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

branded drugs: Generics have only about a 5-6 per cent market share in the GCC, with patented drugs dominating the landscape, according to a report from Alpen Capital published in 2013, according to Business Week. That means that firms have to work hard to convert patients from branded drugs over to a generic. Incentives for manufacturers, including fast track approval, is helping supply Late next year the UAE-based pharmaceutical distributor Al Ittihad Drug Store will leap up the value chain when it opens Pharmax, a $20 million facility to manufacture generic pharmaceuticals in DuBiotech . By targeting the chronic illness sector with medicines to treat ailments including hypertension, diabetes and depression, the firm hopes to win over customers and then keep them for life, says its group CEO, Ahmad Tabari. Tabari says that whether the medicine will be used for a short period, like an antibiotic, or to treat a long-term illness, the effort is roughly the same. That our view. The bang for your buck is much better in the chronic medication sector. (news.financializer.com). As reported in the news.

: Four top officials from the group, who have very limited campaign experience and are led by president Brian Fisher, launched Red Metrics LLC as part of a highly-touted Cruz strategy to organize evangelicals on social media, state and election records show, according to CNN. The move by Cruz allies is the latest shift in the strategy of the Keep the Promise super PACs to win over social conservatives that are key to the Cruz coalition. The leaders of Online for Life, a Texas-based group that tries to convince women not to follow through with abortions, have formed a new organization that is effectively serving as a data and digital operation for the independent groups. Top Cruz super PAC donors and operatives -- including those from Online for Life -- met Wednesday night in New York to chart the next steps for the groups, which includes hosting fundraisers for Cruz and list-sharing with the Houston-based campaign. And the group involvement in a political campaign reveals the technology and Christian messages likely to be employed by the Cruz outside spending machine, which so far has shed little light about how it plans to spend its largely untapped fortune. Online for Life is praised by social conservatives for using apps and social media to link up women seeking to end a pregnancy with persuasive anti-abortion advocates. (news.financializer.com). As reported in the news.

: The catch Experts say some of the changes could dramatically explode the deficit, according to MSNBC. The conservative Tax Foundation estimated its price at a whopping $3.66 trillion over 10 years using traditional scoring methods and $1.6 trillion using dynamic scoring, which assumes conservative arguments that the cuts will unleash a surge of economic growth are correct. The proposal includes something for everyone: new tax breaks for the rich, even bigger ones for corporations, a gentle poke at Wall Street and a variety of new goodies for middle-class and low-income taxpayers. The gains would also be concentrated among the wealthy elite – the static score found that the richest 1% of Americans would enjoy an 11.6% gain in after-tax income, the richest 10% would get a 4.7% boost, and the bottom 80% would see a more modest bump between 1% and 3%. The top line numbers are largely in line with an analysis by economists John Cogan, Martin Feldstein, Glenn Hubbard and Kevin Warsh distributed by the Bush campaign that pegged its cost at $3.4 trillion under static scoring and $1.2 trillion under their dynamic model. Under Bush proposal, the current tax system for individuals would be collapsed into just three brackets: 10%, 25% and 28%. The current code, after a tax hike on the wealthy under President Obama, consists of seven brackets with a top rate of 39.6%. The corporate tax rate would be dramatically lowered from 35% to 20% and allow companies to deduct capital investments. A number of independent groups are currently working on estimates of their own. (news.financializer.com). As reported in the news.

Mark Willis: The hotel will be located in Erbil, the capital of Iraqi Kurdistan, an area that has seen more stability and investment in recent years than other parts of Iraq, according to Business Week. Part of Carlson-Rezidor Radisson Blu line, the upper-upscale property will have 260 guest rooms, restaurants, a lobby bar, meeting rooms, and a spa. The Radisson Blu Hotel Erbil is set to open its doors in the first half of 2017. Mark Willis, Carlson Rezidor Area Vice President for the Middle East and Turkey, says Erbil is well situated to welcome the international hotel brand. He says neighbouring Turkey will be a major source of guests at the hotel, which is being built three kilometres from Erbil International Airport. Erbil offers a beautiful airport, great infrastructure, and a lot of investment, says Willis. (news.financializer.com). As reported in the news.

Anthony Albanese: Labor is convinced there is some truth to the reports, describing the newspaper as an annexe of the prime minister media office."These stories don't come and go when they are in the Daily Telegraph," frontbencher Anthony Albanese said, according to Nine News Australia. Any clear-out would be a response to Mr Abbott being "stalked" for the Liberal leadership by Malcolm Turnbull, Julie Bishop and Mr Morrison, he said. For his part, Mr Abbott insisted the government was totally focussed on jobs, economic growth and community safety, "not Canberra insider gossip". In the firing line apparently are Defence Minister Kevin Andrews, government Senate leader Eric Abetz, Industry Minister Ian Macfarlane, Trade Minister Andrew Robb and junior infrastructure minister Jamie Briggs. Treasurer Joe Hockey, under fire from coalition MPs disgruntled with his performance, is not among the ministers supposedly under threat."I'm sure his job is absolutely secure," cabinet colleague Christopher Pyne told the Nine Network. He suggested cutting the budgets of some of his ministerial colleagues might have something to do with talk about his performance."Some of them aren't very happy," he said. Mr Hockey told Radio 2GB the only jobs he was concerned about were those of other Australians. (news.financializer.com). As reported in the news.

: On Tuesday, their son, Kyle Navin, 27, was arrested and charged with "possession of a firearm by an individual who is an unlawful user of or addicted to any controlled substance," according to federal court records, according to CNN. Kyle has not been charged with any crime related to the disappearance of his parents. Their blue pickup was found four days later by police in a commuter parking lot off an exit on Merritt Parkway, according to Easton Police Chief Tim Shaw. But the court affidavit on the weapons charge sheds some light on the couple activity on the day they were last seen -- and their interaction with the person who saw them last, Kyle. Jeffrey and Jeanette Navin were last seen at the trash removal and recycling company that they own, according to Shaw. Navin lawyer, Eugene Riccio, did not immediately return calls seeking comment. (news.financializer.com). As reported in the news.

level playing field: Drivers want Uber shut down or for governments to introduce a level playing field that would make Uber drivers pay the same licence and registration fees, according to Nine News Australia. They say the unregulated service promotes unaccredited and often rejected taxi drivers using old and unroadworthy cars, threatening passenger safety and not paying relevant taxes. Calling on state governments to clamp down on the illegal ride-sharing service, hundreds of drivers rallied in Melbourne, Brisbane and Sydney on Thursday. Until something is done, they will take part in rolling strikes in Victoria, NSW, Queensland and Western Australia, a rally that blocked a major Melbourne street was told."Next week it will be rolling strikes throughout Australia, we cannot wait a day longer," Victorian Taxi Families spokesman David Singh told a rally in Melbourne."We won't say what day, but it could be at the airport or in Melbourne CBD."Cabbies in Sydney also threatened to boycott Sydney airport. The Victorian government is working through the issues, but Premier Daniel Andrews said Thursday rally would have left customers little choice but to use it."We want to be fair, we want to give people not only choices but ultimately we've got to give people the security and safety that they are entitled to," he told reporters."Technology has got ahead of the law and we need to deal with that ... sometimes these things take time."Despite threats to vote Mr Andrews out at the next election, many cabbies seemed unaware of the Victorian opposition support for Uber."The technology is here to stay," shadow treasurer Michael O'Brien told reporters."Victorians are voting with their feet. It took Brisbane driver Mr Singh six years to save the money to buy his licence, and he struggles to see how he can compete with Uber."People have come from different parts of the world to Australia because we knew this country was a land with law," he said."This company flouts all our laws."The Queensland government has flagged a review of its taxi strategy, but Deputy Premier Jackie Trad hinted in July that UberX could co-exist with taxis. (news.financializer.com). As reported in the news.

: We have the most goats, according to The Guardian. We have agriculture. Somalia can be world leader in livestock, Omer, a former central bank governor who was appointed minister six months ago, told an audience at London Chatham House this week. We need a critical investment to come to Somalia and invest so Somali children can stay home and be happy. Battles between rival warlords brought the country to its knees in the 90s, a disastrous intervention by UN and US forces cemented its reputation as a no-go zone, and, since 2005, the extremists of al-Shabaab have been fighting the government and African Union peacekeepers, known as Amisom. Related:Bashi journey from Africa to Europe may signal a bigger refugee crisis to come Mohamed Yahya Somalia has been locked in conflict since the fall of the dictator Mohamed Siad Barre in 1991. (news.financializer.com). As reported in the news.

coalition government: That would result in a budget gap to add to an already large current- account shortfall, he said, according to Business Week. The most important risk we’re facing is lingering political uncertainty and the potential deterioration in the economy, especially in public finances, Simsek said at the Istanbul Finance Summit on 9 September. Turkey is facing a twin deficit if the government overspends in response to instability, said Simsek, who maintained his position in an interim cabinet formed last month after talks to create a coalition government were aborted. A fragile three-year truce with separatist Kurdish militants came to a violent end as political parties squabbled following June inconclusive election, accelerating an investor exodus from Turkish assets. Economic growth probably slowed below the government already revised down target of 4 per cent in the second quarter, according to a Bloomberg survey before the data is announced on 10 September. The government growth target is set to be missed for the fourth year in a row, with tumbling exports defying the lira plunge to a record low. (news.financializer.com). As reported in the news.

: I’m so thankful I’m alive and present today, according to The Guardian. Being surrounded by my loved ones through this time has been paramount for me, Dollar said in a statement issued by the contest. Dollar, who holds the world record for the largest wave ever paddled into, was in stable condition after breaking his neck in four places on Monday, according to a statement from the Titans of Maverick surf contest. I’m so grateful for those who where there in my scariest and darkest hour and who acted on my behalf to get me to safety and reach the hospital in time, he said. The 34-year-old father of two was cared for by surfers and then rushed to a hospital emergency room, Titans of Maverick said. I’m thankful to learn that even with these severe injuries I will make a full recovery. (news.financializer.com). As reported in the news.

state leaders: Under immense pressure from the oil industry, state leaders on Wednesday agreed to gut a historic piece of climate change legislation, dropping a provision that would have required a 50% cut in petroleum use in cars and trucks by 2030, according to MSNBC. The modified bill, which lawmakers are expected to pass on Thursday, still includes commitments to boost renewable energy production and bolster building efficiency, both by 50% over the next fifteen years. * Hundreds of California farmworkers without running water* But the gasoline target was a test of the state power to battle greenhouse gases, and it failure clearly frustrated supporters, including Gov. When those policies relate to climate change, however, not even California seems capable of finding its stride. Jerry Brown and his allies in the senate. Kevin de León, who wrote the original bill and got it through the senate earlier this year, blamed the loss on the fossil fuel industry bottomless war chest. State Sen. (news.financializer.com). As reported in the news.

full-time employment: The underemployment rate remained steady at 8.4 percent, according to Nine News Australia. Underemployment refers to a situation where a person is employed but working fewer hours than is sufficient. Across the country in August, 17,400 more people found employment, while the number out of work fell by 14,400."The increase in employment was driven by increases in male full-time employment, and female full-time and part-time employment, with the largest increase seen in full-time employment for males," the ABS said in a statement. Job opportunities nevertheless remain tight, pending further growth of the national economy. The Federal Government announced its $6.8 billion Jobactive program in March, aimed at getting the unemployed back to work with better incentives for employers. It is hoped the Australian dollar low exchange rate, in addition to record low interest rates, will help the economy and employment prospects going forward. (news.financializer.com). As reported in the news.

: Li acknowledged that the economy had come under quite a number of difficulties and downward pressure while stressing it remained in a proper range , a favourite phrase, according to The Guardian. But he admitted that deep-seated problems were being exposed. Related:Canada and Australia feel the squeeze in wake of Chinese economic slowdown As Asia Pacific stock markets took another wobble after data supplied more evidence of slowing growth, Li told the World Economic Forum in Dalian that he was confident that the government would achieve its main economic targets this year. China is an economy that is closely integrated with the international market, he said. He promised more measures to increase domestic consumption as the economy weans itself off export-led growth and also said Beijing would introduce policies to boost imports, he told the meeting in the north-eastern city. Given the weak growth of the global economy, China cannot stay unaffected and the deep-seated problems that have built up over the years are also being exposed. (news.financializer.com). As reported in the news.

: Abu Dhabi ADX General Index climbed 2.2 per cent, poised for the highest close in three weeks, according to Business Week. Gauges in Qatar, Kuwait and Oman also advanced, while Bahrain BB All Share Index fell 0.2 per cent. Dubai DFM General Index rose 1.7 per cent, the most on a closing basis in almost two weeks, to 3,637.07 as of 12:31 p.m. local time. Equities in the six-nation Gulf Cooperation Council are tracking gains in major Asian markets and the US on signals that China efforts to curb volatility in its stock market, including raising margin requirements, are succeeding almost a month after the world second-biggest economy weakened its currency. The advance is on the back of the positive momentum in the international markets overnight and this morning in Asia," said Muhammad Shabbir, the Dubai-based head of equities and funds at Rasmala Investment Bank. "Oil is also better. Brent crude, which has fueled economic growth in the GCC, extended gains after the biggest jump this month on 8 September. (news.financializer.com). As reported in the news.

Bush Cheney: Unfortunately for everyone, the jobs boom never happened; economic growth was weak; and the Bush/Cheney administration quickly added several trillion dollars to the national debt with very little to show for it, according to MSNBC. Bush Tax Cuts became synonymous with failure and conservative governance gone wrong. The Bush/Cheney White House, in 2001 and 2003, cut taxes well beyond what the country could afford, making bold promises about job growth, vast prosperity, and balanced budgets. Seven years later, Jeb Bush believes he ready to be president and the Florida Republican is eager to share Bush Tax Cuts: The Sequel. It should be easy to understand and make it easy for people to fill out their own tax forms. The former governor, whose campaign has struggled of late, makes his pitch for the Reform and Growth Act of 2017 in a new *Wall Street Journal* op-ed. …I want to lower taxes and make the tax code simple, fair and clear. (news.financializer.com). As reported in the news.

: But with asylum seekers continuing to arrive in Germany by the train and busloads, the German chancellor may have found the answer to one of the most intractable and long-running problems facing Europe biggest economy — the greying of the population. "What we are experiencing now, is going to change our country," Ms Merkel declared this week, according to Australian Broadcasting Corporation. For Ms Merkel, opportunity has collided with her 2013 election promise to tackle Germany demographic crisis during her current term in office. The sudden influx of young migrants could help address the problem of Germany aging population Related Story: Top UN official urges 'global response' to migration crisis in Europe Related Story: German business makes case to welcome refugees Map: Germany Angela Merkel has never been described as a political visionary. Ms Merkel insists that Germany has an international obligation to take in refugees fleeing the horrors of wars in countries such as Afghanistan, Syria and Eritrea. Photo: Angela Merkel with finance minister Wolfgang Schaeuble Germany has one of the world lowest birth rates, resulting in a shrinking population and a contracting labour force, raising concerns about the sustainability of its vast and generous welfare state. But there could be other calculations in Berlin readiness to help. (news.financializer.com). As reported in the news.

infrastructure: Investors were also cheered by signals from China that the government will boost infrastructure spending and speed up the reform of its tax system, adding to other steps to stimulate sputtering growth, according to The Guardian. The Shanghai Composite closed 2.3% higher. The Nikkei 225 index rose by 7.7%, its biggest one-day rise since the 2008 global financial crisis, as Abe, fresh from his recent re-election as LDP leader, said he planned to cut corporation tax by three percentage points and sounded optimistic on reaching a trans-Pacific trade deal. European and US markets also climbed on hopes that the authorities in China want to arrest a slowdown in growth that has triggered turmoil in global markets over the last month. US markets also lost early gains as figures showing a surge in job openings – to 5.7m in July from 5.3m in June – suggest strength in the economy ahead of the US Federal Reserve interest rate meeting next week. The FTSE 100 closed the day 83 points higher at 6229 after an initial surge was partially reversed by poor industrial production and trade figures. (news.financializer.com). As reported in the news.

: The local currency fell from an overnight high of nearly 70.7 US cents back to 69.8 US cents on the news, signalling currency traders believe the move also makes further rate cuts in Australia more likely, according to Australian Broadcasting Corporation. It was a mixed night for global markets, as Wall Street retreated but European stocks continued their recent run of gains. The Reserve Bank of New Zealand announced the move this morning, taking the country official rate to 2.75 per cent. "At this stage, some further easing in the official cash rate seems likely," the central bank governor Graeme Wheeler said in a statement on the decision. Markets initially rose in New York but the mood turned on investor fears that a hike in US interest rates could be just a week away. The catalyst was data indicating the number of available jobs in the US surged to a record high in July. The Dow Jones Industrial Average closed down 239 points or nearly 1.5 per cent at 16,254, while the broader S&P 500 fell 1.4 per cent to 1,942. (news.financializer.com). As reported in the news.

Queensland: Mr King says about 250 large megawatt utility-scale solar projects would need to be built to meet Australia renewable energy target of 33,000 gigawatt hours by 2020, according to Nine News Australia. That number would need to be much higher to meet the country carbon emission reduction target of 26 per cent by 2030, he said. That the view of Origin Energy managing director Grant King, who has likened the future of solar to that of Queensland multi-billion dollar coal seam gas to liquefied natural gas industry. But he insisted Queensland would become the centre of utility-scale solar, just like it had for LNG production."I would think the next great round of investment in Queensland will be utility scale solar," Mr King told a Centre for Economic Development of Australia lunch in Brisbane on Wednesday."The prospectors are in Queensland looking for utility-scale solar sites - that tells you what going to happen."Ten years ago, 15 years ago the prospectors were in Queensland looking for CSG resources."Mr King said the industry would require tens of billions of dollars in investment from the private sector, which would need to be supported by favourable government policies."I've got no doubt that the private sector has to step up on those investments," he said."And in order to do that, you need a little bit of confidence that the structures that are put in place will sustain, that you can rely on them."Mr King said Queensland was also well placed to help reduce carbon emissions on a global scale. Mr King comments came on the same day Queensland Energy Minister Mark Bailey announced the state government would increase its promised renewable energy auction process, a reverse auction in which the government pays the generator for the difference between a feed-in tariff rate and the prevailing wholesale price of electricity. He said the state carbon-emitting industries such as LNG and coal would do that by exporting more efficient products to replace dirty brown coal used by industrial powerhouses such as China. (news.financializer.com). As reported in the news.

Asian markets: Abu Dhabi ADX General Index climbed 2.2 per cent, poised for the highest close in three weeks, according to Business Week. Gauges in Qatar, Kuwait and Oman also advanced, while Bahrain BB All Share Index fell 0.2 per cent. Dubai DFM General Index rose 1.7 per cent, the most on a closing basis in almost two weeks, to 3,637.07 as of 12:31 p.m. local time. Equities in the six-nation Gulf Cooperation Council are tracking gains in major Asian markets and the US on signals that China efforts to curb volatility in its stock market, including raising margin requirements, are succeeding almost a month after the world second-biggest economy weakened its currency. The advance is on the back of the positive momentum in the international markets overnight and this morning in Asia," said Muhammad Shabbir, the Dubai-based head of equities and funds at Rasmala Investment Bank. "Oil is also better. Brent crude, which has fueled economic growth in the GCC, extended gains after the biggest jump this month on 8 September. (news.financializer.com). As reported in the news.

Indiana Governor Mike Pence: February 24 - The use and possession of marijuana becomes legal in Alaska, according to CNN. February 26 - Marijuana use and the possession of up to two ounces of the drug becomes legal in Washington D.C. March 2 - The New York Times reports that, during her time as Secretary of State, Hillary Clinton was using her personal email for official business. Notable U.S. Events:January 31 - Whitney Houston daughter, Bobbi Kristina Brown, is found face down and unresponsive in a bathtub full of water. House Republicans were aware of the email account in 2014. March 26 - Indiana Governor Mike Pence signs the Religious Freedom Restoration Act. March 3 -Israeli Prime Minister Benjamin Netanyahu addresses Congress at the invitation of House Speaker John Boehner. (news.financializer.com). As reported in the news.

Islamic republic: But following the 1979 revolution that transformed Iran into an Islamic republic increasingly at odds with the West, decades of sanctions and isolation plunged the industry into disrepair, according to CNN. The average age of the fleet is now more than 22 years old, much of it comprised of cheaper Russian aircraft. The national carrier, Iran Air, boasted a fleet of the latest Boeings and was pursuing the purchase of Concorde jets. Iran inability to import vital parts has contributed to one of the worst safety records in the world. International investment International investors from industries spanning energy, finance and software are clamoring to enter the region second largest economy, worth around $400 billion even under sanctions. Now, Iran deal with world powers to limit its nuclear program in exchange for sanctions relief could revitalize its aviation industry. (news.financializer.com). As reported in the news.

Nihat Ali Ozcan: Authorities accuse the group of having ties with militants from the Kurdistan Workers’ Party, or PKK, which killed 13 policemen in a roadside bombing earlier on 8 September near the country eastern border with Iran, according to Business Week. Another policeman and 16 soldiers have also been killed since 6 September. The headquarters of the main Kurdish party in the capital, Ankara, was set on fire late on 8 September, according to local news agencies, and there were similar attacks in several other cities. If the government can’t exert control, spiraling violence could increase the risk of a civil war, said Nihat Ali Ozcan, who studies the Kurdish conflict at the Economic Policy Research Foundation in Ankara. The violence reflects a widening divide in the country since an election in June brought a pro-Kurdish party into parliament for the first time. The PKK is increasingly shifting attacks to urban areas and targeting policemen to inflict greater damage on security forces. (news.financializer.com). As reported in the news.

: The price was the lowest settlement since Aug. 7, according to Xinhua China. The U.S. dollar ended higher Wednesday, weighing down gold futures as gold was measured by the dollar. The most active gold contract for December delivery lost 19.00 U.S. dollars, or 1.69 percent, to settle at 1,102.00 dollars per ounce. The rally of European stocks and Asia market also lured the investors away from gold, analysts said. Silver for December delivery gave up 17.90 cents, or 1.21 percent, to close at 14.576 dollars per ounce. On Wednesday, FTSE 100 Index, benchmark of London Stock Exchange, increased 1.35 percent, the CAC 40 Index gained 1.44 percent, while U.S. stocks also opened higher. (news.financializer.com). As reported in the news.

political leaders: Their appearances, behavior and opinions are endlessly questioned and scrutinized, according to MSNBC. Despite it all, they’ve stood tall on the global stage and continued to shape the political arena. But for women, succeeding as political leaders – whether in local government or the highest offices in their countries – often comes at a price. Here are five political leaders we should know about:* *Theresa May, Home Secretary, United Kingdom* As the UK Home Secretary since 2010, May is responsible for the UK internal affairs, as well as immigration and citizenship. As Chair of the Global Partnership for Education, she advocates for women rights and emphasizes girls’ education as key to a thriving global economy. *Nicola Sturgeon, First Minister, Scotland* In 2014, Sturgeon became the first female to be appointed as Scotland First Minister. May has presided over some of the UK most critical challenges – including an increased terrorist threat and the current immigration crisis. *Julia Gillard, Former Prime Minister, Australia* Serving as Australia first female Prime Minister from 2010-2013, Gillard introduced significant nation-building legislation such as the National Disability Insurance Scheme and initiated far-reaching developments in foreign and economic policy. (news.financializer.com). As reported in the news.

Doug Elmendorf: In practical terms, GOP leaders had to pick their accountant, according to MSNBC. Doug Elmendorf term as head of the Congressional Budget Office was nearly over, and Republicans were under pressure to reappoint him to another term. It wasn’t one of their high-profile choices – whether or not to shut down the government, whether or not to sabotage American foreign policy, etc. – but it nevertheless mattered quite a bit. The recommendations made sense – Elmendorf developed a reputation as a respected, impartial economist, who was pretty effective in telling lawmakers – and by extension, all of us – how much stuff costs. Soon after, right on cue, Republicans showed Elmendorf the door, and introduced Keith Hall, a Republican stalwart, as the new CBO chief. As we talked about late last year, the argument from mainstream conservatives was that Elmendorf could extend meaningful credibility to GOP proposals through favorable scores – if Elmendorf said Republicans’ numbers add up, everyone would know GOP lawmakers were taking their responsibilities seriously. (news.financializer.com). As reported in the news.