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

gaap earnings: If earnings are lower than expected, the stock should go down, according to Market Watch. The price-to-earnings ratio is the most common valuation metric in the financial media. If earnings beat expectations, they say it a reason for the stock to go up. You might think, given their prominence and the fact that the Financial Accounting Standards Board governs their calculation, that earnings reflect a company profits. CFOs themselves admit they frequently exploit these loopholes to prop up earnings and ensure management gets their bonuses. Instead, GAAP earnings are subject to a number of accounting loopholes and distortions that cause them to diverge from true cash profits. (news.financializer.com). As reported in the news.

inflation measures: The report didn't shake the upward momentum in the dollar, which wavered slightly after the release, but held on to gains against other currencies, according to Market Watch. Minutes were largely a non-event and confirmed the market view that the Fed is inching toward raising rates in December. Minutes from the September Federal Open Market Committee meeting described the decision around holding rates unchanged as a close call, and indicated that Fed officials saw sufficient reasons for a hike but wanted to see further evidence of economic improvement with doves pointing to slack in inflation measures. The dollar upward momentum will continue as currency markets revert to the comfortable view of divergent policy outlook, said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange. The buck has climbed about 2.6% so far in October, according to Fact Set data. The ICE U.S. Dollar index DXY, +0.42% which measures the greenback performance against six other currencies, was up 0.3% at 97.915, a seven-month high. (news.financializer.com). As reported in the news.

state level: Hamburger Education Senator Ties Rabe called for "a long-term and sustainable strategy" both at federal and state level. "It good that there finally some movement on this important matter, according to Deutsche Welle. But this shouldn't just be a flash in the pan, otherwise, in ten years time there'll be outdated and unused computers left lying around." Green Party politician and School Minister for the western German state of North Rhine-Westphalia Sylvia Löhrmann said: "It good that the government recognizes it responsibility for education." "I see the offer as a first step, which will hopefully be followed by others - for example federal investment in full-time schooling, in school social services or in multi-professional teams for inclusion." How Germany celebrates the first day of schoolA cone full of presents The most important part of every German child first day of school is the "Schultüte," or school cone. German Education Minister Johanna Wanka The foundation for such an agreement lies in Article 91c of the German Basic Law, which forbids any collaboration between Berlin and the individual state governments in the school sector. "The passage allows cooperation, however, in information technology," Wanka said, meaning that a change in legislation wouldn't be necessary to enable the "Digital Pact." "Good education in the 21st century includes IT knowledge and confident handling of technology and the risks of digital communication, as well as learning through the many new possibilities of digital media," Wanka said, adding that Germany must "take advantage of these opportunities more than before." "We must make a big leap forward in digital education," the Education Minister added. "The pedagogy is central to the success of digital education - digital technology must serve good education, not vice versa." No more chalkboards: Germany sees digital learning as the way forward Positive welcome Aside from some amendment, the reaction from state ministries of education and cultural affairs lead by Social Democrats and Greens was largely positive. Apparently the thought of attending school every day for the next 12-13 years has to be "sweetened" with candy and presents - a tradition that dates back to the early 19th century. How Germany celebrates the first day of school The start of a new phase Most children in Germany are six years old when they start school in August or September, depending on which state they live in. Parents fill the cones, either homemade or purchased, with treats, school supplies and small gifts. (news.financializer.com). As reported in the news.

texas: Petroleum prosperity helped usher in an economic boom in Texas, which added one out of every seven new American jobs between 2010 and 2014, according to Market Watch. But since the end of 2014, the state has lost more than 91,000 jobs in oil-and-gas extraction and mining-support activities, nearly half of the total national job losses in those categories. But after more than two years of slumping oil prices, the state is now a sore spot for the national economy. Texas payrolls were up 1.6% in August from a year earlier, trailing the national pace of job growth for the 11th consecutive month. But the largest economic impacts are in Texas, the nation second most populous state, which accounts for roughly 9% of U.S. economic output. The collapse in oil prices—from more than $100 a barrel in June 2014 to roughly $50 today CLX6, +1.21% —has been felt nationwide. (news.financializer.com). As reported in the news.

trading days: US stocks suffered big losses Tuesday as Alcoa kicked off the third quarter earnings season by missing estimates on both the top and bottom line, according to Global Times China. The Dow Jones Industrial Average dropped 200.38 points, or 1.09 percent, to 18,128.66. The Shanghai Composite Index slipped 0.22 percent to close at 3,058.5 points on Wednesday, ending rises for four consecutive trading days. European equities also fell Tuesday. Chinese steel firms led declines on Wednesday. The German benchmark DAX index on the Frankfurt Stock Exchange fell 0.44 percent, while British FTSE 100 Index dipped 0.38 percent. (news.financializer.com). As reported in the news.

right thing: NSW Environment Minister Mark Speakman said beverage containers accounted for almost half the state mounds of trash, and it was time to provide incentives for people to "do the right thing". Anyone who hands in eligible drink bottle containers at designated sites across the state would be rewarded with a 10-cent refund, according to Nine News Australia. Beverage suppliers would pay for the refunds as well as the scheme administration, with an expected 10-cent price hike in soft drink prices tipped to be passed on to consumers. The drink container deposit scheme, expected to go live in July next year, is aimed at slashing the number of bottles and cans strewn across NSW parks, beaches and waterways by about 50 per cent. Containers between 150ml and three litres would be covered by the scheme, but those not typically found in litter streams - including milk, wine, large bottles of fruit juice and health tonics - wouldn't bring in a cash return. Click here for more information. South Australia and the Northern Territory already have such schemes, with Western Australia, Queensland and the ACT also planning similar programs.© AAP 2016New South Wales Politics Send your photos, videos and stories to can remain anonymous. (news.financializer.com). As reported in the news.

symphony: Director Chen Xinyi remade the Western classical music into a drama depicting the Long March. "It is not a clumsy pairing, according to Xinhua China. The symphony fits the theme quite well," said Yu Rongjun, who scripted the drama. A Chinese rendition of 19-century Austrian composer Gustav Mahler Six Symphony will make its debut at the event. He said skillful use of Western music to explain China revolutionary history bridges Chinese and Western cultures. "It sets the ground for deep cross-cultural dialogue on humanity," Yu said. Wang Jun, chief executive of China Shanghai International Arts Festival, said the festival aims to present Chinese elements on a global stage. "Our means of expression are becoming richer, freer, and more diversified," he added. Among the 50 pieces of works contain those of music masters like Pyotr llyich Tchaikovsky and Dmitri Dmitriyevic Shostakovich, ballet "A Midsummer Night Dream," and popular Chinese play "Fayuan Temple." Arts from Russia, Hungary, Czech, Israel, Qatar, Egypt -- countries grouped under the framework of China Belt and Road Initiative were specifically featured. (news.financializer.com). As reported in the news.

trump: About a month ago, for example, the Republican ticket unveiled a new tax plan – Trump third attempt at getting this right – which quickly fell apart under scrutiny, according to MSNBC. The numbers didn't add up; the blueprint was demonstrably dishonest and contradictory; and by some independent estimates, the GOP candidate proposal would actually raise taxes on the middle class while delivering a windfall for the rich. But let not forget the fact that both of the major-party candidates have unveiled tax policy proposals, which say a great deal about their priorities. Yesterday, the Tax Policy Center released a report on Trump latest plan and gave it a price tag of $7.2 trillion – more than *double* the cost of the Bush/Cheney plan. So far, all of this probably seems pretty predictable. As Vox noted, the same analysis found that the Republican blueprint is even more tilted toward the rich than Trump first plan. (news.financializer.com). As reported in the news.

u.s .,: The S&P/TSX composite index in Toronto gained 69.37 points at 14,618.97, as the energy sector weighed on the market, according to The Toronto Star. In the U.S., the Dow Jones industrial average added 15.54 points to 18,144.20, while the S&P 500 advanced 2.45 points to 2,139.18. By The Canadian Press Wed., Oct. 12, 2016 Rising gold and materials stocks helped push the Toronto stock market higher, while New York indices stayed flat as minutes from the U.S. Federal Reserve showed it made a close call when it decided to hold off on hiking interest rates last month. The Nasdaq composite lost 7.77 points at 5,239.02. Oil prices had briefly dipped below $50 a barrel earlier in the day, after hitting their highest level in more than a year on Monday. The Canadian dollar fell 0.10 of a cent to 75.42 cents U.S., as the November crude contract faded 61 cents at $50.18 per barrel. (news.financializer.com). As reported in the news.

yahoo ceo: Sequoia Capital chairman Michael Moritz, tech angel investor Ron Conway, and hedge-fund investor William Oberndorf have donated $49,999 apiece to a divisive ballot measure intended to clear San Francisco streets of homeless encampments, according to campaign filings, according to The Guardian. Zachary Bogue, a tech investor best known as husband to the Yahoo CEO, Marissa Mayer, also pitched in $2,500. But if a few of the city tech billionaires and millionaires have their way, even that shelter could be taken away. Those sums may be chump change to the likes of Moritz , but they account for the majority of the approximately $270,000 campaign chest. To the city housed residents, the encampments serve as a visceral reminder of the city gaping inequality – or as a nuisance that they wish would go away. Proposition Q purports to address the most visible symptom of the city ongoing homelessness crisis, tent cities that crowd the sidewalks in certain neighborhoods. (news.financializer.com). As reported in the news.

akita prefecture: The Defense Ministry confirmed a ballistic missile launched Aug. 3 by North Korea fell in Japan EEZ, 250 km west of Akita Prefecture, marking the first time that the nose cone of a North Korean missile has landed in the EEZ. On Sept. 5, three North Korean missiles fell in Japan EEZ off Okushiri Island near Hokkaido, according to the government, according to The Japan Times. Defense Minister Tomomi Inada told the committee session that we could attain information regarding performance and manufacturing technologies if we collect the debris. The collection would be significant though technically difficult, Abe said during a session Tuesday of the Upper House Budget Committee. But Hirokazu Matsuno, minister of education and science, bought up the possibility that the debris has sunk to a depth of 3,000 meters, saying, It is difficult to tell now whether we could find it. Song was quoted as saying during a meeting Oct. 5 with association members at a Pyongyang hotel that if the Japanese government tightens its sanctions Japan national security environment would face an irreparable situation and North Korea would take countermeasures. Meanwhile, Song Il Ho, North Korea ambassador for negotiations to normalize relations with Japan, reacted sharply to the possibility of Japan tightening its sanctions in the wake of Pyongyang fifth nuclear test in September, according to a member of a bilateral friendship association in Fukuoka Prefecture. (news.financializer.com). As reported in the news.

bangladesh: How do you see the current state of Chinese investment in Bangladesh Li: The volume of Chinese investment in Bangladesh reached $56.79 million in 2015, of which 65 percent went into textiles, according to the official data from Bangladesh central bank, according to Global Times China. Meanwhile, Chinese companies also invested in other industries such as leather, chemical fertilizers, electricity, pharmaceuticals and so on. File photo: CFP Li Guangjun Editor Note: Ahead of President Xi Jinping visit to Cambodia, Bangladesh and India from Thursday to Monday, Li Guangjun, Economic and Commercial Counsellor of the Chinese Embassy in Bangladesh, spoke to Global Times reporter Chen Qing-qing in Beijing on Monday, talking about the ongoing Chinese investment in Bangladesh and perspectives on the bilateral relationship. Besides private companies, more and more State-owned enterprises have started to explore business opportunities here. Those sectors have full potential: for example, in the electricity sector, Chinese investment in plants that produce 1,320 megawatts of electricity has surpassed $400 million. And investors are entering industries such as electricity and manufacturing. (news.financializer.com). As reported in the news.

american manufacturing: He attended the second presidential debate Sunday night between Trump and his Democratic rival Hillary Clinton, according to Xinhua China. In fact, American manufacturing "should be a primary motivator for our energies, to regain manufacturing jobs here in the United States," said Calk. Louis, United States, Oct. 10 -- U.S. manufacturing has taken a major hit in recent decades, but it should not be discounted, a top economic adviser to U.S. Republican presidential candidate Donald Trump told Xinhua in an interview. "I think that anyone who says you should write off American manufacturing jobs is a fool," said Stephen M. Calk, Trump senior economic adviser and CEO of The Federal Savings Bank. The comments came at a time when Trump vows to bring back manufacturing to the U.S. and the country has still not fully recovered from the 2007-2008 economic nose dive that sent the U.S. economy reeling. Bringing back manufacturing is certainly part of Trump economic plan, which intends to do that primarily through drivers of tax reduction and repatriation of foreign profits, Calk said. "And I think those things could help a great deal in bringing back manufacturing to the U.S.," he said. While official jobless figures have lowered, the numbers do not reflect the true health of the economy, as they do not include the millions of Americans who have given up looking for work. (news.financializer.com). As reported in the news.

cent chunk: NetEase, a leading Chinese internet, email and gaming company listed on the NASDAQ and worth about $35 billion expanded into e-commerce last year launching Kaola.com, according to Nine News Australia. Despite the website Chinglish name, cross-border commerce is now a 10 per cent chunk of Net Ease revenue and going gangbusters. But Australians shouldn't be too precious, Aussie farmers and manufacturers will be laughing all the way to the bank. Kaola operates on a similar basis to Amazon. There are tens of thousands of products and more than 100 brands from Australia sold through Kaola so far. NetEase spokeswoman Maggie Liu said the koala was chosen as a symbol because, like the marsupial, Net Ease wants its online customers to be "lazy and comfortable" - while it does all the hard work of delivering the best foreign products to people doors. (news.financializer.com). As reported in the news.

consortium warning: Motorists can expect increases of up to 4p or 5p per litre by the end of the month, said the Petrol Retailers Association, according to The Guardian. Retailers: The sharp drop in the pound raises the prices retailers pay for imports, with the British Retail Consortium warning that shops face a challenging time. Who are the losers and the winners in sterling plunge Losers Drivers: Expect a surge in petrol prices in the next fortnight towards 120p a litre as motorists are hit by the double whammy of a fall in the pound and a rise in the price of crude on world markets, which are traded in dollars. But, so far, there is little hard evidence of price rises; mysupermarket.com said the average cost of groceries fell again in September, and are 3% cheaper than this time last year. Airport bureaux de change are offering tourists less than €1 for each £1 – just 97 cents in some cases. Holidaymakers: HSBC reckons the pound will hit parity against the euro, but for some holidaymakers that is already reality. (news.financializer.com). As reported in the news.

china: But experts warned that policies should tailored to each city, according to Global Times China. Buildings tower over Huaian, East China Jiangsu Province, on Thursday. Recently, residential housing prices started to rise rapidly in some third- and fourth-tier cities, partly due to speculative housing purchases. Photo: CFP Since September 30, more than 20 cities, including first-tier cities like Beijing and Shenzhen, South China Guangdong Province, and smaller cities like Wuxi and Suzhou, East China Jiangsu Province, have announced new restrictions on property purchases, as the central government tries to cool the soaring property market. The Beijing municipal government raised the minimum down payment for first-time home buyers to 35 percent from 30 percent. In a G20 meeting in Washington on Thursday, Zhou Xiaochuan , the governor of the People Bank of China , said that China is paying close attention to rising property prices in some cities and "will take measures to promote the sound development of the real estate market," according to a statement posted Saturday on the PBC website. (news.financializer.com). As reported in the news.

cmc markets: Risk-on sentiment is returning to Asia, thanks to higher oil prices due to production cuts, as well as recent gains in U.S. market, said Alex Furber, a senior client services executive at CMC Markets, according to Market Watch. There is going to be general relief as well at the prospect of a Trump win receding, Furber added, following the second televised U.S. presidential debate. The Nikkei Stock Average NIK, -0.39% was up 0.9%, led by exporters amid a weaker yen, while the Shanghai Composite Index SHCOMP, +0.09% gained 0.3%, building on Monday 1.5% rise, as Chinese investors returned from a weeklong national holiday. Markets are less favorable to Trump as they dislike the uncertainty of his economic policies, say analysts. On Monday, crude oil prices hit a one-year high in the U.S., after Russian President Vladimir Putin said the country would support the Organization of the Petroleum Exporting Countries' attempt to cut its collective output. A fair bit of U.S. trading partners are in Asia and may feel relieved for now, said Furber. (news.financializer.com). As reported in the news.

consumers carriers: Analysts had argued a permanent end to Note 7 sales could cost Samsung up to $17 billion and severely tarnish its other products in the minds of consumers and carriers, according to Deutsche Welle. South Korean regulators had announced they had found another defect with the Note 7, and urged users to stop using the phones. The company also said it permanently stopped the production of this smartphone. They did not identify the new defect. The US Consumer Product Safety Commission echoed that advice. Samsung said owners of the phones should turn them off and return them to the store where they bought them for a refund or an exchange for a different phone. (news.financializer.com). As reported in the news.

dow jones: AlcoaAA, -2.87% shares skidded 11% after the company reported results that missed expectations, according to Market Watch. That is the biggest daily percentage drop for the stock since Aug. 8, 2011, according to Fact Set data. A stronger dollar and a retreat in oil prices also hurt sentiment. The S&P 500 index SPX, +0.11% slid 26.93 points, or 1.2%, to close at 2,136.73, with all of its main sectors finishing in the red. The Dow Jones Industrial Average DJIA, +0.09% dropped 200.38 points, or 1.1%, to end at 18,128.66. Health-care and materials sectors were the biggest losers. (news.financializer.com). As reported in the news.

ethiopian police: Ethiopia has experienced a year of unrest which rights groups say has led to about 500 deaths, according to Deutsche Welle. The violence prompted the Ethiopian government to declare a nationwide state of emergency on Sunday. Merkel also offered German assistance for Ethiopian police training in de-escalation tactics. Dessalegn defended the Ethiopian police saying they "did not use force excessively" and if this had happened there would be an investigation. But then groups with explosives and weapons and the backing of foreign governments had become involved, Dessaslegn said. He said protests by young people had initially been justified because of the high level of unemployment. (news.financializer.com). As reported in the news.

diana kantaroglou: No other drink, apparently, will do. "Tea is for the sick and the infirm," says Diana Kantaroglou, a guide with the Alternative Athens tour company , who leading us around some of the best culinary haunts in Athens, according to CNN. Which is why our day begins at Cafe 111 in Monastiraki, the bazaar neighborhood of Athens. We're being served this potent, unfiltered concoction, brewed together with sugar in a traditional brass pot over a gas flame, as fortification for a food tour of the Greek capital. Read More And we're in no particular rush to get going."Greeks are heavy coffee drinkers," adds Kantaroglou. "We also like to socialize in cafes unlike, say, the Italians with their quick drink-and-go espresso shots."Once finished, we turn over the cups and let the residue run down inside; there are still professional coffee readers who will predict your future from the resulting pattern. We're on the trail of some of the best street food in Athens -- a culinary scene that changed rapidly in recent years as Greek economic woes and the recent European migrant crisis have had an unexpectedly delicious impact on the city eating habits. None are present so early in the morning, so we put our fate in Kantaroglou hands and head out. (news.financializer.com). As reported in the news.

disaster: About 430 billion yen will be allocated to support small and medium-sized companies, and to revitalize local economies, and another 1.44 trillion yen will be used for disaster alleviation and reconstruction of quake-hit areas in southwestern and northeastern Japan, according to Xinhua China. With the extra budget,the government spending for the current fiscal year will total 100.01 trillion yen . The extra budget, aimed at boosting growth amid sluggish world economy and Britain decision to leave the European Union, has also raised concerns on Japan precarious fiscal health. Under the extra budget, some 710 billion yen will be used to improve welfare services, including supporting child rearing, while some 1.41 trillion yen will be used for infrastructure improvement. The Japanese government is burdened with arrears that stand as the highest in the industrialized world, amounting to more than twice the size of Japan economy. The government will issue construction bonds worth 2.75 trillion yen to help pay for the extra spending. (news.financializer.com). As reported in the news.

dollar: The exchange rate with the US dollar stood at $1.30 last week when Theresa May opened the Conservative party conference and appeared to put regaining control of immigration above staying inside the EU single market free trade area, according to The Guardian. Investors took fright at the prospect of a hard Brexit and the currency has declined more than 6% against the dollar since then. Sterling recorded its worst four-day performance since the Brexit vote as a Bank of England official said he expected the pound to fall further in the coming weeks, driven by the referendum result and the UK trade deficit with the rest of the world. A flash crash last Thursday, when the pound fell by 6% in 10 minutes, heightened concerns that investors had lost faith in sterling as a major currency. However, the pound decline had the opposite effect on the UK leading share index. A year ago a pound bought $1.55. (news.financializer.com). As reported in the news.

fund expansion: Humphrey Cobbold, the chief executive, said: Given the challenging IPO market conditions, the board has decided not to proceed with a listing despite the strong interest shown by potential investors, according to The Guardian. The private equity-owned company had been hoping to raise £190m from the listing to pay off debts and fund expansion. Less than a month after announcing plans for a stock market listing, the no-frills fitness chain said current market volatility meant it was no longer in the long-term interests of the company. Sources said that although the group had received sufficient orders to cover the initial public offering, the level of support was not as strong as hoped and the challenging market conditions convinced the board to pull the plug on the plans. The Leeds-based Pure Gym business was founded in 2008, and following a period of rapid expansion it is now the UK largest gym operator with 169 gyms and 820,000 members across the UK. Last year it bought the rival chain LA Fitness and struck up a partnership with Olympian Sir Chris Hoy, who is a special adviser and brand ambassador to Pure Gym. Last month Spain Telefonica cancelled plans to float its infrastructure business Telxius following weak investor demand for the shares. (news.financializer.com). As reported in the news.

government: The toing and froing over the tax had gone on "far too long"."I do not want to seem critical of my own government, but I think this whole exercise could well have been managed better and more promptly," he said."All the information available to us to resolve the issues that presented to those sectors has been at our disposal for a significant period of time."The government announced the tax in the 2015 budget but pledged a review during the federal election campaign, according to Nine News Australia. It amended the tax in September so working holiday makers pay 19 cents from the first dollar they earn from next year, rather than the 32.5 per cent originally flagged. Queenslander Barry O'Sullivan used a speech in parliament to decry the "massive uncertainty" created by the tax which was reworked last month after a barrage of criticism. It will make the change budget-neutral by increasing the passenger movement tax by $5 per individual when travellers leave Australian shores. There was data showing the uncertainty had impacted the choices of potential visiting backpackers, the Nationals senator said. Senator O'Sullivan said the amended legislation, introduced in the lower house on Wednesday, sought to restore certainty to the tourism and agricultural sectors. (news.financializer.com). As reported in the news.

federation: Park welcomed the move, saying she hopes for progress, according to The Japan Times. Earlier on Monday, representatives from Keidanren and the Federation of Korean Industries met in Seoul, where they pledged stronger cooperation in markets overseas and to share know-how on planning for and responding to disasters such as earthquakes. At a meeting at the presidential office in Seoul, Sadayuki Sakakibara, chairman of the Japan Business Federation, better known as Keidanren, told Park that the federation plans to promote cooperation between Japan and South Korea in developing markets in other countries. Sakakibara told reporters that regular bilateral meetings have helped to pave the way for a solution to a long-standing problem, a reference to former comfort women in South Korea, who were forced to serve as prostitutes for Japanese troops before and during World War II. He said Japan-South Korea relations are steadily moving forward, adding that business circles are ready to boost momentum. (news.financializer.com). As reported in the news.