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

ftse ukx: The move also left the index with its third increase in four sessions, according to Market Watch. Retail therapy Retail shares were pushed up as October retail sales leapt above expectations, with the annual rate of 7.4% from the year-ago period the highest rate since April 2002, the Office for National Statistics said. The FTSE 100 UKX, -0.28% climbed 0.7% to 6,794.71, the best close since Nov. 10, according to Fact Set data. Shares of apparel and home furnishing retailer Next PLC NXT, -2.02% rose 2.2%, department store operator Marks & Spencer Group PLC MKS, -0.24% rose 2.1% and electronics seller Dixons Carphone PLC DC., 1.01% ended up 1.9%. Supermarket chain J Sainsbury SBRY, 0.55% moved up 0.9%. It continues to be a good week for U.K. data, as retail sales come in well ahead of expectations. Analysts have noted that sales of luxury goods in the U.K. have strengthened as the pound has slid in the wake of the Brexit vote in June. It seems that the British public continue to defy predictions of doom, or perhaps they re choosing to ignore their troubles and splash the cash in a bid to boost national morale, said Chris Beauchamp, chief market analyst at IG, in a note. (news.financializer.com). As reported in the news.

increase growth: The Organization for Economic Co-operation and Development OECD notes that while demographics are against it, Japan still has a huge wealth of human capital, thanks to its highly trained and educated people, according to The Japan Times. There also dormant capital and even unused inventions that could be put to work to increase growth. And yet, there are a number of hidden and underutilized resources that Japan could tap to try to escape this economic malaise. Japan was the world-leader in numbers of patents issued in 2014, according to the World Intellectual Property Organization, with almost 300,000 patents. However, for all that inventiveness, Japanese companies were much less aggressive with innovative new products and businesses. The U.S. was second with almost 260,000 and China was third. (news.financializer.com). As reported in the news.

japan: The premier hoped his economic model would increase growth, according to Deutsche Welle. But experts say that most of the Abenomics targets have been missed. Abenomics has three main pillars aggressive monetary stimulus, fiscal expansion and structural reforms. The main economic goal that Abe had set for his administration when he became prime minister in December 2012 was to hit the 2-percent inflation mark. 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. An array of monetary policies, including printing more money and lowering the interest rate, were introduced to achieve this ambitious target. (news.financializer.com). As reported in the news.

kiel-based institute: This meeting is taking place in a very strange atmosphere, says Klaus-J rgen Gern, an expert on developing countries and commodities markets at the Kiel-based Institute for the World Economy IfW . Barack Obama is representing the US, he is a man who wanted to chart a very different course than the one that Trump is now promising, according to Deutsche Welle. The US president-elect absence in Lima poses a critical question, one that has become the main topic of discussion at the summit Is the free-trade zone of the 21 APEC member states even possible without the leadership of the US China makes an offer After Trump repudiation of the Trans-Pacific Partnership TPP it seems like a very real concern. Yet, one politician not in attendance will play the biggest role Donald Trump. The proposed agreement for an Asia-Pacific free-trade zone that excludes China seems about to fail - for it can only go into effect if ratified by the US Congress. China is coming to Lima with an offer for a free-trade agreement among APEC states. Gern expects that China will attempt to take advantage of the leadership vacuum that has just been created by the US elections. (news.financializer.com). As reported in the news.

millionen dollar: Das Bild lag damit um rund eine Million Dollar ber dem bislang gezahlten H chstpreis f r ein Monet-Werk Im Juni 2008 war sein Gem lde Le Bassin aux Nympheas in London f r 80,4 Millionen Dollar versteigert worden, according to Deutsche Welle. Ber hmte K nstler bei Sotheby und Christie Das Bild Untitled XXV von dem holl ndischen Maler Willem de Kooning ging vor wenigen Tagen zum Rekordpreis von 66,3 Millionen Dollar 61,7 Millionen Euro an einen anonymen Bieter. So wurde das Gem lde mit dem Titel Meule des franz sischen Impressionisten Claude Monet beim Auktionshaus Christie gerade zum Rekordpreis von 81,4 Millionen Dollar 76,1 Millionen Euro ersteigert. Es ist das h chste Gebot, das je f r einen de Kooning abgegeben wurde, der einer der wichtigsten Vertreter des abstrakten Expressionismus ist. Vor zehn Jahren war es schon einmal f r 27,1 Millionen Dollar versteigert worden, damals der h chste Preis, den bis dahin je ein Kunstwerk der Nachkriegszeit bei einer Auktion erzielt hatte. Der niederl ndsche K nstler, der zuletzt in den USA lebte, hatte das zwei mal 2,20 Meter gro e Bild 1977 als Teil einer ganzen Serie gemalt. (news.financializer.com). As reported in the news.

buy-to-let landlord: Villains include a developer clasping a mobile phone, and a buy-to-let landlord with a tenancy agreement, according to The Guardian. The game has three skill levels depending on resources hard for no savings, quite easy for bank of mummy and daddy and easy peasy for offshore funds. If players take a step when a housing villain appears, the automated climber slides to the bottom. And there an age gauge that signals game over if you don t reach the house by the time you are 80. It will eventually be installed at his Under the Pier show in Southwold on the Suffolk coast where Hunkin says it was battle hardened this summer to iron out problems . Other games on the pier include his whack a banker game and a mobility masterclass where players try to cross a motorway using a zimmer frame. Facebook Twitter Pinterest How to play The Housing Ladder The Housing Ladder will be unveiled at Hunkin London alternative arcade, Novelty Automation, on Thursday. (news.financializer.com). As reported in the news.

challenge: Rich western liberals, Michaels argues, don t want to challenge the economic structures that produce inequality because that might seriously impact on their own standing and wealth, according to The Guardian. Instead they insist on the elite being as diverse as the poor, as a way to justify the very existence of the elite. He published The Trouble with Diversity exactly a decade ago, but it feels like a tract for our times, perfectly suited as a provocation to thought as we approach the summing up of liberalism great annus horribilis. So, as long as the top class at Harvard shows a proportionate distribution of social diversity, one can happily ignore the fact that all the students come from money. It worse, because the very diversity of the elite is asserted as justification for the non-discriminatory nature of capitalism. Moreover, it not just that this focus on diversity distracts from the deeper issue of economic inequality. (news.financializer.com). As reported in the news.

days slogans: The duo mocked at Modi and his promise of achche din better days slogans for bringing common man on road, according to Xinhua China. If in three days you dont withdraw the move, we will step up our protests, Banerjee in her address said. The two leaders addressed a public rally at Azadpur fruit wholesale market in New Delhi. The common man is suffering due to it. If you do not fix all problems, we will not leave you. We are giving you three days. (news.financializer.com). As reported in the news.

election: The gauge is down more than 2 percent since Donald Trump shock U.S. election win last week as investors sold emerging-market assets on bets American borrowing costs will rise faster than previously forecast, according to Bloomberg. Japan Topix index was flat Wednesday after climbing since the U.S. election and is up around 19 percent from a February low, near a bull market. About five stocks rose for every four that fell on the dollar-denominated MSCI Asia Pacific Index, which added 0.1 percent as of 12 47 p.m. in Tokyo. Cleveland Fed President Loretta Mester said the monetary authority shouldn t overreact to market moves following the election because it too soon to predict any new spending and trade policies, Reuters reported Wednesday. The economic data released on the day were, as a group, on the soft side in the U.S., he said. Futures are pricing in almost certain odds the Fed will raise rates next month, which means investors will seek guidance from Janet Yellen testimony to Congress Thursday in Washington on how Trump election affects her growth and inflation forecasts. function global function ad Code markets/article dimensions id 1 0 2 1 10 strategy targeting targeting Modifiers ; ; window ; We are seeing the usual cautiousness appear as many investors awaited Fed Chair Janet Yellen Congressional testimony, said Tony Farnham, a Sydney-based strategist at Patersons Securities Ltd. (news.financializer.com). As reported in the news.

martin crutsinger: Her comments were seen as boosting the likelihood of a rate hike in December, as the country prepares for President-elect Donald Trump to take office, according to The Toronto Star. Yellen also said it was fully my intention to remain as Fed chair until her term ends in January 2018. Win McNamee / Getty Images By Martin Crutsinger The Associated Press Thu., Nov. 17, 2016 WASHINGTON Federal Reserve Chair Janet Yellen told Congress on Thursday that an improving U.S. economy has strengthened the case for raising interest rates. She said she could not imagine any circumstance that would cause her to leave early, addressing speculation that she might step down under Trump, given his critical comments of her during the election campaign. She told the committee that reports that have come out since the Fed met in early November show that the economy has continued to make good progress in achieving the goals the Fed wants to see before it raises rates again. In her testimony to a congressional committee, Yellen noted that the job market has made further improvement this year and that inflation, while still below the Fed 2-per-cent target, has started to pick up. (news.financializer.com). As reported in the news.

planning firm: Since bond prices fall when yields rise, anyone owning longer-term bonds has taken a big hit, according to Market Watch. In just two days after the election, for example, global bond markets lost a collective 1 trillion. The yield on the 10-year Treasury TMUBMUSD10Y, 0.00% closed at about 2.20% on Wednesday, up sharply from its all-time closing low of 1.36% in July. If more of the same is ahead over the next few years, many investors will be in a world of pain, especially retirees, who could suffer 2008-style losses this time in safe bonds. Barron named the firm the nation No. 1 independent financial advisor in 2009, 2010, and 2012. So says Ric Edelman, executive chairman of Edelman Financial Services, a Fairfax, Va.-based financial planning firm that manages 17 billion for 31,000 families. (news.financializer.com). As reported in the news.

rooney conduct: Once again, he has been forced to issue an apology just as he is struggling to hold a place in the United and England starting lineups, according to The Japan Times. The statement of contrition to the England management and fans came after Rooney dropped into a wedding taking place at the England team hotel on Saturday night. But at 31, and as a father-of-three, Rooney conduct is under scrutiny again. Pictures of the bleary-eyed striker were published with guests. Rooney acknowledged the Football Association concerns. Rooney, who played in Friday World Cup qualifying win over Scotland, was off duty at the time but the behavior of England all-time top scorer is still troubling the team management. (news.financializer.com). As reported in the news.

topix index: On Wednesday, the key market gauge gained 194.06 points, according to The Japan Times. The Topix index of all first-section issues finished up 1.43 points, or 0.10 percent, at 1,423.08, after advancing 18.67 points the previous day. The 225-issue Nikkei average edged up 0.42 point, or 0.00 percent, to close at 17,862.63. Stocks met with selling to lock in profits at the beginning of Thursday trading after the 30-issue Dow Jones industrial average snapped its seven session winning streak on Wednesday. Over the week through Wednesday, the Nikkei average rose more than 1,600 points, or nearly 10 percent. In particular, financial issues and export-oriented names took a beating, as investors grew wary after the two sectors led the recent market surge, according to brokers. (news.financializer.com). As reported in the news.

xu lin: Chinese President Xi Jinping has previously called on countries to seize the historic opportunity presented by the digital economy so as to further boost the world economy, according to Global Times China. To facilitate the development of digital economy in China, Xu promised that authorities would increase the coverage of the low-cost network services around the country, especial in the rural areas. The Chinese government has long been paying great attention to the development of the digital economy which is regarded as a new engine for the nation economic growth, Xu Lin, director of the Cyberspace Administration of China, said in his speech during the ongoing third World Internet Conference WIC held in Wuzhen, East China Zhejiang Province. Since the rollout of the fourth-generation 4G telecoms network in 2013, China 4G user base had grown to 300 million by the end of 2015. China shift to a digital economy can be reflected by booming online shipping. The Ministry of Industry and Information Technology predicted in a press conference in April that there would be 260 million additional new users in 2016. (news.financializer.com). As reported in the news.

yuan: To address the situation, China should properly manage investors expectations and capital flows in the short term, according to Global Times China. Over the long term, it should take concrete measures to reduce the country monetary stock and fundamentally stabilize the financial system, which is the foundation of the yuan internationalization. Against all popular explanations for the factors that have led to the depreciation of the yuan, I would argue that it is the impact of market expectations, which proves to be a self-fulfilling prophecy. The cornerstone of the yuan internationalization is financial stability rather than flexibility of exchange rate and free capital flow. These include expectations of the Fed rate hike in December, pressure from China weak foreign trade, massive capital outflows due to Chinese companies quickening pace of going out and the buildup of a property bubble which has prompted Chinese homebuyers to turn to overseas property markets. Currently, there are some popular explanations about what is contributing to the pressure on the yuan. (news.financializer.com). As reported in the news.

ontario economy: I m not at all convinced that the rhetoric we heard in the campaign will transfer into problems for Ontario or Canada, said Duguid, the province minister of economic development and growth, according to The Toronto Star. Speaking to the Canadian Club of Toronto, Duguid said he had planned to talk only about the new Ontario economy but Trump victory prompted him to change that. Richard Brennan / Toronto Star By Kristin Rushowy Queen Park Bureau Thu., Nov. 17, 2016 Donald Trump tough trade talk during the U.S. presidential campaign does not mean economic trouble for the province, Brad Duguid told a business crowd on Wednesday. I know there are a lot of Canadians who have been knocked a little off balance by Donald Trump election win last week, added Duguid, who also got a laugh from the crowd when he urged everyone to take a deep yoga breath, saying namaste. And I think it important that we quickly regain our footing. I think it important that we talk about it. (news.financializer.com). As reported in the news.

product: Key Points Gross domestic product increased 7.1 percent from a year earlier, the Philippine Statistics Authority said in Manila Thursday, according to Bloomberg. The median estimate of 15 economists surveyed by Bloomberg was 6.7 percent Compared with the previous quarter, GDP rose 1.2 percent, in line with economists estimates Big Picture Undeterred by risks such as Donald Trump protectionist ambitions and President Rodrigo Duterte rants against the U.S., the Philippine economy is set to expand more than 6 percent until 2018 to rank among the fastest-growing in the world, according to economists surveyed by Bloomberg. Stocks gained. Last quarter growth exceeded China 6.7 percent and Vietnam 6.4 percent in the same period. Gifted with a young population and backed by 50 billion of revenue from remittances and outsourcing, the Philippines is getting an additional boost from Duterte 160 billion-infrastructure plan aimed at creating jobs. India, which posted growth of 7.1 percent in the second quarter, is yet to publish GDP data for the three months through September. (news.financializer.com). As reported in the news.

service industry: The service industry continued to attract massive foreign investment from January to October, said Tang Wenhong, head of the ministry foreign investment division, according to Xinhua China. FDI in the service sector, which accounted for 70.7 percent of all investment, increased 9.1 percent year on year during the period. The growth rate is unchanged from the January-September period, according to the Ministry of Commerce. In particular, FDI in high-tech services skyrocketed 90.2 percent from a year earlier to reach 79.18 billion yuan. The number of newly-established foreign companies with investment of over 100 million dollars totaled 600. In the first ten months, FDI from the United States surged 79.8 percent, while that from the European Union soared 41.5 percent. (news.financializer.com). As reported in the news.

valeant pharmaceuticals: The U.S. Attorney Office for the Southern District of New York said Thursday that Gary Tanner, 39, a former executive at Valeant Pharmaceuticals International Inc., and Andrew Davenport, 48, the former CEO of Philidor Rx Services, were arrested, according to The Toronto Star. The men each face four charges, including wire fraud, conspiracy to commit wire fraud and conspiracy to commit money laundering. Spencer Platt / GETTY IMAGES By Ross Marowits The Canadian Press Thu., Nov. 17, 2016 MONTREAL U.S. prosecutors have charged a former executive with Valeant Pharmaceuticals and the head of a defunct U.S. mail-order pharmacy with conspiring to defraud the Quebec-based drug giant through a multimillion-dollar kickback scheme. Their alleged kickback scheme illegally converted Valeant shareholder money into their own personal nest eggs, U.S. attorney Preet Bharara said in a statement. Investigators allege that both accused conspired to obtain tens of millions of dollars from Valeant and split the proceeds, according to a 28-page complaint signed by FBI special agent Ryan Redel. As alleged, while purporting to be arms-length business counterparts, the two men were, in fact, partners in crime. (news.financializer.com). As reported in the news.

world currencies: The dollar drop against other top world currencies was a modest 0.3 per cent but marked a change of direction after eight days of back-to-back gains that have seen it jump almost 4 per cent, according to Nine News Australia. The momentum of the Trump rally in bond yields and the dollar has faded a bit so we are all trying to recover, said Rabobank strategist Philip Marey. Europe main stock markets saw a subdued start as the dip in benchmark bond yields knocked banking stocks that have rallied since the rebound in yields has fuelled optimism about lending profits. He said investors were trying to get a handle on what us President-elect Donald Trump is likely to do when he takes office in January, as well as position for what now looks almost certain to be a us interest rate rise next month. There also us inflation data, so if they dont have any negative surprises we are heading for a rate hike. Today the interesting things are a speech from Fed chair Janet Yellen and whether there is anything new there. (news.financializer.com). As reported in the news.

cost: Key points Big four hold 19b less capital against residential mortgages than they would have to under small bank rules This gives big four an 11-basis-point cost advantage over smaller rivals on mortgagesAPRA warns that big four may higher requirements from 2018 Despite a new regulatory framework requiring the big banks to hold larger top tier capital buffers, their ability to internally assess their asset risks is still a huge advantage in terms of the amount of expensive capital locked up and their ability to access cheaper funding, according to Australian Broadcasting Corporation. While the CBA, NAB, Westpac and ANZ are now required to base their regulatory capital on a blanket of at least 25 per cent of mortgages being at risk, smaller lenders must base their risk weightings at 39 per cent. AAP Map Australia The big four banks enjoy a 19 billion advantage over their smaller rivals by still being able to self-calculate the riskiness of their home loans according to analysis from the Australian Prudential Regulation Authority. That difference in risk weights directly impacts the amount of capital held for a given portfolio of loans, APRA noted in a detailed answer to a question on notice from the House of Representatives Economics Committee hearing last month. This equates to a reduction in CET1 Common Equity Tier 1 capital requirements of approximately 19 billion, in aggregate, for the four major banks current Australian residential mortgage portfolios, APRA said in its answer to the committee. APRA modelling assumed a 14 percentage point differential in risk weightings between the big Internal Ratings Based IRB lenders and the other smaller authorised deposit taking institutions ADIs as well a 9 per cent holding of top tier capital. (news.financializer.com). As reported in the news.

capital: The Organisation for Economic Co-operation and Development notes that while demographics are against it, Japan still has a huge wealth of human capital, thanks to its highly trained and educated people, according to Bloomberg. There also dormant capital and even unused inventions that could be put to work to increase growth. And yet, there are a number of hidden and underutilized resources that Japan could tap to try and escape this economic malaise. Japan was the world-leader in numbers of patents issued in 2014, according to the World Intellectual Property Organization, with almost 300,000 patents. However, for all that inventiveness, Japanese companies were much less aggressive with innovative new products and businesses. function global function ad Code markets/article dimensions id 1 0 2 1 10 strategy targeting targeting Modifiers ; ; window ; If you look at the patent data, there is lots of innovation in Japan, said Yumiko Murakami, head of the OECD Tokyo office. The U.S. was second with almost 260,000 and China was third. (news.financializer.com). As reported in the news.

year: Wages grew by just 1.9 per cent over the year to September, in data released on Wednesday, compared to the consumer price index of 1.3 per cent, according to Nine News Australia. JP Morgan economist Tom Kennedy says at first glance, declining wage growth sits at odds with the drop in the jobless rate this year from six per cent to 5.6 per cent. Annual wage growth is at its slowest pace in at least two decades and though keeping ahead of inflation, the gap is narrowing. But the rise in underemployment as employers show a preference for part-time workers suggests the composition of the labour market is still insufficient to generate a material pick up in wage outcomes . Labour force figures for October are released on Thursday, which economists expect will show the jobless rate ticking up to 5.7 per cent from 5.6 per cent previously. It resulted in the lowest annual rate since the index was first compiled in 1997 and compares with the previous trough of 2.1 per cent seen over the two previous quarters. Wednesday wage cost index - the Reserve Bank preferred measure of wages growth - rose by 0.4 per cent during the September quarter, an even smaller rise than economists had expected. (news.financializer.com). As reported in the news.

cuban reporters: The comments came as the two leaders met prior to a state dinner that was closed to media, according to The Toronto Star. Castro grabbed the attention of Canadians and surprised Cuban reporters by acknowledging what Canadian officials haven t dared say openly. By Tonda Mac Charles Ottawa Bureau reporter Tues., Nov. 15, 2016 HAVANA President Raul Castro made a defiant declaration at the start of an official visit by Prime Minister Justin Trudeau when he said economic reforms in Cuba have not moved swiftly enough for the United States, but perhaps too fast for some of the Cuban people. After introducing Trudeau to the Cuban vice-president who will succeed him in December 2018, the 85-year-old Castro spoke frankly about changes in Cuba. Article Continued Below Although it is not entirely clear what time frame Castro had in mind, he hinted some may have been more optimistic about the December 2014 thaw in American-Cuban relations than is realistically possible. react-text 158 Prime Minister Justin Trudeau arrived in Cuba Tuesdayin a necessary and symbolic stop on his weeklong trade trip to Central and South America. /react-text DARRYL DYCK / THE CANADIAN PRESS file photo Even though I have said we have to move slowly, you cannot go too fast. I actually thought 10 years ago that at this point in time we would have advanced much more than we have, said the brother to Fidel Castro, who led the communist revolution. (news.financializer.com). As reported in the news.

customs office: It left China on a 3,115-kilometer journey through the Khunjerab Pass and crossed the Karakorum and Hindu Kush ranges in western Pakistan before its final stretch across the Arabian Sea, according to Xinhua China. According to the customs office in the regional capital Urumqi, the fleet stopped in major cities and posts along the CPEC such as Islamabad and Sost Port in Pakistan. The 31-car fleet, carrying construction materials and mechanical equipment, departed from Kashgar, Xinjiang Uygur Autonomous Region, on Oct. 29. In addition to cargo delivery, research was also conducted on the condition of roads, transportation costs and local customs and practices. Thanks to the rapid development of the CPEC, the trial crossing succeeded, which would boost cross-border multimodal transportation between China and Pakistan, said Yuan Jianmin from the Xinjiang branch of Sinotrans & CSC Holdings Co., a major logistics firm in China. Chinese Ambassador to Pakistan Sun Weidong told those gathered at a celebration event Sunday that the inaugural trip proved the corridor to be a successful multi-function channel between the two countries. (news.financializer.com). As reported in the news.

anonymer bieter: Dies teilte das Auktionshaus Christie in Genf mit, wo das Juwel unter den Hammer kam, according to Deutsche Welle. Das 9,14 Karat schwere Prunkst ck ist das zweitgr te seiner Form und Farbe und hat in diesen Kategorien den zweith chsten Preis berhaupt in einer Auktion erreicht. Dann hat sich ein anonymer Bieter per Telefon gegen zwei Konkurrenten durchgesetzt und sich f r 18,1 Millionen Franken 16,9 Millionen Euro einen der weltweit spektakul rsten rosafarbenen Diamanten gesichert. Der gr te und 15,38 Karat schwere rosa Diamant kam im Mai dieses Jahres in Genf beim Aktionshaus Sotherby unter den Hammer. Gesch ft mit Diamanten boomt Unter Milliard ren ist die Nachfrage nach farbigen Diamanten in den letzten Jahren stark gestiegen. Er erzielte einen Rekordpreis von umgerechnet 26,6 Millionen Euro. (news.financializer.com). As reported in the news.