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

jones: The record was set with more of a whimper than a roar, according to The Guardian. The S&P 500 dipped 1 point to 2,861 for the day while the Dow Jones Industrial Average fell 88 points, or 0.3%, to 25,733, and the Nasdaq composite rose 29 points, or 0.4%, to 7,889. The S&P 500 share index, tracking the 500 biggest public companies in America, closed trading on Wednesday having gone 3,453 days nearly nine and a half years without a fall of 20% or more, which is the measure used by some analysts for handing it the status as the longest bull market in US history. But records were set nonetheless. Although there have been numerous wobbles in the past 10 years, including a sharp correction earlier this year, when S&P fell 10% over two weeks after its January high, the milestone comes with help from corporate tax cuts and the rise of internet companies such as Apple, Amazon and Google's owner, Alphabet. Having started in March 2009, following the financial crisis, the longest market rally comes as the global economy continues its recovery from the depths of the last recession. (news.financializer.com). As reported in the news.

marcus: Such a decline has historically happened on average every four or five years, according to The Toronto Star. Marcus Harris, a 34-year-old physician in the Houston area who started investing about five years ago. The U.S. stock market has been on the upswing for nine and a half years, during which a cohort of younger investors has never dealt with a 20 per cent drop in the S&P 500 the classic definition of a bear market. David J. Phillip / The Associated Press That's nice for these 20- and 30-somethings, and their retirement accounts, but it raises the question What will they do when the next downturn inevitably arrives How they respond will be crucial because this generation bears a heavier responsibility for paying for their own retirement, as pensions go extinct and Social Security's finances weaken. Here's how Few analysts are predicting an imminent downturn for the S&P 500, which finished Tuesday within 0.8 per cent of its record, but they're much less confident about 2019 or beyond due to rising interest rates and other market challenges. Read more Why millennials are quitting their jobs with no backup Article Continued Below Wealthy millennials are interested in investments Report Millennials have a six-figure start on retirement saving. (news.financializer.com). As reported in the news.

partition kosovo: Vu i and his Kosovan counterpart, Hashim Tha i, are also set to resume EU-mediated talks in Brussels that are intended to bring a lasting settlement between Belgrade and Pristina, and open up EU membership for both in the longer term, according to The Guardian. But there are growing concerns over a pact to partition Kosovo. The Serbian president, Aleksandar Vu i is preparing to visit Kosovo next month, amid mounting evidence that Belgrade and Pristina are floating the idea of reaching a deal to divide the disputed territory and institute a land swap along ethnic lines. Critics say it would open a Pandora's box in the Balkans, with ethnically divided Bosnia-Herzegovina and Macedonia potential flash points. Proposed deal Vu i will use his 9 September visit to Kosovo to lay out guidelines and directions of state policy towards Kosovo . Earlier this month, he said he favoured partitioning Kosovo along ethnic lines, which is expected to mean the Serb-dominated north being integrated into Serbia. Even in Albania, which borders Kosovo, a division is viewed by many with trepidation, and the prime minister, Edi Rama, has been accused of uncharacteristic silence. (news.financializer.com). As reported in the news.

population growth: The report looks at factors including residential investment, employment, economic and population growth, and exports, according to The Toronto Star. Jen St. According to Central 1 Credit Union's latest economic analysis, B.C.'s growth will contract from 3.5 per cent annually over the past four years to 2.9 per cent this year and 2.7 per cent in 2019 to 2020, and it will slip to 2.3 per cent in 2021. Denis / Star Metro The report looks at factors including residential investment, employment, economic and population growth, and exports. The new mortgage rules mean that even buyers who have a 20 per cent down payment must also meet an additional test to ensure they can afford their mortgage if interest rates rise. Bryan Yu, author and deputy chief economist at Central 1, said the new mortgage rules and B.C.'s foreign-buyer tax will lead to slower residential investment in 2019 and will dampen overall growth. (news.financializer.com). As reported in the news.

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love: More than a million people are expected to log on to Click Frenzy Travel when it kicks off at 7pm tonight - a 24 hour online sale offering flight and accommodation deals up to 70 percent off, according to Nine News Australia. Aussies love online shopping and Aussies love a holiday. To improve your experience update it biggest online travel sale kicks off By Sophie Walsh Reporter8 52pm Aug 21, no better way to get over the winter blues than booking a holiday somewhere warm. So we're combining the two, said Click Frenzy's Grant Arnott. Qatar Airways is offering return flights to Europe from 1100. Places around Europe are ideal with the Australian dollar's value. 9news Almost every destination across the globe is covered and there's also heaps of deals for domestic trips. (news.financializer.com). As reported in the news.

beijing: Malaysian Prime Minister Mahathir Mohamad, second left, and Chinese President Xi Jinping, right, at Diaoyutai State Guesthouse in Beijing, according to The Toronto Star. Days before heading to Beijing, Mahathir was already saying Malaysia didn't need the projects, part of Xi's Belt and Road initiative. Mahathir told Malaysian reporters that both Chinese President Xi Jinping and Premier Li Keqiang understood the reasons behind the cancellations and accepted them. ROMAN PILIPEY / AFP/GETTY IMAGES The projects, comprising a 20 billion East Coast Rail Link and two energy pipelines worth 2.3 billion, had already been suspended pending renegotiation. While the projects could be restarted in the future if considered necessary, Malaysia's current focus is on reducing the national debt, he said. It's all about pouring in too much money which we cannot afford, we cannot repay and also because we don't need these projects for Malaysia at this moment, Mahathir said. (news.financializer.com). As reported in the news.

beer: Loblaw said Tuesday that it will make seven varieties of its President's Choice beer available at a dollar a bottle for a limited time in Beer Stores starting Aug. 27 as part of Premier Doug Ford's push for cheaper suds, according to The Toronto Star. The Beer Store It's been a decade since the end of buck-a-beer in Ontario, said Ian Gordon of President's Choice, which first launched the brew for a dollar in 1992. Loblaw said Tuesday it will make seven varieties of its President's Choice brews available for a limited time at a dollar a bottle and only in Beer Stores starting Aug. 27, joining Premier Doug Ford's push for cheaper suds. With the change in pricing rules here, we were excited to help our customers in Ontario celebrate this long weekend. The premier dropped the floor price for beers with fewer than 5.6 per cent alcohol by volume from 1.25 despite concerns in some quarters that the move may encourage some drinkers to imbibe too much. The company would not say how long the promotion will last as Ford tries to build buck-a-beer into a bigger, longer-term trend by promising brewers ads in LCBO flyers, and in-store promotions such as extended shelves and end-of-aisle placement to boost their prominence. (news.financializer.com). As reported in the news.

commodity prices: The Canadian dollar traded higher at 76.66 cents US compared with an average of 76.54 cents US on Monday, according to The Toronto Star. Frank Gunn / THE CANADIAN PRESS The net effect was a weaker U.S. dollar, which resulted in higher commodity prices, specifically oil and base metals and to a lesser extent gold, as well as higher overall stock prices, he said. President Donald Trump talked down the U.S. dollar by comments he directed Monday towards the Federal Reserve against its interest rate hikes, said Craig Jerusalim, portfolio manager at CIBC Asset Management. By the afternoon, several sectors saw prices decrease, including financials ahead of Canadian banks beginning to report quarterly results this week. Consumer staples were down 0.42 per cent, led by a nearly two-per-cent decline by Metro Inc. and lower stock prices for Premium Brands, Saputo Inc. and George Weston. Jerusalim said expectations are that they will report growth, signalling that current valuations are appealing. (news.financializer.com). As reported in the news.

jobs growth: The choice will become very clear between the Turnbull Government focused on lowering taxes for people and businesses and individuals, lowering prices - for example, downward pressure on energy prices and our record on jobs growth - and the anti-business, anti-job, destructive policies of Bill Shorten, according to Nine News Australia. Minister for Foreign Affairs Julie Bishop and Prime Minister Malcolm Turnbull at a press conference at Parliament House in Canberra, Tuesday, August 21, 2018 AAP Image/Mick Tsikas It wasn't so long ago that people were talking about Anthony Albanese taking over from Bill Shorten, she added. To improve your experience update it here News National Julie Bishop 'It wasn't so long ago that people were talking about Anthony Albanese taking over from Bill Shorten'By Miranda Ward8 12pm Aug 21, Liberal leader Julie Bishop has said the task ahead of the Liberal Party is to heal the divisions and told the Australian public that Bill Shorten as PM would be a disaster . Speaking to the ABC's Leigh Sales on 7.30, the long-serving deputy leader said the Coalition has a strong foundation . We are all united in our belief that the Coalition has the best policies for strong economic management and strong national security, and that Bill Shorten will be a disaster for the country and risks thousands of jobs and risk our economic well being, she said. This morning, Turnbull defeated Home Affairs Minister Peter Dutton by 48 votes to 35, but given the small margin, he faces the possibility of another challenge in the near future. Related Articles Who are the options for PM Turnbull one signature away from showdown Crisis in Canberra Bishop, Dutton and Morrison set to battle for Liberal leadership Liberal Party leadership ballot Dutton, Ministers resign to backbench after spill failure However, Turnbull did survive a no confidence motion moved by the Labor party who slammed him as a prime minister in name only . No one contested the deputy prime minister position. Since then a number of Ministers including Dutton have offered the prime minister their resignations. (news.financializer.com). As reported in the news.

currency: In a tweet posted following the unveiling of Venezuela's new currency Monday, the country's president Nicolas Maduro hailed the recovery package as a revolutionary formula, according to CNN. The new Bolivar Soberano currency is worth 100,000 old Bolivares. The move, part of a dramatic raft of measures aimed at halting runaway hyperinflation, comes as thousands of Venezuelans continue to flee across the border into neighboring countries amid food and medicine shortages, political turmoil and soaring crime rates. We found the revolutionary formula that puts work in the center of the general re-adjustment of society, based on the production of goods and the value of salary. Read More I call on the people to defend -- conscientiously -- the adjustment of the prices on street, Maduro later said in another tweet.A bank holiday was declared Monday, with banks remaining closed as the new currency took effect. With that, we're gonna put to rest forever the perverse model that dollarized the prices in the country, tweeted Venezuela's 55-year-old leader. (news.financializer.com). As reported in the news.

share price: But that tweet now the subject of legal action and a regulatory inquiry so far has not led to an offer and Tesla's stock has fallen 19% to 308 share, according to The Guardian. Tesla shares soar after Elon Musk floats plan to take company private Read more Musk has frequently clashed with Tesla's short sellers investors who bet on a company's share price collapsing. The electric car company's shares soared 11% to 379 after Musk's so-called Tesla tweet that he had funding secured to buy out investors at 420 share. The battle between Musk and short sellers has become increasing vituperative and personal. What bothers me is not so much the personal stuff and the personal attacks. He has accused them of being saboteurs who want the company to die . As recently as mid-June, Musk predicted via Twitter that investors have about three weeks before their short position explodes . Arrayed against him are investors who have been willing to lose around 5bn since 2016 on their strong belief that Tesla cannot deliver on it promises. (news.financializer.com). As reported in the news.

things: Here's what else you need to know to Get Up to Speed and Out the Door, according to CNN. You can also get 5 Things You Need to Know Today delivered to your inbox daily. If you're celebrating, may your day be full of feasts and festivities. Sign up here. (news.financializer.com). As reported in the news.

trump: In an exclusive interview with Reuters, Trump said late on Monday he was not thrilled with the Federal Reserve under his own appointee, Chairman Jerome Powell, for raising interest rates and said the Fed should do more to help him to boost the economy, according to Nine News Australia. American presidents have rarely criticised the Fed in recent decades because its independence has been seen as important for economic stability. To improve your experience update it here News World Trump's Fed attack sees US dollar dive7 52pm Aug 21, comments by US President Donald Trump about the country's central bank have held back some stocks while the US dollar fell for the fourth consecutive day in its worst spell since March. The Fed is independent in setting monetary policy and markets were spooked by yet another comment from Donald Trump criticising higher interest rates, said Artjom Hatsaturjants, an analyst at Accendo Markets. It has now fallen 1.2 per cent in the last four days, its worst such run since late March. The dollar index, which tracks performance against a basket of six major currencies, fell 0.35 per cent on Tuesday. (news.financializer.com). As reported in the news.

gang: The member of the Descendants Outlaw Motorcycle Gang faced court after the Crime Gang Task Force allegedly found a gun, ammunition and more than 45,000 cash stashed in a car, according to Nine News Australia. Police seized the silver Mitsubishi Outlander at a Para Hills West property last Thursday, allegedly finding the 9mm Browning semi-automatic, two loaded magazines and money in a hidden compartment in the dashboard. To improve your experience update it here News National Police seize gun, ammunition and 45,000 cash in Adelaide bikie raid By Lucy Hinton8 19pm Aug 20, uncovered a gun and cash during a raid on a bikie member in suburban Adelaide. A raid on a bikie member in suburban Adelaide last week allegedly uncovered a gun, ammunition and more than 45,000 in cash. He was charged with aggravated firearm offences, and two counts breach of bail. Supplied On Sunday, detectives arrested the 38-year-old man at a Wynn Vale property. (news.financializer.com). As reported in the news.

cents: The Canadian dollar traded up at 76.49 cents US compared with an average of 76.45 cents US on Friday, according to The Toronto Star. Darren Calabrese / THE CANADIAN PRESS With an absence of that worrisome news, markets have been a little bit more focused on the economics and earnings data, which is largely supportive of stocks moving higher, he said in an interview. Equity markets on both sides of the border saw minor gains, partly a reflection of an absence of any news about trade or tariffs between China and the United States that allowed markets to follow their natural inclination to grind a little higher, said Craig Fehr, Canadian markets strategist for Edward Jones. The S&P/TSX composite index was up 7.32 points at 16,331.03, lead by pot producers Aurora Cannabis Inc., which closed up 17.08 per cent, Canopy Growth Corp., up almost 11 per cent and Aphria Inc., up 7.47 per cent. Article Continued Below Fehr said he expects the high volatility will continue. Cannabis stocks have been extremely volatile, performing very well over the past couple of years and bouncing back after some recent weakness. (news.financializer.com). As reported in the news.

currency: In a tweet posted following the unveiling of Venezuela's new currency Monday, the country's president Nicolas Maduro hailed the recovery package as a revolutionary formula, according to CNN. The new Bolivar Soberano currency is worth 100,000 old Bolivares. The move, part of a dramatic raft of measures aimed at halting runaway hyperinflation, comes as thousands of Venezuelans continue to flee across the border into neighboring countries amid food and medicine shortages, political turmoil and soaring crime rates. We found the revolutionary formula that puts work in the center of the general re-adjustment of society, based on the production of goods and the value of salary. Read More I call on the people to defend -- conscientiously -- the adjustment of the prices on street, Maduro later said in another tweet.A bank holiday was declared Monday, with banks remaining closed as the new currency took effect. With that, we're gonna put to rest forever the perverse model that dollarized the prices in the country, tweeted Venezuela's 55-year-old leader. (news.financializer.com). As reported in the news.

fraser collapse: Farfetch runs an online marketplace allowing people to buy luxury clothes or accessories from nearly 1,000 brands and boutiques worldwide, differing from some other models where sites hold stock, according to The Guardian. Mulberry warns House of Fraser collapse will damage profits Read more The company, which has yet to turn a profit in its 10-year history, did not disclose the number of shares it would sell or the offer price per share, but said the listing would take place in 2018. Competition to capture online shoppers has picked up among premium brands in recent years, pitting conglomerates such as Louis Vuitton owner LVMH against independent operators as some firms scramble to make up for a slow move into e-commerce. Goldman Sachs, JP Morgan, Allen & Co, UBS, Credit Suisse, Deutsche Bank, Wells Fargo, Cowen and BNP Paribas are underwriting the flotation. It has also paired up with labels such as Britain's Burberry to help make its inventory more widely available online. Facebook Twitter Pinterest Online fashion retailer Farfetch's headquarters in London Photograph Toby Melville/Reuters Farfetch, which competes with other online luxury platforms including MyTheresa or Matches Fashion, has also expanded as a technology firm, working with brands such as France's Chanel to link their stores to digital services including chatrooms. (news.financializer.com). As reported in the news.

monday: European shares opened higher on Monday, as investors hoped the US and China might find a compromise to resolve their trade dispute, according to Nine News Australia. The pan-European STOXX was up 0.7 per cent, with most markets across the continent gaining. To improve your experience update it here News World Shares up on US-China trade talks hopes7 44pm Aug 20, stocks have risen amid optimism over planned trade talks between the United States and China, while Turkey's lira fell after its credit ratings were downgraded and shots were fired outside the US embassy in Ankara. The gains in Europe helped lift the MSCI All-Country World index, which tracks shares in 47 countries, by 0.3 per cent. China and the United States will hold lower-level trade talks this month, the two governments said last week. The gauge has nearly recouped the losses from last week caused by the plunge in Turkey's currency. (news.financializer.com). As reported in the news.

power sector: This leaves the rest of us paying the price for another political capitulation on cleaning up our power sector, according to The Guardian. Some parts of the government don't believe in climate change. By dumping the commitment to take emissions targets to the federal parliament the PM is signalling climate change is not real. Their ideological ties to the coal-based power systems built 40 to 50 years ago has scuttled every attempt to develop credible climate change energy policy over the past 10 years, leaving us where we are now. We look out our windows or watch our TV screens and see droughts spreading, bushfires raging and heatwaves becoming more and more extreme. In the real world, climate change continues. (news.financializer.com). As reported in the news.

publicly-owned utility: The Corruption and Crime Commission CCC found Horizon Power's Manager of Technology, Paul Thomas, corruptly and secretly committed the publicly-owned utility to pay ongoing fees to a company he owned, according to Nine News Australia. The CCC found Mr Thomas falsely claimed that Trusted Solutions IT TSIT which he owned and directed, carried out work for Horizon Power so he could pay down credit card debt. To improve your experience update it here News National New corruption revelations as 'cash for contracts' scandals deepens2 16pm Aug 20, corruption watchdog is recommending two former public servants be prosecuted, amid new revelations of bureaucrats taking advantage of their position to personally benefit from government contracts. He also got his business partner at TSIT, Anthony Raspa, work at Horizon Power and they worked over several years to obtain work from Horizon Power. The report said it found serious misconduct at its most shocking . 9news 9news The CCC found Mr Thomas engaged in serious misconduct and recommended all three men be prosecuted. Their accountant Paul Heresford was also named in the conspiracy. (news.financializer.com). As reported in the news.

shareholders: Shareholders will vote on the cash call next week, as part of what Countrywide is calling its Absolute Growth Plan AGP which also includes pushing through a new incentive scheme, according to The Guardian. Stop whining about the politics of envy'. Executive pay is indefensible Read more Under the proposed scheme top executives including the chairman, Peter Long, whose role changed to an executive position following the ousting of former chief executive Alison Platt, could have received Countrywide shares worth more than 20m. Earlier this month the beleaguered estate agent group, which has nearly 10,700 staff and operates under about 50 brand names including Hamptons International and Bairstow Eves, was forced to ask investors for 140m in emergency funds to save it from collapsing under the weight of its debt. Countrywide's proposals to replace its existing long-term incentive plan with AGP sparked a furious response from shareholders. While Countrywide was expected to be able to push through the scheme its largest shareholder Oaktree Capital was reportedly set to back the proposals the company has decided to avoid a clash with investors by dropping the pay plans. Institutional Shareholder Services, an influential investor advisory service, said investors should oppose the new policy and labelled the scheme excessive and unnecessarily convoluted . No compelling explanation has been provided as to why the proposed arrangement is essential to effectively implementing the group's strategy and turnaround plan, ISS said. (news.financializer.com). As reported in the news.

track brazil: The mass exodus is ratcheting up tensions in countries such as Peru, Ecuador and Brazil even as Venezuelan President Nicolas Maduro announces the introduction of a magic formula to get his country back on track, according to CNN. Brazil announced Sunday it would deploy 120 men from the country's national force to the border state of Roraima, where hostility towards Venezuelan migrants recently boiled over. Stricter border rules and mob violence have greeted some migrants as they look for refuge from the chaotic situation in Venezuela. On Saturday, a mob of Brazilians attacked a group of Venezuelans in a border city and destroyed a migrant camp after a local business owner was robbed by Venezuelans, according to Brazil's state run news outlet, Agencia Brasil. Read More A judge had earlier ruled to prohibit the entry of all Venezuelans to the state but the decision was overturned by Brazil's supreme court. Around 1,200 Venezuelan migrants fled back over the border after the attack. (news.financializer.com). As reported in the news.

turmoil: Gold's 9 per cent tumble this year belies the turmoil in emerging markets and jitters over technology companies, according to The Toronto Star. Carla Gottgens / Bloomberg Gold's 9 per cent tumble this year belies the turmoil in emerging markets and jitters over technology companies, the anchor of the U.S. equity bull market. Exchange-traded funds tracking the metal have bled assets for 13 consecutive weeks, the longest run in five years, investors have placed the biggest gold short on record, and bullion's chief foe a strong U.S. dollar is extending its market grip. The long suffering holders of ETFs have finally given up hope of the yellow metal returning to its former glories and have decided there is better protection in the dollar, the stock market and pretty much anything other than gold, David Govett, head of precious metals at Marex Spectron, said by email. Hedge funds and other large speculators increased net-short bets on the precious metal in the week ending Aug. 14 to the most on record, according to data published Friday going back to 2006. I can only say that gold, as a safe haven, has been a massive disappointment this year. (news.financializer.com). As reported in the news.

wealth fund: The bearish analysis followed a report Sunday that Saudi Arabia's sovereign wealth fund the very investor that Musk has described as a linchpin of his plan to take Tesla private was considering buying a stake in another U.S. electric-car company, according to The Toronto Star. Elon Musk's description of using a prescription drug to sleep and of the toll that leading Tesla has taken on his personal life also raised questions about the well-being of the Tesla chief executive officer. JPMorgan analyst Ryan Brinkman, who rates Tesla the equivalent of a sell, said such a deal is potentially far from even being formally proposed. Patrick T. Fallon / Bloomberg file photo The Saudis' Public Investment Fund is in talks for a separate 1 billion investment in Lucid Motors Inc. that would give the fund control of that fledgling automaker, Reuters reported. The slump would have been the longest streak since a similar run through July 6, according to data compiled by Bloomberg. Tesla fell for most of the day in New York, pointing toward a fifth straight daily drop, before it bounced back and closed up 0.96% at 308.44. (news.financializer.com). As reported in the news.

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.