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

audience: At the same time, the commercial talk radio station LBC achieved its highest audience in its 46-year history, reaching 2.2 million listeners a week as they tuned in to more opinionated programming from the likes of Nick Ferrari, James O'Brien and Nigel Farage, according to The Guardian. The official Rajar figures show the challenges the BBC is up against at a time when commercial rivals are paying big money to lure away its stars. Figures for the final three months of 2018 show the BBC's flagship news and current affairs station reached 10.5 million Britons a week, down 750,000 on the same period last year, while BBC 5 Live lost 10% of its audience in the last 12 months and is now listened to by fewer than 5 million people a week. The UK's three major commercial radio networks are investing heavily in new, digital-only outlets in the belief that the proliferation of digital radios and smart speakers such as Amazon's Echowill encourage people to try new stations. The BBC's director of radio, James Purnell, has previously said he was not concerned with such metrics and was instead focusing on developing the audience for the much-criticised BBC Sounds app and ensuring its output was relevant to the next generation through increased investment in podcasting and online audio. As a result, the BBC's share of total radio listening has slipped to 50.9%, with the long-term decline suggesting the corporation will be overtaken by the commercial sector at some point in the next year. (news.financializer.com). As reported in the news.

northeast england: A day after the Japanese manufacturing giant pointed a finger at Brexit as it abandoned plans to build a new model at the factory in northeast England, the 47-year-old cleaner was questioning her decision, according to The Japan Times. The warnings from some local politicians and executives of what might happen were no longer being dismissed as fantasy. ; I'm not so sure now, said Roley, as she waited for the bus back to her home four miles away from the sprawling grey Nissan complex. Like the majority of people in the city, she also voted to leave the European Union in 2016. They're saying on the telly it's going to affect a lot of businesses. Now the city finds itself at the sharp end of the consequences, at the mercy of the protracted and painful divorce from the EU with its economic lifeblood looking more precarious. Sunderland's enthusiasm for Brexit encapsulated the causes of the U.K.'s Trump-style rebellion a culmination of budget cuts, resentment toward immigration and perceived neglect. (news.financializer.com). As reported in the news.

power money: Therefore, the referendum did not resolve issues but unleashed the deepest British political crisis since World War II. British Prime Minister Theresa May's defeat in Parliament on her proposed EU agreement was the largest government defeat in a vote since the 19th century, and possibly the biggest in British history, according to Global Times China. It is crucial for China to understand that the first forces active in the Brexit crisis are international - as failure to realize this led to misunderstanding in China. Britain will leave the EU. However, critical issues in the West, as in other societies, are not decided by formal democratic processes but by power and money and the clash of powerful social forces. An argument sometimes heard in China is that if Britain leaves the EU it will become economically weaker, therefore it needs more Chinese investment, and will become friendlier with China. The reason for this is that Britain is a large economy by most standards - the world's fifth largest at current exchange rates, and the ninth largest measured in purchasing power parities PPPs - but it is geographically wedged between the world's two largest economic units the US and EU. Britain's economy is far too small to pursue a path independent of these two huge blocs and must, therefore, be subordinate to one or the other or both. This is radically wrong - the more Britain leaves the EU the weaker it will become economically, but the more it will become hostile to China. (news.financializer.com). As reported in the news.

ryuta otsuka: It shed 0.75 point the previous day, according to The Japan Times. The Tokyo market came under selling pressure from the outset, after the Dow Jones industrial average snapped its three-day winning streak on the New York Stock Exchange on Wednesday. The 225-issue Nikkei average lost 122.78 points, or 0.59 percent, to end at 20,751.28, after rising 29.61 points on Wednesday. ; The Topix index of all first-section issues finished down 13.10 points, or 0.83 percent, at 1,569.03. The Nikkei average lost over 200 points in the morning. Short-term players moved to the sell-side after seeing the Nikkei's failure to surpass 21,000 in recent sessions, said Ryuta Otsuka, strategist at the investment information department of Toyo Securities Co. Both the Nikkei and Topix remained in negative territory throughout the session, as profit-taking and position-squaring selling took the upper hand, brokers said. (news.financializer.com). As reported in the news.

trust fund: He said he had paid 14,000 12,350 to a Vietnamese middleman who would help him overcome all bureaucratic hurdles, according to Deutsche Welle. After several months, he ended up in a Czech poultry factory. Like thousands of his fellow countrymen, he sought to improve his living standards by working in a European country, in his case in the Czech Republic. But contrary to what had been promised, he had to undertake hard slaughter work for little more than the Czech minimum wage. Babis transferred Agrofert's management to a trust fund in 2017, but he is still regarded as a strong man lurking in the background. The factory in Mirovice, about 80 kilometers southwest of the nation's capital Prague, is part of the corporate empire built by the Czech Republic's current Prime Minister Andrej Babis, a billionaire and populist politician who appears in public as a strict opponent of migration and illegal immigration. (news.financializer.com). As reported in the news.

world: This series explores those who left their imprint along the way, according to The Japan Times. There's a well known anecdote about Masayoshi Son, the maverick billionaire founder and chief executive of Soft Bank Group Corp. and the man behind the world's largest technology investment fund. ; Back in 1981, a 24-year-old Son had launched a software distribution startup with two part-time employees in a cramped office in Fukuoka. In Heisei, Japan was roiled by economic excess and stagnation, as well as a struggle for political and social reform. Lore has it that one morning he stood on a makeshift podium to deliver an impassioned speech to his staff about how the company would eventually grow to be among the world's giants, counting revenue in the trillions of yen. Some 38 years on, Soft Bank has evolved into a global telecommunications and internet conglomerate worth 10.8 trillion, and Son's penchant for pursuing out-of-the-box ideas appears as strong as ever as he looks to craft a connected future run by computers far more intelligent than humans. The two part-timers, thinking their boss was out of his mind, were out the door shortly thereafter. (news.financializer.com). As reported in the news.

web: He put these documents into a zip file and emailed them to his own personal gmail account, according to Nine News Australia. It wasn't until he tried to download a dark web internet browser to the same laptop two months later, that AMP's cyber security team was alerted to a breach. To improve your experience update it here News NationalAMP contractor's 'dark web' browser revealed stolen customer information By Jayne Azzopardi Reporter1 01pm Feb 7, 2019Facebook Tweet MailA financial services contractor has admitted he stole customer identity information when he was working for financial services operator AMP. Chinese National Yi Zheng had only been working for AMP for six months, when, last October, he illegally downloaded 23 different identity documents - like drivers licences and passport photos - belonging to 20 customers. Police were contacted and the next time Zheng showed up for work, he was escorted from the building. AAP Detective Supt Matt Craft said this particular investigation highlights the important of companies protecting personal identification information of their customers. Yi Zheng outside court. (news.financializer.com). As reported in the news.

david lufkin: Petrofac's owner and chief executive, Ayman Asfari, is a major financial backer of the Conservatives, according to The Guardian. Together with his wife he has donated almost 800,000 to the party since 2009. David Lufkin, 51, the former global head of sales at Petrofac, admitted offering corrupt payments in an attempt to secure contracts in Saudi Arabia worth 3.5bn 2.7bn and contracts in Iraq worth 730m 566m . Petrofac shares fell by 20% in response to the announcement, according to Reuters. In 2014, the then prime minister David Cameron appointed Asfari to be a business ambassador . The ambassador's group, which was intended to promote the UK's excellence internationally and secure inward investment into the UK, was closed last month. Asfari was arrested and questioned under caution by the SFO, along with a member of Petrofac's senior management team. The Serious Fraud Office announced it was investigating Petrofac over allegations of bribery, corruption and money laundering in May 2017. (news.financializer.com). As reported in the news.

health care: Kim Moran, CEO of Children's Mental Health Ontario, said the statistics also underscore the need to hire more clinical staff across the province to provide immediate mental health care and cut long wait lists, according to The Toronto Star. Cole Burston / Toronto Star That's a huge loss to the economy, said Kim Moran, the CEO of the association representing Ontario's publicly-funded child and youth mental health centres. The report, released Wednesday by Children's Mental Health Ontario, looked at data collected in 2017. That's a huge impact on families that are already struggling in Ontario. The latest report takes that data and quantifies its cost to the province's economy. The analysis, conducted by researchers at the University of Toronto's Canadian Centre for Health Economics, springs from work done by CMHO in 2017 that showed that one in four parents in the province reported missing work to care for a child with anxiety issues. (news.financializer.com). As reported in the news.

marie kondo: Marie Kondo your Twitter feed how to make sure everyone you follow sparks joy Read more It blamed a number of factors, including the impact of a purge of millions of abusive accounts, a reduction in email notifications and complying with changes to data protection rules in Europe, according to The Guardian. Health is our top priority as we continue our work to help people find credible information and feel safe participating in the conversation on Twitter, said the company's chief executive, Jack Dorsey. The social media company reported 321 million monthly active users in the fourth quarter, a decrease of 9 million year-on-year and 5 million lower than the previous quarter. We enter this year confident that we will continue to deliver strong performance by focusing on making Twitter a healthier and more conversational service. Positive results reported by Twitter included quarterly revenue of 909m, up 24% year-on-year and ahead of Wall Street estimates, and full-year profits of 1.2bn. The company said there was a 16% year-on-year decrease in reports of abuse on Twitter in 2018. (news.financializer.com). As reported in the news.

review: Treasurer Josh Frydenberg has announced the review on Thursday, to focus on how the services - which help people experiencing money woes - are co-ordinated and funded, according to Nine News Australia. The review will specifically consider gaps and overlaps in current services and whether funding models are up to scratch. To improve your experience update it counselling to be reviewed By AAP3 17pm Feb 7, financial counselling services will immediately be reviewed by the federal government after the banking royal commission found it would be worthwhile considering the best way to fund their support. The government recognises that it is a vital service used by thousands of Australians every year, Mr Frydenberg said. Banking royal commissioner Kenneth Hayne QC's final report was handed down on Monday, with 76 recommendations and scathing criticisms of industry players. This review is a chance to increase predictability and stability in funding for financial counselling, as well as consider whether funding sources can be broadened. (news.financializer.com). As reported in the news.

americans millions: We meet tonight in a moment of unlimited potential as we begin a new Congress, I stand here ready to work with you to achieve historic break-troughs for all Americans, according to The Japan Times. Millions of our fellow citizens are watching us now gathered in this great chamber, hoping we will govern not as two parties, but as one nation. ; The agenda I will lay out this evening is not a Republican agenda or a Democrat agenda, it's the agenda of the American people. Vice President, members of Congress, the First Lady of the United States, and my fellow Americans. Many of us have campaigned on the same core promises to defend American jobs and demand fair trade for American workers, to rebuild and revitalize our nation's infrastructure, to reduce the price of health care and prescription drugs, to create an immigration system that is safe, lawful, modern and secure and to pursue a foreign policy that puts America's interests first. Victory is not winning for our party. There is a new opportunity in American politics if only we have the courage together to seize it. (news.financializer.com). As reported in the news.

building software: Envestnet and the backers of Money Guide Pro PIEtech recently partnered with former eMoney CEO Edmond Walters to form Apprise Labs, a new startup focused on building software to address estate planning needs, according to The Independent. Apprise's flagship product, which will be featured on the Envestnet platform, is called Money Logix Pro. But, a new product is eyeing another corner of the planning market The ultra high net worth crowd. It will become available to Envestnet's 92,000-plus advisors sometime this year. Several software add-ons break down client assets into a single portfolio dashboard, according to an Envestnet spokeswoman. We expect that this will solve the same market, but in a little different way, says Evestnet CEO Jud Bergman. (news.financializer.com). As reported in the news.

fund: It also boasted a 52 percent jump in net profit to 1.53 trillion for the same nine-month time frame. ; Soft Bank attributed the strong performance to the success of its Vision Fund and Delta Fund investments as the conglomerate transitions from a telecommunications company to an investment firm, according to The Japan Times. The funds' combined operating income was 808 billion, which accounts for 43 percent of the company's total. The group's operating profit rose to a record 1.85 trillion, a rise of 62 percent compared to the same period the previous year. In particular, the company said that the Vision Fund saw a valuation gain of 693.2 billion from the increase in the fair values of ride-hailing company Uber Technologies Inc., New York-based co-working firm WeWork Cos. and India's online hotel startup Oyo Rooms, as well as other investments. He also mentioned Soft Bank Group's debt at the gathering, as market watchers have grown uneasy over the course of several months. At a news conference Wednesday, founder Masayoshi Son said the Vision Fund would soon exceed 100 billion. (news.financializer.com). As reported in the news.

executive committee: He will have to give details on how his government would grow the growth and begin to create jobs, according to Global Times China. He also needs to say he would attract more foreign investment into the country, he told Xinhua. With unemployment rate at 27.7 percent and the economy expected to grow by 1.3 percent in 2019, Prof Jannie Rossouw, Head of School of Economic and Business Science in Wits University, said Ramaphosa should indicate how he would fix this. Rossouw said Ramaphosa is also expected to tell the nation about how he would reduce corruption, particularly after senior government members were fingered in graft at the state capture inquiry. Within his government and the National Executive Committee, Rossouw said. Members of the public want to see how he is dealing with corruption. (news.financializer.com). As reported in the news.

mainstay issues: On Wednesday, the key market gauge lost 39.32 points. ; On the other hand, the Topix index of all first-section issues closed down 0.75 point, or 0.05 percent, at 1,582.13, according to The Japan Times. It added 1.55 points the previous day. The 225-issue Nikkei average climbed 29.61 points, or 0.14 percent, to end at 20,874.06, after gaining over 120 points in morning trading. The Tokyo market got off to a firmer start after the Dow Jones industrial average extended its winning streak to a third session on the New York Stock Exchange on Tuesday, thanks partly to Boeing Co.'s brisk earnings report, brokers said. But the Nikkei managed to remain afloat backed by purchases of mainstay issues, while the Topix sank into negative territory toward the day's closing. In the afternoon, profit-taking weighed on stocks. (news.financializer.com). As reported in the news.

geoff wilson: Labor has called for Tim Wilson to be sacked as chair of the house economics committee after revelations that Geoff Wilson asked the Liberal MP to set committee dates to align with meetings of shareholders who the fund manager then encouraged to attend and protest, according to The Independent. PM says he won't sack Tim Wilson over use of franking credits inquiry Read more Tim Wilson has failed to declare at committee hearings that he has a shareholding in two funds managed by Wilson Asset Management through Wilson-Bolger Superannuation Pty Ltd, although he did declare it in his pecuniary interest register. Geoff Wilson the chairman of Wilson Asset Management and a distant relative of Tim Wilson when talking to concerned retirees claimed the reform would devastate their livelihoods but told his own investors that Labor's revenue claims were ludicrous because they could simply restructure their affairs. He has also refused to rule out that Geoff Wilson has contributed funding for the stoptheretirementtax website, authorised by the Liberal MP, which encourages people to sign a petition and make a form submission to his own inquiry. The prime minister and Coalition members backed the embattled chair on Wednesday. Labor is canvassing a number of options to force the government's hand, including a binding House of Representatives resolution to remove Tim Wilson as chair, as the Coalition controls the numbers on the committee itself. (news.financializer.com). As reported in the news.

infrastructure investment: I know that the Congress is eager to pass an infrastructure bill -- and I am eager to work with you on legislation to deliver new and important infrastructure investment, including investments in the cutting edge industries of the future, the president said, according to Global Times China. Emphasizing that infrastructure improvement is not an option but a necessity, Trump stopped short of rolling out a specific plan about how much money is needed or how potential projects will be funded. Both parties should be able to unite for a great rebuilding of America's crumbling infrastructure, Trump said as he delivered his annual State of the Union address, flanked by Vice President Mike Pence and House Speaker Nancy Pelosi from behind the podium. Following the midterm elections in November, Pelosi said the Democrats, in a House where they hold majority, are willing to reach across the aisle to the Republicans when it comes to infrastructure renewal. Trump proposed a 1.5-trillion-dollar infrastructure package in his last State of the Union address in Jan. 2018. The Congresswoman said ahead of the State of the Union that she hopes to hear a commitment from Trump on issues with bipartisan support, including rebuilding the infrastructure, according to US media reports. (news.financializer.com). As reported in the news.

year: The Times said it now has 4.3 million online subscribers, and aims to boost that figure to 10 million by 2025 as part of its strategy of shifting to digital, according to The Japan Times. The Times has pledged to continue investing in its newsroom even amid a slump in the industry that has led to thousands of layoffs at both traditional and digital news organizations. The major U.S. daily said Wednesday its profit in the final three months of the year amounted to 55.1 million, compared with a loss of 56.8 million in the same period a year earlier. ; Revenues rose 3.8 percent to 502 million, with digital advertising up 23 percent year-over-year. Our appeal to subscribers and to the world's leading advertisers depends more than anything on the quality of our journalism, said Mark Thompson, president and chief executive of The New York Times Co. We want to accelerate our digital growth further, so in 2019, we will direct fresh investment into journalism, product and marketing. That is why we have increased, rather than cut back, our investment in our newsroom and opinion departments. (news.financializer.com). As reported in the news.

points: How did major indexes fare The Dow Jones Industrial Average DJIA, -0.87% slid 21.22 points to 25,390.30, while the S&P 500 index SPX, -0.94% shed 6.08 points, or 0.2%, to 2,731.62, and the Nasdaq Composite Index COMP, -1.18% fell 26.80 points, or 0.4%, at 7,375.28, according to Market Watch. What drove the market In his speech to the nation Tuesday night, Trump said he had great respect for Chinese President Xi Jinping, adding that the two leaders are working on a new trade deal, while insisting that any agreement include real, structural change to end unfair trade practices, reduce our chronic trade deficit and protect American jobs. The president, however, insisted China commit to real, structural economic reforms before a trade deal can be reached. Treasury Secretary Steven Mnuchin, during an interview with CNBC on Wednesday, confirmed that he and U.S. trade representative Robert Lighthizer will travel to Beijing next week to continue negotiations over the continuing trade dispute, as the administration-imposed March 1 deadline for a deal approaches, after which the president has threatened to expand tariffs on Chinese imports. The president also vowed to build a proposed border wall, but stopped short of declaring a national emergency. Read Trump stops short of border emergency and omits infrastructure details in State of the Union Trump reiterated a call for an infrastructure plan, but unlike last year didn't put a price tag on it. (news.financializer.com). As reported in the news.

poland latvia: For better or worse, the commander-in-chief also didn't make a single mention of the shutdown, according to Market Watch. He did say we have the hottest economy in the world. There's some lingering disappointment in the air, with stocks looking at a down day, possibly due to the fact POTUS didn't lay down big news on a trade deal with China, outside of some promises for progress. OK, perhaps minus Poland and Latvia, but we're almost No. 1! Trump claimed the US economy is considered far and away the hottest economy anywhere in the world. There was no talk of using Commander in Chief military powers to build the wall, for instance. In fact, the economies of Latvia, Poland, China, India and Greece are growing much Neil Marshall FBPE ANMarshall February 6, 2019 But no news is good news There was no escalation of tensions at least not meaningfully. (news.financializer.com). As reported in the news.

p spx: The previous frights came in 2011-12 and 2015-16, according to Market Watch. Meanwhile, the stock-market rally off the Christmas Eve lows has been as extraordinary as the whoosh' that created that low, Dwyer said. Investors suffered through the third recession' scare this cycle, and while all three major corrections have been larger than anticipated, absent an inversion of the yield curve that shuts down credit, the market pessimism following a non-recession crash should set the stage for new highs in 2019, wrote Tony Dwyer, analyst at Canaccord Genuity, in a Tuesday note. Stocks fell apart in the fourth quarter of last year, accelerating a decline into December that pushed the S&P 500 SPX, -0.94% and Dow Jones Industrial Average DJIA, -0.87% in to a correction and knocking the tech-heavy Nasdaq Composite COMP, -1.18% into a bear market. Market bears remain unconvinced by the bounce, arguing that a dovish pivot by the Federal Reserve at its meeting last week will likely prove too late to halt a slowdown later this year. The declines left major indexes negative for 2018, but the subsequent rebound saw the S&P 500 and Dow bounce nearly 16% from its December low through Monday, while the Nasdaq is up more than 18% over the same stretch. (news.financializer.com). As reported in the news.

women: We're excited to kick off our new partnership with the W Source and advance our strategies for creating new opportunities for professional growth among our affiliated women advisors, according to Pro Equities President and CEO Christopher Flint, according to The Independent. It is more crucial than ever for the advisor communities affiliated with independent firms such as ours to reflect the demographics of the country's population, Flint explained. The independent firm, owned by Protective, said the move comes about nine months after it launched its Women's Networking Forum. Our relationship with The W Source not only reinforces our commitment to this broader goal, but also helps us further align expertise, coaching and education resources with our women advisors, so they can continue to excel in serving their clients. The advisors work with about 16 billion in assets. Based in Birmingham, Alabama, Pro Equities has about 700 affiliated advisors, roughly 15% of whom are women. (news.financializer.com). As reported in the news.

ride-hailing startups: Including the Vision Fund, launched last year with more than 90 billion US dollars in capital, Soft Bank Group's fund management operations accounted for 808.79 billion yen 7.37 billion US dollars of its 1.86 trillion yen 16.95 billion US dollars in operating profit, Soft Bank Group Corp. said, according to Global Times China. At the end of the October-December period, the Vision Fund had invested 45.5 billion US dollars in 49 firms, including ride-hailing startups and a shared workspace provider, with the investments valued at 55.3 billion US dollars, according to Soft Bank Group's figures. The Tokyo-based conglomerate said its group net profit in the recording period came in at 1.54 trillion yen 14.04 billion US dollars with the rise attributed to gains made by tech firms invested in by its Vision Fund, including Uber Technologies, WeWork Cos, Nvidia and chip designer ARM. The telecommunications and internet behemoth, while not announcing a guidance for the full current fiscal year through March, said its group operating profit jumped 61.8 percent to 1.86 trillion yen 16.95 billion US dollars based on sales of 7.17 trillion yen 65.36 billion US dollars which is an increase of 5.2 percent. Losses made by Nvidia, owing to slumping demand for gaming chips, were offset by the firm's other fund managed operations, Soft Bank Group said. This comprises around 10.3 percent of its total outstanding shares. On Wednesday, Soft Bank Group announced a 600 billion yen 5.5 billion US dollar share buyback, saying it would repurchase 112 million shares over the the next 11 months. (news.financializer.com). As reported in the news.

housing categories: But condos are expected to continue driving price growth this year, with detached houses anticipated to lag again, according to The Toronto Star. For sale signs at a home in East York, Toronto. That means homes that sold for 787,195 on average in 2018, would increase to 820,000 across all housing categories. Rene Johnston / Toronto Star Although we won't experience record levels, we do expect to see a better year in 2019 for sales and selling prices, said TREB president Garry Bhaura in a news release issued prior to the publication of the board's 2019 market outlook report on Wednesday.TREB joined the growing chorus in the housing industry calling for the Office of the Superintendent of Financial Institutions OSFI to reconsider the mortgage stress test it introduced last year. In a speech in Toronto on Tuesday OSFI assistant superintendent Carolyn Rogers acknowledged that housing affordability is a problem. The test, which is designed to protect consumers from drowning if their housing or other costs increase, means home buyers have to qualify for mortgages 2 per cent higher than they negotiate with their banks or the Bank of Canada's five-year benchmark rate. (news.financializer.com). As reported in the news.

york city: Alexandria Ocasio-Cortez is a political newcomer, elected to the US House of Representatives in the 2018 midterms, according to MSNBC. Serving the southern area of the Bronx and Queens in New York City, at age 29 Ocasio-Cortez is the youngest woman ever elected to Congress. Phoebe 7, 20194 02pm Alexandria Ocasio-Cortez described the State of the Union as unsettling and refused to get up during a standing Donald Trump's young Democratic rival has called his State of the Union address unsettling refusing to apologise for defiantly remaining seated during a standing ovation. She sits on the far left of politics, describing herself as a democratic socialist, and is often criticised for being teenage in her views, claims she fights back against ferociously. Female leaders dressed en masse in white to honour the female suffragette movement, which led to the 19th amendment and women winning the right to vote. She has become well known for engaging with other politicians and celebrities who name her on Twitter. (news.financializer.com). As reported in the news.