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

estate agent: The pair were selling agents for three lots and introduced the buyers in each sale, Consumer Protection said, according to Nine News Australia. All six lots were first sold to an intermediary company controlled by another son Michael King, who was not a licensed real estate agent or sales representative, then on-sold to Malaysian-based investors at higher prices. Former licensees The King and I, formerly trading as Colin King Real Estate, its director Colin Maxwell King and his sales representative son Paul Anthony King breached the Code of Conduct for Agents and Sales Representatives between 2008 and 2010. Regarding the three lots sold through Colin King Real Estate, the SAT found the pair misled and failed to act in the best interests of the seller, failed to act fairly and honestly in facilitating the on-sale scheme, and had a conflict of interest. Colin King also asked the SAT to review Consumer Protection decision not to renew his licence in August 2014 but the decision was upheld. The pair were also found to have acted dishonestly by facilitating the on-sale scheme for the three other lots. (news.financializer.com). As reported in the news.

group: The group, one of at least three bringing claims related to the rights issue in 2008, said: We look forward to seeing Fred Goodwin and RBS in court in March, according to The Guardian. The group said it was the only one suing Goodwin, who was chief executive of RBS at the time of its £45bn taxpayer bailout, and three of the bank former executives. Clydesdale Bank makes offer for 300 RBS branches Read more The RBoS Shareholder Action Group, which represents 27,000 retail investors, issued its warning after a report that other shareholders were considering settling out of court. The legal action is said to be on behalf of thousands of investors, both private and institutional, who lost money by subscribing for shares during the 2008 RBS rights issue . The announcement was made ahead of RBS third-quarter results, which will be scrutinised for any further provisions relating to the case. The total claim by all the investors involved comes to £4bn. In August, RBS set aside £700m for the case after an attempt at mediation talks in July failed to reach a settlement. (news.financializer.com). As reported in the news.

hillary clinton: None of the documents released, however, showed a clear indication that any of the paid speeches or access to Bill Clinton directly resulted in influence at Hillary Clinton State Department, according to CNN. Expressing concern about the relationship to foreign donors and her parents' work and any appearance of conflicts of interest as Hillary Clinton was secretary of state, Chelsea Clinton pushed to hire law firms to audit the foundation operation. The anxiety -- centered around the nexus of Clinton Foundation fundraising, paid speeches and requests for access to former President Bill Clinton dubbed "Bill Clinton Inc." by a top aide -- dates back to late 2011, when Chelsea Clinton began to take on a greater role in the family foundation and spearheaded an effort to clean house. The review found problems with management, budgeting and potential conflicts of interest, recommending more oversight and a more independent board. Podesta hacked email contained foundation details from the time because he was working as a special adviser while the foundation chairman recuperated from an illness. The Foundation adopted many of the recommendations. (news.financializer.com). As reported in the news.

account volatility: While investors are eagerly awaiting the removal of the election as an overhang of uncertainty — trading volumes have dried up as investors hold off on making big bets ahead of the vote; by one metric the market hasn't been this quiet since the Great Depression — the longer-term impact of the results should be minimal, the investment manager said in a report released earlier this month, according to Market Watch. The firm cited data going back to 1853 — when Franklin Pierce was commander in chief — showing average annual returns of 11% regardless of which party was in office. At least, not for the stock market. Once you take into account volatility, the returns of the stock market under Democratic and Republican administrations are virtually indistinguishable, wrote Jonathan Lemco, a senior strategist in Vanguard Investment Strategy Group. But investors should invest for the long term and not subject themselves to the political whims of the moment. It understandable that investors might have concerns because of the different policy positions of the candidates and the strongly held views of voters of all political persuasions. (news.financializer.com). As reported in the news.

china: The report showed that in the 12 months ended in January, 22 investors from Asia put money into 49 companies in India, according to Global Times China. The investors came from such markets as Japan, China, South Korea and Singapore, with total investment of $3.4 billion. The report, co-released by online technology media platform 36Kr.com and the India China Economic and Cultural Council, said that India is a large market because of its demographic dividend and the popularity of mobile Internet, which provide opportunities for investors similar to those in China four or five years ago. Investors such as China online travel company Ctrip.com, Alibaba Group Holding and Tencent Holdings are important investors in India as well. In August last year, Tencent led a $90 million funding round in Indian health app Practo. In January this year, Ctrip.com invested in Indian online travel company Make MyTrip with $180 million. (news.financializer.com). As reported in the news.

e-car pioneer: The US e-car pioneer said it delivered 24,821 vehicles in the quarter - an increase of 72 percent - adding that it expected to deliver just under 80,000 vehicles worldwide this year, up from 50,500 in 2015, according to Deutsche Welle. In a conference call Wednesday night, Tesla chief executive Elon Musk said there was a "chance" for the company to remain profitable even if "non-cash stock-based expenses" would be taken into account. "Things are looking good. Revenue came in at $2.3 billion , which was more than double the amount over the same period last year, surprising analysts who had expected sales of around $2.2 billion and another loss in earnings, according to a poll by Fac Set. It not to say there could be some darkness ahead... it overall looking quite promising," he said. In the near-term future, conditions for Tesla will remain challenging. Profitability questions The Palo Alto, Calif.-based automaker, known for its high-end cars that sell for upwards of $70,000 , went public in 2010 and has seen only one additional quarterly profit at the beginning of 2013. (news.financializer.com). As reported in the news.

low-yield environment: The rupee is projected to climb 8.1 percent against the yen by the end of 2017, the most in Asia, according to surveys of analysts by Bloomberg, according to The Japan Times. Pull factors like the improving India growth outlook and relatively attractive yields are driving Japanese investors to such debt, said Kaushik Rudra, Singapore-based head of rates & credit research at Standard Chartered PLC. There are also push factors such as the low-yield environment globally and accommodative monetary policy, he said. The amount of Uridashi notes sold in the Indian currency surged to a record $1.45 billion this year from 105 offerings, making up 6.2 percent of the total issuance, and surpassing Turkey and New Zealand to enter the top five target nations. The fastest growth among the world major economies, Asia second-highest sovereign yields and a stable currency have made India the top pick for several emerging-market investors, including Mark Mobius of Franklin Templeton Investment Funds. Rupee Uridashi issuance this year is almost double the $783 million for all of 2015, with offerings from international lenders including Credit Suisse AG and HSBC Bank PLC. In 2014, the currency accounted for just 0.5 percent of total sales of the securities, which are issued outside Japan and sold directly to the nation household investors. Black Rock Inc., the world largest money manager, has been increasing positions in local bonds. (news.financializer.com). As reported in the news.

hillary clinton: Sales of Donald Trump Halloween masks are through the roof, and while he is not expected to beat rival Hillary Clinton in the November 8 presidential election, this is one competition he is a clear winner, according to Nine News Australia. Masks of the outlandish presidential candidate are flying off Australian shelves, with retailers admitting they had underestimated the demand."I never realised how many people followed him — I am really surprised," Tomfoolery spokeswoman Yvonne Fragiacomo told the ABC. Donald Trump masks like these are flying off the shelves. Australians might have a secret love affair with Donald Trump, and the scary proof has been uncovered. Trump masks are outselling Clinton three to one. Click here for more information. It is understood costumes.com.au has also sold out its entire warehouse of Mrs Clinton and Mr Trump masks, with the brash billionaire outselling his female rival three to one."We have been restocking when we can, but we suspect the volume of sales has perhaps even surprised the whole market as we haven't been able to get consistent stock," company co-founder Nathan Huppatz told the ABC. Many retailers are now flying over fresh stock from the US to appease buyer demand, before October 31.© Nine Digital Pty Ltd 2016BuzzUS Election National Send your photos, videos and stories to can remain anonymous. (news.financializer.com). As reported in the news.

investors: I've become aware of the financial implications it has for me, she says, according to The Guardian. Emerson is among a growing number of investors who see global warming not only as a looming environmental problem but also an investment risk. Can our need for a carbon-free future override our fears of nuclear energy Read more As a result, Emerson has been paying closer attention to the ups and downs in the oil industry and the growing public discussions about the future of fossil fuel use. Some fund managers are ringing alarm bells as well. Investors can no longer ignore climate change. Black Rock, the world largest asset manager with almost $5tn in assets, issued a report last month recommending investors include climate risks in their decisions. (news.financializer.com). As reported in the news.

firm: The company said on Thursday: Despite encouraging institutional support Misys Group Limited has decided not to proceed with its potential initial public offering at the current time due to market conditions, according to The Guardian. O2 possible IPO 'depends on weakening state of UK economy'Read more The news came as the boss of O2 Spanish owner Telefonica cast doubt on the UK mobile firm planned £10bn IPO. Mark Evans said the company was prepared but not committed to the float and that it would decide next year, depending on market conditions and the state of the UK economy. Misys had already slashed the value of its mooted £4.5bn float by £1bn last week due to market nerves. As possibility of hard Brexit has increased since last month Conservative party conference, sending the pound tumbling, investors have become more concerned about the outlook for UK companies. Several companies have cancelled or postponed IPOs, including the fitness chain Pure Gym, vehicle part-maker TI Fluid Systems, and the energy provider First Utility. Sterling has lost 18% of its value since the referendum in June. (news.financializer.com). As reported in the news.

mr turnbull: Opposition Leader Bill Shorten said the law change would undermine a push to improve women workforce participation."If Mr Turnbull wants to talk up job creation ... is committed to helping people find work and stay at work, drop the absurd paid parental leave propositions," Mr Shorten told reporters in Melbourne on Thursday, according to Nine News Australia. The prime minister and his deputy Barnaby Joyce have completed a week-long visit to Queensland where they talked up the need for job-creating projects such as roads, dams, tourism and the national broadband network. Independents Derryn Hinch and Nick Xenophon are edging closer to an agreement with the coalition which would put the axe to taxpayer-funded parental leave entitlement for up to 80,000 women - saving the budget about $1.2 billion. Asked about the prospect of a deal on parental leave, Mr Turnbull said he would work with the crossbenchers."We're very committed to ensuring our national economic plan delivers the growth, the jobs that we need, and it does so above all else in a manner that is fair," he said of the scheme changes. Senator Xenophon is open to supporting the plan that aims to stop parents claiming both employer and government paid leave, provided the start date is delayed until October 2017."The January 1st start date has caused much angst and distress amongst expectant mums," Senator Xenophon said. Labor may be taken out of the picture when the bill comes up for a vote in parliament. (news.financializer.com). As reported in the news.

ontario: The ambitious target — $1 million a month in the home stretch — was disclosed to a select group of party stalwarts summoned to dinner by Ontario Liberal Fund chair Tim Murphy, according to The Toronto Star. Call it the Last Supper. Order this photo By Martin Regg Cohn Ontario Politics Columnist Thu., Oct. 27, 2016 Top Liberal fundraisers met secretly this week to launch a final $2-million push for corporate cash, just as the government was fine-tuning its latest proposals to clean up money politics by year end. About a dozen distinguished bagmen and bagwomen convened at Murphy corporate law offices to map out a final — and still lawful — sprint to the finish line: As of Jan. 1, corporate and union donations will be illegal in Ontario . That was Monday. Article Continued Below The Liberal government taketh with one hand, but the Liberal Party leaves the other hand outstretched — hoping donors will giveth again. Two days later, on Wednesday, the Liberal government released its detailed proposals to reform money politics — the final elements in a package promised by Premier Kathleen Wynne after the Star first disclosed secret, six-figure targets for cabinet ministers last March. (news.financializer.com). As reported in the news.

u.s: Let put it — and what this means — into perspective, according to Market Watch. How much is $70 trillion A $70 trillion dividend spread evenly among the U.S. population would come out to $218,000 per person. That a big number. If you took $70 trillion worth of $100 bills and stacked them on top of each other, the pile would be about 44,000 miles high. No doubt, investors are eager to put that money to work. About $10 trillion of those $70 trillion is parked in negative-yield accounts, eroding value ever day. (news.financializer.com). As reported in the news.

delhi zoo: Vikas Swarup, spokesman for India Ministry for External Affairs, said the foreign secretary summoned Pakistan High Commissioner to inform him of the situation and make his case. $ , ) Tumblr linkedin stumble Digg reddit del.icio.us Newsvine Permalink tensions spill over to India, Pakistan film industry Tensions have already been running high between the two nuclear-armed neighboring countries over a border conflict in Kashmir. Pakistan High Commission in New Delhi rejected the allegations in a statement, saying the Commission "never engages in any activity that is incompatible with its diplomatic status." The diplomat has been given 48 hours to leave the country. (news.financializer.com). As reported in the news.

real-estate stocks: Real-estate stocks fell 2.5%, while the consumer-discretionary and industrials sectors finished down nearly 1%. One defensive sector that thrived, however, was telecom with a 1.6% gain, according to Market Watch. During the session, the index had been up by nearly 8 points and down by as many as 7. The S&P 500 index SPX, -0.31% fell 6.39 points, or 0.3%, to close at 2,133.04, with eight of 11 main sectors trading lower. The market is uneven because earnings have been uneven, investors really are looking at them on a company by company basis, said Paul Nolte, portfolio manager at Kingsview Asset Management. The Dow Jones Industrial Average DJIA, -0.05% finished down 29.65 points, or 0.2%, at 18,169.68, with Boeing Co.BA, -0.21% shares falling 1.5%, and Verizon Communications Inc.VZ, -0.68% shares gaining 1.9%. The average has been up as many as 59 points and down by as many as 50. When you roll it all up it doesn't amount to much in moving the market. (news.financializer.com). As reported in the news.

september meeting: Haruhiko Kuroda tenure, which ends in April 2018, according to The Japan Times. Such moves have prompted many BOJ watchers to believe that the bank is unlikely to carry out additional monetary easing measures for the time being, as it appears to have finished preparing for a long-term battle to attain the inflation goal. The bank decided at its September meeting to shift its policy target to the yield curve instead of quantitative easing, while effectively giving up achieving its 2 percent inflation goal during Gov. We see a high likelihood that the BOJ will continue to preserve further monetary easing as a future option barring any major market shocks, such as a surge in the yen value, said Naohiko Baba, chief economist at Goldman Sachs Japan Co. The bank has already pushed back the time frame four times since he took office in 2013. Last week, Kuroda signaled that the BOJ will push back the time frame for hitting the inflation goal to sometime in or after fiscal 2018 from sometime in fiscal 2017. (news.financializer.com). As reported in the news.

topix index: On Wednesday, the Nikkei climbed 26.59 points, according to The Japan Times. The Topix index of all first-section issues was down 0.69 point, or 0.05 percent, at 1,382.01, also falling for the first time in four days. The 225-issue yardstick lost 55.42 points, or 0.32 percent, to end at 17,336.42. It gained 5.38 points on Wednesday. But the index fell back again toward the morning close in the absence of fresh buying incentives. After opening lower, the Nikkei rose into positive territory later in the morning reflecting the dollar advance to around ¥104.50. (news.financializer.com). As reported in the news.

opec deal: The December crude contract gained 54 cents to $49.72 per barrel, according to The Toronto Star. This was an improvement from Wednesday close which saw its three-day losses total $1.67 , after investor sentiment soured following news that Iraq sought an exemption from an anticipated OPEC deal to cut oil production. By Aleksandra Sagan The Canadian Press Thu., Oct. 27, 2016 The price of oil recouped some of its value Thursday after three consecutive days of losses, while the Toronto Stock Exchange inched higher. Allan Small, a senior investment adviser at Holliswealth, said oil gain Thursday can be explained by the regular ups and downs in the price of the commodity. And, all of a sudden, you have a drop in price, he said. He said he would be surprised to see oil move significantly higher than the roughly $49.00 a barrel its been priced at recently, noting that production ramps up when the price reaches or surpasses the $50 a barrel mark. (news.financializer.com). As reported in the news.

points australia: Key points:Australia has outpaced the US in big business market share growth Top 100 listed companies now account for almost half of GDPGroceries, gambling, super, banking, telecommunications and energy are biggest areas of concern Rod Sims said the revenue of Australia top 100 listed companies had surged from 27 per cent of GDP in 1993 to nearly 50 per cent GDP in 2015, meaning Australian big business growth outpaced even the United States. "What we've really got to make sure is there adequate competition to see any benefits from scale flow through to the general economy," he said, according to Australian Broadcasting Corporation. Mr Sims said the ACCC was concerned about big businesses increasingly using arguments that heavy concentration within industries was not a concern, which Mr Sims said "basically defy conventional economic wisdom". "Conventional economic wisdom says monopolies will charge more and give less, it says that highly concentrated markets with high entry barriers are going to see consumers worse off," he said. "And yet we're seeing that conventional economic wisdom often turned on its head and really putting the ACCC in a position of having to prove conventional economic wisdom." Photo: Only 29 of the companies in the ASX 100 in 1990 are still there, mostly because of mergers. Map: Australia Australia levels of market concentration leave consumers worse off and a new approach is needed, the Australian Competition and Consumer Commission chairman has warned. Mr Sims said in Australia the onus was on the ACCC to prove whether a merger was anti-competitive, while in the United States the onus was placed on the merger parties. Mr Sims said, while an approach such as the US would probably need to be enshrined in legislation to succeed in Australia, he said there was room to start the conversation. He said in the US when a company sought a merger, the general presumption was that the merger would be anti-competitive with higher levels of concentration. "And the presumption shifts to the merger parties to prove why this is the exception to the rule and the economic wisdom and it good for the economy," he said. (news.financializer.com). As reported in the news.

power: SAPN appealed against last year decision by the regulator and had sought to earn an extra $250 million in revenue, which opponents feared would lead to a rise in retail power prices, according to Australian Broadcasting Corporation. The company is the sole owner of the state power distribution network of poles and wires. Related Story: SA Power Networks doesn't need more cash, SA Treasurer says Related Story: SA power bills fight goes to competition tribunal Related Story: Electricity bills set to fall 9.8pc for SA households Map: Adelaide 5000 The Australian Competition Tribunal has found the Australian Energy Regulator did not make any error in denying an application by SA Power Networks to collect more revenue. AER made a decision on the SAPN revenue allocation for 2015-2020, providing a total revenue allowance of $3.84 billion compared to the $4.53 billion sought by SAPN. The South Australian Government, industry and welfare groups had also opposed any move which would have increased retail power prices. Uniting Care told the tribunal that 31,666 South Australian households had an electricity debt, with the average debt being $758 and the state had the highest rate of energy customers on hardship programs. SAPN argued that AER made multiple errors and was unreasonable in its judgment and appealed to the tribunal. (news.financializer.com). As reported in the news.

report: The joint military and police threat assessment report seen by The Associated Press on Thursday said the offensives have reduced the number of Abu Sayyaf fighters slightly, although the group remains capable of launching terrorist attacks, according to The Toronto Star. Government offensives have reduced the number of militants to 481 in the first half of the year from 506 in the same period last year but they managed to carry out 32 bombings in that time — a 68 per cent increase — in attempts to distract the military assaults, the report said. By Jim Gomez Associated Press Thu., Oct. 27, 2016 MANILA, PHILIPPINES—Abu Sayyaf pocketed at least 353 million pesos from ransom kidnappings in the first six months of the year and have turned to abductions of foreign tugboat crewmen as military offensives restricted the militants' mobility, a confidential Philippine government report said. They wield at least 438 firearms and managed to conduct a number of terrorist trainings despite constant military assaults. He has pursued talks with two other larger Muslim insurgent groups. President Rodrigo Duterte, who took office in June, has ordered troops to destroy Abu Sayyaf, known for its brutality, and he has ruled out the possibility of any peace talks with them. (news.financializer.com). As reported in the news.

door: That sum -- arriving at the door as Senate Democrats grew increasingly likely to recapture the upper body -- is $7 million more than it has raised in any complete month ever, never mind an abridged three-week reporting period, according to CNN. The group did not immediately release a list of its contributors, which will become public later Thursday -- but the quick fundraising pace strongly hints at a massive gift by one or a few Democratic megadonors. The main super PAC boosting Senate Democrats, Senate Majority PAC, will report its most impressive fundraising haul yet Thursday after raising $19.3 million in the first three weeks of October. And despite it being a down-ballot group, their haul surprisingly exceeds the record amount that this cycle top presidential super PAC, the pro-Hillary Clinton group Priorities USA, raised in October. Read More The cash could perhaps soothe what have been tense discussions within Democratic leadership about which Senate races should receive any remaining dollars in the PAC bank account."Record setting support has us well positioned for this final stretch of the cycle," said Shripal Shah, a PAC spokesperson. "In less than two weeks Democrats are going to take back the Senate."For months, Republicans inherited a windfall of cash from GOP donors who are uneasy about the presidential race and eager to send their money elsewhere. Backed by Senate Democratic Leader Harry Reid, the Senate Majority PAC said it had $13 million on hand as of October 20. !function b.get Element ById Two years ago at this same point, the group had just one-quarter of that amount in its war chest. (news.financializer.com). As reported in the news.

cent: External Link: Comm Sec tweet: 2.7bn shares were traded Wednesday, worth an above average $6.6bn. 355 stocks rose, 734 fell & 372 ended flat #ausbiz, according to Australian Broadcasting Corporation. The ASX 200 posted its biggest one-day loss since mid-September, dropping 1.5 per cent to 5,360, while the All Ords also lost 1.5 per cent to 5,442. Map: Australia Australian shares have tumbled to five-week lows, dragged down by major companies and after Wesfarmers' Coles posted its weakest sales increase since 2009. The Australian market underperformed compared to the rest of the region, with Japan Nikkei 0.1 per cent higher while the Hang Seng slipped 0.8 per cent. Investors are also exercising caution ahead of the US election on November 8. Sentiment was also dampened as Wall Street fell from two-week highs after investors rushed to the exits following disappointing results from machinery maker Caterpillar. (news.financializer.com). As reported in the news.

city regulator: On Wednesday, a senior official at the Financial Conduct Authority was asked how it regulated algorithmic trading – computers programmed to take bets on markets, according to The Guardian. Megan Butler, director of supervision at the City regulator, said: Our approach is to recognise that a poorly designed, poorly controlled, inappropriately used algo rithm can have a very significant impact on proper operation of the market. Sterling plunged in a few minutes of early trading in Asia on 7 October, prompting the Bank of England to say it was looking into possible causes of the sudden movement. Andrew Bailey, the chief executive of the FCA, said the use of such trading systems had been discussed with companies in the City in the run-up to the EU referendum on 23 June. There had been two financial crises in the past decade, he said, the first about the strength of the banking industry, which called into question our financial stability at the level of the whole system . Facebook Twitter Pinterest Andrew Bailey said the rules brought in since the financial crisis must not be watered down. Bailey, who took over at the FCA in July after a long career at the Bank, was setting out his mission for the regulator as he pledged to clean up the behaviour of major financial companies after a very sorry history of scandals. (news.financializer.com). As reported in the news.

debt rout: The debt rout was led by gilts as data showing faster-than-estimated U.K. economic growth left traders betting on virtually no chance the Bank of England will cut interest rates through the end of 2017, according to Bloomberg. Treasury yields jumped to the highest since May and the greenback rose against most major counterparts amid bets on a Federal Reserve hike in December. Oil climbed with the dollar. Stocks fell on mixed earnings, while Amazon.com Inc. plunged in extended trading after projecting sales that may miss analysts' estimates. Traders sent bonds toward their worst monthly slide since 2014 on speculation the global economy is becoming strong enough to withstand a shift away from ultra-easy policies. Oil approached $50 a barrel. (news.financializer.com). As reported in the news.

gender: This reflects "the continued existence of a gender gap in income for Australia" and the rise of other nations on the measure since 2006, when Australia ranked 15th, according to Nine News Australia. Australia ranking reflects a score of 0.72 points, which was unchanged from a decade ago. Australia ranks 46 out of 144 countries in the group latest global gender gap index measuring women earnings and job opportunities against that of men. It now ranks under the US, on 45, and a long way below New Zealand, which cracked the top 10 countries at nine. The report pointed to the importance of government investment in child care support for women, to boost workforce participation as well as to create jobs. Overall, Iceland and Finland ranked highest on progress in equality in education, health and survival, economic opportunity and political empowerment. (news.financializer.com). As reported in the news.