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

australia: Economist and keen budget watcher Chris Richardson believes its a 50/50 call on Australia retaining its rating, while former Liberal leader and professor of economics John Hewson expects the government will just do enough to retain the rating until next year's May budget, according to Nine News Australia. Senator Cormann wasn't prepared to second guess what the agencies will do. But it remains to be seen whether his and Treasurer Scott Morrison's budget forecasts in Monday's update are about to gamble away Australia's top-tier triple-A rating. But he said the agencies were particularly looking at the parliament's attitude and approach to the government's budget plan, and was quick to point out again the 22 billion of savings implemented since the July 2 election. We are clearly heading in the right direction, he told Sky News on Sunday. We are clearly making headway. (news.financializer.com). As reported in the news.

bank governor: But they are talking about households and their spare cash, according to The Guardian. And cash accounts for only a small proportion of the savings held by most people. Not a week passes without a central bank governor or finance minister telling us we don't save enough. These days our accumulated wealth is our savings and far from being a way to protect us from financial shocks, they are toxic and slowly killing the world's economies. Earlier this year the International Monetary Fund felt the need to add it all up and declared it a savings glut. Firstly there is the sheer scale of savings held by individuals, companies and governments. (news.financializer.com). As reported in the news.

commerce i: Following the theme Chinese Reform amid Global Crisis, participants shared their thoughts on key issues of 2016 and their predications for 2017, including their views on topics ranging from the South China Sea, the Taiwan question and the Chinese economy, according to Global Times China. Will outside forces continue to create disturbances in the South China Sea Wei Jianguo, Former Vice Minister of Chinese Ministry of Commerce I have three interpretations of Donald Trump's tweet which accused China of military expansionism in the South China Sea. Photo Cui Meng/GT Editor's Note The Global Times Annual Conference was held on Saturday at the Sofitel Wanda Beijing Hotel, with dozens of officials, experts and public figures in various fields participating. The first is he was flying a kite; the second is he is ignorant; the third is it's a provocation. When it comes to the South China Sea, we need to pay attention to three important points. I think he planned this tweet for a long time in advance. (news.financializer.com). As reported in the news.

greece government: No need for cash any more, according to Deutsche Welle. It's not such an unlikely scenario. Instead of having to queue at the checkout because people are fiddling around looking for the right bills, or waiting for change, or entering the PIN for their card, everyone just puts their cellphone on the scanner - and that's that. Non-cash payment is already the norm in many countries in the world. In Greece the government is planning to use tax incentives to encourage people not to pay in cash. This month, India completely withdrew all large denomination bills from circulation. (news.financializer.com). As reported in the news.

istanbul lisesi: It is a great pity that the good tradition of the intercultural exchange in the pre-Christmas period was suspended at a school with a long history of German-Turkish friendship, the government said, according to Deutsche Welle. The elite high school was founded more than a century ago, employs around 35 German teachers and is co-financed by German public funds. We do not understand the surprising decision of the leadership at Istanbul Lisesi, said the foreign ministry. Each December, the school has a small celebration for Christmas and teaches pupils about the holiday. According to an email seen by German news agency DPA, the teachers cannot even mention Christmas inside their classroom. One week after the school's choir was prevented from singing at the German consulate in Istanbul, they reportedly canceled the festivities. (news.financializer.com). As reported in the news.

mainland: With economic growth stabilizing, blue-chip stocks stand to benefit, according to Global Times China. Market sentiment did weaken after the US Federal Reserve raised interest rates last week, but some experts have since pointed out that the rate hike won't have much of an effect on the Chinese mainland stock markets, which had already priced in the change, media reports said. Rising expectations for SOEs reform have been a factor behind the recent gains in blue chips, the Shanghai Securities News reported on Saturday. Experts predicted mainland stocks will rise in 2017 as the economy continues to grow at a stable pace, the report said. Mainland stocks edged higher on Friday, but major indexes suffered their largest weekly drops in months after regulators cracked down on insurers investing in the stock market. However, uncertainties such as yuan depreciation and a shortage of market liquidity will continue to cloud the outlook for stocks in the near term. (news.financializer.com). As reported in the news.

market access: Attended by top economic policymakers, including President Xi Jinping and Premier Li Keqiang, the conference was meant to set the priorities for next year's economic development agenda, according to Global Times China. The conference reaffirmed the government's commitment to continue supply-side reforms to cut overcapacity, help companies reduce leverage and financial burden, create a law-based environment and boost efforts to attract foreign investment, the Xinhua News Agency reported on Friday. The Central Economic Work Conference, which ended on Friday, stressed the need to continue to deepen overall economic reforms and vowed to improve market conditions to help business by further expanding market access, streamlining administrative restrictions and easing their financial burden. Good news for firms This is good news for companies, both domestic and foreign, Wang Jun, deputy director of the Department of Information at the China Center for International Economic Exchanges, told the Global Times on Sunday. While the government's commitment to stabilize the economy through policies will provide a sound investment environment for companies, including streamlining restrictions and expanding market access, its vow to reduce costs for companies through cuts on taxes and administrative fees will directly help companies, according to Wang. This year's conference mostly reaffirmed earlier reform commitments, but fresh vows to step up reform efforts next year will have an impact on companies' bottom lines directly and indirectly. (news.financializer.com). As reported in the news.

melaleuca prison: In an Australian first, the company Sodexo will get bonus payments for ensuring inmates at Melaleuca prison do not reoffend, according to Australian Broadcasting Corporation. If it can significantly reduce reoffending rates the private operator will get a 15,000 bonus for every woman who stays out of jail for two years. ABC News Courtney Bembridge Related Story Broadspectrum awarded 258 million contract by WA Government Related Story WA prison to get 15k for every female prisoner who does not return Map WA The first inmates have moved into WA's new women's jail, where the private operators are being offered cash incentives by the Government to ensure prisoners are rehabilitated. Women for example on drug rehabilitation programs, there's a performance-linked payment, Corrective Services commissioner James McMahon said. If they reintegrate well into society, there's a performance-linked payment. If they then complete that, there's a performance-linked payment. (news.financializer.com). As reported in the news.

points economist: Key points Economist believes Government will continue to claim budget due to return to balance in 2020/21Three main international credit agencies will be watching MYEFO carefully Labor attacks Government for failing to deliver on its promises Deloitte Access Economics' Chris Richardson, a respected budget economist, is predicting the forecast deficit for this financial year to blow out to 40 billion, compared with an underlying cash deficit of 37.1 billion expected in May, according to Australian Broadcasting Corporation. The Mid-Year Economic and Fiscal Outlook MYEFO is due to be handed down at noon in Canberra. Photo AAP/Aaron Bunch ABC News Related Story Government prepares for lacklustre economic outlook Related Story 'Reasonably high' chance AAA rating will be lost before Christmas Related Story Standard & Poor's reiterates Australian credit rating warning Map Australia Federal Treasurer Scott Morrison is today expected to unveil a mid-year budget update with a deeper deficit than forecast in the May budget. Mr Richardson believes the Government will continue to claim the budget is due to return to balance in 2020/21, as it did in the May budget, but he doubts it will be able to do so. You won't get a surplus in Australia on existing policies, he said. On our figures it won't reach that, but yes, I think they will stick to that story, he told AM. Mr Richardson cited a lack of willingness by the Opposition to compromise with the Government over budget savings and unsteadiness in China's economy as possible barriers to achieving surplus. (news.financializer.com). As reported in the news.

rating: When Treasurer Scott Morrison unveils his second Mid Year Economic and Fiscal Outlook this morning, replete with the now traditional Yuletide blow-out in deficit projections, it will be in the knowledge that the coveted AAA credit rating is doomed, according to Australian Broadcasting Corporation. While the credit rating agencies could wait until the budget next May before issuing a downgrade, there seems little point in delaying the inevitable. AAP Related Story 'Reasonably high' chance AAA rating will be lost before Christmas Related Story Morrison draws good and bad debt distinction Map Australia The white flag has gone up at Parliament House. There's a strong chance that at least one, Standard & Poor's, will move this week after putting the Government on notice a few months back. From an economic viewpoint, however, it won't make a great deal of difference. Politically, it's a treasurer's worst nightmare. (news.financializer.com). As reported in the news.

sabotage campaign: Maduro, speaking from the presidential palace, blamed a sabotage campaign by enemies abroad for the delayed arrival of three planes carrying the new 500, 2,000 and 20,000 bolivar notes, according to The Guardian. One plane, contracted and paid for by Venezuela, was told in flight to change direction and go to another country, he said, without specifying who had given the orders. The surprise pulling of the 100-bolivar note from circulation this week before new larger bills were available led to vast lines at banks, looting at scores of shops, anti-government protests and at least one death. There's another which was not given flyover permission. Many Venezuelans had found themselves without the means to pay for food, gasoline or Christmas preparations in a country already reeling from a profound economic crisis. Venezuelans rush to ditch 100-bolivar bills after president's sudden ban Read more The 100-bolivar bills, officially out of use since Thursday and worth just 4 US cents at the black market currency rate, can now be used until 2 January, Maduro said. (news.financializer.com). As reported in the news.

trump: The man is described as caucasian, about 172cm tall, aged between 25 and 35, wearing a black hooded jumper, dark pants with a red backpack, according to Nine News Australia. AAP VIDEOShirtless Putin gives Trump a festive surprise in new SNL sketchUS comedy television show Saturday Night Live has taken another swing at President-elect Donald Trump, this time focussing on his relationship with Russia. Detective Senior Constable Andrew Ghidetti said the man picked up items from shelves before turning on staff at the Lorimar Street, Docklands shop at 8.15am on Sunday. Send your photos, videos and stories to can remain anonymous. Career news SEEK Employment Summary - October 2016 - seek.au Career news Why Christmas is a great time to get a new job - seek.au Property news 'Tis the season to be selling - or is it realestate.au if !window. Click here for more information. (news.financializer.com). As reported in the news.

al-baghdadi: The threat that al-Baghdadi poses has increased significantly since the Department of State's initial 10 million reward offer for information leading to his location, arrest, or conviction was announced in 2011, the department's Rewards for Justice Program said on its website, according to CNN. Under al-Baghdadi, ISIS grabbed swaths of territory in Iraq and Syria -- earning a reputation for unparallelled brutality. The Department of State released a statement Friday announcing the 25 million dollar reward for the self proclaimed caliph of the Islamic State in Iraq and Syria -- more than doubling the reward announced previously. Who might lead ISIS if al-Baghdadi dies Officials have long described al-Baghdadi as enemy No. 1 in the fight against the militant group, and speculation has swirled over his whereabouts. In October 2015, Iraq's military claimed its air force had struck a convoy in western Anbar province that included a vehicle carrying al-Baghdadi. Read More Though al-Baghdadi has been elusive, he has spoken out occasionally in videos and audio messages. (news.financializer.com). As reported in the news.

cabinet posts: But the truth about climate change has spread like wildfire he said, according to The Guardian. DiCaprio's comments, as he received a prize for his work as a global citizen, did not refer to the US president-elect, Donald Trump, by name but were a thinly-veiled reference to his views and nominations of climate sceptics with oil industry ties for cabinet posts. Leonardo DiCaprio meets Trump as climate sceptic nominated Read more There are a few very prominent people that still deny the overwhelming conclusions of the world's scientists that climate change is largely human-caused and needs immediate urgent attention, he told a United Nations awards ceremony. Earlier this month, 42-year-old DiCaprio and the head of his foundation met Trump and his team, reportedly arguing that support for renewable energy could create millions of jobs. In less than 100 years of our pollution-based prosperity, we humans have put our entire existence in jeopardy, said DiCaprio, who released his own documentary, Before the Flood, on the impacts of global warming two months ago. Trump has suggested climate change is a hoax and raised the possibility of withdrawing US support for a new global accord to reduce greenhouse gas emissions which most scientists believe are driving up sea levels and causing more droughts and violent storms. (news.financializer.com). As reported in the news.

housing inventory: The reform, initiated in 2016, has witnessed some progress, but more efforts are needed in the next year, Yang said, while addressing an economic forum jointly held by the China Center for International Economic Exchanges and the State Think Tank of Xinhua News Agency, according to Global Times China. China's policymakers proposed supply-side structural reform at the end of 2015 to resolve structural imbalance in the economy. The major economic task can be summarized as deepening reform, said Yang Weimin, deputy head of the Office of the Central Leading Group on Finance and Economic Affairs, a high-level economic policy-making institution. Authorities have pressed ahead with five tasks cutting industrial capacity, bringing down housing inventory, reducing leverage levels, lowering corporate costs and improving weak economic links. While the five tasks will remain in 2017, policymakers also plan to overhaul the supply side of agriculture, revive the real economy and stabilize the property sector, according to the tone-setting Central Economic Work Conference ending Friday. The reform will remain a main theme of the economic work in the 13th Five-Year Plan period 2016-2020 Yang said, adding more areas will be covered by reform measures. (news.financializer.com). As reported in the news.

stock market: My experience is that the market seems to hurt the most number of people that it can so if the consensus is that there is a big rally, there probably won't be one, said Ian Winer, director of equity trading at Wedbush Securities, according to Market Watch. I think we've already seen the Santa rally. At least that is the bold forecast among some analysts who believe the market has gone too far too fast. Santa rally is a reference to the stock market's surge toward the end of year that typically takes place around Christmas. Sentiment is bullish, confidence in the economy is improving and earnings are showing signs of bouncing back. Predicting that the rally will be a no-show is a gutsy move given that all the pieces seem to be falling into place for the stock market. (news.financializer.com). As reported in the news.

students: Instances like these are on the rise, according to Deutsche Welle. Foreign exchange students in Torun, a student city also in Poland's north, have come under increasing threat. They were told to get out of country because Poland is for Poles. A young Turk was recently cursed at and badly beaten. They had to apologize for being Muslim and not Christian. Two other students were forced to their knees in a bar at the behest of the owner. (news.financializer.com). As reported in the news.

teaching visitors: Cities such as Osaka, Nara and Kobe, as well as towns like Kyotanba, Kyoto Prefecture, have registered to serve as Tokyo Olympic and Paralympic host towns, according to The Japan Times. Elaborate plans have been filed with the Cabinet Office which is overseeing the initiative to have athletes from Denmark, New Zealand, South Korea, Australia, Switzerland and Turkey, among others, pay a visit even if it is a brief one to places outside the capital. As of this month, nearly 200 cities, towns and villages across Japan have registered to become so-called host towns. Of course, there is the obligatory mention in the proposals about promoting international friendship with Olympic athletes, learning about different cultures, teaching visitors local customs and showing the world that, yes indeed, Japan is not just Tokyo. Or any of the other well-trodden media stereotypes that we usually encounter. Or Kyoto. (news.financializer.com). As reported in the news.

midnight: At least we would have had some answers, said his eldest sibling, Yvonne Alexander, according to The Toronto Star. Divers, 36, was shot and killed around midnight Sept. 30 by a Hamilton police officer, who was responding to a call about a man who had committed an assault and was reportedly armed with a gun, according to Ontario's police watchdog, the Special Investigations Unit, which is investigating. Andrew Francis Wallace / Toronto Star By Jacques Gallant Legal Affairs Reporter Sat., Dec. 17, 2016 It would have almost been easier to process if Anthony Divers had died in a car accident, his family says. There was an interaction and the officer discharged his firearm, said a brief news release issued by the SIU at the time. One thing of which they are convinced, however, is that Divers was not armed that night. More than two months later, Divers' three siblings are left with little additional information. (news.financializer.com). As reported in the news.

moves: Their new colleagues would just stare in wide-eyed amazement at some of our moves, what we did in practice, how we played within a team . Both players were drifting towards the end of their playing careers, but they were still vastly superior to all their team-mates, according to The Guardian. Which is probably what you would expect given that China's solitary appearance in a World Cup came in 2002, losing all three games without scoring a single goal, and we are talking about the nation that is 83rd in Fifa's latest world rankings, directly below Antigua and Barbuda and one above the Faroe Islands, whose combined population could fit into any Shanghai suburb with room to spare. They called him The Almighty and he always remembers the reaction on his first training session after following Nicolas Anelka to the bags of gold at Shanghai Shenhua. Diego Costa sends Chelsea soaring at Palace with 11th straight league win Read more It is certainly easy to understand why, after Graziano Pell signed for Shandong Luneng, one football magazine carried a spoof interview from the Italian expressing his joy to be joining what I presume to be a football club in China or thereabouts . Pell will apparently earn 34m in two and a half years, which breaks down to 260,000 a week, reputedly putting him in the top five best-paid footballers in the world, while leaving the firm impression that whoever runs Shandong hadn't noticed the second L in his surname. It is the same now in China and it did raise a smile when Ramires, on his way out of Chelsea earlier this year, insisted the huge financial incentives had not underpinned his transfer to the Chinese Super League. Remember when Juninho joined Middlesbrough back in the 1990s in one of those transfers that seemed to shape English football Juninho will need to learn only three words of English pound, thank you and bye bye, Jan Aage Fjortoft, one of his new team-mates, said at the time. (news.financializer.com). As reported in the news.

sterling terms: This has meant that some of the biggest funds popular with small investors such as M&G's 6.3bn Global Dividend have made gains of nearly 40% over the past year, according to The Guardian. But not everyone has shared in the party. Wall Street's S&P 500 has hit record highs, with British investors gaining even more in sterling terms because of the fall in the currency. The single biggest fund in the UK, Standard Life's 26.3bn Global Absolute Return Strategies, has managed to lose money when almost everyone else has been coining it. Star fund manager Neil Woodford has also had a poor year, making just 2.7% over the past 12 months for investors in his popular 9.2bn equity income fund. The fund is down 3.3% over the past 12 months, compared with the 17% gain made by UK index-tracking funds over the same period. (news.financializer.com). As reported in the news.

story: The numbers tell a more convincing story than Trudeau's latest contention that his participation in cash-for-access events is part of his crusade to help the middle class, according to The Toronto Star. They also provide some insights as to why the Liberals have so far been stubbornly resisting calls to mend their ways. CHRIS WATTIE / REUTERS file photo By Chantal H bert National Affairs Columnist Sat., Dec. 17, 2016 MONTREAL To understand Justin Trudeau's visceral reluctance to respond to mounting criticism of his party's fundraising practices, it is best to simply follow the money.A look at the fundraising reports filed to date with Elections Canada for 2016 goes a long way to explain why the prime minister has defended tooth-and-nail the controversial practice of spending face time in private with select groups of well-heeled donors in exchange for contributions to his party's coffers. Here are some highlights The Conservatives continue to lead the fundraising pack. If anything, being in opposition motivates the Conservative base. Despite having the advantage of being in government the Liberals collected less money than the official opposition over the first three quarters of 2016. (news.financializer.com). As reported in the news.

york gov: Andrew Cuomo / The Associated Press By Jake Pearson The Associated Press Sat., Dec. 17, 2016 New Yorkers have become accustomed to waiting on the subway, according to The Toronto Star. But nearly 45 years That's how long it's been since construction began on a much-needed subway line beneath the east side of Manhattan. Kevin P. Coughlin/Office of New York Gov. And if history is any guide, it's anybody's guess whether a Dec. 31 deadline to open it will actually be met. Andrew Cuomo has been pushing the end-of-the-year deadline set by the Metropolitan Transportation Authority MTA hard in recent days, saying it's become about more than the long-delayed Second Avenue subway it's about the faith people have in government. New York Gov. (news.financializer.com). As reported in the news.

days year: Facebook did not avail itself of the opportunity to regulate the issue of complaint management itself, Oppermann told Der Spiegel magazine in an interview published on Friday, according to Deutsche Welle. Now market dominating platforms like Facebook will be legally required to build a legal protection office in Germany that is available 24 hours a day, 365 days a year. He called for tougher measures against the social media site. This would allow victims of fake news and hate messages to contact the platform, prove that they have been targeted and asking for action to be taken. Furthermore, at the request of the people concerned, there should be some form of remedy or correction within the same range of value. If, after appropriate examination, Facebook does not delete the offending message within 24 hours, it should expect individual fines of up to 500,000 euros 523,320 Oppermann told the weekly magazine. (news.financializer.com). As reported in the news.

bolivar note: As the country most widely used banknote went out of circulation, the higher-denomination bills that were supposed to replace the 100-bolivar note had not yet arrived at banks or ATMs, according to The Toronto Star. In the capital, people were relying on credit cards and bank transfers, or avoiding making purchases altogether. Fernando Llano / The Associated Press By Hannah Dreier Associated Press Fri., Dec. 16, 2016 CARACAS, VENEZUELA Venezuela became a country without cash Friday. President Nicolas Maduro made a surprise announcement Sunday that the 100-bolivar note would go out of circulation by the week end amid the world highest inflation. Maduro said says the closure was needed to thwart mafias who hoard bolivars. He also temporarily closed the border with Colombia and Brazil, and then on Thursday night extended the border closure for another 72 hours. (news.financializer.com). As reported in the news.

buses: The Aleppo evacuation was suspended after a report of shooting at a crossing point into the enclave, according to The Toronto Star. The Syrian government pulled out its buses that since Thursday had been ferrying out people from the ancient city that has suffered under intense bombardment, fierce battles and a prolonged siege. Hezbollah, allied with the Syrian government, reported on its media that the rebels had refused to evacuate two Reuters By Bassem Mroue The Associated Press Fri., Dec. 16, 2016 BEIRUT Diplomats sought to salvage the evacuation of eastern Aleppo after it stalled Friday amid recriminations by both sides in Syria civil war, raising fears the ceasefire could collapse with thousands still desperate to escape the rebel enclave. The carnage in Syria remains a gaping hole in the global conscience, said UN Secretary-General Ban Ki-moon. The halt also appeared to be linked to a separate deal to remove thousands of people from the government-held Shiite villages of Foua and Kfarya that are under siege by the rebels. Aleppo is now a synonym for hell. (news.financializer.com). As reported in the news.