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

Asia-Pacific Prada: China economic slowdown is hurting the two shopping hubs, forcing several luxury brands to close shops or at least attempt to lower sky-high rents – with little luck so far, according to Euro News. Like our competitors we’ve started re-negotiating rents for shops in weak spots such as Hong Kong and Macau but landlords are not being very receptive, they’re rather rigid, Prada Chairman Carlo Mazzi told Reuters in an interview in Milan. However, the Hong Kong-listed group does not plan to shut stores in China, which accounts for more than a fifth of its global sales and has been hit by a rout in stock markets and last month surprise devaluation of the yuan. China has gone from being an El Dorado to being an interesting market. Asia-Pacific is Prada biggest market, representing 36 percent of total revenues. We believe it can return to be a fairly good market but it hard to say how long it’ll take, he said. (news.financializer.com). As reported in the news.

Wales Cyprus: Best stat… 1992: It has been 23 years since Wales won in Cyprus, losing their last two games 3-1 and 1-0 away from home against the Cypriots, according to The Independent. Remember when… Wales defeated Cyprus 2-1 in their first Euro 2016 qualifier back in October. Wales did triumph 2-1 despite his red card, but the Leicester City midfielder will be looking for a big performance especially due to Joe Allen missing the game through injury. The game saw two first half goals from David Coterhill and Hal Robson-Kanu which were enough to beat their opponents despite playing most of the second half with ten men due to an Andy King red card. Past three-meetings… Wales 2 Cyprus 1 , European qualifier, October 2014 Cyprus 3 Wales 1 , European qualifier, October 2007 Wales 3 Cyprus 1 , European qualifier, October 2006 Form guide… Wales: WDWDWW Cyprus: WLLWLW Vital information… KICK- 7.45pm Live on Sky Sports. Player to watch… Gareth Bale: When is he ever not the player to watch The Real Madrid superstar will be looking to add to his 5 goals in Wales’ last 8 European qualifiers. (news.financializer.com). As reported in the news.

South African rand: Forecasts for major emerging currencies such as the Brazilian real, the South African rand and Turkish lira were mostly unchanged or revised down from an August poll as analysts accounted for the sharp losses of recent weeks, fuelled by concerns of an historic stock market rout in China, according to Euro News. A profound deceleration of the Chinese economy may turn into a key factor that favours the demand for safe-haven assets, lowering the demand for emerging market currencies, Banco Base economists led by Gabriela Siller said in the survey. While speculation over U.S. interest rates will also weigh heavily, with only a few days to go until a Federal Reserve meeting in which some economists say it could raise rates, the chances of China devaluing its currency further is likely to hold more sway over financial markets. The poll results come as finance ministers and central bankers from the G20 economies meet in Ankara. The real, trading at a 13-year low of 3.75 per dollar, is forecast to stay close to that level in 12 months, at 3.70 per dollar. The revised estimates fall short of predicting a reprise of the recent sell-off, projecting instead a relatively stable outlook over the next 12 months for currencies prone to violent swings. (news.financializer.com). As reported in the news.

South African rand: Forecasts for major emerging currencies such as the Brazilian real, the South African rand and Turkish lira were mostly unchanged or revised down from an August poll as analysts accounted for the sharp losses of recent weeks, fuelled by concerns of an historic stock market rout in China, according to Euro News. A profound deceleration of the Chinese economy may turn into a key factor that favours the demand for safe-haven assets, lowering the demand for emerging market currencies, Banco Base economists led by Gabriela Siller said in the survey. While speculation over U.S. interest rates will also weigh heavily, with only a few days to go until a Federal Reserve meeting in which some economists say it could raise rates, the chances of China devaluing its currency further is likely to hold more sway over financial markets. The poll results come as finance ministers and central bankers from the G20 economies meet in Ankara. The real, trading at a 13-year low of 3.75 per dollar, is forecast to stay close to that level in 12 months, at 3.70 per dollar. The revised estimates fall short of predicting a reprise of the recent sell-off, projecting instead a relatively stable outlook over the next 12 months for currencies prone to violent swings. (news.financializer.com). As reported in the news.

professional basketball: Mills was a member of the former Halifax Rainmen advisory board, according to CBC. The company that owned Halifax Rainmen filed for bankruptcy in July, two months after forfeiting a championship game and being fined thousands of dollars by the National Basketball League of Canada. Halifax Professional Basketball Club which will own and operate the franchise was announced Thursday by investors from Halifax business community. "We are excited to see professional basketball return to Halifax and give the city a new team to support and cheer for," said Don Mills of Corporate Research Associates Inc. who has led the effort to resurrect a NBL team. Halifax insurance executive Mike Brien is the interim CEO of the new company and will manage day-to-day operations while former Rainmen owner Andre Levingston has been appointed as the general manager of basketball operations. If that is successful, the team should be able to begin playing by late December 2015. Team could be on court by late December The club still needs to work out an agreement with Trade Centre Limited. (news.financializer.com). As reported in the news.

Investment risk: Malkiel literally wrote the book on long-term stock investments, according to Market Watch. Random Walk is in its 11th edition and has sold 1.5 million copies and counting. Investment risk has changed dramatically in the past few years, so much so you might not even recognize the risks implied by owning a "standard" stock-and-bond portfolio, warns Burton Malkiel, the Princeton professor who wrote the investing classic A Random Walk Down Wall Street. A former member of the Vanguard board and presidential advisor, Malkiel is a member of the Investment Committee of my firm, Rebalance IRA. We both recently appeared on the long-running PBS series Consuelo Mack Wealthtrack, and Mack specifically asked Malkiel to elaborate on the problem of retirement investing risk in the current environment. It was clear to the Rebalance IRA Investment Committee that a total bond market fund would be riskier than in years past due to globally low interest rates . That was one problem to solve: How to find income in a possibly unstable domestic bond market. In short, there is risk where there used to be stability, and vice versa, Malkiel said. (news.financializer.com). As reported in the news.

Chinese economy: Those goals, as well as future prospects for growth in the 19-member eurozone, have taken a hammering due to the Chinese economy losing steam and the euro appreciating as investors seek a safe-haven currency, according to Deutsche Welle. ECB President Mario Draghi was scheduled to speak to journalists at a regular post-meeting press conference. cjc/uhe Missing its medium-term inflation targets would likely result in the bank beefing up its massive bond-buying scheme, a stimulus program otherwise known as quantitative easing. (news.financializer.com). As reported in the news.

Paseo property manager: ATAX continues to work in cooperation with Paseo property manager and third party bistro operator to improve Paseo performance, according to Market Watch. Since June 30, 2015, the occupancy rate has increased by 61%, and is now 100% occupied for the Fall 2015 Semester. "After careful consideration of the highest and best use of our investment in Paseo, we determined that owning the property would allow us to create the best conditions to enhance value to our unitholders," said Chad Daffer, ATAX Fund Manager. "We will continue to monitor and evaluate the performance of Paseo for the long-term benefit of our unitholders." About America First Multifamily Investors, L.P. America First Multifamily Investors, L.P. was formed on April 2, 1998 under the Delaware Revised Uniform Limited Partnership Act for the primary purpose of acquiring, holding, selling and otherwise dealing with a portfolio of mortgage revenue bonds which have been issued to provide construction and/or permanent financing for affordable multifamily, student housing, senior citizen residential properties, and commercial properties. Paseo is a 394 unit multifamily student housing residential property located near the campus of the San Diego State University. The Company is pursuing a business strategy of acquiring additional mortgage revenue bonds and other investments on a leveraged basis in order to increase the amount of interest available for distribution to our shareholders; reduce risk through asset diversification and interest rate hedging; and achieve economies of scale. The Company seeks to achieve its investment growth strategy by investing in additional mortgage revenue bonds and other investments as permitted by the Partnership Agreement, taking advantage of attractive financing structures available in the securities market, and entering into interest rate risk management instruments. The Company expects and believes the interest earned on these mortgage revenue bonds is excludable from gross income for federal income tax purposes. (news.financializer.com). As reported in the news.

spinal injuries: A multimillionaire whose robot company, Cyberdyne Inc., went public last year, Sankai is researching ways to repair damaged body tissue, according to The Japan Times. The 57-year-old scientist vision: to treat patients with spinal injuries by using stem-cell related technology to repair nerve connections and robotic suits that aid movement. They belong to rats, and he has used cell technology to help reconnect the nerves. His plans are getting a boost from new policies promoted by Prime Minister Shinzo Abe, who pushed liberalization of rules to make Japan one of the world quickest places to get regenerative therapy on the market. Investors are putting money into research that explores the potential of cells to repair damaged organs and tissues, or reverse degenerative diseases like Alzheimer’s. Now Japanese corporations spanning the pharmaceutical and industrial sectors have regenerative medicine on their agendas, and industry groups estimate the domestic market for these therapies could top ¥3 trillion by 2050. (news.financializer.com). As reported in the news.

UK equity funds: Although it remains to be seen what impact August volatility has on fund sales, retail investors had a strong appetite for equities in July, particularly UK equity funds which saw their highest net sales in over 15 years, Daniel Godfrey, the association chief executive, said, according to Euro News. Total net retail fund sales in Britain was 3 billion pounds in July. euronews provides breaking news articles from Reuters as a service to its readers, but does not edit the articles it publishes. The investment included 943 million pounds allocated to UK equity funds, the highest level since March 1999. Copyright 2015 Reuters. (news.financializer.com). As reported in the news.

: The S&P 500 inched up 2.27 points, or 0.12 percent, to 1,951.13, according to Xinhua China. The Nasdaq Composite Index lost 16.48 points, or 0.35 percent, to 4,733.50. The Dow Jones Industrial Average rose 23.38 points, or 0.14 percent, to 16,374.76. The U.S. international trade deficit in goods and services decreased from 45.2 billion U.S. dollars in June to 41.9 billion dollars in July, largely in line with market consensus, the Commerce Department reported Thursday. The four-week moving average was 275,500, an increase of 3,250 from the previous week revised average. In the week ending Aug. 29, the advance figure for seasonally adjusted initial jobless claims increased 12,000 from the previous week revised level to 282,000, exceeding market estimates of 273,000, said the U.S. Labor Department Thursday. (news.financializer.com). As reported in the news.

carbon tax: A glowing description of the IPA campaign strategy against the carbon tax, which was passed under the Gillard government in 2011 and repealed by the Abbott government in 2014, is detailed on The Atlas Network website, according to Nine News Australia. The report lauds the IPA influence in the Australian media landscape."Starting from the day the tax was announced, the IPA took an active role in the mainstream media to counter the misinformation that advocates of the carbon tax were peddling," the report reads."The IPA research and analysis of the economics underpinning the case for the carbon tax appeared in print media outlets 209 times between Jan 1, 2010, and July 31, 2014."IPA research scholars also featured on radio and television stations around Australia, with 363 radio appearances between 2008 and 2013 and 261 television appearances in the same time frame."The report praises the effectiveness of then IPA policy director Tim Wilson efforts in representing a "contrarian perspective".IPA deputy executive director James Paterson is quoted in the report saying revenue raised by the carbon tax was used to "grow the welfare state, subsidise politically favoured industries and engage in economy-wide welfare distribution". The report concludes: "The carbon tax repeal has signalled that Australia is more open for business by eliminating costly compliance measures that served as a significant financial and time burden on Australian businesses and provided a significant barrier to entry for the energy market, especially for potential large investors."The IPA will find out if it has won the prize at a New York event in November.© AAP 2015New South Wales Politics Email your news tips Do you have any news photos or videos Career News: Fix your embarrassing CV now and get the right job - seeklearning.com.au Property news: The top five reasons you should sell a home - realestate.com.au Career news: How to change careers in your 50 - news: How much has your home worth risen in the past month - realestate.com.au Career news: Five tips to avoid distractions at work - seek.com.au The right-wing think tank is a finalist for the $US100,000 Templeton Freedom Award, granted by American non-profit organisation The Atlas Network. (news.financializer.com). As reported in the news.

Gareth Bale: Sigurdsson squeezed the penalty under the goalkeeper Jasper Cillessen to take Iceland to the brink of their first major championship finals, according to The Guardian. Related:Wales within reach of Euro 2016 finals as Gareth Bale downs Cyprus It completed a fairytale double over the Dutch in Group A as Iceland took their points total to 18, two ahead of second-placed Czech Republic. The referee awarded the spot-kick in the 51st minute even though Gregory van der Wiel seemed to win the ball in a challenge with Birkir Bjarnason. Holland are in third place with 10 points and Iceland can now book a place at Euro 2016 with a home win over Kazakhstan on Sunday. His predecessor, Guus Hiddink, quit because of the team unconvincing performances earlier in the campaign, including the 2-0 defeat in Iceland in October. The home defeat provided a horror start for the new Holland coach, Danny Blind. (news.financializer.com). As reported in the news.

Nigel Farage: When he did, he declined to take part in the UN programme, saying it would be tokenistic given the huge number of refugees, according to The Guardian. Instead he stepped up Britain aid programme to help refugees in the region and set up a separate vulnerable persons relocation scheme, which prioritised victims of sexual violence, elderly and disabled people and victims of torture. When in January 2014 the UN launched an appeal, backed by 25 charities including Oxfam and Amnesty International, to take part in a large-scale programme to resettle 30,000 people fleeing Syria, it was weeks before Cameron responded. As of June, only 215 people have come to Britain under this scheme. Their plight provoked a new public outcry but it was not until after the Ukip leader, Nigel Farage, had demanded that Britain should help pluck them from the sea that Cameron ordered the Royal Navy to take part. In April, the refugee crisis came to a new head during the general election, when hundreds of people drowned trying to cross the Mediterranean. (news.financializer.com). As reported in the news.

parliamentary elections: Pundits pondered whether Putin was endorsing Medvedev for the 2016 parliamentary elections, or grooming him for succession so that he could set things right with the West . Bloggers wrote about how the patriotic leaders — so keen on import substitution lately — dressed in Italy finest sportswear and pumped American iron, according to The Moscow Times. At least Medvedev wore a $9 wristwatch — a signal that his finances are crystal-clear, unlike the rest of the Kremlin. They also grilled Russian steaks on an imported barbecue and drank tea with jam, knocking cups back like it was vodka . This breaking piece of news set the nation on fire. But to really understand this curious story you need to look to Sochi, where Putin met with a group of young people recently. Putin gave a suitably boring, financially literate reply, but also repeated three times, Let talk some other time. A very serious 11-year-old asked him, in a trembling voice, why the ruble is falling against the dollar. (news.financializer.com). As reported in the news.

stock market: In fact, you could have added up the stock market value of every other country in the region and it would have fallen well short of Brazil $1.7 trillion, according to Bloomberg. But now, as the nation recession and political crisis deepen and its currency plunges, Brazil grip on the top spot is suddenly weakening. At one point a few years ago, its market had gotten so big that it was almost four times larger than that of its nearest rival, Mexico. That gap over Mexico, once as much as $1.1 trillion, is down to just $133 billion. It not that Mexico market, and economy, are doing great. And while stock pundits aren’t necessarily predicting that this slim lead will disappear entirely, a regression analysis of the current pace of declines indicates that it could happen over the next 13 months. (news.financializer.com). As reported in the news.

Mitsubishi UFJ Financial Group Inc.: The nation biggest lender said depreciation could weaken the finances of borrowers, according to The Japan Times. Overdue loans from the region at Sumitomo Mitsui Financial Group Inc. and Mizuho Financial Group Inc. increased 54 percent in the year ended March 31. Mitsubishi UFJ Financial Group Inc. assets in Asia excluding Japan made up 9.3 percent of the total as of March 31, the most in at least 10 years, according to its annual report filed in July. We have seen nonperforming loans go up in the past three quarters, said David Threadgold, a Tokyo-based analyst at Keefe, Bruyette & Woods, a boutique investment bank. Japanese banks, which focused on expanding in emerging Asian nations as yields fell to record lows at home, are now exposed to some of the world worst-performing currencies. It reasonable to think we could go through another round of that. (news.financializer.com). As reported in the news.

: Oil got a boost on Thursday after Saudi Aramco cut the official selling price of its crude for the U.S. market, according to CBC. The West Texas Intermediate contract was up 65 cents at $46.90 US a barrel and Brent, the most important international contract traded in London, rose 32 cents to $50.82. The loonie rose close to half a cent to 75.80 cents US at the close of trading. Friday job numbers may tell tales GDP missed: Don PittisRecession confirmed as Canada GDP shrank in 2nd quarter Oil took a steep slide earlier this week amid worries about China slowing growth and has been volatile all summer. Most of the U.S. service sector is "less exposed to weakening in foreign demand, and more exposed to what increasingly appears to be strengthening domestic demand," says Jim O'Sullivan, chief U.S. economist at High Frequency Economics. Today investors have been encouraged by positive economic news out of the United States, including strong trade data and news that the service sector, which is the bulk of the U.S. economy, is expanding at a healthy pace. (news.financializer.com). As reported in the news.

international contract: Oil got a boost on Thursday after Saudi Aramco cut the official selling price of its crude for the U.S. market, according to CBC. The West Texas Intermediate contract was up 65 cents at $46.90 US a barrel and Brent, the most important international contract traded in London, rose 32 cents to $50.82. The loonie rose close to half a cent to 75.80 cents US at the close of trading. Friday job numbers may tell tales GDP missed: Don PittisRecession confirmed as Canada GDP shrank in 2nd quarter Oil took a steep slide earlier this week amid worries about China slowing growth and has been volatile all summer. Most of the U.S. service sector is "less exposed to weakening in foreign demand, and more exposed to what increasingly appears to be strengthening domestic demand," says Jim O'Sullivan, chief U.S. economist at High Frequency Economics. Today investors have been encouraged by positive economic news out of the United States, including strong trade data and news that the service sector, which is the bulk of the U.S. economy, is expanding at a healthy pace. (news.financializer.com). As reported in the news.

index finger: Take a bow, according to The Independent. Purely Football September 3, 2015 Ibrahimovic being Ibrahimovic, he does his best to treat this as nothing special, ostentatiously turning to the camera and sticking a single index finger up in the air. Zlatan Ibrahimovic in Sweden training. If only his celebrations could be as 'effortlessly' cool as his strikes in training. Sweden are currently second in Group G, four points behind Austria, who they face in a crunch game next Tuesday night. Read more Zlatan crashes Malmo website amid excitement of his return Ibrahimovic: 'My next move will be a surprise'PSG Ibrahimovic lands heavy elbow on Terry The Paris Saint-Germain player and his countrymen are currently preparing for Euro 2016 qualifier against Russia on Saturday. (news.financializer.com). As reported in the news.

Australia economy: Today data shows retail turnover fell by 0.1 per cent to $24.3 billion in July, according to Australian Broadcasting Corporation. The contraction in sales was in strong contrast to the revised 0.6-per cent growth posted in June, helped by the Federal Government budget stimulus measures. The new figures have been released by the Australian Bureau of Statistics, just a day after it revealed Australia economy grew in the second quarter at its slowest pace in more than two years. Citi economist Josh Williamson described the result as the worst quarterly start to retail trade in three years. "The Government budget stimulus to small business was short-lived," Mr Williamson said. "As we expected, the accelerated depreciation policy was just an end-of-year tax benefit with little real economic value. "Sales of electrical goods – down 3.3 per cent in July- and hardware –down 1.4 per cent -have returned to pre-budget levels, while other recreational goods are back to mid-2013 levels. Nevertheless, we can't afford to be complacent, writes Patrick Carvalho and Michael Potter. "We were never optimistic about the small business assistance package but its half-life was even less than we expected." As with yesterday GDP figures, the July sales data also came in well short of analyst expectations that turnover would grow by 0.4 per cent. Australia not heading to recession yet Despite sobering growth figures, it too early to say Australia is heading to a recession. (news.financializer.com). As reported in the news.

Russian Natural Resources Minister Sergei Donskoi: I wanted to visit this country because there are many strong leaders, I wanted to come here to talk about ecological problems so that it will lead to massive changes, Anderson said after a meeting with Donskoi, news agency RIA Novosti reported, according to The Moscow Times. The Kremlin created the annual Eastern Economic Forum in May, and President Vladimir Putin is due to address the gathering of Russian and Asian businessmen Friday. Anderson, an actress who heads her own charity dedicated to campaigning on ecological and animal cruelty issues, came to the event at the invitation of Russian Natural Resources Minister Sergei Donskoi. Putin has lauded Russia pivot to the East in the wake of deteriorating relations with Western countries over the Ukraine crisis, but experts warn political rhetoric has yet to lead to substantive economic change. Trade volumes with China, the region economic powerhouse with which Russia shares a 4,000-kilometer border, even dropped 28.7 percent in the first six months of this year. Despite investment and talk about development, Russia Far East remains little more than a transit zone for raw materials shipped to neighboring countries. (news.financializer.com). As reported in the news.

international investment fund: Samuel Mensah But his passion lay elsewhere -- in entrepreneurship, according to CNN. And so he gave it all up. An economist by trade, he was the director of an international investment fund as well as an adviser to the African Union and various governments, advocating for the adoption of technology as a solution overcoming obstacles on the continent. He left the high profile career behind and sold everything for his startup: Kisua, a South Africa-based e-commerce fashion platform that sells its own clothes and collaborates with other designers to create collections for its label. We spoke to Mensah about going from economist to entrepreneur, worst fashion faux pas' and dressing Beyonce. Fast forward two years and today he dressing international superstars like Beyonce. (news.financializer.com). As reported in the news.

Occidental Petroleum: By June, prices were up 40 per cent, passing $60 for the first time since December, according to Business Week. Oil companies that had cut costs began planning to deploy more rigs and drill more wells. After the worst bust in a generation cut crude prices from $100 a barrel last summer to $43 in March, the oil market rallied. We didn't think we'd be quite this good, Stephen Chazen, chief ­executive officer of Occidental Petroleum, told analysts in May. Fears over weak demand from China, along with rising production in the US, Saudi Arabia, and Iraq pushed prices back below $50. The runup was short-lived. (news.financializer.com). As reported in the news.

Donald J. Trump: Trump detailed his fighting philosophy in a chapter called "Revenge" from his 2008 "Think Big and Kick Ass ." "I learned it in high school, you've got to hit a bully really hard, really strongly, right between the eyes," Trump writes and relates a detailed account of his strategy in his famous feud with Rosie O'Donnell to illustrate his message, according to CNN. If Trump had a "Mean Girls"-style burn book, here are some people who are likely to be in it: The NFL Trump was among the critics of the NFL when they decided to suspend Brady, following the Deflategate scandal. Congratulations to Tom Brady on yet another great victory- Tom is my friend and a total winner!— Donald J. Trump September 3, 2015 As is his verbal style, the real estate could go from hating on someone, to complimenting them, and then back to ranting about them -- in a particularly colorful fashion -- all in the span of one week. He told Fox News, "He a friend of mine, he a great friend of mine, he a great guy, and I think it ridiculous the way they've treated him," and shared a video urging Brady to sue the NFL. Sue them Tom! #Trump VlogA video posted by Donald J. Trump on May 12, 2015 at 8:01am PDT Barack Obama Trump hates many things about the President and his policies, but the time Obama chewed gum in India is one that really got under his skin. #Trump Vlog Obama- stop chewing gum!A video posted by Donald J. Trump on Jan 28, 2015 at 11:37am PST George Zimmerman In July 2013, when Zimmerman was acquitted in the shooting death of Trayvon Martin, Trump told Fox and Friends that while he doesn't disagree with the verdict, "I just don't think that Zimmerman is necessarily somebody who is going to heaven very quickly." I got George Zimmerman right- watch-A video posted by Donald J. Trump on Nov 19, 2013 at 7:04am PST Martin Bashir Trump has attacked many journalists in recent years, but he seems to have special disdain for MSNBC Martin Bashir, as he shared a Vine where he simply says "Martin Bashir, you're a total loser— You're fired!" A special message for Martin Bashir-A video posted by Donald J. Trump on Dec 4, 2013 at 1:01pm PST Hollywood Trump often critiques Hollywood movies, Hollywood stars and award ceremonies and he is often not pleased. "They're remaking Indiana Jones without Harrison Ford— You can't do that! And now they're making Ghostbusters with only women— What going on " Trump said. #Indiana Jones and #Ghostbusters- what wrong #Trump VlogA video posted by Donald J. Trump on Jan 28, 2015 at 9:28am PST He also said that he tired of Hollywood "remakes." A message for Hollywood-A video posted by Donald J. Trump on May 9, 2014 at 9:08am PDT And suggested that he would be a better host at the Academy Awards. I have the perfect host for next year— me," he said. Trump to host #Oscars #Trump VlogA video posted by Donald J. Trump on Feb 23, 2015 at 8:10am PST "The Academy Awards last night were absolutely terrible — boring, ugly sets, everything. (news.financializer.com). As reported in the news.

Bernie Sanders: They said it would provide a much-needed boost to low-income workers while causing little or no job loss, according to Business Week. Fifteen dollars an hour is another story. In January 2014, seven Nobel laureates and eight ex-presidents of the American Economic Association signed a letter backing a federal minimum wage of $10.10 an hour by 2016, up from $7.25. None of those luminaries signed the letter in July that endorsed a Senate bill introduced by presidential candidate Bernie Sanders to raise the federal minimum to $15 an hour by 2020. In such places, $15 an hour may have large negative employment effects, Ronald Ehrenberg, a Cornell University labour economist, wrote in an e-mail. Regional economic differences are one reason a lot of economists are nervous about jumping to $15: A wage floor that right for New York or San Francisco could be too high for Brownsville, Texas; Gadsden, Alabama; or Ponce, Puerto Rico. (news.financializer.com). As reported in the news.