YCLOAK

Ford Motor Co. and a Chinese automaker said Tuesday they are looking into setting up a joint venture to develop and manufacture electric cars in China.

 

Ford’s potential venture with Anhui Zotye Automobile Co. adds to the global auto industry’s rising activity in electric vehicles for China, which passed the United States last year as the biggest market for them.

 

Chinese planners who see electrics as a promising industry and a way to clean up smog-choked cities are pushing automakers to speed up development.

 

Ford previously said it plans to offer electric versions of 70 percent of its models in China by 2025.

 

Privately owned Zotye Auto, headquartered in the eastern city of Huangshan, produces its own electric vehicles and said sales in the first seven months of this year rose 56 percent over the same period of 2016 to 16,000.

 

“This presents us with an exciting opportunity to leverage each other’s strengths,” Zotye chairman Jin Zheyong said in a joint statement.

 

Sales of pure-electric and gasoline-electric hybrids in China rose 50 percent last year over 2015 to 336,000 vehicles, or 40 percent of global demand. U.S. sales totaled 159,620.

 

Beijing has supported sales with subsidies and a planned quota system that would require automakers to produce electric cars or buy credits from companies that do.

 

Ford said it expects China’s market for all-electrics and hybrids to grow to annual sales of 6 million by 2025.

 

Volvo Cars announced plans this year to make electric cars in China for global sale starting in 2019. General Motors Co., Volkswagen AG, Nissan Motor Co. and others also have announced plans to make electric vehicles in China.

 

 
…

Ford Tuesday became the latest carmaker to launch a car scrappage scheme in Britain, joining the likes of BMW and Mercedes-Benz, after months of procrastination from the government over whether to begin a national program.

The U.S. automaker is offering customers a 2,000 pound ($2,580) discount off a range of Ford models when they trade in vehicles registered before the end of 2009.

BMW, Mercedes-Benz and Vauxhall, the British version of the Opel brand sold on the continent, have all launched similar schemes in recent weeks to incentivize motorists to reduce emissions by replacing their gas-guzzling models with greener cars.

The plans come after Britain delayed in July a decision over whether to introduce a nationwide or targeted vehicle scrappage scheme, with a consultation due to take place later this year, despite worries over emissions levels.

“Ford shares society’s concerns over air quality,” its managing director in Britain Andy Barratt said Tuesday.

“Removing generations of the most polluting vehicles will have the most immediate positive effect on air quality.”

Car sales slowing

Ford, BMW, Vauxhall and Mercedes sell around 1 million cars in Britain, more than a third of all new car registrations.

The scrappage schemes will help support sales at a time when demand for new cars is beginning to slide substantially for the first time in around six years.

In July, new car registrations fell for the fourth consecutive month, hit by a number of factors including uncertainty over Brexit and lack of clarity over future government plans around new levies on diesel models.

Britain’s last government-backed scrappage scheme came in the wake of the financial crisis and ran for nearly a year from mid-2009, helping to support the car sector, which had been hit by nose-diving sales.
…

The U.S. Air Force has awarded Boeing and Northrop Grumman separate contracts to continue work on the replacement of the aging Minuteman III intercontinental ballistic missile system, the Pentagon said on Friday.

Though the award for the new Ground-Based Strategic Deterrent (GBSD) comes amid rising tensions with North Korea, the Air Force had asked the defense industry last summer for proposals to replace the aging ICBM system and its nuclear cruise missiles as the military moved ahead with a costly modernization of its aging atomic weapons systems.

“The Minuteman III is 45 years old. It is time to upgrade,” Air Force Chief of Staff General David Goldfein said in a statement on Monday.

Northrop Grumman was awarded $328 million, and Boeing $349 million over the three-year contract.

A milestone contract

The relatively small award is a milestone that would allow Boeing and Northrop to continue parallel detailed development and prototyping for the Minuteman replacement. The Pentagon’s office of Cost Assessment and Program Evaluation (CAPE) has said the total could cost the United States $85 billion. The Air Force has estimated $62 billion.

Lockheed Martin Corp, Northrop and Boeing were all competing for the contract which is needed to perform the three-year technology maturation and risk reduction (TMRR) phase of Minuteman replacement.

A Lockheed representative said the company was “disappointed” and looked “forward to a debrief about the selection.”

Boeing’s Strategic Deterrence Systems Director, Frank McCall, said in a statement, “Since the first Minuteman launch in 1961, the U.S. Air Force has relied on our technologies for a safe, secure and reliable ICBM force.” Boeing provided the Minuteman III missile for the current ground-based nuclear ICBM system.

Northrop Grumman’s chief Wes Bush said in a statement, “We look forward to the opportunity to provide the nation with a modern strategic deterrent system that is secure, resilient and affordable.”

‘Moving forward’

Secretary of the Air Force Heather Wilson said, “We are moving forward with modernization of the ground-based leg of the nuclear triad.”

Modernization of the U.S. nuclear force was expected to cost more than $350 billion over the next decade. The United States plans to replace its aging systems, including bombs, nuclear bombers, missiles and submarines. Some analysts estimated the cost at $1 trillion over 30 years.

“Our missiles were built in the 1970s. Things just wear out, and it becomes more expensive to maintain them than to replace them,” Wilson said.

 
…

Senate Majority Leader Mitch McConnell says there is “zero chance” Congress will allow the country to default on its debts by voting to not increase the borrowing limit.

 

McConnell’s comments came Monday during a joint appearance in his home state of Kentucky with U.S. Treasury Secretary Steven Mnuchin. It was one of McConnell’s first public appearances since President Donald Trump publicly criticized him for failing to pass a repeal and replacement of former President Barack Obama’s health care law.

 

McConnell did not mention Trump in his remarks, and he did not take questions from reporters after the event. But in response to a question about where he gets his news, McConnell said he reads a variety of sources, including The New York Times.

 

“My view is most news is not fake,” McConnell said, which appeared to be a subtle rebuke of one of Trump’s favorite phrases. “I try not to fall in love with any particular source.”

 

The government has enough money to pay its bills until Sept. 29. After that, Congress would have to give permission for the government to borrow more money to meet its obligations, including Social Security and interest payments.

McConnell sought to calm a crowd of nervous business leaders by interjecting at the end of Mnuchin’s answer to a question about what would happen if lawmakers did not increase the borrowing limit.

 

“Let me just add, there is zero chance, no chance, we won’t raise the debt ceiling,” McConnell said. “America is not going to default.”

 

Addressing the country’s borrowing limit will be the most pressing issue when lawmakers return to Washington following their August recess. After that, Republicans will likely turn their attention to overhauling the nation’s tax code.

 

McConnell said Congress is unlikely to repeal a pair of Obama-era laws most hated by conservatives. While negotiations about health care are ongoing, McConnell said the path forward is “somewhat murky.” And he said it would be “challenging” to lift the restrictions placed on banks following the 2008 financial crisis, known as “Dodd-Frank.”

 

On tax reform, McConnell said the only thing lawmakers won’t consider eliminating are deductions on mortgage interest and charitable deductions.
…

Wisconsin Assembly Democratic Leader Peter Barca was branded as failing “on all accounts” by a fellow Democrat who was “incredibly frustrated and concerned” with his actions after Barca joined Republicans in voting for a $3 billion tax incentive package for Foxconn Technology Group.

 

Emails obtained by The Associated Press show that Democratic state Rep. Lisa Subeck of Madison spelled out her grievances to Barca on Friday, the day after the Assembly passed the incentive package backed by Republicans designed to attract Foxconn to build a massive display panel factory in the state.

Barca was one of three Democrats to vote for the measure Thursday, with 28 Democrats against. Barca, of Kenosha, and the other Democrats who voted for it represent southeast Wisconsin, near where Foxconn plans to build a factory that could employ thousands. Reps. Cory Mason of Racine and Tod Ohnstad of Kenosha joined Barca and 56 Republicans in voting for the bill; two Republicans joined all other Democrats in opposition.

 

Most Democrats were outspoken in their opposition to the measure, branding it as a corporate welfare giveaway that also puts Wisconsin’s environment in jeopardy because of requirements that would be waived to speed construction of the plant that could open as soon as 2020.

 

Barca tried to walk a line, criticizing the process of quickly acting on the bill and saying that more improvements could be made to protect taxpayers, Wisconsin businesses and the environment. But ultimately he said he supported the incentive package because of the backing it has from people in his district.

 

Subeck, in an email sent to all Assembly Democrats obtained by the AP, accused Barca of failing “on all accounts” to differentiate his views on Foxconn with that of the rest of Democrats who voted against the measure. She was particularly upset with Barca for holding an impromptu news conference in the Assembly parlor, right around the corner from his office, shortly after the evening vote Thursday.

 

“I am also concerned that the message you conveyed,” Subeck wrote. “It seems you were trying to justify your own vote rather than share the caucus perspective consistent with our agreed upon message.”

 

She said that Barca’s public comments “have not been consistent with the majority position of the caucus and have served counter to our interest.”

 

Barca wrote in response that he hadn’t planned to have a news conference but after the Thursday vote “we had one outlet in particular that was very aggressive and several others that wanted to talk.” Barca said his staff asked the reporters to move to the nearby parlor, where he and Assistant Majority Leader Dianne Hesselbein of Middleton and Rep. Mark Spreitzer of Beloit answered questions.

 

Barca did not address her concerns about what he actually said.

 

Barca spokeswoman Olivia Hwang said in an email that it was known Democrats had different opinions on the Foxconn bill and he supports efforts to oppose legislation they believe is wrong for their district or the state.

 

Barca does not plan to testify at a public hearing Tuesday in Racine on the bill, she said. Subeck raised concerns in her email about Barca testifying at the hearing scheduled for near where the plant may locate.
…

Venezuelan President Nicolás Maduro says new measures will be rolled out this week to combat economic speculation in the crisis-ridden country.

 

In an interview distributed via state-run media Sunday, Maduro said he was working with a “special commission” of the new, pro-government Constituent Assembly to clamp down on price gouging.

 

The commission is “going to announce a set of actions so that the maximum price of the products is respected,” Maduro said, without providing details. He also warned that “very severe justice” would “shake the society.”

​Venezuelans constantly complain of scarcity of food, medicine and personal hygiene products — and of outrageous prices amid soaring inflation.

The currency has shriveled in value, down from eight bolivars to the dollar in 2010 to more than 8,000 bolivars last month, as CNN Money recently pointed out. A single-serve bottle of water can cost about 1,200 bolivars.

 

Maduro previously declared a war on speculation in 2013, according to the Washington Office on Latin America. 

Carlos Larrazabal, president of Fedecamaras, a union representing Venezuela’s business sector, accused the socialist administration of trying to smother private enterprise.

 

“The government has a political agenda. Instead of correcting problems of supply and production,” the Constituent Assembly has “deepened” Venezuela’s crisis, Larrazabal said in an interview Sunday with Caracas television station Televen.

The assembly declared on Friday that it would wrest legislative power from the opposition-led National Assembly, a move denounced by many in Venezuela and beyond. The United States does not recognize the Constituent Assembly as valid.

 

Larrazabal said Venezuela is suffering “the consequences of bad economic policy, with an exchange mechanism that is not transparent, which does not allow raw materials” into the country. He also complained of price controls.

 

The archbishop of Caracas, Jorge Urosa Savino, recently reiterated his call to the Maduro government to ease Venezuelans’ suffering. He said the Roman Catholic Church has repeatedly urged the opposition “to defend the rights of the Venezuelan people.”

This article originated with VOA’s Spanish service.

 
…

China’s Great Wall Motor Co Ltd is interested in bidding for Fiat Chrysler Automobiles (FCA), a company official said on Monday, confirming earlier reports that it is pursuing all or part of the owner of brands including Jeep and truckmaker Ram.

There has been speculation over Chinese interest in FCA since Automotive News reported last week that an unidentified “well-known Chinese automaker” made an offer earlier this month, triggering a jump in FCA’s Milan-listed shares.

“With respect to this case, we currently have an intention to acquire. We are interested in (FCA),” an official at Great Wall Motor’s press relations department, who declined to give his name, told Reuters by telephone. He gave no further details.

FCA Chief Executive Sergio Marchionne is seeking a partner or buyer for the world’s seventh-largest automaker to help it manage rising costs, comply with emissions regulations and develop technology for electric and self-driving cars.

An acquisition by Great Wall Motor would be audacious, and one of China’s highest profile manufacturing deals to date.

Earlier on Monday, two people familiar with the matter said Great Wall Motor had asked for a meeting with FCA, with the aim of making an offer for all or part of the Italian-American auto group. Also on Monday, citing an email from Great Wall Motor President Wang Fengying, Automotive News reported that Great Wall Motor had contacted FCA to express interest specifically in the Jeep brand.

The industry publication cited a Great Wall Motor spokesman confirming interest, but saying the Chinese automaker had not made a formal offer or met with FCA’s board.

“Our strategic goal is to become the world’s largest SUV maker,” Automotive News quoted the spokesman as saying, referring to sport utility vehicles. “Acquiring Jeep, a global SUV brand, would enable us to achieve our goal sooner and better (than on our own).”

FCA shares rose 3.9 percent to 11.12 euros in early Milan trading, outperforming a flat market. Great Wall Motor shares were up almost 3 percent in Shanghai.

FCA was not immediately available to comment on interest in the group. Earlier, officials declined to comment on the earlier Automotive News report focused on Jeep.

“Jeep is the most logical choice since (Great Wall) wants to be the largest SUV maker in the world,” said Yale Zhang, head of Shanghai-based consultancy Automotive Foresight.

Ram could be an option, but “the Jeep brand is recognized globally. I think Great Wall Motor is eyeing a global strategy, not just the United States,” Zhang added.

A move for FCA or one of its main brands, if successful, would allow Great Wall Motor to accelerate a planned push into the U.S. market, the two people familiar with the matter told Reuters.

They said Great Wall Motor had been making plans for some time to enter the U.S. market, mainly by upgrading some of its key products and improving branding.

The company earlier this year officially launched a new “Wei” brand of potentially U.S.-market ready vehicles. Wei is the last name of Great Wall Motor founder and chairman Wei Jianjun.
…

The founder of a Chinese luxury online retailer has been extradited from Indonesia to face charges his company smuggled goods into China by having travelers pretend they were personal belongings, news reports said Monday.

Ji Wenhong of Xiu.com joins a growing number of Chinese fugitives who are being returned from abroad to face charges of corruption or financial misconduct.

Ji faces charges of smuggling goods worth a total of 438 million yuan ($65.5 million) into China while failing to report their true value, the news reports said, citing government officials.

The reports said Ji was accused of arranging for his company to buy designer clothing from Europe and the United States and have it shipped to Hong Kong. They said the company arranged for travelers to carry it to the mainland in their baggage, avoiding import duties.

Ji left China in May 2016 after being charged with smuggling, according to the China Daily newspaper. He was returned Saturday by Indonesian authorities.

In a statement, Xiu.com said some individuals at the company were under investigation but didn’t mention Ji. It said the company was operating normally.
…

The port of Tripoli in northern Lebanon wants the world to know it’s ready for business.

 

British safety managers are training local hires to operate heavy machinery and Chinese technicians are running diagnostics on two new container cranes that tower over the harbor, just 28 kilometers (18 miles) from the Syrian border.

 

After six years of civil war in Syria, markets across the Middle East are anticipating a mammoth reconstruction boom that could stimulate billions of dollars in economic activity. Lebanon, as Syria’s neighbor, is in prime position to capture a share of that windfall and revive its own sluggish economy.

 

Battles still rage in Syria’s north and east, and in pockets around the capital, Damascus, but the survival of President Bashar Assad’s government now appears beyond doubt.

 

That is introducing an element of stability into forecasts not seen since 2011, when the war broke out. The Damascus International Fair, a high-profile annual business event before the war, opened on Thursday evening for the first time since war broke out. The 10-day event kicked off with much fanfare, with participants from 43 countries and hundreds of attendees.

 

The World Bank estimates the cost to rebuild Syria at $200 billion.

 

For Lebanon, that could be just the stimulus it needs — the tiny Mediterranean country’s growth rate has hovered around 1.5 percent since 2013. And though the capital, Beirut, has grown visibly richer over the years, Tripoli and the impoverished north have lagged behind.

“Lebanon is in front of an opportunity that it needs to take very seriously,” said Raya al-Hassan, a former finance minister from northern Lebanon who now directs the Tripoli Special Economic Zone project that’s planned to be built adjacent to the port.

 

Ahmad Tamer, the port manager, estimates Syria’s reconstruction will create a demand for 30 million tons of cargo capacity annually.

 

Syria’s chief ports, Tartous and Latakia, also on the Mediterranean Sea, have a combined capacity of 10 to 15 million tons, he says. He wants Tripoli port to be ready to step in for a portion of the rest.

 

“We could provide up to 5 or 6 or 7 million tons,” he says.

 

The port is nearing the completion of the first phase of an expansion project first drawn up in 2009, then revised with an eye on Syria in 2016. Capital investment has reached around $400 million, according to the port manager.

 

On a map, Tamer pointed to a vacant quadrant where preparations are underway to build silos to hold grain destined for regional markets.

 

Syria’s conflict has decimated its food production, which included an average of 4.1 million tons of wheat annually before the war, according to the U.N.’s Food and Agriculture Organization.

 

In 2017, it managed to produce just 1.8 million tons.

 

Lebanon’s businessmen and politicians have always maintained close relations with Syrian counterparts. Syria is among Lebanon’s largest trade partners, and arguably its most reliable supplier of cheap labor. Lebanon, in exchange, is the banker to many of Syria’s enterprises and its wealthy elites.

 

These ties give Lebanon — and Tripoli in particular — an edge over competitors vying for the Syrian market.

 

The city’s location is also attracting foreign investment. Tripoli port signed a 25-year lease with the Emirati port operator Gulftainer in 2013, to manage and invest in the terminal.

 

“Our aim was to invest here in anticipation of Syria’s reconstruction,” said Ibrahim Hermes, the CEO of Lebanon’s subsidiary of Gulftainer.

 

Lebanon is now a fixture on itineraries of prospective investors. Hermes said he has seen delegations arriving from Europe, Asia and especially China, to scope out trade opportunities.

Before the war in Syria, goods coming through Lebanon’s ports used to transit as far afield as Iraq — saving ships from having to take the sea journey through the Suez Canal and around the Arabian Peninsula.

There is talk now that Tripoli could even be a terminal in China’s trillion-dollar new “Silk Road” project, carving a trade route from east Asia to Europe.

 

The Chinese firm Qingdao Haixi Heavy-Duty Machinery Co. sold the two 28-story container cranes now at the port. Safety signs inside the structures are posted in English and Mandarin.

 

“Tripoli can be a main transshipment hub for the eastern Mediterranean,” said Ira Hare, a sunburned British manager working for Gulftainer.

 

Lebanon has officially sought “dissociation” from the Syrian war so as not to fuel rancor among political parties split between those aligned with Damascus and those against it.

 

But there is also an air of inevitability about the re-normalization of relations, as Assad looks, for the short-term at least, to stay on in power.

 

Syria’s chief champion in Lebanon, the militant Hezbollah group, which is fighting alongside Assad’s forces, evinces little doubt.

 

“Our national interest is for the border between Lebanon and Syria to be open … because, tomorrow the routes will open to Iraq and to Jordan and we want to be able to transport Lebanese goods,” Hezbollah’s leader, Hassan Nasrallah, said in a speech this week.

 

A Hezbollah minister, Hussein Hajj Hussein, is one of two Cabinet ministers headed to Syria this week in a highly controversial visit, the first since the start of the war. Prime Minister Saad Hariri, an Assad critic, said the visit did not have government backing.

 

Damascus also knows it will be brought back in from the cold.

 

The Damascus International Fair, which promises to attract investors from Russia, China, Iran, and other places, is a telling indicator of the mood in the Syrian capital.

 

Europe and the United States are hesitant to finance the reconstruction projects so long as Assad, a pariah to the West, remains in power. But Russia, China, and Iran, as well as investors in Lebanon and the Middle East, are showing no signs of hesitation.

 

“As soon as there is a political agreement to end the war, we will be among the first countries to play a role in reconstruction,” said al-Hassan, the former finance minister.
…

The United States, Canada and Mexico wrapped up their first round of talks on Sunday to revamp the NAFTA trade pact, vowing to keep up a blistering pace of negotiations that some involved in the process said may be too fast to bridge deep differences.

In a joint statement issued at the end of five days of negotiations in Washington, the top trade officials from the three countries said Mexico would host the next round of talks from Sept. 1 to 5.

The talks will move to Canada later in September, then return to the United States in October, with additional rounds planned for later this year, U.S. Trade Representative Robert Lighthizer, Mexican Economy Minister Ildefonso Guajardo and Canadian Foreign Minister Chrystia Freeland said.

“While a great deal of effort and negotiation will be required in the coming months, Canada, Mexico and the United States are committed to an accelerated and comprehensive negotiation process that will upgrade our agreement,” the officials said.

One person directly involved in the talks described the schedule as exceedingly fast, given that past trade deals took years to negotiate.

The three countries are trying to complete a full modernization of the 23-year-old North American Free Trade Agreement by early 2018, before Mexico’s national election campaign starts.

U.S. President Donald Trump has threatened to scrap NAFTA without major changes to reduce U.S. goods trade deficits with its North American neighbors, describing it as a disaster that cost Americans hundreds of thousands of manufacturing jobs.

The joint statement said the three countries made “detailed conceptual presentations” across the scope of NAFTA issues and began work to negotiate some of the agreement’s texts, although it did not provide details on the topics.

Negotiating teams “agreed to provide additional text, comments or alternate proposals during the next two weeks,” ahead of the Mexico round.

Not All Cards on the Table

The source involved in the talks, who was not authorized to speak publicly, said there had been no drama as the three countries exchanged proposals.

Not all cards were put on the table, the source added, saying that during four four-hour sessions on rules of origin, the United States did not reveal its proposed targets for boosting North American and U.S. content for the automotive sector.

Lighthizer had made clear that strengthening rules of origin was one of his top priorities.

“The instructions that the groups received are clear: Work and work fast,” said a second person participating in the talks.

“This is not a negotiation like others we’ve been in. “We will not sacrifice the substance of a negotiation to meet a schedule,” added the source, who was not authorized to speak publicly about the talks. Trade experts have consistently said that the schedule is

far too ambitious, given the amount of work and differences on key issues.

“It’s hard to imagine how they can do something very substantive and do it very quickly. It’s almost as if you can have one or the other. You can have it quick, or you can have it meaningful,” said John Masswohl, director of government relations at the Canadian Cattlemen’s Association.
…

Add next week’s total eclipse of the sun to the list of worker distractions that cost U.S. companies hundreds of millions of dollars in lost productivity.

American employers will see at least $694 million in missing output for the roughly 20 minutes that outplacement firm Challenger, Gray & Christmas estimates workers will take out of their workday on Monday, Aug. 21 to stretch their legs, head outside the office and gaze at the nearly two-and-a-half minute eclipse.

And 20 minutes is a conservative estimate, said Andy Challenger, vice president at the Chicago-based firm. Many people may take even longer to set up their telescopes or special viewing glasses, or simply take off for the day.

“There’s very few people who are not going to walk outside when there’s a celestial wonder happening above their heads to go out and view it,” Challenger said, estimating that 87 million employees will be at work during the eclipse.

To get the overall figure of nearly $700 million, Challenger multiplied that by the Bureau of Labor Statistics’ latest estimate for average hourly wages for all workers 16 and over.

Just as the Earth is a mere speck in the universe, however, Challenger said this is still a small sum.

“Compared to the amount of wages being paid to an employee over a course of a year, it is very small,” Challenger said. “It’s not going to show up in any type of macroeconomic data.”

It also pales when compared with the myriad other distractions in the modern workplace, such as the U.S. college basketball championship known as March Madness, the recent U.S. shopping phenomenon called Cyber Monday and the Monday after the Super Bowl.

During the opening week of March Madness, the firm estimated employers experienced $615 million per hour in lost productivity as people watched games and highlights, set up pool brackets and avidly tracked their standings rather than performed actual work.

The Monday after the Super Bowl, meanwhile, resulted in an estimated $290 million in lost output for every 10 minutes of the workday spent by workers discussing the game or watching game highlights and re-runs of their favorite Super Bowl commercials.

And Cyber Monday on the heels of the U.S. Thanksgiving holiday at the start of the annual holiday shopping season resulted in $450 million in lost productivity for every 14 minutes spent shopping, not working.

Events like this are likely to have an outsized effect on smaller companies, Challenger said. When their workers are absent, small firms may not have sufficient coverage from coworkers, especially in the current tight labor market where it is hard to find skilled workers.

“When three or four people are missing from an office of 15, it’s a lot more disruptive,” Challenger said.

EVENT AMOUNT IN LOST PRODUCTIVITY

Total Eclipse:   $694 million for the 20 minutes it takes to go outside and watch the eclipse

Cyber Monday:   $450 million for every 14 minutes spent

shopping

March Madness:   $615 million for each hour spent on March Madness activities

Super Bowl:   $290 million for every 10 minutes lost

discussing the game

Fantasy Football:   $990 million for each hour of work time

spent on Fantasy Football

 

 
…

Brexit minister David Davis called on the European Union on Sunday to relax its position that the two sides must first make progress on a divorce settlement before moving on to discussing future relations.

After a slow start to negotiations to unravel more than 40 years of union, Britain is pressing for talks to move beyond the divorce to offer companies some assurance of what to expect after Britain leaves the EU in March 2019.

This week, the government will issue five new papers to outline proposals for future ties, including how to resolve any future disputes without “the direct jurisdiction of the Court of Justice of the European Union (ECJ)”, Davis said.

“I firmly believe the early round of the negotiations have already demonstrated that many questions around our withdrawal are inextricably linked to our future relationship,” Davis wrote in the Sunday Times newspaper.

“Both sides need to move swiftly on to discussing our future partnership, and we want that to happen after the European Council in October,” he wrote, saying the clock was ticking.

EU officials have said there must be “sufficient progress” in the first stage of talks on the rights of expatriates, Britain’s border with EU member Ireland and a financial settlement before they can consider a future relationship.

That has frustrated British officials, who say that until there has been discussion of future ties, including a new customs arrangement and some way of resolving any future

disputes, they cannot solve the Irish border issue or financial settlement, two of the more difficult issues in the talks.

“There are financial obligations on both sides that will not be made void by our exit from the EU,” Davis wrote. “We are working to determine what these are – and interrogating the basis for the EU’s position, line by line, as taxpayers would expect us to do.”

He said the Brexit ministry would “advance our thinking further” with the new papers next week.

On the role of the ECJ, Davis said Britain’s proposals would be based on “precedents” which do not involve the “direct jurisdiction” of the court, which is hated by many pro-Brexit ministers in the governing Conservative Party.

EU officials say the court should guarantee the rights of EU citizens living or working in Britain after Brexit.

“Ultimately, the key question here is how we fairly consider and solve disputes for both sides,” Davis wrote.

 
…