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

corn contract: December wheat delivery surged by 26.25 cents weekly, or 6.65 percent, to 3.9475 dollars per bushel, according to Xinhua China. November soybeans rose 5.75 cents weekly, or 0.6 percent, to 9.625 dollars per bushel. The most active corn contract for December delivery added 14.5 cents weekly, or 4.27 percent, to 3.5425 dollars per bushel. Corn futures rallied to new 3-month highs this past week. And moving forward, the market focus will shift more and more to demand, and traders note that ethanol margins remain stout, and that US Gulf corn is easily the world' s low cost origin into early 2017. The October WASDE has come and gone, and as expected yield was lowered slightly and demand was raised slightly. (news.financializer.com). As reported in the news.

eu subsidies: The slump of sterling is squeezing Irish exporters and the future of Northern Ireland, which relies heavily on EU subsidies, is uncertain, according to The Guardian. Some forecasters fear that Ireland could be harder hit than Britain by the tumult. The prospect of Brexit has already raised intractable questions about the border that runs across the island, and has vexed farmers who send half their beef to British dinner tables. Martin McGuinness calls for special EU status for Northern Ireland Read more At this delicate moment, the Guardian and the Irish Times are collaborating on a week-long series exploring the predicament facing Ireland and the UK. Kenny told the Irish Times that he would summon all political players to an unprecedented All Island Civic Dialogue on 2 November. I am going to invite to that all of the political parties who wish to attend and I don't mean that I expect a grandstanding performance from each of them. It is really important that we have all of the voices reflective of Ireland over a series of meetings, he said. (news.financializer.com). As reported in the news.

estate market: Less than a month before the presidential election, the U.S. remains on track to grow around 2% this year, according to Market Watch. There little likelihood of any rail switch in the economy performance that will affect the vote any more than it already done. To paraphrase new Nobel laureate Bob Dylan, the economy is like a slow train coming. A batch of mostly secondary reports this week on housing and manufacturing won't show much deviation. Manufacturers are still ploughing ahead, though barely so. The real estate market is chugging along as rising employment enables more Americans to buy homes. (news.financializer.com). As reported in the news.

friday: The Chi Next Index, China NASDAQ-style board for high-tech and emerging start-ups, slumped 0.65 percent to 2,194.23 points, according to Global Times China. A total of 423.58 billion yuan in shares changed hands on the Shanghai and Shenzhen exchanges on Friday, down from 432.23 billion yuan on Thursday. The CSI 300 index of the 300 biggest companies traded in Shanghai and Shenzhen added 0.10 percent to close at 3,305.85 points on Friday. Global stocks and the dollar rebounded on Friday, buoyed at first by US and Chinese data, but Federal Reserve Chair Janet Yellen later rattled investors when she said aggressive steps may be needed to address an economy whose potential is slipping. Disappointing Chinese trade data on Thursday had rattled investors and pushed global equity markets to three-month lows, according to Reuters. In China, September producer prices unexpectedly rose for the first time in nearly five years and consumer inflation also beat expectations, easing some concerns about the health of the country, Reuters reported Friday. (news.financializer.com). As reported in the news.

iraqi kurdistan: She said their journey to the Gazaliya refugee camp west of Baghdad was an odyssey, and that it cost them $600 per person to flee Mosul, according to Deutsche Welle. IS is trying to make sure that residents do not leave Iraq second largest city. It was horrific." Fear of "Daesh," as the "Islamic State" is known in Arabic, sits deep, even though Amira, her husband and her three children are safe for now. Abdelkadr and his wife fled Mosul with their two daughters Amira husband, Abdelkadr, said the price had since increased to over $1,000 per person to flee Mosul . Most roads out of the city are closed because of land mines; the ones that are open lead to Syria. Abdelkadr won't say how they made it to Kirkuk, in Iraqi Kurdistan. The family was picked up at Syria border and taken to Turkey, where they found themselves stranded. (news.financializer.com). As reported in the news.

st century: Merkel told representatives from her Christian Democratic Union youth organizations that Germany would be increasing its military spending to 2 percent of GDP, in line with an agreement that NATO states reached in 2014, according to Deutsche Welle. The country currently spends around 1.2 percent of GDP on the Bundeswehr. "In the 21st century, we won't be getting as much help as we got in the 20th," Merkel said. "We need to greatly increase the Bundeswehr budget to get from 1.2 to 2 percent." To meet that target, Germany defense spending would have to rise to some 60 billion euros . The current planned military budget for the year 2020 is 39.2 billion euros. That was one message that Chancellor Angela Merkel had at a conference of young conservatives this weekend in the city of Paderborn. Merkel cited pressure from US president Barack Obama. And there has been criticism from across the political spectrum, including from both Republican presidential candidate Donald Trump and onetime Democratic hopeful Bernie Sanders, that America NATO allies allow the US to shoulder an unfair share of the mutual defense burden. According to the Center for American Progress, the United States spent over $600 billion - or 3.4 percent of its government-estimated GDP of $17.947 trillion - on defense in 2015. (news.financializer.com). As reported in the news.

tax breaks: The blueprint provided a reduction of corporate tax from 27.5 percent to 24 percent, as already announced by Economy Minister Pier Carlo Padoan earlier this month, according to Global Times China. A personal income tax on agricultural firms was scrapped, and the social security contributions from self-employed workers were reduced. Overall, the package was worth 26.5 billion euros . The cabinet said much of the bill includes measures to boost economic competitiveness. "The budget structure comprises six chapters, and the most relevant of them is competitiveness, to which we have allocated some 20 billion euros over a multi-year period," Renzi told a press conference after the cabinet meeting. Tax breaks for companies willing to hire new employees were confirmed, but were less compared to the previous two years. A new, simplified tax system was introduced for small entrepreneurs and artisans, as a way to encourage them to reinvest their profits in their own business, the prime minister explained. The budget also contained incentives for companies investing in machinery and innovative technologies. (news.financializer.com). As reported in the news.

hillary clinton: There is no evidence that the campaign publicly responded to Broaddrick tweet, according to The Toronto Star. But the email exchange between Clinton campaign chairman John Podesta and David Kendall, a personal lawyer for Bill and Hillary Clinton, offers unusual insight into how Clinton aides prepared to deal with one of the most sensitive topics it would face during the campaign. By Rosalind S. Helderman The Washington Post Sat., Oct. 15, 2016 After Juanita Broaddrick, who has long accused former U.S. president Bill Clinton of raping her in 1978, repeated those allegations in a January tweet, aides to Democratic presidential candidate Hillary Clinton quickly moved to gather information that could be used to undermine her account, hacked internal campaign emails released Saturday by the group Wiki Leaks show. I was 35 years old when Bill Clinton, Ark. I am now 73 ... it never goes away, Broaddrick had tweeted on Jan. 6, during the Democratic primary season. Attorney General raped me and Hillary tried to silence me. (news.financializer.com). As reported in the news.

market: Along the way, there have been big losses too, according to The Guardian. But Cawkwell, who writes frequently under his nom de plume Evil Knievil, remains one of a shrinking band of incorrigible market gossips willing to pit their wits against large investment institutions and hedge funds that now dominate the London stock market. Simon Cawkwell, 70, is reputed to have made several fortunes placing financial bets against the shares in companies ranging from Maxwell Communications Corporation and Polly Peck in the early 1990s through to Northern Rock in 2007. The latest signs of rising inflation, Cawkwell argues, could soon trigger a different mood among investors. Cawkwell warns of a weight of cash that has been encouraged – by ultra-low interest rates and quantitative easing – into buying shares since the 2008 financial crisis. Some companies, he suggests, will be rapidly found out as short-sellers move in to target shares that are overvalued. (news.financializer.com). As reported in the news.

protest group: The protest group expects to find out in about five weeks whether it has been granted leave to appeal in the High Court, and if proceedings progress to a full hearing, the City of Cockburn has promised to contribute a further $25,000, according to Nine News Australia. The group was outraged last week when the state government signed a $450 million construction contract for Roe 8. Save Beeliar Wetlands raised $50,000 in one month to pay for its High Court challenge to the WA government environmental approval for the Roe 8 highway extension, which is the most contentious part of the $1.9 billion project. The Labor opposition reiterated it would axe the project if it won power at the March state election, but stopped short of pledging to tear up the contracts, saying it needed to see the documents and explore its legal options first. He says it is supported by the transport industry as well as most southern suburbs residents who want fewer trucks on busy Leach Highway.© AAP 2016Western Australia Politics Send your photos, videos and stories to can remain anonymous. Premier Colin Barnett was dismissive of the High Court bid, saying even if it goes ahead, "it is very unlikely to succeed because there is no dispute about environmental standards."Convenor Kate Kelly said the group would mount "a very strong campaign, legal and otherwise"."We believe we can stop Roe 8 through legal action, however we may need to respond quickly to any physical threat to the wetlands, particularly if injunctive proceedings are required," she said."If we win this court case, the environmental approvals will be swept away."What are they doing signing contracts when they know that the potential is those contracts will not be able to be honoured "Mr Barnett says the joint state and federal funded project will provide a direct route for trucks to Fremantle port - reducing congestion, improving road safety and freight efficiency. (news.financializer.com). As reported in the news.

shares: Shanghai Dingli Technology Development will see the unlocking of 111 million shares worth nearly 1.18 billion yuan, the largest group of locked-up shares to hit the market, according to Xinhua China. Under China market rules, major shareholders of non-tradable stocks are subject to a one or two years of lock-up before they are permitted to sell. About 437 million shares from 21 companies will become tradable on the exchanges from Oct. 17 to 21, according to Royal Flush Information, a financial information service provider. (news.financializer.com). As reported in the news.

syria kerry: After a 10-nation meeting in London, U.S. Secretary of State John Kerry said crimes against humanity were occurring daily in Syria, according to The Toronto Star. Kerry and British Foreign Secretary Boris Johnson are expressing hope about a diplomatic effort with Russia and several other countries that Kerry began on Saturday. By Bradley Klapper Associated Press Sun., Oct. 16, 2016 LONDON—The United States and Britain say they're considering new economic sanctions on the Syrian and Russian governments because of their conduct in war-ravaged Aleppo. But they said they're planning to increase pressure on Russia and Syria to halt airstrikes on Aleppo, Syria largest city. Article Continued Below Johnson also spoke of trying to advance prosecutions of war criminals. react-text: 153 British Foreign Secretary Boris Johnson, left, and U.S. Secretary of State John Kerry are weighing new sanctions on Syria and Russia. /react-text Russia, America and the case for war: BurmanU.S. threatens to 'end all co-operation' with Russia over Syria Russia, Syria should face war crimes investigation, John Kerry says Read more about:Russia, Syria The Morning Headlines Newsletter Delivered daily to your inbox. Johnson and Kerry said sanctions could be applied against Syria and its supporters. (news.financializer.com). As reported in the news.

advanced-country politicians: This trend must be reversed, before it structurally cripples the advanced world and sweeps up the emerging economies, too, according to Market Watch. Obviously, political infighting is nothing new. Advanced-country politicians are locked in bizarre, often toxic, conflicts, instead of acting on a growing economic consensus about how to escape a protracted period of low and unequal growth. But, until recently, the expectation was that if professional economists achieved a technocratic consensus on a given policy approach, political leaders would listen. The risk is that, as bad politics crowds out good economics, popular anger and frustration will rise, making politics even more toxic. Even when more radical political parties attempted to push a different agenda, powerful forces — whether moral suasion from G7 governments, private capital markets, or the conditionality attached to International Monetary Fund and World Bank lending — would almost always ensure that the consensus approach eventually won the day. (news.financializer.com). As reported in the news.

china economy: Exports for September slumped 10 percent from a year earlier, despite the yuan depreciation in the past year, according to The Japan Times. Imports unexpectedly fell, after ticking higher in August, raising questions over the resilience of domestic demand. Global markets rose on Friday after official data showed China factory output prices grew in September for the first time in almost five years, but a day earlier, stocks in Europe and on Wall Street were hammered by an unexpectedly poor Chinese trade report for the same month. Though China economy recorded its slowest growth in 25 years in 2015, it has shown signs of stabilizing in recent months, sustained by billions of dollars of government infrastructure projects and a spreading credit-fueled housing boom. The government has been able to stabilize the economy this year with quite a lot of stimulus, but it hasn't actually been as effective as a lot of people had expected, said Julian Evans-Pritchard, a Singapore-based China Economist at Capital Economics. China is targeting gross domestic product growth of 6.5 to 7 percent this year, after 6.9 percent last year. (news.financializer.com). As reported in the news.

colin cieszynski: Next week could be a key week for trend setting as the focus shifts away from the Fed and economic data over to corporate news, said Colin Cieszynski, chief market strategist at CMC Markets, according to Market Watch. From a technical viewpoint, the fact that the S&P 500 successfully rebounded after breaching the closely-watched 2,115-level on Thursday is a positive sign, according to strategists. Even though stocks have bounced back Friday , overall the major U.S. indices have been trending sideways to lower. We remain a few bad earnings reports away from re-testing that zone again. Upside follow through from here would mean the market is simply behaving as it has over the last few months. But the first step for the market to regain its footing was and is seeing the bleeding stop, Frank Cappelleri, executive director at Instinet LLC., said in a note The next few days will provide a better idea of whether investors view any selloff as an entry point or a signal to retreat. (news.financializer.com). As reported in the news.

island currency: Switzerland was added to the list this time for what the department called the country significant foreign currency purchases over the last year, according to The Japan Times. While referring to Taiwan persistent foreign currency purchases to limit appreciation of the island currency, the department cited high levels of bilateral trade surpluses with the United States and current account surpluses as reasons for Japan and three other countries to be included in the list. Despite a sharp appreciation of the yen this year, the dollar-yen foreign exchange market has been functioning smoothly, the department said in a semiannual report to Congress as it kept Japan, China, South Korea, Taiwan and Germany on the so-called monitoring list it created in a previous report released in April. Treasury will closely monitor and assess the economic trends and foreign exchange policies of the economies on the monitoring list, the report said. But the department concluded that no major trading partner of the United States met the standard of manipulating the rate of exchange between its currency and the United States dollar for purposes of preventing effective balance of payments adjustments or gaining unfair competitive advantage in international trade. The administration of U.S. President Barack Obama will continue to take effective actions to help ensure a level playing field for our workers and companies, it said. (news.financializer.com). As reported in the news.

market events: The S&P 500 SPX, +0.02% marked its second straight weekly decline on Friday, according to Market Watch. With a number of major market events coming up—including the bulk of the third-quarter reporting season, the U.S. presidential election, and an expected interest rate increase by the Federal Reserve—many are expecting that trend to continue. The S&P 500 has seen bigger daily moves of late, with markets moving on a disappointing start to the third-quarter earnings season and weak data out of China, among other factors. The CBOE Volatility index VIX, +4.59% a measure of investor anxiety, has spiked more than 20% since Oct. 6, recently reaching its highest level in about a month, though it remains below its long-term average of 20. Read:Earnings recession expected to extend to sixth straight quarter A market with bigger daily swings is the kind of environment that low-volatility strategies were designed to thrive in—though by limiting downside, rather than by seeing bigger gains. It closed Friday at 15.62. (news.financializer.com). As reported in the news.

muhammadu buhari: I think that the federal government of Nigeria team insisted on a better type of arrangement and we secured 21 out of about 220 of the Chibok girls, according to Deutsche Welle. Do we know what has happened to the rest That is what we are trying to find now. How did you manage that Muhammadu Buhari: The federal government of Nigeria has always preferred to talk to bona fide Boko Haram leaders about the release of the Chibok girls, but we must have a credible person or persons that will intervene, preferably United Nations or NGOs. The more we get, the more information we get about the balance, whether they are dead or alive ... and where they are. Let turn to your reasons for being here in Germany. The important thing about really insisting on the go-betweens - especially NGOs, the United Nations - is the credibility of persons that will be talking to the federal government. (news.financializer.com). As reported in the news.

liu: It is the task of all parties around the world to perfect global economic governance, according to Global Times China. Parties should exert their advantages to guide the direction of global economic governance, Liu said. Addressing the opening ceremony, Liu Yunshan , a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, said the CPC is willing to take the opportunity to strengthen cooperation and exchange with parties from other countries. Centering on "Innovation in Global Economic Governance: Initiatives and Actions of Political Parties," this year conference comes after the G20 summit and focuses on parties' characteristics and functions, Liu said, adding that he believes the conference will give considerable impetus to global economic governance. The CPC believes the wisdom of different countries and parties at the conference can contribute to a better and more reasonable international economic order. As the ruling party of China and an important member of the family of political parties worldwide, the CPC hopes to express the Chinese people expectations for world economic growth and for the construction and reform of a global economic governance system. (news.financializer.com). As reported in the news.

trump campaign: The RNC also reported a 7.7 million dollars in debt, according to Global Times China. However, the haul is disappointing in comparison with historic records. The sum brought the RNC fundraising haul for this cycle to more than 260 million dollars, with 56.6 million dollar cash on hand, according to the committee, noting 98 percent of its donations came in increments of 200 dollars or less, with September average donation being 63 dollars. In the same month of 2012, the RNC raised 48.4 million dollars and finished the month with 82.6-million-dollar cash on hand, according to a The Hill news report quoting data from the Federal Election Commission. With the backing of Trump campaign, the RNC has transferred 4.5 million dollars to the National Republican Senatorial Committee and 1.9 million dollars to the National Republican Congressional Committee to boost Senate and House candidates, the RNC said. "The Trump campaign is happy to see resources being directed to the NRSC and NRCC in order to keep Republican majorities in the House and the Senate this cycle," Trump campaign CEO Steve Bannon said in a statement. In September 2008, the figures were 67.2 million and 77.5 million dollars respectively. (news.financializer.com). As reported in the news.

canada: New data shows ridings won by the Conservatives in 2011 received 68.6 per cent of the roughly $106 million paid out in the first year of the Canada 150 community infrastructure program between June 2015 and June 2016, according to The Toronto Star. Much of that money, about $46 million, was spent in seat-rich Ontario. Order this photo By Alex Boutilier Ottawa Bureau Reporter William Davis Data Analysis Sat., Oct. 15, 2016 OTTAWA—Conservative ridings disproportionately benefited from an election year fund aimed at improving community infrastructure such as parks and recreation centres, a Star analysis has found. British Columbia, a battleground in the last election, took in $17.5 million while the Conservative heartland of Alberta received $15.2 million. The Canada 150 community infrastructure program was announced by former prime minister Stephen Harper in the months leading up to the 2015 federal election. Quebec, Canada second most populous province, had received only $3.7 million for projects as of June. (news.financializer.com). As reported in the news.

research site: By Andrew Selsky Associated Press Sat., Oct. 15, 2016 Last year, Golden Leaf Holdings, a leading cannabis company, paid $3.3 million for almost 100 acres of land in Oregon to build a marijuana growing, processing and research site, according to The Toronto Star. The future looked bright: Oregon voters had legalized recreational marijuana in 2014. He says that days after Golden Leaf bought the property for $3.3 million , the county imposed a moratorium on recreational marijuana businesses, putting the company development plans on hold. But Measure 91 gave counties and towns the opportunity to opt out and ban pot businesses. So did about 100 other towns and counties. Days after Golden Leaf signed the papers on the property in Marion County near the town of Aurora, the county banned marijuana businesses in unincorporated areas. (news.financializer.com). As reported in the news.

country steps: This round of debt-for-equity swaps will be performed on a market-oriented basis and in accordance with legal principles, stressed Zhao, adding that no cap will be set on the scale of the program, according to Global Times China. China State Council on Monday released guidelines on the long-discussed debt-for-equity swaps, pledging that the scheme will be conducted in an orderly fashion as the country steps up efforts to tackle high corporate debt. The deleveraging effect of the program should be obvious, and model simulation results show that many companies' debt-to-asset ratios will decrease by about 10 to 20 percentage points, Zhao Chenxin, a spokesman for the National Development and Reform Commission , the top economic planner, said Thursday. High corporate leverage in China has been a major threat to companies' profitability and to broader financial stability. Debt-for-equity swaps refer to transactions in which the debt of a company is exchanged for a predetermined amount of equity of the company. The country total debt surged after the 2008 global financial crisis and its debt-to-GDP ratio was reportedly around 250 percent by the end of 2015. (news.financializer.com). As reported in the news.

year: Why is that good news Because by dropping in October, the stock market creates the preconditions for a significant rally through the end of the year, according to Market Watch. This year appears to be quite closely following at least the beginnings of that script. The Dow Jones Industrial Average, while ending Thursday well off its early triple-digit decline, fell for the sixth time in nine days to close at its lowest level in 2½ weeks. How big a rally The Dow DJIA, +0.22% over the last 120 years has gained an average of 6.8% from its lowest October close through Dec. 31. To be sure, the exact day of October low is different every year, and is only known after the fact. On an annualized basis, that equivalent to nearly 40%, or four times the stock market long-term average. (news.financializer.com). As reported in the news.

finance sector: Internet finance refers to deposits, loans, investments and other financial services provided through online channels rather than through traditional financial institutions such as banks, according to Global Times China. Lack of strong supervision has made the industry risky for investors. A policy document released Thursday by the State Council, China cabinet, tasked various government agencies with working to contain Internet finance risks, improve the competitive environment and boost investors' risk awareness. Some investors have ended up as victims of unscrupulous online finance platforms, arousing the concern of supervisors and experts. "These new measures are timely, as the online finance sector is at the crossroads of development," said said Ou Minggang, director of the International Finance Research Center at Beijing-based China Foreign Affairs University. The view was echoed by Yang Dong, vice president of China Law School at Beijing-based Renmin University, who said that the sector has been plagued by fraudulent cases in recent years, and better regulation can help select high-quality platforms to provide badly needed funds for smaller firms. Better regulation of this sector is not only conducive to investors' rights and sustainable development of those financial agencies, but also to sound financial order, Ou said. (news.financializer.com). As reported in the news.

fuel inventories: However, the EIA reported a drop of 3.7 million barrels for distillates, which include diesel and heating oil, and 1.9 million barrels decline for gasoline, according to Global Times China. The surprise build in crude stockpiles was offset by the drop in fuel inventories, which supported the oil prices on Thursday. The Energy Information Agency said in its weekly report on Thursday that US crude stockpiles added 4.9 million barrels in the week ended Oct. 7, beating market consensus. A weaker US dollar also made the greenback-dominated oil more attractive for holders of other currencies. The West Texas Intermediate for November delivery added 0.26 US dollars to settle at 50.44 US dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery increased 0.22 dollar to close at 52.03 dollars a barrel on the London ICE Futures Exchange. The dollar index, which measures the greenback against six major peers, was down 0.43 percent at 97.544 in late trading Thursday. (news.financializer.com). As reported in the news.