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On April 28, the PNO will move to its new offices on the fifth floor of Constitution Center, located at the corner of 7th and D Streets SW above the L’Enfant Plaza Metro Station. We hope to make this a seamless transition with no interruption in our ability to receive filings. We will continue to accept filings at the current location in the FTC HQ office on the third floor up until 5 p.m. on Friday, April 25, and reopen on the fifth floor of the Constitution Center at 8:30 a.m. on Monday, April 28.
Of course, moving from our home of over 30 years will bring some changes. For instance, in anticipation of our move and starting immediately, the PNO asks that all parties submitting HSR filings use only letter-sized redwelds and folders. Due to storage space limitations at the new building, please do not use legal-sized redwelds or legal-sized file folders with your filing submission.
There also will be new security measures for all visitors at Constitution Center, so stay tuned for additional instructions on how to deliver filings at our new location. We’ll be providing updates in this blog and on thePremerger Office webpage as moving day gets closer.
Two things that won’t change: We’re taking our office phone numbers and e-mail addresses with us when we move, and, as always, PNO staff will be available any day to answer questions about HSR filing requirements.
Yes, You Need to Be Rich to Buy a Bentley. In China, Extra Rich.
by Mark Gimein
Volkswagen AG expects it'll sell more Bentleys in China next year, thanks to a refresh of its Silver Spur starter model. The affordable Silver Spur V8 sells in China for the very affordable price of ...
Even with 82 percent in taxes over the base price, we're still far from that $640,000 price tag. Tesla Motors Inc. -- who else? -- has made an issue of how cars are priced in China and emphasized that with a $121,000 price tag it earns no more from selling cars in China than it would in the United States. Volkswagen can blow off the trash-talk from Tesla. A bigger concern for the makers of Bentley and other luxury cars: accusations of price gouging from China's state TV , which has been carving out a niche as a consumer watchdog, at least when it comes to foreign products.
On top of that, China's anti-corruption campaign has been taking a toll on luxury car sales. Many high-end cars have been hit by new rules that ban military license plates (an only-in-China kind of perk) on luxury cars -- though that's probably less of an issue for Bentley than for BMW.
The Market Now has no good explanation for how luxury car prices in China could be so high. Bentley wasn't able to comment immediately; I'll update this post if the company's PR folks can provide more insight. It's conceivable that some of the buyers are not paying for luxury cars out of their own pockets. It's also possible that with taxes already limiting the market to the ultra-rich, it makes sense to up the price and make more on each car sold.
Either way, it's likely that over the long run the big price gap isn't going to be sustained, since Chinese buyers know how much the same cars cost abroad. There's status in having a fancy hood ornament on your car, but there's no status in having everyone know that you overpaid.
Francisco Sanchez, former Commerce Department undersecretary for international trade, discusses the state of China's economy with Trish Regan and Matt Miller on Bloomberg Television's "Street Smart." Watch the video>>
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