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

Asian Development Bank: 0426 GMT Dow Jones Hong Kong equities advance in the morning session taking cues from global benchmarks on Monday, despite the Asian Development Bank cutting its economic outlook for the region and downgrading Chinese growth to 6.8% from 7.3% last year. Chinese stocks are also lifted as the Conference Board s Leading Economic Index rises 1% to 334.4 in August. The improvement stemmed primarily from bank loans and better performance in housing starts, says Andrew Polk, resident economist at The Conference Board China Center: However, compared to a year ago, housing starts remain deeply entrenched in... (news.financializer.com). As reported in the news.

Malaysian ringgit: The Malaysian ringgit fell by 0.5% against the U.S. dollar while the Thai baht and Indonesian rupiah.., according to Wall Street Journal and Most Asian currencies weakened on Tuesday after comments by U.S. Federal Reserve speakers suggested the central bank could raise interest rates as early as next month, while shares made modest gains ahead of a reading on Chinese manufacturing. (news.financializer.com). As reported in the news.

Pope: The far-right congressman said it’d be fine if the religious leader addressed moral issues Gosar cares about, but since Francis is likely to reference moral issues the pope cares about, the Arizona Republican isn’t interested, according to MSNBC. When the Pope chooses to act and talk like a leftist politician, then he can expect to be treated like one, the congressman wrote. Paul Gosar announced last week when Pope Francis delivers remarks to a joint session of Congress, he intends to boycott. Similarly, Rep. I’m hopeful that Pope Francis will speak to these two issues: One is the church unfailing and steadfast opposition to abortion, the position that life begins at the moment of conception and it ends at natural death, and the dignity of every human person. Steve King – who, like Gosar, is Roman Catholic – sat down with *Politico* this week to flesh out his expectations for the papal address. (news.financializer.com). As reported in the news.

: I refuse to be intimidated by Russia tactics, according to The Moscow Times. Reuters reported on Monday that lawyers for Pugachyov had issued notice of a claim of more than $10 billion against Russia that is likely to be heard in the Permanent Court of Arbitration in The Hague. Over the past few years, Russia has pursued a multi-pronged attack against me, my family, and my investments, Pugachyov said in a written statement on Tuesday. Pugachyov lawyers said that such claims can take years but noted that Moscow is already fighting a separate ruling by the same court in 2014, when it was ordered to pay $50 billion for expropriating the assets of Yukos, once Russia biggest oil producer run by Mikhail Khodorkovsky. Russia is seeking Pugachyov arrest for embezzlement and misappropriation of assets, charges he denies. When asked about the Pugachyov claim, Putin spokesman, Dmitry Peskov, said he had no comment but said that official investigations were ongoing. (news.financializer.com). As reported in the news.

Washington: Washington America may be in for some tough love from the Pope, according to CNN. After a lifetime of watching the world most affluent and powerful nation from afar, Pope Francis walked on U.S. soil for the first time Tuesday, at the age of 78, when he arrived in Washington from Cuba. Francis is stepping into an intense domestic debate on issues close to his heart, including climate change and abortion. He assured of a warm welcome from millions of U.S. Catholics, and his poll numbers -- which would be the envy of any politician -- suggest that curious adherents of other faiths and even the nondevout are also eagerly awaiting his visit. ET. But the first Latin American pope blessings on America could also contain uncomfortable challenges as he addresses a country that encapsulates many of the ills he has denounced as the head of one of the world largest religions. Programming Note Don't miss live coverage of Pope Francis' trip to the U.S. on CNN and CNNgo, and see the people and places that shaped Pope Francis in a CNN special report, "The People Pope," tonight at 9 p.m. (news.financializer.com). As reported in the news.

Russia: The decline comes as the low price of oil, Russia key export, shrinks the country income and worsens an economic slowdown, according to The Moscow Times. Russia ruble has weakened by around 45 percent against the dollar during the last year, making imports more expensive for companies and consumers. According to preliminary data from the Federal Customs Service released this week, Russia imported goods worth $103.9 billion over the period, down from $170.3 billion in January-August last year. A breakdown of the figures for August shows that the value of machinery and equipment imports dropped 36.7 percent compared to the same month in 2014. Food imports, whose value fell by 29.1 percent, were also constricted by embargoes imposed by the Kremlin in August 2014 on meat, fish, dairy, fruit and vegetables from the U.S. and European Union and some other allied countries — a retaliation to sanctions on Russia over its actions in Ukraine. Imports of chemicals plunged by 29.4 percent, and of textiles and shoes by 35.9 percent, the data showed. (news.financializer.com). As reported in the news.

: Volkswagen share market nightmare showed the first signs of lifting as its stock steadied a little in early trade in Frankfurt, following a two-day freefall that had axed 35 per cent, or 25 billion euros , off the company market value, according to Nine News Australia. By mid-morning the shares were up 2.1 per cent at 108.50 euros. The job of Volkswagen chief executive hangs in the balance over a pollution cheating scandal that has sparked a US criminal investigation and worldwide legal action with unfathomable financial consequences for the car giant. However, the world largest car maker by sales in the first half of this year still faces a growing tangle of legal threats after it admitted that as many as 11 million of its diesel cars worldwide are equipped with software capable of fooling official pollution tests. Winterkorn offered his "deepest apologies" over the revelations on Tuesday."I am infinitely sorry that we have disappointed people trust. Volkswagen board began a crisis meeting on Wednesday that could decide the future of chief executive Martin Winterkorn, the German news agency DPA reported. (news.financializer.com). As reported in the news.

Eleanor Batchelder: Here are some of their tips:More non-bank exchange services: The article focused on Knightsbridge Foreign Exchange and the Canadian Snowbird Association as examples of non-bank services, according to The Toronto Star. Both are Canadian-owned and -operated. They responded to last week column about how to get a better deal than the one the bank offers, offering advice of their own. But there are others. In my experience, one always gets a better deal from any of these services than through a commercial bank, she wrote. Eleanor Batchelder, an American expat, has used Canadian Forex and XE Trade, both of which have offices here and are subsidiaries of large non-Canadian companies. (news.financializer.com). As reported in the news.

Eleanor Batchelder: Here are some of their tips:More non-bank exchange services: The article focused on Knightsbridge Foreign Exchange and the Canadian Snowbird Association as examples of non-bank services, according to The Toronto Star. Both are Canadian-owned and -operated. They responded to last week column about how to get a better deal than the one the bank offers, offering advice of their own. But there are others. In my experience, one always gets a better deal from any of these services than through a commercial bank, she wrote. Eleanor Batchelder, an American expat, has used Canadian Forex and XE Trade, both of which have offices here and are subsidiaries of large non-Canadian companies. (news.financializer.com). As reported in the news.

: The airport in Labuan Bajo, once a ramshackle frontier town on Flores' west coast, serves as the closest landing strip for Komodo -- and has even been renamed Komodo Airport, according to CNN. Most travelers fly in from Bali, spend a night in town, then hop on a boat trip over to the famous isle. Fifty kilometers east of Komodo, the western shore of Flores has become a springboard for the dragon hunters. At best, they'll do a quick detour to the technicolor coral reefs of the Flores Sea. From waterfalls straight out of paradise, to an island full of flying foxes, to stylish new eco resorts and a surprisingly sophisticated dining scene -- there much more to see in western Flores than Komodo dragons. But those who rush off are doing themselves a disservice. (news.financializer.com). As reported in the news.

: The IMF is calculating that oil and gas revenues will contribute a mere 15 percent to the Russian national budget this year and that the country gross domestic product will fall by 3.4 percent, according to The Moscow Times. Even a privileged company like Rosneft cannot obtain assistance from the National Wealth Fund. Brent crude oil prices have edged up recently, but for the foreseeable future we can expect an average oil price in the range of $45. The problem is not just that the ruble exchange rate tracks the oil price. Years of high prices made the oil and gas industry especially corrupt. Russia is so dependent on foreign technology and machinery that all import substitution programs are doomed to fail. (news.financializer.com). As reported in the news.

: The reported plan comes as Russia is struggling to find ways of making its budget numbers add up, following a renewed slide in the price of oil that has blown a hole in government revenues largely dependent on energy taxes, according to The Moscow Times. RIA said the oil tax proposal would involve changing the method used to calculate a so-called cut-off price of $15 per barrel that determines what proportion of oil companies' revenues is not subject to the extraction tax. The plan would raise an additional 1.6 trillion rubles in revenues in 2016-18, RIA reported. Presently the cut-off price is converted into rubles using the exchange rate that exists when the tax is paid. Under the new proposal the conversions would instead by made using the 2014 exchange rate indexed by inflation, implying a dollar/ruble exchange rate of 43.8 in 2016, 47.1 in 2017 and 49.8 rubles in 2018, as a result of which more of oil companies' revenues would be subject to the tax. This is forecast by the Finance Ministry at 63.5 rubles per dollar in 2016, 64.8 rubles per dollar in 2017 and 65.8 rubles per dollar in 2018, RIA reported. (news.financializer.com). As reported in the news.

landing strip: The airport in Labuan Bajo, once a ramshackle frontier town on Flores' west coast, serves as the closest landing strip for Komodo -- and has even been renamed Komodo Airport, according to CNN. Most travelers fly in from Bali, spend a night in town, then hop on a boat trip over to the famous isle. Fifty kilometers east of Komodo, the western shore of Flores has become a springboard for the dragon hunters. At best, they'll do a quick detour to the technicolor coral reefs of the Flores Sea. From waterfalls straight out of paradise, to an island full of flying foxes, to stylish new eco resorts and a surprisingly sophisticated dining scene -- there much more to see in western Flores than Komodo dragons. But those who rush off are doing themselves a disservice. (news.financializer.com). As reported in the news.

project: Tinkov said in the statement the project was a long-held dream, and added that he was a frequent skier in the region, whose otherworldly geysers, fuming volcanoes and bears are described in the Lonely Planet travel guide, according to The Moscow Times. Tinkov said the project would be part of a large-scale government program to attract investors to the underdeveloped and sparsely-populated Far East. An agreement to construct the hotel and a recreation complex in the Yelizovsky district at the tip of the volcanic Kamchatka Peninsula — which juts into the Pacific Ocean between Japan and Alaska — was signed between Tinkov and acting Kamchatka Governor Vladimir Ilyukhin, the regional government said in a statement Monday. That plan already helped spawn a nascent casino hub near Vladivostok, and will see the construction of tourist facilities and agricultural enterprises in Kamchatka starting next year, according to the TASS news agency. We will provide all the necessary assistance to this project, because the creation of new infrastructure, especially tourism infrastructure, is very important to us, he said in the statement. Ilyukhin welcomed the project. (news.financializer.com). As reported in the news.

: So was the eight-goal demolition of the Estonian women, the debutant Danielle Carter hitting a hat-trick, a far greater achievement for Sampson team than was the narrow victory achieved by Hodgson men Not so, insisted Estonia English head coach, Keith Boanas, according to The Guardian. The big difference, said the former Charlton Athletic manager, is that the men national team are full-time professionals whereas my players are all amateur. When Roy Hodgson England visited the same Tallinn ground for a European Championship qualifier last October they won only 1-0 against Estonia, who at 80th in the world are ranked even lower than their female counterparts. Related:Carli Lloyd hat-trick stretches USA unbeaten home streak to 100 games When we reported for training a few days before our qualifier here against Serbia last Thursday – a 1-0 defeat – work commitments meant that I only had 12 of my squad turn up. It was perhaps no wonder then that England, whose squad of professionals had spent five days at the luxurious training facility that is St George Park before flying to Tallinn, won the game with such ease. Three of those were goalkeepers, so that first day training wasn’t the best – but that the real world of women football here. (news.financializer.com). As reported in the news.

: The expansion is part of a $550 million dollar project that will see a Saks Fifth Avenue open in February and a Nordstrom in 2017, according to The Toronto Star. Sherway has a long history as a neighbourhood centre but it always had a strong fashion and aspirational fashion offering, said Finley McEwen, senior vice-president, The Cadillac Fairview Corporation Ltd. The 210,000 square foot addition will add 50 new stores to the mall; a new food court that can seat more than 1,000; and greatly expanded multi-level parking for 1,200 more vehicles. Lucas Oleniuk/Toronto Star The Sherway Gardens expansion is near completion. McEwen pointed to Holt Renfrew as an example of that, adding: We are investing heavily in Sherway as a high-end fashion mall. The Star was invited for a preview Monday afternoon. (news.financializer.com). As reported in the news.

: Banks made up four out of the top five contributers to the decline, according to Business Week. Abu Dhabi ADX General Index advanced 0.6 per cent. The Tadawul All Share Index retreated 1.3 per cent to 7,373.27 as of 1:30 p.m. in Riyadh, poised for a seventh day of losses. The Bloomberg GCC 200 Index, made up of the biggest and most liquid shares in the six-nation Gulf Cooperation Council, slipped 0.5 per cent. The Fed warnings also spurred a 3.3 per cent retreat in Brent crude prices on Friday on concern demand for oil could slump amid a supply glut. Stock markets across the US declined after Fed policy makers sounded caution over slowing growth in China, leaving the possibility open for near-zero interest rates through this year. (news.financializer.com). As reported in the news.

: That somebody happened to be us, according to The Toronto Star. Burnell Cotlonowner of the only grocery store in the Lower 9th WardNEW ORLEANS—This doesn’t look like a community-changing accomplishment. No one else wanted to do it. It looks like a bowl of tomatoes. But they are fresh tomatoes, for sale in the Lower 9th Ward of New Orleans, and that is something. Four tomatoes. (news.financializer.com). As reported in the news.

China: At the same time, Girado noted, it must take into account the precarious state of the world economy. "China economy is going through a very particular moment, as the Chinese government has decided to make important changes at a time when global economic activity is much less dynamic," he said. "China had proposed a significant number of economic reforms that would have had a very positive outcome in a dynamic world, not the one we have at the moment," he said, according to Xinhua China. However, Girado note that "China has many tools to spur its level of activity." According to Girado, the interest rate above 4 percent in China offers it room for maneuver as compared with its European partners. "China can cut the rate to stimulate the level of activity, while its partners can't," said Girado, who believed the restructuring in the Chinese economy will result in a better growth for the country. Girado said he agreed with Chinese President Xi Jinping recent assertion that the economy must open more to the outside world in order to spur growth. "China must make an effort to attract foreign investment and experience, and to improve the country policies of opening up," he said. Talking about the economic crisis the Europe is currently going through, Girado said the root of the problems "is located across the Atlantic." The U.S. intention to hike the interest rate caused investors to withdraw from markets seen as risky, and redirected capital towards "the world largest capitalist economy," Girado explained. Related: Interview: Confident Chinese economy will grow 7 pct: OECD expert PARIS, Sept. 17 -- The Organisation of Economic Cooperation and Development China economy expert Margit Molnar has said she is confident that Chinese economic growth would be around 7 percent in 2015. The so-called "flight to quality" has decreased financing possibilities for emerging economies, which until now have been the engines of the world economy," said Girado. (news.financializer.com). As reported in the news.

: The study authors compare the European Union with 15 G20 countries, according to The Moscow Times. Russia leads in three categories: the relative share of expenses for food , clothing and footwear and alcohol and tobacco . Interestingly, in the first two categories Russia is very close to India , and both have inexpensive housing and utilities — costing 13.2 percent and 10.3 percent of incomes respectively. That information comes from "The EU in the World in 2015," a Eurostat report based on data from 2011-14. Of course, in countries where incomes are lower, people must pay a greater relative share of their wealth for the most essential of necessities — food. According to the Eurostat study, the citizens of Australia, Canada, the EU and South Korea devote slightly more than 10 percent of their incomes to it, and among European countries, the people of Luxembourg, Britain and Switzerland pay the lowest percentage for food. The share of food expenses in developed countries with a high standard of living averages 10-15 percent. (news.financializer.com). As reported in the news.

: This result belongs to the working classes of this country, the people who fight for a better tomorrow, who dream of a better tomorrow," Tsipras said, "and this is something that we will achieve through a lot of hard work." With more than 50% of votes counted, Syriza was emerging as a clear winner with 35.5% of the vote, according to preliminary elections results released by the Greek Interior Ministry, according to CNN. That would give Syriza 145 of the Greek Parliament 300 seats. Speaking to a crowd of cheering supporters in Athens, Tsipras said his Syriza party had been given a "clear mandate" at the polls. "This result does not belong to Syriza. A clear mandate to cast aside those forces that have been holding us back. #Greek Elections #Greece— Alexis Tsipras September 20, 2015 Panos Kammenos, the leader of the right-wing Independent Greeks party, told reporters that his party, which won 3.7% of the vote, would ally itself with Syriza to form a coalition. Even before the final vote tally was announced, one thing was clear: The economically frail country doesn't have time for a fresh round of political uncertainty. Together, they'd have enough seats to secure a majority in parliament. (news.financializer.com). As reported in the news.

coordinated development plan: With the introduction of a coordinated development plan between Beijing, Hebei and Tianjin, in which pollution control is one of the top priorities, Xingtai may finally get a break from years of entrapment by polluting industries, according to Xinhua China. Xingtai thrived on steel, cement and glass-making, some of the worst polluters. The government was also under huge pressure from the public and investors," he said. In a 25-kilometer radius, there were 133 coal-burning companies, which enveloped the city in pollution all year around. "No matter what season, or what direction the wind blows, the pollutants have no where to go but downtown Xingtai," said Si Guoliang, director of environment protection bureau. Shahe, administered by Xingtai, produces one fifth of the glass in China. From last year, local officials have been curtailing these industries. (news.financializer.com). As reported in the news.

: By the time his bleeding body had been ferried across the Ganges from Raghopur Island and taken to a hospital in Patna, the state capital, it was too late, according to Business Week. Maybe an hour would have saved his life, says Sub Inspector Randhir Kumar Bhatt, Kumar replacement, and one of just a dozen officers on the island. He might have lived, but the makeshift bridge from the island where he worked in India poverty-stricken state of Bihar was closed. The murder is emblematic of Bihar, where more than 100 million people live on an average of less than $2 a day. Whoever builds a bridge, I will vote for him for the next 20 to 25 years Starting as early as October, Modi party will face the first in a series of state elections. The lawlessness, poverty, and decrepit infrastructure that cost Kumar his life now also threaten to derail Prime Minister Narendra Modi plans to reform India. (news.financializer.com). As reported in the news.

: The DFM General Index retreated 0.6 per cent to 3,604.16 at 11:26 a.m. local time, according to Business Week. Emaar Properties, the real estate developer with the biggest weighting on the gauge, led the descent with a 1.6 per cent drop. Abu Dhabi equities advanced. Abu Dhabi ADX General Index climbed 0.6 per cent, bolstered by First Gulf Bank 1.8 per cent increase. It a disappointment and there worry that policy makers, including the US Fed, have limited power going forward to stabilize the markets. The issue of delaying the interest rate hike increases concerns about sustainable US economic growth, said Tariq Qaqish, who overseas $150 million as the head of asset management at Dubai-based Al Mal Capital. (news.financializer.com). As reported in the news.

Martin Prosperity Institute: During the 2008 crisis, Canada stable banks, strong currency, and resilient economy were sources of national pride, according to The Toronto Star. Now declining oil prices, a plummeting currency, and lacklustre growth have cast a pall. Here Richard Florida considers the consequences of Ottawa neglect of our metropolitan areas. Pundits are quick to point out that Canada suffers from lagging innovation and productivity and an over-reliance on natural resources. But Canada could be doing so much better. While some of that is true, it worth remembering that Canada still ranks fourth globally on our Martin Prosperity Institute ranking of global creative competitiveness and fifth in the world on high-tech venture capital startups. (news.financializer.com). As reported in the news.

: With more than 80 per cent of the vote counted, Syriza stood at 35.5 per cent of the vote and 145 seats in the 300-member Parliament, followed by the conservative New Democracy with 28.3 per cent and 75 seats and the Nazi-inspired Golden Dawn in third place with 7 per cent and 18 seats, according to The Toronto Star. The number of voters who abstained was particularly high, at nearly 45 per cent in an election-weary country with a traditionally high voter turnout. The result was a resounding payoff for Tsipras’ high-risk gamble when he resigned as prime minister last month and triggered an early election, barely seven months into his four-year term, in order to face down an internal Syriza rebellion over his policy U-turn to accept painful austerity measures in return for Greece third international bailout. It was the third time this year Greeks have voted. Six seats shy of an absolute majority, Tsipras said he would form a government with his previous coalition partner, the right-wing Independent Greeks of Panos Kammenos, who joined him on stage to rapturous applause from dancing, cheering Syriza supporters in central Athens. A January election brought Tsipras to power on an anti-bailout platform, and he called a July referendum urging Greeks to reject creditor reform proposals, which they resoundingly did — shortly before Tsipras then accepted similar proposals as part of the new bailout. (news.financializer.com). As reported in the news.