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

anniversary iphone: The new top-of-the-line Nokia sports a dual-sight video feature, which enables simultaneous live-streaming on social media networks from both front and rear cameras on a split screen, according to The Japan Times. It has licensed lens technology from camera maker Zeiss. The Android device, due out in September, will potentially beat rivals on price but will still face fierce competition, with Apple's highly anticipated 10th anniversary iPhone also expected next month and Samsung's Galaxy Note 8 set to hit the market next week. ; With a suggested price tag of around 599 703 the Nokia 8 undercuts Apple, which typically offers a stripped down version of its latest phones for a similar price but charges hundreds of euros more for memory and key features. It is the most high-end phone so far from HMD, which was set up late last year and made a splash in May when it revived Nokia's classic 3310 feature handset in new brightly colored versions. This is especially meant for millennial creators, people who want to share what's happening every day, HMD's chief marketing officer, Pekka Rantala, said. Other features of the Nokia 8, which will also compete with Huawei's recently launched P10, include surround-sound audio technology made for Nokia's own virtual reality camera OZO for Hollywood professionals. (news.financializer.com). As reported in the news.

japanese stocks: If they ignore him, he goes hostile, according to The Japan Times. He's fought several public campaigns over the past two years, with mixed success. ; There's nothing strange about Hosomizu's brand of activism, but it's rare for a big U.S. money manager to focus on Japanese stocks that are so small they're barely noticed by analysts. Masakazu Hosomizu, who works for the 890 billion 8.1 billion RMB Capital Management, urges small and microcap stocks with big cash holdings to improve how they use capital and run their businesses. While that's partly due to Hosomizu's unusual past, it's also another sign of how Abe's rewritten rules for companies and investors have encouraged shareholders to work more closely with executives. We think it's different this time. We are very bullish on the corporate governance changes, Hosomizu, 42, said in an interview. (news.financializer.com). As reported in the news.

kayabacho station: The development is part of an effort to support the metropolitan government's initiative to turn Tokyo into a global financial center, the company said Tuesday. ; According to Heiwa, the building with 15 stories above ground and two underground will be built on a 3,350 sq.-meter site adjacent to Kayabacho Station on Tokyo Metro Co.'s Tozai Line jointly with landowners Yamatane Real Estate Co. and Chibagin Securities Co, according to The Japan Times. The building will have a total floor space of about 38,000 sq. meters, large enough for companies to hold shareholders meetings and set up facilities to enhance communication with investors, it said. The realtor, which owns the TSE building, will begin construction by March next year, aiming to complete the project two years later. (news.financializer.com). As reported in the news.

manufacturing activity: On Tuesday, the key market gauge jumped 216.21 points. ; The Topix index of all first-section issues closed down 0.21 point, or 0.01 percent, at 1,616.00, after gaining 17.15 points the previous day, according to The Japan Times. Stocks were caught in a tug of war between buying thanks to the yen's weakening against the dollar and selling on concerns over geopolitical tensions over North Korea, brokers said. The 225-issue Nikkei average shed 24.03 points, or 0.12 percent, to end at 19,729.28. The yen's depreciation reflected stronger-than-expected readings on U.S. retail sales and New York's manufacturing activity, they said. The Tokyo stock market will be in a lull until the U.S.-South Korea joint military drill takes place, an official of a bank-affiliated securities firm said. Active buying of stocks was, however, held in check prior to a joint military exercise between the United States and South Korea set to begin on Monday, they said. (news.financializer.com). As reported in the news.

american investors: We will combat the counterfeiting and piracy that destroys American jobs, Trump said, according to The Japan Times. We will safeguard the copyrights, patents, trademarks, trade secrets and other intellectual property that is so vital to our security and to our prosperity. Trump signed a memorandum directing U.S. Trade Representative Robert Lighthizer to determine whether Chinese policies hurt American investors or companies with retaliatory measures a possible outcome. ; We will stand up to any country that unlawfully forces American companies to transfer their valuable technology as a condition of market access. Washington will turn a blind eye no longer, Trump insisted. We will engage in a thorough investigation and, if needed, take action to preserve the future of U.S. industry, Lighthizer said. Trump said the U.S. would no longer tolerate Beijing's theft of U.S. industrial secrets, long a concern of major foreign corporations seeking a share of the huge Chinese market. (news.financializer.com). As reported in the news.

european union: The three-day trip is set to begin on Aug. 30, according to The Japan Times. Japanese companies including carmaker Nissan and conglomerate Hitachi have invested more than 40 billion 52 billion in Britain, and employ a total of 140,000 people in the country. May will lead a business delegation drawn from a range of different sectors on the trip, which comes as her government looks to strengthen its relationship with key international investors ahead of Britain's exit from the European Union. ; The delegation will showcase the strength of British business, the shared confidence in the U.K.-Japan economic relationship as we leave the EU, and the potential for future growth, a spokesman from May's office said. May's office did not give details of which businesses would be traveling to Japan. Since voting to leave the EU last June, Britain has trumpeted decisions by Japanese carmakers Nissan and Toyota to continue production in the country as a sign that Brexit will not scare off international investors. May will also meet Emperor Akihito, the spokesman said. (news.financializer.com). As reported in the news.

investor worries: On Monday, the key market gauge had plunged 192.64 points. ; The Topix index of all first-section issues finished 17.15 points, or 1.07 percent, higher at 1,616.21, after falling 18.19 points the previous day, according to The Japan Times. A wide range of issues attracted buying on dips, brokers said. The Nikkei 225 average jumped 216.21 points, or 1.11 percent, to end at 19,753.31. Investors took heart from a slide in the yen against the dollar, and an overnight rise in U.S. and European equities, after a spate of news reports helped ease investor worries over North Korea, brokers said. Sentiment also improved on the back of a joint op-ed by U.S. Defense Secretary Jim Mattis and Secretary of State Rex Tillerson that stated the significance of pressing North Korea with diplomatic measures, brokers said. The dollar rose above 110 following news that North Korean leader Kim Jong Un will watch U.S. actions for a while before making a decision on whether to fire ballistic missiles into the waters near Guam. (news.financializer.com). As reported in the news.

japanese investment: Japan hopes the efforts pave the way toward settling the decades-old territorial dispute, while Russia hopes to attract Japanese investment, according to The Japan Times. However, as the two sides remain far apart in their stances on sovereignty over the islands, they would need to work out how to conduct joint projects in a way that does not raise judicial problems. The countries will hold a vice foreign ministerial meeting Thursday in Moscow to discuss possible joint projects before the nations' leaders meet in Vladivostok in early September. ; Prime Minister Shinzo Abe and Russian President Vladimir Putin agreed in December 2016 to collaborate on economic projects on the islands. A group of Japanese government officials and experts from the public and private sectors visited the islands in late June to study possible areas of cooperation, including tourism. The disputed islands have an ecosystem similar to the neighboring Shiretoko Peninsula of Hokkaido, a scenic UNESCO World Natural Heritage site. I saw its potential as a tourism resource, Eiichi Hasegawa, a special adviser to Abe, told reporters at the time. (news.financializer.com). As reported in the news.

benchmark nikkei: On Thursday, the key market gauge lost 8.97 points, according to The Japan Times. The TSE was closed on Friday due to a national holiday. ; The Topix, including all first-section issues, ended down 18.19 points, or 1.12 percent, at 1,599.06, after falling 0.65 point the previous trading day. The benchmark Nikkei 225 average plunged 192.64 points, or 0.98 percent, to 19,537.10, its lowest finish since May 2. The dollar fell below 110 as tensions between the United States and North Korea remained high, brokers said. The Tokyo market tested its downside amid a risk-averse mood, said Chihiro Ota, general manager for investment research and investor services at SMBC Nikko Securities Inc. The yen's appreciation against the dollar, also prompted by weaker-than-expected U.S. consumer price data released on Friday, triggered a wave of selling of stocks, they said. (news.financializer.com). As reported in the news.

consumer sentiment: It's an encouraging sign of strengthening domestic demand. ; Sales of durable goods, ranging from cars to electronic appliances, have been picking up, while consumer sentiment has been aided by stabilizing prices for fresh food, according to The Japan Times. Still, many economists have yet to conclude whether strengthening private consumption is transitory or is set to continue and pave the way for a period of growth powered by increasing domestic demand in which both consumers and companies step up spending. Private consumption, accounting for nearly 60 percent of Japan's economy, rose 0.9 percent in the April-June period in real terms following five quarters of modest growth at between 0.1 percent and 0.4 percent. I can't say private consumption will enter negative territory in the country's GDP data but for now I can't think of good reasons why the pace should continue to pick up, said Toru Suehiro, senior market economist at Mizuho Securities Co. But consumption has been given a boost this summer, as some retailers appear to be reaping the benefits of the scorching heat. Sluggish consumption has been a headache for policymakers and economists, complicating efforts by Prime Minister Shinzo Abe and the Bank of Japan to lift the economy out of years of deflation. (news.financializer.com). As reported in the news.

increase: Annualized GDP for the previous quarter was revised to a 1.5 percent increase, while quarterly real inflation adjusted GDP was revised up to 0.4 percent growth from a 0.3 percent increase, according to The Japan Times. Economic growth is expected to continue in coming quarters, offering the Bank of Japan the hope that a tight labor market is finally starting to boost consumer spending, which in turn makes it easier to generate sustained inflation. Gross domestic product expanded an annualized 4.0 percent in April-June, government data showed, more than the median estimate for 2.5 percent annualized growth and the biggest increase since the three-month period ended March 2015. ; Compared with the previous quarter, the economy expanded 1.0 percent, versus the median estimate for 0.6 percent growth. The engines of consumer spending and capital expenditure both fired well in the second quarter, and that's why domestic demand was so strong, said Hidenobu Tokuda, senior economist at Mizuho Research Institute. This is a positive development for inflation. The pace of growth may moderate slightly, but we are still in recovery mode. (news.financializer.com). As reported in the news.

washington: U.S. Trade Representative Robert Lighthizer will have a year to look into whether to launch a formal investigation of China's trade policies on intellectual property, which the White House and U.S. industry lobby groups say are harming U.S. businesses and jobs, according to The Japan Times. Trump dubbed the inquiry a very big move and experts on China trade policy said the long lead time could allow Beijing to discuss some of the issues raised by Washington without being seen to cave to pressure under the threat of reprisals. Trump broke from his 17-day vacation in New Jersey to sign the memo in Washington at a time of heightened tensions between Washington and Beijing over North Korea's nuclear ambitions. ; The investigation is likely to cast a shadow over relations with China, the largest U.S. trading partner, just as Trump is asking Beijing to step up pressure against Pyongyang. China repeatedly rebuffed attempts by previous U.S. administrations to take action. Trump administration officials have estimated that theft of intellectual property by China could be as high as 600 billion. I'm sure they will formally reject this if an investigation is launched and there is an implication this is going to require negotiation to resolve it, said Matthew Goodman, a senior adviser for Asian economics at the Washington-based Center for Strategic and International Studies. (news.financializer.com). As reported in the news.

deaths: Hospital officials deny lack of oxygen caused the deaths, saying alternative supplies were found, and instead blamed many of the deaths on encephalitis and unspecified issues related to delivery of the infants, according to The Japan Times. On Sunday, J.P. Nadda, health minister in Prime Minister Narendra Modi's Cabinet, visited the hospital in the town of Gorakhpur, 800 km about 500 miles east of New Delhi, accompanied by the state's chief minister, Yogi Adityanath. The government of Uttar Pradesh state, run by India's ruling Bharatiya Janata Party BJP suspended Rajeev Misra, the head of the state-run Baba Raghav Das medical college, late Saturday and ordered an investigation. ; Indian media have said the deaths of 60 children, 34 infants among them, were caused in part by oxygen shortages after a private supplier cut the supply over unpaid bills. After the visit, the chief minister urged patience until the investigation is complete. Those found guilty will not be spared. We will know whether it was because of an oxygen shortage or due to a lack of proper treatment, Adityanath told reporters. (news.financializer.com). As reported in the news.

economy: Three firms expected a slowdown ; The upbeat sentiment comes as amid continued moderate growth since 2012, according to The Japan Times. The International Monetary Fund projects Japan's nominal gross domestic product to reach 546.24 trillion 5 trillion up from 494.96 trillion five years ago. Of the 108 companies surveyed by Kyodo News in the second half of July, including Toyota Motor Corp. and Sony Corp., 76, or 70 percent, said the economy is likely to have expanded or expanded moderately by the end of the year, while 26 said they expect it to remain flat. But concerns remain that heightened tensions over North Korea's nuclear and missile programs could be a drag on stocks and lead to the yen's appreciation, affecting the real economy. The top reason for expecting growth this year was a recovery in capital investment, which was cited by 49 firms. In real terms, the IMF forecasts 1.3 percent growth this year, revised upward from its April estimate of 1.2 percent. (news.financializer.com). As reported in the news.

foreign-currency salesman: He and 18 others from branches in the U.S. and U.K. went to Tokyo for three weeks of training last month, marking the end of their two-year induction. ; They're very dedicated to seeing us grow and to bridging the gap across the cultures, said Mitola, 25, a foreign-currency salesman at MUFG's New York branch, according to The Japan Times. They really want to make this a global bank. Now the New Jersey native is among the first to join Japan's biggest lender under an overseas graduate hiring program it introduced to secure talent from abroad. Over the past decade, MUFG and Japan's two other mega-banks have in total spent more than 54 billion on acquisitions abroad as they seek shelter from a brutal banking market at home. Behind the graduate program, however, lies the realization that truly going global requires more than just spending money it also hinges on changing the bank's culture. MUFG, which owns more than a fifth of Morgan Stanley, this month said it has as much as 9 billion earmarked for buying asset management firms around the world. (news.financializer.com). As reported in the news.

rock roll: The monument, erected in 2008 with donations from politicians, businessmen and artists, marks the site where Mongolians gathered to talk about banned Western pop music and soon became a quirky tourist attraction, according to The Japan Times. The music of the Beatles, ABBA and other Western pop groups helped launch the Rock and Roll Communist Revolution that inspired a generation to fight for Mongolian democracy 30 years ago. Residents are protesting against plans to build commercial properties in an area known as Beatles Square, where a bronze bas-relief monument to the Fab Four commemorates the former Soviet satellite's transition to democracy in 1990. ; For a long time there were stories about construction on the land, but nobody wanted to believe it, said Tsoggerel Uyanga, a community organizer and senior partner at research group MAD Investment Solutions. The protests began after an Aug. 2 announcement that construction work will start, with residents calling the project a land grab and expressing fears the Beatles statue could be moved or even demolished. A lawyer for Mongolia's National Construction Association said there are no plans to remove the Beatles statue, however. Authorities have defended the development as part of a car-free street project to build an underground shopping complex complete with street gardens. (news.financializer.com). As reported in the news.

industry leaders: In recent weeks, his office has taken steps to secure DIUx's place in the agency, including granting it greater authority to hire staff, negotiate contracts and promote its efforts, according to The Japan Times. Big admirer of what they do out there, about the way they germinate ideas, the way they harvest ideas, from one breakthrough, rapidly, to another, Mattis said before meeting with staff and local industry leaders at DIUx's office in Mountain View, California, the hometown of Google. Secretary of Defense James Mattis made his first visit Thursday to the Defense Innovation Unit Experimental DIUx a 2-year-old effort that is investing in private companies building experimental drones, new cybersecurity technology and advanced communications systems for soldiers. ; Mattis said he expects the initiative, known as DIUx, will grow in its influence and its impact under the Republican administration. The program also has offices in Cambridge; Austin, Texas; and at the Pentagon. U.S. Rep. But DIUx continues to face questions from Republican leaders in Congress and others who view it as a still-unproven and possibly unnecessary venture. (news.financializer.com). As reported in the news.

finance bureau: Although auditor Pricewaterhouse Coopers Aarata LLC signed off on the report, it also issued an adverse opinion on Toshiba's internal controls and suggested the 652 billion loss related to Westinghouse, which Toshiba posted in the 2016 business year, ought to have been posted in 2015, according to The Japan Times. Toshiba tried to put a positive spin on the filing, saying that making the deadline was a step forward. But other delisting scenarios still loom for the Tokyo-based conglomerate, which must eliminate its massive negative net worth by end of March. ; Normally, companies with an April-March business year must file their annual reports with the Kanto Local Finance Bureau by June 30, but Toshiba postponed submission because its auditor needed more time to scrutinize figures related to Toshiba's troubled U.S. nuclear unit Westinghouse Electric Co. I think one of our management issues has been solved, Toshiba President Satoshi Tsunakawa said at a news conference at Toshiba headquarters in Tokyo. Westinghouse has been off of our consolidated accounts, so we don't have that problem anymore, he said. Asked whether Toshiba's internal controls were really working, Tsunakawa said the only issue identified by the auditor was related to the U.S. nuclear unit. (news.financializer.com). As reported in the news.

language culture: Traditional clothes are quite expensive, but for my own kids I can only buy whatever I can get, she said, according to The Japan Times. Jisi belongs to the isolated Yi ethnic community. Instead, it's a time of stress. ; In my heart I always get worried when the torch festival comes along, said Jisi, 37, who supports a family of two grandparents and four children. They have a distinct language and culture, and are among the poorest in China. Average incomes in Liangshan are just 27 percent of the national average, official data shows. Most live in Liangshan, a mountainous district in the southwestern province of Sichuan and one of 14 areas of concentrated poverty identified by the central government. (news.financializer.com). As reported in the news.

media users: One of the missions Motegi has been tasked with spearheading is a vague but apparently key policy pledge of Abe's new Cabinet called hitozukuri kakumei a term that can be literally translated as human development revolution, according to The Japan Times. The bizarre term has puzzled Japanese social media users, who wondered what the government means by revolution and what exactly Motegi has been asked to do. So far, we all have been on a one-track career of getting an education, graduating from school, getting a job at one company and then retiring, said Toshimitsu Motegi, who was appointed to his post in the Aug. 3 Cabinet reshuffle. ; Now, we need to change, Motegi told a joint interview with media outlets including The Japan Times. The official English translation of the term human resources development, however, is humbler and somewhat easier to grasp. This happens against the aforementioned one-track background, where most workers continue with a single company for decades, since Japan's labor market has less liquidity than many other countries, until their eventual retirement at around 65 years old. Currently, most major firms hire a number of graduates fresh out of university each spring, while also employing far fewer midcareer workers. (news.financializer.com). As reported in the news.

news agency: On Tuesday, the key market gauge lost 59.88 points. ; The TOPIX index of all first-section issues ended down 17.42 points, or 1.07 percent, at 1,617.90, after falling 3.95 points the previous day, according to The Japan Times. Stocks stayed in negative territory from the outset of Wednesday's trading, after the yen's strengthening against the dollar and the overnight fall on Wall Street, triggered by U.S. President Donald Trump's warning against provocative actions by North Korea. The 225-issue Nikkei average dived 257.30 points, or 1.29 percent, to close at 19,738.71, hitting its lowest finish since May 31. The yen rose further after the reclusive nation's state-run Korean Central News Agency said the country is considering striking areas around the U.S. Pacific territory of Guam, dealing an additional blow to sentiment in the Tokyo stock market, brokers said. Although concerns over North Korea-related news weighed on stock markets at home and abroad, it was only a cue for investors to rush to sell stocks, said Masayuki Otani, chief market analyst at Securities Japan Inc. A broad range of stocks met with selling, but some including nonferrous metal makers and energy-related firms jumped as investors welcomed their brisk earnings, supporting the market's downside to some extent, brokers said. (news.financializer.com). As reported in the news.

bank: Now, after years of trying almost every trick in the book to reflate the economy, the Bank of Japan is finally bowing to the inevitable, according to The Japan Times. The BOJ's dot plot shows that almost none of the central bank's nine Policy Board members believe that the country will reach its 2 percent inflation target. The country has had ultra-low interest rates and run huge government deficits for decades, with no sign of the inflation that many economists assume would be the natural result. Accordingly, the bank has pushed back the date at which it expects to hit its 2 percent target. If some outside force intervenes to raise inflation to 2 percent, the BOJ will declare that it hit the target, but it's pretty clear it has absolutely no idea how to engineer a deliberate rise in inflation. That's a little comical, since by now it should be fairly obvious that the date will only get pushed back again and again. (news.financializer.com). As reported in the news.

chaos dysfunction: This is the last desperate act of a dictator and will plunge a troubled country further into chaos and dysfunction, according to The Japan Times. The Venezuelan economy has imploded in recent years, with the International Monetary Fund reporting that GDP this year will be 35 percent below that of 2013, a drop of 40 percent in per capita terms. Rather than take constructive action to remedy a worsening humanitarian situation, President Nicolas Maduro has instead instituted a power grab, convening a constitutional assembly to eliminate the vestiges of opposition to his rule. This is a greater contraction than that experienced by Russia at the end of the Cold War and the United States during the Great Depression of the 1930s. The government has used its oil revenues for profligate social spending needed to some extent, but used primarily for the purpose of waging class war. Only countries ravaged by war, such as Libya, Rwanda and South Sudan, have fared worse. ; The decline reflects the free fall in the price of oil, the mainstay of the Venezuelan economy, but mismanagement has contributed as well. (news.financializer.com). As reported in the news.

dow jones: On Friday, it lost 76.93 points to close below the 20,000 line. ; The Topix, which covers all first-section issues on the Tokyo Stock Exchange, finished 7.82 points, or 0.48 percent, higher at 1,639.27 after falling 2.37 points Friday, according to The Japan Times. The market got off to a strong start after the Dow Jones industrial average rewrote an all-time closing high for the eighth straight session Friday. The benchmark index rose 103.56 points, or 0.52 percent, to end at 20,055.89. The TSE maintained its strength for the rest of the day, also aided by the yen's easing against the dollar. The market was supported by brisk purchases of Toyota in the morning and contractors with robust earnings, notably Kajima, in the afternoon, said Tsuyoshi Horota, general manager for investment research and investor services at SMBC Nikko Securities Inc. Behind the continued Wall Street rally was better than expected job data for July released by the U.S. government Friday, brokers said. (news.financializer.com). As reported in the news.

myanmar cambodia: Between 1984 and 1999, five other nations Brunei, Vietnam, Laos, Myanmar and Cambodia joined to make it an association of 10 states, according to The Japan Times. It may be recalled that following the turn of the century, ASEAN, with strong support from Japan, set for itself the goal of becoming an ASEAN Community by 2015, a program that was launched with three specific pillars political-security, economic and social-cultural and promised a comprehensive umbrella of functions. This regional grouping came into being with a membership of five countries Indonesia, Malaysia, Philippines, Singapore and Thailand. The member governments have all agreed on a road map that promises to take them to their common destination. ASEAN's success was the story of leaving behind mutual suspicion, venturing into a wilderness and creating a new promising future for its citizens. ASEAN has always been a divided, sprawling culture, but for most of the past 50 years, it was held together by a unifying story of accelerated economic growth, social progress and cultural development to provide regional peace and stability. (news.financializer.com). As reported in the news.

time friday: The euro was at 1.1809-1810, down from 1.1881-1882, and at 130.83-83, up from 130.80-80. ; The dollar attracted buying in early trading, carrying over its strength from overseas trading Friday, in which the greenback briefly topped 111 after the employment report showed improvements in the number of nonfarm payrolls, the jobless rate and average hourly earnings, according to The Japan Times. The dollar firmed on growing hopes for another interest rate hike by the U.S. Federal Reserve by the end of this year, an official at a foreign exchange margin trading service firm said. At 5 p.m., the dollar stood at 110.77-79, up from 110.08-08 at the same time Friday. After topping 110.80 in early trading in Tokyo, however, the dollar lost steam, pressured by position-adjustment selling, market sources said. Players retreated to the sidelines to wait for U.S. economic indicators to be released later this week, including the consumer price index, market sources said. The U.S. currency was stuck in a narrow range around 110.70-80 in the late afternoon in the absence of fresh trading incentives. (news.financializer.com). As reported in the news.