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

piwowar: It also may leave a sharply understaffed and gridlocked commission in her wake, according to The Guardian. With White departure, the SEC will be left with only two commissioners, who often staunchly disagree with each other Democrat Kara Stein and Republican Michael Piwowar. Her departure will cap a nearly four-year tenure marked by regulatory and enforcement milestones, as well as internal discord over Wall Street rules. Unless the US Senate confirms two pending SEC nominees during the lame-duck session, the 10th floor that is home to the commissioners at the SEC Washington DC headquarters could become a very lonely place come January. Elizabeth Warren to SEC chair you make a disappointing Wall Street cop Read more White, a former federal prosecutor and Wall Street defense lawyer in her pre-SEC days, said in a farewell interview with Reuters that she did not know what she would do next, though retirement is not an option. Once White departs, Piwowar, as the sole Republican commissioner, will probably be designated by the incoming president, Donald Trump, to serve as acting chairman until a permanent chairman is selected. (news.financializer.com). As reported in the news.

property prices: But for now, it all about domestic drivers, with efforts to rein in property prices tapping the brakes on China consumer, according to Bloomberg. It probably consistent with policy remaining supportive of growth but no further ramping up or ramping down, said Shane Oliver, head of investment strategy at AMP Capital Investors in Sydney. Industrial production rose 6.1 percent from a year earlier in October, compared with median estimate of 6.2 percent in a Bloomberg survey and 6.1 percent in September Retail sales growth slowed to 10 percent, missing estimates for 10.7 percent Fixed-asset investment rose 8.3 percent in first ten months of the year Any sign the world second-largest economy is losing steam may add to uncertainty in the global economy, which already faces the prospect that U.S. President-elect Donald Trump will impose punitive tariffs on Chinese imports. The moderation in retail sales growth is a bit of a disappointment given a desire to continue rebalancing the economy toward greater consumer spending but then again what other country in the world has 10 percent retail sales growth function global function ad Code dimensions id 1 0 2 1 10 strategy targeting targeting Modifiers ; ; window ; China shoppers ongoing spending power was on display on Nov. 11, when Alibaba Group Holding Ltd. For a story on Alibaba Singles Day sales, click here We need to see another month of data, but it could be the consumer participation in growth is declining, said Andrew Collier, an independent analyst in Hong Kong and former president of Bank of China International USA. It harder for the government to control retail sales than FAI or industrial production, which is heavily state-driven. Singles Day posted record sales of 120.7 billion yuan 17.8 billion easily topping last year total of 91.2 billion yuan. (news.financializer.com). As reported in the news.

repair: Key points PM John Key says there is months of work ahead to repair the damage Mr Key says the clean-up could cost hundreds of millions of dollars Road access to the town of Kaikoura has been completely cut off The quake struck just after midnight on Monday, its epicentre striking about 90 kilometres north-east of Christchurch in the South Island, leaving a trail of destruction and killing two people, according to Australian Broadcasting Corporation. It just utter devastation That months of work, Mr Key told acting Civil Defence Minister Gerry Brownlee as they hovered above the damage. ABC News Related Story Two dead after magnitude-7.8 quake strikes near Christchurch Related Story How do bigger earthquakes cause less damage Related Story Rare earthquake lights caught on film in NZMap New Zealand New Zealand Prime Minister John Key has surveyed the damage caused by a magnitude-7.8 earthquake, as aftershocks kicked up dust from the landslides below. He described landslips in the area as just horrendous . In a statement seen by Reuters, Mr Key said of the likely damage bill Youve got to believe it in the billions of dollars to resolve. External Link John Key tweet Defence force personnel were planning to take food, water and other supplies to the small coastal town of Kaikoura, which bore the brunt of the damage, on Tuesday. Mr Key and Mr Brownlee estimated clearing the debris and blocked roads could take months. (news.financializer.com). As reported in the news.

sousa: By Robert Benzie Queen Park Bureau Chief Rob Ferguson Queen Park Bureau Mon., Nov. 14, 2016 Finance Minister Charles Sousa is giving first-time home buyers a land transfer tax rebate of up to 4,000, according to The Toronto Star. Sousa used Monday fall economic statement to announce the tax break for eligible purchasers is being doubled from 2,000. The province Tory finance critic calls the announcement by the Liberals a distraction. The treasurer said the measure funded by hiking rates on houses selling for more than 2 million will have more impact outside the Greater Toronto Area overheated housing market, but stressed every little bit counts. Asked if the city of Toronto the only municipality that is allowed to charge a separate land transfer tax should follow the province lead, Sousa said that up to council. It not going to change their capacity to pay; it not going to change their ability to afford the home; it is going to provide an added boost, he told reporters. (news.financializer.com). As reported in the news.

training program: The two sides will also invest in the production of a China-focused factual entertainment series that will air across the Middle East and North America and fund a training program for young Emirati and Chinese film and TV executive, said the report, according to Xinhua China. The deal is another sign of China increasing interest in filmed entertainment amid several investments that Chinese companies have made in Hollywood. The China Intercontinental Communication Center, a documentary co-production company founded in 1994, signed an agreement on Sunday with Image Nation Abu Dhabi, a leading media and entertainment company in the Arabic-speaking world. In January, Dalian Wanda, a Chinese property and media group that already owns a few U.S. entertainment interests, paid 3.5 billion dollars in cash for the control of Legendary Entertainment, which has produced films such as Godzilla and Pacific Rim. IM Global, a Hollywood financier and sales agency, was sold to Tang Media Partners, a company created by Donald Tang and backed by the Chinese Internet group Tencent. Hejing Culture formed a 200-million-dollar venture with Ingenious Media of Britain in June to co-finance a slate of independent films. (news.financializer.com). As reported in the news.

cash: Anger is brewing with the queues getting longer with each passing day, and the banks and ATMs are running out of cash and limits of daily cash withdrawals make matters worse, according to Xinhua China. I stood in a queue for over three hours and when I reached the ATM counter, I came to know that it out of cash. Long queues of people stayed outside banks and automated teller machines ATMs for depositing as well as swapping with new notes the scrapped notes of 500 Indian rupees 7.5 U.S. dollars and 1,000 Indian rupees 15 U.S. dollars to run their lives. Weekends are a time to relax but my Sunday is ruined due to improper arrangement by the banks. Local TV channels reported stories of desperate people trying to scramble to get rid of black money by burning sacks of ill-gotten cash as well as throwing currency notes away in garbage dumps as well as rivers across the country. I have no valid cash in my purse, said Sanjay Singh, an IT professional in Delhi. (news.financializer.com). As reported in the news.

denmark: And when Britain voted to leave the European Union, cash flowed into Denmark, according to Bloomberg. But with a stock market heavily weighted toward trade, Denmark lost its allure in Donald Trump world. When Switzerland abandoned its peg, cash flowed into Denmark. Some of Donald Trump ideas are pretty negative for Denmark and Danish kroner, said Las Olsen, chief economist at Danske Bank A/S, Denmark biggest lender. function global function ad Code dimensions id 1 0 2 1 10 strategy targeting targeting Modifiers ; ; window ; Danish benchmark stocks dropped after Trump victory. Reading Trump Assuming Trump will set off a U.S. construction boom to build the wall investors anticipating a spike in inflation started dumping bonds last week. The main index, which is dominated by names like A.P. Moller-Maersk A/S, a global shipping giant, and Vestas Wind Systems A/S, the world leader in turbines used to produce renewable energy, lost 3.3 percent last week, moving in the same direction as the MSCI index for emerging markets. (news.financializer.com). As reported in the news.

miner: It also sends out a message to those who would still cling to medievalism, according to The Guardian. The pursuit to restore justice denied can never be time-barred unless you are a miner in the UK. More than 30 years after the miners strike in 1984-85, thousands are still waiting for justice for their treatment. That is why mature, enlightened and liberal democracies will sometimes reach out to groups who have been wronged in another age. Governments north and south of the border have resisted all entreaties because each knows that to accede would be to invite proper scrutiny of the vindictive and sinister behaviour of the police. Amber Rudd announcement that there would be no inquiry into police conduct at Orgreave during the strike was surprising only because she and her officials had previously dropped broad hints that one would be forthcoming. During the 12 months of the dispute, police forces were deployed in the manner of a private army by a government of the hard-right that used every means at its disposal to destroy the miners and their communities. (news.financializer.com). As reported in the news.

minister: That has caused immense hardship, particularly among the poor, according to Australian Broadcasting Corporation. They have turned on the Government and especially the Prime Minister, who jetted to Japan as the crisis unfolded. Reuters Jitendra Prakash Related Story India abolishes larger banknotes in surgical strike against black money Map India Last week India withdrew 85 per cent of the hard currency from its cash-dependent economy, even though replacement notes were not yet ready. So why was it done, and could the pain have been avoided Last night, an emotional Indian Prime Minister Narendra Modi defended the move, which the Government said was aimed at fighting corruption, tax evasion and counterfeiting. Give me time till December 30, Mr Modi said If you find any shortcomings, mistakes or any wrong intention on my part, I will be ready to face any punishment from you. Mr Modi begged Indians to endure the pain until the year end, telling them he would accept any punishment from them otherwise. (news.financializer.com). As reported in the news.

omsk region: The response from some officials was joyous members of the state duma gave a round of applause; Viktor Nazarov, the governor of the Omsk region, announced that Putin party, United Russia, had triumphed in America; and Margarita Simonyan, editor-in-chief of Russia Today TV, tweeted that she wanted to drive around Moscow with an American flag flying from the window, according to The Guardian. But officials higher up the chain treated the news with caution. But for all the professions of mutual admiration between Vladimir Putin and Donald Trump, the mood in the country post-vote should be described as confusion not euphoria. The prime minister, Dmitry Medvedev, said Russia had more important problems to worry about than Trump victory. And Putin spokesman, Dmitry Peskov, said it was too early to say whether the victory would improve Russian-American relations, which have plummeted to a post-cold war low. The foreign minister, Sergei Lavrov, urged people to wait for Trump actions and not focus on his rhetoric. (news.financializer.com). As reported in the news.

brussels correspondent: Accession negotiations still on the table Schulz Instead, Schulz said We as the EU will have to consider which economic measures we can take, according to Deutsche Welle. He warned, however, that should Turkey under Erdogan reintroduce the death penalty - in breach of its obligations within the 47-nation Council of Europe - then accession negotiations would be ended. Schulz told Germany Bild am Sonntag newspaper that breaking off talks with Turkey would rob the EU of the channels to help Turkey opposition and the tens of thousands held in detention since July failed putsch. Trade Erdogan weak spot Schulz remarks followed a commentary Saturday on German public radio Deutschlandfunk by the Brussels correspondent of Handelsblatt Ruth Berschens. His detention comes amid a crackdown on government critics. 11.11.2016 Erdogan tells Brussels to make a decision on Turkey EU membership The European Commission assessment of candidate country Turkey has sparked a heated standoff. DW recommends Report Cumhuriyet publisher detained The publisher was intercepted by Turkish officials upon his arrival from Germany. (news.financializer.com). As reported in the news.

hasn t: How come In a word, uncertainty, according to Market Watch. Donald Trump has espoused a number of loose goals such as tax cuts, reduced regulation, higher defense spending, the end of Obamacare and more concessions from trading partners such as China and Mexico. Can he do the same for the U.S. economy in 2017 The U.S. is steering toward the start of a Trump administration at a tepid 2% pace of growth, but hardly anyone expects the new president with ambitious plans to make America great again to get the economy to sizzle right away. Yet he offered very few details about how and when he ll achieve these goals. That hasn t stopped investors from piling into stocks after Trump pulled off a stunning upset to defeat Hillary Clinton. There is too much that is just unknown yet, said Colin Moore, global chief investment officer at Columbia Threadneedle Investments. (news.financializer.com). As reported in the news.

rupee notes: People are going through great pains, according to Global Times China. I feel that pain. Modi surprised the country Tuesday night when he announced that 500 7.50 and 1,000 rupee notes would no longer be legal tender, in a design to tackle widespread corruption and tax evasion. This scheme is not born from arrogance. I understand the trouble everyone is facing, Modi said at an event in western Goa state. I have seen such adversities up close. (news.financializer.com). As reported in the news.

transition personnel: Gen, according to The Japan Times. Keith Kellogg has been working closely with Trump adviser and retired Army Lt. Some of the individuals listed in an organizational chart of Trump top transition personnel, obtained by The Associated Press Defense and national security Retired Lt. Gen. Kellog was chief operating officer of the Coalition Provisional Authority in Iraq, the interim governing body following the fall of Saddam Hussein in 2003. Mike Flynn, advising the Trump campaign on matters relating to foreign policy and national security. (news.financializer.com). As reported in the news.

p asx: The shock US election result dominated the market moves last week, despite following the US markets down initially, both the US and Australian markets ended the week higher, with the S&P/ASX 200 up 41.9 points at 5,370.7 on Friday, according to Nine News Australia. But that movement is expected to pull back slightly on Monday, Dr Oliver said. AFP The upcoming week on the Australian share market will be a taste of uncertainty that could linger for months as investors try to pin down incoming US president Donald Trump policies, says AMP Capital chief economist. Well probably come off a little bit, maybe 15 points, giving up a little bit of the gains we have seen in the last week, he said. Initially markets sort of fretted about his protectionist policies and the impact on free trade, he said. US politics would remain a strong focus throughout the week as markets continue to evaluate what his presidency will mean, the good and the bad, Dr Oliver said. (news.financializer.com). As reported in the news.

percent: Since the end of June, JPMorgan Chase & Co. real effective exchange rate for the Aussie has risen 4 percent, while Westpac Banking Corp, according to Bloomberg. Australian export commodity index has soared by 43 percent. Now theyre conspicuously quiet as it fails to keep pace with resurgent resource prices. The mismatch is another reason why central bank Governor Philip Lowe is comfortable sitting on his hands he getting an easing of financial conditions without having to touch the monetary policy lever. Given how important the whole terms of trade dynamic has been for the economy and the currency, it makes sense for the RBA just to watch and wait. Indeed, money markets now see little chance the Reserve Bank of Australia will cut interest rates from the current record-low 1.5 percent next year; in fact theyre pricing in some possibility of a hike in November and December. function global function ad Code markets/article dimensions id 1 0 2 1 10 strategy targeting targeting Modifiers ; ; window ; Normally, it a drop in the currency that gives a bit more stimulus to the economy; but in this case it has gone up -- just by not as much as commodity prices -- and that delivering the boost, said Sally Auld, head of fixed-income and currency strategy for Australia at JPMorgan. (news.financializer.com). As reported in the news.

sky news: Im confident that the commercial relationships, economic relationships, will be managed in the national interest, Mr Turnbull told Sky News on Sunday night, according to Nine News Australia. It clearly not in America national interest to have some sort of economic cataclysm, as many have forecast. President-elect Donald Trump has talked tough about putting up tariffs on Chinese imports, but Mr Turnbull expects money to talk the loudest. Mr Turnbull said 80 per cent of the sugar produced in Australia is exported, while the coal industry also exported heavily. AAP 2016Victoria Politics Send your photos, videos and stories to can remain anonymous. In our case it is unquestionably in our interest to have stronger and more open trade around the world, he said. (news.financializer.com). As reported in the news.

trump ascendancy: Financial markets rallied across the globe late last week after the Trump ascendancy with Wall Street surging to a new record, according to Australian Broadcasting Corporation. And all because a few soothing words in the Donald acceptance speech convinced twitchy traders that, hey, he not such a bad guy after all. Reuters Toru Hanai Related Story A Trump presidency could bring a range of economic disasters Related Story US election stakes are high, not just for the US but the world Related Story The markets tell us president Trump is worse than Brexit Map United States So, there really was nothing to fear. For months, the conventional wisdom within the world of high finance was that Trump would be a disaster socially, politically and especially for the economy. That those fears could evaporate so suddenly says as much about the shallow nature of equity markets as it does about the fickleness of the President-elect. A potential Trump victory had a million fingers poised above the sell button. (news.financializer.com). As reported in the news.

weeks: More than 70 million transactions were recorded up to mid-day of Nov. 12, the Ministry of Finance said in a statement late Saturday, according to Bloomberg. There adequate money in the currency chests at more than 4,000 locations and re-configuration of dispensing machines to disburse new notes will be completed within two weeks, Finance Minister Arun Jaitley said. The decision has also put tremendous pressure on the banking system to replenish the funds, as the banned bills accounted for 86 percent of money in circulation. Lenders have been caught out by Prime Minister Narendra Modi unexpected and widely-praised announcement of the withdrawal of 500-rupee and 1,000-rupee notes, part of a crackdown on tax evasion and the underground economy. There are long, but orderly queues. The Reserve Bank of India on Sunday urged the public not to be anxious and avoid going to banks repeatedly to draw and hoard cash. function global function ad Code dimensions id 1 0 2 1 10 strategy targeting targeting Modifiers ; ; window ; A big regret is that people are getting inconvenienced, but currency replacement of this magnitude will cause some problems, Jaitley said at a press conference in New Delhi on Saturday. (news.financializer.com). As reported in the news.

bailout part: Further payments would be made over the next three years, pending five reviews of reforms, according to Deutsche Welle. The program will help restore macroeconomic stability and promote inclusive growth, the IMF board said in a statement. On Friday, the IMF said it had immediately released 2.75 billion to Egypt central bank. IMF Managing Director Christine Lagarde called the bailout part of a homegrown economic program that will help to address longstanding challenges to the economy while protecting the poor and vulnerable. The authorities recognize that resolute implementation of the policy package is essential to restore investor confidence. function link Color 0087eb, width 550, align center ; ; Fears of social instability The bailout package comes after import-dependent Egypt in recent weeks implemented a series of reformsdemanded by the international lender, including floating of the exchange rate, cutting fuel subsidies and passage of a value-added tax to raise revenue. These include a balance-of-payments problem manifested in an overvalued exchange rate and foreign exchange shortages, large budget deficits that led to rising public debt and low growth with high unemployment, Lagarde said. (news.financializer.com). As reported in the news.

china: Having worked as an embassy consular general and a business consultant at his own firm, Caramuru is experienced in dealing with governmental and financial issues in China, according to Global Times China. As the new Brazilian Ambassador to China, Caramuru plans to deepen bilateral ties and boost economic cooperation between the two nations and said he would spare no effort to bring the two rising powers closer. He has lived in the country for nine years, but it has only been one month since he became the Brazilian Ambassador to China. In what ways can China and Brazil strengthen their relations and cooperate to play a more important role in international affairs Global Times GT talks with Marcos Caramuru de Paiva Caramuru to find out. Business and trade between the two have achieved mutual benefits. The China-Brazil relation sets a model for fruitful cooperation among developing countries. (news.financializer.com). As reported in the news.

companies: More companies are investigating the possibility to relocate to Amsterdam, which means more demand in office space in the Dutch capital and in turn lifting investment in real estate, according to Global Times China. We have seen an increase in companies seeking information about setting up an office in the Amsterdam metropolitan area, said Charlene Verweij, International Press Officer at Amsterdam inbusiness, the city agency assisting foreign companies with their operations in the Dutch capital and surrounding municipalities. Firstly, the Netherlands could potentially attract London-based businesses seeking to relocate to continental Europe and, secondly, investors are moving away from London to other markets, Jeroen Jansen, head of research at the property services group Savills Consultancy, told Xinhua. Our efforts are not focused on aggressive promotion, but on offering information about our investment climate and connecting those interested to the business network in the area, Verweij said. What certain is that as the British economy faces uncertainties after the June referendum, the Netherlands has been placed higher on the radar of investors seeking to broaden their real estate portfolio and to gain better yields in a time of historically low interest rates. But Jansen noted that additional growth as a result of companies relocating from Britain could be directly assessed only in 2017 or even after depending on the Brexit negotiations process. (news.financializer.com). As reported in the news.

america commitment: Now, with Trump president-elect and America commitment to protecting the Baltics in question for the first time in decades, it seems to express something much darker, according to The Guardian. This was a joke, about two tyrants, said artist Mindaugas Bonanu, whose image references a famous photo of two socialist leaders kissing that later became a Berlin wall mural. The mural was meant as satire, a nod to the unexpected mutual appreciation between two macho demagogues on opposite sides of the world, and a wink at the long shadow of Soviet history that still hangs over the region. At the beginning we just wanted to show two douchebags kissing each other somewhere in the border between east and west. Trump victory has been greeted with trepidation far beyond America borders. Now it a symbol of how darkest dreams can come true. (news.financializer.com). As reported in the news.

coopers plains: Theyre not places youd expect to see a million-dollar home, but if youve got a large parcel of land of new home you might tip through that mark, Mr Honeycombe said, according to Nine News Australia. Also getting close to the million-dollar price tag are the suburbs of Capalaba, Cannon Hill and Coopers Plains. Peak demand for homes is at an all-time high for Brisbane outer-ring suburbs of Nudgee, Clontarf, Moorooka, Springwood, Kingston and Booval, according to real estate agent Rob Honeycombe of Bees Nees City Realty. Ross Heldom bought his Nudgee property two years ago for 550,000. If we can get 1.6 million well be very happy, Mr Heldom told 9NEWS. New infrastructure like rail lines, tunnels and arterials are making once-relegated areas more desirable, according to Mr Honeycombe. After renovating the cottage and building a new home at the back, he believes it now worth significantly more. (news.financializer.com). As reported in the news.

england boe: Mark Carney, governor of the Bank of England BoE has done so twice, according to The Toronto Star. And he will have done so three times if he can keep the U.K. economy stable during the divorce negotiations between Britain and the European Union. Dominic Lipinski / The Associated Press By David Olive Business Columnist Sat., Nov. 12, 2016 It not often that a person is called upon to navigate a major economy through rough seas. Those two years of talks, to begin in March, were triggered by Britons narrow vote on June 23 to quit the EU. After recent weeks of worldwide speculation that Carney might quit the BoE next year, a relieved Downing Street was able to announce Carney had extended his stay one year until the difficult U.K.-EU negotiations conclude in 2019. Carney, a 51-year-old native of Fort Smith, N.W.T., might be the most important person in Britain. The pound rose in trading that day. (news.financializer.com). As reported in the news.

everyone: I hoped to find a bit of levity within the gathering gloom.I was disappointed, according to The Toronto Star. Colbert, normally never at a loss for words, seemed as nonplussed as everyone else at the unfolding events. Scott Kowalchyk / Tribune News Service By Gordon Pape Building Wealth Sat., Nov. 12, 2016 At 11 p.m. on election night, I switched over to watch Stephen Colbert live special on the U.S. Showtime network. Not even one of the country brightest satirists could find something funny to say. He replied in one word cataclysmic . At that point, I switched back to CNN. Few people ever really thought Donald Trump would win. At one point he asked a guest to compare the stunning results to historic U.S. elections. (news.financializer.com). As reported in the news.