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

gr ie: 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 But it is perhaps the presence of an in-built cryptocurrency wallet that represents the most significant departure from past devices, according to The Independent. The presence of a bitcoin wallet on one of the most hyped and popular of consumer devices has led industry analysts to suggest cryptocurrency may well be in for a resurgence in 2019 and could finally become a mainstream form of payment more than 10 years after its inception. Details about the cold-storage cryptocurrency purse were delivered at Mobile World Congress in Barcelona this week, with the world's most popular smartphone maker confirming that it will support bitcoin, ethereum, Cosmee and Enjin, together with a range of decentalised apps dApps . Samsung's latest flagship phone is a subtle step forward from its predecessor the Galaxy S9 with a host of incremental upgrades, such as a bigger screen and better camera. Regulation, application, security and education could be considered to be the main things holding back mass adoption of cryptocurrency and blockchain in general, David Thomas, CEO of Mayfair-based cryptocurrency exchange Global Block, told The Independent. Created with Sketch. There is no doubt that inclusion of these wallets on handheld devices gives credibility to the technology and makes it extremely accessible for the general public thus assisting in three out of four points mentioned. (news.financializer.com). As reported in the news.

goods: Indian scholars debated for years about how the country should push forward with industrialization, according to Global Times China. Unlike China, whose industrialization process started with manufacturing primary goods, then intermediate goods, and then high-tech goods, India wanted to take a shortcut in the 1990s and the early 2000s to avoid the primary manufacturing process due to concerns over pollution and high costs. Photo VCG While there have been discussions surrounding how India's industrialization will affect China in the future, one realistic question currently faced by India is whether the country can achieve industrialization at all. According to India's industrial roadmap, it chose to first develop the IT sector, which was supposed to facilitate its industrialization later. However, it turns out that there is no shortcut after all. The government at that time believed that it may overtake China on the curve by taking this shortcut. (news.financializer.com). As reported in the news.

index comp: The Nasdaq Composite Index COMP, -0.29% held onto gains to edge up 5.21 points to 7,554.51, according to Market Watch. What drove the market Trade representative Lighthizer and the Fed's Powell delivered remarks and took questions before Congress against the backdrop of a volatile geopolitical developments. How did stock indexes fare The Dow Jones Industrial Average DJIA, -0.27% dropped 72.82 points, or 0.3%, to 26,985.16, and the S&P 500 index SPX, -0.28% fell 1.52 points to 2,792.38. Powell testified in front of the House, a day after he affirmed the central bank's wait-and-see approach to rate increases, citing slower global growth and its effect on the U.S. Lighthizer appeared before the House Ways and Means Committee on U.S.-China trade to provide more insight into the progress of negotiations between the world's two largest economies. Meanwhile, Michael Cohen, President Donald Trump's former personal lawyer, provided an account of what he claims is Trump's criminal conduct during testimony before a House committee. He also said the U.S. plans to officially abandon an increase in tariffs on 200 billion of Chinese goods to 25%, from 10% currently. (news.financializer.com). As reported in the news.

itv deal: Streaming is the medium of choice when it comes to TV consumption among the young, and increasing numbers of the not so young, 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 We'll tell you what's true. It's the moniker for the streaming service that ITV and the BBC are planning to launch, with the possibility of Channels 4 and 5 joining it, to capitalise on the booming takeup of the likes of Netflix. You can form your own view. Subscribe now Read more ITV deal with Al Haymon sees boxing return to terrestrial TVRemember ITV Digital EFL clubs would do well not to forgetBBC and ITV announce new streaming service Brit Box But while Netflix and Amazon both have some UK content, much of it licensed from UK broadcasters, it's not a notable strength of their offerings. From 15p 0.18 0.18 0.27 a day, more exclusives, analysis and extras. (news.financializer.com). As reported in the news.

market gauge: On Tuesday, the key market gauge fell 78.84 points. ; The Topix index of all first-section issues added 3.22 points, or 0.20 percent, to close at 1,620.42, after losing 3.67 points the previous day, according to The Japan Times. Both indexes moved on the positive side throughout the session, aided by buying that apparently came from individual investors, brokers said. The 225-issue Nikkei average gained 107.12 points, or 0.50 percent, to end at 21,556.51. The Nikkei average's rise was supported by the strength of Fast Retailing, a heavyweight component of the closely watched index. But a stronger yen hit export-oriented issues, capping the market's upside, the brokers said. The clothing retailer alone pushed up the Nikkei average by some 50 points. (news.financializer.com). As reported in the news.

itv: Brit Box will mainly feature archive BBC and ITV shows, alongside new British commissions made especially for the service, according to The Guardian. There were no details on pricing; the announcement said it would be competitive . However, Brit Box will not have the latest BBC and ITV shows, which will remain available through the catch-up BBC iPlayer and ITV Hub services. Netflix is eating into the market share of traditional broadcasters, as audiences increasingly desert established channels and expect shows to be available instantly on streaming services. Other broadcasters are expected to join the service later, with Channel 4 known to have taken part in discussions, which were revealed by the Guardian last year. The publicly funded BBC would not comment on whether it was putting a similar amount of money into the project. ITV has pledged to invest up to 65m in the joint venture over the next two years. (news.financializer.com). As reported in the news.

drive: Premier Doug Ford defended a request to use a customized van to get around saying I prefer to drive around and talk to the people about things that matter about creating jobs, lowering taxes, making sure we're lowering the heating costs, lowering gas prices, according to The Toronto Star. Andrew Francis Wallace / Toronto Star I prefer to drive around and talk to the people about things that matter about creating jobs, lowering taxes, making sure we're lowering the heating costs, lowering gas prices, he added, claiming we don't have enough people for all the jobs we've created. I'm the only premier in history that refuses to use the premier's plane, the King Air, that costs the taxpayers hundreds of thousands of dollars, Ford insisted Wednesday in a testy exchange with Essex MPP Taras Natyshak. The two King Airs are used to fly premiers, the lieutenant governor and cabinet ministers is an eight-seat, twin-engine turboprop with barely five feet of room for passengers to stand. Natyshak accused Ford of a lack of respect for taxpayers in seeking 50,000 in customization on a passenger van, as revealed in court documents this week from a court case fighting the controversial appointment of Ford friend Ron Taverner as commissioner of the Ontario Provincial Police. They are operated by the natural resources ministry, which also uses them to shuttle forestry workers. (news.financializer.com). As reported in the news.

phone industry: Rotating Chairman Guo Ping encapsulates its new credo, according to The Japan Times. Striding onstage before hundreds of people at the phone industry's flagship conference this week, he opened with a joke directly addressing the company's demons There has never been more interest in Huawei. It's a remarkable shift for a giant whose founder, Ren Zhengfei, spurned the media and avoided overt displays of power. We must be doing something right. ; Guo laid into the U.S., which vaulted Huawei into the public eye when it orchestrated last year's arrest by Canadian authorities of Chief Financial Officer Meng Wanzhou, who is also the founder's daughter. Some audience members applauded. He urged the crowd in Barcelona, Spain, to reject using politics to manage cybersecurity and turned the spotlight on America, which he said was spying on its own corporations. (news.financializer.com). As reported in the news.

railway: The move, also another important step in the mixed-ownership reform of Chinese state-owned enterprises, could bring both opportunities for the state-owned company as well as challenges in navigating through complex reforms required for listing, analysts said, according to Global Times China. The company was founded in 2008, with China Railway Investment Co - fully owned by CRC - holding a 46.21 percent stake, data on research platform tianyancha showed. Photo VCG China Railway Corp CRC said on Tuesday that its lucrative subsidiary Beijing-Shanghai High-Speed Railway Co is preparing for an IPO on the A-share market, part of the company's push for market reforms. In the short term, listing the Beijing-Shanghai high-speed line can help CRC raise funds to repay debt, Zhao Jian, a professor at Beijing Jiaotong University, told the Global Times on Wednesday. But going public will be a challenge, pushing the company to operate with more transparency, Zhao said. The state-owned CRC reportedly has fast-accumulating liabilities. (news.financializer.com). As reported in the news.

supplies: The stock was down about 4% in after-hours trading following the release of HP's holiday-quarter earnings report, but declines suddenly reached double digits as executives provided more details in a conference call Wednesday afternoon, according to Market Watch. In the call, Chief Executive Dion Weisler said that HP's market share and pricing for printer supplies were pressured in the quarter, and that the company now expects supplies revenue to decline about 3% for the rest of the year. HPQ, -17.27% shares dove more in after-hours trading Wednesday after the company revealed weakness in its business of selling printer supplies. HP had previously guided for sales to be flat to slightly up for this year. Have breaking news sent to your inbox. HP shares were trading 12% to 13% lower than the closing price after the call ended Wednesday afternoon. (news.financializer.com). As reported in the news.

trump administration: Even so, the reaction of most progressives to anything Mr Trump does is that of revulsion, horror and bewilderment, according to The Independent. This is usually correct. This applies as much to his politics as his personality, though he obviously enjoys a deal of support in some quarters of American society, sufficient to deliver the White House to him in 2016. However, the president's audacious initiative to make peace with North Korea surprising as it has been to some is one of the few unalloyed positives to emerge from the Trump administration. The peoples of Korea, north and south, Japan, China, eastern Russia, and all the others who have had to put up with the bizarre and dubious antics of successive Kims, can sleep easier in their beds, spend less on defence and get on with making their respective countries prosperous. If relations proceed as hoped, the threat of thermonuclear destruction that hangs over the entire region will be lifted. (news.financializer.com). As reported in the news.

wednesday afternoon: Trading was paused before the news was announced, and shares fell 23% in after-hours action after trading restarted, according to Market Watch. In a news release, the company said that it was delaying the release of its earnings results to allow additional time to review the company's internal controls over financial reporting after receiving notification of an investigation by the SEC on Feb. 21. SYNH, -19.69% revealed Wednesday afternoon that the Securities and Exchange Commission is investigating its accounting procedures. The SEC has commenced an investigation into the Company's revenue accounting policies, internal controls and related matters, and the SEC has requested that the company retain certain documents for the periods beginning with January 1, 2017, the announcement reads. The stock has gained 45.3% in the past 12 months, as the S&P 500 index SPX, -0.28% has gained 1.8%. Have breaking news sent to your inbox. The company is fully cooperating with the SEC. Syneos shares closed Wednesday up 0.8% at 52.01, giving it a market capitalization of about 5.4 billion. (news.financializer.com). As reported in the news.

prison: Democrats mostly stuck to questioning Cohen about Trump's alleged criminal conduct, while Republican members on the committee largely sought to discredit Cohen's testimony by painting him as a liar and an profit-seeking opportunist whose word was not to be trusted, in part because he's on his way to prison, according to MSNBC. Cohen is due to report to prison in early May for a three-year sentence for a series of charges he pleaded guilty to last year, including eight felony counts of tax evasion, bank fraud and campaign finance violations, as well as one count of making a false statement to a look at how the testimony unfolded. Cohen, 52, delivered a damning account of the president's business and campaign practices just hours after Trump opened the second nuclear summit with North Korean leader Kim Jong Un in Hanoi, Vietnam. Cohen Testimony Liz Johnstone a day ago Thank you, and good night. Thanks for staying with us today. We're closing down our live blog for the evening. (news.financializer.com). As reported in the news.

bank: The announcements were made alongside the bank's annual results on Tuesday night, according to The Guardian. Metro Bank's share price slumped once again on Wednesday and was down more than 26% at about 950p shortly before the London market closed. The high street challenger also revealed that it is under investigation by City regulators, the Financial Conduct Authority and Prudential Regulation Authority, over a major accounting failure first disclosed last month. The company's shares have lost 50% of their value since the accounting issue was announced. He also offered to resign, but said he has full backing of the board and is staying put. The lender confirmed in January that hundreds of millions of pounds of commercial property loans and loans to commercial buy-to-let operators had been wrongly classified in risk terms and should have been among its risk-weighted assets RWAs . While the bank originally suggested it had uncovered the issue on its own, it later emerged the error was caught by the PRA. Craig Donaldson, the CEO, is now giving up his annual bonus, which was worth 800,000 in 2017, over the debacle. (news.financializer.com). As reported in the news.

facebook share: Susan Walsh/AP Photonorth korea nuclear summit On Hannity,' Trump's summits are a smashing success In Hanoi or Singapore, Helsinki or Jerusalem, Fox News personalities are always on hand to make the president look good, according to MSNBC. By ELIANA JOHNSON02/27/2019 05 56 PM ESTUpdated 02/28/2019 02 24 AM ESTThu Feb 28 02 24 29 EST 2019Share on Facebook Share on TwitterHANOI, Vietnam Stymied by bumper-to-bumper traffic in Hanoi on Tuesday as the teeming Vietnamese capital absorbed the arrival of North Korean leader Kim Jong Un, Sean Hannity decided to get to the studio another way. The Fox News host offered up a query that connected Trump to conservative idol Ronald Reagan. After literally 40 minutes not moving, we're getting nervous about getting on the air, Hannity told his American audience, I hopped on a scooter. And by the way, we were riding on the sidewalk there, in case you were interested, he added. The Fox News host and close confidant of President Donald Trump broadcast images of himself, clad in the same navy blazer he was wearing on the air, zipping through Hanoi's clogged streets on the back of a motorbike. (news.financializer.com). As reported in the news.

housing: Premier Horgan answers questions from the media during a press conference following the speech from the throne in the legislative assembly in Victoria on Tuesday, Feb. 12, 2019, according to The Toronto Star. Chad Hipolito / THE CANADIAN PRESS He said if a community can't provide housing for workers then they can't build much needed housing or sustain local economies. Premier John Horgan says British Columbia boasts Canada's strongest economy but growth is threatened by a shortage of affordable housing for workers and their families. It's a puzzle the provincial government is trying to solve through last week's budget and the 7 billion investment it promised last year in a decade-long affordable housing strategy, Horgan told the Greater Victoria Chamber of Commerce. If we're going to just build single room boxes in the sky we're not going to be able to meet the needs of growing families. If you don't have an affordable home to live in you don't have much going on, he said. (news.financializer.com). As reported in the news.

win-win deal: Steve Rowe, Marks & Spencer's chief executive, said he had always believed that M&S food could and should be online and combining M&S's upmarket food range with Ocado's technology and delivery network was a win-win deal that would drive long-term growth . However, M&S shares fell by 12% as investors and analysts raised concerns that the 134-year-old high street retailer had overpaid for access to Ocado's technology and delivery network, according to The Guardian. The plunge in M&S's share price the biggest one-day fall since 2016 wiped more than 550m off the retailer's market value. M&S will pay Ocado 750m for a 50% share of the new Ocado joint-venture, which will begin trading in September 2020, when Ocado's deal to supply Waitrose products expires. Ocado's shares rose by 3%. Rowe rejected suggestions that M&S had paid too much to get into the growing internet grocery business. Tim Steiner, the founder and chief executive of Ocado, said I think Steve and his team have taken an incredibly smart risk today. We think we're paying a fair price and I think Ocado do too, he told reporters on Wednesday. (news.financializer.com). As reported in the news.

british citizenship: Martinez visited Caracas as recently as December to pitch deals that would ease the government's cash squeeze. ; An SDN label on Martinez, a Mexican national who also holds British citizenship and spends much of his time in New York, could restrict his travel and limit his access to U.S. bank accounts, among other repercussions, according to The Japan Times. He's the sole owner of Fintech, which has an office on Manhattan's Park Avenue, regulatory filings last year showed. Treasury Department officials have also discussed naming Martinez, the founder of the Delaware-domiciled hedge fund Fintech Advisory Inc., as a specially designated national for his business dealings with sanctioned Venezuelan officials, including Finance Minister Simon Zerpa and Economy Vice President Tareck El Aissami, two of the people said, asking not to be identified because the information is private. Martinez and his legal adviser in South America didn't respond to calls and emails, nor did Venezuela's Finance Ministry. The Treasury's press office declined comment on Fintech or Martinez. A Fintech representative based in New York declined comment. (news.financializer.com). As reported in the news.

chuka umunna: Let's take a look, shall we A photo of the group's first outing was tweeted last night by Chuka Umunna, according to The Independent. As so often with politicians trying to appeal to the people, it was a food-based photo opportunity Chuka The IndGroup meal out before votes tonight at Nando's! 25, 2019 The first observation here is that Umunna's sentence structure is off. This has led to a number of beautiful photo opportunities, press conferences and broadcast appearances. TheInd Group meal out before votes tonight at Nando's! reads as though the vote is taking place at Nando's, and the gang have just gone out for a quick bite beforehand. Huge props go to Heidi Allen, who is absolutely not waiting for this photo opportunity to be over to dig in. I am assuming this was not the case. (news.financializer.com). As reported in the news.

fourth-highest number: Needless to say, I've been more than a little worried about the weather, according to Market Watch. Extreme weather in the U.S. is inarguably on the upswing; 2018 had the fourth-highest number of billion-dollar weather-related disasters 14 and was the fourth-costliest year 91 billion for those disasters, according to the National Centers for Environmental Information. I don't mean a little rain, I mean 13.47 inches of rain through Feb. 23, a mere 3 inches shy of the record monthly rainfall we received in 2010, which unfortunately flooded my home and many others in the area. The top three years for both number of disasters and costs have all occurred within the last 15 years. Read Sleepwalking into catastrophe' Extreme weather is biggest global risk in 2019 Investors, too, are increasingly wondering how they can put their investment dollars to work to help mitigate climate change. Indeed, for individuals who understand the difference between weather and climate, there is a sense of growing urgency around climate change, particularly in the wake of so many headline-grabbing hurricanes, floods, fires and droughts. (news.financializer.com). As reported in the news.

housing authority: Related Stories Fort Worth's Public Housing Authority is Overhauling Itself As America's First Racially Integrated Housing Project Is Rebuilt, Ripples of Displacement Follow Here's How Ben Carson's Listening Tour Has Been Going The Future of Public Housing on the Line in Minneapolis The proposed law would convert homes owned by landlords with more than 3,000 homes in their portfolio into public housing, according to The Independent. It would cover 200,000 units, the Independent said. AP Photo/Michael Sohn Berlin is likely to hold a referendum banning big landlords from operating in the city, the Independent reports. The referendum seems to be especially targeting Deutsche Wohnen AG, the city's biggest landlord, which holds 110,000 apartments, and has a reputation for finding loopholes in Germany's rent-control laws, City Lab wrote. In fall 2018, residents on Karl Marx Allee discovered their buildings were to be sold to Deutche Wohnen, and feared they'd be priced out of their homes. It also spends about half what state housing companies do to maintain its properties. (news.financializer.com). As reported in the news.

housing sector: The iShares Home Construction ETF ITB, -0.71% has gained 17.7%, so far in 2019, while the comparable SPDR S&P Homebuilders ETF XHB, 0.03% has returned roughly 19.3%, outstripping 11.6% year-to-date gains for the S&P 500 index SPX, -0.05% and the Dow Jones Industrial Average DJIA, -0.28% which boasts a 12% climb, according to Market Watch. Of course, shares of those housing funds were slumping Tuesday, with the iShares ETF and the SPDR fund down by at least 0.6%, after investors were presented with a number of worrying data on the housing sector. Housing shares are poised for their second-best yearly return of the past seven years, according to Fact Set data, even as popular home-building exchange-traded funds were sliding on the day after a barrage of weaker housing data. The Commerce Department reported Tuesday that new-home construction declined by 11% to its lowest level since 2016. Meanwhile, housing-sensitive Home Depot Inc. On top of that, the Case-Shiller home price index grew by 4.2% in December, below economists expectations, and at the slowest rate since housing prices bottomed in 2012. (news.financializer.com). As reported in the news.

japanese exporters: The euro was at 1.1349-1350, down from 1.1355-1355, and at 125.78-85, up from 125.62-62. ; The dollar moved around 111 in early trading, maintaining its overnight strength abroad that reflected hopes for a U.S.-China trade deal, according to The Japan Times. The greenback trimmed the gains later in the morning as month-end dollar selling by Japanese exporters took the upper hand. At 5 p.m., the dollar stood at 110.83-83, up from 110.62-63 at the same time Monday. The weakness of the Nikkei 225 stock average also weighed on the dollar, pushing down the currency to around 110.80 around noon. Market players retreated to the sidelines to hear congressional testimony by the U.S. Federal Reserve chairman later Tuesday, an official of a foreign exchange margin trading service firm said. The dollar moved in a tight range in the afternoon amid a lack of trading incentives, traders said. (news.financializer.com). As reported in the news.

market capitalisation: Part of the report read Also, the All-Share Index lost 226.30 points or 0.69 per cent to close at 32,473.82, compared with 32,700.12 recorded on Monday, according to The Independent. Ambrose Omordion, the chief operating officer, Invest Data Ltd., attributed the market pullback to profit taking embarked by some smart investors. The news medium reports that, specifically, the market capitalisation, which opened at N12.194 trillion, shed N85 billion or 0.69 per cent to close at N12.109 trillion. Omordion said the smart money that pushed the market up with expectations that the opposition would win the presidential election were leaving the market. This pullback may not last as a result of 2019 dividend declaration season as dividend yield of financial service stocks are high and attractive due to low prices. Day 2 Buhari continues to lead as results of more states are released He said some investors who entered the market in anticipation that the opposition economic policy and reforms would support market growth were taking profit ahead of earnings season. (news.financializer.com). As reported in the news.

market confidence: Overseas investors have purchased Chinese stocks worth 99 billion yuan 14.79 billion since the start of 2019, according to a report by the Chinese version of Nikkei on Monday, according to Global Times China. Chen Li, managing director at Beijing-based Chuancai Securities Research Institute, said the capital inflow from overseas investors has brought running water to the current stock market, stimulating market confidence and enhancing market expectations. Photo VCG The strong performance of China's A-share market is inseparable from net inflows of funds through northbound trading, or capital from Hong Kong to the Chinese mainland via the stock connect programs, a sign that foreign investors are increasing their investment into the A-share market. It will also accelerate the internationalization of China's A-share market, Chen told the Global Times on Tuesday. The market had bottomed out after three years' decline, dropping to half of the US stock market value, but it also turned out to be an attractive moment to enter for these foreign investors, said Yang Delong, chief economist at the Shenzhen-based First Seafront Fund Management Co. Foreign investors, mainly long-term institutional funds, retain a robust buying stance of A shares despite the declining market last year. (news.financializer.com). As reported in the news.

news conference: The agreement signed in December 2015 included the establishment of a foundation to help the victims, according to The Japan Times. South Korean President Moon Jae-in's administration, formed after the signing of the pact, decided last year to dissolve the organization, saying the issue cannot be resolved under the accord. The term comfort women is a euphemism used to refer to women who provided sex, including those who did so against their will, for Japanese troops before and during World War II. ; The 2015 Japan-South Korea agreement that acknowledged the final and irreversible settlement of the comfort women issue should be implemented even after the change of administration in South Korea, Chief Cabinet Secretary Yoshihide Suga said at a news conference. South Korean Foreign Minister Kang Kyung-wha said in an ordinary session of the U.N. Human Rights Council in Geneva on Monday that the matter has not been settled because the accord lacked a victim-centered approach. Based on the 2015 agreement, Japan had provided 1 billion to help set up the foundation. Of the 47 former comfort women in South Korea who were alive when the foundation was set up, 36 have accepted money from the foundation, or 100 million won 9.8 million each. (news.financializer.com). As reported in the news.