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

karya: Construction is due to begin next year on the second international airport which will be built in the northern Bali village of Kubutambahan, on the opposite side of the island to tourist favourites like Kuta and Seminyak, according to Nine News Australia. All the low-cost carrier in the north and the normal in the south, Indonesian Transport Minister Budi Karya Sumadi told 9News. To improve your experience update it here News World Exclusive Australians travelling to Bali could be sent to second airport hours from tourist hotspots By Renae Henry Asia Correspondent6 55pm Jul 28, travellers to Bali are in for a major shake-up with passengers flying low-cost carriers to land at a new airport located hours from holiday hotspots. The proposed space for Bali's second airport. 9News The Indonesian government is hoping to ease pressure on the existing Ngurah Rai International Airport in Denpasar, which is struggling to keep up with demand, and has no room for more runways. As a result, it's planning to confine low-cost carriers to landing at the new airport while Ngurah Rai will undergo further upgrades and be made exclusive to full-service airlines. It's also aiming to create a new tourism mecca in the island's underdeveloped north, which has a far more subdued vibe. (news.financializer.com). As reported in the news.

leader: Islam in Indonesia is modern, it is forward thinking, said the leader, who is popularly known as Jokowi -- a nickname he said was given to him by a French businessman while he was working as a furniture salesman, according to CNN. In his second term as leader, Joko faces an uphill battle of uniting the world's most populous Muslim nation, and fighting what he calls hoaxes and fake news that influenced the mind of the people. I still believe that Islam in Indonesia is a tolerant and moderate Islam. We now have to restore the situation and work together to build this country, he said, at the Merdeka Palace in Jakarta. The Constitutional Court subsequently threw out Prabowo's bid to overturn the result, calling it legally groundless. Joko's comments came after a bitter electoral race against his longtime rival, former general Prabowo Subianto, who refused to accept the election result, alleging widespread ballot-rigging that sparked deadly clashes in the capital. (news.financializer.com). As reported in the news.

market stress: The chief concern is that such funds will buckle during times of market stress and will be unable to deliver on a promise of liquidity, according to Market Watch. When you put completely illiquid, essentially privately placed debt, or even semi-liquid loans in meaningful size into a fund, it does create potential conditions like a cessation of the fund, said Steven Oh, head of global fixed income and credit at Pine Bridge Investments, in an interview with Market Watch. After a series of fund implosions in Europe this year, mutual funds and exchange-traded funds ETFs holding illiquid bonds and loans issued by highly leveraged corporations, rather than well-capitalized banks, could be the next source of financial-sector instability, and amplify market selloffs, analysts say. Market liquidity in open-end funds has come into focus recently, after funds holding sizable slugs of hard-to-trade and difficult-to-value securities were forced to close in the U.K. and Europe after a rush of outflows. More recently, H20 Asset Management, which held highly illiquid securities of companies associated with twice-bankrupt German financier Lars Windhorst, has seen billions of dollars leave its funds over these controversial links. Those include, Neil Woodford's flagship Equity Income fund and GAM's absolute return bond funds. (news.financializer.com). As reported in the news.

politics researcher: The Irish government are responding to facts on the ground' as they emerge, and the fact is that Boris Johnson's current approach is leading to no deal, said Jonathan Evershed, a politics researcher of University College Cork, according to The Japan Times. I think everything the Irish government has said is a true and b an attempt to confront Johnson's government which has wilfully lost its grip on reality. Ireland has a land border with Britain that it wants to keep free-flowing after Brexit and it fears massive economic disruption if Britain crashes out of the EU. ; Since Johnson took over last Wednesday, Irish leaders have warned his plans are unrealistic and could lead to the break-up of the United Kingdom and a united Ireland. Duncan Morrow, a politics professor at Ulster University, said Standing up to a bullying' approach by Britain is part of the DNA of Irish politics, so no Taoiseach Irish prime minister can be seen to fold simply because a U.K. premier raises his voice. Irish Foreign Minister Simon Coveney on Friday then warned that Johnson was putting Britain on a collision course with the European Union. Irish Prime Minister Leo Varadkar was the first to react to Johnson's victory speech Wednesday, saying his stated goal of renegotiating the Brexit deal entirely by a deadline of Oct. 31 was totally not in the real world. (news.financializer.com). As reported in the news.

space-related business: Tech giants and startups pursuing bold plans such as selling space tourism, mining asteroids and beaming giant adverts into the skies are winning millions in investment with pledges to bring the stars into reach, according to Global Times China. Annual revenues from space-related business - currently worth 350 billion - could nearly triple in size by 2040, estimates US investment bank Morgan Stanley. Photo VCG Half a century after astronaut Neil Armstrong became the first man on the moon, a new space race is underway to exploit the skies for commercial profit. But the rapid growth of a market with seemingly boundless potential has sparked concerns about a lack of laws and potential conflicts over resources, prompting calls for more rules to govern humanity's use of the cosmos. Our company vision is to extend human presence into outer space. By 2040 we believe there will be 1,000 people living and working on the moon and 10,000 annual visitors, said Aaron Sorenson, a spokesperson from the Japanese lunar exploration startup iSpace Inc. (news.financializer.com). As reported in the news.

sign: If you would like to continue to read ... Please sign in or create an account using the button below, according to The Independent. Follow the instructions to create an online subscription. Thank you for reading your allotted free articles on our site. If you are already a print subscriber, an online subscription is FREE. If you need help, please contact our office at 308 382-1000. Sign UpLog InPurchase a Subscription (news.financializer.com). As reported in the news.

trade: As trade talks get back on track, some Western media outlets hope China can make compromises to reach a trade deal with the US. It is far too early to predict what China will agree to in the coming days amid the negotiations, but it is clear China won't cede its core interests in exchange for a trade deal, according to Global Times China. Despite trade tensions with the US, China needs to steadfastly stick to the path of further opening up its economy to foreign investors, but the country will follow its own speed and rhythm in opening-up and avoid being coerced by the US. Earlier this month, China announced measures to further open up its financial markets, encouraging overseas financial institutions to invest in the asset management subsidiaries of commercial banks. Some Chinese observers have expressed concern about whether the country has gone too far in allowing foreign investors to enjoy free access to China's strategic assets. Over the past few years, China has accelerated efforts to further open up its economy by allowing foreign capital access to more financial services such as the bond market, insurance, asset management and pension funds. This is a testing time marked by uncertainty amid the trade war. However, that doesn't mean China must fully open its financial sector immediately and take no precautions against external risks. (news.financializer.com). As reported in the news.

rules: Communications Minister Paul Fletcher has indicated he might mandate the rules to ensure a more level playing field between online services and traditional media, according to Nine News Australia. As he prepares to respond to a major ACCC inquiry into digital platforms by the end of this year, Mr Fletcher says he accepts the need to harmonise media rules. To improve your experience update it here News National Online sites like Netflix and You Tube may need to air local content, as Trump blasts France over taxes By AAP12 44pm Jul 28, services such as Netflix and You Tube could soon be forced to show local content, bringing them into line with free-to-air television channels. Streaming services such as Netflix and You Tube could soon be forced to show local content, bringing them into line with free-to-air television channels. They've got to pay to produce that or acquire that, he told the ABC's Insiders program on Sunday. AAP Today, the free-to-air networks have an obligation to show a certain amount of Australian content. (news.financializer.com). As reported in the news.

things: Another memory is of a senior civil servant saying to me during the disastrous monetarist period of early Thatcherism Ministers do crazy things my job is to see that they do crazy things properly or words to that effect . How, for goodness sake, can Whitehall officials, with the best will in the world, make this crazy no-deal scenario work properly Treasury officials have not been the flavour of the year with a government apparently dead set on heading for the Brexit cliff, according to The Guardian. Why Because they have been warning of the catastrophic consequences of no deal not to say of the somewhat less catastrophic consequences of any Brexit deal hard, soft or in-between. It was on something like those lines that a few of us wrote a parody of a Financial Times leading article many years ago on a very slow news day, when I was working for the FT. There haven't been many slow news days since the June 2016 referendum; but the memory of that FT parody has come back to me in the light of the elevation to prime minister of the at the time of writing United Kingdom of you know who. Recently, the Office for Budget Responsibility OBR has added to the warnings. In which latter context, it is worth emphasising that the uncertainty that followed the referendum and the huge hit to business confidence has meant that the traditional boost to investment and exports and import saving from a devaluation has been conspicuous by its absence. Even on the International Monetary Fund's less pessimistic no-deal Brexit scenario, the OBR sees damaging consequences for household incomes, the public finances and the pound. (news.financializer.com). As reported in the news.

unions: As parliament resumes, the government will press Labor on two bills to crack down on unions one to extend court powers to deregister unions or disqualify officials, and the other to prevent deductions from employees' pay to unregistered workers' benefit funds, according to The Guardian. Coalition set to criminalise wage theft as it pushes on with union integrity bill Read more Last week Centre Alliance's Rex Patrick agreed in principle that unions cannot treat fines for industrial law breaches as a cost of business but challenged the government to go further in ensuring the proposed penalties on unions are consistent with the corporate world . On Sunday Patrick told Guardian Australia the crossbench party is close to a deal on the workers' benefits bill and still working constructively with the government on the union penalties bill. On Sunday the mooted inquiry took a step forward with Rex Patrick reversing Centre Alliance's position and pledging to support the move, although Labor and the Greens still need Cory Bernardi or One Nation's votes to succeed. Labor has resolved to oppose both measures and accused the government of a disproportionate focus on unions rather than employers who underpay workers. Sign up to receive the top stories from Guardian Australia every morning Angus Taylor's one KPI was to reduce power prices but instead they have continued to go up, and up and up, he said. In a further hip pocket attack, Labor's climate change spokesman, Mark Butler, has attacked the Coalition's record on power prices, noting Australian Energy Market Operator figures that average wholesale prices have increased by 158% across the national energy market since 2015. (news.financializer.com). As reported in the news.

cnn: She is also a bestselling author, activist and spiritual lecturer, according to CNN. The views expressed in this commentary belong to the author. ET Tuesday, July 30, on CNN. Ten others will debate on Wednesday evening. View more opinion at CNN. (news.financializer.com). As reported in the news.

west coast: The leader of the Scottish Conservatives is expected to meet Johnson in Edinburgh on Monday, after the prime minister begins his trip north with a visit on the west coast, according to The Guardian. In her regular column for the Scottish Mail on Sunday, Davidson wrote When I was debating against the pro-Brexit side in 2016, I don't remember anybody saying we should crash out of the EU with no arrangements in place to help maintain the vital trade that flows uninterrupted between Britain and the European Union. However, his willingness to take the UK out of the EU in a no-deal Brexit has been challenged already in Scotland by Ruth Davidson as she warned she could not sign up to such a policy. Quick guide 10 Boris Johnson leadership campaign pledges - and their costs Show Hide 1 Raising the 40% income tax threshold Cost 9bn. Increasing the starting point for national insurance contributions to 12,500Cost 11bn. Only 12% of people in the UK earn more than 50,000 a year, so this pledge to move the 40% threshold up to 80,000 would help those on the highest incomes.2. (news.financializer.com). As reported in the news.

air travel: Even airlines are joining in the public shaming, according to The Japan Times. KLM Royal Dutch Airlines is encouraging people to fly less, and Deutsche Lufthansa AG's CEO recently declared that cheap fares are economically, ecologically and politically irresponsible. A campaign, marked by hashtags such as stayontheground and flightshame, is pressuring travelers to think twice about the carbon impact of their air travel. Whether connected or not, there's been a surge in European train passenger traffic this summer. ; None of this well-meaning effort will amount to much, however, unless the industry grapples with the environmental impact of its fastest-growing market Asia. Sometime in the next decade, China will surpass the United States as the world's biggest aviation market. Aviation industry estimates suggest that global passenger numbers will double by 2037, led primarily by new middle-class consumers in China, India and Southeast Asia. (news.financializer.com). As reported in the news.

countries regions: More than 250 of the Fortune 500 companies and other leading enterprises are expected to participate in the expo, according to the organizer, according to Global Times China. As China becomes a major buyer in the global marketplace, a more open CIIE with a higher level of exchanges is ready to create more dividends for the world to share. The second CIIE, slated to take place in early November in Shanghai, has attracted more than 3,000 companies from over 150 countries and regions to sign up, surpassing the numbers of the first expo. APPETITE FOR HIGHER-END CONSUMPTION The first CIIE reinforced our confidence in China's business environment policies and enabled us to see the country's continuously growing domestic market demand, which is like conducting large-scale consumer research ourselves, said Fabrice Megarbane, CEO of L'Oreal China. Deals for intended one-year purchases of goods and services worth a total of 57.83 billion US dollars were reached in the first CIIE, held on Nov. 5-10 last year in Shanghai. By displaying the brand-new beauty products and technologies, the company is confident of targeting Chinese appetite more precisely in the second CIIE, according to Megarbane. (news.financializer.com). As reported in the news.

i ve: We're not yet at similar extremes, according to Market Watch. But we're getting there. Less than five months later, the Nasdaq Composite COMP, 1.11% had plunged 21%, the S&P 500 index SPX, 0.74% had slumped 17%, and the Dow Jones Industrial Average DJIA, 0.19% had fallen 14.5%. Now the same conditions behind my cautious call last summer are shaping up again. This tells me it's time to lighten up on stocks to prepare for the gathering storm. I wouldn't sell out of medium-term positions. I've been telling subscribers of my stock newsletter Brush Up on Stocks to get out of dubious trades, get off margin, raise cash and be extra judicious about entering new positions. (news.financializer.com). As reported in the news.

moscow rome: And that's before you start using Ryanair's definitions, which means Barcelona has three Girona and Reus finding themselves embraced within the Catalan capital . Until Friday, Milan had three airports Malpensa, 30 miles to the northwest; Orio al Serio, also known as Bergamo, the same distance to the northeast; and Linate, just six miles to the east of the iconic Duomo and well within the city limits, according to The Independent. By taxi the centre of Italy's financial hub is as little as 10 minutes, while city-break weekenders can take advantage of a local bus to the heart of the city; the fare of 1.50 includes onward transportation by bus, tram or Metro. That includes Paris, Belfast, Moscow and Rome not forgetting London's half dozen. 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. From 15p 0.18 0.18 USD 0.27 a day, more exclusives, analysis and extras. You can form your own view. (news.financializer.com). As reported in the news.

photo xinhua: Compared to the 22 developed countries that accused China's policy in Xinjiang, the ratio of 50 to 22 has shown what real human rights are about and the consensus of the international society on the issue, according to Global Times China. In the sphere of human rights affairs where the Western voices are echoed, the silent majority finally has voiced its opinion. Photo Xinhua As of 6 pm Friday, 50 ambassadors to the UN at Geneva UNOG had signed a letter written to the president of the UN Human Rights Council HRC and the Office of UN High Commissioner for Human Rights OHCHR to voice their support for China's governance in its northwest Xinjiang Uyghur Autonomous Region. The collectively signed letter has brought down the West from the position of so-called human rights adjudicator. In recent years, the Chinese government has taken measures to fight terrorism and extremism that haunted Xinjiang and restored order and stability in the region at the lowest cost. China has pragmatically developed economy, improved living standard and social stability. (news.financializer.com). As reported in the news.

point plan: Jonathan Burton INVESTING NEWS & TRENDS Your 5-point plan for surviving the coming stock-market downturn It's time to lighten up on stocks to prepare for the gathering storm, according to Market Watch. Your 5-point plan for surviving the coming stock-market downturn Investors are heavily borrowing to buy stocks what does that mean for the bull market Margin debt in June jumped the most in almost three years. Also, read about why it matters that investors are borrowing heavily to buy stocks, and get to know the signs of a market downturn. Investors are heavily borrowing to buy stocks what does that mean for the bull market Spotting the next bear market, from a money manager who sidestepped two of them Don't expect the Fed to stop a market pullback or recession, says James Stack. This statistically inferior strategy can make investors more money over the long haul How impact investing can create affordable housing Investors seeking to increase the number of reasonably priced rental units can look to these REITs. Spotting the next bear market, from a money manager who sidestepped two of them This statistically inferior strategy can make investors more money over the long haul Why a mutual fund or adviser who lags the stock market over the long term can still make sense. (news.financializer.com). As reported in the news.

coup: Oh, and there will be no profit guidance for next year, according to The Guardian. The coup de grace, the show-stopper, came at the end an unresolved 674m 605m tax bill from the Belgian authorities. The idiosyncratic billionaire's comments included expressing regret about buying House of Fraser last year due to its terminal problems; urging the City regulator to offer voluntary drugs tests to the chief executives of listed businesses; revealing that none of the big four auditors are able or willing to work with Sports Direct; and railing at length over the circumstances of his company's failed bid for control of Debenhams. The final paragraph of the results came out of the blue and will almost certainly trigger a punitive response from investors on Monday and, in the medium term, an attempt to punish the company's board. Given the tax bill arrived 24 hours before the results were published, this asks questions of the power dynamic between Grant Thornton and Sports Direct. Sports Direct said it would address the tax issue but Chris Wootton, the deputy finance director, acknowledged that Grant Thornton, Sports Direct's auditor, needed convincing. (news.financializer.com). As reported in the news.

co-author: She talks politics, sports and culture weekly on Philadelphia's 900AM WURD. The views expressed here are solely hers, according to CNN. Read more opinion on CNN. Jones is co-author of Say it Loud An Illustrated History of the Black Athlete. (news.financializer.com). As reported in the news.

estate taxpayers: One version asks recipients to sign a statement declaring, under the penalty of perjury, that they are in compliance with tax rules that treat digital currencies like bitcoin as investment property akin to stocks or real estate, according to The Guardian. Taxpayers should take these letters very seriously. The Internal Revenue Service has begun mailing more than 10,000 letters to cryptocurrency holders warning of stiff penalties if they fail to report income or pay tax on crypto transactions. 32m stolen from Tokyo cryptocurrency exchange in latest hack Read more The service is sending out three variations of one letter, depending on the information it has on the recipient, reported the Wall Street Journal. The IRS is expanding efforts involving virtual currency, including increased use of data analytics, said the IRS commissioner, Chuck Rettig. Coinbase, a digital currency exchange, handed the database over to the IRS in March 2018 under a federal court order. The list of names appears to come from a database containing 13,000 accounts holders who have bought, sold, sent or received digital currency worth 20,000 or more between 2013 and 2015. (news.financializer.com). As reported in the news.

profits: Combined profits of industrial firms with annual revenue of more than 20 million yuan about 2.9 million US dollars amounted to 2.98 trillion yuan in the first six months, while their revenue rose 4.7 percent to 50.9 trillion yuan during the period, according to Global Times China. Specifically, profits of state-owned industrial firms dropped 8.7 percent from one year earlier to 936.88 billion yuan, while those of private ones reached 743.07 billion yuan, a 6-percent year-on-year increase. The decline quickened slightly from a fall of 2.3 percent in the January-May period. In June alone, profits of industrial firms dropped 3.1 percent from one year earlier to 601.92 billion yuan, according to the NBS. Profits at 26 of the 41 sectors surveyed rose compared with one year earlier, while 15 sectors saw their profits fall, according to the NBS. The sectors of oil and natural gas exploration, power generation and equipment manufacturing posted strong profit growth in H1, while auto production, chemicals, and computer, communication and electronics manufacturing industries saw their profits decline. In H1, auto industry saw its profits sharply down 24.9 percent, while profits in the petroleum processing and steel sectors slumped 53.6 percent and 21.8 percent respectively, dragging the overall industrial profit growth down by 6.3 percentage points, according to Zhu. Zhu Hong, an NBS senior statistician, attributed the fall in profits to the weak market demand in the auto industry and rising cost of the raw materials, including the crude oil and iron ore. (news.financializer.com). As reported in the news.

tax regime: Walk around Dublin's digital docks and count the numbers Facebook is building up to 5,000 employees this year Google here since 2002 has 8,000-plus and companies like Linked In, Indeed and Salesforce are expanding fast, according to The Independent. Ireland's problem is no longer attracting the jobs, but finding a place for all the employees to live. As major investment from long-standing players like Intel and the pharma giants continues, the new breed of tech firms have created a powerful second wave. Yet change is on the way. The days of Ireland using its corporate tax regime as a key attraction for foreign direct investment may be numbered. Major adjustments in global tax rules now look odds-on to take place. (news.financializer.com). As reported in the news.

risk blog: So he updates this chart on occasion for them, according to Market Watch. My view is there are many measures of success and that the economy needs to work well for a majority of the people not just stock investors, McBride explained in a just for fun blog post over the weekend. And why wouldn't he Despite a few hiccups, it's been a great run, no doubt for those invested in equities, anyway . But, in a stat that surely won't sit well with the current president, Obama's market fared better than Trump's has over the same number of trading days, according to our chart of the day from the Calculated Risk blog's Bill McBride Caption outside of wrapper for normal article images McBride, for his part, says he doesn't believe the market is a great measure of policy performance, but he acknowledges that some, including Treasury Secretary Steven Mnuchin, do. He also pointed out that Obama's performance was dinged up in his third year as president, which means that, should the Fed's rate-cutting approach boost the market, as many expect, we can expect more tweets like these Since Election Day 2016, Stocks up almost 50%, Stocks gained 9.2 Trillion Dollars in value, and more than 5,000,000 new jobs added to the Economy. Gold GCQ19, -0.07% dipped slightly, while oil CL.1, -0.34% rallied as Mideast tensions kept investors on their toes. LouDobbs If our opponent had won, there would have been a market crash, plain and simple! Tucker Carlson seanhannity Ingraham Angle Donald J. Trump real Donald Trump June 20, 2019 In the meantime, stocks are in a holding pattern... The market The Dow Jones Industrial Average DJIA, 0.19% S&P 500 SPX, 0.74% and Nasdaq Composite COMP, 1.11% all finished Monday's mostly quiet session with gains. (news.financializer.com). As reported in the news.

tariff waiver: Make them in the USA, no Tariffs! Trump tweeted. ; On July 18, Apple asked the U.S. Trade Representative's office to waive 25% tariffs on 15 parts, including ones for the Mac Pro desktop computer, according to The Japan Times. The public comment period for those requests closes on Aug. 1. Apple will not be given Tariff waiver, or relief, for Mac Pro parts that are made in China. Trump later told reporters he thought Apple would build a plant in Texas, without elaborating on exactly what he was referring to or how he knew. I don't want them to build them in China. I want Apple to build their plants in the United States. (news.financializer.com). As reported in the news.

wto disputes: Countries can choose their own status, and other countries can challenge them, according to The Japan Times. Trump said the designation lets powerhouse China and others take unfair advantage of trade rules. In a memo, Trump directed U.S. Trade Representative Robert Lighthizer to use all available means to get the WTO to prevent countries from claiming developing country status if their economic strength means they don't need beneficial treatment. ; Developing countries, supposedly not yet competitive with advanced economies such as the U.S., get more time to open their economies, more leeway to subsidize their exports and procedural advantages in WTO disputes. If the U.S. decides the WTO has not made substantial progress after 90 days, it will seek unilaterally to stop treating those countries as developing economies. NO more!!! Today I directed the U.S. Trade Representative to take action so that countries stop CHEATING the system at the expense of the USA! His memo also asks Lighthizer to report back to the president in 60 days. In a tweet, Trump wrote that the WTO is BROKEN when the world's RICHEST countries claim to be developing countries to avoid WTO rules and get special treatment. (news.financializer.com). As reported in the news.