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China said Friday it will temporarily reduce tariffs on imports of American-made cars as it tries to negotiate a trade deal with the United States.Citing the meeting earlier this month between US President Donald Trump and Chinese leader Xi Jinping, the Chinese Finance Ministry said in a statement that it will remove the additional 25% tariffs on car imports from the United States for three months starting January 1. That will bring China's tariffs on American-made cars to 15%, in line with those for cars made in other countries.China also said it would suspend its 5% tariff on 67 other auto parts.China imposed the additional tariffs on US cars in July and on some auto parts in September as part of its retaliation in the trade war between the two countries.At their meeting in Argentina, Trump and Xi agreed to a temporary truce while they try to negotiate a broad trade deal over the next 90 days.In its statement Friday, the Finance Ministry described the decision to remove the tariffs as a "concrete action" aimed at helping to bring about a "mutually beneficial new Sino-US trade order."Xi pledged in April that China would cut tariffs on imported cars this year. His government delivered on that promise in July, reducing import taxes from 25% to 15%.But just days later, China imposed new additional tariffs of 25% on American-made passenger vehicles as the trade war with the United States escalated.The tariffs hurt profits of major automakers that ship cars to China from the United States. Germany's BMW and Daimler, the owner of Mercedes-Benz, have been hit particularly hard. Shares of BMW (BMWYY) and Daimler (DDAIF) both trimmed early Friday losses on the news.The stocks had spiked last week after Trump tweeted that China was going to cut auto tariffs.General Motors (GM) and some other automakers already have a large presence in China through partnerships with local manufacturers. It has become the largest and most important market for the American auto industry. Because their plants are in the country, they weren't subject to big import taxes.Yet China's tariffs have hurt exports from US auto plants. The value of US passenger car exports to China has fallen by .4 billion, or 30%, over the course of the first nine months of the year.Part of that could be because of slowing Chinese auto sales. Yet overall sales of American cars in China -— including those made in China — are down only about 1% so far this year.The-CNN-Wire? & ? 2018 Cable News Network, Inc., a Time Warner Company. All rights reserved. 2556
China says it will impose sanctions on three U.S. lawmakers and one ambassador in response to similar actions taken by the U.S. against Chinese officials over alleged human rights abuses against Muslims in the Xinjiang region. Those targeted were U.S. Senators Marco Rubio and Ted Cruz, Rep. Chris Smith and Ambassador for Religious Freedom Sam Brownback. The four have been critical of the ruling Communist Party’s policies toward minority groups and people of faith. Last week, the U.S. imposed sanctions on four Chinese officials, including Chen Quanguo, who heads the region of Xinjiang, where more than 1 million members of Muslim minority groups have been incarcerated in what China terms de-radicalization and retraining centers. 744
CHULA VISTA, Calif. (KGTV) - Concerned citizens made their voices heard Monday night at a Sweetwater Union High School District board meeting in which the district’s financial problems are discussed.Many residents in the South Bay have expressed outrage over the district’s myriad fiscal issues, pointing specifically at the financial mismanagement of salaries and a disproportionate ratio of administrators to teachers.Data provided by public pay and pension database Transparent California, showed 1,796 Sweetwater district employees making 0,000 and above in 2017 salaries. Many of those making six figures are administrators and other non-teaching employees.In 2017, the district paid out 9.97 million in salaries and benefits to its employees. Two similarly sized school districts in California paid out nearly 20% less than SUHSD in total pay and benefits, between 5 and 3 million, according to the data. SUHSD was shown to have 2,000 more employees than the other two district; 6,391 compared to about 4,500 for the other districts.SUHSD paid over .3 million in overtime to about 841 district employees during the year. When it comes to overtime, 10News found:One of the OT recipients was a payroll technician who banked ,414.19, bringing their salary up from ,000 base pay to over ,000 in total pay and benefitsBus drivers were among the biggest overtime benefactors, with Sweetwater paying over 0,000 in overtime to about 90 employeesThree district bus drivers earned over ,000 in overtime each, bringing their 2017 total pay and benefits to over ,000Another group that benefited from overtime pay were district budget analysts, who totaled over ,000 in overtime as a groupA locksmith supervisor added a total of ,623 in OT to his 6.5K salarySweetwater’s finances have been under scrutiny since it was revealed the district made a million miscalculation for its ’18-’19 budget earlier this year. District officials previously said its 2018-2019 school year budget shortfall was due to expenses from staff raises, including costs of substitute teachers and an unexpected million expense for utilities.Even with a revised budget, it was later reported in an independent audit that Sweetwater’s budget problems were worse than what was originally predicted due to the following “significant factors”:“Internal borrowings that reflect the significant cash flow shortages in the General Fund”“Unsustainable salary, benefits, and pension increases that create significant deficit spending”“Declining local enrollment of students”The district has been borrowing money faster than it can pay back, taking money from local development taxes, also known as Mello-Roos fees, according to a Dec. 3 report from The Voice of San Diego. This fiscal year alone, the district will borrow million -- in addition to the million they already owe.At an October 8 board meeting, SUHSD staff offered suggestions to help reduce the debt such as energy cost savings, freezing unfilled positions, and a reduction in the work year for all management. In an email sent to families following that Oct. 8 meeting, at least two schools announced they would be cutting after school programs and their 2019 summer school sessions.More recently, the district announced it would allow nearly 300 employees to retire early in an effort to balance the budget. The school board also voted to cut 34 temporary teaching positions in the district's adult education program.Moving forward, auditors recommended the district evaluate the procedures in which it reviews its own finances. The audit goes on to suggest those assigned with monitoring finances “should have a clear understanding of accruals and the journal entries required to account for them properly.”Auditors also urged Sweetwater to “always perform timely bank reconciliations to ensure that all activities have been properly accounted for and that there are no errors posted.”Sweetwater officials acknowledged not having “tight internal controls or warning systems in place” in balancing its budget. 4103
Chipotle introduced its queso cheese sauce to the nation on Tuesday after years of customers asking Chipotle to have the product. Although there was a lot of pomp and circumstance among Chipotle fans about adding queso, it appears Chipotle's queso was not a hit. Chipotle had said for years that it could not offer queso while meeting its food standards. But last week, after testing queso at a local level, Chipotle said that Tuesday would be the first day queso would be available nationwide. It appears based on social media comments that Chipotle's queso was a disappointment. 650
CHULA VISTA, Calif. (KGTV) -- A new report from a state audit agency shows there is enough evidence that fraud or misappropriation of funds may have occurred within the Sweetwater Union High School District.The 79-page audit, conducted by the independent state agency Fiscal Crisis Management Assistance Team (FCMAT), was presented during Monday’s school board meeting.According to the report, the district’s school board relied on inaccurate financial information when they approved salary increases for district employees, resulting in pay raises they could not afford.RELATED: SUHSD: 90 bus drivers paid over 0K in overtime during 2017, database saysThe agency’s investigation also found the district kept borrowing from capital projects, such as Mello-Roos funds, to pay for operations without a method of repaying that money back into the fund.The report also stated Sweetwater misled rating agencies and bond insurers by “deliberate omissions of material information.”San Diego County Superintendent of Schools Dr. Paul Gothold said, "In short, after investigation of the district’s practices, FCMAT concluded that there is significant evidence to indicate that fraud, misappropriation of funds and/or assets, or other illegal fiscal practices may have occurred by current and former employees."RELATED COVERAGE:-- Sweetwater Union High School District votes to cut over 200 jobs-- State fiscal team reviews Sweetwater Union High School District's finances-- District approves interim budget with million shortfall-- Report: Sweetwater Union High School District incorrectly reported debtThe Sweetwater Union High School District has faced budget troubles dating back to September 2018, when they self-reported a million budget shortfall. Since then, teachers have been cut, bus routes were eliminated, and class sizes have increased.FCMAT recommends the state controller and local district attorney be notified of its findings.Frances Martinez, the former internal auditor for the district, told Team 10 the "people who purposely did wrong should be held accountable." Martinez said she raised the red flag regarding financial issues at the district, but was not taken seriously. She said when it came to some of the district's financial accounts, "that's how the reconciled. They just made up stuff and made a balance."Martinez said she was sitting next to Superintendent Karen Janney when the multimillion-dollar deficit was discovered. "She said, hey it's the business system. It's old, huh? Just making up stuff. I've heard about six different versions of the truth and none of them have been truthful."The former Chief Financial Officer Karen Michel would not participate in the audit. The team also could not make contact with Doug Martens, the director of fiscal services.With the release of the FCMAT report, it will be up to the District Attorney, State Superintendent of Public Instruction, and State Controller to determine if fraud did in fact occur within the Sweetwater District.The district was given 15 days to respond to the audit's findings with its "proposed action."One teacher in the district, who did not want to be identified, said the audit's findings were sad, but not surprising. "Hopefully, the positive that can come out of this is that we become more transparent and have more oversight and this will never happen again," the teacher said. On Tueday, SUHSD spokesman Manny Rubio provided this statement to 10News on behalf of the district: "The Sweetwater Union High School District is currently reviewing the report from FCMAT and its findings and recommendations. The District takes this report very seriously and will be determining next steps. Given that this matter is still pending, we will refrain from any additional comment at this time."The District Attorney's office said they are reviewing the audit. There is also an investigation into the district by the Securities and Exchange Commission. An agency spokesperson would not comment. 4002