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

housing downturn: Key points:Morgan Stanley is forecasting a credit crunch Mounting evidence the housing cycle is already starting to roll over already Significant chance the contagion of a housing downturn may spread directly to household balance sheets The Morgan Stanley strategy team said there were "mixed signals" in the housing cycle, which were causing complacency about the impact of a potential slowdown. "Construction is booming, but we see a sharp slowdown ahead for future apartment developments," said the report principal author, Daniel Blake. "Transaction volumes and price growth have slowed, but auction clearance rates have remained high — reflecting lower volumes and their bias to top-quartile more expensive Sydney and Melbourne property. "Rental conditions have deteriorated and we expect them to weaken further on the basis of a sustained overbuild." Apartment glut to hit 100,000 Morgan Stanley is forecasting a credit crunch resulting in a hard landing for the new apartment construction cycle, according to Australian Broadcasting Corporation. The apartment sector is facing a perfect storm of tighter credit conditions, — being driven by banking regulators locally and offshore — reduced appetite from investors, cost escalations affecting returns and weakening industry sentiment, which Morgan Stanley argued could lead to a "sudden stop" of new projects. Related Story: Apartment prices fell 20pc back in 2004, could history repeat Related Story: High-rise apartment boom may be risky to economy: Westpac Related Story: Foreign banks funding the apartment boom: UBSMap: Australia A slowdown in the housing industry and a glut in high rise apartments is putting 200,000 jobs at risk and could drive unemployment up to 6.5 per cent, according to detailed research from US investment bank Morgan Stanley. On the bank figures this would result in an "overbuild" of 100,000 apartments and rental vacancy rates reaching historical highs of up to 4.5 per cent. That bear case would see valuations falling by more than 10 per cent, leaving investors with an incentive to walk away from contracted purchases, developers going under and banks being hit with deteriorating credit quality and rising delinquencies. " The resulting developer insolvency, and a shock to employment from a sharp correction in activity would lead to an associated hit to wealth, confidence and spending," Mr Blake warned. Worryingly for the banks, the research found under this scenario up to $120 billion worth of settlements due by the end of 2018 would be at risk. "The negative feedback loop from broadening developer distress is the fast track to our bear case," Mr Blake noted. (news.financializer.com). As reported in the news.

housing market: By Sunny Freeman Business Reporter Thu., Oct. 20, 2016 The Bank of Canada held the interest rate at 0.5 per cent Wednesday but cut its economic forecasts through 2018, predicting a slower housing market and conceding the export sector is not rebounding the way it anticipated, according to The Toronto Star. The central bank now expects the economy to grow by 1.1 per cent in 2016, down from the 1.3 per cent forecast in its July Monetary Policy Report, largely due to weaker-than-expected U.S. activity in the first half of the year. The bank has cut its economic outlook, largely because of slower-than-expected growth in the export sector and an anticipated slowdown in housing sales. Gross domestic product growth is expected to pick up to 2 per cent in 2017 and 2.1 per cent in 2018. The Bank didn't cut rates today, but it is warning markets that it is only operating with a thin margin of error when it comes to what might prompt another ease in policy, said CIBC economist Nick Exarhos. The bank now expects the Canadian economy to return to full capacity by mid-2018, about six months later than it had previously expected. (news.financializer.com). As reported in the news.

investors: Australian companies IFM Investors and Australian Super have bought a majority share of electricity supplier Ausgrid for more than $16 billion on a long-term lease through an unsolicited bid, according to Nine News Australia. After $10 billion worth of debts are repaid, net proceeds from the transaction will be about $6 billion, NSW Premier Mike Baird says. The NSW government is eyeing off extra infrastructure projects after pocketing from two electricity deals what it expected to earn from three. Mr Baird said the "outstanding" result far exceeded expectations."On every single criteria this is a win, win win for the people of this state, for the members of the super fund, and ultimately, I believe strongly, for this economy," Mr Baird said."On the back of today we are underwriting for the future generation rail, roads, schools and hospitals."It is the second electricity asset to be partially-privatised by the NSW government, as part of Mr Baird 2015 election promise to raise $20 billion by selling off half the state poles and wires. With Commonwealth incentives and payments included, the eventual total from all three transactions is expected to far surpass the election commitment."When you bring the first two leases together, we're pretty much where we anticipated to be after three," Mr Baird said."So there an opportunity for further infrastructure."The Ausgrid deal comes after federal treasurer Scott Morrision in August blocked bids from Chinese investors for NSW electricity distributor, citing "national security" concerns. A large chunk of Transgrid was sold off in December for roughly $10 billion, with Endeavour Energy still up for grabs. (news.financializer.com). As reported in the news.

market tops: Spending on luxury apparel, accessories and other personal items is expected to hold steady at 249 billion euros this year, a study by Bain Consultancy for the Altagamma association of Italian high-end luxury producers, according to The Toronto Star. Add in spending on luxury cars, yachts, jets, cruises, hotels, fine art, design and food, and the market tops a stunning 1 trillion euros. By Colleen Barry Associated Press Thu., Oct. 20, 2016 MILAN—The terror threat in Europe, a strong dollar and uncertainty over the U.S. presidential elections have eroded the confidence of the globe big-spenders, holding luxury purchases flat in 2016, according to a study released Thursday. As political events and monetary policy exert greater influence on luxury spending patterns, brands have turned their focus to wooing buyers in their home countries rather than counting on tourist arrivals to buoy sales, said Bain partner Claudia D'Arpizio. Brands are refocusing on the local customer base and working to develop products that are more affordable and more inclusive to meet their needs. This is not happening by default, D'Arpizio. (news.financializer.com). As reported in the news.

paper money: Key points:The problem isn't cash itself — it the large amount of high denomination bills High-value notes make drug trafficking and hoarding cash easier Fewer high-value banknotes would give central banks more options in a crisis Even as people in advanced economies are using less paper money, there is more hard currency in circulation, according to Australian Broadcasting Corporation. To put a number on part of the pile, there is a record $US1.4 trillion in greenbacks alone, or $US4,200 for each American, mostly in hundred-dollar bills. Map: Australia A massive stash of cash may sound like a good thing, but according to one US economist, the vast numbers of banknotes in circulation around the world are making us poorer and less safe. Ken Rogoff, an economics professor at Harvard, has been writing about paper money for 20 years and he says much of this cash "is used to facilitate all sorts of crime". Beyond the more heinous crimes of human and drug trafficking and terrorism, some earners hoard their money to avoid tax. Illegal immigration, dodging tax made easier "Off the books" payments are commonly paid to undocumented workers in the United States, and for Professor Rogoff that makes phasing out cash a key pillar in efforts to stop illegal immigration. While using paper money has some advantages, Professor Rogoff says the quantity of big bills lying around is "out of kilter". He advocating for a world where, within 15 years, the highest banknote available would be a ten dollar bill. (news.financializer.com). As reported in the news.

energy stocks: American Funds' Growth Fund of America AGTHX, +0.07% which has a staggering $147 billion in assets, has surpassed the S&P 500 for periods ranging from five to 25 years, according to Market Watch. Jacob Gerber, who works with the 12 portfolio managers of the Growth Fund of America, said the fund has increased its positions in beleaguered energy companies. Even a big fund — in fact, the biggest — can outmaneuver a simple benchmark index like the S&P 500. These companies were beat up, he said in an interview. The fund, started in 1973 by Los Angeles-based Capital Group, also can overweight individual stocks, something an index can't do. It provided an opportunity for this type of fund to be invested in more volatile energy stocks, provided we find the risk-reward attractive. (news.financializer.com). As reported in the news.

knock-on effects: The Governing Council said it continues to expect the key ECB interest rates to remain at present or lower levels for an extended period of time, according to Deutsche Welle. Earlier this month, analysts had speculated that ECB President Mario Draghi might prepare markets for a gradual drying-up of the central bank massive bond purchases - purchases which have many knock-on effects, including supporting stock market share prices, as institutional investors scramble to find somewhere to invest the wall of central-bank cash coming into their accounts as they sell their bond-holdings to the ECB. Investors had been spooked by a Bloomberg report suggesting that the ECB was considering gradually phasing out its asset-buying scheme - due to end in March - in a process called tapering. The Governing Council of the ECB announced that the interest rate on the 'main refinancing operations' - the interest it charges to banks for money they borrow from the ECB - as well as the interest rates on its 'marginal lending facility' and the 'deposit facility' will remain unchanged at 0.00%, 0.25% and -0.40% respectively. No changes to ECB easy money policy The Frankfurt-based central bank was quick to deny the Bloomberg report, but the rumors pushed up bond yields anyway, and served as a reminder of how volatile sentiment remains regarding the currency bloc economic prospects. "It too soon for the ECB to provide any guidance on its exit strategy," Berenberg economist Florian Hense said, pointing out that the lender ultra-loose monetary policy had been a critical pillar of confidence in the eurozone. In a statement released Thursday afternoon, the ECB said: "Regarding non-standard monetary policy measures, the Governing Council confirms that the monthly asset purchases of €80 billion are intended to run until the end of March 2017, or beyond, if necessary, and in any case until it sees a sustained adjustment in the path of inflation consistent with its inflation aim." In other words, there won't be any 'tapering' of ECB massive purchases of bonds - most of them European government bonds - from secondary bond markets, a process often called 'quantitative easing' in finance jargon. Hense was proven right. (news.financializer.com). As reported in the news.

president: This can only be characterized as an unprecedented diplomatic affront, in that the Philippine president goes to China and while attending an economic forum there, he announces that Manila decade-long alliance with Washington is over. "Your stay in my country was for your own benefit, according to Deutsche Welle. So time to say goodbye, my friend," he said, as if addressing the US. He also repeated his denunciation of Obama as a "son of a whore." The remarks were packaged by Duterte as a gift to his new friends in Beijing, and what an astonishing turnaround in ties they represent! Mutual interests Over the last 30 years, the Philippines has been one of the most important US allies in Asia. Rodrigo Duterte, the Philippines' unpredictable president, has declared his "separation" from his country longstanding ally and defense partner, the United States, during a state visit to China. The bilateral relationship has served well not only American interests, but also those of the Southeast Asian nation. This has allowed Manila armed forces to focus primarily on fighting threats posed by internal actors such as rebel groups active in the country south. For instance, strong defense ties with the US have freed the Philippines of the need to build a powerful military of its own for the defense of the country. (news.financializer.com). As reported in the news.

surfers paradise: The case gripped the nation after the court was played an audio recording made by Tostee on his cell phone that captured an altercation between the pair, where Wright can be heard screaming, according to Deutsche Welle. Prosecutor Glen Cash said Tostee intimidated and threatened Wright so much that she felt her only escape was to climb down from his balcony. Wright was on holiday in Surfers Paradise on Australia east coast when she met the 30-year-old Tostee and ended up in his apartment. At no point though, did the prosecution suggest Tostee pushed or threw Wright to her death. Date turned ugly Cash alleged that Tostee became angry after Wright threw ornamental rocks at him and hit him with a telescope. She fell after trying to climb to a lower floor and died from severe injuries. (news.financializer.com). As reported in the news.

topix index: On Wednesday, the key market gauge climbed 35.30 points, according to The Japan Times. The Topix index of all first-section issues ended up 13.60 points, or 1.00 percent, at 1,370.80, after rising 0.63 point the previous day. The 225-issue Nikkei average surged 236.59 points, or 1.39 percent, to close at 17,235.50, the highest finish since April 27. Both indexes extended their winning streak to a fifth session. The Nikkei extended gains to climb above 17,200 in the afternoon, on buying inspired by news that Democratic candidate Hillary Clinton was dominant in the third U.S. presidential debate with Republican rival Donald Trump, brokers said. The Nikkei average recovered the 17,000 threshold in early trading on the heels of an overnight rise in U.S. stocks. (news.financializer.com). As reported in the news.

rover: The lander, dubbed Schiaparelli, was on a test-run for a future rover that will seek out evidence of life, past or present, on the Red Planet, according to Nine News Australia. But it fell silent seconds before its scheduled touchdown, while its mothership Trace Gas Orbiter entered Mars' orbit as planned -- part of a joint European-Russian project."We are not in a position yet to determine the dynamic condition at which the lander touched the ground," European Space Agency head of solar and planetary missions Andrea Accomazzo told a webcast news briefing at mission control in Darmstadt, Germany. While holding out faint hope, ground controllers said it seemed the paddling pool-sized lander parachute may have been discarded too early, and its fall-breaking thrusters switched off too soon. Further analysis must be done of some 600 megabytes of data the 230 million-euro craft sent home before its signal died, to "know whether it survived structurally or not."This could take "some time", Accomazzo added. If not, this would be Europe second failed Mars landing in a row, joining a string of unsuccessful attempts by global powers to explore our planetary neighbour hostile surface. ESA and NASA Mars orbiters, meanwhile, were keeping their eyes and ears open for any signal from the lander. (news.financializer.com). As reported in the news.

russia: I've realigned myself in your ideological flow," he told business leaders in Beijing on Thursday. "And maybe I will also go to Russia to talk to Putin and tell him that there are three of us against the world: China, Philippines and Russia, according to CNN. It the only way." Duterte didn't provide details about how he'd break away from the United States, or what the separation could entail. In a state visit aimed at cozying up to Beijing as he pushes away from Washington, the Philippine President announced his military and economic "separation" from the United States. "America has lost now. US officials stressed the long history of diplomatic, military and financial ties between the two countries. In China, leaders said they were ready to start a new chapter.US seeks clarity on 'separation'A gamble Relations between China and the Philippines had soured over a territorial dispute in the South China Sea. Read More "We have not received any requests from officials to change our alliance," Deputy White House Press Secretary Eric Schultz told reports aboard Air Force One Thursday. (news.financializer.com). As reported in the news.

students: The study headed by Professor Simon Burgess at the University of Bristol followed the performance of 10,600 students taking GCSEs at more than 60 secondary schools, and found that while the incentives had little impact on stronger students, underachieving pupils improved their exam grades and pass rates by up to 10%. Our paper is the first to test the use of behaviour incentives for high-stakes tests, and the first to compare financial and non-financial rewards over the timescale of an academic year, Burgess said, according to The Guardian. According to the research pdf published on Friday, the intervention had very substantial effects on maths and science GCSE results for about half of the pupils involved – enough to wipe out half of the attainment gap between students eligible for FSM and the rest. Researchers from three British and American universities found that offering incentives worth about £80 per half-term to pupils for improved school work, attendance and behaviour produced an outsized impact by cutting the gap in results between pupils receiving free school meals and their better-off peers. Our hope was that improved effort and engagement would raise GCSE scores, even though the scores themselves carried no rewards, said Burgess, a professor of economics. For those pupils expected to do well, and already making a huge effort at school, the incentives made little difference. Among pupils with low predicted GCSE scores, pupils in the intervention group scored substantially more than in the control group. (news.financializer.com). As reported in the news.

trend rate: The seasonally adjusted jobless rate fell from 6.2 per cent to 6 per cent in September, while the trend rate fell from 6.2 to 6.1 per cent, according to Australian Broadcasting Corporation. The state result came as the national unemployment rate fell from 5.7 to 5.6 per cent. Related Story: Unemployment falls to 5.6pc despite job losses as participation tumbles Map: Brisbane 4000 A slight drop in Queensland unemployment rate last month proves the State Government economic plan is working, Treasurer Curtis Pitt says. Mr Pitt said an upturn in the Queensland economy and the Government economic plan were setting the right climate for improving labour market conditions. "The latest figures are more good news for the Queensland economy and further hard data showing our economic plan is working," he said. "But we know there is more work to do because not all sectors and regions are transitioning to a post-mining boom economy as well as others." It just people giving up the search for work' However, shadow treasurer Scott Emerson was quick to point out the work participation rate fell again last month. "The only reason the unemployment rate has come down is people are giving up looking for work," Mr Emerson said. "There no doubt we are seeing two worrying trends here in Queensland — a trend away from full-time employment and a trend of people giving up looking for a job because things are getting harder." Topics:unemployment, state-parliament, brisbane-4000, bundaberg-4670, cairns-4870, mackay-4740, maroochydore-4558, mount-isa-4825, rockhampton-4700, southport-4215, toowoomba-4350, townsville-4810 Contact Chris O'Brien More stories from Queensland noindex (news.financializer.com). As reported in the news.

bond strategists: Bond prices and yields move in the opposite direction, according to Market Watch. But they tipped lower in afternoon trading likely because the deal underwriters—a group that includes J.P. Morgan Chase JPM, -0.13% HSBC HSBC, +0.58% and Citigroup Inc. Yields, which move in the opposite direction of prices, climbed early in the day as the underwriters of the $17.5 billion deal sold Treasurys to lock in the spread between the U.S. government bonds and the Saudi sovereign-bond offering, said Tom di Galoma, managing director for Treasury Trading, at Seaport Global. C, +0.20% —bought back those bonds and delivered them to their clients, bond strategists said. They soon ticked higher in afternoon trading after the Fed Beige Book, a collection of anecdotes about the U.S. economy, suggested it expanded at a steady, but unspectacular, rate in September. In essence, they're guaranteeing a rate to the issuer where they price, said Larry Milstein, managing director of government and agency trading at R.W. Pressprich & Co. (news.financializer.com). As reported in the news.

china economist: Julian Evans-Pritchard, China economist at Capital Economics said: "Economic activity seems to be holding up reasonably well, with few signs that a renewed slowdown is just around the corner." Forecasters remained cautious however, warning that growth was still likely to slow next year given that this latest strong showing was reliant on a surge in bank lending and real estate prices, according to Deutsche Welle. Regulators are trying to rein in growth in these areas, viewing them as risky. Compared with a year earlier, figures showed the world second-largest economy grew by 6.7 percent, which was in line with the previous two quarters and marginally better than some analysts had predicted. Initial reaction to the news was somewhat muted, with Shanghai stocks rising by 0.2 percent while Hong Kong gave up its initial gains. An aerial view of the Beipanjiang Bridge, the world highest bridge, under construction over the Nizhu River As the country communist leaders try to steer China towards more self-sustaining growth, based on consumer spending rather than trade and investment, Beijing has focused investment in major public works and construction projects. "Third-quarter data signaled that economic growth has stabilized at a healthy pace, and that China transition from a high-speed, heavy industry-based economy to a moderately-fast consumer and services-based economy is well underway," said Andy Rothman of Matthews Asia in a report. Stimulus offsets weak exports The data confirmed that the Chinese economy is stabilizing off the back of Beijing stimulus measures, as well as increased bank lending and a hot property market. (news.financializer.com). As reported in the news.

climate-related issues: The purported driver behind these hot trades Climate change, according to Market Watch. In a case of bad news being good news, a variety of climate-related issues, including droughts and extended periods of elevated temperatures, have reduced the output of these cash crops, driving prices higher as a result of the lower supplies. While commodities of all types have done well this year, with both crude oil CLX6, -2.50% and gold GCZ6, -0.30% up nearly 20% in 2016, so-called soft commodities—a group that includes coffee, orange juice and sugar—have been on a tear. Sugar SBH7, +0.09% prices are up more than 50% in 2016, while coffee KCZ6, -1.08% is up nearly 25%. Orange-juice futures OJX6, +0.31% are up 35.2% thus far this year; while consumer demand for orange juice has been waning, that has been offset by hurricane season and by citrus greening, a disease that has slashed crop yields in half over the past few years, as reported by The Wall Street Journal. Global warming is an all-around bad thing that going on, a relentless macro change that you can't get away from, said Phil Davis, chief executive officer of PSW Investments. Read:Extreme weather is everywhere, from record-breaking heat to crazy fog The exchange-traded notes that track these commodities—an easy way for investors to play the space without trading the futures directly—have followed them higher, and many investors expect the gains to continue. (news.financializer.com). As reported in the news.

change: The Reviving Melanesia Ocean Economy report was produced in partnership with the Boston Consulting Group and the Global Change Institute at the University of Queensland, according to The Guardian. It aims to highlight the need for urgent action to safeguard Melanesia marine resources in the face of threats like climate change, over-fishing and pollution. But a new report by WWF has quantified the annual economic output from the region waters - what they term Gross Marine Product - at $5.4 billion - a sum equivalent to the combined GDP of Fiji and the Solomon Islands. Fisheries account for half of Melanesia marine-derived economic output according to the report. Since most coastal fishing in Melanesia is subsistence based, there is the very real prospect of a nutritional shortfall that will affect millions of people. Projections suggest that by 2030 the region will need 60% more fish to feed its rapidly growing population - yet stocks are projected to decline not increase. (news.financializer.com). As reported in the news.

deputy: The fact of the matter is, conversely, the opposite, with measures, policies and projects designed by China to integrate harmoniously with the current system, said Scott Kennedy, deputy director of the U.S. Center for Strategic and International Studies Freeman Chair in China Studies, according to Xinhua China. China membership of and performance within the World Trade Organization is one example of its commitment to cooperation, Kennedy said at a recent seminar held by the think-tank Center for China & Globalization . The seminar focused on emerging issues brought about by globalization, as 2016 was the 15th anniversary of China accession into WTO. The rules of the game are not set in stone, and for many sectors such as monetary policies, are conspicuous by their absence, therefore, there should be room for discussion and improvement, and China should advocate reforms within the global economic governance mechanism to address existing problems, Kennedy added. To some western politicians and analysts, China is creating new mechanisms that counter, rather than support, current global economic governance processes. The global economy is changing rapidly and it is practical to adjust the global economic governance mechanism in response to these emerging trends, said Long Yongtu, CCG chairman and chief negotiator for China WTO entry. Former Chinese government coordinator for G20 and CCG advisor He Yafei suggested that China should draw wisdom from the country history and culture when proposing ways to improve global economic governance. China wants to play a constructive role within the existing framework instead of diluting old ones, Long added, citing the establishment of the Asian Infrastructure Investment Bank as a way to support other multilateral financial institutions faced with growing global financing demands. (news.financializer.com). As reported in the news.

father estate: Dellen Millard, was sentenced to life in prison for the lmurder of Tim Bosma . By Alyshah Hasham Staff Reporter Wed., Oct. 19, 2016 Dellen Millard can't inherit his father estate because he has yet to stand trial for his murder --- but court documents show that is where some of the cash to fund his defence may come from, according to The Toronto Star. Millard had spent at least $1.2 million in legal fees by November 2015, civil court documents obtained by the Toronto Star show. Police did not confirm her death until 2014, when Dellen Millard, right, and Mark Smich were charged with her murder. Millard, who was sentenced to life in prison for the murder of Tim Bosma in June 2016, now faces two more trials – one for the murder of Laura Babcock, the other for the murder of his father Wayne Millard -- but claims he hasn't been able to get the funding to pay for lawyers due to ongoing civil court matters. One immediate source of cash is his father estate of which Millard is the sole beneficiary. As a result, Millard and his co-accused Mark Smich have had their joint first-degree murder trial for the slaying of Babcock delayed until September 2017 – and a criminal court judge has offered to intervene with the civil courts to speed up Millard access to funds for his potential lawyers. (news.financializer.com). As reported in the news.

december: A rate increase by the end of the year is already being priced into the market, according to Market Watch. We see the market saying about a 60%-plus possibility of a December rate hike, Piegza said, but I think we are going to see continued volatility in the market as I don't expect the Fed to actually pull the trigger in December. In an interview on Money Life with Chuck Jaffe, Piegza said she believes the Fed is likely to surprise investors again through its inaction, noting that the end of the election campaign won't green-light a rate hike for the Federal Reserve data-dependent governors. Piegza noted the market had priced in an increase in June, was nearly there again in September and the Fed came away both times without making a move. Again in December, Piegza said, the market is being set up for a rate increase, but I think investors are poised for a significant amount of disappointment as the data continues to support the notion the Fed needs to remain on the sideline for much longer. She said she expected that to happen again even as most people think a December rate hike is nearly inevitable. (news.financializer.com). As reported in the news.

october: On October 10, China United said its parent company was included in the first batch of a trial of mixed-ownership reforms for State-owned enterprises , which was proposed by the National Development and Reform Commission on September 28, according to Global Times China. The comment was in a filing the company sent to the Shanghai Stock Exchange on October 10. Shares in China United Network Communications Ltd were up 3.72 percent to 5.30 yuan on Wednesday. China Unicom is studying and discussing the mixed-ownership reform plan, but its decision will remain uncertain while a concrete implementation plan is still under discussion, the listed unit said in the filing. Shares in China United climbed by the 10 percent daily limit to 4.8 yuan on October 11. "Investors see hope in the potential reform plan, which led to the good performance of the stock," Xiang Ligang, CEO of telecommunication industry portal cctime.com, told the Global Times on Wednesday. "But if the plan doesn't meet investors' expectations, the price might go down," Fu Liang, a Beijing-based independent telecom expert, told the Global Times on Wednesday. "The mixed-ownership reform plan may include asset sales to investors, employee stock options, the public listing of its core assets or the introduction of strategic investors," Xiang noted. Investors have positive views of the potential reform. (news.financializer.com). As reported in the news.

oil production: With the dinar rapidly losing value, inflation has accelerated, further eroding real incomes," the report said, according to Deutsche Welle. Libya Al-Ghani oil field Middle-class challenges DW spoke with Maaz Belkheir, a Libyan finance student at the Near East University in Cyprus, for his opinion on how this data impacts the middle class in Libya. Libya also faces inflation and trade deficit issues, as well as political instability due to the fall of dictator Moammar Gadhafi five years ago. "With oil production just a fifth of potential, revenues have plummeted, pushing fiscal and current account deficits to record highs. He claims that due to the limited availability of transferring money from Libya to accounts abroad only once or twice a month, citizens are resorting to the black market. "The currency black market is always working, no restrictions and it is possible for you to send any amount, any time, any day but at a price," he said. Belkheir also said that the economic situation is "the most important question that Libyans have at the moment, even more so than the political state of the country." As Arab Spring countries such as Libya or Tunisia have transitioned away from the old regime to a new style of government, jobs have been lost, resulting in higher unemployment. Libyans have to pay exorbitant exchange rates on the black market to transfer currencies, creating financial problems for citizens abroad studying, working or receiving medical treatment. (news.financializer.com). As reported in the news.

worasak janphakdee: Experts had already warned that the king demise could lead to a power struggle in the Southeast Asian country which would also affect the economy, according to Deutsche Welle. In the days before the king passing, the impact of the political and economic uncertainty could already be noticed. But we must move on, politically, socially and economically," Worasak Janphakdee, a political science student at Bangkok Thammasat University, told DW. In reality, moving on for Thailand will not be so easy. After an official announcement that the king condition was unstable, Thai markets witnessed a major decline. The Thai economy has not been performing well for sometime A symbol of stability For decades, Bhumibol was seen as a monarch who ensured stability in a deeply divided country. After Bhumibol death, the markets showed signs of recovery, but in a country that has a long history of mass protests, violent political confrontations and military coups, the fear for a power struggle runs deep. (news.financializer.com). As reported in the news.

world forum: A round-table discussion followed the ceremony between the appointed ambassadors and former minister Hiroshi Hase at his office, according to The Japan Times. The discussion was presided over by Kumi Fujisawa, an advisor to the ministry and head, Office of World Forum on Sports and Culture. A ceremony took place on July 19 for the appointment of Shinya Katanozaka, president and CEO of ANA Holdings, Kengo Sakurada, group CEO, president and chief executive officer, Sompo Holdings, Inc., and Nobuhiro Endo, chairman of the board of NEC Corp. Fujisawa: Thank you very much for taking on the roles of ambassadors for the forum. We have the Rugby World Cup 2019 and Tokyo 2020 Olympic and Paralympic Games lined up, and I thought those are great opportunities to disseminate Japan culture. First of all, could we have your comments on why you took the position Katanozaka: Ministry officials visited me to explain the idea of this forum and it matched exactly what I had in mind. (news.financializer.com). As reported in the news.

grammar schools: When Cameron resigned as Witney MP – only a few weeks after insisting he planned to stay at least until 2020 – he muttered about not wanting to get in his successor way, according to The Guardian. The immediate speculation was that he was furious that his successor wanted to bring back grammar schools. But then, it is not quite clear which Conservative party is campaigning here: the pro-European, socially liberal party of David Cameron, or the inward-looking, xenophobic small-c conservative Brexiteering party of Theresa May. But there are plenty of grounds for supposing that there is a much more fundamental rift between himself and May. Former Liberal Democrat leader Nick Clegg, campaigning in Witney last week, said he thought Cameron would be mortified by the way his successor trashed his record. He told friends that he didn't want to be another Ted Heath, the party leader deposed in 1975 who sat on the Tory backbenches for 20 years – the embodiment of opposition to Margaret Thatcher. (news.financializer.com). As reported in the news.