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Japan Might Look Expensive But You Need To Dig Deeper

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Japanese Value. Japan typically isn’ t the region you would associate with expensive equities but according to…
Japanese Value – more gains ahead?
Japan typically isn’ t the region you would associate with expensive equities, but according to CLSA strategist Nicholas Smith, there seems to be a g rowing chorus among investors that the Japanese market, having gained 12% since the start of 2017, is now too expensive.
However, Mr. Smith argues that the market as a whole is not that expensive, but the most in-demand stocks, particularly low volatility equities, pricey compared to historic multiples.
Specifically, Smith opines:
Japan’s Topix is cheap: on PE; on EV/Ebitda and the number of companies on negative EV; on cashflow; and on book and the percentage of stocks trading below that book. And essentially all of that book is tangible, stuff you-can-stub-your-toe-on book.
The rest of the market looks cheap as a whole. Where the US stock market is trading on a price to tangible book ratio of 8.7x, the benchmark Topix is trading at a cheap 1.5x, making it a value investor’s paradise.
One reason for the disconnect is company efficiency. Mr. Smith notes in a report issued earlier this week that most US companies have offloaded non-essential assets, becoming exceptionally lean and using the proceeds to buy back stock. In comparison, Japanese companies are still “bloated” with excess capital.
Unfortunately, in recent years value investing in Japan has been a difficult business. In the run-up to the financial crisis, Japanese value stocks consistently outperformed but following the crisis, value’s run of underperformance is the deepest on record. The same scenario has played out in other major world markets. Investors have flocked to low volatility and growth equities, avoiding value and more cyclical businesses. As Mr. Smith notes, value underperforms in times of low growth; low inflation and low yield, which is exactly what the world has been suffering from during the past decade.
Still, there are some signs that value’s hostile environment is improving. The global manufacturing purchasing managers’ index bottomed out in February 2016, and so did equity markets such as the Topix and S&P. Meanwhile, the Japanese labor market is one of the healthiest in the world with labor cash earnings growth hitting 0.5% year-on-year in April, and the ratio of job openings to applicants stands at 1.48, the highest in 43 years.
Aside from macro factors, the most significant recent development that could boost the performance of Japanese value is the move by key investors to reveal how they vote at company shareholder meetings. According to the Financial Times, these actions, where large pension investors and fund managers vote on issues such as pay, board membership and Chief Executive tenure should “help end the often-cozy relationships between investors and companies in Japan.”
This, in turn, should prompt companies to change themselves or face scrutiny from the public and policymakers. Companies that do not generate attractive returns for shareholders will likely be called out for pursuing non-growth policies, and it’s more likely cozy managements will be held accountable for their actions. Shareholder disdain may quickly translate into increased activity by management to unlock value for investors.

© Source: http://www.valuewalk.com/2017/06/japanese-value-2/
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A top Apple Music executive is leaving for Uber

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She is known to create „emotional connections between people and the products they love, “ Uber CEO Travis Kalanick said in a statement.
Bozoma Saint John — an Apple executive who has played a prominent role in recent product launches — is leaving Apple to become chief brand officer at Uber.
„Boz has a long track record of successfully creating emotional connections between people and the products they love, “ Uber CEO Travis Kalanick said in a statement to CNBC. „Her creativity and deep understanding of consumers will allow us to build the same love and appreciation for Uber’s brand as we’ve built for Uber’s service.“
TechCrunch previously reported Saint John’s move to Uber, citing a tip and multiple sources at Uber. Axios previously reported Saint John’s departure from Apple, but not her new role at Uber.
Saint John, one of the few executives at Apple who has an active social media presence, has become one of the most prominent faces of the company. Apple did not immediately respond to a request for comment.
Saint John, who served as global consumer marketing head at Apple Music and iTunes, is leaving Apple at a crucial time. Apple Music, which launched two years ago, has seen a quick expansion, hitting 27 million subscribers and seeing new original content and app integrations.
Her new employer, Uber, is under even more pressure, fielding accusations of gender bias and sexual harassment, run-ins with drivers and conflicts with regulators. Uber has also recently hired management academic Frances Frei as senior vice president of leadership strategy, according to Recode.

© Source: http://www.cnbc.com/2017/06/06/apple-music-chief-bozoma-saint-john-is-reportedly-leaving-for-uber.html
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California and China team up to defy US climate retreat

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California has signed a cooperation agreement with China on clean energy technology, emissions trading and air pollution reduction in an effort to bridge the gap left by President Donald Trump’s decision to pull the US from the Paris climate accord last week.
Under the pact, signed at an environmental tech summit in Beijing on Tuesday, California and China will work to develop and commercialize expertise on carbon capture and storage, clean energy and information technology to rein in pollution.
„The challenges are big but so too is the commitment – the commitment of Jiangsu Province with California and China with the people of America. We’re going to get it done. Nothing will stop us, “ said Governor Brown in a statement. „Green is not only gold, green is our future – China, California and America and the other countries of the world all working for the prosperity of the people.“
Under the agreement, signed by Governor Jerry Brown and China’s Minister of Science and Technology, Wan Gang, California and Jiangsu Province will expand collaborate on greenhouse gas emission and air pollution reduction programs.
US Energy Secretary Rick Perry, who was at the same conference, declined to take questions from reporters.
The agreement builds on a previous one signed in 2015 that supported trade, educate, tourism and culture exchanges with the sister-state partnership.
Jiangsu Province, in southwest China, has a GDP of more than $1 trillion, is home to approximately 80 million people and is China’s most densely populated province. It is the leading producer of clean energy in the country.
China is one of the top three carbon dioxide emissions producers along with the US and European Union.
Reuters reported, however, that China’s policy is on its own carbon mark “which is big enough and complex enough, ” meaning, the agreements are just in the beginning stage to talk about linking up with foreign markets.
“It will be a long time before there is true cooperation with California, whose market is just at regional state and is hard to link up the Chinese market, ” Ma Aimin, of the National Center for Climate Change Strategy and International Cooperation said at the energy forum. The group is backed by the Chinese government.
California, the largest state in the US with 39 million residents, has been hit hard by the effects of climate change, having being plagued with wild fires and a 10-year drought which led to the governor declaring a state of emergency several times and introducing water restrictions.
With an annual economic output of $2.4 trillion, the state is an economic powerhouse and boasts the sixth-largest economy in the world.
Nearly 125 million Americans live in counties with dangerous levels of air pollution, with Californian cities dominating the list, according to a report from the American Lung Association, citing data from 2013-2015.
„California has dominated the top 10 list every year. In fact, a California city has been number one every year since the report began in 2000, “ Will Barrett, Senior Policy Analyst for the American Lung Association in California told RT.
„For ozone pollution, Los Angeles has topped the list the past 17 or 18 reports.“
The report did find evidence of cleaner air, however. While 125 million Americans are still living with high rates of pollution, the report found it was a drop of 41 million from the 2016 report, based on earlier data.
The progress in cleaner air has come in part due to cleaner power plants and increased use of cleaner vehicles and engines, leading to fewer days of high ozone levels and lower levels of year-round particle pollution.
California’s efforts to tackle climate change crosses party lines. Under Arnold Schwarzenegger, who served as governor from 2003 to 2011, the state developed the most aggressive pollution-control programs in the nation.
California has been the lead state in passing ambitions measures on pollution control and conservation often serving as a model for national and even international environmental law.
Governor Brown has long been an environmental advocate, including when he first served as governor in the 1970s. He has made this a central focus as he enters his final 18 months in office. In an interview, he said the president’s action was “a colossal mistake and defies science.”
“Erasing climate change may take place in Donald Trump’s mind, but nowhere else, ” Mr. Brown said, according to the New York Times.
On June 1, President Donald Trump announced he was withdrawing the US from the Paris agreement on climate change, a UN treaty signed by almost 200 nations in 2016 and considered a major achievement by his predecessor, Barack Obama.
“In order to fulfill my solemn duty to protect America and its citizens, the US will withdraw from the Paris climate accord, ” Trump said.
He said his administration would begin negotiations to reenter the Paris accord or another climate treaty “on terms that are fair” to the US.
Implementing the pact would have cost the US trillions of dollars and hundreds of thousands of lost industrial jobs, with massive reductions to the production of paper, cement, iron and steel, coal, and natural gas, Trump said, explaining his decision.
The same day, 61 mayors from across the United States, representing 36 million Americans, released a statement saying they would continue to uphold the goals set by the Paris Agreement.
Together, the “Climate Mayors” said they would work toward meeting the 1.5 celsius target set in the Paris Agreement and continue to invest in renewable energy and electric cars, while cutting greenhouse gas emissions.
“And if the President wants to break the promises made to our allies enshrined in the historic Paris Agreement, we’ ll build and strengthen relationships around the world to protect the planet from devastating climate risks, ” the Climate Mayors wrote.

© Source: https://www.rt.com/usa/391155-california-china-team-up-climate/?utm_source=rss&utm_medium=rss&utm_campaign=RSS
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Anthem to pull out of Ohio healthcare exchange in 2018

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Anthem Blue Cross and Blue Shield will pull out of Ohio insurance exchange next year, leaving about 20 counties in the state without Affordable Care Act plans.
June 6 (UPI) — Anthem Blue Cross and Blue Shield announced Tuesday the health insurer will pull out of the Ohio exchange next year, leaving about 20 counties in the state without Affordable Care Act marketplace plans.
Anthem hasn’t exited the 13 other states where it provides coverage and has already filed with regulators to continue coverage in Virginia, Maine and Connecticut.
„A stable insurance market is dependent on products that create value for consumers through the broad spreading of risk and a known set of conditions upon which rates can be developed, “ Anthem said in a statement . „Today, planning and pricing for ACA-compliant health plans has become increasingly difficult due to the shrinking individual market as well as continual changes in federal operations, rules and guidance.“
Uncertainty surrounds the ACA, commonly known as Obamacare. The House passed the American Health Care Act on May 4, but the Senate has not considered it yet. On May 24, the nonpartisan Congressional Budget Office said the new plan would leave 14 million more Americans uninsured next year than the ACA would.
Earlier this year, insurance providers Aetna and Humana announced they would abandon the individual markets in 2018. Another big provider, Cigna, remains throughout the nation.
In April, Anthem said that its Obamacare business was doing „significantly better“ this year.
In Ohio, Anthem said it will continue renewing policies for individuals whose coverage was grandfathered in before the Affordable Care Act. Also, Anthem said it will continue selling ACA-compliant individual policies in one small county: Pike.
U. S. Sen. Rob Portman, R-Ohio, said no policies will be available in his state in the following counties: Paulding, Van Wert, Mercer, Auglaize, Logan, Hancock, Crawford, Knox, Holmes, Coshocton, Harrison, Muskingum, Guernsey, Perry, Morgan, Noble, Hocking, Vinton, Jackson and Lawrence.
„For the past few years we’ve seen premiums and deductibles skyrocket because of the Obamacare law, as we’ve seen a declining number of viable healthcare choices for families and small businesses, “ Portman, a Republican and ACA critic, said in a statement .
The Ohio Department of Insurance told Cleveland.com there may be 18 counties without marketplace providers next year because other insurers will move their coverage markets. The filing deadline for insurers to participate in Ohio’s marketplaces was Monday.
Among the state’s providers, Medical Mutual of Ohio has also scaled back from offering coverage on the ACA marketplace in 56 counties this year.
„I think it’s fair to say that we may be looking at any option we may have over the next few weeks, “ said Ohio Department of Health spokesman Chris Brock. That includes asking other insurers to move into the counties with no coverage.
Anthem had $85 billion in revenue last year and net income of $2.46 billion, according to the company’s annual filing .
The company was founded in 1940s as WellPoint, Inc., and changed its name in 2013.
Anthem is the largest for-profit managed healthcare company among the Blue Cross and Blue Shield Association.

© Source: http://www.upi.com/Top_News/US/2017/06/06/Anthem-to-pull-out-of-Ohio-healthcare-exchange-in-2018/8311496773870/
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FOREX-Dollar weakens vs yen as investors turn cautious

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The dollar weakened to a more than six-week low against the yen on Tuesday, dipping below a key technical…
By Saqib Iqbal Ahmed
NEW YORK, June 6 (Reuters) – The dollar weakened to a more than six-week low against the yen on Tuesday, dipping below a key technical level as Treasury debt yields slipped on increased caution ahead of a trio of potentially market moving events on Thursday.
Nervous investors piled into low-risk bonds and other safe-haven assets on worries linked to Britain’s general election, the European Central Bank’s policy meeting and former FBI Director James Comey’s testimony before a Senate panel, all scheduled for Thursday.
„I think there’s a lot of anxiety ahead of Thursday’s events, “ said Alfonso Esparza, senior currency analyst at OANDA in Toronto.
The dollar was down 0.92 percent against the yen at 109.43 yen, having broken below its 200-day moving average to touch 109.23 yen, its lowest since April 21.
„It’s safe-haven (demand) as well as the technical break that’s driving dollar-yen, “ said Brad Bechtel, managing director FX at Jefferies in New York.
Comey, fired by President Donald Trump in May, will be grilled by the Senate Intelligence Committee on whether Trump tried to get him to back off an investigation of alleged ties between his 2016 campaign and Russia.
Worries about the situation have added to market doubts over the Trump administration’s ability to deliver a promised boost to growth and recently weighed on the dollar.
The greenback could weaken to as low as 106 yen ahead of Thursday’s testimony, Esparza said. The dollar index, which tracks the greenback against six major rivals, was down 0.24 percent at 96.567.
The euro was up 0.2 percent against the dollar to $1.1275. The common currency has gained in recent weeks on various factors, including an ebb in French political concerns and upbeat euro zone data.
However, complacency that the ECB will be less dovish has left the euro vulnerable to disappointment if the central bank does not satisfy those expectations, analysts said.
With two days to go until Britain holds a national election, the pound saw choppy trading as opinion polls have shown that Prime Minister Theresa May’s lead over the opposition Labor party has ebbed over the last three weeks.
Sterling was down 0.05 percent against the greenback after falling to as low as $1.2873 earlier in the session.
Mexico’s peso extended gains to a second straight day after the U. S. and Mexican governments reached a new agreement to significantly shift their sugar trade mix.
(Reporting by Saqib Ahmed; Editing by Dan Grebler and Chris Reese)

© Source: http://www.dailymail.co.uk/wires/reuters/article-4578448/FOREX-Dollar-weakens-vs-yen-investors-turn-cautious.html?ITO=1490&ns_mchannel=rss&ns_campaign=1490
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Apple's first TV series shows what it takes to build an app

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Apple Inc’s long-awaited move into original television series starts Tuesday, with a reality show about a universe that is key to the technology giant’s business: the world of app developers trying to bring their ideas to the masses.
The 10-episode „Planet of the Apps, “ an unscripted show with similarities to ABC’s „Shark Tank, “ is part of an effort to add exclusive video programing to Apple’s music streaming service to help attract new subscribers. The first episode will be available for streaming around the globe starting at 9 p.m. PDT on Tuesday (midnight EDT/0400 GMT) .
Hollywood has been awaiting the entry of deep-pocketed Apple into original TV series, a field crowded with award-winning dramas and comedies from outlets such as Netflix and Time Warner Inc’s HBO.
The first „Apps“ episode will be free to anyone who wants to see it on iTunes and the show’s website. Subsequent episodes will be released each Tuesday on Apple Music and available only to the streaming service’s subscribers.
On the show, developers try to interest celebrity mentors with a 60-second pitch on an escalator. The advisers help contestants build their products and prepare appeals for funding from Lightspeed Venture Partners, the first investor in Snapchat.
„The question when you have ideas is how to take those to fruition, “ Eddy Cue, Apple’s senior vice president of Internet software and services, said in an interview. „Sometimes you may not know how, you might be afraid of what’s involved. This really shows how that’s possible.“
Apple’s future programing plans include an adaptation of comedian James Corden’s „Carpool Karaoke“ segment from his CBS show that will begin airing in August, as well as a documentary about Sean Combs in June and another about Clive Davis in a few months, Cue said.
„Planet of the Apps“ came from musician will.i.am, who with producer Ben Silverman had shopped the series to traditional TV players before approaching Apple. Will.i.am appears as a judge alongside entrepreneur Gary Vaynerchuk and actresses Gwyneth Paltrow and Jessica Alba, who have started businesses.
„I felt like this was a great way to show that app developers or business people are not just white dudes in suits, or white dudes coding, “ Alba said.
In the first two episodes, developers present apps for online shopping, campus safety and a school backpack. One team tries to adapt after Google announces a feature similar to its own concept. Another developer feels overwhelmed by will.i.am’s rapid-fire list of ideas.
At the show’s end, viewers are told they can download the apps from Apple’s App Store. The show itself will be promoted on the Apple.com home page, on iTunes and elsewhere.
„All of our customers are going to be exposed to this in one way or another, “ Cue said.
(Reporting by Lisa Richwine; Editing by Phil Berlowitz)

© Source: http://feeds.reuters.com/~r/reuters/technologyNews/~3/wZxRaw8W2xo/us-apple-television-apps-idUSKBN18X32P
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В Белой Церкви прогремел смертельный взрыв на заправке. Фото

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На одной из АЗС в городе Белая Церковь произошел взрыв
Об этом сообщили в отделе коммуникации полиции Киева.
После смены собственника автозаправки работники проводили ремонтные работы, чтобы подготовить ее к эксплуатации.
По предварительной информации от полицейских, взрыв произошел из-за нарушения техники безопасности. Окончательная причина случившегося станет известная после того как будут проведены ряд экспертиз.
По факту взрыва открыто уголовное производство по ч. 2 ст. 273 (нарушение правил безопасности на взрывоопасных предприятиях или взрывоопасных цехах) Уголовного Кодекса Украины.
Как сообщал „Апостроф“, в Вышгороде Киевской области прогремел взрыв в многоэтажном доме .

© Source: https://apostrophe.ua/news/98060
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3 Michigan State players charged in campus sexual assault case

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Three Michigan State football players, including one from Darien, Ill., were charged Tuesday with criminal sexual conduct after a woman said she was raped and forced to perform oral sex in the bathroom of an on-campus apartment during a party in January.
Three Michigan State football players, including one from Darien, Ill., were charged Tuesday with criminal sexual conduct after a woman said she was raped and forced to perform oral sex in the bathroom of an on-campus apartment during a party in January. Josh King, 19, was charged with first- and third-degree criminal sexual conduct and with distributing an image of an unclothed person. Demetric Vance, 20, and Donnie Corley Jr., 19, face third-degree criminal sexual conduct charges. Coach Mark Dantonio dismissed all three from the football program moments after the charges were made public and he joined athletic director Mark Hollis for a news conference a few hours later.“This is my home, “ Hollis said, choking up a bit as he spoke. „It’s where my wife and I attended school – where one son and my daughter earned their degree, where my other son will enroll this fall. I expect my home to be safe – safe to all that live here and safe to all that visit. Like any home, its safety requires shared responsibility and accountability. As athletic director, I am responsible to make tomorrow better than today.“King is a defensive end from Darien, Illinois. Vance, a defensive back, and Corley, a receiver, are both from Detroit.“It’s never a good day when a criminal charge is filed against you, but at least Mr. Corley knows what he is facing and can get on with the process of fighting it, “ said Corley’s attorney, John Shea. „He maintains that, in fact, he is innocent, and we intend to demonstrate that in the coming proceedings.“Prosecutor Carol Siemon had said three people were being charged in the incident, but their names were not disclosed until Tuesday in court when university police Detective Chad Davis described the allegations for District Judge Richard D. Ball in East Lansing. King is accused of pulling the woman into the bathroom and forcing her to perform oral sex before raping her. King then let the other two players into the bathroom, one at a time, and the woman says she was forced to perform oral sex on them, according to Davis. Corley and Vance initially denied having any sexual contact with anyone while at the party, police said, but later said they’d received oral sex from a woman in the bathroom. They both said they did not know the woman’s name, and both identified the accuser in a photograph, Davis said. Karen Truszkowski, an attorney for the accuser, asked for privacy.“This is not about football, and it’s not about this university, “ she said. „It’s about four people that – this is dramatic and difficult for all of them. So that’s what I want people to keep in mind.“Michigan State announced Feb. 9 that three players were suspended as part of a sexual assault investigation, but the school had not identified who they were until Tuesday. The lingering investigation – as well as a separate criminal sexual conduct charge in April against Michigan State football player Auston Robertson – have loomed over the athletic department. Robertson was dismissed from the team following the charge against him. The problems in the football program come at a time when the school is also dealing with the fallout from allegations of sexual assault against Larry Nassar, a former MSU doctor who also worked for USA Gymnastics. On Monday, Michigan State released a report from an external law firm that investigated the football program’s handling of the sexual assault allegations against its players. The investigation found no evidence that Dantonio violated the school’s policy on relationship violence and sexual misconduct. The report said Dantonio „took prompt and decisive action“ with respect to the January incident. The allegations at Michigan State have come after football programs at Baylor and Minnesota have been rocked by sexual assault allegations.“Look how many arrests we have had for sexual assaults with football players, “ Truszkowski said. „There’s a whole lot more out there. Is there a problem? You do the math, I guess.“

© Source: http://abc7chicago.com/news/3-michigan-state-players-charged-in-campus-sexual-assault-case/2068574/
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Aufstellung: Löw macht Draxler zum Leitwolf der "nächsten Generation"

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Das 29. Länderspiel wird für Julian Draxler zu einer ganz besonderen Ehre. Der 23 Jahre alte Weltmeister wurde von Bundestrainer Joachim Löw gegen Dänemark zum…
Es war ein deutlicher Fingerzeig auch für den Confederations Cup in Russland, für den Löw einen jungen Perspektivkader nominiert hat, in dem praktisch alle Führungskräfte der deutschen Fußball-Nationalmannschaft fehlen – angefangen beim etatmäßigen DFB-Kapitän Manuel Neuer.
Die Ernennung von Draxler kam nicht unerwartet. Löw hat schon bei der Nominierung des Confed-Cup-Aufgebots Mitte Mai den Jungstar von Paris St. Germain als eine Führungsfigur benannt. Er will Draxler in den kommenden Wochen besonders fördern – aber auch fordern. „Er ist der Spieler, der in den nächsten Jahren, in der nächsten Generation nach Neuer, Khedira, Hummels oder Boateng die Mannschaft anführen kann. Deshalb ist es eine wichtige Zeit für ihn“, sagte Löw im ZDF.
Beim WM-Triumph 2014 musste sich Draxler noch mit einem Kurzeinsatz von 15 Minuten beim 7: 1 im Halbfinale gegen Gastgeber Brasilien begnügen. Aber bei der EM im vergangenen Jahr stand er schon in fünf der sechs Partien auf dem Platz. „Er ist sportlich in Paris noch mal besser geworden“, lobte Löw den ehemaligen Schalker und Wolfsburger.
Trapp – Ginter, Rüdiger, Süle – Kimmich, Goretzka, Rudy, Hector – Draxler – Stindl, Wagner

© Source: http://www.augsburger-allgemeine.de/sport/fussball/nationalelf/Aufstellung-Loew-macht-Draxler-zum-Leitwolf-der-naechsten-Generation-id41666806.html
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The Latest: Accuser says she considered Bill Cosby a mentor

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The Latest on the sexual assault case against Bill Cosby (all times local) :
NORRISTOWN, Pa. (AP) – The Latest on the sexual assault case against Bill Cosby (all times local) : 3: 30 p.m. Bill Cosby’s primary accuser says she viewed the comedian as a mentor and someone she trusted. Andrea Constand said Tuesday that she met the comedian while working for the women’s basketball team at his alma mater, Temple University. She says they were friends for about 16 months before he sexually assaulted her. She says they became friends over conversations about the basketball team and later her career. Constand says she fended off mild advances from Cosby before the night he gave her pills that he said were natural and would „take the edge off.“ She says she then felt paralyzed and helpless as Cosby groped her. The TV star once dubbed America’s Dad could get 10 years in prison if convicted of sexually assaulting Constand. He has previously called the encounter consensual. ___ 3: 20 p.m. Bill Cosby’s chief accuser has begun testifying at his sexual assault trial, telling jurors that the entertainer drugged and violated her at his suburban Philadelphia home in 2004 after earning her trust as a mentor. Andrea Constand said Tuesday that she felt paralyzed and helpless as Cosby groped her breasts, penetrated her with his hand and placed her hand on his penis. The 79-year-old comedian stared down at the defense table, resting a hand across his forehead, as Constand described the encounter. The TV star once dubbed America’s Dad could get 10 years in prison if convicted. She says Cosby assaulted her after giving her three blue pills he claimed were a natural remedy to ease her stress about a looming career change. ___ 2: 10 p.m. The primary accuser in the sexual assault case against Bill Cosby, Andrea Constand, has entered the courtroom in the second day of his trial. Cosby is accused of drugging and sexually assaulting Constand at his home outside Philadelphia in 2004. It wasn’t immediately clear how soon she would take the stand. The 44-year-old Constand has never spoken publicly about the TV star under the terms of a confidential settlement they negotiated in 2006. Her deposition from that lawsuit remains sealed. ___ 1 p.m. Jurors at Bill Cosby’s sexual assault trial are hearing from the Canadian police officer who initiated the original investigation into allegations the entertainer drugged and violated a woman in 2004. Det. Dave Mason testified Tuesday that accuser Andrea Constand told him she felt woozy soon after Cosby gave her pills and that she was semi-conscious as he touched her breast and genitals. Constand went to police in her native Ontario about a year after she says Cosby assaulted her at his suburban Philadelphia home. The case was eventually forwarded to investigators there, but Cosby wasn’t charged until a new prosecutor reopened the case in 2015. Mason testified that Constand said she’d waited to come forward because she was embarrassed and was daunted by Cosby’s strong standing at his alma mater Temple University, where she worked for the basketball program. He says she told him and two other investigators that she felt Cosby place „something foreign“ in her genitals but wasn’t specific. Mason, trained as a sexual assault response officer, said he got the impression Constand couldn’t remember some details because of the effects of the pills. ___ 12: 30 p.m. A lawyer’s notes from a two-decade-old deposition appear to contradict a woman’s testimony about when she says Bill Cosby drugged and violated her at a posh Los Angeles hotel bungalow. Lawyer Joseph Miller testified at Cosby’s trial on in suburban Philadelphia Tuesday that his notes show Kelly Johnson told him the encounter happened in May 1990. Johnson testified on Monday that the alleged assault happened in 1996. Miller also said that Johnson told him about another encounter with Cosby at his home in 1996, but that she didn’t mention any drugging or sexual contact that time. Johnson told jurors the visit happened before Cosby allegedly assaulted her. Johnson is the only other accuser allowed to testify at Cosby’s trial on charges he assaulted another woman at his suburban Philadelphia home in 2004. Prosecutors brought in Miller and Johnson’s mother to help bolster her testimony. Other details did match up. In her deposition and trial testimony, Johnson said she lost consciousness after Cosby pressured her to take a large white pill and woke up on a bed with her dress pulled down and her breast exposed. Johnson gave the deposition while pursuing a claim that she’d developed debilitating stress from her job as a secretary at the talent agency representing Cosby. ___ 11: 15 a.m. A worker’s compensation lawyer says he was taken aback by a woman’s 1996 deposition testimony that she’d been drugged and violated by Bill Cosby at a Los Angeles hotel bungalow. Joseph Miller testified Tuesday at Cosby’s sex assault trial that Kelly Johnson made the disclosure while pursuing a claim that she’d developed debilitating stress from her secretarial job at Cosby’s talent agency. Johnson is the only other accuser allowed to testify at Cosby’s trial, which stems from allegations he drugged and assaulted a different woman at his suburban Philadelphia home in 2004. Miller was the second witness called to help bolster Johnson’s testimony Monday that she lost consciousness after Cosby pressured her to take a large white pill. Miller says Johnson told a similar story at her deposition, including tearful details of how she woke up on a bed with her dress pulled down and her breast exposed. Miller’s timeline of the events differs from Johnson. He said she testified in 1996 about going to Cosby’s home after the alleged assault, but Johnson testified Monday that encounter happened beforehand. ___ 11 a.m. The mother of a Bill Cosby accuser is telling jurors about the day her daughter told her Cosby had drugged her at a hotel bungalow. Pattrice Sewell says her daughter called her distraught in 1996, fearing Cosby was trying to get her fired from her job working for Cosby’s agent. She says her daughter, Kelly Johnson, later disclosed that she had woken up next to Cosby in bed with her clothes askew. Johnson testified Monday at Cosby’s sexual assault trial in suburban Philadelphia. She said she saw a jumble of prescription drug bottles in Cosby’s bathroom. It’s not clear if prosecutors have retrieved Cosby’s prescription drug records from the time. Cosby is charged with drugging and molesting a different woman in 2004 at his Pennsylvania home. Prosecutors hope Johnson’s testimony will signal to jurors that Cosby had done it before. The defense has attacked Johnson’s credibility given discrepancies in her accounts of the encounter. ___ 8: 45 a.m. Bill Cosby the entertainer took over as he made his way into court for the second day of his sexual assault trial. As the 79-year-old actor walked past cameras and reporters to the suburban Philadelphia courthouse, a woman with a camera shouted to Cosby, asking him to wish her a happy birthday. Cosby turned toward the voice and said, „Happy Birthday.“ After a moment, he asked: „How old?“ Monica Lyons, of Philadelphia, answered, „49.“ Cosby responded with a jig-like move, looking vaudevillian for a moment as he jutted his cane out as if in a stage show. Lyons was ecstatic about the birthday greeting. Cosby is on trial on charges he drugged and sexually assaulted a woman more than a decade ago. ___ 8: 35 a.m. Bill Cosby has arrived at a suburban Philadelphia courthouse for the second day of his sexual assault trial. The 79-year-old Cosby is on trial on charges he drugged and sexually assaulted a woman more than a decade ago. Cosby arrived at the Montgomery County courthouse Tuesday with his spokesman, Andrew Wyatt. A judge is expected to decide Tuesday if the mother of one of his accusers can testify. Kelly Johnson told jurors Monday that she told her mother after Cosby abused her in 1996 when she worked for his agent. She said she feared speaking out at the time because Cosby was „the biggest celebrity in the world.“ Cosby’s lawyers questioned her credibility. ___ 12: 20 a.m. Bill Cosby’s lawyers are proving quick to go on the attack as his sexual assault trial gets underway in suburban Philadelphia. A judge Tuesday will decide if the mother of one of his accusers can testify. Kelly Johnson told jurors Monday that she told her mother after Cosby abused her in 1996 when she worked for his agent. She said she feared speaking out at the time because Cosby was „the biggest celebrity in the world.“ Cosby’s lawyers questioned her credibility. Prosecutors called Johnson to try to show Cosby had a prior history of drugging and molesting women. Cosby is charged with assaulting a Canadian woman, who also is expected to testify. The AP does not typically identify people who say they are sexual assault victims unless they grant permission, which Johnson has done. Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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