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REFILE-ALTCOINS-“Privacy coin” Monero offers near total anonymity

(Replaces cars with cards in eleventh graph)

* Monero is 12th biggest cryptocurrency by market capitalisation It has around $1.4 billion-worth in circulation

* Monero is used on darknet marketplaces – analysts

* Developer says Monero enables crime no more than cash

By Tom Wilson

LONDON, May 15 ( ) – Bitcoin’s share of the cryptocurrency market is sliding, with a host of alternative digital coins gaining ground as developers race to create digital cash that can gain a footing in mainstream commerce and finance.

As these “altcoins” grow in prominence, is publishing a series of stories that examines the features and characteristics of some of the alternatives to bitcoin that have grabbed the attention of developers, investors and regulators.

The first in this series looks at Monero – referred to as a privacy coin because it allows users to conceal nearly all details of transactions. It has become increasingly used for illegal purposes.

Since its launch in 2014, Monero has grown to be the 12th biggest cryptocurrency by market capitalisation with around $1.4 billion-worth in circulation.

HOW IS MONERO DIFFERENT TO BITCOIN?

Every transaction involving Monero obscures the digital addresses of the senders and receivers, as well as the value of the transaction. That offers users near-total anonymity, allowing them to instantaneously send digital cash without leaving any clues.

Bitcoin was initially seen as opaque, as the identity of the owners of digital wallets used to send and receive bitcoin is not public.

But details recorded permanently on the blockchain after bitcoin is sent and received can, in fact, give up clues that can be used to pinpoint those identities. This has become increasingly easy with the advent of firms that specialise in analysing blockchain transactions.

WHY’S IT GAINING ATTENTION?

When Norwegian police earlier this year gave details of the kidnapping of the wife of a wealthy businessman, they said the family had demanded a ransom in cryptocurrencies. Local press reported that the suspects wanted to be paid in Monero.

The unusual request underlined a growing trend for criminals to seek alternatives to bitcoin, which through its first decade has become the cryptocurrency of choice for illicit activities from buying contraband to laundering money, cyber security experts and law enforcement agencies say.

Bitcoin proponents say that traditional cash is also widely used for criminal activities.

Monero’s use on darknet marketplaces – sites used for buying illicit goods from drugs to stolen credit cards – is on the rise, said Tom Robinson, chief data officer of Elliptic, a London-based firm that provides blockchain-tracking software to law enforcement agencies and private companies.

Three of the biggest five darknet markets now accept Monero, Robinson said, though he added the caveat that bitcoin is still the most widely used cryptocurrency for darknet payments.

One of Monero’s developer team said Monero enables crime no more than cash. Its developers should stay out of debates on its traceability or risk undermining its decentralised nature, Francisco Cabanas told .

“It doesn’t selectively encourage crime, it encourages commerce,” said Cabanas, who goes by the nickname “ArcticMine,” in an interview via Skype from Vancouver. “In that respect, it’s no different to cash.”

Monero is also widely used for “cryptojacking,” or illicit cryptocurrency mining, where hackers infect computers and steal their power to mine new coins – a highly lucrative endeavour.

Nevertheless, over 4 percent of the 17 million Monero in circulation were mined using malware, said Guillermo Suarez de Tangil, a cybersecurity lecturer at King’s College London who has researched Monero.

“There is a clear phenomenon of the underground using Monero, and selling malware that will contribute to Monero mining,” he said.

Monero’s developers say its characteristics make it a useful tool for companies looking to maintain commercial secrecy. Users in repressive countries looking to avoid censorship or surveillance can also safely move money in the form of Monero, they say.

IS LAW ENFORCEMENT WORRIED? WHAT DO REGULATORS SAY?

Cryptocurrencies are mostly unregulated. Though countries from Britain to the United States are looking at how to deal with the phenomenon, few have set out comprehensive strategies for dealing with digital coins.

Asked about Monero, Borja Pastor de la Morena, an official at Europol in The Hague who oversees the agency’s work on money laundering said: “This kind of alternative cryptocurrency is more opaque and better at concealing the activity of the users.”

He said: “It’s a phenomenon that we are paying attention to”

And though aware of the propensity for cryptocurrencies to be used for money laundering, few financial national-level regulators have specifically addressed privacy coins.

Britain’s finance ministry, which leads a task force that is looking at if and how Britain will regulate cryptocurrencies, said it was aware of the potential for Monero to be used for criminal ends.

“We recognise the risks with cryptoassets like ‘privacy coins’ being used for illicit activity,” a spokesperson said, adding that it would “soon” launch a consultation on bringing crypto-related companies under anti-money laundering regulation.

Japan’s financial watchdog, sensitive to money laundering potential of privacy coins, last year asked a Tokyo-based exchange to review its listings. The exchange later ceased trading Monero.

WHO’S BEHIND MONERO?

Like bitcoin, Monero is governed by a virtual community of hundreds of developers that lacks any centralised authority.

Cabanas is one of only two publicly-known members of its seven-person core developer team, who act as stewards for updates to its code.

Mitchell Krawiec-Thayer, a San Francisco-based blockchain developer who is part of Monero Research Labs, said Monero is designed so it can be easily mined by individuals rather than powerful groups that team up to mine coins in industrial quantities.

“This lowers the barrier of entry to everyone,” he said. “The downside is that criminals have started using that. Steal上海夜生活ing other people’s resources, putting strain on their equipment – it’s a straight-up threat.”

Monero has recently launched a response group, where those infected by malware can seek help, Krawiec-Thayer said.

WHO USES MONERO FOR LEGITIMATE PURPOSES?

Data on who uses Monero, and why, is scarce. That’s a challenge for understanding the usage of any cryptocurrency, even more so for one designed to obscure its tracks.

Daily transactions for Monero – one proxy for how widely the cryptocurrency is used – have hovered around 8,000 this month, data from website CoinMetrics shows. The number of active digital wallet addresses for Monero has hung around 5,000.

By comparison, bitcoin sees around 320,000 transactions a day, with about 785,000 active addresses.

Monero is not the only privacy coin. Others, such as ZCash, have grown popular with investors, often for speculative reasons but also because of interest in their privacy features.

Grayscale, the world’s biggest crypto asset manager with around $1.3 billion under management, allows investors like hedge funds to invest in ZCash.

Amid growing acceptance of privacy coins, a number of major exchanges list Monero. For example, Malta-based Binance, one of the world’s largest exchanges, allows users to trade the coin.

Binance declined to comment on Monero, but said it has a comprehensive review process for evaluating coins and tokens for listing, and that it carries out periodic reviews on projects.

TREASURIES-Yield curve flattens after inflation edges higher

NEW YORK, June 11 ( ) – A drop in two-year Treasury prices flattened the yield curve on Tuesday after a Labor Department report showed producer prices increased in May for the second consecutive month, pointing to a steady pick-up in underlying inflation pressures.

Producer prices excluding food, energy and trade services rose 0.4% last month, matching April’s gain, the government said. The so-called core PPI increased 2.3% in the 12 months through May after rising 2.2% in April.

The report appears supportive of the Federal Reserve’s view that recent weak inflation readings are transitory. Fed policymakers are scheduled to meet on June 18-19 against the backdrop of rising trade tensions, slowing U.S. growth and a sharp step-down in hiring in May that have led financial markets to price in at least two interest rate cuts by the end of 2019.

A rate cut, however, is not expected next Wednesday.

An increase in inflation could temper those expectations, because the Fed uses rate hikes to contain gains in inflation. The two-year yield, which reflects market expectations of rate hikes, rose 3.4 basis points to 1.934% in morning trade. That narrowed the spread between two- and 10-year yields, the most common measure of the yield curve, to 22.1 basis points from 23.9 on Monday.

Investors will closely watch the consumer price index report on Wednesday for further evidence of inflation. Expectations for a cut in July have been roughly stable since Monday, last around 66.7%, according to CME Group’s FedWatch tool.

“Really the key data point for this week is going to be CPI. It is a question of whether inflation is transient – every data point is going to be important to make that determination,” said Subadra Rajappa, head of U.S. rates strategy at Societe Generale.

The Treasury Department’s auction of $78 billion of government debt this week, beginning with the sale of $38 billion in three-year government notes on Tuesday, will also be in focus. Increased supply tends to lower prices and lift yields, broadly the trend in Tuesday morning trade.

“The focus is going to be on supply so there might be a little bit of a concession getting built into the market ahead of the auctions,” said Rajappa.

“We’ve seen a tremendous rally in bonds, so given today’s concession I think the three上海夜生活网-year auction should go OK.”

Trump may discuss secretary of state job with critic Romney: source

NEW YORK ( ) – U.S. President-elect Donald Trump planned a Saturday meeting with Mitt Romney, the 2012 Republican presidential nominee and fierce Trump critic, and may discuss whether he should be a candidate for secretary of state, a source familiar with the meeting said on Thursday.

Trump already has a lengthy list of potential candidates for the post of top U.S. diplomat, including former New York Mayor Rudy Giuliani, former U.S. Ambassador to the United Nations John Bolton, U.S. Senator Bob Corker of Tennessee, and South Carolina Governor Nikki Haley, who met Trump on Thursday.

Trump, a former reality TV star, has shown a flair for the dramatic in his deliberations over his Cabinet, saying only he knows who “the finalists” are.

Corker told CNN on Wednesday he was “in the mix” for the position but that Trump might pick someone who was closer to him during the presidential campaign. He met on Thursday in Washington with Vice President-elect Mike Pence.

Trump’s expected meeting with Romney amounts to an olive branch of sorts to one of his sharpest critics. Romney, who in a speech in March called Trump “a phony, a fraud,” urged Republicans to vote for anyone but the New York real estate magnate while the party was picking its presidential nominee.

Trump, in turn, used harsh rhetoric at times during his campaign to dismiss Romney as a failure who blew a chance in 2012 to defeat Democratic President Barack Obama, whom Trump felt was a w上海夜网eak opponent.

The source told that a broad discussion was expected during the meeting and that discussion about the secretary of state position was possible. The source had said earlier his understanding was that the meeting would occur on Sunday.

Asked about the meeting, Trump senior adviser Kellyanne Conway suggested it was still being arranged. “We’re working on it,” she said.

‘TRUMP WILL MAKE DECISION’

“I think it’s good that the president-elect is meeting with people like Mr. Romney,” U.S. Senator Jeff Sessions of Alabama, one of Trump’s closest confidants and a potential nominee for defense secretary, told reporters at Manhattan’s Trump Tower.

Sessions sounded far from certain Romney would be offered a job.

“There are a lot of talented people that he (Trump) needs good relationships with. And I think Mr. Romney would be quite capable of doing a number of things. But he will be one of those, I am sure, that’s reviewed. Donald Trump will make that decision,” Sessions said.

When Romney, a former Massachusetts governor, opted out of running for the 2016 Republican presidential nomination, people close to him suggested that serving as secretary of state might be appealing to him if a Republican won the presidency.

Related CoverageSome members of Trump team can begin agency briefings: White HouseTrump Treasury candidate’s bank accused of discriminationSee more stories

A steady stream of potential Trump administration hires made their way through the lobby of Trump Tower to meet with either Trump or officials close to him.

All indicated a willingness to serve, such as Jeb Hensarling, a Texas Republican who is chairman of the U.S. House of Representatives Financial Services Committee. He is a potential treasury secretary in the Trump administration.

“I stand ready to help the president in any capacity possible. I’ve got a great position in public policy today, if he wants to talk to me obviously, about serving somewhere else, we’ll look at serving somewhere else,” he told reporters.

REFILE-GLOBAL MARKETS-S&P stock futures fall, Asian stocks slip as U.S.-China trade tensions simmer

(Refiles to correct spelling in latest Trump tweet)

* We are right where we want to be with China: Trump

* Trump-Xi talks likely at G20 summit: White House aide Kudlow

* Asian stock markets: tmsnrt.rs/2zpUAr4

* S&P 500 futures, Japan’s Nikkei fall 1% in early trading

* Major currencies calm for the moment

By Wayne Cole and Tomo Uetake

SYDNEY, May 13 ( ) – U.S. stock futures fell and Asian shares slipped in early trade on Monday on growing uncertainty over whether the United States and China will be able to reach a deal to end their trade war after Washington sharply hiked tariffs.

E-Mini futures for the S&P 500 shed 1.1%.

MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.2%, nearing its two-month low marked on Thursday.

Japan’s Nikkei average sunk as much as 1.0% to hit its lowest level since March 28. It last traded down 0.6%,

U.S. benchmark 10-year Treasury note yield inched down to 2.437%, partly as a safe haven but also on speculation a trade war would cloud global growth and thus keep major central banks accommodative.

The United States and China appeared at a deadlock over trade negotiations on Sunday as Washington demanded promises of concrete changes to Chinese law and Beijing said it would not swallow any “bitter fruit” that harmed its interests.

President Donald Trump tweeted late on Sunday that the United States is “right where we want to be with China,” adding that Beijing “broke the deal with us” and then sought to renegotiate.

The trade war between the world’s top two economies escalated on Friday, with the United States hiking tariffs on $200 billion worth of Chinese goods after President Donald Trump said Beijing “broke the deal” by reneging on earlier commitments. China has vowed to retaliate, without giving details.

White House economic adviser Larry Kudlow told a Fox News program that China needs to agree to “very strong” enforcement provisions for an eventual deal and said the sticking point was Beijing’s reluctance to put into law c上海夜生活hanges that had been agreed upon. Kudlow said the U.S. tariffs would remain in place while negotiations continue.

Beijing remained defiant.

“Talks are on-going, but our base case is for limited progress and Chinese retaliation. We see a significant risk for all Chinese imports to be subject to tariffs over the next month or so,” said Michael Hanson, head of global macro strategy at TD Securities.

“The market reaction will ultimately depend on whether China and the U.S. continue to negotiate, whether the remaining $325 billion of U.S. imports from China also get tariffed, how China retaliates, and what happens to the 232 auto tariffs.”

Under that scenario, the renminbi was likely to fall between 5%-6% against the U.S. dollar in the coming three months, said Hanson, as a shock absorber to the economic impact of heavier tariffs.

The other major currencies were relatively calm, with the safe-haven yen still supported but not aggressively so. The dollar was holding at 109.72 yen, down 0.2 percent on the day and just above a 14-week trough of 109.46.

The euro was steady at $1.1235, while the dollar was a fraction softer against a basket of currencies at 97.295 .

The offshore Chinese yuan fell to its lowest levels in more than four months at 6.88 to the dollar. It last stood down 0.5 percent at 6.878 per dollar.

In commodity markets, spot gold firmed 0.2 percent to $1,287.81 per ounce.

Oil prices were softer in line with the general mood of risk aversion. U.S. crude was last down 0.5 percent to $61.33 a barrel, while Brent crude futures lost 0.2 percent to $70.49.

FOREX-Euro poised for 2nd week of gains as China-U.S. trade talks eyed

* Graphic: World FX rates in 2019 tmsnrt.rs/2egbfVh

By Saikat Chatterjee

LONDON, May 10 ( ) – The euro edged higher on Friday and is poised for a second consecutive week of gains on growing fears that any escalation in the trade conflict between the United States and China would force U.S. policymakers to cut interest rates.

U.S. President Donald Trump’s tariff increase to 25% from 10% on $200 billion of Chinese goods kicked in on Friday, and Beijing said it would strike back. The two sides are pursuing last-ditch talks to try to salvage a trade deal.

While U.S. and Chinese 上海夜生活论坛officials return to the negotiating table later on Friday, investors have quietly ratcheted up bets of a U.S. interest rate cut with markets now roughly expecting one rate hike by the end of 2019.

Athanasios Vamvakidis, an FX strategist at Bank of America Merrill Lynch, said if China retaliated then the threat of a global trade war will affect the outlook of the U.S. economy and increase the chances of a Fed rate cut.

“In this case, the Fed has more room to ease than most other central banks, suggesting eventually a weaker dollar against both the euro and the yen,” he said.

The single currency edged 0.1% higher to $1.1220 on Friday and was on track for a second consecutive week of gains.

Broadly, risk appetite was muted though some of the higher-yielding currencies such as the Australian dollar which was heavily sold earlier this week when Trump unexpectedly ratcheted up trade tensions, gained.

The dollar index measuring the U.S. currency against a basket of six major currencies, of which the euro is a main component, was slightly firmer at 97.43.

Still, trade tensions have had broadly little impact on foreign exchange markets with typical perceived safe-haven assets such as the Japanese yen only gaining 1.2% this week while broader currency market volatility gauges were subdued despite a minor bounce this week.

Elsewhere, the pound held around the $1.30 level after sustaining some losses this week before first quarter British GDP data where expectations are for a 0.5% expansion compared with 0.3% growth in the previous quarter.

GLOBAL MARKETS-Shares sink as U.S.-China trade talks go to the wire

* European shares follow Asia, NY lower on China-U.S. trade angst

* Beijing vows retaliation after USTR sets tariff hike in motion

* Trump says China “broke the deal”; talks resume on Thursday

* Asia and EM stocks at 2-month lows, South Korea sinks 3 percent

* European stocks near 6-week lows, safe-haven yen 3-month high

* Uber IPO pricing due later

* Copper near 3-month low

* Asian stock markets: tmsnrt.rs/2zpUAr4

By Marc Jones

LONDON, May 9 ( ) – World shares tumbled for a fourth day running on Thursday after a warning from U.S. President Donald Trump that a long-worked-on trade deal with China was in serious danger.

Chinese Vice Premier Liu He was heading to Washington for two days of talks but Trump’s insistence that China “broke the deal”, and then Beijing’s response that it would retaliate against tariffs were ratcheting up the stakes.

Europe’s main stock markets sank almost immediately after a torrid day for Asia had battered 1.8 percent off China and more than 3 percent off South Korea, which is often seen as the bellwether for how this trade war hits home.

Both countries’ currencies were hit too, the won skidding to a more than two-year low and the yuan to a four-month trough, which kept traders buying the traditionally safe Japanese yen and U.S. and German bonds instead.

“Markets remain on edge ahead of the Chinese vice premier’s visit to Washington today,” Rabobank analyst Bas van Geffen said.

“Doubt that this tariff increase can be avoided is growing,” he added as Goldman Sachs also put the chance of a hike at 60 percent.

If talks do fall short, Washington has promised to raise tariffs on $200 billion of Chinese goods to 25 percent from 10 percent at 12:01 a.m. ET (0401 GMT) on Friday. For economists, the worry is that it will further slow the global economy.

Kazuhiko Fuji, senior fellow at RIETI, a Japanese government-affiliated think-tank, said the trade talks looked fragile.

“I would suspect the U.S. will just hand China an ultimatum. No wonder the U.S. yield curve is almost inverting again,” he said.

The yield spread between three-month U.S. government bonds and the 10-year notes shrank to 3 basis points, compared with about 15 basis points a few weeks ago.

The closely watched spread turned negative in late March, spooking investors, who read the development as portending a recession.

The benchmark 10-year Treasury yield stood at 2.4423 percent in Europe, having touched its lowest level in five weeks of 2.426 percent on Wednesday.

Wall Street futures pointed to a 0.85 percent lower start after a choppy previous session had seen the Dow Jones Industrial close fractionally higher but the S&P 500 and Nasdaq drop 0.2 percent and 0.3 percent.

TAXI!

As well as the trade headlines, traders will also be closely watching the pricing on ride-hailing firm Uber’s initial public offering, which is set to be the biggest of the year so far.

“In the event of a complete breakdown in talks and higher tariffs, we would expect this to see U.S. stocks trade 10–15 percent below their highs and a fall of around 15–20 percent in the Chinese market,” Mark上海夜生活网 Haefele, global chief investment officer at Global Wealth Management at UBS, said.

In the currency market, the Japanese yen surged to a three-month high of 109.64 yen while China’s yuan fell half a percent to hit a four-month low of 6.838 and was headed for its worst four-day decline in a year.

Sterling, meanwhile, tried to brush off signs that Brexit talks between Britain’s government and the main opposition party may soon collapse to claw back above the psychologically key $1.30 level.

Commodity markets also felt the U.S.-China trade strains.

Brent crude futures dropped 0.6 percent to $69.92 a barrel, while U.S. West Texas Intermediate crude also retreated 0.6 percent to $61.75 despite a surprise fall in U.S. crude stockpiles..

Benchmark London copper hit its lowest in nearly three months, going as low as $6,111 a tonne.

Saudi stocks set to receive $20 bln windfall even as some investors sit out

* Saudi stocks to suck in $20 bln in passive flows

* Foreign ownership in Saudi stocks just 2 pct

* Khashoggi affair might stem active flows -analysts

* Slow reform, high valuations also factors

By Tom Arnold and Saeed Azhar

LONDON/DUBAI, March 17 ( ) – Saudi Arabia’s inclusion in major emerging m上海夜生活论坛arkets stock indices from Monday is likely to suck in around $20 billion in passive inflows, but unease after Jamal Khashoggi’s murder and sluggish reforms could lead some active foreign investors to steer clear.

Saudi Arabia will be the biggest recent addition to the global indices, the largest of which is the MSCI Emerging Markets Index, which it joins from May. MSCI will give the kingdom a weight of 2.7 percent, between Russia and Mexico.

The kingdom is hoping the inclusions, starting on Monday when Saudi stocks join the FTSE Emerging All Cap Index, will kickstart its drive to become a major destination for foreign capital, after its global reputation was tainted by Khashoggi’s killing at the hands of Saudi agents in October.

The process should help bring in about $20 billion of combined passive inflows during 2019, analysts estimate. That would push up foreign ownership from around 2 percent, one of the lowest in the region, to around 6 percent, according to Al Mal Capital.

“The 2.7 percent pro-forma benchmark weight [within the MSCI index] is much more significant than prior index inclusions during the past decade,” said Alexander Redman, head of global emerging market equity strategy at Credit Suisse.

“And given that the proportion of assets under management within emerging markets passive funds is much larger than during previous index inclusions, it means there will be a significant amount of net foreign buying of Saudi equities.”

Analysts say pre-positioning by investors has been slow ahead of the process, however. Arqaam Capital attributes that to concern about delays to mega-projects, the kingdom’s fiscal constraints, high valuations for Saudi-listed firms and concerns that government asset sales will oversupply the stock market.

“As has been seen with a lot of other markets undergoing emergence, the reform process is not always smooth,” said Edward Evans, emerging markets equity portfolio manager at Ashmore Group.

“We’ve seen that in Saudi Arabia with their somewhat unorthodox approach to policymaking over the last few years, and the hope is that as the kingdom becomes more integrated in global financial markets, policy will become more predictable.”

The kingdom’s drive to diversify its economy away from oil dependence has had some hiccups, including a recession in 2017 and delays to plans to float shares in oil giant Aramco.

A source at a major western investment firm, who asked to remain anonymous, highlighted another reason why investors might be cautious. “I would find it unlikely that the active funds coming in will be anywhere close to benchmark as there are still reputation issues from holding Saudi assets,” the source said.

Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), and other state-owned funds indirectly own the lion’s share of Saudi stocks.

Many stepped in to limit a market crash in October last year caused by foreign investors dumping stocks after Khashoggi’s killing. Some had made similar moves when foreign investors were spooked after the government detained hundreds of officials under an anti-corruption drive in November 2017.

The index inclusions are seen as an opportunity for those funds to sell their positions in around 4 percent of the market, estimate analysts.

Foreign net buying has picked up since the start of the year, hitting $2.1 billion year-to-date. That is still below the expected passive and active inflows that could reach a total of up to $60 billion, said Arqaam.

For an interactive version of the below chart, click here tmsnrt.rs/2NXK0gp.

Arqaam said concerns the government could oversupply the market and, in turn, pressure valuations were misplaced, with local institutional selling, particularly from mutual funds, well below foreign buying in recent days.

“We expect the Saudi government-related entities such as PIF to cater to the required demand of stocks in a controlled manner,” said Vrajesh Bhandari, senior portfolio manager at Al Mal Capital in Dubai.

General Electric CEO sets low 2019 profit targets, vows better from 2020

( ) – General Electric Co Chief Executive Larry Culp on Thursday set conservative profit targets for this year and staked his reputation on hitting them and doing better in 2020 and beyond, igniting a rally in the stock.

Culp’s detailed pep talk, which drew praise from Wall Street analysts on a conference call, swiftly reversed an earlier rout in the stock as he stressed GE was serious about its targets after years of missing profit expectations.

The forecast was low largely because GE will be spending $2.5 billion on restructuring this year,上海夜生活论坛 Culp said, adding the investment would pay off after a tough 2019.

“This is what constitutes a ‘reset,’” Culp said, using a word many analysts had longed to hear.

“The market should interpret a high level of conviction (in the forecast) simply because this team, in a public forum, is laying this roadmap out, mindful of the realities of 2019 but I think also optimistic … about the impact of what we’re doing.”

Culp did not soft-pedal the short-term pain. He said 2019 adjusted profit would be 50 cents to 60 cents a share, below analyst estimates of 70 cents, and GE could lose as much as $2 billion in cash from its industrial businesses, putting a number on a warning he issued last week.

The company expects free cash flow at GE Power to remain negative in 2020 before turning positive in 2021.

Investors are looking closely at GE’s cash and earnings after the company lost nearly $23 billion last year.

The outlook is “arguably better than expected,” said Deane Dray, an analyst at RBC Capital Markets.

The company did not make reference to any potential hit to its jet engine unit from the recent global grounding of Boeing Co’s 737 MAX aircraft. GE and partner Safran SA make the engine that powers all 737 MAX planes.

GE shares were up 2.9 percent at $10.31 in afternoon trading, after falling 4 percent in premarket activity shortly after the forecast was released. GE bonds also rose slightly.

“While lowered guidance is not a positive, we think GE’s plan and progress show it’s moving in the right direction,” said Jim Corridore, analyst at CFRA.

Culp also left considerable wiggle room in the forecast by including an unspecified amount of “contingency” money to cover hard-to-predict costs, such as when it will conclude big asset sales and how its power unit will perform.

JPMorgan analyst Stephen Tusa voiced concern that the gap between GE’s cash flow and earnings forecasts was the widest he had seen, which likely will mean analysts’ profit estimates are too high.

Culp said that although GE was taking “a safe conservative posture in this reset year … Rest assured, operationally, we’re running hard.”

Francis believes that Sanchez can be the United’s missing part

Gerry Francis, the former Quee上海夜生活ns Park Rangers player, insisted that Alexis Sanchez is the “finished article” the Red Devils desperately needed to buy to become one of the greatest world’s clubs again.

The former QPR player spoke about Sanchez’s skills as he said, according to Sky Sports: “Sanchez is a real goalscorer, he’s talented and he’s aggressive around the box and he makes things happen, he can pull teams through. It’s [about] the present, you’re looking to win trophies and looking to win competitions and sometimes you need to buy and have the finished article and Sanchez is certainly that.”

He also shared his thoughts on his effect on the squad: “It just makes them as a squad that much stronger. Certainly a much bigger goal threat with Sanchez. He’s proven year in and year out that he can score goals. From Jose Mourinho’s point of view, it gives him another very, very strong arrow for his bow.”Top 5 Real Madrid players who are succeeding on a loan Tomás Pavel Ibarra Meda – We need to talk about the Top 5 Real Madrid players who are currently succeeding away from the club and are currently on a…

Peter Odemwingie, the former West Brome striker, also believes that Sanchez will have an immediate impact: “If you look back 10 years when Manchester United were probably the most successful team in Europe the average age was much higher and they were a better team.  Of course, all credit to the younger boys they are doing really well but it’s a more natural process to slowly groom them and not just make them key players. I think a bit of maturity is needed to go back to the heights they were before.”

In the end, Odemwingie said that Sanchez will make the everyone’s stats better: “They [younger players] took their chances well but stats should be what they rely on, and if Sanchez comes in and his stats are better – as much as you think they are the future of the club – they have to be patient and wait for the time they are ripe enough for such a massive club.”

Guardiola spoke about his commitment to City

Pep Guardiola, the Manchester City coach, is said to be enjoying his life in Manchester pretty well as, according to reports, he bought an apartment in the city earlier this year – and he insisted that he has been always fully committed to the club.

The Spaniard is said to be very happy at the club and he is about to stay beyond the three-year deal th上海夜生活论坛at he signed at the beginning of his reign at Manchester City. To be said, he has been very successful with his side this season so far as he is at the top of the table and managed to guide his team to the knockout stage of the Champions League.

The former Barcelona coach spoke about his commitment as he said, according to ESPN: “The commitment was the same as last season when I didn’t win. It looks like a commitment because we won, but last season it was the same. I think nothing changes — whether I buy an apartment or rent an apartment, it won’t affect the way I work or try to lead my profession. It’s good that I bought an apartment because I have to live in someplace. I’m happy to live in the city, it happened the same when I lived in Rome at Brescia and in Munich, I preferred to live in the city and be with the people.”Opinion: Martin Odegaard is perfect for the Premier League Tomás Pavel Ibarra Meda – Given how much he’s been rejected by Real Madrid, we are convinced that Martin Odegaard is perfect for the Premier League.Martin Odegaard is finally…

He also made a comment on his team’s injured players: “Vincent is not as bad as we thought. He will be ready for the next fixtures. We will know exactly tomorrow, but it is not a big issue. Fabian was not fit but he is much better now. Yesterday, he didn’t train but the players are off today. We will see. Fabian is a similar case to Vincent — he knows his body.”

In the end, Pep Guardiola insisted that John Stones is also doing well: “John Stones is also much better. Yesterday he made first complete training session, but he is not ready for 90 minutes. I think he will be fit for the next game which is huge news for us. Silva — we will see in the next days.”

Liverpool fans assaulted by police

Liverpool fans claimed they were assaulted by Seville police during Tuesday’s Champions League clash

According to GOAL, the Reds are to “establish the facts” following reports of “heavy-handed” treatment at the hands of police and stewards in Tuesday’s Champions League clash at Sevilla.

Some of the travelling fans were not allowed into the Ramon Sanchez Pizjuan Stadium, while others were assaulted by police, claimed supporters group Spirit of Shankly.

Jay Mckenna chairman of Spirit of Shankly released a statement, saying supporters were assaulted in the first-half of the game.

“We became aware of issues affecting supporters during the first half of the match,” Mckenna told ESPN.

“A couple of our committee members reported problems getting into the ground, being refused access as the 上海夜生活论坛flag they had [which featured a Liver bird and the word “defiance”] was accused of having a political message.”

The chairman added, some of the fans were heavily assaulted, even pushed and punched.Koulibaly warns about Genk danger Nedim Maric – The reliable Napoli defender, Kalidou Koulibaly warned his team about Genk’s quality as he’s played for the Belgian side in the past.Napoli opened their…

“What is more concerning is the reports of heavy-handed treatment of supporters, including physical assaults, with one committee member reporting she was punched as she was pushed out of the ground.”

“Similar experiences have been shared with us from other supporters last night, and we’ve asked people to come forward so we can raise this issue with the club,” Mckenna explained.

“We’ve already flagged it up to them and we’re aware they are looking for more information.”

The chairman went on to say they will hold both clubs and UEFA accountable for what happened.

“Clearly, though, what happened last night isn’t acceptable and we will be asking both clubs and UEFA what they plan to do about it.”

Liverpool confirmed they are looking into the issue right away. “Following detailed and troubling accounts given by Liverpool supporters attending the match against Sevilla last night, the club is seeking to establish the facts regarding their treatment at the hands of the host stewards and local police force,” a club statement read.

“The safety and security of our supporters is our paramount concern and we intend to gather all the relevant information before responding further,” the Reds stated after their 3-3 draw against Sevilla.

Conte: I trust my players

Chelsea manager Antonio Conte claimed he trusts his players, as the Blues face a tough schedule with playing every three days

Antonio Conte says it would be “normal” to rotate his Chelsea side for Wednesday’s Champions League clash with Qarabag, Sky Sports reports.

The Italian boss says Chelsea will take nothing for granted against a side that they have defeated 6-0 at home back in September.

The Chelsea coach claimed he will take Saturday’s Premier League game against Liverpool into consideration when he selects the starters against Qarabag.

Conte knows how important a win would be for the Blues, as if they manage to take all 3 points home, Chelsea will secure a spot for themselves in the knockout stages of the Champions League.

“For sure I have to make the best decision for these games, because we are playing every three days. I trust all my players and it is normal to have rotation,” Conte said. Report: Lukaku out of Barcelona game George Patchias – Romelu Lukaku has been ruled out of Inter Milan’s game against Barcelona at the Camp Nou.Inter Milan face Barcelona tomorrow evening at the Camp…

“I have a squad with great maturity and they know very well the importance of the game and we must have great focus to beat a good team,” the Italian praised his players.

Qarabag have performed well in Group C of the Champions League drawing 0-0 and 1-1 against Atletico Madrid.

“They drew twice with Atletic上海夜生活网o and we have great respect for this team,” Conte explained.

“We must be very clear. If someone thinks that we are sure to win, it will not be easy. For us the game against Qarabag is very important, as we don’t want to wait to go through.”

“If we win we go into the next round, it is a really good target for us. To reach this target for us before the game against Atletico will be very important,” the coach claimed.

Antonio Conte also confirmed the return of Eden Hazard for Wednesday’s game, but said Victor Moses and Michy Batshuayi remain out.

Real need someone like Mbappe

Former Madrid star Steve McManaman thinks Real need a player like Mbappe, and not Harry Kane

Steve McManaman says Los Blancos should be looking for a young prospect like Kylian Mbappe. The former 上海夜生活Real star doesn’t like the idea of spending €200 million on Tottenham striker Harry Kane.

Real Madrid continue to be linked with Spurs’ outstanding attacker, Harry Kane. The English striker has already been called as the “successor” of Cristiano Ronaldo.

Kane’s impressive form for both Spurs and England has made him Real Madrid’s target. The English striker has won two Golden Boot awards in the last two seasons in London and is likely to win the third one at the end of this season.

McManaman, though, feels that Real would be better advised signing a player with potential to unlock rather than paying over the odds for a proven performer, GOAL reports.

The former Real midfielder spoke to MARCA before the highly-expected game between Tottenham and Real Madrid at Wembley:  “I would prefer [to sign] a young boy like Kylian Mbappe.”

“It’s very difficult to sign Kane. The price of footballers today is crazy,” McManaman said.Explaining FC Barcelona’s war between players and board Tomás Pavel Ibarra Meda – We need to shed some light into what is actually happening between FC Barcelona’s players and the board of directors.We need to address this…

The 45-year-old retired midfielder said he can’t understand Kane’s price: “You need to pay €200 million for Kane and I do not understand those figures.”

While McManaman feels a big-money move for Kane makes little financial sense, he does believe that the 24-year-old would find it easy to settle in Spain, GOAL continues.

Not many players are willing to make the move from the Premier League to any Spanish clubs, because of the huge differences in for example culture and language.

McManaman added: “In England the clubs are very professional, and it is a great place to be.”

The 45-year-old said Kane wouldn’t have problems with getting around in Madrid, and Real players who speak English could easily help him.

“Kane can stay in London because he is happy with his family. But if he moved to Real Madrid, surely he wouldn’t have problems adapting.”

“Cristiano Ronaldo, Luka Modric and other players speak English and can help him. Madrid is also a beautiful city,” he concluded.

Pickford sure that his side won’t be relegated

It has been a terrible season so far for the Toffees but their goalkeeper, Jordan Pickford, is confident that they can turn it around and avoid the relegation but they need to focus on themselves and improve.

Everton are currently placed 18th in the Premier League table and they are out of the Europa League after just four matches being played – now, they are about to face Watford at home and it’s going to be a crucial match for them as they need to escape the relegation zone in order to boost their confidence.

The former Sunderland goalkeeper and summer arrival, Jordan Pickford, is sure that his side won’t be relegated as he said, according to Goal: “It’s not been ideal but we are not far away from winning games. We’re not a club that is going to be in the bottom three for long I’d say. It’s just that the luck hasn’t come our way yet. It’s a totally different scenario for myself from last season. I think one win will get us to 13th or something in the league.”Wijnaldum looking to repeat Champions League success Nedim Maric – Liverpool are the reigning winners of the Champions League. However, this isn’t stopping them for aiming to get the glory once again.After a perfect…

And he knows that his side have to start improving to regain the confidence: “Then that one win can become back-to-back wins, and that is where the confidence grows, and it starts Sunday. We have had a bad lot of games. I love playing games week in week out, but it has been a change with the Europa League. That may have affected us. But we can’t be making excuses. We have to just move forward, dig in and get the win.”

The England international believes that his teammates are experienced enough to turn it around: “You have [fellow summer signing Wayne] Rooney, you have a lot of people who have been successful. The senior pros have all been successful in their careers, and that is where they help us. And then that is when the young lads become big characters when上海夜网 they wear their hearts on their sleeves in the games. We won’t be struggling – it will only make us go forward and get the wins that we need.”

Coleman wants to remain Wales manager

Almost everybody in Wales wanted him to stay – Chris Coleman has become a very popular figure in this country after achieving the EURO 2016 semi-finals and he insisted that he wants to continue as a coach of the national team.

Despite failing to make it to the World Cup play-off, Chris Coleman was still wanted by the Welsh FA. His side suffered a bitter 1-0 home loss against Ireland and it was the reason why they won’t be given a chance to fight for the World Cup. One dream is over but the fans and the officials of the FAW believe that Coleman is still the right man.

According to Sky Sports, Coleman decided to stay but he still hasn’t made a clear statement as he said: “I have no idea, to be honest. Theoretically yes, we don’t play again until March and that is quite a long time in football. Initial talks have been undertaken since our last game. My representatives have spoken, they have had one meeting, and that is basically where we are. I always thought we would be here, announcing the squad for the playoffs. I was confident of that and that didn’t happen.”Explaining Argentina’s devotion towards Diego Maradona Tomás Pavel Ibarra Meda – In the wake of Diego Maradona’s new documentary, we try to explain the devotion Argentines have for this legendary player.The new Diego Maradona documentary…

He added that he really has no idea about what is going to happen: “But nevertheless we have got two good games and I was always going to be taking this camp. Is it my last camp? I really don’t know. We are where we are. My contract is whe上海夜网re it is.”

Coleman said that he has to take many other factors into consideration: “If all things are good, I think everybody will look at me personally and my contract, but there are more elements in the equation than that. I have to look at it and say ‘can I take it forward?’ ‘Is the structure what I need it to be, to take it forward? Are the facilities what we need to take it forward?’”

Barcelona monitoring Leverkusen trio

Barcelona are looking for solutions to boost their squad options and they have put three Bayer Leverkusen players on their list.

Barcelona had a good start of the season, finding themselves at the top of La Liga table, five points clear of rivals Real Madrid. However, the Catalans are still looking for reinforcements, after a summer in 上海夜生活网which their transfer business was far from impressive.

Having lost Neymar to PSG for €222m, the Catalans spent the rest of the transfer window looking for worthy replacements. And although they have been linked with some very big names, they have only brought in Ousmane Dembele from Borussia Dortmund. Furthermore, the French forward got injured two weeks into the season and will be unavailable for the rest of the year.Pique sends a warning message to the board after Barcelona scrape the win against… Nedim Maric – The turmoil at the beginning of the season caused a lot of concerns at Barcelona.Shaky start of the season for Barca saw them get…

Although reports suggest that Barcelona have not given up at the thought of bringing Philippe Coutinho from Liverpool, the Catalans are also looking for alternatives. The Spanish newspaper Sport writes that Ernesto Valverde’s side are currently monitoring three Bayer Leverkusen players: Jonathan Tah, Julian Brandt and Leon Bailey.

Jonathan Tah is a 21-year-old centre back who has attracted a lot of interest lately, especially from Premier League clubs. Leon Bailey (20) and Julian Brandt (21) are both wingers that can play on any side of the attack. Brandt is a German international and has also attracted interest from major clubs, Bayern Munich monitoring his progress in Bundesliga.

The three Leverkusen players could prove to be a worthy alternative to Philippe Coutinho, as they will probably require around the same transfer fee expenditure, but would in turn provide much more options in the squad. Furthermore, all three of them are very young and have a lot of playing time ahead of them, as well as margins for further development.

Albrighton: Drinkwater can expect hostile reception

Marc Albrighton says his former team-mate could face 上海夜生活论坛a hostile reception this weekend if he were to play against Leicester.

Danny Drinkwater secured a €40m move from Leicester to Chelsea on transfer deadline day and he could make his debut for the Blues in the match against his former team. If the England International were to start for Chelsea in the weekend, Leicester will then face their title-winning central midfield couple: N’Golo Kante – Danny Drinkwater.

Kante moved to Chelsea immediately after winning the title with Leicester, at the end of the 2015/2016 season. One year later, he is followed by Drinkwater and the pair will now work together for Antonio Conte.

Speaking to SkySports, Leicester’s winger Marc Albrighton gave his opinion on the possibility of Drinkwater making his debut against his former team: “It will be strange for us, but it’ll be stranger for him. To play in front of the fans that he played for, for so many years, but once the whistle goes, it’s business as usual.Lampard challenges Hudson-Odoi to emulate Sterling Andrew Smyth – Frank Lampard wants Chelsea’s talented youngster Callum Hudson-Odoi to follow in Raheem Sterling’s footsteps in becoming a star.

I’m sure he’ll be professional and do the best he can. He might get stick for 90 minutes, but barring that I’m sure the Leicester fans will be fantastic with him.

He’s achieved some tremendous things, that no one thought this club could achieve in this era, and he’s been a huge part of that, from getting them out of the Championship, to winning the Premier League, to Champions League football.”

Albrighton also spoke about how strong Chelsea’s new central midfield will be with his two former team-mates: “I think they’re certainly up there. Manchester United have got a strong midfield but with Drinkwater and N’Golo in there it’s going to take some stopping and there won’t be many that overrun that. They’re great individuals, but when they’re playing together, how they compliment each other is fantastic.”

Bayern Munich 0-2 Inter

Inter won 2-0 over Bayern Munich in a game that was part of the International Champions Cup.

The Nerazzurri are the second team from Milan that got the better of playing with the Bavarians, following Ancelotti’s men 0-4 defeat against AC Milan a few days ago.

The game started off well for Bayern Munich as Franck Ribéry had a great chance to give his team the lead after a powerful shot, which was saved by the goalkeeper. Shortly after it was Inter’s time to shine, as Éder found the back of the net with a header after finishing a difficult ball from the right flank. The rest of the first half did not impress much as Ancelotti’s side had control of the ball but they did could not materialise on their efforts. The Nerazzurri played well on the counter-attack and scored for the second time in the 30th minute. Following a quick attack and a ball from Perišić, the 1.79m-tall Éder once again had the best positioning in the box, as he was left unmarked and scored, 2-0. After Inter’s second goal, Ribéry had to leave the pitch due to an injury, which left the Bayern Munich squad worried.Too early to talk about the Scudetto says Inter’s Godin George Patchias – Inter Milan’s summer signing Diego Godin says it is too early to start talking about the Scudetto.33 year old Uruguayan international arrived in Milan…

The second half, as expected, saw a huge number of changes for both teams. Robert Lewandowski tried his luck just a minute after the whistle but unsuccessfully. Bayern Munich were clearly the more active side and they looked for a goal more than their Milan opponent. In the 60th minute, Perišić had the chance to make it a classic for Inter, but he could not find the target after a shot from a low angle. Ten minutes after that, the Portuguese youngster Renato Sanches fired off a great ball from distance, as the ball awkwardly dipped down and hit the ground in front of Bayern’s goalkeeper as it went past the side cross bar.

You can see det上海夜网ailed highlights in the video below:

https://youtu.be/yZbe71NFQZE

Conte deems Manchester clubs title contenders

The Blues dominated the Premier League last season, but both City and United have been spending big this summer.

The Italian manager believes Guardiola and Mourinho will provide serious competition to Chelsea’s title defense in the upcoming season. Chelsea are back in the Champions League, which means the club will have a hectic schedule and their job will be a lot harder compared to last season.

Both Manchester United and Manchester City have passed the £100m mark during the close-season, meaning the battle for Premier League trophy will be tougher.

During the Blues pre-season tour in Singapore, Conte told reporters:

“It is normal that every big team tries to reinforce their squad by bringing in quality players.” – as quoted by Goal.

“That is what they have done [United and City]. For sure, next season in Premier League will be a huge challenge for us.”

Even though Chelsea have added three new players to their ranks – Morata, Rudiger and Bakayoko – Antonio Conte hinted there might be more players coming to Stamford Bridge:Too early to talk about the Scudetto says Inter’s Godin George Patchias – Inter Milan’s summer signing Diego Godin says it is too early to start talking about the Scudetto.33 year old Uruguayan international arrived in Milan…

“We speak about the way to strengthen the team every day.

“We know which are the positions we need to strengthen.”

Right now, the most import上海夜生活ant thing for Conte is to integrate the new arrivals, as he speaks about Morata:

“He is working very well and is putting himself into every session.

“I think it is very good but it is important for him to have some time to adapt to our system. But I can see the will power in the player to do so.”

Everton with a class act

The club has announced they will host a charity football match in respect to Bradley Lowery as they aim to support the Bradley Lowery Foundation to help children with cancer.

The Toffees will host a celebrity match on 3 September, after previously donating £200,000 to the charity set up by Bardley’s family.

Little Bradley passed away on 7 July after a tough battle with cancer. He was diagnosed with neuroblastoma when he was just 18 months old.

Bradley’s parents said the support their family received was fantastic. The people from Goodison Park formed a special relationship with Bradley during Everton’s match at Sunderland in September 2016 and then when he was a guest at Merseyside.Kean thrilled with Everton support Nedim Maric – The young Italian striker moved from Juventus this summer to try and leave his mark on the Premier League.Among the Italian racism crisis, which…

Everton Chairman Bill Kenwright stated to the club’s website:

“I didn’t know him for long bu上海夜生活t from the second he walked out onto the pitch with his beloved Sunderland against us, I felt an overwhelming need to support him.

“He was the loveliest lad – still an imp, but with the biggest heart.”

Bradley’s family has established the Bradley Lowery Foundation, which aims to help other families with children with cancer. Everton’s charity game will help raise funds and support the good cause.