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

plant toxins: Author Gustavo Duncan Duncan teaches political science at the private EAFIT University in Medellin, according to Deutsche Welle. The face of a young Pablo Escobar stares out from one of the books lining the shelves of his living room. I assume that this year's coca harvest will be the biggest of all time. Duncan may well be right about the harvest. One reason for this was that, as part of the peace negotiations with the FARC, the government refrained from the aerial spraying of coca fields with plant toxins. According to the United Nations, the area of cultivation of coca plants in Colombia doubled between 2013 and 2015. (news.financializer.com). As reported in the news.

reform program: Economic struggle Egypt has been suffering economic recession due to political turmoil over the past six years that witnessed the ouster of two heads of state the 2011 uprising that ousted long-time president Hosni Mubarak and the 2013 military-backed uprising that toppled former Islamist president Mohamed Morsi and blacklisted his Muslim Brotherhood group as a terrorist organization, according to Global Times China. As a result, Egypt's foreign currency reserves at the central bank declined from 36 billion US dollars in early 2011 to 23 billion as of December 2016 after it was 19 billion in October 2016. While Egypt is adopting tough measures to implement a three-year economic reform program, assisted by a 12-billion-dollar loan from the International Monetary Fund IMF the country is struggling to combat a terrorist wave that has recently hit a Coptic church in Cairo and killed so far 28 of its worshippers. In addition, tourism that brought the country 13 billion dollars in 2010 less than halved in 2016. Dollar shortage in the financial market negatively affected a lot of import-based businesses, which led Egypt in early November to devaluate its local currency, a move encouraged by the IMF that delivered later in November 2.75 billion dollars to Egypt as the first batch of the 12-billion-dollar loan. Foreign investments sharply declined as well. (news.financializer.com). As reported in the news.

stock: Many on Wall Street believe the contrary, according to Market Watch. Perhaps the most well-known manifestation of this belief is the saying that if Santa fails to call, bears may come to Broad and Wall. The next week tells you nothing about whether the stock market will be higher or lower in 2017. The reference is to the Santa Claus Rally period that encompasses the week immediately after the stock market's Christmas break. Try as I might, however, I can't find any support for this. The intersection of Broad and Wall Streets is immediately adjacent to the New York Stock Exchange. (news.financializer.com). As reported in the news.

topix index: On Thursday, the key market gauge shed 16.82 points, according to The Japan Times. The Tokyo market was closed on Friday for a national holiday. The 225-issue Nikkei average lost 31.03 points, or 0.16 percent, to close at 19,396.64 on the Tokyo Stock Exchange. The Topix index of all first-section issues ended down 5.68 points, or 0.37 percent, at 1,538.14, after falling 1.12 points the previous trading day. Buying on dips briefly sent back the Nikkei average into positive territory in the afternoon. Selling outpaced buying from the beginning of Monday's trading, reflecting a pause in the yen's weakening against the dollar. (news.financializer.com). As reported in the news.

truck attack: The year now concluding looks set to keep throwing out unexpected, often brutal surprises right to its end, according to The Japan Times. If 1989 the year the Berlin wall fell was the point at which globalization, liberal democracy and the Western view of modernity was seen to triumph, 2016 might yet be seen as when the wheels came off. The lethal truck attack that killed 12 in Berlin a few hours later, however, could ratchet up the prospect of yet another political shock in Europe. That may be a dramatic overstatement. The next year could see a step back toward moderation. However, the electoral surprises of the Brexit vote and the election of Donald Trump as well as dozens of other examples across the globe are stark reminders of just how much consensus has unraveled. (news.financializer.com). As reported in the news.

greek measures: Last week Greece raised significant concerns regarding the country's bailout commitments among its eurozone lenders with plans to pay out a Christmas bonus for pensioners and keep a lower value-added tax on some islands, according to Global Times China. The lenders decided to suspend a short-term debt relief deal for Athens, which would reduce its public debt by 20 percentage points of GDP by 2060, until the effects of the Greek measures on bailout MoU targets is fully assessed. We have received a letter by the Greek authorities in response to the concerns raised by the institutions as well as the Euro Working Group on the recently legislated fiscal measures, one official said. We have been reassured by the accompanying assessment of the institutions indicating that their initial significant concerns, both on process and on substance, are alleviated by this letter as regards MoU commitments, especially regarding pensions, the official said. Eurozone finance ministers agreed on December 5 to grant Greece short-term debt relief that would reduce the amount of the country's public debt by 20 percentage points of GDP by 2060. Against this background, the formal ESM and EFSF decision-making procedures as regards to the short-term debt measures will be conducted in January, the official said. (news.financializer.com). As reported in the news.

investment deals: The most typical example is that China offered a package of benefits to the Philippines, including 24 billion in soft loans and investment deals, according to Global Times China. It's no surprise that the Western world still regards China as a Goliath in a turf war for a larger sphere of influence. In the West's narrative, China is wielding an economic cudgel to acquire geopolitical advantages. In their eyes, China, an emerging power, is learning how to employ the carrot-and-stick approach, like the US, to skillfully discipline and manipulate its neighbors and make a dent on the agenda-setting of global affairs. Entrenched in the legacy of the Cold War, the US is still dealing with international affairs through a mix of intimidation and inducement. But they have ignored the trajectory of the evolution of the global order. (news.financializer.com). As reported in the news.

opening fire: It made no direct link between the trio and the Berlin assault on Monday, when Amri is believed to have hijacked a truck and used it to mow down people at a Christmas market, killing 12, according to The Japan Times. The 24-year-old went on the run and was the focus of a four-day manhunt before being shot dead by police in Milan after opening fire first. Tunisia's interior ministry said the nephew and two other suspects, aged between 18 and 27, were detained on Friday and were members of a terrorist cell connected to Tunisian-born Amri. The Berlin rampage was claimed by the Islamic State group, which released a video on Friday in which Amri is shown pledging allegiance to IS chief Abu Bakr al-Baghdadi. The arrests come as German authorities probe whether Amri had help before or after the attack. The Tunisian interior ministry said in a statement that Amri had sent money to his nephew so he could join him in Germany, and had allegedly urged him to pledge allegiance to Daesh IS . The unnamed nephew also claimed his uncle was the leader of a jihadi group based in Germany, known as the Abu al-Walaa brigade, it added. (news.financializer.com). As reported in the news.

finance ministers: Watch video 01 39Share Greece reaches pension bonus deal with creditors Send Facebook Twitter Google Whatsapp if typeof WURFL 'object' if WURFL.is mobile && ! -1 WURFL.is mobile && ! -1 ; Tumblr linkedin stumble Digg reddit Newsvine Permalink reaches pension bonus deal with creditors The finance ministers, known collectively as the Eurogroup, issued a statement on Saturday saying that Greece's creditors had agreed to continue talks, according to Deutsche Welle. This happened after the lenders received a written reassurance from the country's finance minister confirming Athens' commitment to its economic reform program. Poverty-stricken pensioners jumped at the hand-out, waiting in long lines to cash their checks. The Eurogroup is the recognized collective term for informal meetings of the 19 EU finance ministers of countries which have adopted the euro as their official currency. I'm happy to conclude that we have cleared the way ... to go ahead with the decision-making procedures for the short term debt measures, which will be conducted in January, Dijsselbloem said. twttr.ready function twttr link Color ' 0087eb', width '550', align 'center' ; ; twttr.ready function twttr link Color ' 0087eb', width '550', align 'center' ; ; Greece's left-wing Prime Minister Alexis Tsipras defended the payouts to pensioners and other pre-Christmas perks, saying they were justified because the country had exceeded its targets for spending cuts and tax revenues for the past year. Dijsselbloem expressed relief that the discrepancy had been resolved. (news.financializer.com). As reported in the news.

japanese men: Even the government's own health ministry reports that more than 5.36 million Japanese suffer from some sort of gambling addiction, and while groups like Gamblers Anonymous say that passage of the casino bill will provide the government with an incentive to tackle the problem, in order to do so the LDP would first need to acknowledge its source, according to The Japan Times. According to the magazine Big Issue, 93 percent of Japanese men who say they gamble cite pachinko as their main form of betting recreation. However, the problems that always prevented the bills from advancing in the past have not gone away, the biggest one being Japan's perceived penchant for gambling addiction. The problem is, pachinko is not legally recognized as a form of gambling. As long as winning at some game is not directly compensated with cash, it doesn't qualify as gambling, or tobaku, which is controlled under the Criminal Code. Strictly speaking, pachinko, a mechanized game based on a crude, vertical species of pinball, is characterized as entertainment yugi in the eyes of the law. (news.financializer.com). As reported in the news.

ministers: Xinhua/Xue Lei Chinese Foreign Minister Wang Yi Front, R and Cambodian Foreign Minister Prak Sokhonn Front, L co-chair the second Lancang-Mekong Cooperation LMC foreign ministers' meeting in Siem Reap, Cambodia, Dec. 23, 2016, according to Global Times China. The second LMC foreign ministers' meeting has mapped out the direction of further cooperation and made clear the goal of following efforts, said Wang Yi on Friday. The second LMC foreign ministers' meeting has mapped out the direction of further cooperation and made clear the goal of following efforts, said Chinese Foreign Minister Wang Yi here on Friday. Xinhua/Xue Lei The second Lancang-Mekong Cooperation LMC foreign ministers' meeting has mapped out the direction of further cooperation and made clear the goal of following efforts, said Chinese Foreign Minister Wang Yi on Friday. Number Two is to encourage member states to set up LMC secretariats or coordination bodies respectively within next year, Wang said. Number One is to set up joint working groups on key priority areas within three to six months and put them into real practice, Wang told a joint press conference with Cambodian Foreign Minister Prak Sokhonn after the meeting had concluded. (news.financializer.com). As reported in the news.

veil face: Even Merkel could not ignore illiberal currents buffeting Germany as well as the rest of Europe, according to The Japan Times. The European Union began with economic cooperation among Belgium, France and Germany. But that vision died with her announcement that she supported prohibiting Muslim women from wearing a full veil face covering. The expanded Common Market promoted growth and prosperity, offering an example of freer trade that even U.S. President-elect Donald Trump might have supported. But the Eurocrats, the bureaucratic, political, business, academic and journalistic elites in Brussels wanted more. The early version of the EU appeared determined to eliminate more economic barriers than it created. (news.financializer.com). As reported in the news.

affairs: JOHANNES EISELE / AFP/GETTY IMAGES By Marina Jimenez Foreign Affairs Writer Fri., Dec. 23, 2016 SHANGHAI While Canadians complain about inflated real estate prices, try buying a home in Shanghai.A two-bedroom unit in Wonderful Place, a complex of highrise towers in the city's northeast, has no closets, a galley kitchen, a minuscule balcony crammed with clothing racks and an extra fridge in the living room, according to The Toronto Star. While the grounds boast trimmed lawns and burbling fountains the area is marketed as a 21st-century eco-friendly knowledge-oriented garden district the home is run-of-the-mill. Some Chinese, priced out of their home market, have been buying real estate in Canada. But the cost is not. Parking is 60,000 extra. It is listed for 2 million Canadian .A shabbier 400-square-foot apartment in a building nearby goes for 1.6-million. (news.financializer.com). As reported in the news.

beck afp: ROBYN BECK / AFP/GETTY IMAGES By Jennifer Wells Business Columnist Sat., Dec. 24, 2016 It is tempting to view the business year through the lens of Donald Trump, traversing the seasons of 2016 in lockstep with the transmogrification of the president elect, according to The Toronto Star. Consider react-text 153 Steam billows from a stack at the U.S. Steel Canada plant in Hamilton. The president-elect's inauguration will be coming in the New Year on Jan. 20. The company took over Stelco Inc., founded 1910, and became a tortured tale of U.S. takeover circa 2007. /react-text MIKE CASSESE/ REUTERS January As the snow fell in Davos, Switzerland, the global Big Think confab hosted investor-philanthropist George Soros, who aligned Trump with terrorists. It interferes with reason and people do things out of fear, which is actually quite harmful. . . It's a very simple message. Donald Trump is doing the work of ISIS, Soros said in an interview with Bloomberg TV. ISIS and before that Al Qaeda discovered the Achilles Heel of Western civilization and that is the fear of death. (news.financializer.com). As reported in the news.

mr samoei: Key points Technology is making international money transfers cheaper and quicker Using apps, there are several options to send money overseas The services are particularly beneficial in countries where infrastructure is poor Mr Samoei, 27, moved from Kenya to Australia four years ago and regularly sends money home to help his parents and large family to make ends meet in the city of Nakuru, according to Australian Broadcasting Corporation. Historically, transferring money overseas could be expensive and time consuming, however Australia's big four banks' hold on the market is being challenged. ABC News Danuta Kozaki Map Australia This Christmas, migrant workers in Australia have more options than ever to send money back to families overseas just ask Abraham Samoei. Several apps allowing the fast transfer of money have been made available in Australia in the past 18 months due to regulatory changes in the financial sector. Western Union a traditional brand in the international money transfer market even has an option. Apps like World Remit and Ria have been developed by finance technology companies to trump traditional bank transfers by being cheaper and quicker. (news.financializer.com). As reported in the news.

bank accounts: It's all good! The market, as usual, has kept the rally going by ignoring the possibility that something might go wrong, according to Market Watch. Such as I see three sources of uncertainty that the market is ignoring 1 Donald Trump's policies may not stimulate growth as much as many investors assume. 2 The president-elect's policies are unsettled, incoherent or contradictory, leaving uncertainty about whether the net impact will be positive or negative. 3 And some of Trump's policies may actually retard growth. There will be more fiscal stimulus, lower taxes, more federal spending on bombs and bridges, fewer regulations, more corporate cash repatriated from overseas bank accounts, more growth, and most importantly more profits. How credit scores predict what you will buy next 2 22 For decades, FICO has used big data and mathematical algorithms to calculate people's three-digit credit scores. Let's examine each risk. 1 The market has been ignoring the possibility that the Trump economy may not be all that much better than it's been under Barack Obama, despite all the pro-growth noise Trump has been making. Now it's using the same technology to predict whether a consumer's likely to buy a product in-store or click on a link online. (news.financializer.com). As reported in the news.

i ve: I honestly am sort of surprised that so much is being made of my being named to that, Icahn said in the wide-ranging interview, in which he also voiced concern about U.S. stock market levels, according to The Japan Times. He said he owns companies in every sector and has no specific duties outlined in his role for Trump. Icahn, tapped by Trump on Wednesday as a special adviser for regulatory reform, also said in an interview on CNBC that he was surprised at criticism that his vast business dealings would pose conflicts of interest with his advisory role. What I'm going to be doing is basically talk to Donald as I've talked before, said Icahn, an early supporter of Trump's presidential bid. Icahn refused to speculate on candidates he would recommend to lead the U.S. Securities and Exchanges Commission, but said the SEC chair should be able to hold U.S. corporate executives and their boards of directors accountable. Saying his business acumen qualified him for such a role in the new administration, Icahn rejected concern that his investments could pose conflicts of interest as almost a crazy issue. (news.financializer.com). As reported in the news.

measures buck: For the week, the index rose 0.1%. The greenback has gained 5.2% since November's presidential election, according to Market Watch. Investors expect President-elect Donald Trump to advocate for policies that will both accelerate economic growth and boost inflation. The U.S. Dollar Index DXY, -0.16% which measures the buck against a half-dozen rivals, was unchanged at 103.03, hovering near its 14-year highs. The dollar strength will continue into the next year, but after the inauguration we will find out if the new administration is willing to tolerate the strong currency, said Simon Derrick, currency strategist at BNY Mellon. We should watch what the new administration says after the inauguration, Derrick said. In order to make manufacturing in the U.S. competitive, something President-elect Trump advocated during the campaign, the dollar cannot continue to strengthen. (news.financializer.com). As reported in the news.

board meat: Market reports show dramatic activity in lambs in 2016 and supply records have been broken across the board, according to Australian Broadcasting Corporation. Meat and Livestock Australia MLA said the situation might tighten in 2017, but Mercado analyst Angus Brown said he thought there might be some surprises in store in early 2017 if survey data was to be believed. Laurissa Smith Map Dubbo 2830 Analysts say the past 12 months has seen record numbers of lambs traded in markets across Australia. The Hamilton saleyards last week broke their own national lamb yarding record with 62,187 head, he said this week. Mr Brown said the numbers were being driven by seasonal conditions, with poor conditions in Victoria and South Australia in early spring. On a national scale it's going to be close, but MLA is tipping that total slaughter for the year will fall just 1 per cent short of the 2015 record of 22.72 million head. (news.financializer.com). As reported in the news.

bond markets: But there has been an equally painful flipside that could take the shine off those returns, according to Australian Broadcasting Corporation. After a 30-year bull run, there has been a rout on global bond markets since Donald Trump was declared President elect, with close to US3 trillion flowing out of bonds across the globe. AP Joe Burbank, Orlando Sentinel Related Story Interest rates have hit bottom, bond markets suggest Map Australia An almost 9 per cent surge on Wall Street in the wake of the US election and a US3 trillion flow of funds into global stocks has put a glow on the face of most Australians, hopeful they'll see a significant jump in the value of their superannuation balances for the December half-year. As an investment vehicle, government bonds usually slip below the radar despite their size and influence on everything from interest rates to shares and property. It's much more dynamic and it's much more fascinating, superannuation ratings group Rainmaker chief researcher Alex Dunnin said. Think of the world's stock markets and add 20 per cent that's the US82 trillion bond market. (news.financializer.com). As reported in the news.

hams: The Queen Victoria Market is expecting more than 60,000 customers on Saturday with an estimated 2500 turkeys, 15 tonnes of prawns and 2000 hams to fly out the door, according to Nine News Australia. Retail Council acting chief executive Steve Wright says many will take advantage of the fact that Christmas Eve falls on a Saturday rather than a working day. Some 10 per cent of people will be starting their Christmas shopping on Saturday - while those more prepared will be hitting the markets to get the freshest produce for their Christmas table. It's probably going to be a little bit bigger than usual simply because Christmas falls on a Sunday which means we get a Christmas Eve - the last get out-of-jail opportunity for people who have not yet completed their shopping - on Saturday, he said. Extended trading hours during the week and on Friday night have also encouraged people to leave their shopping to the last minute, Mr Wright said. That does make it a little bit easier to do the last minute things. (news.financializer.com). As reported in the news.

difference: Today's elites include bankers and politicians, according to The Guardian. The masses are disillusioned citizens voting their frustration. Economic conditions for the masses far lagged those of the aristocracy. That dichotomy is the difference between what central banks say and what people feel. The financial press applauded the start of a tightening phase as reflecting economic stability. Last week, the US Federal Reserve raised interest rates by a quarter point. (news.financializer.com). As reported in the news.

documents: One of them was found be be living in Australia unlawfully, and officers also seized multiple mobile telephones, identification documents and a substantial amount of Australian currency, according to Nine News Australia. The men will appear in Parramatta Local Court on Saturday charged with possessing a commercial quantity of an unlawfully imported border controlled drug, an offence that carries life imprisonment and a maximum 1.35 million fine. The pair, aged 24 and 25, were arrested in Roselands, NSW, on Friday, with Australian Federal Police officers finding more than 100kg of methamphetamine in six cardboard boxes inside two cars. AAP VIDEOCrocodile wanders into Peruvian building siteTBCA It's not every workday you encounter a crocodile on the job, but that's what happened at a building site in southern Peru when one of the reptiles wandered in. Click here for more information. Send your photos, videos and stories to can remain anonymous. (news.financializer.com). As reported in the news.

oil price: The oil price had also plummeted, reaching a 10-year low of 25, according to Deutsche Welle. That was the worst start to a new year in three decades, Valdes said. While stock-trading boards show prices in the green behind him, he recalls many a day in 2016 when shares were in negative territory. 2016 was a historic year for Wall Street, he told DW. On the first two trading days in the year, the S&P 500 index had tanked by 6 percent, continuing its downward slide until February 11. Like many of his colleagues, he had feared that the rest of the year would follow the same pattern that was prevalent in the first two months. But how exactly did this turnaround come about, despite various terror attacks, the UK's pro-Brexit vote, and the unexpected outcome of the US presidential election All these shocks have had something in common - initial panic was followed by market euphoria. There can be no more talk of any losses now. (news.financializer.com). As reported in the news.

securities rmbs: The DoJ had earlier sought a settlement about twice as big, according to Deutsche Welle. It is the DoJ's first accord with a European bank over misconduct that contributed to the US housing-market collapse. The bank's shares rose 4 percent in early trading on Friday on news of the settlement. The department has faced criticism for its perceived failure to hold senior executives to account following the financial crisis. The agreement should resolve a years-long US investigation into the German lender's dealings in residential mortgage-backed securities RMBS and other activities during 2005 to 2007 - removing a major legal hurdle for the bank. No major figures have suffered criminal conviction. (news.financializer.com). As reported in the news.

success rate: Players must buy coins to play the game, according to Global Times China. The more and the bigger the fish the players catch, the more points they earn. In the game center, there are some game machines called catching fish. Then the staff would exchange the points into cash for the players. According to the police, no game center is allowed to exchange game points for cash, as it is viewed as gambling. However, the staff can adjust the success rate of catching fish secretly. (news.financializer.com). As reported in the news.