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

: Hiring in August was the lowest in five months, but the government revised up the June and July job growth by a combined 44,000, according to MSNBC. From June through August, the economy generated a solid 221,000 jobs a month, up from an average of 189,000 in March through May. The Labor Department says the unemployment rate fell to 5.1% from 5.3%, the lowest since April 2008. Steady hiring could encourage the Fed to raise rates at its meeting on Sept. 16-17 for the first time in a decade. Stocks opened lower immediately after the announcement of the August numbers, as traders digested the data. Still, stock market turbulence, a persistently low inflation rate and a sharp slowdown in China could complicate its decision. (news.financializer.com). As reported in the news.

global warming: That the top note from a report published this month by Citigroup, one of the planet largest banking and financial services companies, according to MSNBC. The 122-page document, which tends to leave policy wonks drenched in admiration, compared two possible futures. But a major new study argues that in fact the opposite is true: The economy could lose at least $44 trillion if the world fails to slow the impact of global warming. In one scenario, the world rapidly shifts to a mix of low carbon energy, like wind and solar. The total spent on capital expenses in the do-nothing scenario is calculated at about $192 trillion. In the other scenario, the world drifts along like it has for decades, using the atmosphere as an ashtray for carbon. * When climate change attacks* To the surprise of the authors, a pedigreed team of 10 financial analysts and economists, the basic costs of the two scenarios come out about the same. (news.financializer.com). As reported in the news.

: The S&P 500 slipped 29.91 points, or 1.53 percent, to 1,921.22, according to Xinhua China. The Nasdaq Composite Index dropped 49.58 points, or 1.05 percent, to 4,683.92. The Dow Jones Industrial Average shed 272.38 points, or 1.66 percent, to 16,102.38. U.S. nonfarm payrolls data came out mixed, beating estimates on the unemployment rate and wage indicators. Over the prior 12 months, employment growth had averaged 247,000 per month. The Labor Department reported Friday that total nonfarm payroll employment added 173,000 in August, well below market consensus of 223,000. (news.financializer.com). As reported in the news.

: The first thing I want to deny, I don’t belong to ‘La Linea,’ Perez Molina said, referring to the name of the fraud scheme, Spanish for The Line, according to The Toronto Star. The hearing wrapped in the afternoon and the judge said he would make a ruling Tuesday. The former leader denied prosecutors’ allegations that he was involved in a conspiracy to defraud the state by letting businesses evade import duties in exchange for millions of dollars in bribes. Perez Molina was ordered to remain in custody until then at the same military barracks where he spent his first night as an ex-president. They presented 77 wiretap conversations that totalled more than five hours and were recorded over multiple days, as well as documents seized in raids that detailed how the bribes were divvied up. Prosecutors argued that Perez Molina was, in fact, aware of the conspiracy, and formally asked the judge to order a trial on charges of illicit association and graft. (news.financializer.com). As reported in the news.

: Having lost the corresponding fixture 2-0 in Warsaw last October -- Germany first defeat to their neighbours in 19 matches -- the world champions gained sweet revenge on Saturday by knocking Adam Nawalka Poland from top of Group D. It was Poland first defeat in seven Euro 2016 qualifiers and this was an impressive display from the Germans after several below-par performances last season, according to Australian Broadcasting Corporation. All four goals came from Bayern Munich players as Thomas Mueller gave Germany an early lead, then Goetze made it 2-0 before Poland captain Robert Lewandowski pulled one back with a diving header as it finished 2-1 at the break. Map: Germany Striker Mario Goetze has scored twice to seal Germany 3-1 win over Poland as the hosts avenged last year away defeat to top their Euro 2016 qualifying group. Mueller and Goetze then combined for Germany third on 82 minutes to kill off hopes of a late Poland equaliser. Poland host Gibraltar in Warsaw on Monday having routed the part-timers 7-0 away last year. Georgia 1-0 home win over Scotland, who Germany play in Glasgow on Monday, and Ireland 4-0 thumping of minnows Gibraltar means Germany are top with 16 points with Poland now second on 14 while Ireland go third with 12, one ahead of the Scots. (news.financializer.com). As reported in the news.

: He said Russia largest oil firm, Rosneft, would invest 1.3 trillion roubles in projects in the region, according to Euro News. Russia Far East, which covers the extreme part of Russia between Lake Baikal in Eastern Siberia and the Pacific Ocean, has an abundance of natural resources, including forestry and fish stocks. Putin ordered his government to increase its efforts to develop the Eastern Economic Forum in the city of Vladivostok, an event he initiated. will provide to investors the best conditions to do business so the Far East of Russia can successfully compete in terms of efficiency and return on capital with leading business centres, Putin told participants at the inaugural forum. Putin was chiefly courting Chinese, Korean and Japanese investors in Vladivostok after Moscow relations with the West ebbed following the Ukraine crisis. I am confident that Asia-Pacific countries, despite the current problems, will surely remain the engine of the world economy, the most important market for goods and services, Putin said. Russia has since turned east, seeking economic, political and military cooperation. (news.financializer.com). As reported in the news.

Takahide Kiuchi: A sale of three-month securities Thursday produced a negative average yield for an eleventh straight auction since June, according to The Japan Times. The amount of T-bills circulating in the market contracted to the least since the central bank unveiled record stimulus in April 2013, according to Totan Research Co. The BOJ this week expanded its liquidity-providing facility to include treasury bills, whose yields below zero across maturities ranging up to one year point to demand that far outweighs supply. Policy board member Takahide Kiuchi said Thursday the side effects of the BOJ program are increasing, and will be difficult to handle. Hiroshi Nakaso said the central bank is monitoring to see whether quantitative easing is undermining liquidity. A day earlier, Deputy Gov. (news.financializer.com). As reported in the news.

unemployment: The unemployment rate rose to seven per cent as 40,000 more people were looking for work, according to CBC. NDP Leader Tom Mulcair latched onto the increase in unemployment, saying it is a sign that Stephen Harper Conservatives have failed to encourage economic growth. "The fact that the unemployment rate is up to seven per cent, that is another indication that Mr. The data agency said the economy added 12,000 jobs in August, bolstered by a gain in full-time employment. Harper plan is not working. Trudeau takes infrastructure pitch to key GTA riding Mulcair vows action to expand Canada, Quebec pension plans Harper pledges enhanced tax credit for northern mining projects "We've lost 400,000 good jobs in the manufacturing sector, and with Friday figures there is now 200,000 more people unemployed now than in the last recession." Mulcair then added his often-repeated line that Harper is the only prime minister in modern history to reside over two recessions while in office. For 10 years, we've seen increasing job losses, particularly in the manufacturing sector," he said during a campaign stop in Brossard, Que., Friday morning. (news.financializer.com). As reported in the news.

Ameren: A slide presentation to be used at these meetings will be posted on Ameren.com by 8 a.m, according to Market Watch. ET on Wednesday, Sept. 9, in the "Investors" section under "Webcasts & Presentations." The Sept. 10 presentation at the Barclays' Conference will be available live on Ameren.com from 11:45 to 12:20 a.m. ET on Thursday, Sept. 10. ET by using the appropriate audio link. About Ameren St. The webcast and slide presentation will be archived on Ameren website for one year. (news.financializer.com). As reported in the news.

natural resources management: Usman is also the co-convener of the Oxford University China-Africa Network, according to CNN. Her research interests are in governance, natural resources management, economic development, political institutions, gender and security in sub-Saharan Africa. Her research assesses political institutions, the oil economy and economic reform in Nigeria since the transition to democracy in 1999. The opinions expressed in this commentary are solely those of the author. People murmured in exasperation and a woman right in front of me said with indignation: "It OK, now that Buhari is president, all these things will stop." Her statement reflected the general mood of optimism I witnessed around the country -- on the streets and days later, at the Eagle Square, where Muhammadu Buhari took the oath of office -- that Nigeria new president would solve the country numerous problems. As I stood on a queue at the immigration desk at the arrivals section of the Nnamdi Azikiwe International Airport in Nigeria capital city Abuja in May 2015, a well-dressed couple who had just arrived skipped the queue and headed straight to the desk. (news.financializer.com). As reported in the news.

natural resources management: Usman is also the co-convener of the Oxford University China-Africa Network, according to CNN. Her research interests are in governance, natural resources management, economic development, political institutions, gender and security in sub-Saharan Africa. Her research assesses political institutions, the oil economy and economic reform in Nigeria since the transition to democracy in 1999. The opinions expressed in this commentary are solely those of the author. People murmured in exasperation and a woman right in front of me said with indignation: "It OK, now that Buhari is president, all these things will stop." Her statement reflected the general mood of optimism I witnessed around the country -- on the streets and days later, at the Eagle Square, where Muhammadu Buhari took the oath of office -- that Nigeria new president would solve the country numerous problems. As I stood on a queue at the immigration desk at the arrivals section of the Nnamdi Azikiwe International Airport in Nigeria capital city Abuja in May 2015, a well-dressed couple who had just arrived skipped the queue and headed straight to the desk. (news.financializer.com). As reported in the news.

: The Labor Department said on Friday the economy added 173,000 jobs in August, less than the market expected 223,000, but the previous two months' job gains were revised upward, thus pushing the unemployment rate down, according to Xinhua China. The Labor Department revised July job gains up to 245,000 from its previous estimate of 215,000, while June data was revised up to 245,000 from 231,000. The U.S. unemployment rate in August dropped more than expected to 5.1 percent, the lowest since April 2008 and at the level the U.S. central bank sees as full employment, where the unemployment rate is between 5 percent and 5.2 percent. After revisions, employment gains in June and July combined were 44,000 more than previously reported. It was the last major jobs data before the Federal Open Market Committee , the Fed policy arm, meets on Sept. 16-17 to mull raising the key federal funds rate for the first time since 2006. Over the past three months, job gains have averaged 221,000 per month. (news.financializer.com). As reported in the news.

: The Chinese delegation is led by Deputy Prime minister Wang Yang and includes representatives from 150 companies and governors of China north-east regions on the border with Russia, according to Xinhua China. Russia first Eastern Economic Forum in Vladivostok aims to lure investors to the far east of Russia, the development of which has been declared a national priority goal. Some 1500 foreign delegates from 24 countries are attending Russia first Eastern Economic forum in Vladivostok. Russian officials say they want to offer preferential conditions to the participants of the forum. And China now is one of our most important partners," Andrei Ostrovsky, deputy director of Far Eastern Studies Institute, said. Some 200 projects with an investment volume worth 70 billion dollars are to be presented at the event, from sectors including urban development and infrastructure, mining, timber industry, agriculture and transport. "In order to develop the Russian Far East it necessary not only to depend upon our reserves but to develop foreign economic relations with the countries of the Far East - Japan, republic of Korea, the Chinese People Republic and any other countries. 18:21:09 And the main subject of this event, I mean the Vladivostok economic forum is how to develop economic relations with these countries for the Russian Far East. (news.financializer.com). As reported in the news.

Scot McCloughan: She is his newlywed-ish wife and a mighty ticked-off woman.A spouse who clearly believes her husband — on union No. 2, having admitted that heavy drinking helped spike his first marriage — has been too upfront and leg-over personal with an ESPN reporter, according to The Toronto Star. Mrs. Scot McCloughan, the general manager of the Washington Redskins, has been hailed as a scouting-savant rebuilder who will turn around the fortunes of a sad-sack club that has become an object of ridicule on and off the field. McCloughan banged off a tweet last Sunday that slimed ESPN summer addition Dianna Russini but also — this part has been under-emphasized — kicked hubby in the goolies. One suspects she might have wished that to be more literal than metaphorical. Let us say she threw her fella under the team bus. (news.financializer.com). As reported in the news.

Iceland: The Dutch went down to 10 men in the 33rd minute when Bruno Martins Indi tackled Kolbeinn Sigthorsson, tussled with him on the ground and appeared to strike the Iceland striker around the back of the neck, according to The Independent. At that point the Netherlands were already without their new captain, Robben having limped off with a groin strain. However, Blind honeymoon soon ended during a terrible first 45 minutes against Iceland. Iceland went ahead seven minutes into the second half, Gylfi Sigurdsson scoring from the penalty spot after Serbian referee Milorad Mazic ruled Gregory van der Wiel had fouled Birkir Bjarnason in the area. Blind men created few chances until late on when goalkeeper Hannes Halldorsson made good stops from Newcastle Georginio Wijnaldum and Wesley Sneijder. Sigurdsson then squeezed his penalty under the dive of goalkeeper Jasper Cillessen. (news.financializer.com). As reported in the news.

: The lawsuit seeks to recover damages for Caesar Stone investors under the federal securities laws, according to Market Watch. According to the lawsuit, Defendants made false and/or misleading statements and/or failed to disclose that: the cost of quartz increased significantly by approximately 20% in 2014 while Caesar Stone claimed in SEC filings the impact of the price rising was just 4%; independent lab tests revealed that Caesar Stone samples contained less quartz than advertised; Caesar Stone reported consolidated margins, gross margins, and EBITDA were overstated; the extent of and risk posed by a rising number of lawsuits for approximately 60 silicosis-related injuries or deaths suffered by workers and fabricators of its product in Israel was understated; the impact recent OSHA warnings concerning silicosis would have on the opening of a new U.S. facility and associated costs; and recent inspection reports revealed audit deficiencies related to revenue and inventory controls. CSTE, +1.03% ADRs from March 25, 2013 through August 18, 2015 of the important October 26, 2015 lead plaintiff deadline in the class action. On August 19, 2015, analyst firm Spruce Point Capital Management published a report on Caesar Stone describing the aforementioned false and misleading statements and failures of disclosure. If you wish to serve as lead plaintiff, you must move the Court no later than October 26, 2015. On this adverse news, Caesar Stone ADRs fell $3.68, or 7.6%, to close at $44.61 on August 19, 2015. (news.financializer.com). As reported in the news.

: The fund rate has remained at the zero level since 2008 to stem the fallout from the international financial crisis and the great depression in the US. Since last year, however, the central bank has been flagging a likely first rate hike sometime this year, with eyes now on the September 16-17 policy meeting for a possible move, according to Deutsche Welle. Wiggle room But Murray pointed out that US inflation and wage pressures, two key barometers for a Fed decision, "remain muted." That would mean, he said, the bank "can afford to hold interest rates low until there are more tangible signs of wage or price inflation than are currently evident." Should the Fed, nevertheless, chose to move on rates, he urged the bank to be clear about its policy intentions because this was "critical" to allow countries around the world to adjust. But he suggested there was still time to wait before taking the first step. "The situation globally is pretty bumpy," he added. 0:00:00 0:00:00US Fed hints at interest rate hike The US Fed is currently considering increasing its benchmark interest rate for the first time since 2006. The prospect of a slow series of rate rises in the United States has already unleashed capital outflows from emerging economies and helped send their currencies tumbling. Coming ahead of a G20 finance ministers' and central bankers' meeting in Turkey, the report said: "Risks are tilted to the downside, and a simultaneous realization of some of these risks would imply a much weaker outlook." Amid the uncertainty, the IMF has already lowered its global growth forecast for 2015 to 3.3 percent, adding that it expects China economic output to expand by no more than 6.8 percent this year. Cocktail of risks In an assessment of global economic risks published on Thursday, the Washington-based fund also named a strengthening US dollar, falling commodities' prices and a slowdown in China economy as dangers to global growth. (news.financializer.com). As reported in the news.

: 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.

: Proceeds went to support Senate Democrats mounting reelection bids, according to CNN. Guests said afterward that Biden 2016 decision-making never arose during the event, which was closed to the press. "I wish it did," said one attendee, who lamented missing the chance to hear Biden discuss his political future to potential supporters -- and campaign donors. Biden spent more than two hours talking to attendees who paid up to $33,400 to attend the event, held in the Coconut Grove home of Miami real estate developer Stephen Bittel. Instead, Biden made the case for electing Democratic senators and defended the Iran nuclear deal. Bernie Sanders. "He did say that Bernie Sanders was doing a great job exciting his crowds," said one attendee, quoting Biden as saying he wasn't "a populist like Bernie." Those remarks came as Biden extolled the importance of rallying support for Democratic Senate candidates. Biden did raise the name of one Democratic presidential candidate -- Sen. (news.financializer.com). As reported in the news.

yuan devaluation: Forward contracts imply a 20 per cent weakening in 12 months and the country foreign-listed shares trade at a 12 per cent discount to local prices, according to Business Week. If the signs are right, Egypt may follow nations such as Kazakhstan and Vietnam that were forced to depreciate their currencies after China shock yuan devaluation on 11 August. The black market for dollars on Cairo streets has re-emerged for the first time since April, signalling investors and businesses are betting the pound official rate of 7.83 per dollar no longer represents its true value. The North African nation, which weakened its currency peg twice in 2015, can’t afford the loss of export competitiveness as it seeks to boost foreign-exchange holdings that have barely recovered from a plunge that wiped out more than half of them following the so-called Arab Spring protests four years ago. Investors see this, as well as the increased monetisation of government debt and slow recovery of foreign direct investment and tourism, as reasons for the pound to weaken. China devaluation is pushing all emerging markets to do the same to stay competitive, leaving Egypt with no choice but to follow suit, said Omar El-Shenety, the managing director of Cairo-based investment bank Multiples Group. (news.financializer.com). As reported in the news.

: But the remark, at least on its surface, was about the courage it takes for students to go back to community college after being out for years, according to MSNBC. Biden will also attend a fundraiser for Senate Democrats, mingling with the types of donors he’d need to challenge Hillary Rodham Clinton for the Democratic presidential nomination. He may have dropped a hint at Miami Dade College, telling a crowd, People who aren’t willing to risk failing never succeed. Altogether, he kicked off a series of events in the next week allowing him to defend President Barack Obama record. He spoke about the Obama administration plan to provide two years of free community college to students as a building block for future generations. * Biden 2016 answer could be coming soon* Noting the large press corps following him, Biden joked, Their interest in community college has impressed me greatly! At one point during his speech, what appeared to be a butterfly soared overhead, prompting Biden to quip: The butterfly agrees with me! He later brushed off reporters’ questions on whether he would run. At Miami Dade College, Biden said he and Obama had sought to address the economic disparities between the wealthy and poor and that the nation was on the verge of an economic renaissance. (news.financializer.com). As reported in the news.

dollar development: Creekside will be part of the Dubai Creek Harbour project, a 6.5 million square-metre district it building with Dubai Holding, according to Business Week. The multi-billion dollar development will have a marina, yacht club, hotels and stores. Creekside 18, with 480 apartments spread across two towers, will hit the market on 12 September, according to Emaar website. Dubai housing market, the biggest and most volatile in the Middle East, is in the doldrums as falling oil prices, weaker currencies in Europe and Russia and an abundance of properties on the market damp demand. Gone are the days where we see queues of potential investors lining the streets waiting for their opportunity to buy, Matthew Green, the Dubai-based head of United Arab Emirates research at CBRE, said by phone Wednesday. Home prices dropped by 12.2 per cent in the 12 months through June, the biggest decline among 56 residential markets tracked by broker Knight Frank. (news.financializer.com). As reported in the news.

: It warned that advanced and emerging economies need to continue to support demand with reforms and investment, to ensure that the turbulence in markets and China troubles do not stall economic activity in the rest of the world."China transition to a lower growth, while broadly in line with forecasts, appears to have cross-border repercussions, reflected in weakening commodity prices and stock prices," the IMF said, according to Nine News Australia. In particular it cited "near-term downside risks for emerging economies have increased" from China-related fallout, sinking commodity prices, the strong US dollar, and sharp reversals in financial markets. The IMF says the turmoil in China and other factors like capital flow reversals are increasing the risks to economic growth around the world, in a report for a Group of 20 finance chiefs meeting this week in Ankara. The report, which will be used for discussion at the G20 meeting on Friday and Saturday, did not revise the IMF previous estimate for global growth this year of 3.3 per cent. The report expressed continued confidence that growth is picking up "modestly" in advanced economies in the second half of 2015 and in 2016, helped by the impact of cheaper oil. But earlier this week IMF Managing Director Christine Lagarde said global growth would be "likely weaker" than forecast."Now the situation is changing yet again, and we are all feeling the impact of China rebalancing and moving to a revised business model," she said in Indonesia. (news.financializer.com). As reported in the news.

international markets: And the Australian share market looks set to open higher after international markets gained amid respite from volatile Chinese markets, closed for a holiday and ahead of a US jobs market report likely to shape the Federal Reserve interest rate decision, according to Nine News Australia. FRANKFURT - The European Central Bank has cut its forecasts for both economic growth and inflation in the single currency area over the next few years. At 0630 AEST on Friday, the currency was trading at 70.10 US cents, down from 70.16 cents on Thursday. FRANKFURT - The European Central Bank has held its key interest rates steady amid investor concern over the economic fallout from the slowdown in China. WASHINGTON - The International Monetary Fund says the US Federal Reserve has the room to hold off raising interest rates for the moment amid a "pretty bumpy" global economic situation. WASHINGTON - The US trade deficit narrowed in July as exports increased and imports fell sharply, led by a decline in consumer goods, the Commerce Department reports. (news.financializer.com). As reported in the news.

Nasa: Oikos, meaning household, and nomos, meaning roughly a set of rules, are the generally accepted Greek roots for the word economics, according to The Guardian. Hence, stripped of its own wilful obfuscations as a discipline, economics is the art of good housekeeping. Yet, tens of millions of homes are at risk globally according to Nasa latest research on sea level change, because of ice loss from Greenland and the Antarctic, melting glaciers and the thermal expansion of the warming oceans. But, as the Nasa research shows, economics is failing lamentably at the level of planetary housekeeping, just as it is in the UK at the more prosaic but also important level of the housing market. Yet attempts to address a failed economic orthodoxy get oddly stifled, while the same orthodoxy tightens its tenacious grip more generally. How we live in the world at the individual, family and collective level is the greatest challenge of economics. (news.financializer.com). As reported in the news.

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.