COPIAGUE, NY - A Lindenhurst man was arrested after he was caught recklessly driving an ATV on Sunrise Highway in Copiague on Saturday evening, according to Suffolk Police.
BEIJING: While Huawei’s founder brushes aside a US ban against his company, the telecom giant’s employees have been less sanguine, confessing fears for their future in online chat rooms.
Huawei CEO Ren Zhengfei declared this week the company has a hoard of microchips and the ability to make its own in order to withstand a potentially crippling US ban on using American components and software in its products.
“If you really want to know what’s going on with us, you can visit our Xinsheng Community,” Ren told Chinese media, alluding to Huawei’s internal forum partially open to viewers outside the company.
But a peek into Xinsheng shows his words have not reassured everyone within the Shenzhen-based company.
“During difficult times, what should we do as individuals?” posted an employee under the handle Xiao Feng on Thursday.
“At home reduce your debts and maintain enough cash,” Xiao Feng wrote.
“Make a plan for your financial assets and don’t be overly optimistic about your remuneration and income.”
This week Google, whose Android operating system powers most of the world’s smartphones, said it would cut ties with Huawei as a result of the ban.
Another critical partner, ARM Holdings — a British designer of semiconductors owned by Japanese group Softbank — said it was complying with the US restrictions.
“On its own Huawei can’t resolve this problem, we need to seek support from government policy,” one unnamed employee wrote last week, in a post that received dozens of likes and replies.
The employee outlined a plan for China to block off its smartphone market from all American components much in the same way Beijing fostered its Internet tech giants behind a “Great Firewall” that keeps out Google, Facebook, Twitter and dozens of other foreign companies.
“Our domestic market is big enough, we can use this opportunity to build up domestic suppliers and our ecosystem,” the employee wrote.
For his part, Ren advocated the opposite response in his interview with Chinese media.
“We should not promote populism; populism is detrimental to the country,” he said, noting that his family uses Apple products.
Other employees strategized ways to circumvent the US ban.
One advocated turning to Alibaba’s e-commerce platform Taobao to buy the needed components. Another dangled the prospect of setting up dozens of new companies to make purchases from US suppliers.
Many denounced the US and proposed China ban McDonald’s, Coca-Cola and all-American movies and TV shows.
“First time posting under my real name: we must do our jobs well, advance and retreat with our company,” said an employee named Xu Jin.
The tech ban caps months of US effort to isolate Huawei, whose equipment Washington fears could be used as a Trojan horse by Chinese intelligence services.
Still, last week Trump indicated he was willing to include a fix for Huawei in a trade deal that the two economic giants have struggled to seal and US officials issued a 90-day reprieve on the ban.
In Xinsheng, an employee with the handle Youxin lamented: “I want to advance and retreat alongside the company, but then my boss told me to pack up and go,” followed by two sad-face emoticons.
Memorial Day unofficially kicks off the warm-weather season. However, if you need last minute supplies for the holiday weekend, you should know that not every store or restaurant stays open.
We gathered information on what’s open and closed on Memorial Day this year to help you have the best three-day weekend. And because the holiday honors those who have died while serving in our armed forces, the list below includes deals for veterans available at restaurant chains throughout America.
Here’s what’s open on Memorial Day 2019 — and what’s closed.When is Memorial Day 2019?
This year, Memorial Day is on Monday, May 27, though many people like to celebrate all weekend with parades, sales and parties. This holiday falls on the last Monday in May each year to honor those who have died while serving in the American armed forces.
Yes, Memorial Day is federal holiday. That means many services like USPS, FedEx and UPS, most banks, the stock exchange and schools are closed.What stores are open on Memorial Day 2019?
Home Depot stores will be open for regular business hours. Veterans and active duty military personnel will get 10% off.
Sears stores will be open for regular business hours.
Kmart stores will be open during regular business hours.
Lowe’s stores will be open for regular business hours and will offer deals on household appliances, outdoor decor and gardening supplies.View this post on Instagram
Today is the day for doing. Share your spring projects by tagging @homedepot. 📷: @jadestrr
A post shared by The Home Depot (@homedepot) on May 5, 2019 at 10:33am PDT
Macy’s stores will be open during regular business hours, though some stores will operate with modified hours.
CVS stores will be open during regular business hours.
Rite Aid stores will be open during regular business hours.
Sam’s Club stores will be open with modified business hours for members from 7a.m. to 6p.m.What stores are closed on Memorial Day 2019?
Many stores will not be closed Memorial Day because it is a big day for sales before summer starts. However, one of the big retail favorites, Costco, will not be open on Memorial Day 2019. So if you need bulk items, make sure to get them the day before.What restaurants are open on Memorial Day 2019?
Olive Garden restaurants will be open for regular business hours.
Panera Bread restaurants will be open during regular business hours.
Red Lobster restaurants will be open during regular business hours. The chain will also offer a special Cedar-Plank Seafood event and deals on gift cards.View this post on Instagram
It's #CedarPlankSeafood time at Red Lobster! 🍤🦞🔥
A post shared by Red Lobster (@redlobster) on May 3, 2019 at 1:32pm PDT
Denny’s restaurants will be open during regular business hours.
Chipotle restaurants will be open for regular business hours.
Buffalo Wild Wings restaurants will be open for regular business hours.
Cheesecake Factory restaurants will be open during regular business hours.
Waffle House restaurants will be open for regular business hours.
Del Taco restaurants will be open for regular business hours.
Outback Steakhouse restaurants will be open during regular business hours. The chain will also offer their regular 10% off for service members and emergency medical service members.
Chick-fil-A restaurants will be open during regular business hours and select locations will be honoring our fallen servicemen and women with a ‘Missing Man Table’.View this post on Instagram
In memory of many, in honor of all ❤️ Thank you to the brave men and women who have sacrificed for our freedom! 🇺🇸 #cfacf #missingmantable #memorialday
A post shared by Constant Friendship CFA (@chickfilaconstantfriendship) on May 28, 2018 at 8:07am PDT
Where can veterans eat for free on Memorial Day 2019?
Texas de Brazil restaurants will offer a Heroes discount of 20% for service members, emergency medical service people and teachers.
Twin Peaks restaurants let veterans eat for free from a select menu on Memorial Day at their locations.
Because these restaurants are franchise owned businesses, please check local restaurant for availability on Memorial Day for the restaurants below.
Ruth’s Chris Steakhouse
BEIRUT: The Lebanese draft state budget for 2019 is the start of a “long road” and shows Lebanon is determined to tackle public sector waste, Prime Minister Saad Al-Hariri said, after his unity cabinet wrapped up marathon talks on the plan.
The budget finalized by the government on Friday cuts the deficit to 7.5% of GDP from 11.5% in 2018. It is seen as a critical test of Lebanon’s will to launch reforms that have been put off for years by a state riddled with corruption and waste.
“The 2019 budget is not the end. This budget is the beginning of a long road that we decided to take in order to lead the Lebanese economy to safety,” Hariri said in a speech at a Ramadan iftar meal on Saturday.
Lebanon’s bloated public sector is its biggest expense, followed by the cost of servicing a public debt equal to some 150% of GDP, one of the world’s heaviest debt burdens.
The government, which groups nearly all of Lebanon’s main political parties, met 19 times to agree on the budget. Hariri said the budget for 2020 would not take that much time “because now we know what we want to do.”
“The 2019 budget is the beginning of the process of what we want to do in 2020, 2021, 2022 and 2023,” he said, according to a transcript of his remarks sent by his office.
The cabinet is due to meet on Monday at the presidential palace to formally seal the process before the budget is referred to parliament.
The budget could help unlock some $11 billion in financing pledged at a Paris donors’ conference last year for infrastructure investment, if it wins the approval of donor countries and institutions.
Hariri said the budget was a message to the Lebanese, financial markets and friendly foreign states that Lebanon was determined to “address the weakness, imbalance and squander in the public sector.”
Measures to rein in the public sector wage bill include a three-year freeze in all types of state hiring and a cap on extra-salary bonuses. State pensions will also be taxed.
A big chunk of the deficit cut stems from tax increases including a 2% import tax and a hike in tax on interest payments.
The government also plans to cut some $660 million from the debt servicing bill by issuing treasury bonds at a 1% interest rate to the Lebanese banking sector.
Fears the budget would lead to cuts to state salaries, pensions or benefits triggered weeks of strikes and protests by public sector workers and military veterans.
CAIRO: Egypt, the world’s largest wheat importer has bought 2.7 million tons of wheat from its farmers so far this season, the state-owned Al Akhbar newspaper said on Sunday.
Egypt has said it aims to procure 3.6 million tons of wheat from local farmers during the season.
President Donald Trump is tamping down expectations that a significant bilateral trade deal with Tokyo could be struck while he's on his current trip to Japan, according to John Roberts of Fox News. Roberts said on Twitter that Trump had called him from Japan to say that, while weekend talks with Prime Minister Shinzo Abe would address trade, he would delay "really pushing for a deal" till after elections this summer in Japan. See: Golf, steak and a ‘Trump Cup’ sumo event on menu as Japan tailors presidential visit to Trump’s tastes
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
For some, student survival means merely coasting along at university in the hope of bagging a 2.1, as well as invites to as many parties as possible.
For telecoms executive Sam Darwish, however, survival took on a more literal sense, having embarked on his studies in the dying days of the Lebanese civil war.
Teenage life was tough for Darwish, who is now 47 and a US citizen. Growing up in Beirut in the 1980s meant a constant backdrop of violence — “there were many wounded,” he said — plus the daily struggles of putting food on the table and regular electricity blackouts.
But it was this experience that taught Darwish a certain “pragmatism” that he continues to put to use today as chief executive of telecoms company IHS Towers, which has to date raised more than $5.5 billion in funding.
Sitting in the IHS office in London’s plush Mayfair district, Darwish recounted how, when he was a student, his father would give him a small sum of money each day. He could either use it to take public transport to the American University of Beirut campus — or buy lunch, and risk the walk through the war-torn streets.
“Decisions like that make you pragmatic. It makes you solution-orientated. It makes you appreciate what the basics in life are,” said Darwish.
“You need just to survive. You need to find a solution. Electricity would disappear for a few days, then people started charging their batteries in their cars, and at the end of the day remove the battery to put on a light or small TV,” he added.
“It taught me to not take anything for granted. You needed to think and rethink every little thing that exists.”
•47 years old
•US citizen, grew up in Lebanon
•Married, three children based in US
•Bachelor’s engineering degree in computer communications, American University of Beirut
•Network chief engineer, Libancell, Lebanon
•Vice chairman, director of projects, Lintel
•Deputy managing director, CELIA Motophone, Nigeria
•Co-founder, IHS Towers
•Founder, Singularity Investments
•Founder, DAR Properties
This practical attention to detail — along with an awareness of the importance of finance, power and security — are very much required in Darwish’s role today.
IHS Towers’ business model is relatively straightforward: The company buys mobile towers from telecoms companies, or builds them itself, then leases them back to the operators.
Darwish co-founded the company in Nigeria in 2001, and it now has operations in Cameroon, Cote d’Ivoire, Rwanda and Zambia.
Renting out mobile communications towers is hardly the most glamorous of businesses — it is “simple and low profile, we don’t make it flashy,” he said — but the economics stack up.
Selling mobile towers allows telecoms companies to free up cash, while companies such as IHS can rent space on the masts to multiple carriers, which is more efficient. It is a model that Darwish believes the entire industry will one day embrace.
“When (a single operator) owns a tower, often it’s not optimized in terms of the revenue that that tower can get,” he said.
“They end up with hundreds of millions, sometimes billions of dollars on their balance sheet (with) towers (that are) inefficient, and simply depreciating. Sharing means more efficiency, and more margin for everyone.”
There is also a certain advantage to dealing with purely “basic” infrastructure, given the global furor about the security of telecoms networks.
IHS deals with the actual steel masts, rather than the more sensitive communications kit or software they house.
For that reason, it does not face as much scrutiny as a company such as Huawei, the Chinese equipment firm that the US believes poses a security risk.
“There’s a big difference between us and what Huawei does. We’re providers of passive infrastructure,” said Darwish.
“Our towers are simple towers … It’s a location, it’s a tower, it’s power, it’s security — that’s what we provide,” he added.
“But at the end of the day, we’re also part of critical infrastructure for countries … So there’s always the aspect of ‘who are these guys, who are their shareholders, what’s their track record, what’s their governance like?’”
That is partly why Darwish runs IHS as if it was a “a public company by Western standards.” The company’s governance is “very strict,” and its high-profile shareholders include Goldman Sachs (through a special fund), the Singapore sovereign wealth fund GIC, the Korea Investment Corp. and IFC, the private equity arm of the World Bank.
At the end of the day, we’re part of a critical infrastructure for countries.
Such backing — Darwish said IHS has raised between $5.5 billion and $6 billion of capital since it was formed — and governance standards bode well for a potential initial public offering (IPO) of IHS.
The company last year shelved such a plan, but Darwish said it is thinking about “moving ahead” with plans for a listing in New York or London.
“There are hundreds of thousands of towers out there that could be bought, or built, over the next few years … That’s why a potential listing is important to us at some point in time,” he said.
Such a move would potentially expedite the company’s expansion in areas such as the Arabian Gulf, which is currently its “main focus.”
IHS has already struck regional agreements to buy towers from telecoms operators Zain Kuwait and Zain KSA.
Upon completion of those two deals — which are still subject to regulatory approval — the Mauritius-headquartered IHS will have approximately 33,100 towers in its portfolio. It is currently the world’s second-largest independent, multi-country tower operator.
Darwish said Saudi Arabia is “where we’d like to grow,” with IHS recently having obtained a foreign investment license from the General Investment Authority, with plans for an office staffed by 100-200 people.
He cited the economic reforms underway, which include weaning Saudi Arabia off its reliance on oil and encouraging more women into the workplace.
“The Kingdom is going through a transformation now. This transformation is fascinating, and it’s something that needs to be watched very carefully,” he said.
“They’re using this cash they have now to start planning, and start transforming — theaters, entertainment, industries, manufacturing, all these massive investments they’re doing.”
Whilst inhabiting an industry that lacks a certain glam factor, there is something of the “Davos man” about Darwish.
Dressed casually in a designer jacket in his Mayfair office, he explained some of his interests that run parallel to IHS.
He is the founder of Singularity Investments, a private investment firm with a focus on technology and media companies in the US and emerging markets, along with DAR Properties, a property investment company.
Darwish also has a strong interest in corporate social responsibility, having supported incubator programs for aspiring tech entrepreneurs in Lagos, served as a mentor to local business executives, and worked on several health and education projects in Africa.
His personal passion, however, is the IHS Academy, launched one and a half years ago, which offers online education in the field and has seen some 40,000 course completions.
“The training for me is the single most important thing I can give, and it helps us at the end of the day,” said Darwish.
“I personally believe in the power of education — that’s what transformed my life. My father worked three shifts to basically make sure we stayed in the best private schools … He believed in what education can do in transforming lives.”
Darwish’s own studies in Beirut, however, nearly took a different turn. Though he graduated as an engineer in computer communications with “the highest distinction” — setting him out on a 20-year career in telecoms — it was never the path he envisaged.
“I wanted to be a Nobel Prize physicist. (But the university) dean called me, and he was like, ‘no — we need you in engineering’,” Darwish said. “It was just by accident that I became an engineer, but it paid off.”Main category: Business & EconomyTags: businesseconomyInterviewMiddle East INTERVIEW: Lebanese filmmaker Nadine Labaki on heading a Cannes jury and the surprise success of 'Capernaum' in ChinaINTERVIEW: Ahmed Al-Habtoor - portrait of a driven auto executive
RIYADH: Oil prices ended last week with the biggest weekly losses of the year. Brent fell below the $70 psychological barrier to $68.69 a barrel, while WTI dropped under $60 to $58.63.
The market remained under pressure from US stock-build for the third week in a row. But what mostly pushed prices lower was the low speculator activity, amid hesitation to add bets on almost flat price fluctuations.
The direction of oil prices has apparently ignored the tight physical market, amid signs that OPEC+ may extend its output cuts extensions, US sanctions against Iran and Venezuela, and slower Russian exports due to a contamination of some of its crude.
While Iran said it has already resumed oil sales to China, its biggest buyer, tanker tracker data suggests its total exports have plummeted. Iranian exports fell to 500,000 barrels per day or lower in May, more than half the level seen in April, the data suggest. However, Iran needs to keep oil flowing as any suspension would damage its future operations at its aging oil fields.
To keep its operations going as exports slump and sanctions block purchases, Iran has been forced to store more oil on land and at sea.
But that brings myriad problems. Iran’s land storage is very limited due to poor oil infrastructure and logistics that haven’t been developed since the mid-1970s. At sea, it has an aging fleet of ships, and it will face difficulties with insurance and in striking agreements with shipping companies.
(MILWAUKEE) — A Wisconsin judge has ordered Anheuser-Busch to stop suggesting in advertising that MillerCoors’ light beers contain corn syrup, wading into a fight between two beer giants that are losing market share to small independent brewers.
U.S. District Judge William Conley for the Western District of Wisconsin on Friday granted a preliminary injunction sought by MillerCoors that temporarily stops Anheuser-Busch from using the words “corn syrup” in ads without giving more context.
MillerCoors sued its rival in March, saying St. Louis-based Anheuser-Busch has spent as much as $30 million on a “false and misleading” campaign, including $13 million in its first commercials during this year’s Super Bowl.
However, the ruling did not affect all of Anheuser-Busch’s advertising targeting MillerCoors, allowing the commercials that premiered at the Super Bowl to keep airing.
Anheuser-Busch’s ad drew a rebuke from the National Corn Growers Association, which thanked MillerCoors for its support. In its lawsuit, MillerCoors said it’s “not ashamed of its use of corn syrup as a fermentation aid.”
Corn syrup is used by several brewers during fermentation. During that process, corn syrup is broken down and consumed by yeast so that none of it remains in the final product. Bud Light is brewed with rice instead of corn syrup, but Anheuser-Busch uses corn syrup in some of its other beverages, including Stella Artois Cidre and Busch Light beer.
MillerCoors applauded the ruling and said Anheuser-Busch should be trying to grow the beer market, not “destroy it through deceptive advertising.”
“We are pleased with today’s ruling that will force Anheuser-Busch to change or remove advertisements that were clearly designed to mislead the American public,” said MillerCoors CEO Gavin Hattersley.
Anheuser Busch, however, called the ruling a “victory for consumers” because it allows the brand’s “Special Delivery” Super Bowl ad to continue airing.
That ad showed a medieval caravan pushing a huge barrel of corn syrup to castles for MillerCoors to make Miller Lite and Coors Light. The commercial states that Bud Light isn’t brewed with corn syrup. Anheuser Busch said the ad would air as early as this weekend.
“As the number one selling beer in the U.S., Bud Light remains committed to leading the alcohol industry by providing more transparency for consumers including letting them know about the ingredients that are used to brew their beer,” said Cesar Vargas, Anheuser-Busch vice president of legal and corporate affairs.
Judge Conley ordered Anheuser Busch to temporarily stop using advertisements that mention corn syrup without references to “brewed with,” ”made with” or “uses,” or that describe corn syrup as an ingredient in the finished products.
The ruling affects two Bud Light commercials and billboards that describe Bud Light as containing “100 percent less corn syrup” than Miller Lite and Coors Light.
Anheuser Busch said those ads are no longer up and the company had no plans to continue using them.
Judge Conley also denied an Anheuser Busch motion to dismiss the case, saying it was likely to succeed in proving misleading statements and some harm to the reputation of MillerCoors.
Chicago-based MillerCoors and Anheuser-Busch have the biggest U.S. market share at 24.8 percent and 41.6 percent, respectively, but they’ve been losing business in recent years to smaller independent brewers, imports, and wine and spirits, according to the Brewers Association.
MillerCoors maintains Anheuser-Busch is preying on health conscious consumers who have negative connotations of corn syrup, sometimes confusing it with the high-fructose corn syrup in sodas.
The feud threatens to disrupt an alliance between the two companies to work on a campaign to promote the beer industry amid declining sales.
BEIJING: China’s crude oil imports from Saudi Arabia rose 43 percent in April, making the Middle Eastern OPEC kingpin once again the top supplier to the world’s second-biggest economy, boosted by demand from new private refiners.
Saudi imports grew to 6.30 million tons, or 1.53 million barrels per day (bpd) on a daily basis, compared with 1.07 million bpd in the year ago period, according to data from the General Administration of Customs released on Saturday.
Saudi shipments were supported by higher refinery run rates at Hengli Petrochemical Co. Ltd, with production at the 400,000 bpd-capacity refinery in northeast China expected to reach optimal levels in late June. About 70 percent of the feedstock for Hengli came from Saudi Arabia.
Meanwhile Russian supplies were 6.12 million tons, or 1.49 million bpd, up from 1.35 million bpd in April last year.
China in April imported 3.24 million tons of crude oil from Iran, or 789,137 bpd, up from March’s 541,100 bpd, as companies ramped up buying before the scrapping of sanctions waivers the US had granted to big buyers of Iranian oil.
China Petrochemical Corp. (Sinopec Group) and China National Petroleum Corp. (CNPC), the country’s top state-owned refiners, are halting Iranian oil purchases for loading in May, three people with knowledge of the matter said.
Venezuela shipments stood at 1.9 million tons, or 462,813 bpd in April, up 85 percent versus 249,700 bpd in March, while crude imports from Iraq were 3.31 million tons, or 806,372 bpd, down from 904,500 bpd the previous month.
Home rental company Airbnb launched an Arabic version of its global platform this week, in a bid to strengthen its presence in the Middle East and North Africa markets.
The US-based home-sharing company, which has over 70,000 property listings in the region, localized its website and mobile app to allow users to navigate the platforms in Arabic, and also allow them to book and pay in their local currencies.
“We want to inspire more Arabic speaking travelers to explore their favorite destinations through authentic, local stays and Experiences on the Airbnb platform,” Hadi Moussa, Regional Manager Middle East and Africa at Airbnb, said in a release.
“We want to create a true sense of belonging for them by ensuring they can do so in their native language going forward,” she added.Main category: Business & EconomyTags: AirbnbArabic Airbnb will leave West Bank homes listed to settle suits
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