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

chinese imports: The Dow Jones Industrial Average DJIA, -1.79% shed 66 points, or 0.3%, to finish around 26,438, based on preliminary numbers, according to Market Watch. The Nasdaq Composite COMP, -1.96% was down 0.5% to finish around 8,123. The S&P 500 SPX, -1.65% fell 0.4% to end near 2,932. U.S. equities initially came under pressure after President Donald Trump threatened to raise tariffs on 200 billion of Chinese imports on Friday to 25% from 10%. The President also said he could slap tariffs on the remaining 325 of untaxed Chinese goods. In company news, shares of Kraft Heinz Co. Equities have gradually recovered since the beginning of the session as investors tried to gauge whether President Donald Trump's threat to raise tariffs represents a re-escalation of trade tensions or a short-term negotiating tactic before a final trade deal. (news.financializer.com). As reported in the news.

contract farming: Photo Drew Angerer/Getty Images In a campaign speech on Sunday at the Swine Arena in Osage, Iowa, Sen, according to The Independent. Bernie Sanders outlined an agricultural policy rooted in breaking the power of vertically integrated farm monopolies. Photo Drew Angerer/Getty Images Then-Secretary of Agriculture Tom Vilsack testifies during a House Committee on Agriculture hearing regarding the state of the rural economy in Washington, D.C., on Feb. 24, 2016. He called for breaking up consolidations in the pork, beef, corn, and soybean seed industries; an end to contract farming in which farmers raise livestock they do not own at low prices predetermined by agribusinesses; re-establishing the Grain Inspection, Packers, and Stockyards Administration, which the Trump administration dissolved; and returning to a price parity system in which farmers can ensure a reasonable price above costs and supply is matched with demand. Sen. Sanders is not alone among 2020 candidates in targeting big ag. (news.financializer.com). As reported in the news.

european shares: The VIX Index jumped 43 percent, the most since October the start of a horrible quarter for U.S. equities, according to The Japan Times. S&P 500 Index futures slid 1.7 percent and the Shanghai Composite fell 5.6 percent, the most since February 2016. After weeks of warnings from many on Wall Street that price swings across global markets were too subdued, the American president's threat to boost tariffs on China sent volatility soaring Monday. European shares also dropped. ; Whether they were a negotiating tactic or a sign of something more ominous, Trump's tweets jolted markets that had been lulled in recent weeks by signs of progress in trade talks, a dovish turn by the Federal Reserve and better-than-expected corporate earnings. Trade had been put to the side by many market participants, Andrew Tilton, chief Asia-Pacific economist at Goldman Sachs Group Inc., said on Bloomberg Television. Investors who had grown accustomed to cross-asset volatility at or near historically low levels were once again forced to consider that all might not be smooth sailing. (news.financializer.com). As reported in the news.

non-manufacturing industries: Some sectors, especially in non-manufacturing industries, have shown evident signs of improvement judging by recent economic statistics, Liu Xuezhi, an economist at Bank of Communications, told the Global Times on Monday, according to Global Times China. The Caixin Services Purchasing Managers' Index, released on Monday, surged to a 15-month high of 54.5 in April, up from 54.4 in March. In general, China's economy is healthy and functioning steadily. Other statistics also point toward stability. The Engel's Coefficient, which measures the proportion of income spent on food, also hit a record low of 28.4 percent in 2018 in China. For example, GDP rose 6.4 percent year-on-year in the first quarter, exceeding market expectations. (news.financializer.com). As reported in the news.

observer status: Speaking on the eve of a meeting of the eight members of the Arctic Council, Pompeo took on Beijing and Moscow, according to The Independent. China's pattern of aggressive behaviour elsewhere will inform how it treats the Arctic, he said. Just because the Arctic is a place of wilderness does not mean it should become a place of lawlessness, he said. The new cold war drilling for oil and gas in the Arctic Read more He warned against scenarios whereby nations become ensnared by debt and corruption, of low-quality investments, militarisation and uncontrolled exploitation of natural resources, all of which he said were potential effects of allowing rising Chinese influence. While the US and Russia are members of the Arctic Council, China holds only observer status in the cooperation body. Do we want the Arctic Ocean to transform into a new South China Sea, fraught with militarisation and competing territorial claims he said. (news.financializer.com). As reported in the news.

aircraft carrier: During the 9 00 a.m, according to MSNBC. ET hour, Engel told host Stephanie Ruhle Well, if you look at the political chess board, right I think what you're seeing here with this aircraft carrier is just one piece, and it's quite a troubling picture when you look at it as a whole. He and anchors for the liberal cable channel portrayed the U.S. as a bully getting in Iran's face. Ruhle urged him on Paint it. The reporter argued that the U.S. ship deployment was a very provocative action and very threatening to Iran. Engel continued It seems like this administration is trying to paint Iran into a corner, maybe even provoke some sort of conflict with Iran. (news.financializer.com). As reported in the news.

australia: We should be having a serious conversation about what are the best policies needed for that, according to The Guardian. And we should understand the implications of Australia's climate policy for our long-term competitiveness and international standing. We should be talking about positioning Australia economically for the low-carbon future, making use of our huge opportunities to produce low-cost clean energy, and mobilising investment. Instead it's the carbon wars once more. The paper by Brian Fisher is a private black-box modelling exercise of no particular standing that uses outdated assumptions. A confected furore over the presumed cumulative economic cost dominates the headlines, provoked by a single short report with some scary-looking numbers. (news.financializer.com). As reported in the news.

inc: Bausch Health Companies Inc. raised its guidance as it reported a first-quarter loss of US 52 million, according to The Toronto Star. The headquarters of Bausch Health Solutions, formerly known as Valeant Inc., is seen in Laval, Que., Wednesday, February 20, 2019. The stock closed up 2.88, or 9.16 per cent, at 34.31. Ryan Remiorz / THE CANADIAN PRESS Bausch & Lomb, a segment that generates more than half of the drug company's revenue, saw revenue rise eight per cent to US 1.12 billion, after adjusting for foreign exchange, divestitures and discontinuations, according to the company. The Quebec-based company, formerly called Valeant Inc., increased research and development investment by about 30 per cent, part of Papa's shift away from an aggressive acquisition strategy and focus on returning to the black. Clearly the majority of the growth in our Bausch & Lomb franchise is driven by the volume, chief executive Joseph Papa said. (news.financializer.com). As reported in the news.

creation: He made arguments in favour of several possibilities such as encouraging borrowers to choose renewal terms longer than five years, the creation of a market for private, mortgage-based securities and the launch of shared-equity mortgages for first-time home buyers, according to The Toronto Star. Bank of Canada governor Stephen Poloz suggested there should be more work to promote the merits of fixed-rate loans longer than five years because many people are unaware that longer-term options already exist. Poloz used a speech Monday to call for more choice in the country's mortgage marketplace. Adrian Wyld / THE CANADIAN PRESS file photo More innovation would help boost flexibility for borrowers, lenders and investors, while also lowering risks in the financial system, Poloz said in Winnipeg. But we should not stop looking for improvements and I invite all of you to join this effort. To be clear, the system is not broken it has served Canadians and financial institutions well, he said in his speech to the Canadian Credit Union Association and Winnipeg Chamber of Commerce. (news.financializer.com). As reported in the news.

plunge: As of the end of Monday's morning session, the Shanghai Composite Index slipped by 5.19 percent to 2,918.65 points, while the Shenzhen Component Index fell by 6.15 percent to 9,079.74 points, according to Global Times China. A total of 236 stocks slipped to their trading ceiling of 10 percent, with high-tech shares leading the plunge. But securities analysts said that considering China's healthy economic indicators, investors need not panic. Li Daxiao, chief economist at Shenzhen-based Yingda Securities, called the plunge a correction as mainland stocks had been enjoying a bull run in the past few months. Notwithstanding the plunge, recent economic indicators in China point toward an upward trend. The Shanghai index climbed to 3,270 points on April 19 from 2,514 points on January 4. (news.financializer.com). As reported in the news.

oil gas: Countries have been scrambling to claim territory or, like China, boost their presence in the region as thawing ice raises the possibility of exploiting much of the world's remaining undiscovered reserves of oil and gas, plus huge deposits of minerals such as zinc, iron and rare earth metals, according to The Japan Times. Pompeo said all were welcome to share in the Arctic's wealth, but raised doubts about the aims of Russia and China, both of which have been increasing their presence in the region. Speaking as he arrived in northern Finland for a meeting of nations with territory in the Arctic, Pompeo said China appeared to have national security aims there, and Russia's activities, including plans for new shipping channels from Asia to Northern Europe, deserved a closer look. ; The United States and Arctic nations welcome transparent Chinese investment that reflect economic interests, not national security ambitions, Pompeo said in a speech. The Pentagon warned just last week that China could use its civilian research presence in the Arctic to strengthen its military presence, including by deploying submarines to the region as a deterrent against nuclear attacks, he told delegates at the conference in Rovaniemi, Finland. China's pattern of aggressive behavior elsewhere will inform how it treats the Arctic. We need to examine these activities closely, and keep the experience of other nations in mind. (news.financializer.com). As reported in the news.

state administration: Up till now, the country has approved 4.74 billion US dollars of quotas for 13 QFII investors this year, exceeding the total quota in 2018, according to Global Times China. China approved 24 billion US dollars of quotas for 12 RQFII investors during the first four months, more than half of the total quota in 2018. The State Administration of Foreign Exchange SAFE also approved 9.7 billion yuan 1.43 billion US dollars of quotas for five Renminbi Qualified Foreign Institutional Investors RQFII last month. China's currency, the yuan, is convertible for trade purposes under the current account, while the capital account, which covers portfolio investment and borrowing, is largely run by the state in an effort to manage capital flows in and out of the country. China's determination of expanding opening-up and the ongoing reform measures have made China's financial market increasingly appealing to overseas investors, according to a statement on the SAFE's website. The QFII and RQFII programs, introduced in 2003 and 2011 respectively, allow overseas institutional investors to move money into China's capital account for investment. (news.financializer.com). As reported in the news.

targets deadlines: President Masahiko Uotani, Daiwa Securities Group Inc, according to The Japan Times. Chairman Takashi Hibino and Hitachi Ltd. The local version aims to achieve 10 percent female representation on the boards of 100 major companies listed on the Tokyo Stock Exchange by 2020 and 30 percent representation by 2030. ; As of April 23, the chapter had 30 members, including such corporate leaders as Shiseido Co. President Toshiaki Higashihara. The chapter's members include executives of institutional investors. Companies that have members of the chapter on their staffs will set their own targets and deadlines to increase women on their boards. (news.financializer.com). As reported in the news.

trading partners: What is Trump threatening to do In two tweets posted on Sunday afternoon the president accused China of trying to renegotiate the trade deal being hammered out between Washington and Beijing after months of talks, according to The Independent. Trump threatened to ratchet up existing import tariffs of 10% on 200bn 153bn of Chinese goods sold in the US to 25% on Friday. Here are the answers to key questions about the rumbling dispute between the world's two largest economies. He also warned that 25% tariffs could be slapped on a further 325bn of goods in future which would mean all Chinese imports being covered by tariffs. They come on top of broader tariffs used by Trump that have hit China and other trading partners such as the EU, Canada and Mexico, on goods including steel and aluminium. Markets tumble after Trump threatens to dramatically increase China tariffs Read more What tariffs are in place already Tariffs have been imposed by Washington on some Chinese goods sold in the US for about a year, as part of the ongoing dispute over trade. (news.financializer.com). As reported in the news.

criticism: John Hickenlooper wrote in The Wall Street Journal Sunday that he is running to save capitalism, lobbing criticism at politicians at either end of the political spectrum who he said pose dire threats to the nation's economic success, according to MSNBC. The 2020 presidential hopeful dinged his fellow Democratic primary contenders, some of whom have embraced policies labeled by some as socialism. Ethan Miller/Getty Images2020 elections Hickenlooper in 'I'm running to save capitalism'By CAITLIN OPRYSKO05/06/2019 08 09 AM EDTUpdated 05/06/2019 08 54 AM EDTMon May 06 08 54 41 EDT 2019Share on Facebook Share on Twitter Former Colorado Gov. But the former small business owner-turned-governor whacked conservatives as well for pushing deregulatory policies, headlining his Journal op-ed piece with a declaration that I'm running to save capitalism. He offered a firm defense of an economic system that has mostly been hammered on the 2020 Democratic campaign trail. Story Continued Below Hickenlooper blamed growing income inequality for voters' willingness to back politicians threatening to uproot traditional capitalism, but argued that both Democrats and Republicans were approaching the issue incorrectly. (news.financializer.com). As reported in the news.

journey: In signing the ITV deal Steve Norris, the former transport minister who chairs the park's developer London Resort Company Holdings, promised the broadcaster it was going on an epic journey . It already has been, according to The Guardian. Unveiled in the post-Olympic euphoria of late 2012, the plan to create a theme park three times larger than any in the UK, located in the south-east of England to complete the cross channel rivalry with Disneyland Paris, caught the imagination. But the backers of the London Resort, planned for a peninsula in north Kent, are struggling with film and TV partners walking away and increasing disillusioned locals. A tie-up with Hollywood studio Paramount Pictures led to concept images of rides and attractions based on mega-hits such as Mission Impossible, Star Trek and even The Italian Job. The London Resort map The London Resort map Fast-forward seven years and Paramount Pictures has disappeared, pulling out in 2017; so too Aardman Animations, the studio behind Wallace & Gromit, Chicken Run and Shaun the Sheep, which allowed a licensing deal for attractions based on its characters to lapse. The park, financed by Kuwait's Al-Humaidi family, who own Ebbsfleet United, would open in 2019, the developers said. (news.financializer.com). As reported in the news.

kuala lumpur: Ng, who left Goldman Sachs in 2014, has been detained in Kuala Lumpur since last November after the US justice department charged him with allegedly laundering funds diverted from the 1Malaysia Development Berhad 1MDB fund, according to The Guardian. At the federal court in Brooklyn on Monday, Ng pleaded not guilty to paying bribes to government officials in Malaysia and Abu Dhabi. Malaysia's attorney general said Roger Ng had been transferred to the US for 10 months, after which he would be returned to face charges in his home country. He was granted bail after agreeing to put up 1m in cash to secure a 20m bond. Vast sums were allegedly looted from 1MDB in a fraud said to have extended to the former Malaysian leader Najib Razak and his associates, triggering an international outcry and embroiling one of the world's biggest investment banks in a financial scandal. Ng has surrendered his passport and will be placed under house arrest. (news.financializer.com). As reported in the news.

ash: I think it's a great idea, I think it's really fair, too, he said, according to CNN. This was the policy under former Obama Defense Secretary Ash Carter but was reversed by then-Defense Secretary James Mattis at the start of the Trump administration. The President then made some news, saying he's looking at doing a waiver for service academy athletes who can get into the major leagues, adding that those players can serve in the military after they play professionally. Red Sox manager to skip White House visit, citing Trump's Puerto Rico hurricane response Trump also touted economic numbers and record low unemployment during his remarks, which come as the stock market took a hit after his weekend tweets threatening China tariffs. Every time you enter the field, you prove that you are Army Strong, he said, describing in detail their dramatic victory and calling four surprised players and their less surprised coach, Jeff Monken, up to the podium to say a few words. Read More The President recognized the distinguished guests in the Rose Garden and praised the team and their coach before recalling their unprecedented back-to-back wins and their 2018 season. (news.financializer.com). As reported in the news.

u.s: The proposed Green New Deal is being endorsed by David Suzuki and 60 signatories including the largest unions, by youth leaders, by Indigenous groups and by environmental economists, according to The Toronto Star. Robert F. Bukaty / The Associated Press It's been inspired by some U.S. Democrats' call to shift jobs and the economy from fossil fuels to renewable energy and infrastructure. The proposed Green New Deal is being endorsed by David Suzuki and 60 signatories including the largest unions, youth leaders, Indigenous groups and environmental economists.A plan to shift Canada's entire economy to battle climate change has been launched in Toronto, Vancouver and Montreal. And just as that American version has been called unworkable, unrealistic and even socialist by conservatives there, Canada's nascent iteration will likely come under attack in the months leading up to this fall's federal election. Article Continued Below We can't afford not to do this, the art director for a publishing house told Star Vancouver ahead of the plan's unveiling Monday. That doesn't deter Nayeli Jimenez, 28, a Vancouver-based member of the youth-led national climate group Our Time. (news.financializer.com). As reported in the news.

activity: The Liberal leader also flagged the introduction of new aggravated offences for sexual intercourse or other sexual activity with children outside Australia, and vowed to introduce new offences covering the provision of electronic services to facilitate dealings with child abuse material, and grooming third parties using the post or a carriage service to procure children for sexual activity, according to The Guardian. Bill Shorten to unveil 500m hospital funding boost in campaign launch Read more With a fortnight remaining until polling day, Morrison has faced growing pressure over the past week to identify a concrete agenda for government, having spent much of the campaign to date focused on trying to discredit both his opponent and Labor's policy agenda. As Bill Shorten launched Labor's campaign in Brisbane on Sunday morning, Morrison promised to increase the maximum penalties from three to five years for people who use a carriage service to menace, harass or cause offence under section 474.17 of the Criminal Code Act 1995. Courtesy of prioritising a substantial tax cuts package, the Coalition lacks Labor's fiscal firepower in this campaign, meaning it can't make a succession of big-spending announcements and Morrison's daily message on the hustings has focused on the risk of changing the government rather than outlining his own positive agenda. In a statement ahead of Sunday's campaign events, Morrison said Delivering additional tax relief to hard-working Australians will be my first priority if my government is re-elected. The Liberal leader on Sunday identified legislating the tax cuts outlined in the April budget as his first priority post election if the Coalition wins. (news.financializer.com). As reported in the news.

halls thronged: The San Francisco-based company hopes to raise 10bn in a listing valuing it at 90bn, according to The Independent. Dara Khosrowshahi, the chief executive, embarked on a pre-float roadshow last week, touring hotel function rooms from New York to London, addressing halls thronged with investors and asking them to give Uber a five-star rating. This week Uber, the ride-hailing and food delivery service, will put a price on the shares it will issue in the largest tech company float since Facebook in 2012. Demand for the shares reportedly exceeds supply already, indicating that everything is falling into place for a barnstorming debut when the stock exchange bell eventually rings on the morning of the float. Uber's proposition is a curious one. The company has yet to give an estimated time of arrival for this, although if the accuracy of its ride-hailing app is anything to go by, that might be no bad thing. (news.financializer.com). As reported in the news.

air evacuation: When the family received their authorization to leave for France, they had to seize the chance and move quickly, selling most of their possessions, according to The Japan Times. They arrived in France in the middle of winter, where they received assistance from the Red Cross. Born into a Vietnamese-French family in Vietnam, Tran moved to France at the age of 5 as a political refugee. Tran has taken the road less traveled when it comes to his current profession. The skills I got from those things are helping me a lot, he said. He holds three degrees, but not in fine arts or film his majors have been mathematics, Japanese and international studies while previous jobs include working for a French medical agency that provides air evacuation for patients, and as a manager for an international firm's Tokyo office. (news.financializer.com). As reported in the news.

cincinnati: Cincinnati Financial works with independent insurance firms, rather than captive insurance firms like Allstate or State Farm, according to The Independent. Independent insurance firms usually work with six to 12 different carriers who are bidding for your insurance and may have more competitive prices than captive insurers. Cincinnati Financial was founded in 1950, and in 2018 had net written premiums of over 5 billion, with 60% being in commercial lines, 26% personal lines, and the remainder from excess and surplus and life insurance. At year-end 2018, Cincinnati Financial had 2,344 relationships in about 40 states. As an investor, we appreciate the highly predictable revenue growth from expanding these relationships. Once a new agency starts carrying Cincinnati Financial's insurance, their market share of premiums written within the agency generally rises to an average of over 14% after 10 years. (news.financializer.com). As reported in the news.

investment investors: The displays served as a reminder of a rough bet by Buffett, 88, and of questions about whether traditional consumer brands still carry weight in the age of internet stocks including Amazon, Berkshire's latest investment, according to The Japan Times. Investors wanted to know how Berkshire's businesses are working to stave off the risk that the world is changing faster than the conglomerate can react. That was the assessment by Warren Buffett and Charles Munger of two recent bets, leaving them in an unusual position on Saturday Answering shareholder questions about whether changes are needed to an approach that has made them investing legends. ; At Berkshire's annual meeting in Omaha, Nebraska, holders filtered past the Kraft Heinz Co. booth featuring an inflatable ketchup bottle and a giant hot dog. For some, the questions about strategy reminded them of the days before the dot-com bubble burst or the financial crisis occurred. He's nimble enough and now understands that a lot of those brands have been overstretched and now are no longer as durable as they were. They've stayed relevant through lots of upheaval in their careers, said Richard Cook, who oversees 335 million, including Berkshire shares at Cook & Bynum Capital Management. (news.financializer.com). As reported in the news.

investment: Government investment should mainly focus on non-profit projects, according to the document, which was published by the Xinhua News Agency, according to Global Times China. The regulation also stated that government investment activities should be based on scientific decision-making, proper management, performance-oriented principles and open, transparent procedures. The government should focus on investment in areas such as public welfare projects, infrastructure, agriculture and rural areas, as well as environmental protection, major scientific and technological advances, social management, national security and other public projects, according to the regulations. China will also strengthen oversight on the budget for government investment and the government, and its relevant departments are barred from raising investment funds through illegal borrowing, according to the regulation. Apart from improving the efficiency of government investment, the regulation is also intended to stimulate social investment vitality, the State Council said. Government investment should also treat other investing entities equally and should not set discriminatory conditions. (news.financializer.com). As reported in the news.

company: First Eagle Investment Management Llc who had been investing in Newmont Mining Corp for a number of months, seems to be bullish on the 24.86 billion market cap company, according to MSNBC. The stock increased 0.40% or 0.12 during the last trading session, reaching 30.22. The hedge fund held 11.72 million shares of the precious metals company at the end of 2018Q4, valued at 406.14M, up from 11.71M at the end of the previous reported quarter. About 6.85M shares traded. It has underperformed by 13.97% the S&P500. Newmont Goldcorp Corporation NEM has declined 9.60% since May 5, 2018 and is downtrending. (news.financializer.com). As reported in the news.