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

Mr Obeid: He has had findings made against him by ICAC and is now suing former ICAC Commissioner David Opp, the then counsel assisting Geoffrey Watson and the state of NSW."I don't feel shame, but I do feel sorry for the taxpayer," Mr Obeid said, according to Nine News Australia. Not far behind Mr Obeid is former Mining Minister Ian McDonald, found by ICAC to be corrupt. Former Labor minister Eddie Obeid has cost the most to taxpayers, with the legal bills totalling $1.3 million. Mr McDonald legal representation before the Commission also came with a $1.3 million bill. Labor MP Joe Tripodi and Liberal MP Chris Hartcher managed to accumulate a legal bill of more than $500,000 each, which NSW taxpayers have had to pay. There are also a number of MPs who have been before ICAC where a finding is yet to be handed down. (news.financializer.com). As reported in the news.

: Dream on, according to The Guardian. Related:Chinese economy is under pressure but will not slump, says premier Li Keqiang The bears, it goes without saying, have a dreadful record. A new problem is all too often seen as an intimation of impending crisis, a hard landing, consequent social instability, and perhaps the eventual collapse of the regime. After 35 years of extraordinary economic growth, China is still growing at 7% annually. One of the great weaknesses of so much western economic commentary is that it fails to look much beyond the next quarter’s, or even month’s, results. True, that is lower than before, but still at a rate that dwarfs anything in the west. (news.financializer.com). As reported in the news.

Democratic presidential nomination: Bernie Sanders, a candidate for the 2016 Democratic presidential nomination, likely picked up few supporters with his speech to thousands of students at Liberty University here, he received a courteous welcome and helped all parties demonstrate their willingness to respect the other side, according to MSNBC. Sanders has developed a reputation as a lefty bomb-thrower as he campaigns. While Sen. But on Monday, he became the first Democratic presidential candidate anyone could remember to accept an invitation to speak at Liberty, the world largest evangelical university. Ted Cruz announced his 2016 presidential campaign at the university in March. Texas Republican Sen. (news.financializer.com). As reported in the news.

: It later moved forward the date of the last flight from Manchester to Sept. 10, according to The Moscow Times. Airlines have been hit hard by the sharp devaluation of the ruble, which last year lost 40 percent of its value against the U.S. dollar on the back of plunging oil prices. The flights will stop from March 21, 2016, the company said, adding that "easy Jet will keep the potential reintroduction of the route under review." The airline said in May it was scrapping its Moscow-Manchester flights from Oct. 23 due to falling demand, having previously cut the number of its flights to both British cities. This has made tickets priced in foreign currencies more expensive compared to those offered by Russian airlines, as well as making traveling abroad more expensive for Russians. British tourists to Russia, on the other hand, now face an extra hurdle when obtaining a Russian visa: They have to visit the visa center in London in person to provide their fingerprints, a measure that has put off some would-be tourists who live outside the capital. When combined with falling incomes, the result has been a significant drop in the number of Russians traveling abroad. (news.financializer.com). As reported in the news.

: It has done so in the past and I'm confident that it will do so again, according to The Moscow Times. The million-dollar question is "when " and it one that most of us cannot answer. Nick Rees Business Consultant SThree It no great secret that many or most businesses in Russia are generally not in a great economic situation right now — it doesn't take a genius to work that out, does it Nevertheless, I'm one of the people that believes that "hope dies last" and I am one of those gambling on Russia returning to its former glory. This leaves most of us trying to maximize revenues whilst controlling costs as much as possible. We had the opportunity to share information and bounce ideas off each other. Over the past few weeks, I met with some insightful and distinguished business leaders in Moscow. (news.financializer.com). As reported in the news.

preferred shares: We’re still in an environment where investors are seeking yield and they are creeping up the risk curve to get that yield, Jang said in an interview from Vancouver, according to The Toronto Star. A lot of them have gone into the high-yield space to get that. Ben Jang, a portfolio manager at Nicola Wealth Management, said those who are looking for quality names and high yield may want to consider preferred shares. Preferred shares give you the opportunity to get high yield with higher quality names now. In the event a company goes bankrupt, preferred shareholders have a right to be paid company assets first. Preferred shares are company stock with dividends that are paid to shareholders before common stock dividends are paid out. (news.financializer.com). As reported in the news.

sculptures: The fully furnished one-room suites have been built as part of the annual sand sculpture festivals in Sneek, Friesland and Oss, Brabant, according to CNN. They're hidden inside eight-meter-high sculptures, one modeled on the Flintstones' cartoon home town of Bedrock, the other decorated with dragons, the Great Wall of China and the Terracotta Army. That the idea at two new pop-up hotels constructed from sand in the Netherlands. And unlike the sandcastles you may have built in your youth, these pop-up palaces have windows, electricity, running water and Wi-Fi. Still cool after all these years Sweden latest Icehotel unveiled Worried about how these rooms stay up It a genuine concern for anyone who ever experienced the childhood trauma of being buried in sand by siblings. How were they built It took event organizers Global Pow Wow four weeks to construct the sculptures, which were inspired by the ice hotels in Sweden and Finland. (news.financializer.com). As reported in the news.

: Memorabilia from the first Milan derby of season 2015/16 No problem, according to CNN. And the best part -- all the proceeds go to charity. Want to buy a signed Steven Gerrard LA Galaxy shirt You got it. Italian club AS Roma launched the eBay-like auction site last week as part of its "Football Cares" initiative. Eleven clubs in Italy and the U.S. have already given the project their backing with Roma keen for more to join. The ambitious program seeks to coordinate the global football community response to the refugee crisis currently engulfing Europe. (news.financializer.com). As reported in the news.

sculptures: The fully furnished one-room suites have been built as part of the annual sand sculpture festivals in Sneek, Friesland and Oss, Brabant, according to CNN. They're hidden inside eight-meter-high sculptures, one modeled on the Flintstones' cartoon home town of Bedrock, the other decorated with dragons, the Great Wall of China and the Terracotta Army. That the idea at two new pop-up hotels constructed from sand in the Netherlands. And unlike the sandcastles you may have built in your youth, these pop-up palaces have windows, electricity, running water and Wi-Fi. Still cool after all these years Sweden latest Icehotel unveiled Worried about how these rooms stay up It a genuine concern for anyone who ever experienced the childhood trauma of being buried in sand by siblings. How were they built It took event organizers Global Pow Wow four weeks to construct the sculptures, which were inspired by the ice hotels in Sweden and Finland. (news.financializer.com). As reported in the news.

: The sale of the five-year securities will be completed this week after meetings with fixed-income managers conclude on 21 September, they said, according to Business Week. The planned offering comes amid a 32 per cent decline in bond sales this year from the six-nation Gulf Cooperation Council-- which includes Saudi Arabia and the United Arab Emirates -- as companies have been dissuaded from selling by price swings. Initial price guidance for the debt from EA Partners, an Etihad funding vehicle with five equity partners including Alitalia, Air Berlin and Jet Airways , was set in the 7 per cent area, according to two people familiar with the matter, who asked not to be identified as the information is private. Average volatility in US Treasuries this year is the highest since 2011 after Greece negotiated a debt bailout deal, China devalued its currency and the strengthening US economy boosted prospects the Federal Reserve may raise interest rates as early as this week. There really no comparable benchmark that you could look at for this in the region." The securities are rated B- by Fitch, six levels below investment grade. This is a relatively complicated deal, it not Etihad, it a bunch of their underlying partners and a B- shows that the rating agencies also think so," Abdul K Hussain, the Dubai- based chief executive officer at Mashreq Capital DIFC, said by phone. (news.financializer.com). As reported in the news.

: Some of these costs are easy to calculate, according to The Moscow Times. When the U.S. government, for example, buys an aircraft carrier, it not a terribly complicated exercise to determine how much money was spent: even if there isn't a single budget line-item you can just add up all of the contracts and purchase orders. Whether seen or unseen, any government action will inevitably have a range of impacts on the economy. It the unseen costs where things can get a little tricky. By changing the calculus in which private actors engage, government policy can have a real economic impact orders of magnitude larger than the direct costs of implementation. There is an economic cost to purchasing an aircraft carrier as opposed to paying for a new highway or bridge, just as there is an economic cost to having the government take money away from the private sector to pay for anything at all. (news.financializer.com). As reported in the news.

Chris Christie: He has advised GOP candidates, including Chris Christie, Bobby Jindal, Rick Perry, Marco Rubio and Scott Walker on health care policy issues, according to CNN. The opinions expressed in this commentary are his. He was the policy director of the Romney-Ryan 2012 presidential campaign. Presidential campaigns can be hesitant to put out policy proposals because these ideas are easily caricatured and attacked by political opponents. That why Bobby Jindal, Marco Rubio and Scott Walker deserve credit for their willingness to put forth thoughtful proposals to repeal the Affordable Care Act and replace it with sensible, patient-centered reforms. So, it takes some real courage to put plans in front of the electorate. (news.financializer.com). As reported in the news.

Peter Hemington: But confidence among businesses fell for the fifth straight month, according to BDO, which produces its optimism index by combining findings from Bank of England regional agents, CBI surveys and the Markit/CIPS purchasing managers reports . While the expected continued economic growth is encouraging, falling business confidence suggests the UK economy is approaching a turning point, said BDO partner Peter Hemington, according to The Guardian. The UK cannot rely on consumer spending and services in the long-term. UK economic growth is expected to hold up during the second half of this year but a sharp drop in business confidence in recent weeks suggests the momentum is under threat, according to a round-up of indicators from accountants BDO. Related:UK manufacturing hit by turmoil in China Its latest output index for the UK edged up this month, with the main impetus for growth coming from strong consumer spending thanks to rising wages and near-zero inflation. Policymakers must focus on steps to rebalance the economy and give support to manufacturers and greater wealth creation in the north and Midlands. Their mood echoes official figures last week showing sharp falls in exports and manufacturing output and a gloomy outlook from the manufacturers’ organisation EEF, which bemoaned a hit to business from China slowdown. Manufacturers were particularly downbeat, recording their lowest level of confidence since November 2012, BDO said. (news.financializer.com). As reported in the news.

: It later moved forward the date of the last flight from Manchester to Sept. 10, according to The Moscow Times. Airlines have been hit hard by the sharp devaluation of the ruble, which last year lost 40 percent of its value against the U.S. dollar on the back of plunging oil prices. The flights will stop from March 21, 2016, the company said, adding that "easy Jet will keep the potential reintroduction of the route under review." The airline said in May it was scrapping its Moscow-Manchester flights from Oct. 23 due to falling demand, having previously cut the number of its flights to both British cities. This has made tickets priced in foreign currencies more expensive compared to those offered by Russian airlines, as well as making traveling abroad more expensive for Russians. British tourists to Russia, on the other hand, now face an extra hurdle when obtaining a Russian visa: They have to visit the visa center in London in person to provide their fingerprints, a measure that has put off some would-be tourists who live outside the capital. When combined with falling incomes, the result has been a significant drop in the number of Russians traveling abroad. (news.financializer.com). As reported in the news.

Gulf Cooperation Council: The emirate ADX General Index increased 0.2 per cent, while Dubai DFM General Index and Qatar QE Index fell 0.8 per cent each, according to Business Week. Saudi Arabia Tadawul All Share Index and Bahraini stocks were little changed. Etisalat rose 1.4 per cent to 14.75 dirhams as of 12:01 p.m. in Abu Dhabi, bringing its four-day increase to 11 per cent. Etisalat has been doing quite well at a time of market instability in the region," said Ahmed Shehada, the head of advisory and institutions at NBAD Securities, the brokerage of the United Arab Emirates’ biggest bank. Most other markets in the six-nation Gulf Cooperation Council reacted to a drop in one of the region biggest sources of revenue and uncertainty over whether the Federal Reserve will raise interest rates. It would make it interesting for a lot of global pension funds." The government-controlled company, which is 60 per cent owned by the UAE sovereign wealth fund and has the second- biggest weighting on Abu Dhabi index, will allow non-UAE nationals to own its shares starting on 15 September. (news.financializer.com). As reported in the news.

: And the Australian share market looks set to open higher after Wall Street finished a choppy session with solid gains as investors looked ahead to the Federal Reserve policy meeting this week, according to Nine News Australia. At 0645 AEST on Monday, the September share price index futures contract was up 25 points at 5,093. At 0630 AEST on Monday, the local unit was trading at 70.83 US cents, up from 70.61 cents on Friday. BEIJING - China has unveiled broad reform guidelines for state-owned companies aimed at making them more globally competitive and increasing transparency in a powerful sector of the world second-largest economy. WASHINGTON - Official data shows US producer prices were unchanged in August as rises for clothing and food offset a decline in energy costs. BEIJING - China industrial production, which measures output at factories, workshops and mines in the world second-largest economy, rose 6.1 per cent year-on-year in August. (news.financializer.com). As reported in the news.

: The lira, which had its eighth week of declines, is the second-worst performer among 24 emerging-market peers this year after the Brazilian real with a depreciation of 23 per cent, according to Business Week. Escalating tension between the government and Turkey Kurdish population in the run up to the second round of elections in six months has dragged the lira to oversold levels this month, indicating to some analysts that the selloff may be exaggerated. The currency fell 1 per cent to 3.0517 against the dollar as of 5:44 p.m. in Istanbul after sinking to a record low 3.0615 on 10 September, taking the loss this week to 1.5 per cent. The prospect of a Federal Reserve rate increase has also damped appetite for riskier assets, with foreign investors pulling a record $6.88 billion from Turkish stocks and bonds so far this year. The currency will probably not hold above the 3-per-dollar threshold and may see a short-term correction from oversold levels, he said. Concerns about Turkish politics are unlikely to diminish ahead of early general elections and will limit scope for the lira to trim its losses, Piotr Matys, a London-based foreign- exchange strategist at Rabobank, who expects the Fed to keep rates unchanged next week, said by e-mail. (news.financializer.com). As reported in the news.

: The Moscow Times remains committed to the principle of public debate and hopes to welcome you to a new, constructive forum in the future, according to The Moscow Times. Regards, The Moscow Times It is with regret, therefore, that we have found ourselves forced to suspend the commenting function on our articles. (news.financializer.com). As reported in the news.

: The prime minister indicated on Sunday he would step up the national campaign tackling domestic violence, according to Nine News Australia. His message was: "Any man who raises his hand to a woman is weak and gutless."Opposition Leader Bill Shorten has sought an urgent national summit to address the issue. Violence on two fronts is set to dominate the week agenda. The fight against terrorism will also be high on the government agenda. Debate in the lower house on Tuesday will be the first time MPs see the government changes to the bill in response to a parliamentary committee recommendations the measures be tightened. Laws to strip Australian citizenship from extremists with dual nationality are likely to be fast tracked through parliament with Labor support. (news.financializer.com). As reported in the news.

Fed: There are some, like hedge-fund titan Ray Dalio, who say a rate increase will prove an epic blunder in the face of a vulnerable global economy, prompting policy makers to abruptly reverse course and start printing money again, according to The Toronto Star. There are others, such as Citigroup Inc. economist William Lee, who say the expansion is healthy enough seven years after the financial crisis to withstand higher rates. Not only is there no consensus about whether the Fed will end its seven-year-old policy of zero interest rates, but views on the fallout from such a move are wildly disparate. Next week increase will be the first of several over the course of the next year, they argue. Much of that, he notes, is the result of the mixed messages coming out of the Fed. Guy Haselmann, a Scotiabank strategist, says that in his nearly three decades on the Street he never seen such confusion. (news.financializer.com). As reported in the news.

China cabinet: It did not elaborate, according to The Guardian. Reform of underperforming state-owned enterprises is one of China most pressing needs. The guidelines, jointly issued by the Communist party central committee and the State Council, China cabinet, included plans to clean up and integrate some state firms, the official Xinhua news agency said. But if not handled well, the restructuring could lead to hundreds of thousands of people being laid off and to social instability. The government will not force mixed ownership, nor will it set a timetable, giving each firm the go-ahead only when conditions are right, it said. Xinhua said the plans included introducing mixed ownership by bringing in private investment, and decisive results were expected by 2020. (news.financializer.com). As reported in the news.

: Back then, in the era before the iPhone and Taylor Swift, Goldman issued two easy-to-grasp papers, replete with colorful graphs, that the bank argued showed our current worldview was about to look topsy-turvy, according to The Guardian. Using econometric models, the writers prophesied that the combined economies of Brazil, Russia, India and China - the Brics for short - would grow bigger than the current six leading economies within 40 years. This week they may well get their ultimate test. Since economic power equals political power, the implications were astounding. Related:Is the game up for China much emulated growth model Jayati Ghosh When the 2008 financial crisis hit the global economy, China experienced only a short slowdown and afterwards it continued to post double digits rates of growth. And for a while it even looked like Goldman Sachs was right. (news.financializer.com). As reported in the news.

Trudeau Chretien: Trudeau said NDP Leader Tom Mulcair believes a single vote — 50 per cent plus one — should decide whether Canada remains united, thereby resurrecting the ghost of a divided Canada not seen since the 1995 vote on Quebec secession, according to The Toronto Star. The divisions that referendum and the pain that it caused Canadians must not be repeated, said Trudeau, standing alongside Chretien. Both Trudeau and Chretien told a rally Sunday in Hamilton that an NDP government would repeal the Clarity Act, which says any referendum requires a clear question and clear majority for separation. Mulcair He wants to roll the dice. Mulcair has dismissed such criticism, saying he has fought for a united Canada his whole life but that the Clarity Act doesn’t spell out what constitutes a majority. He wants to put separation back on the table and turn the clock back 20 years, which means all of Thomas Mulcair experience in politics has simply taught him one thing: to play politics with anything and everything, including the unity of this country to gain a few votes from separatists. (news.financializer.com). As reported in the news.

: As for the economy, Mr Abbott said evidence the coalition plan was working could be found in the latest employment figures, according to Nine News Australia. Since the Abbott-Truss government came to power in September 2013, he said more than 300,000 jobs had been created - ignoring that fact that unemployment has risen from 5.8 per cent to 6.2 per cent over that time. The prime minister was warmly received when he addressed the Nationals federal council meeting in Canberra on Saturday, where he also backed Mr Dutton, who landed in hot water for his joke about climate change."If there one thing that should be remembered about Peter Dutton week, it that this is the week that he masterminded the plan to bring 12,000 needy people to this country," Mr Abbott said. He said housing approvals, motor vehicle sales and company registrations close to or hitting record highs, also showed the strength of the economy. Mr Abbott is expected in Perth later on Saturday, where he will be campaigning ahead of the Canning by-election.© AAP 2015Politics Email your news tips Do you have any news photos or videos Career News: Ten foods to boost your brain power - seeklearning.com.au Property news: Beyond 2035: how many more homes, and where - realestate.com.au Career news: Five ways to tell if you're in the wrong career - news: Green homes on show - realestate.com.au Career news: How to spot a bad boss in an interview - seek.com.au (news.financializer.com). As reported in the news.

: Sir Richard made the announcement while touring the Virgin Active club in Collins Street in Melbourne on Saturday."The reason we're confident we can do another 20 to 30 clubs in Australia over the next three years or so is the amount of approaches we're getting from landlords," Sir Richard said, according to Nine News Australia. The clubs cost $7 million to $8 million each, and Sir Richard said now is the right time to be investing."The Australian dollar is quite low, so if you're using money from overseas to come and invest in Australia, it a great time to do it," he said."And then, through investments like this, the Australian dollar will start getting strong again."The clubs have been designed to have something for everyone - from free weights and machines, to classes, swimming pools and saunas. The Virgin Active founder plans to invest as much as $200 million to more than triple the number of health clubs over the next three years. They are the kind of gyms Sir Richard said he likes to use, and does use. The Virgin Active expansion takes in changes in the broader Asia Pacific market, including new clubs in Singapore and Thailand and potential new locations.© AAP 2015Email your news tips Do you have any news photos or videos Career News: Ten foods to boost your brain power - seeklearning.com.au Property news: Beyond 2035: how many more homes, and where - realestate.com.au Career news: Five ways to tell if you're in the wrong career - news: Green homes on show - realestate.com.au Career news: How to spot a bad boss in an interview - seek.com.au Keeping fit is the key to managing his busy life, he said."I have a pretty hectic schedule; the only way I can survive that schedule is to keep fit," he said. (news.financializer.com). As reported in the news.

: El-Sissi tasked Petroleum Minister Sherif Ismail with forming a new Cabinet within a week, according to The Toronto Star. Prior to handing in his resignation, Mehleb provided a report detailing the performance of the government, which two officials from the president office said el-Sissi found unsatisfying. The office of the president said he accepted the resignation of Prime Minister Ibrahim Mehleb and his Cabinet but that the ministers would continue to serve until a new body is appointed. The officials spoke on condition of anonymity because they are not authorized to brief reporters. El-Sissi in recent months has had to perform tasks that normally should fall to Mehleb, such as arranging meetings with ministers and negotiating business deals with foreign investors, according to the two officials. Egypt president is generally in charge of major affairs of state while the prime minister, whom he appoints, handles day-to-day running of the government. (news.financializer.com). As reported in the news.