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

adidas: A supporter wears Adidas merchandise at the 2018 World Cup match between South Korea and Germany. john macdougall / Agence France-Presse Adidas World Cup shirt sales topped the 8 million sold in connection with the tournament in Brazil four years ago, chief executive officer Kasper Rorsted said in an interview with CNBC. That's even though two teams wearing Nike uniforms winner France and runner-up Croatia faced off in the final at this year's event, according to The Toronto Star. Read more Adidas expects record World Cup jersey sales Article Continued Below Adidas betting big on fast fashion Why you can't buy that Harry Kane World Cup jersey The Herzogenaurach, Germany-based company withstood a shift in off-the-field fashion away from minimalist classic shoes like the Stan Smith sneaker and toward so-called dad shoes chunkier versions of designs from the 1980s and 1990s. The German sportswear giant's shares rose as much as 10 per cent on Thursday, the most since March, after it posted second-quarter revenue and profit that beat analyst expectations. German competitor Puma SE last month said the change hurt its sales in the first half of the year. Adidas said revenue adjusted for currency swings rose 10 per cent to 5.26 billion euros 7.94 billion in the second quarter, driven by a 12 per cent gain at its namesake shoe brand. The consumer is becoming more fickle, Rorsted said on CNBC. That's an opportunity but also a threat. (news.financializer.com). As reported in the news.

dow jones: The Toronto Stock Exchange's S&P/TSX composite index was up 89.82 points at 16,404.90 after 90 minutes of trading on Thursday, according to The Toronto Star. Frank Gunn / THE CANADIAN PRESS file photo In New York, the Dow Jones industrial average closed down 74.52 points at 25,509.23. The Toronto Stock Exchange's S&P/TSX composite index closed up 101.90 points at 16,416.98 as information technology, financials, and materials gained. The S&P 500 index ended down 4.12 points 2,853.58 and the Nasdaq composite index ended up 3.46 points at 7,891.78. The September crude contract closed down 13 cents at 66.81 U.S. per barrel and the September natural gas contract ended up a penny at 2.96 per mmBTU. Article Continued Below The December gold contract ended down 1.10 at 1,219.90 an ounce and the September copper contract closed up two cents at 2.77 a pound. react-empty 138 Read more about Tsx TOP STORIES, DELIVERED TO YOUR INBOX.NEW NEWSLETTERHEADLINESSIGN UP The Canadian dollar averaged 76.69 cents US, up 0.07 of a US cent. (news.financializer.com). As reported in the news.

beast reporter: Chris Jansing discusses what the consequences of the book and recordings might be with the Daily Beast reporter who broke the story Lachlan Markay, Associate Editor and Columnist at Real Clear Politics A.B. Stoddard and Politico Chief Economic Correspondent Ben Aug 09 2018 14 24 10 GMT 0000 , according to MSNBC. Chris Jansing discusses what the consequences of the book and recordings might be with the Daily Beast reporter who broke the story Lachlan Markay, Associate Editor and Columnist at Real Clear Politics A.B. Stoddard and Politico Chief Economic Correspondent Ben set to release a book and might have secret Trump Aug 09 2018 14 24 10 GMT 0000 Aug 09 2018 14 24 10 GMT 0000 Aug 09 2018 15 05 46 GMT 0000 set to release a book and might have secret Trump star turned White House aide Omarosa is set to release an explosive new book and in the pre-publication push, reports surface that she was secretly recording the president inside the White House. (news.financializer.com). As reported in the news.

christopher collins: Christopher Collins, a prominent Republican supporter of US President Donald Trump, has been charged by American authorities with fraud and lying to the FBI about illegal trading in Innate Immunotherapeutics shares in June 2017, according to Nine News Australia. In a statement to the Australian stock market on Thursday, Innate said it co-operated fully with requests for information by the US Securities and Exchange Commission regarding Mr Collins, a former Innate director and one of its biggest shareholders. To improve your experience update it here News National Aust firm helping US insider trading probe2 56pm Aug 9, 2018Facebook Tweet Mail An Australian biotech firm at the centre of an insider trading scandal involving a US congressman insists it has done nothing wrong and co-operated fully with American investigators. The company and its directors/officers excepting Mr Collins are not under investigation, the Melbourne-based biotech said. The 68-year-old New York congressman is accused of tipping off his son Cameron in June last year about highly sensitive confidential information about the failure of a clinical trial involving a drug Innate was developing to treat multiple sclerosis. The company considers the ongoing investigation to be a private matter to Mr Collins. (news.financializer.com). As reported in the news.

cent: A rally in Chinese stocks had helped offset the latest escalation in the Sino-US trade war in Asia overnight, but too much was going on nearby for Europe to stay upright, according to Nine News Australia. London's FTSE Frankfurt's DAX and Paris' CAC40 were down 0.6 per cent, 0.1 per cent and 0.4 per cent respectively, while German government bonds rose in broad grab for safety. To improve your experience update it here News World Europe stocks dip, US sanctions hit rouble8 27pm Aug 9, stock markets have struggled with trade war worries, Russia's rouble tumbled after the United States imposed fresh sanctions on the country and Turkey's lira dropped to a new low. But the main fireworks were in the currency markets. The rouble slid to its lowest since late 2016, 66 roubles to the dollar. The Russian rouble sank after Washington said it would impose fresh sanctions because it had determined that Moscow had used a nerve agent against a former Russian agent and his daughter in Britain . There were also reports of a new US Senate bill that would impose widespread sanctions on Russia for meddling in US elections. (news.financializer.com). As reported in the news.

group: Woolworths has announced all profits from sales in its fresh produce departments this Saturday, August 11, will be donated to Rural Aid's Buy-A-Bale appeal, according to Nine News Australia. This follows the supermarket's 1.5 million donation and in-store fundraising for the same group, which delivers hay, essential items and counselling services to farmers in need. To improve your experience update it here News National Coles, Woolies put hands up to help farmers3 33pm Aug 9, supermarket giants have put up their hands to help farmers, pledging to donate big dollars. Woolworths has promised all profits from its fresh produce sales on Saturday will be donated to Rural Aid. Coles has also come to the table, pledging to match dollar-for-dollar every donation by customers to farming communities during August. AAP It's been amazing to see our customers and store teams rally behind Aussie farmers impacted by this drought, Woolworths Supermarkets Managing Director Claire Peters said. (news.financializer.com). As reported in the news.

transfer window: Mateo Kovacic was part of Croatia's run to the World Cup final, where it lost to France, according to The Toronto Star. YURI CORTEZ / AFP/GETTY IMAGES The 24-year-old Kovacic was part of Croatia's run to the World Cup final, where it lost to France. The move was completed on the final day of the Premier League's transfer window. Kovacic has been at Madrid since 2015, joining from Inter Milan. The Belgian was replaced by Kepa Arrizabalaga after Chelsea met the goalkeeper's 80 million euro 120 million buyout clause from Athletic Bilbao on Wednesday. Chelsea has also sold a player goalkeeper Thibaut Courtois to Real Madrid. (news.financializer.com). As reported in the news.

san: According to the Journal, the SEC's inquiries originate from the agency's San Francisco office, according to The Guardian. The SEC declined to comment. Elon Musk grumbles at short-sellers, but is private ownership right for Tesla Nils Pratley Read more Shares in the money-losing carmaker fell sharply in New York after the Wall Street Journal reported that the Securities and Exchange Commission is making inquiries and quoted former SEC lawyers as saying that investigators were looking for documentation to back up Musk's claims. If Musk's claim turns out to be false, he risks civil and possible criminal penalties. The specific regulation lawyers believe Musk could have broken in his funding secured tweet is 14e-8 of the Securities Exchange Act of 1934, which prohibits publicly traded companies from announcing plans to buy or sell securities if executives don't intend to complete, don't have the means to complete, or are trying to manipulate the stock price. Shares dipped again after Bloomberg reported regulators had been looking into Tesla prior to Musk's tweets and were now intensifying their scrutiny of Tesla Inc.'s public statements, including statements on manufacturing goals and sales targets. (news.financializer.com). As reported in the news.

a.b: Weighing in LA Times White House Correspondent Eli Stokols, former Special Assistant to President Obama Ned Price, Associate Editor and Columnist at Real Clear Politics A.B. Stoddard, and Politico Chief Economic Correspondent Ben much longer could Trump avoid a Mueller interview date Created Thu Aug 09 2018 14 05 18 GMT 0000 Aug 09 2018 14 05 18 GMT 0000 Aug 09 2018 15 02 32 GMT 0000 much longer could Trump avoid a Mueller interview President Trump's lawyer, Rudy Giuliani said a meeting with Robert Mueller might trap the president into perjury, it is unclear what Mueller's next steps will be, according to MSNBC. Chris Jansing discusses the president's strategy to avoid this meeting. Chris Jansing discusses the president's strategy to avoid this meeting. Weighing in LA Times White House Correspondent Eli Stokols, former Special Assistant to President Obama Ned Price, Associate Editor and Columnist at Real Clear Politics A.B. Stoddard, and Politico Chief Economic Correspondent Ben Aug 09 2018 14 05 18 GMT 0000 (news.financializer.com). As reported in the news.

rescue deal: Potential bidders including Mike Ashley, the owner of Sports Direct, Philip Day, the owner of Edinburgh Woollen Mill, and restructuring expert Alteri, have all been asked to put forward their best offers this week as the group's lenders consider their options, according to The Guardian. Several well-placed sources said any rescue deal would need to be agreed by the middle of next week when House of Fraser will have to pay suppliers more than 15m and prepare to pay its monthly rent bill at the end of the month. On Thursday the ailing department store told its investors that it needed to secure fresh investment by 20 August. It is understood that the company has sufficient funds to meet immediate bills. Credit insurers, which suppliers use to protect themselves from the risk of not being paid, have already withdrawn cover from the retailer. However, some suppliers are already understood to have decided to cease deliveries, fearing they will not be paid. (news.financializer.com). As reported in the news.

weeks training: Muir's only worries have been a troublesome achilles and a severe bout of hay fever that caused her to run well below par at the Anniversary Games last month, after which she decided not to attempt an audacious 800m-1500m double, according to The Guardian. But having spent the best part of three weeks training at altitude in St Moritz the 25-year-old believes she is back to her best. Laura Muir I would have a lot easier life if I didn't say stuff'Read more No British woman has won a European 1500m gold medal, although Kelly Holmes snatched a silver in 1994 and Laura Weightman a bronze in 2014, but Muir enters the heats on Friday as an overwhelming favourite for the final on Sunday. I've no fears at all with my achilles now, she said. I've not missed any training so it's really good. It was a little bit irritated this summer but having massages at the camp helped. (news.financializer.com). As reported in the news.

accord: The same goes for their theocratic government, which for now is abiding by the atomic accord, according to Nine News Australia. President Hassan Rouhani, a relative moderate whose administration struck the 2015 deal, has taken an increasingly confrontational line in recent weeks, applauded by hard-liners who had long opposed him. To improve your experience update it here News World Choose US or Iran, Trump tells international businesses12 40pm Aug 8, 2018Facebook Tweet Mail As Iranians awoke to renewed US sanctions that had been lifted by Tehran's nuclear deal with world powers, the question on everyone's mind remained What happens now From deciphering President Donald Trump's tweets on Iran including one demanding WORLD PEACE to trying to figure out how much their cratering currency is worth, Iranians appear divided on how to respond. Then in a speech on live television on Monday night, Rouhani seemed to suggest that direct talks with Trump could be possible. Whether Iran should choose a North Korea-style photo-op with the American president who backed out of the nuclear deal or abandon the unraveling accord and increase its uranium enrichment remains a fiercely debated question in Iran. That's something North Korean Foreign Minister Ri Yong-hu, who visited Tehran on Tuesday and met with its leadership, knows firsthand. (news.financializer.com). As reported in the news.

court: The charges that have been levied against me are meritless, Collins said Wednesday, according to CNN. And I will mount a vigorous defense in court to clear my name. Chris Collins vowed to fight the criminal charges against him in court and win re-election, hours after federal prosecutors arrested him on accusations that he took part in insider trading. I look forward to being fully vindicated and exonerated. He could face up to 150 years in prison if convicted on all counts, according to Nick Biase, a spokesman for the US Attorney's Office of the Southern District of New York. Federal prosecutors on Wednesday charged Collins, his son and another man with 13 counts of securities fraud, wire fraud and false statements stemming from an alleged insider trading scheme centered on an Australian pharmaceutical company. (news.financializer.com). As reported in the news.

dow jones: The Toronto Stock Exchange's S&P/TSX composite index was up 12.33 points to 16,298.63 after 90 minutes of trading on Wednesday, according to The Toronto Star. Rene Johnston / Toronto Star file photo In New York, the Dow Jones industrial average ended down 45.16 points at 25,583.75. The Toronto Stock Exchange's S&P/TSX composite index closed up 28.78 points at 16,315.08 as sectors other than energy, consumer discretionary, and utilities climbed. The S&P 500 index closed down 0.75 points at 2,857.70 and the Nasdaq composite index was up 4.66 points at 7,888.33. The September crude contract closed down 2.23 at 66.94 U.S. per barrel and the September natural gas contract was up five cents at 2.95 U.S. per mmBTU. Article Continued Below The December gold contract ended up 2.70 at 1,221 U.S. an ounce and the September copper contract was unchanged at 2.75 U.S. a pound. react-empty 142 Read more about Tsx TOP STORIES, DELIVERED TO YOUR INBOX.NEW NEWSLETTERHEADLINESSIGN UP The Canadian dollar averaged 76.62 cents U.S. down 0.17 of a cent. (news.financializer.com). As reported in the news.

drivers parade: Lance Stroll of Canada smiles during the drivers parade before the Canadian Grand Prix in June in Montreal, according to The Toronto Star. A consortium led by Canadian businessman Lawrence Stroll has reached a deal to bring the F1 Force India team out of administration. Force India says the agreement ensures all 405 jobs at the team will be saved. Tom Boland / THE CANADIAN PRESS The team was placed in administration in late July following action brought by driver Sergio Perez, who said he did so to save the team. As a result of the agreement, Force India will be ready to race when the F1 season resumes with the Belgian Grand Prix at the end of the month. Otmar Szafnauer, Force India's chief operating officer, worked with the administrators FRP Advisory LLP to find a buyer, with the Stroll-led consortium emerging as the bidder of choice. (news.financializer.com). As reported in the news.

musk: The board, it said, had met several times over the last week and was actively working to evaluate the proposal, according to The Toronto Star. Tesla CEO Elon Musk tweeted Tuesday that he has financing to take the electric-car maker private for 420 U.S. a share. robyn beck / Agence France-Presse But the board offered no further details of the proposal or its funding, sparking new questions about the feasibility of the master gambit Musk revealed in a surprise series of midday tweets on Tuesday. Tesla's board, a nine-member group that includes Musk's younger brother Kimbal, issued a belated statement Wednesday morning saying Musk had opened a discussion last week with the board about the benefits of taking Tesla private. This is out there, even for Tesla, analysts with Barclays wrote Wednesday. Why announce it to the world in this way ... which could significantly contribute to the required premium and leverage Jonas said. Read more Elon Musk says he may take Tesla private and shares soar Article Continued Below For Tesla's Elon Musk, Twitter is sword against short sellers Tesla's 2Q on way to record net loss after burning through 739 million In a note to clients, Morgan Stanley analyst Adam Jonas said Musk's strategy to reveal the offer on Twitter might end up costing him in higher costs and financial risk. (news.financializer.com). As reported in the news.

impact: Analysts said sterling's slide which makes imported goods and foreign travel more expensive but UK exports cheaper would push up inflation and lead to a renewed squeeze on living standards at a time when support for the government's handling of Brexit has fallen sharply, according to The Guardian. Holidaymakers have already seen an impact from the weaker pound. Sterling was down heavily against all major currencies as investors sought to insure themselves against the growing possibility that talks between London and Brussels break down over the coming months. The walk-up rate at Forexchange bureaux de change in Cardiff airport on Wednesday had dropped to just 0.90 to 1 200 bought just 177. Although the government has insisted that it still expects negotiations with the EU over the next few months to prove successful, currency traders have been prepared for a deal not to emerge and are now hedging against the possibility of the hardest possible Brexit. Speculation against the pound has intensified in the past week as markets have digested warnings from Mark Carney, the governor of the Bank of England, and Liam Fox, the international trade secretary, about the possibility of a chaotic exit from the EU for Britain next March. (news.financializer.com). As reported in the news.

co: Musk achieved fame, and garnered a fanatical online fanbase, through his founding of Tesla a motoring company that hit on the insight of starting electric cars at the high, not low, end of the market, creating vehicles with years-long waiting lists that thousands wanted, despite their prohibitive price tags, according to The Guardian. Profile Elon Musk Show Hide The South African-born computer programmer and businessman is worth about 21bn 15bn today. This would be frustrating if he were a teething toddler and understandable if he were an unemployed 4chan dweller, but is incomprehensible given he is the founder and CEO of two companies together valued at around 100bn 77.7bn one of which is going through a year that will make or break it. He was catapulted into the ranks of the super-rich with the sale of Pay Pal to eBay, which netted him 165mIn 2002, he used 100m to found SpaceX, which aims to cut the cost of space travel through technology such as reusable rockets. Musk became a major investor in electric car company Tesla in 2004 and took over the reins in 2008. One of Musk's ultimate goals is to pioneer efforts to colonise Mars. (news.financializer.com). As reported in the news.

senator request: At Senator Paul's request, President Trump provided a letter of introduction, according to CNN. In the letter, the President mentioned topics of interest that Senator Paul wanted to discuss with President Putin, White House spokesman Hogan Gidley said in a statement. Rand Paul to the Russian leader. While in Russia, Paul announced Wednesday that he was honored to deliver a letter from President Trump to President Vladimir Putin's administration. The letter emphasized the importance of further engagement in various areas including countering terrorism, enhancing legislative dialogue and resuming cultural exchanges. The letter emphasized the importance of further engagement in various areas including countering terrorism, enhancing legislative dialogue and resuming cultural exchanges, Paul said on Twitter. var id function make Embed Script d, id var js,fjs;js id;js.charset '' ;fjs fjs ;js.src id ;I was honored to deliver a letter from President Trump to President Vladimir Putin's administration. (news.financializer.com). As reported in the news.

sydney audience: Philip Lowe's comments to a Sydney audience come at a heated time in the population debate, with the federal government cutting Australia's permanent migration intake by 10% over the last 12 months, to just 162,417, the lowest level in a decade, according to The Guardian. The reduction, confirmed by the home affairs minister, Peter Dutton, was the result of a departmental crackdown after Dutton and the former prime minister Tony Abbott unsuccessfully advocated for a lower migration cap for Australia. It means Australia has one of the youngest populations among advanced economies, with a higher fertility rate and better prospects for growth. Facebook Twitter Pinterest Australia's population growth remains high in comparison with other advanced economies. He reminded the audience that, in 2002, Australia's population was expected to age quickly, with the median age projected to increase significantly to over 45 by 2040, but after a decade of increased immigration of younger people, the latest estimate was the median age in 2040 would be around 40 years. Photograph UN Lowe said on Wednesday the movement to Australia of large numbers of young people over the past decade had changed Australia's demographic profile in a positive way. (news.financializer.com). As reported in the news.

talks: The program pursues a comprehensive, integrated, community-based national program that is locally-implemented to address the legal status and security of former rebels as well as their economic, social, psychological rehabilitation need, according to Xinhua China. Duterte has decided to pursue localized peace talks with the New People's Army NPA rebels after formal talks with the National Democratic Front NDF crumbled in June. The government has created a coordinating body, Task Force Balik-Loob, tasked to implement its fresh efforts to reintegrate former rebels into the society. The NDF is representing the Communist Party of the Philippines CPP and its armed wing, the NPAs. The amount will depend on the condition of the firearms, the body said in its posters. The Task Force Balik-Loob has published the benefits that surrendering rebels can avail of under the so-called Enhanced Comprehensive Local Integration Program E-CLIP . The benefits include a monetary reward amounting to 191,000 pesos roughly 3,603 U.S. dollars broken down into reintegration assistance amounting to 21,000 pesos roughly 396.19 U.S. dollars employment assistance amounting to 100,000 pesos roughly 1,887 U.S. dollars immediate assistance worth 15,000 pesos roughly 283 U.S. dollars livelihood assistance 50,000 pesos roughly 943 U.S. dollars and conditional transitional grant of 5,000 pesos roughly 94 U.S. dollars . Aside from the monetary incentives, returning rebels will also be paid for every firearms, explosives and ammunitions that they return to the government. (news.financializer.com). As reported in the news.

thursday: Bank Governor Adrian Orr on Thursday announced the rate would stay unchanged at its record-low 1.75 per cent, where it has been since late 2016, according to Nine News Australia. However, in a surprise that comes amid warnings from Treasury this week that growth predicted earlier in the year may ease, the central bank pushed out its expectation for an official cash rate OCR move by a full year, from September 2019 to September 2020. To improve your experience update it here News WorldNZ Reserve Bank may hold rate until 20202 07pm Aug 9, 2018Facebook Tweet Mail The Reserve Bank of New Zealand says it might not move the official cash rate for more than two years as it adds to voices pointing to a speed-bump in economic growth. The recent slower economic growth gives us more confidence that there is no immediate capacity pressure leading to the rising inflation, Mr Orr said. But its broader economic forecasts on Thursday were carefully watched after Treasury suggested earlier this week that forecasts in May's government budget could soften by year-end, largely on the back of a cooling housing market and global tensions. The bank has stayed neutral about whether the next move will be up or down. (news.financializer.com). As reported in the news.

victorian entrant: The jackpot, which was the biggest Oz Lotto prize in five years, was split last night between a Lithgow man aged in his 50s and a Victorian entrant who is yet to claim the money, according to Nine News Australia. The NSW man, who did claim his 35 million share and didn't want his identity revealed, said he was blown away when he found out about his win. To improve your experience update it here News National Oz Lotto 70m jackpot Search begins for second winner1 10pm Aug 8, 2018Facebook Tweet MailA 70 million Oz Lotto jackpot split between two winners has been described as the biggest prize ever handed down in the New South Wales town of Lithgow. The search is on for the second dual winner of the 70-million-dollar Oz Lotto jackpot. Hallelujah! he said. Picture 9NEWS. 9NEWS Oh fair dinkum You're kidding ! That is the best news I've had in a long time. (news.financializer.com). As reported in the news.

blogpost: Shortly afterwards, Tesla published a blogpost written by Musk entitled Taking Tesla private' that had been sent to all employees, according to The Guardian. Elon Musk elonmusk Am considering taking Tesla private at 420. The ride started with Tesla's stock rising more than 7% after Musk tweeted he was considering taking Tesla private and had funding in place to do so at a price of 420 325 per share. Funding secured. At 420 a share, Tesla would have an enterprise value of about 82bn including debt, well above its stock market value, which reached 63.8bn on Tuesday. August 7, 2018 The tweet appeared to be triggered by a report in the Financial Times that Saudi Arabia has built up a stake in Tesla worth up to 2.9bn. (news.financializer.com). As reported in the news.

u.s: More episodes and clips02 40The Hidden Dangers of Home DNA Tests03 25How a Bribe-Taking U.S. Informant Changed the World Cup01 38Who Is Not Invited to Russia's World Cup03 31How North Koreans Make Money David Rubeinstein Show The David Rubenstein Show Peer-to-Peer Conversations explores successful leadership through the personal and professional choices of the most influential people in business, according to Bloomberg. More episodes and clips24 02The David Rubenstein Show Dennis Muilenburg24 01The David Rubenstein Show Richard Branson24 01The David Rubenstein Show Steve Ballmer24 04The David Rubenstein Show Renee Fleming See all shows Source Bloomberg react-empty 343 More From Bloomberg Markets01 34Central Banks Hike Rates in Spite of Macro Economics, Says Preusser2 hours ago02 56Di Maio Vows Italy Will Use Tough Tactics in EU Budget Battle2 hours ago05 23Deleveraging Still Remains a Top Priority, Says Merck KGaA's CFO3 hours ago09 11Won't Change Our Targets After 1H Results, Says Zurich CEO4 hours ago All episodes and clips Quick Takes Bloomberg Quick Take provides context and background on issues of interest. (news.financializer.com). As reported in the news.

fraud scheme: Rick Gates, described by witnesses as Manafort's right-hand man, calmly related his criminal conduct as prosecutors looked to provide jurors with damning testimony from a co-conspirator they say carried out an elaborate offshore tax-evasion and fraud scheme on behalf of his former boss, according to Nine News Australia. Gates, who is expected to continue testifying for several hours Tuesday, has been regarded as a crucial witness for the government ever since he pleaded guilty this year to two felony charges and agreed to cooperate in special counsel Robert Mueller's investigation into possible ties between Russia and the Trump campaign. To improve your experience update it here News WorldUS government star witness admits crimes with former Trump campaign chief1 58pm Aug 7, 2018Facebook Tweet Mail The US government's star witness in the financial fraud trial of Paul Manafort testified that he embezzled hundreds of thousands of dollars from the former Trump campaign chairman and told jurors that he and Manafort committed crimes together. This courtroom sketch depicts Rick Gates, right, answering questions by prosecutor Greg Andres as he testifies in the trial of Paul Manafort, seated second from left, at the Alexandria Federal Courthouse in Alexandria, Virginia. His testimony, given in short, clipped answers as Manafort rarely broke his gaze from the witness stand, follows that of vendors who detailed Manafort's luxurious spending and financial professionals who told jurors how the defendant hid millions of dollars in offshore accounts. AP/AAP The courtroom testimony brought Gates face-to-face with Manafort, his longtime boss and fellow Trump campaign aide, for the first time since his plea deal. (news.financializer.com). As reported in the news.