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Delisting Chinese Firms From U.S. Is a ‘Terrible Idea,’ Hank Paulson Says  » 
21 Nov 2019, 8:59

Delisting Chinese Firms From U.S. Is a ‘Terrible Idea,’ Hank Paulson Says(Bloomberg) -- Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here. Former U.S. Treasury Secretary Hank Paulson said calls to oust Chinese companies from American stock indexes was contrary to the foundations of capitalism, as he warned against the dangers of decoupling the world’s two largest economies.Paulson, who’s now chairman of the Paulson Institute, told Bloomberg’s New Economy Forum in Beijing that moves to reduce ties between the U.S. and China would weaken American leadership and New York’s leading role in finance. He said less cooperation between Washington and Beijing would also make it more difficult to tackle another financial crisis like the one he was forced to manage as treasury secretary in 2008.“When the next crisis comes -- and a crisis will come, because financial crises are inevitable -- we will regret it if we lack mechanisms for the world’s first and second-largest economies to coordinate,” Paulson told the forum on Thursday, according to a prepared version of his remarks.Paulson’s speech followed on from his warning at the same forum last year that an “economic iron curtain” was descending between the U.S. and Chinese economies. Since then, the relations between the two sides have grown even more strained by trade disputes, security spats and disagreement over human rights.The Trump administration has been pressuring allies to stop using Chinese technology. U.S. officials are also discussing ways to limit American investors’ portfolio flows into China, Bloomberg News reported in September, citing people familiar with the internal deliberations.The U.S. Treasury said that there was no plan “at this time” to block Chinese companies from listing on U.S. stock exchanges.“Decoupling China from U.S. markets by delisting Chinese firms from US exchanges is a terrible idea,” Paulson said. “So is forcing Chinese equities out of the MSCI indexes. It is simply contrary to the foundations of successful capitalism for politicians and bureaucrats to instruct private American players how to deploy private capital for private ends.”The New Economy Forum is being organized by Bloomberg Media Group, a division of Bloomberg LP, the parent company of Bloomberg News.\--With assistance from Karen Leigh.To contact Bloomberg News staff for this story: Peter Martin in Beijing at pmartin138@bloomberg.netTo contact the editors responsible for this story: Brendan Scott at bscott66@bloomberg.net, James MaygerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


Russia opens investigation into space center fraud after Putin rebuke  » 
21 Nov 2019, 8:27

Russia opens investigation into space center fraud after Putin rebukeRussian investigators said on Thursday they had opened two criminal cases into the management of a company involved in building the Vostochny Cosmodrome, a space center in the country's Far East. The announcement came less than two weeks after President Vladimir Putin complained to government officials about corruption at the facility and called for further investigations. Construction of the Vostochny Cosmodrome began in January 2011, part of a plan for Russia to reduce its dependency on the Baikonur Cosmodrome in Kazakhstan, which Russia leases from the former Soviet Republic for space operations.


Israel Nears Unprecedented Third Vote as Gantz Coalition Bid Fails  » 
21 Nov 2019, 7:16

Israel Nears Unprecedented Third Vote as Gantz Coalition Bid Fails(Bloomberg) -- Israel has three weeks to stave off an unprecedented third election after former military chief Benny Gantz failed to muster enough support in parliament to form a government and dislodge legally embattled Prime Minister Benjamin Netanyahu.Political newcomer Gantz -- the only politician to present a serious challenge to the prime minister over the past decade -- informed Israeli President Reuven Rivlin late Wednesday that, like Netanyahu before him, he couldn’t cobble together a governing coalition.Gantz, in a televised address, said he was “willing to make far-reaching concessions” to form a broad-based government uniting his Blue and White faction and Netanyahu’s Likud, but was confronted by “a bloc that insisted on putting the interests of one man before the interests of the country.”Now, in a development that has never happened before in Israel’s 71-year history, the ball goes to parliament’s court.If a majority of Israel’s 120 lawmakers can line up behind a member of parliament -- including Netanyahu or Gantz -- they can ask Rivlin to give that person 21 days to take a crack. Apart from the two main candidates, nobody has stepped up. If no government is formed, parliamentary automatically disbands and a revote will be called for early next year.“Short of one or both of the leaders coming down a little bit further from their tree, or perhaps a game-changing decision from the attorney general,” who will soon decide whether to indict Netanyahu on corruption charges, “we’re going to third elections,” said political strategist Ashley Perry, a former adviser to ex-defense minister and political kingmaker Avigdor Liberman.Political ParalysisIsraeli government bond yields rose on Wednesday when it became clear that Gantz would have to tell Rivlin he couldn’t get the job done. The shekel remain little changed and one-year interest rate swaps were unchanged -- a sign that investors don’t expect the political stalemate to impact borrowing costs.While Netanyahu and Gantz stare each other down, the country has been run by caretaker governments with limited ability to fix urgent problems like the budget deficit, an antiquated transportation system and overcrowded hospitals -- let alone the country’s intractable conflict with the Palestinians.“It could really hurt the economy,” said Alex Zabezhinsky, chief economist for Meitav Dash Investments Ltd. “If you don’t have a government for a long period of time, like about a year, you feel substantially the impact of this on investment, infrastructure, in many industries.”The stalemate has already frustrated the Trump administration’s efforts to introduce its long-delayed play for Middle East peace.Netanyahu dismissed Gantz’s allegation that he was to blame for the impasse and called on him on Thursday to renew negotiations. “We can overcome our differences,” he said.Polls suggest a third round of balloting would produce another deadlock. But the cards could be shuffled if Attorney General Avihai Mandelblit decides before the election to charge Netanyahu with bribery and fraud, as he’s signaled he intends to do. An indictment would ratchet up calls for the prime minister’s immediate resignation and could weaken him and his Likud party ahead of the vote.Israel’s Yediot Ahronot newspaper reported that an indictment could come down as early as Thursday.Although Netanyahu denies wrongdoing, he’s angling to change Israeli law to grant sitting prime ministers immunity from prosecution. For this reason, he’s been less willing to compromise than Gantz, analysts say.Options ClosedGantz, who promised a respite from the divisiveness and corruption scandals that tarnished Netanyahu’s tenure, started the day with a midnight deadline and two problematic routes to a coalition government that would send the prime minister packing. By midday, both seemed closed.Talks with Netanyahu on Tuesday night on teaming up their parties in government broke down, in part due to disputes over allowing Netanyahu to remain in office if indicted. His other alternative -- forming a minority government -- was shot down by Liberman, whose party he would have needed to get there.“There’s no option other than a unity government,” Liberman said.To contact the reporter on this story: Yaacov Benmeleh in Tel Aviv at ybenmeleh@bloomberg.netTo contact the editors responsible for this story: Alaa Shahine at asalha@bloomberg.net, Amy Teibel, Michael GunnFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


Charges dropped against immune new Sri Lanka president  » 
21 Nov 2019, 7:11

Charges dropped against immune new Sri Lanka presidentCorruption charges against Sri Lankan president Gotabaya Rajapaksa were dropped Thursday by a court, which handed his passport back as he acquired immunity from prosecution after being elected last weekend. Under Sri Lanka's constitution, no court proceedings can be maintained against a serving president. The High Court had indicted Rajapaksa in September last year on charges of siphoning off 33 million rupees (around $185,000) in state funds to build a memorial for his parents.


Why Pete Buttigieg got a pass in the debate  » 
21 Nov 2019, 7:03

Why Pete Buttigieg got a pass in the debatePete Buttigieg came into Wednesday night’s debate bracing for an onslaught that never came. Yes, Amy Klobuchar and Tulsi Gabbard questioned his experience. Cory Booker dinged the young mayor’s resume, pointing out that he’s the “other Rhodes Scholar mayor on the stage” and warning voters against picking a Democratic nominee with an “inauthentic” connection to African American voters — a bloc that has largely ignored Buttigieg’s campaign so far.


Nearly ¾ of transgender people slain since 2017 killed with guns  » 
21 Nov 2019, 6:19

Nearly ¾ of transgender people slain since 2017 killed with guns"Transgender violence is a gun violence issue," says Everytown for Gun Safety researcher


This Means War: Yes, Russia's Su-35 Can Take on the F-15 or F-16  » 
21 Nov 2019, 5:30

This Means War: Yes, Russia's Su-35 Can Take on the F-15 or F-16What would happen?


Pete Buttigieg slams Tulsi Gabbard for meeting with 'murderous dictator' Bashar al-Assad  » 
21 Nov 2019, 4:38

Pete Buttigieg slams Tulsi Gabbard for meeting with 'murderous dictator' Bashar al-AssadAfter Rep. Tulsi Gabbard (D-Hawaii) accused South Bend, Indiana, Mayor Pete Buttigieg of being woefully inexperienced when it comes to national security and foreign policy, Buttigieg fired back by saying he would never have met a "murderous dictator" like she did.In 2017, six years after the start of the Syrian Civil War, Gabbard traveled to the country to meet with its leader, Bashar al-Assad. The United States considers him a war criminal who killed his own citizens, and facing criticism for her trip back home, Gabbard refused to denounce Assad or apologize for the meeting.Sen. Kamala Harris (D-Calif.) brought this up earlier in the debate, mentioning Gabbard's reluctance to call Assad a war criminal.> Kamala Harris hit Tulsi Gabbard hard on tonight's Democratic debate stage. Watch: > > (Live analysis: https://t.co/UlItvQ8K38) pic.twitter.com/tO7yStqkOm> > -- POLITICO (@politico) November 21, 2019After Gabbard accused Buttigieg of having no experience and making a "careless statement" saying he would "be willing to send our troops to Mexico to fight the cartels," Buttigieg picked up where Harris left off. He first accused Gabbard of taking the remarks out of context, telling her it was preposterous to think he proposed invading Mexico."If your question is about experience, let's also talk about judgment," Buttigieg said. "One of the foreign leaders you mentioned meeting was Bashar al-Assad. I have in my experience, such as it is whether you think it counts or not since it wasn't accumulated in Washington, enough judgment that I would not have sat down with a murderous dictator like that." Gabbard told Buttigieg this was proof he "would lack the courage to meet with both adversaries and friends," and brought up Franklin Roosevelt meeting with Josef Stalin and John F. Kennedy convening with Nikita Khrushchev. Buttigieg interrupted to bring up another dynamic duo: "Like Donald Trump met with Kim [Jong Un]," he said.More stories from theweek.com India is entering a new dark age Ken Starr on the Sondland testimony: 'It's over' Late night hosts soak in the fallout from Gordon Sondland's impeachment bombshells


Protesters stay holed up on Hong Kong campus, surrounded by riot police  » 
21 Nov 2019, 4:24

Protesters stay holed up on Hong Kong campus, surrounded by riot policeFewer than 100 protesters remained holed up in a Hong Kong university on Thursday as riot police encircled the campus, with some activists still desperately searching for ways to escape while others hid. Some protesters told Reuters they where holding out not for a showdown with police, but because they were innocent and looking for an escape route. Many protesters have abandoned their belongings, including gas masks and umbrellas.


Cory Booker goes after Biden on marijuana — and lands Biden in a string of gaffes  » 
21 Nov 2019, 4:20

Cory Booker goes after Biden on marijuana — and lands Biden in a string of gaffesSen. Cory Booker (D-N.J.) has a wake- and bake-up call for former Vice President Joe Biden.A few days ago, Biden set himself apart from the rest of the top 2020 Democrats by calling marijuana a "gateway drug" and saying "legalization is a mistake." Booker brought that comment up in Wednesday's Democratic primary debate, saying while he has "a lot of respect" for Biden, when he heard that remark, he "thought you might have been high when you said it."> "I have a lot of respect for the vice president...this week I hear him literally say that 'I don't think we should legalize marijuana.' I thought you might have been high when you said it," Sen. Cory Booker said to Joe Biden. DemDebate pic.twitter.com/bzbVRlD2wP> > -- CNBC (@CNBC) November 21, 2019After his well-timed zing, Booker explained why he had a problem with Biden's remark. "Marijuana in our country is already legal for privileged people," he said, pointing out how black and brown people are disproportionately hurt by current drug policies.Biden immediately got heated -- and slipped into a string of slips of the tongue. He clarified that he does support decriminalizing marijuana as part of his presidential platform, and that no one should be in jail for pot possession. And then he pivoted to how that ties to his support from black voters, saying he "come[s] out of the black community" before quickly adding "in terms of my support." And then he declared he had the endorsement of the "the only African American woman that had ever been elected to the United States Senate" -- with Sen. Kamala Harris (D-Calif.) standing just a few feet away.More stories from theweek.com India is entering a new dark age Ken Starr on the Sondland testimony: 'It's over' Late night hosts soak in the fallout from Gordon Sondland's impeachment bombshells


The Latest: Thais gather for Mass as pope, cousin arrive  » 
21 Nov 2019, 3:31

The Latest: Thais gather for Mass as pope, cousin arriveThousands of people have filled Bangkok’s national sports stadium for Pope Francis’ first public Mass in Thailand. It included separate meetings with Thailand’s prime minister, supreme Buddhist leader and recently crowned king. Throughout his stay, Francis has been accompanied by Sister Ana Rosa Sivori, his second cousin who is serving as his interpreter.


2020 debate: Tulsi Gabbard prompts a brawl with Kamala Harris over dig at Democratic Party  » 
21 Nov 2019, 3:25

2020 debate: Tulsi Gabbard prompts a brawl with Kamala Harris over dig at Democratic PartyWhen asked about controversial comments by Hillary Clinton, Tulsi Gabbard took a stab at the Democratic Party, prompting response from Kamala Harris.


Singapore ‘Repatriates’ Hongkonger Who Held Political Meeting  » 
21 Nov 2019, 3:14

Singapore ‘Repatriates’ Hongkonger Who Held Political Meeting(Bloomberg) -- A Hong Kong resident living in Singapore has been “repatriated” home after organizing an illegal gathering of mostly ethnic Chinese last month to talk about the ongoing protests, according to local media reports.Restaurant owner Alex Yeung, along with a 55-year-old former Hong Kong resident, were issued a “stern warning” over what was said to be a gathering of about 10 people sharing their views of the escalating protests, which is an offense under the Public Order Act. Yeung, who has a Youtube channel of largely pro-Beijing content was further instructed he would not be allowed to enter Singapore again without permission from the authorities.“Singapore has always been clear that foreigners should not advocate their political causes in Singapore, through public assemblies, and other prohibited means,” the Singapore Police Force told Channel News Asia late on Wednesday.Speaking from Singapore’s Changi Airport on Thursday morning ahead of his flight, Yeung said he was now free to go where he pleased and thanked Singapore for upholding the rule of law.Illegal Gatherings“The Singapore Police Force has made no indictment against me. I am warned to refrain from any criminal conduct in the future under their discretion,” he said in a video posted to YouTube. “Singapore is a very civilized country with very good security.”In 2017, Singapore revoked the permanent residency of prominent academic and China expert Huang Jing after he allegedly used his position to covertly advance the agenda of an unnamed foreign country at Singapore’s expense.Hong Kong has been gripped for days by the standoff at the city’s Polytechnic University, where hard-core protesters remain surrounded by police. The unrest began in June with largely peaceful marches against legislation allowing extraditions to mainland China and have since mushroomed into a broader push for demands including an independent probe into police violence and the ability to nominate and elect city leaders.Speaking to reporters on Monday, Singapore’s Trade and Industry Minister Chan Chun Sing warned a similar situation could “easily happen” in his country if the government is complacent. Under restrictive laws, cause-related gatherings are illegal without a police permit and participants are subject to fines without it.\--With assistance from Chester Yung.To contact the reporter on this story: Philip J. Heijmans in Singapore at pheijmans1@bloomberg.netTo contact the editors responsible for this story: Ruth Pollard at rpollard2@bloomberg.net, Muneeza NaqviFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


China Committed to Peace Despite Challenges, Vice President Says  » 
21 Nov 2019, 1:56

China Committed to Peace Despite Challenges, Vice President Says(Bloomberg) -- A top deputy to Chinese President Xi Jinping reaffirmed China’s commitment to market-based economic reforms, while warning that the international order “was under attack.”Vice President Wang Qishan, who’s one of China’s best known economic reformers, told Bloomberg’s New Economy Forum on Thursday that the country would follow through on policy changes despite facing serious challenges at home and aboard. He said the country would continue to let the market play a “decisive role” in the allocation for resources and stick to the path of peaceful development.“Between war and peace, the Chinese people firmly choose peace. Humanity cherishes peace,” Wang said in his keynote address in Beijing. “We should abandon the zero-sum thinking and cold war mentality.”The New Economy Forum is being organized by Bloomberg Media Group, a division of Bloomberg LP, the parent company of Bloomberg News. Other guests include Microsoft Corp. founder Bill Gates, former U.S. Treasury Secretary Hank Paulson and former U.S. Secretary of State Henry Kissinger.Wang’s speech comes as the U.S. and China work to assemble a partial trade agreement, even as broader tensions mount in the U.S.-China relationship from human rights concerns over Hong Kong and the western region of Xinjiang to strategic competition in the South China Sea. The sides are making progress in key areas, according to people close to the talks, even as concerns grow that efforts to nail down the first phase of a broader deal are stalling.U.S. President Donald Trump is expected to sign legislation passed by Congress supporting the Hong Kong protesters, a person familiar said, after the bill was approved unanimously by the Senate on Tuesday and passed the House 417-1 on Wednesday.Trump -- facing an impeachment inquiry at home -- may seek a political win by reaching a trade deal with China. Policy makers in Beijing face their own troubles with a slowing economy at home, as well as factory-price deflation, a fragile financial system and spiraling food costs in the wake of a catastrophic disease epidemic among the nation’s pig herd.“Development must be balanced and inclusive,” Wang said Thursday. “We need to work together to make economic globalization work for all people across the world.”Wang struck a less confrontational tone than when he addressed the same forum last year in Singapore as trade tensions were at a crescendo. In his remarks last year, he both reaffirmed China’s desire to move forward with trade talks and warned that his country wouldn’t again be “bullied and oppressed” by foreign powers.\--With assistance from Dandan Li and Tian Ying.To contact Bloomberg News staff for this story: Peter Martin in Beijing at pmartin138@bloomberg.net;Miao Han in Beijing at mhan22@bloomberg.netTo contact the editors responsible for this story: Brendan Scott at bscott66@bloomberg.net, Sharon ChenFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


House Democrats ponder expanding impeachment probe after Sondland 'game changer' testimony  » 
21 Nov 2019, 1:54

House Democrats ponder expanding impeachment probe after Sondland 'game changer' testimonyGordon Sondland’s explosive testimony Wednesday that “everyone was in the loop” on President Trump’s efforts to secure an investigation of a political rival prompted rank-and-file Democrats to discuss whether it was time to expand their probe.


GOP claim that Trump cares about corruption takes a hit at impeachment hearing  » 
21 Nov 2019, 1:26

GOP claim that Trump cares about corruption takes a hit at impeachment hearingRep. Jim Himes, D-Conn., took issue with a defense of President Trump floated by Rep. John Ratcliffe, R-Texas.


Indiana officer fired after telling black men he had the right 'to do anything I want'  » 
20 Nov 2019, 23:00

Indiana officer fired after telling black men he had the right 'to do anything I want'The viral video, which has more than 450,000 views, shows the constable yelling "I got my rights to do anything I want to do! I'm a police officer!"


Arizona border activist found not guilty of hiding migrants  » 
20 Nov 2019, 22:54

Arizona border activist found not guilty of hiding migrantsAn Arizona jury on Wednesday found a human rights activist not guilty of harboring two migrants who crossed the U.S.-Mexico border illegally, after the U.S. government prosecuted him for giving them food, water and shelter in the desert. The Tucson jury took just over two hours to decide that Scott Warren, 37, a geography professor, provided the men with legal humanitarian aid in January 2018 and did not deliberately conceal them from U.S. Border Patrol. A previous jury was unable to decide whether he broke the law by letting the men stay in a building near Ajo, Arizona, to recover from a two-day trek.


Democratic debates: Democrats prepare for fifth debate after key impeachment witness says Trump directed Ukraine 'quid pro quo' in bombshell testimony  » 
20 Nov 2019, 22:39

Democratic debates: Democrats prepare for fifth debate after key impeachment witness says Trump directed Ukraine 'quid pro quo' in bombshell testimonyGordon Sondland has implicated a number of White House officials who were “in the loop” with Donald Trump's direction to withhold aid to Ukraine in an exchange for a meeting and a public statement announcing an investigation into the president’s political opponents.The testimony came as Democrats were preparing to hold their fifth debate of 2020 in Atlanta, where they will undoubtedly be asked about the freshly sprung impeachment inquiry that has dominated headlines.


Mexicans sue Walmart over El Paso shooting  » 
20 Nov 2019, 22:13

Mexicans sue Walmart over El Paso shootingMexico's government said Wednesday it has helped 10 Mexican citizens file lawsuits against Walmart over an August shooting at a store in El Paso, Texas, where a suspected white nationalist killed 22 people. "The objective of these suits, presented in El Paso county, is to hold the company responsible for not taking reasonable and necessary measures to protect its clients from the attack," the foreign ministry said in a statement. Eight Mexicans were killed and eight wounded in the August 3 attack in El Paso, a city on the US-Mexican border where 83 percent of the population is Latino.


A Lack of Money Will Stop Russia from Building More Stealth Fighters  » 
20 Nov 2019, 21:00

A Lack of Money Will Stop Russia from Building More Stealth FightersOr at least enough more to make a big difference.


Lawyer for NSC Adviser Vindman Sends Letter to Fox Demanding Retraction of ‘Espionage’ Allegation  » 
20 Nov 2019, 20:50

Lawyer for NSC Adviser Vindman Sends Letter to Fox Demanding Retraction of ‘Espionage’ AllegationA lawyer for Lt. Col. Alexander Vindman sent a letter to Fox News on Wednesday demanding the network either retract or issue a correction for a segment of the The Ingraham Angle, in which guest John Yoo, a former top lawyer in the Bush administration, seemed to suggest that Vindman might be guilty of espionage.Vindman, who listened to the July 25 phone call between President Trump and Ukrainian counterpart Volodymyr Zelensky that forms part of the impeachment probe, testified in House hearings on Tuesday regarding the matter. Vindman is a long-serving military officer whose family fled Soviet Ukraine when he was three years old.During the October 28 airing of "The Ingraham Angle," host Laura Ingraham speculated on Vindman's motives for testifying."Here we have a U.S. national security official who is advising Ukraine, while working inside the White House, apparently against the president’s interest," Ingraham said. "Isn’t that kind of an interesting angle on this story?""I found that astounding,” Yoo responded. "Some people might call that espionage.""LTC Vindman and his family have been forced to examine options, including potentially moving onto a military base, in order to ensure their physical security in the face of threats rooted in the falsehood that Fox News originated," Vindman's lawyer David Pressman wrote.Pressman noted that espionage is a crime punishable by death, and that Vindman "had never in his decorated 20-year career of service to his country been accused of having dual loyalties or committing espionage."A spokeswoman for Fox News said she had no immediate comment when asked by the New York Times.Yoo wrote an op-ed in USA Today after the segment aired in which he clarified that he meant Ukraine may have committed an espionage operation, but that he didn't accuse Vindman specifically of espionage.Pressman wrote in his letter that "Mr. Yoo’s argument that he did not intend to accuse LTC of Vindman of ‘espionage’ — that he was accusing the nation of Ukraine instead — is as legally irrelevant as it is factually incredible."


American Airlines admits a midair accident that knocked out 2 flight crew was not caused by spilled soap  » 
20 Nov 2019, 19:19

American Airlines admits a midair accident that knocked out 2 flight crew was not caused by spilled soapAmerican Airlines admitted Tuesday the powerful fumes that knocked two flight attendants unconscious and forced a flight to make an emergency landing were not caused by spilled soap, as the airline had previously claimed.


Photos capture Trump’s notes following Sondland testimony  » 
20 Nov 2019, 18:40

Photos capture Trump’s notes following Sondland testimonyPhotos captured President Trump’s notes as he made his first public appearance following impeachment testimony from Ambassador Gordon Sondland. Appearing on the White House lawn as he prepared for a visit to Texas, Trump had jotted down notes in marker on an Air Force One pad.


Literature Nobel winner Handke defends support of Serbs  » 
20 Nov 2019, 16:16

Literature Nobel winner Handke defends support of SerbsAustrian Nobel literature prize winner Peter Handke on Wednesday defended his vocal support for Serbs in the 1990s wars in the former Yugoslavia, but said he "never bowed down" before Slobodan Milosevic. The Swedish academy's pick last month triggered outrage in the Balkans and beyond because of Handke's admiration for the late Serbian strongman. As well as for his literary works, Handke was widely criticised for speaking at the 2006 funeral of Milosevic, who died awaiting trial for genocide, war crimes and crimes against humanity.


Former Baltimore mayor charged with wire fraud over 'Healthy Holly' book sales  » 
20 Nov 2019, 13:28

Former Baltimore mayor charged with wire fraud over 'Healthy Holly' book salesFormer Baltimore Mayor Catherine Pugh was charged on Wednesday with wire fraud and tax evasion relating to sales of her self-published "Healthy Holly" children's book to charities where she worked, federal prosecutors said. The charges against the Democrat and former state lawmaker relate to her dealings with the University of Maryland Medical System, where she was a board member, and which paid her for her children's books. Pugh, 69, who initially defended the arrangement, called it a “regrettable mistake” in March and resigned in May.


FBI seeks interview with CIA whistleblower  » 
20 Nov 2019, 12:16

FBI seeks interview with CIA whistleblowerThe FBI recently sought to question the CIA whistleblower who filed a complaint over President Trump’s July 25 Ukraine call — a move that came after a vigorous internal debate within the bureau over how to respond to some of the issues raised by the complaint’s allegations and whether they needed to be more thoroughly investigated, according to sources familiar with the matter.


In rare move, N. Carolina county removes Confederate statue  » 
20 Nov 2019, 12:01

In rare move, N. Carolina county removes Confederate statueA North Carolina county removed a Confederate statue from a historic courthouse early Wednesday, joining the handful of places around the state where such monuments have come down in recent years despite a law protecting them. Preparations began Tuesday night to carefully dismantle the statue of a soldier outside the historic Chatham County courthouse, where it had stood since 1907, and continued for hours overnight, said county spokeswoman Kara Lusk Dudley. The removal comes months after Winston-Salem officials removed a Confederate statue from land there that had passed into private hands.


Maria Ressa: "Our dystopian present is your dystopian future"  » 
20 Nov 2019, 10:15

Maria Ressa: "Our dystopian present is your dystopian future"Ressa was among a group of journalists recognized by Time magazine as 2018's Person of the Year


India Army to Cut Sniper Rifle Orders by About 70%  » 
20 Nov 2019, 9:35

India Army to Cut Sniper Rifle Orders by About 70%(Bloomberg) -- The Indian Army plans to buy just 1,800 state-of-the-art sniper rifles and 2.7 million rounds of ammunition -- less than a third of its total requirement -- driven by budgetary constraints and the need to speed up deliveries, people with knowledge of the matter said.The military pruned its original requirement of 5,720 sniper rifles and 10 million rounds of ammunition, which would have cost $140 million, to prioritize spending and advance the purchase of more modern equipment, they said, asking not to be identified as the information isn’t public.Indian Army spokesman Aman Anand said he had no comment to offer on the change in procurement plans.The Indian armed forces have 450,000 infantry soldiers, of whom only half go into ground battle and an even smaller number of them use sniper rifles to take out specific enemy targets through precision firing.The move is part of Prime Minister Narendra Modi’s $250-billion modernization plan for the Indian defense forces, as the infantry soldiers continue to face the brunt of deadly attacks in disputed border areas such as Kashmir and the northeast.Plans to buy new equipment from global manufacturers, however, has been hit by bureaucratic delays and the Modi government’s desire to meet the needs of the armed forces through the domestic industry under his ‘Make in India’ initiative, a key plank to boost local defense manufacturing and woo his core supporters.The 1.3 million-strong Indian Army’s previous efforts to buy 5,720 sniper rifles in a process that began in Feb. 2018 was scrapped in July this year after four vendors, including the U.S.-based Barrett, Indonesia’s PT Pindad and Russia’s Rosoboronexport, failed to meet technical requirements, such as technology transfers for manufacturing the ammunition by local industry.Through the new bid to buy a smaller quantity of 8.6 mm sniper rifles and .338 Lapua Magnum ammunition, India wants to overcome the hurdles in first identifying the vendor to buy them in a fast-track mode, before placing future orders for 4,000 more sniper rifles.To contact the reporter on this story: N. C. Bipindra in New Delhi at nbipindra@bloomberg.netTo contact the editors responsible for this story: Ruth Pollard at rpollard2@bloomberg.net, Muneeza NaqviFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


UPDATE 1-U.S. to provide ship to Vietnam to boost South China Sea patrols  » 
20 Nov 2019, 8:59

UPDATE 1-U.S. to provide ship to Vietnam to boost South China Sea patrolsThe United States announced on Wednesday it will provide Vietnam with another coast guard cutter for its growing fleet of ships, boosting Hanoi's ability to patrol the South China Sea amid tensions with China. U.S. Defense Secretary Mark Esper disclosed the decision during an address in Vietnam, which has emerged as the most vocal opponent in Asia of China's territorial claims in the South China Sea. In his speech, Esper took aim at China, which he accused of "bullying" neighbours, like Vietnam.


Meet What Could be The U.S. Navy's Ultimate Weapon (As in a New Destroyer)  » 
20 Nov 2019, 8:11

Meet What Could be The U.S. Navy's Ultimate Weapon (As in a New Destroyer)Navy Flight III Destroyers have a host of defining new technologies not included in current ships.


Son of former German president stabbed to death in Berlin  » 
20 Nov 2019, 7:28

Son of former German president stabbed to death in BerlinThe son of former German president Richard von Weizsaecker was stabbed to death while he was giving a lecture at a hospital in Berlin where he worked as a head physician, police said Wednesday. A 57-year-old German man is in custody after he jumped up from the audience at the Schlosspark-Klinik and attacked Fritz von Weizsaecker with a knife on Tuesday evening. Von Weizsaecker died at the scene from a knife wound to the neck despite immediate attention from colleagues, said Martin Steltner, a spokesman for Berlin prosecutors.


Seller of bullets to Las Vegas gunman pleads guilty to ammo licensing offense  » 
20 Nov 2019, 3:33

Seller of bullets to Las Vegas gunman pleads guilty to ammo licensing offenseDouglas Haig, 57, of Mesa, Arizona, became the first and only person arrested and charged in connection with the Oct. 1, 2017, massacre, which ended when the gunman, Stephen Paddock, killed himself. Haig told reporters following his arrest early last year that none of the surplus military ammunition he sold to Paddock in September 2017 was ever fired during the killing spree, which ranks as the deadliest mass shooting in modern U.S. history.


Police release sketch of child whose remains were found at Delaware softball field  » 
20 Nov 2019, 1:07

Police release sketch of child whose remains were found at Delaware softball fieldPolice say the girl, whose remains were found at a softball field in Smyrna, Delaware, was 2 to 5 years old.


Dem lawmaker says it's his 'mission' to have Trump removed from office  » 
20 Nov 2019, 0:12

Dem lawmaker says it's his 'mission' to have Trump removed from office“It’s about what he’s doing to our country and how he is corrupting our society,” said Rep. Al Green.


Russia's TU-22M3 Backfire Bomber Has A New Supersonic Missile (And The Navy Is Worried)  » 
19 Nov 2019, 23:30

Russia's TU-22M3 Backfire Bomber Has A New Supersonic Missile (And The Navy Is Worried)A formidable strike capability.


7 Amazing Facts About Jaguars, One of the World's Coolest Cats  » 
19 Nov 2019, 23:04

7 Amazing Facts About Jaguars, One of the World's Coolest Cats


Ukrainian gas executive cooperating in US probe of Giuliani  » 
19 Nov 2019, 22:49

Ukrainian gas executive cooperating in US probe of GiulianiFederal prosecutors in New York are investigating Rudy Giuliani's business dealings, including whether he failed to register as a foreign agent.


Special envoy Kurt Volker says 'most people' didn't see the distinction between Burisma and investigating former Vice President Biden  » 
19 Nov 2019, 22:04

Special envoy Kurt Volker says 'most people' didn't see the distinction between Burisma and investigating former Vice President BidenSpecial envoy to Ukraine Kurt Volker said during questioning that "others didn't see the distinction" between Burisma and investigating former Vice President Biden.


Rep. Ilhan Omar Asks Judge for 'Compassion' When Sentencing Man Who Threatened Her Life  » 
19 Nov 2019, 21:51

Rep. Ilhan Omar Asks Judge for 'Compassion' When Sentencing Man Who Threatened Her Life'A lengthy prison sentence or a burdensome financial fine would not rehabilitate him,' Rep. Omar wrote


US aircraft carrier transits Strait of Hormuz  » 
19 Nov 2019, 21:43

US aircraft carrier transits Strait of HormuzThe US aircraft carrier strike group Abraham Lincoln sailed through the key Strait of Hormuz on Tuesday to show Washington's "commitment" to freedom of navigation, the Pentagon said, amid tensions with Tehran. The group's move through the strategic waterway separating Iran and the United Arab Emirates towards the Gulf was scheduled, and unfolded without incident, the US Navy said in a statement. It was the first time a US aircraft carrier group went through the strait since Iran downed a US drone in June in the same area.


Ukraine Pol: I Was Joking When I Asked Vindman To Be Our Defense Minister  » 
19 Nov 2019, 18:25

Ukraine Pol: I Was Joking When I Asked Vindman To Be Our Defense MinisterAndrew Caballero-Reynolds/GettyDuring impeachment hearings on Tuesday morning, the lead Republican counsel pressed Lt. Colonel Alexander Vindman on an offer he’d received to take the position of defense minister in Kiev. The line of questioning seemed designed to raise doubts about Vindman’s allegiance to the U.S. right as he was testifying about his concerns over President Donald Trump’s efforts to dig up dirt in Ukraine on his domestic political rivals. But a former top national security official in Ukraine told The Daily Beast that he was “joking” when he offered Vindman the post and never actually had the authority to make such an offer.Oleksander Danylyuk, the former Chairman of the National Security and Defence Council in Ukraine, said he only remembers speaking with Vindman once about the defense minister position. He said it he and Vindman had engaged in a light-hearted conversation about how the two used to live close to one another in the former Soviet Union. It was then that Danylyuk jokingly told Vindman that he should take the defense minister job in Ukraine. “We both smiled and laughed,” Danylyuk said. “It was clearly a joke.” Danylyuk said he wouldn’t have been able to seriously offer Vindman the position without direct sign off from President Volodymyr Zelensky. MSNBC Host: GOP Hinting at Vindman Dual Loyalty ‘Perhaps Inspired’ by Fox NewsRepublican House investigators consistently questioned Vindman during his public hearing about his interactions with Danylyuk, including whether the former Ukrainian national security official offered him the job of defense minister. “Ukraine's a country that's experienced a war with Russia,” said GOP counsel Steve Castor. “Certainly, their Minister of Defense is a pretty key position. For the Ukrainians—President Zelensky, Mr. Danylyuk—to bestow that honor on you, at least asking you, that was a big honor, correct?”Vindman said that Danylyuk had suggested he take the job three times but that he “immediately dismissed” the offers and reported the encounters to his superiors at the National Security Council. Vindman also noted that Danylyuk might have been joking when they spoke about the position.Danylyuk left his post in Ukraine in September. But during his time in the Zelensky administration he worked closely with U.S. officials, including former National Security Advisor John Bolton, on U.S.-Ukraine relations. Danylyuk was present for a July 10 meeting at the White House with Bolton, Vindman and other White House and State Department officials, including U.S. Ambassador to the European Union Gordan Sondland. He also met with Vice President Pence in Warsaw in August and pushed for the U.S. to quickly release U.S. military aid to the country.Read more at The Daily Beast.Get our top stories in your inbox every day. Sign up now!Daily Beast Membership: Beast Inside goes deeper on the stories that matter to you. Learn more.


Kim Foxx Admits Failures in Jussie Smollett Case: ‘I Didn’t Handle It Well. I Own That’  » 
19 Nov 2019, 18:05

Kim Foxx Admits Failures in Jussie Smollett Case: ‘I Didn’t Handle It Well. I Own That’In her reelection video for Cook County State Attorney released Tuesday, Kim Foxx concedes that she mishandled the high-profile prosecution of Empire actor Jussie Smollett."The truth is, I didn't handle it well," Foxx says in the video. "I own that."“I’m making changes in my office to make sure we do better,” she adds. “That’s what reform is about.”In the video, Foxx goes on to say that “those attacks aren’t just about one case, they’re about stopping progress in Cook County . . . we’re on the right path to reforming criminal justice in Cook County, and making the system work for everyone.”> I ran for Cook County State’s Attorney four years ago because we needed to change criminal justice in our county. Today, I’m officially announcing that I’m running for re-election. We’ve gotten a lot done, and we can’t go back now. pic.twitter.com/0ECV7BRJGH> > -- Kim Foxx (@KimFoxxforSA) November 19, 2019Citing his record of community service and the technically victimless nature of his alleged crime, Foxx dropped all charges against Smollett in March after he was indicted by a grand jury for allegedly staging a bigoted and politically-motivated hate crime against himself with the help of two friends who were paid for their services.Following the news, an anonymous attorney in Foxx’s office slammed the decision in a letter provided to CWB Chicago.“This case was handled markedly different from any other case at 26th Street. No one knows why, and more importantly, no one can explain why our boss, the head prosecutor of all of Cook County, has decided to so demean and debase both our hard work, and our already tenuous relationship with the Chicago Police Department,” the attorney’s letter read.The state later appointed a special prosecutor to examine Foxx’s decision after text messages showed that Foxx continued weighing in on the case in conversations with her deputy after announcing that she had recused herself from the investigation due to public misperceptions that she had personal relationships with members of the Smollett family. Later, Foxx tried to explain that she had not recused herself “in the legal sense.”


Obama aides deny they left behind nasty notes when they departed White House — in 2017  » 
19 Nov 2019, 16:50

Obama aides deny they left behind nasty notes when they departed White House — in 2017White House press secretary Stephanie Grisham said that Obama officials left Trump personnel messages after the presidential transition.


10 Things We Want to Leave Behind in the 2010s  » 
19 Nov 2019, 16:40

10 Things We Want to Leave Behind in the 2010s


French court confirms sentence for Picasso's electrician over hoarded art  » 
19 Nov 2019, 15:45

French court confirms sentence for Picasso's electrician over hoarded artA French court on Tuesday confirmed the two-year suspended jail terms given to Pablo Picasso's former electrician and his wife, who hoarded 271 of the great painter's works in a garage for four decades. The verdict by the Lyon court is the latest twist in a decade-long legal saga, which took the couple, who claim the works were a gift, all the way to France's top appeals court. Pierre and Danielle Le Guennec were first given two-year suspended terms in 2015 after being convicted of possession of stolen goods over the huge trove of works by Picasso, including nine rare Cubist collages and a work from his famous Blue Period.


Cuomo Blasts Syracuse U Leadership After White-Supremacist Manifesto Allegedly AirDropped to Students  » 
19 Nov 2019, 14:08

Cuomo Blasts Syracuse U Leadership After White-Supremacist Manifesto Allegedly AirDropped to StudentsPhoto by Brett Carlsen/Getty ImagesNew York Gov. Andrew Cuomo on Tuesday blasted leadership at Syracuse University for its handling of ongoing hate speech and racist harassment on campus, which escalated overnight when a white-supremacist manifesto was allegedly AirDropped to some students’ cell phones.The university’s Department of Public Safety announced in a campus-wide email early Tuesday morning that it was investigating reports that the hate manifesto, which students told The Daily Beast was the same one used by the Christchurch mosque shooter, was sent to student phones at Bird Library at around 1 a.m. It was also posted in an online discussion forum about Greek life just after 10 p.m., The Daily Orange, the student newspaper, reported.“The hateful activities at Syracuse University are most disturbing, not only to the Syracuse University community, but to the greater community of New York,” Cuomo said in a press release on Tuesday afternoon. “They have not been handled in a manner that reflects this state's aggressive opposition to such odious, reckless, reprehensible behavior. That these actions should happen on the campus of a leading New York university makes this situation even worse.”Earlier this month, Cuomo ordered state agencies to investigate hate speech on the upstate school’s campus.The university’s DPS is working with the Syracuse Police Department, New York State Police, and the FBI to investigate the quickly escalating situation on campus, but the university’s DPS said there was no “specific” threat to the school Tuesday, The Daily Orange reported.In response to the events overnight, protesters have asked that the administration cancel classes and campus events.“Students are scared for their own safety,” tweeted Josh Meyers, a Syracuse student journalist, on Tuesday morning. “Campus is looking extra empty this morning.”“Students are truly terrified here,” he told The Daily Beast.The screed shared on Tuesday marks the 11th racist incident reported on campus since Nov. 6, including the Saturday night harassment of a black student by members of a fraternity who allegedly yelled the n-word at her as she waited for a bus. Others have included anti-Semitic and anti-Asian graffiti in the form of a swastika and slurs. The n-word was also reportedly found scribbled in residence halls and a physics building. In another incident, a student loudly yelled a racial slur against black Americans. Separately, a Chinese freshman reported a racial epithet being used against him.University Chancellor Kent Syverud said in a letter to students and staff Sunday that he was “deeply angered by these events” and hours later announced a $50,000 reward for any evidence that leads to “the apprehension of the individual or individuals responsible for these heinous acts.” The money came from a “generous” donor, he said. Otherwise, anyone with relevant information about the spate of incidents is encouraged to contact the Department of Public Safety directly.But Cuomo said Tuesday, after hours of silence from the university administration in the wake of the manifesto’s alleged release: “Despite his efforts, I do not believe Chancellor Syverud has handled this matter in a way that instills confidence.”“As we have learned repeatedly, these increasing exhibitions of hate and bigotry must be handled strongly, swiftly and justly,” said Cuomo, who also called for the school’s board of trustees to install a monitor. “That must be both the reality and the perception. Syracuse University and its leadership have failed to do that. It is your obligation to remedy the situation immediately.”The monitor, Cuomo said, must “effectively investigate these incidents, clearly communicate the facts with the board and to the State Police Hate Crimes Task Force and recommend a decisive strategy to address both the specific incidents and behavior.”Syracuse University Offers $50,000 Reward for Information About Racist Incidents on CampusEarlier this week, after it became clear that one of the hate incidents originated from a fraternity on campus, Syverud suspended Alpha Chi Rho and—in one fell swoop—directed the Office of Fraternity and Sorority Affairs to suspend all social activities of fraternities for the remainder of the semester.“While only one fraternity may have been involved in this particular incident, given recent history, all fraternities must come together with the university community to reflect upon how to prevent recurrence of such seriously troubling behavior,” Syverud said.An ongoing campus sit-in has been staged by black students leading a movement called NotAgainSU, which also organized a boycott of Syracuse basketball games. The sit-in began last Wednesday at 10:30 a.m., and dozens of students have joined the effort inside the school’s Barnes Center at The Arch—a brand-new $50 million recreational complex. Participants have been holding signs that read “Black Safety Matters” and sharing their frustration on social media.Early Tuesday morning, demonstrators asked the administration to cancel all classes and campus events until further notice. “These active threats targeting students should be taken seriously and handled with a sense of urgency,” said a statement from the group on Tuesday. “We believe that students should stay in spaces where they feel the most comfortable, as safety is paramount.”The demonstrators have vowed not to end the protest until all of their demands—including the expulsion of students involved in what they’ve called the “November Hate Crimes”—are met. “The safety of students on this campus—specifically the safety of underrepresented and underserved students—is paramount,” the group said Monday in a press release.“I’ve never felt less safe on campus than I do right now,” said Claire Bauerle, an 18-year-old Syracuse freshman. Bauerle told The Daily Beast on Tuesday that she, a white student, wants students of color to know they are supported.“People aren’t involved just to be involved,” the Chicago native said.“It’s awful,” Bauerle added, emphasizing that students are afraid that it will escalate into a shooting. “It doesn’t feel real. It’s like walking through an awful nightmare.”“Whether or not tonight’s threat is credible, it’s tremendously irresponsible if Syracuse doesn’t cancel classes,” broadcast journalism major Sam Gelfand—a native of Parkland, Fla.— tweeted just after 3 a.m. on Tuesday.“People on this campus, myself included, are shaken, frightened, and fatigued. This is no environment for academics right now. Just let people go home,” he added.Gelfand, a sophomore, told The Daily Beast on Tuesday that he was “down the street from the Stoneman Douglas shooting while it occurred”—when 17 people died in one of the nation’s most harrowing school shootings in February 2018—and that while on campus at Syracuse today he found himself “drawing parallels.”“I was terrified last night,” Gelfand, who is Jewish, said. “These hateful incidents have consumed our lives; it’s all we can talk about.”The “lackluster response” from the administration and the DPS is, Gelfand added, “inexcusable.”Professors, meanwhile, were not immune to the campus tension. Several tweeted that they had either canceled classes or would not penalize students who chose not to attend Tuesday.“I will support and advocate for any students who choose not to go to class today,” Prof. Genevieve García de Müeller tweeted. “I support the students protesting and I urge the chancellor to uptake their demands in a serious and systemic way.”She added: “Most of my students have said they are not going to campus today. As a Mexican and Jewish woman I don’t feel safe going to campus. This is a direct attack. First and foremost I care about the safety of my students.”Late Tuesday afternoon, after days of intense national scrutiny, leaders at the university released a detailed, 11-page list of proposed campus changes, including a $1 million commitment to implement the responses over the next year. After meetings with a group of international students and protesters, Syverud said administrators have promised specific responses to each of the concerns voiced by students, including revisions to the student code of conduct, curriculum changes, increased access to resources, and better security. “As Chancellor, I take very seriously these immediate priorities, and commit to promptly achieving them, as well as to supporting the other important measures in the responses,” said Syverud. Kathy Walters, chair of Syracuse University’s Board of Trustees, later praised the plan’s comprehensiveness. “What he and members of his leadership team put forward is a plan with actionable solutions with real timelines, real deliverables, real resources and real accountability,” she said. “That’s what our students are asking for, that’s what our students deserve.”Read more at The Daily Beast.Got a tip? Send it to The Daily Beast hereGet our top stories in your inbox every day. Sign up now!Daily Beast Membership: Beast Inside goes deeper on the stories that matter to you. Learn more.


Isil leaders with 'vast amounts of cash' planning comeback in Turkey, Iraq spy chief claims  » 
19 Nov 2019, 13:27

Isil leaders with 'vast amounts of cash' planning comeback in Turkey, Iraq spy chief claimsSenior Islamic State members with access to “huge” amounts of money are in Turkey and plotting a comeback, an Iraqi spy chief has warned. Lieutenant General Saad al-Allaq, head of Iraq’s Military Intelligence, claimed in an interview with CNN that Iraq has given Ankara dossiers on nine alleged leaders of Islamic State of Iraq and the Levant (Isil), including top financiers for the terror group. The general said senior Isil figures known as "emirs" have access to vast reserves of cash and were forming new cells in Turkey. He claimed many of them had managed to escape from Isil’s final patch of territory in Baghouz, eastern Syria, after bribing Western-backed Syrian Democratic Forces (SDF) to reach Idlib in the north-west. From there, he said, they crossed the border to Gaziantep in southern Turkey. "Some of its important leadership fled north, I mean in the direction of neighbouring countries and into border areas like Gazientep," Lt. Gen. Allaq said. US Special Forces, figures at lower right, moving toward compound of Islamic State leader Abu Bakr al-Baghdadi  Credit: Department of Defense  "They have secretly crossed into these areas from the Syrian-Turkish border - top leaders who have money. They crossed with the help of smugglers by paying large amount of money and have secretly entered Turkish territory." He added: "Those elements who are right now in Turkey play a key role in the recruitment of fighters and terrorists." CNN was shown Iraq’s arrest warrants for the nine men, who are described as bomb makers. Lt. Gen. Allaq said the men were "among the best bomb makers that Isis ever had." Lt. Gen. Allaq, who rarely gives interviews, said Iraq had intelligence that Isil leaders were planning jailbreaks of its supporters held in prisons and camps across Syria and Iraq. Isil members are led away to be questioned by coalition forces after surrendering, near Baghuz, eastern Syria Credit: Sam Tarling  Turkey told the US network they were looking into the allegations. He said a new Isil mission code-named "Break Down the Fences" intended to storm jails where their followers were being held and try to replenish its manpower. Several high-profile Isil figures and their family members have been discovered in recent weeks in or near Turkey. Abu Bakr al-Baghdadi, the group’s leader, was found hiding three miles from the border of Turkey in the Syria village of Barisha in Idlib, where he was killed in a US raid on October 26. Abu Hassan al-Muhajir, Isil’s spokesman, was killed the following day several miles away near the town of Jarablus, which is under Turkish administration. Turkey then announced arrests it had made of Baghdadi’s relatives, who had apparently been hiding in the country.


Forget the Bombs or Missiles: Iran's Intelligence Machine Is Quite Powerful  » 
19 Nov 2019, 13:20

Forget the Bombs or Missiles: Iran's Intelligence Machine Is Quite PowerfulA remarkable collaborative project between The Intercept and the New York Times has provided the general public with a little more insight into the Iranian spy-games. They are quite something.


Business

Sanofi weighing options for consumer healthcare unit: sources  » 
21 Nov 2019, 11:49

Sanofi weighing options for consumer healthcare unit: sourcesFRANKFURT/PARIS (Reuters) - Sanofi is considering a joint venture or outright sale among options for its consumer healthcare unit, sources told Reuters, as the French drugmaker prepares to present a new strategic plan next month. An initial public offering (IPO) of the unit, which could be worth around $30 billion according to two sources familiar with the matter, is also on the cards. Recently appointed chief executive Paul Hudson, who took the job on Sept. 1, plans to meet investors for a capital markets day in Cambridge, Massachusetts, on Dec. 10.


Sanofi weighing options for consumer healthcare unit: sources  » 
21 Nov 2019, 11:49

Sanofi weighing options for consumer healthcare unit: sourcesFRANKFURT/PARIS (Reuters) - Sanofi is considering a joint venture or outright sale among options for its consumer healthcare unit, sources told Reuters, as the French drugmaker prepares to present a new strategic plan next month. An initial public offering (IPO) of the unit, which could be worth around $30 billion according to two sources familiar with the matter, is also on the cards. Recently appointed chief executive Paul Hudson, who took the job on Sept. 1, plans to meet investors for a capital markets day in Cambridge, Massachusetts, on Dec. 10.


Venezuela to back its petro crypto with 30M barrels of oil as opposed to 5B barrels planned earlier  » 
21 Nov 2019, 11:45

Venezuela to back its petro crypto with 30M barrels of oil as opposed to 5B barrels planned earlierVenezuela will back its national cryptocurrency, the petro, with some 30 million barrels of crude oil sitting in the country’s storage tanks.The post Venezuela to back its petro crypto with 30M barrels of oil as opposed to 5B barrels planned earlier appeared first on The Block.


Corbyn Hits Business and Wealthy With Tax Onslaught: U.K. Votes  » 
21 Nov 2019, 11:43

Corbyn Hits Business and Wealthy With Tax Onslaught: U.K. Votes(Bloomberg) -- Jeremy Corbyn published his Labour Party’s manifesto for government, setting out a package of taxes on business and the wealthy. These include a financial transaction tax; a 1% increase in corporation tax from April; a windfall tax on oil companies; and higher taxes for the top 5% of earners - with a higher rate for those earning more than 80,000 ($103,000) pounds a year.It’s a key moment in the U.K. election campaign as the opposition leader tries to make up ground in the opinion polls, where he’s lagging more than 13 points behind Boris Johnson’s Conservatives.For more on the election visit ELEC.Key Developments:Corbyn launches Labour manifesto in Birmingham, calling it “the most radical and ambitious plan to transform our country for dacades”Labour’s education spokeswoman Angela Rayner says Corbyn is a problem among some votersJohnson visits east of England to promote Conservative plan for long-term, fixed-rate mortgages to help first-time home buyersChancellor of the Exchequer Sajid Javid says Tory manifesto will be published next weekJavid defends Johnson’s use of inaccurate figures in Wednesday’s blurted tax-cut announcementCorbyn to Tax Businesses and Rich (11:30 a.m.)The Labour leader said he is ready for a wave of hostility from the rich over his tax plans. The Labour manifesto contains a package of measures to hike taxes on businesses, including a windfall tax on the oil industry, and to make the rich pay more.It proposes higher taxes for the top 5% of earners -- a tax on earnings over 80,000 pounds ($103,500) a year -- and another tax rate on those earning more than 125,000 pounds a year.For businesses, the manifesto includes a 1% increase in the corporation tax rate from April, and a windfall tax on oil companies. The manifesto said: “Whenever public money is invested in an energy generation project, the public sector will take a stake and return profits to the public.”Corporation tax would rise in increments to 21% in 2020, 24% in 2021 and 26% in 2022, the manifesto said.Corbyn Promises Raft of Nationalizations (11:25 a.m.)Corbyn committed to bringing key industries back into public ownership. Labour will also give local councils the chance to take back control of bus services. Where councils choose to take control, Labour will introduce free bus travel for under-25s, the party said.“I accept the hostility of the privatized utility companies, because we will stop their great rip-off by bring rail, mail, water and energy into public ownership and running them for the people,” he said. “That is real change.”He then repeated last week’s announcement that the party would nationalize BT Group Plc’s broadband unit to fulfill their pledge to provide free full fiber Internet access to all by 2030.Corbyn Opens With Call Against Elite (11:20 a.m.)Jeremy Corbyn launched his Labour Party’s election manifesto with an attack on the rich and big business, pitching himself as being on the side of ordinary voters, against wealthy people who he said exploit them.At a university in Birmingham, central England, Corbyn said powerful “vested interests” in the country opposed him, because “they know we mean what we say. They know we will go after the tax dodgers, the bad bosses, the big polluters.”“Labour’s manifesto is a manifesto for hope,” he said. “It’s a manifesto full of real change, a manifesto that will bring popular policies which the political establishment have blocked for a generation.”SNP’s Salmond Denies Sexual Assaults (10.25 a.m.)Former leader of the Scottish National Party Alex Salmond insisted he’s innocent of a charge of sexual assault with intent to rape, a further ten charges of sexual assault and two of indecent assault between 2008-2014, while he was Scotland’s first minister.“I’m innocent and I will defend my position vigorously,” Salmond told reporters outside Edinburgh’s high court where a preliminary hearing was held Thursday. The trial begins on March 9, 2020. The SNP are hoping to win big on Dec. 12 to give their independence campaign a boost.Javid Hints at Continued Freeze on Fuel Duty (9 a.m.)Chancellor of the Exchequer Sajid Javid indicated a freeze on fuel duty will be extended if the Conservatives win a majority majority on Dec. 12.In an interview with Sky News, Javid cited the freeze over the Tories’ nine years in government as a key measure to help working families. “To help people with the cost of living there’s action that’s needed on a number of fronts, and tax cuts is one of them,” Javid said. “We need action on many fronts, that’s why we’ve frozen fuel duty for nine years.”During his media round on Thursday, Javid also defended Prime Minister Boris Johnson’s inaccurate use of numbers to describe his Tory party’s biggest election tax-cut pledge so far: raising the earnings threshold at which workers are required to start paying National Insurance contributions.“The prime minister was asked a question, he’s given an answer and then we’ve set out the detail,” Javid told the BBC.Rayner: Corbyn a Problem With Some Voters (Earlier)Labour leader Jeremy Corbyn is a problem for some voters, but not as big an issue as the leaders on the right wing of politics, Labour’s education spokeswoman Angela Rayner said.“There have been some reservations about Jeremy on the doorstep because every leader of every political party is not everyone’s taste,” Rayner told Sky News. “I don’t think it’s anywhere near as big a problem as Boris Johnson, Nigel Farage and Donald Trump are for the right.”Corbyn’s personal ratings are stubbornly low, and Labour activists and lawmakers have warned that he could cost them votes -- particularly in battleground areas of northern England. Rayner said the party’s manifesto will win support.“Our manifesto is radical and it’s what Labour do when we’re in power, we rebuild our country,” she said. “It’s a policy platform that we’re really proud to present for Britain.”Earlier:Corbyn Unveils Manifesto to Rile U.K.’s Bankers and BillionairesA Tory Election Win Is All the Market Can See: Trading BrexitBoris Johnson Is Getting a Free Pass on Brexit: Therese Raphael\--With assistance from Jessica Shankleman, Kitty Donaldson and Thomas Penny.To contact the reporters on this story: Robert Hutton in London at rhutton1@bloomberg.net;Greg Ritchie in London at gritchie10@bloomberg.netTo contact the editors responsible for this story: Tim Ross at tross54@bloomberg.net, Stuart BiggsFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


'Don't let them in': Arrests made as hundreds protest Ann Coulter speech at UC Berkeley  » 
21 Nov 2019, 11:34

'Don't let them in': Arrests made as hundreds protest Ann Coulter speech at UC BerkeleyCoulter was invited to the California university by the Berkeley College Republicans for a speech about immigration called 'Adios, America.'


Biden, in Democratic debate, says you have to 'keep punching' to address domestic violence  » 
21 Nov 2019, 11:31

Biden, in Democratic debate, says you have to 'keep punching' to address domestic violenceBiden was one of 10 Democratic candidates to take the stage in Atlanta to debate a range of topics that included, health care, violence, impeachment and defeating President Trump.


What Japan Teaches Us About Industrial Policy  » 
21 Nov 2019, 11:30

What Japan Teaches Us About Industrial PolicyIndustrial policy is back in vogue. On November 5, Senator Marco Rubio (R., Fla.) gave a speech at the Catholic University of America decrying the decline of American manufacturing. Rubio argued that shareholder primacy — whereby a corporation’s primary goal is to maximize value for its owners — caused the decline, and that American capitalism should instead focus on the “common good.” By this he meant that the federal government should promote high-paying, stable employment by investing in manufacturing.Over the weekend, Sridhar Kota and Tom Mahoney sounded a similar tune in the Wall Street Journal. Kota and Mahoney, researchers at MForesight, a think tank dedicated to the study of advanced manufacturing, argued that outsourcing manufacturing jobs has led to a decline in innovation. “Once manufacturing departs from a country’s shores, engineering and production know-how leaves as well, and innovation ultimately follows,” they argue, citing increases in the foreign share of manufacturing research and development (R&D).In concurrence with Rubio, Kota and Mahoney call for an “Industrial Policy 2.0,” which would boost domestic R&D and mandate that innovative hardware be manufactured domestically. This proposal echoes that of the Manhattan Institute’s Oren Cass, who has spent the past two years advocating a renewal of American manufacturing.It’s not the first time Americans have worried about high-value-added manufacturing moving overseas. In the 1980s, Japan seemed poised to become the world’s economic leader. Between the mid-1950s and the early 1970s, Japan’s economic growth rate often exceeded 10 percent. Afterward, it settled at around 5 percent. This “Japanese miracle” was the result of highly skilled bureaucratic management. As Chalmers Johnson explains in MITI and the Japanese Miracle, in the 1960s and 1970s, Japan’s Ministry of International Trade and Industry funneled capital to highly productive manufacturing and machinery firms. Japanese manufacturing products from cars to consumer electronics became increasingly common fixtures of Western life, and the living standards of Japanese citizens improved dramatically.Assuming that growth would last forever, investors piled into Japanese asset markets. At its peak, the Japanese equity market traded at four times the price-to-earnings ratio of the American market. Tokyo’s Imperial Palace alone was worth as much as all of the real estate in California. Then, in 1990, Japanese financial markets suddenly plummeted. Stocks lost 60 percent of their value, while commercial real estate’s value declined by 50 percent. It seemed Providence no longer smiled on the Land of the Rising Sun.In large part, this was the result of the Bank of Japan’s faulty monetary policy. It didn’t help that the 1985 Plaza Accord devalued the dollar vis-à-vis the Japanese yen, leading Japanese monetary authorities to take forceful measures to prevent deflation, thereby driving up asset prices. Japan’s policies of lifetime employment and enterprise unionization also restricted the efficiency of its businesses, as did demographic headwinds. During the three decades since the asset bubble burst, Japan’s economy has been more or less stagnant. It’s a period economists have termed the “lost decades.”Though the proximate cause of Japan’s decline remains a subject of debate, the duration of the country’s stagnation suggests its root problems are structural, not cyclical, the result of distortions caused by Japan’s industrial policy. In effect, the bureaucracy responsible for Japan’s miracle itself sowed the seeds for the lost decades. The country flooded productive firms with capital during the boom years, but proved unable to mobilize capital when those firms reached “steady state” and could no longer increase profits.Any given product has limited demand. A firm that perfects a certain manufacturing process may grow to dominate a market. But thereafter, it will have to find new sources of competitive advantage in order to continue growing; if it doesn’t, it will fall behind its competitors. This is the underlying mechanism of creative destruction, wherein firms no longer generating value shutter, laying off their employees and defaulting on their financial obligations.Under a state-directed model, political imperatives can render creative destruction intolerable. Thus, firms that are successful in one era due to government largesse tend to continue receiving benefits. Because Japan’s industrial policy was focused on maintaining employment and high growth, its bureaucracy could not afford to let state-aided enterprises fail. As a result, Japanese lenders rolled over non-performing corporate loans, creating so-called zombie corporations — companies on life support, miming the functions of productive businesses but in fact walking dead. As a result, Japan’s sclerotic state-run enterprises more or less failed to partake in the IT boom of the ’90s and ’00s.China finds itself in a similar position today. Its investments in manufacturing and mining created an unprecedented boom, pulling nearly a billion people out of poverty. But many of the state-owned enterprises that drove that boom now operate at overcapacity, with high leverage and few growth opportunities in sight. China’s corporate-debt levels are among the highest in the world, and the country has experienced persistent industrial deflation due to its bloated iron and steel sectors. It remains to be seen whether China will escape the middle-income trap and develop a service-driven economy, but it is clear that Beijing’s industrial policy has reached its limits. At the same time that Rubio calls for decreasing shareholder rights in favor of the “common good,” China is trying to professionalize its financial markets in order to bring more accountability to its corporations, precisely because the lack of shareholder primacy has produced massive market distortions.If an American Industrial Policy 2.0 worked, it might run into many of the same problems.Suppose, for instance, domestic-content requirements and limits on foreign ownership provide a boon to domestic manufacturers, leading to higher manufacturing employment and an increase in American output. In this scenario, the U.S. begins to produce more high-tech devices, such as semiconductors and smartphones, as it re-shores innovative manufacturing.What happens when those firms develop new products that require inputs not produced in the U.S.? How quickly will American suppliers be able to adjust?What happens when lagging firms need to lay off workers? Will an industrial policy focused on reviving “well-paying, stable employment — especially for men with less formal education” allow such lay-offs?And what happens when subsidized research facilities start underperforming? Will a manufacturing bureaucracy have the foresight to pull their funding and identify new researchers on the cutting edge?If Japan’s experience is any indication, an American manufacturing bureaucracy would not be able to adjust to such scenarios. Instead, it would cement market wedges that would prove difficult to remove in the long run.


Charles Schwab to Buy TD Ameritrade for $26 Billion, Reports Say  » 
21 Nov 2019, 11:30

Charles Schwab to Buy TD Ameritrade for $26 Billion, Reports Say(Bloomberg) -- Charles Schwab Corp. is buying TD Ameritrade Holding Corp. for $26 billion, with a deal expected to be announced Thursday morning, Fox Business reports, citing unidentified people familiar with the situation.Shares in Charles Schwab reversed an earlier decline in pre-market trading and are up 2.4%, while TD Ameritrade reduced some of the earlier gains and is up 17%. Both companies didn’t immediately respond to emails and phone calls seeking comment.A deal would create a firm with roughly $5 trillion in combined assets, consolidating an industry under pressure from a price war that escalated when Schwab last month announced plans to eliminate commissions for U.S. stocks, exchange traded funds and options.The move forced other brokerages to follow suit and triggered a slump in the shares of such firms, with TD Ameritrade among the hardest hit.TD Ameritrade has lost 11% since then, valuing the company at $22 billion. Schwab gained 7% in the same period, giving it a stock market value of $57 billion.CNBC reported earlier the firms were in talks, with a deal likely as soon as today.(Updates with purchase price from new report.)To contact the reporters on this story: Katerina Petroff in Frankfurt at kpetroff@bloomberg.net;Sarah Jacob in Amsterdam at sjacob19@bloomberg.netTo contact the editors responsible for this story: Christopher Kingdon at ckingdon@bloomberg.net, Christian BaumgaertelFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


U.S. Futures Fluctuate on Trade News; Bonds Drift: Markets Wrap  » 
21 Nov 2019, 11:27

U.S. Futures Fluctuate on Trade News; Bonds Drift: Markets Wrap(Bloomberg) -- U.S. equity futures fluctuated as investors weighed the latest trade developments, including a bill from Congress supporting Hong Kong protesters that could complicate a deal with China. Stocks fell in Europe and Asia, while Treasuries drifted.Contracts on the S&P 500 Index pared losses on a news report that China’s chief trade negotiator invited his American counterparts for a new round of face-to-face talks. They had declined earlier as President Donald Trump was expected to sign legislation backing Hong Kong protesters, potentially setting up further confrontation with China. TD Ameritrade leaped in pre-market trading on reports that Charles Schwab Corp. is in talks to buy the online brokerage.The Stoxx Europe 600 Index dropped, with Thyssenkrupp AG shares tumbling after the steelmaker said it was suspending dividend payments and warned of deepening losses. The MSCI Asia Pacific Index at one point fell the most in almost three months, though the moves eased and the yen trimmed gains as Beijing’s chief negotiator said he was “cautiously optimistic” about reaching a phase-one trade deal with the U.S.Crucial to the trade talks is Hong Kong’s deteriorating situation, with the latest developments helping end a streak of record highs for U.S. stocks. China has threatened to retaliate for the passage of an American bill and said supporting the protesters was a “gross” interference in Hong Kong affairs. Traders will be watching closely for signs of progress ahead of a Dec. 15 deadline for further tariffs.“From a market perspective, there’s a consensus that an agreement will be reached,” Viktor Shvets, head of Asian strategy at Macquarie Commodities and Global Market, told Bloomberg Television. “They need to sign something, otherwise volatility in markets could be quite extreme.”Elsewhere, oil edged down after jumping on Wednesday as American crude stockpiles rose less than expected and inventories at a key storage hub shrank by the most since August.Here are some key events coming up this week:U.S. economic indicators due for release include initial jobless claims on Thursday.These are the main moves in markets:StocksFutures on the S&P 500 Index decreased 0.1% as of 6:14 a.m. New York time.The Stoxx Europe 600 Index dipped 0.5%.The MSCI Asia Pacific Index declined 0.7%.The MSCI Emerging Market Index fell 0.8%.CurrenciesThe Bloomberg Dollar Spot Index dipped 0.1%.The euro gained 0.1% to $1.1085.The British pound jumped 0.2% to $1.2945.The onshore yuan advanced 0.1% to 7.028 per dollar.The Japanese yen was unchanged at 108.61 per dollar.BondsThe yield on 10-year Treasuries gained one basis point to 1.76%.The yield on two-year Treasuries advanced one basis point to 1.59%.Germany’s 10-year yield increased one basis point to -0.34%.Britain’s 10-year yield jumped two basis points to 0.747%.Japan’s 10-year yield climbed less than one basis point to -0.105%.CommoditiesWest Texas Intermediate crude dipped 0.3% to $56.84 a barrel.Iron ore gained 0.4% to $83.18 per metric ton.Gold decreased 0.2% to $1,469.10 an ounce.\--With assistance from Kyoungwha Kim, Andreea Papuc, Adam Haigh and Cormac Mullen.To contact the reporter on this story: Yakob Peterseil in London at ypeterseil@bloomberg.netTo contact the editors responsible for this story: Samuel Potter at spotter33@bloomberg.net, Todd WhiteFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


Trump aide Fiona Hill, who was 'shocked' by Ukraine call, to testify at impeachment hearing  » 
21 Nov 2019, 11:14

Trump aide Fiona Hill, who was 'shocked' by Ukraine call, to testify at impeachment hearingFiona Hill and David Holmes, two central witnesses in the impeachment inquiry, plan to testify.


OPEC+ likely to extend oil supply cuts until June: sources  » 
21 Nov 2019, 11:11

OPEC+ likely to extend oil supply cuts until June: sourcesDUBAI/MOSCOW (Reuters) - OPEC and its allies are likely to extend existing oil output cuts when they meet next month until mid-2020, with non-OPEC oil producer Russia supporting Saudi Arabia's push for stable oil prices amid the listing of state oil giant Saudi Aramco.


OPEC+ likely to extend oil supply cuts until June: sources  » 
21 Nov 2019, 11:11

OPEC+ likely to extend oil supply cuts until June: sourcesDUBAI/MOSCOW (Reuters) - OPEC and its allies are likely to extend existing oil output cuts when they meet next month until mid-2020, with non-OPEC oil producer Russia supporting Saudi Arabia's push for stable oil prices amid the listing of state oil giant Saudi Aramco.


Bill Gates Says Open Research Beats Erecting Borders in AI  » 
21 Nov 2019, 11:09

Bill Gates Says Open Research Beats Erecting Borders in AI(Bloomberg) -- Microsoft Corp. co-founder Bill Gates spoke out against protectionism in technological research around topics like artificial intelligence, arguing that open systems will inevitably win out over closed ones.In conversation with Bloomberg News editor-in-chief John Micklethwait at the New Economy Forum in Beijing on Thursday, Gates was skeptical about the idea that ongoing U.S.-China trade tensions could ever lead to a bifurcated system of two internets and two mutually exclusive strands of tech research and development. “It just doesn’t work that way,” said the software pioneer.“AI is very hard to put back in the bottle,” Gates said, and “whoever has an open system will get massively ahead” by virtue of being able to integrate more insights from more sources. Citing Microsoft’s AI research in Beijing, Gates pondered the rhetorical question of whether it was producing Chinese AI or American AI. In the case of Microsoft’s U.K. research campus in Cambridge and the findings it produces, he said that “almost every one of those papers is going to have some Chinese names on it, some European names on it and some Americans’ names on it.”China and the U.S. are the two leading AI superpowers that have dominated research, however cooling political relations between them have slowed the international collaboration that underpins innovation. Huawei Technologies Co., Beijing’s tech champion, has been subject to a variety of sanctions from Washington, in part because China’s rapid AI development is perceived as a rising threat.Gates said he was more worried today than five years ago about the rise of nationalist and protectionist political tendencies across the globe, and that he now wonders whether that will prove a cyclical trend or a more permanent change. Still, as far as the U.S. and China were concerned, he said he’s “even more passionate about the value of engagement than ever.”The other key takeaways from the talk:Gates said there’s “no doubt” solar and wind are key parts of a new energy mix needed to battle climate change. “Quite a bit of nuclear” may be required to fill in for fossil fuels as we move to zero carbon.But he doubts a carbon tax would be realistic in the U.S. Republicans have largely sworn off the idea and, by and large, he said, Democrats aren’t pushing it as a key priority, either.The ability of political leaders to convince their electorates of the benefits and value of globalization has “gone down,” said Gates.The New Economy Forum is being organized by Bloomberg Media Group, a division of Bloomberg LP, the parent company of Bloomberg News.To contact the reporters on this story: Vlad Savov in Tokyo at vsavov5@bloomberg.net;John Micklethwait in New York at micklethwait@bloomberg.netTo contact the editors responsible for this story: Peter Elstrom at pelstrom@bloomberg.net, Colum Murphy, James MaygerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


Bill Gates Says Open Research Beats Erecting Borders in AI  » 
21 Nov 2019, 11:09

Bill Gates Says Open Research Beats Erecting Borders in AI(Bloomberg) -- Microsoft Corp. co-founder Bill Gates spoke out against protectionism in technological research around topics like artificial intelligence, arguing that open systems will inevitably win out over closed ones.In conversation with Bloomberg News editor-in-chief John Micklethwait at the New Economy Forum in Beijing on Thursday, Gates was skeptical about the idea that ongoing U.S.-China trade tensions could ever lead to a bifurcated system of two internets and two mutually exclusive strands of tech research and development. “It just doesn’t work that way,” said the software pioneer.“AI is very hard to put back in the bottle,” Gates said, and “whoever has an open system will get massively ahead” by virtue of being able to integrate more insights from more sources. Citing Microsoft’s AI research in Beijing, Gates pondered the rhetorical question of whether it was producing Chinese AI or American AI. In the case of Microsoft’s U.K. research campus in Cambridge and the findings it produces, he said that “almost every one of those papers is going to have some Chinese names on it, some European names on it and some Americans’ names on it.”China and the U.S. are the two leading AI superpowers that have dominated research, however cooling political relations between them have slowed the international collaboration that underpins innovation. Huawei Technologies Co., Beijing’s tech champion, has been subject to a variety of sanctions from Washington, in part because China’s rapid AI development is perceived as a rising threat.Gates said he was more worried today than five years ago about the rise of nationalist and protectionist political tendencies across the globe, and that he now wonders whether that will prove a cyclical trend or a more permanent change. Still, as far as the U.S. and China were concerned, he said he’s “even more passionate about the value of engagement than ever.”The other key takeaways from the talk:Gates said there’s “no doubt” solar and wind are key parts of a new energy mix needed to battle climate change. “Quite a bit of nuclear” may be required to fill in for fossil fuels as we move to zero carbon.But he doubts a carbon tax would be realistic in the U.S. Republicans have largely sworn off the idea and, by and large, he said, Democrats aren’t pushing it as a key priority, either.The ability of political leaders to convince their electorates of the benefits and value of globalization has “gone down,” said Gates.The New Economy Forum is being organized by Bloomberg Media Group, a division of Bloomberg LP, the parent company of Bloomberg News.To contact the reporters on this story: Vlad Savov in Tokyo at vsavov5@bloomberg.net;John Micklethwait in New York at micklethwait@bloomberg.netTo contact the editors responsible for this story: Peter Elstrom at pelstrom@bloomberg.net, Colum Murphy, James MaygerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


Jocular and unflappable, Sondland makes splash as star witness in impeachment inquiry  » 
21 Nov 2019, 11:09

Jocular and unflappable, Sondland makes splash as star witness in impeachment inquiryGordon Sondland, a businessman-turned-ambassador, had a starkly different demeanor than that of others who testified in the Trump impeachment inquiry.


Here's the real Democratic debate: Which one can defeat Donald Trump?  » 
21 Nov 2019, 11:08

Here's the real Democratic debate: Which one can defeat Donald Trump?There are ideological differences in the presidential field, but what Democrats are really debating is: Which one can defeat Donald Trump?


India, U.S. in talks to resolve trade issues: Raveesh Kumar  » 
21 Nov 2019, 11:05

India, U.S. in talks to resolve trade issues: Raveesh KumarIndia and the United States are in talks to resolve trade issues and both New Delhi and Washington hope to find an early solution, an Indian foreign ministry spokesman said on Thursday. "Discussions have been going on between the two sides," Raveesh Kumar, a spokesman for India's foreign ministry, said in a news conference."We remain optimistic that a solution will be found very soon," Kumar said.The two countries have been locked in trade disputes for months, slapping higher tariffs on each other's products and the U.S. withdrawing a key concession to India.


Wisconsin's dairy industry would collapse without the work of Latino immigrants – many of them undocumented  » 
21 Nov 2019, 11:00

Wisconsin's dairy industry would collapse without the work of Latino immigrants – many of them undocumentedUndocumented immigrants work long hours, far from family. America's Dairyland needs them to survive.


Inside Apple’s iPhone Software Shakeup After Buggy iOS 13 Debut  » 
21 Nov 2019, 11:00

Inside Apple’s iPhone Software Shakeup After Buggy iOS 13 Debut(Bloomberg) -- Apple Inc. is overhauling how it tests software after a swarm of bugs marred the latest iPhone and iPad operating systems, according to people familiar with the shift.Software chief Craig Federighi and lieutenants including Stacey Lysik announced the changes at a recent internal “kickoff” meeting with the company’s software developers. The new approach calls for Apple's development teams to ensure that test versions, known as “daily builds,” of future software updates disable unfinished or buggy features by default. Testers will then have the option to selectively enable those features, via a new internal process and settings menu dubbed Flags, allowing them to isolate the impact of each individual addition on the system.When the company’s iOS 13 was released alongside the iPhone 11 in September, iPhone owners and app developers were confronted with a litany of software glitches. Apps crashed or launched slowly. Cellular signal was inconsistent. There were user interface errors in apps like Messages, system-wide search issues and problems loading emails. Some new features, such as sharing file folders over iCloud and streaming music to multiple sets of AirPods, were either delayed or are still missing. This amounted to one of the most troubled and unpolished operating system updates in Apple’s history.“iOS 13 continues to destroy my morale,” Marco Arment, a well known developer, wrote on Twitter. “Same,” replied Jason Marr, co-creator of grocery list app AnyList. “Apple's really shown a lack of respect for both its developers and its customers with iOS 13.” The issues show how complex iPhones have become and how easily users can be disappointed by a company known for the smooth integration of hardware and software. Annual software updates timed for release with the latest iPhones are a critical way for Apple to add new capabilities and keep users from defecting to archrival Android. Refreshed operating systems also give developers more tools for app creation, catalyzing more revenue for Apple from its App Store. Apple spokeswoman Trudy Muller declined to comment.The new development process will help early internal iOS versions to be more usable, or “livable,” in Apple parlance. Prior to iOS 14’s development, some teams would add features every day that weren’t fully tested, while other teams would contribute changes weekly. “Daily builds were like a recipe with lots of cooks adding ingredients,” a person with knowledge of the process said. Test software got so crammed with changes at different stages of development that the devices often became difficult to use. Because of this, some “testers would go days without a livable build, so they wouldn’t really have a handle on what’s working and not working,” the person said. This defeated the main goal of the testing process as Apple engineers struggled to check how the operating system was reacting to many of the new features, leading to some of iOS 13’s problems.Apple measures and ranks the quality of its software using a scale of 1 to 100 that’s based on what’s known internally as a “white glove” test. Buggy releases might get a score in the low 60s whereas more stable software would be above 80. iOS 13 scored lower on that scale than the more polished iOS 12 that preceded it. Apple teams also assign green, yellow and red color codes to features to indicate their quality during development. A priority scale of 0 through 5, with 0 being a critical issue and 5 being minor, is used to determine the gravity of individual bugs.The new strategy is already being applied to the development of  iOS 14, codenamed “Azul” internally, ahead of its debut next year. Apple has also considered delaying some iOS 14 features until 2021 — in an update called “Azul +1” internally that will likely become known as iOS 15 externally — to give the company more time to focus on performance. Still, iOS 14 is expected to rival iOS 13 in the breadth of its new capabilities, the people familiar with Apple’s plans said.The testing shift will apply to all of Apple’s operating systems, including iPadOS, watchOS, macOS and tvOS. The latest Mac computer operating system, macOS Catalina, has also manifested bugs such as incompatibility with many apps and missing messages in Mail. Some HomePod speakers, which run an iOS-based operating system, stopped working after a recent iOS 13 update, leading Apple to temporarily pull the upgrade. The latest Apple Watch and Apple TV updates, on the other hand, have gone more smoothly. Apple executives hope that the overhauled testing approach will improve the quality of the company’s software over the long term. But this isn’t the first time that Apple engineers have heard this from management.Last year, Apple delayed several iOS 12 features — including redesigns for CarPlay and the iPad home screen — specifically so it could focus on reliability and performance. At an all-hands meeting in January 2018, Federighi said the company had prioritized new features too much and should return to giving consumers the quality and stability that they wanted first.Apple then established so-called Tiger Teams to address performance issues in specific parts of iOS. The company reassigned engineers from across the software division to focus on tasks such as speeding up app launch times, improving network connectivity and boosting battery life. When iOS 12 came out in the fall of 2018, it was a stable release that required just two updates in the first two months.That success didn’t carry over to this year. The initial version of iOS 13 was so buggy that Apple has had to rush out several patches. In the first two months of iOS 13, there have been eight updates, the most since 2012 when Federighi took over Apple’s iOS software engineering group. The company is currently testing another new version, iOS 13.3, and there’s already a follow-up in the works for the spring.About a month before Apple’s 2019 Worldwide Developers Conference in June, the company’s software engineers started to realize that iOS 13, then known internally as “Yukon,” wasn’t performing as well as previous versions. Some people who worked on the project said development was a “mess.”By August, realizing that the initial iOS 13.0 set to ship with new iPhones a few weeks later wouldn’t hit quality standards, Apple engineers decided to mostly abandon that work and focus on improving iOS 13.1, the first update. Apple privately considered iOS 13.1 the “actual public release” with a quality level matching iOS 12. The company expected only die-hard Apple fans to load iOS 13.0 onto their phones.The timing of the iOS 13.1 update was moved up by a week to Sept. 24, compressing the time that iOS 13.0 was Apple’s flagship OS release. New iPhones are so tightly integrated with Apple software that it would have been technically impossible to launch the iPhone 11 with iOS 12, and since 13.1 wasn’t ready in time, Apple’s only choice was to ship with 13.0 and update everyone to 13.1 as quickly as it could.While the iOS 13 issues did upset iPhone owners, they still updated fairly quickly. As of mid-October, half of all Apple device users were running a version of iOS 13, according to Apple. That upgrade pace is still far ahead of Google’s Android.Once iOS 13.1 was released, Apple’s software engineering division pivoted to iOS 13.2 with a quality goal of being better than iOS 12. This update has had fewer complaints than its predecessors in the iOS 13 family but did introduce a short-lived bug around apps closing in the background when they shouldn’t.“iOS 13 has felt like a super-messy release, something we haven't seen this bad since iOS 8 or so,” Steve Troughton-Smith, a veteran developer of Apple apps, wrote on Twitter.To contact the author of this story: Mark Gurman in Los Angeles at mgurman1@bloomberg.netTo contact the editor responsible for this story: Alistair Barr at abarr18@bloomberg.net, Vlad SavovFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


Oil Steady as Trade-Deal Concern Offsets Falling U.S. Stockpiles  » 
21 Nov 2019, 11:00

Oil Steady as Trade-Deal Concern Offsets Falling U.S. Stockpiles(Bloomberg) -- Oil steadied after Wednesday’s rally amid concern that political tensions between the U.S. and China pose another hurdle to a trade deal that could lift the global demand outlook.Futures for January delivery traded near $57 a barrel in New York. While China’s Vice Premier Liu He said he was “cautiously optimistic” about reaching an initial trade agreement, President Donald Trump is expected to sign a bill supporting protesters in Hong Kong, potentially complicating negotiations. Crude rose 3.4% on Wednesday as U.S. crude inventories at Cushing fell 2.3 million barrels last week, the most since August.Oil is down about 14% from a peak reached in April as the on-again, off-again trade talks between Beijing and Washington sap global demand and as forecasters predict a new tide of American production in 2020. That’s overshadowing the resurgent risk to supply from the outbreak of protests in Iraq and Iran, two of the Middle East’s five biggest producers.“After the euphoria of yesterday’s rally on favorable U.S. oil statistics, the market woke up today to face the broader, bearish challenges ahead,” said Harry Tchilinguirian, head of commodity-markets strategy at BNP Paribas SA. “It still faces a weakening economy, and growing shale-oil supply from the U.S.”West Texas Intermediate for January delivery lost 9 cents to $56.92 a barrel on the New York Mercantile Exchange as of 10:55 a.m. London time. The December contract, which expired Wednesday, added $1.90 to close at $57.11.Brent for January settlement fell 10 cents to $62.30 a barrel on the London-based ICE Futures Europe Exchange, after climbing $1.49 on Wednesday. The global benchmark crude traded at a $5.37 premium to WTI.Crude inventories at Cushing, Oklahoma, fell for a second week to the lowest level in about a month. While nationwide stockpiles increased by 1.38 million barrels, it was less than the 1.5 million-barrel build estimated in a Bloomberg survey.\--With assistance from James Thornhill.To contact the reporters on this story: Saket Sundria in Singapore at ssundria@bloomberg.net;Grant Smith in London at gsmith52@bloomberg.netTo contact the editors responsible for this story: Serene Cheong at scheong20@bloomberg.net, Amanda Jordan, Helen RobertsonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


Fiat Chrysler to recall nearly 700,000 SUVs for electrical fault risk  » 
21 Nov 2019, 10:56

Fiat Chrysler to recall nearly 700,000 SUVs for electrical fault riskFiat Chrysler Automobiles NV said on Thursday it will recall nearly 700,000 sport utility vehicles worldwide because a faulty electrical connection could prevent engine starts or contribute to a stall. The recall, covering 2011 through 2013 model year Dodge Durango and Jeep Grand Cherokee SUVs, will address silicon deposits on the contact points of fuel pump relays that may interrupt electrical current, Fiat Chrysler said in a statement.


VW sees mild growth for China auto market over next three to four years  » 
21 Nov 2019, 10:51

VW sees mild growth for China auto market over next three to four yearsGUANGZHOU, China/SHANGHAI (Reuters) - Volkswagen AG , the top foreign automaker in China, said on Thursday it expects the world's biggest passenger car market to stabilize next year with low growth levels likely for three to four years. Hit by a slowing economy, the U.S.-China trade war and chaotic implementation of new emission rules, China's vehicle sales are expected to slide some 8% this year after a 2.8% fall last year to 28.1 million - the first decline since the 1990s. "Next year we predict a stable total market environment, maybe moderate small growth," VW Group China CEO Stephan Woellenstein told Reuters at the Guangzhou autoshow.


VW sees mild growth for China auto market over next three to four years  » 
21 Nov 2019, 10:51

VW sees mild growth for China auto market over next three to four yearsGUANGZHOU, China/SHANGHAI (Reuters) - Volkswagen AG , the top foreign automaker in China, said on Thursday it expects the world's biggest passenger car market to stabilize next year with low growth levels likely for three to four years. Hit by a slowing economy, the U.S.-China trade war and chaotic implementation of new emission rules, China's vehicle sales are expected to slide some 8% this year after a 2.8% fall last year to 28.1 million - the first decline since the 1990s. "Next year we predict a stable total market environment, maybe moderate small growth," VW Group China CEO Stephan Woellenstein told Reuters at the Guangzhou autoshow.


Bank Indonesia Cuts Reserve Ratio in Cautious Easing Move  » 
21 Nov 2019, 10:38

Bank Indonesia Cuts Reserve Ratio in Cautious Easing Move(Bloomberg) -- Explore what’s moving the global economy in the new season of the Stephanomics podcast. Subscribe via Apple Podcast, Spotify or Pocket Cast.Indonesia’s central bank left its key interest rate unchanged while pumping more liquidity into the financial system to stimulate Southeast Asia’s largest economy.Bank Indonesia kept the seven-day reverse repurchase rate unchanged at 5% on Thursday following four rate cuts this year, in line with the prediction of 21 of 31 economists surveyed by Bloomberg. Banks’ reserve requirement ratio was cut by 50 basis points, the first such decision since June.“This looks like a balancing act,” said Frances Cheung, head of Asia macro and strategy at Westpac Banking Corp. in Singapore. “Keeping the policy rate unchanged reflects the focus on maintaining rupiah stability,” while cutting the reserve ratio “fits into the objective of promoting credit expansion.”After 100 basis points of rate cuts since July, the central bank is taking a more cautious approach in providing stimulus to the economy, turning to additional instruments to spur lending. With growth likely to remain subdued amid a sluggish global outlook, Governor Perry Warjiyo said there’s still room for more policy easing, either through monetary levers or macroprudential tools.“Monetary policy remains accommodative and is consistent with controlled inflation in the target corridor,” Warjiyo told reporters in Jakarta. “Going forward, Bank Indonesia will monitor domestic and global economic developments in using its room to implement an accommodative policy mix.”But Coordinating Minister for Economic Affairs Airlangga Hartarto was quick to call for further easing, saying there is “quite a large room” for the central bank to further cut the rate given benign inflation and a stable currency. The benchmark rate at 5% is “pretty high” compared to countries such as the Philippines, Malaysia and Thailand, he said in a statement. The rupiah erased losses after the decision was announced to end little changed, while the yield on benchmark 10-year government bonds rose three basis points to 7.09%.“There’s nothing to suggest they’re done with rate cuts,” said Mohamed Faiz Nagutha, a Singapore-based economist with Bank of America, which has forecast an additional 75 basis points of easing over the next few months. “Our call remains for a full unwind of the 175 basis points of hikes from last year.”After raising rates last year to curb a currency rout, Bank Indonesia has switched its focus to supporting growth amid a global slowdown and the U.S.-China trade war. The central bank expects Indonesia’s economy to grow 5.1% this year.What Bloomberg’s Economists SaySignificant scope for seasonal year-end risk aversion likely keeps the policy rate on hold for now in support of the currency -- especially as recent reports suggest a “Phase One” trade deal between the U.S. and China may not get done in 2019. The central bank’s pause in its rate cut cycle may extend only a short while into 1Q 2020.Click here to read the full report.Tamara Mast Henderson, Asean economistInflation remains subdued, with consumer-price growth at a six-month low of 3.1% in October. The central bank said Thursday that inflation for the full year is expected around 3.1%, well within the target band of 2.5%-4.5%.A surprise trade surplus of $161 million in October eases pressure on the current-account deficit, which has been a key risk for the rupiah. The currency is up 3.5% against the dollar in the past year, among the top performers in Asia, with the bank saying it expects the currency to remain stable in line with fundamentals.Reserve RatioThe reserve requirement ratio for conventional banks was cut to 5.5% from 6%, and for Islamic banks to 4% from 4.5%, effective Jan. 2. Warjiyo said the RRR cut would add an additional 24.1 trillion rupiah in liquidity for commercial banks and 1.9 trillion rupiah for Shariah lenders.“Liquidity is sufficient,” but there’s a problem in terms of the distribution of liquidity between groups of banks, he said.Warjiyo said strong household consumption has kept the economy resilient, but falling imports of capital goods and raw materials show production hasn’t picked up significantly.The central bank “may resume its easing cycle in early 2020 to give growth momentum an added boost” and further the government’s investment-driven growth plans, said Nicholas Mapa, an economist at ING Groep NV in Manila.(Updates with comments economy minister in sixth paragraph)\--With assistance from Tassia Sipahutar, Harry Suhartono, Yoga Rusmana and Chester Yung.To contact the reporters on this story: Karlis Salna in Jakarta at ksalna@bloomberg.net;Viriya Singgih in Jakarta at vsinggih@bloomberg.net;Arys Aditya in Jakarta at aaditya5@bloomberg.netTo contact the editors responsible for this story: Nasreen Seria at nseria@bloomberg.net, ;Thomas Kutty Abraham at tabraham4@bloomberg.net, Michael S. ArnoldFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


Tariffs tough talk show Kosovo-Serb standoff set to last  » 
21 Nov 2019, 10:35

Tariffs tough talk show Kosovo-Serb standoff set to lastSerbian goods are nowhere to be seen in shops in neighboring Kosovo. Naim Krasniqi, a small store owner, says the 100% tariff announced a year ago by the government is fair since Serbia is blocking all goods from Kosovo, part of a standoff between rivals in one of Europe’s most volatile regions. One year on from Kosovo’s tariffs decision, the tussle over trade shows no sign of abating and suggests the deep freeze that has set in between the two countries is likely to continue despite the European Union’s hopes to mediate and ease tensions.


Copart (CPRT) Q1 Earnings and Revenues Surpass Estimates  » 
21 Nov 2019, 10:35

Copart (CPRT) Q1 Earnings and Revenues Surpass EstimatesHigh service revenues across markets served by Copart (CPRT) and expanding network of facilities buoy first-quarter fiscal 2020 results.


Germany fines BMW, Daimler, Volkswagen for forming steel cartel  » 
21 Nov 2019, 10:31

Germany fines BMW, Daimler, Volkswagen for forming steel cartelGermany's cartel authority said on Thursday it was fining the country's three major carmakers - BMW , Volkswagen and Daimler - a total of 100 million euros for forming a cartel to buy steel. BMW said it would pay a penalty amounting to 28 million euros. Daimler will have to pay 23.5 million euros, a spokeswoman said.


Germany fines BMW, Daimler, Volkswagen for forming steel cartel  » 
21 Nov 2019, 10:31

Germany fines BMW, Daimler, Volkswagen for forming steel cartelGermany's cartel authority said on Thursday it was fining the country's three major carmakers - BMW , Volkswagen and Daimler - a total of 100 million euros for forming a cartel to buy steel. BMW said it would pay a penalty amounting to 28 million euros. Daimler will have to pay 23.5 million euros, a spokeswoman said.


China invites U.S. trade negotiators for new round of talks: WSJ  » 
21 Nov 2019, 10:28

China invites U.S. trade negotiators for new round of talks: WSJChina has invited top U.S. trade negotiators for a new round of face-to-face talks in Beijing amid continued efforts to strike at least a limited deal, the Wall Street Journal reported on Thursday citing unnamed sources. The report said Chinese Vice Premier Liu He invited U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin for a meeting in Beijing, adding that Beijing hopes the round of talks can take place before next Thursday's Thanksgiving holiday in the United States.


China’s Top Negotiator ‘Cautiously Optimistic’ About Reaching Trade Deal  » 
21 Nov 2019, 10:25

China’s Top Negotiator ‘Cautiously Optimistic’ About Reaching Trade Deal(Bloomberg) -- Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here. China’s chief trade negotiator indicated he was “cautiously optimistic” about reaching a phase one deal with the U.S., as two titans of American diplomacy in Asia warned of the dangers of escalating the tariff war.Vice Premier Liu He made the comments in a speech in Beijing on Wednesday ahead of the Bloomberg New Economy Forum, according to people who attended the dinner and asked not to be identified. He has also reportedly asked the top U.S. trade negotiator to travel to China to continue talks this month, an invitation that so far hasn’t been accepted. Speaking at the Forum on Thursday, former U.S. Secretary of State Henry Kissinger said America and China were in the “foothills of a Cold War,” and warned that the conflict could be worse than World War I if left to run unconstrained. Later in the day, former Treasury Secretary Henry Paulson warned of the perils of decoupling the world’s two largest economies.Since President Donald Trump announced the phase one deal a month ago, markets have been whipsawed by comments from both sides, first indicating progress, and then the opposite.The latest potential hurdle came after Liu made his dinner-time comments, when the U.S. House voted 417-1 for legislation supporting Hong Kong protesters that has already been unanimously approved by the Senate. It could go to Trump as soon as Thursday and he plans to sign the bill, a person familiar with the matter said.Asian stocks and American equity futures dropped after the House passed the bill, though moves eased after Bloomberg published news of Liu’s comments.Liu also explained China’s plans for reforming state enterprises, opening up the financial sector, and enforcing intellectual property rights -- issues at the core of U.S. demands for change in China’s economic system. Separately from the speech, he told one of the attendees that he was “confused” about the U.S. demands, but was confident the first phase of an agreement could be completed nevertheless.U.S. and Chinese trade negotiators will continue communicating closely and work toward a phase one deal, Ministry of Commerce spokesman Gao Feng said at a briefing in Beijing on Thursday. Responding to questions including whether the two sides agreed on agricultural purchases and tariff removal, as well as a media report on the timetable for a deal, Gao said related rumors were not accurate. It was unclear exactly what he was referring to.If efforts to reach a phase one deal fail before Dec. 15, Trump has threatened to impose 15% tariffs on some $160 billion in imports from China.While the Hong Kong bill is a negative factor for the phase one deal, China still may be able to reach an agreement with the U.S. this year, said Zhang Yansheng, who previously worked at the National Development and Reform Commission, the country’s top economic planner.“The optimistic view is that the phase-one deal can be reached within this year, and a more pessimistic one is that the first phase will be dragged to some point next year,” said Zhang, who is now chief researcher at the China Center for International Economic Exchanges.Kissinger, 96, said he hoped trade negotiations would provide an opening to political discussions between the two countries.“Everybody knows that trade negotiations, which I hope will succeed and whose success I support, can only be a small beginning to a political discussion that I hope will take place,” he said.Kissinger spoke hours after Chinese Vice President Wang Qishan addressed the NEF, saying his country was committed to peace and would follow through on policy changes despite facing challenges at home and abroad.“Between war and peace, the Chinese people firmly choose peace,” he said. “We should abandon the zero-sum thinking and Cold War mentality.”The Forum is being organized by Bloomberg Media Group, a division of Bloomberg LP, the parent company of Bloomberg News.Meantime, Paulson called on China to open more and said the U.S. should resist the temptation to delist Chinese firms from U.S. exchanges, calling it a “terrible idea.” Both countries should determine the rules of the road for high-end technology such as 5G, he said.“There will be some natural decoupling,” Paulson said. “But the delusions of a wholesale, comprehensive decoupling and an economic iron curtain will leave our countries, and the world, worse off. We need to avoid that outcome.”After almost two years of negotiations and escalations -- and plenty of false dawns -- trade negotiators from the U.S. and China are making progress in key areas. Some people close to the talks have described them as being in a sensitive, make-or-break stage.China has invited U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin to Beijing for talks, the Wall Street Journal reported Thursday. Chinese officials hope that meeting would happen before next Thursday’s Thanksgiving holiday, but the U.S. side hasn’t agreed yet as they want commitments on IP protection, forced technology transfers and agricultural purchases, the paper reported.The looming December tariffs, meanwhile, have become the latest hard deadline -- replacing a canceled Nov. 16-17 summit in Chile at which Trump and China’s President Xi Jinping were expected to sign a deal.The negotiating teams are using their failed May proposal as a benchmark for how much a phase-one deal covers of the once-near agreement and how much tariffs will be removed as part of the initial deal.There’s been signs of a thawing on other fronts. The U.S. Commerce Department has started approving some suppliers’ applications for licenses to do business with China’s Huawei Technologies Co., partially reopening access to one of the biggest buyers of U.S. technology.While the phase one deal remains uncertain, trade experts say frictions between the world’s two biggest economies will continue regardless of that outcome.“Tactical shifts may deescalate tensions in the short term but will not resolve fundamental differences which can no longer be papered over,” said Charlene Barshefsky, who negotiated China’s entry into the World Trade Organization under President Bill Clinton. “We are at an inflection point. No outcome is inevitable but two decades of careful management of the relations between China and the West have run its course.”\--With assistance from Miao Han.To contact the reporter on this story: Shawn Donnan in Beijing at sdonnan@bloomberg.netTo contact the editor responsible for this story: Malcolm Scott at mscott23@bloomberg.netFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


UBS’s Ermotti Says No Choice in Spreading Negative Rate Pain  » 
21 Nov 2019, 10:22

UBS’s Ermotti Says No Choice in Spreading Negative Rate Pain(Bloomberg) -- UBS Group AG Chief Executive Officer Sergio Ermotti warned more wealthy clients could be at risk of feeling the pain of negative interest rates, while keeping a protective hand over his smallest depositors.As central banks in Europe push interest rates even further below zero, UBS may have “no choice” but to pass on more of the costs, Ermotti said in an interview from Beijing. He emphasized the bank “will not pass negative rates to smaller clients, the personal banking clients.”“Right now, the threshold is very high still,” Ermotti said. “It’s difficult to make a prediction right now, but we are quite convinced it’s not going to go down to smaller investors.” The bank currently charges clients for deposits of more than 500,000 euros ($554,000) or 2 million Swiss francs ($2 million).While central banks around the world are reducing interest rates in response to slowing economic growth, Europe is particularly hard hit. The region has experimented with negative rates for several years now. The ECB, the Danish, and Swiss central banks have all sought to stimulate growth by charging banks to deposit funds, rather than lending to consumers or businesses.The policies have eroded margins on lending and forced more and more firms to pass on charges for excess cash. Credit Suisse Group AG has said that clients with deposits greater than 1 million euros or 2 million francs would incur a negative rate. Deutsche Bank plans to pass on negative rates to large corporate customers or wealthy clients, but will spare most retail clients.Those headwinds have weighed on shares of European banks, with UBS falling about 13% in the past year. The firm also had to contend with increasing competition for wealthy clients, slowing economic growth, as well as a legal dispute in France.Ermotti spoke at the New Economy Forum, an event organized by a division of Bloomberg LP, the parent company of Bloomberg News. The UBS CEO and executives from rivals such as Goldman Sachs Group Inc. are in Beijing this week as China prepares to start allowing full ownership of local firms by foreign companies next year, a key step in opening its $40 trillion financial markets.To tap fresh sources of growth, UBS has had a presence in China longer than most Wall Street firms, and it was the first foreign firms to win approval for a majority stake in a local securities venture as the country opened its financial sector. But the bank also faces stiff competition from local Chinese competitors, which are quickly adding assets under management.​After getting all the necessary licenses, Ermotti, 59, said he was bullish on taking his business in China to the “next level of growth,” while cautioning that this will “take years.” The bank doesn’t necessarily need to own 100% of its venture in China because it has been working well with its partner there, Ermotti said.“We are firmly of the opinion that the secular trend supporting China and particular also our business are very good,” Ermotti said. “We will continue to invest and grow.”(Updates with China strategy from eighth paragraph.)To contact Bloomberg News staff for this story: Marion Halftermeyer in Zurich at mhalftermeye@bloomberg.net;Jun Luo in Shanghai at jluo6@bloomberg.netTo contact the editors responsible for this story: Dale Crofts at dcrofts@bloomberg.net, ;Candice Zachariahs at czachariahs2@bloomberg.net, Christian BaumgaertelFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


India Approves Privatization of State-Run Refiner  » 
21 Nov 2019, 10:22

India Approves Privatization of State-Run Refiner(Bloomberg) -- India launched its biggest privatization drive in more than a decade, offering majority stakes in three state-owned companies in a bid to raise funds to bridge a widening fiscal gap and boost a slowing economy.The cabinet committee on economic affairs decided Wednesday to sell the government’s entire stake in the country’s second-largest state refiner, Bharat Petroleum Corp., and India’s largest shipping company, Shipping Corp. of India Ltd. It also approved transferring ownership of Container Corp. of India Ltd., Finance Minister Nirmala Sitharaman said in New Delhi. A proposal to pare stakes below 51% in some companies, while still retaining control, was also approved.Prime Minister Narendra Modi’s administration is seeking to raise a record 1.05 trillion rupees ($14.6 billion) from asset sales this year as revenue collections fall short amid a growth slowdown. That threatens the government’s budget-gap goal of 3.3% of gross domestic product and risks a downgrade by sovereign rating agencies.Saudi Aramco, Kuwait Petroleum Corp. and Abu Dhabi National Oil Co. may be among potential bidders for Bharat Petroleum, ICICI Securities analysts including Vidyadhar Ginde said in a report Thursday, while raising their price target by 6% to 561 rupees. The refiner fell as much as 3.2% to 527.05 rupees in Mumbai. Shipping Corp. declined as much as 5.6%.The ministerial panel also cleared stake sale in generators THDC India Ltd. and North Eastern Electric Power Corp. to state-run NTPC Ltd. The government decided to offload 30.8% holding in Container Corp. and exclude Numaligarh Refinery Ltd. from BPCL’s privatization, Sitharaman said.Big TicketSo far, Modi’s government had resisted big-ticket privatization and restricted sales of its holdings to other state companies, including the 369.2 billion-rupee sale of Hindustan Petroleum Corp. to the biggest explorer Oil & Natural Gas Corp. last year. It raised 145 billion rupees by transferring control of REC Ltd. to Power Finance Corp.Sitharaman in her federal budget speech on July 5 had mentioned the plan to privatize state companies. The government had also identified the biggest energy companies such as Indian Oil Corp., ONGC, NTPC Ltd. and GAIL India Ltd. as possible candidates for cutting direct holdings below 51%.“The government has no business to be in business,” Oil Minister Dharmendra Pradhan told reporters on Thursday. “Sectors that can run on their own, should be allowed to run on their own.”When asked if state-run firms will be allowed to bid for BPCL, Pradhan said the administration will be guided by the principle that the government should stay out of running a business. He expects privatization of the refiner to be completed by March.India is also looking to raise 500 billion rupees in the current fiscal year by selling infrastructure assets such as roads, gas pipelines and power transmission lines.The Indian government holds 53.3% of Bharat Petroleum, 63.75% in Shipping Corp. and 54.89% in Container Corp. of India, while it has 74.23% ownership in THDC and full ownership of NEEPCO. Offloading its holding in BPCL alone can help meet about 60% of this year’s asset sale aim, based on the stock’s closing price Wednesday.(Updates with oil minister’s comment in eighth paragraph)\--With assistance from Devidutta Tripathy, Abhijit Roy Chowdhury, Rajesh Kumar Singh and Saket Sundria.To contact the reporters on this story: Debjit Chakraborty in New Delhi at dchakrabor10@bloomberg.net;Bibhudatta Pradhan in New Delhi at bpradhan@bloomberg.netTo contact the editors responsible for this story: Unni Krishnan at ukrishnan2@bloomberg.net, Alpana SarmaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


Tiffany Is Worth the $16 Billion Extravagance  » 
21 Nov 2019, 10:21

Tiffany Is Worth the $16 Billion Extravagance(Bloomberg Opinion) -- Advent calendars are bang on trend right now, and Tiffany & Co. is selling one of the most indulgent ever. For $112,000, lucky recipients can open little blue windows to reveal bangles from its Tiffany T line, delicate floral earrings, silver novelties and perfume.Reflecting the sheer luxury of it all, LVMH Moet Hennessy Louis Vuitton SE has made a revised proposal to buy Tiffany at $130 per share, valuing the U.S. jeweler at about $16 billion including assumed net borrowings.Its previous approach at $120 per share was too skinny. At the higher level, both sides stand a chance of getting a nice gift in the countdown to the holidays. LVMH should be able to make a return on investment that exceeds the target’s cost of capital. Tiffany investors would receive a 32% premium to the price of the company’s shares before Bloomberg News revealed the initial approach.At $130 per share, LVMH will probably want to increase Tiffany’s operating profit contribution to around $1.5 billion in order to generate a 7-8% post-tax return. Given the French group’s scale and track record, that’s feasible.LVMH has more than doubled sales at Bulgari, which it acquired in 2011. But the Italian jeweler is a misleading benchmark: An equivalent feat at Tiffany looks ambitious given that it’s a much bigger company.Analysts aren’t anticipating much growth for Tiffany’s sales this year, according to the consensus of Bloomberg estimates, but revenues are expected to increase about 4% in 2021 and 2022. Deborah Aitken of Bloomberg Intelligence puts the long-term growth of the jewelry market at 5% a year. LVMH expanded its overall group sales in the third quarter at about three times the industry median, Aitken notes.On that basis, it has scope to outperform the jewelry market, too. To achieve this, LVMH would likely accelerate Tiffany’s retail expansion in Asia. With its financial clout, it could also turbocharge product development, and back new styles with more muscular marketing. Meanwhile, it could better fulfill Tiffany’s broader potential in lifestyle segments, such as fragrances and watches.So a more realistic forecast would be that under LMVH, Tiffany’s sales could grow a bit, but not much faster than the market — say 7% per year. After five years, sales would be 40% higher than this year, or around $6.3 billion.Margins would have to climb to 23% to hit the profit hurdle. Again, that’s plausible. In the short term, profits could well take a hit, as the new owner invests in products and stores. But with analysts at Royal Bank of Canada estimating Cartier’s operating margin at comfortably over 30%, and Van Cleef & Arpels and Bulgari each in the low-to-mid 20s, there is potential to lift Tiffany’s margin, which is anticipated at near 18% this year.Each side has something to gain from a transaction. For LVMH, that’s dominating the market for jewelry. For Tiffany, it is avoiding the tricky task of executing a turnaround in a U.S. recession on its own.The U.S. group’s strategy, including introducing new designs that appeal to younger customers, is a sensible one. But it has yet to deliver fully, and that’s before any sign of a downturn. If its suitor walks away, it would likely struggle to convince investors that it can maintain the share price around current levels without takeover interest. It was trading at $98.55 before LVMH’s approach.With the two sides entering talks, Tiffany will be pushing for an even higher price. Analysts at HSBC see potential for a deal at $135 per share. LVMH shares fell 1% on Thursday.But with no signs of a counter bidder emerging right now, LVMH Chief Executive Officer Bernard Arnault has the upper hand. Just because he can afford it doesn’t mean he should be as extravagant as one of those advent calendars.\--With assistance from Chris Hughes.To contact the author of this story: Andrea Felsted at afelsted@bloomberg.netTo contact the editor responsible for this story: Melissa Pozsgay at mpozsgay@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andrea Felsted is a Bloomberg Opinion columnist covering the consumer and retail industries. She previously worked at the Financial Times.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.


Jaguar Land Rover chief wants alliances, not a merger  » 
21 Nov 2019, 10:14

Jaguar Land Rover chief wants alliances, not a mergerLuxury automaker Jaguar Land Rover's chief executive told Reuters he is open to more alliances to lower the costs of developing technology, but is not looking for a full-blown corporate merger. "We feel the pressure" from demands to slash carbon emissions and develop electric vehicles, Jaguar Land Rover chief Ralf Speth said in an interview on the sidelines of the Los Angeles auto show.


OECD sees global growth at decade-low, blames governments' indecision  » 
21 Nov 2019, 10:05

OECD sees global growth at decade-low, blames governments' indecisionThe global economy is growing at the slowest pace since the financial crisis as governments leave it to central banks to revive investment, the OECD said on Thursday in an update of its forecasts. The world economy is projected to grow by a decade-low 2.9% this year and next, the Organisation for Economic Cooperation and Development said in its Economic Outlook, trimming its 2020 forecast from an estimate of 3.0% in September. A bigger concern, however, is that governments are failing to get to grips with global challenges such as climate change, the digitalization of their economies and the crumbling of the multilateral order that emerged after the fall of Communism.


OECD sees global growth at decade-low, blames governments' indecision  » 
21 Nov 2019, 10:05

OECD sees global growth at decade-low, blames governments' indecisionThe global economy is growing at the slowest pace since the financial crisis as governments leave it to central banks to revive investment, the OECD said on Thursday in an update of its forecasts. The world economy is projected to grow by a decade-low 2.9% this year and next, the Organisation for Economic Cooperation and Development said in its Economic Outlook, trimming its 2020 forecast from an estimate of 3.0% in September. A bigger concern, however, is that governments are failing to get to grips with global challenges such as climate change, the digitalization of their economies and the crumbling of the multilateral order that emerged after the fall of Communism.


Apple, Intel file antitrust case against SoftBank-owned firm over patent practices  » 
21 Nov 2019, 10:03

Apple, Intel file antitrust case against SoftBank-owned firm over patent practicesApple Inc and Intel Corp on Wednesday filed an antitrust lawsuit against Fortress Investment Group, alleging the SoftBank Group Corp <9984.T> unit stockpiled patents to hold up tech firms with lawsuits demanding as much as $5.1 billion. The suit follows an earlier case that Intel filed against Fortress in October. Intel withdrew that suit and on Wednesday filed a new version in the U.S. District Court for the Northern District of California with Apple joining as a plaintiff.


Fiat Chrysler to recall nearly 700,000 SUVs for electrical fault risk  » 
21 Nov 2019, 10:02

Fiat Chrysler to recall nearly 700,000 SUVs for electrical fault riskFiat Chrysler Automobiles NV said on Thursday it will recall nearly 700,000 sport utility vehicles worldwide because a faulty electrical connection could prevent engine starts or contribute to a stall. The recall, covering 2011 through 2013 model year Dodge Durango and Jeep Grand Cherokee SUVs, will address silicon deposits on the contact points of fuel pump relays that may interrupt electrical current, Fiat Chrysler said in a statement.


Jaguar Land Rover chief wants alliances, not a merger  » 
21 Nov 2019, 10:01

Jaguar Land Rover chief wants alliances, not a mergerLuxury automaker Jaguar Land Rover's chief executive told Reuters he is open to more alliances to lower the costs of developing technology, but is not looking for a full-blown corporate merger. "We feel the pressure" from demands to slash carbon emissions and develop electric vehicles, Jaguar Land Rover chief Ralf Speth said in an interview on the sidelines of the Los Angeles auto show.


California’s Governor Wants State-Appointed PG&E Board Members  » 
21 Nov 2019, 10:01

California’s Governor Wants State-Appointed PG&E Board Members(Bloomberg) -- California Governor Gavin Newsom wants PG&E Corp. to add state-appointed members to its board as part of the utility giant’s reorganization.Newsom’s administration pushed for this, along with several other conditions, to be included in PG&E’s restructuring plan during a meeting on Wednesday with the company and other parties in its bankruptcy case. Newsom also wants a governance structure that would give these board members greater management authority over the utility if it fails to meet certain safety performance standards, the governor’s office said Wednesday.The pressure on Newsom to force an overhaul at PG&E has escalated in recent weeks as the company plunged millions into darkness to keep its power lines from igniting wildfires. The company filed for Chapter 11 protection in January after its equipment was tied to a series of 2017 and 2018 blazes that left it with $30 billion in estimated liabilities.Read More: PG&E Starts Restoring Power After Latest Deliberate BlackoutEarlier this month, Newsom threatened to take over PG&E if the company fails to emerge from bankruptcy by a state-imposed deadline of June 30, 2020, and improves its operations before next year’s wildfire season.The company has struggled for months to come up with a restructuring plan that bondholders and wildfire victims are willing to sign off on. The judge overseeing its case ordered parties into mediation in an effort to speed up a settlement.In the meeting on Wednesday, Newsom’s administration said it wants to leave the door open for a government takeover if it’s deemed necessary. The governor’s office said it's also seeking assurances that the utility will make safety investments without placing an undue burden on customers.To contact the reporter on this story: Mark Chediak in San Francisco at mchediak@bloomberg.netTo contact the editor responsible for this story: Lynn Doan at ldoan6@bloomberg.netFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


How to keep schools safe? We're focusing our time, energy and money on 'all the wrong things,' experts say  » 
21 Nov 2019, 10:00

How to keep schools safe? We're focusing our time, energy and money on 'all the wrong things,' experts sayThe Saugus High School shooting in California renewed calls for metal detectors. But experts don't believe that's the best way to protect students.


The World May Have a Bigger Problem Than a Potential Recession  » 
21 Nov 2019, 10:00

The World May Have a Bigger Problem Than a Potential Recession(Bloomberg) -- Explore what’s moving the global economy in the new season of the Stephanomics podcast. Subscribe via Apple Podcast, Spotify or Pocket Cast.The global economy is stuck in a rut that it won’t exit unless governments revolutionize policies and how they invest, rather than just hoping for a cyclical upswing, the OECD said.The latest outlook and policy prescriptions from the Paris-based group mark a step beyond its repeated warnings about threats to growth from U.S.-China tensions, weak investment and trade flows. Those remain, but it also flags more systemic challenges from climate change, technology and the fact that the trade war is just part of a bigger shift in the global order.For OECD Chief Economist Laurence Boone, the worry is that the world could continue to suffer in the decades to come if authorities offer short-term fiscal and monetary fixes as the only response.“The biggest concern… is that the deterioration of the outlook continues unabated, reflecting unaddressed structural changes more than any cyclical shock,” Boone said. “It would be a policy mistake to consider these shifts as temporary factors that can be addressed with monetary and fiscal policy: they are structural.”The pessimism about the deep seated problems in the global economy contrasts with more upbeat signals coming from financial markets, where investors are increasingly betting on an upswing next year depending on the latest twists in trade talks.Morgan Stanley sees a pickup in global growth from early next year, though risks are still skewed to the downside, while Goldman Sachs says better trade policy news recently means the drag on world growth should ease.The OECD sees global growth stuck at 2.9% this year and next, and rising slightly to 3% in 2021. It lowered its 2019 U.S. forecast to 2.3% from 2.4% previously, and left 2020 at 2%.On trade, the OECD said the risk of further escalation of tensions is a “serious concern.” More worrying, even if recent restrictions were reversed, uncertainties could linger. That would weigh on business investment growth in major advanced economies, which the OECD expects to slow to about 1.25% a year from close to 2% in 2018.The entrenched trade and investment challenges mean governments must make deeper changes beyond simply rolling back tariffs of the last two years. This could mean updating global rules and reducing subsidies with harmful effects on trade, the OECD said.It urged a similarly profound rethink of environmental policies amid bushfires in Australia and flooding in Venice that some have linked to climate change. The backlash against carbon emissions has even led to protest movements such as “flight shaming.”Beyond how climate events harm the economy, how governments regulate and respond is also having an impact. Without clear policy on issues like carbon tax, the delays to business investment have “dire consequences for growth and employment,” Boone said.While fiscal stimulus could provide a short-term boost, the OECD said the focus should be on the long term, such as through dedicated investment funds.“The situation remains inherently fragile, and structural challenges are daunting,” Boone said. “There is a unique window of opportunity to avoid a stagnation that would harm most people: restore certainty and invest for the benefit of all.”To contact the reporter on this story: William Horobin in Paris at whorobin@bloomberg.netTo contact the editors responsible for this story: Fergal O'Brien at fobrien@bloomberg.net, Zoe SchneeweissFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


Survey: Majority of Shoppers Are Missing Out On Free Money During the Holidays  » 
21 Nov 2019, 10:00

Survey: Majority of Shoppers Are Missing Out On Free Money During the HolidaysAmericans aren't saving as much money as you'd think.


Wooing Back Big Business Is Job One for Trudeau’s Finance Chief  » 
21 Nov 2019, 10:00

Wooing Back Big Business Is Job One for Trudeau’s Finance Chief(Bloomberg) -- Explore what’s moving the global economy in the new season of the Stephanomics podcast. Subscribe via Apple Podcast, Spotify or Pocket Cast.In the corridors of corporate Canada, Finance Minister Bill Morneau tends to inspire equal measures of grievance and hope.To some, the former Bay Street executive hasn’t sufficiently defended the interests of business at a cabinet table that may be the most left-leaning and activist in a generation under Prime Minister Justin Trudeau. To others, his status as an outsider is what makes him so valuable -- a pro-business bulwark in a government that’s often more interested in tackling social issues and climate change.Either way, resetting relations with the business community will be one of Morneau’s biggest challenges, now that Trudeau has kept him in place for another term as economic czar in the Liberal cabinet. The minister has his work cut out for him.Tension between corporate Canada and Ottawa has become more fraught over the past year amid worries the government isn’t devoting serious attention to fixing the nation’s long-term competitiveness problem. The election result, which saw the Liberals lose their majority and become reliant on smaller, left-wing parties to pass legislation, has made the business community even more anxious.“The government as a whole needs to demonstrate that it’s aware of the challenges that businesses are facing,” said Perrin Beatty, head of the Canadian Chamber of Commerce. “It’s not clear to us that Ottawa understands the fragility or has a sense of urgency of doing what’s necessary to resolve some of the issues we’re facing.”‘Lost Ground’Business investment today is lower than it was when Trudeau came to power at the end of 2015, particularly in the energy sector. The extent of the capital-spending slump is practically unprecedented outside of recession. Productivity growth, meanwhile, has deteriorated to historic lows.“We have lost ground with countries with whom we trade, and with whom we compete, in terms of productivity, in terms of our foreign direct investment, in terms of our overall GDP per capita,” said Dennis Darby, president of the Canadian Manufacturers and Exporters, an advocacy group. “We’re going to continue to press the government.”The recent election campaign didn’t do much to build confidence. The Liberals barely mentioned competitiveness in their platform, even as they promised to ramp up deficits to fund other pledges. That’s raising red flags in a business community worried it will ultimately be asked to pay more.“One of the things we’ll be watching closely is whether the government intends to increase taxes on business or on individuals because what we’re seeing today is a climate that encourages disinvestment in Canada,” Beatty said.Liberal AgendaOne area where Morneau can help is by instilling more confidence that the overall direction of policy is consistent with stronger long-term growth, according to a former adviser.“The main challenge is to articulate an economic vision out of this platform, which to be honest is really focused on redistribution,” said Robert Asselin, now senior fellow at the Munk School of Global Affairs and Public Policy at the University of Toronto.It’s not like the differences between the two sides are insurmountable. The Liberals and business see eye to eye on key issues -- growing immigration, taking steps to increase labor force participation, more funding for skills development, trade diversification and even climate change. Businesses also acknowledge the government did step up in a big way last year with a tax cut for new investment.The actual demands from business don’t seem extravagant. Darby says manufacturers are looking for more help for on-the-job training, for example. The Business Council of Canada released its list of recommendations to the government last month. It includes convening a meeting with provincial ministers to develop a natural resource strategy, simplifying the tax and regulatory systems, and establishing an independent statutory body to help build infrastructure projects.And no one blames the Liberals for having caused the investment malaise, which is deep-rooted and global in nature. The complaint is the Trudeau government lacks urgency to find answers, and is too preoccupied with other things.“I’d like to see an attitude and recognition that we’re in this together and we need to grow the economy,” said Goldy Hyder, president of the Business Council, an advocacy group that represents chief executives of 150 Canadian companies.To contact the reporter on this story: Theophilos Argitis in Ottawa at targitis@bloomberg.netTo contact the editors responsible for this story: Theophilos Argitis at targitis@bloomberg.net, Chris Fournier, Stephen WicaryFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


Wooing Back Big Business Is Job One for Trudeau’s Finance Chief  » 
21 Nov 2019, 10:00

Wooing Back Big Business Is Job One for Trudeau’s Finance Chief(Bloomberg) -- Explore what’s moving the global economy in the new season of the Stephanomics podcast. Subscribe via Apple Podcast, Spotify or Pocket Cast.In the corridors of corporate Canada, Finance Minister Bill Morneau tends to inspire equal measures of grievance and hope.To some, the former Bay Street executive hasn’t sufficiently defended the interests of business at a cabinet table that may be the most left-leaning and activist in a generation under Prime Minister Justin Trudeau. To others, his status as an outsider is what makes him so valuable -- a pro-business bulwark in a government that’s often more interested in tackling social issues and climate change.Either way, resetting relations with the business community will be one of Morneau’s biggest challenges, now that Trudeau has kept him in place for another term as economic czar in the Liberal cabinet. The minister has his work cut out for him.Tension between corporate Canada and Ottawa has become more fraught over the past year amid worries the government isn’t devoting serious attention to fixing the nation’s long-term competitiveness problem. The election result, which saw the Liberals lose their majority and become reliant on smaller, left-wing parties to pass legislation, has made the business community even more anxious.“The government as a whole needs to demonstrate that it’s aware of the challenges that businesses are facing,” said Perrin Beatty, head of the Canadian Chamber of Commerce. “It’s not clear to us that Ottawa understands the fragility or has a sense of urgency of doing what’s necessary to resolve some of the issues we’re facing.”‘Lost Ground’Business investment today is lower than it was when Trudeau came to power at the end of 2015, particularly in the energy sector. The extent of the capital-spending slump is practically unprecedented outside of recession. Productivity growth, meanwhile, has deteriorated to historic lows.“We have lost ground with countries with whom we trade, and with whom we compete, in terms of productivity, in terms of our foreign direct investment, in terms of our overall GDP per capita,” said Dennis Darby, president of the Canadian Manufacturers and Exporters, an advocacy group. “We’re going to continue to press the government.”The recent election campaign didn’t do much to build confidence. The Liberals barely mentioned competitiveness in their platform, even as they promised to ramp up deficits to fund other pledges. That’s raising red flags in a business community worried it will ultimately be asked to pay more.“One of the things we’ll be watching closely is whether the government intends to increase taxes on business or on individuals because what we’re seeing today is a climate that encourages disinvestment in Canada,” Beatty said.Liberal AgendaOne area where Morneau can help is by instilling more confidence that the overall direction of policy is consistent with stronger long-term growth, according to a former adviser.“The main challenge is to articulate an economic vision out of this platform, which to be honest is really focused on redistribution,” said Robert Asselin, now senior fellow at the Munk School of Global Affairs and Public Policy at the University of Toronto.It’s not like the differences between the two sides are insurmountable. The Liberals and business see eye to eye on key issues -- growing immigration, taking steps to increase labor force participation, more funding for skills development, trade diversification and even climate change. Businesses also acknowledge the government did step up in a big way last year with a tax cut for new investment.The actual demands from business don’t seem extravagant. Darby says manufacturers are looking for more help for on-the-job training, for example. The Business Council of Canada released its list of recommendations to the government last month. It includes convening a meeting with provincial ministers to develop a natural resource strategy, simplifying the tax and regulatory systems, and establishing an independent statutory body to help build infrastructure projects.And no one blames the Liberals for having caused the investment malaise, which is deep-rooted and global in nature. The complaint is the Trudeau government lacks urgency to find answers, and is too preoccupied with other things.“I’d like to see an attitude and recognition that we’re in this together and we need to grow the economy,” said Goldy Hyder, president of the Business Council, an advocacy group that represents chief executives of 150 Canadian companies.To contact the reporter on this story: Theophilos Argitis in Ottawa at targitis@bloomberg.netTo contact the editors responsible for this story: Theophilos Argitis at targitis@bloomberg.net, Chris Fournier, Stephen WicaryFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


British Airways says flights disrupted by ‘technical issue’  » 
21 Nov 2019, 9:51

British Airways says flights disrupted by ‘technical issue’Information from Heathrow, Britain’s busiest airport, shows some trans-Atlantic flights delayed Thursday by several hours. The airline said in a statement that “our teams are working hard to resolve a technical issue which is affecting some of our flights.” It didn’t disclose the nature of the issue. It is the latest in a series of systems failures suffered by the airline in recent years.


Iran's Guards praise 'timely' action against protesters  » 
21 Nov 2019, 9:48

Iran's Guards praise 'timely' action against protestersIran's Revolutionary Guards on Thursday praised the armed forces for taking "timely" action against "rioters" and said calm had returned after days of unrest sparked by a hike in petrol prices. Motorists blocked highways in Tehran before the unrest spread to cities and towns across the country, with petrol pumps torched, police stations attacked and shops looted. "Incidents, big and small, caused by the rise in petrol price took place in (a little) less than 100 cities across Iran," said a statement on the Guards' official website Sepahnews.com.


China food delivery firm Meituan posts second straight quarterly profit since listing  » 
21 Nov 2019, 9:45

China food delivery firm Meituan posts second straight quarterly profit since listingChinese food delivery giant Meituan Dianping beat market expectations to record a 44% jump in third-quarter revenue and post a second straight quarterly profit, as it gained market share and cemented its dominance in the business. Competition in China's food delivery sector has become less cut-throat as companies roll back profit-damaging subsidies, which in turn has allowed Meituan to capitalize on its first-mover advantage over rivals in the country's smaller cities. According to research firm Trustdata, Meituan has steadily increased its share of China's food delivery market to 65.8% as of end-September, compared with 60.1% a year earlier.


China food delivery firm Meituan posts second straight quarterly profit since listing  » 
21 Nov 2019, 9:45

China food delivery firm Meituan posts second straight quarterly profit since listingChinese food delivery giant Meituan Dianping beat market expectations to record a 44% jump in third-quarter revenue and post a second straight quarterly profit, as it gained market share and cemented its dominance in the business. Competition in China's food delivery sector has become less cut-throat as companies roll back profit-damaging subsidies, which in turn has allowed Meituan to capitalize on its first-mover advantage over rivals in the country's smaller cities. According to research firm Trustdata, Meituan has steadily increased its share of China's food delivery market to 65.8% as of end-September, compared with 60.1% a year earlier.


Meituan Revenue Beats Estimates on Expansion Beyond Food  » 
21 Nov 2019, 9:44

Meituan Revenue Beats Estimates on Expansion Beyond Food(Bloomberg) -- Meituan Dianping’s quarterly revenue beat expectations after the Chinese internet services giant deepened forays into areas beyond its core food and travel business.Sales increased 44% to 27.5 billion yuan ($3.9 billion) in the three months ended September, compared with the 26 billion yuan average of analysts’ estimates. It reported net income of 1.33 billion yuan, including gains from investments, while analysts projected a 502 million yuan loss. That came on the heels of the company’s first-ever quarterly profit in the previous quarter, which stemmed from big one-time investment gains.Backed by Tencent Holdings Ltd., Meituan is investing heavily in a plethora of online services from food delivery to travel, competing directly against Alibaba Group Holding Ltd. Billionaire founder Wang Xing is trying to sustain a robust pace of growth by expanding into newer arenas such as ride-hailing, restaurant management and online groceries. That ambitious expansion has helped Meituan overtake the likes of Baidu Inc. to become China’s third largest publicly traded tech company.What Bloomberg Intelligence SaysMeituan is likely to continue making investments in new initiatives to lay the foundation for its future growth, suggesting there could be fluctuations to its profitability in the coming quarters.\- Vey-Sern Ling and Tiffany Tam, analystsClick here for the research.While Meituan has tightened its belt with less-profitable areas such as bike-sharing, it’s spending at a rapid clip to fend off Alibaba’s Ele.me in meal delivery and Fliggy in travel, an enormous outlay that’s compressing margins. Sustaining growth has also become a stiffer challenge as Chinese economic growth threatens to slide beneath 6%. Longer-term, Wang envisions a super-app modeled on Tencent’s own WeChat, extending a raft of everyday services such as payments to an increasingly wealthy populace.Meituan’s shares dropped nearly 6% Thursday before its results emerged. The stock has more than doubled in 2019 -- easily outpacing Alibaba and Tencent -- as investors bet on its ability to safeguard its share of China’s fastest-growing internet services.To contact the reporter on this story: Zheping Huang in Hong Kong at zhuang245@bloomberg.netTo contact the editors responsible for this story: Peter Elstrom at pelstrom@bloomberg.net, Edwin ChanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.





Technology

PHOTOS: Fluorescent turtle embryo wins forty-fifth annual Nikon Small World Competition  » 
21 Oct 2019, 15:01

PHOTOS: Fluorescent turtle embryo wins forty-fifth annual Nikon Small World CompetitionThe winners of the 45th annual competition showcase a spectacular blend of science and artistry under the microscope.


7 tax scams to watch out for this year  » 
7 Apr 2019, 12:00

7 tax scams to watch out for this yearIn case wringing your hands over the tax man weren’t enough, criminals are out there trying to swipe your hard-earned cash and personal information from right under your nose.


Mother Angry After School's Robocall Keeps Mispronouncing Daughter's Name As A Racial Slur  » 
2 Nov 2017, 18:48

Mother Angry After School's Robocall Keeps Mispronouncing Daughter's Name As A Racial SlurThe daughter's name is Nicarri.


Avowed Apple Fan Jeb Bush Realizes His Apple Watch Can Take Phone Calls  » 
13 Jan 2016, 23:22

Avowed Apple Fan Jeb Bush Realizes His Apple Watch Can Take Phone CallsJeb Bush's love of Apple products has been widely documented, and the Republican presidential candidate continues to wear his Apple Watch on the campaign trail. Yesterday, in a meeting with The Des Moines Register editorial board documented by USA Today, Bush stumbled upon a feature he didn’t realize his smartwatch was capable of: taking phone calls. Somehow Bush managed to take a call without picking up his iPhone, and the sound of a person’s voice saying hello breaks through the meeting noise, to which Bush responds, “My watch can’t be talking.”


Social media welcomes Pope Francis to the United States  » 
22 Sep 2015, 23:29

Social media welcomes Pope Francis to the United StatesPope Francis gets the social media treatment upon arriving in the U.S. Tuesday. As Pope Francis’s flight touched down in Washington, D.C. on Tuesday, Twitter unveiled a new batch of emojis created for the highly anticipated papal visit. Until his departure from the United States on Sunday, Twitter users chronicling the Catholic leader’s East Coast journey will be able to include a cartoon image of the Pope’s face in front of the American flag on all Pope-related tweets by using the hashtag #PopeinUS.






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