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

impact: They have got it, in spades, according to The Guardian. The so-called impact assessments for no deal are, quite simply, horrifying. Worried that the government was not making enough preparations for the possibility of no deal being reached in the negotiations with the other 27 members of the EU, the voluble Brexiters within and without the cabinet called for evidence. They were underlined recently by the Bank of England governor, Mark Carney, who rightly drew attention to the messages coming through loud and clear from business, trade unions, the City and, not least, food suppliers, road hauliers, ports and airports. Having pointed out that the possibility of no deal was uncomfortably high he reminded the Brexiters that the pound had indeed crashed after the referendum, by some 17%. British holidaymakers are lucky now if they can receive 1.10 to the pound at the better places. Now, of course, when they have got what they asked for namely, attention to the possibility of a cliff-edge Brexit the Brexiters don't like it and yell project fear . The governor was good on this too. (news.financializer.com). As reported in the news.

in-principle support: The Turnbull government's signature energy policy is now at the mercy of the coalition partyroom, after the states and territories offered their in-principle support, according to Nine News Australia. Several high-profile MPs, including Tony Abbott and Barnaby Joyce, have threatened to break ranks and scuttle the plan. To improve your experience update it here News National Energy minister confident of energy plan support7 23pm Aug 12, minister Josh Frydenberg is confident his coalition colleagues will endorse the National Energy Guarantee, despite some backbenchers threatening to vote against it. However, Mr Frydenberg believes there is strong support for the policy in coalition ranks. Minister for Resources Matt Canavan and Minister for Energy Josh Frydenberg at a press conference after COAG. AAP Mr Frydenberg chastised Labor states including Victoria for making crass, calculating last-minute demands to reshape the policy. My colleagues have been briefed by the miners, the manufacturers, the farmers and the industry groups who say this is the only game in town to reduce people's power bills, he told the ABC. They know how hard this is and they know Australia needs to break with the impasse that has dogged this policy in the past. (news.financializer.com). As reported in the news.

president bush: Follow her sam vinograd, according to CNN. The views expressed in this commentary are her own. She served on President Obama's National Security Council from 2009-2013 and at the Treasury Department under President Bush. View more opinion articles on CNN. (news.financializer.com). As reported in the news.

face: It initially looked as if someone had thrown paint into her face and on her hands, but it turned out that it was a nose bleed, according to The Guardian. Eventually Mazuronak, who was fifth in the Rio Olympics, was able to clean her face with a sponge at a water station and slowly shook off her rivals until only the French runner Clemence Calvin was left. Jakob Ingebrigtsen, 17, wins 5,000m gold less than a day after 1500m triumph Read more The 29-year-old from Belarus was looking comfortable in the lead group when her face was suddenly covered in blood just after 30 minutes into the race. As the two athletes ran towards the last few hundred metres at the finish, it looked as if Mazouronak had established a decisive advantage only to then turn the wrong way. The Czech athlete Eva Vrabcova Nyvltova took bronze. That allowed Calvin to catch up, but the Belarus athlete had enough left in the tank to power away and win in 2hr 26min 22sec six seconds clear of Calvin. (news.financializer.com). As reported in the news.

cup: While the economy has gathered pace in recent months, helped by the warmer weather, the royal wedding and the World Cup, there has been little evidence so far of the spoils being shared through pay increases, according to The Guardian. The growth rate might have doubled to 0.4% in the second quarter from the first three months of the year, but the TUC general secretary, Frances O'Grady, has warned that this is far from enough to support workers. The Bank of England reckons higher wages are just around the corner, helped by the lowest rate of unemployment since the mid-1970s, yet economists are doubtful there will be much positive news just yet. We should not accept weak growth as the new normal it's the result of bad management of the economy. The consensus among City analysts is for annual growth in average weekly earnings in the three months to June to hold steady at 2.7%, the same level as recorded in May, when the Office for National Statistics publishes the latest figures on Tuesday. There has been too little investment and a failure to focus on getting wages rising, she said. (news.financializer.com). As reported in the news.

country: Because this is the language they understand, according to The Guardian. A financial shockwave ripped through Turkey on Friday when its currency nosedived over concerns about the country's economic policies and a deepening row with the US. Turkey's economic crisis deepens as Trump doubles tariffs Read more Washington and Ankara have been at odds over a wide range of topics from diverging interests in Syria to Turkey's ambition to buy Russian defence systems, and the case of evangelical US pastor Andrew Brunson. If there are euros, take these out immediately give these to the banks and convert to Turkish lira and, by doing this, we fight this war of independence and the future. Brunson is currently on trial in Turkey for espionage and terror-related charges linked to a failed coup attempt in the country two years ago. He also said it was wrong of the US to try to bring Turkey into line with threats, a day after Trump doubled tariffs on steel and aluminium imports from Turkey. On Saturday, Erdo an said it was a pity the US was choosing Brunson over its strategic Nato ally. (news.financializer.com). As reported in the news.

death: Dewayne Johnson's victory Friday could set a massive precedent for thousands of other cases claiming Monsanto's famous herbicide causes non-Hodgkin's lymphoma, according to CNN. Johnson's case was the first to go to trial because doctors said he was near death. So they awarded him 289 million in damages -- mostly to punish the agricultural company Monsanto. And in California, dying plaintiffs can be granted expedited trials. Read More Since then, hundreds more plaintiffs -- including cancer patients, their spouses or their estates -- have also sued Monsanto, making similar claims. Dewayne Johnson reacts after hearing the verdict in a California superior court. context Image Object name Dewayne Johnson reacts after hearing the verdict in a California superior court. description Dewayne Johnson reacts after hearing the verdict in a California superior court. url CNN reported last year that more than 800 patients were suing Monsanto, claiming Roundup gave them cancer. (news.financializer.com). As reported in the news.

peng: Jenny Peng / Star Metro Vancouver Task Force Tourniquet led to seizures of firearms, stolen vehicles, ammunition, drugs, cash, and a pressure cooker explosive device, according to The Toronto Star. Jenny Peng / Star Metro Vancouver The project led to 201 charges for 34 people with more charges expected in the future as the investigation progresses. Vancouver Police Department announced Friday the seizure of at least 120 firearms, 50 kilograms of drugs and more than 1.6 million worth of cash and jewelry by Task Force Tourniquet involving several municipal police departments including Surrey, Richmond, and Langley RCMP. Investigations led by Task Force Tourniquet resulted in seizures of firearms, stolen vehicles, ammunition, drugs, cash, and a pressure cooker explosive device. All the individuals are in custody following an Aug.7 arrest, VPD said. Article Continued Below Read more Surrey gangs setting sights on elementary school recruits, Mounties say How Mexico's drug war washed up on Canada's West Coast No loyalty in drug alliance linked to opportunistic gang boss slaying police One of the most recognizable is the Red Scorpions Gang closely aligned with the Kang and Latimer group allegedly made up of members in the Kang family including Sameet Kang, Gary Kang, their parents and close associates. react-empty 157 The Kang/Latimer Group has been in conflict with multiple groups over the past 18 months and their allegiances remain fluid and ever-changing, VPD said in a statement. Since March 2017, the task force completed several projects targeting different crime groups. (news.financializer.com). As reported in the news.

president: The U.S. imports about 1 billion in steel and aluminum from Turkey, so the direct impact is not likely to be substantial, according to The Toronto Star. U.S. President Donald Trump, left, speaks with Turkey's President Recep Tayyip Erdogan ahead of the opening ceremony of the NATO summit its headquarters in Brussels in July. In a tweet, Trump said he had just authorized a doubling of tariffs against Turkey, upping those on aluminum to 20 per cent and steel to 50 per cent. Trump's order deepens a growing political and economic rift between the two allies. Without mentioning Trump by name, Turkey's president, Recep Tayyip Erdogan, denounced the U.S. in a speech Friday in the Black Sea town of Rize. Ludovic Marin / The Associated Press But the ripple effects were considerable as the Turkish currency, the lira, plummeted on the news, pushing the country closer to a full-blown economic crisis, and dragging the euro down sharply Friday. (news.financializer.com). As reported in the news.

river thames: But it was always going to be her ship more than his; buying the cruise company was Madame Pinault's idea, after all, according to The Toronto Star. The Viking Sea, an ocean-going cruise ship operated by Viking River Cruises, passes along the River Thames in London. French billionaire and Kering SA chairperson Fran ois Pinault wasn't there to watch his wife smash a bottle of Champagne against the ship's hull in the time-honoured nautical tradition. Company head Torstein Hagen's pitch to passengers involves doing away with the upcharges the industry is notorious for. Now the cruise line, which reports annual revenues of about 182 million U.S. is part of a luxury portfolio that also includes Gucci, Christie's auction house, and famed vineyard Ch teau Latour. Chris Ratcliffe / Bloomberg In 2015, Pinault's holding company, Groupe Artemis, acquired Ponant from Bridgepoint Capital for an undisclosed sum. (news.financializer.com). As reported in the news.

stock price: Tesla to be examined by SEC over Elon Musk's 'funding secured' tweet report Read more The lawsuits filed by Isaacs and William Chamberlain said Musk's and Tesla's conduct artificially inflated Tesla's stock price and violated federal securities laws, according to The Guardian. Short-sellers borrow shares they believe are overpriced, sell them, and then repurchase shares later at what they hope will be a lower price to make a profit. The lawsuits were filed three days after Musk stunned investors by announcing on Twitter that he might take Tesla private in a record 72bn transaction that valued the company at 420 per share, and that funding had been secured . In one of the lawsuits, the plaintiff Kalman Isaacs said Musk's tweets were false and misleading, and together with Tesla's failure to correct them amounted to a nuclear attack designed to completely decimate short-sellers. Such investors have long been an irritant for Musk, who has sometimes used Twitter to criticize them. The stock has since given back more than two-thirds of that gain, in part following reports that the US Securities and Exchange Commission had begun inquiring about Musk's activity. Musk's tweets on 7 August helped push Tesla's stock price more than 13% above the prior day's close. (news.financializer.com). As reported in the news.

virginity: I rocked up to the University of Manchester in 2010 tragically chaste and sexually frustrated, according to The Guardian. It was what you might call a pre- woke epoch; we were still drunk on lad culture. And losing my virginity was no different. My flatmate Liam quickly fashioned himself as the top lad; he would confess later that he'd made a secret bet that he could shag every girl in the group. I was in his room on the pretence of watching a film but the foregone conclusion have sex, then pretend it never happened was punctured irreparably. By the middle of my first year, my turn had come. (news.financializer.com). As reported in the news.

berat: One of our principles will be ensuring the full independence of monetary policy, Turkish treasury and finance minister Berat Albayrak said as he outlined his ministry's new economic model on Friday, according to The Toronto Star. YASIN AKGUL / AFP/GETTY IMAGES The currency's drop 41 per cent so far this year is a gauge of fear over a country coming to terms with years of high debt, international concern over President Recep Tayyip Erdogan's push to amass power, and a souring in relations with allies like the U.S. The diplomatic dispute with the U.S. was one of the triggers that turned market jitters into a full-blown route this week. The lira tumbled 14 per cent in one day, to 6.51 per dollar a massive move for a currency that will make Turks poorer and further erode international investors' confidence in the country. Turkey has arrested an American pastor and put him on trial for espionage and terror-related charges linked to a failed coup attempt in the country two years ago. The sides held talks in Washington this week but failed to resolve the spat, and Trump took advantage of Turkey's turmoil on Friday to turn the screws on the country. Article Continued Below The U.S. responded by slapping sanctions on Turkey and threatening more. (news.financializer.com). As reported in the news.

cbs news: Follow him on Twitter David Andelman, according to CNN. The views expressed in this commentary are his own. Author of A Shattered Peace Versailles 1919 and the Price We Pay Today, he was formerly a foreign correspondent for The New York Times and CBS News in Asia and Europe. View more opinion articles on CNN. (news.financializer.com). As reported in the news.

dollar machine: The first of its kind in the southern hemisphere, the multi-million dollar machine will provide clearer images for medical specialists working at Modbury Hospital, according to Nine News Australia. The multi-million dollar MRI will help many patients with close convenience. To improve your experience update it here News National First of its kind tech upgrade for Adelaide hospital8 57pm Aug 10, 2018Facebook Tweet MailA new state of the art MRI scanner is set to result in better outcomes for patients in Adelaide's north-east. Image 9News 9news It is very exciting for Modbury, it's part of a major upgrade to make sure it continues to deliver for the people of the northeast, Health Minister Stephen Wade said. The new equipment will mean patients can get assessed much closer to home. In the past, the hospital wasn't equipped with an MRI machine, forcing patients to travel to other hospitals across Adelaide to undergo scans. (news.financializer.com). As reported in the news.

economy: The warning, from Prime Minister Dmitry Medvedev, reflects Russian fears over the impact of new restrictions on its economy and assets, including the rouble which has lost nearly six per cent of its value this week on sanctions jitters, according to Nine News Australia. Economists expect the economy to grow by 1.8 per cent this year. To improve your experience update it here News WorldUS bank ban would be economic war Moscow10 08pm Aug 10, has warned the United States it will regard any US move to curb the activities of its banks as a declaration of economic war which it would retaliate against, stepping up a war of words with Washington over spiralling sanctions. But if new sanctions proposed by Congress and the State Department are implemented in full, something that remains uncertain, some economists fear growth would be almost cut to zero in future. Moscow's strategy of trying to improve battered US-Russia ties by attempting to build bridges with President Donald Trump is backfiring after US lawmakers launched a new sanctions drive last week because they fear Trump is too soft on Russia. In a sign of how seriously Russia is taking the threat, President Vladimir Putin discussed what the Kremlin called possible new unfriendly steps by Washington with his Security Council on Friday. (news.financializer.com). As reported in the news.

estate-linked issues: The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, lost 20 points, or 1.15 percent, to finish at 1,720.16, according to Xinhua China. Mining, marine transportation and real estate-linked issues comprised those that declined the most by the close of play. The 225-issue Nikkei Stock Average dropped 300.31 points, or 1.33 percent, from Thursday to close the day at 22,298.08. (news.financializer.com). As reported in the news.

estate: At least in theory, the listing known variously as the Vineyard or the Mountain is an invitation to the ultimate gazillionaire to build his or her palace of dreams above a city famously built on them, according to The Guardian. If the tract or rather, 17 adjacent tracts fetched the full billion, it would be by far the most valuable piece of real estate in the United States, and maybe the world. Still, a billion dollars is what the owners of the 157 acres perched between Benedict and Franklin canyons say they want, and they are not in the mood for discounts. That, though, is a big if. The only certain thing may be that nothing in this story is what it seems. West Hollywood votes to remove Trump's Walk of Fame star but there's a snag Read more From the moment the Mountain hit the market late last month, courtesy of a real estate agent specializing in the highest of high-end properties, it has attracted curiosity, astonishment, skepticism and some hard questions about who exactly owns it, whether they are serious about selling and, if they aren't, what their motivation might be. (news.financializer.com). As reported in the news.

facebook stock: All figures in U.S. dollars, according to The Toronto Star. Even Mark Zuckerberg, cofounder and CEO of Facebook, believes regulation of his industry is inevitable. Even at its knocked-down share price of 185.18, Facebook stock is not the bargain many investors believe it to be. TOM BRENNER / NYT FILE PHOTO True, Facebook's user base of 1.4 billion accounts for close to one-sixth of humanity. And having shed 147 billion worth of shareholder value on July 25, or more than 19 per cent, the temptation is there to buy the stock on a dip. The company's profits have continued to grow. (news.financializer.com). As reported in the news.

turkey: Walters did not offer any explanation as to how US national security is threatened by steel and aluminum imports from Turkey, which hosts a major US military base, according to CNN. Read More Trump's announcement Friday could further escalate tensions with Turkey, continuing the steady downward spiral of US relations with Ankara, which has been driven by a slew of factors. The moves stem from Trump's frustration over a detained American pastor held by Turkey on what US officials say are bogus charges, two sources with knowledge of the President's mind-set tell CNN. I have just authorized a doubling of Tariffs on Steel and Aluminum with respect to Turkey as their currency, the Turkish Lira, slides rapidly downward against our very strong Dollar! Aluminum will now be 20% and Steel 50%. Our relations with Turkey are not good at this time! the President tweeted. var id function make Embed Script d, id var js,fjs;js id;js.charset '' ;fjs fjs ;js.src id ;I have just authorized a doubling of Tariffs on Steel and Aluminum with respect to Turkey as their currency, the Turkish Lira, slides rapidly downward against our very strong Dollar! Aluminum will now be 20% and Steel 50%. Our relations with Turkey are not good at this time! Donald J. Trump real Donald Trump August 10, 2018 In a statement, deputy White House press secretary Lindsay Walters said, Section 232 tariffs are imposed on imports from particular countries whose exports threaten to impair national security as defined in Section 232, independent of negotiations on trade or any other matter. Andrew Brunson, a 50-year-old evangelical Presbyterian from North Carolina who has lived in Turkey for more than 23 years, has become the face of the US-Turkey friction Turkey has accused Brunson of helping to plot a 2016 coup attempt against Turkish President Recep Tayyip Erdogan. Waging economic war Erdogan alluded Friday to those who wage economic war on us and told Turks to exchange their dollars and euros for Turkish lira. US officials maintain there is no credible evidence against Brunson, and the Trump administration has negotiated for weeks to secure his release. (news.financializer.com). As reported in the news.

growth rate: The better news for the economy came after the Bank of England raised interest rates to 0.75% last week, their highest level since the financial crisis a decade ago, according to The Guardian. Threadneedle Street had forecast an average growth rate of about 0.4% in the second quarter. The Office for National Statistics ONS said GDP increased by 0.4% in the second quarter from a rate of 0.2% in the previous three months, helped by stronger retail sales and good weather, which enabled the construction industry to make up lost ground from heavy snow earlier this year. UK GDP graph Philip Hammond, the chancellor, said Brexit uncertainty was depressing economic growth, as he used a trip to West Midlands on Friday to unveil 780m of new funding for high-tech industries. John McDonnell, the shadow chancellor, said austerity under the Conservatives had created an economy unable to cope with the instability brought about by the Tories' mismanagement of the Brexit negotiations . Service industries experienced robust growth of 0.5% in the second quarter, with the retail and wholesale sectors providing the strongest contribution, helped by the warm weather tempting shoppers back to the high street. We are working hard to build a stronger, fairer economy dealing with the deficit, helping people into work, and cutting taxes for individuals and businesses, he said. (news.financializer.com). As reported in the news.

imports: Pressure has been applied on the country in recent days to stage an emergency interest rate rise to avert further economic damage, according to The Guardian. Revealing an increase in US taxes on Turkish steel imports to 50% and on aluminium to 20%, the president tweeted Our relations with Turkey are not good at this time! Donald J. Trump real Donald Trump I have just authorized a doubling of Tariffs on Steel and Aluminum with respect to Turkey as their currency, the Turkish Lira, slides rapidly downward against our very strong Dollar! Aluminum will now be 20% and Steel 50%. Our relations with Turkey are not good at this time!August 10, 2018 Even before Trump's tweet, the lira had plunged 14% as investors rushed for the exits, choosing to buy the dollar, yen and other assets seen as safe havens during times of financial market volatility. The Turkish lira plunged by more than 20% against the dollar after the president announced the move, amid a widening dispute between Washington and Ankara over the imprisonment of the US pastor Andrew Brunson. The lira has been under sustained pressure on foreign exchanges, dropping by almost 50% against the dollar in the past 12 months and hitting a succession of record lows this week. Recep Tayyip Erdo an, having secured sweeping new powers in presidential elections this summer, tried to restore confidence in the currency on Friday in a speech filled with nationalist rhetoric but offered little to calm the international currency markets. Inflation reached an annual rate of 15.9% in July more than five times the average rate for wealthy nations and government borrowing in foreign currencies has risen dangerously high. (news.financializer.com). As reported in the news.

tayyip: The instability in the lira, which is now down about 41 per cent this year, has increased concerns over Turkey's high debt levels and President Recep Tayyip Erdogan's moves to consolidate power, according to The Toronto Star. The Toronto Stock Exchange's S&P/TSX composite index was down 102.64 points at 16,314.34 after roughly 90 minutes of trading on Friday. Turkey's currency plunged after the U.S. said it would impose further tariffs on the country as part of a political dispute. Most sectors including materials, energy and health care were down, but gold was up slightly. It's hard to dismiss any risk these days given valuations. Rene Johnston / Toronto Star file photo Markets reacted cautiously to the potential disruptions, said Patrick Blais, senior portfolio manager at Manulife Asset Management. (news.financializer.com). As reported in the news.

warning: Prime Minister Dmitry Medvedev's warning on Friday reflects Russian fears over the impact of new restrictions on its economy, including the rouble, which has lost nearly six per cent of its value this week on sanctions jitters, according to Nine News Australia. President Vladimir Putin discussed what the Kremlin called possible new unfriendly steps by Washington with his Security Council on Friday. To improve your experience update it here News World Russia warns US over banks as rouble falls6 14am Aug 11, has warned the United States it would regard any move to curb the activities of its banks as a declaration of economic war as new sanctions took their toll on the rouble. Moscow's strategy of trying to improve battered US-Russia ties by attempting to build bridges with US President Donald Trump is backfiring after US lawmakers launched a new sanctions drive last week. The State Department announced new sanctions on Wednesday, blaming Moscow for the poisoning of former Russian spy Sergei Skripal, and his daughter, Yulia, in Britain, in March. That in turn has piled pressure on Trump to show he is tough on Russia ahead of mid-term US elections. (news.financializer.com). As reported in the news.

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.