Bond yields rise on BoJ easing talk while stocks slide

LONDON (Reuters) – Signs that the Bank of Japan could scale back its monetary stimulus faster than expected sent tremors through bond markets on Monday, while European stocks slid as threats of further U.S. tariffs on China drained risk appetite.

People walk past an electronic board showing Japan’s Nikkei average outside a brokerage at a business district in Tokyo, Japan August 9, 2017. REUTERS/Kim Kyung-Hoon

Europe’s bond yields climbed after a Reuters report that the BoJ was discussing modifying its huge easing program sent Japan’s 10-year bond yield to a six-month high.

The report rekindled anxieties about global monetary policy easing and piled further pressure on investors already struggling to navigate rising protectionism and tense geopolitics.

The yield on Europe’s benchmark bond, the German 10-year Bund, hit a one-month high of 0.39 percent while U.S. 10-year Treasury yields also hit their highest in a month at 2.90 percent.

The yen climbed to two-week highs against the dollar JPY= and was last up 0.4 percent at 110.98 per dollar.

“It’s all that concern investors have about the move from global quantitative easing to global quantitative tightening. That fear gets stoked when you have reports such as this,” said Rory McPherson, head of investment strategy at Psigma Investment Management.

FILE PHOTO: Bundles of banknotes of U.S. Dollar are pictured at a currency exchange shop in Ciudad Juarez, Mexico January 15, 2018. REUTERS/Jose Luis Gonzalez/File Photo

“The ECB meeting this week will be more in focus now that we’ve had this concern about Japan.”

(Graphic: Japanese bond yields jump to six-month high reut.rs/2LgVPjJ)

The dollar index .DXY meanwhile languished at two-week lows after U.S. President Trump criticized the Federal Reserve’s tightening policy and accused the European Union and China of manipulating their currencies.

“We see the latest news on trade policy as pointing to continued high risk of escalation between the U.S. and China, and a renewed focus of the Trump Administration on currency matters,” said Goldman Sachs analysts.

Trump’s comments against Fed rate hikes also helped steepen the Treasury yield curve US2US10=TWEB.

Trump’s new threats to slap duties on all U.S. imports from China triggered sell-offs across stock markets, though good corporate earnings kept a lid on losses.

Pedestrians are reflected in a window in front of a board displaying stock prices at the Australian Securities Exchange (ASX) in Sydney, Australia, February 9, 2018. REUTERS/David Gray

MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS fell 0.1 percent and the MSCI all-country world index declined just 0.02 percent.

Europe’s STOXX 600 fell 0.3 percent as investors braced for a packed week of corporate earnings in Europe and a meeting between European Commissioner Jean-Claude Juncker and Trump to discuss threatened auto tariffs which could damage carmakers.

Goldman Sachs analysts said auto tariffs, if they came to pass, would likely cause weakness in the Canadian dollar and Mexican peso, possibly also affecting the euro, pound, yen, and Korean won as investors priced in a hit to the economy.

“The global economy is still OK, but the risk is now very high, and if trade policies don’t make a U-turn very soon, we’ll see a measurable impact on growth already next year,” said UniCredit chief economist Erik Nielsen.

The euro EUR=, which has been gaining from dollar weakness, climbed for a third straight day to a two-week top of $1.1750. It was last up 0.2 percent at $1.135.

Concerns about fuel demand dented oil prices after finance ministers and central bank governors at the G20 meeting in Buenos Aires said the risks to global economic growth have increased due to trade and geopolitical tensions.

U.S. crude CLcv1 fell slightly to $68.24 a barrel after posting its third straight weekly loss. Brent crude LCOc1 rose 16 cents to $73.23.

Copper, among the most sensitive to trade tensions, hovered above a one-year low hit last week, trading at $6,151 a ton. Copper fell for the sixth week in a row last week. Gold prices declined 0.1 percent to $1,30.76 an ounce XAU=.

(Graphic: World FX rates in 2018 tmsnrt.rs/2egbfVh)

Reporting by Helen Reid, Graphic by Dhara Ranasinghe, Editing by Hugh Lawson

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Asian stocks mixed as trade tensions take center stage

SINGAPORE (AP) – Asian markets were mixed on Monday as concerns over trade tensions moved to the forefront at the meeting this weekend of the Group of 20 industrial nations.

KEEPING SCORE: Japan’s Nikkei 225 tumbled 1.3 percent to 22,401.08 and South Korea’s Kospi dropped 0.9 percent to 2,269.31. Hong Kong’s Hang Seng added 0.3 percent to 28,295.55. The Shanghai Composite Index gained 1.1 percent to 2,860.39, recouping Friday’s losses. Australia’s S&P-ASX; 200 fell 0.9 percent to 6,227.60.

WALL STREET: U.S. indexes closed slightly lower on Friday as a jump in bond yields helped banks but hurt big-dividend stocks. The S&P; 500 index lost 0.1 percent to 2,801.83. The Dow Jones Industrial Average gave up less than 0.1 percent to 25,058.12. The Nasdaq composite dipped 0.1 percent to 7,820.20 while the Russell 2000 index of smaller-company stocks dropped 0.3 percent to 1,696.81.

G-20 CONCERNS: G-20 finance ministers and central bankers called Sunday for more dialogue on trade disputes that threaten global economic growth. Their communique said that although the global economy remains strong, growth is becoming “less synchronized” and risks over the short and medium term have increased. These include financial vulnerabilities, heightened trade and geopolitical tensions and global imbalances. “We … recognize the need to step up dialogue and actions to mitigate risks and enhance confidence,” the communique said.

TRUMP OFFENSIVE: On Friday, President Donald Trump took to Twitter to accuse the European Union and China of harming the U.S by manipulating their currencies and reducing interest rates. Speaking to CNBC, Trump renewed his threat to ultimately slap tariffs on a total of $500 billion of imports from China – roughly equal to all the goods Beijing ships annually to the United States. He shrugged off the prospect that a trade war with China could cause the stock market to tumble. “If it does, it does,” Trump said. Analysts say they’re becoming more convinced that Trump’s multi-front trade fights aren’t merely a short-term negotiating ploy. Rather, he may be prepared to wait for as long as he feels it’s necessary to force other countries to adopt trade rules more favorable to the United States.

ANALYST’S TAKE: “The hope is that this bluster is a negotiation tactic that will be watered down during negotiations but increasingly it looks difficult to duck trade blowback,” said Vishnu Varathan, head of economics and strategy at Mizuho Bank.

CURRENCIES: The U.S. dollar fell sharply after Trump claimed countries were manipulating their currencies. It extended its losses on Monday, easing to 110.93 yen from 111.42 yen. The euro rose to $1.1728 from $1.1724.

OIL: Benchmark U.S. crude dropped 13 cents to $68.13 per barrel in electronic trading on the New York Mercantile Exchange. On Friday, the contract settled at $68.26 a barrel. Brent crude, used to price international oils, shed 12 cents to $72.95.

Copyright © 2018 The Washington Times, LLC.

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Pelosi, DCCC says petition will block Putin’s visit, misleading donors: report

House Minority Leader Nancy Pelosi was caught pushing misleading claims about blocking a presumed visit of Russian President Vladimir Putin to the White House in a bid to squeeze donations from gullible donors, The Daily Caller reported.

Pelosi, in a fundraising email from the Democratic Congressional Campaign Committee (DCCC), said that with enough signatures on the petition, the Democrats will be able to block Putin’s visit, the report said.

“I will NOT allow Putin to set foot in the United States. I need 100,000 signatures to BLOCK his visit and keep our elections safe. I need you to sign before midnight,” Pelosi reportedly said in the email circulated on Sunday.

“It’s obvious to me Trump is terrified of Putin, so here’s what I’d like to know: Is Putin blackmailing Trump? Do Republicans know about it?” she continued. “I need 100,000 signatures before midnight to block Putin from EVER visiting the United States and attacking our November election.”

“It’s obvious to me Trump is terrified of Putin, so here’s what I’d like to know: Is Putin blackmailing Trump? Do Republicans know about it?”

– House Minority Leader Nancy Pelosi

No petition, however, could legally force Trump to back down from the possible visit by Putin later this year, the report said.

The Sunday’s fundraising email was a similar effort launched just a day before, when a DCCC email said a petition needs 50,000 signatures to bar Putin from coming to the U.S. for a visit.

The House Democrats reportedly also sent out a covert fundraising petition on Sunday, claiming that the DCCC is nearing its goal of 1.2 million signatures to “ensure protection” for Special Counsel Robert Mueller who’s investigating the alleged collusion between the Kremlin and the Trump campaign.

PELOSI CLAIMS MUELLER WAS ‘FIRED’ IN BIZARRE EMAIL TO DONORS

This isn’t the first time the top Democrat is engaging if misleading fundraising efforts. In April, Pelosi was caught fundraising off the firing of Mueller, despite him not being fired.

The California Democrat reportedly sent out an email titled “Mueller FIRED” and asked people to donate to the Democratic Congressional Campaign Committee (DCCC) amid speculations that President Donald Trump may fire Mueller in retaliation for the FBI raid on his lawyer Michael Cohen.

Lukas Mikelionis is a reporter for FoxNews.com. Follow him on Twitter @LukasMikelionis.



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In Pakistan’s elections, minorities face daunting challenge

As Pakistan heads into parliamentary elections this week, the country’s minorities are looking for better representation and a voice that will speak up for them in what rights groups warn is in an increasingly intolerant atmosphere in this Muslim-majority nation.

It’s an uphill struggle for Pakistani Christians, Sikhs, Ahmadis and others. Minority religions make up just 4 percent of Pakistan’s 200 million people; Shiites account for about 15 to 20 percent of the Muslim population.

The country’s complicated electoral system allots minorities and women a small number of “reserved” seats, based on their parties’ gains at the polls.

But for the rest of the seats — both in the 342-seat National Assembly, the law-making lower house of parliament, and the four provincial legislatures — members of minority groups are increasingly choosing to run as independent candidates, without affiliation to any political party.

The minorities’ major concern ahead of Wednesday’s vote has been the plethora of radical religious and sectarian groups that have resurrected themselves under new names and fielded candidates for the polls — including Sunni extremists who promise to rid Pakistan of Shiite Muslims.

Other radical parties have campaigned on promises to enforce Pakistan’s controversial law on blasphemy, which carries the death penalty and which has allowed for the prosecution of anyone deemed to offend Islam. Frenzied mobs have killed at the mere suggestion that an act of blasphemy was committed.

Pakistan “is becoming more and more intolerant of minority rights,” said rights activist I.A. Rehman, a founding member of the independent Human Rights Commission of Pakistan.

He is urging the government to “make sufficient effort to ensure minorities can cast their votes.”

___

THE CHRISTIANS

Garbage is piled by the roadside and cinderblock homes have flimsy curtains instead of doors in Rimshah, a squatters’ settlement on the outskirts of Islamabad.

Years ago, scores of Christian families settled here when a mob of Muslim men, enraged over an alleged act of blasphemy by an 11-year-old Christian girl, tried to kill her and drove them out of their homes.

They named the slum Rimshah, for the 11-year-old girl with Down’s syndrome who was eventually cleared of charges of tearing up pages of an Islamic religious book.

Michael Rose, an outspoken advocate of the Christian community, which numbers about 3 million in Pakistan, campaigns in Rimshah for Asif Shahzada, an independent Christian candidate.

Rose says that independent minority candidates are the best hope of getting Christian grievances heard. Minority representatives chosen on the “reserved” seat system tow the party line and rarely raise their community’s legitimate concerns, he says.

“I jumped into this race only for my community,” says Shahzada, looking around the slum. “We have so many problems, no education, no health care, no jobs. We don’t even have enough water.”

___

THE SIKHS

Radesh Singh is one of about 200,000 Sikhs living in Pakistan, mostly in the conservative Khyber Pakhtunkhwa province along the border with Afghanistan. The Sikhs are easily identifiable because of their tightly wound and often colorful turbans, and because they share the surname Singh.

Singh said attacks by the Taliban and lately also the Islamic State group have forced thousands to leave the province, including his son. The radicals, Singh says, are killing both fellow Muslims and members of minority groups.

He is campaigning as an independent candidate in Peshawar, the provincial capital, and refuses to leave.

“I wanted to show that a poor man can fight, run his own campaign and compete against these rich candidates … who take the poor people’s votes but then give them nothing in return,” said Singh.

On a street lined with small shops in his neighborhood, he stops at each store, run by his Muslim neighbors, and is greeted with a smile. An elderly neighbor, Allah Mir, gave Singh a gentle hug, shook his hand and promised him his vote.

“I don’t care about his religion,” Mir said. “I care only that he is a good man.”

___

THE HINDUS

Hindus make up Pakistan’s second-largest minority, with more than 2 million, living mainly in southern Sindh province where they are among the poorest.

Many live as indentured slaves on the estates of some of Pakistan’s largest landowners, working on the farms.

The Hindus also suffer widespread discrimination because of the decades-old rivalry between Pakistan and neighboring India, a majority Hindu nation.

Whenever relations between the two countries deteriorate, the treatment of Pakistani Hindus gets worse. Rights activist also routinely raise concerns about forced conversions of Hindu girls to Islam.

Veeru Kohli was born a slave but fled bondage, walking for three days until she found offices of the Human Rights Commission of Pakistan to help her. She then returned to the landowner to recover her children and free eight other families.

Kohli is now running as an independent candidate.

If she wins, she will become the second Hindu woman in parliament in Pakistan. In March, Krishna Kumari, a member of Pakistan People’s Party, was elected to the 104-seat Senate, the upper house of parliament — becoming the first Hindu woman elected, albeit in a vote by parliament members and not a popular election.

___

THE SHIITES

Though Muslim, Pakistan’s Shiites have suffered enormous losses, with hundreds slaughtered at the hands of radical Sunni Muslims who consider Shiites heretics and believe it is their religious duty to kill them.

However, unlike other minorities, Shiites in Pakistan are not allocated any special seats in parliament and can run either on their party’s ticket or as independents.

___

THE AHMADIS

Ahmadis revere the 19th century founder of their Muslim sect, Mirza Ghulam Ahmad, as a messiah, challenging the basic tenet of Islam that Mohammad is the final prophet.

Since Pakistan declared them non-Muslims in 1974, their numbers are difficult to gauge; they are believed to number several hundred thousand. Hundreds have been killed by zealots and their places of worship have been targeted; thousands more have fled Pakistan.

Saleem Uddin, a spokesman for the community, says Ahmadis plan to boycott Wednesday’s elections after being put on a separate list of registered voters.

“It means we are not the same as other Pakistanis,” said Uddin. “Why?”

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Saudi Aramco aims to buy controlling stake in SABIC: sources

DUBAI (Reuters) – Saudi Aramco aims to buy a controlling stake in petrochemical maker SABIC 2010.SE, possibly taking the entire 70 percent stake owned by Saudi Arabia’s sovereign wealth fund, two sources familiar with the matter told Reuters.

FILE PHOTO: General view of Saudi Aramco’s Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed Jadallah/File Photo

Late last week Aramco IPO-ARMO.SE confirmed a Reuters report that it was working on a possible purchase of a “strategic stake” in Saudi Basic Industries Corp (SABIC) 2010.SE from the Public Investment Fund, the kingdom’s top sovereign wealth fund.

Aramco’s initial thinking is to buy the full stake owned by the Public Investment Fund (PIF), but if that fails to materialize Aramco could end up with a stake in SABIC of more than 50 percent, making it a majority owner, the sources said.

No final decision has been made on the size of the stake as the discussions are still at a very early stage, they added.

FILE PHOTO: The logo of Saudi Aramco is seen at Aramco headquarters in Dhahran, Saudi Arabia May 23, 2018. REUTERS/Ahmed Jadallah/File Photo

Aramco declined to comment. The PIF did not respond to a Reuters request for comment.

Riyadh-listed SABIC, the world’s fourth-biggest petrochemicals firm, has a market capitalization of 385.2 billion Saudi riyals ($103 billion).

The potential acquisition would affect the time frame of Aramco’s planned initial public offering set for later this year, the state oil giant’s chief executive, Amin Nasser, said in a TV interview on Friday.

Aramco plans to boost investments in refining and petrochemicals to secure new markets and sees growth in chemicals as central to its downstream strategy to cut the risk of an oil demand slowdown.

Aramco plans to raise its refining capacity to between 8 million and 10 million barrels per day, from around 5 million bpd now, and double its petrochemicals production by 2030.

Aramco, the world’s largest oil producer, pumps around 10 million bpd of crude oil.

Writing by Rania El Gamal, editing by Louise Heavens

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Trump threatens Rouhani with ‘consequences’ few ‘have ever suffered’

President Trump responded Sunday night to some belligerent rhetoric from Iran by taking to Twitter and “yelling” in all capital letters that Iran was risking annihilation.

“To Iranian President Rouhani: Never ever threaten the United States again or you will suffer consequences the likes of which few throughout history have ever suffered before,” the president wrote, entirely in capital letters with the exception of the “greeting” to President Hassan Rouhani.

“We are no longer a country that will stand for your demented words of violence & death. Be cautious!” Mr. Trump concluded still in caps-lock mode, a gesture known in social media to be the equivalent of yelling in speech.

Mr. Trump was responding to reports earlier Sunday that Mr. Rouhani had addressed the U.S. president at a gathering of Iranian diplomats with threats including “the other of all wars.”

Mr. Trump, don’t play with the lion’s tail, this would only lead to regret,” the state Islamic Republic News Agency reported.

“America should know that peace with Iran is the mother of all peace, and war with Iran is the mother of all wars,” he said.

One other Middle East nation has threatened the U.S. with the “mother of all wars” before — Iraqi dictator Saddam Hussein.

“Death to America” is a common refrain at rallies and on state-sponsored murals in Iran since the Islamic Republic was founded in 1979, and there was once a special holiday declaration of a “Death to America Day.” When Mr. Trump withdrew from the Iran nuclear deal this spring, a crude drawing of a U.S. flag was burned in the Iranian Parliament amid chants of “Death to America.”

Since one nation — Japan — already has been the object a nuclear attack and many nations have been conquered or suffered military defeats, the “consequences the likes of which few throughout history have ever suffered” might mean a nuclear war.



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Missouri duck boat tragedy: 9 of Tia Coleman’s family members died

BRANSON, Mo. — At first, the water splashing into the boat was comforting, a cool-down on a hot day.

But then came a massive swell that rocked the boat, and Tia Coleman started getting nervous. Before she knew it, another wave tore through, the boat sank, and she could not see or feel anything. Not the son who had been sitting next to her, not her other two children, not any of the 10 family members who had joined her on an amphibious tourist bus — or duck boat — Thursday afternoon.

“Lord, please let me get to my babies,” she prayed at one point, recalling the ordeal at a news conference Saturday.

“If they don’t make it, Lord, take me too,” she thought at another.

As it turned out, Coleman, 34, and her 13-year-old nephew, Donovan, were the only members of the Coleman family to survive one of the deadliest duck boat accidents in the country’s history.

The Colemans, who had been on their annual summer road trip, accounted for nine of the 17 deaths in the accident in this popular tourist destination in southern Missouri. In an instant, three generations of this Indianapolis-based family had perished, leaving Coleman with the unimaginable task of moving forward.

When the duck boat entered the lake the skies seemed fine, Coleman said. At one point, she said, one of the two employees on the vehicle — one operated it on water, the other on land — told them not to worry about putting on their life jackets.

“If I was able to get a life jacket, I could have saved my babies,” she said. “Because they could have at least floated up to the top, and somebody could have grabbed them. And I wasn’t able to do that.”

Federal law requires life jackets to be available for each passenger on a boat, including duck boats, but the crew has discretion on when to tell passengers to wear them.

“He said, ‘Above you are your life jackets. There’s three sizes,’” Coleman recalled one of the workers telling the passengers. “He said, ‘I’m going to show you where they are but you won’t need them, so no need to worry.’ So we didn’t grab them.”

The National Transportation Safety Board has taken over the investigation into the accident, which had 14 survivors, including the captain of the boat.

Asked at the news conference whether she was happy that she had made it out of the lake alive, Coleman said, “I don’t know yet.”

“Going home, I already know it’s going to be completely, completely difficult,” she added. “I don’t know how I’m going to do it. Since I’ve had a home, it’s always been filled with little feet and laughter. And my husband.”

Flanked by family members holding her hands, Coleman spoke from Cox Medical Center Branson, where she was recovering from her injuries. She smiled at times when recalling fond memories of her family and sobbed at others when discussing what she would miss.

She had come to Branson with her three children, her husband, and her husband’s father, mother, uncle, sister and two nephews. They had rented a van and made the roughly seven-hour drive from Indianapolis in an annual ritual that has taken them to places as far-flung as Mackinaw City, Michigan, and Myrtle Beach, South Carolina.

Mackinaw City was Coleman’s favorite. Myrtle Beach was the children’s. But wherever the destination, the trips revolved around the children.

The plan originally had been to go to Florida this year. But because Coleman’s mother-in-law, Belinda, was having health problems, the family decided on someplace closer, said Carolyn Coleman, a relative who lives in Georgia. It was the family’s first trip to Branson.

They immediately gravitated to the pool at the hotel because the children loved water, Coleman said.

“I caught myself sneaking off to get in the hot tub, and here come those little bodies, coming in there with me,” Coleman said. “They’re like, ‘Oh this feels so good, this feels so good.’ I said, ‘Get back in the kiddie pool.’”

They ate at the Golden Corral, where Coleman told her children they could eat as much as they wanted. She plied them with indulgent treats like cotton candy and rainbow sherbet.

The Colemans decided to ride the duck boat because it seemed like just the type of thing Coleman’s oldest son, Reece, who was autistic, would enjoy.

What Coleman and her family did not know was that duck boats have a history of safety issues, with the NTSB ordering operators, including the one here in Branson, to make safety improvements after 13 people were killed when one sank in Hot Springs, Arkansas, in 1999.

Before leaving for the boat tour, Coleman said, someone at Ride the Ducks, the tour company, said that because of the storm warning, they would do the lake part of the tour before the road portion.

The Colemans planned to go to dinner after the duck boat ride. Instead, after a vigorous struggle in the water during which she said she gave up and just let her body float, Coleman was left to wonder what if.

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New Fiat Chrysler boss set to stay on course in post-Marchionne era

MILAN (Reuters) – Fiat Chrysler’s (FCHA.MI) new boss, Mike Manley, faces the task of executing his predecessor’s plan to ramp up production of SUVs and catch up on electric cars to keep the world’s seventh-largest carmaker competitive in the absence of a merger.

FILE PHOTO: Mike Manley, head of the Jeep brand, speaks the Los Angeles Auto Show in Los Angeles, California U.S. November 29, 2017. REUTERS/Lucy Nicholson/File photo

Jeep division head Manley was named on Saturday to succeed longtime Chief Executive Sergio Marchionne, one of the auto industry’s most tenacious and respected auto chiefs, who fell seriously ill after suffering complications following surgery.

Marchionne was already due to step down next April, but shares are likely to react to the news of his health crisis on Monday. The stock closed at 16.42 euros on Friday.

Fiat Chrysler Automobiles NV (FCA) said British-born Manley would pursue the strategy that Marchionne outlined last month.

FCA has pledged to increase production of sport utility vehicles and invest in electric and hybrid cars to double operating profit by 2022. It also unveiled bold targets for Jeep, which has become FCA’s ticket to creating a high-margin brand with global appeal.

Analysts said that choosing the 54-year-old Manley, under whose watch Jeep’s sales surged fourfold, sent a clear message that FCA was staying on course and would keep the Jeep brand at the heart of its growth plan.

“Manley knows that his primary focus is on execution and that, already, he has a strategy into which his team has bought,” said George Galliers, an analyst at Evercore ISI.

“There is no reason the 2022 plan cannot be executed.”

Under Manley, the company is expected to sharpen its focus on revamping individual brands, including ailing Fiat in Europe, Chrysler in the United States and Alfa Romeo, which has yet to turn a profit despite multibillion-euro investments.

Marchionne, widely credited with rescuing both Fiat and Chrysler from the brink of bankruptcy, had focused on fixing FCA’s finances first, notably erasing all debt.

He was a gift to investors, including Italy’s Agnelli family, through 14 years of canny dealmaking, growing Fiat’s value 11 times, helped by spinoffs of tractor maker CNH Industrial NV (CNHI.MI) and Ferrari NV (RACE.MI). The Agnellis still have a controlling interest in all three companies.

But his track record at fixing some of FCA’s brands was mixed, with investments and product launches repeatedly delayed.

Profitability in Europe is only gradually recovering, FCA has yet to make significant inroads in China, and the company relies on North America for three-fourths of profits just as that market is expected to come off its peaks.

‘RIGHT MAN’

“FCA needs to fix the volume brands before it’s too late and make them appealing again. … Manley is the right man for that job,” said Felipe Munoz, an automotive analyst at JATO.

Marchionne had advocated industry mergers to share the cost of building electric, hybrid and self-driving cars, but gave up the quest when his preferred target, General Motors Co (GM.N), rejected his advances.

FCA said on Saturday that Manley would execute the new strategy to ensure a “strong and independent” future for the group.

But without a partner in sight, Manley needs to show FCA can keep churning out profits on its own, even as emissions rules tighten, SUV competition intensifies and worries over potential U.S. emissions fines abound.

While FCA had a succession plan, the future appears less clear at Ferrari, the luxury brand that Marchionne was due to lead until 2021.

Ferrari announced some midterm targets earlier this year – pledging to double core earnings and churn out hybrids and an SUV – but a detailed strategy was due in September.

Marchionne made some bold choices in recent years, notably raising production, but was always careful to not dilute the brand’s exclusivity.

Analysts questioned whether new CEO Louis Camilleri would be able to do the same and grow Ferrari beyond what it is today while keeping dealers, racing fans, owners and collectors on board.

“(Ferrari) will always be like a fine race car. Marchionne increasingly had it tuned to perfection,” Galliers said. “It has to be seen if it can remain so without him.”

Reporting by Agnieszka Flak; Editing by Peter Cooney

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President Trump warns Iranian president against threatening U.S. – The Denver Post

WASHINGTON — President Donald Trump warned Iranian President Hassan Rouhani early Monday that he will face dire consequences for threatening the United States.

Trump tweeted about the dangers to Iran of making hostile threats after Rouhani said Sunday “American must understand well that peace with Iran is the mother of all peace and war with Iran is the mother of all wars.” Trump responded with a tweet that warned: “NEVER EVER THREATEN THE UNITED STATES AGAIN OR YOU WILL SUFFER CONSEQUENCES THE LIKE OF WHICH FEW THROUGHOUT HISTORY HAVE EVER SUFFERED BEFORE.”

Trump earlier this year pulled the United States out of the international deal meant to prevent Tehran from developing a nuclear weapon and ordered increased American sanctions.

Rouhani had warned Trump Sunday to stop “playing with the lion’s tail” and threatening Iran, “or else you will regret it.”

Trump has suggested Iranian leaders are “going to call me and say ‘let’s make a deal’” but Iran has rejected talks.

Rouhani has previously lashed out against Trump for threatening to re-impose the sanctions, as well as for moving the U.S. embassy to Jerusalem and banning travel to the U.S. from certain Muslim-majority countries.

Trump’s tweet suggested he has little patience with the trading of hostile messages with Iran, using exceptionally strong language and writing an all-capitalized tweet.

“WE ARE NO LONGER A COUNTRY THAT WILL STAND FOR YOUR DEMENTED WORDS OF VIOLENCE & DEATH. BE CAUTIOUS!,” he wrote.

Trump has a history of firing off heated tweets that seem to quickly escalate long-standing disputes with leaders of nations at odds with the U.S.

In the case of North Korea, the public war of words cooled quickly and gradually led to the high profile summit and denuclearization talks.

On Sunday in California, Secretary of State Mike Pompeo was strongly critical of Iran.

He called the religious leaders of Iran “hypocritical holy men” who amassed vast sums of wealth while allowing their people to suffer, part of a highly critical broadside issued as the republic approached the 40th anniversary of its Islamic revolution and the U.S. prepared to reimpose the economic sanctions.

In a speech at the Ronald Reagan Presidential Library and Museum, Pompeo castigated Iran’s political, judicial and military leaders, too, accusing several by name of participating in widespread corruption. He also said the government has “heartlessly repressed its own people’s human rights, dignity and fundamental freedoms.”

He said despite poor treatment by their leaders, “the proud Iranian people are not staying silent about their government’s many abuses,” Pompeo said.

“And the United States under President Trump will not stay silent either. In light of these protests and 40 years of regime tyranny, I have a message for the people of Iran: The United States hears you,” he said. “The United States supports you. The United States is with you.”

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Elizabeth Warren: Americans would be ‘eating dirt’ without ‘rules’ to rein in ‘rich’ people

Sen. Elizabeth Warren told Americans this week that she is a staunch supporter of free markets — provided “rules” are crafted to control “the rich and powerful.”

The Massachusetts Democrat told MSNBC that low unemployment and high consumer confidence should not fool voters into thinking the economy is strong because the nation’s “lived experience” has plateaued or worsened under President Trump.

“I believe in markets right down to my toes,” she said when asked why democratic socialists are stars within the party. “But I also believe markets have to have rules. Otherwise rich and powerful just keep sucking up all the value and everybody else ends up eating dirt. … I think that big parts of this economy are not working for the American people.”

The senator then said that corporations “don’t share” with employees when they are doing well.

“The way I see this, is the lived experiences of most hard-working Americans across this country are not improving under the Trump administration,” she told anchor Stephanie Ruhle on Thursday. “What’s happening to them is they’re still stuck with flat incomes and rising core expenses. And the Trump administration is helping drive up those expenses.”

Mrs. Warren then blasted the Trump administration for enabling “for-profit colleges that cheat our young people.”

The senator declined to give credence to rumors that she might run for president in 2020. She wrapped up the segment instead by talking about her re-election campaign.

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