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

Bank: His view that the Bank may need to resort to even more unconventional moves to protect the UK recovery puts Haldane at odds with the Bank governor, Mark Carney, who has indicated that rates may rise from 0.5% early next year, according to The Guardian. The suggestion that rates should stay low for longer will be welcomed by homeowners with tracker mortgages but is a blow to savers who have been hoping to finally see higher returns on their money. Andy Haldane cited evidence of a slowdown on the domestic front and risks to the global economy from China, where an economic downturn has coincided with a stock market rout that has sent shockwaves through the world markets. The warning from a top Bank official over the UK fragility is also unwelcome news for George Osborne as he seeks to emphasise his stewardship of the economy following Jeremy Corbyn election as Labour leader. The US rate-setters blamed a more fragile global outlook in remarks that further rattled jittery financial markets. Related:Shareholders receive too much money from business – Bank chief economist Haldane, one of nine policymakers who set interest rates, was speaking a day after the US central bank decided to delay an interest rate hike for the world biggest economy. (news.financializer.com). As reported in the news.

England: It is the first game England have played since they beat Germany in Edmonton in the World Cup third-place play-off, according to The Guardian. That achievement not only captured countless hearts and minds but ensured England were the highest-placed European nation in Canada. The Lionesses open their Netherlands 2017 qualifying campaign on Monday night when they face Estonia in Tallinn. Sampson believes they can finish top of the continental pile again in two years’ time but remains well aware that this will necessitate technical and tactical improvement as well as demanding exceptional dedication. But we know if Euro 2017 was played tomorrow we certainly wouldn’t be favourites and it would be very difficult for us to win it. Related:'I was never motivated by money': meet the new stars of English football The team have set a target and we want to win the tournament, Sampson said. (news.financializer.com). As reported in the news.

Atlassian: Mike Cannon-Brookes, CEO of software firm Atlassian, said he was buoyed by Mr Turnbull making mention of innovative industry so early in his prime ministership, according to Nine News Australia. Mr Cannon-Brookes said Mr Turnbull, who was an early investor in internet services and has championed innovation as communications minister, needed to translate his passion into a rebranding of Australia."People think about the Opera House and beaches - we need to augment that. Mr Turnbull, who seized the top job from Tony Abbott on Monday, mentioned in his first speech as leader that Australia needed to be "agile and smart" enough to take advantage of technological change. We need to be the smart country rather than the lucky country," Mr Cannon-Brookes told AAP on Friday. At the same time, schools and universities should be encouraged to provide a more technologically literate workforce over the next two decades."Extra teacher training in schools would be a relatively small investment for a high pay-off," he said. Having such a global brand would attract highly skilled workers from overseas and new investment, he said. (news.financializer.com). As reported in the news.

Australia: While the decision itself was not a surprise, the Fed softly-softly tone now has markets pricing in less than a 50 per cent chance of it raising rates this year, according to Australian Broadcasting Corporation. Initially that boosted US shares, but then they gave up ground to close a little lower. Related Story: US stocks slide after Fed keeps rates on hold Map: Australia The Australian share market was sent on a rollercoaster ride as investors tried to make sense of the Federal Reserve decision to leave US interest rates at zero. Australian stocks had the opposite response, falling almost 1 per cent at one point, before being up by almost that amount. The broader All Ordinaries had a similar 23-point gain to 5,194. In the end, the benchmark ASX 200 index closed 0.5 per cent higher at 5,171. (news.financializer.com). As reported in the news.

bank accounts: General licenses for telecommunications and internet-based services will be expanded, and travelers are allowed to open bank accounts, according to MSNBC. U.S. Treasury Secretary Jacob Lew said the move would usher constructive change for the Cuban people. Under the regulatory changes, which were announced Friday, American companies for the first time in decades would be allowed to open businesses and hire workers in Cuba. A stronger, more open U.S.-Cuba relationship has the potential to create economic opportunities for both Americans and Cubans alike, Lew said in a statement. The Pope played an instrumental role in helping to restore diplomatic relations between both countries. By further easing these sanctions, the United States is helping to support the Cuban people in their effort to achieve the political and economic freedom necessary to build a democratic, prosperous, and stable Cuba. * Controversy over Pope Francis’ trip to Cuba* The shift to ease sanctions on Cuba, comes on the eve of Pope Francis’ visit to the Caribbean country this weekend before heading to the U.S. next week Tuesday. (news.financializer.com). As reported in the news.

Energy Minister Bob Chiarelli: The man he succeeded, Carmine Marcello, got $1.2 million for all of 2014, according to The Toronto Star. Details of what critics called an exorbitant pay packet — which could climb to $4 million annually — came Friday as the government issued a prospectus for investors with Hydro One preparing to sell shares on the stock market this fall. Chief executive Mayo Schmidt started work Sept. 3 and by the end of the year will enjoy $1.36 million in base pay, incentives and pension value. Soaring executive salaries under the controversial privatization by Premier Kathleen Wynne will nudge electricity bills higher, opposition parties warned. Energy Minister Bob Chiarelli defended the payouts, which government privatization czar Ed Clark said are in the low to medium range of similar companies and crucial in attracting top talent. If you’re an executive, the lottery just opened, said New Democrat MPP Peter Tabuns, his party energy critic. (news.financializer.com). As reported in the news.

Australia: A report by the International Transport Workers Federation has accused Chevron of hiding more than $US35 billion in untaxed revenue offshore, according to Australian Broadcasting Corporation. In response, Chevron denied it had breached tax laws in the countries in which it operates. Related Story: Chevron workers to vote on strike action over rosters Related Story: Unions strike deal on Barrow Island LNG project worker conditions Map: Australia The world biggest trade union has accused US energy giant Chevron of profit shifting to minimise its taxes in Australia. Chevron is building the Gorgon and Wheatstone gas projects off the northern coast of Western Australia, projects worth $84 billion. The report said the US government had not approved Chevron tax filings for more than seven years. The federation also said Chevron had at least 600 shell companies in tax havens like Bermuda and Delaware and that its tax returns had been challenged in the US and other countries. (news.financializer.com). As reported in the news.

The Conference Board: The increase follows a flat reading in July, which was revised higher from an initially reported 0.2% decline. In June, the indicator increased 0.6%, according to Wall Street Journal and The Conference Board s leading economic index inched up 0.1% in August, matching expectations for a modest uptick, according to a report Friday. Economists surveyed by The Wall Street... (news.financializer.com). As reported in the news.

NRG Energy: NRG Yield is an offshoot of NRG Energy Inc., the largest independent electricity generator in the U.S., and operates assets formerly owned directly by NRG Energy. Listed in 2013, NRG Yield pays out most of its profit to shareholders as part of a.., according to Wall Street Journal and The chief executive of NRG Yield Inc. on Friday sought to reassure investors that the power producer can rapidly increase dividends despite unexpected challenges in boosting revenues. (news.financializer.com). As reported in the news.

Janet Yellen: The gold market closed Thursday before the release of the Fed statement and subsequent news conference by Chairwoman Janet Yellen, so Friday s settlement was the first to reflect investors sentiment in the wake of the U.S. central bank s decision to stand pat on interest rates. Gold prices.., according to Wall Street Journal and Gold prices jumped after the Federal Reserve s decision a day ago to hold interest rates steady, as the U.S. central bank s concern about soft global economic growth burnished the case for investing in safe-haven precious metals. (news.financializer.com). As reported in the news.

financial markets: Governor Glenn Stevens admits it has been a rocky few months for the global economy, with financial markets in turmoil and Australia largest trading partner, China, showing signs of losing momentum, according to Nine News Australia. Those concerns have contributed to the US Federal Reserve delaying its first interest rate hike in nine years, and Mr Stevens says global economic growth is at risk of slowing. Low interest rates and a falling Australian dollar are key to the economy getting past the mining boom and surviving China slowdown, the Reserve Bank says. But the Australian economy should come through in good shape, as it did during the global financial crisis, the governor said during his biannual appearance before a parliamentary committee. Granted his wish of a lower Aussie dollar, Mr Stevens now wants a similar move in the unemployment rate, which he said is too high at 6.2 per cent."We ought to be looking to get back into the fives over time, and given enough time I think we will, unless we are hit by another bad shock from somewhere," Mr Stevens said. Unemployment will fall if the non-mining economy continues to pick up, and the Australian dollar slide to around 71 US cents is helping to achieve that, Mr Stevens said."There is still a pretty good chance that we will come out of this episode fairly well, and much better than we came out of previous episodes of this type," he said. (news.financializer.com). As reported in the news.

: Wind farm licences previously issued by the state had to be sub-leased under finite crown land leases but the new laws will allow developers to co-exist alongside an existing pastoral lease, according to Nine News Australia. Climate Change Minister Ian Hunter says the Pastoral Land Management and Conservation Amendment Act also improves access to crown land for solar developments. Laws coming into effect on Saturday will enable wind energy developers to apply for 25-year licences to use pastoral lease land, with the option to renew licences for a further quarter century. He says it is part of a state government push to promote investment in renewable energy through supportive policies."This legislation reinforces that South Australia is open for business when it comes to renewable energy," Mr Hunter said on Friday."It enables investors to capitalise on our world-class solar and wind resources."Under the legislation, 95 per cent of wind farm licence payments will go to pastoral lease holders and native title holders."It protects existing stakeholders interests while providing investors with the security of tenure required to attract project finance," Mr Hunter said.© AAP 2015South your news tips Do you have any news photos or videos Career News: Seven signs your resume is just right - seek.com.au Property news: ten people you always see at auctions - realestate.com.au Career news: When your colleagues earn more than you - seek.com.au Property news: What home buyers are looking for this spring - realestate.com.au Career news: How to create a business plan in five steps - seeklearning.com.au (news.financializer.com). As reported in the news.

Gareth Watson: The telecom sector was the biggest gainer on the TSX, climbing 1.2 per cent, according to The Toronto Star. In New York, the Dow Jones industrial average was down 289.95 points at 16,384.79, the broader S&P 500 index declined 32.12 points to 1,958.08, and the Nasdaq gave back 66.72 points to 4,827.23. The S&P/TSX composite index lost 140.26 points to close at 13,646.90, while the loonie rose 0.25 of a U.S. cent to 75.66 cents US. The metals and mining sector of the TSX was the lead decliner, losing nearly five per cent, while energy stocks slipped more than two per cent. I think we’re seeing a little bit of digestion of what happened yesterday playing into the markets today with respect to the Fed interest rate decision, said Gareth Watson, vice-president of investment management and research at Richardson GMP Ltd. The rate has remained unchanged since the global financial crisis of 2008. The U.S. central bank said Thursday it would keep its benchmark overnight interest rate at between zero and 0.25 per cent, citing weakness in the global economy, low inflation and unsettled stock markets. (news.financializer.com). As reported in the news.

Michael Janda: And Australia is being dragged into the mire, writes Michael Janda, according to Australian Broadcasting Corporation. The US Federal Reserve is continuing a dangerous addiction with its latest decision to keep official interest rates near zero for almost seven years. With its decision to keep official interest rates near zero, the US Federal Reserve is continuing with a risky strategy. It is now nearly a decade since the Fed last raised rates, back in 2006, and financial markets have been allowed to become far too complacent about rates staying lower for longer than they ever have before. After all, many analysts blame the Fed under Alan Greenspan for laying the GFC foundations by keeping rates too low for too long between 2002-2004. The danger is that the Fed is promoting, and may already have created, the kinds of risky investment and asset bubbles that triggered the financial crisis in the first place. (news.financializer.com). As reported in the news.

ambitious goal: His firm has 2,000 clients – 80 per cent under 45 years old – after one year in business, according to The Toronto Star. He employs 20 people, half of them working as software engineers. He set an ambitious goal of signing up 1,000 clients in the first year. Now 27, the CEO recruited a team of well-known Bay St. veterans to act as advisers. Wealth Simple is one of a dozen virtual or robo-advisers that have sprung up across Canada. He also attracted an influential investor – Power Financial Corp., the Montreal-based holding company behind Great-West Life, London Life, Investors Group and Mackenzie Investments. (news.financializer.com). As reported in the news.

: Police allege he misappropriated funds entrusted to him by a number of investors between May 2010 and June 2010, according to Australian Broadcasting Corporation. He has been charged with 18 counts of theft and will appear in the Adelaide Magistrates Court. crime, courts-and-trials, adelaide-5000, sa More stories from South Australia noindex Detectives from the Major Fraud Investigation branch arrested the 61-year-old man from the north-eastern suburbs today. (news.financializer.com). As reported in the news.

: Russia economy is still expected to slide into recession this year, but its decline is less steep than some analysts had expected, according to The Moscow Times. Euromoney said in an article announcing the award that prudent monetary policy under Nabiullina was allowing the real exchange rate to move toward levels justified in the medium term and praised her for cleaning up the banking sector. "Shock therapy worked," it said. Under her leadership, the Central Bank rolled out a series of emergency measures late last year to deal with turmoil on Russian financial markets, including an overnight interest rate hike and refinancing tools to help out dollar-starved banks. Euromoney view contrasts with that of some Moscow-based analysts, who say the Central Bank was slow to take several key policy decisions last year, including raising interest rates in December and floating the ruble in November. Wednesday prize comes after the Indian central bank Raghuram Rajan won last year Euromoney award for helping buttress his country while the United States was tapering its quantitative easing program in 2014. Nabiullina, who has headed the Central Bank since the summer of 2013, said in comments e-mailed by the bank press office that the award was "a great honor." "Our economy is currently facing serious challenges for its financial system, and this demands from us difficult decisions both in monetary policy and in regulation of the banking sector," she said. (news.financializer.com). As reported in the news.

: Already assessed as junk by Standard & Poor’s, any notion from Fitch that it too might consider cutting Turkey could add selling pressure from those investors limited to holding investment-grade assets, according to Business Week. Fitch gave a glimpse into its thinking last week when it identified Turkey among the emerging markets most exposed to a higher Federal Reserve rate because of the large amount of foreign-currency debt owed by banks. In the throes of a worsening conflict with Kurdish and Islamic State militants, looming elections and the potential fallout from higher US interest rates, Turkey is due for its scheduled checkup at Fitch Ratings this week. There is an increasing threat that the outlook is changed to negative from stable, highlighting the risk of a downgrade to junk, Cristian Maggio, the head of emerging-market research at TD Securities in London, said on Tuesday. Such a step, said Maggio, could mean more pain for Turkey currency and bonds, so far this year second-worst emerging- market performers. After Fitch comments, singling out emerging-market weaknesses last week, this move is not so unthinkable. (news.financializer.com). As reported in the news.

Turkey: Already assessed as junk by Standard & Poor’s, any notion from Fitch that it too might consider cutting Turkey could add selling pressure from those investors limited to holding investment-grade assets, according to Business Week. Fitch gave a glimpse into its thinking last week when it identified Turkey among the emerging markets most exposed to a higher Federal Reserve rate because of the large amount of foreign-currency debt owed by banks. In the throes of a worsening conflict with Kurdish and Islamic State militants, looming elections and the potential fallout from higher US interest rates, Turkey is due for its scheduled checkup at Fitch Ratings this week. There is an increasing threat that the outlook is changed to negative from stable, highlighting the risk of a downgrade to junk, Cristian Maggio, the head of emerging-market research at TD Securities in London, said on Tuesday. Such a step, said Maggio, could mean more pain for Turkey currency and bonds, so far this year second-worst emerging- market performers. After Fitch comments, singling out emerging-market weaknesses last week, this move is not so unthinkable. (news.financializer.com). As reported in the news.

Al Mansoori: The central bank maintains a firm commitment to the peg, according to Business Week. Investors have increased bets that the six Gulf Cooperation Council countries may be next to abandon their pegs after China devalued the yuan and Kazakhstan allowed its currency to float. The dirham peg to the US dollar has served the UAE well over time, Al Mansoori said in an e-mailed answer to Bloomberg News questions. Saudi Arabia, the world biggest oil exporter, has already said it had no plans to decouple from the US currency. One-year forward contracts for the currency, an indication of where the dirham is expected to trade in the period, dropped 24 points since then to 91.45 points. Bets for a devaluation of the dirham surged in the past month to the highest in more than six years on 10 September, according to data compiled by Bloomberg. (news.financializer.com). As reported in the news.

Japanese government: The Japan Tourism Agency said estimated foreign tourist arrivals as of Sept 10 exceeded 13.42 million, 10,000 more than for all of 2014, according to Asahi Shimbun. The figure for the first eight months of this year stood at 12.87 million, up 49 percent from the corresponding period of 2014. That figure is just shy of the 20 million the Japanese government is aiming to achieve by 2020 when Tokyo will host the Summer Olympic Games. At this rate, the JTA said the overall number of foreign arrivals will likely hit 19 million in 2015. In January, the central government eased visa requirements for tourists from China. In August alone, the number was 1.81 million, up 63 percent from August 2014, and second only to this past July. (news.financializer.com). As reported in the news.

: The federal opposition also wants an assurance that skills and standards are maintained and Australian wages won't be undercut."We will facilitate passage of this legislation so long as there a fair dinkum examination of the issues, not just Liberal ministers shouting at the Labor party," Mr Shorten said, according to Nine News Australia. Legislation was introduced to parliament on Wednesday, but no vote will be held until after a treaties committee inquiry report is handed down during the October sittings. Mr Shorten has written to Prime Minister Malcolm Turnbull seeking a meeting to discuss a way forward on passing the enacting legislation for the agreement."I believe that the China free trade agreement is a good idea," he told ABC radio on Thursday."But there is detail in the surrounding legislation, not the actually treaty - I accept that cannot be changed."Labor key concern is making sure Australian construction workers get the first chance to work on major projects backed by Chinese investors. Unions are running a vocal campaign in Western Australia Canning by-election against the free trade agreement.© AAP 2015Politics Email your news tips Do you have any news photos or videos Career News: Seven signs your resume is just right - seek.com.au Property news: ten people you always see at auctions - realestate.com.au Career news: When your colleagues earn more than you - seek.com.au Property news: What home buyers are looking for this spring - realestate.com.au Career news: How to create a business plan in five steps - seeklearning.com.au (news.financializer.com). As reported in the news.

currencies: The Dollar Index, which gauges the buck against a basket of 16 currencies, was recently down 0.5% at 87.51, its lowest level since Aug. 25. The slide came as the dollar notched steep losses against the euro, yen and a host of emerging market currencies. .., according to Wall Street Journal and The dollar fell against most currencies Thursday, as investors sold the U.S. currency following a dovish monetary policy statement from the Federal Reserve. (news.financializer.com). As reported in the news.

: The invitation to business delegates said: "As part of the Australian government plan to strengthen our economic opportunities and build broader relationships with key partners, the prime minister ... will be visiting Silicon Valley and a select high-level business delegation will accompany the prime minister."Foreign Minister Julie Bishop will represent the government at the UN talks, while Mr Turnbull puts the finishing touches to his frontbench and prime ministerial staff team, according to Nine News Australia. Mr Turnbull won't make his first overseas trip as leader until later in the year. Before his ousting on Monday, Mr Abbott had planned to go to San Francisco next week with a technology business delegation, before heading to New York for the United Nations general assembly. The former technology company executive wants to put innovative industry front and centre of his government economic plan. Opposition communications spokesman Jason Clare said it was a worrying step."The fact that Malcolm Turnbull has cancelled this high-level trade mission to the world top technology companies shows he is all talk and no action when it comes to building Australia digital future," Mr Clare said."If Malcolm Turnbull is serious about creating the jobs of the future, he should agree to implement Bill Shorten plan to introduce the teaching of coding and computational thinking in all Australian schools."Parliamentary secretary for communications Paul Fletcher told ABC television the new prime minister had a clear economic vision."The rise of Asia is a major trend, and another big trend is digital disruption which is affecting every industry," Mr Fletcher said on Thursday."That is something that Malcolm Turnbull in his personal experience has been very familiar with, as communications minister has been very engaged with it."© AAP 2015Politics Email your news tips Do you have any news photos or videos Career News: Seven signs your resume is just right - seek.com.au Property news: ten people you always see at auctions - realestate.com.au Career news: When your colleagues earn more than you - seek.com.au Property news: What home buyers are looking for this spring - realestate.com.au Career news: How to create a business plan in five steps - seeklearning.com.au As communications minister he visited Silicon Valley in 2014 where he spoke with many Australians working in the technology industry, as well as executives for Facebook, Google and other firms. (news.financializer.com). As reported in the news.

Minister Turnbull: Professor John Mendoza indicated he was optimistic Australia now had a leader who understood extra resources were needed to address the biggest cause of disability in the country. "I think now with Malcolm Turnbull assuming the role of Prime Minister he understands this issue, he had a lot of direct briefings from people in the know," he said. "He played a direct role in reducing the suicides in his own electorate. "So I think Prime Minister Turnbull understands, not nearly from the personal impact of poor mental health and suicide, but he understands the economics of it. "And if we're going to lift the economic performance of the country then one of the places we have to start is improving access to quality mental health care because it is one of the biggest drags on the nation productivity at present." Professor Mendoza said mental health was responsible for a quarter of all disability nationally with depression, anxiety and substance abuse listed as the most common disorders. "One in five Australians every year will experience a clinical level of need in relation to a mental health condition," he said. "So it common and it causes the greatest burden of disability — that means it accounts for more years of life lost to disability than any other cause. "And yet we have this amazing deficit — a huge gap — in terms of the funding for mental health." Crowd funding campaign to 'build awareness', drive investment Professor Mendoza is a key supporter of a crowd funding campaign launched recently called Australians for Mental Health, according to Australian Broadcasting Corporation. He is hopeful it will raise a "substantial amount" of money to advocate for better government funding. Related Story: Turnbull keeps same-sex marriage, climate change policies Related Story: R U OK and World Suicide Prevention days aim to help stem the tide Map: QLD The man who resigned as head of the National Advisory Council on Mental Health over frustrations with the Rudd government has expressed renewed hope the sector will get more attention under new Prime Minister Malcolm Turnbull. Volunteers share personal battles Twelve young people who found solace in the Black Dog Institute when they were battling their own demons share their stories in the hopes of helping others. "But also to build the community awareness about ... the consequences of this inadequate investment in mental health." Professor Mendoza was hopeful it could be as successful as the breast cancer campaign that started about 20 years ago and had seen a drop in the number of deaths. "And the beginnings of that were very much based around community awareness and advocacy and we've seen that to the point of footballers running around with pink socks, pink jerseys," he said. "All really in a sense raising awareness but also advocating that we get research dollars, that we get the services that are necessary to further reduce ... the number of deaths. "And in a similar way — by having this sort of initiative in relation to mental health — you know not even necessarily a large amount of money but enough money to keep the community engaged on this issue and through that get political action." Be a part of the audience Register to join ABC News and 612 ABC Brisbane for the Heads Up free community forum on Friday, September 18 at ABC Brisbane headquarters. Topics:mental-health, federal-government, community-and-society, qld, australia First posted September 17, 2015 11:05:49 More stories from Queensland noindex (news.financializer.com). As reported in the news.

: The price of oil rose 6 per cent overnight, boosting energy stocks, according to Australian Broadcasting Corporation. Woodside rose 90 cents to $30, while Oil Search lifted 15 cents to $7.58 and Santos was up 11 cents to $5.00. The All Ordinaries finished the day at 5171, rising 47 points, while the benchmark ASX 200 lifted the same amount to 5,146. In the mining sector, Rio Tinto rose 70 cents to $52.01, while BHP was up 68 cents to $24.65. Elsewhere across the market, stocks in Blackmores went gangbusters, lifting $6.80 to $136.80 - 300 per cent higher than at the start of this year. The banks did reasonably well with CBA lifting 18 cents to $75.53, Westpac up 25 cents to $31.32, ANZ up 30 cents to $28.18 and NAB up 40 cents to $30.91. (news.financializer.com). As reported in the news.