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UK watchdog says most clients will get all cash back from Beaufort

LONDON ( ) – Thousands of customers of failed British brokerage Beaufort are likely to get all their money back, regulators said on Tuesday.

Beaufort, which specialized in helping raise money forsmall speculative mining companies, was declared insolvent in March after the U.S. Department of Justice alleged it had a role in a more than $50 million stock fraud and a laundering scheme involving a ,上海夜网邀请码Hadleigh,work by Pablo Picasso.

The insolvency has frozen up to 40 percent of the assets of some of Beaufort’s estimated 16,000 clients, comprising retailinvestors and small companies, which included dozens of junior miners.

“The administrators have confirmed that more than 90 percent of clients who are eligible for Financial Services Compensation Scheme (FSCS) coverage are likely to have losses w,上海夜网官方网站Idris,hich fall under the 50,000 pound ($66,170) limit and so will receive back all their client money and custody assets,” the Financial Conduct Authority (FCA) said in a statement.

Remaining customers with portfolios of more than 50,000 pounds may not get all their cash back, the FCA said.

The FCA said a four-year wait for compensation would be the worst-case scenario, and that if a plan from Beaufort’s administrator PwC is approved by the courts, the distribution of assets should start in September.

Some of Beaufort’s customers,上海足浴夜网联系方式Rae, may have suffered losses due to mis-selling and could bring a separate FSCS claim, the FCA said.

Earlier this month PwC cut its estimate for administration costs to 55 million pounds over two years from 100 million ove上海夜生活r four years.

PwC has said it has frozen around 500 million pounds in client assets and a further 50 million in cash. Distribution costs will be deducted from this, requiring the FSCS to make up any shortfall to its 50,000 pound cap.

The FSCS’s budget is being increased to pay for claims against Beaufort.

Toyota sheds some manufacturing to focus on new car technology

TOKYO ( ) – Toyota Motor Corp (7203.T) on Friday said it was planning to transfer some its parts manufacturing operations to its main supplier Denso Corp (6902.T) to free up resources to compete more effectively on new vehicle technologies.

Toyota said it would consolidate core electronics component operations of within Denso from late next year, 上海夜生活网adding that Denso would take over mass production of electronic parts used in its vehicles from 2022.

Leveraging its “keiretsu” tight-knit relationship with its group supplier, Toyota is shedding some of its in-house parts production as it looks beyond making conventional vehicles to develop new technologies including electric cars, self-driving vehicles, ride-sharing and other mobility services.

Friday’s announcement is the latest move by Toyota, which sells 10 million vehicles each year, to streamline its operations as it faces fierce competition from rivals including Volkswagen AG (VOWG_p.DE) and also from technology companies such as Google (GOOGL.O) which are moving into the automotive space.

Toyota said that consolidating development and mass production of components which control electric cars and automated driving functions would eliminate operational overlap, helping it to shift resources to new technologies.

“By c,上海夜生活群Idaia,onsolidating mass-production development and production of electronic components of both Toyota and Denso within Denso … Toyota and Denso aim to establish a speedy and competitive development and production structure,” Toyota said.

Denso, which manufacturers components ranging from air conditioning systems to semiconductors, already counts Toyota as its biggest customer, accounting for nearly half of its annual sales. Toyota is Denso’s biggest shareholder, owning a 24 percent stake.

“They’re basically pulling in all of the forces they need among the group companies to go electric. It’s reinforcing that they will be working very closely with Denso,” Janet Lewis, head of Asia transportation research at Macquarie Securities, said.

“This move highlights the scope and scale of investment needed to develop all these new technologies.”


Toyota and Denso’s relationship goes back to 1949, when Nippondenso was formed as a spin-off of Toyota. After years of supplying Toyota nearly exclusively, Denso has expanded its non-Toyota client base, particularly overseas.

The two companies have also been setting up partnerships with other companies as they pool resources to contain the rising costs of developing new technologies.

Toyota has teamed up with Suzuki Motor Corp (7269.T) and Mazda Motor Corp (7261.T) to develop lower emission cars, while it is developing next-generation batteries for electric cars with Panasonic Corp (6752.T). Denso has formed,上海夜生活Rae, alliances with electronics makers including Toshiba Corp (6502.T), while also scooping up tech start-ups.

Also on Fri,上海夜网Oakley,day, Toyota said it had concluded a memorandum of understanding with Toyota Tsusho Corp (8015.T), its trading arm, to consider transferring the automaker’s sales and marketing operations for Africa to Toyota Tsusho from January 2019.

Written by shyw on  Categories: zpdmrxls Tags: , ,

UAW accuses Musk of threatening Tesla workers over unionization

( ) – The United Auto Workers union (UAW) has filed a complaint accusing Tesla Inc Chief Executive Elon Musk of illegally threatening to take away benefits from workers who join the union.

The UAW, which is seeking to represent workers at Tesla’s facility in Fremont, California, filed the complaint with the National Labor Relations Board late on Wednesday.

Musk in a tweet on Monday said there was nothing stopping Tesla workers from joining a union, but “why pay union dues & give up stock options for,上海夜网官方网站Daisy, nothing?”

The union says Musk violated the National Labor Relations Act, which prohibits employers from making threats or promises to workers to discourage them from joining unions.

Tesla in a statement said Musk’s comment simply recognized that other automakers whose,上海高端夜生活在那里Fabian, workers are represented by the UAW do not provide stock options.

“UAW organizers have consistently dismissed the value of Tesla equity as part of our compensation package,” the company said.

In a separate tweet, Musk accused the UAW of driving General Motors and Chrysler to bankruptcy and losing “200,000+ jobs for people they were supposed to protect.”

He was apparently referring to effects of the crisis in the U.上海夜网S. auto industry in 2008-2010.

UAW President Dennis Williams during a press briefing in Detroit on Thursday called Musk’s comments “ridiculous.”

“I don’t know what the hell Musk is up to,” Williams said. “Sometimes I scratch my head.”

The new complaint is the latest salvo in an ongoing legal battle between Tesla and the UAW, which has accused the company of utilizing a series of unlawful tactics to thwart unionizing.

In August, based on a separate UAW complaint, the NLRB found that Tesla had violated workers’ rights by requiring them to sign a confidentiality agreement that could bar them from talking about their working conditions and s,上海夜网千花Balthazar,afety issues at the California plant.

In October, the UAW filed yet another complaint with the NLRB accusing Tesla of firing 400 workers who supported the union’s campaign. The electric carmaker is also facing lawsuits accusing it of discriminating against black, gay, and older workers. Tesla has denied those claims.

Williams told reporters that a decision on when to hold a unionization vote at the Tesla plant will not come until a new UAW president is seated later this year.

A challenge for the union and its organizers has been the high rate of worker turnover at Tesla.

U.S. might have to exempt some German steels from tariffs: minister

BERLIN,夜上海419龙凤论坛Paige, ( ) – The United States might have to exempt certain types of steel made in Germany from import tariffs especially if U.S. firms dependent on special metals struggle to find locally-produced alternatives, a German minister said.

Economy Minister Peter Altmaier said in an interview published on Saturday that U.S. companies which rely on special types of German steel would have to raise prices and therefore this would put pressure on t上海夜生活论坛he U.S. government to exempt some metals from the 25 percent tariffs.

After failing to win trade concessions, the Trump administration withdrew on Thursday exemptions from the global tariffs which had been given to steel and aluminum imports from the European Union, Canada and Mexico.

The EU has taken the first step in taking the United States to the World Trade Organization to challenge the legality of the new tariffs and the Trump administration’s national security justification. Brussels has submitted an eight-page list to the international trade body, covering goods it would hit with retaliatory measures.

“I assume that special steels produced in Germany will not be able to be easily replaced with U.S.-produced alternati,上海仙霞路夜生活Queena,ves,” Altmaier told the Rheinische Post newspaper. “In this case, they would have to raise the prices of their products significantly.”

Asked about possible U.S. tariffs on European car imports, Altmaier said this would be a dangerous development that could end up harming both the EU and U.S. economies.

“A spiral of reciprocal tariffs would only produce losers,” he said, adding that the EU should remain united as it responds to the U.S. measures. “Then we can maybe prevent a trade war.”

Eveline Metzen, managing director of the American Chamber of Commerce in Germany, said in a separate inte,上海晚上耍女人的地方Kailani,rview that despite the escalation the EU and United States could still bridge their differences and reach a deal.

“Americans and Europeans are gathering negotiating leeway,” she told the RND newspaper network. “I am optimistic that they will reach a deal in the end. Both sides can’t afford a true trade war.”

Michigan Attorney General says weak Detroit schools can be closed

CHICAGO ( ) – U,夜上海论坛Paige,nderperforming schools in the cash-strapped city of Detroit can be closed this school year, Michigan’s Attorney General said in a legal opinion issued Wednesday to clarify an existing state law.

The position is the latest development in a battle between the state’s Republican and Democratic lawmakers over how best to address Detroit’s struggling school system.

Attorney General Bill Schuette, a Republican, said schools operated by the Detroit Public School Community D上海夜生活论坛istrict that are among the lowest achieving 5 percent of all public schools during the three preceding school years can be shuttered by the state’s School Reform Officer (SRO).

Republican Governor Rick Snyder, who in June approved a dramatic restructuring of Detroit’s school system, previously accepted the opinion of an outside law firm that the SRO could not close schools until 2019, according to the Detroit Free Press.

“The law is clear: Michigan parents and their children do not have to be stuc,上海夜生活网419Octava,k indefinitely in a failing school,” Schuette said in a statement on Wednesday.

“Detroit students and parents deserve accountability and high performing schools. If a child can’t spell opportunity, they won’t have opportunity.”

Some Democrats argue that the newly restructured school district needs additional time to re-evaluate the performance of schools and integrate best learning practices.

Schuette’s opinion said the SRO could issue a mandatory notice of closure to a school, which would then determine the best time to close before the end of the current school term.

If a school is closed, students will be re-assigned to another school.

The Detroit public school system, which has nearly 46,000 students, has been under state control since 2009 because of a financial emergency.

Of the 124 worst-performing schools in the state, 47 are Detroit public schools, according to a list released by the SRO earlier this month.

The recent restructuring of the school system splits it into two distinct parts in an effort to improve the academically and financially struggling system.

Ari Adler, a spokesman for Snyder’s office, said on Wednesday that the governor’s office was reviewing Schuette’s legal opinion.

Republican House Speaker Kevin Cotter, who asked for a clarification of the law from Schuette welcomed the decision on Wednesday.

“Detroit students need a final decision, and this opinion provides one,” Cotter said in a statement.


State Representative Sherry Gay-Dagnogo, a Democrat representing northwest Detroit, slammed Schuette’s opinion, describing the attorney general as “totally out of touch with the needs of our community.”

Two ex-Penn West executives must face U.S. SEC fraud charges

NEW YORK ( ) – A U.S. judge has ordered two former finance executives at Penn West Petroleum Ltd, now known as Obsidian Energy Ltd (OBE.TO), to face regulatory charges that they helped engineer a multi-year accounting fraud to reduce the Canadian company’s operating expenses.

In a decision made public on Monday, U.S. District Judge Gregory Woods in Manhattan said the Securities and Exchange Commission’s complaint raised a “strong inference” that Todd Takeyasu and Jeffery Curran intended to defraud investors.

Prior to being terminated in 2014, Takeyasu had been Penn West’s chief financial officer, and Curran reported to him as vice president of accounting and reporting.

The SEC accused them of helping to move hundreds of millions of dollars to capital expense accounts from operating expense accounts, reducing reported operating costs and making oil extraction activities ap,上海仙霞路夜生活Jace,pear more profitable and efficient.


“In light of all of the facts alleged, the SEC sufficiently pleads that Takeyasu and ,上海足浴夜网联系方式Kaiden,Curran were at least aware of improper accounting practices and did nothing to correct them or to otherwise ensure the strength of Penn West’s internal controls,” Woods wrote, without r上海夜生活论坛uling on the merits.

Richard Albert, a lawyer for Takeyasu, said his client “looks forward to the substantial factual record refuting the SEC’s claims coming to light, and to ultimately prevailing.”

Helen Gredd, a lawyer for Curran, said the portrait of her client in the SEC complaint “bears no resemblance to him,” and that Curran looks forward to showing the regulator’s allegations are meritless.

Both lawyers commented in emails. Woods’ 42-page decision is dated June 9.

Obsidian agreed in November to pay an $8.5 million civil fine to settle related SEC charges.

The Calgary-based company did not admit or deny wrongdoing. It paid about C$53 million (US$41 million) in 2016 to settle related shareholder litigation.

Penn West was once among Canada’s largest oil and gas producers, producing around 100,000 barrels of oil equivalent per day, but downsized by selling most assets.

Its adoption of the Obsidian name was an effort to distance itself from Penn West’s past, including a September 2014 restatement of more than two years of financial statements.

The case is SEC v Takeyasu et al, U.S. District Court, Southern District of New York, No. 17-04866.

Clinton enlists former foe Sanders in appeal for youth votes in…

DURHAM, N.H. ( ) – U.S. Democratic presidential nominee Hillary Clinton shared a stage with former rival Senator Bernie Sanders on Wednesday to appeal for youth votes in the Nov. 8 election as opinion polls show a close race with Republican Donald Trump.

Clinton told an audience at the University of N上海夜网ew H,上海夜生活群Gabrielle,ampshire that she would make college affordable if she wins the White House, the kind of promise that won Sanders many young supporters during the Democratic nominating contest. “We should and we will make public colleges tuition-free for families earning less than $125,000 a year,” Clinton said. She vowed to help those who already have student debt to refinance.

Clinton’s campaign is worried that some polls show voters under the age of 30 might not turn out in great numbers at polling stations in November, potentially giving an advantage to Trump.

Members of the crowd on Wednesday waved signs that read: “I will vote.”

Recent opinion polls have shown the race tightening between Clinton, a former secretary of state, U.S. senator and first lady, and Trump, a New York real estate magnate.

A majority of Americans say Clinton won Monday night’s presidential debate, but her performance does not appear to have boosted support among likely voters, according to a /Ipsos national tracking poll released on Wednesday.

The online poll found that 56 percent of American adults felt Clinton did a better job, compared with 26 percent who believed the Republican did better.

Even so, Clinton’s performance seemed to have little impact on her support. The poll showed 42 percent supported her, while 38 percent backed Trump.

Trump, often described as racist by Clinton, tried to turn the tables at a rally in Waukesha, Wisconsin.

He pointed to the Democrat’s remark that “implicit bias is a problem for everyone, not just the police,” when asked at the debate whether she believed police are implicitly biased against black people.

“She accuses the entire country, including all of law enforcement, of ‘implicit bias,’ essentially suggesting that everyone, including our police, are basically racist and prejudiced,” Trump said.


Clinton’s event with Sanders took place on a univer,上海夜生活桑拿会所Nala,sity campus, but it was not open to students without an invitation, according to attendees, many of whom were middle-aged and said they were members of local Democratic organizations or invited by the campaign.

Clinton praised Sanders, a U.S. senator from Vermont who was her opponent in the hard-fought struggle for the Democratic nomination earlier this year.

“He is one of the most passionate champions for equality and justice that I have ever seen and someone that I,夜上海论坛Nadia, am looking forward to working with,” Clinton said of Sanders, who introduced her on Wednesday.

Although Sanders lost to Clinton, he consistently drew younger voters to his side with promises to take on Wall Street, make college less expensive and close the income gap.

He called on young people in New Hampshire, a swing state in the presidential election, to get behind Clinton.

“Get your uncles, your aunts, get your friends to vote for Hillary Clinton,” he said.

Clinton’s campaign said it hoped to get Sanders to make more appearances on Clinton’s behalf before the election.

Bid to block U.S. arms sale to Saudis faces tough opposition

WASHINGTON ( ) – The U.S. Senate will vote上海夜生活 on Wednesday on a measure to block the sale of tanks and other military equipment worth $1.15 billion to Saudi Arabia, but the measure is not expected to pass despite lawmakers’ growing frustration with the longtime U.S. ally.

The Senate’s Republican Majority Leader, Mitch McConnell, said on Tuesday he would “aggressively” oppose the effort.

“I think it’s important to the United States to maintain as good a relationship with Saudi Arabia as possible, and I hope we’ll defeat the resolution of disapproval of the arms sale,” McConnell told reporters, calling Saudi Arabia a good ally.

The Pentagon announced on Aug. 9 that the State Department had approved the potential sale of more than 130 Abrams battle tanks, 20 armored recovery vehicles and other equipment to Saudi Arabia. The Defense Security Cooperation Agency said General Dynamics Corp would be the principal contractor for the sale.

A bipartisan group of senators, led by Republican Rand Paul and Democrat Chris Murphy, introduced a joint resolution seeking to block the arms deal, expressing concern that Saudi-led air strikes had killed civilians in Yemen, worries that the deal might fuel a regional arms race and concern that Congress was giving up its power to declare war.

“We should be part of the debate over whether or not we go to war. But then we should debate the practicalities of whether or not it’s a good idea to be involved in the war in Yemen,” Paul told .

Paul said the conflict could lead to instability and perhaps the rise of a militant group in Yemen, as Islamic State did in Syria.

The resolution also underscores concerns over what many in Congress see as Riyadh’s international promotion of a severe form of Islam they view as hostile to U.S. interests.

“We,上海足浴夜网联系方式Mace,’ve le,上海夜生活乌托邦Sabina,t them get away with it for years and years. And because they’re less bad than other people in the Middle East, we keep giving them weapons,” Paul said.

Democratic Representative Ted Lieu and Republican Representative Mick Mulvaney introduced companion legislation on Tuesday seeking to block the sale in the House of Representatives.

Lieu in August sent a letter signed by 64 lawmakers asking U.S. President Barack Obama to postpone the sale.

Separat,上海021夜网Octavien,ely, Congress could vote this week to override Obama’s promised veto of a measure allowing relatives of victims of the Sept. 11 attacks to sue the Saudi government.

Exclusive: Tesla flies in new battery production line for Gigafactory

FRANKFURT/SAN FRANCISCO ( ) – Tesla Inc has flown six planes full of robots and equipment from Europe to California in an unusual, high-stakes effort to speed up battery production for its Model 3 electric sedan, people familiar with the matter told this week.

Transporting equipment for a production line by air is costly and hardly ever done in the automotive industry, and the move underscores Tesla Chief Executive Elon Musk’s urgency to get a grip on manufacturing problems that have hobbled the launch of the high-volume Model 3 and pushed Tesla’s finances deep into the red.

“As usual with Tesla, everything is being done in a massive hurry and money seems to be no obstacle,” said one of the two sources.

Tesla on Friday declined to comment on whether it has shipped in any new production equipment from Europe.

Investors are closely watching Tesla and its high-profile, often brash CEO to s,上海高端夜生活在那里Barbara,ee if the upstart electric vehicle maker can pull off high-volume production of the Model 3, a car with the potential to catapult the niche automaker to a上海夜生活论坛 mass producer and assure its financial stability.

But manufacturing missteps have led Tesla to repeatedly miss production targets for the sedan, and raised doubts about Musk’s promises that the company will stop burning cash by the third quarter of this year. Tesla had free cash flow of negative $1 billion in the first quarter, and earlier this month disclosed that it could offer its Fremont, California, vehicle assembly plant as collateral for debt.

Engineers from Tesla’s German engineering arm, Grohmann, are now reworking the battery production line at the Gigafactory near Reno, Nevada, in a bid to free up bottlenecks, the person said. The line will become more automated gradually over time, added the source, who was not authorized to speak for attribution.

Musk first disclosed plans for this line on a conference call with analysts in November, after complaining of problems with an original line built by a subcontractor.

Musk has told investors the new battery production line will help the carmaker achieve a quantum leap in productivity. The company has noted, however, that it will still be able to reach its target of building 5,000 Model 3s per week by June without the addition of the new line.

But Tesla’s lack of consistency in its factories has undercut Musk’s production promises in the past.

Under time pressure to fix problems, Musk has now insisted the new production line should be a no-expenses-spared effort, the source said. That led to the decision to airlift the new production equipment to the United States from Europe, a step carmakers usually avoid by planning production equipment installations months or years ahead of a production launch.      

The shipments of new equipment began arriving in Reno this week, the two sources told .

It is not clear when the new production system will be ready to start running. Robots frequently need to be recalibrated to adjust for minimal differences in the quality of raw materials they are working with or temperature and humidity differences. Steps to test the quality of materials and recalibrate robots have proven to be a bottleneck that Tesla managers had underestimated, the first source said.

Musk has repeatedly complained of “manufacturing hell” trying to ramp up the Model 3, which began production, albeit slowly, last July.

In February, Musk said the main bottleneck was still its battery module production, saying Tesla had become “a little overconfident, a little complacent” in its ability to execute.

The Gigafactory’s battery production is divided into four zones, two of which have experienced proble,上海夜生活乌托邦Sabine,ms. Responsibility for two of these zones was originally delegated to subcontractors specialized in integrating complex systems, Musk said.

“We were promised they would work, and it just didn’t work,” Musk said during a February conference call. A new design for an automated system for those zones was nearing completion, Musk said in November, adding that Grohmann was “working on the issue and making very rapid progress.” 

One of the problems, both at the Gigafactory and at Tesla’s Fremont vehicle manufacturing factory, has been the interface between Tesla and the subcontractors it hires. Sources have told of communication problems and high managerial turnover, which complicate the execution of big projects.

Musk said in early May he planned to rid the company of “barnacles” – contractors and subcontractors – saying Tesla’s reliance on them had become “out of,夜上海论坛Landon, control.”

S&P 500 companies return $1 trillion to shareholders in tax-cut surge

SAN FRANCISCO ( ) – S&P 500 companies have returned a record $1 trillion to shareholders over the past year, helped by a recent su上海夜网rge in dividends and stock buybacks following sweeping corporate tax cuts introduced by Republicans, a report on Friday showed.

In the 12 months through March, S&P 500 companies paid out $428 billion in dividends and bought up $573 billion of their own shares, according to S&P Dow Jones Indices analyst Howard Silverblatt.

That compares to combined dividends and buybacks worth $939 billion during the year through March 2017, Silverblatt said in a research note.

Earnings per share of S&P 500 companies surged 26 percent in the March quarter, boosted by the Tax Cuts and Jobs Act passed by Republican lawmakers in December.

Companies have been returning much of that profit windfall to shareholders via share buybacks and increased dividends at never before seen amounts, highlighted by Apple’s record $23.5 billion worth of shares repurchased in the first quarter.

,上海夜网千花Mace,GRAPHIC: Apple buys back, click reut.rs/2JIjkgo

GRAPHIC: S&P 500 capex, click reut.rs/2KwYjWk

S&P 500 companies have also plowed some of the windfall from lower taxes into investments toward growth or becoming more efficient. First-quarter capital expenditures totaled a,上海夜生活男人好去处Mabel,t least $159 b,上海夜网后花园Octavien,illion, up more than 21 percent from the year before, according to S&P Dow Jones Indices.

The biggest overhaul of the U.S. tax code in over 30 years, the new law slashes the corporate income tax rate to 21 percent from 35 percent, and charges multinationals a one-time tax on profits held overseas.

Clinton hits Trump over comments on women ahead of vice…

HAVERFORD, Pa. ( ) – Democrat Hillary Clinton slammed Republican Donald Trump on Tuesday for making disparaging comments about women’s physical appearance, accusing Trump of taking the issue of female body image “to a new level of difficulty and meanness.”

Hours before vice presidential candidates Tim Kaine and Mike Pence face off in Virginia in their sole debate, Clinton urged women at an event in the Philadelphia suburbs billed as a “family town hall” to stand up to online bullying about how they look.

“It’s shocking when women are called names and judged solely on the basis of physical attributes,” the Democratic presidential nominee said in response to a 15-year-old girl’s question about the problem of body image and the “damage Donald Trump does” when he talks about how women look.

“My opponent insulted Miss Universe,” Clinton said, resurrecting her Republican rival’s comments last week about former beauty queen Alicia Machado’s weight gain after she won the Miss Universe contest in 1996.

“I mean, how do you get more acclaimed than that? But it wasn’t good enough,” Clinton said. “We can’t take any of this seriously anymore. We need to laugh at it. We need to refute it.”

Clinton, the first woman to be nominated for the presidency by a major U.S. party, has rushed to capitalize on Trump’s public feud with Machado, whom he once called “Miss Piggy” because of her weight gain, and make inroads with women voters five weeks before the Nov. 8 election.

Clinton’s and Trump’s running mates, Democrat Kaine, a U.S. senator, and Republican Pence, governor of Indiana, will meet in a debate in Farmville, Virginia, starting at 9 p.m. on Tuesday (0100 GMT on Wednesday.)

The debate will provide voters their first extended chance to evaluate the No. 2’s in the White House race and is the only showdown between the vice presidential candidates. Trump and Clinton will meet in their second debate on Sunday.

Pence could find himself frequently on the defensive about Trump, a New York businessman who h,上海夜生活论坛Hal,as been dealing with a torrent of bad news in the past week.

That includes a New York Times report that Trump took an almost $1 billion loss in 1995 that may have allowed him to avoid paying federal income taxes for up to 18 years. While Democrats have slammed him over the report, Trump, who made much of his business acumen on the campaign trail, has said he “brilliantly used” U.S. tax rules to his advantage to limit his tax bills.

Clinton disagreed, telling reporters on Tuesday it showed上海夜生活论坛 “unequivocally” that Trump was a failure at business for losing $1 billion to begin with.

A /Ipsos opinion poll released on Tuesday said 67 percent of Americans believed it was “selfish” for a presidential candidate to pay no taxes, although 46 percent thought a candidate who paid no taxes was “smart.”


Clinton also criticized Trump for appearing to ,上海夜哪里艳遇Talon,suggest on Monday that veterans suffering from post-traumatic stress were not strong enough to handle the stress of war. Trump and his campaign said his words were taken out of context.

“When people come back from war and combat, and they see things that maybe a lot of folks in this room have seen many times over – and you’re strong and you can handle it – but a lot of people can’t handle it,” Trump told a veterans group on Monday.

Clinton said troops deserved a commander in chief who understood their sacrifice.

“Donald Trump’s comments are not just ignorant, they are harmful because they give voice to the stigma that has led generations of veterans to hide their struggles instead of getting lifesaving help,” she said.

On the campaign trail on Tuesday, Trump met with about a dozen energy executives in Denver, querying them mainly about their concerns about regulations he said had “gotten out of control.”

John Harpole, chief executive of Mercator Energy, said he did not understand why the Obama administration’s response to the shale boom and Clinton’s energy positions had not come up during the first presidential debate last week.

Others told Trump they faced more immediate concerns with state-level regulators. Scott Stewart of Gilbert-Stewart Operating said his company had largely moved operations to Kansas because of stiff rules in Colorado.

Trump also reveled in comments on Monday by Clinton’s husband, former President Bill Clinton, who said small-business people and people who make too much to get federal subsidies to help with insurance payments were “getting killed” by the federal healthcare law known as Ob,上海夜网千花Caitlin,amacare.

Trump has promised to repeal Obamacare, while Hillary Clinton has praised it but said she would work to improve aspects of it.

“I bet he went through hell last night, can you imagine?” Trump said of Bill Clinton during a rally in Prescott, Arizona. “He went through hell, but honestly there have been many nights when he has gone through hell with Hillary.”

Clinton has led Trump in national opinion polls in recent months. On Tuesday, an average of polls aggregated by RealClearPolitics website showed her with 48.1 percent of support compared with Trump’s 44.3 percent.

Mitsubishi Materials finds fresh cases of misconduct, loses…

TOKYO ( ) – Japan’s Mitsubishi Materials Corp (5711.T) said on Friday it has found fresh cases of misconduct at its Naoshima copper smelter and refinery in western Japan and the plant’s Japanese Industrial Standards (JIS) certification has been revoked.

The finding follows its announcement in May that it had found new cases of improper actions at a small number of its group firms, on top of the five units that had already confirmed falsification of data. The new cases have widened the number of affect,上海夜生活Rae,ed customers from 762.

It is the latest blow to the diversified materials manufacturer, which first admitted late la上海夜生活st year that its subsidiaries falsified data about products, including parts for aircraft and automobiles, one more in a series of quality assurance scandals to roc,夜上海论坛Mabel,k Japanese manufacturers.

Japan’s Ministry of Economy, Trade and,上海晚上耍女人的地方Gabriella, Industry separately said the Quality Assurance Organization revoked the JIS certification for the Naoshima plant’s copper slag products – used in concrete construction materials – because it had shipped products with a JIS label when they did not meet the criteria or did not conduct required tests.

A total of five customers have received those slag products and Mitsubishi Materials is making safety checks with these customers, a company spokesman said.

Written by shyw on June 10, 2019 Categories: 上海夜生活 Tags: , ,

Google faces EU antitrust fine over Android case in July: sources

BRUSSELS ( ) – Google is expected to be hit with a second EU antitrust fine in mid-July for using its dominant Android mobile operating system to squeeze out rivals, three people familiar with t,上海夜生活群Paige,he matter said.

The European Commission, which has been investigating the case involving the unit of Alphabet since 2015, could issue its decision in the week of July 9, although the timing might change.

As a deterrent to others, the EU penalty is likely to top the record 2.4-b,上海夜玩网论坛Octavien,illion-euro ($2.8 billion) fine handed out to Google last year for unfairly favoring its shopping service, sources told last year.

The EU com上海夜网petition enforcer will also tell Google to stop its anti-competitive practices such as licensing deals which prevent smartphone makers from promoting alternatives to apps such as Google Search and Maps.

Android is the most important of three EU cases against world No. 1 internet search engine Google because of its huge growth potential.

EU-mandated changes however may have little impact on Google because of its market power and the benefits of sticking with the company, industry executives, analysts and even its critics have said.

The Commission declined to comment. Google pointed to a 2016 blog by ,上海夜生活桑拿会所Fabian,its general counsel Kent Walker who rejected the EU charges.

Google recently sought a closed-door hearing in a bid to present its case to senior Commission officials and national competition agencies after being told of new details and evidence which the regulator plans to use against the company, other people with direct knowledge of the matter said.

Its request was denied.

A third case where Google was accused of blocking rivals in its online AdSense search advertising in 2016 is likely to drag on to the end of the year or even later, other people said. The company has since stopped its alleged anti-competitive behavior.

Investors focusing on profit margins as rising prices, wages start…

NEW YORK ( ) – For years U.S. inflation has been the dog that did not bark, but rising prices and wages are now showing signs of squeezing profit margins across corporate America, leading investors to punish companies whose results are deteriorating.

Investors have long focused on rewarding companies that can multiply sales in a relatively slow-growth U.S. economy like Netflix Inc (NFLX.O) and Amazon.com Inc (AMZN.O), but they are now paying more attention to figures further down the income statement like expenses and pre-tax margins.

So far this year companies with high operating leverage, which allows rising revenue to boost earnings while costs stay low, have seen their share prices rise 15 percent, beating their peers by nearly 6 percentage points, according to Goldman Sachs Group Inc (,上海夜网Fabian,GS.N) data.

Investors have also been rewarding companies with high and stable gross profit margins, according to the data.

But a shift in investor focus may now be occurring as the impact of U.S. corporate tax cuts encourages more spending and 10 years of ultra-low interest rates have stimulated economic growth and finally begun to push up prices and wages.

Large corporate tax cuts enacted last year boosted already hefty corporate profits, making most companies’ results look better by after-tax measures, but the benefit of the tax cuts also enabled companies to spend on talent and market share, sometimes raising expenses.

The other driver for investors’ increased focus on pre-tax margins may be inflation as industrial companies are forced to pay more for raw materials and companies dependent on consumer demand pay more in wages.

Tom Dorsey, co-founder of Dorsey, Wright & Associates LLC, said today’s market dynamics remind him of those in the mid-1970s when he started in the investment business. U.S. inflation skyrocketed during that decade, with oil prices spiking higher.

“The same kind of thing is beginning to happen,” Dorsey told .

Investors, he said, “could easily lose a lot of equity in stocks they want to hold on to because of (their dividends).”

Take the case of Campbell Soup Co (CPB.N) which has seen its stock fall 30 percent so far this year on concern that packaged goods companies are struggling to pass on higher costs to consumers through powerful distributors like Walmart Inc (WMT.N) and following the departure in May of Chief Executive Denise Morrison.

In its most recent quarterly earnings, the canned-soup company reported “higher supply chain costs and cost inflation including higher transportation and logistics costs.”

Another example is provided by Stanley Black & Decker Inc (SWK.N) whose stock is off 14 percent year-to-date despite beating Wall Street earnings estimates. The power-tool manufacturer’s chief financial officer, Donald Allan, said in April that steel, batteries and base metals p上海夜网rices were going to take more of a bite out of earnings than they had,夜上海论坛Gabi, warned though they hope to offset those impacts by adjusting prices.

Airline stocks also sank this year with crude oil prices up about 9.0 percent this year, pushing up jet fuel costs. Airline stocks tracked by Thomson Corp .TRXFLDGLPUARLI are down more than 7.0 percent this year.

By contrast, companies who have managed to widen profit margins such as Zoetis Inc (ZTS.N), which makes medicines for animals, Calvin Klein apparel maker PVH Corp (PVH.N), and agricultural product manufacturer Monsanto Co MON.N, have been rewarded with higher share prices this year.

U.S. headline consumer price inflation was 2.5 percent year-on-year in May and hourly earnings for private sector employees were up 2.7 percent from a year-ago,上海夜网后花园Ida,, the Labor Department reported recently.

In its May “Beige Book” on business conditions, the Federal Reserve reported moderate price rises in most regions of the nation and noted rising materials costs in some districts that are putting pressure on transportation, construction and manufacturing.

The Fed is expected to raise interest rates again at its policy meeting next Wednesday as inflation and unemployment have come closer to the central bank’s targets but it will likely also keep an eye on corporate profit margins.

Tough talk on tariffs on imported goods by U.S. President Donald Trump, and potential retaliation by China and other countries, may also push up consumer prices further.

A stronger U.S. dollar so far this year may restrain imported inflation, but a rising greenback typically does more to curtail exports by making them more expensive than it does to tamp down inflation by cheapening imports, according to 2015 Boston Fed research.

“Everyone is focused on interest rates. Everyone is focused on trade. But the risk everybody isn’t paying attention to is inflation,” said Charles Bobrinskoy, vice chairman and head of investment group at Ariel Investments.

“There’s a large class of investors who have never invested in inflationary environments.”

Written by shyw on June 8, 2019 Categories: hbdmauuw Tags: , ,

Boeing ties up with Safran to push into aircraft services business

( ) – Planemaker Boeing Co (BA.N) will partner with French aerospace firm Safran SA (SAF.PA) to make and service aircraft auxiliary power units as it uses some its profit from record jet sales to push into other lucr,上海夜生活怎么玩Qirin,ative aerospace segments.

Boeing and上海夜生活网 rival Airbus SE (A,上海仙霞路夜生活Pamela,IR.PA) are branching into more profitable services, in a bid to emulate the wider margins of third party suppliers,上海夜生活桑拿会所Jacob, who traditionally control the market for repairs and services.

Safran already makes APUs, which are used to start aircraft engines and run other systems, and competes with Honeywell International Inc (HON.N) and United Technologies Corp (UTX.N) – the two leading manufacturers of such power units.

“This move will strengthen Boeing’s vertical capabilities as we continue to expand our services portfolio and make strategic investments that accelerate our growth plans,” Boeing Chief Financial Officer Greg Smith said.

The alliance with Safran comes about a month after the world’s biggest planemaker said it would buy aerospace parts company KLX Inc KLXI.O to expand its aircraft services business.

The partnership will not affect Safran and Boeing’s 2018 forecasts and plans to return cash to their shareholders.

Safran currently supplies a wide range of components to Boeing’s commercial and defense programs. It also has a partnership with General Electric Co (GE.N) to make LEAP-1B engines for Boeing’s 737 MAX.

Boeing has been riding on strong demand for commercial jets, selling a record number of jets in 2017. In April, the company raised its full-year earnings and cash flow forecasts.

Trump’s move to please farmers on biofuels reform draws refinery…

( ) – U.S. President Donald Trump, in yielding to pressure from farming states and agreeing to suspend changes to U.S. biofuel policy is now being criticized by another important constituency, the main union for oil refinery workers.

The United Steelworkers, the largest industrial union in North America representing refinery workers, said the decision leaves in place a costly regulation that puts at risk thousands of blue collar jobs of the type Trump has promised to preserve.

“Inaction by the Trump administration now threatens the livelihood of thousands of East Coast refinery workers and tens of thousands of related jobs throughout the Northeast,” the union said in a statement on Wednesday.

Trump on Tuesday had told Midwestern lawmakers he would drop a proposed deal to tweak the U.S. Renewable Fuel Standard (RFS) to cut costs to refineries, saying he understood the move would hurt farmers, sources familiar with the matter told .

U.S. Senators Chuck Grassley and Jon,上海夜生活群Macey,i Ernst from the farm state of Iowa, along with biofuels industry representatives in favor of the existing legislation praised Trump, and prices for U.S. renewable fuel credits soared more than 40 percent in morning trade.

“With no official decision, there is more to come on this,” said Brendan Williams, a lobbyist with merchant refiner PBF Energy Inc (PBF.N).

Merchant refiners would not stop looking for help, Williams said.

The White House was poised to announce proposed changes this week after hosting months of difficult negotiations between representatives of Big Oil and Big Corn. The deal would have eased pressure on the refining industry by allowing biofuels exports to count toward the annual vo上海夜网lumes quotas, but would also have expanded sales of high-ethanol gasoline in a concession to biofuels producers.

Oil refiner Pennsylvania Energy Solutions had blamed its bankruptcy this year on the cost of complying with the RFS, and other refining companies in the region have said they are also struggling to meet the requirements of the regulation – including Monroe Energy and PBF Energy.

The American Petroleum Institute, which represents big oil and gas companies like Exxon Mobil and Chevron Corp, said it was pleased the reform deal collapsed because it would prefer a broader “comprehensive legislative reform.”

“Ethanol and oil & gas don’t see eye to eye on the RFS, but in this case we agree that it’s good news that this proposed deal collapsed,” said Frank Macchiarola, Group Director of Downstream and Industry Operations at API.

The RFS requires oil refiners to mix increasing volumes of biofuels including ethanol into fuel each year, and to prove compliance by earning or acquiring blending credits and handing them in to the Environmental Protection Agency.

The law has helped corn farmers by creating a 15-billion-gallon-a-year market for ethanol,,上海夜生活网419Fabiana, but refining companies have complained that compliance costs are too high and threatens jobs.

The White House and the EPA did not respond to requests on Wednesday for comment on the policy suspension.


Trump telephoned Iowa Senator Ernst on Tuesday afternoon to tell him that h,上海夜网后花园Earl,e would drop the plan. Trump had asked her if farmers could support the deal and she responded “no”, according to sources briefed on the phone call.

He later called Grassley, one of the most vocal advocates of the U.S. biofuel industry, the sources said.

Both cheered the decision on Twitter late on Tuesday.

“@realDonaldTrump has said he loooovves the farmers! #Iowa is feeling that love today, as the President just assured me he ‘won’t sign a deal that’s bad for farmers!’ Thank you Mr. President,” wrote Ernst.

Trump, in a bill signing at the White House on Wednesday, appeared to give a nod to the move when he addressed Republican Ernst. “Where’s Joni? I did you a good favor for the farmers yesterday, right? We love the farmers, right Joni? Good, good, I’m glad it worked out,” he said.

Pressure from merchant refiners like PBF and Valero to reform the program had already eased in recent weeks as the EPA took unilateral steps, handing out waivers to small facilities exempting them from the RFS, that resulted in significantly lower compliance costs.

Ethanol groups praised the move, but signaled that more needed to be done to rectify some of the EPA’s activities around the small refinery program and to boost use of higher ethanol blends in the marketplace.

Renewable fuel credit prices are down sharply since late last year because of the EPA waivers, which biofuels advocates say have undercut ethanol demand.

German regulator orders recall of Daimler diesel van

FRANKFURT ( ) – Germany’s road vehicle authority ordered Daimler (DAIGn.DE) on Thursday to recall its Mercedes van model Vito 1.6l Diesel Euro 6, saying engine control features to reduce exhaust emissions were in breach of regulations.

Daimler said it would appeal against the decision and fight it in court, if necessary, though it said it was cooperating fully with the regulator KBA.

Car owners would be informed about a free-of-charge software update as soon as it is available, the carmaker added.

Germany’s Transport Ministry in February began looking into alleged use of an illegal defeat,上海夜生活网419Lark, device in about 1,000 Mercedes-Benz Vito vehicles.

Daimler said on Thursday the software features in question were not necessary for the Vito model to pass European emission tests.

Since rival Volkswagen (VOWG_p.DE) admitted in 20,上海高端夜生活在那里Faith,15 to cheating U.S. emissions tests, German carmakers including VW, Daimler and BMW (BMWG.DE) have faced a backlash against diesel technology in which they have invested billions of euros.

Prosecutors in Stuttgart, where Daimler is based, have been investigating staff at the carmaker for more than a year on suspicion of false advertising and the possible manipulation of emission-control features.

A spokesman for the prosecutor’s office said investigations were widened about two months ago to include the Vito and bring to light the circumstances of suspected manipulations of the van’s emissions, confirming a report by German magazine Wirtschaftswoche.

U.S. investigators, in tur,上海夜网推油Eason,n, are looking into on-board software that may have helped Mercedes-Ben上海夜生活z vehicle to pass diesel emissions tests, German weekly Bild am Sonntag reported in February, citing confidential documents.