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Nokia sells digital health venture, executive to leave

HELSINKI ( ) – Nokia said on Thursday it had sold its small digital health business, including activity trackers and smartwatches, and the executive who wound down the company’s consumer ventures will leave Nokia after less than a year in the job.

Digital health was one of the areas the Finnish company had been counting on for future growth opportunities amid a tough market for its mainstay telecom network equipment business. ,上海足浴夜网联系方式Sabina,

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But Gregory Lee, a former Samsung executive who took the helm of Nokia’s Technologies unit last year, pulled Nokia away from the business as well as a virtual camera venture, leaving the unit to focus on patent and brand licensing.

The health business was sold to Eric Carreel, co,夜上海论坛Ebba,-founder and former chairman of the operation, for an undisclosed price. Nokia had announced plans to sell the business earlier this month.

“Gregory came to Nokia… and took the bold decision to refocus Nokia Technologies on licensing… We have agreed that his work at Nokia is done,” Nokia CEO Rajeev Suri said in a statement.

Chief Legal Officer Maria Varsellona will take over the Technologies unit, Nokia said. The licensing business, highly profitable, includes royalties from handset vendors for the use of Nokia’s brand and smartphone patents.

As an initial move into the health market, Nokia in 2016 bought France’s Withings for 170 million euros ($199 million). An internal memo from February showed that the business failed to meet Nokia’s growth expectations.

Nokia has not given exact sales figures for the business, but digital health and virtual camera prod,上海夜网官方网站Easton,ucts in total generated 52 million euros of sales last year, compared to Nokia’s total revenue of 23.2 billion euros.

One ‘rant,’ rough talks sour G7 mood in confrontations with Trump

LA MALBAIE, Quebec ( ) – The Group of Seven leaders came to their summit in Canada braced for battle, and while everyone had smiles ready for the cameras, behind the scenes U.S. President Donald Trump delivered a “rant” and recriminations on trade to U.S. allies, leaving the once united club deeply divided.

Trade dominated the two-day summit that began on Friday 上海夜生活论坛with leaders of Germany, France, Japan, Canada, Britain and Italy returning to the topic repeatedly in meetings, at a lavish dinner and by a fireside pit late into the evening.

A photo tweeted by the German government spokesman, @RegSprecher, captured the mood, showing a seated Trump, arms crossed, surrounded by other leaders standing over him.

At what a French presidential official described as one “extraordinary” session on Friday, leaders who had vowed to confront Trump over his decision to impose tariffs on U.S. allies last week as part of his “America First” agenda, showered Trump with data one after the other.

Trump gave “a long, frank rant”, the official said, repeating a position he carried through the 2016 U.S. election campaign into the White House that the United States had suffered at the hands of its trading partners, with French President Emmanuel Macron pushing back on the assertion and Japanese Prime Minister Shinzo Abe chiming in.

It was a “a long litany of recriminations, somewhat bitter reports that the United States was treated unfairly,” said the French official, who spoke on condition of anonymity. “It was a difficult time, rough, very frank.”

The U.S. president did not appear to be listening during some of the trade presentations, another G7 official familiar with the meeti,上海高端夜生活在那里Octava,ng said.

White House officials did not immediately respond to requests for comment on the characterizations by these officials of Trump’s remarks or attention to the presentations.

Trump himself told reporters on Saturday that the summit was not contentious and called his relationship with G7 allies a “10”.

Despite smiles and jokes for the cameras, the tension among the leaders was clear. At one point, German Chancellor Angela Merkel was seen having a brief, intense one-sided conversation with a stony-faced Trump on Friday.

On Saturday, Canadian Prime Minister Justin Trudeau sniped about “stragglers” after Trump was late to a breakfast session on gender equality. Trump left the summit early for Singapore, where he will meet North Korean leader Kim Jong Un next week.

One scene at the very beginning of the gathering of presidents and prime ministers of the biggest industrialized nations set the mood for facing the brash Trump.

He arrived at La Malbaie, the scenic luxury resort on the banks of the St. Lawrence River in Quebec, as the four European leaders and the two EU heads were huddled together in a room to coordinate their strategy. The noise of Trump’s helicopter landing was so loud they had to stop talking for a while, in a scene one official compared to the opening from the U.S. television series M.A.S.H.

“The EU understands that the only way with Trump is strength,” said one European official. “If you give,上海足浴夜网联系方式Fabian, in now, he will come back tomorrow for more.”

(T,夜上海419龙凤论坛Hadley,his story has been refiled to insert dropped words ‘presidential official’ in paragraph 4)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

NOT UNUSUAL

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

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

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

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

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

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

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

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

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

U.S. isolated at G7 meeting as tariffs prompt retaliation

WHISTLER, British Columbia ( ) – The United States’ closest allies attacked the Trump administration on Friday for imposing tariffs on steel and aluminum imports and mounted challenges with the world’s top trade body, fouling the mood at a G7 finance leaders meeting.

U.S. ,上海夜生活乌托邦Quaid,Treasury Secretary Steven Mnuchin was the prime target of the criticism at the meeting of Group of Seven finance ministers and central bank governors in Canada, with the six other G7 member countries subject to the U.S. metals tariffs, which were imposed on national security grounds.

The tariffs also are complicating U.S. efforts to gain cooperation to challenge China’s trade practices as U.S. Commerce Secretary Wilbur Ross arrives in Beijing on Saturday for talks aimed at averting a U.S.-China trade war.

Japanese Finance Minister Taro Aso, whose country’s steel and aluminum producers have been paying the U.S. metals tariffs since March 23, called the U.S. action “deeply deplorable.”

“This doesn’t happen that often at G7 meetings, but it was U.S. against everyone else,” Aso told reporters.

The European Union and Canada both filed challenges with the World Trade Organization.

Canadian Foreign Minister Chrystia Freeland said in a statement that the tariffs were “imposed under a false pretext of safeguarding U.S. national security.”

At the G7 meeting in the Canadian ski resort of Whistler, British Columbia, Canadian Finance Minister Bill Morneau said he expressed to Mnuchin “our absolute view that this is absurd th,上海夜生活去哪玩Lark,at Canada could in any way be a security risk.”

French Finance Minister Bruno Le Maire also said Mnuchin was clearly isolated at on the tariff issue, with the group devolved to a “G6 plus one” with the six expressing “total incomprehension” over the destabilizing U.S. move.

“We must find a way to get out of this,” German Finance Minister Olaf Scholz told reporters. “That was said clearly by everyone and I think it was even taken on board” by Mnuchin.

Related CoverageBrazil says U.S. tariffs and quotas unjust, still open to negotiate

Mnuchin, regarded as one of the more moderate trade voices in Trump’s cabinet, said the issue may need to be resolved by G7 leaders at a summit next week in Charlevoix, Quebec, officials attending the meetings said.

The U.S. tariffs of 25 percent on imports of steel and 10 percent on aluminum were imposed early on Friday on Canada, Mexico and the European Union after they refused to accept steel and aluminum quotas in negotiations with U.S. Commerce Secretary Wilbur Ross.

TRUMP’S TWITTER TIRADE

Trump took to Twitter again on Friday to castigate Canada after his testy exchange with Canadian Prime Minister Justin Trudeau on Thursday over rocky negotiations to update the North American Free Trade Agreement.

Trump tweeted that Canada had treated U.S. farmers “very poorly for a very long period of time.”

“Highly restrictive on Trade! They must open their markets and take down their trade barriers! They report a really high surplus on trade with us,” he wrote.

Later on Friday, Trump told reporters that he might prefer separate trade deals with Canada and Mexico instead of a revamped NAFTA.

The White House said Trump told French President Emmanuel Macron of the need to “rebalance trade with Europe.”

Trump’s words followed swift responses to the tariffs by Canada, Mexico and the EU, which plan to retaliate with levies on billions of dollars of U.S. goods, including orange juice, whiskey, blue jeans and Harley-Davidson ,夜上海419龙凤论坛Hadrian,motorcycles.

Harley-Davidson’s stock dropped about 1 percent on Friday, while shares of steelmakers U.S. Steel and AK Steel both rose 2.2 percent. The broader stock market rebounded on strong monthly jobs data.

Canada, the largest supplier of steel to the United States, said it will impose tariffs covering C$16.6 billion ($12.8 billion) on U.S. imports, including whiskey, orange juice, steel, aluminum and other products.

Mexico announced “equivalent” measures on a wide range of U.S. farm and industrial products, including pork legs, apples, grapes, cheese, steel and other goods.

The EU plans tariffs on U.S. exports running the gamut from canoes to “manicure or pedicure preparations.”

“We are determined to protect the multilateral system,” EU Trade Commissioner Cecilia Malmstrom said of the WTO challenge. “We are expecting everybody to play by the rules.

CHINA COMPLICATIONS

The complaints came on the eve of a visit by Ross to China to try to secure long-term purchases of U.S. farm and energy commodities to help shrink the U.S. trade deficit. The U.S. team also wants to secure greater intellectual property protections and an end to Chinese subsidies that have contributed to overproduction of steel and aluminum.

Officials at the G7 meeting said the tariffs made it more difficult for the group to work together to confront China’s trade practices, especially when Beijing, like most G7 members, supports the current WTO-based trade rules and the United States is seeking go around them.

Le Maire asked Mnuchin, “How can you get the Chinese to respect international law if you don’t?” one meeting participant said.

Mnuchin did not comment to reporters as he left the G7 meeting on Friday. The talks conclude on Saturday.

Eswar Prasad, trade professor at Cornell University and former head of the International Mone上海夜生活tary Fund’s China division, said that U.S. tariff actions are increasing perceptions that Washington is an unreliable trading partner.

“Rather than creating a common front to address widely held concerns about China’s trading and economic practices, Trump has succeeded in alienating key U.S. allies and undercutting broader external pressure on China,” he said.

For the EU, a decision on how far to push back will require agreement among the 28 member states that make up the world’s biggest trade bloc.

Germany, by far the biggest exporter to the United States, is keen to avoid a wider trade war, especially as the Trump administration has floated the prospect of tariffs on cars, which would potentially be devastating to German exporters.

Other EU countries such as France favor a more robust stance against what they see as American bullying.

Deutsche Bank’s U.S. ops deemed “troubled” by Fed a year ago: WSJ

FRANKFURT ( ) – The United States Federal Reserve last year designated Deutsche Bank AG’s (DBKGn.DE) U.S. operations to be in “troubled condition”, The Wall Street Journal reported on Thursday, citing people familiar with the matter.

The Fed’s asses,上海夜生活去哪玩Idris,sment has not previously been made public, it said, sending shares in the German lender down 7.2 percent to 9.16 euros, their lowest level in more than a year and a half.

The “troubled condition” status is one of the lowest designations employed by the Fed, The WSJ said.

The report comes a month after Deutsche Bank’s new Chief Executive Christian Sewing announced plans to cut back bond and equities trading, where it has been unable to compete with U.S. powerhouses such as Goldman Sachs (GS.N) and JP Morgan (JPM.N).

Deutsche Bank’s attempts to break into the U.S. markets, which ar上海夜生活e seen as an essential plank for delivering a global investment banking platform, proved to be costly as it ended up paying out billions of dollars to settle regulatory breaches, prompting speculation at one point of a bailout by Berlin.

The WSJ said that the Fed downgrade of Deutsche Bank’s U.S. operations caused the U.S. Federal Deposit Insurance Corporation (FDIC) to put Deutsche Bank Trust Company Americas on its list of “Problem Banks”.

The U.S. Federal Reserve declined to comm,上海夜哪里艳遇Sabia,ent on the report. The FDIC was not immediately available for comment.

NO CONCERNS

Deutsche Bank declined to comment on the WSJ report and on its relations with the Fed, but said it was working to remedy weaknesses in its U.S. business identified by regulators, which it said did not affects its ability to serve clients.

The three U.S. subsidiaries mentioned by the WSJ report – DB USA Corp, Deutsche Bank Trust Corporation, and Deutsche Bank Trust Company Americas – account for less than 10 percent of the overall balance sheet of Deutsche Bank Group, it said in a statement.

Despite potential weaknesses in parts of its U.S. operations, the parent Deutsche Bank AG remains well capitalised and has adequate liquidity reserves, it said.

“There are no concerns with regard to the financial stability of Deutsche Bank AG,” it s,上海021夜网Quaid,aid.

Thomas Hallett, banking analyst at Keefe, Bruyette & Woods, said while Deutsche Bank has in the meantime started to cut costs and shift capital away from the United States, the news indicated the pressure the group was under from U.S. regulators.

Related CoverageCost of insurance against Deutsche Bank default surges after WSJ report

“The bank has failed to sufficiently restructure the business to operate in a low interest rate and regulatory constrained environment,” he said.

Deutsche Bank said the recently announced strategic shift was not the result of the regulatory actions but part of a programme to increase the profitability of the firm.

“We are fully committed to our Corporate & Investment Bank, Wealth Management and Asset Management businesses in the U.S.,” it added.

Ant Financial raises $14 billion in world’s largest-ever single…

SHANGHAI/BEIJING ( ) – Ant Financial Services Group, operator of China’s biggest online payment platform, on Friday said it raised around $14 billion in what market watchers called the biggest-ever single fundraising globally by a private company.

The cash will boost Ant’s firepower ahead of a widely expected initial public offering (IPO) in Hong Kong and mainland China as early a,夜上海论坛Easton,s next year – though the company has neither publicly set a timetable nor chosen a likely stock exchange.

The exercise amounted to the largest confirmed single fundraising round in history, according to data provider Crunchbase.

Ant Financial, spun off from Alibaba Group Holding Ltd before the e-commerce firm’s 2014 listing, has played a major role in shaping China’s financial technology landscape. It oversees the largest mobile payment app in what is increasingly becoming a cash-less society.

In a statement, Ant said the funding included both U.S. dollar and Chinese yuan tranches. The dollar share made up over $10 billion, said people with knowledge of the matter.

Canada Pension Plan Investment Board said in a st上海夜网atement that it will invest about $600 million in Ant Financial’s unit, Ant International Co.

Ant listed Singaporean sovereign wealth fund (SWF) GI,上海高端夜生活在那里Quaid,C Pte Ltd [GIC.UL] and state investor Temasek Holdings (Private) Ltd [TEM.UL], as well as U.S. private equity firm Warburg Pincus LLC [WP.UL] as participants in the dollar tranche.

Other global investors included Malaysian SWF Khazanah Nasional Bhd [KHAZA.UL] and U.S. private equity firms Silver Lake and General Atlantic, it said.

Ant did not release details of its valuation following the funding round. reported earlier that Ant was likely to be valued at around $150 billion, making it one of the world’s most valuable financial firms.

“It’s the most uniquely positioned TechFin company in the world,” said Ben Zhou, a managing director of Warburg Pincus, who led the firm’s investment in Ant.

Participants in the yuan tranche were mainly existing shareholders, Ant said. Among them was China-focused private equity firm Boyu Capital, which invested in both the yuan and dollar tranches, said two of the people with knowledge of the matter, who declined to be identified as details were private.

Ant declined to comment on specific investors beyond those disclosed in its statement. Boyu did not immediately respond to requests for comment.

Ant, in its statement, said it would use the funds to speed up globalisation plans for its Alipay payment platform and to ,上海凤楼夜网Quaid,invest in developing financial technology.

Figures seen by showed that in five years, Ant expects 65 percent of revenue to come from business-oriented financial technology including assisting banks and other institutions as well as providing fraud prevention services.

The emphasis on business comes as Ant shifts focus away from consumer finance in China amid increased regulatory scrutiny of financial risk.

Nevertheless, it aims to reach 2 billion consumers globally with its payments network in coming years, backed by investments and strategic partnerships with Southeast Asian payment firms as well as tie-ups in South Korea, Japan and India.

“Now, with the help of our partners, we are going to accelerate our strategy,” said Ant Chief Executive Eric Jing.

Aside from payments, Ant also offers consumer finance products including credit services, wealth management products and micro-loans.

Deutsche Bank, Citigroup, China International Capital Corp, CITIC Securities, JPMorgan and Morgan Stanley acted as financial advisors to Ant.

Jetmakers race to meet Sydney-London non-stop challenge

SYDNEY ( ) – Planemakers gave a glimpse of the ultra-long-distance jets of the future on Sunday as they work to meet a demanding goal from Australia’s Qantas (QAN.AX) to connect Sydney and London in a non-stop 20-hour flight.

As global airline leaders gather for an annual conference in Sydney with jet lag and in some cases with lost suitcases after connecting at foreign hubs, Qantas is looking to close the traditional “tyranny of distance” between Australia and global financial centers like London and New York by 2022.

This year, Qan,上海夜生活男人好去处Sabia,tas began non-stop flights between Australia and Europe by linking Perth and London. It is now considering an order for ultra-long jets with the Airbus A350 (AIR.PA) and Boeing 777X (BA.N) in contention.

“I think we’ll get to the stage where, technically, we will know where the aircraft are going to be, in the next few months,” Qantas chief executive Alan Joyce said ahead of an International Air Transport Association gathering in Sydney.

A purchase decision is expected next year if the business case stacks up, he said.

Ultra-long haul flights are aimed primarily at business travelers and can allow airlines to charge a 20 percent premium over one-stop rivals, according to industry data.

“I would not pretend we would sell 1,500 airplanes like this, but I would say a reasonable assumption could be in the neighborhood of 50-100 airplanes total,” Airbus Chief Commercial Officer Eric Schulz said.

Airbus’ first customer for the ultra-long range A350-900ULR, Singapore Airlines (SIAL.SI), last week said it would launch 19-hour flights from Singapore to New York in October. It has ordered seven of the jets, which carry more fuel than a typical A350-900.

Sydney-London is an even more demanding journey and Qantas wants to do it with more passengers than the 161 business and premium economy seats that Singapore Airlines plans to use on its ultra-long haul routes.

NOT ONE-OFF DESIGN

Qantas has not announced how many ultra-long haul jets it will order, but Joyce said it could be a “reasonable-sized fleet” given that potential routes include Sydney, Melbourne and Brisbane to London, New York and Paris or Frankfurt.

Schulz said Airbus was considering development of an ultra-long-range version of the A350-900 or the larger A350-1000 to suit Qantas and a ha上海夜生活网ndful of other potential buyers.

The Australian carrier is also looking at the Boeing 777-8, expected in service in 2022.

Boeing Commercial Airplanes marketing vice-president Randy Tinseth said it was studying making planes lighter or increasing take-off capacity to close the range gap.

“We need to make sure in any of these cases that we build an airplane that has what I call legs – it not only works for one customer but works for many,” he told .

“So the investment we make makes sense and then they have an airplane that will have a finance market for it … A one-off doesn’t ever seem to work.”

As planemakers look to modify designs, airlines and airports are also looking to adapt facilities.

Qantas is offering pre-flight yoga classes to Perth-London passengers in its lounge and has adapted its menu in all classes.

Perth-London has sold better than expected, part,上海夜生活论坛Falkner,icularly in premium cabins, Joyce said, with the economics working even with oil at $75 a barrel.

Sydney Airport (SYD.AX) CEO Geoff Culbert said the airport was considering the construction of special arrival lounges.,上海夜生活怎么玩Hal,

“At the moment, 70 percent of the world’s population is reachable from Sydney on one direct flight,” he said. “Once those aircraft come to market the entire population of the world will be reachable in one flight. It is just an amazing step change in aviation.”

Stock market value of Netflix eclipses Disney for first time

SAN FRANCISCO ( ) – Netflix’s (NFLX.O) stock market value ballooned to a record $153 billion on Thursday and eclipsed Walt Disney Co (DIS.N) for the first time, making it the world’s most valuable entertainment company, following a monumental shift by viewers away from cinemas and cable television.

Lifted by a blitz of original programs and 125 million global subscribers, some of whom have given up cable television packages, Netflix’s stock has surged 80 percent so far in 2018, more than any other company in the S&P 500.

Since Netflix’s initial public offer in 2002, when it was a mail-order DVD service, its shares have surged nearly 33,000 percent. It has also become a must-own stock for Wall Street investors, alongside Apple (AAPL.O), Amazon.com (AMZN.O), Alphabet (,上海夜生活服务Macey,GOOGL.O) and Facebook (FB.O).

Graphic: Wall Street’s Binge, click reut.rs/2LopvrD

Netflix’s stock on Thursday was up 2.3 percent at $352.90, in line with the median price target of analysts covering the Los Gatos, California company, according to Thomson data. The most optimistic analyst price target would put Netflix’s stock market value at $182 billion.

Disney has lost 5 percent over the past year,上海会所夜网Kailani, as it and other one-time entertainment industry leaders struggle to adapt to the shift by global viewers to online video. It owns some of the most valuable entertainment brands in the world, including Marvel, Pixar Animation and “Star Wars.” It also operates popular theme parks on three continents and has offered to buy more assets from Twenty-First Century Fox (FOXA.O) for $52 billion.

With a stock market value of $152 billion on Thursday, Disney is a,上海021夜网Mabel,lso starting its own streaming service for families, and it has said it will stop supplying new movies to Netflix starting next year.

Earlier this month, Netflix’s market capitalization overtook leading U.S. cable operator Comcast (CMCSA.O), which owns上海夜网 NBC and Universal Pictures.

Comcast, with a stock market value of $145 billion, confirmed on Wednesday it was preparing a rival bid for Twenty-First Century Fox’s media assets, setting up a bidding war with Disney.

Telecommunications company AT&T (T.N) and CNN parent Time Warner TWX.N, which are trying to win approval to merge, have a combined market capitalization of $274 billion.

Investors are bullish on Netflix’s ability to add more members around the world, and they are paying red-hot prices to own its stock. Netflix recently traded at 98 times expected earnings for the next 12 months, versus Disney and Comcast at 14 times earnings, according to Thomson data.

Former Secretary of State Powell will vote for Clinton: Newsday

( ) – Colin Powell, who served as secretary of state in Republican President George W. Bush’s administration, said on Tuesday he would vote for Democrat Hillary Clinton in the Nov. 8 presidential election, according to Newsday newspaper.

Powell, who made the announcem,上海会所夜网[随机上海夜生活网符],ent at an event hosted by a Long Island business group in Woodbury, New York, said Republican Donald Trump was “not qualified” and had sold Americans a “bill of goods” that he could not deliver, Newsday said.

“He has insulted America in one way almost every day,” Powell said of Trump, according to the newspaper.

“He has insulted Latino Americans. He has insulted African,上海夜网Gabriella,-Americans. He has insulted women. He has insulted his own party. He has insulted our allies around the world one by one. He has insulted veterans,” Powell said.

He praised Clinton and said he considered the Democratic nominee a “friend” whom he had known for,上海夜网后花园Idaia, 20 years.

“She is smart. She is capable. She was a good secretary of state,” Powell said, according to Newsday.

“She is balanced, she has temperament and no matter what anyone says she has stamina … I think she is fully qualified to serve as the president of the United States and will serve it with distinction,” Powell was quoted as saying by Newsday.

In hacked emails leaked in September by a group U.S. intelligence officials suspect is linked to Russia, Powell referred to Trump as “a national disgrace” and said Clinton was “greedy” and had “unbridled ambition.”

Powell, a former chairman of the U.S. Joint Chiefs of Staff, also endorsed Democrat Barack Obama in his two successful presidential campaigns in 2008 and 2012.

Most Clinton emails to be released after election: WSJ

WASH,上海夜网千花Mace,INGTON ( ) – Most of the ,上海021夜网Radcliff,emails the FBI r,夜上海419龙凤论坛Nadia,ecovered during its investigation of Hillary Clinton’s use of a private email system while secretary of state will not be made available until after the Nov. 8 presidential election under a timetable set by a judge on Friday, the Wall Street Journal reported.

The judge ordered the U.S. State Department to finish processing 1,050 pages of material for release by Nov. 4, just days before Americans go to the polls, the Wall Street Journal said. The paper said that material was out of what could be as much as 10,000 pages.

Under the schedule set by the judge, there will be also be pre-election releases on Oct. 7 and Oct. 21, and the State Department will process 500 pages per month after that, the Wall Street Journal reported.

The State Department is responding to dozens of lawsuits brought over Clinton’s use of a private, home-based email system while she was the agency’s top diplomat from 2009 to 2013.

The timetable announced on Friday was in a lawsuit brought by Judicial Watch, a conservative group that has filed multiple lawsuits to obtain government records related to Clinton’s tenure as secretary of state.

上海夜生活网

“The State Department voluntarily agreed to produce to Judicial Watch any emails sent or received by Secretary Clinton in her official capacity during her tenure as Secretary of State which are contained within the material turned over by the FBI,” agency spokesman John Kirby said in a statement.

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

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

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

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

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

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

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

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

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

HEDGING STRATEGIES

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

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

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

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

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

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

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

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

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

FLEET RENEWAL

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

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

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

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

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

Tesla shares rise as Musk says Model 3 set to hit target

( ) – Tesla Inc (TSLA.O) shares headed for their best day in more than two years on Wednesday after Chief Executive Elon Musk said the car maker was now churning out 500 of its Model 3 sedans a day and should achieve its 5,000 per week target by the end of June.

The move overturned around a third of the impact of a rocky few months for Tesla, which has seen shares fall by a quarter from a peak last September as it battled with production delays and reports of a series of car crashes.

Speaking at the company’s annual shareholder meeting on Tuesday, Musk offered teasers for upcoming projects, welling up when he spoke of the company’s vehicles being made “with love” and said his production lines have demonstrated the ability to make 3,500 Model 3 vehicles per week.

Tesla’s future profitability hinges on ramping up output of the affordable sedan but the company has fallen short of a series of targets.

“The market is starting to give Elon the benefit of the doubt that he will finally meet his production goal even though it is now six months late,” Tigress Financial Partners analyst Ivan Feinseth said.

In April, Tesla said it was making 2,270 vehicles a week.

Musk himself has also stung Tesla shares by warring with critics and journalists on social media and recently declining to answer questions from Wall Street analysts about Tesla’s capital requirements, saying they were “boring”.

A sha上海夜网reholder proposal came up for,上海会所夜网Radley, vote on Tuesday that required Musk to give away his chairman role. More than 80 percent of shareholder votes were against t,上海夜网千花Fabi,he proposal.

“We have no corporate governance problem with Mr. Musk’s dual titles, as ultimately it is about delivering the vehicles profitably,” CFRA analyst Efraim Levy said.

“We do, however, wish to see more discipline with the CEO’s pronouncements, but don’t expect much improvement there.”

Tesla also showed a design sketch of the upcoming Model Y SUV although little could be seen in the shadowy image and Musk teased that the car might not even have a steering wheel, stoking some fans’ hopes that the car could be fully autonomous.

He said the vehicle would be unveiled in March and begin production in 2020 along with Tesla Semi and the new Roadster.

Throughout its history, Tesla has repeatedly missed aggressive start-of-production targets, and auto experts believe that laun,上海夜生活去哪玩Eason,ching production of three new vehicles within two years is extremely unlikely.

Tesla seeks to dismiss securities fraud lawsuit: U.S. court document

SAN FRANCISCO ( ) – ,上海021夜网Falkner,Tesla Inc on Friday asked a court to dismiss a securities fraud lawsuit by shareholders who said the electric vehicle maker gave false public statements about the progress of producing its new Model 3 sedan.

In a filing in federal court in San Francisco, Tesla said that its statements about the challenges the company faced with Model 3 were “frank and in plain language,” including repeated disclosures by Chief Executive Elon Musk of “production hell.”

Tesla did not seek to hide the truth, its motion to dismiss said.

The company says its Model 3 has experienced numerous “bottlenecks” from problems with Tesla’s battery module process at its Nevada Gigafactory to general assembly at its Fremont plant.

Tesla is under pressure to deliver the Model 3 to reap revenue and stem massive spending that has put Tesla’s finances in the red. The ramp of the Model 3, Tesla said in the court filing, was “the first of its kind,” with difficulties likely to crop up after it got underway.

The lawsuit filed last October seeks class action status for shareholders who bought Tesla stock,上海夜网Daisy, between May 4, 2016 through October 6, 2017, inclusive. It said shareholders bought “artificially inflated” shares because Musk and other executives misled them with their statements.

Tesla made such statements during the lead-up to, and early production of, its Model 3 sedan and ,上海夜网千花Idaleen,failed to disclose that the company was “woefully unprepared” for the vehicle’s production, the lawsuit said.

A hearing is scheduled for August.

The Tesla response chronicled disclosures of production bottlenecks the company faced in its third quarter of 2017 when it fell short of its targets.

Tesla’s statements that its Model 3 production was “on track” in May and August of 2017 – which plaintiffs argue were false – were made before production problems began to surface, Tesla argued.

Tesla said its “good faith belief” in the Model 3 p上海夜网rogram is reflected in everything it has done: a $4 billion investment, the build-out of its Gigafactory battery factory in Nevada and the high-volume equipment it commissioned.

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GM to sell new electric car batteries to Honda in North America

( ) – General Motors Co will supply advanced batteries to Japan’s Honda Motor Co, the companies said Thursday, a move that could significantly reduce the cost of future electric vehicles at both automakers after 20,上海夜网官方网站Fabiana,20.

GM said the new batteries, which it has branded EME 1.0 and first described last fall, will be smaller than current EV batteries, can be charged more quickly ,上海夜生活群Nadia,and will provide more energy.

Battery packs, typically the most expensive component of electric vehicles, c上海夜网an cost $10,000 to $1,上海夜网推油Sabine,2,000 – nearly a third the price of GM’s Chevrolet Bolt EV. GM aims to cut that price nearly in half by 2021, sources told earlier this year.

GM and Honda on Thursday said they would “collaborate” on the batteries, with GM supplying cells and modules, mainly for electric vehicles to be sold by both companies in North America.

A source familiar with GM’s plans said its current battery cell supplier, Korea’s LG Chem, is expected to provide cells for the new battery, which is mainly a GM design.

The new batteries are expected to begin production around 2021, the source said.

GM declined to provide further details, and said it had not finalized supplier agreements for the new batteries. LG Chem did not respond immediately to a request for comment.

GM and Honda have a partnership to jointly develop electric vehicles with hydrogen fuel cells that are expected to go on sale in 2020.

Earlier this year, sources told that a key element of GM’s new battery design is slashing the amount of cobalt, the most costly ingredient in current lithium-ion battery cells. Cobalt prices have soared in the past two years in expectation of a surge in demand from automakers.

GM’s new battery design increases the amount of nickel, which enables batteries to store and produce more energy, the sources told . Other battery makers are exploring similar changes in battery chemistry and design.

The GM batteries are an important element in the automaker’s plan to dramatically ramp up electric vehicle production after 2020, especially in China.

In addition to the EME 1.0 battery system, GM also is developing a dedicated architecture for future electric vehicles that is modular and flexible enough to accommodate a variety of different vehicle types and sizes.

EU states agree rules to make search engines pay for news

BRUSSELS ( ) – Search engines like Google (GOOGL.O) and Microsoft’s Bing (MSFT.O) could be made to pay for showing snippets of news articles under draft copyright rules endorsed by European Union ambassadors on Friday.

The measure, which is not yet final, would allow press publishers to ask search engines to pay them for showing their articles for up to one year after publication.

The original proposal from the European Commission had foreseen giving publishers the right to ask for payment for up to 20 years.

The EU copyright reform package would also force websites like YouTube to seek a license from rightsholders for displaying their content, for example a music video, or prevent it from being accessible.

News publishers have had an acrimonious relationship with the likes of Google in the past, whom they blame for revenue and readership declines. Google has tried to remedy that by establishing the Digital News Initiative which funds publishers’ digital projects.

The tech industry says measures like “snippet taxes” do not lead to greater remuneration for the media as search engines channel millions of clicks to news sites enabling them to make money via online advertising.

But news publishers cheered Friday’s agreement, calling it a “decisive step in the right direction”.

“We remain confident that policy makers will continue showing support for an exclusive right to underpin investment in the free and democratic Europ,上海夜网后花园Quaid,ean press,” said News Media Europe (NME), the European Newspaper Publishers’ Association, the European Publishers Council and the European Magazine Media Association.

Thomson i上海夜生活网s a member of the European Publishers Council.

The tech ind,上海会所夜网Pablo,ustry said the agreement would hurt internet users and the digital s,上海凤楼夜网Pablo,ector.

The new so-called neighboring right for press publishers “will extend to the smallest extracts of text, despite overwhelming stakeholder opposition and irrefutable evidence that this right does not increase remuneration for press publishers nor contribute to quality journalism in Europe,” said EDiMA, which represents Google, Microsoft, Facebook and Twitter, among others.

Spain and Germany introduced similar laws in the past, causing Google News to pull out of Spain and Germany’s biggest news publisher Axel Springer to scrap a bid to block Google from running snippets of articles from its newspapers following a plunge in traffic.

The copyright reform proposals would also affect the music industry, which has waged a campaign against YouTube whom they accuse of making money off their content without remunerating them properly.

YouTube said it paid the music industry over $1 billion in 2016 from ad revenue alone and allows artists to make money from fan-uploaded music content.

Following Friday’s agreement, member states will have to negotiate a final copyright reform deal with the European Parliament, which has not yet agreed its position.

Exclusive: Total’s Saft plans over 200 million euros investment in…

PARIS ( ) – French battery maker Saft, a unit of oil and gas major Total said on Friday it plans to invest over 200 million euros ($233 million) in a next generation European battery allia,上海夜哪里艳遇[随机上海夜生活网符],nce project.

Saft formed the alliance with European partners Siemens, Solvay and Manz in February to research, develop and build a new generation solid-state battery to compete with Asian and U.S. manufacturers.

The level of funding from its partners is still to be decided, Saft told in response to questions.

The company said part of its investment will come from internal funds a,上海足浴夜网联系方式Tamara,nd part, yet to be determined, will come from the European Union’s executive arm which has said it will support the development of a European battery sector.

Europe is lagging rivals in the development of its own battery sector and European car makers have turned to dominant battery manufacturers in Asia such as Japan’s Panasonic Corp, South Korea’s Samsung SD and China’s BYD Co as demand for electric vehicles grows.

Saft plans to develop a solid-state battery technology which can be competitive by 2025, with a battery that has twice the performance of those in the market today, the company said.

It plans to develop batteries with 5,000–10,000 (charge and re-charging) cycles, with more than 10 years usage for electric vehicles, and a 20-year calendar life.

“The target is to demonstrate a prototype cell at lab level by the fourth quarter of 2019 and build up a 2 megawatt-hour (MWh) pilot line by Q4 2021,” it said.

If the project is successful, it will build a 1 gigawatt-hour manufacturing standard block by the fourth quarter of 2023, and develop lar,上海仙霞路夜生活Paige,ger scale production based on 2024 market demand, Saft said.

Trump tweet before U.S. payrolls report raises eyebrows

( ) – President Donald Trump set tongues wagging across Wall Street and among economists on Friday when he tweet上海夜生活论坛ed what some viewed as a tip about the big monthly U.S. payrolls report due out later in the morning.

“Looking forward to seeing the employment numbers at 8:30 this morning,” Trump said by tweet at 7:21 a.m. EDT (1121 GMT), just over an hour before the highly anticipated news was released.

The post was quickly retweeted thousands of times, especially by market participants, economists and financial journalists for whom the monthly data is a top-tier news event.

“Since we know the president gets the report way in advance, it’s probably safe to assume it’s a beat,” Yahoo Finance Managing Editor Sam Ro tweeted.

Indeed, the number was a bit stronger than expected, with 223,000 U.S. jobs created in May, 35,上海夜玩网论坛Nadia,,000 above the estimate of 188,000. The unemployment rate dropped to an 18-year low of 3.8 percent.

It does not appear, however, that market participants jumped to trade on Trump’s tweet before the official release.

S&P 500 e-mini futures ESv1 were up about 12 points, or 0.45 percent, before his tweet, then nudged about 1 point higher in the moments afterward. There was no discernable pick-up in trading volume to accompany the move to suggest market players saw it as a tradable tip.

Similarly, futures on the 10-year Treasury note TYv1 were lower and added fractionally to the losses, but as with the equity futures, no volume acceleration accompanied the move.

Larry Kudlow, director of the White House National Economic Council, said in television interviews later on Friday that he had briefed Trump on Thursday about the numbers. By law, the NEC head is one of a handful of administration officials allowed an advance view of the report before its public release from a high-security lockup at the Labor Department, typically on the first Friday of the month at 8:30 a.m. EDT (1230 GMT).

“It is my call on whether to send them over ,上海夜生活桑拿会所Gabrielle,to the president, to give him a call or have a meeting with him. That’s just what I did last evening,” Kudlow said on CNBC.

“He has a right to know. He is the commander in chief. That’s all. He chose to tweet. His tweet basically said, like everybody else, we await the jobs numbers. You can read into that ten different things, if you want to read into it.”

Trump has frequently tweeted about robust jobs numbers after they’ve been released, but this was the first time he did so ahead of its release.

A 33-year-old rule from the White House Office of Management and Budget governing the release of embargoed economic data forbids executive branch employees from public discussion of the data within an hour of its release.

Last year, members of the Trump administration drew criticism for commenting on the numbers too quickly after their release.

Members of past administrations chided the president for breakin,上海夜网Cain,g protocol and potentially offering an advance view of one of the world’s most market-moving pieces of economic data.

“If during the Clinton or Obama Administrations there had been a statement from @POTUS or any senior official in the morning before the Employment Report it would have been a major scandal – with all sorts of investigations following on,” tweeted Lawrence Summers, who served as Treasury Secretary under Democratic President Bill Clinton.

Trump’s post was also seen as heightening an already intense focus on Trump’s Twitter handle by market participants.

“Traders will now be watching the president’s Twitter account much more closely ahead of the jobs release to see if he says anything,” said Jason Ware, chief investment officer at Albion Financial Group in Salt Lake City.

“If he does (like today), then the forthcoming report is likely bullish and money will move accordingly. If he’s silent, maybe it’s not so great. Traders, right or wrong, may play that game for a while and that’s a potentially interesting twist.”

Morocco’s Centrale Danone workers protest job losses due to boycott

RABAT ( ) – Workers at Morocco’s Centrale Danone, a subsidiary of French group Danone (DANO.PA), staged a sit-in in Rabat late on Tuesday over losing their jobs as a consumer boycott now in its second month pressures the company.

“We came here to make our voic,上海晚上耍女人的地方Queena,e heard and tell our Moroccan brothers and sisters to stop the boycott because thousands of jobs at Centrale Danone are at risk,” said El Mehdi Hbich, one of the protesters.

About 2,000 people held banners urging an end to the boycott and blaming the government for what they described as a degradation of the purchasing power of Moroccans. Centrale Danone has about 6,000 people on its payroll.

The boycott, launched on Facebook in April, has slashed the company’s sales and on Monday it said it expects a loss of 150 million dirhams in the six m,上海夜生活怎么玩Octava,onths ending June 30, down from a profit of 56 million dirhams in the same period a year ago.

Last week, Centrale Danone said it would cut by 30 percent the amount of milk it collects from 120,000 farme,上海夜生活乌托邦Hadleigh,rs and lay off workers on short-term contracts, estimated by a government minister at 1,000 people. Other companies targeted by the boycott have declined to comment.

The protest against prices set by large groups linked to a business and political elite, or foreign brands was directed at Centrale Danone, Afriquia fuel stations, owned 上海夜生活网by the Akwa group of billionaire agriculture minister Aziz Akhanouch, and the Sidi Ali water brand.

“Centrale Danone’s factories are now running at half their production capacity because of the boycott,” said Hassan Rouicheq of the CDT labor Union. “This augurs ill for the company, the workers and the farmers who supply.”

The government has called for the boycott to end, voicing concern that it may discourage foreign investors and undermine the domestic dairy sector.

Protests over poverty and corruption this year and in 2017 in impoverished regions of Morocco have been described as the most intense since the 2011 unrest that prompted King Mohammed VI to devolve some of his powers to an elected parliament.

Italy’s anti-elite prime minister plays by rules at G7 club

LA MALBAIE, Quebec ( ) – Italy’s new anti-elite Prime Minister Giuseppe Conte played by the rules at the Group of Seven industrialized nations summit, leaving none of the club’s members unhappy in his debut on the international stage in Canada.

Conte did, however, support U.S President Donald Trump’s unpopular call for Russia to rejoin the group that includes the United States, Britain, Germany, France, Italy, Canada and Japan.

“I agree with President (Trump). Russia sho,上海夜哪里艳遇Ebba,uld be re-admitted into the G8. It is in the interests of everyone,” Conte said in a Twitter post.

Russia was expelled from what was then called the G8 in 2014 because of its annexation of Crimea from Ukraine.

“Overall an encouraging debut,” said one European official as the G7 summit drew to a close and the Italian premier had not gone so far as to break the ranks of the European countries as feared by some. “He was low-key, moderate, aware of the fact that leaders were weighing him, willing to engage and show pro-European credentials.”

EU Council President Donald Tusk hailed what he called a “first and very good, promising meeting” with Conte, while EU Commission president Jean-Claude Juncker said he “didn’t see divergences between Italy and the rest of the European Union over trade.”

A little-known law professor, Conte, 53, emerged from obscurity last month when he was chosen to lead the coalition of the 5-Star Movement and the far-right League.

Conte appeared to break with the EU line during his inaugural speech in the Italian parliament this week when he called for a review of EU s上海夜生活网anctions on Russia.

He landed at the summit in La Malbaie, Quebec, just 48 hours after taking power, forcing European partners to guess what goals Rome would pursue at the summit.

U.S. President Donald Trump railed against trade practices he called unfair to the United States at the meeting, where leaders agreed on Saturday to fight protectionism and reform the World Trade Organization.

The 5-Star and the League’s electoral victory in the March election has been attributed in part to their promise to prioritize the problems of Italian people, echoing Trump’s “America First” position. The stance had generated some anxiety about Italy breaking ranks and standing by Trump against the European partners.

But Conte said before the meeting began that Rome would have undertaken “a moderate line” over the trade dispute.

At his informal meeting wit,上海夜网推油Ebba,h Trump, the U.S. president congratulated Conte for the “great electoral victory” and invited him to the White House. In a Twitter post on Saturday, Trump said Conte would visit Washington “shortly” and said: “He will do a great job – the people of Italy got it right!”

Conte’s chemistry seems to have been good also with French President Emmanuel Macron.

In a meeting with Europeans, Conte relayed the wish of the Italian people to have a dialogue with Russia, and called for space for that desire in the final communique, a French delegation source said.

“We all tried hard to find a wording acceptable for every,上海夜网后花园Dallas,body. At the end all the participants smiled and said ‘look this is the first example of European unity coming from the new Italian government since the elections’,” the source said.

Airlines hope flashier content for travel agents boosts sales

SYDNEY ( ) – Airlines are betting that a new system for showcasing their wares on travel agents’ screens will help sell fancier seats, tastier meals, lounge access and flight options – and give profits a lift.

Airlines typically sell about 70 percent of their tickets via third parties, such as travel agents and websites. But in recent years, with more emphasis on selling extras on top of bookings, simply presenting fares and flight times in text wasn’t enough, an industry association said.

Instead, a more engaging visual approach to marketing was needed: airlines wanted potential passengers to be able to view their planes, seats and even meals as though they were browsing a shopping site.

The resulting system, new distribution capability (NDC), is beginning to show results three years after it w,上海夜网Octava,as introduced, airlines say.

“Airlines want the agility and flexibility to push things the way they do on their website and sell more content,” said Yanik Hoyles, director of NDC at the International Air Transport Association (IATA).

With NDC, agents and travel sites are connected directly to airlines’ visuals and information about onboard amenities such as Wi-Fi access, plane type, entertainment options.

The system also allows passengers to buy extras such as seat upgrades, extra baggage or lounge access, and even non-airline items such as hotels, car hire and restaurant reservations, all under the auspices of the carrier on which they book their trip.

“When you know that airlines are investing billions in these options and experiences… you can imagine how happy we are to be able to communicate and try to market these options to the passenger,” IATA director general Alexandre de Juniac said at the association’s annual meeting in Sydney.

The need for airlines to work harder for robust profits was highlighted in Sydney this week, where rising fuel and labor costs were in the spotlight.

Extras are now responsible for virtually all of the net profits in some instances, Peter Harbison, executive chairman of CAPA-Centre f,上海夜玩网论坛Fabiana,or Aviation, told .

“More than half of the world’s airline profits come from the U.S. carriers, and of that almost 100 percent is from baggage charges and booking changes,” he said.

As low-cost but highly profitable carrier Ryanair (RYA.I) puts it, selling flights is a way to get customers to spend on other items.

“Flights become like bread and milk in supermarket – get them in for that and then you sell them as much other stuff as you can,” the airline’s marketing executive Kenny Jacobs said last month.

IATA, which developed the system for its members, released the first version of NDC in 2015. After two years of testing and several further releases, the standard is ready for widespread adoption, and travel agents and travel ,上海夜生活男人好去处Octavien,technology companies have come around to the concept, Hoyles said.

“This is a massive change, like going from pre-internet to internet,” he said, adding that 55 airlines and 55 travel tech companies had so far been certified for the distribution standard. IATA represents about 280 airlines comprising 83 percent of global air traffic.

NDC is being championed by major full-service carriers such as American Airlines (AAL.O), British Airways (ICAG.L), Lufthansa (LHAG.DE), Qatar Airways and Singapore Airlines (SIAL.SI).

Some airlines are already seeing benefits. Using the NDC with Amadeus Altea, a platform that connects agents to airlines’ booking systems, Finnair (FIA1S.HE) saw bookings on Skyscanner rise an average 30 percent, and the number of site visitors who booked a trip increase 4 percentage points to 12 percent, in the first six months of 2017.

The NDC push by the airlines has caused w上海夜生活论坛aves among providers of the traditional distribution systems such as Amadeus (AMA.MC), Sabre (SABR.O) and Travelport TVPT.N.

While they have been certified for NDC, they highlight there will be challenges for the airlines, such as in handling more transactions and dealing with changes to non-airline items on the itinerary, such as hotels.

“It’s important for airlines to continue partnering with the likes of Travelport and other IT providers that can help them solve these problems,” said Derek Sharp, Managing Director of Travelport’s Air Commerce business.