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

ontario government: Ontario Minister of Trade Jim Wilson speaks during question period in Queen's Park on July 23, 2018, according to The Toronto Star. Wilson has confirmed the Ontario government will build a big sign near the New York border saying Ontario is open for business. Economic Development, Job Creation and Trade Minister Jim Wilson confirmed Wednesday that Premier Doug Ford's election promise of signage near the New York frontier will be kept. Bernard Weil / Toronto Star You don't think he's going to allow me to make that announcement today, do you quipped Wilson, as he announced province-wide consultations on reducing red tape to boost business in Ontario. During the June 7 election campaign, Ford vowed that if he defeated Kathleen Wynne's Liberals he would make a big show of the province's intentions to lure businesses across the border. It's coming soon, he said, emphasizing the sign would not be manufactured by Deco Labels and Tags, the family company founded by the premier's father. (news.financializer.com). As reported in the news.

justin: The Trans Mountain extension project, which Prime Minister Justin Trudeau's government bought for 4.5 billion, suffered a major setback last week after a Canadian court nullified its approval, according to The Toronto Star. Jonathan Hayward / THE CANADIAN PRESS The Trans Mountain extension project, which Prime Minister Justin Trudeau's government bought for 4.5 billion, suffered a major setback last week after a Canadian court nullified its approval. The board also voted to approve a plan for a reverse stock split of the restricted voting shares and special voting shares on a one-for-three basis, the unit of Houston-based Kinder Morgan Inc. said in a statement Tuesday. The line, which takes crude from the oilsands to the country's Pacific Coast, faces strong opposition in British Columbia, the province it crosses to reach the shore. The proposals will be voted on at a special shareholder meeting during the fourth quarter of this year. The payment to holders of restricted voting shares will take place Jan. 3, with the reverse stock split to follow, if the plan is approved. (news.financializer.com). As reported in the news.

hong kong: A testament to the auspicious economic climate, the ultra wealthy population and its total net worth increased in all seven major regions, according to The Guardian. The fastest growing region was Asia, with China and Hong Kong becoming particularly wealthy. The global population of UHNW people, classed as those with more than 30m 23m in assets, increased by 12.9% last year to a record 255,810 people, according to a report by research firm Wealth-X. The Wealth-X World Ultra Wealth 2018 report, published on Wednesday, said there had been a sharp acceleration in the number of UHNW people due to significantly more favourable conditions for wealth creation, despite still volatile geopolitics . The rate of growth of the UHNW population was far faster than in 2016, when it grew by 3.5%. Collectively, the quarter-of-a-million UHNW people have a combined fortune of 31.5tn almost double the GDP of the US. Buoyed by a synchronised upturn in the world economy, rising asset markets and robust corporate earnings, the combined net worth of the ultra-wealthy population increased by 16.3% to 31.5tn, the report said. Hong Kong overtook New York as the city home to the most ultra-rich people, with the new total of 10,010 UHNW individuals representing a 31% increase on the previous year. The Hong Kong dollar is pegged to the US currency so domestic rates largely followed the upward path set by the US central bank. The broad upturn in global financial markets and the reflation trade from higher interest rates were among the drivers of robust wealth gains, the report said. (news.financializer.com). As reported in the news.

prize: Sixteen mates chipped in 10 each for the winning prize, but it wasn't happy news for everyone on the work site, according to Nine News Australia. Two co-workers missed out on the cash, deciding instead to save their money on a burger for lunch. To improve your experience update it here News Good News Lotto win for lucky Sydney construction co-workers8 55pm Sep 5, 2018Facebook Tweet MailA group of construction workers in Sydney's west can't believe their luck after winning 2.2 million in Saturday's Lotto. The lucky group only started their syndicate three weeks ago. 9news The crew from Haines Brothers Earthmoving only began playing as a syndicate when a 100 million jackpot was up for grabs three weeks ago. We thought we'd have a crack at that and see if we can't get it, Young said. At the new Costco site in Kemps Creek, David Hoppa' Young told 9NEWS he decided to round up some of his work mates to join a syndicate. (news.financializer.com). As reported in the news.

rubio: Jones, who is the controversial Info Wars founder, repeatedly interrupted Rubio while he was attempting to answer questions from reporters during a recess in the Senate Intelligence Committee's hearing on foreign use of social media to influence US politics, according to CNN. After talking over Rubio a few times, Jones tapped the senator on the shoulder, as seen in video live-streamed and promoted by Cassandra Fairbanks, a right-wing blogger and an activist. Marco Rubio got into a back-and-forth Wednesday with far-right conspiracy theorist Alex Jones in a Capitol Hill hallway. Hey, don't touch me again, man, Rubio said to Jones. Sure, I just patted you nicely, said Jones, who was standing to Rubio's right in the swarm of reporters, Rubio's staff and security in the Senate hallway. I'm asking you not to touch me again. (news.financializer.com). As reported in the news.

activist government: Here is a summary of the recommendations, according to The Guardian. Reshaping the economy The report calls for an activist government with an expanded industrial strategy, focused on spurring economic growth through investment in infrastructure such as transport links. The policy proposals include reviving trade unions in workplaces and raising the minimum wage. The expectation is that this will improve Britain's industrial base, drive up exports, raise productivity the amount of economic output generated per hour worked and address the regional imbalances in the UK economy. A national investment bank would invest in infrastructure and innovation, and over time should become the main mechanism through which government spends on industrial strategy. The commission also proposes an industrial strategy act to set out clear goals and criteria for state support for industry, and create an independent industrial strategy committee to provide oversight and guidance. (news.financializer.com). As reported in the news.

canadian dollar: The Canadian dollar traded down at 75.80 cents U.S. compared with an average of 76.60 cents U.S. on Friday, according to The Toronto Star. JONATHAN HAYWARD / THE CANADIAN PRESS file photo Everything seems to be taking their cues from the U.S. dollar, said Craig Jerusalim, portfolio manager at CIBC Asset Management. The Canadian dollar closed at its lowest level in more than a month Tuesday, closing at 75.86 cents U.S. compared with an average of 76.60 cents U.S. on Friday. A stronger U.S. dollar which is bad for emerging markets, not good for trade, commodities are all weaker and as a result Canadian equity markets are in the red for the most part. That adds to a 108.67-point decline on Friday amid uncertainty about Canada's trade talks with the United States. The S&P/TSX composite index was down 101.58 points at 16,161.30, after hitting a low of 16,152.17 on 239.4 million shares traded. (news.financializer.com). As reported in the news.

foreign-registered ship: The Malaviya Twenty is a silent symbol of the sinking British shipping industry, according to The Guardian. Why was an Indian ship employed to ply to and from British ports, servicing the British oil industry and British wind farms Because a foreign-registered ship could pay its crew a third of a British crew's wages or less despite government guidance, the UK minimum wage isn't currently enforceable. Returning last week, Great Yarmouth had become a near-prison for its Indian captain and crew, waiting for their back pay that never came. With the oil industry downturn, the Malaviya's owners stopped paying the crew and there the ship stayed, arrested by maritime authorities. UK manufacturing growth hits 25-month low amid Brexit fears Read more Captain Rastogi and his last four crew finally won a high court case, helped by the Nautilus International union and the International Transport Workers' Federation. But soon the crew will be free. (news.financializer.com). As reported in the news.

internet retailer: Amazon has revolutionised how people shop online and is the world's dominant internet retailer, according to Nine News Australia. In two decades the company expanded far beyond its bookseller beginnings, combining its world-spanning retail operation with less flashy but very profitable advertising and cloud computing businesses. To improve your experience update it here News World Amazon reaches US1 trillion market value2 12am Sep 5, has become the second publicly traded company to be worth US1 trillion, hot on the heels of Apple. The company's blowout success made its founder and chief executive Jeff Bezos number one on Forbes' billionaires list this year. Amazon's stock rose 1.7 per cent on Tuesday, putting its market value at just over US1 trillion A1.4 trillion . Apple topped that mark in early August. The Seattle-based company has cemented customer loyalty through smart devices like Alexa and the Prime membership program that offers fast, free shipping as well as music and video streaming perks. (news.financializer.com). As reported in the news.

project: In a presentation to investors, Transurban has said Stage 3 b of the project will be open to traffic in the 2025 financial year, according to Nine News Australia. The NSW Government has always insisted it will open in 2023. To improve your experience update it motorway could be completed 18 months late By Chris OKeefe State Political Reporter7 07pm Sep 4, Westconnex motorway could be completed up to 18 months late, after the new owners of the road claimed a crucial part of the project will open much later than expected. Stage 3 b is the highly complicated Rozelle Interchange, consisting of a tunnel from Haberfield to Rozelle and ending in a spaghetti junction of underground ramps. Transurban spent 9.3 billion on its successful bid to buy 51 percent of Westconnex. It will feed drivers onto the Anzac Bridge and Victoria Road as well as the future Western Harbour Tunnel. (news.financializer.com). As reported in the news.

states: The system worked well until Donald Trump came along and knocked it down as if he were laying the foundations for a new casino, according to The Guardian. This perceived crisis may be the main thing that unites the press in the United States and Europe. As dozens of magazine articles, op-eds and blogposts will tell you, the post-second-world-war order was built from D-day until yesterday by Americans and Europeans who shared the ideals of peace, freedom and democracy. Is the Trans-Atlantic Relationship Dead asked the New York Times in January. In Germany, the heart of the Europe-US alliance, there is talk of little else when it comes to foreign policy. A few weeks later, it rang a more definite note The Post-World War II Order Is Under Assault From the Powers That Built It. (news.financializer.com). As reported in the news.

argentina: Argentina will slash spending and raise export taxes in a push to accelerate reductions to its budget deficit, according to The Guardian. Markets are all about the timing and Argentina got clocked Read more Although the measures speed up the pace of austerity, they ultimately fell short of expectations on the international markets, as the peso continued its fall with a slide of more than 4% against the dollar following the news. Speaking as the peso dropped to a fresh record low on Monday, President Mauricio Macri said the country was facing an economic emergency that would require austerity measures to resolve. The peso has fallen by half against the dollar this year. The export taxes will be taken as an emergency step to be lifted once the economy has stabilised. The new measures, announced by Macri's right-of-centre government, include raising export taxes on grains and cutting the number of government ministries in a bid to balance its budget next year. (news.financializer.com). As reported in the news.

bloomberg: Source Bloomberg react-empty 311 More From Bloomberg Daybreak Australia48 09'Bloomberg Daybreak Australia' Full Show 9/5/18 13 hours ago02 36U.S., China May Be Digging in for Protracted Trade War, Fmr, according to Bloomberg. USTR Official Says13 hours ago02 43Took Position in Canada, Cumberland Advisors' Kotok Says14 hours ago48 06'Bloomberg Daybreak Australia' Full Show 9/4/18 All episodes and clips Bloomberg Markets Bloomberg Markets is focused on bringing you the most important global business and breaking markets news and information as it happens. He speaks with Haidi Stroud-Watts and Ramy Inocencio on Bloomberg Daybreak Australia. More episodes and clips06 50Bayer CEO on Lower Earnings, Monsanto Purchase, Roundup03 04The Future of European Banking04 14Investing in Vietnam Where to Find Opportunity07 37Judah Value Activist Fund's Thng Looking at Commodity Companies, Banks Quick Take Explaining the world with Bloomberg News More episodes and clips02 21These People Want to Save the World - And Turn a Profit While They're At It03 21Why China Can No Longer Hide Its Health Scandals02 23The World's Biggest Cities Are Preparing for More Super Storms02 40The Hidden Dangers of Home DNA Tests The David Rubenstein 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. Jim Yong Kim24 05The David Rubenstein Show Oscar Munoz24 02The David Rubenstein Show Dennis Muilenburg24 01The David Rubenstein Show Richard Branson See all shows More episodes and clips24 03The David Rubenstein Show Dr. (news.financializer.com). As reported in the news.

emerging-market crisis: Source Bloomberg react-empty 311 More From Daybreak Asia01 38 16Bloomberg Daybreak Asia - Full Show6 hours ago04 13Indonesia Fights to Protect Rupiah; Malaysia Expected to Keep Rates on Hold12 hours ago03 17South Korea Pushes to Revive Nuclear Talks With North12 hours ago03 17Emerging-Market Crisis to Get Lot Worse Before Gets Better, Saxo Capital Says12 hours ago All episodes and clips Bloomberg Markets Bloomberg Markets is focused on bringing you the most important global business and breaking markets news and information as it happens, according to Bloomberg. More episodes and clips06 50Bayer CEO on Lower Earnings, Monsanto Purchase, Roundup03 04The Future of European Banking04 14Investing in Vietnam Where to Find Opportunity07 37Judah Value Activist Fund's Thng Looking at Commodity Companies, Banks Quick Take Explaining the world with Bloomberg News More episodes and clips02 21These People Want to Save the World - And Turn a Profit While They're At It03 21Why China Can No Longer Hide Its Health Scandals02 23The World's Biggest Cities Are Preparing for More Super Storms02 40The Hidden Dangers of Home DNA Tests The David Rubenstein 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. Thomas Fang, head of China equities at UBS Group AG, weighs in on Bloomberg Daybreak Asia with Yvonne Man. More episodes and clips24 03The David Rubenstein Show Dr. Jim Yong Kim24 05The David Rubenstein Show Oscar Munoz24 02The David Rubenstein Show Dennis Muilenburg24 01The David Rubenstein Show Richard Branson See all shows (news.financializer.com). As reported in the news.

europe: But his main focus was China, which he accused of failing to play by the global rules of trade and diplomacy, and was instead seeking to economically colonise as much of the world as it could, according to The Guardian. Steve Bannon plans foundation to fuel far right in Europe Read more This is not a trade war ... Australia is at the frontlines of this. In a wide-ranging interview on ABC's Four Corners, Bannon also said that the populist surge that swept Donald Trump to the US presidency and delivered the vote for Brexit in the UK was a global revolution that was coming to Australia. We're in an economic war with China OK Not a trade war, Bannon said. They always talk about the international rules-based order. China has been in a economic war with the west and they are a totalitarian mercantilist system. (news.financializer.com). As reported in the news.

landowners thanks: Aston Martin unveils London Stock Exchange flotation Read more The firm has already secured backing from Heartland, the investment vehicle of the Danish multibillionaire Anders Holch Povlsen, who is the largest shareholder in the online retailer Asos, according to The Guardian. Povlsen, also one of the UK's largest landowners thanks to successive purchases of sprawling Scottish estates, has pledged to take a 10% stake. Funding Circle, which allows small firms to tap into a pool of money provided by thousands of investors, aims to raise 300m in a stock market float valuing the company at up to 1.95bn. The chief executive, Samir Desai, said he and his two co-founders, who met at Oxford University, were inspired by tough lending conditions amid the credit crunch. It's a small part of what banks do, but actually quite a big thing for society. In 2008 we were seeing small businesses struggling to get access to finance, said Desai, whose 7.6% stake is worth up to 125m. (news.financializer.com). As reported in the news.

joe: Geoffrey Owens arrives at the 2011 TV Land Awards in New York, according to The Toronto Star. The Cosby Show actor was thrust into the spotlight when a photo of him working the cash register at a Trader Joe's went viral. The issue was thrust into the spotlight when a photo of The Cosby Show actor Geoffrey Owens working the cash register at a Trader Joe's went viral. Peter Kramer / THE ASSOCIATED PRESS After news of Owens' employment was published by multiple media outlets, a legion of social media users and industry workers jumped to the 57-year-old actor's defence, with some tweeting their own personal stories about juggling multiple jobs during their careers with the hashtag Actors With DayJobs. There's an assumption that if you're on a big TV show, that somehow, that's what you're doing all the time, she said in a phone interview Monday. Arwen Humphreys, who plays Margaret Brackenreid in the Canadian drama series Murdoch Mysteries, said she's worked on-and-off as a server in Toronto throughout the entire run of the show, which was renewed for a twelfth season in March. (news.financializer.com). As reported in the news.

wattle grove: A Campbelltown judge found the 31-year-old former teacher guilty of abusing 17 students at Wattle Grove Public School between 2012 and 2015, according to Nine News Australia. Shane Matthews was sentenced to 18 years in jail with a non-parole period of 12 years. To improve your experience update it here News National Former teacher to spend at least 12 years in jail over sexual abuse of students6 25pm Sep 3, Matthews was once described by his students as the greatest teacher in the school . But today, Campbelltown Court was packed with former pupils and parents of a former primary school in Sydney's south-west, who were eager to see Matthews jailed for the systematic sexual abuse of more than a dozen children in his care. Matthews dressed up as Captain Obvious for his students. Matthews was found guilty of grooming young boys by offering them fake money and prizes on superhero days. Today, he was sentenced to 18 years in jail with a non-parole period of 12 years. (news.financializer.com). As reported in the news.

grant checks: But this last freedom can be fraught with problems research from comparison site Money Supermarket reports that students often spend more than their student loan, by almost 150 each term, according to The Guardian. So with banks eager to get students' grant checks and hopefully sign them up as customers for life, what are the best bank accounts and what should they be aware of I regret spending a lot on takeaways' students on their money Read more Choosing a bank A survey of 3,000 students by Which ranked Santander highly for its sign-up incentives, while HSBC and Nationwide were praised for their customer service. Living away from home, coming back in the early hours and lazy afternoons in front of the TV all await as does managing money to pay for everyday life. TSB ranked poorly on customer service and RBS scored low for complaints handling and sign-up benefits. Hannah Maundrell of Money.co.uk says students should check a number of things when choosing an account does it offer a contactless card What is the savings interest Do you get free access to local ATMs Is there a branch close to campus Does it have a student adviser Owen Burek, editor of Savethe Student, says returning students do not realise they are free to switch their current account. When opening an account, students should check if they have to pay a minimum sum into it for example, with Santander, at least 500 has to be paid in each term. (news.financializer.com). As reported in the news.

wage: The leftwing thinktank said the plan which would be voluntary would involve increasing rates to the voluntary living wage, which is run by the Living Wage Foundation and recommends employers pay at least 10.20 an hour in London and 8.75 in the rest of the country, according to The Guardian. Employers including the drug-maker Glaxo Smith Kline, Unilever, the retailer Lush and the accountants KPMG, have already adopted the voluntary wage rates with their own employees. According to the study, by the Smith Institute, employers need the spur of a higher minimum wage to shake them out of a spiral of low productivity and low growth that depresses company revenues and has trapped about 2 million workers on the current minimum wage of 7.38 an hour, or 7.83 for those aged 25 years or older. They also make a commitment to force suppliers and clients to pay the higher minimum wage. How much is an hour worth The war over the minimum wage Read more The institute, which is named after the former Labour leader John Smith, said a local living wage dividend could increase to 1.1bn, when taking into account economic multipliers such as increased local spending by low-paid workers and local authority spending to improve the infrastructure of the region. More than half a million workers would secure an average annual pay rise of more than 1,700, and UK city regions would benefit from a 560m boost that could top 1bn if the government handed much of the extra tax generated to city mayors and the newly created combined authorities. (news.financializer.com). As reported in the news.

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

pakistan: On Saturday, a spokesperson for the Pentagon said that due to a lack of decisive actions in support of the South Asia strategy, the remaining 300m was reprogrammed withdrawing for good a previous offer to unfreeze the funds if Pakistan took decisive action against militant groups, according to The Guardian. The Trump administration says Islamabad offers sanctuary to Taliban fighters waging a 17-year war in Afghanistan, a charge Pakistan denies. The so-called Coalition Support Fund was suspended earlier this year after Donald Trump tweeted that the US had received nothing but lies and deceit in return for 33bn 25bn of financial support to Pakistan since 2002. The Pentagon spokesman Lieut Kon Faulkner said the funds would be reassigned to other urgent priorities following approval by Congress. Analysts noted the timing of the Pentagon's announcement may reflect irritation within Washington at Khan's decision to welcome the Iranian foreign minister, Javad Zarif, as his first diplomatic guest and the former cricketer's subsequent statements of support for the nuclear deal that Trump recently reneged upon. Imran Khan's new government offered no immediate response but the prime minister has called for more balanced relations with the US and is seeking to shift Pakistan's foreign policy away from a clientalistic relationship with the US, whose drone attacks and war on terror he blames for fostering extremism within Pakistan, towards allies closer in the region. (news.financializer.com). As reported in the news.

paris: The prime minister is also standing by Australia's commitment to the Paris emissions reduction targets because they will be met without any extra action, according to Nine News Australia. The idea of a royal commission into the energy sector was floated by his Liberal leadership rival Peter Dutton two weeks ago. To improve your experience update it here News National Energy royal commission possible PM3 34am Sep 3, Morrison is open to starting a royal commission into energy companies, after admitting he was wrong to oppose one into the banks. I'm open to it though, and I'll look at it, Mr Morrison told 3AW radio on Monday. Where I failed was to properly understand the real pain people had been feeling about being treated so badly, he said. He said he made a mistake opposing the banking royal commission. (news.financializer.com). As reported in the news.

richard liu: Getty / AAP Facebook Tweet Mail Chinese billionaire Liu Qiangdong, also known as Richard Liu, the founder of the Beijing-based e-commerce site JD, was arrested in Minneapolis on suspicion of criminal sexual conduct, according to Nine News Australia. Liu, 45, was arrested late Friday night and released Saturday afternoon local time pending possible criminal charges, Hennepin County Jail records show. To improve your experience update it here News World Chinese billionaire Liu of JD arrested in Minneapolis7 54am Sep 3, 2018Chinese billionaire Liu Qiangdong, also known as Richard Liu, founder of JD was arrested on suspicion of criminal sexual conduct. The jail records don't provide details of the alleged incident. He declined to say where in Minneapolis Liu was arrested or what Liu was accused of doing. Minneapolis police spokesman John Elder said he could not provide any details because the investigation is considered active. (news.financializer.com). As reported in the news.

russian aid: Citing current and former officials and associates of Deripaska, the Times reported that investigators were hoping for information from Deripaska on Russian organized crime during a September 2015 meeting and, in a meeting a year later, on possible Russian aid to Trump's 2016 presidential campaign, according to CNN. The effort to recruit Deripaska was part of a broader, classified US initiative that attempted to gain the cooperation of several Russian oligarchs, the Times reported. Between 2014 and 2016, the FBI and the Justice Department sought and attempted to turn Russian businessman Oleg Deripaska into an informant for the United States, the Times reported Saturday. The newspaper added that the effort did not seem to have had any successes; Deripaska told US investigators he disagreed with them on Russian organized crime and ideas about possible Russian collusion with the Trump campaign, a person familiar with the exchanges told the Times. Working as an intermediary, Steele helped arrange a meeting between Deripaska and US officials, including Ohr, in 2015, during which Deripaska was asked about the connections between Russian organized crime and Russian President Vladimir Putin's government, the Times reported, citing a person familiar with the events. According to the Times, Ohr and Steele first discussed flipping Deripaska in November 2014. (news.financializer.com). As reported in the news.

auto industry: Aston's plan to float on the London Stock Exchange comes as much of Britain's auto industry has sounded the alarm over the potential impact of tariffs and customs checks on their business post-Brexit, according to The Guardian. BMW, which makes the Mini, has warned that a no-deal Brexit could force UK plant closures; Jaguar Land Rover, which employs 40,000 people in the UK, has also raised concerns, saying a bad Brexit deal would threaten 80bn worth of investment plans for the UK and might force it to close factories. The carmaker wants to sell at least 25% of its shares to City investors, valuing it at about 5bn, before Britain leaves the EU next March. So why does Aston Martin think it can dodge the Brexit flak and secure City backing Andy Palmer, the company's chief executive, said I'm not advocating Brexit, trade wars or tariffs. The big difference between us and, let's say, Toyota is that around 25% of our production goes to the EU. Almost all their cars made here are for export to the EU. Pointing to sterling's woes since the referendum, he added Also, a weak pound is good for exporters like us. But you have to assume it's going to happen. (news.financializer.com). As reported in the news.