Ferrari will expand its lineup of road cars, but not too much

By Joseph White

PEBBLE BEACH, Calif. (Reuters) – Italian premium sports car maker Ferrari NV (MI:) will expand sales of easier-driving grand touring cars, but will not try to chase rival Porsche’s annual sales volume, Ferrari Chairman John Elkann told an audience of classic car enthusiasts gathered at this storied golf resort on the Pacific coast.

Elkann also reiterated that Fiat Chrysler Automobiles NV (MI:), of which he is chairman, remains open to opportunities to combine with other automakers, but is positioned to remain independent. Fiat Chrysler in May proposed a merger with French automaker Renault SA (PA:), but the deal fell apart after the French government intervened and Elkann withdrew the proposed merger.

Fiat Chrysler Chief Executive Mike Manley sent the same message to Renault and other would-be partners earlier this month.

Elkann visited Pebble Beach during the annual Concours d’Elegance, during which wealthy collectors bring some of the world’s rarest vintage automobiles to be admired — and sold — and premium manufacturers showcase exotic new models.

Ferrari is best known for flashy, high performance sports cars. Among fans of vintage Ferraris, more understated GT, or grand touring, cars from the 1960s, some with seating for four people, are among the most popular models on auction blocks and at enthusiast events. GT cars were designed to be comfortable on longer road trips.

Elkann hinted Ferrari will unveil a new GT type car in November. Ferrari has said previously that about 40% of its total sales could come from GT cars by 2022, up from 32% now.

Ferrari has outlined plans to expand revenue to 5 billion euros ($ 5.54 billion) by 2022 from 3.4 billion euros in 2017. The company has said it plans to add a model called the Purosangue to compete with a growing stable of sport utility vehicles wearing premium sports car brands, such as the Lamborghini Urus.

Rival Porsche AG (), a unit of Volkswagen AG (DE:), has expanded its sales to more than 250,000 sports cars and sport utility vehicles annually. Elkann said Ferrari is not aiming for Porsche’s level of sales.

($ 1 = 0.9018 euros)

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Anbang to sell entire $2.4 billion Japanese property portfolio, Blackstone seen bidding: sources

TOKYO (Reuters) – China’s troubled Anbang Insurance Group has started a sale of its entire $ 2.4 billion Japanese property portfolio and previous owner Blackstone (NYSE:) Group is bidding, two people said, after the insurer failed to sell some of the assets last year.

Beijing has been speeding up asset disposals at the government-controlled insurance group, previously one of the most aggressive Chinese buyers of foreign assets. Anbang is aiming to sell the entire residential portfolio it bought from the U.S. private equity firm, said the people, declining to be identified because the deal is not public.

The price for the portfolio has not been set and the process is still at an early stage, they said. Anbang paid Blackstone around 260 billion yen ($ 2.4 billion) for the assets in 2017, in what was Japan’s biggest property deal since the global financial crisis.

Representatives for Anbang and Blackstone declined to comment.

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Hong Kong braces for another weekend of protests

© Reuters. Anti-extradition bill demonstrators attend a protest at the arrival hall of Hong Kong Airport © Reuters. Anti-extradition bill demonstrators attend a protest at the arrival hall of Hong Kong Airport

By Clare Jim and Kevin Liu

HONG KONG (Reuters) – Hong Kong began another volatile weekend on Saturday, with anti-government protests taking place across the city, including one at the international airport for a second day.

Increasingly violent protests have plunged Hong Kong into its most serious political crisis for decades, posing a serious challenge to the central government in Beijing.

Protesters arrived back at Hong Kong’s airport, a day after a peaceful gathering there of about 1,000 activists. Neither protest disrupted flights.

Hundreds of activists occupied the arrivals hall on Saturday, some of them sitting on the floor drawing protest posters, while others politely greeted arriving passengers.

In the morning, in two separate protests, small groups of elderly Hong Kongers and families marched near the financial center’s business district. Both marches were peaceful.

About a thousand protesters also gathered later in the day in Tai Po, a town in the north of the territory.

Leung Wai Man, a housewife in her 60s, said she had been motivated to march in Tai Po because she was angry about what she saw as the violent response by police at some protests.

“We are very angry about the police arresting our teenagers,” she said. She said she was worried about escalating violence, but added that “the protesters were just trying to protect themselves against police violence.”

Hong Kong’s leader Carrie Lam said on Friday the economy was being undermined by the protests, which began in June.

China, meanwhile, demanded that the city’s flag carrier Cathay Pacific Airways (HK:) suspend staff involved in the demonstrations. One of its pilots was arrested last week.

Huarong International, the investment arm in Hong Kong of China Huarong Asset Management Co (HK:), has instructed staff not to fly Cathay Pacific if there are other options, according to an internal memo seen by Reuters and confirmed by a source at the company.

Lam’s warning about the economy and China’s targeting of a key Hong Kong business mark a toughening stance by authorities as they grapple with Hong Kong’s deepest crisis in decades.

Young people have been at the forefront of the protests, worried about the erosion of freedoms in Hong Kong by China but also concerned with issues such as wealth disparities in the city.

However, older people and parents have also been appearing at the protests.

“There are clashes in the recent protests and many parents are worried,” said Fion Yim, 35, representative of the organizing committee for what was billed as the family protest.

“The freedom to protect our children is very important. We hope to provide a safer place for parents and their kids to participate in rallies, and to voice their concerns.”

The protests began after Hong Kong’s government tried introducing an extradition bill that would have allowed defendants to be sent to mainland China for trial.

The bill has been suspended, but protesters have stepped up their demands and are now calling for greater democracy and Lam’s resignation.

The protests have been condemned by the central government in Beijing. China has also accused foreign powers of fueling the unrest.

Hong Kong was guaranteed freedoms not granted in mainland China, including an independent judiciary, under a “one country, two systems” formula, when Britain handed it back to China in 1997.

On Friday, the U.S. State department spokeswoman, Morgan Ortagus, said that Chinese media reports about a U.S. diplomat who met with Hong Kong pro-democracy leaders “have gone from irresponsible to dangerous” and must stop.

Ortagus earlier called China a “thuggish regime” for disclosing photographs and personal details of the diplomat.

More protests are planned for Sunday, including one in Sham Shui Po, a working class neighborhood that has been the scene of violent confrontations between activists and police.

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Delhi city government rejects AB InBev plea to temporarily lift ban: source

By Aditya Kalra

NEW DELHI (Reuters) – Authorities in New Delhi have rejected a plea by Anheuser-Busch InBev (BR:) to temporarily lift a 3-year ban while it hears the global brewer’s appeal, a senior government source told Reuters.

AB InBev, the world’s largest brewer, has been barred from selling its products in the critical New Delhi market for allegedly evading local taxes, Reuters reported last week. The company has denied the allegations.

A three-year investigation by authorities in India’s capital found that SABMiller (LON:) – acquired by AB InBev in 2016 for around $ 100 billion – used duplicate barcodes on beer bottles supplied to retailers that year, allowing it to pay lower levies.

AB InBev has appealed against the ban to the Commissioner of Excise in the Delhi city government, two government sources with direct knowledge said. The ban order was passed by a deputy commissioner of the division.

While the company’s appeal is still under consideration, AB InBev also filed a separate plea with the Commissioner for putting the ban order on hold pending appeal, but that request was turned down, one of the government sources said on Tuesday.

“The (ban) order was detailed, there was no ground to give an interim stay,” said the official, who declined to be named as the decision is not public.

AB InBev, which counts popular beer brands such as Budweiser, Hoegaarden and Stella Artois in its portfolio, said the city’s allegations dated back to 2016 before its takeover of SABMiller and it looked forward to receiving a “fair hearing”.

“We are strongly committed to operating with integrity and high ethical standards and making the City of Delhi part of our larger growth story in India,” it said in a statement.

In recent weeks, AB InBev’s senior executives, including vice president for legal & corporate affairs for South Asia, John K. Johnson, appeared before the Delhi officials who are hearing the company’s appeal, the second government source and a third person familiar with the matter said.

AB InBev is the second biggest player in India’s $ 7 billion beer market, accounting for a 17.5 percent market share, according to research firm IWSR Drinks Market Analysis.

The New Delhi case was sparked by a random inspection of beer bottles at a drinking spot in an upmarket New Delhi neighborhood in 2016.

The order, issued on July 16, said it was “reasonable to believe” same barcodes were duplicated multiple times and supplied to various retail vendors in Delhi, amounting to the offence of selling non-duty paid liquor.

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Group of 12 U.S. states challenge Trump fuel economy penalty freeze

© Reuters. Traffic backs up on the Brooklyn Queens Expressway in New York © Reuters. Traffic backs up on the Brooklyn Queens Expressway in New York

By David Shepardson

WASHINGTON (Reuters) – A group of 12 states led by California and New York on Friday challenged the Trump administration’s decision to suspend a 2016 Obama administration regulation that more than doubled penalties for automakers that fail to meet fuel efficiency requirements.

Automakers protested the higher penalties, which they said could cost the industry up to $ 1 billion annually, and the Trump administration finalized the regulatory freeze on July 12. The 12 states, joined by the District of Columbia, filed a petition in the U.S. Court of Appeals for the Second Circuit to reverse the rule released by the National Highway Traffic Safety Administration (NHTSA).

Congress in 2015 ordered federal agencies to adjust a wide range of civil penalties to account for inflation and, in response, the NHTSA, under Democratic President Barack Obama, issued rules to eventually raise fines to $ 14 from $ 5.50 for every 0.1 mile per gallon of fuel that new cars and trucks consume in excess of the required standards.

The NHTSA, in response to a question on the lawsuit, on Friday reiterated its statement from last month that it was following the intent of Congress to ensure the penalty rate was set at the level required by law.

In a statement, the California attorney general, Xavier Becerra, said the Trump administration wants to “make these penalties meaningless,” while New York’s attorney general, Letitia James, called the rule “another misguided and reckless attempt by the Trump Administration to roll back the clock on our clean air standards.”

The move comes as the NHTSA and the Environmental Protection Agency are working to finalize a rewrite of the Obama administration’s fuel efficiency requirements through 2026.

The Obama-era rules called for a fleetwide fuel-efficiency average of 46.7 miles per gallon by 2026, compared with 37 mpg under the Trump administration’s preferred option.

The Alliance of Automobile Manufacturers, a trade group representing General Motors Co (NYSE:) , Volkswagen AG (DE:), Toyota Motor Corp (T:) and others, had said the higher penalties could increase industry compliance costs by $ 1 billion annually and result in “significant economic harm.”

Some automakers historically have paid fines instead of meeting fuel efficiency requirements. In February, Fiat Chrysler Automobiles (MI:) told Reuters it had paid $ 77 million in U.S. civil penalties in 2018 for failing to meet 2016 economy requirements.

Environmental groups urged the administration to retain the increase, noting U.S. fuel economy fines have lost nearly 75% of their original value.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

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Capital One: hacker gained access to personal information of over 100 million Americans

© Reuters. The logo and ticker for Capital One are displayed on a screen on the floor of the NYSE in New York © Reuters. The logo and ticker for Capital One are displayed on a screen on the floor of the NYSE in New York

(Reuters) – Capital One Financial Corp (N:) said on Monday the personal information including names, addresses, phone numbers and dates of birth of about 100 million individuals in the United States were obtained by a hacker who has now been arrested.

The incident also affected about 6 million people in Canada.

Capital said it identified the hack on July 19 and the individual responsible has been arrested by the Federal Bureau of Investigation.

The hacker did not gain access to any credit card account numbers and over 99% of social security numbers were not compromised, Capital One said.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Asian shares dip on mixed U.S. earnings, euro off two-year low as ECB holds

© Reuters. FILE PHOTO:  A man walks past an electronic stock quotation board outside a brokerage in Tokyo © Reuters. FILE PHOTO: A man walks past an electronic stock quotation board outside a brokerage in Tokyo

By Hideyuki Sano

TOKYO (Reuters) – Asian share prices dropped on Friday following mixed U.S. earnings reports and after the European Central Bank unexpectedly held interest rates steady, while the euro held above two-year lows struck overnight.

MSCI’s broadest index of Asia-Pacific shares outside Japan () dropped 0.45% while Japan’s Nikkei () lost 0.5%. Shanghai shares () ticked down 0.15%.

Wall Street shares fell from record highs on Thursday, with the S&P 500 () losing 0.53%, following a flurry of downbeat quarterly results from Ford Motor (N:) and other companies.

But several companies that announced results after the market had closed on Thursday generally beat expectations, and their shares rose in after-hours trade.

Google parent Alphabet (O:) jumped 7.9%, Intel Corp (O:) 5.1% and Starbucks (O:) 6.6%. Amazon (O:), however, dipped 1.6% on its first profit miss in two years.

U.S. stock futures () rose 0.2% in Asia.

“Some capital goods makers have reported soft earnings but otherwise U.S. earnings have been generally good, partly because investors had already lowered their expectations,” said Hitoshi Asaoka, senior strategist at Asset Management One.

“Still, with U.S. share prices already at record levels, further gains are likely to be limited unless we see clearer signs of recovery in global demand,” he said.

Uncertainties over whether Washington and Beijing will be able to settle gaping differences over trade, technology and even geopolitical ambitions, kept many investors on guard. Negotiators from the two sides will meet in Shanghai next week.

A rally in global bonds ran out of steam after European Central Bank President Mario Draghi cautioned about pulling the trigger too quickly on policy easing, even though he all but pledged to loosen monetary settings further as the growth outlook deteriorates.

Analysts had expected a rate cut by the ECB.

ECB officials told Reuters after the meeting that an interest rate cut in September appeared certain, while government bond purchases and a revamped policy message were also likely.

The euro’s overnight index swaps are pricing in a cut of more than 10 basis points in September, to minus 0.50 percent.

“An interest rate cut of 10 basis points in September looks like a done deal now,” said Hideki Kishida, fixed income strategist at Nomura Securities.

The 10-year German government bond yield () initially hit a record low of minus 0.463 percent but ended the day up slightly at minus 0.407 percent.

While European bond yields are likely to stay under pressure until the next ECB meeting on Sept 12, Brexit could become a central issue as investors look to the stance of Britain’s new government under Boris Johnson.

“If there are signs of easing tensions, we could see temporary rise in European bond yields,” Nomura’s Kishida said.

The U.S. 10-year Treasuries yield also rose 3 basis points to 2.079 percent () on Thursday and traded at 2.107 percent in the following Asian session.

Also helping to stem falls in bond yields, new orders for key U.S.-made capital goods surged in June, suggesting some improvement in business investment.

Despite that, investors expect the Federal Reserve to cut interest rates by 0.25 percentage point at its policy meeting ending on July 31 to protect the economy from potential damage from the protracted U.S.-China trade war.

An advance reading of U.S. GDP, due at 8:30 a.m (1230 GMT), is expected to show the economy grew 1.8% in April-June, which would be the slowest growth in more than two years.

In the currency market, the euro bounced back to at $ 1.1149 () in Asian trade, after sinking to $ 1.1101 on Thursday, its lowest since May 2017.

The yen was little changed against the dollar at 108.57 yen per dollar .

Oil prices held firm on rising tensions between the West and Iran and a big decline in U.S. crude stockpiles, though gains were held in check by worries about slowing growth in major economies.

U.S. crude () ticked up 0.25% to $ 56.16 a barrel while Brent futures () was almost flat at $ 63.37 per barrel.

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Hyundai Motor second-quarter net profit rises 31.2%, new models boost domestic sales

2/2 © Reuters. FILE PHOTO: Paris Auto Show © Reuters. FILE PHOTO: Paris Auto Show 2/2

By Ju-min Park and Hyunjoo Jin

SEOUL (Reuters) – South Korea’s Hyundai Motor Co (KS:) laid out its U.S. sales turnaround plan on Monday with an expanded line-up of sport-utility vehicles (SUV), after posting its biggest quarterly profit jump in seven years.

The automaker forecast its U.S. market share to begin rising again from this year, targeting a year-end share of 4.2% versus 3.9% last year, with sales of its upgraded Palisade SUV starting from the second half. It aims for a U.S. share of 5.2% by 2023.

Solid performance at home and in the United States in the three months through June helped offset a sales slump in China, where a slowing economy, trade war with the United States and a lack of competitive models prompted the automaker to suspend production at its oldest factory earlier this year.

To maintain momentum in the United States – its biggest overseas market – Hyundai said it plans to boost the proportion of SUVs in its U.S. line-up to 67% in 2023 from 51% in 2019, as it works to catch up with a shift in consumer preference.

“It was a surprise when Hyundai revealed an aggressive U.S. turnaround plan, but I don’t see any problem in it meeting its annual sales target there,” said analyst Kim Joon-sung at Meritz Securities.

Hyundai’s revival is being led by heir-apparent Euisun Chung following six years of profit decline. The executive vice chairman is widely considered to be seeking investor support to revisit an ownership restructuring plan as he prepares to take over from his 81-year-old father and chairman.

A previous proposal was scrapped last year following shareholder opposition, notably from U.S. hedge fund Elliott Management Corp.

Since last year, Chung has brought in a flurry of foreign executives in a sweeping reshuffle at a firm dominated by Koreans. Most recently, in April, it appointed an ex-ally of Nissan Motor Co Ltd’s (T:) ousted Chairman Carlos Ghosn as global chief operating officer and Americas chief.

In the April-June period, U.S. sales gained 3% while a weak Korean won against the U.S. dollar raised the value repatriated income. At home, new models such as the Palisade SUV and Sonata sedan helped sales jump 8.1%.

Overall, net profit for the quarter rose 31.2% to 919.3 billion won ($ 780.44 million), just short of market estimates but still Hyundai’s biggest quarterly percentage gain since the first quarter of 2012.

Operating profit rose 30.2% on a 9.1% increase in revenue, the automaker said in a stock exchange filing.

Even so, the earnings recovery could weaken as Hyundai braces for a potential strike by its domestic labor union that could disrupt supplies of models such as the Palisade both at home and overseas, analysts said.

The union will vote next Monday whether to approve strike action after walking out of annual wage talks on Friday.

A prolonged dispute could have a greater impact on sales and earnings this year because, unlike in the past three or four years of slow growth, sales of its new models have been brisk, Samsung (KS:) Securities analyst Esther Yim said in a recent report.

Hyundai stock closed down 1.1% after the earnings announcement, versus the broader market’s () 0.1% fall.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

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Wall St. set to open flat as trade worries weigh; Netflix tumbles

© Reuters. Traders work on the floor of the New York Stock Exchange in New York © Reuters. Traders work on the floor of the New York Stock Exchange in New York

(Reuters) – U.S. stocks opened lower on Thursday as shares of streaming pioneer Netflix (NASDAQ:) tumbled, kicking off earnings for the FAANG group of stocks on a sour note.

The Dow Jones Industrial Average () fell 27.87 points, or 0.10%, at the open to 27,191.98. The S&P 500 () opened lower by 5.55 points, or 0.19%, at 2,978.87. The Nasdaq Composite () dropped 33.44 points, or 0.41%, to 8,151.76 at the opening bell.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Israel stocks higher at close of trade; TA 35 up 0.45%

© Reuters.  Israel stocks higher at close of trade; TA 35 up 0.45% © Reuters. Israel stocks higher at close of trade; TA 35 up 0.45%

Investing.com – Israel stocks were higher after the close on Sunday, as gains in the , and sectors led shares higher.

At the close in Tel Aviv, the gained 0.45%.

The best performers of the session on the were Liveperson (TASE:), which rose 6.11% or 640 points to trade at 11110 at the close. Meanwhile, Perrigo (TASE:) added 2.41% or 430 points to end at 18280 and Nice Ltd (TASE:) was up 2.16% or 1110 points to 52570 in late trade.

The worst performers of the session were OPKO Health Inc (TASE:), which fell 2.13% or 17 points to trade at 775 at the close. Isramco Negev 2 LP (TASE:) declined 1.38% or 1.0 points to end at 71.6 and Delek Drilling LP (TASE:) was down 0.96% or 10 points to 975.

Rising stocks outnumbered declining ones on the Tel Aviv Stock Exchange by 217 to 156 and 38 ended unchanged.

Shares in Liveperson (TASE:) rose to all time highs; rising 6.11% or 640 to 11110. Shares in Nice Ltd (TASE:) rose to all time highs; gaining 2.16% or 1110 to 52570.

Crude oil for August delivery was up 0.28% or 0.17 to $ 60.37 a barrel. Elsewhere in commodities trading, Brent oil for delivery in September rose 0.54% or 0.36 to hit $ 66.88 a barrel, while the August Gold Futures contract rose 0.78% or 10.95 to trade at $ 1417.65 a troy ounce.

USD/ILS was up 0.09% to 3.5532, while EUR/ILS rose 0.19% to 4.0024.

The US Dollar Index Futures was down 0.25% at 96.428.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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