financializer news A weblog highlighting financial topics making news in the international media.

berat: One of our principles will be ensuring the full independence of monetary policy, Turkish treasury and finance minister Berat Albayrak said as he outlined his ministry's new economic model on Friday, according to The Toronto Star. YASIN AKGUL / AFP/GETTY IMAGES The currency's drop 41 per cent so far this year is a gauge of fear over a country coming to terms with years of high debt, international concern over President Recep Tayyip Erdogan's push to amass power, and a souring in relations with allies like the U.S. The diplomatic dispute with the U.S. was one of the triggers that turned market jitters into a full-blown route this week. The lira tumbled 14 per cent in one day, to 6.51 per dollar a massive move for a currency that will make Turks poorer and further erode international investors' confidence in the country. Turkey has arrested an American pastor and put him on trial for espionage and terror-related charges linked to a failed coup attempt in the country two years ago. The sides held talks in Washington this week but failed to resolve the spat, and Trump took advantage of Turkey's turmoil on Friday to turn the screws on the country. Article Continued Below The U.S. responded by slapping sanctions on Turkey and threatening more. (news.financializer.com). As reported in the news.

cbs news: Follow him on Twitter David Andelman, according to CNN. The views expressed in this commentary are his own. Author of A Shattered Peace Versailles 1919 and the Price We Pay Today, he was formerly a foreign correspondent for The New York Times and CBS News in Asia and Europe. View more opinion articles on CNN. (news.financializer.com). As reported in the news.

dollar machine: The first of its kind in the southern hemisphere, the multi-million dollar machine will provide clearer images for medical specialists working at Modbury Hospital, according to Nine News Australia. The multi-million dollar MRI will help many patients with close convenience. To improve your experience update it here News National First of its kind tech upgrade for Adelaide hospital8 57pm Aug 10, 2018Facebook Tweet MailA new state of the art MRI scanner is set to result in better outcomes for patients in Adelaide's north-east. Image 9News 9news It is very exciting for Modbury, it's part of a major upgrade to make sure it continues to deliver for the people of the northeast, Health Minister Stephen Wade said. The new equipment will mean patients can get assessed much closer to home. In the past, the hospital wasn't equipped with an MRI machine, forcing patients to travel to other hospitals across Adelaide to undergo scans. (news.financializer.com). As reported in the news.

economy: The warning, from Prime Minister Dmitry Medvedev, reflects Russian fears over the impact of new restrictions on its economy and assets, including the rouble which has lost nearly six per cent of its value this week on sanctions jitters, according to Nine News Australia. Economists expect the economy to grow by 1.8 per cent this year. To improve your experience update it here News WorldUS bank ban would be economic war Moscow10 08pm Aug 10, has warned the United States it will regard any US move to curb the activities of its banks as a declaration of economic war which it would retaliate against, stepping up a war of words with Washington over spiralling sanctions. But if new sanctions proposed by Congress and the State Department are implemented in full, something that remains uncertain, some economists fear growth would be almost cut to zero in future. Moscow's strategy of trying to improve battered US-Russia ties by attempting to build bridges with President Donald Trump is backfiring after US lawmakers launched a new sanctions drive last week because they fear Trump is too soft on Russia. In a sign of how seriously Russia is taking the threat, President Vladimir Putin discussed what the Kremlin called possible new unfriendly steps by Washington with his Security Council on Friday. (news.financializer.com). As reported in the news.

estate-linked issues: The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, lost 20 points, or 1.15 percent, to finish at 1,720.16, according to Xinhua China. Mining, marine transportation and real estate-linked issues comprised those that declined the most by the close of play. The 225-issue Nikkei Stock Average dropped 300.31 points, or 1.33 percent, from Thursday to close the day at 22,298.08. (news.financializer.com). As reported in the news.

estate: At least in theory, the listing known variously as the Vineyard or the Mountain is an invitation to the ultimate gazillionaire to build his or her palace of dreams above a city famously built on them, according to The Guardian. If the tract or rather, 17 adjacent tracts fetched the full billion, it would be by far the most valuable piece of real estate in the United States, and maybe the world. Still, a billion dollars is what the owners of the 157 acres perched between Benedict and Franklin canyons say they want, and they are not in the mood for discounts. That, though, is a big if. The only certain thing may be that nothing in this story is what it seems. West Hollywood votes to remove Trump's Walk of Fame star but there's a snag Read more From the moment the Mountain hit the market late last month, courtesy of a real estate agent specializing in the highest of high-end properties, it has attracted curiosity, astonishment, skepticism and some hard questions about who exactly owns it, whether they are serious about selling and, if they aren't, what their motivation might be. (news.financializer.com). As reported in the news.

facebook stock: All figures in U.S. dollars, according to The Toronto Star. Even Mark Zuckerberg, cofounder and CEO of Facebook, believes regulation of his industry is inevitable. Even at its knocked-down share price of 185.18, Facebook stock is not the bargain many investors believe it to be. TOM BRENNER / NYT FILE PHOTO True, Facebook's user base of 1.4 billion accounts for close to one-sixth of humanity. And having shed 147 billion worth of shareholder value on July 25, or more than 19 per cent, the temptation is there to buy the stock on a dip. The company's profits have continued to grow. (news.financializer.com). As reported in the news.

turkey: Walters did not offer any explanation as to how US national security is threatened by steel and aluminum imports from Turkey, which hosts a major US military base, according to CNN. Read More Trump's announcement Friday could further escalate tensions with Turkey, continuing the steady downward spiral of US relations with Ankara, which has been driven by a slew of factors. The moves stem from Trump's frustration over a detained American pastor held by Turkey on what US officials say are bogus charges, two sources with knowledge of the President's mind-set tell CNN. I have just authorized a doubling of Tariffs on Steel and Aluminum with respect to Turkey as their currency, the Turkish Lira, slides rapidly downward against our very strong Dollar! Aluminum will now be 20% and Steel 50%. Our relations with Turkey are not good at this time! the President tweeted. var id function make Embed Script d, id var js,fjs;js id;js.charset '' ;fjs fjs ;js.src id ;I have just authorized a doubling of Tariffs on Steel and Aluminum with respect to Turkey as their currency, the Turkish Lira, slides rapidly downward against our very strong Dollar! Aluminum will now be 20% and Steel 50%. Our relations with Turkey are not good at this time! Donald J. Trump real Donald Trump August 10, 2018 In a statement, deputy White House press secretary Lindsay Walters said, Section 232 tariffs are imposed on imports from particular countries whose exports threaten to impair national security as defined in Section 232, independent of negotiations on trade or any other matter. Andrew Brunson, a 50-year-old evangelical Presbyterian from North Carolina who has lived in Turkey for more than 23 years, has become the face of the US-Turkey friction Turkey has accused Brunson of helping to plot a 2016 coup attempt against Turkish President Recep Tayyip Erdogan. Waging economic war Erdogan alluded Friday to those who wage economic war on us and told Turks to exchange their dollars and euros for Turkish lira. US officials maintain there is no credible evidence against Brunson, and the Trump administration has negotiated for weeks to secure his release. (news.financializer.com). As reported in the news.

growth rate: The better news for the economy came after the Bank of England raised interest rates to 0.75% last week, their highest level since the financial crisis a decade ago, according to The Guardian. Threadneedle Street had forecast an average growth rate of about 0.4% in the second quarter. The Office for National Statistics ONS said GDP increased by 0.4% in the second quarter from a rate of 0.2% in the previous three months, helped by stronger retail sales and good weather, which enabled the construction industry to make up lost ground from heavy snow earlier this year. UK GDP graph Philip Hammond, the chancellor, said Brexit uncertainty was depressing economic growth, as he used a trip to West Midlands on Friday to unveil 780m of new funding for high-tech industries. John McDonnell, the shadow chancellor, said austerity under the Conservatives had created an economy unable to cope with the instability brought about by the Tories' mismanagement of the Brexit negotiations . Service industries experienced robust growth of 0.5% in the second quarter, with the retail and wholesale sectors providing the strongest contribution, helped by the warm weather tempting shoppers back to the high street. We are working hard to build a stronger, fairer economy dealing with the deficit, helping people into work, and cutting taxes for individuals and businesses, he said. (news.financializer.com). As reported in the news.

imports: Pressure has been applied on the country in recent days to stage an emergency interest rate rise to avert further economic damage, according to The Guardian. Revealing an increase in US taxes on Turkish steel imports to 50% and on aluminium to 20%, the president tweeted Our relations with Turkey are not good at this time! Donald J. Trump real Donald Trump I have just authorized a doubling of Tariffs on Steel and Aluminum with respect to Turkey as their currency, the Turkish Lira, slides rapidly downward against our very strong Dollar! Aluminum will now be 20% and Steel 50%. Our relations with Turkey are not good at this time!August 10, 2018 Even before Trump's tweet, the lira had plunged 14% as investors rushed for the exits, choosing to buy the dollar, yen and other assets seen as safe havens during times of financial market volatility. The Turkish lira plunged by more than 20% against the dollar after the president announced the move, amid a widening dispute between Washington and Ankara over the imprisonment of the US pastor Andrew Brunson. The lira has been under sustained pressure on foreign exchanges, dropping by almost 50% against the dollar in the past 12 months and hitting a succession of record lows this week. Recep Tayyip Erdo an, having secured sweeping new powers in presidential elections this summer, tried to restore confidence in the currency on Friday in a speech filled with nationalist rhetoric but offered little to calm the international currency markets. Inflation reached an annual rate of 15.9% in July more than five times the average rate for wealthy nations and government borrowing in foreign currencies has risen dangerously high. (news.financializer.com). As reported in the news.

tayyip: The instability in the lira, which is now down about 41 per cent this year, has increased concerns over Turkey's high debt levels and President Recep Tayyip Erdogan's moves to consolidate power, according to The Toronto Star. The Toronto Stock Exchange's S&P/TSX composite index was down 102.64 points at 16,314.34 after roughly 90 minutes of trading on Friday. Turkey's currency plunged after the U.S. said it would impose further tariffs on the country as part of a political dispute. Most sectors including materials, energy and health care were down, but gold was up slightly. It's hard to dismiss any risk these days given valuations. Rene Johnston / Toronto Star file photo Markets reacted cautiously to the potential disruptions, said Patrick Blais, senior portfolio manager at Manulife Asset Management. (news.financializer.com). As reported in the news.

warning: Prime Minister Dmitry Medvedev's warning on Friday reflects Russian fears over the impact of new restrictions on its economy, including the rouble, which has lost nearly six per cent of its value this week on sanctions jitters, according to Nine News Australia. President Vladimir Putin discussed what the Kremlin called possible new unfriendly steps by Washington with his Security Council on Friday. To improve your experience update it here News World Russia warns US over banks as rouble falls6 14am Aug 11, has warned the United States it would regard any move to curb the activities of its banks as a declaration of economic war as new sanctions took their toll on the rouble. Moscow's strategy of trying to improve battered US-Russia ties by attempting to build bridges with US President Donald Trump is backfiring after US lawmakers launched a new sanctions drive last week. The State Department announced new sanctions on Wednesday, blaming Moscow for the poisoning of former Russian spy Sergei Skripal, and his daughter, Yulia, in Britain, in March. That in turn has piled pressure on Trump to show he is tough on Russia ahead of mid-term US elections. (news.financializer.com). As reported in the news.

adidas: A supporter wears Adidas merchandise at the 2018 World Cup match between South Korea and Germany. john macdougall / Agence France-Presse Adidas World Cup shirt sales topped the 8 million sold in connection with the tournament in Brazil four years ago, chief executive officer Kasper Rorsted said in an interview with CNBC. That's even though two teams wearing Nike uniforms winner France and runner-up Croatia faced off in the final at this year's event, according to The Toronto Star. Read more Adidas expects record World Cup jersey sales Article Continued Below Adidas betting big on fast fashion Why you can't buy that Harry Kane World Cup jersey The Herzogenaurach, Germany-based company withstood a shift in off-the-field fashion away from minimalist classic shoes like the Stan Smith sneaker and toward so-called dad shoes chunkier versions of designs from the 1980s and 1990s. The German sportswear giant's shares rose as much as 10 per cent on Thursday, the most since March, after it posted second-quarter revenue and profit that beat analyst expectations. German competitor Puma SE last month said the change hurt its sales in the first half of the year. Adidas said revenue adjusted for currency swings rose 10 per cent to 5.26 billion euros 7.94 billion in the second quarter, driven by a 12 per cent gain at its namesake shoe brand. The consumer is becoming more fickle, Rorsted said on CNBC. That's an opportunity but also a threat. (news.financializer.com). As reported in the news.

dow jones: The Toronto Stock Exchange's S&P/TSX composite index was up 89.82 points at 16,404.90 after 90 minutes of trading on Thursday, according to The Toronto Star. Frank Gunn / THE CANADIAN PRESS file photo In New York, the Dow Jones industrial average closed down 74.52 points at 25,509.23. The Toronto Stock Exchange's S&P/TSX composite index closed up 101.90 points at 16,416.98 as information technology, financials, and materials gained. The S&P 500 index ended down 4.12 points 2,853.58 and the Nasdaq composite index ended up 3.46 points at 7,891.78. The September crude contract closed down 13 cents at 66.81 U.S. per barrel and the September natural gas contract ended up a penny at 2.96 per mmBTU. Article Continued Below The December gold contract ended down 1.10 at 1,219.90 an ounce and the September copper contract closed up two cents at 2.77 a pound. react-empty 138 Read more about Tsx TOP STORIES, DELIVERED TO YOUR INBOX.NEW NEWSLETTERHEADLINESSIGN UP The Canadian dollar averaged 76.69 cents US, up 0.07 of a US cent. (news.financializer.com). As reported in the news.

beast reporter: Chris Jansing discusses what the consequences of the book and recordings might be with the Daily Beast reporter who broke the story Lachlan Markay, Associate Editor and Columnist at Real Clear Politics A.B. Stoddard and Politico Chief Economic Correspondent Ben Aug 09 2018 14 24 10 GMT 0000 , according to MSNBC. Chris Jansing discusses what the consequences of the book and recordings might be with the Daily Beast reporter who broke the story Lachlan Markay, Associate Editor and Columnist at Real Clear Politics A.B. Stoddard and Politico Chief Economic Correspondent Ben set to release a book and might have secret Trump Aug 09 2018 14 24 10 GMT 0000 Aug 09 2018 14 24 10 GMT 0000 Aug 09 2018 15 05 46 GMT 0000 set to release a book and might have secret Trump star turned White House aide Omarosa is set to release an explosive new book and in the pre-publication push, reports surface that she was secretly recording the president inside the White House. (news.financializer.com). As reported in the news.

christopher collins: Christopher Collins, a prominent Republican supporter of US President Donald Trump, has been charged by American authorities with fraud and lying to the FBI about illegal trading in Innate Immunotherapeutics shares in June 2017, according to Nine News Australia. In a statement to the Australian stock market on Thursday, Innate said it co-operated fully with requests for information by the US Securities and Exchange Commission regarding Mr Collins, a former Innate director and one of its biggest shareholders. To improve your experience update it here News National Aust firm helping US insider trading probe2 56pm Aug 9, 2018Facebook Tweet Mail An Australian biotech firm at the centre of an insider trading scandal involving a US congressman insists it has done nothing wrong and co-operated fully with American investigators. The company and its directors/officers excepting Mr Collins are not under investigation, the Melbourne-based biotech said. The 68-year-old New York congressman is accused of tipping off his son Cameron in June last year about highly sensitive confidential information about the failure of a clinical trial involving a drug Innate was developing to treat multiple sclerosis. The company considers the ongoing investigation to be a private matter to Mr Collins. (news.financializer.com). As reported in the news.

cent: A rally in Chinese stocks had helped offset the latest escalation in the Sino-US trade war in Asia overnight, but too much was going on nearby for Europe to stay upright, according to Nine News Australia. London's FTSE Frankfurt's DAX and Paris' CAC40 were down 0.6 per cent, 0.1 per cent and 0.4 per cent respectively, while German government bonds rose in broad grab for safety. To improve your experience update it here News World Europe stocks dip, US sanctions hit rouble8 27pm Aug 9, stock markets have struggled with trade war worries, Russia's rouble tumbled after the United States imposed fresh sanctions on the country and Turkey's lira dropped to a new low. But the main fireworks were in the currency markets. The rouble slid to its lowest since late 2016, 66 roubles to the dollar. The Russian rouble sank after Washington said it would impose fresh sanctions because it had determined that Moscow had used a nerve agent against a former Russian agent and his daughter in Britain . There were also reports of a new US Senate bill that would impose widespread sanctions on Russia for meddling in US elections. (news.financializer.com). As reported in the news.

group: Woolworths has announced all profits from sales in its fresh produce departments this Saturday, August 11, will be donated to Rural Aid's Buy-A-Bale appeal, according to Nine News Australia. This follows the supermarket's 1.5 million donation and in-store fundraising for the same group, which delivers hay, essential items and counselling services to farmers in need. To improve your experience update it here News National Coles, Woolies put hands up to help farmers3 33pm Aug 9, supermarket giants have put up their hands to help farmers, pledging to donate big dollars. Woolworths has promised all profits from its fresh produce sales on Saturday will be donated to Rural Aid. Coles has also come to the table, pledging to match dollar-for-dollar every donation by customers to farming communities during August. AAP It's been amazing to see our customers and store teams rally behind Aussie farmers impacted by this drought, Woolworths Supermarkets Managing Director Claire Peters said. (news.financializer.com). As reported in the news.

transfer window: Mateo Kovacic was part of Croatia's run to the World Cup final, where it lost to France, according to The Toronto Star. YURI CORTEZ / AFP/GETTY IMAGES The 24-year-old Kovacic was part of Croatia's run to the World Cup final, where it lost to France. The move was completed on the final day of the Premier League's transfer window. Kovacic has been at Madrid since 2015, joining from Inter Milan. The Belgian was replaced by Kepa Arrizabalaga after Chelsea met the goalkeeper's 80 million euro 120 million buyout clause from Athletic Bilbao on Wednesday. Chelsea has also sold a player goalkeeper Thibaut Courtois to Real Madrid. (news.financializer.com). As reported in the news.

san: According to the Journal, the SEC's inquiries originate from the agency's San Francisco office, according to The Guardian. The SEC declined to comment. Elon Musk grumbles at short-sellers, but is private ownership right for Tesla Nils Pratley Read more Shares in the money-losing carmaker fell sharply in New York after the Wall Street Journal reported that the Securities and Exchange Commission is making inquiries and quoted former SEC lawyers as saying that investigators were looking for documentation to back up Musk's claims. If Musk's claim turns out to be false, he risks civil and possible criminal penalties. The specific regulation lawyers believe Musk could have broken in his funding secured tweet is 14e-8 of the Securities Exchange Act of 1934, which prohibits publicly traded companies from announcing plans to buy or sell securities if executives don't intend to complete, don't have the means to complete, or are trying to manipulate the stock price. Shares dipped again after Bloomberg reported regulators had been looking into Tesla prior to Musk's tweets and were now intensifying their scrutiny of Tesla Inc.'s public statements, including statements on manufacturing goals and sales targets. (news.financializer.com). As reported in the news.

a.b: Weighing in LA Times White House Correspondent Eli Stokols, former Special Assistant to President Obama Ned Price, Associate Editor and Columnist at Real Clear Politics A.B. Stoddard, and Politico Chief Economic Correspondent Ben much longer could Trump avoid a Mueller interview date Created Thu Aug 09 2018 14 05 18 GMT 0000 Aug 09 2018 14 05 18 GMT 0000 Aug 09 2018 15 02 32 GMT 0000 much longer could Trump avoid a Mueller interview President Trump's lawyer, Rudy Giuliani said a meeting with Robert Mueller might trap the president into perjury, it is unclear what Mueller's next steps will be, according to MSNBC. Chris Jansing discusses the president's strategy to avoid this meeting. Chris Jansing discusses the president's strategy to avoid this meeting. Weighing in LA Times White House Correspondent Eli Stokols, former Special Assistant to President Obama Ned Price, Associate Editor and Columnist at Real Clear Politics A.B. Stoddard, and Politico Chief Economic Correspondent Ben Aug 09 2018 14 05 18 GMT 0000 (news.financializer.com). As reported in the news.

rescue deal: Potential bidders including Mike Ashley, the owner of Sports Direct, Philip Day, the owner of Edinburgh Woollen Mill, and restructuring expert Alteri, have all been asked to put forward their best offers this week as the group's lenders consider their options, according to The Guardian. Several well-placed sources said any rescue deal would need to be agreed by the middle of next week when House of Fraser will have to pay suppliers more than 15m and prepare to pay its monthly rent bill at the end of the month. On Thursday the ailing department store told its investors that it needed to secure fresh investment by 20 August. It is understood that the company has sufficient funds to meet immediate bills. Credit insurers, which suppliers use to protect themselves from the risk of not being paid, have already withdrawn cover from the retailer. However, some suppliers are already understood to have decided to cease deliveries, fearing they will not be paid. (news.financializer.com). As reported in the news.

weeks training: Muir's only worries have been a troublesome achilles and a severe bout of hay fever that caused her to run well below par at the Anniversary Games last month, after which she decided not to attempt an audacious 800m-1500m double, according to The Guardian. But having spent the best part of three weeks training at altitude in St Moritz the 25-year-old believes she is back to her best. Laura Muir I would have a lot easier life if I didn't say stuff'Read more No British woman has won a European 1500m gold medal, although Kelly Holmes snatched a silver in 1994 and Laura Weightman a bronze in 2014, but Muir enters the heats on Friday as an overwhelming favourite for the final on Sunday. I've no fears at all with my achilles now, she said. I've not missed any training so it's really good. It was a little bit irritated this summer but having massages at the camp helped. (news.financializer.com). As reported in the news.

accord: The same goes for their theocratic government, which for now is abiding by the atomic accord, according to Nine News Australia. President Hassan Rouhani, a relative moderate whose administration struck the 2015 deal, has taken an increasingly confrontational line in recent weeks, applauded by hard-liners who had long opposed him. To improve your experience update it here News World Choose US or Iran, Trump tells international businesses12 40pm Aug 8, 2018Facebook Tweet Mail As Iranians awoke to renewed US sanctions that had been lifted by Tehran's nuclear deal with world powers, the question on everyone's mind remained What happens now From deciphering President Donald Trump's tweets on Iran including one demanding WORLD PEACE to trying to figure out how much their cratering currency is worth, Iranians appear divided on how to respond. Then in a speech on live television on Monday night, Rouhani seemed to suggest that direct talks with Trump could be possible. Whether Iran should choose a North Korea-style photo-op with the American president who backed out of the nuclear deal or abandon the unraveling accord and increase its uranium enrichment remains a fiercely debated question in Iran. That's something North Korean Foreign Minister Ri Yong-hu, who visited Tehran on Tuesday and met with its leadership, knows firsthand. (news.financializer.com). As reported in the news.

court: The charges that have been levied against me are meritless, Collins said Wednesday, according to CNN. And I will mount a vigorous defense in court to clear my name. Chris Collins vowed to fight the criminal charges against him in court and win re-election, hours after federal prosecutors arrested him on accusations that he took part in insider trading. I look forward to being fully vindicated and exonerated. He could face up to 150 years in prison if convicted on all counts, according to Nick Biase, a spokesman for the US Attorney's Office of the Southern District of New York. Federal prosecutors on Wednesday charged Collins, his son and another man with 13 counts of securities fraud, wire fraud and false statements stemming from an alleged insider trading scheme centered on an Australian pharmaceutical company. (news.financializer.com). As reported in the news.

dow jones: The Toronto Stock Exchange's S&P/TSX composite index was up 12.33 points to 16,298.63 after 90 minutes of trading on Wednesday, according to The Toronto Star. Rene Johnston / Toronto Star file photo In New York, the Dow Jones industrial average ended down 45.16 points at 25,583.75. The Toronto Stock Exchange's S&P/TSX composite index closed up 28.78 points at 16,315.08 as sectors other than energy, consumer discretionary, and utilities climbed. The S&P 500 index closed down 0.75 points at 2,857.70 and the Nasdaq composite index was up 4.66 points at 7,888.33. The September crude contract closed down 2.23 at 66.94 U.S. per barrel and the September natural gas contract was up five cents at 2.95 U.S. per mmBTU. Article Continued Below The December gold contract ended up 2.70 at 1,221 U.S. an ounce and the September copper contract was unchanged at 2.75 U.S. a pound. react-empty 142 Read more about Tsx TOP STORIES, DELIVERED TO YOUR INBOX.NEW NEWSLETTERHEADLINESSIGN UP The Canadian dollar averaged 76.62 cents U.S. down 0.17 of a cent. (news.financializer.com). As reported in the news.