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

australia: Glencore, which is Australia's biggest miner of coal, said it was responding to concern within the investment community, according to The Guardian. The Church of England, which is understood to have a stake worth just under 10m in the group, welcomed the announcement. The Switzerland-based firm, whose oil-trading operation is based in London, laid out plans to improve its environmental record, including a review of its membership of trade bodies it fears may be undermining the international Paris climate agreement. Carlota Garcia-Manas of the Church Commissioners, the C of E's 8.3bn endowment fund, said The simple truth is that in the absence of commercially viable carbon capture and storage, coal has no long-term future in the energy mix. Major Australian superannuation funds with billions of dollars under management including Australian Super and Cbus also put pressure on Glencore. Glencore's commitments on capital investment and expenditure start to provide assurance to investors increasingly focused on climate-related risks and opportunities. (news.financializer.com). As reported in the news.

country: Analysis of wastewater shows how much of each of the drugs is being consumed around the country, underlining the size of the black market, according to Nine News Australia. NSW, for example, is the biggest user of cocaine, and meth use has increased around the country. To improve your experience update it drug use Meth and cocaine up, MDMA and heroin down By Freya Noble1 55pm Feb 20, spent 9.3 billion on illicit drugs last year, with cocaine and meth use rising from previews years. Drug use around Australia - at a glance. 9news The Australian Criminal Intelligence Commission today released its sixth National Wastewater Drug Monitoring Program report, which monitored 58 wastewater stations in July and August 2018. It is astounding that Australians waste over 9.3 billion a year on drugs, commission chief executive Michael Phelan said. It estimates more than 9.6 tonnes of methylamphetamine was consumed in Australia in the year to August 2018, along with four tonnes of cocaine, 1.1 tonnes of MDMA, and more than 700 kilograms of heroin. (news.financializer.com). As reported in the news.

macro position: The fund manager, among the biggest in the world, sees the yen gaining 5 percent to 105 per dollar in the next 12 months, according to The Japan Times. Japan's accelerating wage growth is bound to spur inflation, the company reckons, even as Kuroda said Tuesday that additional stimulus may be considered if the exchange rate affects the country's economy. ; Floundering world economic momentum could also see the yen benefit from safe haven demand, UBS GWM strategists, including Thomas Flury, head of currency research, said in a note to clients on Friday. Haruhiko Kuroda surprised markets by warning of further potential policy easing, according to UBS Global Wealth Management. They said Japan's macro position is healthy and, despite Kuroda's remarks, forecast that the BOJ will start normalizing monetary policy in early 2020, even before achieving its 2 percent inflation target. Sluggish global economic growth momentum and the approaching end of the BOJ's easing policy should tilt the balance of risks toward a stronger yen. The Japanese yen remains the most undervalued major currency, said the fund manager, which oversees about 2 trillion. (news.financializer.com). As reported in the news.

market gauge: On Tuesday, the key market gauge climbed 20.80 points. ; The Topix index of all first-section issues was up 6.95 points, or 0.43 percent, at 1,613.47, according to The Japan Times. It rose 4.56 points the previous day. The 225-issue Nikkei average gained 128.84 points, or 0.60 percent, to end at 21,431.49, its highest finish since Dec. 17 last year. The indexes extended their winning streaks to a third day. Stocks lost some of the steam in afternoon trading, falling prey to sales reflecting a pause in the downswing of the Japanese currency, according to market sources. In the morning, the market was buoyed by futures-linked buying spurred by the yen's drop, with the Nikkei briefly gaining over 190 points. (news.financializer.com). As reported in the news.

minds subscription: The watchdog said the proposed deal could lead to a worse experience for in-store and online shoppers across the UK through higher prices, a poorer shopping experience, and reductions in the range and quality of products offered, according to The Independent. ISOCountry Groups euro at be cy ee fi fr de gr ie it lv lt lu mc mt nl pt sk si sm es va uk gb us us variants 1 33.4, 2 33.3, 3 33.3 Join Independent Minds For exclusive articles, events and an advertising-free read for just 5.99 6.99 9.99 a month Start your free trial Get the best of The Independent With an Independent Minds subscription for just 5.99 6.99 9.99 a month Start your free trial Get the best of The Independent Without the ads for just 5.99 6.99 9.99 a month Start your free trial It also has concerns that prices could rise at a large number of Sainsbury's and Asda petrol stations. The Competition and Markets Authority CMA published the latest findings from its investigation into the deal, which was announced in April last year, on Wednesday. Stuart McIntosh, chair of the independent inquiry group carrying out the investigation, said These are two of the biggest supermarkets in the UK, with millions of people purchasing their products and services every day. Death of the British high street The retailers affected Show all 9 Created with Sketch. Created with Sketch. (news.financializer.com). As reported in the news.

mr putin: We will be forced to take both reciprocal and asymmetrical measures, he said, according to The Independent. Let them count the range and speed of our weapons. He warned that Russia's new weapons would target the US if it deployed missiles to Europe. This is all we ask. Exactly one year ago he used the same speech to unveil a new generation of six nuclear weapons, and deployed an animated video showing a direct strike on Florida to emphasise his point. Mr Putin's harsh rhetoric, delivered in his annual state of the nation address, was a return to familiar territory. (news.financializer.com). As reported in the news.

saudi consulate: Later the pair spoke of the links between their two countries and exchanged hugs and handshakes for the cameras, according to The Independent. Bin Salman was stopping in India between trips to Pakistan and China, his first tour of the region since the murder of Washington Post journalist Jamal Khashoggi at the Saudi consulate in Istanbul frayed many international relations. The prince met with prime minister Narendra Modi for one-on-one talks and at a joint news conference. ISOCountry Groups euro at be cy ee fi fr de gr ie it lv lt lu mc mt nl pt sk si sm es va uk gb us us variants 1 33.4, 2 33.3, 3 33.3 We'll tell you what's true. From 15p 0.18 0.18 0.27 a day, more exclusives, analysis and extras. You can form your own view. (news.financializer.com). As reported in the news.

fellow celebs: With growing evidence that he may have orchestrated the whole thing, the hot takes are flying fast, according to MSNBC. Here's what his fellow celebs have to say about it. if typeof Looper undefined var Looper ; Looper.ad Type Add false; Looper.from Zerg Looper.from Facebook false; Looper.zerg Cat false; if ! -1 var search Args for var i 0; i search Args.length; i if ! -1 && ! -1 Looper.zerg Cat apstag.init pubID '3263', bid Timeout 2e3 ; if typeof Looper undefined var Looper ; Looper.clip More Us Us At enabled 0 ; // Looper.st Coin Flip Math.floor Math.random 100 1; Looper.st Coin Flip 0; var apn csa apn csa ; apn csa.anq apn csa.anq ; var pm optimize adslots ; var pm pub id 120492; var pm async callback fn // Optional callback function name //AOL Config var bid Request Config server 'adserver.adtechus', network '10450.1', bid Key 'aolbid', on BidResponse Looper.aol Callback, on AllBids Responses Looper.aol Response, bid Response Timeout 500, adjustment 0, format CpmToDecimal true, rounding Config from 0, to 999, round Function 'ten Cents Round' from 1000, to -1, round Value 1000 ; var dac BidRequest Configs ; window. But the story didn't end there. Criteo window. Criteo.events window. Criteo ; window. (news.financializer.com). As reported in the news.

jury: Absolutely not I saw this document for the first time some years afterward, Agius told a jury at Southwark crown court on Wednesday, according to The Guardian. Not only did I not see this document, I was not aware of its existence. Lead prosecutors for the Serious Fraud Office SFO questioned Marcus Agius over his knowledge of a key document from 31 October that year, detailing the payment terms of an advisory services agreement that would result in the bank paying 280m to the Qataris. The SFO's lead prosecutor, Edward Brown QC, went on to ask whether the former chairman was aware of how it was negotiated or how the figure was arrived at. Prosecutors say the executives put together two advisory services agreements in order to disguise Qatar's demand for larger commission payments. To both questions, Agius answered no . The SFO alleges four former Barclays executives Richard Boath, John Varley, Roger Jenkins and Tom Kalaris lied to the stock market and other investors about how 322m in fees were paid to Qatar in relation to emergency fundraising of more than 11bn in 2008. (news.financializer.com). As reported in the news.

european union: The Japanese foreign minister, Taro Kono, said on Tuesday that it was absolutely necessary for the UK to avoid crashing out of the European Union without a deal, according to The Guardian. Honda announced on Tuesday that it would close its Swindon manufacturing plant in 2021, bringing with it the direct loss of 3,500 jobs and potentially thousands more in the supply chain. The Japanese government has become increasingly vocal in recent weeks about the damage a no-deal Brexit would cause, while a number of big Japanese corporations have announced restructures. Honda cited unprecedented changes in the automotive industry and said it was not a Brexit-related issue for us . This point was reiterated by Justin Tomlinson, the Conservative MP for North Swindon and Brexit backer. How are Honda supposed to calculate the costs and benefits of staying in the UK in the overall global context against such lack of clarity on the future terms of trade Warren said Brexit supporters who seized on Honda's statement were missing the point. But Sir David Warren, the British ambassador to Japan from 2008 to 2012, told the Guardian The idea that Brexit uncertainty is irrelevant to this is fanciful. (news.financializer.com). As reported in the news.

facebook share: By DAVID SIDERS02/19/2019 08 23 PM ESTUpdated 02/19/2019 11 11 PM ESTTue Feb 19 23 11 56 EST 2019Share on Facebook Share on TwitterEL PASO, Texas The feud between President Donald Trump and Beto O'Rourke over immigration resumed at a distance Tuesday, driving the politics of a border wall further into the 2020 presidential campaign, according to MSNBC. After O'Rourke said on MSNBC last week that he would absolutely remove an existing stretch of border wall from his hometown of El Paso, Trump told reporters in Washington on Tuesday that the statement marked probably the end of his political career. Paul Ratje/AFP/Getty Images2020 elections Beto's call to remove part of the wall provokes Trump's ire The Texas politician hasn't declared yet, but his challenge to a border wall continues to rankle the president. Story Continued Below The opposite of that assessment appeared to be true nearly 2,000 miles away in the border town of El Paso, where O'Rourke did not announce his run for president on Tuesday but might as well have. In a speech accepting El Paso Inc.'s El Pasoan of the Year award, he said that on issues ranging from climate change to immigration, El Paso is the answer. Tying his political identity to this heavily Hispanic, heavily Democratic region of the Southwest, the former Texas congressman has seized on Trump's border politics to create an opening for himself in the Democratic primary. (news.financializer.com). As reported in the news.

finance: Finance Minister Carole James arrives to deliver the budget speech as she waves to people in the gallery at the legislature in Victoria, B.C., on Tuesday, February 19, 2018, according to The Toronto Star. Chad Hipolito / THE CANADIAN PRESS Finance Minister Carole James arrives to deliver the budget speech as she waves to people in the gallery at the legislature in Victoria on Tuesday, February 19, 2018. Finance Minister Carole James is banking on continued strong economic growth to fund long-term social and economic programs amounting to 2 billion over the next three years, but that's risky, B.C. Business Council president Greg D'Avignon said Wednesday. Business leaders say they're concerned the British Columbia government's budget pays too little attention to the potential impacts of a slowing global economy and a shifting housing market. I would caution the government that to take the economy for granted is at their peril, D'Avignon said. Chad Hipolito / THE CANADIAN PRESS He said the council, which represents many of the largest employers in the province, credits the government for the budget initiatives that support families and environment programs, but it should not take business for granted in a darkening economy. (news.financializer.com). As reported in the news.

benchmarks fare: How did major benchmarks fare The Dow Jones Industrial Average DJIA, 0.24% rose 8.07 points to 25,891.32 and the S&P 500 index SPX, 0.18% climbed 4.16 points, or 0.2%, to 2,779.76, according to Market Watch. The Nasdaq COMP, 0.03% advanced 14.36 points, or 0.2%, to 7,486.77, logging its longest stretch of gains since the index rose for eight straight days in August. The market's gains were led by so-called defensive sectors such as utilities and consumer staples, which are less sensitive to economic cycles. What drove the market Recent gains were fueled, in part, by upbeat expectations surrounding U.S.-China trade negotiations held in Beijing. President Donald Trump on Sunday tweeted about the trade talks, saying Big progress being made on soooo many different fronts! Important meetings and calls on China Trade Deal, and more, today with my staff. Talks resumed this week in Washington, sparking hopes that the two sides can continue to make progress toward a deal. (news.financializer.com). As reported in the news.

airline: The European airline sector is struggling with over-capacity and high fuel costs, with several companies going out of business, the latest being British budget airline Flybmi, which filed for bankruptcy on Sunday, according to The Japan Times. In the rights issue, Norwegian's shareholders will get two subscription rights to buy shares for every share they currently own, and new shares will be sold at 33 crowns each, compared with Friday's closing price of 97.34 crowns. Norwegian Air said on Jan. 29 it planned to raise 3 billion Norwegian crowns 348 million in a share sale to bolster its finances, just days after British Airways owner IAG ruled out a bid for the budget airline. ; Norwegian is trying to replicate on transatlantic flights the low-cost model that dominates the short-haul market via companies such as Ryanair and easy Jet, but is struggling to make the business profitable. By selling new shares far below the current market price, Norwegian will boost the value of each of the purchasing rights, which can in turn be bought and sold. Based on the Friday closing price, the theoretical value of each subscription right is NOK 21.45 and the theoretical value of the two subscription rights received per existing share is NOK 42.90, Norwegian said in a statement. The company's shares fell as much as 15 percent to a six-and-a-half year low of 83 crowns on Monday, before paring losses to trade down 8.8 percent at 88.8 crowns by 1300 GMT, valuing the business at about 4 billion crowns. (news.financializer.com). As reported in the news.

bubble burst: Japan isn't stuck in a hopeless demographic-driven hole without escape, according to The Japan Times. Rather, the three decades since the bubble burst have had their ups and downs. ; Look at the fourth-quarter gross domestic product numbers published last Thursday. The country's economy, the world's third largest, still matters. They aren't brilliant; they aren't terrible. Japan has company. What makes them interesting is their ordinariness Most major industrial economies had, at best, a tepid end to 2018. (news.financializer.com). As reported in the news.

crown prince: Tensions between the countries have soared since the attack, in which a militant rammed an explosive-laden van into a paramilitary bus in Kashmir, according to The Japan Times. It was the worst attack against Indian government forces in Kashmir's history. The crown prince was welcomed at the airport by Indian Prime Minister Narendra Modi, who embraced him in a characteristic bear hug. ; Prince Mohammed is expected to make an effort to defuse tensions between India and Pakistan as New Delhi weighs its response to last Thursday's attack. India has threatened a jaw-breaking response. Other agreements are expected to be signed Wednesday in investment, tourism, housing and communications. Ties between India and Saudi Arabia, where millions of Indians are employed as migrant workers, have strengthened since Modi visited Riyadh in 2016 for the signing of a memorandum of understanding on cooperation with intelligence-gathering on money laundering and terrorism financing. (news.financializer.com). As reported in the news.

crown prince: Some observers are quick to compare the Saudi investment with the China-Pakistan Economic Corridor CPEC project under the Belt and Road Initiative BRI . But for Prime Minister Imran Khan, both are welcome, according to Global Times China. We have CPEC. We have links with China. The unprecedented Saudi investment, half of which will support a refinery and petrochemicals complex in the port of Gwadar, is expected to shore up Pakistan's economy hurt by widening current account and fiscal deficits and strengthen trade ties between the two countries. So we welcome Saudi Arabia to participate with us, he said. The corridor includes a network of highways, railways and infrastructure and Gwadar is an important part of it. The crown prince also stressed the potential of the China-Pakistan Economic Corridor which will contribute to the development and prosperity of the region. (news.financializer.com). As reported in the news.

e-commerce operations: The retail giant posted better-than-expected results on Tuesday, in part due to its various online efforts, according to Market Watch. Walmart grew e-commerce sales by 43% in the quarter as it improved the selection on its various websites and saw greater uptake of its online-grocery offerings. The next hurdle is generating a real profit from these efforts. Walmart WMT, -2.27% expects that sales growth from e-commerce will decelerate in the year ahead, but right now a key focus is improving the margins from web sales. The retailer may not see immediate benefits Biggs predicts that losses from e-commerce operations will increase in the year ahead but the company is working toward a more attractive profit profile and sees great opportunity in being a more formidable online player. Chief Financial Officer Brett Biggs told investors that the company is working with a great sense of urgency to boost online sales in home goods and apparel, areas that could help margins. (news.financializer.com). As reported in the news.

figures show: The figures show that Shanghai, a key link in global trade, has become more attractive to FDI with its emerging advantages, according to Global Times China. In January, 563 new foreign-funded projects were established, up 69.1 percent year-on-year. FDI continued to pour into the city, and most of it went into the modern services industry and advanced manufacturing. Contracted foreign investment exceeded 10 billion, increasing 197.6 percent year-on-year, according to a local government announcement posted on its website on Tuesday. The city has made great progress in improving administrative efficiency and management, a World Bank report in October showed. Shanghai is leading the nation's effort to improve business climate. (news.financializer.com). As reported in the news.

high-technology companies: The projected net inflow would be almost double last year's net inflow of 300 billion yuan of overseas capital into the A-share market, according to Fang Xinghai, vice chairman of the China Securities Regulatory Commission, according to Global Times China. Fang told a recent forum that the increase is due in part to the inclusion of Chinese stocks to global indexes. Photo VCG China's stock market could attract as much as 600 billion yuan 88.6 billion in 2019, as investors eye opportunities in sectors ranging from high-technology companies to the real economy, after China vowed to further open up the financial sector and global indexes included Chinese stocks. Kang Chongli, director of the strategy department under Lianxun Securities, forecast a net inflow of 500 billion yuan into A shares this year, according to a report he sent to the Global Times on Tuesday. Just so far this year, more than 100 billion yuan worth of overseas capital has flowed into the A-share markets, according to figures calculated by Yang Delong, chief economist at the Shenzhen-based First Seafront Fund Management Co, in a report he released on Tuesday. In 2019, overseas investors have even quickened moves to pour capital into A shares. (news.financializer.com). As reported in the news.

milk: Mr Littleproud this morning slammed Coles and Aldi for not following Woolworths in dumping 1-a-litre milk offers in a bid to support desperate Australian dairy farmers, according to Nine News Australia. Publicity stunts like asking shoppers to donate at the counter to help struggling farmers are just a smokescreen to hide the fact they pay bugger all for milk, he said in a statement. To improve your experience update it here News NationalMP David Littleproud's Woolworths shares revealed hours after milk attack on Coles and Aldi By Luke Cooper5 31pm Feb 19, Minister David Littleproud has commercial shares in Woolworths, it has been revealed after he urged Australians to avoid shopping at Coles and Aldi. Agriculture Minister David Littleproud's commercial shares in Woolworths have been revealed hours after he slammed Coles and Aldi for not dumping 1-a-litre milk prices. Publicity stunts won't change that. AAP The farmers wouldn't need donations from the public if Coles and Aldi paid fair prices. (news.financializer.com). As reported in the news.

u.s: Painter, speaking on MSNBC's The 11th Hour with Brian Williams, accused Trump of throwing a hissy fit after Congress didn't give him the 5 billion he initially requested for the wall and instead declared a national emergency along the U.S. southern border with Mexico.TRUMP'S BORDER WALL JOINS 31 OTHER NATIONAL EMERGENCIES CURRENTLY IN EFFECTPainter, whose dumpster fire ad during his failed U.S. Senate bid was widely mocked, called Trump's actions illegal, according to MSNBC. I think we need to understand, though, why we're in this situation. All market data delayed 20 security Published 1 day ago Trump 'not mentally well,' should be removed under 25th Amendment, former Bush ethics attorney says By Ryan Gaydos Fox Bush ethics attorney Richard Painter says Trump 'not mentally well,' should be removed under 25th Amendment President Donald Trump is not well at all mentally and Congress needs to remove him under the 25th Amendment, former President George W. Bush's chief ethics attorney Richard Painter said Monday. The president is not well at all mentally. He has been denied what he wants, his wall, and he is having a hissy fit. I think he's an extreme narcissist. (news.financializer.com). As reported in the news.

var: Click here to learn how. ; ; ; function document Init OneSignal var one Signal elements var function event event.prevent Default ; ; for var i 0; i i false ; if document.ready State 'complete' document Init OneSignal ; else function event document Init OneSignal ; ; body.custom-background background-image background-position left top; background-size cover; background-repeat no-repeat; background-attachment fixed; logo margin 0 0 0px; padding-top 10px; footer background-color fff; text-align center; footer .widget-area padding 0 0 0px; margin 0 0px; border-bottom 0px solid ececec; .widget h3.title, sidebar .tabberlive, articles .head title, h3.archive title, ul.dropdown li ul text-align center; padding-bottom 10px; padding-top 0px; border-top 0px; margin-bottom 0px; The Stock News Market News Stock News Bank Of Stockton Lowered Travelers Companies TRV Holding by 352,815 as Market Valuation Declined; Shareholder Wedbush Securities Has Upped Comcast Cl A New CMCSA Stake Posted by Andre Harris on February 19, 2019 at 10 13 am adsbygoogle window.adsbygoogle .push ; Bank Of Stockton decreased its stake in Travelers Companies Inc TRV by 23.24% based on its latest 2018Q3 regulatory filing with the SEC. Bank Of Stockton sold 2,735 shares as the company's stock declined 3.61% with the market, according to MSNBC. The institutional investor held 9,034 shares of the finance company at the end of 2018Q3, valued at 1.17M, down from 11,769 at the end of the previous reported quarter. OneSignal ; One Signal.push function scope '/' ; var one Signal options ; one Signal options; true; true; ; Join Wall Street's Brightest Minds. ; Receive research in your inbox from top analysts, before the market opens. Bank Of Stockton who had been investing in Travelers Companies Inc for a number of months, seems to be less bullish one the 33.91 billion market cap company. About 1.30 million shares traded. The stock increased 1.43% or 1.81 during the last trading session, reaching 128.74. (news.financializer.com). As reported in the news.

minds subscription: Animal agriculture is a significant driver of carbon dioxide emissions, through deforestation when swathes of land are used instead to grow feed crops for livestock, according to The Independent. ISOCountry Groups euro at be cy ee fi fr de gr ie it lv lt lu mc mt nl pt sk si sm es va uk gb us us variants 1 33.4, 2 33.3, 3 33.3 Join Independent Minds For exclusive articles, events and an advertising-free read for just 5.99 6.99 9.99 a month Start your free trial Get the best of The Independent With an Independent Minds subscription for just 5.99 6.99 9.99 a month Start your free trial Get the best of The Independent Without the ads for just 5.99 6.99 9.99 a month Start your free trial According to the UN Food and Agriculture Organisation, livestock accounts for 14.5 per cent of global emissions. The Royal Institute of International Affairs, known as Chatham House, says new high-tech foodstuffs will be vital to the EU meeting its goals on climate change, human health and drug resistance. Raising meat animals on farms is also a significant source of methane, which is about 20 times more potent than carbon dioxide. Extinction rebellion Climate change protesters block London bridges Show all 25 Created with Sketch. Created with Sketch. (news.financializer.com). As reported in the news.

monday: On Monday, the key market gauge surged 381.22 points. ; The Topix, which covers all first-section issues on the Tokyo Stock Exchange, was up 4.56 points, or 0.28 percent, at 1,606.52, according to The Japan Times. It climbed 24.67 points Monday. The Nikkei 225 average gained 20.80 points, or 0.10 percent, to end at 21,302.65. Both the Nikkei and Topix struggled for direction in the morning as the closure of the U.S. market Monday for a holiday provided few trading incentives, market sources said. Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management Co., attributed Tuesday's rise to futures-linked buying by foreign players spurred by the yen's drop. In the afternoon, however, the market became somewhat buoyant thanks to the yen weakening against the dollar, the sources said. (news.financializer.com). As reported in the news.

street peers: Agius, wearing a dark grey suit and blue tie, was questioned by the Serious Fraud Office's lead prosecutors for nearly five hours over the bank's 11bn emergency fundraising in 2008, according to The Independent. Lead prosecutor Edward Brown QC asked the former chairman to provide details about a board meeting held in early October that year, just as the UK government was preparing to bail out Barclays' high street peers Royal Bank of Scotland and Lloyds TSB. According to meeting minutes read to the jury, the board discussed whether Barclays should take the government up on an offer of a fresh capital injection, but was worried about constraints placed on the bank particularly around its operations, ability to issue dividends and the level of executive compensation . Agius said at the time, there was a fantastic level of competition for bankers, whose pay had crept higher over a 10-15 year period. Marcus Agius is the first senior Barclays board member to be questioned during the trial at Southwark crown court in central London. The prospect of pay cuts meant risking the bank's top-level talent, he explained. The SFO alleges that four former Barclays executives Richard Boath, Roger Jenkins, Tom Kalaris and former CEO John Varley lied to the stock market and other investors about how 322m in fees were paid to Qatar in relation to emergency fundraising of more than 11bn in 2008. The board was facing a problem, that if we didn't pay people the going market rate very highly paid, highly talented people walked out . We concluded that if our major shareholder was the government, our ability to pay our people competitive rates in order to obtain their services would be compromised, Agius said. (news.financializer.com). As reported in the news.