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

battle cry: Football coach Heimir Hallgr msson Hallgrimsson, along with former coach Lars Lagerback, were at the helm when Iceland reached the quarter-finals, according to Deutsche Welle. Fans celebrated the team success with a battle cry, Huh! . It triggered a worldwide hype - and boosted the country image. At the Euro 2016 football championships, Iceland made its mark. I dont think you can have bought a better advertisement for Iceland, Hallgrimsson says. Iceland is famous for its geysers and hot springs Footballers as world ambassadors The agency Promote Iceland estimates that 152,000 articles were published worldwide this summer. Even a volcano eruption wouldnt have had such an influence. (news.financializer.com). As reported in the news.

clinton: That celebrated campaign credo helped Bill Clinton win the presidency in tough times a quarter-century ago, according to The Toronto Star. Today, that old Clintonian aphorism isn t sounding so smart. Bernard Weil / Toronto Star By Martin Regg Cohn Ontario Politics Columnist Tues., Nov. 15, 2016 The economy, stupid. A growing economy didn t put Hillary Clinton over the top in last week presidential election. Yet the Liberal government grows weaker. And as goes America, so goes Ontario Our provincial economy grows stronger. (news.financializer.com). As reported in the news.

consumption growth: Consumption growth could turn lacklustre if wage growth stayed low, it said in its concluding statement of its annual review of the Australian economy released on Tuesday, according to The Guardian. Harping on about economic growth makes politicians seem out of touch Greg Jericho Read more It believed Australia recent growth spurt above 3% was partly due to temporary factors . It said the Reserve Bank would need to keep interest rates low and the federal government boost infrastructure spending if it was to return to full employment against a weak global backdrop. The IMF said Australia economic performance had remained remarkable compared with other countries, but warns there was a downside risk to the outlook if investment remained subdued should company profits remain under pressure for longer. While unemployment has remained relatively low, underemployment and longer-term unemployment has risen, and nominal wage and inflation have been weak, it said. The IMF added prudential policies had resulted in a tentative stabilisation of the country housing vulnerabilities as tighter lending standards improved the risk profile of new loans. The IMF said the fall in the unemployment rate had likely overstated the improvement in labour markets, with the underemployment rate having risen as some 80% of jobs created in the past year had been part-time. (news.financializer.com). As reported in the news.

diversity: More than half of investors surveyed said that an entrepreneur commitment to diversity was the least of their concerns when deciding whether to fund a company, according to the nationwide survey of more than 600 Linked In members, according to The Toronto Star. And 70 per cent of startup founders said their company has no program in place to increase employee diversity. Dreamstime By Marisa Kendall The Mercury News Tues., Nov. 15, 2016 SAN JOSE, CALIF. Despite the recent national outcry over the tech industry lack of diversity, a new Linked In study found that most entrepreneurs and investors don t consider the issue a priority. The results, released earlier this month, show that while the absence of women and minorities in tech is frequently addressed in panel discussions at industry conferences and in media op-ed pieces, for the people with the power to implement change such as the investors shaping future Facebooks and Googles the issue remains on the back burner. Many VCs don t seem to care about the problems they create, how founders perceive them, and the lack of diversity in funding practices. Linked In data confirms how broken today venture capital establishment is, Ellen Pao, co-founder of Silicon Valley diversity initiative Project Include, wrote in an online post the same day the Linked In study was released. (news.financializer.com). As reported in the news.

dow jones: The S&P 500 added 16.19 points, or 0.75 percent, to 2,180.39, according to Xinhua China. The Nasdaq Composite Index jumped 57.23 points, or 1.10 percent, to 5,275.62. At the close, the Dow Jones Industrial Average rose 54.37 points, or 0.29 percent, to 18,923.06. A strong rebound in oil prices boosted investor sentiment. Lifted by the surging oil, the energy sector leapt 2.68 percent Tuesday as the biggest advancer in the S&P 500 ten sectors. Oil prices spiked Tuesday after three sessions of losses, with both U.S. oil and Brent crude soaring nearly 6 percent, as the market saw an increasing chance for the Organization of Petroleum Exporting Countries to reach an output freeze deal by the end of this month. (news.financializer.com). As reported in the news.

executive compensation: The bill requires clawback provisions, advisory votes on executive compensation and mandated disclosure of a CEO-to-worker pay ratio, according to Bloomberg. Trump soared to victory on promises of returning economic power to forgotten Americans, criticizing chief executive officer pay along the way. Crafted in the aftermath of the 2008 financial crisis, the law contains provisions that strengthen investors ability to restrain outsized pay packages for company chiefs. You see these guys making these enormous amounts of money, Trump told CBS in a 2015 interview. Overturning it could reduce leverage over corporate boards enjoyed by institutional investors, who serve as stewards for American savers. It a total and complete joke. function global function ad Code dimensions id 1 0 2 1 10 strategy targeting targeting Modifiers ; ; window ; Two days after the Nov. 8 vote, Trump published plans to scrap Dodd-Frank and replace it with new policies to encourage economic growth and job creation. (news.financializer.com). As reported in the news.

business inventories: The buck has enjoyed a seven-session rally, touching its highest level since last November on Monday, on the hope that President-elect Donald Trump will follow through with proposals to boost fiscal spending, seen bullish for greenback, according to Market Watch. Retail sales rose 0.8% in October, marking the best two-month stretch since early 2014, while a measure of New York-area manufacturing conditions, known as the Empire state index, turned positive in November for the first time in four months, and business inventories rose 0.1% in September. At the same time, the pound slumped sharply after U.K. inflation grew at a slower-than-anticipated pace. At this point, the market is pricing in a 91% chance of a rate increase in December at the Federal Open Market Committee next policy meeting Dec. 13-14, according to CME Group data. The hope for more government spending from a Trump administration has been pushing up U.S. bond yields TMUBMUSD10Y, -1.51% making the buck more attractive to investors seeking higher returns. Higher rates make the dollar more attractive to traders, lifting returns on dollar-based deposits. (news.financializer.com). As reported in the news.

cap index: The S&P Small Cap 600 Index SML, 0.06% has climbed 8.8% since the close of trading on Nov. 8, the last trading day before the results were known, according to Market Watch. The Russell 2000 index RUT, 0.00% which comprises the smallest 2,000 stocks of the Russell 3000, which itself represents essentially the whole of the American equity market is up 8.3% over the same period. While equities have risen broadly of late both leading up to the election and especially after the gains have been particularly pronounced for small public companies, which are seen as benefiting most under the new administration. Both have hit new all-time highs since the election. Splitting the difference was the S&P 400 Mid Cap Index MID, -0.01% up 5% since the close of last Tuesday. To compare, the S&P 500 SPX, -0.16% considered a proxy for large-cap stocks is up 1.4% since Trump was elected. (news.financializer.com). As reported in the news.

china emergence: China emergence as the dominant economy within the region in 2010 led to states in the region looking to China for their economic prosperity, but increasingly looking to the U.S. for their security, according to The Japan Times. This economic engagement with China and security hedging with the U.S. has allowed Southeast Asian states to remain focused on socio-economic development, even as territorial disputes in the South China Sea were coming to a boil. Japan and South Korea were the immediate benefactors but so too were China and Southeast Asian countries as the understanding meant they could concentrate on their socio-economic development instead of security activities that would have diverted valuable financial resources to the military, delaying economic and social development. In the wake of U.S. President-elect Donald Trump electoral victory, many countries in Northeast and Southeast Asia are trying to get to grips with what his positions and commitment to the region will be and how they will affect the delicate economic engagement and security hedging strategies of countries in the region. Second, we need to evaluate his trade policies, specifically whether he will advocate an insular, isolationist policy or will he continue to embrace globalization, free trade, open markets and economic liberalization. To understand his potential foreign policy positions, a good starting point is to examine the advisers that surround him such as the University of California Irvine professor Peter Navarro. (news.financializer.com). As reported in the news.

dollar: Analysts had predicted a rout in the greenback after a Trump victory as the Republican candidate may cause more instabilities in financial markets than his Democratic counterpart Hillary Clinton, who was seen as more predictable and was expected to follow President Barack Obama steps in regulating the financial sector, according to Global Times China. The dollar index slumped more than 1 percent on Tuesday election night as the presidential race tightened. The dollar index, which tracks the greenback against six major peers, was up 1.05 percent to 100.100 in late trading on the day, the highest in 11 months and also the first time to exceed 100 this year. It then pared losses and increased for four consecutive sessions till Monday. He added that the rate move reflects Trump election and expected a policy shift to lower taxes and more spending leading to higher growth and inflation. The dollar rally is connected to US interest rates going up, said Robert Savage, CEO of CC Track Solutions, in an interview with Xinhua on Monday. (news.financializer.com). As reported in the news.

dollar: Facing uncertainty in US-China trade, it is possible that China may take the opportunity to release the pressure in advance, allowing the yuan to weaken somewhat as the dollar rises, said Huili Chang, analyst at China International Capital Corp, according to Global Times China. Although the yuan was weaker against the dollar, it remained stable relative to a basket of currencies. The central parity rate of the yuan weakened 204 basis points to 6.8495 against the dollar, according to the China Foreign Exchange Trading System CFETS . This is the eighth-consecutive day that the yuan central parity rate has fallen. This is in sharp contrast to the situation in early January, when the yuan declined against both the dollar and the basket, Chang noted. Chang also ruled out the possibility of substantial depreciation in the longer term, maintaining a forecast of 6.98 yuan to the dollar for the end of 2017. Looking ahead, the yuan may come under short-term pressure, but it has limited room to depreciate over the medium term. (news.financializer.com). As reported in the news.

february: When police arrested him in 2014, he was living in an expensive Paddington home, surrounded by luxury goods which were purchased off the proceeds of crime, according to Australian Broadcasting Corporation. He is eligible for parole in February but was seeking leave to appeal against his sentence on the grounds it was excessive . The Court of Appeal handed down its decision on Tuesday, rejecting his bid. Brian John Kelly, 36, is serving an eight-and-a-half year sentence for a fraud involving fake investment companies which fleeced more than 1.3 million from mum and dad investors across two years. Kelly was sentenced earlier this year after pleading guilty to setting up to two fake investment companies - M6 Trading Group or M6 Securities Group and Finance Management Group FMG . Police found he set up bank accounts, websites, office space, and telemarketers to make the companies look legitimate, before cold-calling members of the public and offering them stocks and shares which did not exist. Only about 210,000 was ever returned; 159,000 by banks who had become suspicious of the activities and about 51,000 seized from Kelly and other offenders. At least 36 people lost more than 1.3 million before he was caught. (news.financializer.com). As reported in the news.

industries: We come from a number of very different industries advertising, retail, technology, fast-moving consumer goods, TV, and law to name a few, according to The Guardian. This breadth of experience means we are able to back entrepreneurs looking for investment in a wide range of sectors. Having been on both sides of the negotiation table, it given me great insight in the emotional, financial and administrative side effects of having a good idea . My mentor and I lead an investment club of about 30 high-net worth individuals who are interested in making use of their personal cash, industry knowledge and connections beyond their day jobs. How do we choose who to take a chance on There are a number of factors investors will look for. 1. And with more than 600,000 businesses launching every year in the UK, the idea has to be innovative. The idea and marketplace Investors want to be excited by an opportunity and influence it from the get go they ll look for a marketplace that they know and understand. (news.financializer.com). As reported in the news.

linda nguyen: In Toronto, the S&P/TSX composite index gained 157.65 points, or one per cent, at 14,756.10, according to The Toronto Star. Gold, energy and materials led advancers on the commodity-heavy exchange for a second day. Rene Johnston / Toronto Star file photo By Linda Nguyen The Canadian Press Tues., Nov. 15, 2016 Canada biggest stock market strengthened Tuesday amid a rally in crude prices sparked by growing prospects that OPEC members will reach a deal on capping oil production later this month. The gold sector was up 3.58 per cent, energy gained 3.44 per cent and materials jumped 2.74 per cent. The 14-member OPEC had announced in September that its members have agreed to a production cut in principle, with details to be hammered out at its official meeting at the end of the month. The increase in oil prices was attributed to a media report that energy ministers from Saudi Arabia and Russia were set to meet this week to talk about a potential cap on crude production, ahead of a meeting by the Organization of Petroleum Exporting Countries on Nov. 30. (news.financializer.com). As reported in the news.

mediterranean island: The Mediterranean island was at the heart of the eurozone crisis in 2013 when a rescue deal for Bank of Cyprus its biggest lender was a key part of measures need to keep the country inside the single currency area, according to The Guardian. Laiki, or Cyprus Popular Bank, was closed and its smaller depositors placed in Bank of Cyprus, which in turn imposed losses on savers holding deposits more than 100,000, many of whom were said to be Russian. Under John Hourican, a former senior executive at Royal Bank of Scotland who left during the Libor rigging crisis, Bank of Cyprus has undergone a radical restructuring and repaid all but 800m 690m of 11.4bn emergency liquidity assistance used to keep it afloat at the peak of the island economic meltdown. Brexit leaves London-based banks facing nightmarish choices Read more It was first bank in the eurozone to take a slice of customers savings as part of the international 10bn bailout of the island to avoid recourse to taxpayers. Ackermann is a former chief executive of Deutsche Bank, itself mired in financial difficulties. Hourican, who is Irish, tried to leave last year but was convinced to stay on by veteran banker Josef Ackermann, who became chairman of Bank of Cyprus in 2014 when it received a capital injection from a group international investors led by private equity billionaire Wilbur Ross. (news.financializer.com). As reported in the news.

news conference: Mr Obama, in a joint news conference with Greek Prime Minister Alexis Tsipras, said both Mr Trump election and the British vote to leave the European Union reflected the need to deal with people fears that their children wont do as well as they have . Sometimes people just feel as if we want to try something and see if we can shake things up, Mr Obama said, according to Australian Broadcasting Corporation. He seemed sceptical that the new prescriptions being offered would satisfy the frustrations and anger evident in the election. Key points Obama tells Greek news conference that people economic fears must be dealt with Tsipras says criticising Trump is different now that he is the US President-elect Obama seeks to reassure Greece leadership of US commitment to NATOAnti-Obama protesters take to the streets The more aggressively and effectively we deal with those issues, the less those fears may channel themselves into counterproductive approaches that can pit people against each other, Mr Obama said as he opened the last foreign tour of his presidency. And he played a bit of defence, saying that his agenda over the past eight years had dealt with economic issues head on and the country indisputably better off . No man can serve two masters Will competing forces of party and populists tear the presidency apart Mr Obama added pointedly that some of the rhetoric seen in the elections was pretty troubling and not necessarily connected to the facts. He predicted that in the near future not much is going to change in the relations between the EU, Greece and the United States of America. For his part, Mr Tsipras said he had refrained from rushing to criticise Mr Trump as some other European leaders had done, saying that the Republican aggressive manner as a candidate might be different as president. (news.financializer.com). As reported in the news.

index: On Monday, the key market gauge surged 297.83 points, according to The Japan Times. The Topix index of all first-section issues climbed 2.98 points, or 0.21 percent, to close at 1,402.98, extending its winning streak to a fourth session. The 225-issue Nikkei average lost 4.47 points, or 0.03 percent, to end at 17,668.15. On Monday, the index rose 21.72 points. However, the market downside was firm with the broader Topix index staying on the plus side for most of afternoon trading. After retaking 17,700 in the early morning, the Nikkei average soon fell into negative territory, pressured by selling to cash in gains after the index jumped some 1,400 points in the three sessions through Monday, brokers said. (news.financializer.com). As reported in the news.

investment: He should tell Rep, according to Market Watch. Ann Wagner R., Mo. hedge-fund manager Anthony Scaramucci and others who want to put the kibosh on a rule that in effect professionalizes the world of retirement investment advice to stand down. But he should. He should tell them to stop trying to block or repeal or replace or outlaw a rule that requires retirement investment advisers meet a fiduciary standard, that requires them to put their clients best interest before their own profits. This is a man who ran against elites and for the working class. Why so Let start with his message This is a man who ran against Wall Street and for average Americans aka average investors. (news.financializer.com). As reported in the news.

officials meeting: 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 Global Times 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 US 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.

percent rise: We have further improved our performance during the first half of the financial year with Europe modestly ahead of our expectations - led by Germany and Italy, CEO Vittorio Colao said, according to Deutsche Welle. The world second-biggest mobile telephone provider by subscribers after China Mobile said its loss after tax in the six months to September 30 was twice its 2015 loss of 2.5 billion euros. But the company stock gained 1.5 percent after a 4.3-percent rise in core earnings beat expectations, thanks to an improved situation in Europe, it said as it released its interim results. This followed an impairment charge of 6.4 billion euros on its operations in India, which it blamed on increased competition. Vodafone said it would refocus its Indian operations to acquire frequencies in the more successful and profitable areas of the country. Too much reliance on India Established players in India have been stung by moves made by the country richest man, Mukesh Ambani, whose heavily indebted Reliance Telecommunications has been offering free mobile services in a bid to gain market share. (news.financializer.com). As reported in the news.

tuesday morning: Rosneft is headquartered in Moscow Balchug district near the Kremlin, according to Deutsche Welle. The TASS Russian News Agency reported on Tuesday morning that the Russian Investigative Committee IC had confirmed The minister has been detained. Half of Bashneft was bought by Rosneft, the integrated oil company majority owned by the Government of Russia. Investigators plan to indict Alexey Ulyukayev and petition the measure of restraint soon. Ulyukayev said on Monday of last week that Russia would sell a state stake in the Rosneft oil giant using the firm October 11 share price 11.75 billion . The proceeds were to be forwarded to the state budget through dividends from Rosneftegaz before mid December. The circumstances of the crime are connected with Alexey Ulyukayev who holds a government post in the Russian Federation receiving 2 million on November 14 for the positive assessment provided by the Economic Development Ministry that allowed Rosneft to complete the deal on purchasing the government 50 per cent stake in Bashneft, IC spokesperson Svetlana Petrenko said. (news.financializer.com). As reported in the news.

revolution: Im not going to make excuses though because something of a financial revolution is taking place, and I want to tell you the story, according to Australian Broadcasting Corporation. It has rather large implications for interest rates, the stock market, property and your superannuation. Kena Betancur Map United States Yes, this is another Donald Trump column. Clinton other half Im hesitant to write the next couple of paragraphs because theyre too simplistic, but they do point to something I want to highlight. The Act was legitimate and had safety nets in place. In 1993, Bill Clinton reformed the decades-old Community Reinvestment Act CRA . It was designed to increase national home ownership. (news.financializer.com). As reported in the news.

sources: Under the U.S. Jumpstart Our Business Startups Act, companies with less than 1 billion in revenue can secretly file for an IPO, allowing them to quietly test investor appetite while keeping financials confidential, according to Nine News Australia. The sources asked not to be named because the information is private. The filing puts the Venice, California-based company one step further towards its IPO, which sources say could come as soon as March and value it at US 20 billion to 25 billion A 26 billion to 33 billion making it one of the biggest technology offerings in recent years. A spokesman for Snap Inc, Snapchat parent company, declined to comment. It has more than 100 million active users, about 60 percent of whom are aged 13 to 24, making it an attractive way for advertisers to reach millennials. Snapchat started in 2012 as a free mobile app that allows users to send photos that vanish within seconds. (news.financializer.com). As reported in the news.

supply growth: Members of the Organization of Petroleum Exporting Countries are due to meet Nov. 30 to finalize a deal to curb output, according to Bloomberg. Failure to reach one may send oil lower amid relentless global supply growth, the International Energy Agency said Nov. 10. Money managers raised bets on falling oil prices by the most in more than four years in the week leading up to Trump surprise win, amid waning belief in OPEC ability to meaningfully cut production. The market is focused on the OPEC meeting, said Mike Wittner, head of oil-market research at Societe Generale SA in New York. A surge in West Texas Intermediate short positions, or wagers the U.S. benchmark crude will decline, helped send the resulting net-long position to the biggest slump since May 2012 in the week ended Nov. 8, Commodity Futures Trading Commission data show. It looking like the obstacles to an agreement are getting bigger with both Iraq and Iran raising new issues. function global function ad Code dimensions id 1 0 2 1 10 strategy targeting targeting Modifiers ; ; window ; The rally that followed OPEC preliminary deal reached in Algiers on Sept. 28 has evaporated, sending speculators scrambling. (news.financializer.com). As reported in the news.

tax: Judges agreed with the Australian Taxation Office that they were actually controlled by a Sydney-based accountant within the meaning of the Income Tax Assessment Act and were thus liable for more than 13 million in tax, according to Nine News Australia. The four companies appealed to the High Court after the Federal Court found the role of Swiss-based director Peter Borgas, who runs a corporate services business, was fake and that all were controlled by Sydney accountant Vanda Gould. The High Court heard the four firms, Bywater Investments, Chemical Trustee, Derrin Brothers Properties and Hua Wang Bank Berhad, made big profits from trading in shares of firms listed on the Australian Stock Exchange. High Court judges agreed, finding no reason to doubt those findings. AAP 2016Crime Send your photos, videos and stories to can remain anonymous. They said as a matter of long-established principle, the residence of a company for tax purposes was determined by where central management and control actually occurred, not by its formal structure. (news.financializer.com). As reported in the news.

webcast tuesday: He said federal programs take time to roll out, rising mortgage rates and monthly payments aren t positive for the psyche of the middle class, and supporters of defeated Hillary Clinton are not in a mood to spend money, according to Bloomberg. Maybe liquor sales will go up, Gundlach said on a webcast Tuesday. Gundlach, who first predicted the outcome of the election in January, said Trump doesn t have a magic wand to rapidly improve the economy. The Trump win is not positive for consumer spending. function global function ad Code dimensions id 1 0 2 1 10 strategy targeting targeting Modifiers ; ; window ; The S&P 500 Index has climbed 1.9 percent since the Nov. 8 election, surprising those who expected a selloff. We disagree with that, said Gundlach, who urged investors to avoid the FANGs -- Facebook Inc., Amazon Inc., Netflix Inc. and Google or Alphabet Inc. -- in particular. Many of the same bankers and economists who initially predicted that a Trump presidency would sink the U.S. economy are now saying his growth policies will fuel the stock market, the manager said. (news.financializer.com). As reported in the news.