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

daughter: The 5 billion rupee 97 million wedding of ex-state minister Gali Janardhan Reddy daughter Brahmani has been seen as an inappropriate parade of wealth with its gold-plated invitations fitted with LED screens to the price of the bride sari 170 million rupees 3 million . The mining baron also paid for the Bangalore Palace grounds to be turned into a replica of the Vijayanagara kingdom, employed 3,000 bouncers and over 300 police personnel, and reportedly arranged 15 helipads to fly in guests, according to Australian Broadcasting Corporation. The wedding comes as the nation poorest are worried about having enough to eat due to the Government decision to withdraw 85 per cent of hard currency. Supplied Janardhana Reddy family Related Story India Prime Minister pleads for patience as cash-crunch suffering worsens Related Story India shock currency swap causing chaos Map India Many Indians are expressing outrage at the opulent five-day wedding of a former minister daughter just days after the country abolished certain banknotes a move which caused immense hardship among the poor. The snap announcement was part of a crackdown on rampant corruption and counterfeit currency, and was designed to bring billions of dollars worth of black market money into the mainstream economy. Photo Mr Reddy told Indian media he mortgaged properties to pay for the decadent wedding. People have 50 days to exchange the old money for new, and chaos has already ensued with people having to wait in bank queues for hours, forced to miss work to obtain money. (news.financializer.com). As reported in the news.

decision: Everyone will be talking about it, no doubt about that, the prime minister said, ahead of leaving Sydney for the summit on Thursday, according to Nine News Australia. It was the election of a new president in the United States - a momentous decision for the United States and for the whole world. The US-president elect wont be at the APEC leaders summit but his presence will be keenly felt especially around any discussion of the Trans-Pacific Partnership. Mr Trump is expected to deliver the last rites to the controversial 12-country free trade pact after his inauguration in mid-January. The prime minister said the APEC leaders would focus on breaking down trade barriers. That wont stop Mr Turnbull lobbying the US to ratify the TPP, with an argument the deal is in the superpower strategic and economic interest. (news.financializer.com). As reported in the news.

dow jones: The Toronto Stock Exchange S&P/TSX composite index fell 22.88 points to 14,733.22, weighed down by metals, energy and gold sectors, according to The Toronto Star. The Dow Jones industrial average lost 54.92 points to 18,868.14, ending a seven-day winning streak. Rene Johnston / Toronto Star By The Canadian Press Wed., Nov. 16, 2016 North American stock markets are pulling back on some recent gains as a rally that began a week ago with Donald Trump presidential victory begins to slow down. The broader S&P 500 slipped 3.45 points to 2,176.94 and the Nasdaq composite gained 18.96 points at 5,294.58. Article Continued Below The December contract for natural gas found strength, adding six cents at 2.76 U.S per mm Btu. Commodity markets were mostly lower as the December crude oil contract lost 24 cents to 45.57 U.S. per barrel, December gold contracts declined 60 cents at 1,223.90 U.S. per ounce, and December copper shed four cents to 2.47 U.S. per pound. (news.financializer.com). As reported in the news.

government ethics: Painter is the author of several books on government ethics as well as the ethics of bankers and lawyers, according to CNN. The views expressed are his own. He was the chief White House ethics lawyer for President George W. Bush from February 2005 to July 2007. (news.financializer.com). As reported in the news.

term: President-elect Donald Trump victory has spurred a steepening of the yield curve fueled by rising term and inflation premiums, as investors move to price-in both his fiscal policies and the vast amount of uncertainty surrounding them. function global function ad Code markets/article dimensions id 1 0 2 1 10 strategy targeting targeting Modifiers ; ; window ; Yield-curve steepening is conducive to an improvement in banks net interest margins, and therefore a boon for profitability, according to Bloomberg. Financial deregulation also looks to be on the agenda in a Trump administration, though the extent to which there a desire to dismantle the Dodd-Frank Act remains unclear. Source Bloomberg This ETF has stakes in major U.S. financial institutions, including banking behemoths like JPMorgan Chase & Co. and Citigroup Inc. This is a sign of both the Trump-inspired bullishness for the sector as well as the increase in the size and number of investors using ETFs to express opinions, said Eric Balchunas, an analyst of exchange-traded funds at Bloomberg Intelligence. Keep in mind these flows could come out just as easily if the narrative changes again. This is what it looks like when hot money gets excited. (news.financializer.com). As reported in the news.

game industry: The company market valuation stands at 7 billion, according to Global Times China. So far this year, its overseas operations accounted for more than 25 percent of revenue. Perfect World, a Chinese online game, film and TV series provider, is among them. It plans to increase the proportion further in the next five to 10 years. China online game industry is booming with the number of players in 2015 up 3.3 percent year-on-year to 534 million, so why has Perfect World shown so much determination to go abroad Xiao As the CEO of a listed company, I have to protect investors interests. In connection with the event, CEO Xiao Hong Xiao talked with Global Times reporter Zhang Ye GT about the opportunities in the future of the Internet and barriers companies would confront when going abroad. (news.financializer.com). As reported in the news.

german society: A president cannot make the world simpler than it is, the 60-year-old, approaching the end of his second stint as foreign minister, said, according to Deutsche Welle. A president must not be someone who simplifies; he must be someone who instills confidence. In his acceptance speech in Berlin, Steinmeier, who belongs to the Social Democrats SPD said he would work to create a feeling of optimistic confidence in a crisis-ridden world. He also spoke of wanting to smooth out divisions in German society by creating a fruitful political exchange. I intend to work on this without regard to party lines, but above all without regard to social divisions, to achieve a political culture in which we can have differences, but treat one another with respect. Now, everything depends on a lively, alert political culture, he said. (news.financializer.com). As reported in the news.

hong: Also, Hong Kong and international investors can buy and sell some mainland shares listed on the Shenzhen Stock Exchange, according to Global Times China. Mainland securities firms are actively preparing for the launch, signing up thousands of investors. The program will allow Chinese mainland investors to trade some stocks on the Stock Exchange of Hong Kong. Experts also pointed out that the stock link will help meet the mainland need for freer capital flows to Hong Kong. Photo CFP The long-awaited connection between the Shenzhen and Hong Kong stock exchanges looks to be right around the corner. Traders work on the trading floor of the Stock Exchange of Hong Kong in February. (news.financializer.com). As reported in the news.

nur einen: Die EU-Kommission hat diese elektronische Reiseanmeldung ETIAS getauft und an diesem Mittwoch in Br ssel vorgestellt, according to Deutsche Welle. Mit diesem System sollen Touristen oder Gesch ftsreisende, die nur einen Pass und kein Visum f r die Einreise in die Schengen-Zone brauchen, l ckenlos erfasst werden. B. US-B rger - von 2020 an ein neues Registrierungssystem durchlaufen. An der Grenze werden ihre Daten dann mit den bereits vorhandenen Datenbanken der EU zu Fahndungen, Haftbefehlen, Terrorverdacht oder Visavergehen abgeglichen. Etwa 1800 Grenz berg nge und Flugh fen m ssen als Au engrenze der Schengen-Staaten so ausger stet werden. W re irgendetwas verd chtig, w rden die automatischen Kontrollstationen an den Grenz berg ngen und Flugh fen Alarm schlagen, k ndigte die EU-Kommission an. (news.financializer.com). As reported in the news.

russian-held islands: Ulyukayev arrest and dismissal could impact bilateral talks on economic cooperation launched after Prime Minister Shinzo Abe presented Russian President Vladimir Putin in May with an eight-point plan aimed at settling the territorial dispute and concluding a post-World War II peace treaty, according to The Japan Times. The two countries are negotiating the status of the Russian-held islands off Hokkaido ahead of Abe December meeting with Putin in Japan. Kremlin spokesman Dmitry Peskov told reporters that Russian President Vladimir Putin had dismissed Ulyukayev after losing trust in him. We are talking about extorting a bribe, together with threatening Rosneft. Ulyukayev is alleged to have received 2 million for a positive assessment by the Economic Development Ministry that enabled Rosneft, a state oil company, to take a 50 percent stake in Bashneft, a medium-size oil company. Ulyukayev was caught red-handed when receiving the money, Russia Tass news agency quoted Svetlana Petrenko, a spokeswoman for the Russian Investigative Committee, as saying. (news.financializer.com). As reported in the news.

market debut: The social network parent, Snap Inc., has filed confidentially to go public, with an eye toward being valued at more than 30 billion U.S. people briefed on the matter said, according to The Toronto Star. That would make Snap the third-most-valuable technology company at the time of its market debut, after Alibaba and Facebook. An initial valuation of the social network parent company, Snap Inc., is being targeted at more than 30 billion U.S. . LUCAS JACKSON / REUTERS file photo By MICHAEL J. de la MERCEDKATIE BENNERThe New York Times News Service Wed., Nov. 16, 2016 The clock has started for one of the most eagerly awaited market debuts of 2017 that of Snapchat, the popular messaging service. The company is aiming to begin having its shares traded as soon as March, although the final timing for an offering has not been determined. There have been 96 offerings of companies with a market value of more than 50 million in the U.S. so far this year, down 41 per cent from 2015, according to data from Renaissance Capital.A successful debut of Snap could help revive that market, encouraging other technology companies to go public. The confidential filing, made with the Securities and Exchange Commission before the presidential election last week, comes amid a relative drought in the market for initial public offerings. (news.financializer.com). As reported in the news.

marrakech: The opinions expressed here are his, according to CNN. Unless otherwise noted, facts here reflect United Nations Development Program research that the author participated in presenting at the UNFCCC COP in Marrakech, Morocco. (news.financializer.com). As reported in the news.

media criticised: Local media criticised the extravagance at a time when many Indians are struggling to find the cash to buy food following the government move to pull high-value notes out of circulation in an attempt to tackle tax evasion, according to The Guardian. But one associate defended the lavish expenditure, saying Reddy wanted people to remember the wedding of his only daughter. India rupee crisis Modi accused of raiding rivals coffers before key election Read more Up to 50,000 people were expected on Wednesday at the sprawling Bangalore Palace, a mock Tudor castle in southern India, to celebrate the wedding of Gali Janardhan Reddy daughter, who was married in a Hindu ceremony earlier in the day. Facebook Twitter Pinterest Gali Janardhan Reddy, centre of the screen, with his daughter and son-in-law during the wedding. It an important moment for her parents and they wanted to celebrate the event in a way that befits the family status in society. Photograph AFP/Getty Images It is unfortunate that a daughter wedding has been made an issue out of envy and rivalry, Manju Swamy told AFP before the party. (news.financializer.com). As reported in the news.

mexico: WHERE IS IT HELD It rotates among member countries, according to Nine News Australia. WHICH COUNTRIES ARE INVOLVED Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russia, Singapore, Taiwan, Thailand, USA, Vietnam. It started in 1989 and happens every year. WHAT HAPPENS AT APEC The main event is the economic leaders meeting, involving heads of state from each member country - except Taiwan, which is represented by a ministerial-level official. There are other meetings before that, including a get-together of foreign and trade ministers to finalise the declaration, and parallel business events such as the CEO Summit. At the end, they endorse a so-called leaders declaration - a non-binding agreement that effectively summarises the year work. (news.financializer.com). As reported in the news.

opinions: He is the co-host of the podcast Politics & Polls, according to CNN. The opinions expressed in this commentary are his own. He is the author of Jimmy Carter and The Fierce Urgency of Now Lyndon Johnson, Congress, and the Battle for the Great Society. (news.financializer.com). As reported in the news.

traps report: The risk-reward over the next 60 days is very good, according to Market Watch. You can make 15%-20%. Larry McDonald, The Bear Traps Report They re now down 16% from right before the election. We re asking What been unjustifiably sold off because of the Trump victory Top on our list Mexican stocks. Investors are exiting Mexico on fears that Trump will tear up the North American Free Trade Association NAFTA agreement and crack down on remittances by Mexican workers back to the motherland. Or if they are kept, it will happen in some watered-down form, and several years from now. But like a lot of Trump campaign bombast, those promises likely won t be kept. (news.financializer.com). As reported in the news.

spending plan: It was trading at 107.95 on Tuesday afternoon, according to The Japan Times. The yen tumble has defied all expectations, given a Trump presidency was expected to trigger a rush to safe-havens such as the Japanese currency and gold as the freewheeling former reality TV star stance on trade, foreign policy and immigration had spooked policymakers and investors around the world. The dollar marked a five-month high above 108.50 on Monday, having sunk to almost 101 just a week ago as financial markets were gripped by turmoil in the wake of Trump stunning upset. However, in a surprising U-turn, the dollar has surged as markets have gravitated to the view that Trump would usher in reflationary policies under a big fiscal spending plan, sending U.S. Treasury yields soaring. The different rules include the prospect of the Federal Reserve hiking rates more frequently than anticipated next year to keep up with an economy humming on additional fiscal stimulus. With the possibility of reflationary policies being enacted, the market is bracing for a new bull phase under a different set of rules, said Koji Fukaya, president of FPG Securities in Tokyo. (news.financializer.com). As reported in the news.

tech companies: Snap is one of the group of privately held tech companies that are valued on paper at 1 billion or more dubbed unicorns, according to Market Watch. At the time of its last round of funding, Snap had a valuation of 17.8 billion and has raised a total of 2.4 billion in financing. On Tuesday, the Wall Street Journal reported that Snap has started the confidential process leading to an IPO that could value the company in a range of 20 billion to 25 billion. The big action will happen in the new year, and Snap is going to be one of many IPOs that we expect to see, said Kathleen Smith, principal of Renaissance Capital, an IPO research firm that also manages IPO-focused exchange-traded funds. Snapchat Prepares for 25 Billion IPO 1 34 Snap Inc., the parent of Snapchat, is working on an IPO that could value the virtual-messaging company at 25 billion or more. The Trump election has added only enthusiasm to investors who are expecting to see lower corporate tax rates, which will benefit these types of companies. (news.financializer.com). As reported in the news.

trudeau: Castro highlighted the historical links with Ottawa particularly when the prime minister late father, Pierre Trudeau, governed Canada and remembered his close friendship with former Cuban President Fidel Castro, it said, according to Global Times China. Trudeau will most likely meet with Fidel Castro on Wednesday. During a meeting between Cuban President Raul Castro and visiting Canadian Prime Minister Justin Trudeau on Tuesday night, both leaders reiterated their will to strengthen political relations as well as economic, financial, investment and tourism cooperation between Canada and Cuba, the Cuban government said in a press release. The last time they saw each other was in 2000. His visit aims to open up trade opportunities for Canadian companies which want to cash in on the Cuban government decision to expand foreign investment up to 2 billion US dollars per year. The friendship between your family and mine is long and deep, but it nothing compared to the true friendship between all Canadians and all Cubans and I look forward to continuing to build on that, Trudeau said. (news.financializer.com). As reported in the news.

wage gains: The hearing begins at 10 a.m, according to Market Watch. Eastern. It has been nearly a year since Yellen appeared before the panel, which includes lawmakers from the House and the Senate who tend to be less adversarial than those on the committees that oversee Fed operations. Here what to watch for. 1 December Signal All ears will be listening for Yellen to affirm recent statements from her colleagues that the Fed remains on track for a December rate increase. She could point to a handful of indicators the Fed has received since its Nov. 1-2 meeting employers continued to add jobs at a steady clip in October, annual wage gains accelerated at the fastest pace since June 2009 and consumer spending at retail stores advanced at a healthy pace this fall. 2 Election Fallout Several Fed officials raised concerns before their November meeting about the possibility for market volatility following the presidential election. Officials signaled after their last meeting that they were getting closer to lifting rates, and needed only a little more evidence that the economy was improving to convince them to move next month. (news.financializer.com). As reported in the news.

schengen: The European travel information and authorisation scheme Etias would apply to people entering the EU border-free Schengen zone, which excludes the UK and Ireland, according to The Guardian. The 5 fee 4.30 at current rates would be required from all adults and would allow multiple trips over a five-year period. It is proposed that travellers from non-EU countries will have to fill out a form online and pay 5 to visit the continent, under a scheme intended to secure Europe borders against people-smugglers and terrorists. Children would travel for free. Officials say the form would take 10 minutes to complete, with 95% of travellers getting a positive answer within a few minutes. Modelled on the US Esta scheme, visitors would be encouraged to apply online at least 72 hours before travel. (news.financializer.com). As reported in the news.

slow-growth path: In the short term, geopolitical tensions, policy uncertainty, financial market volatility, and rapid changes in technology will pin the world economy to a slow-growth path, the report said, according to Xinhua China. As for the downside risks to the U.S. 2017 growth outlook, the report said a new administration will face the challenge of managing a dual-speed economy which is largely driven on the plus side by consumer spending, fueled by stronger household balance sheets, and on the minus side by weak business investment. Although a projected stabilization in energy and commodity prices may lift resource-rich economies up a little next year, the medium-term trend continues to be dominated by weaker growth in key inputs, notably investment and labor supply, the Conference Board said in its Global Economic Outlook 2017. Asked whether Donald Trump victory in the U.S. presidential election will significantly change global economic outlook, the group chief economist for North America, Gad Levanon, said it increases uncertainty but does not alter the bottom-line growth picture as of now. But theyre likely to have only a minor impact on an economy that is beginning to reach full capacity and facing the prospect of impending interest rate increases, which may reduce the appetite to invest, he added. He said fiscal policy measures such as tax cuts and infrastructure investments may provide some growth upside for the United States in the short term. (news.financializer.com). As reported in the news.

state opposition: Just more than 24 hours after he became the leader of the Nationals in New South Wales, the State Opposition referred to documents in Question Time showing Mr Barilaro wife Deanna donated to the National Party for three years in a row, despite being the director of two property development firms that Mr Barilaro himself had previously run, according to Australian Broadcasting Corporation. Political donations from property developers have been banned in NSW since 2010. AAP Image Dan Himbrechts Map Queanbeyan 2620 The new NSW Deputy Premier, John Barilaro, is at the centre of explosive claims that he and his party accepted illegal political donations from his wife, who Labor says is a property developer. Mr Barilaro was listed as a recipient of some of those donations on disclosure forms. Mr Barilaro lists the principal objects of the two companies on his own parliamentary pecuniary interests forms as property investment/development . Disclosures of political donations returns for the 2013 14 financial year show Deanna Barilaro then donated 1,950 to the NSW Nationals. The documents show that in 2012, after Mr Barilaro was elected to Parliament, he resigned as director of two firms, Kotsabola Group and Euro Partners, and his wife Deanna was appointed director. (news.financializer.com). As reported in the news.

trump: Yet Donald Trump victory in the U.S. casts doubt on whether the momentum can last, according to Bloomberg. The risk is heightened for future projects, said Robin Mills, who founded Dubai-based consultants Qamar Energy and worked for Royal Dutch Shell Plc in Iran. Production is up by almost a third since sanctions were eased in January and foreign companies are lining up to help boost output further. It gotten more complicated. Such a move could obstruct its plans to pump a further 800,000 barrels a day with 100 billion of foreign investment. The U.S. president-elect has vowed to tear apart the international nuclear deal with Iran that unlocked the country oil exports this year. (news.financializer.com). As reported in the news.

yuan: It is the yuan weakest level against the dollar in over eight years, and the longest losing streak since December 2015, according to Xinhua China. The recent yuan depreciation is partly due to stronger expectations of an interest rate increase by the U.S. Federal Reserve, said Zhong Yue, analyst at Forextime Ltd., a global online foreign exchange transaction provider. The central parity rate of the yuan weakened 97 basis points to 6.8592 against the dollar, according to the China Foreign Exchange Trading System. Political uncertainties have eased in the United States after Donald Trump defeated Democratic candidate Hillary Clinton in the presidential election, leading to a stronger dollar and an expectation of a U.S. interest rate hike. Despite signs of stabilizing in recent months, the country is still having a hard time managing an increasingly overheated property market and stemming capital outflows. China economy expanded 6.9 percent in 2015, the slowest pace in a quarter of a century. (news.financializer.com). As reported in the news.

china-us relations: The former Australian prime minister told a business forum in the Chinese city of Yiwu the US leader and China President Xi Jinping had at least one common interest, according to Nine News Australia. Infrastructure can become the new common interest of China-US relations, Mr Rudd said. During the election campaign, Mr Trump talked about a 45 per cent tariff on all Chinese goods and called the country a currency manipulator. The United States has relatively old infrastructure and investment demand is great. China is very experienced in this area, he said. He said Mr Trump plan for 1 trillion of infrastructure investment over the next decade offered good prospects for China. (news.financializer.com). As reported in the news.