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

jobs: This dystopian picture of busy machines and queues of jobless Britons was replaced this month by a rosier view from PwC, which made the opposite claim robots and artificial intelligence could create as many jobs as they destroy, which happens to be around 7 million, according to The Guardian. Then the University of Oxford said 35% of UK jobs could be automated, while a 2017 McKinsey report warned 5% of UK jobs were highly automatable. Robots threatened 15 million UK jobs, he said. The MIT Technology Review has identified at least 18 different predictions about automation. It's about the detachment from history and real life stemming from a disastrously narrow education that allows economists to make such claims, and the damage that does to public debate about important matters. This article is not about robots, AI or even the debate raging over the impact of Brexit. (news.financializer.com). As reported in the news.

payday lending: The claims, said Wonga, related to loans taken out before 2014, when outrage over its payday lending offers prompted new rules to cap the cost of borrowing, according to The Guardian. The UK's payday lending industry has been criticised by campaigners who claim its high interest rates and marketing tactics unfairly target vulnerable borrowers. The short-term loan firm said the development was a way of coping with a surge in claims from former customers seeking compensation. A Wonga spokesman, confirming the 10m injection, said its shareholders remained fully supportive of management's plans for the business . Wonga continues to make progress against the transformation plan set out for the business. The lender was forced to scrap its business model after running into regulatory problems and because of the cap on loan rates introduced by the Financial Conduct Authority in 2015. In recent months, however, the short-term credit industry has seen a marked increase in claims related to legacy loans, driven principally by claims management company activity. (news.financializer.com). As reported in the news.

investment: Tourism and foreign direct investment significantly contributed to economic development in the nation, according to Xinhua China. According to government figures, the country received nearly 2.6 million international visitors in the first five months of 2018, up 13.5 percent year-on-year, while it attracted the fixed asset investment of 3.5 billion U.S. dollars in the first six months of this year, up 14 percent year-on-year. Cambodia ensures safety and welcomes tourists and traders who want to visit and invest in the country without disappointing them, he wrote on his official Facebook page. The 66-year-old prime minister also thanked the Cambodian people for voting for the ruling Cambodian People's Party CPP in Sunday's general election, saying that the CPP's victory gave him an opportunity to continue to lead and further develop the country. The National Election Committee's preliminary results indicated that the CPP won the election, receiving 4.87 million votes, or 76.78 percent, of the total valid votes. Twenty political parties contested in the sixth general election on July 29. (news.financializer.com). As reported in the news.

pompeo: Our US delegation also had the opportunity to deliver Potus reply to Chairman Kim's letter, according to CNN. Secretary Pompeo Sec Pompeo August 4, 2018 Trump's letter comes in response to a letter he received this week from Kim, according to State Department spokeswoman Heather Nauert. We had a quick, polite exchange. The letter from the President was delivered to North Korean Foreign Minister Ri Yong Ho after Pompeo shook hands and spoke with Ri at the ASEAN meeting in Singapore, Nauert said. Sung Kim was previously an ambassador to South Korea and a special representative for North Korea policy. US Ambassador to the Philippines Sung Kim handed the Trump letter to Ri, and Ri thanked him, Nauert said. (news.financializer.com). As reported in the news.

sector: But now there are signs that cracks may be starting to appear in some of the biggest firms in the sector, according to The Guardian. Facebook suffered the biggest ever one-day drop in a company's market value losing more than 90bn after its growth slowed in the wake of the Cambridge Analytica scandal. Their shares have been soaring since the start of the year, despite being buffeted by trade war fears as President Trump talked of limiting Chinese investments in the US and restricting American technology imports to China. Twitter lost 20%, or 5bn, as it reported a surprise fall in active monthly users, while streaming service Netflix missed its targets for subscriber numbers. That was in marked contrast to a conference call for the company's previous set of figures, when he accused a Wall Street analyst of boring bonehead questions and ignored queries from investors. On the other hand, electric car specialist Tesla managed to head in the right direction despite making a 717m second-quarter loss, as its controversial chief executive, Elon Musk, regained investor confidence after apologising for previous outbursts. (news.financializer.com). As reported in the news.

shin ok-ju: Only then would Earth be ready for the Second Coming of Jesus Christ, she said on her website, according to CNN. Esther, whose legal name in South Korea is Shin Ok-ju, predicted there was a great famine and believed she and her followers needed to find a new home. She wanted to help craft a world where, as her church put it, only God is God. They set their sights on Fiji, in the Pacific, and quickly began laying the eternal foundation to raise Fiji to be the center of the world as promised in the Bible. Read More Hundreds of people from around the world followed, according to the Grace Road Church website.A screengrab from Grace Road Church's homepage. The church's corporate arm, GR Group, set to work opening businesses across the small Pacific island, in industries ranging from construction to agriculture. (news.financializer.com). As reported in the news.

election results: The landmark vote -- Zimbabwe's first since the toppling of strongman Robert Mugabe -- was being closely watched, with election observers and foreign investors looking on to see if the country had shed its previous reputation, according to CNN. Opposition leader Nelson Chamisa says his party will challenge the election results. context Image Object name Opposition leader Nelson Chamisa says his party will challenge the election results. description Opposition leader Nelson Chamisa says his party will challenge the election results. url Chamisa, who at 40 is the country's youngest presidential candidate, said his party was working around the clock with a legal team to put together a plan of action following the results, but he did not give any details. A day after President Emmerson Mnangagwa was declared the winner of the vote, Nelson Chamisa, leader of the Movement for Democratic Change, told a news conference the vote was anything but a free and fair. As far as we are concerned this presidential result is fraudulent, illegal, illegitimate, and characterized by serious credibility gaps and some serious legitimacy issues that we feel must be raised, Chamisa said at the news briefing. Zimbabwe anti-riot police personnel deploy Friday at the Bronte Hotel in Harare. context Image Object name Zimbabwe anti-riot police personnel deploy Friday at the Bronte Hotel in Harare. description Zimbabwe anti-riot police personnel deploy Friday at the Bronte Hotel in Harare. url reasons that were unclear, police escorted journalists away from the area.A Movement for Democratic Change representative told CNN the police had broken it up because they thought it was an illegal political gathering. Read More The opposition leader's first attempt to hold a press conference Friday was thwarted after police stormed the Harare hotel where he was scheduled to speak. (news.financializer.com). As reported in the news.

korea: The United States will continue to enforce UN and US sanctions and shut down illicit revenue streams to North Korea, Treasury Secretary Steven Mnuchin said in a statement, according to CNN. Our sanctions will remain in place until we have achieved the final, fully-verified denuclearization of North Korea. The latest action taken by the Treasury Department also targets one individual and two front companies for facilitating illicit North Korean financial activity. Trump to Kim Thanks and see you soon Russia's Agrosoyuz Commercial Bank was targeted by Treasury for aiding transactions on behalf of Han Jang Su, the Moscow-based chief representative of Foreign Trade Bank, North Korea's primary foreign exchange bank. Both Su and FTB had been previously designated for sanctions by the US. Su was also separately designated by the United Nations. The US government also imposed sanctions against the FTB's deputy representative, Ri Jong Won. (news.financializer.com). As reported in the news.

mugabe: His revolutionary credentials, coupled with his support among key parts of Zimbabwe's elite -- specifically within the military and security services -- singled him out as a likely successor to Robert Mugabe, according to CNN. For 40 years, Mnangagwa stood next to Mugabe, the man who ruled Zimbabwe from its inception in 1980 until last year. Known for his political longevity and survival skills, Emmerson Mnangagwa has been biding his time, waiting in the wings to take over as leader of Zimbabwe. Mnangagwa was the leader's right-hand man until being fired weeks before the November coup that toppled his longtime boss. Read More Then-President Robert Mugabe addresses party members in November shortly before his ouster. context Image Object name Then-President Robert Mugabe addresses party members in November shortly before his ouster. description Then-President Robert Mugabe addresses party members in November shortly before his ouster. url got that chance after the November coup, and a victory in this week's election cements his position as the nation's leader. Mnangagwa had fought alongside Mugabe in the 1977 liberation war, and then later was security minister and justice minister, but the job he had always wanted seemed to elude him. (news.financializer.com). As reported in the news.

chemical poison: Wan Azirul said he took possession of the victim's blazer, backpack and watch and handed them to the chemistry department for analysis, but was later told by investigation authorities to hand them over to representatives of the North Korean embassy, according to The Japan Times. I do not know why, I was following orders, he added. Indonesian Siti Aisyah, 25, and Doan Thi Huong, 28, a Vietnamese, are charged with murdering Kim Jong Nam by smearing his face with VX, a chemical poison banned by the United Nations, at Kuala Lumpur airport on Feb. 13. ; The money is now stored in a safe in the office of the police chief of the Sepang district, which has jurisdiction over the murder site, police official Wan Azirul Nizam Che Wan Aziz said. In court, the prosecution played more than 30 videos of closed-circuit television footage of the women's activities, after Judge Azmi Ariffin overruled defense objections to their admissibility, saying it could be challenged later in the case. Some of the footage, dated Feb. 11, appeared to show Huong approaching an unidentified man from behind and placing her hands around his neck and face, before backing away slowly with her head slightly lowered and her hands put together. The defense lawyers for both Huong and Siti Aisyah said the videos could be considered hearsay, as the investigating officer did not record them himself and was not present to witness the crime. (news.financializer.com). As reported in the news.

cryptocurrency exchanges: But observers say they are now detecting a rethink by the Chinese authorities, causing bitcoin on Thursday to surge past the 5,000 level for the first time since its launch eight years ago, according to The Japan Times. Around 3 30 p.m. Even bitcoin enthusiasts had experienced some doubts over the summer when Chinese regulators cracked down on exchanges trading the virtual currency and a dispute among developers gave birth to a new version, splitting the market of the budding currency. ; In September, banking regulators in Beijing and Shanghai ordered local cryptocurrency exchanges to shut down. Greenwich Mean Time its value based on a basket of trading exchanges calculated by Bloomberg was 5,247.02, up from 4,829.29 late Wednesday. Should rumors reported in state media be confirmed, then what is by far the most well-known and traded of more than 1,000 so-called cryptocurrencies could climb to even greater heights, experts predict. This represents a rise of 400 percent this year alone. (news.financializer.com). As reported in the news.

leaders need: It is not time to be complacent, she told reporters at a news conference Thursday, according to The Japan Times. Policymakers can use this moment to provide more certainty and provide for the future risks. IMF Managing Director Christine Lagarde warned that global financial leaders need to beware of a number of threats from growing political tensions to increased skepticism about the benefits of globalization and rising levels of income inequality. ; Lagarde said it will be important for finance ministers from the IMF's 189-member countries to focus on addressing these threats at a time when the global economy appears to finally be in a sustained recovery following the deep recession caused by the 2008 financial crisis. Lagarde's warning comes as global financial leaders gathered in Washington for the annual meetings of the IMF and its sister lending organization, the World Bank. In addition, finance officials from the world's 20 biggest economies, the Group of 20, were meeting Thursday and Friday to discuss the current economic situation. Prior to Lagarde's warning, foreign finance leaders already had raised questions about how the Trump administration would pursue its America First policies and whether they would harm the global economy with rising protectionist trade pressures or market disruptions from increased tensions with North Korea and other nations. (news.financializer.com). As reported in the news.

twitter account: Thaler won the prize for his research in behavioral economics, although he's far from the first behaviorist to win it Herbert Simon, Daniel Kahneman and Robert Shiller all got the big gold medal from Sweden, according to The Japan Times. But Thaler's work is arguably more wide-ranging and influential than any of those earlier pioneers. All question of whether this is a real Nobel can now be laid to rest, since the announcement was made via the Nobel Prize's official verified Twitter account. And it's the sheer breadth of Thaler's research that offers a peek into where the discipline of economics is headed. ; Loosely speaking, the economics of the past was a search for a grand unified theory. Later, that was replaced with explicit modeling of economic decision-making as the optimization of a rational economic agent. At first, supply and demand was the idea that tied econ together. (news.financializer.com). As reported in the news.

bumper profits: Japan Inc. has been reporting bumper profits and the world's third-largest economy is on an upswing, but the market has also benefited from a global equities rally that saw Wall Street chalking up more record finishes on the past two weeks, according to The Japan Times. The Nikkei has rebounded from below the 15,000 mark in June last year after Britain's vote to exit the European Union pummeled world markets, while a strong yen hit domestic exporters. The Nikkei 225 average rose 0.28 percent, or 57.76 points, to end at 20,881.27, its best finish since December 1996. ; The index closed at levels last seen the year that Prince Charles and Diana divorced, Bill Clinton won his second term as U.S. president and Nintendo launched its Pokemon brand. The index has regained vigor since U.S. President Donald Trump was elected as dealers bet on his plans for big spending and tax cuts. The International Monetary Fund upgraded its view of the country's economy on Tuesday, saying it now expects 1.5 percent GDP growth in 2017 and 0.7 percent next year, up from a July projection of 1.3 percent and 0.6 percent respectively. Japan kicks off its latest earnings season this month while the nation's economy has logged its longest string of quarterly gains in a decade. (news.financializer.com). As reported in the news.

cab service: Though Meru lost an earlier antitrust suit versus Ola, lawyers and industry sources said that moves by Soft Bank already a major investor in Ola to pour some 10 billion into Uber along with other investors could strengthen the local cab service's case, according to The Japan Times. Sangoi told Reuters that Uber and Ola have been altering driver incentives and passenger fares in tandem. The head of India's Meru Cabs said the company has filed four new complaints with the country's antitrust watchdog, claiming that Uber and Ola are abusing their dominance in four different cities by burning vast sums of investor funds to distort the market. ; Even before there is any merger or alliance between the two through global investors, there is already a unified monopoly, Meru CEO Nilesh Sangoi said. Our existing cases get strengthened with the Soft Bank investment, he said, but added the Japanese firm's plans weren't cited in the latest complaints. The new Meru complaints have not previously been reported. Ola, Uber and Soft Bank declined comment for this article. (news.financializer.com). As reported in the news.

puerto: Weighed down by nearly 72 billion in debt, Puerto Rico struggled with liquidity even before the most powerful hurricane in almost 90 years wiped out the island's power grid, homes and other infrastructure nearly three weeks ago, according to The Japan Times. It will take months and billions of dollars to rebuild the grid, and the impacts of the storm have cratered the economy of Puerto Rico, home to 3.4 million American citizens, which declared bankruptcy in May. The request came as the oversight board charged with resolving Puerto Rico's debt crisis warned the U.S. territory was at risk of being unable to pay for essential services such as salaries for teachers, first responders and health care providers. ; The best estimate of the Financial Oversight and Management Board FOMB and government is that the commonwealth will run out of money at the end of this month, the board told U.S. Treasury Secretary Steven Mnuchin in a letter on Tuesday evening. Puerto Rico Governor Ricardo Rossello had warned two weeks ago that his government was in a bind and would need lines of credit. The proposed community disaster loan would include a 150-million advance, the Trump administration official said, speaking on condition of anonymity. Trump's loan proposal was an important first step for the transformation of Puerto Rico, Rossello said on social network Twitter on Tuesday. (news.financializer.com). As reported in the news.

puigdemont: Rajoy called an emergency meeting after Catalonia's President Carles Puigdemont announced on Tuesday that he had accepted the mandate for Catalonia to become an independent state following a banned referendum earlier this month, according to The Japan Times. But in a parliamentary speech that left many confused, Puigdemont immediately called for Catalonia's independence to be suspended to allow for negotiations with the central government. Prime Minister Mariano Rajoy has vowed to do everything in his power to prevent the region's independence in a dispute that has hurled Spain into its deepest political crisis in decades. ; He has refused to rule out imposing direct rule over the semi-autonomous region a move that many fear could lead to unrest. On Wednesday, a government source who refused to be named said all options were on the table as the crisis talks were underway. It has 17 semi-autonomous regions with varying degrees of control over issues such as education and health care. Thanks to its constitution, adopted in 1978 following decades of civil strife and dictatorial rule, Spain is one of the Western world's most decentralized nations. (news.financializer.com). As reported in the news.

boj exhibition: This BOJ exhibition brings that 2014 show to Tokyo, according to The Japan Times. Bank of Japan Currency Museum; 1-3-1 Nihonbashi Hongoku-cho, Chuo-ku, Tokyo. Themes included depictions of currency, battles over product prices, domestic commerce and Japanese customs and entertainment. Mitsukoshimae Stn. 9 30 a.m.- 4 30 p.m. Closed Mon. 03-3277-3037; Fri., Sat. till 5 30 p.m. . Free. (news.financializer.com). As reported in the news.

news conference: In awarding the prize, the Royal Swedish Academy of Sciences praised Thaler for bringing behavioral economics into the mainstream exploring the impact of psychological and social factors on individual or group decisions in the economy and financial markets. ; Thaler told a news conference at the University of Chicago, where he teaches, that he was very much asleep when he received the 4 a.m. phone call informing him he had won, according to The Japan Times. I had a pretty good idea what that might be, he admitted, joking Unlike Bob Dylan, I do plan to go to Stockholm. So it seems fitting that U.S. economist Richard Thaler, 72, says he wants to spend his 1 million winnings as irrationally as possible. Dylan kept silent for weeks after he was awarded last year's Nobel Prize in literature, although he eventually did accept the prize in the Swedish capital. He is well known for co-founding nudge theory which demonstrates how people can be persuaded to make decisions that leave them healthier and happier. A professor at the University of Chicago's Booth School of Business, Thaler was described by the Nobel jury as a pioneer in his field. (news.financializer.com). As reported in the news.

workers party: On Friday, the key market gauge rose 62.15 points. ; The Topic ended up 7.98 points, or 0.47 percent, at 1,695.14, according to The Japan Times. It climbed 4.67 points the previous trading day. The Nikkei 225 gained 132.80 points, or 0.64 percent, to finish at 20,823.51, its highest close since July 21, 2015. The Tokyo market was closed Monday for a national holiday. But the Tokyo market soon took an upturn and accelerated its upswing toward the close as investors were relieved that North Korea took no provocative action on the 72nd anniversary Tuesday of the founding of the Workers' Party of Korea, brokers said. Stocks got off to a weaker start following a fall in New York equities Monday. (news.financializer.com). As reported in the news.

banking supervisor: Of the other banks, 34 received a mark of 3 and 17 scored a 4, according to The Japan Times. This was in line with our expectations, said Korbinian Ibel, one of four heads of micro-prudential supervision at the ECB, which assumed the role of banking supervisor for the euro area in 2014. On a scale running from a top mark of 1 to the lowest of 4, 60 out of 111 banks scored 1 or 2 in the test, the ECB said. ; For the first time, the stress test examined how sudden changes in interest rates will affect banks' income and the value of their assets. On average, banks' net interest income will decrease 7.5 percent by 2019 if interest rates remain at their present historic lows. Nevertheless, higher rates could have the negative impact of eroding the value of the banks' assets, making them less attractive. But if interest rates rise by 2.0 percentage points, that will boost banks' net interest income by 10.5 percent over the same period. (news.financializer.com). As reported in the news.

gun: Plenty of artists avoid the issue because there's a real risk of backlash as gun lobbyists have bolstered a connection between the patriotic themes found in country music to gun ownership in recent years, according to The Japan Times. I just feel like you're so censored as a country artist, said Linsey, an independent musician who took a knee after singing the national anthem at an NFL football game. The proposal, which she refused, was a commonplace example of how intertwined gun ownership is with country music. ; The mass shooting on the final day of Route 91 Harvest Festival in Las Vegas has emboldened some country musicians to call for gun control, even as many others declined to weigh in. I feel like the labels like to keep you that way. They don't want you to say things that would upset country music listeners. They don't want you to speak out. (news.financializer.com). As reported in the news.

self-control fear: Awarding the 9 million Swedish crown 1.1 million prize, the Royal Swedish Academy of Sciences said Richard Thaler's contributions have built a bridge between the economic and psychological analyses of individual decision-making, according to The Japan Times. His empirical findings and theoretical insights have been instrumental in creating the new and rapidly expanding field of behavioral economics, which has had a profound impact on many areas of economic research and policy. Influential in the field of behavioral economics, his research showed how traits such as lack of self-control and fear of losing what you already have prompt decisions that may not have the best outcome in the longer term. ; I think the most important impact of my research is the recognition that economic agents are human and economic models have to incorporate that, Thaler, a professor at The University of Chicago Booth School of Business, said in call broadcast at the Nobel news conference. Thaler brought to prominence the idea of nudge economics, where individuals are subtly guided toward beneficial behaviors without heavy-handed compulsion, the theme of a 2008 book he co-wrote which caught the eye of policymakers around the world. The issue has relevance for economics as individuals' tendency to fall prey to temptations often negatively affects plans to, for instance, save for retirement. In researching how self-control or the lack of it Thaler touched on an age-old problem why New Year's resolutions to change aspects of your life are notoriously hard to keep. (news.financializer.com). As reported in the news.

catalonia: European Commission President Jean-Claude Juncker has made it clear Brussels will only respect a vote for independence if it is held in line with the Spanish Constitution, according to The Japan Times. EU members will not recognize Catalonia as a state if it is created in violation of the law and particularly the Spanish Constitution, European law expert Jean-Claude Piris said. Brussels has stuck to its line that an independent Catalonia would automatically be out and have to reapply to join, but some experts say pragmatism may yet trump dogma. ; Would the EU recognize Catalonia Last weekend's referendum produced a 90 percent vote for secession, but because it was held in defiance of Spain's Constitutional Court rulings that it was unlawful, from the EU's point of view it amounts to a deeply flawed mandate. Prodi doctrine' The EU's treaties do not specifically state what happens if part of a member state secedes, but since 2004 the commission has stuck to the Prodi doctrine, named after former President Romano Prodi. Membership talks for Catalonia will likely be different from those currently underway for candidate countries such as the Balkan states and Turkey, which have to harmonize their legislation and foreign policy as well as bring human rights standards up to EU standards. This says that a region breaking away from a member state will automatically cease to be part of the EU on the day of its independence, and will have to follow the usual membership process to rejoin. (news.financializer.com). As reported in the news.

development: The opinions expressed in this commentary are his, according to CNN. Jeffrey previously served as special assistant in the city of New Orleans' post-Katrina Office of Recovery & Development. (news.financializer.com). As reported in the news.

currency counterfeiters: Currency counterfeiters were dispatched by haritsuke public execution by perforation with spears . The penalty for use of fraudulent scales or measures of volume was decapitation, with the head displayed on a gibbet for three days, according to The Japan Times. Forgery of an official seal on a document earned the offender confiscation of his property and banishment. The Osadamegaki Hyakkajo the criminal code enforced by the Tokugawa rulers prescribed an extensive list of severe punishments for those found guilty of fraud and trickery. Merchants caught dealing in fake goods were tattooed to mark them as criminals and banished. In the view of historian Haruo Okubo, the number of violations and punishments included in the laws, covered in the code's Article 67, suggests that criminal fraud must have been rampant in pre-modern times. And habitual con men lost their heads irrespective of the amount they swindled. ; These, however, were apparently not enough to discourage aspiring crooks. (news.financializer.com). As reported in the news.