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

conduct transactions: Macau's Judicial Police said the syndicate was formed in 2016 and relied on point-of-sale machines -- the devices used by shops to conduct transactions with credit cards or debit cards -- which were smuggled in from China, according to CNN. These in theory would allow Chinese citizens to make withdrawals from their bank accounts that appeared to be domestic transactions, thereby avoiding China's strict limits on how much money people can move across its borders. The case is a high-profile example of Beijing's crackdown on attempts to dodge its capital controls, which it has tightened in recent years to prevent money from flooding out of the country and destabilizing the economy. Wealthy Chinese nationals living in the mainland have long sought to skirt the country's capital controls by moving money through Hong Kong and Macau. Read More China's state-run Xinhua News Agency said authorities found evidence that the group, run by a suspect surnamed Xu, was using the point-of-sale machines to allow gamblers to secretly cash out their casino winnings in Hong Kong dollars and Macanese patacas. The cities are technically part of the People's Republic of China but governed as special administrative regions, with their own currencies and far fewer restrictions than mainland China on moving money internationally. (news.financializer.com). As reported in the news.

fraud: Ed Brown QC, prosecuting on behalf of the Serious Fraud Office, said the case would examine how those at the very top of the bank responded to the pressure that it created . As the trial, which is expected to last four to six months, began at Southwark crown court on Wednesday, the judge Mr Justice Robert Jay told the jury to to put aside their feelings towards bankers and the damage the financial crisis caused to society, according to The Guardian. The backdrop of this case is the global financial crisis of 2008, Brown told the jury. John Varley, the former chief executive of Barclays, is the first boss of a major bank to face a jury trial over alleged crimes during the global financial crisis a decade ago. The first obvious and outward sign of it, at least to the UK public, was the closing of the doors of the bank Northern Rock in 2007. Brown alleged that Varley, and the other former Barclays bosses, made secret payments to Qatar in order to secure investment from the Gulf state and therefore avoid a UK government bailout. However, the crisis in the UK and across the world worsened and deepened as time went on and into 2008. (news.financializer.com). As reported in the news.

end: For the past two weeks, ever since Maduro took the oath for a second six-year term in the face of widespread international condemnation, the newly invigorated opposition had been preparing for nationwide demonstrations coinciding with the anniversary marking the end of Venezuela's last military dictatorship in 1958, according to Nine News Australia. While Maduro has shown no signs of leaving, his main rival, National Assembly President Juan Guaido, upped the ante by declaring himself interim president before masses of anti-government demonstrators the only way, he said, to rescue Venezuela from leader Juan Guaido declared himself Venezuela's interim president. To improve your experience update it here News World Opposition leader claims Venezuela presidency amid violent street protests By CNN11 36am Jan 24, crisis quickly escalated as an opposition leader backed by the Trump administration declared himself interim president in a direct challenge to embattled socialist Nicolas Maduro, who retaliated by breaking off relations with the United States, his biggest trade partner. AP Outside the capital, seven demonstrators were killed amid disturbances during protests that rocked several cities. AP In a seemingly coordinated action, the US led a chorus of Western hemisphere nations, including Canada, Brazil, Argentina and Colombia, that immediately recognized Guaido, with President Donald Trump calling on Maduro to resign and promising to use the full weight of the U.S. economic and diplomatic power to push for the restoration of Venezuela's democracy. Opponents demonstrate against the government of President Nicolas Maduro in Caracas. (news.financializer.com). As reported in the news.

news websites: News Guard is run by news industry veterans and says it is trying to establish industry-standard benchmarks for which news websites should be trusted, according to The Guardian. It employs analysts to manually check whether sites meet a series of journalistic standards, making all its judgments public and inviting outlets to respond to criticism and improve their standards to gain a higher rating. Visitors to Mail Online who use Microsoft Edge can now see a statement asserting that this website generally fails to maintain basic standards of accuracy and accountability and has been forced to pay damages in numerous high-profile cases . The message, which is produced by a third-party startup called News Guard, tells readers to proceed carefully given that the site regularly publishes content that has damaged reputations, caused widespread alarm, or constituted harassment or invasion of privacy . It gives Mail Online, one of the world's biggest news websites, one out of five on credibility the same level as the Kremlin-backed RT news service. Facebook Twitter Pinterest News Guard's verdict on the Mail Online. Edge has a tiny proportion of the global internet browser market and the News Guard plug-in is only included on the version for mobile users, not desktop users. Photograph Daily mail Until now, the service has only been available as a downloadable plug-in but this week Microsoft began installing it automatically on all mobile editions of its Edge browser, the successor to Internet Explorer, in the first stage of what its creators hope will be a widespread roll-out across multiple platforms. (news.financializer.com). As reported in the news.

photo courtesy: Photo Courtesy of R&F Properties Cambodia Outside the international airport of Phnom Penh, capital of Cambodia, right before the 2019 New Year holiday, Lin, a 28-year-old white-collar worker based in Beijing, was picked up by a local driver who could speak standard Putonghua, according to Global Times China. There were only five kilometers between the airport and the hotel, but the journey took over an hour because tuk-tuks are hustling around the city streets causing bad traffic jams, Lin told the Global Times in a recent interview. Photo VCG A view of a sales office of R&F Group in Phnom Penh. Dirty, messy and with bad infrastructure in the Cambodian capital is the first impression experienced by Lin. Despite the relative backwardness of Phnom Penh, Lin decided to buy an apartment developed by a Chinese real estate company in the city, and it took only half an hour for him to make the investment decision - an apartment priced at 670,000 yuan 98477.2 . The price is very cheap. About 10 minutes' drive after leaving the airport, along a muddy road, with shabby wooden houses lining the street, it could be likened to a remote area in China, Lin recalled. (news.financializer.com). As reported in the news.

profits revenue: Read An earnings valley' means trouble ahead for stocks, strategist warns What drove the market Investors are laser-focused on fourth quarter results and closely monitoring what corporate executives are saying about the outlook for profits and revenue in 2019, according to Market Watch. Earnings reports have been largely well received by investors, starting with International Business Machines Corp. How did the benchmarks fare The Dow Jones Industrial Average DJIA, -0.09% gained 171.14 points, or 0.7%, to 24,575.62, while the S&P 500 index SPX, 0.14% rose 5.8 points, or 0.2%, to 2,638.70 and the Nasdaq Composite COMP, 0.68% climbed 5.41 points to 7,025.77. IBM, -0.27% after the management issued a bullish outlook for profits. See Frustrated investors say Trump administration overly sensitive to stock-market gyrations Also read Wall Street worries about China slowdown complicate Trump's get-tough trade strategy Meanwhile, the Senate was poised to vote Thursday on dueling proposals to reopen the government. On the trade front, Reuters reported that President Donald Trump won't agree to any deal with China unless Beijing agrees to make substantive changes to the way it does business, including how it handles intellectual property. (news.financializer.com). As reported in the news.

retirement age: He said the approval of the pension reform investors are eagerly awaiting is practically certain as Brazil's financial situation gives it little choice. ; The government expects to raise 20 billion from privatizations this year, Economy Minister Paulo Guedes said in a separate interview with Bloomberg TV in Davos, according to The Japan Times. In addition, reform of the pension system would help slash the budget deficit from around 7 percent of GDP to zero this year. Plans to sell a large number of state-owned companies are nearly ready, and a proposal to be sent to Congress will bring substantial cuts to pension outlays and establish a minimum retirement age, Bolsonaro said on Wednesday in Davos, Switzerland, in an interview with Bloomberg News Editor-in-Chief John Micklethwait. There's an awareness in Brazil that the reforms are vital for the federal entities to continue operating, Bolsonaro said. If not, the Left will return and we won't know Brazil's destiny, maybe it'll become more like the regime that we have in Venezuela. Brazil has to work out. (news.financializer.com). As reported in the news.

system: First, the delisting system and the registration-based stock listing system, according to Global Times China. The mainland A-share market, where about 3,000 to 4,000 companies are currently listed, has only seen a limited number of companies delisting by the end of 2018. Here are some thoughts about defining the basic institutional arrangements. In the global equity market, however, the number of newly-listed companies is generally equivalent to the number of companies delisting each year. Therefore, a sound delisting system would prompt listed companies to pay more attention to their own quality, results and openness of disclosures. Under the system of survival of the fittest in the capital markets, companies that are unqualified, record bad performance or violate regulations are removed from the stock markets, and only those high-quality, good performing and well managed stocks can remain. (news.financializer.com). As reported in the news.

taxes regulations: Foreign direct investment to the United States fell in 2018, and companies gathered at the World Economic Forum in the Swiss Alps this year say they are worried Trump's trade war with China will dampen the global economy and business investments even further. ; One key complaint here this week is that companies increasingly reliant on consumers in China have had to lower their earnings outlooks as the world's second-largest economy cools, according to The Japan Times. And while the U.S. administration has cut taxes and regulations to attract new investment, a wave of caution is rippling through many industries in the United States. It hasn't quite turned out that way. The trade war has been very damaging for the U.S. agricultural economy, said David Mac Lennan, chief executive of U.S. food and agricultural giant Cargill Inc, which announced worse-than-expected results out of China earlier in January. Foreign investment in the United States, which includes cross-border mergers and acquisitions and intra-company loans, fell about 18 percent in 2018 from the prior year, according to the United Nations Conference on Trade and Development UNCTAD . That is close to the 19 percent year-on-year drop in foreign investment globally. The longer this goes on, the worse it is, he said. (news.financializer.com). As reported in the news.

organisation: The rationale is simple, Brexit is either now or in the not-so-distant future inevitable, according to The Guardian. That is because Britain continues to demand impossible conditions for its membership of the community-based, compromise-led, multinational organisation the modern EU represents. But the events of the past month illustrate why there is, rightly, a growing mood in Brussels for a completely different outcome for the EU to prosper, Britain must leave. Even in trying to exit, Britain is still arguing about red lines of its own making. Britain already enjoys a privileged position in the EU, much to the chagrin of many other member states. This approach would only amplify if it somehow ended up remaining a member. (news.financializer.com). As reported in the news.

qantas flights: It comes despite the Northern Territory Government spending 100M to 'Turbocharge Tourism'. Qantas flights from Darwin to Sydney and Brisbane will be affected, as well as Jetstar flights to Melbourne, Adelaide and Cairns, according to Nine News Australia. Qantas will cut 35 interstate flights to and from Darwin. 9News In total 35 return flights have been cancelled on these routes over the three months which equates to around five per cent of capacity on these routes, said Qantas Chief Executive Andrew David. To improve your experience update it here News National Qantas, Jetstar slash flights to and from Darwin By Melissa Mackay Journalist9 22pm Jan 23, interstate flights from Darwin will be cancelled from April to June due to a 10 per cent drop in demand, according to Qantas. Darwin's population has significantly shrunk since construction on INPEX's Icthys Project wrapped up. Jetstar flights will also be cut. iStock The Government admits, despite its investment in growing tourism numbers, this is another blow to Territorians. The economy has slumped and businesses are closing down. (news.financializer.com). As reported in the news.

video series: Campbell Baron, a 15-year-old Toronto entrepreneur, right, interviews Michael Dubin, the founder and CEO of Dollar Shave Club, for Baron's new podcast and video series, The Ones Who Succeed, according to The Toronto Star. Campbell Baron Earnings were 15, but since his parents had insisted he pay for the lemonade ingredients and cups himself, profits were around 5. But unlike other young lemonade proprietors, who hang out their shingle for one day and scamper off to the candy store with their revenues, Campbell reviewed his numbers. He took that 5 and went to the store to buy smaller cups. He paid his little brother, Nicholas, about 30 for being an employee his advertising person who helped bring the clients to the table. Then I remember the second or third day profiting around 100, Campbell said. (news.financializer.com). As reported in the news.

wall street: Michael Nagle / Bloomberg News Germany's DAX gave up 0.5 per cent to 11,036.81 and the CAC 40 in France lost 0.3 per cent to 4,833.41, according to The Toronto Star. Britain's FTSE 100 was 0.6 per cent lower at 6,858.75. World markets were mostly lower on Wednesday as news of possible issues in U.S.-China trade talks caused a lot of concern. Wall Street was set for a flat opening. The contract for the broader S&P 500 index was flat at 2,631.90. The future contract for the Dow Jones industrial average was 0.1 per cent higher at 24,404.00. (news.financializer.com). As reported in the news.

woman: There is one woman in the group, according to The Toronto Star. Dean French, chief of staff for Premier Doug Ford, is a member of an election readiness committee formed by the Progressive Conservatives to get ready for the 2022 vote. The nine-member team includes major players from last spring's campaign and new party president Brian Patterson, along with Ford's chief of staff Dean French. Chris Young / THE CANADIAN PRESS FILE PHOTO Ford said in a statement Wednesday that the committee will offer invaluable leadership and advice to ensure the Ontario PC Party is prepared for victory in 2022. New Democrats, now the official opposition, will hold a mandatory review of Andrea Horwath's leadership this spring. The announcement comes as the Liberals, reduced to seven MPPs in the June 7 vote and without official party status in the legislature, scramble to raise money and are debating when to hold a leadership convention to replace former leader Kathleen Wynne. (news.financializer.com). As reported in the news.

chihiro ota: On Monday, the key price gauge gained 53.26 points. ; The Topix, which covers all first-section issues on the Tokyo Stock Exchange, closed 9.94 points, or 0.63 percent, lower at 1,556.43, according to The Japan Times. It rose 8.78 points Monday. The Nikkei 225 average fell 96.42 points, or 0.47 percent, to end at 20,622.91. After fluctuating around the previous day's closing levels, both the Nikkei and Topix headed south in the afternoon as profit-taking grew amid a dearth of major buying incentives, market sources said. From Monday's 1.127 billion shares, volume in the first section fell to 1.010 billion, the lowest level since Aug. 24. The market was hurt by small-lot selling while trading was extremely thin, said Chihiro Ota, general manager for investment research and investor services at SMBC Nikko Securities Inc. (news.financializer.com). As reported in the news.

expansion beijing: China's gross domestic product grew 6.6% in 2018, the weakest expansion Beijing has seen in 28 years, according to Market Watch. Following the data, state-owned news agency Xinhua reported that President Xi Jinping told officials to be wary of black swan and gray rhino events. But it's a downbeat shift in rhetoric from President Xi Jinping that investors shouldn't ignore, says one analyst. Black swans are unforeseen events that have extreme consequences, while gray rhinos are events that are widely foreseen yet neglected. U.S. benchmarks like the Dow Jones Industrial Average DJIA, 0.70% and S&P 500 SPX, 0.22% were trading in the red., while the iShares MSCI China ETF MCHI, 0.74% was down more than 2%, according to Fact Set. Global stocks fell on Tuesday, with the likes of the Shanghai Composite SHCOMP, 0.41% Shenzhen Composite Index 399106, 0.46% and CSI 300 000300, 0.56% all ending the session more than 1% lower. (news.financializer.com). As reported in the news.

business: Having called his investment firm Risk Capital Partners its boardroom, at least at one time, housed a roulette wheel Johnson is clearly not afraid to take a chance, even buying more than one bingo business, according to The Guardian. In the past he has taken a financial hit from investing in books at Borders and newspapers with Sunday Business; both ventures ultimately failed. As he picks over the crumbs of Patisserie Valerie's precipitous collapse, Johnson can at least console himself with his own advice that a willingness to fail is the mark of a good entrepreneur. But as he mulls over the lessons from on one of his most disastrous business forays thus far, Johnson can look back on a 40-year investing history which includes many successes as well as flops. He had stints working at TV-AM as an assistant to the former Tory MP Jonathan Aitken, who was an investor in the broadcaster, and then as an analyst at investment bank Kleinwort Benson. Grammar school-educated Johnson began his business career at 18 when he organised parties and raves as an Oxford medical student. (news.financializer.com). As reported in the news.

compensation: Harding was acquitted in January 2018 of criminal negligence causing death, according to The Toronto Star. Thomas Harding's firing last summer from Lac-Megantic was ruled illegal. He won't be returning to work, but he will get financial compensation. He won't be returning to work, but he will get financial compensation. Harding went on sick leave and was supposed to gradually return to work as of July 5, 2018, but on June 27 he received a letter of dismissal. Ryan Remiorz / THE CANADIAN PRESS He returned to work for Central Maine and Quebec Railway, which took over from the defunct Montreal Maine & Atlantic that operated the line at the time of the derailment. (news.financializer.com). As reported in the news.

government shutdown: Xi met those leaders on the heels of the 2018 growth numbers, the worst since 1990, inspiring POTUS to tweet that China should do a Real Deal and stop playing around, according to Market Watch. He means, of course, a trade deal, which looks no closer than an agreement to end the longest partial government shutdown in history. At the top of the radar for investors returning to the action Tuesday, was a hush-hush meeting between Chinese President Xi Jinping and his Communist Party leaders, who were warned to watch out for unpredictable black swan events and gray rhino obvious, yet ignored occurrences that could hurt the economy and shake up social stability. Read on in the buzz . And there's plenty of gloomy talk coming from the World Economic Forum in the tony Alps town of Davos, where Bridgewater Associates' Ray Dalio said the thought of the next economic downturn is what's keeping him up at night, given there will be limited monetary tools to fight it off. UBS's Weber says normalizing rates this cycle is 'mission aborted.' G3 Balance sheets and MSCI World Index move in lockstep. QE infinity is all the talk in Davos at WEF19 Bridgewater's Dalio says monetary policy will be easier than factored into markets. (news.financializer.com). As reported in the news.

hu tu: Photos VCG As Chinese manufacturers struggle to walk out as their domestic business environment becomes more competitive, India is becoming increasingly attractive for many of them, according to Global Times China. Hu Tu, a native of East China's Anhui Province, has been living in Bangalore, one of India's most progressive and developed cities, for about four years. Pieces of fabric are dyed during the manufacturing of Lakshmipati Sarees brand garments at the Siddhi Vinayak Knots & Prints factory in Surat, Gujarat, India, on August 9, 2018. Starting from the second half of last year, he set out to establish a small-scale factory in Bangalore to produce and process silkworm cocoon. It has been about half a year since I started to set up the plant. But in the process of opening the factory, he has encountered many difficulties. (news.financializer.com). As reported in the news.

investment: Based on last year's major projects funded with foreign investment, we will further promote major projects with foreign investment this year, and will provide faster green channels to help with those projects, according to Global Times China. We encourage foreign investors to participate in our high-quality development of the manufacturing industry, said Meng Wei, spokesperson of the National Development and Reform Commission NDRC at a press conference in Beijing. Photo VCG China decided to promote major foreign investment projects in 2019 and encourage more foreign capital to participate in the quality-driven development of the domestic manufacturing industry, the spokesperson of China's top economic planner said on Tuesday. These policies are aimed to facilitate high-tech manufacturing, and they're also intended to support the basic manufacturing industry, Ma Yu, a research fellow at the Chinese Academy of International Trade and Economic Cooperation under the Ministry of Commerce told the Global Times on Tuesday. As long as a foreign investor can promote the economy, and enhance China's manufacturing capability and international competitiveness, we could let them in, Ma said. China has large room for development in the basic manufacturing industry. (news.financializer.com). As reported in the news.

meeting: Photo Xinhua The World Economic Forum kicked off its annual meeting in the Swiss winter resort town of Davos on Tuesday, as the global economy faces risks from rising trade tensions to downward pressure on global economic growth, according to Global Times China. While several leaders of major economies are sitting out this year due to their own domestic issues, Chinese officials led by Vice President Wang Qishan are expected to voice continued support for multilateralism and reassure global investors of China's ability to maintain stable growth and carry out further reforms and opening-up. The WEF Annual Meeting will kick off in Davos on Tuesday. Although there were not many noticeable changes to this year's annual meeting, also referred to as the Davos forum, the unease among participants about the uncertainties of the global economy was palpable, according to Lin Boqiang, a professor at Xiamen University in East China's Fujian Province who is in Davos to attend the meeting for a ninth consecutive year. Economic globalization, which the forum promotes, has been threatened in recent years, but the drama surrounding this year's forum points to serious troubles for the global economy and the multilateral system, Lin said. There are a lot of people here who are very worried about the uncertainties and who are very anxious to hear from world leaders so they can make their judgments about the way forward, Lin told the Global Times on Tuesday. (news.financializer.com). As reported in the news.

prescription drugs: Deliberations are at an early stage, and there's no certainty they will result in a transaction, according to the sources, according to The Japan Times. No decisions have been made regarding specific assets for potential disposal at this stage, a spokeswoman for Takeda said in an emailed statement. The company is working with Bank of America Corp. to gauge potential buyer interest in emerging-market assets it acquired through its 2011 purchase of Swiss rival Nycomed, according to the sources, who asked not to be identified because the information is private. ; The medicines, which include over-the-counter and prescription drugs, could fetch about 3 billion, the sources said. A representative for Bank of America declined to comment. It also doubled the Japanese firm's borrowing level and prompted S&P Global Ratings and Moody's Investors Service to cut its credit rating. Takeda's takeover of Shire, completed earlier this month, vaulted it into the ranks of the world's 10 biggest drugmakers and brought lucrative therapies for rare diseases. (news.financializer.com). As reported in the news.

connor mcdavid: As the goaltenders stood by helplessly and the lasers whizzed past them, even hardened veteran analysts suggested Matthews ought to be considered as an imminent challenger to Edmonton's Connor McDavid as the best player in the game, according to The Toronto Star. Auston Matthews and Mitch Marner are expected to skate on the same line long considered forbidden fruit by the Leafs when the Capitals pay a visit on Wednesday night. When the puck-slinging genius from Scottsdale racked up 10 goals in this season's first six games, a fan base marvelled at a ceiling that seemed unlimited. Said Matthews of his buddy Marner He's obviously a special player Just get open and he'll probably find you. The Maple Leafs have won three of their past 10 games, which isn't wholly unrelated to the fact that Matthews has scored one goal in the past 13. Nathan Denette / THE CANADIAN PRESS But a few months later, Matthews is simply one of the coldest players on a stalled-out team. (news.financializer.com). As reported in the news.

entrepreneurial-minded students: Post-secondary graduates benefit society with skills and knowledge, according to The Toronto Star. Their improved wages, and the jobs created by entrepreneurial-minded students, strengthen the economy and the tax base. The way to make this happen is to spread the cost of higher education investments over our broader tax base. It was disingenuous to see Ontario's Minister of Training, Colleges and Universities, Merrilee Fullerton, standing behind a sign reading For the Students' as she announced funding changes that are anything but good for students, writes Scott Henderson. As traditional manufacturing jobs disappear, those that remain are rapidly evolving. Kris Rushowy Higher education is a vital catalyst for the knowledge economy. (news.financializer.com). As reported in the news.

fund research: Stopping in Gladstone on his tour of regional Queensland, Mr Shorten said the money would help fund research, and investments in an energy source of the future, according to Nine News Australia. It's about time Australia entered the hydrogen race, Mr Shorten said. To improve your experience update it here News National Labor unveils billion dollar hydrogen investment in Gladstone By Lane Calcutt Political Reporter2 11pm Jan 22, Shorten has unveiled plans for a massive hydrogen energy industry, promising a billion dollar investment if Labor wins the Federal election. Bill Shorten said Australians should not miss out on the hydrogen wave AAP It's about jobs, jobs, jobs, and secure jobs, in Gladstone and across Australia. If we miss the hydrogen wave millions of future Australians won't thank us. Australia is at the crossroads. (news.financializer.com). As reported in the news.