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

Middle East Africa: More than 54,500 people have already reached Europe by sea this year, including 50,668 through Greece, according to the United Nations Refugee Agency, according to Nine News Australia. They keep flowing in despite stormy winter weather making the journey ever more perilous, a fact highlighted by a UNHCR report that 235 migrants were dead or missing already in 2016. The 28-nation bloc has all but failed to curb or control the influx of asylum seekers from the Middle East and Africa, more than one million of whom arrived in Europe last year, mainly via Greece and heading towards the EU biggest economy, Germany. On Thursday, 24 drowned when their boat sank off a Greek island close to the Turkish coast. EU nations have grown unnerved by the continent worst migration crisis since World War II, one that has jeopardised the bloc Schengen zone of passport-free travel over national borders that has contributed greatly to its vaunted prosperity. Much of the EU debate on how to handle the influx has focused on distinguishing people fleeing war, and thus eligible for international protection, from "economic" migrants seeking better lives without being under immediate threat."Indeed we have seen that the numbers of people arriving in Europe who don't have a genuine claim to asylum have been rising slightly," a spokeswoman for the European Commission told a regular news briefing on Thursday. (news.financializer.com). As reported in the news.

gross domestic product: Based on the most-active contracts, gold futures climbed some 1.83 percent for the week, according to Xinhua China. For the month, gold futures advanced some 5.3 percent, highest monthly gain since January 2015. The most active gold contract for April delivery rose 0.3 U.S. dollar, or 0.03 percent, to settle at 1,116.40 dollars per ounce. Gold was given support Friday as a report released by the U.S. Department of Commerce Friday showed the gross domestic product of the world largest economy increasing by an annualized rate of 0.7 percent. However, the precious metal was prevented from rising further as the U.S. Dollar Index rose Friday. Analysts note that the measure of consumer spending, specifically final demand, rose by 1.2 percent, the weakest reading of the measure since the first quarter of 2015 and provided further support for gold futures. (news.financializer.com). As reported in the news.

China: The latest episode premieres Friday and examines what Taiwan new president means for relations with China, according to CNN. Taipei, Taiwan Eclipsed for years by a rising China, Taiwan is standing taller after a thrilling and historic exercise in democracy. Kristie Lu Stout is the host of talk show "On China" on CNN International. In a landslide win January 16, Tsai Ing-wen became Taiwan first female president. Tsai" after completing a doctorate at the London School of Economics, she also the first woman in Asia to be elected head of state without being part of a political legacy. Known as "Dr. (news.financializer.com). As reported in the news.

Mr Turnbull: The message runs counter to what Australians have come to expect from an election-year budget and a government seeking re-election, according to Nine News Australia. Instead Mr Turnbull is keen to play down any expectations of new spending, especially in light of a speech by Treasury boss John Fraser. That the message from Prime Minister Malcolm Turnbull who insists the government intends making prudent savings "right across the board" as it grapples with budget deficits and rising debt. Mr Fraser said Australia could not afford to be complacent about its Triple-A credit rating, something held by only nine other countries. The prime minister and Treasurer Scott Morrison both dismissed interpretations of Mr Fraser comments that suggested the rating was in jeopardy unless urgent efforts were made to cut spending."The media have written that up perhaps a little bit more sensationally than it warranted," Mr Turnbull said on Friday. The rating was dependent on credible fiscal consolidation and a smooth transition to a more diverse economy, he warned. (news.financializer.com). As reported in the news.

: Gov, according to CNN. Rick Snyder made it official Friday, signing a bill to provide funding to cope with ramifications of tainted water, damaged pipes and health problems for those who drank from the tap before authorities finally sounded the alarm. "We don't walk away if something doesn't go right," Snyder said moments before putting pen-to-paper. "Let stand up together as Michiganders to say mistakes were made, problems happened, we're going to solve them, we're going to fix them, and we're going to stronger." No one thinks this money this will solve all of Flint problems. Rick Snyder says Help -- $28 million of it -- is on its way to Flint, Michigan. Not given the uncertainty of the health impacts of what happened so far -- Snyder said at least 45 Flint children had tested with high levels of lead in their blood, while acknowledging many more likely suffered the same fate. Synder acknowledged as much in a letter earlier this month to President Barack Obama, estimating it would cost $767,419,500 to replace Flint water system. There will be steep costs to to fix a water supply infrastructure in Flint that has been damaged significantly, perhaps beyond repair. (news.financializer.com). As reported in the news.

global benchmark: The ruble has followed movements in the oil price, which rose sharply this week on news that Russia may negotiate output cuts with OPEC, the oil producers' cartel, to ease the oversupply on global markets and lift the cost of crude, according to The Moscow Times. Brent oil, the global benchmark, sold for around $35 per barrel on Friday, up from less than $28 at the start of the week. By Friday mid afternoon the ruble was trading at around 76 to the U.S. dollar — more than ten percent stronger than on Jan. 21 when the currency reached 85.99 to the greenback, its worst since since 1998. Russia budget relies on the energy industry for around half its revenue and is based on an average price of $50 per barrel this year. Reuters news agency quoted him as saying: "We take the position that our oil sector is, to a significant extent, private, and is commercially minded, it is not under the direct control of the state. However, Deputy Prime Minister Arkady Dvorkovich on Friday played down the likelihood of a coordinated cut to oil production, which could stall any price recovery. (news.financializer.com). As reported in the news.

: The next day it plummeted to its lowest level in recent history, losing 4 percent against the U.S. dollar and then regaining it in the space of a few hours, according to The Moscow Times. At around 76 rubles to the greenback, the Russian currency is 4 percent weaker than at the start of January, and its value has halved in less than two years. As he spoke to delegates at a business forum on Jan. 20, the Russian currency was gyrating wildly. The dramatic devaluation is usually seen as a calamity. In theory, Putin could be right that a weak ruble also provides economic upsides. Driven by a sharp fall in oil prices, it has massively raised the cost of anything imported from overseas, fueling inflation and leaving most Russians significantly worse off. (news.financializer.com). As reported in the news.

: Tastefully understated, nezumi-iro became an extremely popular color for kimono, along with brown, during the Edo Period . As indicated by the expression shiju hatcha hyaku nezumi , gray comes in a broad spectrum of shades, according to Asahi Shimbun. There are neat names for various shades of gray. But those who grew up during the Showa Era commonly used nezumi-iro, which translates literally as rat color. Rikyu nezumi has a greenish tint, and kikyo nezumi has a hint of lilac. But somewhere down the line, nezumi-iro came to imply something not quite black, but indeterminate and therefore suspect. Other examples include Fukagawa nezumi and shiraume nezumi. (news.financializer.com). As reported in the news.

Canada: In remaking Stelco into U.S. Steel Canada Inc., the Pittsburgh parent committed to a number of binding undertakings, 31 in all, according to The Toronto Star. Chief among them were production levels and employment . Seven years later, in September, 2014, the Canadian operation was granted protection under the Companies’ Creditors Arrangement Act, which is still winding its way through the courts. At the height of the foreign takeover mania, the federal government of the day offered repeated assurances that the Investment Canada Act provided all the protections necessary to ensure such transactions would be of net benefit to Canada. So that pretty much tells you that events did not unfold as planned. On the losing end: the public interest. What happened in the intervening years — and what is expected to be ruled upon soon by Ontario Superior Court Justice Herman Wilton-Siegel — is a singular case of secrecy involving the previous federal government, the current federal government and the U.S. corporate parent. (news.financializer.com). As reported in the news.

economic expansion: Economists surveyed by the Wall Street Journal had been expecting a marginally higher number, 0.8%, and the news is likely to renew fears that the six-and-a-half-year economic expansion is losing momentum, according to The Guardian. This was the Commerce Department first estimate of gross domestic product for the quarter, the broadest measure of an economy strength, and may be revised up or down. Related:US economic growth slows sharply in fourth quarter – live Both consumers and businesses cut back on spending and US exports were hurt by economic weakness in overseas markets. Fourth quarter GDP has slowed sharply on a number of occasions since the end of the recession only to bounce back in the spring. US GDP figures. Friday estimate was less than half the 2% annual growth rate in the third quarter and was the weakest showing since a severe winter reduced growth to a 0.6% annual rate in last year first quarter. (news.financializer.com). As reported in the news.

: The Japanese yen USDJPY, +1.95% initially reached its weakest against the U.S. dollar this year but was last up 1.7% at ¥120.65 to one U.S. dollar, according to Market Watch. The gains in Japanese stocks lifted most other Asian markets by their closes. The Nikkei Stock Average NIK, +2.80% finished up 2.8% at 17,518.3, after seesawing earlier as investors tried to interpret the BOJ news. Australia S&P/ASX XJO, +0.59% rose 0.6%, and South Korea Kospi SEU, +0.27% rose 0.3%. Hong Kong Hang Seng Index HSI, +2.54% closed 2.5% higher. Still, the benchmark posted its worst monthly performance since the global financial crisis: It lost 23% this January, compared to its 25% loss in October 2008. The Shanghai Composite Index SHCOMP, +3.09% finished up 3.1% at 2,737.60, with its gains accelerating in the last hour. (news.financializer.com). As reported in the news.

: What we want to see now is a high-volume reversal and then a series of retests on lower trading volume to confirm that last week low was really the low, according to Market Watch. Volatility will likely persist, but part of the problem we face now is that many financial advisors and investors do not know where to invest first, since market leadership remains very narrow. The good news is that we saw a high-volume panic-selling capitulation day and subsequent intraday reversal that typically marks a stock-market low. This is largely because of the market infatuation with indexing and ETFs based on indices, which have effectively undermined fundamental investing, since fundamentals are nowhere to been seen on their FINRA-approved fact sheets and sales pitches for most of these ETFs. That is essentially how the stock market has been behaving. House party We could describe the current market environment as a house party that has gotten too rowdy, so the police barge in, detaining selected guests, while other guests scatter. (news.financializer.com). As reported in the news.

NFL: The Raiders have no lease for a stadium for next season after NFL owners earlier this month shot down their plans to move to the Los Angeles area, according to The Japan Times. The team is negotiating a short-term extension with officials in Oakland and Alameda County but is also looking for a permanent new home to replace the outdated Coliseum. Sands spokesman Ron Reese said the casino company envisions a public-private partnership to build a $1 billion, 65,000-seat stadium that could be shared by a professional team and UNLV. The Sands would likely partner with other investors and might seek to draw on public revenue sources, such as hotel room tax revenue earmarked for promoting tourism. Sands owner Sheldon Adelson has scheduled a Friday meeting with Raiders owner Mark Davis. (news.financializer.com). As reported in the news.

Paris: They take on Switzerland in Paris five days later before meeting Albania in Lyon in their final Group A game, according to Euro News. Romania and Lithuania, who failed to qualify for Euro 2016, have met 10 times before with Romania winning nine of the matches. Anghel Iordanescu team kick off their Euro 2016 campaign against hosts France in Paris on June 10. Romania will also play friendlies against European champions Spain on March 27 and Georgia on June 3, two days before leaving for France. euronews provides breaking news articles from Reuters as a service to its readers, but does not edit the articles it publishes. Copyright 2016 Reuters. (news.financializer.com). As reported in the news.

current conditions: That was below the 92.8 forecast by economists surveyed by Market Watch, according to Market Watch. The sub-gauge of current conditions fell to 106.4 from 108.1, while the expectations portion was unchanged at 82.7. Sentiment dipped to 92.0 from 92.6 in the University of Michigan final January reading. The overall index is down 6.2% compared to a year ago, a reading that signals slower growth, not a recession, wrote the survey chief economist, Richard Curtin, in a release. It was almost impossible for the large drop in U.S. equity markets to not have had an adverse effect on the Michigan sentiment reading for January, wrote Eugenio Aleman, senior economist for Wells Fargo, in a research note. That January 2015 reading of 98.1 was the highest since the recession. (news.financializer.com). As reported in the news.

political donation: But he denied taking bribes, claiming he had instructed his aides to record the envelopes of cash as a political donation, according to The Guardian. Related:Japan enters recession again as Abenomics falters Amari, 66, said he was resigning to prevent the allegations from distracting attention from the administration attempts to pull Japan out of chronic deflation. Akira Amari, a central figure in Abe economic programme, known was Abenomics , acknowledged receiving money from an unnamed construction company executive. Japan is finally emerging from deflation … we need to pass legislation through parliament for steps to beat deflation and create a strong economy as soon as possible, Amari told a packed news conference. I, therefore, would like to resign as minister to take responsibility for what he claimed his aides had done. Wiping away tears as he announced his decision to quit, he added: Anything that hampers this must be eliminated, and I’m no exception. (news.financializer.com). As reported in the news.

Chief Executive Officer Jeff Bezos: Fourth-quarter net income was $482 million, or $1 a share, Amazon said in a statement Thursday, short of analysts’ average projection for $742.9 million, or $1.55, according to The Toronto Star. While revenue rose 22 percent to $35.7 billion in the fourth quarter, the stronger dollar subtracted $1.2 billion, pushing it below analysts’ prediction for $35.9 billion. The Web retailer shares fell as much as 15 percent. The result was a surprise for investors who have become accustomed to Amazon ability to boost sales by spending heavily on delivery infrastructure and new products. Still, Chief Executive Officer Jeff Bezos appears determined to show that Amazon can keep bringing in more money -- he pulled back on spending last year to deliver a surprise jump in earnings and will be showing Amazon first Super Bowl commercial next week. The key question is whether the Seattle-based company can readjust its investments in the face of weaker-than-anticipated sales. (news.financializer.com). As reported in the news.

Itu Aba: The island is part of the Spratly archipelago, where China, Vietnam, Malaysia, the Philippines and the city-state of Brunei have overlapping claims, according to Asahi Shimbun. Roughly 2,000 kilometers south of Taiwan and 46 hectares in size, Taiping is the largest naturally occurring island in the area. Accompanied by about 30 staff members, Ma Ying-jeou spoke at a national monument on Taiping, also known as Itu Aba, and reiterated his call made last year for peaceful coexistence and joint development with other claimants. It has recently been eclipsed in size, however, by man-made islands created by China out of reefs and shoals. Ma cited infrastructure developments, including a 10-bed hospital and a lighthouse, saying they reinforced Taiwan claim of sovereignty and granted it rights over the surrounding waters. China has built housing, ports, airstrips and other infrastructure on the newly created islands, drawing accusations from the U.S. and others that it is exacerbating tensions in the strategically vital region. (news.financializer.com). As reported in the news.

coal mines in Australia: It ranks Australia as a "high risk" exporter because of the low forecast growth in global coal consumption and low coal prices, according to Nine News Australia. The International Energy Agency has said global coal consumption will grow at just 0.8 per cent a year until 2020 - a dramatic slowdown from 4.2 per cent a year over the past decade. The report, Stranded Assets and Thermal Coal, examines the world top-20 thermal coal miners for their exposure to risks as global coal demand slows and the resource comes under pressure from community opposition. Compiled by Oxford Smith School of Enterprise and the Environment, the Stranded Assets report also finds coal mines in Australia are threatened by emerging environmental regulation and by protests and community activism."Protests against coal assets create a reputational risk for the associated companies," the report says. The report also concludes Australian coal-fired power plants face a "utility death spiral" of falling profitability and value because of declining electricity demand and the growth and projected cost-competitiveness of renewable alternatives. Coal mines in India - a potential major export market for Australia - are also threatened by community opposition. (news.financializer.com). As reported in the news.

Gawker.com Lifehacker: A source close to USM said the deal was worth several tens of millions of dollars, according to The Moscow Times. Meanwhile, media reports announced the sale of a minority stake in Gawker Media — a New York-based network of seven 'new media' websites including Gawker.com and Lifehacker — to Columbus Nova Technology Partners, the U.S. investment arm of oil and metal conglomerate Renova Group, owned by Viktor Vekselberg. USM Holdings, a company controlled by metals and mobile technology magnate Alisher Usmanov, has invested in Uber, the fast-growing taxi service, a spokesperson confirmed to The Moscow Times. Then, an executive at Hyperloop Transportation Technologies, a startup working on a super high-speed futuristic train — the brainchild of Elon Musk — told The Moscow Times that the company was talking to a Russian private investor and the Russian government about building a line of the train in the country. News of the investments came after German Gref, the head of state-owned lender Sberbank, gave a speech in which he said Russia had fallen into a category of "downshifter" countries that had failed to adapt to economic and technological change. Hyperloop Technologies, a rival company also working on the project, said their executives would also be traveling to Moscow in early February. (news.financializer.com). As reported in the news.

GDP figures: That slowdown came against the backdrop of a waning global economy, according to The Guardian. After the latest bout of turmoil on financial markets and with the UK gearing up for a referendum on EU membership, here is how economists and commentators reacted to the GDP figures released on Thursday and how they see the year ahead. Official figures show GDP grew 2.2% last year after rising 2.9% in 2014. David Kern, chief economist at the British Chambers of Commerce Given the difficult international background, it is not surprising that the UK failed to sustain the more impressive economic growth seen in 2014. The GDP figures demonstrate that the recovery remains fragile. Services remains the main driver of the economy, while production and construction are down. (news.financializer.com). As reported in the news.

Disneyland Paris: Key points:Man arrested with two guns, Koran Woman arrested then released Initial investigations don't point to terrorism The man was "detected upon his arrival at the Disneyland hotel where he had a reservation", the source said. "Hotel security found two handguns, a Koran and ammunition on him." A separate police source said that the metal detector had rung out as the man passed through, according to Australian Broadcasting Corporation. Police were called and arrested the suspect while they secured his vehicle. Related Story: IS militants planning for large-scale attacks on Europe: police chief Related Story: Belgium charges Paris attack suspect with terrorist offences Map: France A man carrying two handguns, ammunition and a Koran has been arrested at a hotel in Disneyland Paris, police sources say. They then arrested a woman, believing her to be his girlfriend, but released her after realising they had the wrong woman, one of the police sources said. Papers found on the suspect indicated that he lived in Paris, but no further details were given. A police source said initial elements of the investigation did not point to terrorism, and that the man had said he was carrying the guns because he feared for his safety. (news.financializer.com). As reported in the news.

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.