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

director augustin: Paris-based investment fund CIAM wanted to split the chairman and CEO roles at French re-insurer Scor SE, which has been run for 17 years by Denis Kessler, according to The Independent. In addition, it tried to prevent the reelection of the company's lead independent director Augustin de Romanet. The lesson for investors is clear Pick your battles. The specific trigger was Kessler's rejection last year of an unsolicited takeover approach for Scor from its biggest shareholder, Covea Group, another French insurer. The specific votes on him and Romanet were rejected by 74 percent and 85 percent on Friday. The challenge to Kessler's authority may only have reinforced his dominance. (news.financializer.com). As reported in the news.

investment: Entering China in 1994, TPG is one of the earliest global private equity firms to witness the rapid development of China's enterprises, according to Global Times China. Thanks to years of fast economic growth, TPG's investment in China accounts for 30 to 40 percent of the gross investment amount in Asia so far, topping 3.5 billion US dollars in total, Sun said. From a macro perspective, China's economy still reported robust growth rate and innovation vitality despite downward pressure, said Chang Sun, managing partner of global PE firm TPG's China branch. With the country's economy continuing to upgrade and restructure, consumer retail, technology innovation, financial service and medical health are key areas of TPG's investment focus. In 2018, TPG and the limited partners it represented invested nearly two billion US dollars in China, adding to evidence that the restructuring of China's economy has brought promising investment opportunities to PE investors, according to Sun. (news.financializer.com). As reported in the news.

juan guaido: A member of the Left party, Hunko is the first German politician to visit the country since the South American nation has been consumed by political, economic and humanitarian crises, according to Deutsche Welle. Relations between Berlin and Caracas have soured since Germany joined 50 other countries in recognizing Juan Guaido as Venezuela's interim president. The meeting was part of Hunko's 11-day trip to Venezuela, where he also met with self-declared President Juan Guaido. Since then, Maduro's government has denounced Berlin's support for Guaido and expelled Germany's ambassador from the country. The signal was later restored. Earlier this month, Venezuelan broadcasting authority Conatel took Deutsche Welle's Spanish television service off the air. (news.financializer.com). As reported in the news.

kilograms pounds: American John Fredric Todoroki, 63, and two local partners were arrested after police on Monday raided their plantation on an industrial estate in Myanmar's central Mandalay region, where they said they found about 349,300 marijuana plants, 380 kilograms 838 pounds of marijuana seeds and 1,804 grams 64 ounces of marijuana oil, along with drug processing equipment.STR Facebook Twitter SMS Email Print Save , according to The Independent. American John Fredric Todoroki, 63, and two local partners were arrested after police on Monday raided their plantation on an industrial estate in Myanmar's central Mandalay region, where they said they found about 349,300 marijuana plants, 380 kilograms 838 pounds of marijuana seeds and 1,804 grams 64 ounces of marijuana oil, along with drug processing equipment.STR Facebook Twitter SMS Email Print Save In this photo taken on Thursday, April 25, 2019, rows of marijuana plants are seen in Ngazun township, Myanmar. (news.financializer.com). As reported in the news.

nasdaq melt-up: The numbers showed us that there is still money to be made by global companies, added Treherne, in an email, according to Market Watch. Another tell for this week Tech stocks are on fire, thanks to well-received results from Twitter, Microsoft and Facebook. These numbers also show just how cheap the market was just before Christmas. And that brings us to our call of the day, from Bank of America Merrill Lynch, which is telling clients that the only thing to stop a Nasdaq melt-up is U.S. dollar melt-up. Often, all that buying is followed by a sharp selloff, also known as a meltdown, The fact that tech stocks have led the bulk of this year's rebound for Wall Street the Nasdaq is up about 22% so far in 2019, versus a 16% rise for the S&P has been a worry for some. A melt-up refers to an unusual market occurrence in which assets are driven up sharply by investors who rush in to buy, based on fear of missing out FOMO rather than any genuine fundamentals. (news.financializer.com). As reported in the news.

bombing links: Mawanella was the start' Sri Lankan town reels from bombing links Read more Tourism is a central pillar of the Sri Lankan economy, according to The Guardian. The hotel industry employs about 200,000 people but millions more rely on tourism for their income, including tuk-tuk drivers, guides, and owners of cafes, restaurants and guest houses. The change in guidance has prompted British citizens in the country to cut short their holidays and return to the UK, and many more to cancel forthcoming trips, causing a 1.5bn 1.15bn loss to the economy and leaving thousands of tourism workers facing uncertainty. Until a few days ago, this was paradise, said Samir Naumeh, 61, an Italian-Syrian who moved to Colombo a few years ago and runs a popular Italian restaurant in an upmarket neighbourhood. People thought there would be peace forever. He has had dozens of reservations cancelled in the week since the Easter Sunday attacks. (news.financializer.com). As reported in the news.

sumitomo spokesman: The initial phase, scheduled to be completed in the first half of 2022, will involve the development of land lots totaling 100 hectares for sale to Japanese companies, Hirata said, according to The Japan Times. A Sumitomo spokesman declined to comment, but the trading giant is expected to confirm the move after the establishment of the joint venture in May, a source familiar with the situation said. Land reclamation for the economic zone is scheduled to begin in Araihazar, about 30 kilometers from Dhaka, in September, according to Hitoshi Hirata, head of the Bangladesh office of JICA, who spoke at an investment seminar in Tokyo on Wednesday. ; Sumitomo will establish a special-purpose company with the Bangladesh Economic Zones Authority to draw tenants from Japan and run the 300-hectare industrial park, set to be developed in two phases, he said. The economic zone development will include a 46,000-kilowatt gas-fired power plant, a substation, gas pipelines and a cable telecommunication network. Japan's government will provide a low-interest loan for the project, but it is unclear how much this will cover of the total cost, expected to be fixed around June, according to Yumiko Horiwaki, a JICA spokeswoman, who responded to an email inquiry on Friday. Dhaka will cooperate with Japanese representatives to facilitate swift approval of various applications for local operations, Hirata said. (news.financializer.com). As reported in the news.

process: Fracking is not an environmentally friendly process; it has reportedly caused earthquakes, created vast amounts of waste, and contaminated drinking water, 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. Fracking, which is short for hydraulic fracturing, is the process of fracturing subterranean rocks using high pressure liquid in order to extract the natural gas and/or oil that may be underground. You can form your own view. Subscribe now The vast amount of wastewater produced by fracking can contaminate rivers, lakes and other waterways with radioactive material and hormone-affecting chemicals. From 15p 0.18 0.18 USD 0.27 a day, more exclusives, analysis and extras. (news.financializer.com). As reported in the news.

records bonds: The Nasdaq Composite Index COMP, 0.34% advanced 27.72 points, 0.3%, to close at 8,146.40, according to Market Watch. For the week, the Dow fell 0.1%, the S&P 500 climbed 1.2% and the Nasdaq rallied 1.9%, its fifth weekly gain in a row. How did the benchmarks fare The Dow Jones Industrial Average DJIA, 0.31% rose 81.25 points, or 0.3%, to end at 26,543.33, while the S&P 500 index SPX, 0.47% added 13.71 points, or 0.5%, to finish at 2,939.88. See Stock markets are ringing up records and bonds are rallying too What drove the market The U.S. economy grew at an annual rate of 3.2% in the first quarter, well above the 2.3% estimated by economists polled by Market Watch and faster than the 2.2% rate seen in the fourth quarter. Read The big mystery in the GDP report where did the inventories come from Opinion Behind that great GDP number, the real economy is slumping Nevertheless, such evidence of continued strength in the U.S. economy is in contrast to reports abroad, where economies of the developed world are facing significant headwinds. The unusual strength in Friday's report can be attributed, in part, to a rise in inventories and exports that analysts say aren't likely to continue in the year ahead, potentially setting the stage for weaker economic growth in the quarters to come. (news.financializer.com). As reported in the news.

stocks: After I wrote How to potentially become a marijuana millionaire, albeit carefully, a lot of money has been made in marijuana stocks by following segmented money flows, according to Market Watch. At The Arora Report, we use that method, which provides X-rays of marijuana stocks. I will explain that later. Let's examine the latest money flows in marijuana stocks after this ingenious deal. Please note the following At the federal level, marijuana is illegal in the U.S. Companies that touch the marijuana plant have difficulty listing their stocks on a major U.S. exchange, so many list their shares in Canada. Chart Please click here for a chart showing segmented money flows in 17 popular marijuana stocks. (news.financializer.com). As reported in the news.

technology journalists: The South Korean tech giant was met with embarrassment ahead of the device's US release on April 26, with a handful of technology journalists reporting breaks, bulges and blinking screens after just a day's use, according to Global Times China. However, the setback for the 1,980 niche device is trivial compared to the Galaxy Note 7 debacle of 2016, when exploding batteries forced Samsung to scrap the flagship model at huge cost. Photo IC Samsung Electronics is retrieving all Galaxy Fold samples distributed to reviewers, a person with direct knowledge of the matter said on Tuesday, as the firm smarts from the reputational blow of postponing the launch of its first foldable smartphone. Galaxy Fold shipments this year are likely to make up less than half a percent of Samsung's annual total, analysts and investors said. Last week, reviewers started posting problems with the device on Twitter, but as of Friday the company did not know the root cause of the screen defects, according to Patrick Moorhead, founder of Moor Insights & Strategy, who said he was in direct contact with the company. The company said on Monday it would delay the retail launch of its Galaxy Fold smartphone for an unspecified period of time after reviewers discovered problems with the display, a hit to the reputation of the world's largest handset maker. (news.financializer.com). As reported in the news.

economy: Reports of the demise of the U.S. economy proved unfounded as first quarter activity showed surprising strength, according to MSNBC. The U.S. economy expanded at a 3.2% annual pace in the first three months of 2019, the government said Friday. Those concerns are a lot quieter this morning. The gain was well above forecasts. The full report from the Commerce Department is online here. Economists polled by Market Watch had forecast a 2.3% increase in gross domestic product . One unexpected factor behind the acceleration in GDP growth in the first quarter was a sharp upturn in state and local government spending. (news.financializer.com). As reported in the news.

effects: Health Minister Christine Elliott defended her government's cuts to public health programs Friday, according to The Toronto Star. Chris Young / THE CANADIAN PRESS FILE PHOTO At a meeting Thursday night, the Toronto District School Board voted unanimously to ask the province to pause any cuts pending a consultation about the effects and also to notify all parents of the risk of a funding loss and the possible impacts that any service reductions will have on students in our schools. With the Ford government suddenly revealing cuts to their share of public health programs in Toronto and across the province, questions about what that will mean for programs currently funded by Toronto Public Health, such as the student nutrition program, remain unanswered. That followed a move Wednesday by the Toronto Catholic District School Board, which also voted unanimously to urge the province to reconsider the cuts and to write home to parents. Article Continued Below The student nutrition program provides healthy breakfasts, lunches and snacks on specific days or a daily basis depending on location. Both boards specifically mentioned the potential threat to student nutrition. (news.financializer.com). As reported in the news.

year: And since Harry spent some of his gap year in Africa and went on a safari where he took some arty photos of a rhino, it's being suggested he may go back there, according to The Guardian. Exactly which of the 54 countries he might settle in, no one has yet decided. According to some sources, William and Kate are feeling their style is being a little cramped by the Sussexes and want them shipped out of the country for a few years. There's a world of difference between a battle zone in South Sudan and a suburban enclave outside Cape Town guarded by a private militia. Nor has it been announced what he would be doing in Africa, other than Britain's roving royal in charge of being nice to Africans and wildlife. Maybe he'll do just under a week in each country each year. (news.financializer.com). As reported in the news.

hockey legend: Wayne Gretzky's partnership with Andrew Peller Ltd. has enabled him to tap into the beer market with his new No. 99 Rye Lager, according to The Toronto Star. The hockey legend's first brew, No. 99 Rye Lager, will be going on sale in late May, and will be produced in Niagara-on-the-Lake by Andrew Peller Ltd., the same company which makes his wines and whiskys. But how about the Great six-pack In what might be one of the most Canadian combinations possible barring, maybe, a Mountie opening up a maple syrup stand Wayne Gretzky is getting into the beer business. Stickhandling his way past the competitors on the already-crowded shelves at the LCBO will be no easy task. Article Continued Below Years ago, we were able to partner with a great family and great team at Peller. And the relationship between public figures and companies they work with can be fraught with peril for both sides the now-defunct Mike Weir Estate Winery is solid evidence of that . But the holder of countless NHL records is confident in the team behind him just as he was during his glory days with the Edmonton Oilers. (news.financializer.com). As reported in the news.

uber: If it hits the mark, Uber will raise around 9bn in new funds and some early investors will make big profits, according to The Guardian. Despite the scale of ts ambition, Uber lost 1.8bn last year even while its revenues surged by more than 40% to 11.3bn. Its Wall Street debut will gauge investors' excitement about the prospects of a company that has expanded rapidly from taxi services into food delivery and is now investing billions in developing driverless cars. The business has never made a profit, and said recently that it may never do so. But its data-packed float prospectus revealed the sprawling scale of its operations in 700 cities. Figures released alongside its float plans showed it lost a further 1bn in the first three months of this year. (news.financializer.com). As reported in the news.

asian: The move is part of a plan to expand the island's overall currency trading industry, said Benny Chey of the Monetary Authority of Singapore MAS . UBS Group AG and Citigroup Inc. have already set up pricing engines on the island, and MAS hopes to bring in six to eight more big players, including nonbanks and multidealer platforms. ; We are positioning ourselves to be plugged in to growing Asian wealth, said Chey, assistant managing director of development and international at MAS. As this large macro shift in Asian economic growth and rising Asian wealth takes place over the medium term, we are trying to build out the efficiency of our ecosystem to close the gaps with other trading hubs, he said, according to The Japan Times. The government is offering grants and tax incentives to sweeten Singapore's appeal as a hub to trade everything from major currencies to emerging market offerings such as the Chinese yuan. The Southeast Asian nation is encouraging major foreign exchange operators to build systems in the country to remove the sub-second delay caused by routing trades via Tokyo or London. While Singapore is already Asia's biggest foreign exchange trading center by volume, it's still a long way behind the U.K. and U.S. where investors exchange 2.41 trillion and 1.27 trillion, respectively, each day. Singapore, famed for its low taxes and open financial services sector, saw average daily currency trading rise to about 529 billion in February, from 416 billion in December 2016, according to MAS data. The Southeast Asian nation is hoping to narrow that gap by tapping the region's 22 trillion wealth market, where investors are increasingly drawn to currencies as an alternative to equity and debt markets. (news.financializer.com). As reported in the news.

chevron stock: Occidental ticker OXY bid 76 a share, consisting of half cash and stock, topping Chevron's CVX offer of 65 a share, mostly in stock, which now is worth about 62 a share given the 6% decline in Chevron stock since it announced the deal on April 12, according to The Independent. On Thursday morning, Anadarko stock APC was trading at 71.59, up 19 cents on the day, after rising nearly 12% Wednesday. Chevron must lift its offer, the reasoning goes, but it doesn't have to match one from Occidental Petroleum in order to acquire the independent energy company. Chevron stock was up 10 cents at 118.38 and Occidental stock had risen 1.17 to 63.17. Perhaps 72, wrote Mizuho energy analyst Paul Sankey. We think Chevron will raise in response to the bid, but to a last and final bid, short of Oxy at 76. (news.financializer.com). As reported in the news.

china: China is the largest trading partner of Bangladesh and bilateral trade reached 18.74 billion in 2018, according to Global Times China. But Bangladesh has a huge trade deficit with China. However, economic relations between the friendly nations are the most significant aspect of their ties, which were elevated to a strategic partnership of cooperation in 2016. The China-proposed Belt and Road Initiative BRI has created great opportunities for Bangladesh to reduce the trade gap with China. Economists are of the view that as an important partner of the initiative, Bangladesh can also study the feasibility of a Free Trade Agreement with China which can be an effective tool for reducing the trade deficit. Under the BRI, Bangladesh can diversify its exports to the Chinese markets as Beijing is now more open to lift many tariff and non-tariff barriers. (news.financializer.com). As reported in the news.

court appearance: Known as 'Malohiya', from the name of tomato leaves used to produce a popular sauce, Abdallah Hidou was caught in late November, after a year-long police investigation supported by the European Union, according to Deutsche Welle. He is due to make his first court appearance in the coming weeks. Although the man is a local celebrity, so much so that even kids in the street know him, as one of his former colleagues told DW, the operation went completely unreported in the country. His arrest opens a window on the reality of human smuggling, in a country which the EU sees as a strategic partner in efforts to reduce northbound movements of people to Libya, and eventually to the shores of Italy. At the beginning, we only knew his nickname and that he was the one deciding when, from where and which convoys of pickup trucks would leave Agadez with migrants to cross the desert the police communique stated. Migrant Ba Massa from Guinea wants to leave Agadez and move on Longer routes to evade police checks According to a communique released by the Spanish police in late December, agents had been hunting Malohiya since 2017, when a joint investigative team, made up of Nigerien, French and Spanish police, was set up in Niger with EU funds. (news.financializer.com). As reported in the news.

electronica stmicroelectronics: ST reported first quarter net revenues of 2.08 billion, gross margin of 39.4%, operating margin of 10.2%, and net income of 178 million or 0.20 diluted earnings per share, according to The Independent. In the first quarter of 2019, revenues and gross margin performed as anticipated, amid softened market dynamics. Related to Highlight Smart Industry, Smart Driving at Electronica 2018STMicroelectronics Adds 6-Axis Inertial Module to Ultra-Low-Power MEMS Launches Tiny MEMS Pressure SensorSTMicroelectronics Spotlights Advanced Technology at CES 2019STMicroelectronics Displays Solutions for Smart Driving at Automotive World 2019 ; reported US GAAP financial results for the first quarter ended March 30, 2019. We maintained a solid level of profitability, with operating margin above 10% and net income of 178 million, Jean-Marc Chery, STMicroelectronics president and CEO, said. Our second quarter outlook, at the mid-point, is for net revenues to increase about 2.4%; gross margin is expected to be about 38.5%, he added. Looking at the second quarter, we plan to return to sequential revenue growth. (news.financializer.com). As reported in the news.

interest rates: Wednesday, the key market gauge dropped 59.74 points. ; The Topix index of all first-section issues closed up 8.23 points, or 0.51 percent, at 1,620.28, after falling 10.92 points the previous day, according to The Japan Times. Buying of companies with strong earnings supported the market, brokers said. The 225-issue Nikkei average gained 107.58 points, or 0.48 percent, to 22,307.58, its highest finish since Dec. 3. The central bank's decision to keep both short- and long-term interest rates extremely low until at least around spring 2020 also served as a tailwind for Japanese shares, they said. The decision pushed up domestic demand-oriented names, said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management Co. The BOJ's decision prompted short covering, said Hiroaki Kuramochi, chief market analyst at Saxo Bank Securities Ltd. (news.financializer.com). As reported in the news.

investment: And all 45 of the analysts surveyed by Fact Set are bullish on the stock for the past month, according to Market Watch. There's an old Wall Street adage that if everyone is leaning in the same direction, it's better to bet in the opposite direction. For one, the stock options market is prepping for a one-day post-earnings move that is less than that day's average over the past five years, as well as the most recent quarters. As famed economist John Maynard Keynes supposedly explained, the central principle of investment is to go against the general opinion, because if everyone is bullish, that investment is inevitably expensive and therefore unattractive. Don't miss Amazon earnings Revenue comes into focus in 2019. And on a short-term basis, the idea is that if you're bearish and wrong, the stock won't run too far against you, because everyone has already bought the stock; if you're right, the bang-for-the-buck will be greater because sellers may have a hard time finding a buyer since everyone had already bought, which could result in a bigger-than-warranted selloff. (news.financializer.com). As reported in the news.

peking university: Is a new cold war looming How will China and Russia respond to US pressure What are the prospects for China and Russia deepening cooperation under the Belt and Road Initiative BRI Global Times GT reporters Yu Jincui and Yan Yunming talked to Andrey Baykov Baykov vice director of Moscow State University of International Relations, on these issues at the sideline of Area Studies Towards the 21st Century Global Experiences and China Paradigms, held by Institute of Area Studies, Peking University, recently in Beijing, according to Global Times China. Russian President Vladimir Putin will attend the second Belt and Road Forum for International Cooperation in Beijing, while President Xi Jinping is planning to pay a state visit to Russia this year, what's your expectation from the frequent meetings between the two sides Baykov Many experts, when China announced its Belt and Road Initiative BRI were quite wary and cautious about how this would fit into our own plans for integration in Central Asia. Player option ; Andrey Baykov Photo Global Times Editor's Note Global political dynamics is undergoing dramatic changes given that the US treats China and Russia as rivals and has soured relations with both. But now most of these fears, concerns and caution have practically disappeared. It is in our mutual interest to stabilize the region, to make it a platform for growth of both countries, because it serves China's strategy for recreating this new Silk Road that would logistically connect Europe and China by land route. Because we see that there are practical ways of coordinating and harmonizing that what China is trying to achieve in Central Asia and what we are trying to achieve in Central Asia. (news.financializer.com). As reported in the news.

airlines: Passengers are also being asked not to consume products containing nuts in order to protect travellers with allergies, according to Nine News Australia. The move comes after mounting consumer pressure, which has seen airlines such as Qantas, Southwest Airlines, Lufthansa and British Airways remove peanuts as snacks from all flights. To improve your experience update it here News World British airline Easy Jet bans nuts on all flights to protect passengers By CNN9News Staff10 54am Apr 25, airline Easy Jet has announced it is banning the sale of nuts on flights. British airline Easy Jet has announced it is banning the sale of peanuts on flights. Easy Jet, a budget airline which primarily serves European markets, has a specific option on its booking page for such requests. AAP However, most say they cannot guarantee a nut-free environment due to means customers with nut and nut-dust allergies still need to indicate their allergies when booking flights and at the airport. (news.financializer.com). As reported in the news.

rbs boss: The announcement, made just prior to the bank's AGM, was well timed, taking some of the sting out of the row over his 3.5m pay package, which voting advisor PIRC recommended investors oppose, 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. The RBS boss has resigned after five-and-a-half years in post saying it's the right time for him to go. You can form your own view. Subscribe now Read more RBS boss Ross McEwan quits Metro Bank and Starling get millions from RBS competition fundRBS issues warning over no deal Brexit. From 15p 0.18 0.18 USD 0.27 a day, more exclusives, analysis and extras. (news.financializer.com). As reported in the news.