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

tesla controversy: Elon Musk's tweet about considering taking Tesla private has landed him in hot water, but the SEC has yet to accuse him or his company of any wrongdoing, according to The Toronto Star. Patrick T. Fallon / Bloomberg At the center of the Tesla controversy is what Musk meant when he tweeted Aug. 7 that he had secured funding for a buyout without providing any specifics to back up the claim. History suggests it might take a while. Almost a week later he said his confidence was based on conversations with a Saudi Arabian sovereign wealth fund, which had long expressed interest in taking the electric-carmaker private. So it's an open-and-shut case of misleading investors that the SEC should be able to bring pretty quickly, right Not necessarily. Securities lawyers have said Musk's subsequent statement showed funding was anything but secure. (news.financializer.com). As reported in the news.

star movement: Residents near collapsed Morandi Bridge evacuated The Genoa bridge disaster The Five Star Movement, which has been heading Italy's government since early this year, has opposed major infrastructure projects for political ends, according to Nine News Australia. A worker inspects the the area around the collapsed Morandi highway bridge, in Genoa, northern Italy. To improve your experience update it here News World Italy bridge collapse Warnings dismissed as 'fairy story'By Richard Wood6 36am Aug 16, governing populist party dismissed safety fears about the Genoa bridge that collapsed killing 39 people as a children's fairy story .A statement in 2013 on the Five Star Movement M5S website wrote off warnings about the imminent collapse of the Morandi Bridge as a favoletta an Italian word meaning a farytale'. The statement has since been deleted from the party website but a cached version is available, reports the Independent. AP/AAP The death toll from the bridge collapse is now 39. Related Articles Fire breaks out in Italian bridge rubble Genoa bridge operators will 'pay until the end'Italy bridge disaster The lives lost In the case of the Morandi Bridge, local activists opposed a planned bypass. AP Major construction schemes often proved disruptive to local residents and the party sought to exploit this. (news.financializer.com). As reported in the news.

sector: Chinese technology company Tencent Holdings Ltd reported its first profit decline in almost 13 years, putting pressure on the US tech sector, according to Nine News Australia. Technology stocks were the biggest drag on the S&P 500 and the Nasdaq, with the S&P 500 technology index down 1.1 per cent. To improve your experience update it here News WorldUS stocks drop on downbeat earnings7 48am Aug 16, Street has fallen in a day of heavy trading, with the S&P 500 posting its biggest percentage drop since late June as investors turned risk-averse on disappointing earnings and escalating global tariff worries. Retail shares fell as Macy's Inc stock tumbled 15.9 per cent after margin fears spooked investors, overshadowing its stronger-than-expected sales and earnings. Macy's results have taken an edge off that optimism, he added. There was a lot of optimism heading into retail earnings, said JJ Kinahan, chief market strategist at TD Ameritrade in Chicago. (news.financializer.com). As reported in the news.

tayyip: The Turkish lira has nosedived in value in the past week over concerns about Turkey's President Recep Tayyip Erdogan's economic policies, according to The Toronto Star. Lefteris Pitarakis / The Associated Press The resulting flight of capital into safer and higher-yielding U.S. investments has sent many emerging-market currencies tumbling. Yet one of the threats facing Turkey and other emerging-market countries really is made-in-America By ratcheting up U.S. interest rates, the Federal Reserve has unintentionally led investors to pull money out of emerging markets like Turkey, strengthened the dollar's value and made it harder for foreign companies to repay their dollar-denominated debts. The MSCI Emerging Markets Currency Index has sunk nearly 8 per cent since early March. Turkey is Exhibit A Inflation is running near 16 per cent a year. Especially vulnerable are countries with weak economic fundamentals Runaway inflation, bulging trade deficits, piles of foreign debt and paltry foreign-currency reserves available to intervene in the markets to help prop up their own currencies. (news.financializer.com). As reported in the news.

turkey: The fallout from Turkey's crisis will cause damage far beyond its borders Simon Tisdall Read more The unyielding confidence that Erdo an has placed in the husband of his daughter, Esra, culminated in his appointment as finance minister in June, a role that has left Albayrak as custodian of a grave national crisis, according to The Guardian. As Turkey's currency dabbles with the unknown and global markets nervously weigh whether the country can pull its economy back from the brink, the two men carry a burden that many believe they are unable to shoulder. The 40-year-old businessman, who is due to address foreign investors about the liracrisis on Thursday, owes his position to his father-in-law, the Turkish president, Recep Tayyip Erdo an, who has given him sweeping powers in Turkish life, particularly in the past five years. Albayrak has learned much from his father-in-law, who in turn appears to have studied how his newest nemesis Donald Trump tries to rule. Both presidents see themselves as strongmen whose faith is best placed in family. Albayrak is to Erdo an what Jared Kushner is to Trump; the former's title matters less than his proximity to Turkey's centre of power, and the same can be said for Kushner. (news.financializer.com). As reported in the news.

australia institute: While the disadvantage gaps between indigenous and non-indigenous Australians are well known, the new study by the Australia Institute of Health and Welfare provides the first detailed insight into the extensive problems endured by the stolen generation, according to Nine News Australia. It found stolen generation members are in much poorer health than other indigenous Australians and are more likely to have been jailed, homeless or unemployed. To improve your experience update it here News National Extent of stolen generation's woes exposed1 00am Aug 15, generation members and their descendants suffer much greater levels of health, social and economic disadvantage than indigenous people who weren't forcibly removed from their families, a study shows. They're also more likely to be relying on government welfare to survive, and experience higher rates of violence and mental health problems. The study was commissioned by the Healing Foundation to uncover the extent of health, economic and social problems the stolen generation suffers as a result of being removed from their families under government policies imposed between 1910 and 1972. The picture is just as grim for their descendants, who are more likely than other indigenous Australians to be in poor health and have experienced greater levels of violence, discrimination and arrest rates. (news.financializer.com). As reported in the news.

celebrations: We are going to boycott US electronics, Erdogan said at celebrations of the 17th anniversary of his Justice and Development Party, according to CNN. If they have the iPhone on the other hand there is Samsung. Whatever we buy from abroad we are going to produce here in better quality and export it. In our country we have Venus and Vestel, he said, referring to a Turkish-made phone made by electronics manufacturer Vestel. Whatever we pay for from abroad, we will do here, he said. What we can do is proved by what we have done so far. (news.financializer.com). As reported in the news.

disclosure: According to a notice of hearing, church members invested in a program meant to let them earn interest on loans to other churches for improvement projects, but the majority of those funds were placed in a high-risk, loan-defaulting, speculative land development project without appropriate disclosure to investors, according to The Toronto Star. Brian Kehler, a member of Foothills Lutheran Church and a proxy for 14 investors, says while setting an ASC hearing date is a step forward, people are frustrated by the uncertainty. The ASC has alleged that the Alberta-British Columbia district of Lutheran Church Canada misled investors about a large-scale investment program. Madeline Smith / Star Metro The ASC has alleged that the Alberta-British Columbia district of Lutheran Church Canada misled investors about a large-scale investment program. DIL fund what their money was being used for and at what risk. Madeline Smith / Star Metro The ASC panel set May 13, 2019, as the start date for the hearing, which will last seven weeks.A notice of hearing says the church district didn't adequately inform investors in the Church Extension Fund CEF and the separate District Investments Ltd. (news.financializer.com). As reported in the news.

garland: He said the dip resulted from external factors, according to The Toronto Star. In this Nov. 11, 2016 file photo, a shopkeeper prepares a garland with Indian 10 Rupees denomination notes 0.15 U.S. used particularly to garland grooms on their wedding day, in Jammu, India. Indian Economic Affairs Secretary Subhash Chander Garg told reporters that there was nothing at this stage to worry about after the rupee reached 70.1 to the dollar earlier in the day. The Indian rupee has fallen to an all-time low against the U.S. dollar amid worries over Turkey's growing financial crisis. Channi Anand / The Associated Press The rupee ended the day at 69.93 per dollar, down 110 paise or 1.6 per cent. Indian Economic Affairs Secretary Subhash Chander Garg told reporters that there was nothing at this stage to worry about after the rupee reached 70.1 to the dollar earlier Tuesday, Aug. 14. (news.financializer.com). As reported in the news.

spot: Poverty is not a crime, Sanders said, according to The Guardian. Hundreds of thousands of Americans, convicted of nothing, should not be in jail today because they cannot afford cash bail. ehrp That isn't the only bright spot. Or do we At the end of July, US senator Bernie Sanders proposed a bill abolishing cash bail, long a scourge of indigent people and the activists who defend them. On 7 August, Missouri voters voted 2-1 to demolish the state's right-to-work law a rare victory for unions over Republican politicians and business interests. A number of other solutions that once seemed pie in the sky universal basic income, Medicare for all, universal pre-kindergarten now seem more, well, attainable recently than they have in the past, and may even be closer than we think. While the supreme court's recent ruling against mandatory public union fees, as well as unions' falling membership numbers, have hurt American labor, this week's ballot measure showed at least one avenue to partial recovery. (news.financializer.com). As reported in the news.

krebs: The threat has been reported by US journalist Brian Krebs who runs the cybersecurity blog Krebs on Security, according to Nine News Australia. According to the report, the attack is based around a strategy known as ATM cash-out' involving cloned cards and hacked bank or payment processors to fraudently withdraw funds. To improve your experience update it here News NationalFBI issues warning of ATM threat, says report By Richard Wood11 24am Aug 14, ATMs are being targeted by cyber criminals in a sophisticated attack that threatens millions of dollars in bank accounts, the FBI has warned. The attack could happen over just a few hours and was most likely on a weekend after banks have closed. The FBI has obtained unspecified reporting indicating cyber criminals are planning to conduct a global Automated Teller Machine ATM cash-out scheme in the coming days, likely associated with an unknown card issuer breach, the FBI warning said, according to Krebs on Security. Banks with large international operations are among those believed to have been alerted. (news.financializer.com). As reported in the news.

mining sector: The S&P/TSX composite index closed up 79.92 points at 16,330.67 Tuesday, according to The Toronto Star. Frank Gunn / THE CANADIAN PRESS file photo In New York, the Dow Jones industrial average closed up 112.22 points at 25,299.92. The S&P/TSX composite index closed up 79.92 points at 16,330.67 despite sharp losses in the cannabis-heavy health-care index and in the mining sector. The S&P 500 index ended up 18.03 points at 2,839.96, while the Nasdaq composite was up 51.19 points at 7,870.90. The September crude contract closed down 16 cents at 67.04 U.S. per barrel and the September natural gas contract was down three cents at 2.96 U.S. per mmBTU. Article Continued Below The December gold contract ended up 1.80 U.S. at 1,200.70 U.S. an ounce and the September copper contract closed down five cents at 2.68 U.S. a pound. react-empty 138 Read more about Tsx TOP STORIES, DELIVERED TO YOUR INBOX.NEW NEWSLETTERHEADLINESSIGN UP The Canadian dollar averaged 76.41 cents U.S., up 0.28 of a U.S. cent. (news.financializer.com). As reported in the news.

days: The currency rose 5% to about 6.5 to the dollar on Tuesday afternoon, after slumping 20% in the past four working days, according to The Guardian. The country's central bank stepped in on Monday by pledging to provide liquidity to its banking sector. There was some respite for the lira after days of heavy losses. Turkish crisis Indian rupee hits record low but lira recovers - business live Read more Berat Albayrak, Turkey's treasury and finance minister, and President Recep Tayyip Erdo an's son-in-law, provided further support with defiant comments on the national currency. He also attacked the US currency, saying it had lost all credibility despite the dollar trading at one-year highs against most major currencies. Albayrak told members of the ruling AK party We will protect the lira, we will march with the lira and the lira will strengthen greatly in the coming period. (news.financializer.com). As reported in the news.

advisers: Ali Velshi talks with Council of Economic Advisers chair Kevin Hassett about whether Turkey's financial crisis could affect the Aug 13 2018 20 30 18 GMT 0000 , according to MSNBC. Ali Velshi talks with Council of Economic Advisers chair Kevin Hassett about whether Turkey's financial crisis could affect the on NATO ally Turkey More important than anything we're doing with Aug 13 2018 20 30 18 GMT 0000 Aug 13 2018 20 30 18 GMT 0000 Aug 13 2018 21 54 42 GMT 0000 on NATO ally Turkey More important than anything we're doing with value of Turkey's currency is falling as the U.S. and Turkey fight over the fate of an American pastor held for more than two years. (news.financializer.com). As reported in the news.

evening: The man was pronounced dead on arrival at the Naivasha District Hospital, while another tourist survived the attack on Saturday evening, according to the Kenya Wildlife Service said on Sunday, according to Nine News Australia. We are tracking the hippo, the service said on Twitter on Sunday. To improve your experience update it here News World Hippo kills Taiwan tourist at Kenyan lake1 56pm Aug 13, 2018Facebook Tweet MailA hippopotamus has attacked and killed a tourist from Taiwan who was taking photographs on the shore of Lake Naivasha in Kenya. The agency identified the dead man as Chang Ming Chuang, 66, and the survivor as Wu Peng Te, 62, and said they were from China but Taiwan's foreign ministry said the two were from the self-ruled island. The Taiwan ministry said it had sent someone from its representative office in South Africa, as Taiwan has no representation in Kenya. Kenya has no formal ties with Taiwan, recognising only China and its claim to speak for and represent the island internationally. (news.financializer.com). As reported in the news.

powerhouses: A report from London Economics commissioned by the Group of Eight universities examined the economic effect of the unis' research, graduates, international students and employment, according to Nine News Australia. It's the first time we have been able to clearly articulate what we have always known that universities are economic powerhouses and a valuable investment for taxpayers, Go8 chief executive Vicki Thomson said. To improve your experience update it power the economy study8 56am Aug 14, top universities contribute more than 66 billion to the national economy annually, a new study shows. The report shows that every employee within the Go8 universities creates 2.4 jobs in the wider community. The report also found that every three international students generate a 1 million flow in the economy. The Go8 universities enrol about 50,000 commencing international students a year, a number which upholds 73,030 positions, in both the universities and the broader community. (news.financializer.com). As reported in the news.

investors: Rising interest rates in the United States and in Europe have made investors less tolerant of emerging markets, according to The Toronto Star. Foreign investors piled money into Turkish assets for years, lured by what appeared to be a stable economy and higher returns. The crisis, caused by soaring inflation, economic mismanagement by the Turkish government and tensions with the United States, has raised concerns over whether emerging economies that have benefited in recent years from foreign investment may also be vulnerable. But as interest rates rise in countries seen as safer, the relative attractiveness of riskier investments wanes. Turkey's central bank insisted over the weekend that it would take all necessary measures to preserve the country's financial stability. A crisis like the one in Turkey may be all it takes to send them fleeing. (news.financializer.com). As reported in the news.

office: A man leaves a currency exchange office on Monday in Istanbul, according to The Toronto Star. The lira hit another record low overnight forcing Turkey's Central Bank to act to curb the lira's collapse, however the action was not enough to subdue investors fears over the countries financial crisis. The Turkish lira has nosedived over the past week and tumbled another 7 per cent on Monday as the central bank's measures failed to restore investor confidence. Chris McGrath / GETTY IMAGES The currency hit a record low of 7.23 per dollar late on Sunday after Erdogan, in a series of speeches over the week, showed no sign of backing down in the standoff against the United States, a NATO ally. And he threatened to seek new alliances and partners and warned of drastic measures if businesses withdraw foreign currency from banks. Erdogan ruled out the possibility of higher interest rates, which economists say are needed to stabilize the currency. (news.financializer.com). As reported in the news.

sanctions trump: Washington reimposed the sanctions last week after pulling out of a 2015 international deal aimed at curbing Iran's nuclear program in return for an easing of economic sanctions, according to Nine News Australia. Trump has also threatened to penalise companies that continue to operate in Iran. To improve your experience update it here News World Iran's Khamenei rejects Trump talks offer10 29pm Aug 13, Supreme Leader Ayatollah Ali Khamenei has rejected US President Donald Trump's offer of unconditional talks to improve bilateral ties. I ban holding any talks with America... America never remains loyal to its promises in talks, said Khamenei, who has the final say on policy in the Islamic Republic. The sanctions target Iran's trade in gold and other precious metals, its purchases of US dollars and its car industry. America's withdrawal from the nuclear deal is a clear proof that America cannot be trusted, state TV quoted Khamenei as telling a gathering attended by thousands of Iranians. (news.financializer.com). As reported in the news.

city: I want them to know that we will not surrender, according to CNN. We will keep producing and we will keep increasing exports, he said. In the speech to supporters in the Black Sea city of Trabzon, President Recep Tayyip Erdogan said that his country would not acquiesce to US pressure, and that the Trump administration's actions were threatening the two countries' longstanding alliance. We will not give in... if you come at us with your dollars then we will find other ways to do business... The US is sacrificing its 81-million-strong ally Turkey for a pastor with links with terrorists. US officials maintain there is no credible evidence against Brunson, and the Trump administration has negotiated for weeks to secure his release. Erdogan was referring to Andrew Brunson, a American evangelical pastor who Turkey accuses of helping to plot a 2016 coup attempt against the Turkish president. (news.financializer.com). As reported in the news.

tesla: The last discussion appears to have taken place on 31 July when the fund's managing director expressed regret that I had not moved forward previously on a going private transaction with them, and he strongly expressed his support for funding a going private transaction for Tesla at this time wrote Musk, according to The Guardian. Elon Musk the volatile visionary at risk of steering Tesla off the road Read more The statement comes after Musk shocked investors by announcing via Twitter that he was considering ending Tesla's stock market listing and taking the company private. In a blogpost published on Monday Musk wrote that the Saudi investment fund which owns 5% of Tesla had approached him several times over the last two years with offers to help the struggling company go private. That tweet led to a brief suspension of trading in Tesla's shares and is now the subject of an investigation by the Securities and Exchange Commission, according to the Wall Street Journal, and legal action by investors. Musk said that that funding was secured but gave no further details. Last Tuesday Musk said he planned to take Tesla private at 420 a share, a 20% premium to the share price that day and valuing the company at about 72bn. (news.financializer.com). As reported in the news.

gmt: Stephanie Ruhle and CNBC's Steve Liesman break it Aug 13 2018 17 38 52 GMT 0000 , according to MSNBC. Stephanie Ruhle and CNBC's Steve Liesman break it Turkey's crumbling currency be a long-term concern date Created Mon Aug 13 2018 17 38 52 GMT 0000 Aug 13 2018 17 38 52 GMT 0000 Aug 13 2018 17 52 27 GMT 0000 Turkey's crumbling currency be a long-term concern turmoil in Turkey might have global ripple effects as the nation's currency plunges after the U.S. imposed tariffs on Turkey's aluminum and steel on Friday. (news.financializer.com). As reported in the news.

tobacco: Tobacco a deadly business about this series Read more Several councils said that their pension trustees could not dispose of their tobacco stocks because of a legal obligation to maximise retirement income, according to The Guardian. However, anti-smoking campaigners said this argument no longer has any credibility . Government guidelines say trustees can take ethical, social or environmental concerns into account, as long as the fund's finances do not suffer. Council retirement schemes in the UK are major investors in firms including British American Tobacco, Imperial Brands and Philip Morris, according to data compiled from more than 100 freedom of information requests. And several investment professionals contested the idea that selling tobacco stocks would crimp returns, pointing to the long-term risks threatening the industry. UK councils that have the highest direct investments in tobacco stocks Council pension fund trustees have no control over pooled funds, a common type of investment that makes up around 40% of the UK's 3.5tn in institutional assets. The schemes, which manage 211bn between them, have 1.7bn of direct tobacco investments, as well as a further 1.1bn via pooled investments, where money is grouped with other clients' cash as part of larger funds managed. (news.financializer.com). As reported in the news.

trade war: He told party officials on Sunday in the Black Sea city of Trabzon We will respond to those, who declared trade war on the entire world and included Turkey in it, by steering toward new alliances, new markets, according to The Guardian. The currency fell 20% to record lows last week after Donald Trump, the US president, slapped tariffs on the country's steel exports and declared via Twitter Our relations with Turkey are not good at this time. Turkey financial crisis lira plunges again amid contagion fears Read more Recep Tayyip Erdo an, Turkey's president, remained defiant over the weekend, accusing foreign interests of waging an economic war against Turkey and pledging trade measures to reduce reliance on the dollar and US markets. It hit a new all-time low in Asian trading on Monday morning when it touched 7.24 to the US dollar before recovering slightly. But Turkey's woes spread far beyond a trade dispute. The euro was down 1% and Asian stock markets were also in the red. (news.financializer.com). As reported in the news.

wells: Wells said he's leaving to focus on philanthropy, according to The Toronto Star. Netflix's spending has also raised concerns about the company's financial health. Wells, 47, will help choose a successor and stay on until his replacement takes over to make sure the transition goes smoothly, Netflix said Monday in a statement. Though profitable, Netflix still spends more money than it makes each year. Netflix's has budgeted more than 8 billion U.S. this year to buy shows from rival companies and finance productions of its own. AFP/GETTY IMAGES file photo Wells guided Netflix's finances as the company defied skeptics' expectations of how much money it could spend on programming without going broke, pumping billions of dollars into new TV shows and movies. (news.financializer.com). As reported in the news.

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.