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

imf: IMF says the region is likely to recover economically within the shortest period if reforms are undertaken to correct a drop in domestic revenue and the effective management of foreign debt, which has partly affected local exchange rates, according to Xinhua China. According to the IMF projections, the economic growth in Africa is expected to grow at 3 percent in 2017 and improve to 4.5 percent in 2018. "This slowdown will be similar to previous ones. Abebe Selassie, IMF Director of the African Department, said the record dip in economic growth in Africa would be short-lived and it is resulted from the massive drop in commodity prices, including heavy metals and oil, affecting key African countries. "There are four reasons for this slowdown, the drought, low commodity prices, the tighter financing conditions and the delayed policy response in the region," Selassie told reporters during the launch of this year economic outlook for the Sub-Saharan Africa. The delayed policy response as a result of the political uncertainty and elections is partly the reason for this, but if these risks are dealt with, the economies will recover," Selassie added. Speaking at the event, Kenyan Treasury Cabinet Secretary Henry Rotich said the government is preparing a number of laws to ensure that it deals effectively with rising needs to finance large-scale infrastructure projects such as the Standard Gauge Railway project. "We have a Value Added Tax law and a new Income Tax law that is being completed to ensure that there are no free tax exemptions," Rotich said. IMF attributed the economic slowdown in Africa to the tightening conditions for borrowing in order to finance government operations and investments. (news.financializer.com). As reported in the news.

gault deposit: The Gault deposit, part of the company Tampia project 12 kilometres south-east of Narembeen, was discovered by BHP Minerals in 1987 and sits in a soon-to-be harvested barley paddock, according to Australian Broadcasting Corporation. The deposit contains an estimated 310,000 ounces of gold and Explaurum, which recently raised $7.8 million through new investors and existing shareholders, has told the stock market the mineralised area could be three times bigger than previously thought. Cereal cropping and cattle and sheep production are the biggest employers in the Wheatbelt town of Narembeen, nearly 300 kilometres due east of Perth, but ASX-listed gold company Explaurum is embarking on a $2.5 million drilling program which has the potential to transform the town economy. A feasibility study on the development of an open pit mining operation and standalone processing plant is due to be completed by the end of next year. We really do see it as a potential company maker." Mine could provide incentive to stay Farmer Derek Hooper and his wife Wendy live in a homestead with their three children, just a few hundred metres from the proposed open pit at Tampia. Explaurum managing director John Lawton has promised any future mining operation would be based out of Narembeen. "The general response we've received from the Narembeen community ... it overwhelmingly positive and they want to see the project proceed," Mr Lawton said. "Obviously we've got to establish that it can proceed, and that it viable. "But we're really positive about the project. (news.financializer.com). As reported in the news.

interest rates: Earlier on Tuesday, a key gauge of the dollar value against six major currencies, the ICE U.S. dollar index, touched its highest level in nearly nine months, according to Market Watch. Since a recent low hit on May 3, the index is up 7.4%. The U.S. Dollar Index DXY, +0.05% was steady at 98.72 on Tuesday, but hit its highest level since February at 99.12. Although moves were mostly modest, overall, the greenback has been in an uptrend due to a growing consensus that the Federal Reserve will raise interest rates at its December meeting. However, it subsequently pulled back after European Central Bank President Mario Draghi said the central bank doesn't want rates to stay negative for a protracted period. The shared currency EURUSD, -0.0092% was at $1.0885, compared with $1.0875 late Monday in New York. Draghi comments lifted the euro. (news.financializer.com). As reported in the news.

kaczynski: Four years later, Lech Kaczynski and 95 others died when the presidential plane crashed en route to Russia, according to Deutsche Welle. A further five years later, Jaroslaw Kaczynski, the founder and leader of Poland ruling Law and Justice party, known as PiS, managed to become the most powerful man in his country without even running for prime minister. Ten years ago, twins Lech and Jaroslaw served simultaneously as president and prime minister, respectively. He left that job to Beata Szydlo, who at the time was a relatively unknown but loyal party soldier. He laughingly commented on the few dissenting votes, saying: "That proves that we also have a kind of democracy in the party." Prime Minister Szydlo and her boss Kaczynski Today, he is the true power behind the Polish government. At a party conference in July, he was confirmed as leader with 99 percent of the vote. (news.financializer.com). As reported in the news.

p spx: The confidence of Americans in the U.S. economy fell in October to a three-month low just ahead of the Election Day showdown on Nov. 8 between Democratic candidate Hillary Clinton and GOP nominee Donald Trump, with more consumers saying jobs are harder to find, according to Market Watch. See:Corporate insiders have lost appetite for their own stocks The S&P 500 SPX, -0.17% declined by 8.17 points, or 0.4%, to 2,143.16, after being down nearly 10 points earlier. A drop in the price of oil below $50 a barrel, lingering uncertainty about the U.S. presidential election and growing expectations of a rate increase by the Federal Reserve, also contributed to the downbeat mood. Nine of the 11 main sectors ended in the red. Earlier, the average had been down as many as 71 points. The consumer-discretionary closed off 1.2%, while materials lost 1%. The Dow Jones Industrial Average DJIA, +0.17% declined 53.76 points, or 0.3%, at 18,169.27, as shares of Home Depot Inc.HD, -0.51% weighed on blue-chips with a 3.2% decline. (news.financializer.com). As reported in the news.

vice president: The listing follows this year largest IPO of Japanese messaging app provider Line, which was valued at ¥912.4 billion when it went public in July, according to The Japan Times. The debut of JR Kyushu stock above the IPO price has brightened investor sentiment, said Maki Sawada, vice president of investment research and investor services at Nomura Securities Co. Shares opened at ¥3,100 on the first section of the TSE, up 19.2 percent from the IPO price of ¥2,600, bringing the company value to ¥496 billion. The smooth debut shows the market is highly interested in the company. Prior to its IPO, JR Kyushu was owned by the Japan Railway Construction and Technology Agency, administered by the transport ministry. Created through the breakup and privatization of the national railway company in 1987, the company known as JR Kyushu is the fourth JR company to go public, following East Japan Railway Co., West Japan Railway Co. and Central Japan Railway Co. (news.financializer.com). As reported in the news.

vws audis: Deemed to be the largest auto industry settlement ever in the United States, the deal will compensate 475,000 owners of VWs and Audis with 2-liter four-cylinder diesel engines, who will now be able to either have their cars repaired or to sell them back to VW starting next Tuesday, according to Deutsche Welle. In a deal struck in July, VW agreed to spend up to $10 billion on the scheme, which also includes a payment of an additional $5,100 to $10,000 to each owner. In a statement, VW North America chief Hinrich Woebcken described the settlement as an "important milestone" along the road to clearing up the scandal in the US. The carmaker would now strive to implement the compensation program "as smoothly as possible," he added. Moreover, the German car giant has offered to pay $2.7 billion for unspecified environmental mitigation and an additional $2 billion to promote zero-emissions vehicles. In September 2015, Volkswagen acknowledged that about 11 million of its diesel cars sold worldwide were programmed to turn on emissions controls during government lab tests and turn them off while on the road. The deal does not cover about 85,000 more-powerful Volkswagens and Audis with 3-liter engines also caught up in the emissions scandal. (news.financializer.com). As reported in the news.

week: Mr Ford heads what used to be the Australian Defence Credit Union, this week holding its first annual general meeting in Canberra under its new name, the Australian Military Bank, according to Nine News Australia. This isn't an organisation familiar to many Australians. But then, his organisation isn't likely to be dragged up before a parliamentary committee like the execs of the big four. Its 33 branches are all on defence bases and facilities and its 50,000 members are overwhelmingly currently serving and former defence personnel and public servants."The big four are much larger than us and service all people and do all things. We just want to do an excellent job with the defence community," he told AAP. The original defence credit union was founded in 1959 and last year members voted overwhelmingly to change to a mutual bank. That is not what we are interested in being or doing. (news.financializer.com). As reported in the news.

sam brownback: Kansas Gov, according to MSNBC. Sam Brownback delivers his State of the State speech to an annual joint session of the House and Senate at the Statehouse in Topeka, Kan., Jan. 15, 2014. Sam Brownback delivers his State of the State speech to an annual joint session of the House and Senate at the Statehouse in Topeka, Kan., Jan. 15, 2014. Photo by Orlin Wagner/AP What Kansans don't know might hurt them 10/25/16 12:41 PM By Steve Benen The Bush/Cheney administration had an amazing gimmick it relied on several times: when reports suggested there was a problem with the White House agenda, Bush aides decided it was time to get rid of the reports. When the Bush administration was discouraged by data about factory closings, the administration announced it would stop publishing information about factory closings. In 2005, for example, after a government report showed an increase in terrorism around the world, the administration announced it would stop publishing its annual report on international terrorism. (news.financializer.com). As reported in the news.

sector: He stressed that during 2016, this sector had witnessed an enormous growth in exports, according to Xinhua China. The overall contribution of the agriculture sector to country economy growth has jumped from 18 percent in 2013 to 20 percent, the minister said, referring to the recent reports of the Albanian Institute of Statistics. According to Panariti, Albanian agriculture is now market-oriented. Panariti also praised the fact that the surface area of greenhouses in Albania had almost tripled during the last three years that he had been in the top position at the agriculture ministry. He also said the Albanian ministry of agriculture was also planning to open the commodity market, which would aim to meet the demands of the developing agricultural sector and would regulate retail and wholesale prices and exports. This would enable Albania to produce more, having two or three production cycles, he said. (news.financializer.com). As reported in the news.

sugar: Egyptian authorities, who have blamed traders and suppliers for hoarding and smuggling goods, said they have so far seized 9,000 tonnes of sugar in raids on factories and warehouses, including facilities belonging to Pepsico and Edita, one of the country largest manufacturers of confectionaries, according to The Guardian. The sugar is intended for resale to the public at subsidised prices. Sugar has all but vanished from supermarkets and imports of items such as powdered infant formula and even some contraceptives are down. A man in Cairo was recently arrested and bailed for carrying 10kg of sugar, as this exceeded possession of amounts reasonable for personal use , according to Egypt largest newspaper, al-Ahram. The dollar shortage, and the suspension of oil aid from Saudi Arabia earlier this month, have also led to a widening gap between the official and parallel market trading rate of Egypt currency. Egypt imports about a million tonnes of sugar annually – about a third of its total consumption – but an acute shortage of dollars has cut imports by private traders, leaving the market short. (news.financializer.com). As reported in the news.

trump: Anything to add Consider this an open thread, according to MSNBC. Explore: The Maddow Blog - Donald Trump appears to have no idea what... - Trump undermines Republican Party with... More Like This Best of MSNBC Speak Out be the first to comment join the discussion back to article Latest comments Top Stories from NBC News and MSNBC New polls show Clinton leading by 9 in NH 11 hours 46 min ago Trump outlines his 'New Deal for Black America' Thomas: DC comfortable not debating issues Libertarian VP nom urges voters to stop Trump 12 hours 11 min ago Study: HIV epidemic started in New York in 1970 GOP preps for 'years' of Clinton investigations HHS Sec. defends Obamacare price hikes How Barbara Corcoran beat Trump A historic presidential win in state of Utah Feds alert for risk of violence as election nears close Tuesday Mini-Report, 10.25.16 10/25/16 05:31 PM facebook twitter google plus tumblr instagram rss - Home - Help - Terms of Service - Independent Programming Report - Closed Captioning - Privacy Policy - Newsletters - MSNBC Store - MSNBC Info Blog - Careers - AdChoices - NBCNews.com - Today.com - CNBC.com - Breaking News.com © NBC UNIVERSAL share tweet email save Comment be the first to comment comments back to article Embed Obama was already scheduled to attend the Asia Pacific Economic Cooperation summit in Lima, Peru on Nov. 19 and 20, and the White House often schedules other visits around summits. (news.financializer.com). As reported in the news.

china spot: It was the weakest level since September 2010 as increased market expectations for an interest rate hike in the United States led to a stronger dollar, according to Xinhua China. In China spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day. The central parity rate of the Chinese currency renminbi, or the yuan, weakened 132 basis points to 6.7690 against the U.S. dollar Monday, according to the China Foreign Exchange Trade System. The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. Wang said that China exchange rate mechanism has become more market-oriented and transparent which led to higher volatility for the yuan. The recent yuan depreciation can be attributed to a stronger dollar, said Wang Chunying, spokesman for the State Administration of Foreign Exchange, said at a press conference on Friday. (news.financializer.com). As reported in the news.

banking regulators: She wears a white dress, a necklace and a leather tote slung over one shoulder, according to The Japan Times. But the outings were hardly innocent. He carries a shopping bag. Over two hours, federal agents snapped pictures as the pair visited seven banks, stopping at each one to make cash deposits of just under $10,000 — all from piles of drug money stashed in their bags. The cartels collect much of their cash proceeds from the U.S. market much the way the cocaine and other drugs come in, by sneaking it across the border. Prosecutors say the flurry of modest deposits was one of the many schemes hatched by Mexican crime cartels trying to bring billions of dollars in drug proceeds back from the United States without attracting scrutiny from banking regulators. (news.financializer.com). As reported in the news.

berlin decision: German Deputy Economy Minister Matthias Machnig said Berlin decision to withdraw its approval came after new security-related information emerged. "The government received previously unknown security-related information," Machnig told German newspaper "Die Welt," adding that the ministry evaluated the information in question together with other departments, according to Deutsche Welle. Shares in Aixtron, which makes machines that are key for the production of red, blue, green and white light emitting diodes , were down by about 7 percent in morning trading Monday, plunging well below FGC offer price of 6 euros per share in cash. Aixtron also said that the Economics Ministry was planning to reopen a review of the $728-million takeover on grounds that were not immediately clear to the German chip equipment maker. Watch video 01:14Chinese companies look to Germany Policy U-turn The move must be seen as a change in German economic policy, which has so far been rather takeover-friendly, but which now seems to re-consider positions when it comes to key industries. Rising Chinese interest in German companies is reflected by a number of high-profile takeovers recently, including among others the acquisition of German industrial robot maker Kuka by Chinese household appliance manufacturer Midea for 4.5 billion euros. German Economy Minister Sigmar Gabriel called in June for a Europe-wide safeguard clause which could stop foreign takeovers of firms whose technology is deemed strategic for the future economic success of the region. (news.financializer.com). As reported in the news.

yuan: In anticipation of a rate hike by the Federal Reserve in December, the US dollar index recently surged to its highest level since March, according to Global Times China. Against such a backdrop, all other major currencies have moved lower, not just the Chinese yuan. However, there is no cause for concern that the Chinese yuan is embarking on a one-way street of devaluation, given that the fundamentals of the Chinese economy are sound and the internationalization of the yuan has been steadily moving forward. But it is noteworthy that while the yuan exchange rate against the dollar has reached its lowest in six years, it is gaining value against other currencies. The Chinese currency has in the past experienced a long period of stable exchange rates and China reform to make its exchange rate mechanism more market-oriented will probably mean higher volatility for the yuan. According to a Bloomberg report on October 17, the yuan slumped 0.8 percent against the greenback but rose 0.6 percent against a trade-weighted currency basket during the same period, registering its biggest advance in three months. (news.financializer.com). As reported in the news.

clinton: The GOP presidential candidate went on to cite two polls, which he said show him leading Clinton, according to CNN. Clinton leads by 5 heading in to final two weeks "The Investors Daily poll, which was the single most accurate poll for the last three cycles. I believe we're actually winning," Trump said, slamming the mainstream media. The last three presidential races. We just went up. We're up. (news.financializer.com). As reported in the news.

consumer: The latest weekly ANZ-Roy Morgan consumer confidence index dropped 3.6 per cent amid a deterioration in views about future financial and economic conditions, according to Nine News Australia. Consumer confidence is a pointer to future retail spending."We expect that last week labour market report showing ongoing weakness in full-time employment likely weighed on sentiment," Felicity Emmett, ANZ head of Australian economics said. In the past week consumer confidence has fallen to its lowest level since May - a time when people were still working out whether the federal budget would hit their hip-pocket and worrying what an eight-week federal election campaign might bring. Stock market falls over the past couple of weeks could also have dampened consumers' view of the outlook. It was only partly offset by a rise in part-time workers. Official jobs figures last week showed the number of full-time workers tumbled by a hefty 53,000 in September, the largest monthly drop in five years. (news.financializer.com). As reported in the news.

crude oil: The oil-sensitive loonie lost 0.34 of a U.S. cent to 74.70 cents US. Meanwhile, the Toronto Stock Exchange S&P/TSX composite index fell 16.03 points to 14,923.01, according to The Toronto Star. That as the December contract for crude oil shed 33 cents at US$50.52 a barrel. By The Canadian Press Mon., Oct. 24, 2016 Iraq desire to be exempted from an OPEC production cut caused oil prices to dip, pushing the Toronto stock market and the loonie to a lower close. South of the border, the Dow Jones industrial average gained 77.32 points at 18,223.03, the Nasdaq composite added 52.43 points at 5,309.83, and the S&P 500 nudged up 10.17 points to 2,151.33. Read more about:Tsx The Morning Headlines Newsletter Delivered daily to your inbox. Article Continued Below December gold contracts were fetching US$1,263.70 an ounce at the close, down $4.00, while the November natural gas contract lost 16 cents to US$2.83 per mmBTU, and December copper was unchanged at US$2.09 a pound. (news.financializer.com). As reported in the news.

driverless vehicles: The latest studies showed that 93 per cent of car accidents were caused by human errors, which could easily be avoided with driverless vehicles, Prof Pettigrew told AAP. An ageing population at risk of medical conditions and distractions from disruptive technology such as smart phones added to the risks, she said, according to Nine News Australia. Tech giants such as Google and Uber were the main investors behind driverless cars, but it was time for governments get more involved."They choose to invest in it, rather than be afraid of it," Prof Pettigrew said. The public health sector should be more active in investing in the development of driverless or automated vehicles , Professor Simone Pettigrew from Curtin University said. Public health representatives should encourage governments to increase the availability and affordability of AVs, which would realise economic, social and environmental benefits, as the use of electric cars also increased, she said."Loss of control is truly frightening for some people. Many Australian were hesitant, but she hoped to see rapid growth in the use of driverless cars in the next decade. It will take some time to get used to that", said Prof Pettigrew. (news.financializer.com). As reported in the news.

food bowl: Ireland is the food bowl of the UK, supplying a quarter of all Britain beef, much of its vegetables, milk and processed food, according to Australian Broadcasting Corporation. But now trade-exposed Irish farmers and food exporters are seeking help from their government, as Britain begins to leave the European Union. Map: Sydney 2000 If Australia thinks there will be opportunities in Britain after the Brexit, spare a thought for the Republic of Ireland. Britain takes 40 per cent of all the food and drinks produced in Ireland, more than Euro 4.5 billion worth or $6.5 billion. A Brisbane-based lawyer who worked for more than 20 years in Ireland on Corporate and EU law said Ireland has been caught napping. "Ireland didn't have a contingency plan for the referendum," McCullough Robertson partner John Kettle said. "What happened is there was no plan B. "For that part of the economy not based on financial services and tax structuring deals around Dublin, the UK is an incredibly important market for Irish produce. "So if there a hard Brexit, and tariffs are put up, that one impediment for Irish produce going to Britain. "And the Sterling has collapsed by 20–25 per cent against the Euro since June, so that makes Irish agri-produce much more expensive. "So it difficult to make long-term supply arrangements with UK retailers who are going to squeeze them on price." Irish farmers are also threatened by cheaper produce coming out of the United Kingdom. "They're caught in a perfect storm!" Mr Kettle said. But four months after Britain Leave Europe vote, the pound has plunged to the lowest level in 30 years, reducing the amount Britons can pay. (news.financializer.com). As reported in the news.

japan: Yet, I felt a strong sense of indignation as I thought the notice indicated that Japan education policies still follow the old tradition of neglecting humanities and social sciences in favor of natural sciences, according to The Japan Times. Subsequently I wrote a counterargument to the ministry position on the June 22, 2015, issue of the Nikkei newspaper, and discussed the issue with then education minister Hakubun Shimomura in the Oct. 6 edition of the Economist magazine. As president of a minor national university at the time, the messages in the notice were not unexpected. In the Aug. 23 issue of The Japan Times, I wrote another article, Humanities under attack. Many knowledgeable persons from abroad commented that Japan education policy of overemphasizing natural sciences and neglecting humanities and social sciences was anachronistic and out of sync with global standards, and could lead to the further deterioration of Japan industrial competitiveness. This attracted much more attention than I had anticipated, with my opinion quoted in a large number of European and U.S. newspapers and magazines. (news.financializer.com). As reported in the news.

monday bitcoin: OKcoin customers paid as much as 4,572 yuan, or $676, for a single coin, the highest level since mid-July, as prices on U.S.-based exchanges lagged behind their Chinese peers. ne bitcoin BTCUSD was worth $654 on Monday, according to Coin Market Cap, its highest level since late July, as Chinese exchanges continued to experience heavy trading volume, according to Market Watch. Bitcoin big move comes as the value of Chinese yuan USDCNH, +0.0561% traded in certain offshore markets fell to an all-time low of 6.82 to the dollar on Monday. Trading volume in China surged on Saturday, with nearly 99% of global trades executed on OKcoin, Huobi and BTCChina, three of the largest Chinese exchanges, according to Crypto Compare, a company that analyzes trading activity in several cryptocurrency markets, including bitcoin. The currency, which has weakened steadily since the beginning of 2014, has seen declines accelerate in recent months, thanks in part to Republican nominee Donald Trump slide in the polls, said Greg Anderson, global head of currency strategy at BMO. Meanwhile, yuan USDCNY, -0.1519% traded in the onshore market fell to 6.78 to the dollar, its weakest level in six years. China foreign-exchange reserves, the best proxy for capital flows into, or out of, China, fell by $18.79 billion in September to $3.17 trillion, according to the People Bank of China. Some market strategists, including Yue Zhong, a China-based market strategist at FXTM, expect the Chinese currency to traded at seven to the dollar in the coming months, a level it hasn't seen since 2008. (news.financializer.com). As reported in the news.

pfizer inc: PFE, +0.47% and Merck & Co, according to Market Watch. MRK, +1.98% —to be more transparent about when and why they raise prices. The investors, members of the New York-based Interfaith Center on Corporate Responsibility, are asking 17 drug companies—including Johnson & Johnson JNJ, +0.31% Pfizer Inc. The investors, which own shares in the drug companies being targeted, say rising costs are putting prescription drugs out of reach for many patients. The health of the economy depends on the health of the people, said Donna Meyer, director of shareholder advocacy for ICCR member Mercy Investment Services Inc. of St. That could lead to long-term challenges for the companies, they say. (news.financializer.com). As reported in the news.

police officer: The caller explains that there has been a rash of burglaries in your area, according to Deutsche Welle. He feigns concern, asks whether you keep cash and valuables at home - and offers to safeguard them for you. Imagine the following scenario: the phone rings, you pick up and the man on the other end identifies himself as a police officer. A plainclothes officer is ready to pick them up at the door, he says. The callers are so eloquent that in similar cases, seniors have handed over their entire savings. Seniors are polite and trusting - and they believe in state institutions, so impersonating a police officer is an effective scam, warns Frank Scheulen, press spokesman for the State Office of Criminal Investigation in North Rhine-Westphalia . Victims are ashamed at having been scammed, says Scheulen Eloquent callers Citizens in the city of Cologne have reported 11 calls by scammers posing as police officers since Sunday - a "massive attack," a Cologne police spokesman told DW. They tell potential victims their names show up on a list carried by burglars caught in the area. (news.financializer.com). As reported in the news.

putin: In Yamaguchi, Abe home region, the two leaders are expected to discuss the dispute over the Russian-held islands off Hokkaido, according to The Japan Times. The territorial issue has prevented Japan and Russia from concluding a post-World War II peace treaty. Putin will attend a gathering hosted by Keidanren, the nation most influential business lobby group, on Dec. 16 in Tokyo, a day after holding talks with Abe in Yamaguchi Prefecture, the source said Monday. While the Abe government is keen to make use of Putin visit to move forward on the island row, it had wanted him to only visit Yamaguchi. Abe proposed an eight-point plan as part of bilateral economic cooperation to Putin in May, reflecting the government hope that the financial assistance would grease the wheels of discussion over the island dispute. The Tokyo leg is being included due to Moscow desire to highlight the benefits of bilateral economic cooperation, the source said. (news.financializer.com). As reported in the news.