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

october: The official purchasing managers' index PMI fell to 50.2 in October, the lowest since July 2016 and down from 50.8 in September, according to The Guardian. A figure below 50 represents a contraction. No-deal Brexit would trigger lengthy UK recession, warns S&PRead more China's manufacturing sector barely expanded in October as both domestic and external demand ebbed, according to a closely watched metric released on Wednesday. New export orders, an indicator of future activity, contracted for a fifth straight month and at the fastest pace in at least a year. The moves have included pumping tens of billions of dollars into the financial system and other measures to prop up local shares. The figures suggest a further slowing in the world's second-biggest economy and could prompt more policy support from Beijing on top of a raft of recent initiatives. (news.financializer.com). As reported in the news.

power: Wealth Simple under CEO Michael Katchen manages 3 billion in assets for more than 100,000 clients, according to The Toronto Star. Power Corp. is controlling shareholder of the robo-adviser. Power Corp's in-house venture fund Portag3 has raised 198 million in its second round of funding, with about half coming from units of the Montreal-based holding company and half from outside investors, including National Bank of Canada and Intact Financial Corp. Toronto Star File Photo Power Corp. entities previously spent 240 million on fintech companies. Desmarais said the fintech companies Portag3 invests in are giving Power Corp. a window into the latest trends in tech and consumer adoption. What brings together all of the investors is that they view the financial services industry as being ripe for change and they want to be positioned to take advantage of that change, said Portag3 co-founder and executive chairman Paul Desmarais III, the son of Power Corp.'s co-chief executive officer Paul Desmarais Jr. (news.financializer.com). As reported in the news.

trade deal: A delegation of European MPs is in Australia as part of the negotiations on a free trade deal and they are optimistic about getting it done, according to Nine News Australia. Australian farmers can expect increased access to the European market following these negotiations, if everything else goes in place nicely, Romanian MP Sorin Moisa told AAP on Wednesday. To improve your experience update it here News National Euro MPs optimistic on Aust trade deal4 52pm Oct 31, farmers have been told they don't have to worry about the European Union's fabled mountains of butter in free trade negotiations. Local farmers have long pushed for access to the lucrative European market but previously had to compete with heavily subsidised produce. The mountains of butter that may still persist in the Australian imagination when you think about the EU - they are long gone, he said. Mr Moisa says it's no longer the case. (news.financializer.com). As reported in the news.

uk diplomacy: But we must never close our eyes to the approaches and skills of other industries, according to The Guardian. Hunt will also announce a drive to double the number of British diplomats who can speak a foreign language from 500 to 1,000 as part of a 10-year plan to reinvigorate UK diplomacy after Brexit. The initiative will include opening up some ambassador roles to external candidates, with the foreign secretary due to tell an audience at the Policy Exchange thinktank The strength of our network is its professionalism, which has given us what I believe is the finest diplomatic service in the world. In his speech on Wednesday, Hunt will say he wants to project the UK as the invisible chain that links the world's democracies . He will say that in the face of a global threat to democracy, the UK must expand British diplomacy. He added There may be one or two posts where someone who is perhaps chief executive of a FTSE company, who has got strong links with another country, could do a brilliant job representing the UK, building up our trade with another country. Asked whether the move to bring in people from outside the civil service was a step towards a US-style system that allowed cronyism, Hunt told the There will be absolutely no conflict of interest allowed and anyone applying for these jobs will apply through normal Foreign Office processes so we can make sure that proper independence is protected. (news.financializer.com). As reported in the news.

wednesday: The Australian Securities and Investments Commission's annual report released on Wednesday revealed 124 investigations were completed in 2017/18, resulting in 351.6 million in compensation or remediation, according to Nine News Australia. As well, ASIC's work led to 22 criminal convictions and 183 people either being removed, restricted or banned from providing financial services or disqualified from directing companies. To improve your experience update it here News National Ripped off investors reap 350 million2 51pm Oct 31, by the corporate watchdog have reaped more than 350 million for ripped off investors and consumers. ASIC chairman James Shipton said in the report the royal commission had shone a bright light on the consequences of financial services misconduct and of failing to abide by the standards of behaviour required by the community as a whole . We need to recognise that every cent in the financial system is other people's money, Mr Shipton said. He wrote that ASIC was seeking to use the tools available to it to modify behaviours and improve professional standards, with the aim of rebuilding trust in the financial services sector . Related Articles Tax watchdog wants tax office changes Photos of the week The Lion Air disaster, Rush in court and Venice floods Barnaby backtracks on Nats Nazi skepticism Over the year 1200 surveillances were conducted, down 200 on the previous year. Corporate Australia - and, in particular, the finance industry - is suffering from a deficit of trust. (news.financializer.com). As reported in the news.

cent: Financial spreadbetters expect London's FTSE to open almost flat, Frankfurt's DAX to rise 0.1 per cent, and Paris's CAC to add 0.3 per cent, according to Nine News Australia. MSCI's broadest index of Asia-Pacific shares outside Japan swung in and out of negative territory in morning trade and last traded 0.3 per cent higher on the day. To improve your experience update it here News World Asian shares bounce in choppy trade8 50pm Oct 30, shares have clawed back earlier losses as China made a fresh attempt to stabilise its stock markets although activity was choppy with investors cautious about further escalations in the Sino-US trade war. The index has lost 12 per cent this month and is on track for its biggest October decline since 2008, during the global financial crisis. Global investor sentiment remains shaky, said Yasuo Sakuma, chief investment officer at Libra Investments in Tokyo. At this point, nobody can say the equity market is bottoming out. (news.financializer.com). As reported in the news.

b.c .,: It's the metric politicians most often cite as an indicator of economic health, but more and more leaders and researchers are saying that countries need to find something better, according to The Toronto Star. Kitimat, B.C., will be the location of a 40-billion liquid natural gas plant. Canada's Gross Domestic Product GDP a metric that captures the total economic input and output of a country, has been rising steadily since 1980. Oil-and-gas and housing together comprised a quarter of Canada's produced capital wealth in 2015, according to a new report. The economy should be serving people, Furstenau said. DARRYL DYCK / The Canadian Press It doesn't distinguish between activity that is beneficial or destructive to us as humans, said Sonia Furstenau, Green party MLA for Cowichan Valley and an advocate for more comprehensive economic measurements. (news.financializer.com). As reported in the news.

bentley: The Volkswagen-owned marque makes about 11,000 cars a year in Crewe, according to The Guardian. If London and Brussels fail to reach an agreement by the end of the year, Bentley may stockpile more car parts and close its factory for a few extra days, said Hallmark, who joined Bentley from Jaguar Land Rover in February. Adrian Hallmark, the chief executive of the luxury carmaker, told Reuters it was stockpiling some components ahead of Brexit and switching from the port of Dover to Immingham to bring in certain parts. The majority of key parts including engines and body come from the European Union, mainly Germany. BMW plans to shut its Mini plant for a month after the UK's departure from the EU on 29 March, to minimise the impact of a no-deal Brexit that it fears would cause a shortage of parts. We may work for four days, or we may have a longer Christmas break and a longer Easter break if there is no deal so that we can smooth the period between now and the middle of next year, Hallmark said. (news.financializer.com). As reported in the news.

government: Italy, which is at loggerheads with Brussels over its plans for a more expansionary budget, recorded zero growth in the first three months under its new populist government, according to The Guardian. The country is now at risk of a third recession in a decade. Figures from the EU statistics agency Eurostat showed a marked and unexpected slowdown in the third quarter of 2018, in the latest evidence of an easing of economic activity around the world since the start of the year. The government in Rome wants to stimulate the economy which is still 5% smaller than it was before the financial crisis through tax cuts and spending increases, and to dismantle an austerity law forced on Italy by the European commission. But so far, Rome has shown no sign of making changes. In an unprecedented move, Brussels told the Italian government it must reconsider its budget plans. (news.financializer.com). As reported in the news.

group: A man works in the broadcast centre at the TMX Group Ltd. in Toronto, according to The Toronto Star. Darren Calabrese / THE CANADIAN PRESS There's a tremendous impact going on right now from political events and leadership changes and trade wars, and all those things tend to impact the marketplace and impact sentiment, Eccleston told Bloomberg Television Tuesday in an interview at the Canada Fin Tech Forum in Montreal. Corporate fundamentals remain healthy and should be enough to halt the recent market slump before it turns into a bear market, often defined as a decline of 20 per cent, said Lou Eccleston, chief executive officer of TMX Group Ltd. But so far, as long as the long-term fundamentals stay in place and these things smooth themselves out, we're hopeful that things will get back on track. Article Continued Below The story may be different for cannabis stocks, he said. The S&P/TSX Composite Index has lost about 11 per cent form its July high, including about 8 per cent since the beginning of October. (news.financializer.com). As reported in the news.

hammond: We've been sneered at, one said, according to The Guardian. Another said Headteachers feel indignant about Mr Hammond's little extras' rhetoric, but most of all we are shocked that the reasonable requests of parents and the profession as a whole have been ignored. Far from building bridges, the chancellor risked making the situation worse by describing the one-off payment to schools in one interview as a nice gesture which would help headteachers afford a whiteboard, a couple of computers, whatever it is they want to buy . At a time when teachers and support staff are being made redundant, and pastoral and special educational needs services are being cut back after years of real-terms funding reductions, school leaders found Hammond's choice of words galling and insulting. At one point, in an interview with Susanna Reid on ITV's Good Morning Britain, the chancellor clearly having some problems hearing the question appeared to reject her suggestion that some schools were so hard up that they were considering shorter weeks and could not afford essentials. We put 1.3bn of additional money into schools funding last year to protect per-pupil spending in our schools. Frankly, I reject that, he said twice, then added Schools spending will be dealt with in the spending review. (news.financializer.com). As reported in the news.

indications monday: The currency has now slumped more than 9% against the greenback since January, dragged down by interest rate hikes in the United States, fears over the health of China's economy and the trade war between the two countries, according to CNN. China says it will do battle with speculators betting against its currency The new 10-year low for the yuan came after indications Monday that the clash between Washington and Beijing is set to intensify. The yuan sank past 6.97 to the dollar in Tuesday morning trading in Asia, its weakest level since May 2008. Bloomberg News alarmed investors with a report that the White House is considering more tariffs on Chinese goods by December if a meeting between US President Donald Trump and Chinese leader Xi Jinping doesn't go well. The exchange rate is creeping closer to 7 yuan to the dollar, which is seen as a key psychological threshold for traders and could be the trigger for renewed attacks by Trump. And the US government said it was restricting exports of American technology to a state-backed Chinese chipmaker. (news.financializer.com). As reported in the news.

p sectors: All 11 major S&P 500 sectors ended higher a day after a volatile session that pushed the benchmark S&P 500 lower and close to confirming its second correction of 2018, according to Nine News Australia. You have had such a pounding here in the month of October that at some point you would expect some bouncing to begin and hold, said Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana. To improve your experience update it here News World Wall St up as chip, transport shares surge7 37am Oct 31, US stock indexes have jumped more than 1 per cent, helped by strong gains for chip and transport stocks as investors took advantage of cheaper prices following a steep recent pullback for equities. You are starting to see maybe people wading into the waters with, 'Time to buy some of these stocks.' You saw that yesterday, but obviously it just didn't hold, Carlson said. The Philadelphia semiconductor index jumped 4.2 per cent, its biggest one-day percentage gain since March. The Dow Jones Industrial Average rose 431.72 points, or 1.77 per cent, to 24,874.64, the S&P 500 gained 41.38 points, or 1.57 per cent, to 2,682.63 and the Nasdaq Composite added 111.36 points, or 1.58 per cent, to 7,161.65. (news.financializer.com). As reported in the news.

industrials sector: Canadian stocks closed higher with the industrials sector leading a broad rally, according to The Toronto Star. Darren Calabrese / THE CANADIAN PRESS We're in sort of a changing, evolving landscape here where we're not going to have central banks backstopping the markets for the foreseeable future. The gains across North American markets came after a rocky stretch in recent weeks as investors digest a changing reality for equity, Candice Bangsund, portfolio manager for Fiera Capital. This is something that markets are definitely not used to, she said. Article Continued Below We are in correction territory. The easing of support as central banks raise rates comes as companies begin to warn of rising labour and material costs and the impacts of tariffs, which, combined with trade fears with China, have rattled markets in recent weeks. (news.financializer.com). As reported in the news.

tins: The debate over supermarket limits on baby formula was reignited last week after a new video emerged of at least 50 people queuing to strip the shells of tins at a store in Melbourne's east, according to Nine News Australia. Following the video's release, Woolworths announced it would cut its baby formula limit from eight tins per customer to two. To improve your experience update it here News National Why Asian buyers want Aussie baby formula when the exact same product is available in China By Sean Davidson11 58am Oct 30, mums are driving to multiple stores, sometimes at midnight, searching for baby formula as supermarkets struggle to deal with Asian buyers stripping it from shelves, a TODAY investigation has revealed. It's disgusting, eight tins, who needs eight tins of formula, two is enough, new mum, Fiona Claridge, said. I've had to drive around multiple nights, until midnight, looking for formula, the 28-year-old said. Nine It's disgusting, eight tins, who needs eight tins of formula, two is enough, new mum, Fiona Claridge, told TODAY. Ms Claridge says her local Coles in Melbourne has not had stock of the popular A2 Platinum formula for months and she has been forced to drive around for hours with her baby, Eli, searching for it. (news.financializer.com). As reported in the news.

trump: In a tweet shortly before markets opened in New York on Tuesday, Trump acknowledged the recent volatility, claiming investors are taking a little pause as they await the final outcome of the midterm elections, according to CNN. The Stock Market is up massively since the Election, but is now taking a little pause -- people want to see what happens with the Midterms, said Trump in the tweet. The former real estate mogul-turned-president has repeatedly cited the upward swing in stocks as evidence of his successful economic stewardship -- but now, just as he faces his first reckoning with voters, the market's begun to wobble, erasing a chunk of the gains Trump has bragged about. If you want your Stocks to go down, I strongly suggest voting Democrat. Read More Trump's tweets come a day after the Dow swung more than 900 points from its highs of the day to its lows, and ended with a more than 245-point loss. They like the Venezuela financial model, High Taxes & Open Borders! He later tweeted about new consumer confidence figures released Tuesday, showing optimism at an 18-year high. (news.financializer.com). As reported in the news.

british-born brothers: Last year, Take-Two distributed 383 million in what it called internal royalties, according to The Toronto Star. More than 2,000 Rockstar employees receive bonuses, a company spokesman said. That's thanks in large part to their latest title, Red Dead Redemption II. The British-born brothers and a few key insiders share half the profits of Rockstar Games Inc., the Take-Two subsidiary that makes both titles, according to a lawsuit filed by a former employee. Red Dead Redemption 2, the sequel to a surprise blockbuster released eight years ago, launched October 26. The company declined to say how much of it went to the Housers. Rockstar Games Take-Two said its compensation programs allow employees to join in the success of software they help develop. (news.financializer.com). As reported in the news.

bloomberg news: The S&P/TSX composite index closed down 166.51 points or more than one per cent to 14,721.75, according to The Toronto Star. Bloomberg News The S&P/TSX composite index gained 131 points early, but then closed down 166.51 points or more than one per cent to 14,721.75. Early trading was a reflex reaction as investors bought into last week's weakness, said Craig Fehr, Canadian markets strategist for Edward Jones. That's the lowest level since July 8, 2016. I think investors by and large have been a little shell-shocked by the volatility of recent weeks. I think it's a reflection of the lack of conviction that we have in the market right now, Fehr said in an interview. (news.financializer.com). As reported in the news.

housing stock: The Grattan Institute's 2018 report into how the states are going also recommends state governments pursue their own emissions reduction scheme if the federal government can't create one, according to Nine News Australia. The report found the amount of housing per adult in each state went backwards from 2011 to 2016, with only the ACT increasing its housing stock. To improve your experience update it here News National More housing near cities needed report11 23am Oct 29, more high density housing in the inner suburbs of major cities is key to unlocking economic growth, a new report has found. Affordability - both to buy and to rent - will only get a lot better if governments ensure more homes are built, the report says. Building an extra 50,000 homes a year for a decade could leave Australian house prices five-to-20 per cent lower than what they would have been otherwise, stem rising public anxiety about housing affordability, and increase economic growth. The institute recommends state governments put more high density housing in inner suburbs close to CBDs, where most of the high value jobs are created. (news.financializer.com). As reported in the news.

index: The STOXX 600 index, which tracks the share prices of companies across 17 European countries, ended the day 0.9% higher, according to The Guardian. Despite the bounce, the STOXX 600 remained on track for its worst monthly performance since August 2015, following the stock market turbulence through most of October. Financial stocks also contributed to the rally, thanks to strong results from Europe's biggest bank, HSBC, as well as the decision by Standard & Poor's not to downgrade the Italian government's credit rating. London's FTSE 100 closed up 1.4%, led by HSBC, which closed up 4.8%. The FTSE 100 posted its best daily performance in five weeks, recovering some of the ground lost last week after a heavy sell-off hurt shares around the world. Wall Street started in positive territory before slipping back. The gains in Europe followed a sluggish performance in Asia, where worries about China's slowing economy weighed. (news.financializer.com). As reported in the news.

leaders: The company once synonymous with mainframe computing has been slow to adopt cloud-related technologies and has had to play catch-up to market leaders Amazon Inc. and Microsoft Corp. in offering computing and other software and services over the internet, according to The Toronto Star. IBM said it has reached a deal to buy software company Red Hat for 34 billion, a move the computing giant said would enhance its cloud offerings, a key area of growth. The cash deal, IBM's biggest by far, boosts the 107-year-old computer-services giant's credentials overnight in the fast-growing and lucrative cloud market and gives it much-needed potential for real revenue growth. PAU BARRENA / AFP/GETTY IMAGES We've been reshaping IBM for this moment, chief executive officer Ginni Rometty said in an interview with Bloomberg TV on Monday. IBM has been positioning itself as a leader in the so-called hybrid cloud market in which companies run programs on both their own internal servers and the big public cloud providers Amazon's AWS and Microsoft's Azure at the same time. This is all about resetting the cloud landscape and this is the inflection point to do it. (news.financializer.com). As reported in the news.

minister: Mr Morrison said fewer than 50 asylum seeker children remain on Nauru, with the number falling by 30 in recent months, according to Nine News Australia. We'll continue to work progressively on that, but we're not going to do it by showboating and grandstanding, the prime minister told reporters in Geelong. To improve your experience update it here News NationalPM warns against knee-jerk Nauru response4 22pm Oct 29, Minister Scott Morrison has warned against the immediate removal of children on Nauru, staring down growing political and public pressure. Former prime minister Tony Abbott said people on Nauru were overwhelmingly economic migrants, rejecting calls to bring children to Australia for medical care. Health services on Nauru for boat people are much more extensive than the health services that a lot of regional towns get here in Australia, Mr Abbott said. Of course 'Kids Off Nauru' is a great slogan but it's a dreadful guide for policy, he told 2GB. Mr Abbott says people on Nauru are very well looked after despite a leading Australian paediatricians warning children could die if they are not taken elsewhere. (news.financializer.com). As reported in the news.

oswaldo ferreira: Bolsonaro's pledge to return Brazil to past alarms survivors of dictatorship Read more Among the former military officers who played a central role in drawing up his policy proposals are retired generals Al ssio Ribeiro Souto who has focused on science, technology and education and Oswaldo Ferreira, who has drawn up plans for infrastructure and the Amazon, according to The Guardian. General Augusto Heleno, who ran Brazil's United Nations mission in Haiti, will be his defence minister and is seen by some as a potential moderating force. And in a country that emerged from military rule only 33 years ago Bolsonaro has prompted concerns with his pledge to include retired generals in his cabinet. Bolsonaro's three lawmaker sons Eduardo, Carlos and Fl vio are also likely to have roles. Bolsonaro's alliances with powerful agribusiness, evangelical Christians and armament lobbies give him influence in congress but he has also pledged to avoid horse-trading ministries with parties for support. Marcos Pontes, a Brazilian astronaut, has been touted as minister of science and technology. (news.financializer.com). As reported in the news.

queensland lgaq: Around 93-million was generated last year from speeding motorists in the Sunshine State and now local councils want a cut, according to Nine News Australia. A motion will be put forward today by the Local Government Association of Queensland LGAQ calling for increased financial assistance from the revenue raised on council roads. To improve your experience update it councils want the government to cough up revenue made from speed cameras By Alexander Heinke Reporter8 17am Oct 30, cars generating fast cash, it's a simple formula for the Queensland Government thanks to speed cameras across the state. Around 93-million was generated last year from speeding motorists in the Sunshine Coast. 9news We're asking for a very reasonable 10 percent of that money just under 10-million to come back to council Greg Hallam from LGAQ said. More chicanes, slow down signage and speed bumps across thousands of Queensland streets. The extra cash is set to be spent on safety. (news.financializer.com). As reported in the news.

racketeering enterprise: The suit, filed in federal court in New York on Monday, alleges that the Trump Organization operated for years as a fraudulent racketeering enterprise, according to The Guardian. The suit also names the president's eldest children, Donald Jr, Eric and Ivanka Trump as defendants. One plaintiff was a hospice worker in California who was persuaded to spend thousands upfront to join a telemarketing company that Trump promoted as a lucrative opportunity and yet she allegedly only ever made 38 from her work with that company. It alleges the president received millions of dollars in exchange for persuading unsophisticated investors to put money into a telephone company, ACN. They were lured fraudulently, according to the lawsuit by the idea promoted by Trump that there was little risk if they paid fees and incurred other expenses before getting a chance to sell its phone service to others, as first reported by the New York Times. Stormy Daniels defamation lawsuit against Trump dismissed Read more The suit filed by four unnamed investors says Trump violated federal anti-racketeering law and is seeking class-action status and includes the president, his company and his three children by ex-wife Ivana. But the court documents say Trump knew these sales people had little chance of recouping their money, and falsely claimed he had done extensive due diligence on the company. (news.financializer.com). As reported in the news.

source bloomberg: Source Bloomberg More From Bloomberg Markets01 47Markets Got a Much Needed Dose of Realism, Hermes' Parry Says4 hours ago03 50RBI Going to Stay on a Prolonged Pause, Says Nomura's Varma9 hours ago07 04Breaking Down the BOJ Decision to Hold Rates, Asset Purchases9 hours ago04 15Samsung's Guidance Was Quite Positive, CLSA's Rana Says9 hours ago All episodes and clips Quick Take Explaining the world with Bloomberg News More episodes and clips03 03How Women in the Mideast Are Advancing02 53China's Tech Giants Aren't Copycats Anymore02 33Taking From the Rich Might Not Help the Poor02 43It's Getting Harder to Spot a Deep Fake Video 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, according to Bloomberg. More episodes and clips24 03The David Rubenstein Show Michael Milken24 05The David Rubenstein Show Christine Lagarde24 05The David Rubenstein Show Barry Diller48 11The David Rubenstein Show Jeff Bezos See all shows He speaks with Bloomberg's Erik Schatzker on Bloomberg Markets European Close. (news.financializer.com). As reported in the news.