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

school: And while such feats may inspire some adults to dust off their trainers and go for a jog, the lucrative fees, prizes and sponsorship deals that seem to fall at the feet of the elite might play more on the minds of parents and sporty school leavers, according to The Independent. Many sports require a considerable investment to partake in as anything more than a hobby. The Fifa Women's World Cup is well underway, the ICC Cricket World Cup is in full swing and, more importantly, it's school sports day season. The question for those graduates and school leavers who want to pursue a career in sport is can the sport they love ever make them a real income For parents, managing the costs of giving their child a shot at becoming a professional sportsperson can be a significant financial drain. You can form your own view. 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. (news.financializer.com). As reported in the news.

percent year: China saw its total retail sales up 8.1 percent year on year in the first five months of this year to reach 16.1332 trillion yuan about 2.33 trillion US dollars . Online retail sales continued to post robust growth momentum by growing 17.8 percent during the Jan-May period, NBS data showed, according to Global Times China. Consumption is now the biggest driver of the world's largest developing economy, which contributed to over 65 percent of GDP growth in the first quarter of this year. May retail sales expanded 8.6 percent year on year, quickening from an increase of 7.2 percent registered in April, data from the National Bureau of Statistics NBS showed Friday. Friday's data also showed steady employment, with the surveyed urban unemployment rate remaining flat at five percent in May. It's normal to see monthly fluctuations of economic performance, while we have to adopt a more long-term perspective concerning economic growth, said NBS spokesperson Fu Linghui. Growth of industrial output, fixed asset investment and real estate investment dipped last month. (news.financializer.com). As reported in the news.

show solidarity: The strike is in response to a grave situation, said IMA's secretary-general, R.V. Asokan, adding that the strike will not affect emergency services, according to The Japan Times. Asokan said more than 300,000 of the organization's members began a three-day protest on Friday, wearing black badges to show solidarity with their colleagues in West Bengal. Tens of thousands of medical professionals across the country will skip work on Monday to demand legal protection for health workers, who often face violence from families who allege patients have been neglected, the Indian Medical Association said. ; We are demanding an immediate end to the violence against doctors. Doctors across several states also wore safety helmets to symbolize the dangers they face at work. The family alleged the death was caused because the doctors were negligent and lashed out violently, leaving two of the medical staff critically injured. Medical professionals in West Bengal's capital, Kolkata, have been on strike since Monday, when a family assaulted three doctors after a relative died during treatment at a state-run hospital. (news.financializer.com). As reported in the news.

state media: Many were baffled by the outrage, according to The Japan Times. Was the furor in China amplified by state media and a local industry group's demand for the economist's firing some sort new front in the trade war Might U.S. and European banks finally on the cusp of expanding in mainland China be thwarted over perceived slights And what exactly was the insult At issue was an attempt by UBS's global chief economist, Paul Donovan, to weigh in on whether a swine flu epidemic in China should worry investors focused on global inflation It matters if you are a Chinese pig, he said of the disease. For financial professionals around the globe this past week, rising trade tensions and fears of a slowdown were no match for an unlikely drama suddenly unfolding in China UBS Group AG's struggle to quell a public uproar over an economist's quip about pork prices. ; Inside banks and investment firms, debate swirled across desks and trading floors. It matters if you like eating pork in China. That phrasing was ready-made for mistranslation. It does not really matter to the rest of the world. (news.financializer.com). As reported in the news.

value investors: Stocks are subject to the law of gravity, and accordingly they tend to fall harder from loftier perches, like now, according to several measures, according to Market Watch. Read about why the next bear market could be more severe than usual, and check out what so-called bond king Jeffrey Gundlach says about the U.S. economy's health and where to put money now. Many stock investors will learn this when the U.S. market turns south. Then, don't miss insights about Social Security, retirement, and how to build the income-producing portfolio you want. Growth-stock investors can gloat over value investors for now Why the next bear market could shave 35% off the Dow Stock market downturns tend to be more severe when they start from high valuations. Jonathan Burton INVESTING NEWS & TRENDS Growth-stock investors can gloat over value investors for now Opposite investment strategies battle to control your stock portfolio, writes Vitaliy Katsenelson. (news.financializer.com). As reported in the news.

raptors players: As the Raptors players celebrated their victory at Oracle Arena in Oakland, Ujiri attempted to go onto the basketball court without showing his credentials when asked by a deputy, said Ray Kelly, the sheriff's office spokesman, according to CNN. Ujiri pushed the deputy out of the way and got on the court, Kelly said. Masai Ujiri context Image Object name Masai Ujiri description Marketplace Africa Toronto Raptors Masai Ujiri NBA 00001407 url The Alameda County Sheriff's Office said Ujiri pushed and hit the deputy in the face, but Greg Wiener, a Warriors fan and witness to the altercation, says the entire incident was blown out of proportion. The deputy tried to stop Ujiri by pushing him backward off the court, Kelly said. Read More NBA bans and levies huge fine against Warriors investor who pushed Kyle Lowry during NBA Finals Wiener, however, says he was standing to the right of the deputy when he saw Ujiri trying to get on the court at the end of the game. Ujiri then pushed the deputy a second time, with part of his arm or elbow coming into contact with the deputy's face, the spokesman said. (news.financializer.com). As reported in the news.

research service: Meanwhile, the Trump administration, citing high rents, plans to relocate Department of Agriculture economists and scientists from Washington to the Kansas City area, which has employees up in arms, according to CNN. Workers at the Economic Research Service and the National Institute of Food and Agriculture were first among those affected by the record-long government shutdown at the beginning of the year. That's one broader takeaway from the past few years as the massive online retailer of everything announced plans to spend billions and take massive tax breaks to install its HQ2 in the Crystal City area of Arlington, Virginia. Now more than 500 find themselves with an ultimatum Move to Kansas City or lose your job. Some critics of the move see a gut punch to the alleged deep state at work. They stood and turned their backs Thursday on Agriculture Secretary Sonny Perdue to protest the decision. (news.financializer.com). As reported in the news.

russian authorities: The journalist, Ivan Golunov, had been arrested on an attempted drug-distribution charge that he and his colleagues insisted evidence had been planted by police, according to CNN. Russia lost the most lives during WW2. To recap On Tuesday, Russian authorities dropped a criminal case against a top investigative reporter known for exposing local corruption. So why wasn't Putin invited to D-Day event As it turns out, the charges indeed had been fabricated. It was an unexpected reversal after an outpouring of solidarity from Russian civil society. The police officers who arrested Golunov were suspended from active duty, and on Thursday Putin sacked two top interior ministry officials -- the chief of internal affairs at the western district of Russia, Andrei Puchkov, and head of the Moscow directorate for drug control at the Ministry of Internal Affairs, Yuri Devyatkin -- in connection with the case. (news.financializer.com). As reported in the news.

terminal decline: The move is designed to protect Norway's state-owned investment fund from the decline in fossil fuels that will be vital if full-blown climate catastrophe is to be averted, according to The Guardian. But fossil fuels are by no means in terminal decline, according to a recent review of the global energy industry. Last week, Norway's parliament confirmed by unanimous vote that its 1tn sovereign wealth fund would dump 13bn of fossil fuel investments and start investing billions in renewables. BP's annual energy review revealed only days before the Norwegian vote that carbon emissions rose at the fastest rate in almost a decade last year. And the biggest offender in climate terms is coal. The figures revealed that the unexpected spike was caused by a growing appetite for energy, that was being met by fossil fuels. (news.financializer.com). As reported in the news.

tobacco: Nest will be going tobacco-free across its entire portfolio - both passive and active funds though it estimates it will take up to two years for this to fully happen, according to The Guardian. The 6bn scheme's exposure to tobacco is currently put at around 40m and includes holdings in British American Tobacco whose brands include Dunhill and Rothmans and Philip Morris, the company behind Marlboro. Nest National Employment Savings Trust a publicly-owned scheme set up by the government, says stricter worldwide regulation, increasingly aggressive legal action by governments against the tobacco industry and falling global smoking rates have all led it to conclude that tobacco is a poor investment for its members. Nest was set up by the government to help employers meet their obligations under the automatic enrolment retirement saving initiative, which went live in 2012. Nest says it has not taken this decision lightly, but we don't think it makes sense to continue investing in an industry whose business model looks increasingly unsustainable . It already has a tobacco-free policy on a couple of its funds. Currently, one in four UK workers have an account with Nest. (news.financializer.com). As reported in the news.

delivery gcq: The ICE U.S. Dollar Index DXY, 0.45% rose 0.6% Friday, set for a weekly rise of 1.1%. The fact that gold has managed to trade over 1,340 is a positive sign for next week, said Chintan Karnani, chief market analyst at Insignia Consultants, according to Market Watch. Corrections are a part of the big rally. Prices eased back from the session's best levels with the dollar on track for a gain on the week, putting some pressure on dollar-denominated gold prices. Gold for August delivery GCQ19, 0.06% climbed 80 cents, or nearly 0.1%, to settle at 1,344.50 an ounce. Prices had climbed to as high as 1,362.20 during Friday's session, which was the highest intraday since April 2018. Most-active contract prices settled at their highest in a week, but were still 0.1% lower than last Friday's settlement of 1,346.10, Fact Set data show. (news.financializer.com). As reported in the news.

interest rates: What is of concern to us, and should be of concern to all Americans, is anything that might diminish the Fed's political independence, actual or perceived, according to The Independent. Which brings us to the effect of President Donald Trump's policies on the recent economic outlook, particularly his repeated, unpredictable threats to impose tariffs on various trading partners, most recently Mexico. We don't generally give advice on interest rates, being content to leave such judgments to the independent experts. So far, trade wars do not seem to have affected broad indicators such as inflation or unemployment. If fully enacted, the tariffs Trump threatened on Mexico could cancel out, through higher costs for consumers, the modest tax cut for the middle class that Republicans enacted in 2017. They do, however, constitute a source of instability and uncertainty that may be chilling or distorting investment decisions, both here and abroad. (news.financializer.com). As reported in the news.

percent: Private-sector investment increased 5.3 percent to 13 trillion yuan, 0.2 percentage points slower than that in the first four months, according to Global Times China. The FAI includes capital spent on infrastructure, property, machinery and other physical assets. During the January-May period, the FAI amounted to 21.75 trillion yuan about 3.14 trillion US dollars NBS data showed. Investment in high-tech manufacturing and services surged 10.2 percent and 15.6 percent year on year, respectively. The figures were among a series of indicators released by the NBS on Friday, including industrial production and retail sales, which show that the Chinese economy remains on a stable track. Investment in the primary industry went down 2.3 percent year on year, while that in secondary and tertiary industries rose 3.2 percent and 7.1 percent, respectively. (news.financializer.com). As reported in the news.

investments: Regionally, Yangon region attracts 60 percent of both local and foreign investments, followed by Mandalay with 30 percent and the rest flows into other regions and states, according to Global Times China. According to the DICA's figures, Myanmar attracted over 2.41 billion US dollars' foreign investments as of April 30, the first seven months of the present fiscal year 2018-2019. A total of 18.986 million US dollars of investments from China, South Korea, Vietnam and the British Virgin Islands entered the region's manufacturing sector, creating about 4,597 local employment opportunities. The new Myanmar Companies Law which started to enforce on Aug. 1 last year allows foreign investors to take up 35 percent in local companies. Under the new companies law, investment with capital not exceeding 5 million US dollars can be permitted by regional and states authorities of the DICA. Chinese doctors help Myanmar patients regain vision Myanmar state counselor stresses utmost effort to increase power production (news.financializer.com). As reported in the news.

lenders perspective: Financial watchdogs say the deterioration in covenants required by lenders could result in steep losses for investors during an economic downturn and potentially lead to instability in the U.S. financial system, according to Market Watch. From the lenders' perspective, it's been a constant grind downward, said Steven Miller, CEO for Covenant Review, in an interview with Market Watch. Amid this stepped-up scrutiny, research service Covenant Review has been sounding the alarm on covenants in loans issued to debt-laden companies since the 2008 recession. With a 20-person team of casually dressed lawyers, Covenant Review sifts through stacks of paper in the 10th floor of a Manhattan Midtown office, helping overwhelmed asset managers and investors see if loan covenants are watertight or watered down. Sometimes they serve as an early detection system for a company's deteriorating finances or a guardrail to prevent companies from diverting too much of their cash flow to dividend payments to shareholders. Covenants can come in all shapes and sizes. (news.financializer.com). As reported in the news.

minoru kato: Fiscal 2020 will begin in April. ; Honda has already begun lease sales in Japan of the PCX EV scooter, an electric version of the PCX. Kato said it plans to use its China-made electric two-wheelers for the project envisioned in India, according to The Japan Times. While the private use of electric motorcycles and scooters will take some time to develop on a mass scale, the vehicles could be initially used for commercial purposes in India, Kato said. We are planning to implement an electric two-wheeler trial program in the next fiscal year, Minoru Kato, president of Honda Motorcycle and Scooter India Pvt. said in a recent interview. Honda unveiled the plan after the National Institution for Transforming India, the government think tank known as NITI Aayog, proposed the full public use of electric three-wheelers by 2023 and two-wheelers with engines below 150cc by 2025. In the meantime, industry bodies such as the Society of Indian Automobile Manufacturers and the Confederation of Indian Industry have also joined the growing chorus of concerns over NITI Aayog's proposal. Kato regards the proposal as unrealistic, saying the industry needs a proper road map and infrastructure development to complete the transition to EVs. (news.financializer.com). As reported in the news.

semiconductor business: A representative for Sony declined to comment, according to The Japan Times. Friday's move gives it a gain of about 3 percent for the year, roughly in line with the Japanese market. Sony's shares rose 3.1 percent in Tokyo after Loeb's Third Point published a letter and 102-page presentation pushing for changes at the Japanese media and electronics giant, including potential sales of its stakes in a financial affiliate and companies such as Spotify Technology SA. ; If Sony spins off the semiconductor business and executes on its long-term vision, the new entity could be worth 35 billion within five years, according to the New York-based hedge fund firm. We rarely find companies like Sony that have a depressed valuation, high-quality underlying businesses, numerous options for portfolio optimization, and a capable management team, Third Point said on a website entitled A Stronger Sony. Rather than just an uncut rough stone buried inside Sony's portfolio. As a standalone public company listed in Japan, Sony Technologies would be a showcase for Japan's technology capabilities. (news.financializer.com). As reported in the news.

chinese leader: On Friday, Xi returns to the SCO under markedly different circumstances, according to CNN. Now more than ever, the Chinese leader will need to solidify ties with allies amid an escalating trade war with President Donald Trump's administration and a slowing domestic economy. Less than one week later, however, the United States imposed its first tariffs on tens of billions of dollars of Chinese goods, kicking off what would become a raging global trade war between the world's two largest economies. In the Kyrgyzstan capital Bishkek, Xi is expected to meet with his best and bosom friend Russian leader Vladimir Putin and a newly reelected Indian Prime Minister Narendra Modi, fresh from his landslide victory in May. It gives all those countries an opportunity to see if they can actually get something out of the Chinese, said Steve Tsang, director of the China Institute at SOAS University of London. Read More While it's reasonable to think Xi will be seeking their endorsement and support, China's relatively diminished position also increases the bargaining power of the SCO's other participants. (news.financializer.com). As reported in the news.

climate: Future generations stand to inherit a greatly spoiled world, according to The Guardian. Our children and grandchildren should not have to pay the cost of our generation's irresponsibility, he said, in his strongest and most direct intervention yet on the climate crisis. He said a radical energy transition would be needed to stay within that limit, and urged young people and businesses to take a leading role. Indeed, as is becoming increasingly clear, young people are calling for a change. It followed a similar meeting last year, but this time the Pope's stance was tougher as he warned that time was running out and urged them to hear the increasingly desperate cries of the earth and its poor . Carbon emissions from energy industry rise at fastest rate since 2011Read more The chief executives or chairs of BP, Exxon Mobil, Shell, Total, Conoco Philips, Chevron and several major investors including Black Rock and Hermes, responded by calling on governments to put in place carbon pricing to encourage low-carbon innovation, and called for greater financial transparency to aid investors. The Pope's impassioned plea came as he met the leaders of some of the world's biggest multinational oil companies in the Vatican on Friday to impress upon them the urgency and scale of the challenge, and their central role in tackling the emissions crisis. (news.financializer.com). As reported in the news.

education secretary: Although it rarely draws the outrage of his latest unhinged tweet or foible abroad, it is in the president's Department of Education that this spirit of cruel nihilism is best on display, according to The Guardian. Trump's education secretary, Betsy DeVos, and her underlings are dedicated to seeing their radical conservative vision of government achieved, and they're taking aim at the very heart of public education. In Trump's America, those most zealously dedicated to unraveling federal oversight are in charge of the government, racing to shred laws as quickly as they can. Want to beat Trump Learn from workers in Republican states Eric Blanc Read more Few Americans know the name of Diane Auer Jones, a deputy under DeVos. She also recommended the reinstatement of a scandal-scarred accreditor the Obama administration tried to banish after the collapse of two for-profit chains under its supervision. A former assistant secretary under George W Bush who resigned over the education department's treatment of an accreditor that oversaw religiously-affiliated colleges, Jones is back with a vengeance she has already slashed Obama-era regulations of for-profit colleges, including one rule that forced these schools to prove they provide gainful employment to graduates. (news.financializer.com). As reported in the news.

less-known candidates: Tim Ryan, D-Ohio, has a message for the Democratic National Committee air the presidential debates over three nights so that less-known candidates like himself can participate, according to MSNBC. Ryan, who is one of 20 candidates to fail to qualify for the DNC's first debate, told MSNBC's Morning Joe on Friday that My opinion would be, do three nights to have everybody on there. 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Do seven or eight persons a night give people more time and let it play out. I mean, I think Iowa, New Hampshire, South Carolina, Nevada they should winnow the field. He added, I don't think we need to be winnowing the field this early myself. (news.financializer.com). As reported in the news.

state highway: Share to facebook Share to twitter Share to linkedinFILE--In this Friday, May 27, 2016, photograph, a pump jack works off state highway 119 near Firestone, Colo, according to The Independent. On Thursday, March 23, 2017, Colorado's second-highest court says state regulators can put more weight on protecting public health and the environment when they draw up rules for oil and gas drilling. Energy I write about the global energy business. AP Photo/David Zalubowski, file ASSOCIATED PRESSThe U.S. shale gas industry has never been more active and more productive, feeding ever-increasing demands here. It's the ultimate paradox that an industry is spending more on drilling than it has realized from selling shale gas. At the same time, though, the industry is awash in red ink, namely because the price of the commodity remains low. (news.financializer.com). As reported in the news.

steps need: Donovan, UBS' chief economist, said in a report entitled Very Normal Inflation on Thursday that, Does it matter It matters if you are a Chinese pig, according to Global Times China. It matters if you like eating pork in China, which later UBS and analysts both claimed that it was only intended to describe why Chinese consumer prices rose and had nothing to do with insulting Chinese people. We confirm that we have asked Paul to take a leave of absence as we review this matter, to evaluate whether further steps need to be taken, the financial institution said in a statement sent to the Global Times late Friday night. The report sparked outrage among Chinese netizens and some economists on China's Weibo and Twitter. The association, supervised by the China Securities Regulatory Commission, represents 440 member institutions as of October 2018, according to its website. The Securities Association of China SAC has listed Donovan an unwelcome individual, and recommended member institutions not to invite him to any event, it said in a post published on its WeChat account on Friday. (news.financializer.com). As reported in the news.

tech shares: The tech conglomerate cited the effects of the U.S.-China trade fight, while a round of disappointing Chinese economic data also weighed on sentiment, according to Market Watch. How did major indexes fare The Dow Jones Industrial Average DJIA, -0.07% fell 17.16 points, or 0.1%, to end at 26,089.61, while the S&P 500 index SPX, -0.16% declined 4.66 points, or 0.2%, to 2,886.98. All major stock indexes closed lower Friday after the Dow failed to defend a late comeback, with tech shares under pressure following lower guidance by chip giant Broadcom Inc. The tech-laden Nasdaq Composite Index COMP, -0.52% shed 40.47 points, or 0.5%, to close at 7,796.66. The update dents hopes for a rebound in the semiconductor market, with the company citing a combination of the U.S. sanctions on Chinese technology giant Huawei Technologies Co. and customers concerned about trade policy. All indexes gained for a second week in a row with the Dow up 0.4%, the S&P 500 up 0.5% and the Nasdaq adding 0.7%. What drove the market Tech shares were the biggest losers after Broadcom AVGO, -5.57%lowered its outlook for the rest of the year Thursday afternoon. (news.financializer.com). As reported in the news.

trading incentives: On Thursday, the key market gauge dropped 97.72 points. ; The Topix index of all first-section issues closed up 5.21 points, or 0.34 percent, at 1,546.71, after losing 12.72 points the previous day, according to The Japan Times. Both indices lost ground just after the opening bell, dragged down by news about attacks on two tankers, including one operated by a Japanese company, near the Strait of Hormuz on Thursday, brokers said. The 225-issue Nikkei average rose 84.89 points, or 0.40 percent, to end at 21,116.89. The strait is a strategic waterway through which large amounts of oil and gas are transported. In the afternoon, trading was lethargic amid a dearth of fresh trading incentives, but the market managed to stay on the sunny side for the rest of the day. They soon rebounded into positive territory, buoyed by buybacks and a climb in Dow futures, brokers said. (news.financializer.com). As reported in the news.

wouldn t: In fact, almost one in five borrowers weren't first-time buyers at all, 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 public spending watchdog this week revealed that only 37 per cent of the 211,000 buyers who used the scheme to claim almost 12bn to the end of 2018, wouldn't have otherwise been able to afford a home. You can form your own view. Subscribe now Meanwhile, as many economists and property experts also predicted when the scheme was first launched, the National Audit Office NAO this week said the scheme has boosted profits for big property developers Redrow, Bellway, Taylor Wimpey, Barratt and Persimmon. From 15p 0.18 0.18 USD 0.27 a day, more exclusives, analysis and extras. (news.financializer.com). As reported in the news.