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

loss: Bausch Health Companies Inc., formerly known as Valeant Pharmaceuticals, experienced a bigger operating loss and a bigger provision for income taxes than last year, according to The Toronto Star. Ryan Remiorz / THE CANADIAN PRESS Its operating loss for the quarter ended June 30 was 245 million, which compared with a year-earlier operating profit of 175 million. The company, which reports in U.S. currency, says it recorded a 138-million provision for income taxes that represented a 343-million increase from the same time last year, when Valeant recorded a tax benefit. Read more Valeant changing name to distance itself from scandal Article Continued Below Valeant Pharmaceuticals shareholders vent frustrations at embattled drugmaker's AGMValeant sees profit bump due to tax reorganization The operating loss was due primarily to an asset impairment linked to the company's loss of exclusivity on a product. Bausch Health's adjusted net income fell to 327 million from 362 million a year ago, while revenue fell to 2.13 billion from 2.23 billion in the second quarter of 2018. react-empty 138 The adjusted net income was above the estimate of 272 million and revenue was above the estimate of 2.06 billion, according to Thomson Reuters Eikon. The net loss amounted to 2.49 per share, compared with a loss of 11 cents per share in the second quarter of 2017. (news.financializer.com). As reported in the news.

doj: The yacht was reportedly seized by the Indonesian government in Bali in February on the application of the U.S. Department of Justice DOJ which is probing a multi-billion dollar misappropriation scandal surrounding 1MDB. Upon the return of the boat, Malaysian Prime Minister Mahathir Mohamad thanked Indonesian President Joko Widodo for the gesture, according to Xinhua China. Low Taek Jho, a key figure in the 1MDB case, is identified as the owner of the boat which is registered in Caman Islands, according to ship tracking information. Malaysian Attorney General Tommy Thomas confirmed the arrival of the boat in a statement, saying the yacht was purchased with money belonging to Malaysia and thus was properly seized under the laws of Malaysia. Malaysia has issued an arrest warrant for Low, but his whereabouts are known. Among our agencies involved were the Royal Malaysian Police, the Royal Malaysian Navy, the Malaysian Anti-Corruption Commission and the Attorney General's Chambers, he said. In the statement, Tommy Thomas said the arrival of the yacht was a result of sensitive and delicate negotiations conducted at the highest level of different agencies among Indonesia, Malaysia and the United States, thanks to the Mutual Legal Assistance Treaties. (news.financializer.com). As reported in the news.

industries: The KDI, however, noted that domestic demand weakened a bit amid the slowing recovery in private consumption and the faltering corporate investment, according to Xinhua China. Affected by the trend, recovery in production eased further except for some industries including the chip sector. The Korea Development Institute KDI said in a monthly report that exports maintained a relatively positive growth on demand for locally-made semiconductors. The country's retail sales gained 4 percent in June, lower than a 4.5-percent increase in the previous month. Production in all industries was unchanged in June from a month earlier, after growing 1.6 percent in May. Consumer sentiment index over economic situations tumbled to 101.0 in July from 105.5 in the prior month. (news.financializer.com). As reported in the news.

iranian rial: Like a number of businesses in Iran, Hamid said, Renault has been hit by the collapse of the Iranian rial, which has plunged in value since US President Donald Trump declared he would withdraw from the Iran nuclear deal, according to CNN. Then, in July, Renault said it was likely to put its business development in Iran on hold as the company intended to comply full with US sanctions, Reuters reported. Take Hamid, a 29-year-old who recently lost his job at car manufacturer Renault. Now working as an unlicensed taxi driver, Hamid estimates that his income has gone down by around 70%, forcing him to move back in with his parents where he can live rent-free. I am not sure who is to blame for this dire condition of the economy, but I tend to think that Trump had something to do with it. Iranian drivers stop at a junction on a main street in the capital Tehran. context Image Object name Iranian drivers stop at a junction on a main street in the capital Tehran. description Iranian drivers stop at a junction on a main street in the capital Tehran. url I should be the one to support my mother and father, not the other way around, he told CNN. Read More He now hopes the economic situation forces President Hassan Rouhani to hold talks with his US counterpart in the coming weeks. (news.financializer.com). As reported in the news.

maxar technologies: Maxar Technologies and Saputo Inc. were among the companies with declines, according to The Toronto Star. The Toronto Stock Exchange's S&P/TSX composite index was down 57.76 points to 16,362.48 after 90 minutes of trading on Tuesday. The Toronto Stock Exchange's S&P/TSX composite index was down 57.76 points to 16,362.48 after 90 minutes of trading. Maxar Technologies and Saputo Inc. were among the companies with declines. The S&P 500 index was up 11.89 points to 2,862.29 and the Nasdaq composite index was up 25.89 points to 7,885.57. Rene Johnston / Toronto Star file photo In New York, the Dow Jones industrial average was up 176.41 points to 25,678.59. (news.financializer.com). As reported in the news.

show photos: Reports from the time of the ship's sinking claimed the gold on board could be worth upwards of 125 billion, a staggering amount Shinil later downgraded to a still respectable 8.9 billion at a press conference on July 26, according to CNN. Ahead of that press event, the company had hinted it would make a major announcement, perhaps even show photos and video of the gold on board. Shinil Group attracted global attention when it claimed last month to have discovered the Dmitri Donskoii, a 5,800-ton warship that had sunk during the 1905 Battle of Tsushima, in the waters between present-day South Korea and Japan. But nothing was forthcoming, and questions began to be raised over the veracity of previous images of the sunken ship put out by the company. Read More Attempts to reach Shinil were unsuccessful. The police raid, which occurred Tuesday morning officials confirmed, comes less than a week after police told CNN they were investigating the firm on suspicion of fraud and had banned senior company officials from leaving the country. (news.financializer.com). As reported in the news.

states i: Anyone doing business with Iran will NOT be doing business with the United States, according to The Guardian. I am asking for WORLD PEACE, nothing less! Within hours of the sanctions taking effect, the German carmaker Daimler, which announced a joint venture in Iran last year, said it was halting its business activities in the country. EU acts to protect firms from Donald Trump's sanctions against Iran Read more The US president described the new sanctions, which hit Iran's access to dollars, gold and precious metals, as the most biting ever imposed . In November they ratchet up to yet another level, he tweeted. The punitive measures came into force in the early hours of Tuesday, and follow Trump's decision in May to renege on the landmark 2015 deal to curtail Iran's nuclear ambitions. Trump's latest comments appear aimed at the EU, which is attempting to protect European businesses from the sanctions and has vowed to safeguard firms. The sanctions also target a range of industries, including Iran's carmaking sector, and will be followed by a set of additional and even more stringent measures by 4 November, including an embargo on the import of Iranian oil and sanctions on its banking sector. (news.financializer.com). As reported in the news.

bank: Justin Tang / THE CANADIAN PRESS file photo That has economists predicting second-quarter growth of more than 3 per cent and talking about the possibility of a second-straight rate increase from the Bank of Canada, according to The Toronto Star. Another move from the central bank next month was considered a long shot until now, as trade threats continue to cloud Prime Minister Justin Trudeau's economic agenda. Economists are predicting second-quarter growth of more than 3 per cent and talking about the possibility of a second-straight rate increase from the Bank of Canada. Read more IMF expects Canadian economy to slow in face of greater external risks Article Continued Below Canadian economy adds 31,800 jobs in June, but unemployment rate rises to 6 per cent Canadian factory sales rebound with stronger-than-expected gain It's a fantastically good week for Canada on the economic side, Jean-Francois Perrault, chief economist at Bank of Nova Scotia, said by phone. Poloz raised rates at the central bank's July meeting, the fourth move in a year, and said further increases could be needed with the economy operating near capacity. Scotiabank became the first major Canadian commercial lender to predict a September rate increase this week, with the other four big banks still calling for Governor Stephen Poloz to hold fire until October. (news.financializer.com). As reported in the news.

turkey: The currency's weakness has been exacerbated by the increasing tendency of Turkey's president, Recep Tayyip Erdo an, to interfere in the conduct of monetary policy by opposing the use of higher interest rates to cool an overheating economy, according to The Guardian. This week's turbulence was triggered by news that the Trump administration was considering removing Turkey's eligibility for preferential trade treatment in protest at their imprisonment of the US pastor Andrew Brunson. Analysts said Turkey's central bank would have no choice but to increase borrowing costs aggressively in the coming days to stem the fall in the lira, which is down by almost a third against the US dollar in the past 12 months and hit a record low this week. The threatened loss of duty-free access to the world's biggest market for Turkish exports would further weaken the lira by removing a crucial source of dollar inflow. American officials say the charges against Brunson are false and as 10-year borrowing costs hit a record level of more than 20% on Tuesday, Ankara announced that it was sending a mission to Washington to seek a diplomatic solution to the row between the two Nato countries. Washington has already announced asset freezes and travel bans on two Turkish ministers in an attempt to secure the release of Brunson, who is facing accusations of espionage for Kurdish insurgents and the movement of Fethullah G len, a US-based preacher believed to have orchestrated a coup attempt in 2016. (news.financializer.com). As reported in the news.

york: Monday, according to Xinhua China. It moved between 111.24 yen and 111.39 yen during the day. At 5 00 p.m., the dollar was quoted at 111.35-36 yen compared with 111.35-45 yen in New York and 111.26-27 yen in Tokyo at 5 p.m. The euro fetched 1.1577-1578 dollars and 128.91-95 yen against 1.1548-1558 dollars and 128.64-74 yen in New York and 1.1564-1565 dollars and 128.66-70 yen in Tokyo late Monday afternoon. (news.financializer.com). As reported in the news.

american products: Trump's tax cuts and spending hikes have indeed provided extra short-term stimulus, according to The Guardian. So, too, apparently, have foreign buyers of American products such as soybeans, who are rushing to stock up before the tariff war fully heats up. But when it comes to economic performance, the country's presidents have considerably more influence over long-term trends than over short-term fluctuations. Still, it is not easy to speed up a 20tn economy, even by running a budget deficit of nearly 1tn, as Trump's administration is doing. Is this the end of the road for the euro Hans-Werner Sinn Read more In a cantankerous political environment, it is not easy to think about the long term. In fact, short-term fluctuations in business inventories have arguably stymied growth as much as other factors have temporarily propped it up. (news.financializer.com). As reported in the news.

bali holiday: Ross Marais turned his cupboard clean-out into a Bali holiday after selling unwanted items online for 1,500, according to Nine News Australia. I sold an old iPhone, got rid of an old fridge and a couch, said the financial advisor. To improve your experience update it here News National Average Aussie households are holding onto 4000 worth of sell-able items By Mark Santomartino Reporter8 29pm Aug 6, Aussies are being urged to tap into a potential 34b second-hand economy. Ross Marais sold his unwanted items online, earning back 1,500. It's a success online trading website Gumtree, says can be replicated by anyone. Picture 9NEWS 9news Then I looked at flipping a few bikes... so just bought some and sold some and made a bit of a profit. (news.financializer.com). As reported in the news.

cnn opinion: The opinions expressed in this commentary are solely those of the authors, according to CNN. View more opinion articles on CNN. CNN Opinion asked a group of contributors to weigh in on the implications for both free and commercial speech and what it means in the political moment. (news.financializer.com). As reported in the news.

figure: She is suddenly, rightly, a major figure in British female sport after her victory in the women's Open on Sunday, according to The Guardian. Hall's dedication to her game came, by her admission, at the expense of parts of her childhood; there were no holidays between the ages of six and 21. The 22-year-old from Bournemouth began Monday with a string of national breakfast-show appearances and 490,000 almost 380,000 due to clear in the bank. I didn't really spend time with friends, I was just practising, she said. There were, though, economic realities. Life was golf, golf was life. (news.financializer.com). As reported in the news.

gp services: The Royal College of General Practitioners RCGP is warning that waiting times for consultations will lengthen and the care patients receive will suffer unless NHS England agrees the cash boost, according to The Guardian. Under current plans, GP services are due to receive 12bn of the NHS budget by 2020-21. Leaders of the profession want NHS bosses to plough some of the extra 20bn health funding pledged by Theresa May into improving the services offered by England's 7,150 GP practices. But the RCGP believes that should be revised to 14.5bn. In his first speech last month as the health and social care secretary, Matt Hancock identified improving the NHS workforce and redoubling efforts to prevent illness as key priorities. England's most senior GP quits over anonymous online posts Read more The money is needed to help with the growing demand to see a GP, a rise in long-term illnesses such as diabetes, and a growing shortage of family doctors, the college said. (news.financializer.com). As reported in the news.

madoff: The dispute highlights how almost a decade after Bernard Madoff admitted using money from new investors to repay older ones, basic elements of one of the biggest scandals in history are still hotly contested by some victims, according to The Toronto Star. TIMOTHY A. CLARY / AFP/GETTY IMAGES file photo The customers say they can prove that Madoff used cash from his investment advisory customers to buy billions of dollars in Treasuries and held Fortune 100 stocks that appeared on their statements. Bizarre though it sounds, there's a reason why they're advancing the claim If it wasn't a Ponzi scheme, they needn't surrender more than 100 million U.S. in what the trustee of Madoff's firm calls false trading profits. That, they argue, would defeat the trustee's claim that it was all a Ponzi scheme in which no real trading took place a theory the trustee calls pure fiction. I believe I can prove that securities were purchased for some of my customers. Read more Big payout to Madoff firm hired to pay back victims; zero so far paid to victims Article Continued Below Florida congressman targets delay in Bernie Madoff victim payouts First Bernard Madoff case reaches EU court long after Hollywood portrayals The standard for a Ponzi scheme is that there is no legitimate business, but Madoff was the single largest market maker in the world, said lawyer Helen Davis Chaitman, who represents about 70 customers. (news.financializer.com). As reported in the news.

offices: An Iranian street money exchanger holds a U.S. banknote in downtown Tehran, Iran, according to The Toronto Star. The ban on the exchange offices, introduced in March, had left the offices idle overnight gone were the familiar, daily long lines of Iranians waiting to buy or sell dollars. The bank also gave the green light for Iranian legal institutions and businesses to bring gold and foreign currency into Iran, according to the governor, Abdolnasser Hemmati. The measure also backfired, and the black market flourished. Those sanctions target Iran's automotive sector as well as gold and other key metals. Vahid Salemi / The Associated Press A first set of U.S. sanctions that had been eased by the Obama administration under the terms of the landmark 2015 Iran nuclear deal will take effect again on Monday, following U.S. President Donald Trump's decision in May to withdraw from the accord. (news.financializer.com). As reported in the news.

rouhani: If the US government is willing, let's start right now, Rouhani said during an interview that aired on state television late Monday local time, just hours before the US renewed sanctions on Iran, according to CNN. If there is sincerity, Iran has always welcomed dialogue and negotiations, Rouhani said. I don't have preconditions. Trump's national security adviser John Bolton, when asked about the offer by CNN's Jake Tapper, dismissed it as possible propaganda. If the Iranians are really willing to come and talk about all of their malign behavior in the region and around the world, I think they'd find the President willing to do it, Bolton said. Let's see what really comes of it or whether it's just more propaganda, Bolton said, adding that Trump has been consistent that he would be willing to negotiate with regimes such as North Korea and Iran. (news.financializer.com). As reported in the news.

sector: The sanctions target financial transactions that involve US dollars, Iran's automotive sector, the purchase of commercial planes and metals including gold, according to Nine News Australia. More US sanctions targeting Iran's oil sector and central bank are to be reimposed in early November. To improve your experience update it here News World Trump New Iran sanctions are for peace9 08pm Aug 7, 2018Facebook Tweet Mail The first set of US sanctions against Iran that had been eased under the landmark nuclear accord have gone back into effect under an executive order signed by President Donald Trump. In an early-morning tweet, Trump said the re-imposition of sanctions mean, Anyone doing business with Iran will NOT be doing business with the United States. But European Union foreign policy chief Federica Mogherini, during a visit to Wellington, New Zealand, said that the EU is encouraging enterprises to increase their business with Iran, as the country has been compliant with their nuclear-related commitments Related Articles Experts Iran could answer US sanctions with cyberattacks Choose US or Iran, Trump tells international businesses Trump says he would 'certainly meet' with Iran's Rouhani We are doing our best to keep Iran in the deal, to keep Iran benefiting from the economic benefits that the agreement brings to the people of Iran because we believe this is in the security interests of not only our region, but also of the world, she said. I am asking for WORLD PEACE, nothing less! Trump pulled the US out of the international accord limiting Iran's nuclear activities three months ago, declaring that the landmark 2015 agreement was horrible and left the Iranian government flush with cash to fuel conflict in the Middle East. (news.financializer.com). As reported in the news.

sector: Disappointing corporate earnings in the European banking sector added to the cautious start to the week's trading, according to Nine News Australia. Chinese state media launched an unusually personal attack against US President Donald Trump's trade policies on Monday, saying Trump's trade extortion would not work. To improve your experience update it here News World Shares struggle on trade fears7 25pm Aug 6, shares have struggled as fears of the escalating US-China trade conflict outweighed the boost to sentiment from Chinese authorities' intervention last week to shore up its currency. It also sought to reassure investors about Chinese economic strength as the months-long dispute rattles financial markets and raises deepening worries about the impact on the real economy. European shares were also mixed. After an initial rise, Asian shares earlier succumbed to selling pressure, with Chinese shares sliding into negative territory. (news.financializer.com). As reported in the news.

taxpayer-funded delegation: The next day they watched a boy's basketball tournament in Matera's piazza where a team from Toronto placed second, according to The Toronto Star. Surrounding them was the same craggy skyline that set the scene for Hollywood blockbusters. One night the taxpayer-funded delegation listened to musicians play in an old quarry cave. Councillor Vincent Crisanti front left signs the memorandum of understanding alongside Matera officials during the trip last year. Francesco Sorbara / Twitter Other days they toured beyond the hillside city, discovering the lush Basilicata region with vineyards and vegetables, and to factories where machines spun out pasta. MPs Judy Sgro and Francesco Sorbara stand in the centre back row. (news.financializer.com). As reported in the news.

attack: Venezuela's socialist government alleges the detained suspects conspired with others in Miami and the capital of neighbouring Colombia, though they offered no specific evidence, in Saturday's attack, according to Nine News Australia. Opposition leaders have criticised Maduro for singling out his political opponents, and they warned that he might use the attack to further suppress his critics. To improve your experience update it here News World Six detained over Maduro drone attack6 42am Aug 6, hunting for assailants behind a failed attempt to assassinate Venezuela's President Nicolas Maduro with explosives-laden drones have raided hotels and seized vehicles while grilling six suspects for details of the plot. The attack came as Venezuela reels from an economic and humanitarian crisis and Maduro has grown increasingly isolated. Maduro and his allies say the attack proves an international plot to overthrow his socialist administration exists while also saying the military's response shows the president has the loyalty of Venezuela's soldiers. Foreign nations, including the US, are slapping economic sanctions on a growing list of high-ranking Venezuelan officials and decrying his government as an autocratic regime. (news.financializer.com). As reported in the news.

copper box: The equestrian statue of Beauregard was taken down by a crane more than a year ago after a contentious public battle, according to CNN. The time capsule was found on July 25, after the base of the statue was removed. Curators at the Louisiana State Museum on Friday unveiled the contents of a copper box found underneath the base of the statue of Confederate General P.G.T. Beauregard. Work to dismantle a statue of Confederate General P.G.T. Beauregard was completed in May. context Image Object name Work to dismantle a statue of Confederate General P.G.T. Beauregard was completed in May. description Work to dismantle a statue of Confederate General P.G.T. Beauregard was completed in May. url The time capsule contained Confederate memorabilia including photos of Confederate General Robert E. Lee and Confederate President Jefferson Davis, along with flags, currency, medals, ribbons and other paper items related the city. Museum curators said they had to dehumidify some of the items to separate them for display. Many of the contents were damaged by weather and time, but some were in surprisingly good condition. (news.financializer.com). As reported in the news.

google: It, like Amazon and Google hard on its heels, offers products and services that have transformed our lives, according to The Guardian. These companies' financial and market powers are staggering. Last week, Apple became the world's first trillion-dollar corporation. They are the new technopolists. Even one of Shakespeare's giddiest fools could see what a Jacob Rees-Mogg cannot that such power requires countervailing force of equal scale that cannot be supplied by a nation state alone. But how are the great things they do to be curated and enhanced and how are the menaces to be contained What unites far left and far right is that neither ideology begins to provide answers. (news.financializer.com). As reported in the news.

case: That would be the case even without Brexit, according to The Guardian. The UK economy has recovered more slowly and more unevenly than Carney envisaged when he took over at the Bank from Mervyn King in 2013. Had things gone as originally planned, Carney would have handed over the keys to Threadneedle Street a month ago and someone else would have had the task of steering the economy through what is certain to be a fiendishly tricky period. It was only last week that the Bank's monetary policy committee felt confident enough to raise interest rates above the 0.5% emergency level that they reached in March 2009. Certainly, his remarks when questioned on the BBC Today programme on Friday were blunt. But Brexit is taking up half the governor's time and it is clear that he is starting to get concerned. (news.financializer.com). As reported in the news.

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.