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

holiday island: Locals were pinning their hopes on jobs at Donald Trump's new mega hotel and golf course, but 18 months on construction hasn't even started, according to Nine News Australia. The resort is set to become the holiday island's biggest, located about 20 kilometres from Denpasar Airport and right next to tourism icon Tanah Lot Temple. To improve your experience update it here News World Balinese workers jobless and angry at Trump over ultra-luxury hotel By Renae Henry Reporter5 51pm Mar 3, of Balinese workers say they've been left high and dry by the US president, after a major hotel was shut down to make way for his ultra luxury six-star resort. Ketut Sujana, 54, was among 800 workers left jobless when the decades-old Pan Pacific Nirwana was shut down in mid-2017 to make way for the development. But the activity has come to a standstill. The old hotel - which was the main source of employment for the local area - has since been demolished and a whopping 108 hectares of land has been cleared. (news.financializer.com). As reported in the news.

march firms: This was its lowest reading since April 2013, fuelling concerns that Britain's private sector has been shrinking in the run-up to the scheduled Brexit leave date of 29 March, according to The Guardian. Firms warned that the outlook for the next three months was even bleaker as the battle between the US and China over import tariffs harmed global trade. The CBI's measure of private sector growth dropped to -3 in February from zero in January. Record job figures hide the true story of UK economy Richard Partington Read more Manufacturing, which according to official figures is in recession, was among the worst affected parts of the economy, although it was a sharp slowdown in the usually robust services sector that accelerated the drag on growth in the three months to February. More and more companies are hitting the brakes on investment and day-to-day business decisions are becoming increasingly problematic, the CBI's chief economist, Rain Newton-Smith, said. The CBI said its growth indicator showed that private sector businesses were under pressure from squeezed household earnings and the prospect of a no-deal Brexit, which deterred business investment. (news.financializer.com). As reported in the news.

issue visas: Plans to admit significant numbers of tourists from abroad have been discussed for years, only to be blocked by conservative opinion and bureaucracy, according to The Japan Times. Embassies and consulates will be able to issue the visas within 24 hours of receiving a request, the daily Arab News reported Saturday, citing a Cabinet decision last week. The conservative Muslim country has previously restricted visas to resident workers, business travelers and Muslim pilgrims who are given special visas to travel to holy sites. ; Economic reforms pushed by Crown Prince Mohammed bin Salman aim to lift total tourism spending in the kingdom by local citizens as well as foreigners to 46.6 billion in 2020 from 27.9 billion in 2015, the government has said. It did not specify when the visas will become available. However, dozens of activists, intellectuals and clerics have been arrested in an apparent bid to stamp out opposition to the crown prince, who has consolidated power including with a sweeping anti-corruption campaign. As part of the crown prince's agenda, the kingdom has ended a nearly 40-year ban on cinemas, allowed music concerts, including performances by Western pop stars, and organized international sporting events. (news.financializer.com). As reported in the news.

news conference: The new defense team, formed in early February, includes Junichiro Hironaka, who is known for winning acquittals in high-profile cases, according to The Japan Times. They filed a bail request for Ghosn with the Tokyo District Court on Thursday after two previous requests in January made under a different team of lawyers were rejected by the court. Chairman Carlos Ghosn, who has been detained in Japan for more than 100 days for alleged financial misconduct, will hold a news conference. The Budget Committee of the House of Councilors will hold a question-and-answer session on the fiscal 2019 draft budget. Tuesday ; No major events. The House of Representatives has approved a record 101.46 trillion budget, ensuring its enactment before the fiscal year starts on April 1. (news.financializer.com). As reported in the news.

photo vcg: In the Chinese market, Carrefour saw a significant 11-fold improvement in recurring operating income, at 45 million euros 51.16 million largely driven by a clear improvement in return on investment ROI according to a statement of the company released on February 28, according to Global Times China. Globally, the group saw its ROI improve by 4.6 percent as compared with the previous year and an increase of 1.4 percent in sales to reach 85 billion euros. Photo VCG Retail giant Carrefour posted improved profits in 2018 in China, as its previous investment paid off. Carrefour attributed an improved performance in the Chinese market to initiatives to transform the commercial model of hypermarkets - Le March and the very strong acceleration in the digital segment e-commerce and online-to-offline operations. China is a retailing laboratory for the world. The company also said it is continuing to accelerate its pace of digitalization while modernizing its stores offering more shopper-friendly products and services to provide a better shopping experience in China. (news.financializer.com). As reported in the news.

province: The rankings can be used as a reference by policymakers and investors, according to analysts, according to Global Times China. South China's Guangdong Province was ranked first in economic power, while Northwest China's Qinghai Province was last. A report published on Thursday by China Orient Asset Management Co, a domestic credit rating institution, ranked 31 provincial-level governments' debt situation from three angles economic strength, fiscal condition and debt burden. In general, provinces, municipalities and regions in East China had higher ranks. East China's Jiangsu, Zhejiang and Shandong provinces, North China's Beijing Municipality, and Southwest China's Sichuan Province saw higher debt levels. The struggle of Qinghai Provincial Investment Group, a state-backed borrower, to pay bond interest and principal during the past two weeks aroused concern among its investors. (news.financializer.com). As reported in the news.

welfare plans: It brings 3,000-plus delegates to the ornate Great Hall of the People in Beijing for two weeks of speeches, meetings with senior leaders and political ritual to endorse the ruling Communist Party's economic and social welfare plans. ; A gathering of non-Communist groups held at the same time brightens Beijing's drab winter, drawing tech billionaires, movie stars and ethnic minorities in distinctive traditional dress, according to The Japan Times. That gives President Xi Jinping's government a platform for advertising changes aimed at ending the fight with President Donald Trump that has disrupted trade in goods from soybeans to medical equipment. The battle with China's biggest trading partner is overshadowing the National People's Congress, the country's highest-profile event of the year. The technology measure is part of a proposed law on foreign investment that aims to address complaints by Washington, Europe and other trading partners that China's system is rigged against foreign companies. Europe, Japan and other trading partners disapprove of the tariff hikes but echo U.S. complaints. Trump cited complaints Beijing steals or pressures companies to hand over technology when he slapped punitive tariffs on 250 billion of Chinese imports in July. (news.financializer.com). As reported in the news.

n.y .,: Sen, according to MSNBC. Bernie Sanders speaks at a political rally to kick off his 2020 presidential campaign at Brooklyn College in Brooklyn, N.Y., on March 2, 2019. All rights reserved Terms of GreenwaldMSNBC Yet Again Broadcasts Blatant Lies, This Time About Bernie Sanders's Opening Speech, and Refuses to Correct Them Glenn Greenwald March 3 2019, 4 31 p.m. Photo Anthony Behar/Sipa USA via APMSNBC is a dishonest political operation, not a news outlet. That they not only allow their lies to stand uncorrected but reward their employees who do it most frequently especially when those lies are directed at adversaries of the Democratic Party proves that they are, first and foremost, a political arm of the Democratic establishment. It systematically and deliberately refuses to adopt a defining attribute of a news outlet a willingness to acknowledge factual errors, correct them, and apologize. (news.financializer.com). As reported in the news.

people: They were among the first wave of Indochinese boat people welcomed to Canada under a then-new sponsorship program that allowed Canadians to directly resettle refugees caught up in humanitarian crises abroad, according to The Toronto Star. Ka Lee-Paine, now a teacher in Kitchener, holds a photo of herself at 2, taken when she was living in a refugee camp in Thailand. Lee-Paine arrived in Canada in 1979 as a 2-year-old refugee, along with her parents and a brother. Lee-Paine was among the first wave of Indo-Chinese refugees resettled in Canada by the Mennonites after private sponsorship began in 1979. SUPPLIED PHOTO Ka Lee is shown at age 2 holding a sign for immigration purposes in 1979 in Thailand. Steve Russell / Toronto Star Ka Lee-Paine at her 40th birthday celebrations with Rosella and Jim Leis. (news.financializer.com). As reported in the news.

sharuji: Malaysian Airlines crisis manager Fuad Sharuji says China's lack of contribution and funding for the search is confounding, and the burden of a new search should fall on them, according to Nine News Australia. In an exclusive interview with 60 Minutes, Sharuji pointed to the number of Chinese nationals on board the flight. To improve your experience update it here News NationalMH370 experts and investigators call on China to fund a renewed search By Sammi Taylor 60 Minutes Digital Producer9 16pm Mar 3, experts and investigators have called on China to fund a renewed search into the missing plane, five years after the Boeing 777 vanished. There were 153 Chinese on board MH370, out of the total 237 souls on board, Sharuji told 60 Minutes reporter Sarah Abo. Journalist Ean Higgins, who has researched the disappearance of MH370 extensively, agrees that China failed to play its part in the deep-sea search. Personally I think that the Chinese government should have done more. (news.financializer.com). As reported in the news.

strength: If single, you might meet several people to whom you could relate, according to The Toronto Star. Take your time getting to know such people. You might not always get applause for your strength. If you're attached, you and your partner enjoy a lot of personal time together. AQUARIUS understands you well.ARIES March 21-April 19 A friend could seek you out early in the day. Nothing pleases you more than a weekend away with your sweetie. (news.financializer.com). As reported in the news.

system: Jesse Shapins of Sidewalk Labs displays a paving system that features lighting, selective heating and porous slabs designed to soak up water into a storm water management system, according to The Toronto Star. Tijana Martin / THE CANADIAN PRESS Sidewalk, backed by Google parent company Alphabet Inc., was showing off projects for the planned Quayside district, a test zone for urban tech on a 12-acre piece of land where Queens Quay E. meets Lake Shore Blvd. I like the fact that they're willing to be transparent they're putting more and more ideas out there, knowing fairly well they will be criticized, said Mohsin Bin Latheef, an engineer who lives in the waterfront neighbourhood where Sidewalk Labs' offices are located. The projects included a building raincoat described as an adjustable plastic film awning attached to a building that can extend to protect the sidewalk from the elements. The open house came as the company faces criticism over its hopes to lay claim to a cut of the city's developer fees and property taxes in exchange for funding a light-rail transit line and underground infrastructure in a larger swath of the Port Lands. Another is a hexagonal paving system, including heated slabs to melt the snow and reduce the need for plowing and salting. (news.financializer.com). As reported in the news.

board: The regulations came out after one-month of public consultations on plans and guidelines for the sci-tech innovation board, which was established on January 31, according to Global Times China. The launch of the new board at the Shanghai Stock Exchange SSE together with a pilot registration system for listed companies was announced at the opening ceremony of the first China International Import Expo in Shanghai in November 2018. The launch of the sci-tech innovation board, which has adopted many breakthrough mechanisms including a registration system, will give a helping hand to innovative companies and operate in line with China's economic transformation, according to industry analysts. This is unprecedently efficient and underscores the important reform that is the sci-tech innovation board plus registration system, Dong Dengxin, director of the Financial Securities Institute at the Wuhan University of Science and Technology, told the Global Times on Saturday. SSE will have five businesses days after receiving documents to decide on whether to accept the IPO application. Eligibility for companies to file for an IPO on the sci-tech innovation board began on Friday. (news.financializer.com). As reported in the news.

cannabis companies: The FDA in December provided guidelines that say companies cannot move to market without its approval, but Gottlieb said he could envisage a model that would leave high concentrations of CBD to pharmaceutical companies and potentially allow smaller concentrations in food or dietary supplements, according to Market Watch. Rob DiPisa, co-chair of the Cannabis Law Group at law firm Cole Schotz, said that scenario makes sense. Many cannabis companies are planning to launch food, drink and cosmetics lines that contain CBD, a non-psychoactive ingredient in cannabis that is widely believed to have wellness properties, but which has not been subjected to the kind of research that has been conducted on THC, the plant's psychoactive ingredient. The FDA can't force pharma companies to go through a long process with clinical research and trials and then let someone at the gym just put CBD into a smoothie, he said. That's an incentive for them to invest in R&D. For all of Market Watch's coverage of cannabis companies, click here. So, it's good he hinted at only allowing low levels in food and drink and reserving higher levels for pharma products. (news.financializer.com). As reported in the news.

fund tips: The story has been corrected, according to Market Watch. Getty Images Caption outside of wrapper for normal article images Bulls in disguise. The call is from Hedge Fund Tips. There was plenty of cheer passed around as the week wound down, and we can thank China for a chunk of that. Also helping out was yet more optimism over a U.S.-China trade deal, after a Bloomberg report said an agreement could be signed in the next few weeks. Thursday's better-than-expected U.S. growth data from the world's second biggest economy was reinforced by an upbeat manufacturing survey, cooling some concerns about a global economic collapse, at least for now. (news.financializer.com). As reported in the news.

healthcare electronics: Incremental buying in the short term will probably remain biased toward select sectors and stocks currently prefered by overseas capital, such as white goods, insurance, healthcare and electronics, it said, according to Global Times China. Meanwhile, the sharp run-up in onshore brokers, partially stoked by recent recovery in onshore stock markets, offers attractive levels to take profits in the sector, according to UBS. MSCI's announcement of higher A-share inclusion factor will bring a new pool of international investors to the A-share market, which overtime will help raise transparency and improve governance to these listed companies, said Jorge Mariscal, chief investment officer on emerging markets with UBS Wealth Management. Higher A-share allocation is a long-term structural trend for international investors, it added. The weight of China's A-shares in MSCI Emerging Market index could increase to 15 percent within the next 10 years and active emerging market investors would find it hard to brush aside exposure to Chinese onshore portfolios amid similar moves by other international index providers, according to UBS. UBS said it remains tactically overweight on Chinese equities in its Asian portfolios and continues to prefer onshore to offshore Chinese stocks with the former set to benefit from capital inflow, more accommodative monetary policy and fiscal stimulus. Widely-followed Shanghai Composite Index has entered territory of bull market thanks to solid growth so far this year and closed just shy of 3000 points on March 1. (news.financializer.com). As reported in the news.

infrastructure projects: The debt problems of some developing countries were created by complicated historical reasons, he said, according to Global Times China. It's totally ungrounded calling the Belt and Road Initiative a 'debt trap,' Guo said. China's investments in related countries mainly went to infrastructure projects, which will facilitate local development in the long term, Guo Weimin, spokesperson for the second session of the 13th National Committee of the Chinese People's Political Consultative Conference, told a news conference. The initiative has promoted local economic development and been welcomed by more and more countries along the Belt and Road, Guo said, noting that over 100 countries and international organizations had actively supported and participated in the initiative by the end of last year. The initiative has won the support and acclaims of the leaders and peoples of participating countries, Guo said. China upholds peace and cooperation as well as the principle of extensive consultation, joint contribution and shared benefits when promoting development of the initiative, he said. (news.financializer.com). As reported in the news.

manufacturers showcase: The Geneva International Motor Show, where manufacturers showcase their latest models and concepts, runs from Thursday until March 17, according to The Japan Times. The ramp-up of electric mobility is coming in Europe, Mattes said. We will invest over 40 billion in electric mobility during the next three years, and another 18 billion will be invested in digitization and connected and automated driving, VDA President Bernhard Mattes said in a statement Saturday. ; The range of electric car models from German manufacturers will treble to around 100 in that period, he said. Without it, the EU's CO2 targets cannot be achieved by 2030, he added, calling for what he labeled appropriate regulatory conditions across Europe. Charging infrastructure for electric cars must be expanded and incentives offered to buyers of e-cars, he said. Germany, together with a few other major European economies, is set to have a much higher share of electric vehicles among its new registrations than the EU average, he said. (news.financializer.com). As reported in the news.

momentum-driven gains: History would say that we won't get a massive pullback; over the past 20 years, March has been the second strongest month for stocks, Ryan Detrick senior market strategist at LPL Financial told Market Watch, according to Market Watch. Meanwhile, Detrick said investors who choose to sit on the sidelines this month may miss out on momentum-driven gains. The Dow Jones Industrial Average DJIA, 0.43% has advanced 20%, the S&P 500 index SPX, 0.69% has rallied 20.7% in the 46 trading days since Christmas Eve, while the Nasdaq Composite Index COMP, 0.83% has jumped 25.4%. But strategists and investors interviewed by Market Watch worry that the very success of the markets in recent weeks could set up a volatile month for stocks, even as March has statistically been a great month to buy equities. When you have massive buying pressure and strength off the December lows, usually the market over performs in the short-term, Detrick said. I'm not sure there is a catalyst to push stocks higher in March, he said. Caption outside of wrapper for normal article images Risks loom large However, Erik Ristuben, chief investment strategist at Russell Investments said that despite the market's recent resilience, he believes investors will need some surprisingly good news to boost valuations substantially higher than they presently are. (news.financializer.com). As reported in the news.

amendment: But if his past speeches at the venue are any indication, plan for Trump to rile up his base on core issues like national security and Second Amendment rights, while also making time to rail against his political opponents, according to CNN. In remarks at the conference on Friday, Vice President Mike Pence previewed the White House's talking points, touting Trump's accomplishments since taking office and addressing the recent summit with North Korea in Hanoi, Vietnam. It's unclear what issues Trump will bring up during his remarks to the crowd in his third CPAC speech since becoming President. Pence also remarked at length on what appeared to be a core theme throughout the conference -- deriding what conservatives consider to be the tenants of socialism. Last year, Trump discarded his prepared remarks for his speech, lighting into Democrats and even some Republicans who he deemed insufficiently doctrinaire, and calling for teachers to be armed in schools as a response to the Parkland, Florida, high school shooting, which had occurred a week earlier. Since becoming President, Trump has used the CPAC platform to speak on base issues -- highlighting his accomplishments and railing against his opponents -- in the same brash style he delivers at his political rallies. (news.financializer.com). As reported in the news.

conference: A miserable life, then a gruesome death, according to The Toronto Star. At the Conservative Political Action Conference outside Washington this week, speaker after speaker sketched out a dark vision of America's future under the socialism they dubiously claimed the Democratic Party has now adopted. Slavery revived. The moment America becomes a socialist country is the moment that America ceases to be America. Mark Wilson / GETTY IMAGES Counselor to the President Kellyanne Conway arrives to speak at the annual Conservative Political Action Conference CPAC in National Harbor, Maryland, on March 1, 2019. And as the president said 24 days ago, so we must say with one voice America will never be a socialist country, said Vice President Mike Pence to an approving roar during CPAC 2019. (news.financializer.com). As reported in the news.

offer voters: Following the dramatic decision by eight Labour MPs and three Tories to split off from their parties less than a fortnight ago, the group believes it must be ready at the earliest opportunity to offer voters a new option on the centre ground of British politics, according to The Independent. The former Labour MP Chris Leslie said that the plans to form a party could not be delayed at a time when millions of voters were feeling increasingly disillusioned with the established parties. MPs from the group will open talks with the Electoral Commission on Tuesday to discuss what moves they must take to register as a party that can put up candidates nationwide if the current political turmoil over Brexit leads to a snap election. We can't leave the British public with a choice between Corbynism and Europhobia at a general election which means we have a duty to develop a serious alternative, he said. The commission requires a new party to provide information about its finances and constitution and to appoint people to the roles of party leader, treasurer and nominating officer. It has been hard but necessary to leave behind the broken political parties, but now we must get on with the urgent task of creating something new that the majority in the mainstream of British public opinion can support. (news.financializer.com). As reported in the news.

party activists: Scottish independence new vote depends on Brexit outcome Sturgeon Read more The veteran independence campaigner Lesley Riddoch, who led a grassroots speaking tour during the 2014 campaign, believes the proposal has arisen from hostility among party activists toward a report from the SNP's sustainable growth commission, which was published last May and intended to offer a more realistic and convincing economic case for independence, according to The Independent. The report attracted a wave of criticism for what many saw as an overly cautious and market-driven approach, including its plans to keep sterling for an indefinite period, and was heavily criticised at the national assemblies that were convened to discuss it among SNP members. Brown claims that clarity over the question of currency will maximise support for an independent Scotland . He proposes that the country would retain the pound during an initial transition period, but that the independent Holyrood parliament would decide within its first term when to introduce a separate Scottish currency. Riddoch said Ten years of sterling was massively unpopular with activists. This is what many party members including myself have been calling for. The SNP MP Joanna Cherry, a key critic of the growth commission, said I welcome the proposal for a quicker transition to a Scottish currency than was proposed in the growth commission report. (news.financializer.com). As reported in the news.

percent stake: That would be worth more than 2.9 billion if Lyft goes public with a valuation in the middle of its anticipated range of 20 billion to 25 billion. ; Rakuten, Japan's largest online retailer, owns an eclectic assortment of side businesses including a professional baseball team and a bus service, according to The Japan Times. It first invested in Lyft in 2015, acquiring an 11.9 percent stake for 300 million. Hiroshi Mickey' Mikitani's e-commerce group Rakuten Inc. owns 13.1 percent of the ride-hailing company, offering documents show. We have seen the future and this is it,' Mikitani, now 53, said at the time. The stake held by Lyft's actual wunderkinds, co-founders John Zimmer, 34, a former Lehman Brothers analyst, and Logan Green, 35, is relatively small after multiple dilutive funding rounds. Silicon Valley venture capital firm Andreessen Horowitz, a Lyft investor since 2013, is the second-largest owner with a 6.3 percent holding that would be worth about 1.4 billion. (news.financializer.com). As reported in the news.

policy shift: In a further boost for Mr Corbyn, 35 per cent said it made them feel more favourable towards Labour, compared with just 14 per cent who said it made them feel less positive, 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. Only 21 per cent of those in the north and the midlands who voted Labour at the last election said they opposed the dramatic policy shift a figure dwarfed by the 66 per cent in favour. You can form your own view. Subscribe now Peter Kellner, former president of You Gov, said the survey scotched the myth that the Labour leader would pay a heavy price for the move, pointing out that Labour voters in Leave areas now back Remain by a margin of more than three to one. From 15p 0.18 0.18 0.27 a day, more exclusives, analysis and extras. (news.financializer.com). As reported in the news.

trump: Trump and his top diplomat, Secretary of State Mike Pompeo, insist they made progress at their meeting with Kim and his lieutenants, but the reality is that the summit ended as a flop, according to The Japan Times. While Trump was arguably right to walk away from a bad deal, his lack of progress at the very least, a thin joint statement is a crippling indictment of his policy on North Korea. Prior to the meeting, North Korean state media presented their leader's trip as a long march to his countrymen, but now that Kim has come out empty-handed, he's likely to face some criticism back home. How did the high-stakes diplomacy unravel at the last minute Regional experts and analysts have long pointed to the dangers of holding a top-level summit while progress on hashing out details between working-level diplomats remained questionable. As Trump himself complained after the summit, his meeting with Kim coincided with damning congressional testimony by his former lawyer, Michael Cohen, who under oath, called him a cheat and a con man. One possible theory for Trump's decision to walk away may be tied to domestic matters. (news.financializer.com). As reported in the news.