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AB InBev to Seek Up to $4.85 Billion in Asian Unit IPO -

AB InBev to Seek Up to $4.85 Billion in Asian Unit IPO(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Anheuser-Busch InBev NV is reviving the Hong Kong initial public offering of its Asian unit and is set to raise as much as HK$37.9 billion ($4.85 billion), roughly half of an earlier target, people with knowledge of the matter said.About 1.26 billion of Budweiser Brewing Company APAC Ltd. shares will be marketed at HK$27 to HK$30 each, said the people, who asked not to be identified as the discussions are private. The brewer shelved a share sale in July in which it sought to raise as much as $9.8 billion, and agreed to sell its Australian business to Asahi Group Holdings Ltd. for $11.3 billion a week later.The offering, which is scheduled to begin Wednesday, has attracted GIC Pte. as a cornerstone investor with a commitment of about $1 billion, one of the people said. The company didn’t line up any cornerstone investor for its previous share sale.The return of Budweiser Brewing’s IPO is set to boost the Hong Kong bourse at a time when the city’s ongoing anti-government protests and trade tensions between U.S. and China are rocking the market. It will also propel Hong Kong past Shanghai as the world’s No. 3 in terms of first-time share sale volume. Excluding Budweiser Brewing, companies have raised a total of $10.8 billion through IPOs in the financial hub this year, according to data compiled by Bloomberg.“Positive Impact”At $4.85 billion, the brewer’s IPO would be the world’s second largest this year, trailing Uber Technologies Inc.’s $8.1 billion U.S. sale in May, data compiled by Bloomberg show.“If Budweiser can go public successfully, it will have a positive impact on Hong Kong’s capital markets that would demonstrate there’s good appetite for major listings,” said Edward Au, a Hong Kong-based co-leader of national public offering group at Deloitte China. That will also pave an easier path for upcoming smaller share sales, he added.The removal of AB InBev’s Australian unit, in hiving off a slower-growing part of its Asia-Pacific empire, potentially makes the latest IPO plan more attractive to investors who balked at the previous deal’s valuation. Without Australia, the Asian unit’s revenue in 2018 was $6.7 billion, representing organic growth of 7.4%, said the company in its latest preliminary prospectus.In the earlier filing, the Asian unit including Australia had revenue of $8.5 billion, representing organic growth of 6.1%.M&A ProspectBesides helping AB InBev pare down its $100 billion-plus debt pile after its mega-purchase of SABMiller in 2016, the proposed listing will also accelerate the beer giant’s goal of creating a local champion in Asia, especially through acquisitions, one of the people said.“We also expect that there is an M&A motive for pushing the IPO fast,” said Euan McLeish, a Hong Kong-based consumer analyst at Sanford C. Bernstein. San Miguel Corp. in the Philippines or Vietnam’s Sabeco Brewery could be among potential targets that can “materially” enhance AB InBev’s growth trajectory in the region, he added.“These assets are unlikely to be sold for cash, but selling control in return for a stake in an attractive publicly listed equity in Asia could be a compelling prospect for the owners,” McLeish said.Budweiser Brewing is expected to price the offering on Sept. 23 and to debut on Sept. 30, the people said. Shares of AB Inbev rose as much as 1.7% in early Tuesday trading in Brussels.Representatives for AB InBev and GIC declined to comment. JPMorgan Chase & Co. and Morgan Stanley are the joint sponsors for the Hong Kong share sale.(Updates with new information throughout the story)\--With assistance from Amy Li, David Ramli, Vinicy Chan, Zhen Hao Toh and Jinshan Hong.To contact the reporters on this story: Carol Zhong in Hong Kong at;Julia Fioretti in Hong Kong at;Thomas Buckley in London at tbuckley25@bloomberg.netTo contact the editors responsible for this story: Fion Li at, Rachel ChangFor more articles like this, please visit us at©2019 Bloomberg L.P.

Tue, 17 Sep 2019 04:52:02 -0400

Markets mixed as Saudi oil attack fallout spills onto second day — live updates -

Markets mixed as Saudi oil attack fallout spills onto second day — live updatesOil steadies after massive gains after drone strikes on Saudi facilities European markets flat amid increased uncertainty Saudi Aramco’s record $2 trillion float under threat after drone attacks send oil price soaring Matthew Lynn: Why we should embrace Facebook’s Libra despite the EU’s ban 9:38AM WeWork float delay — in case you missed it Investors are growing concerned that Adam Neumann, co-founder and chief executive of We Work, may have overcooked the company's valuation Credit: Mark Lennihan/AP A major piece of overnight news from the US was that WeWork has delayed its stock market listing amid concerns about its valuation. WeWork's eye-watering net losses Here’s our report, in case you missed it: WeWork delays stock market listing after valuation slashed Here’s more on the company’s controversial float plans: Is WeWork the office of the future — or an overvalued confidence trick? 9:32AM Pound falls for a second day ahead of Brexit court clash Sterling is falling for the second day in a row, with just under an hour to go until arguments begin in the UK’s Supreme Court on the legality of Boris Johnson’s suspension of Parliament. As mentioned earlier (see 8:53am update), the actual court process will take a few days, so this might be more of a general sense of malaise than a specific anticipation of a certain result. Justice secretary Robert Buckland evaded solid answers on the issue during appearances on Sky News and the BBC this morning, saying the Government would “abide by the ruling of the court because we respect the rule of law”, but adding it needs to see “the precise terms of the decision”. 9:20AM Recuiter Staffline swings to an £8m loss Staffline is one the UK’s biggest recruitment firm Staffline Group, the UK recruitment firm, blamed “unprecedented levels of uncertainty” caused by Brexit for a slowdown in its activities as it swung to an £8m loss for the first half. The company, which was charged in June over claims it had underpaid workers, said it expects full-year profit of £20m, about half its underlying profit last year. It is facing further regulatory pressures from HMRC, and an independent probe into whether it has complied with minimum wage rules. Staffline said some companies had taken on temporary staff as full-time workers to mitigate the fallout from a potential skills shortage post Brexit. Shares in the AIM-listed firm are off about 20pc currently. Chief executive Chris Pullen said: The first six months of 2019 presented a number of unforeseen challenges for Staffline. The delay in the publication of the 2018 final results created uncertainty, which has been compounded by a challenging trading environment.  9:02AM Telegraph exclusive: Johnson and Trump’s voter data software caught in privacy row Boris Johnson (left) and Donald Trump at the G7 summit last month Credit: ERIN SCHAFF/AFP Speaking of Boris Johnson, our US tech reporter Laurence Dodds has a great scoop on a political campaigning tool the Prime Minister has used. Laurence writes: A widely-used political campaigning tool employed by Boris Johnson, Donald Trump, and the SNP has been buying data on British voters from a company accused by Facebook of violating its users' privacy. NationBuilder, a voter management system which was used by up to 200 groups in the 2017 general election, paid an American company called FullContact to scour the internet for social media accounts belonging to voters, which it then offered to its own customers. You can read his full report here: Exclusive: Election software used by Boris Johnson and Donald Trump caught in Facebook privacy row And here’s more on NationBuilder: Inside the controversial start-up that helped put Boris Johnson and Donald Trump in office   Technology intelligence - newsletter promo - EOA 8:53AM Look ahead: Supreme Court to rule on Johnson’s prorogation plan Boris Johnson visited Luxembourg yesterday Credit: Pool/Getty Images Europe In case you had somehow forgotten we’re in the midst of a constitutional crisis, legal arguments will kick off today in the Supreme Court hearing over whether Boris Johnson’s suspension of Parliament was legal. MPs and activists have brought the case to the UK’s highest legal authority, after defeats in England and Northern Ireland, a victory in Scotland, and Wales deciding it was better to let the country’s top judges decide. Arguments will start at 10:30am, and are expected to continue for three days, so we likely won’t hear a ruling until Thursday (at the earliest). If the prorogation is ruled unlawful, Parliament may well be recalled early — which has the potential for major political aftershocks. Brexit | The best comment and analysis Mr Johnson was humiliated in Luxembourg yesterday after the tiny country’s Prime Minister effectively empty-lecturned him. Here’s a reconstruction of what happened, by the Telegraph’s  Brussels correspondent James Crisp: How Boris Johnson took his begging bowl to the EU - and Luxembourg laughed in his face 8:38AM Sirius Minerals shares crash Shares in Sirius Minerals have crashed following this morning’s warning that it was unable to raise the $500m it needs to continue construction at a major fertiliser mine in Yorkshire. Shares are currently down 60pc, having fallen as much as 64pc at the beginning of trading, leaving them worth up over 4p apiece. 8:36AM French Connection in ‘ongoing’ talks over sale as operating loss shrinks French Connection appears to be struggling to find a buyer Credit: David Rose/Daily Telegraph Retailer French Connection has said its strategic review, which includes discussions with outside parties over a sale, is ongoing. In half-year results released this morning, the company said its group revenue had fallen by 12.2pc amid an ongoing reduction of its portfolio, in line with expectations. Its operating loss shrunk £3.7m, from £5.5m the year before. Chairman and chief executive Stephen Marks said: There is no doubt that progress has not been helped by the trading conditions in which we operate in the UK, although our retail performance has been resilient, overall the wholesale business is strong and we continue to see good stability in the licence income.  The order books we have provide a clear outlook for the second half of the year in wholesale but it appears that retail conditions will continue to be challenging.  Underpinned by these results we remain fully on track to achieve our expectations for the financial year. It appears the company is still struggling to find a buyer, however. Having begun a strategic review last October that included discussions with buyers, it said today: We initially expected this strategic review (including the formal sale process) to conclude during the first half of 2019, but as announced on 28 June, given the active ongoing discussions, we extended this process to now. We believe that further time is required to bring the process to a successful conclusion and expect the process to be concluded by the end of our current financial year. 8:23AM FTSE flat at open European indices have opened pretty flat, with the FTSE 100 once again benefiting from some solid lift via oil giants BP and Royal Dutch Shell. Credit: Bloomberg TV 8:15AM Ocado retail sales accelerates but stays near lower end of expectations Ocado delivery vans are lined up prior to dispatch Credit:  Peter Nicholls/REUTERS Ocado has reported an 11.4pc rise in retail sales during the latest quarter, in its first financial statement since it formed a joint venture deal with Marks & Spencer. The online supermarket, which is increasingly billing itself as a delivery and warehousing tech firm, has said it expects growth of 10pc to 15pc during the full second half. The company highlighted: Growth in retail revenue of 11.4pc, in line with our guidance for the remainder of the year Growth in average orders per week up to 12.1pc as more slots became available  Average order size down 0.8pc, reflecting slightly greater frequency of purchase Growth enabled by additional capacity at our fourth customer fulfilment centre in Erith Size of online food market The results are the first since a major fire at the company’s Andover warehouse earlier this year, in which several of its robotic prototypes were destroyed or damaged. Chief executive Melanie Smith said: These first set of results from the joint venture between Ocado Group and M&S; show the resilience of Ocado following the Andover fire and the momentum the business now has. As we continue to enhance our offering and add more capacity in the UK, our leading partnership will deliver the very best experience to an ever-growing number of customers. 8:06AM Kantar: Supermarket sector returns to growth A customer picks a bag of potatoes inside a Morrisons supermarket Credit: Chris J. Ratcliffe/Bloomberg Kantar have released their latest grocery market share data, covering the 12 weeks ending September 8. Here are the research group’s key findings: The grocery market returned to growth, with value sales increasing by 0.5pc during the past 12 weeks Households bought 0.9pc fewer items than last year despite speculation about stockpiling Lidl gained an additional 618,000 shoppers compared with last year One third of British households shopped at the Co-op, helping it to increase sales by 1.8pc Business Briefing Newsletter REFERRAL (Article) Kantar’s Fraser McKevitt said: As we move closer to 31 October, it seems talk about stockpiling might be just that because we’re not seeing any evidence of it at the moment.  In fact, households bought 0.9pc fewer items during the past 12 weeks than they did last year... ...All summer, retailers have faced tough comparisons with last year’s heatwave and disappointing weather has made it hard for them match the highs of 2018.  The forecast for August Bank Holiday was more than welcome and shoppers made the most of it being the hottest one on record, spending £1.3 billion from Friday through to Sunday, which was marginally more than last year. Here are how the figures look in full: Credit: Kantar 8:00AM Sirius Minerals teeters after cancelling bond issuance The proposed site of Sirius’ giant potash mine in Yorkshire Credit:  John Giles/PA Wire The future of Sirius Minerals has been thrown into doubt after it warned it could not raise the $500m it needed to jump-start the next phase of construction on a giant fertiliser mine in Yorkshire, writes Jon Yeomans. He reports: The FTSE 250 company said it did not believe the junk bonds it needs to sell "could be issued in the current market conditions". Last month it blamed volatility on stock markets for a delay in issuing the bonds, which were needed to unlock a $2.5bn debt package from JP Morgan that would finance the second phase of construction at the mine. Sirius will now launch a strategic review and will slow down work at the Woodsmith mine near Whitby to conserve cash. It will terminate its credit agreement with JP Morgan while it looks for other ways to finance the mine.  You can read his full report here: Sirius Minerals warns it can’t raise funding for giant Yorkshire fertiliser mine 7:37AM What happened overnight  Oil shed some of its massive gains on Tuesday as the United States flagged the possible release of crude reserves, but the threat of military action over the attacks on Saudi oil facilities kept prices elevated and stocks under pressure. PLENTY OF OIL!— Donald J. Trump (@realDonaldTrump) September 15, 2019 While equity market losses have not been large, shaky investor confidence continued to support safe-haven assets, with gold edging higher on Tuesday and Treasury prices rising. Investors otherwise broadly remained on the sidelines ahead of an expected interest rate cut from the US Federal Reserve on Wednesday and the next round of US-China trade talks on Thursday. MSCIs broadest index of Asia-Pacific shares outside Japan was down 0.6pc. Chinese shares fell 0.85pc, while Australian shares were down 0.27pc. In Hong Kong, the Hang Seng Index shed 1.01pc, or 274.83 points, to 26,849.72 by the break. Brent crude, the international benchmark, slipped 1.78pc to $67.79 per barrel in Asia on Tuesday. On Monday Brent surged by 14.6pc for its biggest one-day percentage gain since at least 1988. US West Texas Intermediate futures were down 1.92pc to $61.69 per barrel in Asia following a 14.7pc surge on Monday, the biggest one-day gain since December 2008. 7:33AM Agenda: Oil shock still driving markets Spokesman of the Saudi-led military coalition Colonel Turki al-Maliki speaks during a press conference in the Saudi capital Riyadh, on Monday Credit: FAYEZ NURELDINE/AFP Good morning. Brent crude soared as much as 20pc yesterday, hitting a high of almost $72 a barrel in the biggest one-day rise since the first Gulf War in 1991, before retreating to just under $69.  The rise came after a devastating drone attack on Saudi Arabian production facilities over the weekend. 5 things to start your day 1) The son of JCB billionaire tycoon Lord Bamford is racing to strike a deal to salvage “Boris Bus” maker Wrightbus. Jo Bamford is in talks to rescue at least part of the Northern Irish bus builder after a rescue attempt by local businessman Darren Donnelly collapsed on Monday. 2) The world’s biggest float — the $2 trillion listing of state-owned oil titan Saudi Aramco — is under threat in the wake of attacks on the desert kingdom that triggered the biggest spike in oil prices for almost three decades. Bill Farren-Price, chief executive of the Petroleum Policy Institute, warned: “It casts a big shadow over the recent push to get the IPO away by the end of this year. I think that’s unlikely to happen now, not least because it’s become clear due to the nature of these attacks that the oil infrastructure operated by Aramco is vulnerable.” The world's oil producers 3) Purdue Pharma faces ongoing legal challenges despite slide into bankruptcy: US lawmakers have vowed further legal action against the maker of prescription painkiller OxyContin, which filed for bankruptcy on Monday as part of an agreement to settle thousands of federal and state lawsuits for its role in the deadly opioid crisis. 4) Britain has extended its lead as the biggest centre in the world for trading foreign currencies and interest rate derivatives, defying fears that the country could lose its status due to Brexit. The country has even seized a bigger share of the euro-denominated derivatives business, now taking 86pc of all those trades, despite EU authorities arguing these must be traded within the eurozone in the event of a no-deal Brexit. 5) Two current and one former precious metals traders at JPMorgan Chasehave been charged with manipulating futures markets in what prosecutors described as a massive, multi-year conspiracyrun out of the bank. The US Justice Department said three men ripped off market participants and even clients as they illegally moved prices for gold, silver, platinum and palladium.  Coming up today For Ocado, which is trying to be seen as a tech company rather than simply a food delivery company, Tuesday’s third-quarter trading update will be a key check on how it has bounced back from a major fire at its Andover warehouse site. Despite the setback, the company is predicting growth of 10pc to 15pc across the second half. “We assume growth at the bottom end of this range in 3Q but expect stronger growth in 4Q,” say Barclays analysts. Interim results: French Connection, Staffline Group Trading statement: Ocado Economics: Industrial production (US)

Tue, 17 Sep 2019 04:51:05 -0400

Gulf Bonds Go From Haven to Hazard as Saudi Strikes Stun Market -

Gulf Bonds Go From Haven to Hazard as Saudi Strikes Stun Market(Bloomberg) -- Gulf dollar bonds went into the weekend as investor darlings and came out as risky assets.Money managers poured into the Gulf region in the weeks running up to Saturday’s unprecedented attack on Saudi Arabia’s key oil facilities. That drove record gains for bonds in August as they sought refuge in securities boasting an average credit score of A+ amid global trade tensions.When markets reopened on Monday, debt from all six of the Gulf Cooperation Council nations fell as the prospect of a conflict in the Middle East loomed. Saudi Arabian bonds handed investors the biggest loss, about triple that of Qatari securities, according to a Bloomberg Barclays index. The region’s bonds were mostly steady as of 9:27 a.m. on Tuesday in London.“The region always trades with a political risk premium and unfortunately these sorts of events reinforce the perception that the premium is warranted,” said Abdul Kadir Hussain, the head of fixed-income asset management at Dubai-based Arqaam Capital. “I would expect some selling in the short term.”The strikes in Saudi Arabia could escalate into a showdown, with the kingdom and U.S. on one side, and Iran, which backs proxy groups from Yemen to Lebanon, on the other. Iranian-backed Houthi rebels in Yemen claimed responsibility for the assault and warned that oil installations in the Arab nation remain a target.Saudi Arabia is responsible for almost a 10th of global crude output.Too Close to IgnoreUntil now, Gulf states have benefitted from higher oil revenue at moments of geopolitical tension, a phenomenon that offset the risks and conferred a haven status of sorts, according to Patrick Wacker, a fund manager for emerging-market fixed income at UOB Asset Management Ltd. in Singapore.“However, that was so because the conflicts were at the periphery, such as Lebanon and Syria,” Wacker said. If there are more attacks on Saudi infrastructure, “this would be uncharted territory and require a meaningful risk premium -- a risk premium not currently priced in by markets,” he added.Depending how events unfold, Saturday’s attack could force investors to nuance their choices in the Gulf as issuers are no longer lumped together as a safety bet, according to Sara Grut, an analyst at Goldman Sachs Group Inc. in London.Abu Dhabi and Oman may benefit if they step in with higher production when oil prices are elevated, Arqaam’s Hussain said. And while Qatari and Saudi debt normally outperforms during an uptick in prices, they suffer when the source of the spike is higher geopolitical risk in their region, according to Grut.Oil posted its biggest-ever intraday jump on Monday, briefly surging above $71 a barrel. Saudi Aramco faces weeks or months before the majority of output is restored at the giant Abqaiq processing plant.UOB’s Wacker said he pared some of his investments in Gulf bonds a few weeks before the attack, shifting into Russian, Hungarian and Uzbek securities as the advance in GCC debt since late last year made the bonds more expensive.“This incident highlights the need for increased differentiation.”(Updates prices in third paragraph, bullets.)\--With assistance from Shaji Mathew.To contact the reporter on this story: Netty Ismail in Dubai at nismail3@bloomberg.netTo contact the editors responsible for this story: Dana El Baltaji at, Alex NicholsonFor more articles like this, please visit us at©2019 Bloomberg L.P.

Tue, 17 Sep 2019 04:45:03 -0400

How Much Of Intellect Design Arena Limited (NSE:INTELLECT) Do Insiders Own? -

How Much Of Intellect Design Arena Limited (NSE:INTELLECT) Do Insiders Own?If you want to know who really controls Intellect Design Arena Limited (NSE:INTELLECT), then you'll have to look at...

Tue, 17 Sep 2019 04:42:14 -0400

Oil holds huge gains after Saudi blasts; Fed decision in view -

Oil holds huge gains after Saudi blasts; Fed decision in viewOil prices dipped Tuesday but held most of the previous day's record gains following an attack on Saudi facilities that wiped out half the country's output, with traders nervously awaiting the US response after it said Iran was likely to blame. It has also taken attention away from the upcoming trade talks between China and the US, as well as a much-anticipated policy meeting of the Federal Reserve, which is expected to cut interest rates. Faint hopes for talks between the US and Iran to ease tensions at the UN General Assembly this month were ruled out by supreme leader Ayatollah Ali Khamenei on Tuesday.

Tue, 17 Sep 2019 04:40:21 -0400

Should IndigoVision Group plc (LON:IND) Focus On Improving This Fundamental Metric? -

Should IndigoVision Group plc (LON:IND) Focus On Improving This Fundamental Metric?While some investors are already well versed in financial metrics (hat tip), this article is for those who would like...

Tue, 17 Sep 2019 04:36:59 -0400

New Trump Tariffs May Soon Hit European Luxury Exports -

New Trump Tariffs May Soon Hit European Luxury Exports(Bloomberg) -- Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here. Some of Europe’s top luxury brands are targeted in President Donald Trump’s latest tariff salvo, which could affect billions of dollars in exports of American-bound whiskeys, wine, Champagne, handbags and men’s suits.A panel of three World Trade Organization arbiters, as expected, said Friday the U.S. can legally impose tariffs on an array of European exports in retaliation for Europe’s illegal government aid to Airbus SE. EU sources say they expect the WTO arbiters to publicly circulate a report by month’s end that will allow new U.S. duties on a range of goods worth $5 billion to $7 billion per year, while Trump has threatened tariffs on $11 billion.Shares of French luxury conglomerate LVMH fell as much as 4.4% on Monday in Paris, with Airbus dropping as much as 5.4%. Continuing political turmoil in Hong Kong and a slowing Chinese economy have also weighed on European fashion and drinks companies.Washington’s response is expected within days after the WTO’s green light for retaliation. The U.S. has identified possible targets -- with tariffs potentially as high as 100% -- on a list of goods with a total export value of $25 billion a year. Though the most valuable goods on the U.S. list are exports of European aircraft and parts, the tariffs could also hit products made by Europe’s most recognized high-end brands.LVMH is particularly vulnerable to the proposed U.S. levies, which target two of its primary product lines -- wine and spirits like Dom Perignon, Moet & Chandon and Hennessy -- and leather goods under labels such as Givenchy, Kenzo and Louis Vuitton.Expensive TastesThe U.S. market for luxury goods is among the top destinations for European companies like LVMH where the U.S. made up almost a quarter of its total global sales last year. American shoppers bought 11.2 billion euros ($12.4 billion) worth of goods from LVMH in 2018, according to Bloomberg data.LVMH Chief Financial Officer Jean-Jacques Guiony said that the company is “sensitive to tariffs and trade barriers,” during a conference call in July.New tariffs will increase costs that will undoubtedly be passed on to U.S. consumers, said Luca Marotta, the CFO of Paris-Based Remy Cointreau SA, which produces Remy Martin cognac, Cointreau, Passoa and Mount Gay rum.“If the tariff increase will happen, I repeat myself, we will increase prices at the same moment,” Marotta said during a July 17 conference call.Trump’s planned EU tariffs are unique for his administration because, unlike the trade war he started against China, the U.S. will be applying duties explicitly authorized by the WTO, an organization he’s threatened to withdraw from if it doesn’t reform.The dispute between Toulouse, France-based Airbus and Chicago-based Boeing Co. encapsulates a criticism from Trump and others -- that the WTO is a slow-moving bureaucracy -- because it’s a case that’s taken about 15 years to resolve.European beverage producers are already reeling from the uncertainty stemming from Trump’s repeated threats to slap new tariffs on wine, liquor and other alcohol.The Trump administration is currently evaluating whether to penalize French wine and other goods in response to France’s tax on digital companies like Inc., Facebook Inc., and Alphabet Inc.’s Google.“The degree of uncertainty has somewhat notched up a little bit,” said Pernod Ricard SA Chief Executive Alexandre Ricard on an Aug. 26 conference call.Paris-based Pernod Ricard produces top-shelf wines, bitters, whiskeys, spirits, cognac, brandies and rum.The impact of Trump’s tariffs will also have an unwelcome effect on Scotch whisky producers, which are already girding for the fallout of a potentially messy no-deal Brexit.The EU exported $2.1 billion worth of Irish and Scotch whiskeys to the U.S. in 2018, according to data provided by the Geneva-based International Trade Center.Many U.S. exporters oppose the Trump administration’s proposed tariffs, which they say could boomerang and jeopardize thousands of American jobs.Whiskey ShotU.S. whiskey producers have already become collateral damage from Trump’s steel and aluminum tariffs -- which spurred the EU to retaliate with a 25% tariff on U.S. bourbon and whiskey. What’s more, the EU has threatened further penalties on $12 billion worth of whiskey and other U.S. exports stemming from a related WTO dispute over U.S. subsidies to Boeing Co.“Depending on the level of tariffs imposed on EU spirits and wine, we estimate it could negatively impact U.S. businesses, leading up to a loss of jobs from 11,200 to even 78,600 jobs across the United States,” said Chris Swonger, the president and CEO of the Distilled Spirits Council.There are two ways the EU can avoid new tariffs from the long-running aircraft dispute with the U.S.: by ending its illegal subsidies for Airbus, or reaching a settlement agreement.Though U.S. Trade Representative Robert Lighthizer and the current European Trade Commissioner Cecilia Malmstrom have both welcomed the idea of negotiating a settlement, talks to resolve the issue haven’t begun.Those negotiations could become more difficult after Malmstrom cedes her post on Nov. 1 to Phil Hogan, a hard-nosed Irish trade negotiator who’s pledged to take a more pugnacious approach to EU-U.S. trade relations.In a Sept. 10 interview with RTE radio, Hogan said “we are going to do everything we possibly can to get Mr. Trump to see the error of his ways.”(Removes reference in fifth paragraph to Donna Karan, which LVMH sold in 2016, in story published Sept. 16.)\--With assistance from Thomas Mulier, Chris Middleton and Birgit Jennen.To contact the reporter on this story: Bryce Baschuk in Geneva at bbaschuk2@bloomberg.netTo contact the editors responsible for this story: Richard Bravo at, Sarah McGregor, Brendan MurrayFor more articles like this, please visit us at©2019 Bloomberg L.P.

Tue, 17 Sep 2019 04:36:54 -0400

Report: Crypto QR code hacking on the rise -

Report: Crypto QR code hacking on the riseResearchers note an alarming number of scammy sites that use QR codes to waylay users’ funds

Tue, 17 Sep 2019 04:36:47 -0400

BitPay adds support for Ethereum -

BitPay adds support for Ethereum"It is exciting to see BitPay leading the way in integrating Ethereum into global payment systems,” said Vitalik Buterin.

Tue, 17 Sep 2019 04:36:47 -0400

Why the SEC’s blessing matters to Coinbase-backed Securitize -

Why the SEC’s blessing matters to Coinbase-backed SecuritizeSecuritize recently became the first blockchain firm to register as a transfer agent with the SEC. Is it a sign that crypto regulation's time has come?

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