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

china: He was given a red carpet welcome Tuesday by his Chinese counterpart, Li Keqiang, according to The Japan Times. After meeting at the Great Hall of the People, they oversaw the signing of agreements, including a memorandum of understanding on defense cooperation. Prime Minister Najib Razak hopes to use his visit to Beijing this week to woo new investment and boost his image as he is shunned by Western leaders over the scandal, which has prompted a U.S. government investigation, analysts say. We have not touched upon the details of our cooperation. As China and Malaysia are both South China Sea coastal nations, we need to enhance our naval cooperation to ensure peace and stability in the South China Sea and enhance our mutual trust, he said. Mostly we are focusing on naval cooperation, Vice Foreign Minister Liu Zhenmin told reporters afterward. (news.financializer.com). As reported in the news.

clinton: Clinton lead in most polls widened in recent weeks, though that margin had appeared to tighten ahead of the FBI news, according to Market Watch. Polls conducted in the wake of the FBI announcement have shown mixed results but no major shift. See:FBI Clinton probe is a 'black swan' that could swing the election: Citi Read:Expect jittery, jumpy markets as FBI investigation continues to unfold Financial markets are thought to have largely priced in a Clinton victory over Republican challenger Trump. The Mexican peso USDMXN, +0.7228% has been getting a lot more attention than normal lately. A weaker peso is viewed as a sign that Trump prospects are improving, while a stronger peso reflects expectations for a Clinton victory. Due to Trump signature pledge to build a wall to prevent illegal immigration from Mexico and his hostility to trade deals, including the North American Free Trade Agreement, the peso is serving as a market-based proxy for Trump Election Day prospects. (news.financializer.com). As reported in the news.

flip-flop shop: The Flip-Flop Shop is piled high with sacks of sugar and pasta, according to The Guardian. Four of the town seven butchers have given up carving meat and switched to flogging grain. Boutique Charmoso has stopped selling smocks and bikinis and started hawking rice and flour. Boxes of cooking oil fill the lobby of the Amazon hotel. I went for a haircut last week, but even my salon has switched businesses, said social worker Socorro Lopes. Drinkers at the Ronaldo Bar have to weave between stacks of produce. (news.financializer.com). As reported in the news.

gold bricks: Everybody wants a piece of this populist narrative, including voices on the left, according to The Guardian. Mayor Sadiq Khan himself has cheerfully cranked out those crowd-pleasing lines about luxury housing units being stacked up like gold bricks both before and since he got elected back in May. Assigning blame to speculators from distant lands said to purchase job lots of posh flats in skyline-wrecking towers then coolly leave them empty as their value goes through the roof reveals a Ukip streak in a Remain-voting city where 37% of people were born abroad and over 300 languages are spoken. How interesting, then, to report that his recently announced inquiry into the impact of foreign property investment in London recognises that reality might not bear out the rhetoric. Paragraph two acknowledges public concerns about the role that overseas money plays in London property market, but goes on: The GLA wants to ensure any discussion of policy responses is underpinned by clear evidence and understanding. We welcome investment from around the world in building new homes, reads the first paragraph of a ten-page briefing document sent out by City Hall housing and land directorate to universities and other bodies that might be interested in bidding for the £40,000 research job. (news.financializer.com). As reported in the news.

investors hope: The industry is aiming to show NSW is free of the pest Queensland fruit fly during the cherry growing season, according to Australian Broadcasting Corporation. But in the short term growers and investors hope an export trial with NSW irradiated cherries to Indonesia will convince China. Cherries from mainland Australian growers are only allowed into China by a slow sea journey with the fruit subjected to cold treatment of one degree, to wipe out pests. Co-founder Wise Cap Funds Management, Kobe He, believes there is a bright future for the NSW and Victorian cherry industry. "If we can use the irradiation pilot to prove to the Chinese government that using this technology gets rid of the flies, there are certainly opportunities to start talking to the Chinese government to see what we can do," said Mr He, whose clients include Chinese and other Asian investors. Photo: Traps for Queensland fruit fly are being monitored at 17 cherry businesses in NSW Department of Primary Industries plant bio-security officer Lloyd Kingham said there was already a large body of evidence to show Queensland fruit flies did not breed or lay until the end of the southern NSW cherry harvest. "What we've done is put out a whole heap of Queensland fruit fly traps on 17 different cherry businesses across southern NSW to prove the theory," Mr Kingham said. Cherry season fruit fly free In the long run NSW growers hope a fruit fly trapping program will show the region is free of the endemic pest during the cherry season. (news.financializer.com). As reported in the news.

journalists: This is one of the largest amounts of counterfeit euros ever encountered, he told journalists in Plovdiv, after one of the counterfeiters confessed and led authorities to the hiding place, according to The Guardian. The exact value of the haul will be established after the notes are dried and counted, said the Plovdiv appeal prosecutor, Ivan Daskalov. The seizure of the counterfeit €500 notes, most of which had been stashed underwater near a dam in the south of the country, was made after police were told they would be imminently entering circulation, said Bulgaria chief prosecutor, Sotir Tsatsarov. Most of the bills were stacked in sixes and some lacked holograms and other anti-counterfeiting signs, he said. Three Bulgarians were arrested in connection with the case, including the owner of a printing company who has already been sentenced to six years for counterfeiting money, officials said. Tsatsarov said the fake notes were of an extremely high quality and they only looked used, not damaged, after being in the water. (news.financializer.com). As reported in the news.

jundee mine: Australia third-biggest gold producer, Northern Star Resources, said it was disappointed after entering into a formal power purchasing agreement for its Jundee mine near Wiluna in January, according to Australian Broadcasting Corporation. The multi-million-dollar project would have represented the first deployment of Enerji heat-to-power technology in Australia. Map: Wiluna 6646 The construction of a green power plant at a remote Western Australian gold mine has been shelved indefinitely after creditors of ASX-listed thermal energy company Enerji called in administrators. Enerji Advanced Thermal Energy Node 4 — also known as the ATEN-4 plant — uses technology that captures excess and waste heat and converts it to power. Northern Star chief operating officer Stuart Tonkin told the ABC the corporate struggles of Enerji would not affect operations at Jundee, which produced 51,337 ounces of gold in the September quarter. "We're building a new 18 megawatt power plant, and that going full steam ahead," Mr Tonkin said. "This work with Enerji was a complementary project that takes heat and regenerates about 10 per cent of your power. " We're disappointed where they've ended up corporately. "We would have liked to have seen that project come in, but we will just see how they continue with that work. "It doesn't change how we operate at Jundee — it doesn't affect us." Former Australian basketballer Andrew Vlahov left his post as Enerji chief executive in August, and was replaced by acting CEO Adam Boyd as a proposed partnership with construction contractor ECM was revealed. The emission-free technology would have delivered estimated electricity savings of more than $1 million for Northern Star. (news.financializer.com). As reported in the news.

email server: A Washington Post-ABC News Tracking Poll released Tuesday showed Trump had a one-point lead over Clinton as enthusiasm for the Democratic candidate weakened, according to Market Watch. The Real Clear Politics poll average showed Clinton lead had narrowed to 2.2 percentage points from more than 7 points two weeks ago. The ICE U.S. Dollar index DXY, -0.15% a gauge of the dollar strength against a basket of six rivals, fell 0.7% to 97.7270. The narrowing lead follows a string of bad news for the Clinton campaign in the final days before the Nov. 8 election. Anthony Weiner, some of which included metadata linking them to Clinton server. On Friday, FBI Director James Comey said the bureau would reopen the investigation into Clinton misuse of a private email server after finding 650,000 emails on a laptop owned by former Rep. (news.financializer.com). As reported in the news.

islamic state: Even with the decline, foreigners make up more than 70 per cent of tourism revenues, according to Deutsche Welle. Turkey has seen a wave of terrorist attacks by Islamic State, including at the main Ataturk international airport in Istanbul. The number of foreign visitors to Turkey dropped 31.9 per cent in the first nine months of the year, the tourism ministry said last week. The country is also facing renewed conflict with Kurdish militants in the south-east, and armed groups have set off bombs in Istanbul and Ankara. The government has since imposed sweeping emergency laws which have seen dozens of media outlets shut down, tens of thousands of civil servants dismissed and 35,000 arrested. In July, a faction within the military attempted a coup against the government which failed. (news.financializer.com). As reported in the news.

japan intervention: But we are friends, we are also a very major stakeholder, the Japanese economic presence in the U.K. is quite significant, according to The Japan Times. Therefore this important presence will of course have an impact on how the negotiations should be conducted. Of course Japan will not sit at the negotiating table when the U.K. negotiates with the EU, Koji Tsuruoka told lawmakers, including Britain chief negotiator David Davis, at a reception in Parliament in London. Japan intervention, two months after it published a 15-page document setting out its concerns about Brexit, adds to pressure on May to deliver a divorce that gives investors confidence. He praised Nissan courageous statement and welcomed May actions in making this possible. Tsuruoka argued that Japanese industry very large stake in the U.K. economy makes its companies an interested party in the Brexit talks. (news.financializer.com). As reported in the news.

japanese companies: On Monday, the key market gauge lost 21.39 points, according to The Japan Times. The Topix index of all first-section issues finished up 0.17 point, or 0.01 percent, at 1,393.19, after climbing 0.61 point the previous day. The 225-issue Nikkei average gained 17.38 points, or 0.10 percent, to end at 17,442.40. Stocks got off to a weaker start following an overnight fall in U.S. equities. The key market gauges popped up into positive territory in the afternoon after the BOJ, as expected in the market, decided to keep its monetary policy unchanged at its two-day Policy Board meeting through Tuesday. Weaker-than-expected earnings reports released Monday by major Japanese companies also pushed down the market, with the Nikkei average briefly losing over 80 points in the morning session. (news.financializer.com). As reported in the news.

portfolio moves: A common theme emerged among those bucking the trend: Netflix NFLX, -0.78% was the most uniquely owned security for the moneymakers, according to Market Watch. In fact, the winners were three times more likely to be holding the stock than the losers. According to Openfolio, a site where more than 80,000 users share information on their portfolio moves, four out of five investors lost money last month, the market worst stretch since January. As you can see by this chart, Netflix, which was the ninth most popular holding, was the biggest wealth generator. Caption outside of wrapper for normal article images At the same time, it looks like investors have been taking profits on Netflix as the stock took the biggest hit in popularity. GoPro GPRO, +2.88% not so much. (news.financializer.com). As reported in the news.

liquidation day: Key points:Day earlier signalled his intention to resign, but pulled back on that announcement Pressure has been mounting on him to resign after his company went into liquidation Day says he will now work with those affected by the closure of his company His resignation deprives the Government of a certain vote on its Australian Building and Construction Commission legislation, according to Australian Broadcasting Corporation. Pressure had been mounting on the now-former senator to resign as his construction company crumbled. Related Story: Bob Day playing 'silly politics' and should quit, say Labor, Greens Related Story: Bob Day could stay in Senate if white knight saves troubled company Related Story: 'I will repay all debts': Day pledge as political career ends Map: SA Family First senator Bob Day has tendered his resignation, effective immediately. As Home Australia went into liquidation, Mr Day signalled his intention to resign, but later appeared to pull back on that announcement as an investor circled his failed business. It has been an honour and a privilege to serve as a senator for South Australia and I am sorry it has ended this way." South Australia parliament will now have to convene a joint sitting to appoint a replacement, a process which requires seven days' notice. In a statement issued today, he said that potential investors would not be financing his company. "While a number of offers for various parts of the Home Australia business have been received, the major investor who has been examining the group portfolio of assets over the past fortnight, has decided not to proceed," he said. "Accordingly, I have today tendered my resignation to the president of the Senate effective immediately. (news.financializer.com). As reported in the news.

pool photoelectric: While restructuring and reinvigorating traditional industries, the province has invested in new industries to help the recovery, according to Xinhua China. A hi-tech industrial park to pool photoelectric and intelligent manufacturing firms is under construction in capital Changchun, targeting 20 billion yuan in output by 2020. Of the 28 provinces, municipalities and autonomous regions that have released GDP growth figures for the first three quarters of the year, 18 reported faster or equal growth to that in the first half. "The growth gap between regions has narrowed," said Zhang Liqun of the State Council development research center. "The economic pressure in regions like the Northeast and Shanxi has eased and their economies are recovering." SHINING UP THE RUST BELT Jilin, a province in China northeast industrial heartland, announced on Saturday that its GDP grew 6.9 percent year on year in the January-September period, exceeding the national average for the first time since the first quarter of 2014. Of the other two provinces in the old industrial rust belt, Heilongjiang seems likely to report 6.7 percent growth. Liu Yuanchun, president of the national academy of development and strategy at Renmin University of China, believes the figures show pro-growth policies taking effect. Liaoning is expected to show some improvement after shrinking in the first two quarters. (news.financializer.com). As reported in the news.

steve benen: Photo by Hector Vivas/Latin Content/Getty Trump stretched tax loopholes 'beyond any recognition' 11/01/16 11:20 AM By Steve Benen The fact that Donald Trump didn't pay federal income taxes for many years is not in dispute – because the Republican presidential candidate admitted it during a nationally televised debate, according to MSNBC. There is some question, however, about whether or not Trump exploitation of tax loopholes was entirely legal. Republican presidential candidate Donald Trump is seen during a press conference at Los Pinos on Aug. 31, 2016 in Mexico City, Mexico. The *New York Times* reported last night that the answer may not cast the GOP nominee in a positive light. Trump avoided reporting hundreds of millions of dollars in taxable income by using a tax avoidance maneuver so legally dubious his own lawyers advised him that the Internal Revenue Service would most likely declare it improper if he were audited. N ewly obtained documents show that in the early 1990s, as he scrambled to stave off financial ruin, Mr. (news.financializer.com). As reported in the news.

tech-driven initiatives: Gannett target was elusive from the beginning, with a publicly contentious back-and-forth between the two companies, according to The Toronto Star. Tronc, formerly known as Tribune Publishing, had rejected at least two bids from Gannett since April, saying it preferred to go it alone and focus on tech-driven initiatives involving artificial intelligence and global expansion in entertainment news and video. By Associated Press Tues., Nov. 1, 2016 NEW YORK—USA Today publisher Gannett walked away Tuesday from its attempted takeover of Tronc, the owner of the Los Angeles Times, Chicago Tribune and other major dailies. Tronc stock lost more than 12 per cent Tuesday. But it kept its sales guidance for the year and raised a profit forecast. After the stock market close, Tronc reported third-quarter results showing its revenue declined in both its traditional and digital businesses. (news.financializer.com). As reported in the news.

week: Trump campaign has so far reserved $17.4 million this week, but announced on Tuesday morning last-minute plans to buy additional airtime in new terrain like Michigan and New Mexico, according to CNN. Allied groups are throwing in another $1.1 million. Donald Trump campaign said Tuesday it would spend $25 million on advertising during the final week, but he is still scheduled to be outspent by Hillary Clinton thanks to her more-organized and better-funded network of outside groups. Bracing for the final stretch Clinton campaign is spending just shy of $14 million in the final week. Voters in the three largest battleground states will see upwards of $20 million in television ads. Priorities USA Action, the primary super PAC supporting her bid, is putting up another $9.7 million. !function b.get Element ById Read More All told, after the long and expensive struggle, the closing arguments between will play out as a $44 million bout, according to data from Kantar Media/CMAG, a company that tracks political advertising. (news.financializer.com). As reported in the news.

educators council: Somewhere between the two lies my dilemma in getting fully behind the Cash for Candy campaign being pushed this year by the National Financial Educators Council . There are way too many killjoys these days trying to improve upon great traditions — particularly around holidays — that so many of us hold dear, according to Market Watch. To that end, the idea that nearly 100 kids would walk through my neighborhood on Monday night and that I'd be the spoil-sport who stiffs them on candy is appalling. I hate cleaning raw eggs off my house and picking toilet paper out of my trees. I see the potential for money lessons, where candy that my daughter hated earned less money, but her treasured favorites were worth more, allowing her to make real economic decisions. I'm all for letting kids be kids, and having a blast creating a lifetime of Halloween memories. Being the weird guy who gives money for Halloween is no more appealing to me than being the strange person dishing out granola snacks. (news.financializer.com). As reported in the news.

japanese-claimed islands: The package is believed to be part of Tokyo efforts to make progress on resolving a decades-old territorial dispute over Russian-held, Japanese-claimed islands off Hokkaido when the leaders hold their next summit in December, in Japan, according to The Japan Times. The two governments plan to embark on a pilot project in the southwestern city of Voronezh, which has a population of about 1 million, and expand to other regions, the sources said Friday. The move comes as the two countries work on an eight-point economic cooperation package Prime Minister Shinzo Abe proposed to Russian President Vladimir Putin in May. Putin has a strong interest in developing cities that have been grappling with issues ranging from traffic congestion and waste disposal to obsolete housing, the sources said. The territorial dispute over Etorofu, Kunashiri and Shikotan, as well as the Habomai islet group has prevented the two countries from signing a formal peace treaty to end World War II. The working group, which will include Japanese and Russian governmental bodies and companies, will study introducing high-tech traffic lights to alleviate congestion and a system to utilize waste heat from an incineration facility to heat pools and houses, sources close to the matter said. (news.financializer.com). As reported in the news.

refugees: In-kind food receiving household adds 850 dollars, according to Global Times China. The report dubbed "Economic Impact of Refugees Settlement in Uganda" also showed that the land that government gives one refugee household generates up to 220 dollars annually for the local economy. "Now we can say with confidence that when the government provides land to refugees, and WFP provides cash, incomes multiply and spread economic benefits to both the refugees and the Ugandan communities that have welcomed them," said Cheryl Harrison, WFP Deputy Country Director. The UN World Food Programme study carried out by researchers from University of California, Davis showed that each cash-receiving refugee household adds up to 1,100 US dollars to the local economy annually. She said the impact will be higher next year as the number of cash beneficiaries will be increased from the current 65,000 to 200,000 people. Uganda is globally acclaimed as having one of the best refugee policies that can be a model to the rest of the world regarding the management of displaced people. Edward Taylor, the lead researcher, said the cash transfer and local purchase from the host communities has multiplier effects like stimulating agricultural growth. (news.financializer.com). As reported in the news.

adelaide meeting: Photo: Joan earns more than $50 a week collecting cans in Adelaide, according to Australian Broadcasting Corporation. Photo: Joan says collecting bottles and cans allows her to afford coffee and cigarettes. Story Hunters' Melanie Garrick spent a day in Adelaide meeting the humans of can and bottle recycling. Photo: Joan walks around homes in her block, collecting bottles. Joan, $50 a week: 'So much waste' Joan has been collecting for more than 20 years. "It healthy because you're walking or riding a bike, it brings in a bit of extra money, being on a pension, that always handy, it makes a difference between scraping through," she says. Photo: Joan goes through a recycling bin to find cans and bottles. (news.financializer.com). As reported in the news.

air conditioners: All the company major products including refrigerators, washing machines, air conditioners and water heaters saw their market share grow during the period, Haier said, according to Xinhua China. Its refrigerators and washing machines both took over 27 percent of the whole market, said the Qingdao-based company, citing statistics compiled by China Market Monitor Company. In the first nine months, Haier raked in 3.5 billion yuan of net profit on the back of 18.8-percent growth in business revenues, which stood at 84.3 billion yuan, according to a statement the company filed to the Shanghai Stock Exchange. Haier experienced a brisk third quarter, during which the company net profit rose 22 percent and business revenue surged over 50 percent. The company attributed the performance mainly to the adjustment of its product structure, improvement in operating efficiency and contribution made by GE Appliances which Haier acquired earlier this year. (news.financializer.com). As reported in the news.

brexit: The EU did not stop Britain embrace of the world; instead, it was and is a crucial bridge to it, according to The Guardian. While Brexit campaigners' rhetoric may be of global openness, their actions betoken retreat. It was a seductive cry, but was a lie from top to bottom. It is not from the left that we have to fear an Orwellian dystopia in which words are manipulated, never to mean what they purport to mean, but from rightwing Leavers. Universities, dedicated to learning, teaching and research, are indispensable building blocks of any civilisation. This is nowhere clearer than in the intense threat now facing British universities, one of the UK great national and international assets. (news.financializer.com). As reported in the news.

forex transactions: All forex transactions are being conducted normally, according to a statement from the State Administration of Foreign Exchange . However, the regulator has demanded banks examine the authenticity of transactions more closely and ensure their compliance with current rules, SAFE said, according to Xinhua China. The clarification followed media reports that SAFE had given "window guidance" to banks, instructing them to narrow an expanding deficit between forex sales and purchases amid concerns over capital outflow and the yuan weakens against the U.S. dollar. Regulation is consistent with the past with no policy changes. The reports were inaccurate, SAFE said, while emphasizing the need for better monitoring of cross-border capital flows and vigilance against illegal forex trading. The central parity rate of the Chinese yuan against the U.S. dollar weakened to a six-year low on Friday, as expectations of an interest rate hike in the United States grew. Chinese banks saw a net forex sales of 69.6 billion U.S. dollars in the third quarter, up from 49 billion U.S. dollars in the second, but much lower than the 124.8 billion U.S. dollars in the first. (news.financializer.com). As reported in the news.

tearful silence: By Brennan Doherty Staff Reporter Sat., Oct. 29, 2016 The figures spewing from ticker machines on October 29, 1929, stunned thousands of Torontonians gathered at the city brokerage offices into hushed, tearful silence, according to The Toronto Star. One Toronto man even fainted. It suffered the worst loss of its history on October 29, 1929--triggering the Great Depression. He was quickly dragged into the back of a brokerage office and left to recover—on his own—while his companions rushed back to the stock board to watch their investments evaporate. A mob shoved its way onto the frantic trading floor—so vast the TSX building doors couldn't close—adding their voices to those of the men on the floor desperately trying to sell stocks. On the Toronto Stock Exchange trading floor, the chaos was likened by the Star to the Battle for Bull Run, with the scampering for cover and finding no cover. (news.financializer.com). As reported in the news.

aer lingus: This comes on top of a €148m currency hit in the second quarter, according to The Guardian. Bookings also suffered because of the Brexit vote, especially for business travel. IAG, which also owns Vueling, Iberia and Aer Lingus, had a bumpy ride in the third quarter as profit took a €162m hit from the pound tumble and air traffic control strikes, which led to repeated flight cancellations. Facebook Twitter Pinterest Willie Walsh, the IAG chief executive, said operating profit was expected to be about €2.5bn for this year. The vote to exit also created volatility in the foreign exchange markets. Photograph: Niall Carson/PA The IAG chief executive, Willie Walsh, said: The group experienced weak trading conditions in June leading up to and following the vote, with an emphasis in premium cabins. (news.financializer.com). As reported in the news.