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

african politics: Can a new law change that The Political Party Funding Act was signed into law by President Cyril Ramaphosa early this year, according to The Independent. It forces parties to disclose donations of R100 000 US 6700 or more and sets up a Multi-Party Democracy Fund to which donors who want to support a range of parties can donate. File picture Jerome Delay/AP The grip of money on South African politics may be so tight that it could be impossible to govern or seek to govern unless you are beholden to private money. The Independent Electoral Commission, which will implement the law, decided that it would not come into force until regulations on how it will operate are drafted. Democracy campaigners have been pressing for this law for years. It has now concluded hearing evidence from interested parties mainly political parties and non-governmental organisations on how to word the rules. (news.financializer.com). As reported in the news.

australia: Figures released by data provider Core Logic show an average 70.4 per cent of the 1,107 auctions held across Australia during the week ended Sunday August 11 had cleared, well up on 66.4 per cent of 1,107 auctions held the week before, according to Nine News Australia. Core Logic auction market commentator Kevin Brogan confirmed the latest improvement was mostly attributed to the country's two largest cities by population, where clearances rates of more than 70 per cent have been recorded in recent weeks. To improve your experience update it here News National'Higher value houses leading property recovery'By AAP11 59am Aug 11, city home auction clearance rates continue to climb nationally, with strong results in Sydney and Melbourne leading a property market recovery. Sydney had a clearance rate of 81.2 per cent We've got a really strong result out of Sydney this week, above 80 per cent - that a kick up, Mr Brogan told AAP on Sunday. The overall result was up from the previous week, when 386 auctions yielded a clearance rate of 72 per cent. There were 365 auctions in Sydney, with a clearance rate of 81.2 per cent, led by strong sales in the apartment market although houses were far behind. (news.financializer.com). As reported in the news.

europe: Both markets had fallen at the close on Friday after Donald's Trump's mixed message over next month's China trade talks spooked investors, according to Nine News Australia. The S&P 500 lost 19.3 points or 0.66 per cent, the Dow fell 90.6 points or 0.34 per cent, the Nasdaq dropped 80 points, or 1.0 per cent, and Europe was down 1.2 per cent. To improve your experience update it here News NationalASX tipped to open lower after renewed jitters over US-China trade war By AAP12 32pm Aug 11, 2019Facebook Tweet Mail The Australian share market is tipped to start the week lower after renewed jitters over the US-China trade war dampened US and European markets. The ASX could have a negative kick-off on Monday AAP AMP Capital's chief economist Shane Oliver says the worry has set the ASX up for a negative kick-off on Monday, which he expects to open down 20 points, or 0.3 per cent. That's on the back of all those worries about a trade war globally affecting export, Dr Oliver said. Not a dramatic fall, just a continuation of the weakness we saw last week, he told AAP. The Australian dollar is also doing it tough, down from 68.16 US cents on Friday afternoon to 67.79 US cents on Saturday morning. (news.financializer.com). As reported in the news.

eps: Kraft Heinz KHC, -0.79% said net income more than halved to 854 million, or 70 cents per share, in the six-month period, from 1.76 billion, or 1.43 per share in the same period last year, according to Market Watch. Adjusted EPS was 1.44 compared with 1.89 last year. The company also announced that it would not meet the deadline for filing its 10-Q with the Securities and Exchange Commission. Sales of 12.37 billion were down 4.8% from 12.99 billion in 2018. Adjusted EPS came to 78 cents, ahead of the current Fact Set consensus of 75 cents. For the second quarter, the company had EPS of 37 cents, down from 62 cents a year ago. (news.financializer.com). As reported in the news.

chinese companies: The intensifying efforts from President Mokgweetsi Masisi to attract Chinese companies to invest in the diamond-rich nation marks a dramatic shift from the previous administration's hostile approach toward China and defies smearing campaign by western media badmouthing China's cooperation with African countries, according to Global Times China. Ask anyone in Botswana what their country is famous for and many will be quick to say the magic word diamonds - one of the most sought-after and romanticized gemstones. Photo Wang Cong/GT Botswana, a small inland country in southern Africa, is ramping up efforts to strengthen economic and trade ties with China, as the new administration in Gaborone bets on China and other emerging markets to play a vital role to propel the country's economic transformation. Indeed, the southern African nation, which is the size of France but only has a population of about 2.3 million, is one of the world's largest diamond producers. However, people in Botswana don't shy away from admitting the acute problems for the country's economy, which has grown excessively reliant on diamond mining and trade. The precious stone has propelled the country from being one of the poorest in the continent five decades ago to one of the richest and most vibrant. (news.financializer.com). As reported in the news.

gun control: A night before, the Massachusetts senator enjoyed similar treatment when Democrats at a party dinner jumped to their feet some beginning to dance at the opening bars of Dolly Parton's 9 to 5, the song that would usher Warren on stage. ; For someone whose White House ambitions were dismissed by some Democrats earlier this year after a shaky campaign launch, Warren's reception in Iowa this weekend was a clear warning sign to other candidates that hers is a campaign to be reckoned with in the state that kicks off the race for the party's nomination, according to The Japan Times. Warren was one of nearly two dozen candidates who paraded through Iowa this weekend, speaking at the state fair, the annual Wing Ding dinner and a forum on gun control. Elizabeth Warren, basking in the spontaneous adulation of her proposed wealth tax, prompted roars as she called on the ultra-wealthy to pitch in 2 cents so everybody gets a chance to make it. The sheer volume of presidential contenders signaled a new phase of the campaign, ending the get-to-know-you period and beginning a six-month sprint to the Iowa caucuses. They'll be competing for the support of Democrats who say repeatedly that, despite their differences, their top priority is landing on a nominee who can defeat President Donald Trump. In that time, the historically large field will winnow, front-runner Joe Biden will be tested more forcefully and a fierce competition will unfold for candidates to be seen as the more viable alternative. (news.financializer.com). As reported in the news.

interest rates: But here's a surprise things just might start to look a little brighter as the autumn rolls on, according to Market Watch. The U.S. economy is holding up so far, central banks around the world are cutting interest rates, and even the manufacturing sector may recover. Investors will need a strong stomach to get through international trade disputes, Britain's march toward Brexit, and more. To be sure, there are headwinds ahead, including the U.S.-China war over import tariffs that rattled stocks recently. Grab the Dramamine, avoid the headlines, and get used to it. But it is wise to stay invested, multiple sources tell Market Watch. (news.financializer.com). As reported in the news.

lyft lyft: Both companies showed higher-than-expected take rates, and both showed slight reductions in their hefty marketing expenses, according to Market Watch. On Thursday, Uber UBER, -7.62% reported a whopping net loss of 5.2 billion for its second quarter, as a result of 3.9 billion in stock-based compensation expenses and another 298 million for driver-appreciation awards. It may not be immediately obvious in the financial results of the two rivals over the past two days, but the price war between them appears to be gradually abating. But excluding those costs, on a non-GAAP basis, Uber's adjusted loss of 656 million was slightly narrower than the 659 million expected by Wall Street, according to Fact Set. On Wednesday, Lyft LYFT, -4.97% had an even crazier roller-coaster ride after it beat on revenue, but told investors there would be more insider selling soon. Even so, Uber's shares tumbled 6% after hours. (news.financializer.com). As reported in the news.

facility: ET., the Federal Bureau of Prisons said, according to CNN. Staff at the facility started life-saving measures, and Epstein was taken to a hospital, where he was pronounced dead, the bureau said in a news release. Jeffrey Epstein served with more legal papers while held in prison Epstein, who was awaiting trial on federal charges accusing him of sexually abusing underage girls, was found unresponsive in his cell at New York's Metropolitan Correctional Center, a federal detention facility, around 6 30 a.m. No foul play is suspected in his death, a federal official told CNN. The bureau's release called it an apparent suicide, and said the FBI is investigating. The New York City medical examiner's office hasn't determined his manner of death. Authorities believe Epstein hanged himself, a law enforcement source said. (news.financializer.com). As reported in the news.

group: The stock decreased 1.91% or 3.1 during the last trading session, reaching 159.12, according to MSNBC. About 11.43 million shares traded. Flowering Tree Investment Management Pte Ltd who had been investing in Alibaba Group Hldg Ltd for a number of months, seems to be bullish on the 414.28 billion market cap company. Alibaba Group Holding Limited BABA has declined 6.34% since August 11, 2018 and is downtrending. Some Historical BABA News 08/05/2018 The deal marks another foray for Alibaba into the South Asian market; 04/05/2018 ALIBABA EXCLUDING CONSOLIDATION OF ELE.ME AND CAINIAO NETWORK, EXPECT REVENUE GROWTH FOR FISCAL YEAR 2019 TO BE OVER 50%; 02/04/2018 Alibaba will buy Chinese food delivery app Ele.me; 17/04/2018 PRENETICS SAYS DNAFIT WILL CONTINUE TO OPERATE ITS OWN BRAND; 10/04/2018 MEDIA-Alibaba-backed carmaker seeks 2.7 bln to challenge Tesla Bloomberg; 29/03/2018 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD 0241.HK SHEN DIFAN APPOINTED CHIEF EXECUTIVE OFFICER; 09/04/2018 Yahoo! Finance China's Sense Time valued at 4.5 billion after Alibaba-led funding; 23/05/2018 The 2 biggest things Silicon Valley misunderstands about China, according to a top Alibaba exec; 19/03/2018 SINGAPORE Only a week after U.S. e-commerce group Amazon revealed its intention to enter the Vietnamese market, Alibaba Group Holding has made a countermove to secure its own growth path in Southeast Asia's burgeoning e-commerce industry; 16/04/2018 ALIBABA, XIAN INTL TO COOPERATE ON ONLINE MEDICAL PLATFORM1St Source Bank increased its stake in Apple Inc AAPL by 3.2% based on its latest 2019Q1 regulatory filing with the SEC. 1St Source Bank bought 2,319 shares as the company's stock rose 1.20% . The institutional investor held 74,707 shares of the computer manufacturing company at the end of 2019Q1, valued at 14.19 million, up from 72,388 at the end of the previous reported quarter. 1St Source Bank who had been investing in Apple Inc for a number of months, seems to be bullish on the 908.31B market cap company. It has underperformed by 6.34% the S&P500. (news.financializer.com). As reported in the news.

internet access: The best he has managed is to get through to a local police station via satellite phones being used by security forces, according to The Guardian. They just told me that everything is fine and that there's nothing to worry about. With all mobile phone networks, landlines and internet access cut off in the region, it has been impossible to establish how they are faring. Kashmir is normal, they said, but from here in London it's anything but that, said Nasti. Known as Article 370, it stripped away the autonomy that Kashmir was granted in exchange for joining the Indian union after independence in 1947. As the head of a global charity, he has good reason to be concerned about the Himalayan state in which he was born, which again finds itself plunged into turmoil after the Indian government revoked its special status. (news.financializer.com). As reported in the news.

joy reid: Joy Reid and her panel discuss Trump supporters attempting to separate certain elements they say they like from the complete policy package of the , according to MSNBC. Joy Reid and her panel discuss Trump supporters attempting to separate certain elements they say they like from the complete policy package of the Equinox face boycott due to chairman's Trump Equinox face boycott due to chairman's Trump Ross, billionaire investor, real estate mogul, and chairman of the parent company that owns the Equinox health clubs and Soul Cycle, is coming under fire for supporting Donald Trump, inspiring boycotts of the two fitness chains. (news.financializer.com). As reported in the news.

nation: The footage paints the picture of a happy, prosperous nation, according to CNN. But the reality for the 5.85 million people who live in this authoritarian hermit nation is different. These are idyllic scenes from a one-minute video promoting the inaugural Caspian Economic Forum, which between August 11 and 12 will see heads of state from Iran, Russia, Azerbaijan and Kazakhstan descend on Awaza, a new resort town that has been touted by Turkmenistan's Foreign Ministry as the country's Las Vegas. Strict media controls mean that information trickles out of the country, but human rights abuses are commonplace, activists often disappear, and forced labor is a concern, according to Human Rights Watch. Just over 6,000 people visited Turkmenistan in 2016, according to local media reports. Read More As a hermit nation, it rivals North Korea. (news.financializer.com). As reported in the news.

market places: With an expected 2.6 percent global growth, room to maneuver is limited and skepticism is the norm, with warnings of financial losses, a jobless market and trade wars in every media outlet and international conference, according to Global Times China. This begs the question Are we economically doomed Is there nothing in motion globally to rectify the downturn It is important to point out that our world economies have moved from expansion to sustainability, and that is what the 2.6 percent global growth figure reflects. The numbers are clear. The double digit era is over as the world's major market places have matured. We are not experiencing a World War II aftermath, when most nations were bankrupt, markets were non-existent, and the worldwide population was living in poverty. Within this new context, unfortunately, we still measure our economies using an obsolete GDP analysis. (news.financializer.com). As reported in the news.

media controls: The footage paints the picture of a happy, prosperous nation, according to The Independent. But the reality for the 5.85 million people who live in this authoritarian hermit nation is different. These are idyllic scenes from a one-minute video promoting the inaugural Caspian Economic Forum, which between August 11 and 12 will see heads of state from Iran, Russia, Azerbaijan and Kazakhstan descend on Awaza, a new resort town that has been touted by Turkmenistan's Foreign Ministry as the country's Las Vegas. Strict media controls mean that information trickles out of the country, but human rights abuses are commonplace, activists often disappear, and forced labor is a concern, according to Human Rights Watch. Just over 6,000 people visited Turkmenistan in 2016, according to local media reports. Read More As a hermit nation, it rivals North Korea. (news.financializer.com). As reported in the news.

r.k .,: Prosecutors have alleged that dozens of the ring's customers died in overdoses, though the defense disputes that and Shamo is charged only in connection to one a 21-year-old identified as R.K., who died in June 2016 after snorting fentanyl allegedly passed off as prescription oxycodone, according to The Japan Times. Shamo's family, though, said he's been singled out even as deeply involved friends are offered more lenient plea deals. Former Eagle Scout Aaron Shamo, 29, will stand trial beginning Monday on allegations that he and a small group of fellow millennials ran a multimillion-dollar empire from the basement of his suburban Salt Lake City home by trafficking hundreds of thousands of pills containing fentanyl, the potent synthetic opioid that has exacerbated the country's overdose epidemic in recent years. ; The federal government's case is expected to offer a glimpse at how the drug, which has killed tens of thousands of Americans, can be imported from China, pressed into fake pills and sold through online black markets to people in every state. His father, Mike Shamo, said his son was a chess whiz as a kid who experimented with marijuana in his teen years, but later earned his Eagle Scout badge crocheting blankets for a hospital. He was brought in and saw the opportunity for making money, and he didn't truly understand the danger behind what he was doing, how dangerous the drugs were, he said. Aaron Shamo became an internet-savvy aspiring entrepreneur and health-conscious workout buff who loved self-improvement books like The Secret and had dreams of starting his own tech-support business, Mike Shamo told The Associated Press. (news.financializer.com). As reported in the news.

tension increases: Why have Ulaanbaatar and Washington become closer recently As tension increases with China and Russia, US frequent interactions with Mongolia could be regarded as an attempt to create more pressure for Beijing and Moscow, according to Global Times China. Following its democratic transition, Mongolia has shown a willingness to become a liberal and democratic country with the US as its role model. During the state visit, the White House said, The US and Mongolia have agreed that their relationship has reached the level of a 'strategic partnership.' On Thursday, US Secretary of Defense Mark Esper was in Mongolia where he met high-ranking Mongolian leaders. This is in line with US strategy and provides room for Washington to export its ideology and values to Ulaanbaatar, which aimed at Beijing and Moscow. According to the US Geological Survey in 2009, Mongolia had 31 million tons of rare-earth resources, 16.77 percent of the world's total and second only to China. As the China-US trade war continues to escalate, reports say that China could slash its rare-earth exports to the US as a countermeasure. (news.financializer.com). As reported in the news.

trade war: But behind that confusing dance between a norm-breaking Republican president and a stick-to-its-knitting Fed lies a dilemma for Trump. ; Reasonably good is not what Trump promised to deliver during his 2016 campaign, and at this point he heads into a re-election year short of the key economic goals he set and worried a recession could undermine his bid for a second term, according to The Japan Times. Growth is ebbing and well below the 3 percent annual rate he said his administration would hit; the trade deficit has widened and there is no sign of the easy victory he said would come in a trade war with China; far from the surge in investment he promised would follow a corporate tax cut, business capital spending of late has been a drag on growth overall. President Donald Trump blames the Federal Reserve for putting the U.S. economy at risk while data show an economy in reasonably good shape, as the head of the central bank recently said. Each month there are more jobs. He is so focused on the Fed because in terms of avoiding a recession that is truly in his eyes his biggest obstacle, to reelection, said a source in regular communication with the White House, explaining that Trump wants to take no chances, even if the risk of a downturn is low. But that has been true for nearly nine years, and as on many fronts the best days of Trumponomics may be in the past as the economy's performance reverts to an Obama-era trend of around 2 percent annual growth. (news.financializer.com). As reported in the news.

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robert richman: She faces a maximum of five years in a US federal prison and a A 369,000 US 250,000 fine after signing a plea agreement with American prosecutors, but her lawyer will ask for a time-served sentence, according to The Guardian. Her attorney, Robert Richman, said she accepted the plea agreement because she wanted to accept responsibility and be sentenced . Ghodskani arrived in the US last month. She gave birth to a boy in custody in Adelaide, South Australia, while fighting extradition to the United States. Richman said the long legal fight had taken its toll so she had decided to stop resisting extradition. Iranian woman in Australian jail drawn into Zaghari-Ratcliffe diplomatic dispute Read more Ghodskani was based in Tehran as an employee of Fana Moj, a communications company whose principal customer was the Iran government's Islamic Republic of Iran Broadcasting radio and TV network. The parties have not reached an agreement as to a recommended sentence, and each party is free to argue for any sentence it deems appropriate, the plea agreement filed in the US district court on Friday said. (news.financializer.com). As reported in the news.

trade dispute: Senator Birmingham said the trade war was bad news for everyone and having a negative impact on world economic growth, with global trade slipping to its lowest level since the 2008-2009 global financial crisis, according to Nine News Australia. Asked on ABC television's Insiders program on Sunday if he was confident the trade dispute would be resolved by Christmas, Senator Birmingham said I wouldn't seek to make predictions. To improve your experience update it here News National No prediction on US-China dispute Minister By AAP10 51am Aug 11, Minister Simon Birmingham has declined to predict whether the trade war between the US and China will be resolved by Christmas but says Australia takes every opportunity to get the two global giants to engage. I have seen enough twists on turns in this already, and we live in very uncertain times, he said. I don't think we should talk ourselves down. However, the cabinet minister disagreed with former Labor prime minister Kevin Rudd that Australia could face a recession if the US and China don't reach an agreement. (news.financializer.com). As reported in the news.

trade fight: This week, investors could get a reality check on what that means for economies and companies, according to CNN. State of play The trade fight between the United States and China is getting worse. (news.financializer.com). As reported in the news.

uncertainties: There are those inside No 10 who dismiss the figures as merely the result of Theresa May's failure to push her withdrawal deal over the line in March, according to The Guardian. They murmur privately that the aftermath of this debacle was likely to provoke economic volatility as companies and consumers reacted first to parliament's refusal to back a deal and then the uncertainties created by the Tory leadership elections and the perceived intransigence of European Union leaders. All areas of the economy shrank except the services sector, which managed to inch ahead by 0.1% in the three months to the end of June. And casting an eye over the past year rather than the past few months alone suggests there is something to the argument that the economy is stronger than it looks. Compare that figure with the annual growth rate predicted for Germany of just 0.5% and 0.1% in Italy. GDP increased by 1.2% in the 12 months to the end of June, and is still on schedule to grow by at least 1% over 2019 according to most forecasters. (news.financializer.com). As reported in the news.

articles: Far from being a threat to Taiwan, the program to give economic incentives to Taiwanese to start businesses in the mainland was an unprecedented opportunity, it said. ; While the articles were presented as straight news, they were actually paid for by the Chinese government, according to a person with direct knowledge of the arrangement and internal documents from the Taipei-based newspaper, according to The Japan Times. The placement of the articles was part of a broader campaign by China to burnish its image in the Taiwanese media as part of efforts to win hearts and minds in Taiwan for China's reunification agenda. China treated Taiwanese businessmen like its own people, one of the articles said, citing multiple perks. Reuters has found evidence that mainland authorities have paid at least five Taiwan media groups for coverage in various publications and on a television channel, according to interviews with 10 reporters and newsroom managers as well as internal documents reviewed by Reuters, including contracts signed by the Taiwan Affairs Office, which is responsible for overseeing China's policies toward Taiwan. Reuters is withholding the name of the media groups at the request of the former and current employees who provided the documents. These efforts have been going on since China and Taiwan deepened their economic collaboration nearly a decade ago, but details like the financial arrangements of such partnerships had not previously been reported. (news.financializer.com). As reported in the news.

export: Xinhua/Wang Teng Ethiopia has earned 142 million U.S. dollars in export value from Chinese-built industrial parks, an Ethiopian official said on Thursday, according to Global Times China. Hana Arayaselassie, Deputy Ethiopia Investment Commissioner, said 142 million U.S. dollars in export value was earned during the Ethiopian fiscal Year 2018/19, which ended on July 7, reported state media outlet Ethiopia News Agency ENA . Arayaselassie, said the construction and commissioning of the Chinese-built Ethiopia-Djibouti electrified rail line in January 2018 has contributed to boosting landlocked Ethiopia's export ambitions, by transporting speedily and efficiently cargo from industrial parks in mainland Ethiopia to ports in Djibouti. Xinhua/Wang Teng Built on 138 hectares of land, the Huajian Light Industry City in Addis Ababa, Ethiopia will create up to 60,000 jobs when completed by 2020, according to the Chinese company Huajian. She said that 142 million U.S. dollars of export value was earned from Chinese-built industrial parks. Ethiopia is constructing or has commissioned around 12 industrial parks across the country, part of a broad economic strategy to make the country a light manufacturing hub in Africa by 2025. This is 50 percent higher than during the same period in the 2017/18 fiscal year. (news.financializer.com). As reported in the news.

improvement development: The dialogue shows the sincere willingness of both countries to search for new consensus on outstanding issues, and serves as a booster for the further improvement and development of bilateral relations, according to Global Times China. Initiated in 2005, the strategic dialogue had gone through 13 rounds by 2012, and played an important role in overcoming political obstacles and defining the important connotation and framework of bilateral strategic and mutually beneficial relations. The two sides, headed by Chinese Vice Foreign Minister Le Yucheng and Japanese Vice Foreign Minister Takeo Akiba respectively, exchanged views on bilateral ties and international and regional issues of common concern. However, it was later suspended because of subsequent wrongdoings by the Japanese side, especially on issues of history. Chinese President Xi Jinping met with Japanese Prime Minister Shinzo Abe ahead of the Group of 20 G20 Osaka summit in June and reached a ten-point consensus to jointly promote the healthy development of bilateral relations. Bilateral ties have shown signs of warming under the strategic guidance of the leaders of both sides in recent years. (news.financializer.com). As reported in the news.