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

amaya shares: David Baazov, who resigned from the Montreal-based company in August, is leading a group of investors that has offered 24 per share for the company, 3 more per share than he suggested earlier this year that he d be willing to pay, according to The Toronto Star. The bid, which values Amaya at about 3.48 billion, represents a 30-per-cent premium from where Amaya shares closed on Friday. Graham Hughes / THE CANADIAN PRESS file photo By Ross Marowits The Canadian Press Mon., Nov. 14, 2016 MONTREAL The founder and former chief executive of online gaming firm Amaya Inc. has turned to financial backers in Hong Kong and Dubai in making a takeover offer valued at 6.7 billion U.S. including debt. The company stock surged more than 14 per cent at 21 in midday trading Monday on the Toronto Stock Exchange. Article Continued Below In February, he expressed to Amaya his interest in buying out the other shareholders at a price of 21 per share. Baazov already holds a 17.2-per-cent stake in Amaya including more than 24.5 million shares and options that entitle him to acquire 387,500 more. (news.financializer.com). As reported in the news.

counts bhp: The Minerals Council of Australia - which counts BHP and Rio as members - commissioned a report that argues the proposed new tax on iron ore would lead to the loss of 2900 jobs in the Pilbara region, 3400 in WA in total and 7200 nationally, according to Nine News Australia. The researchers Deloitte Access Economics say the lift in production costs would discourage BHP and Rio from further investing and so shrink the economy and cost jobs. The WA Nationals leader has proposed a controversial hike in the rental fee paid by BHP Billiton and Rio Tinto from 25 cents to 5 a tonne, arguing that the state two biggest miners can afford to and should pay a fairer share into the public coffers. Its impact would see the Australian economy eventually shrink by 2.9 billion a year as a result of a tax that raised 2.3 billion, MCA chief executive Brendan Pearson said. Premier Colin Barnett recently argued that WA economy remained the nation strongest, despite declines in the last three years but many economists predict it will continue to decline in the next three years due to less mining investment. Deloitte also argued WA economy would be most affected by the supposed loss in mining activity and after allowing for resultant losses in GST grants the revenue for it would be less than 300 million per year. (news.financializer.com). As reported in the news.

death penalty: Robert Andrew Fiddes Ellis was last month hit with a 15-year sentence in a Bali court for the sexual abuse of at least 11 young girls, the heaviest jail term ever imposed on a foreign pedophile, according to Nine News Australia. Ellis, aged 70, was charged just weeks before Indonesia rolled out punishing new laws allowing for the chemical castration and death penalty for men who sexually abuse children. Source AAPA Melbourne pedophile believed to be Bali worst ever child sex offender is almost certain to begin his record-breaking sentence locked inside a tiny cell living in his own putrid faeces. Instead, Balinese judge Wayan Sukanila used another judicial tool at his disposal to condemn Ellis to a brutal stay at one of Indonesia most notorious jails, Kerobokan. Source AAPThe judge ordered Ellis to pay a fine of around 200,000, a sum the court knows the Australian pensioner cannot afford, or spend the first six months of his 15-year term in solitary confinement. Notable prisoners at Kerobokan include Schapelle Corby and the Bali Nine. (news.financializer.com). As reported in the news.

drive china: Key points Japan GDP grows 0.5pc for the quarter, 2.2pc annualised China industrial production steady, retails sales growth slows, fixed asset investment up Rebound in private investment helps drive China The regular monthly release of key economic data from China National Bureau of Statistics showed industrial production grew at an annualised pace of 6.1 per cent in October, according to Australian Broadcasting Corporation. That was in line with a month earlier, but below expectations given stronger manufacturing surveys recently and the fact it was coming off a low base. Brett Worthington Map China The two big Asian economies have produced a rather mixed bag of economic news with still little evidence of a pick-up in China economy, while Japan has surprised with a spurt of export driven growth. Retail sales were surprisingly weak, growing at 10 per cent over the year, but well down on the 10.7 per cent growth recorded in September. Capital Economics China economist Julian Evans-Pritchard noted the headline figures for industrial production are probably a bit like GDP data - too stable to be entirely trusted. On the other hand, fixed asset investment FAI - which is a proxy for construction and infrastructure spending - held up better than expected, growing at 8.3 per cent in the year-to-date, a marginal acceleration on the 8.2 per cent reported in September. (news.financializer.com). As reported in the news.

economy: The economy expanded 6.9 percent in 2015, the slowest pace in a quarter of a century, according to Xinhua China. SIGNS OF STABILIZATION China economy grew steadily last month with quality improving and more positive factors popping up, said Mao Shengyong, spokesperson with the National Bureau of Statistics. Official figures released on Monday showed China on track to meet the government target of 6.5 to 7 percent growth for the year. Industrial production, domestic demand, the job market and enterprise profits were all stable. This marks the eighth consecutive month that industrial output has exceeded 6 percent. Industrial output expanded 6.1 percent in October, largely due to strong performance in the high-tech and equipment manufacturing sectors. (news.financializer.com). As reported in the news.

election: Surveys signal opponents spearheaded by Five Star could narrowly defeat Renzi in a referendum on constitutional reform on Dec. 4, potentially triggering an election in early 2017, according to Bloomberg. Italian government bonds were hit particularly hard last week as yields rose around the world in the wake of Donald Trump victory in the U.S., reflecting investors concerns that the upset will add impetus to Five Star. With the populists efforts to topple Prime Minister Matteo Renzi gaining traction, investment funds are trying to get a handle on the policy plans of the anti-establishment party. The party, which wants a referendum on Italy euro membership, is running neck-and-neck with Renzi Democratic Party in polls and already seized control of city halls in Rome and Turin this year. function global function ad Code dimensions id 1 0 2 1 10 strategy targeting targeting Modifiers ; ; window ; We re taking Five Star more seriously, we ve been looking at their program -- even if we have been focusing much more on Trump program, said Andrew Cormack, London-based global portfolio manager at Western Asset Global Management Ltd, which manages assets worth more than 440 billion. And there is a concern over the lack of experience in the Five Star party, Trump rallied his supporters on Nov. 8 with vows to drain the swamp of establishment corruption in Washington. The repercussions of Italy leaving the euro area would be huge. (news.financializer.com). As reported in the news.

food market: During the meetings, advancing regional economic integration, enhancing the regional food market, supporting small and medium business development and boosting labor forces will be priorities, according to the official press release, according to Xinhua China. Four main events will be held through the week, including the APEC Concluding Senior Officials Meeting on 14th and 15th, the APEC Ministerial Meeting on 17th and 18th, the APEC CEO Summit from 17th to 19th, and finally the APEC Economic Leaders Meeting on 20th. Running from Nov. 14th to 20th, it will bring together leaders, senior officials and business elites from the 21 Asia-Pacific Economic Cooperation APEC member economies to discuss the future of international trade policies, economic growth and improvement of life conditions. Chinese President Xi Jinping will attend the APEC Economic Leaders Meeting to boost regional economic integration and deliver a speech to the APEC CEO Summit, according to China Foreign Ministry. Russian President Vladimir Putin and U.S. President Barack Obama are among other leaders to attend the meeting. China has been an APEC contributor and supporter since it joined the mechanism 25 years ago and has played a significant role in building the Asian Pacific family. (news.financializer.com). As reported in the news.

breather today: The blue-chip index had also touched a historic high of 18,934.05 during the session, according to Market Watch. The S&P 500 index SPX, 0.75% fell 0.25 points to end at 2,164.20, and the Nasdaq Composite COMP, 1.10% dropped 18.72 points, or 0.4%, to close at 5,218.40. The Dow Jones Industrial Average DJIA, 0.29% rose 21.03 points, or 0.1%, to finish at 18,868.69, its third straight record close. The weakness in the tech-heavy Nasdaq was another trend that carried over from last week, when technology stocks sold off sharply. We saw a big run-up last week on expectations of what a Trump administration might do for the economy but those are only expectations and Mr. It makes sense that stocks took a breather today, as they wait for more concrete plans from the Trump administration, said Kristina Hooper, U.S. investment strategist for Allianz Global Investors. (news.financializer.com). As reported in the news.

corridor deal: But opposition to the project is increasing amid new conflicts. 29.08.2016 Brahamdagh Bugti China-Pakistan deal usurps Balochistan resources In an interview with DW, Baloch leader Brahamdagh Bugti says the recent multi-billion dollar economic corridor deal between Pakistan and China is aimed at colonizing the Balochistan province, and must be resisted. 24.04.2015 On Sunday, November 13, Pakistan top civilian and military leaders inaugurated a new international route which connects the country renovated southwestern Gwadar port to the Chinese city of Kashgar as part of a joint multi-billion-dollar project, the China-Pakistan Economic Corridor CPEC . The first convoy of Chinese trucks carrying goods for sale abroad arrived in the South Asian country on Saturday, and the Pakistani authorities saw them off on Sunday, according to Deutsche Welle. Last year, China announced CPEC worth 46 billion 41 billion euros . With the project, Beijing aims to expand its influence in Pakistan and across Central and South Asia in order to counter US and Indian influence. And separatists have vowed to resist what they say is Sino-Pakistani colonization. 14.04.2016 China economic corridor creating new conflicts in Pakistan Pakistani PM Sharif has inaugurated a two-day China-Pakistan Economic Corridor summit in Islamabad, hailing the project as a milestone for his country. CPEC also includes plans to create road, rail and oil pipeline links to improve connectivity between China and the Middle East. Experts say that CPEC can certainly stir the much-needed economic activity in the country. Pakistan is grappling with an acute economic crisis. (news.financializer.com). As reported in the news.

country strengths: Countries and societies have always recognized the importance of strengthening high-tech investment, according to Global Times China. Similar to the proportion that research and development input takes up in a country GDP, high-tech investment has long become a key indicator in valuing whether a nation attaches high importance to technology, and has even become an indicator to evaluate a country strengths. In this respect, he suggested that China policy in guiding investment in the technology sector needs to be more transparent, and to shift toward a more rational and scientific policy system. But from an economic perspective, the scale of input in science and technology doesnt necessarily exert a positive correlation to the volume of economic benefits. Indeed, we see the symbolic example of Silicon Valley, in which venture capital has greatly boosted advances in technology, has been recognized and replicated by other countries and has affected many nations policies toward technology and finance. In particular, when the capital markets are playing an increasingly important role and when a large amount of financial resources are being poured into the high-tech sector in the form of venture capital, its return rates are becoming more uncertain, which can be seen in the dot-com bubble burst at the turn of the 21st century. (news.financializer.com). As reported in the news.

electricity generation: Income for the first three quarters plunged 58 percent to 227 million euros, according to Deutsche Welle. But it said it expected to achieve full-year targets. Net profit in the third quarter was a puny 11 million euros 11.8 million the company said, blaming a very challenging environment amid falling power prices. In view of the difficult conditions, above all in conventional electricity generation, we recorded respectable earnings in the first three quarters, RWE new CFO Markus Krebber said. The company had already logged a big drop in profit in the previous quarter, which it blamed on poor energy-trading results. EBITDA was down year-on-year 13 percent to 3.8 billion euros and operating profit fell 20 percent to 2.1 billion. (news.financializer.com). As reported in the news.

japan fall: DW recommends Bank of Japan scraps inflation target Japan central bank has had to admit that its goal of pulling the nation out of its deflationary spiral is not achievable during the term of the lender current governor, according to Deutsche Welle. The announcement is a blow to Abenomics. 01.11.2016 Consumer prices in Japan fall for seventh straight month Long stuck in a battle against deflation, signs are not good for the world third largest economy. This easily exceeded expectations for a 0.2 percent growth rate in quarter three, in large part due to exports. There are calls for the Bank of Japan to push back their inflation target. 28.10.2016 Bank of Japan launches fresh inflation push The BOJ has announced an overhaul to its monetary policy in hopes of shoring up its sputtering economy. Abe mix of monetary easing, government spending and red-tape slashing weakened the yen and caused stocks to rise, making exports more inviting, especially in Europe. The new strategy sidelines years of loose monetary policy, which did little to pull the country out of its funk. 21.09.2016 Japanese Prime Minister Shinzo Abe introduced spend-for-growth policies after coming into office in 2012. (news.financializer.com). As reported in the news.

hong kong: It been extremely difficult to be ahead of the curve this year because of the volatility, according to Bloomberg. I don t have the luxury of taking time off. This year has really been messy, says Richardson, investment manager at Samsung Asset Management in Hong Kong, whose Asean equities fund has returned 19 percent this year to beat 91 percent of its peers. Around 1 billion has been pulled from Indonesian, Malaysian, Philippine and Thai stocks since Trump Nov. 8 victory sent shockwaves through emerging markets. The region equities have given up much of the year gains. function global function ad Code markets/article dimensions id 1 0 2 1 10 strategy targeting targeting Modifiers ; ; window ; We re seeing the unwinding of the inflows we saw earlier in the year, says Richardson. Southeast Asia has been hit particularly hard, with the Indonesian and Philippine gauges among the world worst performing markets outside of Latin America. (news.financializer.com). As reported in the news.

infrastructure spending: US growth is expected to rise from 1.6% this year to 2.2% in 2017 and 2.1% in 2018, according to The Guardian. While prolonged policy uncertainty could weigh on already weak investment growth, there could be an upside to growth from increased fiscal expenditure, especially infrastructure spending, and tax cuts, said Elena Duggar, associate managing director at Moody s. The rating agency predicted the US would be the fastest growing of the G7 leading industrial countries in 2017 and 2018, with short-term growth boosted by Donald Trump plans to cuts taxes and spend more on American infrastructure. A protectionist stance from Trump on trade and immigration would be detrimental in the medium term. Duggar said that threats to the outlook for the world economy included mounting anti-globalisation sentiment and fragility in the EU, with elections due in France, Germany and the Netherlands, and the Italian referendum on constitutional reform later this year. We are living in a depression - that why Trump took the White House Read more Globally, 2016 is expected to be the slowest year for growth since the financial crisis, at 2.6%, before picking up to 2.9% in 2017 and 2018. (news.financializer.com). As reported in the news.

mercedes benz: They said 526 cannabis plants, 37 kilograms of dried cannabis, 2,790 in cash, two Volkswagens, a Mercedes Benz and a Toyota van were found, along with more than 700 items of hydroponic equipment, according to Australian Broadcasting Corporation. Three men were refused bail and are due to face Elizabeth Magistrates Court this morning. Officers searched eight properties in the north-east suburbs and at Ottoway in the city north-west on Monday. A 39-year-old man from suburban Hope Valley, a 36-year-old Victorian man and a 35-year-old man of no fixed address are charged with cultivating a commercial quantity of a controlled plant, interfering with an electricity meter and possession of prescribed equipment. Topics drug-offences, crime, law-crime-and-justice, ottoway-5013, holden-hill-5088, adelaide-5000, sa More stories from South Australia noindex (news.financializer.com). As reported in the news.

neil mitchell: If you want to see an example of politicians divorced from economic reality, you could do worse than Malcolm Turnbull last week, according to The Guardian. The prime minister was asked by 3AW Neil Mitchell whether he related to Australia voters, to which the prime minister responded by arguing he did because it was his job and what Australians want to see from their government is strong leadership, in particular strong economic growth . When asked if that message was getting through, Turnbull replied Well Neil we have to look at the facts. Right now GDP growth and even the unemployment rate don t agree with the real-world experience for many people. We have 3.3% real GDP growth. Another great example was given by the foreign affairs minister, Julie Bishop. If you eyes are not rolling by now, they should be. (news.financializer.com). As reported in the news.

cent: The S&P/TSX composite index added 43.04 points at 14,598.45, making up some lost ground on Friday when the market shed more than one per cent, according to The Toronto Star. The Canadian dollar fell 0.37 of a U.S. cent to 73.80 cents US. South of the border, investors seemed to be taking a breather following the strong rally in the wake of last week American election that saw Republican Donald Trump win the presidency. Rene Johnston / Toronto Star By Linda Nguyen The Canadian Press Mon., Nov. 14, 2016 Gains in the energy, gold and metals sectors helped lift the Toronto stock market higher to kick off the trading week Monday. The Dow Jones industrial average climbed 21.03 points at 18,868.69 to hit a new record and finish higher for a sixth straight session. Canadian markets strategist Craig Fehr said there continues to be a broad sense of optimism in equity markets as investors view the Trump victory as a scenario that would lead to more infrastructure funding and less regulation over banks and health care. Article Continued Below The broader S&P 500 fell 0.25 a point to 2,164.20, while the Nasdaq composite lost 18.71 points at 5,218.40. (news.financializer.com). As reported in the news.

july september: That handily beat market expectations for a 0.2 percent gain, which would have been an annualized 0.8 percent, according to The Japan Times. Japan economy contracted in the last three months of 2015 before bouncing back in January-March with a 0.5 percent quarter-on-quarter rise and a tepid 0.2 percent expansion in April-June. The world third-largest economy expanded 0.5 percent between July and September to rack up a 2.2 percent gain in gross domestic product on an annualized basis, the Cabinet Office said. The wobbly growth trend has put Japanese officials under pressure to deliver as economists increasingly write off Prime Minister Shinzo Abe bid to spur a lasting recovery, dubbed Abenomics. But the yen, often bought as a safe haven in times of uncertainty, had been on the upswing since the start of the year, and got a big bump after Britain shock vote to exit the European Union. His spend-for-growth policy boosted stock prices and pushed down the yen, helping Japanese exports. (news.financializer.com). As reported in the news.

percent: During the three-day bullish run, the main index accumulated 735.21 points to hit an all-time peak of 42,849.12 points on Nov.11, according to Global Times China. The KSE All-Share Index trimmed down by 0.78 percent or 228 points to 29,157.74 points, the KSE 30-Index plunged by 1.13 percent or 263.03 points to 22,936.93 points, the KMI 30-Index nosedived by 1.12 percent or 799.83 points to 70,519.96 points, whereas the Islamic All-Share Index deflated by 0.84 percent or 169.85 points to 20,142.65 points. The Pakistan Stock Exchange benchmark KSE 100-Index declined by 0.75 percent or 323.19 points to 42,525.93 points on Monday when compared with 42,849.12 points recorded on Friday. During Monday trading session, the main index moved in a healthy range of 684.37 points as it touched an all-time intraday peak of 43,084.67 points as against an intraday low of 42,400.30 points. Profit-selling was also recorded in cement sector stocks as Lucky Cement LUCK Fauji Cement Limited FCCL and Dera Ghazi Khan Cement DGKC decreased by 2 percent each. Banks largely inflicted losses at the local bourse as United Bank Limited UBL and Habib Bank Limited HBL contributed 104 points to the overall decline and ended 2 percent and 2.9 percent lower respectively. (news.financializer.com). As reported in the news.

abe: In the bitter presidential campaign, Tokyo put all its bets on Clinton, and ignored building connections with Trump, according to Global Times China. Trump unexpected election has made Japan lose the initiative to engage early with the new US president. The president-elect unfriendly comments about Japan during his campaign have added to Abe concerns about Trump confidence in the US-Japan alliance, whose future might be darkened by uncertainties. Japan has no effective communication channels with the president-elect, and Abe has to build his personal relationship with Trump from scratch. After Trump swears in, it is possible that the US and Japan will be stuck in negotiations about the cost of US military bases in Japan. According to Nippon Hoso Kyokai report, Abe has asked for a meeting with Trump in New York on Thursday, the first between a sitting Japanese prime minister and a US president-elect. (news.financializer.com). As reported in the news.

trump victory: It can be seen in the data no less clearly than in their anger, according to Market Watch. And, as I have argued repeatedly, an economic system that doesn t deliver for large parts of the population is a failed economic system. It is not just a feeling; many Americans really have been left behind. So what should President-elect Trump do about it Over the last third of a century, the rules of America economic system have been rewritten in ways that serve a few at the top, while harming the economy as a whole, and especially the bottom 80%. The irony of Trump victory is that it was the Republican Party he now leads that pushed for extreme globalization and against the policy frameworks that would have mitigated the trauma associated it. Photo Reuters But history matters China and India are now integrated into the global economy. Trump Picks Priebus for Chief of Donald Trump has chosen Republican National Committee Chairman Reince Priebus as his chief of staff. (news.financializer.com). As reported in the news.

year things: Meanwhile, it said that industrial output, a proxy for economic growth, expanded 6.1% in October from a year earlier, matching September pace but remaining a hair below economist expectations, according to Market Watch. The bureau said fixed-asset investment, a closely watched gauge of construction activity, climbed by 8.3% year on year in the January-October period, as economists expected. Retail sales rose a weaker-than-expected 10% in October from a year earlier, slowing from September 10.7% growth, the National Bureau of Statistics said Monday. For now, the economy remains solidly on track to reach its 6.5% to 7% target for 2016 following growth of 6.7% in the first three quarters, many economists said. Were in a kind of a sweet spot, although next year things are likely to see a slowdown by the second quarter. Were looking at stability for now, said Macquarie Group Ltd. economist Larry Hu. (news.financializer.com). As reported in the news.

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.