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

beauty: And while the thrice-married former beauty contest owner-cum-Republican nominee has gotten the lion share of coverage, he not the only person women have become angry about, according to The Guardian. Forget fear and loathing. From Donald Trump referencing the size of his penis early in the primary, to his more recent exposure as a serial sexual predator, the election has been bookended by the worst aspects of masculinity. The US election inspires projectile vomiting Barbara Ehrenreich Read more This was the election that saw multiple accusations of assault and harassment made against Bill Cosby. Powerful men who had been in the public eye for decades were made to face the claims of their accusers. Likewise Roger Ailes. (news.financializer.com). As reported in the news.

candidate fortunes: The peso, considered a barometer for investors views on Donald Trump chances, has been roiled as the presidential candidate fortunes ebbed and flowed, according to Bloomberg. Now it the rand turn, with a measure of expected volatility over the next three months rising above that of the Mexican currency as the focus shifts to South Africa President Jacob Zuma and his battle with Finance Minister Pravin Gordhan for control of the country purse strings. With the U.S. election campaign over, South Africa rand has replaced the peso as the currency poised for the biggest politically driven price swings. The rand has closely tracked Zuma fortunes over the past three months, advancing when his position weakened and selling off when Gordhan seemed threatened. You buy the rand or you sell the rand for nine, 10 days or one week, because you know it can flip very rapidly, just on the politics. The volatility is significant because it making the rand a tough trade and rating companies preparing to review the country creditworthiness have cited political uncertainty as a major risk. function global function ad Code markets/article dimensions id 1 0 2 1 10 strategy targeting targeting Modifiers ; ; window ; Short-Term Trade The rand is a real measure of the political risk premium, said Guillaume Tresca, the Paris-based senior emerging-market strategist at Credit Agricole SA corporate- and investment-banking unit. (news.financializer.com). As reported in the news.

country: Increasing agricultural productivity is one of the 146 priority initiatives included in the country economic recovery plan, also known as the president recovery priorities, according to The Guardian. If all goes well, many farmers will double their production this year. The farmer is optimistic that it will be a record yield. The country spends more than $110m annually on importing rice. While Sierra Leone is still a long way from being self-sufficient in its staple food, initiatives such as providing farmers with improved seed rice and fertiliser are part of an extensive plan to jump-start Sierra Leone agricultural sector. In 2014, this represented 4.8% of the country imports, second to refined petroleum. (news.financializer.com). As reported in the news.

hierarchy: Ensuring a smooth transition of power is one of the top priorities the President identified at the beginning of the year and a meeting with the President-elect is the next step, the White House said in a statement, according to Nine News Australia. The US has woken today to a reality even the senior hierarchy of the Republican party had fought, with the 70-year-old celebrity billionaire with no previous experience in office now the oldest president ever elected to a first term. President Barack Obama has invited his successor to the White House later today to plan the transition to a new leader. The forgotten man and woman will never be forgotten again. True to his unpredictable campaign, the real estate mogul delivered a gracious and humble victory speech that praised Clinton for her very long and very hard work. We will come together as never before, Trump tweeted hours after he caused political embarrassment to his Democratic rival Hillary Clinton, the long-held favourite to win who last night stunned when she left her election party without giving a concession town at the Hilton in New York, it was not known whether the victorious Trump would emerge to acknowledge his rival or gloat of his victory. (news.financializer.com). As reported in the news.

clinton trump: Election 2016: Live results and updates as voters go to polls to pick Clinton or Trump Read: Here when polls close in every state on Election Day Also read:How the stock market performs on, and after, Election Day But the punishing campaign between Clinton and Trump, perhaps, has buried the fact that the S&P 500 index SPX, +1.11% and the Dow Jones Industrial Average DJIA, +1.40% aren't doing as shabbily as their previous multiday skid would imply, according to Market Watch. Of course, Monday monster rally, on the back of the Federal Bureau of Investigation clearing Clinton, did its part to lift equities from out of its doldrums, but overall there are a number of reasons for cheer in the broader market and the economy as the historic contest for the White House winds down. The drama-filled battle between Democratic candidate Hillary Clinton and Republican rival Donald Trump likely will come to a conclusion Tuesday. Employment: The U.S. added 161,000 new jobs in October and the unemployment rate fell below 5% to 4.9%. That reflects a tight labor market, and importantly, hourly pay increased 2.8% from October 2015 to October 2016—the most rapid 12-month gain since mid-2009. Check out: Election Day is finally here, with a chance for stocks to rally 30% Corporate earnings Nearly 90% of companies have released quarterly results, with third-quarter earnings on track to grow at about 2.7% compared with the same period last year. Growth The government said a preliminary reading of gross domestic product, the official scorecard for the economy, shows that it expanded at a 2.9% annual clip from July through September—a marked improvement from the first half of the year when the U.S. grew just barely over 1% and the fastest pace of growth in two years. (news.financializer.com). As reported in the news.

firms startups: And now the Irish man in his mid-30s has to make some arrangements to rectify the situation, according to Deutsche Welle. That apart, everything is going smoothly despite the move from Dublin to Lisbon. The Portuguese politicians he waiting for and who seem to be chronically late have made a mess of his schedule on the very first day of the event. Cosgrave said there were just 400 participants in the Web Summit when they started in 2010 - now there are about 53,000 people attending the Web Summit for the tech industry which has been billed as the world largest IT event. Last year, for instance, roughly 900 million euros were pumped into various IT firms and startups. Web Summit chief Paddy Cosgrave Money and business ideas According to Cosgrave, some 1,400 participants are seeking to invest some of their money at the summit. (news.financializer.com). As reported in the news.

ftse ukx: Stocks were volatile as voting got under way in the U.S. contest, which pits Democratic nominee Hillary Clinton against Republican rival Donald Trump, according to Market Watch. The first state results are expected to come in around 7 p.m. The FTSE 100 UKX, +1.07% ended with a gain of 0.5% at 6,843.13, rising for a second straight day. Eastern Time, or midnight London time. Read:A trader guide to watching the election U.K. stocks on Monday rallied 1.7% as part of a global surge in equities after Clinton was again cleared by federal authorities in a fresh review of her email usage. While analysts say the vote is too close to call, financial markets are largely pricing in a Clinton victory. (news.financializer.com). As reported in the news.

multimillionaires: From June 2015 to May this year the yuan depreciated 11 percent against the US dollar, ensuring a relatively high return rate on dollar-denominated assets, according to Global Times China. With diversified financial channels, it is understandable that Chinese multimillionaires are showing more enthusiasm for these assets. The latest finding by the Hurun Research Institute shows a new trend in the investment decisions made by Chinese multimillionaires whose assets surpass 10 million yuan . Of this group, nearly half are likely to further increase their allocation of overseas financial assets, which currently account for 16 percent of their total investment. Hurun research shows that the number of Chinese multimillionaires reached 1.34 million by the end of May, which means there is one multimillionaire for every 1,000 people in China. Ordinary Chinese people have rarely taken part in the yuan exchange rate market, but the emergence of a sizeable affluent class makes these investors an important force in determining the exchange rate. As this affluent class continues to gain prominence, their growing purchasing power for overseas financial assets is likely to affect the financial market as it creates a high demand for the US dollar. (news.financializer.com). As reported in the news.

noise: And former federal trade minister Andrew Robb recently ignited controversy when it was revealed hed joined the company as a senior economic adviser, according to Nine News Australia. The political noise will continue to reverberate for a while yet, Mr OConner said. A year ago Chinese-owned Landbridge won a 99-year lease of the port, sparking concerns from within Defence about the firm taking control of what could be considered a sensitive asset. I lived in Queensland when the Japanese arrived, and anyone who went through that episode would have seen the fear in the faces of everyone every time a bus load of Japanese tourists showed up. Welcome to the maritime Silk Road. Mr OConner said Chinese billionaire Ye Cheng paid 506 million to lease Darwin Port because he knows the increasing wealth and changing dietary tastes from Asia middle class will power demand for Australian produce. (news.financializer.com). As reported in the news.

mexican peso: Key points The Mexican peso has lifted off recent lows in anticipation of Clinton winning the US poll Clinton is seen to represent stability and predictability and a win for share markets Official data show China commodity imports are down 13 per cent from September That is partly because Hillary Clinton represents policy stability and predictability, as well as a continuation and expansion of globalisation, according to Australian Broadcasting Corporation. Sydney-based market strategist Michael McCarthy said he had never seen a market reaction to a political event quite like this one. AP Seth Wenig Related Story China trade remains weak as exports and imports keep falling Related Story Wall Street rallies on growing chance of Clinton victory Map United States Global financial markets have held onto strong gains ahead of the announcement tomorrow of a new American president. There was a lot of enthusiasm and good turnover yesterday but today, movement is subdued and volumes are right down, he said. The Mexican peso has lifted off its recent lows in anticipation of a Clinton win the election. That does suggest not only has the market positioned itself for a Clinton victory, but it quite happy with the positioning at the moment. (news.financializer.com). As reported in the news.

oussama atar: Oussama Atar, a 32-year-old believed to be a member of the Islamic State group, was already a suspect in the March 22 attacks on Brussels but has now been linked to the November 13 atrocities in Paris last year, according to Nine News Australia. He the only coordinator from Syria to have been identified during the investigations, one of the sources told AFP. French investigators have long suspected that the Paris attacks, in which teams of jihadists killed 130 people, were coordinated by one or several people from Syria, but have never named anyone before. AAP French investigators have identified a Syria-based extremist of dual Belgian and Moroccan nationality who is thought to have plotted the attacks in Paris and Brussels, sources close to the case told AFP on Tuesday. Atar, believed to go by the pseudonym Abou Ahmad, is a cousin of the El Bakraoui brothers who blew themselves up in the Brussels airport and metro attacks. Sunday marks one year since the attacks in Paris. Another two cousins, Moustapha and Jawad Benhattal, were arrested on June 18 on suspicion of planning an attack in Belgium during a public screening of a Euro 2016 football match, Belgian media reported at the time. (news.financializer.com). As reported in the news.

producer: The stock market float of Australia largest chicken producer Inghams Group Limited ING landed on one of the most jittery trading days, with uncertainty about the US election and Brexit, according to Australian Broadcasting Corporation. Ingham owners TPG raised about 440 million, 25 per cent lower than earlier expectations. Sydney 2000 There will be pain and gain for poultry farmers who supply Inghams, as they are pressured to help the company cut 200 million in costs over five years. Now meat analysts say Ingham and its contract poultry farmers face some cost cutting and the company must develop new processed chicken lines and exports, to stay ahead. There going to be cost cutting everywhere. The poultry industry is tightly held by several families and private business, so the listing of Ingham has finally given investors a slice of the chicken meat market. (news.financializer.com). As reported in the news.

prosecutors: Prosecutors have 10 days to formally request a trial, according to Xinhua China. He doesnt let factors away from the pitch affect him, Bayern Munich winger Costa said ahead of Brazil World Cup qualifier against Argentina here on Thursday. Spanish judge Jose de la Mata on Monday accepted a request by the Supreme Court to reopen the case against the 24-year-old, after original charges were dropped in July. He is a happy guy, he always thinks positively. Neymar is accused of concealing the true value of his 2013 transfer to Barcelona from Santos. This wont be a problem. (news.financializer.com). As reported in the news.

profit declines: Nissan Motor Co. operating profit fell 14 percent, according to The Japan Times. Mitsubishi Motors Corp. incurred a first-half operating loss for the first time in seven years, as its mileage data manipulation scandal resulted in costly vehicle recalls. Toyota Motor Corp., Mazda Motor Corp. and Fuji Heavy Industries Ltd., which rely on exports more heavily than others, posted operating profit declines of more than 20 percent, as the stronger yen dented profitability on exports. It also logged a record first-half net loss due to special losses related to the scandal. Suzuki Motor Corp. enjoyed record earnings, supported mainly by brisk sales in India. By contrast, Honda Motor Co. secured profit growth thanks to cost cuts and an accounting treatment change for its pension system. (news.financializer.com). As reported in the news.

stock market: Guangdong Meiyan Jixiang Hydropower, one of the insurer targets, had jumped by around 50 percent during a week-long period before Evergrande Life sold its holding at the end of October, which triggered days of price plunges, according to Global Times China. The insurer was reported to have adopted the same strategy in shares of many other companies. Evergrande Life, controlled by property conglomerate Evergrande Group, was criticized for causing volatility in the market by quietly buying shares, hyping the purchases to prop up the prices, and then selling quickly to take profits -- leaving shares to fall sharply and causing investors huge losses. Despite gains from the stock market, Evergrande Life posted a loss of 965 million yuan in the third quarter. The CIRC said it will take timely measures against such cases in the future and improve the supervision over insurance capital. (news.financializer.com). As reported in the news.

stock markets: Federal Bureau of Investigation Director James Comey said in a letter to Congress on Sunday that the agency review of newly discovered e-mails did not find anything to warrant any criminal charges against Clinton, according to Global Times China. The news prompted stock markets across the globe to rally on Monday, notching their biggest gains in weeks. With hours to go before Americans vote, Democratic candidate Clinton has about a 90 percent chance of defeating Republican Donald Trump in the race for the White House, according to the Reuters/Ipsos States of the Nation project. Wall Street had closed lower for nine days in a row through Friday, its longest losing streak in more than 35 years. The greenback was steady against the perceived safe-haven yen at 104.44, well above a one-month low of 102.54 yen plumbed on Thursday. "I think most people are expecting Clinton to be the US president, as shown by the jump in the stock markets," said Kaneo Ogino, director at foreign exchange research firm Global-info Co in Tokyo. "The dollar/yen is firm, but on the upside, around 105 there are still some Japanese exporter orders," he said. The US dollar also perked up from its recent slump and gained against rivals. (news.financializer.com). As reported in the news.

swing states: The 30-year yield TMUBMUSD30Y, -0.53% gained 2.9 basis points to 2.630%. The two-year yield TMUBMUSD02Y, +0.02% rose four basis points to 0.862%. Bond prices and yields move inversely, according to Market Watch. As of 3 p.m. The yield on the 10-year Treasury note TMUBMUSD10Y, -1.99% touched a six-month high, rising 4.1 basis points to 1.867%, its highest closing yield since May 25. Eastern Time, Clinton was projected to lead Trump in all seven swing states, according to Vote Castr, a startup that has joined with media outlets to track polls and turnout in real time. The move was part of a broader reversal across markets, as the S&P 500 index SPX, +1.11% and the Dow Jones Industrial Average DJIA, +1.40% turned positive and the U.S. dollar USDMXN, +0.2026% pivoted lower against the Mexican peso—suggesting that investors' appetite for riskier assets is improving. Yields started off lower, but turned sharply higher in midmorning trading as the early projections began to trickle in. (news.financializer.com). As reported in the news.

technology industry: That more than the 446.9 billion average of analysts projections compiled by Bloomberg, according to The Japan Times. Operating income for the quarter was 334.7 billion, compared with their prediction of 313.9 billion. Net income was 512.1 billion in the period ended Sept. 30, the Tokyo-based company reported on Monday. Sprint revival and steady earnings at home have freed founder Masayoshi Son to focus on his longer-term vision for a company that made tens of billions investing in companies such as Alibaba Group Holding Ltd. and Supercell Oy. Last month, he unveiled plans to form a new fund to invest as much as 100 billion in the global technology industry. Son is betting on the future of connected devices with the 32 billion acquisition of ARM Holdings Plc. (news.financializer.com). As reported in the news.

record: That compares with 17.8 per dollar at National Bank of Egypt as of 2 49 p.m, according to Bloomberg. The pound 12-month non-deliverable contracts weakened to a record 18.35 per dollar. The currency traded at 17.98 per dollar, according to the average quote of three dealers surveyed by Bloomberg in Cairo on Tuesday. Two traders said the market has largely stalled because of uncertainty over rates. A third trader, however, said people shunned by banks were still buying dollars from the black market. Large clients were refusing to buy dollars until they have more clarity over the direction of the exchange rate, one said. (news.financializer.com). As reported in the news.

rupee notes: Key points New 500, 2000 rupee notes will be issued People get 50 days to change their notes Modi says militants use the fake notes Analysts call it a surgical strike on black money As of midnight on Tuesday local time the country two largest banknotes, were no longer considered legal tender Mr Modi made the snap announcement just hours before, according to Australian Broadcasting Corporation. The surprise step appears designed to bring billions of dollars worth of cash in unaccounted wealth into the mainstream economy, as well as hit the finances of Islamist militants who target India and are suspected of using fake 500 rupee 19.75 notes to fund operations. Reuters Danish Siddiqui Related Story India struggles to introduce tax reform amid political bickering Map India Indian Prime Minister Narendra Modi has announced that 500 and 1,000 rupee banknotes will be withdrawn from circulation as part of a crackdown on rampant corruption and counterfeit currency. Black money and corruption are the biggest obstacles in eradicating poverty, Mr Modi said in an address to the nation. People will have 50 days to exchange the old money for new at banks, but only by showing valid identification. New 500 and 2,000 rupee denomination notes will be issued at a later date, he added. (news.financializer.com). As reported in the news.

rupee: The move is an effort to close down the booming economy of untaxed cash transactions, which allows corruption, the funding of terrorist groups, and keeps counterfeit notes in circulation, according to The Guardian. Addressing the nation, Modi said: The exchange of 500 and 1,000 rupee notes being tendered as currency will be stopped from today. In a surprise televised address on Tuesday night, Modi said the demonetisation of India highest-value banknotes, worth about £6 and £12, would start from midnight. Black marketeers and traitors who use black money will not be able to move large amounts of money and 500 and 1,000 rupee notes will become worthless pieces of paper. Modi emphasised that citizens who had 500 and 1,000 rupee notes need not panic, as cash could be deposited at banks or post offices until the end of 2016. Those citizens earning honestly and with hard work, their interests will be protected. (news.financializer.com). As reported in the news.

year: The Laval, Que.-based pharmaceutical company saw its stock tumble as it also cut its forecast for this year, saying it expects a weaker fourth quarter, according to The Toronto Star. Joseph Papa, who was brought in as CEO and chairman earlier this year to turn Valeant around, recited a litany of problems confronting what was once the most valuable company on the Toronto Stock Exchange. By Ross Marowits The Canadian Press Tues., Nov. 8, 2016 MONTREAL—Valeant shares hit a six-year low Tuesday after the embattled drug giant signalled that its financial performance will continue to deteriorate next year following a $1.22-billion loss in the third quarter and expectations of more red ink to come. We continue to need to address legacy issues, including negative press coverage, litigation and talent retention and severance, Papa told investors on a conference call. Article Continued Below He said some of the measures Valeant is taking include further investments in research and development as well as hiring new talent. In summary, we face some challenges, but we are taking specific actions that will put us on the right track. (news.financializer.com). As reported in the news.

treasuries: Following a rout in equity futures overnight, the S&P 500 Index rebounded as waning concern over stronger regulatory scrutiny spurred rallies in drugmakers and banks, according to Bloomberg. Treasury yields topped 2 percent on wagers the Republican will ramp up spending. Treasuries plunged, while copper led gains in commodities. The greenback rose the most since the day after Brexit, Mexico peso sank amid prospects the integration with the U.S. will unravel, while the yen erased gains. Going into the vote, most polls showed Democrat Hillary Clinton ahead. Gold had its busiest-ever trading day.A Trump victory had been portrayed by analysts as having the potential to unhinge markets banking on a continuation of policies that coincided with the second-longest bull market in S&P 500 history. (news.financializer.com). As reported in the news.

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.