Asia stocks mostly lower, China 2016 exports fell 2% while imports rose 0.6% in yuan terms

Von

January 13, 2017

Asian markets fell on Friday, as investors digested China’s full-year trade figures in yuan-terms and waited for more dollar-denominated data to be released.
Mainland Chinese shares were lower after official data showed that Chinese exports dropped 2 percent on-year in yuan terms in 2016, while imports picked up 0.6 percent. The Shanghai composite was down 0.38 percent while Shenzhen composite slipped 0.68 percent.
In South Korea, the Kospi lost 0.42 percent, after the Bank of Korea left benchmark rates unchanged at 1.25 percent, which was aligned with expectations by a Reuters poll of analysts, as it awaits for more policy clarity out of the U. S. under a Trump administration.
Samsung Group leader Jay Lee left the special prosecutor’s office early on Friday. Lee was held for more than 22 hours for questioning over bribery suspicions in a corruption scandal, involving President Park Geun-hye, The special prosecutor’s office is considering whether to seek an arrest warrant for Lee, Yonhap News Agency reported on Friday.
Heavily-weighted Samsung Electronics , plunged 2.58 percent, Samsung C&T fell 0.39 percent, and Samsung Heavy dropped 1.41 percent.
The Nikkei 225 gained 0.53 percent in early Asian hours.
Troubled airbag maker Takata soared 16.47 percent or 150 points to hit its daily price limits in just thirty minutes of trading, after the Journal reported that it could plead guilty by Friday to criminal misconduct over defective air bags and pay nearly $1 billion to resolve the criminal probe. The settlement would include a $25 million criminal fine, $125 million in victim compensation and $850 million to compensate automakers who suffered losses from the recalls, sources told Reuters.
Australia’s ASX 200 was down 0.93 percent, with its financial sub-index leading the losses, down 1.76 percent.
Australia’s „Big Four“ were dragged down more than 1 percent: National Australia Bank fell 1.78 percent, Commonwealth Bank was off 1.79 percent, ANZ slipped 2.21 percent and Westpac was 2.11 percent lower.
Hong Kong’s Hang Seng advanced 0.32 percent.
Investors also noted Fed Chair Janet Yellen avoided any remarks on monetary policy in prepared remarks at an event late Thursday in the U. S. , though she did later say she had no major worries on the economy over the short term.
At the same time, a downbeat reaction to a Wednesday press conference by President-elect Donald Trump lingered. He took shots at the pharmaceutical industry and failed to provide new details on three of his key policies: tax reform, deregulation of certain sectors and fiscal stimulus. The lack of details saw traders unwind some of their Trump trade, which sent stocks and the dollar lower.
The greenback was up against a basket of currencies to trade at 101.41 early Friday, compared to levels as low as 100.72 on Thursday in the U. S.
„With just over a week until his inauguration, (traders) hoped that Donald Trump would spend some time outlining the scope of his infrastructure plans,“ said Kathy Lien, managing director of foreign exchange strategy for BK Asset Management. „Unfortunately the President-elect failed to do so yesterday and the U. S. dollar dropped as a result. “
Among other currency majors, the yen slipped against the greenback to trade at 114.95, compared to yesterday’s lows of 113.73. The Australian dollar continued to rally to one-month high against the dollar, at $0.75 compared to levels around $0.72 seen last week.
Stateside, the Dow Jones industrial average dropped 63.28 points, or 0.32 percent, to close at 19,891. The S&P 500 fell 4.88 points, or 0.21 percent to 2,270.44, while the Nasdaq composite dropped 16.16 points, or 0.29 percent, to end at 5,547.49.
Oil prices gained during Asian trade, with U. S. crude futures up 0.19 percent to $53.11 a barrel, and global benchmark Brent inching up 0.2 percent to $56.12.
Spot gold eased 0.08 percent to $1,194.26 per ounce, after hitting a high of $1,206.98 on Thursday, its best since Nov.23.

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France elections: What makes Marine Le Pen far right?

Von

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January 13, 2017

She described Britain’s vote for Brexit as the most important event since the fall of the Berlin Wall, and Donald Trump’s US presidential victory as „an additional stone in the building of a new world“.
Marine Le Pen, the leader of France’s National Front (FN), is fighting to achieve a similar earthquake in France in the presidential elections in 2017.
But with her increasing appeal to the centre and the left of French politics, how many of her policies really belong to the far right?
Marine Le Pen is the youngest daughter of Jean-Marie Le Pen, former leader of the FN and a convicted racist, who last year repeated an old anti-Semitic slur that the Nazi gas chambers were „a detail of history“.
Having grown up in a political home, accompanying him to meetings from the age of 13, Marine Le Pen was always going to struggle to shake off the far-right label.
But she did denounce her father’s comments in 2015, and effectively expelled him from the party. While her father was leader, the FN was the party that wanted to deport three million foreigners, the party of Holocaust-denial and xenophobia. But under Marine Le Pen the FN began to distance itself from such controversial issues.
Such efforts at detoxification have proved successful, with polls suggesting support for the FN climbing from 18% in 2010 to about 24% today.
Nonetheless, when voters are questioned they still place the FN and Ms Le Pen „way more to the right than other parties“, says Nonna Mayer, expert in racism and the FN at Sciences Po university.
Where does she go from here in her pursuit of a detoxified party? The FN has traditionally been a male, blue-collar-dominated party, and the leader needs to target women, says Dr Mayer. So Ms Le Pen has softened her approach to women’s rights, and even sees herself as a quasi-feminist.
In fact, Dr Mayer argues, in many respects Ms Le Pen is more socially liberal than much of the mainstream right – something that has caused divisions within her own party.
Ms Le Pen has called for a massive reduction in legal immigration, arguing French citizenship should be „either inherited or merited“. As for illegal immigrants, they „have no reason to stay in France, these people broke the law the minute they set foot on French soil“.
But if that is a far-right stance, it is not very different from that of centre-right rival Francois Fillon, who was elected as the Republican candidate on similar promises: „We’ve got to reduce immigration to its strict minimum,“ he says.
In a world where the centre is shifting to the right, and the right is shifting to the centre, the lines are getting blurred.
The two are now competing for some of the same voters. While Mr Fillon is regarded as appealing more to the „respectable“ middle classes, Marine Le Pen is claiming to speak for „all people“, and increasingly appealing to a wider electorate, even Muslim voters in the French suburbs.
However, in December she upped the ante by announcing that she would end free education for the children of undocumented immigrants.
„If you come to our country don’t expect to be taken care of, to be looked after, that your children will be educated without charge,“ she said in a speech in Paris. And, more threateningly, „playtime is over“.
Long before the Paris attacks, Marine Le Pen made a link between immigration and militant Islamism. In the immediate aftermath of the attacks on 13 November 2015, she proposed to „expel foreigners who preach hatred on our soil“ and to strip dual-nationality Muslims with extremist views of citizenship, a view traditionally associated with the far right.
In an unprecedented move, those ideas were endorsed both by Socialist Prime Minister Manuel Valls and by President Francois Hollande, before eventually being dropped.
Many of her views have been echoed by Francois Fillon too.
Mr Fillon, a devout Catholic, described radical Islam as a „totalitarianism like the Nazis“. Catholics, Protestants and Jews „don’t denounce the values of the Republic,“ he said, indicating that was not the case with Islam.
„The clear blue water between the FN and the other parties has been disappearing and disappearing,“ says James Shields, professor of French politics at Aston University.
The National Front is to the right of the Republicans on law and order issues, says Nonna Mayer.
It is the only party looking to restore the death penalty, an issue that divides the party’s core supporters from the mainstream. Polls suggest 60% of FN voters are in favour, compared with 28% of mainstream-right and 11% of left-wing voters.
The FN has yet to publish its election manifesto, but its 2012 proposals included upping police numbers and powers and creating 40,000 new prison places.
Treatment of immigrants in France is probably the standout, far-right policy of Marine Le Pen’s FN. And it is central to the party’s platform.
Jobs, welfare, housing, schools, or any area of public provision should go to French nationals before they get to „foreigners“.
The centre of gravity of French politics may have shifted to the right. But no other party has adopted favouritism across the social services – and it could breach the law.
„She is upholding a policy that not only is thought by constitutional experts to be unconstitutional, but has been judged by the law to be unlawful,“ says Prof Shields.
In 1998, a National Front mayor, Catherine Megret, tried to implement a new policy that would give a family allowance to French or EU families, but not to other foreign families.
„Did it stand up in court? No,“ says Prof Shields. But, he says, so-called nativism remains central in Marine’s platform. “
Marine Le Pen appeals to French voters fed up with mainstream politics, but there is nothing far right about that.
If she wins the presidency in May, she has promised an EU referendum in France within six months of taking office. And the UK’s vote to leave the EU in June 2016 has provided the template.
Portraying herself as beyond the establishment, she has championed public services – for non-foreigners – and presented herself as a protector of workers and farmers in the face of „wild and anarchic globalisation“.
„She’s managing to get these approval ratings by doing a Trump,“ says Prof Shields.
But here the lines are blurred too: left-wing parties are playing the anti-establishment, anti-globalisation card as well.
But what sets her European views apart from the rest of the French right is the company she keeps. The FN has strong ties with the Dutch Freedom Party (PVV), Austria’s Freedom Party (FPOe), Belgium’s Flemish Interest (VB), Alternative for Germany (AfD) and the Italian Northern League (LN).
They are all part of the FN-led Europe of Nations and Freedom grouping in the European Parliament and are either right-wing populist or, in the case of the FPOe, far right.
Geert Wilders, of leader of the Dutch PVV, wants to ban the Koran. The Italian Northern League’s leader Matteo Salvini is known for his praise of fascist leader Benito Mussolini.
These views are toxic to the political right in Europe, and many centre-right parties have said they will not form coalitions with them.

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Amazon, which is growing NC presence, to add 100,000 jobs across 'many states' :: Editor's Blog at WRAL TechWire

Von

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January 13, 2017

By Staff, wire reports
New York — Amazon, which has steadily been expanding its presence in North Carolina, plans to hire 100,000 people across the U. S. over the next 18 months.
The online retailer said Thursday that the jobs are full time and come with benefits. Many of the new jobs will be at fulfillment centers currently being built in a number of states, including California, Florida and Texas.
Amazon has been expanding its delivery services for various products across the Triangle in recent months.
It also plans a distribution center in Charlotte and maintains one in Concord that opened in 2015.
More than 60 open jobs are already available, according to jobs site Indeed.com.
(For job info, see: https://www.indeed.com/q-Amazon-l-North-Carolina-jobs.html )
„These new job opportunities are for people all across the country and with all types of experience, education and skill levels — from engineers and software developers to those seeking entry-level positions and on-the-job training. Many of the roles will be in new fulfillment centers that have been announced over the past several months and are currently under construction in Texas, California, Florida, New Jersey and many other states across the country,“ Amazon said in the announcement.
The Seattle company says the new jobs will be filled by people of differing experiences and education levels.
„In addition to direct job creation, Amazon businesses like Marketplace and Amazon Flex will continue to create hundreds of thousands of jobs for people across the U. S. who want the flexibility to start their own business, work part-time or set their own schedule,“ the statement added.
Amazon.com Inc. says it’s expanded its U. S. workforce by more than 150,000 people in the last five years.
The hiring surge comes as traditional retailers cut jobs and close stores.
Last week, the Limited said it would close all its stores and Macy’s moved forward with plans to close 68 stores and said it will cut more than 10,000 jobs.
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Fiat accused over emissions software

Von

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January 13, 2017

Fiat Chrysler has been accused of not telling authorities about software that regulates emissions in thousands of its diesel vehicles.
The US Environmental Protection Agency (EPA) said the company broke the law by installing, but failing to disclose, the technology in more than 100,000 Jeeps and Dodge vehicles.
The agency said the software caused higher nitrogen oxide levels.
Fiat Chrysler boss Sergio Marchionne said the firm had done nothing illegal.
„There was never any intent of creating conditions that were designed to defeat the testing process. This is absolute nonsense,“ he added.
Shares in Fiat Chrysler ended the day 10.3% lower in New York and closed 16% lower in Milan.
The EPA said Fiat Chrysler could be liable for fines of about $44,500 per vehicle, which would mean a total of about $4.6bn (£3.8bn).
According to the EPA, the 104,000 vehicles affected were 2014, 2015 and 2016 model years of the Jeep Grand Cherokee SUV and Dodge Ram truck.
Between „one-sixth and one-seventh“ of the vehicles were sold in Europe, with the rest in the US, according to Fiat Chrysler.
In a press conference, the EPA said at least eight types of emissions control software on the vehicles had not been disclosed to the agency.
It also suggested some of the software appeared to make cars perform differently during emissions tests.
„Failing to disclose software that affects emissions in a vehicle’s engine is a serious violation of the law, which can result in harmful pollution in the air we breathe,“ said EPA official Cynthia Giles. „All automakers must play by the same rules. “
Fiat Chrysler said it would demonstrate that its emissions control strategies were justified and thus were not „defeat devices“ designed to get around emissions tests.
It also said it had responded to requests for information from US authorities and sought to explain its position.
On Wednesday, Volkswagen pleaded guilty to three criminal charges to settle charges over its emissions-rigging scandal.
The Department of Justice said VW had a long-running scheme to sell about 590,000 diesel vehicles in the US fitted with a defeat device to cheat on emissions tests.
The firm will pay $2.8bn in criminal fines and $1.5bn in civil penalties.
The EPA is reviewing other carmakers‘ emissions systems, but it is unclear if it has found any additional wrongdoing.
In April, Mercedes Benz owner Daimler said the US Justice Department had asked the firm to investigate its emissions certification processes.

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Baltimore house fire: Bodies of 5 children found; 1 presumed dead

Von

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January 13, 2017

(CNN) A fire early Thursday ravaged a Baltimore home and a family, injuring a mother and three children, killing five other children and leaving one missing and presumed dead, officials say.
12 hours later and smoke still coming from home where 6 kids are presumed dead in NE Balt. #wbal pic.twitter.com/QaLFluvIrA

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Irish Water reveals 25 million euro as cost of billing public

Von

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January 13, 2017

Irish Water has said it costs about 25 million euro to bill the public.
The utility also told a parliamentary body that it is doing the job of supplying clean tap water and treating sewage cheaper than the 34 councils it took over from in 2014.
Irish Water said about 13 million euro is spent processing household bills while a call centre costs about 10 million euro to run and another two million euro goes on wages for staff.
The utility was joined by the Commission for Energy Regulation (CER) at the Oireachtas Committee on the Future Funding of Domestic Water Services as it began exploring how water will be paid for since charges were cancelled last year until the end of this March.
Irish Water told the hearing that it would need 239 million euro from the state in 2017 if bills were not reintroduced.
Michael McNicholas, chief executive of parent company Ervia, claimed that Irish Water is doing its work cheaper than the councils did up until 2013.
But he said he could not put a figure on how much is being saved by having a single state body in control.
He told the committee that Irish Water has already cut its running costs by 70 million euro since it took over in 2014.
„We can absolutely say that we are providing it at a lower cost,“ Mr McNicholas said.
The hearing took place on the back of a submission by the CER watchdog which said that no new metering should take place once the current contracts finish at the end of this month.
It said Irish Water has only set aside two million euro in the next two years for metering.
So far 58% of households – 884,000 customers – have had meters installed on the edge of their properties and a lmost 700,000 thousand properties are yet to be monitored on the grid.
Irish Water said that about 200,000 homes were technically difficult to include in a standard metering programme and that it passed over some areas for safety reasons.
It said other properties could be metered in the future when deeper infrastructural works were being carried out such as pipe replacement and repair.
Commissioner Paul McGowan defended the idea of no more meters being fitted.
„We made no bold statement that metering should be abandoned. If you want to characterise it, I’d say parked,“ he told the committee.
Irish Water also said it has benchmarked its set-up costs with other utilities and claimed that it was created 100 million euro cheaper than any other similar utility anywhere else in the world.
It defended 70 million euro spent on consultants, advisers and international experts in its first year, including software and hardware engineers.
„No other utility has done anything of that scale for the same cost,“ Mr McNicholas said.
He said the money was not wasted and that it was necessary and efficiently spent and 100m euro cheaper than any other company could do it.

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Dow 20,000 will be 'a rally you can sell,' market strategist says

Von

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January 13, 2017

Once the Dow Jones industrial average hits 20,000, don’t expect momentum to power it even higher, market strategist Paul Schatz told CNBC on Thursday.
In fact, it’s „a rally you can sell,“ the president of Heritage Capital said in an interview with “ Closing Bell. “
Stocks ended lower on Thursday , with the Dow Jones industrial average down about 63 points at 19,891.
The market has rallied since President-elect Donald Trump ’s victory in November, with investors pinning their hopes on tax cuts, less regulation and a pro-growth environment.
However, it has been going sideways for a month, Schatz pointed out.
„That shows we’ve got underlying strength,“ he said. „The rally’s been on less stocks participating the last couple of weeks. We need a little bit more consolidation, digestion, maybe into halfway through earnings season. “
He’s confident that if Trump „stops tweeting“ and let’s Congress take over, a substantial conversation will occur.
„Then we can hit 21,000, maybe early second quarter,“ Schatz predicted.
Sandy Villere, co-portfolio manager of the Villere Balanced Fund at Villere & Co., sees buying opportunities when the market goes down.
„It’s going to be a great, pro-growth environment and probably will lead to higher interest rates, which could lead to a stronger dollar,“ he told „Closing Bell. “
„I want to focus on the companies that I buy which are smaller and mid-cap companies. So that’s what I’m doing — buying on the dips,“ he added.
Villere specifically likes 2U , a „disruptive online education company“ and Taser , which he thinks is going to do quite well with its body camera business.
Stephanie Link, managing director and active equities portfolio manager at TIAA Global Asset Management, took advantage of the down day to buy some financials, like American Express , and energy stocks.
„You’ve got to use these dips to be buying or you’re never going to be buying, I don’t think, unless you want to chase,“ she said in an interview with „Closing Bell. „

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On eve of bank earnings, experts are bullish

Von

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January 13, 2017

The once-hated financials have been on a tear higher since President-elect Donald Trump won the election, and several market experts see the rally continuing.
The Financial Select Sector SPDR Fund (XLF) is up about 17 percent since Nov. 8. However, it was down slightly on Thursday after Trump didn’t provide details on his highly anticipated tax and regulatory reform policies during his Wednesday afternoon press conference.
„If Trump can get these policies done, which we believe he can, lower taxes, lower regulation, some stimulus growth, some loan growth out there, these banks‘ earnings are going to go up materially,“ said Paul Miller, head of financial institutions research at FBR Capital Markets, on Thursday.
Several big banks are set to report earnings on Friday morning , including Bank of America , JPMorgan Chase and Wells Fargo .
What investors are really going to be focusing on is guidance.
„We’ve been hearing that there’s been some robust pipelines for loan growth that they could take guidance up tomorrow. If that happens, I think these stocks are going to move higher. We’re very bullish and think that this is a very great buying opportunity for all these names,“ Miller told CNBC’s “ Closing Bell. “
However, veteran trader Art Cashin pointed out that the bank CEOs won’t be able to give too many details given that they don’t know yet what Trump’s tax policy might look like.
„We’re not expecting a lot of clarity because we’re not getting it out of Washington,“ the floor director for UBS said in an interview with „Closing Bell. “
The sector’s postelection rally comes after it spent several years in purgatory, facing „vitriolic hatred“ after the financial crisis, Smead Capital Management CEO Bill Smead said.
„They are probably a little overdone in the short run, but coming off the hatred they’ve had, it could be a long haul to the upside,“ he told „Closing Bell. “
He specifically likes Bank of America. Miller agrees, noting that if Trump’s pro-business agenda takes hold, the bank will probably be the biggest beneficiary.
Kourtney Gibson, president of Loop Capital Markets, is buying any dips in financials.
„You get some interest rate hikes, you get Trump potentially rolling back some things with Dodd-Frank, I think the banks are incredibly well positioned,“ she told „Closing Bell. „

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SARS to hunt fees

Von

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January 13, 2017

The programme is the brainchild of a team set up by Higher Education Minister Blade Nzimande to tackle the student funding debacle, which resulted in the government pledging for the first time to fund students from middle-class families with incomes below R600,000 a year.
„We want a situation in which, when a person graduates and has found employment, or earns an income, automatically, through the SARS system, there would be, as with UIF or the skills development levy, a deduction from a person’s salary to repay the component of a loan,“ said Sizwe Nxasana, head of the ministerial team.
In a report released for public comment last week, the team proposed an audacious plan that would result in the government eventually raising the bulk of university funding through private capital investment and money from business.
The report estimates that R42-billion would be needed to fund the programme next year.
The provision allowing SARS to recoup student fees was proposed to counter the debt problems faced by the National Student Financial Aid Scheme, which is owed R14.7-billion by former students.
Unlike the NSFAS, Ikusasa would not provide 100% loans to all students, and applications would be processed centrally instead of at individual universities.
Students will get a grant or partial grant from day one.
Some students will be granted only partial loans.
Nxasana said those who qualified for partial loans would have to find the rest of the money themselves, through family contributions or bank loans.
The report said the NSFAS model had „negative public views regarding the recovery rate of loans and, according to funding experts, would not be appetising to private investors“.
Nxasana said this was the rationale for the use of SARS to help recover loan payments and was also a key component to the success of the model.
The move would require legislative changes.
The team said it expected the amount raised through capital markets could increase from R2-billion to R10-billion in three years. It said skills-development funding could increase from R8-billion to R15-billion in the same period. The new model has had mixed reviews. Efficient Group chief economist Dawie Roodt called it „regressive“.
„Any kind of financing of university students is regressive as far as equality is concerned because, even if you fund the poorest of the poor of university students, they are still better off than those who don’t go to university at all – poor non-university students will not get this benefit,“ he said.
The R42-billion price tag could affect the country‘ s international credit rating, he said.
Dr Nic Spaull, senior education researcher at Stellenbosch University, said the model was „definitely a workable solution which addresses the underlying question of where the money will come from“.
He said the Ikusasa funding model was sustainable, would decrease financial exclusion and would be cheaper than funding free higher education for all.
„The state will probably still have to raise taxes to fund its portion of the public-private partnership but it would be able to recoup some of these costs from successful graduates. „
Ikusasa funding will be piloted this year at some universities.

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Bill would eliminate daylight saving time in Michigan

Von

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January 13, 2017

LANSING, MI — Michigan would exempt itself from Daylight Saving Time under a bill introduced in the House of Representatives on Wednesday.
This year, Daylight Saving Time will start on March 12 and end on Nov. 5.
But HB 4011, sponsored by Rep. Peter Lucido, R-Shelby Twp., would opt Michigan out of daylight savings time. It would also put the entire state on Eastern Standard Time, including the four counties in the Upper Peninsula that are currently in the Central time zone.
Lucido said the concept of Daylight Saving Time was to benefit long-ago farmers. Now, he said, the studies on things like energy savings, school performance, and job-related injuries just don’t back up the need for it.
„No one has any logic as to why we’re doing this, but we’re doing it,“ Lucido said.
A similar bill was introduced last session, but did not pass. According to the National Conference of State Legislatures, 13 states were considering bills on the topic of daylight savings time in 2016. Hawaii and Arizona are the only states to not participate in Daylight Savings Time.
Lucido said there wasn’t evidence to support continuing the practice.
„So let’s just either fall back and stay there or spring forward and stay there, and never have to go change a clock, never go have to go change a watch, never have to worry about what time this clock says and what time that clock says,“ Lucido said.
„Everybody will just go ahead and enjoy the benefits, because time is money. “
Rep. Scott Dianda, D-Calumet, was incorrectly identified as a co-sponsor of the bill by some media outlets. He said he actually had concerns over the portion that converting the whole state to Eastern Standard Time.
„I am concerned about this bill because of the impact it would have on certain communities in House District 110 that are in the Central Time Zone,“ Dianda said.