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

drinking water: Sixty drought-affected councils across western Queensland, NSW and Victoria will be handed 1 million each by the federal government to spend on anything from trucking in drinking water to building new community facilities, according to Nine News Australia. The grants are part of new funding Prime Minister Malcolm Turnbull has announced to help farmers and communities, bringing the total support offered by the federal government so far to 1.8 billion. To improve your experience update it here News National Million dollar boosts for 60 drought-affected towns2 56pm Aug 19, reeling from Australia's worst drought in more than 50 years will be given extra funding to help deal with the dry conditions in their own way. Malcolm Turnbull has announced phase two of his drought relief plan in Forbes, NSW. 9news PM Turnbull will visit Forbes, NSW today to announce phase two of the federal government's drought relief package. 9news Mr Turnbull said the government was responding to feedback it has received from many farmers in recent weeks. This is really important, to get some more cash into these communities, to do long overdue work of the type the councils are always attending to, he said in a video on Facebook. Giving money to councils 36 in NSW, 22 in Queensland and two in Victoria, would help inject money into towns, he said. (news.financializer.com). As reported in the news.

negotiation: Jimmy Carter and Barack Obama stressed the importance of moral example in projecting global leadership, according to The Guardian. Donald Trump does things differently. Most prefer traditional diplomacy and negotiation, or else they ask allies to help them get their way. Since taking office last year, he has repeatedly resorted to draconian economic sanctions and trade tariffs, launching them like missiles at countries and people he does not approve of. The US Treasury imposed sanctions on 944 foreign entities and individuals in 2017, a record. Trump did not invent the practice but it has become his foreign policy weapon of choice. (news.financializer.com). As reported in the news.

emily chang: Hosted by Emily Chang, according to Bloomberg. More episodes and clips03 33Google CEO Said to Tell Staff China Plans Are Exploratory05 10How Door Dash's Valuation Nearly Tripled in Six Months07 36FBI Warns of Planned ATM Breach After India Attack03 29Nvidia's Crypto Gold Rush Goes Bust 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. More episodes and clips08 52Zoox and Its 800 Million Robo Taxi Dream08 23Meet the Godfather of AIBloomberg Technology The only daily news program focused exclusively on technology, innovation and the future of business from San Francisco. More episodes and clips00 34India Races to Prevent Disease Outbreak03 05EU's Moscovici Says 'I Am Not Frightened About Italy'08 20EU's Moscovici Says Investors Can Now Trust Greece01 16EM Pressured by Dollar With Room to Strengthen, Says JPM's Patel See all shows (news.financializer.com). As reported in the news.

hsbc branch: The perpetrators used a stolen green tractor as they tried to extract the ATM from the wall, which previously belonged to an HSBC branch and is now part of a bespoke kitchen and furniture store, according to The Guardian. The thieves caused significant structural damage to the building before making off on foot and then driving away in a dark-coloured Audi car. Police received several calls just after 4am on Saturday to report the theft in progress from a shop in Fleet Street, Beaminster. One resident of a flat above the shop escaped unhurt. The tractor was abandoned at the scene alongside a green Land Rover Defender, which had also been stolen from Whitcombe Road in Beaminster. It is yet known whether any money was actually stolen. (news.financializer.com). As reported in the news.

justice: Broidy is also being investigated based on allegations that he wanted 75 million from a Malaysian business official to get the Justice Department to end its probe of a development fund under the control of the Malaysian government, according to the report, according to CNN. Ex-RNC finance chair's former mistress sues him and Stormy Daniels' lawyers The Post reported that Justice Department investigators are asking for documents related to Broidy's business dealings. The Post reported that two sources said Broidy is being investigated by the Justice Department for allegedly coming up with a plan to try to talk the administration into sending a Chinese dissident back to his home country. Broidy's attorney Chris Clark, of the law firm Latham & Watkins, denied that his client had been involved in such dealings. Read More The Justice Department declined to comment to the Post. Elliott Broidy has never agreed to work for, been retained by nor been compensated by any foreign government for any interaction with the United States Government, ever, Clark said in a statement provided to CNN. Any implication to the contrary is a lie. (news.financializer.com). As reported in the news.

meaning property: In August 2017, a pound bought 4.5 lira, before it started a steady decline over the year, slumping to 6.3 lira by mid-June, according to The Guardian. But at the height of the currency's troubles last week, it was trading at just under 9 lira to the pound, meaning property had effectively almost halved in price in hard currency terms compared with a year ago. The highly-publicised collapse in the Turkish lira may have been a disaster for the country and any British expat who bought there in the last two years but it has been described as a bonanza for those holding US dollars, pounds or euros. The move immediately prompted something of a gold rush, according to Turkish property experts. Expat Turks living in Germany and elsewhere have also been trying to use the crisis to bag properties. This week, direct flights from the Middle East to Istanbul were fully booked as high-end investors flocked to the Turkish capital to grab bargains. (news.financializer.com). As reported in the news.

pot: The fact that Canada is the first G-7 country experimenting with legal sales of recreational pot should be enough warning that uncertainty is going to characterize this new market for quite some time probably at least two years after legalization, set for Oct. 17, according to The Toronto Star. The most common projection on the Canadian cannabis market size is about 5 billion in annual sales by 2020, which assumes a complete migration by pot users from the black market to the new legal one. But it would be unwise to bet on that assumption. Associated Press FILE PHOTO The size of the legal market a prime consideration for investors, obviously is unknowable with any kind of precision. Illicit dope peddlers and wholesalers are not among the most reliable sources of market data. That's to be expected, given that projections are necessarily based on black-market sales. (news.financializer.com). As reported in the news.

currency crisis: Ali Velshi and NBC's Richard Engel break down how the lira could affect you and what exactly are Fragile Aug 17 2018 16 18 13 GMT 0000 , according to MSNBC. Ali Velshi and NBC's Richard Engel break down how the lira could affect you and what exactly are Fragile currency crisis could have global Aug 17 2018 16 18 13 GMT 0000 Aug 17 2018 16 18 13 GMT 0000 Aug 17 2018 16 22 18 GMT 0000 currency crisis could have global dropping Turkish lira has investors worried about a possible global economic crisis. (news.financializer.com). As reported in the news.

relations committee: The Kentucky senator, who sits on the Senate Foreign Relations Committee, invited the Russian lawmakers to the US capital during a trip to Moscow in early August, according to CNN. He told Fox News on Thursday that members of both houses of the Russian Federal Assembly have agreed to come to Washington in the fall for further meetings. Rand Paul said Thursday that he plans to ask President Donald Trump to lift sanctions on members of the Russian legislature so that they are able to travel to the United States for meetings with US officials. An aide told CNN that it would be the first time in three years that members of the upper chamber of the Russian assembly would attend official meetings in Washington. So one of the things I'm going to ask the President -- I'm going to talk to the President this weekend -- is I'm going to say, 'why don't we take people off the list who are in the legislature ' The senator's spokesperson, Sergio Gor, would not comment on whether Paul would travel to New Jersey and meet -- or golf -- with Trump this weekend, or whether that discussion would occur by phone. The downside is the chairman of each of the committees is banned from coming to the United States because of sanctions, Paul said on Fox News. (news.financializer.com). As reported in the news.

phases: How all this plays out is important not only for Turkey, but also for other emerging economies that already have had to cope with waves of financial contagion, according to The Guardian. The initial phases of Turkey's crisis were a replay of past emerging-market currency crises. Rather than opting for interest-rate hikes and an external funding anchor to support domestic policy adjustments, the government has adopted a mix of less direct and more partial measures and this at a time when Turkey is in the midst of an escalating tariff tit-for-tat with the US, as well as operating in a more fluid global economy. A mix of domestic and external events an over-stretched credit-led growth strategy; concerns about the central bank's policy autonomy and effectiveness; and a less hospitable global liquidity environment, owing in part to rising US interest rates destabilised the foreign-exchange market. And all of this occurred in the context of a more uncertain and aside from the US weakening global economy. A political spat with the US accelerated the run on the Turkish lira by fueling a self-reinforcing dynamic. (news.financializer.com). As reported in the news.

trade agreement: Chinese and US negotiators are planning talks to resolve their trade row ahead of meetings in November, the Wall Street Journal reported on Friday, according to Nine News Australia. Additionally, Mexico's economy minister, Ildefonso Guajardo, said he hopes to wrap up outstanding bilateral issues on the North American Free Trade Agreement NAFTA by the middle of next week. To improve your experience update it here News World Wall St rises on upbeat trade news7 24am Aug 18, 2018Facebook Tweet MailUS stocks have closed higher, with the S&P 500 and the Dow Jones Industrial Average extending gains and the Nasdaq turning positive on reports of progress in tariff disputes between the United States and its trading partners China and Mexico. The threat of a trade war threatens economic activity, said Stephen Massocca, senior vice president at Wedbush Securities in San Francisco. Trade-vulnerable industrial stocks led advances by the S&P 500 and the Dow, with the S&P 500 industrial sector gaining 0.6 per cent. The fact that the administration might resolve trade disputes sooner rather than later, without a sustained time frame of slower economic actively due to tariffs, that bodes well for the market. (news.financializer.com). As reported in the news.

trade tensions: The S&P/TSX composite index closed up 98.06 points at 16,323.71 as materials stocks rebounded from heavy losses earlier this week, according to The Toronto Star. Frank Gunn / THE CANADIAN PRESS The potential easing of trade tensions has been well received by markets after tariff disputes between the U.S. and Turkey added to geopolitical stresses in recent days, said Philip Petursson, chief investment strategist at Manulife Investments. Markets reacted positively for a second day after the U.S. and China said they would hold trade talks in late August for the first time since early June. If we're getting a little more pleasant talk or pleasant surprises in terms of cooler heads coming to the table to discuss the trade positions a little more rationally, I think that's certainly a positive thing and the markets should take it as such. Friday's gains left the index down 0.02 per cent for the week. The S&P/TSX composite index closed up 98.06 points at 16,323.71 as materials stocks rebounded from heavy losses earlier this week. (news.financializer.com). As reported in the news.

week: It was excruciating, according to The Toronto Star. The year has only gotten more intense for Musk, chairman and chief executive of the electric-car maker Tesla, since he abruptly declared on Twitter last week that he hoped to convert the publicly traded company into a private one. This past year has been the most difficult and painful year of my career, he said. The episode kicked off a furor in the markets and within Tesla itself, and he acknowledged Thursday that he was fraying. Kiichiro Sato / AP FILE PHOTO At multiple points in an hourlong interview with The New York Times, he choked up, noting that he nearly missed his brother's wedding this summer and spent his birthday holed up in Tesla's offices as the company raced to meet elusive production targets on a crucial new model. Tesla CEO Elon Musk said in an interview that no one reviewed his tweet about taking the company private before he sent it. (news.financializer.com). As reported in the news.

battery: Investors in those projects are starting to worry that they might have picked the wrong technology, according to The Toronto Star. Carmakers Volkswagen, Hyundai and have all channeled funds into battery companies. Teams of scientists from San Francisco to Shenzhen are experimenting with new chemical processes to improve the traditional lithium-ion cell and find new ways to bottle up electricity for use at another time. PATRIK STOLLARZ / AFP/GETTY IMAGES file photo That's turning the debate about so-called stranded assets on its head. In the future, upheaval in the way energy storage devices are made mean that investments in batteries may turn unprofitable even though they're at the heart of transforming the way the energy system works. To date, the term has been deployed to refer to fossil-fuel projects that may turn unprofitable as pollution regulations tighten. (news.financializer.com). As reported in the news.

fire: A fire among the rubble held up part of the operation on Friday, sending clouds of white smoke up before being extinguished, according to Nine News Australia. A spark from metal-cutting equipment was thought to have caused the blaze that started in a warehouse under the ruined bridge. To improve your experience update it here News World Fire breaks out in Italian bridge rubble8 01pm Aug 17, workers have searched through tonnes of concrete and steel from the collapsed Genoa highway bridge for a fourth day as Italians prepared to bury the 38 victims of a disaster that has angered the public and rattled industry. The confirmed death toll from the collapse of a 200m stretch of the bridge on Tuesday, which sent vehicles plummeting 50m to the ground during a downpour, remained at 38 but officials say there still may be 10-20 people missing. A state funeral for most of the victims is due to be held on Saturday morning, led by Genoa's archbishop, Cardinal Angelo Bagnasco, and attended by President Sergio Mattarella and Prime Minister Giuseppe Conte. The search entered a new phase on Friday as heavy equipment started moving large sections of the bridge in order to clear new areas to probe. (news.financializer.com). As reported in the news.

cash product: Corporate Australia is locked in a culture war, but it's not about left and right Anne Davies Read more When asked why the customer should keep their savings in the cash product when they could get a better return in a normal term deposit account, an AMP executive said You'd have to ask the client, according to The Guardian. After seeing its chairwoman and chief executive stand down after revelations about fees for no service at the royal commission earlier this year, AMP acted swiftly on Thursday by announcing compensation for other people who ended up paying more in fees than what they earned on their cash investments. AMP admitted at hearings in Melbourne on Thursday that a customer had lost money after investing 100,000 cash in a super account thanks to high fees and charges. About 12,500 current members with 43m invested would benefit, with former fund members to also share in the 5m compensation. Facebook Twitter Pinterest AMP executive Richard Allert leaves the banking royal commission in Melbourne. Australia's largest wealth manager has also uncovered further cases of customers being wrongly charged fees, which will lead to about 26m being paid to millions of super members. (news.financializer.com). As reported in the news.

week: A diplomatic spat with the US helped send the lira into a tailspin last week and it hit a record low of 7.2 to the dollar on Monday, sending tremors through emerging markets, according to The Guardian. However, the lira remains about 20% below where it was a month ago. It rose 2.5% in early trading, with one dollar buying 5.8 lira. Turkish financial crisis Lira recovers as Ankara tries to calm markets - live updates Read more European stock markets pushed higher on Thursday, with the FTSE 100 index in London up 0.6%. China's announcement that it would send a trade delegation to the US soon has also cheered markets. However, he will not take live questions and will only answer questions submitted in advance, the Financial Times reported, citing a government official. Berat Albayrak, President Recep Tayyip Erdo an's son-in-law who became treasury and finance minister last month, faces a tough test when he addresses international investors and analysts at 2pm BST, with 3,000 people expected to dial in. (news.financializer.com). As reported in the news.

deposit withdrawals: He added that deposit withdrawals by panicked investors remained low and manageable, according to The Guardian. Turkey buys time before day of IMF reckoning Read more We are experiencing unfavourable conditions but we will overcome, he said. Berat Albayrak, who has faced criticism for failing to tackle the country's growing financial crisis, spoke to around 6,000 investors on a conference call to rebuff concerns that a funding squeeze on Turkey's banks and a damaging trade war with the US would force him to seek a rescue bailout from the International Monetary Fund IMF . Albayrak, who was appointed as finance minister last month by his father-in-law, president Recep Tayyip Erdo an, said Turkey will not hesitate to provide support to the banking sector, which was capable of accessing funds itself during the current turmoil in financial markets. The Turkish lira was up 4% against the US dollar following the conference call and after reassuring words from the French president, Emmanuel Macron, and Germany's chancellor, Angela Merkel, that Turkey's stability was important. However, Albayrak's attempt to shore up confidence in the lira was quickly undermined by the US Treasury secretary, Steve Mnuchin, who reportedly told president Donald Trump in a cabinet meeting that he was preparing further sanctions against Ankara. A pledge by Qatar to invest 15bn in the financial sector has also helped stabilise the situation. (news.financializer.com). As reported in the news.

dollar: The lira strengthened some 4 per cent against the dollar, to around 5.75 per dollar, according to The Toronto Star. Treasury and Finance Minister Berat Albayrak was quoted by private media NTV as saying the economy would emerge stronger from the turmoil. The national currency recovered somewhat from record lows hit earlier this week, a day after Qatar pledged 15 billion in investments to help Turkey's economy. YASIN AKGUL / AFP/GETTY IMAGES Treasury and Finance Minister Berat Albayrak was quoted by private media NTV as saying the economy would emerge stronger from the turmoil. The minister ruled out any move to limit money flows which is a possibility that worries investors or any assistance from the International Monetary Fund, NTV said. Albayrak said Turkey's banks are healthy and strong and that implementing structural reforms and maintaining tight monetary policy to fight inflation remain a priority. (news.financializer.com). As reported in the news.

port city: An 80-metre-long section of the bridge, part of a motorway linking the port city of Genoa with southern France, gave way on Tuesday in busy lunchtime traffic, sending dozens of vehicles into free-fall, according to Nine News Australia. Autostrade per l'Italia, part of Milan-listed international toll-road group Atlantia and owned by the Italy's Benetton family, operated the motorway. To improve your experience update it here News World Italy threatens action over bridge deaths12 43pm Aug 16, biggest toll-road operator has came under heavy stockmarket attack and the government says it could impose a heavy fine or revoke its concession over a bridge collapse that killed at least 38 people. It says it made regular, thorough safety checks on the 1.2 km-long viaduct, which was completed in 1967 and overhauled two years ago. Genoa's chief prosecutor, Francesco Cozzi, said 10-20 people were still missing. At the disaster scene, cranes moved away chunks of rubble as rescue teams searched for survivors. (news.financializer.com). As reported in the news.

rift: With Ankara locked in a complex rift with Washington, he also played down a decision by US President Donald Trump to double tariffs on imports of Turkish metals, according to Nine News Australia. Washington later said it was ready to impose further economic sanctions on Turkey. To improve your experience update it here News World Turkey 'will emerge stronger from crisis'5 01am Aug 17, Finance Minister Berat Albayrak has assured international investors the nation will emerge stronger from its currency crisis, insisting its banks are healthy and signalling it could ride out a dispute with the USIn a conference call with thousands of investors and economists, Albayrak - who is President Tayyip Erdogan's son-in-law - said Turkey fully understood and recognised all its domestic challenges, but was dealing with what he described as a market anomaly. Many countries had been the target of similar US trade measures, Albayrak said on Thursday, and Turkey would navigate this period with other parties such as Germany, Russia and China. Before he spoke, the lira strengthened more than 3 per cent, despite signs that the dispute with the United States is as wide as ever. He added that Turkey had no plans to seek help from the International Monetary Fund or impose capital controls to stop money flowing abroad in response to the recent collapse of its lira currency. (news.financializer.com). As reported in the news.

canaan: Now two sisters are accused of allegedly pocketing 478,000 in cash from New Canaan Public Schools -- a scam that authorities say dates to 2013, CNN affiliate News 12 reported, according to CNN. Joanne Pascarelli, 61, and Marie Wilson, 67, both worked at cafeterias at Saxe Middle School and New Canaan High School during that time. No one noticed the money was missing from the schools in New Canaan until 2017, when the school district installed an enhanced accounting system, authorities said. They were arrested this week and charged with larceny and defrauding a public community, the school district said. Read More Both women resigned in December, around the time the board of education started looking into the discrepancies, New Canaan News reported. We are deeply upset by this alleged violation of our trust and the trust of the entire community, and are committed to continuing our full cooperation with the New Canaan Police Department regarding these allegations, the school district said in a statement. (news.financializer.com). As reported in the news.

u.s: Source Bloomberg react-empty 322 More From Bloomberg Markets03 10U.S. Is Approaching the End of Its Cycle, Says Mercer's Watson5 hours ago04 38Maersk Vice CEO on Drilling Unit Spinoff5 hours ago03 24Air France-KLM Board Names Benjamin Smith as CEO5 hours ago02 06RBA's Lowe Sees Rates Steady For a While Yet'7 hours ago All episodes and clips Quick Takes Bloomberg Quick Take provides context and background on issues of interest, according to Bloomberg. 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. He speaks on Bloomberg Markets European Open. 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 (news.financializer.com). As reported in the news.

dining options: The 165 million terminal upgrade which begins today will see international arrivals and departure areas expanded to include more retail and dining options for travellers, according to Nine News Australia. What a fantastic day to commence this project... a really tremendous day for the state, Tim Tape of Watpac Construction told reporters. To improve your experience update it Adelaide Airport terminal upgrade begins By Keziah Sullivan Reporter7 50pm Aug 15, 2018Facebook Tweet Mail The first sod has been turned on a multi-million-dollar expansion of Adelaide Airport. The multi-million-dollar expansion of Adelaide Airport began today. 9NEWS A project that will employ nearly 200 people on-site. A dedicated gate for international flights will also be established. Security will also be boosted, with an expanded screening area for international travellers and more space for emigration and immigration processing. (news.financializer.com). As reported in the news.

korean: South Korean President Moon Jae-in at a news conference at the presidential Blue House in Seoul in May, according to The Toronto Star. Moon will travel to Pyongyang next month for his third meeting this year with North Korean leader Kim Jong Un. It would be a first step toward the sort of regional economic integration that Europe established after the Second World War. Seong Joon Cho / Bloomberg Moon will travel to Pyongyang next month for his third meeting this year with North Korean leader Kim Jong Un. Moon spoke during a ceremony to mark the 73rd anniversary of the liberation of the Korean Peninsula from Japanese colonial rule. And he pledged that the two would take an audacious step toward the signing of a peace treaty and the complete denuclearization of the Korean Peninsula. (news.financializer.com). As reported in the news.

sanders: I'm sorry for the mistake, but no apologies for the 700,000 jobs for African Americans created under President Trump, Sanders wrote in a tweet, according to CNN. During the briefing, as she sought to defend the President's record on race, Sanders said Trump has already tripled Obama's record over eight years for creating jobs for black workers. Correction from today's briefing Jobs numbers for Pres Trump and Pres Obama were correct, but the time frame for Pres Obama wasn't. This President since he took office, in the year and a half that he's been here, has created 700,000 new jobs for African-Americans, Sanders said from the White House podium. When President Obama left, after eight years in office, he had only created 195,000 jobs for African-Americans. That's 700,000 African-Americans that are working now that weren't working when this President took place. (news.financializer.com). As reported in the news.