce Secretary Wilbur Ross.

And Mexico’s retaliatory tariffs on pork legs rattled livestock traders, sending U.S. lean hog futures LHN8 down 2.6 percent to 78.05 cents per pound. Mexico is the top export destination for U.S. pork by volume and bought 203,656 tonnes valued at $371.3 million from January to March, according to the U.S. Meat Export Federation, an industry group.

Markets had been wrestling this week with the implications of an Italian governing crisis, which sent its government bonds spiraling down earlier this week and hit the euro and other risk assets. But Italy,上海新夜网龙凤Rae,’s two anti-establishment parties revived their coalition plans on Thursday, promising to end three months of political turmoil.

That helped the euro, which climbed 0.25 percent to $1.169 after its biggest jump since early January on Wednesday EUR=.

In oil markets, Brent crude LCOc1 prices hit their biggest premium to U.S. futures CLc1 in over three years as a lack of pipeline capacity in the United States has trapped output inland. Brent crude futures for August LCOv1 ended down 14 cents to $77.56 a barrel,上海夜生活网 while U.S. West Texas Intermediate July crude CLc1 settled $1.17, or 1.7 percent, lower at $67.04 a barrel.

Benchmark 10-year notes US10YT=RR fe,上海夜生活怎么玩Jack,ll 2/32 in price to yield 2.851 percent.

U.S. judge bars Colorado from enforcing law banning voter ‘selfies’

DENVER ( ) – A federal judge in Colorado blocked enforcement of a 19th-century state law that bans voters from showing a completed ballot to others, the latest in a flurry of mixed legal rulings on whether to restrict election ,上海夜网Eason,“selfies” on social media.

U.S. District Judge Christine Arguello in Denver issued a preliminary injunction against an 1891 Colorado statute that makes it a misdemeanor offense to reveal the contents of one’s ballot.

The ruling came in response to two separate lawsuits by voters challenging enforcement of the law on grounds that it violates their free-speech rights.

“By issuing an injunction in this case, Coloradans get what they are entitled to – clarity on an issue that implicates fundamental constitutional rights,” Arguella wrote in her 26-page ruling.

The controversy erupted last week after Denver District Attorney Mitch Morrissey reminded voters of the law, which he said would “include posting your completed ballot to social media.”

However, prosecutors from several jurisdictions, including Denver, filed declaration with the court this week saying they would not enforce the misdemeanor law unless evidence showed that voter intimidation or coercion was involved.

“Based on our review of applicable law and societal changes, including the ubiquity of social media … the District Attorney’s Office would not charge anyone with an offense … for taking a photograph or video of a completed Colorado mail-in ballot,” Denver prosecutor Joseph Morales wrote.

Colorado is among 18 states that have l上海夜生活aws restricting the taking of ,上海夜生活桑拿会所Nala,photographs in voting booths or of completed ballots. Courts in other states and federal jurisdictions have issued mixed rulings against enforcing such bans.

Federal judges in New York and California refused this week to block enforcement of state laws barring voters from taking photographs of marked ballots, saying it was too close to next Tuesday’s presidential election to issue such injunctions.

Colorado’s attorney general cited the California and New York decisions in defending Colorado’s law.

Lawyers for the Colorado voters said the state’s mail-in ,上海夜生活去哪玩Barney,voting system, which allows ballots to be filled out anywhere and then either mailed or dropped off, sets Colorado apart from California and New York, where voters must cast ballots at a polling place.

Last month, a federal court sided with a voter who challenged a Michigan anti-selfie statute as a free-speech violation.

Australia threatens ANZ, Deutsche and Citi with criminal charges…

SYDNEY ( ) – Australia is preparing criminal cartel charges against the country’s third-biggest bank and underwriters Deutsche Bank and Citigroup over a $2.3 billion share issue, in an unprecedented move with potential implications for global capital m,上海夜生活网419Dahlia,arkets.

The pending charges, which can carry hefty fines and 10-year prison terms, threaten to change the way institutional capital raisings are handled, and do further damage to the reputation of Australian lenders already mired in scandal.

The Australian Competition and Consumer Commission (ACCC) said federal prosecutors would charge Australia and New Zealand Banking Group Ltd (ANZ.AX), its Treasurer Rick Moscati, the two investment banks and several more unnamed individuals over the 2015 stock placement.

All three banks denied wrongdoing and vowed to defend the charges, with Citigroup saying the regulator was effectively criminalizing practices long seen as the norm in the financial industry.

“The charges will involve alleged cartel arrangements relating to trading in ANZ shares following an ANZ institutional share placement in August 2015,” ACCC Chairman Rod Sims said in a statement.

“It will be alleged that ANZ and the individuals were knowingly concerned in some or all of the conduct.”

The third underwriter, JP Morgan, was not named by the regulator as a target and declined to comment.

Australia has some of the toughest anti-cartel laws in the world, however the decision to pursue criminal charges surprised experts given they are harder to prosecute than civil charges.

Related CoverageCitigroup denies criminal cartel allegations expected in AustraliaDeutsche Bank says it will defend itself against cartel charges in AustraliaSee more stories

The move was “almost unique” in Australian corporate history and indicated prosecutors had a high level of confidence in their case, said Andrew Grant, a banking expert at the University of Sydney Business School.

ANZ shares were 2 percent lower on Friday afternoon, while other banks were down less than 1 percent. The broader market was down 0.2 percent.

Rating agency Moody’s said on Friday the charges were “credit negative” for ANZ.

THE CAPITAL RAISING

In 2015, Australian banks were under pressure to meet new capital requirements, prompting ANZ and larger rival Commonwealth Bank of Australia (CBA.AX) to raise a combined A$8 billion in a single week.

The lead managers did not disclose they kept about 25.5 million shares of the 80.8 million shares issued上海夜网, ANZ said on Friday, a fact that is being investigated separately by the corporate regulator.

The Australian Shareholders’ Association said the pending charges should trigger reforms to capital raising procedures to ,上海夜生活网交流Talon,ensure greater transparency and prevent investment banks profiting from share sales while retail investors have their holdings diluted.

As new bank equity flooded the market, ANZ shares closed 7.5 percent lower on Aug. 7, 2015, when the Melbourne-based lender announced it had completed the institutional component of the raising, according to a analysis.

ANZ shares took over a year to recover to their pre-raising value of A$32.58.

The joint underwriters allegedly reached an understanding on the disposal of shares, prompting the cartel criminal charges, Citigroup (C.N) said on Friday.

“Underwriting syndicates exist to provide the capacity to assume risk and to underwrite large capital raisings, and have operated successfully in Australia in this manner for decades,” the New York-headquartered investment bank said.

Criminal charges for share underwriters had never been considered by an Australian court and had never been addressed in guidance notes published ,上海夜生活群Daisy,by regulators, it added.

“If the ACCC believes there are matters to address, these should be clarified by law or regulation or consultation,” it said.

Deutsche Bank (DBKGn.DE) said it was cooperating with investigators and took its responsibilities “extremely seriously”.

Caron Beaton-Wells, a professor of competition law at University of Melbourne, said the ACCC and the prosecutor would only bring criminal charges if they were satisfied they would be proven.

“The ACCC has long said … that the most potent deterrent for cartel conduct is a potential jail term,” Beaton-Wells said.

“I don’t think it’s a sudden decision to ramp up, just that it’s taken a long time to find conduct for proceeding criminally.”

The development compounds a publicity nightmare for Australia’s biggest financial firms as they grapple with almost daily allegations of wrongdoing at a public inquiry which is scheduled to run to the end of the year.

Barristers for the inquiry have raised the prospect of criminal charges against the country’s top wealth manager, AMP Ltd (AMP.AX), over allegations it misled the corporate regulator.

No. 1 lender Commonwealth Bank is also facing a separate civil lawsuit alleging thousands of breaches of anti-money laundering protocols.

The allegations against some of Australia’s biggest companies and most-traded stocks have sparked several class action law suits designed to compensate investors who lost out as a result of poor banking and fund manager practices.