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

capital markets: For the next step, China will unswervingly further push the reform and opening-up of the domestic financial markets, according to a statement by the China Securities Regulatory Commission CSRC on Monday, according to Global Times China. City of London Corporation Policy Chair Catherine McGuinness called launch of the program a gamechanger in deepening China-UK financial cooperation and expanding access to the Chinese mainland's capital markets. Photo AFP The long-awaited Shanghai-London Stock Connect went live on Monday afternoon Beijing time enabling British companies to raise funds in Shanghai and vice versa. It means global investors can now benefit from China's growth through London, while UK-listed companies are able to access Chinese investors directly, McGuinness told the Global Times in London on Monday. This, along with a number of other financial opening-up measures recently announced by the central government such as easing market access to certain financial businesses for overseas banks, are an important step in China's financial markets to achieve the opening-up of a wider range and a higher level, Yang Delong, chief economist at the Shenzhen-based First Seafront Fund Management Co, told the Global Times on Monday. The program also marks the gradual realization of stock link programs between A-share markets and overseas stock exchanges, and similar programs between China's stock exchanges and those in Tokyo, New York and Moscow can be expected, one expert said. (news.financializer.com). As reported in the news.

display: The other member, Taiwanese private equity fund CGL group, has not notified Japan Display of any decision yet, the display-maker said, according to The Japan Times. Japan Display said Friday it expected a final decision from the consortium by that day, after the Chinese-Taiwanese group had twice delayed confirming what was happening. The move by the fund, part of a consortium that has been considering a capital injection of up to 80 billion 740 million means Japan Display failed to formally secure the fresh funding ahead of its annual shareholders' general meeting Tuesday. ; Of the consortium's two other members, Taiwanese panel-maker TPK Holding Co. has dropped out from the bailout plan, Japan Display said in a statement. However, Oasis Management Co. of Hong Kong has stepped forward as a potential new sponsor with Harvest Tech Investment, Japan Display said. The Japanese maker also said some domestic and other overseas companies have shown interest in investing, without naming them. There is no change in the sum of the bailout scheme of up to 80 billion as disclosed in April, it said. (news.financializer.com). As reported in the news.

economists paywall: A survey by the Wall Street Journal earlier in the week signaled that nearly 40% of economists paywall polled by the publication expect the U.S. central bank to ease monetary policy next month, according to Market Watch. The chief economist Joe Davis of Vanguard, the fund provider that manages some 5.4 trillion of wealth, speculated that an insurance rate cut by Jerome Powell's Fed could arrive as early as Wednesday, at the conclusion of the central bank's two-day policy gathering that kicks off June 18. Clamoring for a rate cut the first in more than a decade by the Federal Reserve at some point this year is running hot. Federal-funds futures pointed to an 87% chance for a July cut and 26% chance for an easing this month, as of late Friday, CME Group data show. The Fed might not be prepared to confirm such validations given the hard data do not yet signal a sharp slowdown in economic activity, she said. But what if Wall Street is stone-cold wrong about the Fed cutting, or even communicating its intent to reduce benchmarks rates, which currently stand a range between 2.25%-2.50%, in coming meetings Check out The market is terrible at predicting Federal Reserve interest-rate moves, chart shows Kathy Bostjancic, chief U.S. financial economist at Oxford Economics, told Market Watch that the domestic economy hasn't weakened sufficiently to justify dialing back rates. (news.financializer.com). As reported in the news.

entertainment empire: It is a sensible step toward simplifying the sprawl, according to Global Times China. The company, led by Kenichiro Yoshida, is known for its Play Station video games console, plus an expanding entertainment empire of box office hits like Venom, and a music catalogue that runs from Beyonc to the Backstreet Boys. The activist behind the hedge fund Third Point wants the 60 billion Japanese conglomerate to separate its chips business, among other things. Yet the Tokyo-based outfit has also quietly built up a semiconductors business. In the financial year that ended in March, the unit accounted for 16 percent of Sony's total operating profit of roughly 8 billion. It is now the world's top maker of image sensor chips, used mostly in smartphone cameras. (news.financializer.com). As reported in the news.

ge aviation: European arch-rival Airbus, meanwhile, launched a long-range version of its A321neo jet, aiming to carve out new routes for airlines with smaller planes and steal a march on Boeing's own plans for another potential all-new jet, the NMA. We can fly from Northeastern Asia into South Asia, from the Middle East to Bali or from Japan deep into Australia, and so on, said Airbus chief salesman Christian Scherer, according to The Japan Times. It is therefore the lowest-risk investment for airlines on these kinds of routes. GE Aviation said it had found unexpected wear in a part for the GE9X engine it is making for the 777X, the world's largest twin-engined jet, forcing a delay of several months while it redesigns and tests the part. ; The news is another headache for Boeing as it continues to grapple with the grounding of its top-selling 737 Max aircraft in March after two deadly crashes. Leasing company Air Lease Corp. became the first customer of the new aircraft the A321XLR lining up for 27 as part of a deal for 100 Airbus planes. The aerospace industry's biggest annual event, which alternates with Britain's Farnborough Airshow, is traditionally a slugging match between Airbus and Boeing sales teams in the 150 billion a year commercial aircraft market. Sources familiar with the matter said Airbus would announce close to 200 orders for the new model at the air show, with Jet Blue Airways Corp. and U.S.-based private equity firm Indigo Partners among the buyers. (news.financializer.com). As reported in the news.

agent: But, so far, there was no evidence has been found to indicate whether he was telling the truth, an FBI agent testified, according to Nine News Australia. We are continuing to investigate, and that's as far as we can go at this time, Agent Andrew Huckstadt said during Brendt Christensen's federal murder trial. To improve your experience update it here News WorldFBI baffled by murder suspect's claim of 13 victims By Associated Press8 14am Jun 18, 2019Facebook Tweet Mail The FBI is investigating a claim by a former University of Illinois doctoral student that the visiting scholar from China he's charged with killing was his 13th victim. Brendt Christensen was recorded talking about how he had murdered Chinese scholar Yingying Zhang. Prosecutor Eugene Miller claimed in opening remarks last week that Christensen, who is over 185cm tall, took Ms Zhang to his apartment where he raped, choked and stabbed her in his bedroom, as the 165cm tall Ms Zhang tried to fight him off. Supplied The agent pointed out that not being able to corroborate the claim Christensen made to his girlfriend shortly after he allegedly killed Yingying Zhang in June 2017 was not the same as saying it's completely impossible. (news.financializer.com). As reported in the news.

cnn monday: In the capital of Addis Ababa, business owners and journalists told CNN Monday they were using VPN to connect to the internet and access messaging platforms, according to CNN. Tour operator Serak Tadele complained that he has been struggling to get online to book travel plans for his clients since the internet restrictions began last week. Access to social media platforms like Whatsapp and Telegram have been restricted since June 11, according to internet monitoring service Netblocks. Every time there is a suspension of internet, we continue to use the business center at luxury hotels, Tadele told CNN. Read More It's expensive and is an added cost to us, and sadly, we can not simply pass that on to our customers. Woman sits final year exams in hospital 30 minutes after giving birth Speculation is rife that the internet restrictions are in place to prevent cheating by final year secondary students sitting for a national examinations. But it ultimately, this hurts our business, he added. (news.financializer.com). As reported in the news.

drop word: World Economyread more The Fed is likely to drop 'patient' word this week, economists... The Fed is not likely to make a move on interest rates when it meets this week, but it should clear the way for a rate cut later in the summer, according to Xinhua China. Market Insiderread more Target CEO Brian Cornell reiterates forecast, apologizes to... Target CEO Brian Cornell apologized to customers for a disappointing weekend after the company experienced outages that shut down its cash registers and credit-card processors... Retailread more Facebook is launching its own cryptocurrency Cramer, other... Facebook's new cryptocurrency project, titled Libra and backed by the likes of Visa and Booking Holdings, is being widely embraced by market watchers. Market Insiderread more China rolls out the red carpet for other countries as it ups... More and more American firms are calling for the Trump administration to resolve its conflict with China. Trading Nationread more American Airlines to become the first US airline to order new... American Airlines is ordering Airbus' new A321XLR, according to a source familiar with details of the agreement. Technologyread more Trump officially kicks off reelection campaign at Florida rallyU.S. President Donald Trump officially kicked off his reelection campaign Tuesday at a Florida rally where he exhorted thousands of rollicking supporters to keep advancing his... Politicsread moreECB's Draghi turns up pressure for Fed to act more aggressively But Black Rock's global fixed income chief also says he doesn't think the Fed will announce a rate cut until July. Paris Air Showread more Huawei CEO downplays expected 30 billion revenue miss following... Huawei CEO Ren Zhengfei tells CNBC the company's business is still strong in China. (news.financializer.com). As reported in the news.

uk: However, he also said Britain is aware of the risks facing sensitive sectors of the UK economy, such as energy infrastructure and telecoms, from overseas investments, according to The Guardian. The UK has controls in place to protect national security but will strengthen them further, he added. Speaking after a joint economic summit between Britain and China in London that is set to open up deals for companies in the two countries worth more than 500m, the chancellor said he welcomed the closer cooperation. The UK is an open trading economy that depends on inward investment and it's vital that we forge a relationship with China that works both for trade and for investment to our mutual benefit. The chancellor's comments come amid an increasingly bitter standoff between the US and China over trade, as well as a backdrop of protests in Hong Kong over civil liberties and fears that Beijing could extend its influence in the former British colony. But of course we're aware of the risks, he said. (news.financializer.com). As reported in the news.

jeremy wright: Evening Standard and Independent could face inquiry over Saudi funds Read more ESI Media, which operates both titles, responded to the government on Monday, according to The Independent. It did not dispute the government's claim that its investors had close ties to the Saudi state, but said it remained editorially independent. Last week the culture secretary, Jeremy Wright, raised concerns that the investments, made through Cayman Islands companies controlled by a previously unknown Saudi banker, could hide a financial backer with strong links to the Saudi Arabian state . The government also said this sale of 30% stakes in the free London newspaper and its online-only sister title may have an effect on the Evening Standard and the Independent's news agendas . Both outlets are controlled by Evgeny Lebedev, son of the Russian oligarch Alexander Lebedev, while the Evening Standard is edited by the former Conservative chancellor George Osborne. It said there was no justification for the government to investigate the deals, and claimed such action could harm its financial future. We have nothing to fear from an investigation, but regard it as an unnecessary and expensive distraction, which could have a devastating effect on any future investment needed for the wider industry's sustainability and growth. A spokesperson said We have explained why there is no proper legal basis for an investigation into these transactions, which we believe would be counterproductive and detrimental to the health and stability of the UK media landscape. (news.financializer.com). As reported in the news.

lng project: Inpex will start front-end engineering and design work after the government approves its development plan, which it will submit within weeks, according to The Japan Times. A final investment decision is expected in two to three years, with output to begin in the second half of next decade, he said. ; This is a massive LNG project, Ueda said. A heads of agreement between the two includes an extension of the company's contract to operate the Masela block by 27 years until 2055, Inpex President Takayuki Ueda told reporters Sunday at a G20 energy and environment ministers meeting in Karuizawa, Nagano Prefecture. The venture, which will produce about 9.5 million tons of LNG annually once it's fully operational, is extremely significant for Inpex and Indonesia, because the nation doesn't have any other large natural gas fields, he said. Developing the Abadi field in the Masela block and the accompanying LNG export project will cost 18 billion to 20 billion, the largest single investment activity in Indonesia, the nation's energy ministry said in a statement. The agreement is a small move forward for the project, which Inpex had to redesign as an onshore plant after the Indonesian government rejected its proposal for a floating-LNG facility in 2016. (news.financializer.com). As reported in the news.

markets pricing: The Nasdaq Composite Index COMP, 1.39% added 48.37 points, or 0.6%, to 7,845.02, according to Market Watch. What drove the market The Federal Reserve will be the focus this week with markets pricing in more than two interest rate cuts this year on fears of the fallout from global trade tensions and a slowdown in the economy. BA, 5.37% which gained 2.2%. The S&P 500 index SPX, 0.97% climbed 2.69 points to 2,889.67 as social media, entertainment and real estate stocks rallied. Investors will want to see if those expectations match up to what the Fed is thinking, though no move on interest rates is expected at this week's meeting. The Empire State manufacturing index plummeted 26.4 points to negative 8.6 in June, a record decline. Read Five things to watch in the pivotal Fed meeting A survey of manufacturing activity in the New York state area showed its largest-ever drop into negative territory in June. (news.financializer.com). As reported in the news.

photo xinhua: US real estate is being transformed from a stable, appreciating asset into a risky class of investment in Chinese eyes, after the US started a trade war against China, according to Global Times China. I will definitely skip the US if I buy a property abroad, given the escalating tensions between China and the US, a Beijing-based entrepreneur surnamed Wang told the Global Times on Monday. Photo Xinhua US residential real estate, the most appealing overseas investment item among Chinese investors in recent years, is increasingly being shunned as bilateral trade tensions build. Wang has been considering buying an overseas property since 2017, and the primary option for her was American housing. However, now even Canada doesn't seem safe enough since Huawei CFO Meng Wanzhou was arrested in December 2018 there. Her daughter had planned to apply to a US college like some of her classmates, but after the US imposed tariffs and tensions kept building up last year, her family finally made the decision to send her daughter to Canada. (news.financializer.com). As reported in the news.

recession: In our call of the day, Roubini examines the growing risk of a 2020 recession and the specter of crisis in an already fragile global economy, according to Market Watch. A severe enough shock could usher in a global recession, even if central banks respond rapidly.' Nouriel Roubini Last year, he warned of 10 potential downside risks that could lead to a global recession next year. While a hawkish Fed no longer looms large over this aging bull market, Nouriel Roubini, NYU economics professor and perhaps the media's favorite permabear, now says the world has an even bigger problem on its hands. A friendlier Fed, he says, removes one of them, but the others are still firmly in play and have emerged as more dangerous than before. There are added risks associated with the rise of newer forms of debt, including in many emerging markets, where much borrowing is denominated in foreign currencies. U.S. equity markets have remained frothy since our initial commentary, he wrote. (news.financializer.com). As reported in the news.

shinz abe: His Beirut-born wife told the BBC in an interview she hoped the US president would raise her husband's treatment with Japan's prime minister, Shinz Abe, at a G20 world leaders summit in Tokyo later this month, according to The Guardian. Carole Ghosn said I'd like President Trump to speak to Prime Minister Abe about fair trial conditions, to let me speak to my husband and also to respect his presumption of innocence until proven guilty. Ghosn, once one of the most powerful figures in the global car industry, is awaiting trial in Japan over allegations he under-reported his salary and transferred personal investment losses to Nissan. Ghosn, who has French, Brazilian and Lebanese nationality, was first arrested in November and later released before being rearrested several times over new allegations. Prosecutors seized Carole Ghosn's Lebanese passport during a raid of the couple's Tokyo apartment in early April but failed to find her US one, she said. He has also been accused of causing Nissan 5m 4m in losses by channelling cash from a discretionary company fund into a firm run by his wife, which was used to buy a luxury yacht. (news.financializer.com). As reported in the news.

outlook: CSIRO's Australian National Outlook compares two versions of the nation in 2060 - a scenario where economic, social and environmental challenges are tackled head on, and another where they are not, according to Nine News Australia. Australia will enter a slow decline if the challenges are not dealt with, the report says. To improve your experience update it here News NationalCSIRO maps outlook for Australia in 2060By AAP9 06am Jun 18, bills could be about 60 per cent less in 40 years' time if energy efficiencies and low emissions technologies are taken advantage of, a new report suggests. The positive scenario is achieved through pulling policy levers in industry, urban planning, energy, land use and cultural shifts. The electricity grid could be almost entirely 100 per cent renewables by 2050, due to declining costs and market forces. For instance, the energy policy levers include increasing efficiencies through technology and turning renewables into economic opportunities, such as exporting hydrogen. (news.financializer.com). As reported in the news.

media overdoes: Introduction - How the media overdoes the negativity on tariffs The drumbeat of attack from the mainstream financial media on Trump's tariffs - as Bloomberg News routinely calls them - is so one-sided that I have taken an opposite investment tack, despite the risks, which are real, according to MSNBC. As an example, here is a news report from Reuters on June 3, before the US and Mexico agreed that Mexico would do more to prevent immigration into the US, thus delaying or preventing the tariffs Mexico draws red line on asylum as Trump tariff risk risesA 5% tariff on imported goods from Mexico, which last year totaled 347 billion, according to U.S. data, would result in a potential tax increase on American businesses and consumers of 17 billion, the U.S. Chamber of Commerce estimated. Several specific stocks and investment themes relating to this point of view are discussed. It said the number would reach 86 billion should Trump's increase the duties to 25%, as threatened. They ignore the income to the Federal government, which is running giant deficits. They are accentuating the negative. (news.financializer.com). As reported in the news.

outsourcing sector: Carillion ceased to exist last year after falling into insolvency, while Interserve's lenders seized control of the company this year after it was unable to pay its debts, according to The Guardian. Graphic Fears over the health of the wider outsourcing sector has fuelled concern about Kier, which works on multibillion-pound infrastructure projects such as the HS2 high-speed rail line and London's delayed Crossrail plan. Shares in the troubled construction and services company tumbled to a new low of 109p on Monday afternoon, down 17%, after crashing 35% on Friday, as its mounting problems prompted comparisons with stricken competitors. Rumours that Kier was experiencing financial difficulties were crystallised when it shocked the market with a profits warning a fortnight ago. The plan also involves selling its homebuilding business, Kier Living, and its property development unit, and shutting or selling its recycling and rubbish-processing operations. The new chief executive, Andrew Davies, has brought forward his turnaround plan for the business, which employs 19,000 people in the UK. In addition to the job cuts, he is suspending dividend payments to shareholders for this year and 2020. (news.financializer.com). As reported in the news.

trump: The timing is likely to raise eyebrows at the White House as it comes one week before the G20 summit in Japan, where US President Donald Trump expects to meet with Xi to discuss their protracted trade war, according to Xinhua China. Analysts say Xi could now use North Korea as leverage in talks with Trump. Xi will visit Pyongyang on Thursday and Friday at the invitation of North Korean leader Kim Jong Un, said Chinese official news agency Xinhua. China and North Korea have worked to improve relations in the past year after they deteriorated as Beijing backed a series of UN sanctions against its Cold War-era ally over its nuclear activities. But Xi had yet to reciprocate until now. The North's leader Kim Jong Un has travelled to China -- his country's sole major ally -- four times in the past year to meet Xi. (news.financializer.com). As reported in the news.

anil ambani: Other weaker lenders such as Dewan Housing Finance Corp. and Anil Ambani's Reliance Capital Ltd. are struggling, putting the loans they received from a handful of the regulated banks at risk. ; There will be some defaults, some additional slippages on banks' books from the NBFC sector and that will be reflected in the performance of some of the bank stocks, which are more exposed to the weak NBFCs, said Suresh Ganapathy, an associate director overseeing financial research at Macquarie Capital Securities in India, according to The Japan Times. Among the most vulnerable is Yes Bank Ltd., which has seen its shares plunge 65 percen t in the past year amid wider worries about its lending policies. A year after a series of defaults by Infrastructure Leasing & Financial Services Ltd. forced the government to intervene and exposed weaknesses in the sector, the problems of India's non-bank financial companies are entering a new phase. Last week, Moody's Investors Service put Yes Bank under review for a downgrade, citing its sizable exposure to weaker companies in the NBFC sector. The lenders showed the greatest vulnerability to new risks emerging in this area and from nonbanks and real estate firms, it said. Yes Bank and Indus Ind Bank Ltd. may face higher than expected credit costs due to their lending to companies related to large leveraged corporates, UBS AG wrote in a June report. (news.financializer.com). As reported in the news.

barriers issues: According to the statement, relevant departments from China, Kyrgyzstan and Tajikistan will guide local enterprises, chambers of commerce, financial institutions and local authorities to enhance information sharing and project promotion under the framework of the China-proposed Belt and Road Initiative BRI . Discussions on improving the investment environment and protecting enterprises' legitimate rights will be held, and barriers and issues involving specific projects that hinder further cooperation will be also studied, in a bid to promote the high-quality development of China's investment cooperation with both countries, the statement said, according to Global Times China. In the past few years, China's economic and trade ties with Tajikistan and Kyrgyzstan have yielded fruitful results under the BRI. China is both the largest source of investment and trading partner of Kyrgyzstan with trade of 5.61 billion in 2018. The agreements were signed on Thursday with Kyrgyzstan and signed on Saturday with Tajikistan, read the statement. China is Tajikistan's largest source of investment and third-largest trading partner. China is looking forward to signing more cooperation documents with Kyrgyzstan in trade, investment, quarantine procedures and agriculture, and cooperating with Tajikistan in trade, investment, quarantine, environmental protection, agriculture, cultural tourism and science and technology. Bilateral trade amounted to 1.51 billion in 2018, up about 10 percent year-on-year, the Xinhua News Agency reported. (news.financializer.com). As reported in the news.

beauty pageant: Tory leadership contest is more horror show than beauty pageant It was also revealed that Vitol donated 1 million to Serbian gangster and paramilitary commander eljko Ra natovi, better known as Arkan, who was on Interpol's most wanted list throughout the 70s and 80s for murders and robberies, according to The Independent. Arkan, who was regarded as one of the most powerful criminal kingpins in the Balkans, was indicted by the UN for crimes against humanity. Taylor, who also donated 500,000 to the Better Together campaign in 2013, faced intense criticism during the independence referendum campaign after pro-indy group National Collective revealed his company's history, which involved controversial deals in Iran, Iraq, Serbia and Libya. He was assassinated in a hotel lobby in Belgrade in 2000 before he could face trial. The Daily Telegraph also reported that Vitol had been in talks with HMRC over a tax avoidance bill . The talks were to settle a claim for millions of pounds in taxes its senior staff avoided through an offshore pay scheme . In response to the National Collective criticism, Taylor threatened to sue the organisation, but dropped the charges in the wake of negative press coverage. Vitol also created problems for then-PM David Cameron when they entered into negotiations with a Russian oil company targeted by US sanctions against President Putin worth 2 billion. (news.financializer.com). As reported in the news.

opposition party: We are heading up, up, up! Donald J. Trump real Donald Trump February 19, 2019 He also told Bloomberg News last year that there'd be big trouble if he were to be removed from office, according to Market Watch. If I ever got impeached, I think the market would crash, he said. This sort of scare tactic isn't new with Trump, who tweeted back in February that the market would surely be in shambles under a Democratic president Had the opposition party no, not the Media won the election, the Stock Market would be down at least 10,000 points by now. I think everybody would be very poor. The Dow Jones Industrial Average DJIA, 0.09% has done well under Trump, of course, though not quite as well as the blue-chip index fared under Barack Obama and Bill Clinton, as you can see from this Macrotrends chart Caption outside of wrapper for normal article images Meanwhile, all eyes will be on the Federal Reserve this week, with meetings slated for Tuesday and Wednesday. Because without this thinking you would see numbers that you wouldn't believe, in reverse. (news.financializer.com). As reported in the news.

candidates: That's 11% more people than previous year, according to Market Watch. Those who pass the three exams offered by the U.S.-based CFA Institute will receive the professional credential. Could you be one of them A record 250,000 candidates will sit for the three exams required to become a chartered financial analyst this weekend, across 95 markets around the globe, according to Bloomberg. The exams cover a broad range of subject matter topics include accounting, professional ethics, securities analysis and money management. Between 1963 and 2016, over 1.3 million candidates had sat for the Level I exam, while just over 209,000 managed to pass the final Level III exam, according to Investopedia. Very few people have completed all three exams. (news.financializer.com). As reported in the news.

globalization opening-up: According to the NBS data, China's non-financial FDI reached 120.5 billion in 2018, up from 2.7 billion in 1981, according to Global Times China. Meanwhile, China's use of overseas direct investment surged from 920 million in 1981 to 138.3 billion in 2018. The statistics reflect China's insistence on globalization and opening-up in the past several decades, one expert commented on the figures published on Qiushi, a journal run by China's Communist Party. China's history of reform and opening-up is also a history of using overseas capital. On the other hand, overseas capital has managed to share the dividends of China's super-fast economic growth in the past 40 years by investing in the country, Wang Jun, deputy director of the Department of Information at the China Center for International Economic Exchanges, told the Global Times on Sunday. On the one hand, China introduced overseas capital to fill its gaps in funding for basic construction. (news.financializer.com). As reported in the news.

relegation dogfight: Papua New Guinea, though rich in culture, language and beauty, ranks 153rd out of 189 countries in terms of development, according to the United Nations slightly better than Syria, marginally worse than Myanmar, according to The Japan Times. Prime Minister James Marape wants to change that. If national economies were like soccer teams, Papua New Guinea would be near the bottom of the table, struggling to avoid a relegation dogfight. ; Violent crime and corruption are endemic, reliable electricity is rare and population centers sit like isolated city-states, surrounded by trackless jungle and mountain ridges that soar into the equatorial sky. He has promised that within 10 years his compatriots will live in the richest black Christian nation in the world. The current titleholder is the highly industrialized economy of Trinidad and Tobago, where the average resident earns around 833 percent more than those in Papua New Guinea. That is not going to be easy. (news.financializer.com). As reported in the news.