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

economy: In 2015 as a whole, the U.K. economy expanded 2.2%, which was slower than 2014 2.9% rate, but still matched 2013 as the second-strongest post-recession year, according to Market Watch. This was broadly in line with recent forecasts by economists and policy makers, including the Bank of England, but falls short of earlier expectations of faster growth. Britain gross domestic product, a measure of all goods and services produced in the economy, rose 0.5% between October and December, government statisticians said Thursday, compared with 0.4% growth in the third quarter. Nevertheless, signs of a pickup in activity brighten the outlook of Western economies into 2016, since the U.K. is the first country in the Group of Seven club of advanced nations to report fourth-quarter GDP figures. Recent indicators of economic activity in China have been tepid, but many analysts believe the latest market scare widely exaggerates the impact weaker trade is having on the global economy. Investors have had a rocky start of the year as a plunge in the Chinese stock market has depressed equity prices across the world. (news.financializer.com). As reported in the news.

CEO Josef Ackermann: Today, for instance, he did what would have been unbearable for most: He announced that he and his fellow board members would forgo their bonuses for the last fiscal year, according to Deutsche Welle. Cryan is a fighter, an optimist. Whereas the overly self-confident former CEO Josef Ackermann revered Deutsche Bank as a kind of Holy Grail, Cryan has taken a more humble approach. But he also cleaning house with vigor. Rock bottom Only a few numbers are needed to portray the depth of the disaster Deutsche faces: $24 billion, $17 billion and $16 billion . Those are the full-year profits raked in by US banks JP Morgan, Citigroup and Bank of America. Because for Deutsche Bank, there no other option. (news.financializer.com). As reported in the news.

coupon payments: These securities, meant to bolster Tier 1 capital, aren’t dated and coupon payments depend on the lender capital level, according to Bloomberg. Deutsche Bank said on Thursday it would be able to pay coupons for 2015, giving the bonds a boost. Deutsche Bank has the equivalent of about 4.6 billion euros of contingent convertible bonds, or CoCos, outstanding, according to a presentation for investors. Until today I would have had Deutsche Bank down to make the first coupon pass on its AT1 bonds, said Mark Holman, chief executive officer of Twenty Four Asset Management in London, referring to Deutsche Bank additional Tier 1 notes, which he doesn’t own. They said they were going to pay today but they could just as easily have said they were going to skip. They’re just too close to the wire. (news.financializer.com). As reported in the news.

fourth quarter: In fact, its flat fourth-quarter revenue of $2.32 billion was a tad higher than the consensus estimate of $2.31 billion, according to Fact Set Research, according to Market Watch. But eBay shares tumbled 12% in after-hours trading, as the company slightly lower outlook for the first quarter and full year disappointed investors. Investors had already baked in eBay EBAY, -12.45%less-than-stellar fourth quarter. EBay executives blamed currency fluctuations due to a stronger U.S. dollar, but the company former payments business also played a role. PYPL, +8.39% spun off on its own last summer, beat expectations in its own earnings report Wednesday, as user growth climbed, and its shares jumped 5% in after-hours action. PayPal Holdings Inc. (news.financializer.com). As reported in the news.

Eclairs Group Ltd: The vote, that passed despite JKX barring two of its top investors including Eclairs Group from voting, effectively reduces the size of JKX board and appoints Proxima nominees to top positions, according to Euro News. The change in management could represent a new direction for the company, which has been struggling with oil prices that have fallen to around $30 a barrel and political tensions between its two main markets Russia and Ukraine. Shareholders voted in favour of all the proposals put forth by Proxima Capital Group Inc in an investor meeting, succeeding where Eclairs Group Ltd, the company largest shareholder, had failed in 2013. Proxima called for a shake-up in December, saying there had been a destruction of value for shareholders due to the erstwhile board failure to manage the business well. JKX, which has seen its shares tumble more than 90 percent over the past five years, said earlier on Thursday that its Finance Director Cynthia Dubin and Non-Executive Director Dipesh Shah had also quit. Chairman Nigel Moore, Chief Executive Paul Davies and five other members resigned, effective immediately, after the meeting, JKX said in a statement. (news.financializer.com). As reported in the news.

virtual reality: Apart from focusing on mobile, Facebook has been ramping up spending on what it calls big bets, including virtual reality, artificial intelligence and drones to connect the remotest parts of the world to the Internet, according to Euro News. Chief Executive Mark Zuckerberg, who returned from two months of paternity leave on Monday, has said virtual reality represents the next major computing platform. Total revenue rose to $5.84 billion from $3.85 billion a year earlier, as it sold more ads targeted at mobile users, smashing investor expectations. The company has also begun realising some of its other assets , such as photo-sharing app Instagram, which surpassed 400 million users last year and began selling ads in September. More about: Economy Facebook Profits google_ad_section_end (news.financializer.com). As reported in the news.

: On Wednesday, it surged 455.02 points, according to The Japan Times. The Topix closed down 8.60 points, or 0.61 percent, at 1,392.10, after rising 40.47 points the previous day. The Nikkei lost 122.47 points, or 0.71 percent, to end at 17,041.45. The market opened weaker after U.S. equities retreated on Wednesday. Sluggish U.S. corporate earnings released Wednesday also pressured stocks in Tokyo, brokers said, briefly pushing the Nikkei down about 220 points. Investors were worried about an interest rate hike by the Federal Reserve in March as a Fed statement issued the same day after a policy-setting Federal Open Market Committee meeting maintained its bullish stance on the U.S. economy, brokers said. (news.financializer.com). As reported in the news.

precious metal: However, as the U.S. stocks opened higher Thursday, investors began their technical sell-off of gold futures, according to analysts, according to Xinhua China. Additionally, the price of the precious metal was put under further pressure as the market remains unsure of when the next rate hike, from a 0.50 rate to a 0.75 rate will occur. Gold futures climbed up early Thursday as the Federal Reserve statement, released Wednesday, said the U.S. central bank will maintain the target range for the federal funds rate at 0.25 percent to 0.5 percent. According to the CMEGroup Fedwatch tool, the current implied probability of a hike from 0.50 to 0.75 is at 12 percent for the March meeting, and 20 percent at the April meeting. The index is a measure of the dollar against a basket of major currencies. Gold was prevented from falling further as the U.S. Dollar Index went down Thursday. (news.financializer.com). As reported in the news.

: Read the policy, according to CNN. Singapore Key chain. However, CNN retains full editorial control over all of its reports. Magnet. Last-minute souvenir shopping has become a tedious chore that gets in the way of enjoying a trip. Or even more predictable: an "I-heart-somewhere" t-shirt. (news.financializer.com). As reported in the news.

target range: Both indexes recouped some losses during the morning session, according to Xinhua China. The Federal Reserve said Wednesday that it will maintain the target range for the federal funds rate at 0.25 percent to 0.5 percent, pledging to keep the accommodative monetary policy to support economic growth. The benchmark Shanghai Composite Index was down 0.89 percent at 2,711.16 points, while the Shenzhen index opened 1.19 percent lower at 9,309.87 points. The Fed said it will assess a wide range of information including measures of labor market conditions, inflation pressures and inflation expectations, and financial and international developments to decide the pace of future rates hikes. The U.S. stock market gained before the statement, in a knee-jerk reaction to the recovery in oil prices, but fell back to negative territory on concerns that the Fed dovish stance is offering acknowledgement to the worrisome capital market. (news.financializer.com). As reported in the news.

Adam Mintz: However, despite its poor yield, the campaign still managed to boost the fledgling company fortunes, leading to heavyweight advisors, a streamlined vision and $150,000 in seed money, according to The Toronto Star. Although we didn’t reach our goal on Kickstarter, the company garnered enough notoriety to grab the attention of people who wanted to invest in our company, said Adam Mintz, president of the company which has just launched a new line. The start-up 30-day drive last fall, undertaken to expand and promote the logo-free sportswear line, realized only $12,467 of its $30,000 goal. The business is poised to grow in a big way this year because of the new collection and the marketing activities we now have the funds to spend money on. He should probably stop saying we since the company founded in 2014 with childhood pal Charlie Friedmann is now a solo operation. We’ll be able to now go in directions we never thought possible. (news.financializer.com). As reported in the news.

Inditex: Bernstein analyst Jamie Merriman said that was lower than expected, according to The Guardian. Related:High street stores cut prices to compete for Christmas customers H&M and its rivals have faced pressure from unusually warm weather in recent months, leaving winter garments on the racks. The Swedish company, the world second biggest fashion retailer after Zara owner Inditex, said it expected sales in January, the second month of its fiscal first quarter, to increase 7% in local currencies from a year ago. Markdowns in relation to sales in the first quarter of 2016 are expected to have a negative effect on the gross margin of one to two percentage points compared to the same quarter in 2015, it said in its fiscal fourth-quarter earnings report released on Thursday. Pretax profit in September to November fell to 7.15bn Swedish krona from 7.8bn krona a year earlier, against a mean forecast in a Reuters poll of 7.14bn krona. H&M, which has seen margins shrink in 2015 also from currency movements and large investments in its e-commerce roll-out, reported a quarterly pretax profit drop in line with market expectations. (news.financializer.com). As reported in the news.

Takahama nuclear power plant: It will be the third nuclear reactor to be brought back online under stricter safety regulations drawn up by the Nuclear Regulation Authority after the Fukushima nuclear disaster in 2011, according to Asahi Shimbun. The No. 1 and No. 2 reactors of Kyushu Electric Power Co. Takahama nuclear power plant in Takahama, Fukui Prefecture, is set to restart on Jan. 29. Sendai nuclear plant in Kagoshima Prefecture were brought back online in August and October, respectively. Electric utilities have formally requested that the NRA inspect 25 of the 43 reactors across the nation, plus one under construction, to determine whether they meet the new safety standards. This March will mark the fifth anniversary of the catastrophic accident at the Fukushima No. 1 nuclear power plant. (news.financializer.com). As reported in the news.

China economy: The results were a reassuring sign as worries about a slowdown in the Chinese economy continue, according to The Toronto Star. Shares jumped 3 per cent in premarket trading. The Chinese e-commerce powerhouse third-quarter net income jumped ahead of analyst expectations as mobile shopping continued to grow and Chinese customers snapped up items during the holidays. Executives sought to put a positive spin on the China economy. China is still one of the fastest-growing economies in the world. The Chinese economy is going through a structural shift from high-growth to more moderate more sustainable growth, said Joe Tsai, executive vice chairman. (news.financializer.com). As reported in the news.

economic plan: Key points:Target of 15,000 more jobs by 2025State Government plan includes a food park, disability hub and small business development fund Industries with quick growth potential identified Its northern economic plan includes a $10-million small business development fund, $7 million to entice tenants to a Northern Adelaide Food Park and money for a disability support hub, according to Australian Broadcasting Corporation. Premier Jay Weatherill said it was a bold plan to carve an economic future for the region. "It a plan which marks out a bright future for the people of the northern suburbs," he said. "It lays out all of the economic priorities that we believe are important for this area — it marks out those industries that we believe are going to grow quickest in the northern suburbs." The Government said it hoped to create another 15,000 jobs over the next decade, in a region where unemployment is above the state average. Related Story: SA signs food export deal with Thai companies Related Story: SA budget: Adelaide northern suburbs look for jobs boost Related Story: Holden workers urged to look at early redundancy options Map: Salisbury 5108 A plan to bolster the economy of northern Adelaide after car maker Holden closes next year is being backed by the South Australian Government with funding of more than $25 million. Mr Weatherill said the Government had worked with local councils, businesses and the northern Adelaide community to develop its plan and remained keen for federal backing. "We have a long list of funding requests for the Commonwealth," he said. "They've already been placed before the Commonwealth and it will be our intention to make that front and centre in this most important year, when there a federal election campaign." City of Playford Mayor Glenn Docherty said the plan would guide the region economy in its transition to different industries. "It vitally important that we all pull together and work as one as a community to face the challenges ahead, make sure that the people of today can get a job but most importantly that their children have a future in the north," he said. Mr Marshall said the plan failed to address fundamental problems with the state economy. "We need a plan to reduce taxes, to remove red tape, to invest in long-term productive infrastructure," Mr Marshall said. "To back our exporters and growth sectors and real investment to create new businesses in South Australia. "There is none of that, none of that in this plan whatsoever." states-and-territories, government-and-politics, salisbury-5108, elizabeth-5112, adelaide-5000, sa First posted January 28, 2016 13:01:40 More stories from South Australia noindex Investment 'not nearly enough' But State Opposition Leader Steven Marshall said the Government investment was not nearly enough to create long-term sustainable jobs. (news.financializer.com). As reported in the news.

benchmark rate: Half of the TSX index eight main sub-sectors clicked higher, according to Xinhua China. The Federal Reserve decided Wednesday to keep its benchmark interest rate unchanged in a range between 0.25 and 0.5 percent. The Toronto Stock Exchange benchmark Standard & Poor's/TSX Composite Index added 46.45 points, or 0.38 percent, to close at 12,377.77 points. The U.S. central bank has opted to hike its benchmark rate in late 2015, the first time it had moved its rate in almost a decade from record lows. "The committee is closely monitoring global economic and financial developments and is assessing their implications for the labor market and inflation," said the Fed policy-setting committee. Fed policymakers will be able to sift through the January and February employment reports before their next policy meeting in March. Analysts believe that financial markets will be looking at the forward guidance to see when the next hike will occur. (news.financializer.com). As reported in the news.

Australian share market: And the Australian share market looks set to open higher following gains on Wall Street amid a surge in world oil prices, according to Nine News Australia. At 0645 AEDT on Friday, the share price futures index was up three points at - The number of people seeking unemployment benefits in the US fell last week, a sign that employers aren't cutting jobs in response to global economic weakness and sharp stock market drops. At 0700 AEDT on Friday, the local unit was trading at 70.78 US cents, up from 70.40 cents on Thursday. WASHINGTON - Orders to US factories for long-lasting manufactured goods tumbled in December, with a key category that tracks business investment plans falling for a second straight month. BRUSSELS - The European Commission has weighed into the row about multinational corporations avoiding tax, proposing to clamp down on companies shifting their profits to low-tax countries. ST PETERSBURG - Russia says that OPEC kingpin Saudi Arabia had proposed global oil production cuts of up to five per cent in what would be the first universal deal in over a decade to help clear a glut of crude and prop up sinking prices. (news.financializer.com). As reported in the news.

Amari: Later in the day, Abe named former environment minister Nobuteru Ishihara as Amari successor, according to The Japan Times. The quick replacement was formalized in the evening through an attestation ceremony at the Imperial Palace. The resignation of Amari — a key engineer of Abenomics and mastermind of Japan successful bid last year to reach a landmark 12-nation Trans-Pacific Partnership free trade agreement — will considerably delay the expected ratification of the deal by the Diet. Amari was the only Cabinet member with full background knowledge of the secretive multinational negotiations that went into the trade pact. Amari again denied having acted illegally. During a news conference at the Cabinet Office, Amari acknowledged that he had accepted ¥1 million in cash from a worker at a Chiba-based construction firm, but maintained that the funds were properly reported in his political funds control report. (news.financializer.com). As reported in the news.

western sanctions: The two would work with Iran Khodro to produce 200,000 vehicles a year using parts manufactured in Iran and the first vehicles would roll out in 2017, AFP said, according to Deutsche Welle. Peugeot pulled out of Iran in 2012 after western sanctions were imposed on the country over its nuclear program. The president was also due to sign a deal with French carmaker Peugeot, which is planning to return to the Iranian market with its partner Citroen, French news agency AFP quoted a source as saying. Rouhani arrived in Paris after a trip to Rome earlier this week. The president signed 14 agreements worth billions of euros in areas such as energy, industrial machinery, shipbuilding and transportation with Italy. At a press conference in the Italian capital, Rouhani insisted his country was open to working with the US. "If American investors and the heads of the American economy want to come to Iran and invest in my country, there are no problems from our point of view," he said. (news.financializer.com). As reported in the news.

turbulent financial markets: It also my responsibility to ensure economic responsibility, so with these turbulent financial markets now is not the right time to have that sale, finance minister George Osborne said on Thursday, according to Euro News. We will sell Lloyds to the British people, but we will do so when the time is right. I want to create a share owning democracy. Britain had planned to further reduce its stake in the bank via a sale to major investors in the first few months of 2016, before sealing its exit with a discounted offer to the public. Lloyds shares were to be offered to retail investors at a 5 percent discount to the market price, with a bonus share for every 10 shares held by the investors for more than a year. But falling commodity prices and a faltering Chinese economy have sparked huge falls in global stock markets in 2016, sending Lloyds shares down 19 percent to 63.7 pence, well below the government 73.6 pence break-even price. (news.financializer.com). As reported in the news.

enterprise: But analysts are looking toward its enterprise cloud products, such as Office 365, and enterprise spending on Windows 10 for signs of growth, according to Market Watch. Also see: What to expect from Amazon earnings, also due Thursday Shares of Microsoft have long recovered from lows reached after the release of the first iPhone in 2007, and the company now has a stock-market value just behind that of Alphabet Inc. Microsoft MSFT, +1.63% has doubled down on hardware in recent months with the Surface Book and a fresh line of phones and tablets. GOOGL, +4.28%GOOG, +4.42% among S&P 500 components. However, sales growth of Microsoft hardware devices and the company share price remain a concern for some on Wall Street. Analysts have grown more bullish on the company in recent years, with the average rating on the stock now the equivalent to buy, according to a poll of 30 analysts conducted by Fact Set. (news.financializer.com). As reported in the news.

Tokyo Stock Exchange: The document, obtained by Bloomberg News, also seeks to establish whether high-speed clients have access to dark pools and under what conditions, according to The Japan Times. Brokers have to reply by Feb. 12. The Securities and Exchange Surveillance Commission sent a questionnaire to brokerage firms this week, posing queries about the services they provide to HFT clients, including preferential treatment and products and differences in fees between HFT and non-HFT customers. The agency mentioned algorithmic trading in its annual administration report for the first time last year. HFT accounted for 53 percent of trades on the Tokyo Stock Exchange on Sept. 7, according to Deutsche Bank AG. That up from about 10 percent at the start of 2010, when the exchange switched to a faster trading system. The SESC has been criticized for doing little to police speed traders, which made up more than half of trading as recently as September. (news.financializer.com). As reported in the news.

Tokyo market: On Tuesday, it lost 402.01 points, according to The Japan Times. The Topix finished up 40.47 points, or 2.98 percent, at 1,400.70, after falling 32.40 points the previous day. The Nikkei surged 455.02 points, or 2.72 percent, to close at 17,163.92. The Tokyo market got off to a firmer start after the Dow Jones industrial average turned sharply higher on Tuesday thanks to solid crude oil futures prices in New York. The market accelerated its upswing by the middle of the morning session, briefly pushing up the Nikkei by more than 530 points. Export-oriented issues, such as automakers and electronics producers, attracted purchases as investor sentiment improved on the back of stronger-than-expected readings of the U.S. Conference Board consumer confidence index for January, brisk corporate earnings in the United States and the yen fall, brokers said. (news.financializer.com). As reported in the news.

Amari: Amari said last week he had done nothing illegal and is expected to hold a news conference on Jan. 28 to respond to the accusations in greater detail. "I want Amari to continue carrying out the important work that he has done, including work on TPP," Abe said in the Upper House of parliament. "Amari is investigating the accusations and I expect him to explain the situation fully." The media report about alleged bribes comes at a sensitive time, with policymakers grappling with a sell-off in Japanese stocks, a rising yen and questions of whether more monetary easing is needed, according to Asahi Shimbun. A spokesman also said the government is preparing to send Amari to a meeting next week in New Zealand on the Trans-Pacific Partnership free trade bloc, in another sign the government wants to keep Amari in the Cabinet. Amari, a core member of Abe economic policy team, is under fire for a media report that he and his aides had accepted money from a construction company in exchange for helping the firm receive compensation for disputes over land ownership and waste removal at a public works site. Amari has played a crucial role in crafting Abe stimulus policies, dubbed "Abenomics," and in negotiating for the TPP agreement. Amari has spearheaded the administration pro-growth policies and called for increased spending on items such as more childcare facilities. Some economists have expressed concern that Abe economic policy would lose focus without Amari leadership. (news.financializer.com). As reported in the news.

Tim Cook: The California technology colossus said it expects to see its first decline in iPhone sales in the current quarter, when it will be compared to three months of blockbuster sales in the same period last year."We do think that iPhone units will decline in the quarter," Apple chief executive Tim Cook said during an earnings call with analysts, according to Nine News Australia. But Apple, which yesterday posted record quarterly profit despite the iPhone faltering for the first time since it was launched in 2007, remains optimistic about the overall smartphone market. Apple raised the spectre of the end of a technological era after reporting yesterday the slowest growth sales ever of its market-leading, life-changing iPhone and warning it expects worse to come. Apple plans to continue investing in smartphones despite economic woes dragging on many countries and a strong US dollar eating into its revenue, according to Cook. Net income for the quarter ending December 26 was two percent higher than the same period a year earlier at $18.4 billion, while revenue of $75.9 billion set another record for the company, also edging up two percent. Apple CEO Tim Cook shows off the new IPhone6S and 6S Plus. "There are still a lot of people in the world who will buy smartphones and we ought to be able to win over our fair share of those," Cook said. (news.financializer.com). As reported in the news.

Didi: The company had previously announced it wanted to be present in 100 Chinese cities in 2016, according to Xinhua China. Should it succeed, China would overtake the United States as Uber largest market globally. Uber said late Tuesday that it will roll out its service to the central and southern provinces of Hubei, Hunan and Guangdong, giving it coverage of over 55 Chinese cities. Domestic rival Didi also announced on Tuesday an undisclosed amount of funding from China Merchants Bank and added that the duo would also work closely in areas such as mobile payment and auto finance. The tie-up with a domestic lender could mean that drivers will be able to purchase vehicles on credit on its online auto marketplace, which Didi will launch soon. Didi has been vocal about its intent to extend to auto services and e-commerce. (news.financializer.com). As reported in the news.