Tuesday, May 8, 2018

Kim Jong Un meets with Xi Jinping in northern China ( second meeting in 2 months ) - CNN News

Kim Jong Un meets with Xi Jinping in northern China
Steven JiangCNN Digital Expansion 2017. Ben Westcott
By Steven Jiang and Ben Westcott, CNN

Updated 1131 GMT (1931 HKT) May 8, 2018
China's Xi Jinping (2nd R) and North Korea's Kim Jong Un (2nd L) also held talks in March in Beijing.
China's Xi Jinping (2nd R) and North Korea's Kim Jong Un (2nd L) also held talks in March in Beijing.
Beijing, China (CNN)North Korean leader Kim Jong Un met with Chinese President Xi Jinping in the northeastern Chinese city of Dalian on Monday and Tuesday, Chinese state media has announced.

It is the second meeting between the two leaders in less than two months, after they held a secret meeting in the Chinese capital of Beijing in late March.
The March meeting was Kim's first international trip since he assumed power in 2011 following his father's death, and was seen as a warming of ties between the two fractious allies.
This week's meeting comes after a historic summit in late April between Kim and South Korean President Moon Jae-in, and ahead of highly anticipated talks between Kim and US President Donald Trump, which are expected to take place by late May or early June.


World Cup a Good Time to Score Casino Names, Morgan Stanley Says - Bloomberg

World Cup a Good Time to Score Casino Names, Morgan Stanley Says
By Eric Lam
May 8, 2018, 7:01 PM GMT+10

MORGAN STANLEY
52.39USD+0.99+1.93%
880
SJM HOLDINGS LTD
9.00HKD+0.22+2.51%
Here’s what you might have missed during the Asia trading day.

Macau casino operators got a boost Tuesday as Morgan Stanley highlighted the upcoming soccer World Cup as a prime opportunity for investors to strike amid a lull in foot traffic.

While the tournament beginning in June will likely impact the gaming business in the second quarter, casino operators are currently tracking ahead of market expectations. That suggests the sporting event won’t be as much of a headwind as feared, the firm’s analysts said in a report dated Monday. An uptick in Macau’s gambling market that started in mid-2016 is expected to continue for the next few years, they added.

Casino and hotel operator SJM Holdings Ltd. rose 2.5 percent, extending its highest price since August 2015, after Morgan Stanley analysts led by Praveen Choudhary raised their target price on the stock by 14 percent to HK$8.30. The move followed stronger-than-expected first-quarter results last week.

Even so, the analysts expect SJM Holdings to lose its revenue market share before its Cotai casino opens and maintain a sell rating on the stock. Their share price target is still 7.8 percent lower than the closing price of HK$9.

— With assistance by Kana Nishizawa

Smartphone Firm Xiaomi Has Reportedly Trimmed the Valuation for Its Massive IPO. Here's Why - Fortune

Smartphone Firm Xiaomi Has Reportedly Trimmed the Valuation for Its Massive IPO. Here's Why

By DAVID MEYER 7:19 AM EDT
Xiaomi, whose upcoming initial public offering may be the largest in four years, has reportedly dialed down the hype around its worth.

The Chinese smartphone firm had, according to a Bloomberg report last week, been aiming for a $100 billion valuation. Now, according to The Wall Street Journal, it’s looking to IPO at a valuation of somewhere between $80 billion and $90 billion.

Why the climbdown? It seems there are two reasons.

Excess optimism
Firstly, its initial targets were criticized for being overly optimistic for a company that makes more than 90% of its money from selling hardware.

Xiaomi, best known for its Android smartphones, is trying to pitch itself as being in the same league as Internet companies like Alibaba and Tencent, which enjoy huge margins. However, that doesn’t match the reality of its business, at least not yet. It still needs to convince investors that it can translate its phone sales into big profits from associated services, Apple-style.


Tough tech stock market
The other likely reason for the devaluation is simply that tech stocks are generally down this year.

Sanford C. Bernstein analyst Mark Newman told the Journal that the new reported valuation target is “more in line with Internet valuations… and still significantly higher than hardware valuations.”

The IPO still doesn’t have a date, but the Journal said it’s probably coming in the next couple of months.

Alibaba buys Rocket Internet's Pakistan ecommerce platform Daraz - Reuters

MAY 8, 2018 / 5:19 PM / UPDATED 4 HOURS AGO
Alibaba buys Rocket Internet's Pakistan ecommerce platform Daraz
Reuters Staff

FRANKFURT (Reuters) - Alibaba Group (BABA.N) has bought the entire share capital of Rocket Internet’s (RKET.DE) South Asian ecommerce platform Daraz Group, Rocket Internet said on Tuesday.

A sign of Alibaba Group is seen during the fourth World Internet Conference in Wuzhen, Zhejiang province, China, December 3, 2017. REUTERS/Aly Song/
It did not disclose financial details.

Alibaba Group Holding Ltd
195.35
BABA.NNEW YORK STOCK EXCHANGE
--(--%)
BABA.N
BABA.NRKET.DE
Daraz, founded in Pakistan in 2012, operates online marketplaces in Pakistan, Bangladesh, Myanmar, Sri Lanka and Nepal. The unit will continue to operate under the same brand following the sale to Alibaba, Rocket said.

Reporting by Maria Sheahan; Editing by Tom Sims

How Walmart's Decision to Limit Opioid Prescriptions Could Affect U.S. Drug Abuse - Fortune

May 7, 2018

How Walmart's Decision to Limit Opioid Prescriptions Could Affect U.S. Drug Abuse

By NATASHA BACH 7:08 AM EDT
Walmart is expanding its Opioid Stewardship Initiative, introducing additional measures this week in an effort to further curb opioid abuse.

The retail giant announced Monday that it will begin limiting supplies of acute opioid prescriptions to no more than seven days, with up to a 60 morphine milligram equivalent maximum per day. The change will come into effect within the next 60 days, and will apply to all Walmart and Sam’s Club pharmacies in the U.S. and Puerto Rico.

Why Walmart is limiting prescriptions
Walmart’s new policy aligns with the Centers for Disease Control and Prevention’s (CDC) guidelines for opioid use. These guidelines suggest that clinicians should prescribe the “lowest effective dose” of opioids to treat pain, as its abuse often stems from such treatment. They should therefore prescribe “no greater quantity than needed,” which is often “three days or less” but “more than seven days will rarely be needed.” In states where the law for fills is less than seven days, Walmart and Sam’s Club will abide by this lower limit.

Why not all doctors agree
Many medical professionals are concerned that such limits could be arbitrary and prevent a doctor from addressing the individual needs of each patient. The American Medical Association (AMA) told The Hill that “Pain is a complex, biopsychosocial phenomenon, and individuals experience pain in different ways. The AMA believes that decisions around dosages needs to be left between the patient and the physician.”

What happens next
The issue is not at all black and white. Many have found that overprescribing is often a culprit, as it increases the amount of opioids in circulation, thereby increasing the potential for addiction. While a CDC study largely corroborates this argument, noting that someone prescribed eight or more days of an opioid therapy had a 13.5% chance of addiction within a year, the same study found that even a day of such a therapy already increased the risk of addiction by 6%.

Generally speaking, limiting access to opioid prescriptions may in fact decrease the risk of addiction and abuse. However, it is not immediately clear whether Walmart’s seven-day limit will be adequate to have a marked effect.

Trump to (Probably) Exit Iran Deal. Then What? - Bloomberg

Trump to (Probably) Exit Iran Deal. Then What?
By Andrew J Barden
May 8, 2018, 8:05 PM GMT+10

Want to receive this post in your inbox every morning? Sign up for the Balance of Power newsletter, and follow Bloomberg Politics on Twitter and Facebook for more.

The prevailing view is that President Donald Trump will announce he’s walking away from the Iran nuclear accord at 2 p.m. today in Washington. What comes next isn’t so clear. Here are four possible outcomes:

1. The deal holds: For now. Europe and Iran agree to stick by its terms and hope that the next president isn’t Trump. This would face major challenges — Iran’s economy is struggling and European companies would risk falling foul of America’s punitive measures.

2. The fudge: In a twist, Trump says the deal isn’t working and accuses the Iranians of being in breach of its terms. He sends the issue to dispute resolution, and eventually, the UN Security Council. It may be worst-case scenario for Iran as it could see the U.S. destroy the deal from within, reinstating penalties without officially abandoning it. The U.S. could paint Iran as the guilty party.

3. The head scratcher: Trump says something no one really understands. He reiterates his intention to leave the deal, but says nothing about sanctions or the process of exiting. Could countries get exemptions? What about industries? It’s loose strings and open ends for everyone.

4. R.I.P JCPOA: Trump exits the deal and slaps Iran with punitive measures. Secondary sanctions also kick in, sending European companies fleeing. Angered Iranian hardliners push the boundaries of the country’s nuclear activities, and tilt further to Russia and China, setting them on a collision course with the U.S., Israel and Saudi Arabia.

Protecting the midterm vote | With four major states — Indiana, North Carolina, Ohio and West Virginia — holding party nominating contests today, Nafeesa Syeed traveled to another swing state, Pennsylvania, to look at how the officials are trying to safeguard outdated voting technology from hackers. Click here for more on the record number of women running in this years midterms, which will determine control of Congress.

Italy in a mess | Italy is heading for fresh elections. The anti-establishment group Five Star yesterday abandoned efforts to form a government and demanded a new ballot in July. That call was backed by the anti-immigrant League. Between them they have the votes to block President Sergio Mattarella’s push for a placeholder government to see through the 2019 budget.

China, U.S. face off | Envoys from the world’s two largest economies are expected to square off over Trump’s proposed tariffs tomorrow at the World Trade Organization in Geneva, even as Chinese President Xi Jinping’s top economic adviser plans another U.S. trip to avert a trade war. Meanwhile, JP Morgan Chase & Co.’s Jamie Dimon told Bloomberg’s Stephen Engle the two sides were just learning what divides them. “There’s no reason it can’t be bridged,” he said.

Sessions showdown | The chairman of the U.S. House Intelligence Committee is threatening a quick vote to hold Attorney General Jeff Sessions in contempt of Congress if the Justice Department doesn’t turn over material related to the panel’s Russia investigation. Triggering a confrontation over Sessions could please Trump — a critic of his own Justice Department — but other Republicans worry such a move could muddy the party’s midterm campaign message.

Venezuela desertion | Military officers are joining the exodus of Venezuelans to Colombia and Brazil, fleeing barracks and forcing President Nicolas Maduro’s government to call upon retirees and militia to fill the void. Fabiola Zerpa and Noris Soto explain why the high desertion rates at bases in Caracas and the countryside are complicating security plans for the presidential election in 13 days.

And finally ... Vladimir Putin’s inauguration yesterday had its odder moments amid the Kremlin’s gilded splendor. Ex-German Chancellor Gerhard Schroeder received pride of place ahead of Russian government ministers, shaking Putin’s hand even before Prime Minister Dmitry Medvedev. Nearby lurked Hollywood action star Steven Seagal, who was given Russian citizenship by Putin in 2016. Also there was Alexander Zaldostanov, better known as the “Surgeon,” the leather-clad leader of the Night Wolves biker club, who said he wore a formal shirt specially for the occasion.

Cape Town's water disaster averted due to public shaming, police crackdown - NBC News



Cape Town's water disaster averted due to public shaming, police crackdown
Residents of the South African city have been forced to radically change their relationship with water.
by Gabe Joselow / May.07.2018 / 6:29 PM ET / Updated May.07.2018 / 6:48 PM ET

People line up to collect water from a natural spring in Cape Town, South Africa, on Jan. 23.AP file
CAPE TOWN, South Africa — The city of Cape Town may have staved off the worst of a water crisis thanks to 90-second showers, police enforcement and a strong dose of public shaming.

A historic three-year drought has forced residents of this coastal city of 4 million to radically change their relationship with water as city restrictions limit each person to using no more than 50 liters, or 13.2 gallons, a day.

“Showers are just joyless now,” said Andie Reeves, 27, an artist and writer in the city. “You just need to clean your body and get out.”

Water crisis grips Cape Town after drought stretching years
Reeves and her three roommates have all made drastic changes at home, from reusing washing machine water to flush toilets to bathing over a bucket, making a long relaxing bath time a thing of the past.

“I used to have a lot of ah-ha moments in the shower,” added Keren Setton, 26. “Now I just don't have those anymore.”

Cars have gone unwashed, toilets unflushed and gardens uncultivated in the all-hands-on-deck effort of Capetonians to save water, driven by social pressure as much as the city’s very public campaign.

Want to know which one of your neighbors is not abiding by the restrictions?

Image: Cape Town droughtA map showing water usage by household in Cape Town.
The city's website publishes a map showing a street by street and house by house measure of water usage.

A dark green dot means your household is well within the restrictions; light green means you’re getting closer to the limit.

“When we waste water it’s not just something that affects me because you're contributing to a bigger problem that we're not being conscious enough and one day our water could be cut off,” said musician Savannah Brogneri, 25. “We have to be aware of how we're affecting other people.”

The extraordinary efforts have paid off. The city has reduced water consumption by more than half since 2015 and has stalled the worst-case scenario known as “Day Zero,” when municipal taps would be shut off, for at least another year.



Farmers have also provided crucial relief by releasing irrigation water from private dams to supply the city.

To make sure everyone stays on board, police enforce the regulations.

Officers patrol the streets watching for people watering their gardens with a hose or washing cars, or construction workers using city water to mix cement — all of which are offenses which could result in fines.

Police spokesman Wayne Dyason said the restrictions — and the patrols — will continue even through South Africa's wetter winter months.

“We want to make sure that people don't become too relaxed and that people don't take their foot off the pedal with regards to applying themselves to saving water,” Dyason said.

Related
Water crisis makes life 'revolting' in Cape Town
Long-term solutions to Cape Town’s water crisis range from the practical, but costly, construction of desalination plants to a more exotic plan to lasso icebergs from Antarctica.

Marine salvage expert Nick Sloane has proposed capturing a drifting iceberg in the southern sea, wrapping it in fabric and towing it to the South African coast.

The point is to diversify Cape Town’s water sources, which currently come almost entirely from dams and reservoirs.

Dam levels in the city have dropped steadily on average over the last three years. Even with some recent early winter rain, dam levels on average remain at around 20 percent of capacity.

The largest dam, Theewaterskloof is closer to 11 percent. Its western banks are bone dry, and the terrain looks more like a desert than a reservoir.

The need to conserve is clear, but not everyone agrees with the city’s methods.

Shaheed Mohammed, a member of the Water Crisis Coalition, a grassroots activist organization, is concerned that if Cape Town invests in expensive technology like desalination to solve the drought, it will be the city's low-income citizens paying the costs in terms of higher tariffs for water.

“This is not North America, where people have huge incomes,” he said.

The city has already been installing water-management devices on people’s homes to cut off those who go above the monthly limit.

Mohammed thinks it is a step toward forcing people to pay more up front. “In other words,” he says, “no money, no water.”

Image: Cape Town droughtNASA images showing the falling water levels of the Theewaterskloof dam over a period of three years.NASA
The lessons of Cape Town can be applied to other cities around the world.

While there is no imminent warning of a Day Zero coming to the United States, models from the World Resources Institute (WRI), an independent non-profit research organization in Washington, D.C., point toward growing water stress across the country.

Charles Iceland, director of Water Initiatives at WRI, says rainfall is predicted to decrease by up to 30 percent on average in the southwestern U.S., an indication of climate change, which means Americans may too find themselves having to adjust.

“We’re going to have to find a way to live with more erratic weather in the future,” Iceland said.

A recent report from WRI shows the situation is even more dire in other areas reliant on dams, including in Morocco, India and Iraq.

“We’ll probably see more and more of these Cape Town Day Zero types of events elsewhere around the world,” Iceland said.

OPEC official: Ditching Iran deal would harm global economy - CNN Money

OPEC official: Ditching Iran deal would harm global economy
by Charles Riley and John Defterios   @CNNMoneyInvest
May 8, 2018: 6:58 AM ET

Crude oil recovery: Are tactics working?
The head of OPEC has warned that a decision by President Donald Trump to abandon the Iran nuclear deal would harm the global economy.
In an interview with CNNMoney, OPEC Secretary General Mohammad Barkindo said that any factor that prevents the smooth running of the oil industry "will not be in the interest of the global economy."

"Whatever extraneous factor that affects supply or demand, will no doubt send the market into disequilibrium, which is not in the interest of producers, or the interest of consumers," he said when asked about the consequences of ditching the Iran nuclear agreement.

Trump has repeatedly threatened to rip up the Iran accord, which he has described as "the worst deal ever." He said he plans to announce his decision on the matter on Tuesday at 2:00 p.m. ET.

The United States and other powers agreed to lift some economic sanctions under the 2015 deal in return for Iran agreeing to rein in its nuclear program. The sanctions had limited energy investment and production, and Iran's oil industry has sprung back to life since they were lifted.

Iranian oil exports have increased by roughly 1 million barrels per day since early 2016, and the big question is whether the market will be able to cope with a sharp drop in supply if sanctions are reimposed.

Worries over potential supply disruptions have already caused oil prices to spike. They've surged nearly 13% over the past month and hit their highest level since 2014, while the price of US gas has jumped to a national average of $2.81 a gallon.

Related: Who loses if Trump kills the Iran deal?

Barkindo said that price hikes were being driven by "volatility that occasionally returns to the market" as a result of "geopolitical tensions."

A Nigerian who is serving a three-year term as secretary general, Barkindo said that OPEC would continue to seek a balanced oil market. The interview was conducted before Trump said an announcement on Iran was imminent.

The cartel and its allies agreed to slash output in late 2016, a response to oversupply and an oil price crash. The agreement has been extended until the end of 2018.

The secretary general said it had taken four "long" years for OPEC to get where it is today, with prices hovering around $70.

Barkindo said the cartel was committed to seeing the agreement through, but he hinted that market conditions could spur a change.

"We have always been flexible. There is nothing sacrosanct in this market," Barkindo said.

Melania Trump faces new plagiarism row over cyber safety booklet - BBC News

May 8, 2018

Melania Trump faces new plagiarism row over cyber safety booklet

Melania Trump at the White House for the launch of her "Be Best" initiative
US First Lady Melania Trump has been caught up in another plagiarism row, following the launch of her new online safety for children campaign on Monday.

A booklet put out by Mrs Trump bore a striking resemblance to one published under the Obama administration.

The text and graphics of the "Be Best" booklet were nearly identical to those in the previous edition.

In 2016 Mrs Trump was accused of plagiarising parts of a speech from a 2008 address by Michelle Obama.

After commentators picked up on very close similarities between the two speeches, Meredith McIver, a Trump administration staff member who wrote Mrs Trump's speech, admitted borrowing from Mrs Obama.

Mike Hearn

@mikehearn
 So that's pretty blatant, right?

2:37 PM - Jul 19, 2016

Mrs Trump's online safety booklet was initially billed on the initiative's website as being "by First Lady Melania Trump and the Federal Trade Commission".

How did Melania Trump get an 'Einstein visa'?
After similarities to the Obama-era edition were picked up online, the text was revised to describe it as a "Federal Trade Commission booklet, promoted by First Lady Melania Trump".

A sample from the two booklets: 2014 on the right, and the Melania Trump version on the left
Launching the "Be Best" initiative at the White House on Monday, Mrs Trump said the aim was to promote healthy living, encourage positive use of social media, and combat opioid abuse.

"As we all know, social media can be both positively and negatively affect our children, but too often it is used in negative ways," she said.

Her decision to focus on cyberbullying has prompted questions about the behaviour of her husband, who frequently uses Twitter to attack and insult his opponents.

Image caption
The 2014 version., left, and Melania Trump version, right
Mr Trump was widely criticised in 2017 when he used the platform to call TV hosts Mika Brzezinski and Joe Scarborough "low I.Q. Crazy Mika" and "Psycho Joe", and claimed he saw Ms Brzezinski "bleeding badly from a face-lift".

He has also been accused of mocking a disabled reporter.

White House Press Secretary Sarah Sanders was asked ahead of the launch of the initiative whether President Trump believed he bore any responsibility for the need to address cyberbullying.

"I think the idea that you're trying to blame cyberbullying on the president is kind of ridiculous," she said.

ABC News

@ABC
 Asked whether Pres. Trump believes he has any responsibility for need to speak out against cyberbullying, Press Sec. Sanders says, "I think the idea that you're trying to blame cyberbullying on the president is kind of ridiculous." http://abcn.ws/2hFejwL

4:59 AM - May 8, 2018
94
132 people are talking about this

Iran nuclear deal: Trump to reveal US decision ahead of deadline - BBC News

May 8, 2018

Iran nuclear deal: Trump to reveal US decision ahead of deadline

What is the Iran nuclear deal?
President Donald Trump is to reveal whether the US will abandon the nuclear deal with Iran and reimpose sanctions.

Mr Trump has been highly critical of the 2015 accord, under which Iran limited its nuclear activities in exchange for sanctions relief.

The White House has signalled that the president might stop short of reneging completely on the deal, but it is unclear what that would entail.

European states see it as the best way to stop Iran developing a nuclear bomb.

UK Foreign Secretary Boris Johnson urged Mr Trump not to "throw the baby out with the bathwater" on Monday, while his French counterpart Jean-Yves Le Drian made clear that France, the UK and Germany would continue to honour the accord.

Iran's President Hassan Rouhani has warned that his country could face "some problems" in the coming months, but stressed it will "keep working with the world".

UK's Johnson courts Trump on Fox & Friends
Could the deal collapse?
What was agreed under the deal?
The so-called Joint Comprehensive Plan of Action (JCPOA) was agreed by Iran and the five permanent members of the UN Security Council - the US, UK, France, China and Russia - plus Germany.

It saw Iran agree to limit the size of its stockpile of enriched uranium - which is used to make reactor fuel, but also nuclear weapons - for 15 years and the number of centrifuges installed to enrich uranium for 10 years. Iran also agreed to modify a heavy water facility so it could not produce plutonium suitable for a bomb.

Iran limited its sensitive nuclear activities in exchange for sanctions relief
In return, sanctions imposed by the UN, US and EU that had crippled Iran's economy were lifted.

Iran insists its nuclear programme is entirely peaceful, and its compliance with the deal has been verified by the International Atomic Energy Agency (IAEA).

What is the Iran nuclear deal?
Do not quit Iran deal, UN urges Trump
Why does Mr Trump oppose it?
Mr Trump has called the deal a "disaster" and "insane" and twice refused to certify to Congress that Iran is complying with it.

In January, he warned that the US would "withdraw" from the accord on 12 May - the next deadline for waiving sanctions - unless its "disastrous flaws" were fixed.

Sun Zhengcai: Former top Chinese official jailed for life - BBC News

May 8, 2018

Sun Zhengcai: Former top Chinese official jailed for life

Sun will have all his "illegal gains" confiscated
A former Chinese Communist Party official once tipped for a top leadership position has been sentenced to life in prison for bribery.

Sun Zhengcai, a former Politburo member, is the latest senior figure to fall in President Xi Jinping's anti-corruption campaign.

He was found guilty of taking bribes of more than $26.7m (£19.6m).

The 54-year-old, also the former party chief of Chongqing, pleaded guilty to the charges in April.

According to state media outlet Xinhua, Sun's "illegal gains" would be confiscated.

What is China's new 'super anti-corruption agency'?
President Xi has made it his personal mission to tackle the widespread corruption in China. More than a million officials have been punished since he became president.

But critics accuse him of using the anti-corruption campaign to silence his political opponents and rein in officials who challenge his position.