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

meeting: A White House schedule lists the meeting - known in diplomatic terms as a pull aside - after a meeting between Mr Trump and prime ministers of Japan and India on the sidelines of the summit in Buenos Aires, according to Nine News Australia. The prime minister will also meet with French President Emmanuel Macron on Friday local time to talk about the navy submarine contract, cooperation in the Indo-Pacific and fixing the World Trade Organisation. To improve your experience update it here News National Morrison secures G20 meeting with Trump5 05pm Nov 30, Minister Scott Morrison has secured a meeting with US President Donald Trump at the G20 summit. Australia has always been a successful trading nation and that's how we will continue to ensure the prosperity for our people, he told reporters after landing in Buenos Aires on Friday morning. The US has hurt the stability of the WTO recently, refusing to appoint new trade judges and threatening to withdraw altogether. It's not just for our people, all of the G20 nations have benefited so significantly by their exchanges and trade with each other. (news.financializer.com). As reported in the news.

motors co: It came on the heels of an emerging crisis in the oil sector, which is struggling with plunging prices and transportation bottlenecks, according to The Toronto Star. General Motors murals decorate a bus terminal in Oshawa on November 28, 2018. General Motors Co.'s announcement Monday that it plans to pull production from its plant in Oshawa, east of Toronto, raises concern about the auto industry's viability in Canada. The company's announcement to close its Oshawa plant came on the heels of an emerging crisis in Canada's oil sector. So their troubles are a reminder there are no guarantees the economy will be able to pull off a smooth transition to a business-led expansion as consumers begin to tap out. Steve Russell / Toronto Star Combined, the energy and automotive industries generate almost one quarter of Canadian export receipts. (news.financializer.com). As reported in the news.

week: In May, when tickets sold out a full week before the event, Paul realized her idea had bloomed bigger than she ever imagined, according to The Toronto Star. But it wasn't until the whole thing was over that Paul stepped back to appreciate what she had created. She knew her seed had found its season when she finally announced the fashion week last year and received more than 130 submissions from designers and vendors asking to get involved. It's a living entity. I feel really proud; this was just an idea, and I did it. It feels like it's a universe, a movement, Paul says. (news.financializer.com). As reported in the news.

peers: The dollar sagged against its peers on Powell's comments, which suggested the Fed's interest rate hike cycle may come to an end faster than initially anticipated, according to Nine News Australia. The Fed chair said on Wednesday that US policy rates were just below neutral, less than two months after saying rates were probably a long way from that point. To improve your experience update it here News World Stocks gain, US dollar sags after Fed talk11 57am Nov 29, stocks have rose, tracking a Wall Street rally as dovish comments from Federal Reserve Chairman Jerome Powell boosted investor sentiment towards riskier assets. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.6 per cent. However, while a robust Wall Street buoyed Asian shares, gains in the region were nonetheless limited ahead of a meeting between US President Donald Trump and his Chinese counterpart Xi Jinping due to take place on the sidelines of the G20 summit. Australian stocks gained 0.8 per cent and Japan's Nikkei climbed 0.9 per cent. (news.financializer.com). As reported in the news.

tax returns: Philippines officials say some of the charges stem from Rappler and Ressa failing to declare about 3 million in 2015 on tax returns from an investment by the Omidyar Network, a fund created by eBay founder and philanthropist Pierre Omidyar, according to CNN. Earlier this week, the Committee to Protect Journalists urged Philippine authorities to drop the charges against Rappler, calling the ordeal a politicized persecution and a clear and present threat to press freedom. Rappler said five cases were formally filed against Ressa and Rappler Holdings in two courts, just weeks after the Philippines Department of Justice announced it had found probable cause to indict the pair. Ressa, an award-winning journalist who previously served as a CNN bureau chief, and Rappler's lawyers maintain the charges have to do with the website's critical coverage of Duterte. I am definitely not a stockbroker, Ressa told CNN Thursday, after news of the charges broke. Read More I've long run out of synonyms for the word 'ridiculous.' The basis of this case is that Rappler is classified as a dealer in securities. (news.financializer.com). As reported in the news.

assistant attorney: The allegations in the indictment unsealed today -- the first of its kind -- outline an Iran-based international computer hacking and extortion scheme that engaged in 21st-century digital blackmail, said Assistant Attorney General Brian Benczkowski, according to CNN. The duo allegedly acted inside Iran and collected over 6 million from more than 200 victims, causing more than 30 million in losses during a 34-month span. Faramarz Shahi Savandi, 34, and Mohammad Mehdi Shah Mansouri, 27, allegedly released a type of ransomware called Sam Sam designed to hold computer systems hostage -- forcing victims to pay ransom to re-gain access, Deputy Attorney General Rod Rosenstein said at a news conference on Wednesday. Among their alleged targets was the city of Atlanta, where segments of the municipal online infrastructure were ground to a halt for days in March because of the malware infection, disabling residents from paying water bills and forcing police officers to file reports by hand. Read More On Wednesday, Newark Mayor Ras Baraka said the attacks seriously compromised their networks and disrupted vital services that we provide to residents. Other victims of the attack included the city of Newark, New Jersey, Med Star Health and the Colorado Department of Transportation, among others, according to Benczkowski, the head of the Justice Department's criminal division. (news.financializer.com). As reported in the news.

crash: He also accepted a recommendation of 475,000 for each of the 13 surviving players, some of whom suffered life-changing injuries, according to The Toronto Star. The father of a player who died in the Humboldt Broncos bus crash says his family's portion of 15.2 million raised in a GoFund Me campaign will go towards sharing his son's legacy. Justice Neil Gabrielson agreed Wednesday that 16 families who lost a loved one in the April 6 crash should receive 525,000 each. A Saskatoon court approved a distribution plan on Wednesday. Many of the families had said that the money should be split evenly. The final payouts include an interim payment of 50,000 that was approved in August. (news.financializer.com). As reported in the news.

deal britain: Now even zealous Eurosceptics preface their rosy visions of a post-EU future with caveats of temporary disruption, according to The Guardian. Meanwhile, the Treasury has taken a consistently gloomy view, seeing no model of Brexit superior to the deal Britain enjoys as a member of the Brussels club. The promises of an easy, lucrative separation faded gradually after the referendum campaign. Government analysis published on Wednesday anticipates slower economic growth under every Brexit scenario. A softer Brexit would shave 1.4% from growth over the same period. Leaving with no deal would lead to a GDP shortfall of 7.7% by 2036; a managed hard Brexit trading on the Canadian model would incur an equivalent 4.9% penalty. (news.financializer.com). As reported in the news.

co: Activist investor Jonathan Litt is calling for new members to be elected to the board of directors of Canadian retailer Hudson's Bay Co, according to The Toronto Star. Nathan Denette / THE CANADIAN PRESS A representative for Hudson's Bay didn't immediately respond to a request for comment. We believe Hudson's Bay could see its share price double or triple if the company takes the necessary steps to maximize long-term shareholder value, Litt said in a letter to shareholders Wednesday. Litt's Land & Buildings Investment Management has been advocating since June 2017 for changes at the Toronto-based retailer, including calling for it to sell off its Saks Fifth Avenue brand and to explore ways to unlock the value of its real estate. He also said it should sell its remaining interests in Galeria Kaufhof in Germany and the Lord & Taylor brand. He reiterated his call for the company to sell Saks in the letter Wednesday. (news.financializer.com). As reported in the news.

iranian: But beneath the surface she worries, according to The Guardian. Like so many of her compatriots, Chinar is both bystander and victim in America's expanding drive to immobilise the Iranian economy through sanctions. Schoolchildren on a trip away from the crawling traffic and smog of the Iranian capital scream with joy. The Guardian view on Iran sanctions not upholding the rules, but overturning them Editorial Read more Her personal concerns are twofold how to find the medicines her mother needs for a severe heart condition and how to transfer her money in and out of Iran. I have a brother who has a business visa to travel to France, and he brings back as much as he can each time he goes abroad. Iran does not produce the statins she needs, she says. (news.financializer.com). As reported in the news.

mark carney: Mark Carney, the governor of the Bank of England, added that in the worst scenario, an unlikely disorderly no-deal Brexit, the economy would contract by 8%, house prices would tumble by 30% and interest rates would rise to combat inflation, according to The Guardian. Our job is not to hope for the best but to prepare for the worst, Carney said, as he described what could happen if MPs vote down May's deal on 11 December, and the government and parliament cannot agree on an alternative by next March. The Bank of England said on Wednesday that GDP would have been at least 1% higher in five years' time if the UK had voted to remain, while an official Whitehall analysis concluded that in all Brexit scenarios, including May's final deal, the UK would be worse off. The official warnings will lead Jo Johnson, a pro-remain Conservative MP who wants a second referendum, to warn on Thursday that the economic credibility of the Tories was now at stake while Brexiters accused the Bank and the Treasury of engaging in project fear . The Conservative party's reputation for economic competence would be undermined by implementing a botched Brexit, especially one that the government's own analysis suggests will cause economic harm, Johnson will say. Jeremy Corbyn said Labour will oppose Theresa May's botched Brexit, adding that her deal puts jobs, rights and people's livelihoods at risk . The proposed amendment said the party was opposing May's Brexit because she had failed to provide for a permanent customs union and a strong single-market deal. Carney's pessimistic Brexit prophecies look like last roll of dice Larry Elliott Read more Labour responded by tabling its own Brexit amendment rejecting May's deal on Wednesday night. (news.financializer.com). As reported in the news.

markets news: Dingell Says Trump's Trade Policy Isn't Consistent16 hours ago34 52'What'd You Miss ' Full Show 11/28/2018 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 clips05 24Trump's Decision to Cancel Putin Meeting Very Symbolic, Says Fmr. He speaks with Bloomberg's Abigail Doolittle on Bloomberg Markets What'd You Miss Source Bloomberg More From What'd You Miss 37 31'What'd You Miss ' Full Show 11/29/2018 15 hours ago03 32Bloomberg Market Wrap 11/29 Yield Curve, P/E Ratios and Nasdaq16 hours ago05 42Rep. Ukraine Trade Min.02 59Europe Will Continue to See Strength in Medium Term, says Soc Gen's Agbo-Bloua02 56This Is Last Hike for BOK for Foreseeable Future, Says CLSA's Choi03 10Don't Decide on Investment Strategy for 2019 Yet, SEB's Thygesen Says Quick Take Explaining the world with Bloomberg News More episodes and clips02 26This Urban Innovation Is Driving People Insane03 03How Women in the Mideast Are Advancing02 53China's Tech Giants Aren't Copycats Anymore02 33Taking From the Rich Might Not Help the Poor 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. More episodes and clips48 01The David Rubenstein Show Anthony Kennedy24 06The David Rubenstein Show Alan Greenspan24 03The David Rubenstein Show Michael Milken24 05The David Rubenstein Show Christine Lagarde See all shows (news.financializer.com). As reported in the news.

face: A ticking clock, according to Nine News Australia. A cagey adversary. To improve your experience update it here News World Global trade is at stake as Trump and Xi come face to face By Associated Press11 14am Nov 28, 2018Facebook Tweet Mail To hear President Donald Trump tell it, he was made for a moment like this A high-stakes face-off. The man who calls himself a supreme dealmaker will have the opportunity this week to put himself to the test. Trump is to meet with his Chinese counterpart, Xi Jinping, during the Group of 20 summit in Buenos Aires, Argentina, on Friday and Saturday. The question is whether he can defuse a trade war with China that is shaking financial markets and threatening the global economy and perhaps achieve something approximating a breakthrough. (news.financializer.com). As reported in the news.

peers: The dollar sagged against its peers on Powell's comments, which suggested the Fed's interest rate hike cycle may come to an end faster than initially anticipated, according to Nine News Australia. The Fed chair said on Wednesday that US policy rates were just below neutral, less than two months after saying rates were probably a long way from that point. To improve your experience update it here News World Stocks gain, US dollar sags after Fed talk11 57am Nov 29, stocks have rose, tracking a Wall Street rally as dovish comments from Federal Reserve Chairman Jerome Powell boosted investor sentiment towards riskier assets. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.6 per cent. However, while a robust Wall Street buoyed Asian shares, gains in the region were nonetheless limited ahead of a meeting between US President Donald Trump and his Chinese counterpart Xi Jinping due to take place on the sidelines of the G20 summit. Australian stocks gained 0.8 per cent and Japan's Nikkei climbed 0.9 per cent. (news.financializer.com). As reported in the news.

risk: The S&P 500 and Nasdaq each rose more than 2% as well, according to CNN. Powell reassured investors that the Fed wouldn't risk killing off economic growth by continuing to aggressively raise rates next year. The Dow surged on the news, finishing the day with a gain of 618 points, or 2.5%. It was the fifth-biggest point jump for the Dow ever. Our gradual pace of raising interest rates has been an exercise in balancing risks, Powell said during a speech at the Economic Club of New York. We also know that moving too slowly -- keeping interest rates too low for too long -- could risk other distortions in the form of higher inflation. We know that moving too fast would risk shortening the expansion. (news.financializer.com). As reported in the news.

wealth manager: Australia's largest wealth manager is accelerating its remediation program for customers charged fees for no service or given inappropriate advice, wanting the compensation paid out within three years, according to Nine News Australia. Acting CEO Mike Wilkins argued a small number of individuals in AMP's advice business decided not to follow policy and inappropriately charged fees to customers where no service was provided. To improve your experience update it here News NationalAMP blames 'bad apples' for fees problem6 32pm Nov 28, 2018Facebook Tweet MailAMP is blaming a few bad apples for its almost unimaginable fees-for-no-service problems that are now expected to cost almost 800 million to fix. Banking royal commissioner Kenneth Hayne QC asked if he meant there were a few bad apples, and Mr Wilkins agreed. Those policies were not followed and there have been subsequent consequences for those people who didn't follow that policy, he said on Wednesday. Mr Wilkins said policies were in place for when fees were to be turned off. (news.financializer.com). As reported in the news.

wednesday: Federal Reserve Board Chairman Jerome Powell speaks at the Economic Club of New York, Wednesday, Nov. 28, in New York, N.Y. Mark Lennihan / The Associated Press Referring to the Fed's gradual increases in its benchmark rate, Powell said, there is no preset policy path, according to The Toronto Star. Rather, he said, the Fed will assess the most recent economic and financial data in deciding whether or how fast to keep raising rates. Powell's comments ignited a rally on Wall Street, with the Dow Jones Industrial Average surging more than 200 points after his remarks were released. Speaking to the Economic Club of New York, the Fed chairman also suggested that while some corporate debt loads have reached riskier levels, we do not see dangerous excesses in the stock market. Any slowdown or pause in its rate hikes would be welcome news for a stock market that has been battered by fears that the Fed's continued credit tightening could end the long bull market. The central bank's rate increases have gradually raised borrowing costs for consumers and businesses. (news.financializer.com). As reported in the news.

credit-sensitive housing: The Federal Reserve's rate hikes are raising borrowing costs, according to CNN. That's squeezing the credit-sensitive housing and auto markets, and leading to fear the Fed will hike the United States into a recession. Tariffs, freight costs and wage hikes are beginning to affect record-high corporate profits. The corporate tax cuts enacted in late 2017 won't boost bottom lines next year any more than they did this year. Germany and Japan, the world's No. 3 and No. 4 economies, are already contracting. Boom-to-bust oil prices have crashed into a bear market. (news.financializer.com). As reported in the news.

defence: Through his defence lawyer Patti Chong, Sam Barnett faced Perth Magistrates Court on Tuesday and entered a not guilty plea over the alleged incident on September 1 in Claremont, according to Nine News Australia. He is scheduled to face trial on March 13. To improve your experience update it here News National Former WA premier's son to stand trial2 31pm Nov 27, 2018Facebook Tweet MailA son of former West Australian premier Colin Barnett is fighting a charge of breaching a violence restraining order. Barnett has previously faced court for his actions during an argument with his ex-girlfriend at a Queensland hotel in 2016. He hit the headlines again that year for having his father's image on a screen behind him while giving a presentation to property investors in China. The then-26-year-old was fined 1500 after pleading guilty to damaging the laptop and mobile phone of Melissa Garbin during a dispute over messages stored on the devices while on holiday on the Gold Coast. (news.financializer.com). As reported in the news.

government: The laws passed the lower house on Tuesday after making it through the Senate about a fortnight ago, with the government flagging the ban as a matter of priority, according to Nine News Australia. Donations of more than 100 to all political actors - including parties, individual candidates and significant political campaigners - from foreign governments and state-owned enterprises will be banned. To improve your experience update it here News National Foreign donation ban law clears parliament8 31pm Nov 27, donations will be banned in Australian politics after legislation cleared federal parliament. Special Minister of State Alex Hawke said the laws would help stamp out foreign interference in politics, while improving transparency for voters with a public register of third-party campaigners. Don't wait for this bill to become law. Labor MP Andrew Leigh challenged the government to not accept foreign donations, as the opposition has done. (news.financializer.com). As reported in the news.

greggs customers: As well as offering its traditional favourites such as sausage rolls and pasties, Greggs customers can now indulge in the chain's Christmas range, including its festive bake, its turkey, bacon and cranberry roll, and its mince pies, according to The Guardian. Greggs said that after the stronger sales it was now expecting full-year pretax profits of at least 86m in 2018, having previously expected profits to be roughly in line with the 81.8m achieved in 2017. The bakery chain was the top FTSE 250 riser after reporting a 9% increase in sales in the eight weeks to 24 November. Investors welcomed the strong performance, which bucks the broader trend on Britain's high streets as retailers struggle with higher costs and changing shopping habits as consumers buy more online. Operational costs have been well controlled and, whilst there is still much to play for over the final few weeks of the year, the board now anticipate that full-year underlying profit before tax excluding exceptional charges will be at least 86m. The company said in a statement This stronger trading in October and November is particularly encouraging as it builds on good comparative sales in the same period last year. (news.financializer.com). As reported in the news.

rebecca long-bailey: Do you think Dave Lewis, the supermarket chain's chief executive, who collects about 5m in an average year, should take home less Do you want an annual poll to make it happen Welcome to one of 20 proposals from a group of academics led by Prof Prem Sikka in a report commissioned by Labour's Rebecca Long-Bailey, the shadow business secretary, and John McDonnell, the shadow chancellor, according to The Guardian. As a way to curb undeserved executive pay and also create mechanisms for better distribution of income giving consumers a vote on remuneration definitely counts as radical. Or perhaps you are one of the 16m people with a Tesco Clubcard. The only way for those bonuses would be down. And that's before they have seen the proposal about how boards of persistent offenders on pay could ultimately be removed by eligible stakeholders meaning consumers plus employees, as well as shareholders. Labour plan to give customers of big firms vote on boardroom pay Read more One can hear the spluttering in boardrooms already. (news.financializer.com). As reported in the news.

stock ownership: Eric Sprott looks on during a meeting at his office in Toronto, in October, 2010, according to The Toronto Star. An inaugural report of the newly launched Shareholders' Gold Council tracked 17 gold companies, comparing stock ownership by chairmen and women and chief executive officers with five-year compensation, and then compared that ratio to shareholder returns. Businesses tend to perform better when top managers have a high ownership-to-pay ratio, according to the inaugural report of the newly launched Shareholders' Gold Council, which tracked 17 gold companies. Of the 30 executives listed, Kirkland Lake Gold Ltd.'s Chairman Eric Sprott and Franco-Nevada Corp.'s Pierre Lassonde had by far the highest ownership-to-pay ratio, at 381 times and 160 times compensation, compared with single digits or lower for most of the pack. The report compared stock ownership by chairmen and women and chief executive officers with five-year compensation, and then compared that ratio to shareholder returns. Aaron Harris / Toronto Star You have a much bigger ownership in those stocks that have performed Er above the median and the gold price in the last five years, Christian Godin, who heads the Shareholders' Gold Council, said in a telephone interview. (news.financializer.com). As reported in the news.

surplus: The prime minister says the April 2 budget papers will show a surplus, the size of which will be clearer in the mid-year budget review on December 17, according to Nine News Australia. This would allow for a half-Senate and full House of Representatives election on May 11 or 18. To improve your experience update it here News National Budget brought forward, election in May4 07pm Nov 27, Morrison will deliver an early budget to allow for a May election, assuming his coalition government can hold together that long. It is absolutely our intention to have the budget before the election and to deliver a surplus budget, a surplus budget that we promised to deliver, Mr Morrison told reporters in Canberra on Tuesday. Treasurer Josh Frydenberg stressed a strong economy was a means to an end, rather than an end in itself. The timing will give the coalition an opportunity to talk up its economic strengths before Australians head to the polls. (news.financializer.com). As reported in the news.

u.s: U.S. President Donald Trump tweeted that he was very disappointed with GM and its CEO on Tuesday, according to The Toronto Star. Alex Brandon / The Associated Press The U.S. saved General Motors, and this is the THANKS we get! Trump tweeted, noting that GM facilities in both China and Mexico appeared to escape unscathed. The U.S. president's senior economic adviser was in the middle of a White House briefing when Trump delivered his latest broadside, a full 24 hours after General Motors announced plans to cut more than 14,000 jobs and end production at five plants, including one in Oshawa, Ont. We are now looking at cutting all GM subsidies, including for electric cars. I am here to protect America's Workers! The company said the cuts 2,500 jobs in Oshawa, GM's Canadian heartland, as well as 3,300 production workers in the U.S. and 8,000 salaried staff are part of a dramatic course correction aimed at better positioning GM for the dominance of electrified, interconnected and automated automobiles. General Motors made a big China bet years ago when they built plants there and in Mexico don't think that bet is going to pay off. (news.financializer.com). As reported in the news.

union: The Soviet Union was tottering, according to The Toronto Star. Across Eastern Europe, the communist order was on the verge of collapsing. It was 1988. Trying to avoid its own demise, the Chinese Communist Party had taken small steps toward unshackling its economy from the state. The statue of Deng Xiaoping, who led the opening up of China in 1978, in the foreground, during a light show to mark the 40th anniversary of economic reforms, in Shenzhen, China, Oct. 3, 2018. But prices for food and other necessities were surging as a result, and the party's reformers wanted advice. (news.financializer.com). As reported in the news.