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90smovies · 5 years ago
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Billy Madison
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movieassholes · 7 years ago
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O'Doyle, I've got a feeling your whole family's going down.
The O’Doyle Family - Billy Madison (1995)
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demon-king-balor · 6 years ago
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Hey Finn or Devitt! If you had a big match with a surprise opponent, who would you like it to be? Zack Sabre Jr., Chris Jericho, Adam Cole, Conor McGregor, Pete Dunne, Triple H or Undertaker?
Adam Cole, Pete Dunn, and Undertaker are three i haven't had a chance to lock up with. Well. Adam was very briefly during the rumble, but I'm thinking one on one. While i would love to work with Undertaker i don't think I'll get the chance to, unfortunately. I'd have to go with Adam Cole. - Finn
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freebetalerts-blog · 6 years ago
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League Two Betting: Back Mansfield to end Carlisle's great run
(New post on FreeBetAlerts.com) - https://freebetalerts.com/2019/01/04/league-two-betting-back-mansfield-to-end-carlisles-great-run/ #Football, #Freebets, #Tips
League Two Betting: Back Mansfield to end Carlisle's great run Please share.
David Flitcroft’s automatic promotion hopefuls are likely to overpower John Sheridan’s pretenders, as long as their strikers stay, says Ian Lamont, who tips Morecambe to win at home…
Stags’ strike duo can blunt CumbriansCarlisle [3.2] v Mansfield [2.34]; the draw [3.6]If you are looking for a cracker away from the FA Cup third round this weekend, look no further than Brunton Park, where a pair of League Two’s most in-form teams collide.The Stags are unbeaten in 17 games – a remarkable run in any division. They have 14 points from the six-game table on which I place a fair amount of stall. Carlisle, however, sit one place above them on top of that table, on 15 points.John Sheridan’s men have really got it together in the past month or so, their only defeat in that time an excusable loss to Milton Keynes, who are many people’s favourites to win the division.The Cumbrians have thrown in plenty of goals since that early December defeat, but had hinted at doing so when thrashing Swindon 4-0. Another came along against Colchester, a side who shouldn’t be suffering losses of that magnitude, and then there was that 6-0 mauling of Oldham. Jamie Devitt and Hallam Hope have continued to help Carlisle push into the top seven – and how bunched it looks. Three more points and they could leapfrog Mansfield into third – but only if they won by four goals! I think, however, that even recent scorers Jerry Yates and Jack Sowerby will have quite a bit of difficulty breaking down the Stags’ defence as easily as they did Oldham’s.Danny Grainger, another semi-regular scorer, will probably be too busy at the other end, with Anthony Gerrard and Gary Liddle, against Mansfield’s midfield. Another clean sheet, to add to three in their past six games, will be needed here to win.However, it’s going to be a tall order to overcome David Flitcroft’s men, who have three clean sheets as well in that time, but who have also only conceded three in that time, too. One at a time.In fact, in their unbeaten run, there were only two games in which they conceded more than one. They were both 2-2 draws, at Bury and Cheltenham. Ten goals in 17 games is pretty good going. They don’t always seem to be guaranteed to bang in goals though, netting 26.The key task now for Flitcroft is to hold on to Tyler Walker, on loan from Nottingham Forest, for the rest of the season. He’s scored 11 league goals (three of their last five, add Opta) and CJ Hamilton, next best, only has five but is highly rated, with Preston reported to have had a £750,000 bid rejected. If Walker and Hamilton are still around on Saturday (and the tip is made on the basis that they are), it could be the day that Carlisle’s unbeaten run ends, as the visitors improve on the Opta stat that they have won just once in five trips to their hosts.Expect goals as Robins make feathers flyCrawley [2.9] v Cheltenham [2.66]; the draw [3.6]It sounds like Joe Maguire is really enjoying his time on loan at Crawley from Fleetwood. The defender has opted to extend his deal.Back in mid-October, the 22-year-old praised manager Gabriele Cioffi, saying the players were learning “so much” under him. That was after five straight home wins.After their subsequent poor run of form, it is easy to wonder if the Reds have stopped listening to their esteemed leader! Mind you, defeating Colchester on New Year’s Day made an impressive statement. The U’s might not have great away form, but they are making a strong battle for automatic promotion.Victory also allowed Crawley to cast out a winless December run from their minds (a goalless point at Newport last weekend was all they had to show for a dreadful month).More impressively still, the Reds (and Luke Gambin) netted both their goals in the second half, having played since the 32nd minute with 10 men after Joe McNerney’s dismissal.Defender Mark Connolly praised their character, and hard work over Christmas, in putting their poor run to bed. And now they have one of non-league’s most prolific recent goalscorers, Hendon’s Ricky German, who will be eager to impress. Previously with Chesterfield in League One, he didn’t scored in one start and eight substitute appearances for the Spireites, so the 19-year-old will be keen to make his mark and prove he is now league quality.So can they overcome the Robins? Michael Duff’s men have improved of late, with one defeat in 10 games (three wins and three draws in their last six) with three wins and three draws in six, and in fact one defeat in 11. In their previous 10, they had one win and three draws.Duff says the early transfer window will be a busy few days. A couple have gone back to their parent clubs, while striker Manny Duku has returned from his spell at Barnet and Bristol City’s Cameron Pring, 20, who came through Cheltenham’s youth system, has returned on loan.The visitors have been scoring, too. In those past 10 games, they have netted 21 times, mostly two or more per game. They’ve conceded 14 too, so there should be plenty of goals at the Broadfield on Saturday.With Alex Addai earning praise in recent times for creating chances, Luke Varney and Conor Thomas have been able to concentrate on scoring in consecutive matches. Tyrone Barnett must wish he can rekindle the half season he spent at Crawley in their first League Two season.Crawley will do well to continue their revival here but they could well earn a draw. Opta reminds us that this fixture ended 5-3 to the visitors last season, and I think there should be goals again – over 3.5 goals is the pick at [3.6], with the visitors making much of the initial running. Maybe the high-scoring wager is the main bet here, but the game finishing a point apiece seems equally possible in a draw-strewn division. Shrimps can take advantage of Crewe’s away woesMorecambe [2.9] v Crewe [2.74]; the draw [3.4] Crewe are a mystery at the best of times, with David Artell striking me as someone who spends a lot of time not being able to put his finger on problems. They must “pray” about Paul Green’s injury, for example, after the midfielder came off against Bury with a recurrence of a knee injury.He strikes me as a grafter, though, who will find answers eventually. I think that sums up Crewe’s patchy form – with no goals for three games running, then two clean sheet victories, one of them over Lincoln, and a defeat.Bury boss Ryan Lowe accused Crewe of trying to “spoil the party” on New Year’s Day, which was more about ruining the Shakers’ home form rather than anything nasty about their opponents. Chris Porter scored for the visitors, who only have one away win this season.Jordan Bowery might be suiting his new role out wide, but Morecambe have their own specialist wing man in Kevin Ellison and will most definitely be looking on this as a chance to pick up points.They haven’t scored in two matches, and need to find the magic they found to defeat Cambridge 3-0 and draw 2-2 with Port Vale, when A-Jay Leitch-Smith scored the last of his six goals. Rhys Oates could do with finding the net again, too. Shrimps boss Jim Bentley is now looking for January bargains, especially after not renewing 37-year-old winger Garry Thompson’s contract. The stats men at Opta say that Crewe have won three of their last four trips to Morecambe, with a 0-0 draw in January 2017 the exception. Their current away record counts against them, however, and Opta add killer stats that they have lost five on the bounce on their travels, netting the fewest number of goals (four) in the entire English Football League in the process.
P/L 2018-19 +14.32pt
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oneworldprorp · 6 years ago
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We now have five matches official for Chapter 6!
Sister Abigail defends the 1WPW World Championship against Jinny
Minoru Suzuki vs Conor McGregor in a Bloodsport match
Tetsuya Naito vs Chris Jericho
And just made official by Paul Heyman:
Prince Devitt vs Aleister Black 
Syn vs Matanza
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sbknews · 6 years ago
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New Post has been published on Superbike News
New Post has been published on http://superbike-news.co.uk/wordpress/hickmans-the-man-at-the-mce-ulster-grand-prix/
Hickman’s the man at the MCE Ulster Grand Prix
Peter Hickman added another accolade to his stellar 2018 roads season as he claimed the Man of the Meeting crown at the MCE Ulster Grand Prix for the second year in a row.
The 31 year-old was declared the winner in a reduced distance MMB Surfacing Superbike race, which combined with his earlier win in the Centra Whitemountain Supersport race and second place in the earlier Lisburn & Castlereagh City Council Superstock race, was enough to see him take the title ahead of Manx man Conor Cummins.
The results meant he lifted the Darran Lindsay memorial trophy for the second year running, in a day that proved challenging for Clerk of the Course Noel Johnston amid constantly changing conditions.
In the first race of the day, the Lisburn & Castlereagh City Superstock race, it was Silicone Engineering Racing’s Dean Harrison that took top honours by just 0.203 seconds from Hickman, with Cummins continuing his strong form from Thursday in third and Davey Todd a close fourth after a shortened race due to a red flag.
And while Harrison was setting a new Superstock lap record at the front, further down the pack there were some standout performances from Paul Jordan, who took sixth in only his second race on the Dafabet Devitt Kawasaki, and another Manx racer Ryan Kneen in 11th.
Speaking in parc ferme, Harrison said: “It was a great battle. It’s such close racing round here at the moment with the amount of slipstream involved, and I was expecting a battle as the bikes are very evenly matched. I just kept going and going, we got the lap record which proved we were on a really good pace. I just thought get behind Peter, sit on him and figure out where I could make a move.”
The Centra Whitemountain Supersport race followed, which Hickman duly dominated after Harrison retired early on, breaking clear of the chasing pack to take the chequered flag 7.935 seconds ahead of the Padgett’s duo of Lee Johnston and Cummins.
It was a tight battle behind Hickman’s Trooper by Smith’s Racing Triumph, not only between Johnston and Cummins, who finished just 0.041 apart, but between Jordan and Michael Sweeney for fifth and Joey Thompson and Dominic Herbertson for eighth.
Commenting on the race, Hickman said: “The Triumph has been running really strong and I had a good run out of Joey’s Windmill so I thought if I can pass Dean, which I did do, and if I can pass Adam at the same time then I could put a gap into them all.
“We all know Dean’s really strong on the Supersport bike and I don’t know exactly what happened, but I knew I got a gap and the gap kept growing so I kept my head down and kept hitting my points and managed to pull away.
“The Supersport bike’s not really my strongest class and I’ve had three wins here so it sounds daft me saying that with two wins last year and one this year but the bike just works really well and it suits me down to the ground.”
Then in the day’s only Superbike outing, the MMB Resurfacing race, it was Hickman who was declared winner ahead of Lee Johnston and Davo Johnson, who claimed his maiden international road racing podium on the Tyco BMW HP4-R.
It was a challenging session as the action was cut short twice – initially after Davey Todd slipped off at the Deer’s Leap with the Cookstown BE Racing rider later confirmed to have suffered suspected fractures, and then again in the restart due to inclement weather.
Lastly, in what ended up being the final racing of the day, the Plant Lubrication (NI) Ultralightweight / Lightweight race, Shaun Anderson took the spoils in the Lightweight class, while Michal Dokupil went one better than his result on Thursday when he took his first ever international win in the Ultra-lightweights.
A breakdown of the top five in each class is included below, but for full results visit www.ulstergrandprix.net
Lisburn & Castlereagh City Council Superstock race  
Dean Harrison, Silicone Engineering
Peter Hickman, Smiths Racing BMW (+0.203)
Conor Cummins, Padgett’s Honda (+4.928)
Davey Todd, Cookstown BE Racing (+0.401)
Lee Johnston, Padgett’s Honda (+7.607)
Centra Whitemountain Supersport race
Peter Hickman, Trooper by Smith’s Racing Triumph
Lee Johnston, Padgett’s Honda (+7.607)
Conor Cummins, Padgett’s Honda (+0.041)
Adam McLean, McAdoo Kawasaki (+0.867)
Michael Sweeney, (+19.114)
MMB Surfacing Superbike race
Peter Hickman, Smith’s Racing BMW
Lee Johnston, Padgett’s Honda
David Johnson, Tyco BMW
Paul Jordan, Dafabet Devitt Kawasaki
Brian McCormack, TAG Racing BMW
Plant Lubrication N.I. Ultra-lightweight race 
Michal Dokoupil, Ariane Moto 3
Christian Elkin, Bob Wylie Racing
Paul Robinson, CB Racing
Nigel Moore, Honda Moto 3
Melissa Kennedy, K.N.R. Moto 3
Plant Lubrication N.I. Lightweight race  
Shaun Anderson, CB Racing
Neil Kernohan, Logan Racing
Darryl Tweed, M&D Racing
Gareth Keys, Keys Racing
Paul Owen, Team #98
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newestbalance · 7 years ago
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How Rusal escaped the noose of U.S. sanctions
LONDON/PARIS/WASHINGTON (Reuters) – They were supposed to be the toughest sanctions the United States had ever imposed on a Russian oligarch. Seventeen days later, Washington watered them down.
FILE PHOTO: Pure aluminium ingots are seen stored at the foundry shop of the Rusal Krasnoyarsk aluminium smelter in the Siberian city of Krasnoyarsk, Russia November 9, 2017. REUTERS/Ilya Naymushin/File Photo
On April 23, the U.S. Treasury eased restrictions on billionaire Oleg Deripaska’s aluminum company Rusal (0486.HK). Instead of barring Rusal from international markets, which is what the United States originally intended to do, the Treasury suggested it might lift the sanctions altogether.
Washington’s change of course says a lot about the leverage held by the supply chain of a widely-used commodity such as aluminum.
It also suggests the Trump administration is hard-pressed as it juggles international economic battles it has opened on various fronts, including with China and Iran.
Several European governments, including Germany and France, lobbied Washington to back down, according to more than a dozen U.S. and EU officials and industry sources who spoke to Reuters.
Multinationals Rio Tinto and Boeing also appealed to the U.S. Treasury, seeking a softening of the terms on Rusal. 
All made the same argument, the sources said: a squeeze on the largest producer of aluminum outside China would hit businesses around the world, disrupting production of myriad goods from car and planes to cans and foil, and putting jobs at risk.
Unlike previous cases of sanctions on Russia, European countries did not have a chance to consult with Washington on punitive moves that would have ripple effects in the European economy, the sources said. One reason for the lack of dialogue: the U.S. State Department no longer has a Sanctions Policy Coordinator to liaise with other governments, according to three U.S. sources familiar with the matter and one European source. 
The former coordinator, Daniel Fried, retired last year and has not been replaced because of a hiring freeze ordered by the Trump administration at the department.   
Rusal, Rio Tinto and Boeing declined to comment.
The U.S. Treasury, whose Office of Foreign Assets Control (OFAC) imposed the measures, said it worked to mitigate the sanctions’ impact on allies and industries that faced “undesired collateral consequences”. It did not comment on lobbying efforts.
When asked if the lack of a sanctions coordinator had hindered international consultation, the State Department said it had held several discussions with European countries over the past year about sanctions and maintained a dialogue with them. It did not specify if it had discussed Russian sanctions.
The sanctions were the toughest the United States has imposed on a listed Russian company since Moscow’s 2014 annexation of Crimea. The notice on April 6 gave buyers a deadline of 30 days to receive supplies from Rusal before dealings in dollars were prohibited.
Any individual or company that failed to comply would themselves face being shut out of the financial system, while the Treasury could seize any dollars paid to Rusal.
Slideshow (5 Images)
The effect was immediate. Prices for aluminum surged 15 percent as Rusal stopped supplying customers. As well as producing aluminum, the company produces alumina, a raw material needed to make aluminum. 
“They (the Treasury) destabilized the global aluminum industry. This is unprecedented and a massive over-reach,” said Anders Aslund, senior fellow at U.S. think-tank Atlantic Council.    
Rusal told metals and mining conglomerate Rio Tinto that it was suspending deliveries of alumina from its Irish plant in Aughinish to Rio’s Dunkirk aluminum smelter in France, Europe’s biggest aluminum production facility, according to the industry sources. The Russian company feared any payment it received would be seized by U.S. authorities, the sources said.
Rusal also informed Trimet Aluminium it was halting alumina deliveries to the German firm’s smelter in the French Alps and three factories in Germany, in Essen, Hamburg and Voerde.
Trimet declined to comment.
The suspension of alumina deliveries risked halting Rio Tinto and Trimet’s aluminum smelting operations and hitting businesses throughout the metal’s supply chain.
GOVERNMENTS TAKE ACTION
The market ructions set off a different kind of activity.
In the days following the sanctions notice, French, German, Irish and Italian officials lobbied against the restrictions, according to the EU sources.
Many were worried the measures could lead to the closure of those plants and businesses in their countries that relied on Rusal supplies, and the potential loss of thousands of jobs.
Ireland’s foreign ministry complained to U.S. Treasury Secretary Steven Mnuchin after Dublin officials met Aughinish management on April 13 and were told the plant could shut down, threatening hundreds of jobs, an Irish government spokesman told Reuters.
French Finance Minister Bruno Le Maire discussed the issue by phone with Mnuchin in the days following the sanctions notice and then in person in the week of April 16, during International Monetary Fund meetings in Washington, according to a French finance ministry official.
“We got in touch with the Americans as soon as it became clear there was an impact on some companies operating in France,” the official said. He added that hundreds of jobs were at risk in France. “The Americans were constructive from the start.”
An Italian government source said Rome also lobbied Washington to soften the sanctions.
MULTINATIONALS MAKE MOVE
Companies lobbied too.
Rio Tinto contacted the French government and Trimet went to the German government, asking them to intervene with Washington, according to the industry sources. Rio Tinto also complained directly to OFAC, said two U.S. officials familiar with the developments. Trimet makes aluminum products for the auto, construction and packaging industries.
While most of the lobbying came from Europe, according to U.S. officials, there were also concerns in the United States about the sanctions.
After the April 6 notice, planemaker Boeing expressed concern to the U.S. government about rising aluminum prices, according to two industry sources familiar with the matter. Carmakers also complained about the possible impact of the sanctions on their businesses, said the sources, who declined to name the companies.
One of the sources said that, in addition to aluminum, carmakers were worried about a possible disruption to supplies of palladium, used in catalytic converters. Rusal doesn’t produce palladium but it supplies soda to Norilsk Nickel, the world’s biggest palladium producer.
American trade body the Aluminum Association told Reuters that, shortly after April 6, it shared market data with the Trump administration showing that last year the U.S. industry imported 680,000 metric tons of Russian primary aluminum, or 12 percent of U.S. demand.
The association raised concerns about the Rusal sanctions at meetings with the White House’s National Economic Council and the U.S. Trade Representative. It said the measures could constrain supplies for aluminum processors.
On April 23, little more than two weeks after imposing sanctions, OFAC softened the measures. It gave businesses six months instead of 30 days to wind down dealings with Rusal and said it might lift the sanctions altogether if Deripaska ceded control of the company.
The announcement had an immediate market reaction, with aluminum prices falling as much as 10 percent. Aluminum prices CMAL3 now stand at $2,300 per ton, down from the $2,700 level they rose to following the April 6 sanctions notice, but still above the $2,000 seen before the measures were imposed.
David Mortlock, who designed earlier sanctions against Russia when he was Director for International Economic Affairs at the White House National Security Council in 2013-15, said such measures were not a precise science.
“Don’t forget, sanctions can be adjusted if the impact is larger than OFAC wants,” added Mortlock, now a partner at legal firm Willkie Farr & Gallagher.
“Every time you do it, you learn from your experience.”
Additional reporting by Yara Bayoumy, Mary Milliken, Warren Strobel, Mike Stone and Timothy Gardner in Washington; Polina Devitt, Anastasia Lyrchikova, Dasha Korsunskaya and Katya Golubkova in Moscow; Giselda Vagnoni in Rome; Conor Humphries in Dublin; Clara Denina and Dasha Afanasieva in London; Madeline Chambers in Berlin; Edward Taylor in Frankfurt; Michael Hogan in Hamburg; Writing by Dmitry Zhdannikov; Editing by Pravin Char
The post How Rusal escaped the noose of U.S. sanctions appeared first on World The News.
from World The News https://ift.tt/2jYffd6 via Everyday News
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dragnews · 7 years ago
Text
How Rusal escaped the noose of U.S. sanctions
LONDON/PARIS/WASHINGTON (Reuters) – They were supposed to be the toughest sanctions the United States had ever imposed on a Russian oligarch. Seventeen days later, Washington watered them down.
FILE PHOTO: Pure aluminium ingots are seen stored at the foundry shop of the Rusal Krasnoyarsk aluminium smelter in the Siberian city of Krasnoyarsk, Russia November 9, 2017. REUTERS/Ilya Naymushin/File Photo
On April 23, the U.S. Treasury eased restrictions on billionaire Oleg Deripaska’s aluminum company Rusal (0486.HK). Instead of barring Rusal from international markets, which is what the United States originally intended to do, the Treasury suggested it might lift the sanctions altogether.
Washington’s change of course says a lot about the leverage held by the supply chain of a widely-used commodity such as aluminum.
It also suggests the Trump administration is hard-pressed as it juggles international economic battles it has opened on various fronts, including with China and Iran.
Several European governments, including Germany and France, lobbied Washington to back down, according to more than a dozen U.S. and EU officials and industry sources who spoke to Reuters.
Multinationals Rio Tinto and Boeing also appealed to the U.S. Treasury, seeking a softening of the terms on Rusal. 
All made the same argument, the sources said: a squeeze on the largest producer of aluminum outside China would hit businesses around the world, disrupting production of myriad goods from car and planes to cans and foil, and putting jobs at risk.
Unlike previous cases of sanctions on Russia, European countries did not have a chance to consult with Washington on punitive moves that would have ripple effects in the European economy, the sources said. One reason for the lack of dialogue: the U.S. State Department no longer has a Sanctions Policy Coordinator to liaise with other governments, according to three U.S. sources familiar with the matter and one European source. 
The former coordinator, Daniel Fried, retired last year and has not been replaced because of a hiring freeze ordered by the Trump administration at the department.   
Rusal, Rio Tinto and Boeing declined to comment.
The U.S. Treasury, whose Office of Foreign Assets Control (OFAC) imposed the measures, said it worked to mitigate the sanctions’ impact on allies and industries that faced “undesired collateral consequences”. It did not comment on lobbying efforts.
When asked if the lack of a sanctions coordinator had hindered international consultation, the State Department said it had held several discussions with European countries over the past year about sanctions and maintained a dialogue with them. It did not specify if it had discussed Russian sanctions.
The sanctions were the toughest the United States has imposed on a listed Russian company since Moscow’s 2014 annexation of Crimea. The notice on April 6 gave buyers a deadline of 30 days to receive supplies from Rusal before dealings in dollars were prohibited.
Any individual or company that failed to comply would themselves face being shut out of the financial system, while the Treasury could seize any dollars paid to Rusal.
Slideshow (5 Images)
The effect was immediate. Prices for aluminum surged 15 percent as Rusal stopped supplying customers. As well as producing aluminum, the company produces alumina, a raw material needed to make aluminum. 
“They (the Treasury) destabilized the global aluminum industry. This is unprecedented and a massive over-reach,” said Anders Aslund, senior fellow at U.S. think-tank Atlantic Council.    
Rusal told metals and mining conglomerate Rio Tinto that it was suspending deliveries of alumina from its Irish plant in Aughinish to Rio’s Dunkirk aluminum smelter in France, Europe’s biggest aluminum production facility, according to the industry sources. The Russian company feared any payment it received would be seized by U.S. authorities, the sources said.
Rusal also informed Trimet Aluminium it was halting alumina deliveries to the German firm’s smelter in the French Alps and three factories in Germany, in Essen, Hamburg and Voerde.
Trimet declined to comment.
The suspension of alumina deliveries risked halting Rio Tinto and Trimet’s aluminum smelting operations and hitting businesses throughout the metal’s supply chain.
GOVERNMENTS TAKE ACTION
The market ructions set off a different kind of activity.
In the days following the sanctions notice, French, German, Irish and Italian officials lobbied against the restrictions, according to the EU sources.
Many were worried the measures could lead to the closure of those plants and businesses in their countries that relied on Rusal supplies, and the potential loss of thousands of jobs.
Ireland’s foreign ministry complained to U.S. Treasury Secretary Steven Mnuchin after Dublin officials met Aughinish management on April 13 and were told the plant could shut down, threatening hundreds of jobs, an Irish government spokesman told Reuters.
French Finance Minister Bruno Le Maire discussed the issue by phone with Mnuchin in the days following the sanctions notice and then in person in the week of April 16, during International Monetary Fund meetings in Washington, according to a French finance ministry official.
“We got in touch with the Americans as soon as it became clear there was an impact on some companies operating in France,” the official said. He added that hundreds of jobs were at risk in France. “The Americans were constructive from the start.”
An Italian government source said Rome also lobbied Washington to soften the sanctions.
MULTINATIONALS MAKE MOVE
Companies lobbied too.
Rio Tinto contacted the French government and Trimet went to the German government, asking them to intervene with Washington, according to the industry sources. Rio Tinto also complained directly to OFAC, said two U.S. officials familiar with the developments. Trimet makes aluminum products for the auto, construction and packaging industries.
While most of the lobbying came from Europe, according to U.S. officials, there were also concerns in the United States about the sanctions.
After the April 6 notice, planemaker Boeing expressed concern to the U.S. government about rising aluminum prices, according to two industry sources familiar with the matter. Carmakers also complained about the possible impact of the sanctions on their businesses, said the sources, who declined to name the companies.
One of the sources said that, in addition to aluminum, carmakers were worried about a possible disruption to supplies of palladium, used in catalytic converters. Rusal doesn’t produce palladium but it supplies soda to Norilsk Nickel, the world’s biggest palladium producer.
American trade body the Aluminum Association told Reuters that, shortly after April 6, it shared market data with the Trump administration showing that last year the U.S. industry imported 680,000 metric tons of Russian primary aluminum, or 12 percent of U.S. demand.
The association raised concerns about the Rusal sanctions at meetings with the White House’s National Economic Council and the U.S. Trade Representative. It said the measures could constrain supplies for aluminum processors.
On April 23, little more than two weeks after imposing sanctions, OFAC softened the measures. It gave businesses six months instead of 30 days to wind down dealings with Rusal and said it might lift the sanctions altogether if Deripaska ceded control of the company.
The announcement had an immediate market reaction, with aluminum prices falling as much as 10 percent. Aluminum prices CMAL3 now stand at $2,300 per ton, down from the $2,700 level they rose to following the April 6 sanctions notice, but still above the $2,000 seen before the measures were imposed.
David Mortlock, who designed earlier sanctions against Russia when he was Director for International Economic Affairs at the White House National Security Council in 2013-15, said such measures were not a precise science.
“Don’t forget, sanctions can be adjusted if the impact is larger than OFAC wants,” added Mortlock, now a partner at legal firm Willkie Farr & Gallagher.
“Every time you do it, you learn from your experience.”
Additional reporting by Yara Bayoumy, Mary Milliken, Warren Strobel, Mike Stone and Timothy Gardner in Washington; Polina Devitt, Anastasia Lyrchikova, Dasha Korsunskaya and Katya Golubkova in Moscow; Giselda Vagnoni in Rome; Conor Humphries in Dublin; Clara Denina and Dasha Afanasieva in London; Madeline Chambers in Berlin; Edward Taylor in Frankfurt; Michael Hogan in Hamburg; Writing by Dmitry Zhdannikov; Editing by Pravin Char
The post How Rusal escaped the noose of U.S. sanctions appeared first on World The News.
from World The News https://ift.tt/2jYffd6 via Today News
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party-hard-or-die · 7 years ago
Text
How Rusal escaped the noose of U.S. sanctions
LONDON/PARIS/WASHINGTON (Reuters) – They were supposed to be the toughest sanctions the United States had ever imposed on a Russian oligarch. Seventeen days later, Washington watered them down.
FILE PHOTO: Pure aluminium ingots are seen stored at the foundry shop of the Rusal Krasnoyarsk aluminium smelter in the Siberian city of Krasnoyarsk, Russia November 9, 2017. REUTERS/Ilya Naymushin/File Photo
On April 23, the U.S. Treasury eased restrictions on billionaire Oleg Deripaska’s aluminum company Rusal (0486.HK). Instead of barring Rusal from international markets, which is what the United States originally intended to do, the Treasury suggested it might lift the sanctions altogether.
Washington’s change of course says a lot about the leverage held by the supply chain of a widely-used commodity such as aluminum.
It also suggests the Trump administration is hard-pressed as it juggles international economic battles it has opened on various fronts, including with China and Iran.
Several European governments, including Germany and France, lobbied Washington to back down, according to more than a dozen U.S. and EU officials and industry sources who spoke to Reuters.
Multinationals Rio Tinto and Boeing also appealed to the U.S. Treasury, seeking a softening of the terms on Rusal. 
All made the same argument, the sources said: a squeeze on the largest producer of aluminum outside China would hit businesses around the world, disrupting production of myriad goods from car and planes to cans and foil, and putting jobs at risk.
Unlike previous cases of sanctions on Russia, European countries did not have a chance to consult with Washington on punitive moves that would have ripple effects in the European economy, the sources said. One reason for the lack of dialogue: the U.S. State Department no longer has a Sanctions Policy Coordinator to liaise with other governments, according to three U.S. sources familiar with the matter and one European source. 
The former coordinator, Daniel Fried, retired last year and has not been replaced because of a hiring freeze ordered by the Trump administration at the department.   
Rusal, Rio Tinto and Boeing declined to comment.
The U.S. Treasury, whose Office of Foreign Assets Control (OFAC) imposed the measures, said it worked to mitigate the sanctions’ impact on allies and industries that faced “undesired collateral consequences”. It did not comment on lobbying efforts.
When asked if the lack of a sanctions coordinator had hindered international consultation, the State Department said it had held several discussions with European countries over the past year about sanctions and maintained a dialogue with them. It did not specify if it had discussed Russian sanctions.
The sanctions were the toughest the United States has imposed on a listed Russian company since Moscow’s 2014 annexation of Crimea. The notice on April 6 gave buyers a deadline of 30 days to receive supplies from Rusal before dealings in dollars were prohibited.
Any individual or company that failed to comply would themselves face being shut out of the financial system, while the Treasury could seize any dollars paid to Rusal.
Slideshow (5 Images)
The effect was immediate. Prices for aluminum surged 15 percent as Rusal stopped supplying customers. As well as producing aluminum, the company produces alumina, a raw material needed to make aluminum. 
“They (the Treasury) destabilized the global aluminum industry. This is unprecedented and a massive over-reach,” said Anders Aslund, senior fellow at U.S. think-tank Atlantic Council.    
Rusal told metals and mining conglomerate Rio Tinto that it was suspending deliveries of alumina from its Irish plant in Aughinish to Rio’s Dunkirk aluminum smelter in France, Europe’s biggest aluminum production facility, according to the industry sources. The Russian company feared any payment it received would be seized by U.S. authorities, the sources said.
Rusal also informed Trimet Aluminium it was halting alumina deliveries to the German firm’s smelter in the French Alps and three factories in Germany, in Essen, Hamburg and Voerde.
Trimet declined to comment.
The suspension of alumina deliveries risked halting Rio Tinto and Trimet’s aluminum smelting operations and hitting businesses throughout the metal’s supply chain.
GOVERNMENTS TAKE ACTION
The market ructions set off a different kind of activity.
In the days following the sanctions notice, French, German, Irish and Italian officials lobbied against the restrictions, according to the EU sources.
Many were worried the measures could lead to the closure of those plants and businesses in their countries that relied on Rusal supplies, and the potential loss of thousands of jobs.
Ireland’s foreign ministry complained to U.S. Treasury Secretary Steven Mnuchin after Dublin officials met Aughinish management on April 13 and were told the plant could shut down, threatening hundreds of jobs, an Irish government spokesman told Reuters.
French Finance Minister Bruno Le Maire discussed the issue by phone with Mnuchin in the days following the sanctions notice and then in person in the week of April 16, during International Monetary Fund meetings in Washington, according to a French finance ministry official.
“We got in touch with the Americans as soon as it became clear there was an impact on some companies operating in France,” the official said. He added that hundreds of jobs were at risk in France. “The Americans were constructive from the start.”
An Italian government source said Rome also lobbied Washington to soften the sanctions.
MULTINATIONALS MAKE MOVE
Companies lobbied too.
Rio Tinto contacted the French government and Trimet went to the German government, asking them to intervene with Washington, according to the industry sources. Rio Tinto also complained directly to OFAC, said two U.S. officials familiar with the developments. Trimet makes aluminum products for the auto, construction and packaging industries.
While most of the lobbying came from Europe, according to U.S. officials, there were also concerns in the United States about the sanctions.
After the April 6 notice, planemaker Boeing expressed concern to the U.S. government about rising aluminum prices, according to two industry sources familiar with the matter. Carmakers also complained about the possible impact of the sanctions on their businesses, said the sources, who declined to name the companies.
One of the sources said that, in addition to aluminum, carmakers were worried about a possible disruption to supplies of palladium, used in catalytic converters. Rusal doesn’t produce palladium but it supplies soda to Norilsk Nickel, the world’s biggest palladium producer.
American trade body the Aluminum Association told Reuters that, shortly after April 6, it shared market data with the Trump administration showing that last year the U.S. industry imported 680,000 metric tons of Russian primary aluminum, or 12 percent of U.S. demand.
The association raised concerns about the Rusal sanctions at meetings with the White House’s National Economic Council and the U.S. Trade Representative. It said the measures could constrain supplies for aluminum processors.
On April 23, little more than two weeks after imposing sanctions, OFAC softened the measures. It gave businesses six months instead of 30 days to wind down dealings with Rusal and said it might lift the sanctions altogether if Deripaska ceded control of the company.
The announcement had an immediate market reaction, with aluminum prices falling as much as 10 percent. Aluminum prices CMAL3 now stand at $2,300 per ton, down from the $2,700 level they rose to following the April 6 sanctions notice, but still above the $2,000 seen before the measures were imposed.
David Mortlock, who designed earlier sanctions against Russia when he was Director for International Economic Affairs at the White House National Security Council in 2013-15, said such measures were not a precise science.
“Don’t forget, sanctions can be adjusted if the impact is larger than OFAC wants,” added Mortlock, now a partner at legal firm Willkie Farr & Gallagher.
“Every time you do it, you learn from your experience.”
Additional reporting by Yara Bayoumy, Mary Milliken, Warren Strobel, Mike Stone and Timothy Gardner in Washington; Polina Devitt, Anastasia Lyrchikova, Dasha Korsunskaya and Katya Golubkova in Moscow; Giselda Vagnoni in Rome; Conor Humphries in Dublin; Clara Denina and Dasha Afanasieva in London; Madeline Chambers in Berlin; Edward Taylor in Frankfurt; Michael Hogan in Hamburg; Writing by Dmitry Zhdannikov; Editing by Pravin Char
The post How Rusal escaped the noose of U.S. sanctions appeared first on World The News.
from World The News https://ift.tt/2jYffd6 via Breaking News
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subterraneanhq · 7 years ago
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jistnews2016 · 7 years ago
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Conor Mcgregor Lets His Hair Down In Ibiza
MMA fighter Conor McGregor's childhood friend Tom Devitt got married yesterday at a wedding in Ibiza. The wedding was McGregor's first appearance since earning £100million in a fight with Floyd Mayweather. Despite losing the fight, McGregor has wasted no time in kicking back with a fun trip to the Balearic islands . At his side this weekend was mother, Margaret, and his long-term partner and mother of his child Dee Devlin . Check out this story and more on Jist.News click here
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mannytoodope · 11 years ago
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O’Doyle Rules!
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