Senin, 13 Januari 2020

Nissan Examines Possibility of Breaking Away From Renault - Yahoo Finance

(Bloomberg) -- Nissan Motor Co. executives have examined the possibility of breaking away from Renault SA amid concerns that relations with the longtime French partner have turned dysfunctional after the ouster of former chief Carlos Ghosn, according to a person familiar with the matter.

Since last year, Nissan has been exploring the pros and cons of sustaining the alliance, particularly when it comes to engineering and technology sharing, according to the person, who asked not to be identified discussing confidential matters. Those studies predate Ghosn’s escape from Japan and were preliminary, so no decision has been made, the person said.

It’s unclear how feasible any separation would be given that Renault is Nissan’s biggest shareholder and the French partner has been pushing for a repair of ties.

Still, the comments illustrate the fragile state of the relationship between the Japanese and French auto giants after Ghosn, who balanced the world’s largest automotive alliance for years as head of both companies, was arrested late 2018 in Japan on allegations of financial misconduct. Ghosn’s legal odyssey took a dramatic turn recently when he fled Japan for Lebanon and became the world’s most famous fugitive.

Since Ghosn’s downfall, the two carmakers have struggled financially — their shares were the two worst performers among major automakers last year — and drifted apart at a time when the costs of electrification and autonomous driving are pressuring incumbent carmakers to team up or consolidate.

Relations between the two companies are “broken and likely beyond the point of repair,” Evercore ISI analyst Arndt Ellinghorst wrote in a note on Monday.

Nissan didn’t immediately respond to a request for comment on Monday, a holiday in Japan. Renault declined to comment. The Financial Times reported earlier that Ghosn’s escape from Japan had spurred Nissan executives to accelerate secret contingency plans to potentially split from Renault.

The board of the Renault-Nissan alliance is scheduled to meet on Jan. 30 and the meeting could lead to announcements about joint projects, according to another person familiar with the matter.

(Updates with scheduled alliance meeting in final paragraph)

--With assistance from Reed Stevenson.

To contact the reporters on this story: Kae Inoue in Tokyo at kinoue@bloomberg.net;Ania Nussbaum in Paris at anussbaum5@bloomberg.net

To contact the editors responsible for this story: Young-Sam Cho at ycho2@bloomberg.net, ;Tara Patel at tpatel2@bloomberg.net, Ville Heiskanen

For more articles like this, please visit us at bloomberg.com

©2020 Bloomberg L.P.

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2020-01-13 11:26:00Z
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Kratom's Benefits And Dangers Debated Amid Marketing Push : Shots - Health News - NPR

Kratom products are legal in most states and are widely available. But the federal Food and Drug Administration and the Drug Enforcement Administration worry that kratom carries the risk of physical and psychological dependency and, in some people, addiction. Catie Dull/NPR hide caption

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Catie Dull/NPR

Americans know the dangers of drugs such as morphine and heroin. But what about a supplement that acts in the brain a bit like an opiate and is available in many places to kids — even from vending machines.

Kratom, an herb that's abundant, legal in most states and potentially dangerous, is the subject of an ongoing debate over its risks and benefits.

Usually, the leaf, which comes from a tropical Southeast Asian tree, is chewed, brewed or crushed into a bitter green powder. The chemicals in the herb interact with different types of receptors in the brain — some that respond to opioids, and others to stimulants. Often sold in the U.S. in a processed form — as pills, capsules or extracts — a small amount of kratom can perk you up, while a large dose has a sedative effect.

Some people who have struggled with an opioid addiction and switched to kratom swear the substance salvaged their health, livelihood and relationships.

But the federal Food and Drug Administration and the Drug Enforcement Administration worry that kratom carries the risk of physical and psychological dependency and, in some people, addiction. The FDA warns consumers not to use kratom, and the DEA threatened to prohibit kratom's sale and use in the U.S. (outside of research) in 2016; advocates and lawmakers subsequently pushed back, and the stricter scheduling of kratom that would have prompted that sort of ban never occurred. These days, the DEA lists it as a drug of concern.

"Kratom changed my life"

Linda Kline owns Bumble Bee Botanicals, which sells kratom in five upscale shops throughout the West, including this one in San Francisco. All her products are lab tested to ensure purity, Kline says. Lesley McClurg/KQED hide caption

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Lesley McClurg/KQED

Linda Kline, 33, based in Reno, Nev., sells kratom for a living. She says her several stores throughout the West have given her a new purpose in life. And while she herself doesn't have an opioid dependency, she credits kratom with turning around her mental health.

"I went from feeling desperate and hopeless to finding an alternative where I had full control over how I felt," she says.

She used to be paralyzed by anxiety and panic attacks. When her insurance carrier threatened to cut her Prozac prescription, she felt desperate. A friend suggested kratom, so she picked some up at a smoke shop.

"It almost feels like you're having just a little glass of wine," Kline says. "It's really relaxing. There's no melting of the walls."

The new habit cost about $6 a day — less than a glass of wine or fancy cup of coffee. But Kline says she couldn't always find a high-quality supply. The FDA has recalled dozens of salmonella-tainted products sold online or in convenience stores. The agency has also found toxic heavy metals in kratom supplements.

That's one reason Kline started her own chic boutiques, Bumble Bee Botanicals, devoted exclusively to kratom products that, she says, are all lab tested to ensure purity. She just opened her fifth location in less than two years. The shops offer 15 kratom strains at outlets in California, Idaho and Nevada.

Though Kline's website has a disclaimer that her products have not been evaluated by the FDA and "are not intended to cure, treat or prevent any disease/illness," some of her clients' online Yelp reviews claim kratom has dramatically relieved their chronic pain, insomnia, restless legs syndrome and more.

Gold Bali is a strain of kratom sold at Bumble Bee Botanicals in San Francisco. "It almost feels like you're having just a little glass of wine," Kline says of kratom. "It's really relaxing." Lesley McClurg/KQED hide caption

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Lesley McClurg/KQED

Potential dangers

Glowing reviews like that haunt Mateo Martinez.

"My brother believed the marketing of kratom — that it was a natural herbal supplement that could provide you with the same benefits of an opioid without the risks," Mateo says.

Mateo's younger brother, Marco, struggled with an opioid addiction in high school. Mateo describes Marco as a charismatic, creative teen, passionate about video games, cartoons and anime. Marco got hooked on painkillers, Mateo says, after his dentist pulled his wisdom teeth.

"He was using them in a way that wasn't just for treating pain," Mateo says.

Email receipts show Marco used bitcoin to also buy Vicodin and fentanyl on the dark web.

Eventually Marco wanted to kick his opioid addiction and saw testimonials on YouTube and Reddit that promised that kratom could be a way out. Soon Marco was popping kratom capsules multiple times a day.

During his freshman year at the University of California, Davis, the 19-year-old started hyperventilating regularly. The incidents worsened, becoming seizure-like episodes and ending in trips to the emergency room. During each hospitalization, the doctors were stumped. No one thought to test for kratom.

Marco died in his UC Davis dorm in February 2018, late on a Sunday night. The toxicology report listed "acute mitragynine intoxication" — a chemical constituent of kratom — as the cause of death.

"I think kratom needs to come with a much more serious caution that it is not harmless," Mateo says. "I'm very heartbroken."

In a recent 18-month period, the federal Centers for Disease Control and Prevention reported 90 kratom overdoses, although most involved a combination of other substances too.

Slim science, so far

"The data to support either the benefits or the harms for kratom is really, really poor," says C. Michael White, head of the Department of Pharmacy Practice at the University of Connecticut. "A lot of the information we have comes from single-case reports."

White says that animal studies suggest kratom could be an effective pain reliever, but the collection of human data has only just begun. He says scientists need to conduct a lot more research before the appropriate level of regulation is clear. White recently argued in the American Journal of Health-System Pharmacy that the safest place for kratom is behind pharmacy counters, for adults only, but with no prescription required.

McClain Haddow, spokesperson for the American Kratom Association, agrees that the product should be sold only to people over age 18.

"We would like vendors to register their product with the FDA and get a chemical analysis from a certified lab to insure the only ingredient is the naturally occurring alkaloid in the kratom plant," Haddow says. "Some manufacturers are spiking products with fentanyl, heroin or morphine to give users a high."

Dr. Scott Steiger, deputy medical director of the opiate treatment outpatient program at Zuckerberg San Francisco General Hospital and Trauma Center, says he doesn't know how to advise patients who want to use kratom.

"I tell them I just don't know enough on the basis of science to tell them whether it's a great idea or not," says Steiger, who is also an associate clinical professor of medicine at the University of California, San Francisco.

The DEA describes kratom as an addictive substance that causes hallucinations, delusion and confusion.

"I have seen that people who use kratom end up having a very hard time stopping the use of it," says Steiger.

His patients report withdrawal symptoms such as nausea, sweats, aches and pains, loose stool, tearing and dysphoria. There is growing concern about kratom's effects on the heart and liver.

Steiger emphasizes that doctors have evidence-based treatments like buprenorphine and methadone to help people with an opioid addiction. He doesn't recommend self-medicating with kratom until more research is available.

"We just don't know enough about this chemical and the long-term use of it to know whether experimenting would lead to complications," Steiger says.

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2020-01-13 10:04:00Z
CAIiEIep1JQ57ps3aw76_SxTKiEqFggEKg4IACoGCAow9vBNMK3UCDCvpUk

Airline passenger allegedly storms cockpit, attacks flight attendant, injures 6 officers - New York Post

Authorities took a man into custody after he allegedly assaulted a flight attendant and attempted to storm the plane’s cockpit last week.

A fellow passenger on the flight described the Jan. 9 incident to news outlets, saying that the plane was about to land when the suspect headed towards the cockpit in a “full sprint.” A flight attendant and six law enforcement agents were injured in the ensuing scuffle.

Matthew Dingley was taken into custody after his flight United Express flight from Dulles International Airport landed at Newark, NBC New York reports. He reportedly began acting erratically during the flight and stormed the cockpit as the plane neared its destination.

“This guy was in a full sprint, right up to the cockpit, hits the cockpit, starts banging on it,” fellow passenger Mike Egbert told NBC New York. According to him, after a flight attendant attempted to intervene, Dingley began to attack her.

Egbert described the flight attendant as, “A slight woman, petite, and this guy was clocking her.”

Another passenger on the plane apparently had law enforcement experience and was able to help get the situation under control. Unfortunately, things didn’t end there.

Port Authority Police took Dingley into custody, but only after he continued to fight with them.

“He picks up a police officer, throws the police officer…his back,” Egbert described. “If he did actually get into that cockpit lord knows what would have happened.”

The flight attendant was taken to a nearby hospital, although she has since been released. Six Port Authority Officers were injured during the incident, although they are reportedly expected to recover.

Dingley has been charged with aggravated assault, criminal trespassing, resisting arrest and interfering with transportation, NJ.com reports.

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2020-01-13 08:45:00Z
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As businesses hold back, U.S. consumers seen boosting big banks' profits - Reuters

NEW YORK (Reuters) - Consumer lending is expected to propel profits for big U.S. banks when they unveil fourth-quarter results this week, though stress in corporate lending and uneven capital markets may cast a shadow over results.

FILE PHOTO: Signs of JP Morgan Chase Bank, Citibank and Wells Fargo & Co. bank are seen in this combination photo from Reuters files. REUTERS/File Photos

Balances for individual borrowers keep reaching new records as the U.S. job market has stayed robust, prompting people to spend, and as interest rates have declined, prompting them to borrow — especially on credit cards.

Overall, U.S. consumer-loan balances at the 25 largest banks reached $1.19 trillion the last week of December, up 13% from a year earlier, according to Federal Reserve data. The biggest annual increase came from cards, where outstanding debt rose 16%.

The banks held another $1.46 trillion in residential mortgage loans.

(GRAPHIC: U.S. consumer leverage declined as incomes rose - here)

That spells good news for quarterly profits at JPMorgan Chase & Co and Citigroup Inc, which have been working to grow their card businesses in recent years. The Fed’s decision to lower rates in 2019 boosted mortgage activity, which will help major home lenders like Wells Fargo & Co. Those three banks are scheduled to report results on Tuesday.

“The consumer-lending business is going to be very profitable for the banks,” RBC Capital Markets analyst Gerard Cassidy said in an interview.

Americans borrowing to buy cars and pay for vacations has been a mainstay for industry profits recently. Consumer strength has helped offset weakness in trading, underwriting or business-loan demand at various points, with bank executives cheering it as a sign that the U.S. economy is not on the brink of recession.

Analysts expect tepid business borrowing to have continued through the fourth quarter. Global trade disputes, political uncertainties and market fluctuations have left CEOs wary of seeking financing to buy competitors or invest in operations, they said.

However, those issues could take a back seat to the thriving U.S. consumer.

As Americans’ loan balances have climbed, their incomes have grown even faster. That debt is now about equal to disposable personal income after climbing to as much as one-third higher in 2007.

Analysts say they are also encouraged that banks appear to be lending more responsibly to consumers, partly due to new regulations. Consumer delinquency rates are low at 2.8%, compared with an average of 4.3% since 2003, according to Fed data. In the recession, the rate reached 8.2%.

However, analysts cautioned that credit mistakes often occur in the best of times and that it is hard to see them with the economy growing for the 11th straight year.

Higher real-estate values have allowed property owners to raise cash by selling or refinancing. As competition has heated up in cards, some borrowers have been transferring zero-interest balances from one bank to another for a small fee, without paying off the debt.

And although unemployment is at a 50-year low and wages are higher, there are still lots of consumers living paycheck-to-paycheck.

A Fed survey last year found 39% of Americans would have a hard time handling an unexpected $400 expense. People with credit cards generally are not at such risk, but still about 16% said they would put the expense on a card.

Slideshow (3 Images)

Fred Cannon, research director at Keefe, Bruyette & Woods, said a rise in unemployment in the next recession would expose bad loans. “There certainly could be some problems,” he said.

(GRAPHIC: Consumers are making timely payments on their debt - here)

Reporting by David Henry in New York. Additional reporting by Imani Moise and Elizabeth Dilts Marshall; Editing by Nick Zieminski

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2020-01-13 06:10:00Z
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China and US must not be allowed to bully Southeast Asian nations - South China Morning Post

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China and US must not be allowed to bully Southeast Asian nations  South China Morning PostView full coverage on Google News
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2020-01-13 04:00:14Z
CBMid2h0dHBzOi8vd3d3LnNjbXAuY29tL3dlZWstYXNpYS9wb2xpdGljcy9hcnRpY2xlLzMwNDU3ODUvYmVpamluZy1tdXN0LW5vdC1iZS1hbGxvd2VkLWJ1bGx5LXNvdXRoZWFzdC1hc2lhbi1uYXRpb25zLXNvdXRo0gF3aHR0cHM6Ly9hbXAuc2NtcC5jb20vd2Vlay1hc2lhL3BvbGl0aWNzL2FydGljbGUvMzA0NTc4NS9iZWlqaW5nLW11c3Qtbm90LWJlLWFsbG93ZWQtYnVsbHktc291dGhlYXN0LWFzaWFuLW5hdGlvbnMtc291dGg

Ford's vehicle sales in China tumble for third consecutive year - Yahoo Finance

Ford China Chief Executive Officer Anning Chen poses for a picture at Ford's office in Shanghai

By Brenda Goh and Yilei Sun

SHANGHAI (Reuters) - Ford Motor Co's China vehicle sales fell for a third consecutive year, by 26.1%, as it battles a prolonged overall sales decline in its second-biggest market that has hit demand for its mass-market Ford brand and sports utility vehicles.

The U.S. automaker delivered 146,473 vehicles in China in the fourth quarter, down 14.7% year-on-year, Ford said in a statement. In total, it sold 567,854 vehicles over 2019.

Ford has been trying to revive sales in China after its business began slumping in late 2017. Sales sank 37% in 2018, after a 6% decline in 2017.

Anning Chen, president and chief executive of Ford Greater China, said that while 2019 was a "challenging" year for the automaker, it saw its market share in the high-to-premium segment stabilise and its sales decline in the value segment start to narrow in the second-half of the year.

"The pressure from the external environment and downward trend of the industry volume will continue in 2020, and we will put more efforts into strengthening our product lineup with more customer-centric products and customer experiences to mitigate the external pressure and improve dealers' profitability."

The automaker plans to launch more than 30 new models in China over the next three years of which over a third will be electric vehicles. It has also said it would localise management teams by hiring more Chinese staff and aimed to improve relationships with joint venture partners.

New models it launched in the fourth quarter include a new Ford Escape version - for which the automaker said orders received so far have been much higher than expected - and the Lincoln Corsair, the first localized Lincoln model in China.

In China, Ford makes cars through a joint venture with Chongqing Changan Automobile Co Ltd and Jiangling Motors Corp Ltd (JMC). It has also said it would partner Zotye Automobile Co Ltd to sell lower priced cars.

Its larger U.S. rival General Motors Co last week said its sales in China fell 15% from a year earlier to 3.09 million vehicles in 2019, its second year of decline.

China's auto market is set to contract by 2% in 2020 for the third year of decline, the China Association of Automobile Manufacturers (CAAM) forecast, due to a weaker economy and trade dispute with the United States.

Over 28 million vehicles were sold in 2018, down 3% from the prior year, while 2019 sales are likely to have declined 8% from the prior year, CAAM said.


(Reporting by Brenda Goh and Yilei Sun; Editing by Christian Schmollinger and Christopher Cushing)

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2020-01-13 03:06:21Z
CBMiTmh0dHBzOi8vZmluYW5jZS55YWhvby5jb20vbmV3cy9mb3Jkcy12ZWhpY2xlLXNhbGVzLWNoaW5hLXR1bWJsZS0wMzAyMjEyMDMuaHRtbNIBVmh0dHBzOi8vZmluYW5jZS55YWhvby5jb20vYW1waHRtbC9uZXdzL2ZvcmRzLXZlaGljbGUtc2FsZXMtY2hpbmEtdHVtYmxlLTAzMDIyMTIwMy5odG1s

Minggu, 12 Januari 2020

Making Labor Rules Rational Again - Wall Street Journal

Deregulation has been the unsung economic success story of the Trump administration. Today the Labor Department adds its “joint employer” rule to the long list of deregulatory wins. When joint employment exists, two separate companies are responsible for ensuring that workers receive the federally mandated minimum wage and overtime pay. Two companies are responsible for ensuring the proper records are kept. And two companies can be taken to court if it’s alleged that those responsibilities have not been met.

Photo: Getty Images

Joint employment occurs, for instance, when an office contracts for janitorial services with an outside vendor, then closely supervises the workers and their schedules. But when companies are wrongly deemed joint employers, it saddles them with compliance costs that should be borne by only one.

That’s what happened during the Obama administration. A 2016 legal interpretation adopted by the Labor Department and a 2015 ruling by the National Labor Relations Board dramatically expanded joint employment. The White House Council of Economic Advisers estimates that the Obama-era rules threatened annual net costs of $5 billion, and a reduction in real income of about $11 billion.

The new rule we’re introducing updates one from 1958, which said joint employment exists when two employers are “not completely disassociated” from each other. Little explanation was given for that legal test, leading to uncertainty, unnecessary litigation and divergent standards in different federal courts.

The department’s new rule draws on leading court decisions to codify reasonable, familiar standards for determining joint-employer status. Companies will now have greater certainty about the point at which they’re affecting the terms and conditions of employment to such a degree that they’re an employer, responsible for ensuring employees receive the minimum wage and overtime pay.

The new rule also gives companies in traditional contracting and franchising relationships confidence that they can demand certain basic standards from suppliers or franchisees—like effective antiharassment policies and compliance with employment laws—without themselves being deemed the employer of the other company’s workers. That will help companies promote fair working conditions without facing unwarranted regulatory costs.

By removing uncertainty for these businesses and their workers, this rule also benefits the economy more broadly. Every dollar lost by business to vague or unnecessary regulation is a dollar less for creating jobs, increasing wages, funding retirement plans, or lowering prices.

Actions like the new joint-employer rule demonstrate a core conviction of President Trump and his administration: Smart deregulation is good for the American worker, business, families and the economy. When we lift the heavy hand of government and allow businesses to create jobs, enter new markets, and compete at lower prices, every American wins.

Mr. Mulvaney is President Trump’s acting chief of staff. Mr. Scalia is labor secretary.

Copyright ©2019 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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2020-01-12 21:00:00Z
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