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

boston-based company: She has been chief executive officer since 2014 and will maintain that role, according to Bloomberg. Edward, 86, is retiring and will become chairman emeritus. Johnson, 54, will succeed her father, Edward Ned Johnson, as chairman of the family-run firm in early December, the Boston-based company said Monday. Under Abigail, Fidelity -- the manager of 2.1 trillion in assets -- has been seeking to increase client deposits after losing market share to low-cost index providers such as Vanguard, the biggest mutual fund company. It also contending with a trend that roiling the industry customers shunning actively managed funds for low-cost passive investments such as index funds. function global function ad Code dimensions id 1 0 2 1 10 strategy targeting targeting Modifiers ; ; window ; In the first 10 months of the year, active equity funds experienced 287.7 billion in net outflows as passive funds reeled in 123.1 billion, according to Morningstar Inc. In 2010, Fidelity lost its crown as the largest U.S. mutual fund company by assets. (news.financializer.com). As reported in the news.

briefing notes: The Canadian Security Intelligence Service, which rarely identifies security threats by name, makes the frank statement in briefing notes prepared for service director Michel Coulombe, according to The Toronto Star. While Canada grapples with the problem of jihadi-inspired extremists, the long-standing threat of espionage is also a worrisome preoccupation, the spy agency says in the notes. Sean Kilpatrick / THE CANADIAN PRESS By Jim Bronskill The Canadian Press Mon., Nov. 21, 2016 OTTAWA Canada spy agency is openly warning that Russia and China are out to steal the country most prized secrets. Russia and China, in particular, continue to target Canada classified information and advanced technology, as well as government officials and systems. Article Continued Below CSIS spokeswoman Tahera Mufti declined to elaborate on specific aspects of investigations, but she emphasized the spy service broad concerns. The Canadian Press used the Access to Information law to recently obtain the briefing materials, intended for use by Coulombe at a March meeting of the Senate committee on national security and defence. (news.financializer.com). As reported in the news.

creation: In fact, the capital is more likely to benefit investors than jobseekers, according to Bloomberg. It not a shortage of funds that has held back job creation by U.S. companies. The president-elect has suggested that cutting taxes on companies accumulated offshore earnings from the current 35 percent to 10 percent would persuade them to repatriate that income; as the money returned, so would jobs. Apple Inc., Microsoft Corp., Pfizer Inc. and many others have raised huge amounts of cash -- using low-interest debt -- to buy back shares and boost dividends, not build new factories in the U.S. function global function ad Code dimensions id 1 0 2 1 10 strategy targeting targeting Modifiers ; ; window ; Asked what he would do with repatriated cash should the Trump administration slash taxes on foreign profits, Cisco Systems Inc. Gary Dickerson, CEO of chip equipment maker Applied Materials Inc., said much the same. Chief Executive Officer Chuck Robbins said in a phone interview last week We do have various scenarios in terms of what we d do but you can assume we ll focus on the obvious ones -- buy-backs, dividends and M&A activities. (news.financializer.com). As reported in the news.

gold coast: High speed rail would revolutionise interstate travel, allowing people to travel between capital cities in as little as three hours, he said, according to Nine News Australia. It would also help in the development of regional centres such as the Gold Coast, northern NSW, Albury-Wodonga and Shepparton. Mr Albanese, a former transport minister, presented a private bill to parliament on Monday which would set up a planning authority to drive the project. The MP said he had received strong indications from Liberal-National coalition members they supported the idea. A study commissioned when Mr Albanese was minister found a potential cost-benefit of 2.15 for every 1 spent. The government appears to be taking the project seriously, with secretary of the infrastructure department Mike Mrdak and former minister Andrew Robb attending the International High Speed Rail Association conference in Japan last week. (news.financializer.com). As reported in the news.

grants: The group will also be denied 248,345 in grants it could have secured if it had followed the rules, a damaging blow to the cash-strapped party, according to The Guardian. Once misspending by Dutch and Belgian parties was taken into account, the ADDE and an affiliated foundation were found to have misused 500,615 of EU grants. The Alliance for Direct Democracy in Europe, a Ukip-controlled group, was asked to return 172,655 by a committee of senior MEPs on Monday night, after officials found the party had breached EU rules by pouring money into the UK 2015 general election and the EU referendum. Senior MEPs endorsed the report of the parliament finance team, a document seen by the Guardian last week, which concluded the ADDE had funnelled cash into Nigel Farage failed attempt to win a seat at Thanet South, as well as opinion polls to test the public mood in the run-up the EU referendum campaign. The activities of the ADDE were found to breach the rules for European party financing, a European parliament statement said, citing opinion polls funded by the ADDE in British constituencies before of the 2015 general election, as well as public opinion surveys before June referendum. EU rules ban parties from spending European grants on national elections or referendums. (news.financializer.com). As reported in the news.

growth rates: Breakdown figures showed that new home prices in first-tier cities such as Beijing as well as large second-tier cities across China edged up 0.5 percent and 1.3 percent in October month on month, with growth rates 2.8 percentage points and 1 percentage point lower than September, respectively, the National Bureau of Statistics NBS said earlier this week, according to Xinhua China. Second-hand residential property sales reinforced the trend, as prices of existing homes in first- and second-tier cities rose 0.6 percent and 0.8 percent over the same period, with the growth rates 2.9 percentage points and 1.1 percentage points lower than September respectively. MILDER PRICE GAINS Home prices in large and medium-sized cities still registered an uptick in October, but the growth pace was slower than September, evidence of nascent effects of recent tightening moves, experts said. NBS senior statistician Liu Jianwei attributed the milder price gain to policies rolled out by different local governments to contain spiking prices. Recent tightening moves have effectively halted the housing price spike trend and helped regulate the market order, said Liu Hongyu, a professor at Tsinghua University, adding that the long-term policy effects still deserve observation. The data were released on the heels of a slew of measures to rein in speculative housing purchases, check the risk of asset bubbles and stabilize the market, with dozens of Chinese cities modifying market rules including higher deposits and more restrictions. (news.financializer.com). As reported in the news.

information: Key points The ABC sought correspondence about suspected North Korean sanctions breaches involving AustraliansDFAT denied the Freedom of Information application It said releasing it would call into question the Commonwealths ability to protect information Earlier this year, a 7.30 investigation revealed two Australian businessmen had struck mining agreements with a North Korean entity that was under sanctions, according to Australian Broadcasting Corporation. The deals led back to Pyongyang National Resources Development and Investment Corporation NRDIC . The UN said the firm real name is Green Pine Corporation, which is the primary arms dealer and main exporter of equipment related to ballistic missiles for Kim Jong-un regime. Reuters KCNA Related Story Australian pair linked to companies striking mining deals with N Korea Related Story AFP investigating Australian companies linked to N Korea mining deals Map Korea, Democratic People S Republic Of The Department of Foreign Affairs DFAT has refused to release correspondence from the United Nations about alleged breaches of North Korea sanctions by two Australian companies, saying to do so could damage Australia international relations. NRDIC/Green Pine has been under international sanctions since mid-2012. One of the companies being investigated is AAT Corporation which struck a deal to mine inside the rogue state in December 2012. After 7.30 investigation, the Australian Federal Police confirmed it was investigating two Australian mining companies and whether they had breached sanctions involving North Korea. (news.financializer.com). As reported in the news.

activity: The October reading still shows U.S. economic growth running below its potential, according to Market Watch. And the index three-month moving average, which tends to offer a clearer picture of the trend in economic activity than the monthly reading alone, weakened to negative 0.27 in October from a revised negative 0.20 in September. The Chicago Fed national activity index rose to negative 0.08 in October from negative 0.23 in September as factory production, housing and consumer spending, as well as the business orders that make up the index mostly improved; employment had a neutral effect. The weaker three-month average is indicating inflationary pressure from U.S. economic activity will be limited, said Bernard Yaros, economist with Moody Economy. The Chicago Fed index is a weighted average of 85 different economic indicators, designed so that zero represents trend growth and a three-month average below negative 0.70 suggests a recession has begun. Financial markets SPX, 0.22% are becoming increasingly interested in clues on the pace of potential hikes in 2017 in inflation data. (news.financializer.com). As reported in the news.

interest rates: Donald Trump economic policies could go badly wrong but not soon enough Read more Donald Trump presidential election victory has put a fire under the US currency as investors bet that the incoming administration would boost government spending, causing higher inflation and interest rates, according to The Guardian. The trend continued when Federal Reserve chair Janet Yellen signalled last week that a December rate rise in the United States was increasingly likely. On Monday evening the local unit stood at US73.22c, down from US73.89c on Friday. Comm Sec Comm Sec AUD continues to decline against the Greenback, fetching 73.27 US cents FX Bloomberg currency 21, 2016 A huge selloff on the global bond market has also seen money flow into the greenback, putting further pressure on other currencies such as the Aussie. Many economists expect the recent rise in commodity prices to go into reverse as the impact of China last round of monetary stimulus wears off and the country big importers of coal and iron ore run down inventories again. National Australia Bank foreign exchange strategists have forecast the Aussie dollar to drop towards US70c during 2017, and even lower in 2018. (news.financializer.com). As reported in the news.

materials stocks: The Toronto Stock Exchange S&P/TSX composite index climbed 175.84 points, or 1.18 per cent, to 15,039.87, with energy, metals and materials stocks racking up the most gains, according to The Toronto Star. Most of the lift was provided by crude prices as the January crude contract jumped 1.88 at US 48.24 per barrel. Frank Gunn / THE CANADIAN PRESS By Linda Nguyen The Canadian Press Mon., Nov. 21, 2016 Canada biggest stock market closed above the 15,000-mark for the first time in more than five months on Monday, as oil prices rallied amid hopes that OPEC will strike an output deal. The gain helped the Canadian dollar advance more than half a cent, with the loonie ahead 0.55 of a U.S. cent to 74.55 cents US. The 14-members of the Organization of the Petroleum Exporting Countries are set to meet in Vienna on Nov. 30 to agree to details for a deal that will reduce global oil production, and hopefully, drive up prices. In the months since then, speculation over whether the deal will become official have injected volatility into stock markets. The cartel had settled on preliminary terms at a gathering at the end of September. (news.financializer.com). As reported in the news.

months: In the four months to October rental listings fell by more than 800 properties, while rental activity increased to nearly its highest level in the past year, according to Australian Broadcasting Corporation. REIWA president Hayden Groves said a number of factors contributed to the sharp upturn with falling prices the main catalyst. ABC News Nic Mac Bean Related Story Tenants win as Perth CBD commercial vacancies soar Related Story Record number of Perth rental vacancies Map Perth 6000 The tide could be turning for West Australian landlords, with the latest figures from the Real Estate Institute of WA showing an increase in rental market activity. The rents have fallen significantly over the past 12-24 months, the rents have come down significantly, he said. Mr Groves said the incentive was there for people in share-houses or living at home to find affordable rentals, which drew more people into the market. Because tenants understand there is downward pressure on rental prices, theyre not taking long-term tenancies, they tend to opt in to taking six-month tenancies and therefore there a lot more leasing activity recorded by the institute. (news.financializer.com). As reported in the news.

news conference: The arrests of seven people -- of French, Moroccan and Afghan origin -- enabled us to prevent a long-planned terror attack on our soil, Cazeneuve told a televised news conference, according to Nine News Australia. He said the investigation would show whether the foiled attack was a coordinated attack aiming to target several sites simultaneously on our soil. AFP Police have broken up a terror ring plotting an attack in France after arresting seven suspects in Strasbourg and Marseille, Interior Minister Bernard Cazeneuve said on Monday. The raids were carried out overnight Saturday to Sunday in the eastern city of Strasbourg and Marseille in the south following an eight-month investigation by security services. Cazeneuve linked the arrests to raids carried out shortly before the Euro 2016 football championship hosted by France in June. Credible information made these arrests necessary, one security source told AFP earlier, asking not to be named because they were not authorised to speak on the case. (news.financializer.com). As reported in the news.

parity: As of Monday, the central parity of the yuan against the dollar weakened to 6.8985, the lowest in more than eight years, according to Xinhua China. But the yuan remained stable relative to other currencies in the basket, as the euro and Japanese yen also tumbled to new lows, Ulrich said. Stronger signals pointing toward U.S. interest rate hike in December have put more downward pressure on the yuan, a trend that will persist in the fourth quarter, said Jing Ulrich, managing director and vice chair of Asia Pacific at JPMorgan Chase, at a press seminar Monday. Meanwhile, uncertainties concerning global trade will possibly not reverse China steady growth which pivots to consumption and the service sector, Ulrich said. A better-structured and transforming Chinese economy serves as a safe harbor and ballast for the global economy, which is still reeling after the American presidential election and Brexit, she said. In light of the statistics in the first three quarters, China is well positioned to deepen reforms at state-owned enterprises and banks while continuing to see steady growth in 2017, Ulrich stated. (news.financializer.com). As reported in the news.

france germany: There has been no official confirmation of the report, according to Deutsche Welle. A recent report from the UN International Atomic Energy Agency IAEA said that Tehran had 100 kilograms 220 pounds more heavy water in storage than the 130 metric tons limit set under the terms of its agreement with six world powers the US, Russia, China, Britain, France and Germany. In view of the progress of talks with several foreign firms and countries to purchase heavy water, some quantities of Iran surplus production has been transferred to Oman, said Behrouz Kamalvandi, spokesman for Iran Atomic Energy Organization, according to the Iranian Students News Agency ISNA . The agency reported that Kamalvandi said more heavy water would be sent to Oman as talks with oversees buyers progressed. Heavy water can be used in the process to make atomic weapons. While the violation of the terms of the nuclear deal may have involved only a small amount of material, it is the second time that Iran has exceeded the limit since the agreement came into force in January. It is used to cool reactors that can produce substantial amounts of plutonium which can be applied to making the fissile core of nuclear warheads. (news.financializer.com). As reported in the news.

government policies: What gives Trump victory clearly appears to stem from a sense of economic powerlessness, or a fear of losing power, among his supporters, according to Market Watch. To them, his simple slogan, Make America great again, sounds like Make YOU great again economic power will be given to the multitudes, without taking anything away from the already successful. And yet his most enthusiastic support tended to come from those with average and stagnating incomes and low levels of education. Those on the downside of rising economic inequality generally don t want government policies that look like handouts. Redistribution feels demeaning. They typically don t want the government to make the tax system more progressive, to impose punishing taxes on the rich, in order to give the money to them. (news.financializer.com). As reported in the news.

japan exports: The reading came in worse than a 9.4% drop forecast by economists polled by The Wall Street Journal, according to Market Watch. Japanese stocks were supported Monday by a continued fall for the yen USDJPY, -0.12% with the dollar trading just below the 111 level. Japan Nikkei NIK, 0.31% closed up 0.8%, Hong Kong Hang Seng Index HSI, -0.01% gained 0.1%, and the Shanghai Composite SHCOMP, -0.22% rose 0.8%. Moving in the other direction, Australia S&P/ASX 200 XJO, 1.31% closed down 0.2% and Korea Kospi SEU, 0.23% was down 0.4%. Japan exports fell 10.3% in October from a year earlier, figures released Monday by the Ministry of Finance showed. Emerging Asian currencies were broadly lower against the dollar, with outflows continuing as traders moved cash to higher-yielding U.S. assets. The outflows will just get bigger, said Heng. The Korean won KRWUSD, -0.410249% was off 0.2%, the Philippine peso PHPUSD, -0.237584% was down 0.3%, the Indonesian rupiah IDRUSD, -0.48896172% lost 0.1%, and the Malaysian ringgit MYRUSD, 0.2540% slipped 0.1%. Heng Koon How, a foreign currency strategist for Credit Suisse, said that after Donald Trump was elected U.S. president, pledging to implement reflationary policies, yields have surged in the U.S. and money has continuously exited emerging Asia. (news.financializer.com). As reported in the news.

president briefly: Takeda is suspected of stealing the wallet containing 50,000 in cash from the president bag during the interview at an elevator maintenance company in Seya Ward, Yokohama, on the evening of Nov. 10, according to The Japan Times. Police believe Takeda took advantage of easy access to the bag when the president briefly left the room. I wanted to work for that company, but since I haven t got a job I needed money, Shogo Takeda, 24, said in owning up to the charges, according to the police. After the interview, the president noticed that the wallet had disappeared and reported the incident to the police, speculating that Takeda could have taken it. Takeda had included his contact details, including his address and phone number, when he submitted his resume. The president said only he and Takeda were in the office during the interview. (news.financializer.com). As reported in the news.

re-localizing economy: It part of an experiment in new ways of re-localizing the economy, says co-founder Adrien Despoisse, according to Deutsche Welle. Re-localization, Despoisse explains, is about reducing the energy needed for transport - but also about nurturing grassroots cooperation, and operating on a scale where communities can take back control of local economies. The around 300 members drop in to the basement workshop to not only fix up their rides, but also to build them - cargo bikes in particular. Most of the things we are consuming and using come from far away, and we dont know how they are produced - or how ethically they are produced, he told DW. The project bigger aim is to create a hands-on, living experiment in how to consume less and share more. Degrowth is a growing movement that is beginning to link community projects like the bike kitchen to the work of economists seeking a more sustainable future. The bike workshop is one the first steps in setting up a degrowth center in Budapest, Despoisse says. (news.financializer.com). As reported in the news.

u.s: Bloomberg dollar index climbed the most since 2008 in the two weeks just past amid speculation U.S. President-elect Donald Trump reflationary economic policies will trigger higher interest rates, according to Bloomberg. The yen rose after Japan issued a warning for a possible three meter tsunami on the coast of Fukushima, home to the nuclear power plant destroyed by a March 2011 earthquake. function global function ad Code dimensions id 1 0 2 1 10 strategy targeting targeting Modifiers ; ; window ; Speculators are broadly not so bullish on the U.S. dollar, said Janu Chan, a senior economist at St. Wagers among large speculators for the U.S. currency to rise against eight major peers climbed by only 15 contracts to a net 221,204 in the week through Nov. 15, according to data from the Commodity Futures Trading Commission. George Bank Ltd. in Sydney. The Bloomberg Dollar Spot Index, which tracks the currency against 10 major peers, fell 0.4 percent as of 5 p.m. in New York after a two-week, 4.7 percent surge. The rally since Trump victory is more of a sugar kick, and the risk is that the U.S. dollar will top out soon. (news.financializer.com). As reported in the news.

trump university: Photo by Dan Herrick/KPA/ZUMA After vowing to do the opposite, Trump settles fraud case 11/21/16 08 04 AM Updated 11/21/16 08 15 AM By Steve Benen One week from today, President-elect Donald Trump was scheduled to take the stand in a fraud case surrounding his scandal-plagued Trump University, which has been accused of ripping off students and making ridiculous claims about the value of its lessons, according to MSNBC. The Republican was poised to be the first president-elect to ever give sworn testimony in his own fraud case. Photo by Dan Herrick/KPA/ZUMA Donald Trump introduces Trump University at a press conference in Trump Tower, New York, May 2005. As it turns out, Trump won t have to take the stand after all. President-elect Donald Trump, who once declared I don t settle lawsuits, took to Twitter Saturday to justify his decision to pay 25 million to settle fraud lawsuits over his now-defunct Trump University real estate seminar program. As Politico reported, the controversial businessman who vowed not to settle this case ended up settling this case. (news.financializer.com). As reported in the news.

victims: Victims are directed to a local store where they can buy bitcoins and those funds are then transferred to another account, according to Nine News Australia. It quite new, particularly for rural Tasmania, Detective Sergeant Gen Hickman told AAP. The anti-virus software sold in the scam is normally available online for free and the pop-up can be removed if users restart their device, Det Sgt Hickman said. Detectives say two northwest Tasmanians were using the internet when a pop-up pornographic image appeared with a message saying their computer was infected and advising them to call technical support . When the victims dialled the number the person answering the phone sold them anti-virus software, requesting payment by internet currency bitcoin. Retailers who sell or deal with bitcoin are also warned to be aware of the scam. Click here for more information. AAP 2016tasmania Crime Send your photos, videos and stories to can remain anonymous. (news.financializer.com). As reported in the news.

voting centres: Clutching their national identification cards, citizens patiently waited as numerous voting centres opened well after the 6 a.m. scheduled start, according to The Toronto Star. Voting routinely starts late in Haitian elections. Ricardo Arduengo / The Associated Press By David McFadden The Associated Press Mon., Nov. 21, 2016 PORT-AU-PRINCE, HAITI Haiti repeatedly derailed presidential election finally got underway on Sunday more than a year after an initial annulled vote as the nation tried to get its shaky democracy on a sturdier track. I will wait as long as I need to, said Alain Joseph, a motorcycle taxi driver and father of four who wore a bright pink sweatshirt to show his loyalty to the Tet Kale party of ex-President Michel Martelly. The Caribbean nation roughly 6 million registered voters don t lack for choice 27 presidential candidates are on the ballot. Pink is the faction colour. (news.financializer.com). As reported in the news.

rats: Instead he formed small balls from damp mud, just enough to stun the rats and get them into a rusty wire cage, according to The Guardian. The plan was to smoke them out. He wasn t using stones this time, concerned they might kill his prey. He threw a fistful of lit rags down the tunnel and waited. A good haul for one afternoon 650 live rats many of them more than two feet long. That night, despite an evening thunder storm, the square outside Cakung district administrative office in East Jakarta was packed with street cleaners carrying an assortment of old birdcages and traps made from wire or discarded water dispenser bottles. (news.financializer.com). As reported in the news.

assets: While both assets have fallen in the run-up to the Dec. 4 vote, traders are speculating that the European Central Bank may backstop bonds in the event of a no result -- supporting debt markets while further undermining the single currency, according to Bloomberg. Making the hedge more attractive is the fact that the euro decline is seen enduring even after a yes vote as Donald Trump election continues to boost the U.S. dollar. function global function ad Code dimensions id 1 0 2 1 10 strategy targeting targeting Modifiers ; ; window ; While so-called bond vigilantes used to prowl the market dispensing fiscal discipline by forcing up borrowing in countries they saw as erring from the right path, in Europe at least, central-bank easing has nullified their impact. Investors see the euro, not Italian bonds, as the best way to express concern that Prime Minister Matteo Renzi reforms will become the latest victim of a rising populist mood. Currency traders have picked up the mantle. The pound bore the brunt of investors displeasure, while bonds jumped amid expectationsof more quantitative easing and rate cuts. Their impact was seen in the aftermath of the U.K. vote to leave the European Union. (news.financializer.com). As reported in the news.

chris richardson: The Deloitte Access Economics budget monitor released today found national income has been recovering more slowly than the Federal Government budget forecasts predicted, according to Australian Broadcasting Corporation. The report author, Chris Richardson, said coal prices were driving growth but many of the factors behind that were temporary. Reuters Carlo Allegri Related Story Why did 61 million Americans vote for Trump Related Story Havent had a pay rise in a while Youre not alone Related Story Senate passes budget savings in the dead of night Map Australia A leading budget watcher is forecasting a Donald Trump presidency will not have a significant impact on Australia federal budget. He said two thirds of the national income came from taxes on wages, and that was where the problem was. They arent keeping up with the budget forecasts for them. Just last week we heard a new record low for wage growth in Australia, job growth has faded as well, Mr Richardson said. (news.financializer.com). As reported in the news.

contributions: Recent changes to the pension system have boosted the number of employees who save into one and benefit from contributions made by their employer, according to The Guardian. Anyone earning more than 10,000 from their firm is automatically enrolled into a pension, and their employer makes contributions, currently worth 1% of earnings. The pensions minister, Richard Harrington, has indicated that he is considering ways to include self-employed workers into the flagship auto-enrolment scheme, but he has not confirmed whether this will be part of a review planned for next year. However, those in self-employment or doing a patchwork of low-paid jobs are not able to save through the scheme. It is not sustainable government policy to exclude the self-employed, who are no longer made up solely of the traditional small business owner but now include a fast-growing contractor population, he said. The Guardian view on golden oldies time to move over Editorial Read more Steven Cameron, pensions director at insurer Aegon, said the changing nature of self-employment meant that the government needed to act. (news.financializer.com). As reported in the news.