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

attorney: It a scenario that has a lot of investors worried, according to The Guardian. I think we'd have to brace for tremendous volatility and an initial drop in the market, says Timothy Fisher, a New York-based tax attorney and an investor with retirement savings invested in stocks and bonds, and in whose eyes this election involves both high political principles and economic arguments. Imagine, if you can, beginning the trading day on Wednesday with those words ringing in your ears. Like his peers, Fisher has been watching the last-minute shifts in the polls anxiously. Their response Think Brexit and multiply. Trump, he argues, simply wouldn't be a good president for financial markets or for investors – or for the economy as a whole, given that his adversarial approach to dealing with trading partners could dampen export earnings for US businesses and hurt the country GDP. Asian shares slide again after market 'fear index' spikes for eighth day Read more Fisher and other investment strategists and economists have been burning the midnight oil of late, analyzing what a Trump victory would mean for the United States. (news.financializer.com). As reported in the news.

salt: Celebrity demographer Bernard Salt kicked off the latest round of baby boomer advice for their kids, and in some cases grandkids, with a throwaway remark about the number of young people eating expensive smashed avo brunches, which presumably should be the preserve of older home owners, according to Australian Broadcasting Corporation. Mr Salt anecdote was comprehensively demolished by Greg Jericho, who used statistical evidence to show that Gen Ys actually spend much less on food, alcohol and recreation as a percentage of their income than their parents did, and much more on housing. Related Story: Why Gen Y should jump in and buy a house Map: Australia The myth of the profligate Gen Y refuses to die. But the myth that, as a generation, the baby boomers were so much better at saving than Gen Y and that is how they amassed the unprecedented wealth they now enjoy is almost impossible to kill. The first one conflates cause and effect - home owners have more wealth than renters, therefore home ownership must be a generator of wealth. My colleague Andrew Robertson revived it in two articles last week. (news.financializer.com). As reported in the news.

clinton: Some analysts are putting a $US100 premium on it if Democrat Hilary Clinton wins, according to Australian Broadcasting Corporation. That jumps to $US200 if Republican Donald Trump becomes the president. Related Story: Economist says Trump win would hurt Australian miners, farmers Related Story: Resolute Resources offers dividends in gold as local bullion price soars Related Story: Brexit sends gold higher as cloud hang over mining investment from key London financiers Map: Perth 6000 Gold, the traditional store of wealth and a so-called safe haven, is set for a price rise on the back of the US presidential election, regardless of who wins. Monetary Metals' Bron Sucheki said given the global uncertainty that surrounds the outcome of the election, the price could go even higher. "Gold is a classic asset class that investors run to when there any uncertainty. "I think the US election sure meets the definition of uncertainty if ever there was one." Analysts say investors are already piling into physical gold and paper gold as a hedge against currency concerns. At the same time, the price of gold soared. "The uncertainty isn't just about the election outcome, but even after the election, how will the new president deal with the potentially hostile Congress and whether they'll be able to get their policies through," Mr Sucheki said. The British pound dropped to its lowest level in 30 years in the wake of the Brexit vote and is yet to recover much ground. (news.financializer.com). As reported in the news.

degree: Initial reports say 100 bodies were found, many of them decapitated. * I'm fascinated by the degree to which international investors desperately want Donald Trump to lose: The U.S. stock market closed its final day of trading before the presidential election with a strong surge, according to MSNBC. One day after FBI Director James Comey told Congress his agency was sticking with its opinion that Hillary Clinton should not be charged over her emails, the Dow Jones industrial average jumped 371 points, its strongest day since March. * Coming home: A Marine veteran detained in Yemen for more than a year was released Sunday after diplomatic negotiations, the State Department announced. The temblor triggered fears that key infrastructure may have been damaged and century-old buildings left unsafe in the latest Oklahoma town rattled by increasingly strong quakes. * Mosul: Iraqi military and police forces said Monday that they have uncovered a mass grave in a small town south of the Islamic State-held city of Mosul. The detainee, Wallead Yusuf Pitts Luqman, 37, was abducted in April 2015 as he tried to leave the country after having taught English there for two years. * Antarctica: As the first election results roll in, and the rest of the world sits glued to screens, U.S. Secretary of State John F. Kerry will be in the air, en route to Antarctica…. Kerry 'will meet with scientists and researchers studying a wide range of subjects in the extreme south of the planet, including climate change,' according to the State Department. 'He will also see firsthand part of the recently established Ross Sea Region Marine Protected Area, which came into existence last week, is the world largest, and was pushed heavily by Kerry and the Obama administration. * Janet Reno, the first woman to serve as U.S. attorney general and the epicenter of several political storms during the Clinton administration, has died. Reno died early Monday from complications of Parkinson disease, her goddaughter Gabrielle D'Alemberte told The Associated Press. She was 78. (news.financializer.com). As reported in the news.

basis points: This leaves money managers with few buffers against big political missteps by Prime Minister Theresa May government, according to Global Times China. Ten-year gilt yields have risen 40 basis points, to 1.186 percent, since May criticized ultra-low interest rates on October 5 at the ruling Conservative Party annual conference. Though benchmark sovereign bond yields have climbed in the past month, this is largely explained by rising inflation expectations and fading hopes that Bank of England Governor Mark Carney might ease policy further. Her comments sparked concerns about political pressure on the Bank of England, which has independence to set monetary policy. But the recent market moves could also reflect changing expectations of higher interest rates. If politicians did start meddling with interest rates, investors should in theory demand a higher risk premium to hold gilts. (news.financializer.com). As reported in the news.

diesel engines: The announcement is a fresh blow to VW efforts to move on from the worst crisis in its history, which erupted after the group admitted in September 2015 to installing software in 11 million diesel engines worldwide that could dupe emissions tests to make the cars seem less polluting than they were, according to The Japan Times. Prosecutors in the German city of Brunswick are already investigating former CEO Martin Winterkorn and another former board member for allegedly holding back information from investors in the days after the scandal erupted. VW said the probe had now also ensnared board Chairman Hans Dieter Poetsch, who was only appointed last year, and would focus on his previous role as the group chief financial officer. The carmaker said in a statement it would stand by Poetsch, who was VW finance chief for over a decade before he was named supervisory board chairman in a reshuffle a month after the crisis broke. By law, listed companies are required to disclose information that could affect market prices immediately. Based on careful examination by internal and external legal experts, the company reaffirms its belief that the Volkswagen board of management duly fulfilled its disclosure obligation under German capital markets law, VW said. (news.financializer.com). As reported in the news.

exchange operations: The central bank attributed the drop of the GIR on the "outflows arising from payments made by the National Government for its maturing foreign exchange obligations, foreign exchange operations of the BSP and revaluation adjustments on the BSP gold holdings resulting from the decrease in the price of gold in the international market." However, these were partially offset by the reclassification of Renminbi-denominated accounts from non-reserve to reserve eligible assets and the NG net foreign currency deposits, along with the BSP income from investments abroad, according to Global Times China. The Monetary Board approved the inclusion of the Chinese Renminbi in the official international reserves of the BSP effective Oct. 13 to ensure the availability of the said currency to the banking system in consideration of the rising economic and financial importance of China. "The end-October 2016 GIR level can cover 10.0 months' worth of imports of goods and payments of services and income," the central bank said. Bangko Sentral ng Pilipinas Officer-in-charge Vicente Aquino said the October level was lower by 0.39 billion US dollars than the September GIR of 86.14 billion US dollars. It is also equivalent to 6.1 times the country short-term external debt based on original maturity and 4.4 times based on residual maturity, it added. (news.financializer.com). As reported in the news.

bond: Canadian investors will benefit from the deeper credit platform, dedicated 25-member macro research team, integrated strategy and risk positioning, and risk-focused portfolio management. "The vast research capabilities of IFI place Invesco at the forefront of the Canadian fixed-income market," said Greg McGreevey, CEO of Invesco Fixed Income. "In fixed-income markets, size matters, according to Market Watch. Bringing the full strength of IFI to the Canadian market will provide investors with unparalleled access to markets around the world." Jennifer Hartviksen, Head of Invesco Fixed Income in Canada, will continue to be responsible for portfolio management of Invesco Short-Term Bond Fund, Invesco Canadian Bond Fund/Class, Invesco Global High Yield Bond Fund and Invesco Advantage Bond Fund, and the fixed-income sleeves of all Trimark balanced funds. With 165 investment professionals managing US$269.8 billion in assets worldwide, the Invesco Fixed Income team is bringing its full set of resources, expertise and capabilities to bear in Canada. However, she and her team will now leverage the full platform of macro and credit research generated by the IFI team to manage those portfolios for Canadian investors. The Fund will benefit from the team 27 years of experience in managing senior secured loans. "Senior secured debt can play a crucial role in mitigating the risks posed by rising interest rates - an environment many now expect in the U.S. by the end of the year," said Scott Baskind, Head of Global Senior Loans and Chief Investment Officer at ISSM. "Our Senior Secured Management team pioneered floating-rate investing, and we're excited to manage this asset class on behalf of Canadian investors." The team developed one of the first institutional senior-loan platforms and helped foster the maturation of the syndicated senior-loan market. Sub-advisor change In addition, Invesco Floating Rate Income Fund will be sub-advised by the Invesco Senior Secured Management team, effective November 21, 2016. (news.financializer.com). As reported in the news.

ann: FBI Director James Comey sent shockwaves through the race by telling Congress on Sunday that investigators had worked "around the clock" to complete a review of newly discovered emails and found no reason to change their July finding that Clinton was not guilty of criminal wrongdoing in her use of a private email server while secretary of state, according to Nine News Australia. Whether the announcement came in time to change minds or undo any damage from days of Republican attacks on Clinton as corrupt was uncertain. Both Clinton and Trump will spend the day racing across a handful of key battleground states that could swing Tuesday election, which polls show is extremely close but tilting toward Clinton. Tens of millions of Americans had cast early votes in the 10 days since Comey first told Congress of the newly discovered emails. But Republicans kept up their criticism of Clinton despite Comey announcement. Clinton Democratic allies hoped the FBI finding would be enough to push her over the finish line and end the uncertainty and Republican attacks on her character that dogged her campaign for the last 10 days."The FBI swift and thorough review should finally close the door on this Republican sideshow," House Democratic leader Nancy Pelosi said, adding the election would now be decided "on the merits of the candidates" rather than innuendo. (news.financializer.com). As reported in the news.

england-scotland: On the day of England-Scotland it was out of the question and Gascoigne, a Rangers player at the time, was hyped to the point his team-mates were starting to think he might spontaneously combust, according to The Guardian. I'm not sure emotional control was his style, Southgate recalls, with an element of unmistakable fondness. Those were the days when Paul Gascoigne team-mates felt a collective sense of duty to help, in the carefully chosen words of Southgate, calm him down – or to be brutal about it, get him out of our hair for a couple of hours – and one ploy was to send him fishing in the afternoon with David Seaman, knowing the only occasion when England most talented player could be guaranteed to sit still was if he had a fishing rod in his hand. So, Bryan Robson made him a little fishing rod with a line dangling from it. And there was Gazza, sitting on the side of the big bath in the Wembley dressing-rooms, with his fishing rod. Not a real fishing rod but something they created out of the stuff they found in the medical skip. (news.financializer.com). As reported in the news.

equity firm: However, Ingham shares struggled to take flight, even after its owner TPG slashed the amount of money it planned to raise in the float, according to Australian Broadcasting Corporation. After initially flagging a price of between $3.57 to $4.14 a share, the US private equity firm ended up floating Ingham at $3.15. Related Story: Chicken company Inghams' owners TPG to sell up to 70 per cent Map: Australia Shares in Australia largest poultry producer have eventually climbed modestly in see-sawing trade. Ingham shares initially lost ground despite the lower listing price, falling as low as $3.10 before fluttering back up to $3.20. "While Ingham is a major player in a staple industry, this is a mature market and a stock that will be reliant on productivity gains and cost cutting to achieve growth targets," Ric Spooner, the chief market analyst at CMC Markets, wrote in a note. TPG then slashed the amount it planned to raise in the Ingham listing to $596 million just last week and said 40 per cent of its shares would be sold compared to the 50 to 70 per cent planned in its initial prospectus. "With TPG having reduced the IPO price, the stock will come to market with more positive market sentiment," Mr Spooner wrote. External Link: ASX tweet: Welcome to the market Ingham In October TPG lodged a prospectus that gave Ingham an indicative price of between $3.57 and $4.14 a share and was expected to raise between $767.6 million and $1.12 billion from investors. (news.financializer.com). As reported in the news.

investor anxiety: The US dollar also strengthened and the oil price ticked up by more than 1% in further signs of traders' confidence in a Clinton victory, according to The Guardian. Analysts fear 'volatile' economy – and perhaps recession – under Trump Read more Investor anxiety that the Republican nominee, Donald Trump, might secure the presidency on Tuesday had pushed Wall Street lower for the previous nine days – the longest losing streak in more than 35 years. The three main US indices all ended the day more than 2% higher, following strong gains in markets across the world. Those fears were enhanced following the FBI announcement on 28 October that it was reviewing newly discovered Clinton emails. Four major polls on Monday showed Clinton leading the race for the White House. However, on Sunday night FBI director James Comey told Congress that a review of the new emails had not changed our conclusions that we expressed in July with respect to secretary Clinton . Clinton campaign was also boosted by early voting results, especially in Florida, a key swing state where Hispanic turnout is said to be 86% higher than in 2012. (news.financializer.com). As reported in the news.

nazarbayev: Nazarbayev, who is visiting Japan for the fourth time, and is slated to address Japan upper house of parliament on Tuesday, said he hoped for further support from Japan, particularly in terms of Japan tech know-how, to aid its agricultural, car making and other manufacturing industries, according to Xinhua China. Nazarbayev four-day tour here will conclude on Wednesday. Abe and Nazarbayev, following their meeting, issued a joint communique underscoring their countries' continued cooperation, with both countries highlighting the fact that 2017 will mark 25 years since the establishment of diplomatic ties between the two countries. (news.financializer.com). As reported in the news.

station: Two of the largest properties, the 705,000-hectare Wollogorang and Wentworth station on the border of Queensland and the Northern Territory and the 639,500-hectare Balfour Downs and Wandanya station in WA, both owned by Chinese, almost accounting for the whole 1.46 million hectares reported by the register, according to Global Times China. The soaring amount of Australian land owned by Chinese investors since June has largely been driven by Shanghai Zenith, the Australian arm of real estate developer Shanghai CRED. Shanghai Zenith has settled on the purchases of the 200,000-hectare Mount Elizabeth cattle station and 189,000-hectare Yakka Munga station, both in WA, since June. A flurry of significant land sales in recent months, mostly in Western Australia , has driven the amount of Australian agricultural land owned by Chinese investors to more than three million hectares, more than double the 1.46 million hectares reported by the Australian Taxation Office in June. The developer has also attained approval from the Australian Foreign Investment Review Board to buy more than 400,000 hectares of pastoral land in WA Goldfields region and is part of the likely-successful bid by Gina Rinehart, Australia richest woman, to buy the nation largest network of cattle stations, S Kidman and Co. Danny Thomas, regional director of agribusiness with real estate consultant CBRE, said the boom in Chinese investment in Australia reflected the interest from foreign investors worldwide. "The market is as active at the moment as I've seen it in my professional career," Thomas told Fairfax Media on Monday. Shanghai Zhongfu, a rival real estate developer, purchased the 476,000-hectare Carlton Hill station in WA for 75 million US dollars. (news.financializer.com). As reported in the news.

tech summit: I will be discussing with Prime Minister Modi how we can increase the detail and depth of our trade and investment discussions, and identify what more we can do, now, to unleash our businesses, industries, exporters and investors, May told an India-U.K. Tech Summit in New Delhi at the start of a two-day trip that will take her on Tuesday to the tech hub of Bengaluru, according to The Japan Times. This does not need to wait for us to leave the EU. May, who said she wants Britain to be a global leader in free trade, has said she plans to use the visit to try to reduce barriers to trade with India and pave the way for a post-Brexit free trade deal. Making her first visit to India since taking office in July, May described the potential of the British-Indian relationship as limitless and announced a scheme to make it quicker and easier for Indian business travelers to clear passport control. But with the Indian government keen to secure more access to Britain for students and skilled workers, visa numbers are likely to be a sticking point in any talks. He also called for greater mobility and participation of young people in educational and research opportunities — an apparent reference to the sharp fall in the number of Indian nationals studying in Britain since 2010. Modi said it was vital that India and Britain work together to define the knowledge economy of the 21st century, and invited U.K. partners to get involved in his signature policy initiatives such as his plan to develop 100 smart cities. (news.financializer.com). As reported in the news.

topix index: On Friday, the key market gauge lost 229.32 points, finishing below 17,000 for the first time since Oct. 19, according to The Japan Times. The Topix index of all first-section issues added 15.76 points, or 1.17 percent, to close at 1,362.80 after shedding 21.40 points the previous trading day. The 225-issue Nikkei average jumped 271.85 points, or 1.61 percent, to end at 17,177.21 on the Tokyo Stock Exchange. Buying took the upper hand from the outset of Monday trading as investors took heart from news reports Sunday that the FBI has concluded Democratic presidential candidate Hillary Clinton should not face criminal charges over her private email scandal, brokers said. With the FBI decision, concerns diminished over the Trump risk, or the risk of financial markets entering turmoil if Republican contender Donald Trump wins the U.S. presidential election, according to brokers. The dollar rebound above ¥104 prompted buybacks of a wide range of issues. (news.financializer.com). As reported in the news.

trade globalization: It is important for us that the political framework supports open markets and fair competition and that companies can rely on the principle of legal certainty, according to Deutsche Welle. Republican candidate Donald Trump has repeatedly attacked free trade and globalization. As the Representative of German Industry and Trade , who are you supporting Daniel Andrich: As a general principle, RGIT does not make its own recommendations for elections. He argues that recent trade policy has resulted in a weaker US manufacturing base and a loss of jobs. What your take on it We are monitoring the anti-free-trade rhetoric of the election campaign with great concern. Trump also said he would withdraw from the Trans-Pacific Partnership and renegotiate existing trade agreements. (news.financializer.com). As reported in the news.

unemployment rate: If only we had elected Mitt Romney, according to Market Watch. If only we had placed more faith in the promises of Newt Gingrich and other Republicans. If only we had listened in 2012. Just think where we'd be today. When Romney made that promise, the nation unemployment rate was 8.2%. Today, that rate is 4.9%, according to the Labor Department. I can tell you that over a period of four years, by virtue of the policies that we'd put in place, we'd get the unemployment rate down to 6%, and perhaps a little lower, Romney vowed on May 23, 2012. (news.financializer.com). As reported in the news.

renewal project: On Monday afternoon, Mr Trad announced the "significant urban renewal project" had been given the green light with key conditions."West Village will help set the new benchmark for urban renewal developments in Brisbane and ensure they are set to the standards of a world class city," Ms Trad said in a statement, according to Nine News Australia. She said the decision was based on planning merit alone. The West Village development was called in by Deputy Premier Jackie Trad, who is also the local South Brisbane MP, in September. There were "significant state interests" involved with the development including economic and environmental factors, housing supply and liveable communities, she said. The conditions of the approval include a doubling of publicly-accessible green space, 30 per cent of the site remaining open to the public 24-hours a day and fewer overall apartments. Ms Trad had come under political pressure from green and community groups, who opposed the project. (news.financializer.com). As reported in the news.

stock exchanges: The Chi Next Index, which tracks China NASDAQ-style enterprises, lost 0.7 percent to close at 2,130.30 points, according to Xinhua China. Total turnover on the two stock exchanges shrank to 511.4 billion yuan from 566.4 billion yuan the previous trading day. The benchmark Shanghai Composite Index rose 0.26 percent to close at 3,133.33 points, while the smaller Shenzhen index closed 0.07 percent lower at 10,695.18 points. Companies in coal and non-ferrous metal sectors led the rally, with Shaanxi Heimao Coking up by the daily limit of 10 percent to 9.12 yuan and Yunnan Copper also up by 10 percent to 11.76 yuan. The market has been fluctuating since October as investor expectation has mixed with signs of a stabilizing economy and a weakening Chinese currency. Bucking the bullish trend, Northern United Publishing & Media dropped by the daily limit of 10 percent to 14.56 yuan. (news.financializer.com). As reported in the news.

time: Every time Donald Trump opens his mouth, or every time a poll shows him holding or surging after yet another scandalous episode that would have ruined any conventional candidate, you feel it: we've seen this movie before, according to The Toronto Star. There are significant differences between Trump and late Toronto mayor Rob Ford, obviously: Trump is far richer and prone to ostentatious displays of cartoonishly poor taste, while a black Cadillac SUV given to him by his brothers is as show-offy as Ford ever got. By Edward Keenan Columnist Mon., Nov. 7, 2016 Watching helplessly from Toronto as this strange and savage U.S. election campaign unfolds, it near impossible to avoid a sense of déjà vu. Ford had a common touch and genuine love for retail face-to-face constituent service that Trump shows no evidence of even pretending to. And for all the displays of oblivious racism, sexism, and homophobia Ford forced Toronto to endure, he never whipped up open white nationalist racism quite so proudly and transparently as Trump has. Ford suffered very sadly and famously from addiction problems of a kind that are apparently not among Trump long list of vices. (news.financializer.com). As reported in the news.

ukraine: Meanwhile, Ukraine Deputy Prime Minister Gennady Zubko, who also took part in the forum, said that Kiev is considering the Silk Road initiative as a priority chance for Ukraine to unlock its transit potential. "The Silk Road is an investment artery that connects Central Asia, the largest producer of goods, with the rest of the world, according to Xinhua China. Ukraine is the first European country on this path, and we must fully take the advantage of this position," Zubko said. To assist the accession process, a special "group of friends of China", uniting more than half of Ukrainian lawmakers, was created in the Ukrainian parliament, Gerashchenko said. Ukraine, which plans to launch a regular cargo train service to China next year, has already established a railway link with the countries of Northern Europe and is holding talks with several Central European countries over an establishment of freight train connection, he added. She said that Kiev hopes to attract Chinese investment to produce goods, which will be exported to China and to the countries and regions, which have free trade agreements with Ukraine, namely the European Union, the Commonwealth of Independent States and Canada. "Ukraine could become a manufacturing hub for Chinese investors," Mykolska emphasized. Separately, Ukraine Deputy Economic Development and Trade Minister Natalia Mykolska said that the possible establishment of an international transport corridor linking Europe and Asia in Ukraine will increase the investment attractiveness of the Eastern European country. (news.financializer.com). As reported in the news.

star: But as the stars align for the sell-off, or perhaps more accurately, are engineered into alignment, the city should proceed with caution, according to The Toronto Star. The Star revealed earlier this year that some of Mayor John Tory senior staff and advisers had long been working toward a partial sale of the utility, which could bring in up to $1.5 billion for the cash-strapped municipality. Order this photo Mon., Nov. 7, 2016 The perennial push to privatize Toronto Hydro, the publicly owned power provider, appears to be making unprecedented progress. Last month, Toronto Hydro hired two former senior Tory advisers to lobby council to consider a sell-off. Meanwhile, policy-makers sympathetic to the sale have been chipping away at the traditional arguments against. And last week, Calgary-based energy giant Enbridge Inc. hired another former Tory operative to pitch its purchase of part of the energy provider. (news.financializer.com). As reported in the news.

candidate trump: Donald Trump at the gate Reports in the American media leave no doubt about it: "Trump to open state campaign headquarters in Berlin," it says in black and white, according to Deutsche Welle. Trump "ante portas" - the brutal reality of it: Trump "before the gate"! Correspondent Gero Schliess, who spent three years in the US, knows America quirks And most likely, it will be the Brandenburg Gate. In the worst case scenario, the US election monster wave will roll across Europe and come crashing into Berlin. This, after all, is a site which has made history countless times, not least when former US President Ronald Reagan went at Soviet leader Mikhail Gorbachev head on. Back then, in 1987, Reagan demanded "Mr. For Republican presidential candidate Trump, the site could also offers massive PR potential. (news.financializer.com). As reported in the news.

brexit: But a revival of fortunes has seen him become part of the committee of MPs who will scrutinise the Brexit process in parliament, according to The Guardian. This week he will get his chance to explain to company bosses his views on how they should deal with leaving the EU at a conference organised by the Economist called Business after Brexit. Instead, after his well-publicised battle for the leadership with Boris Johnson – which neither won – he seemed destined to be barracking from the back benches. In front of an audience of executives from middle-sized businesses, the event will consider whether the UK is about to enter a recession, the timetable for Brexit and what should happen during the negotiation period with the EU. Meanwhile Gove will be talking in particular about the future trade deals necessary to boost UK exports. Halfords rides into a headwind Halfords is pedalling hard, but not quite managing to stand still. He is the final speaker at the conference, so let hope he has got his childcare arrangements sorted out. (news.financializer.com). As reported in the news.

tax: The committee was due to return its verdict on Monday, following a snap inquiry into a range of new measures including a 19 per cent income tax rate for working holiday makers, according to Australian Broadcasting Corporation. Labor pushed for hearings after the Coalition backflipped on its original plan to enforce a 32.5 per cent tax on all backpackers' earnings, from the first dollar. Map: Bundaberg 4670 A Senate Economics Committee report on the backpacker tax has been delayed until Wednesday, the ABC understands. During public hearings, Treasury officials told the committee the government never modelled the impact of higher backpacker taxes on the agriculture sector or the economy. On Sunday, Labor leader Bill Shorten told the ABC Insiders program that the Opposition was "open to" a 10.5 per cent tax rate. The Opposition said it would declare a position on the proposal - a 19 per cent tax rate for backpackers, who will also lose 95 per cent of their superannuation in tax when they leave the country - after the inquiry reports back. (news.financializer.com). As reported in the news.