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

executive: Its chief executive, Alex Laffey, will stand down with immediate effect . The revelations are a fresh headache for the fund manager Neil Woodford, whose funds own about 23% of Stobart's shares, according to The Guardian. In a double blow for holders of Woodford funds, the value of another major holding, Industrial Heat, has also been downgraded to reflect the slower progress of the company . Woodford's fund administrators, Link, also issued a further note to investors confirming that it will remain closed until early December, and that it had continued to fall in value, losing 11% since dealings were suspended in June compared with a small rise in the FTSE All Share since then. The company said there was a 2m error in its 2018 accounts, and that profits for the first half of 2019 would be significantly lower than forecast. Eddie Stobart Trucks & Trailers, and its spin-off, Eddie Stobart's Excellent Adventures, were a stalwart of Channel 5 television programming and won millions of viewers, but the ride for investors has been painful. From 1.60 a share in early 2017, they had fallen to 70p before trading was suspended. Shares in Eddie Stobart, founded by its now-90-year-old eponymous former boss at the end of the 1940s, have tanked in recent years. (news.financializer.com). As reported in the news.

information: Seoul said it was no longer in its national interest to continue sharing confidential information with its neighbour during a sharp deterioration in ties, according to Asahi Shimbun. Tokyo strongly protested against the move, and urged Seoul to reconsider.WHY IS IT IMPORTANT Japan's Defence Minister Takeshi Iwaya said the pact was vital for regional security, pointing in particular to the nuclear and missile threat from North Korea. ; During the series of North Korean missile launches, there was a thorough and careful exchange of information between both sides, Mr Iwaya told reporters yesterday. Here are five things to know about the decision.WHAT HAPPENED To general surprise, South Korea announced late on Thursday that it would not renew a pact with Japan to share military intelligence, called the General Security of Military Information Agreement. ; Under the pact, originally signed in 2016, the two US allies directly share military secrets, particularly over North Korea's nuclear and missile capacity. Scrapping the pact would only make bilateral defence cooperation harder, he said. He noted that Seoul's move came just as North Korea has ramped up tests of short-range ballistic missiles . Some analysts have played down the move, however, noting that the United States previously coordinated the flow of sensitive information between the pair, and this practice would simply continue.WHAT IS THE REGIONAL AND GLOBAL IMPACT South Korea's decision shows that trust between the two countries has crumbled, the left-leaning Japanese newspaper Asahi Shimbun said, adding that it would only benefit Washington's regional rivals. Mr Tobias Harris, an analyst at the Teneo consultancy, said that without the agreement, both militaries may find it more difficult to track missile launches from the regime in Pyongyang. (news.financializer.com). As reported in the news.

hong: Trade and military tensions between those two countries are intensifying, according to CNN. Powell will speak Friday at an economic meeting in Jackson Hole, Wyoming. Hong Kong's Hang Seng Index HSI advanced 0.6%, while China's Shanghai Composite Index SHCOMP also gained 0.6%. Japan'sNikkei N225 rose 0.2%, while South Korea's Kospi KOSPI was flat. He is facing political pressure from US President Donald Trump and expectations to deliver more rate cuts. Read More South Korea, meanwhile, said Thursday it would scrap its military intelligence-sharing agreement with Japan, an escalation in a trade dispute between the two countries that threatens global supply chains for smartphones and other gadgets. The danger is that ... Powell disappoints markets and isn't nearly as dovish as the street is hoping, wrote Jeffrey Halley, senior market analyst at Asia Pacific for Oanda, in a research note Friday. (news.financializer.com). As reported in the news.

goals sanders: Presidential candidate Bernie Sanders is out with a new plan to tackle climate change and it's got ambitious goals, according to MSNBC. Sanders' plan calls for 100% renewable energy by 2030, full decarbonization by 2050, Velshi proclaimed early in the 1 00 p.m. He then brought on left-wing activists to further justify the extreme policy proposal. ET hour on Thursday as he began a slide show detailing the wildly expensive and fanciful idea. Velshi then proudly announced the cost of the plan Here's one point where Sanders' plan differs from many other climate proposals, he puts a price tag on it and he lays out the costs. The anchor parroted Sanders' claim that it will create 20 million jobs across industries in an effort to decarbonize the economy. (news.financializer.com). As reported in the news.

times: He said a new digital currency backed by a large group of nations would unlock dollar funds that governments currently hoard as an insurance policy in uncertain times, according to The Guardian. Governments stockpile dollars to insure against swings in the US economy, which in recent times have intensified, leading to a significant rise in the cost of borrowing. Likening the move to the end of sterling's command of international money markets 100 years ago, Carney said the dollar had reached a level of dominance that meant it was a barrier to a sustainable recovery. A digital currency could dampen the domineering influence of the US dollar on global trade Carney said in a speech at the gathering of central bankers from around the world in Jackson Hole, Wyoming. The dollar's influence on global financial conditions could similarly decline if a financial architecture developed around the new digital currency and it displaced the dollar's dominance in credit markets. If the share of trade invoiced in a digital currency were to rise, shocks in the US would have less potent spillovers through exchange rates, and trade would become less synchronised across countries. (news.financializer.com). As reported in the news.

american ambitions: Rich Pedroncelli/AP By Hailey Fuchs and Hailey Fuchs National political reporter Email Bio Follow Michael Scherer Michael Scherer National political reporter covering campaigns, Congress and the White House Email Bio Follow August 22CHICO, Calif, according to The Independent. Sen. Bernie Sanders speaks Thursday at a climate-focused town hall meeting in Chico, Calif. Bernie Sanders proposed a 16.3 trillion climate plan Thursday, an expansive blueprint meant to enlarge American ambitions on combating planetary warming in a presidential campaign already marked by aggressive Democratic approaches. He would offer billions in subsidies to replace gas-guzzling vehicles with electric ones by 2030, a new public system of clean electricity generation that could sideline private utilities, and an infrastructure program that would remake much of the economy and employ an estimated 20 million more Americans. The Sanders proposal, like his plan to replace private health insurance with a federal system, envisions a significant expansion of the government's role in the economy. (news.financializer.com). As reported in the news.

bill fuggle: Bill Fuggle, Sydney-based partner at law firm Baker & McKenzie, said there had been a rise in applicants for the A 5 million SIV program, according to The Japan Times. What I am hearing from my clients is there definitely has been an uptick in the number of SIV applications from Hong Kong, Fuggle said. The New South Wales state migration department has noticed a significant increase in applications from Hong Kong in recent months, it said in a letter to agents this week, and seen by Reuters. ; The interest has coincided with the beginning of the current unrest in Hong Kong, the department said, referring to a 5 million Australian dollar 3.4 million Significant Investor Visa SIV program that provides direct residency to applicants. Anybody who can make an alternate plan is trying to do so. The unrest has been fueled by broader worries about what many say has been an erosion of freedoms guaranteed under the one country, two systems formula put in place when Hong Kong returned to China in 1997. Protests in the former British colony erupted in early June over a now-suspended bill that would have allowed criminal suspects to be extradited to mainland China for trial. (news.financializer.com). As reported in the news.

beijing: Relations between Hanoi and Beijing are under intense pressure after a Chinese oil exploration ship and coast guard escorts spent recent weeks in Vietnam's exclusive economic zone, according to Nine News Australia. Mr Morrison landed in Vietnam yesterday afternoon, making him the first Australian leader since 1994 to make an official bilateral visit to the country. To improve your experience update it here News World Scott Morrison's swipe at China amid Vietnam tensions By AAP6 15am Aug 23, Minister Scott Morrison has fired a shot at coercion in Southeast Asia as tensions run high between Vietnam and China over movements in the South China Sea. Australian Prime Minister Scott Morrison right and his wife Jenny are welcomed as they arrive at Noi Bai Airport in Hanoi. An Indo-Pacific where we respect each other's sovereignty and independence, because if we allow the sovereignty or independence of any of our neighbours to suffer coercion, then we are all diminished, he said. AAP Speaking at a business dinner in Hanoi, Mr Morrison said the two countries wanted an open, inclusive and prosperous Indo-Pacific. (news.financializer.com). As reported in the news.

dow jones: This column is neither for nor against President Trump, according to Market Watch. The Dow Jones Industrial Average DJIA, -2.37% would have been 10,000 points higher if President Trump had not done the right thing. My sole job is to help investors. Obama, Bush and Clinton should have done it, but they did not do it. Before you send me hate mail, please understand that those are not my words. What's the right thing To stand up to China. (news.financializer.com). As reported in the news.

gr ie: The warmer temperature also means heavy foods are less welcome than usual, it's time to put our kitchens in summer mode as well, according to The Independent. It means quick, fresh and tasty lunches and dinner. It also means an abundance of fresh, light and tasty ingredients. Whether you want to eat at home, at the park, or at the beach, here are a few cookbooks that will likely inspire you for your next dinner with friends or family. Not only does it makes us want to go to the farmer's market and cook literally all of this book's recipes, but it also makes us want to get a plane ticket for Greece or Italy to see some of the book's wonders in person. 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 Mediterranean by Susie Theodoru 17.99, Barnes & Noble The book Mediterranean is as generous as the cuisines that inspired it. (news.financializer.com). As reported in the news.

interest rates: How are the major benchmarks faring The Dow Jones Industrial Average DJIA, -2.37% rose 49.51 points or 0.2%, at 26,252.24, powered in large part by 4.2% gain in shares of Boeing, according to Market Watch. Meanwhile, the S&P 500 SPX, -2.59% slipped 1.48 points, or less than 0.1%, to 2,922.95, while the Nasdaq Composite Index COMP, -3.00% gave up 28.82 points to 7,991.38, a decline of 0.4%. All three benchmarks finished well off their worst levels of the session, after the Dow at one moment fell by 186 points. Some Federal Reserve officials also disappointed investors hoping for confirmation that policy makers will cut interest rates again next month, but the focus on Friday will be on a speech by Fed Chairman Jerome Powell at the Jackson Hole conference in Wyoming. Read Stocks say the consumer isn't as strong as government data suggests What's driving the market From Jackson Hole, Dallas Fed President Robert Kaplan said he was open to more interest-rates cuts but stopped short of full-throated support for further rate reductions. Of that group, only George is a voter on the Fed's rate-setting Federal Open Market Committee this year but their commentary points to a divergence of opinion around monetary policy that Powell will need to reconcile when the Fed next gathers Sept. 17-18. However, Kansas City Fed President Esther George and Philadelphia Fed President Patrick Harker, said on CNBC that they would like to hold interest rates steady. (news.financializer.com). As reported in the news.

investors traders: Opinion If the stock market is irrational, what do you call the bond market Nonetheless analysts say there are reasons for investors and traders to buy subzero-yielding bonds, according to Market Watch. Here are just a few of them Bagholders Investors who scoop up negative-yielding bonds are betting on the value of the securities to keep rising, in effect, wagering that there are other bagholders. Textbook finance theory, itself, has struggled to explain why investors might want to tie their money in debt that if held through the entirety of its existence would give back less money than what had been invested, said Kathryn Kaminski, portfolio manager at Alpha Simplex. With the European Central Bank widely expected to restart their asset purchasing program, European bond-buyers could be relying on the central bank to hoover up their portfolios of negative-yielding securities. In July, an auction for 4 billion euros of 10-year German government bonds TMUBMUSD10Y, -4.88% sold at a negative yield of 0.26%, but at a premium price of 102.6 cents to the euro. Although investors buying bonds with subzero interest rates are, in effect, paying for the privilege to hold on to an investment, that cost can be more than offset if the security's price rises. (news.financializer.com). As reported in the news.

manufacturing survey: IHS Markit said its surveys also pointed to slowing growth in the U.S. service sector, according to The Japan Times. August's survey data provides a clear signal that economic growth has continued to soften in the third quarter, said Tim Moore, an economist at IHS Markit. IHS Markit on Thursday said its Flash Purchasing Managers' Index PMI for manufacturing fell to 49.9 earlier this month from 50.4 in July, pointing to a contraction in the sector for the first time since September 2009. ; Readings below 50 point to reductions in activity and the August data could heighten fears the U.S. economy is on track to slip into recession, dragged down by economic weakness overseas and an escalating trade war with China. A manufacturing survey from the Kansas City Federal Reserve showed its composite index slipping to -6 in August, the lowest reading since March 2016, from -1 in July. More than a third expected trade tensions to persist for one to two years. Over 55 percent of survey respondents said they expected the most recent U.S. tariffs on Chinese goods to hurt their business, while less than 6 percent expected a positive impact. (news.financializer.com). As reported in the news.

breathing: Fifty meters underground, the air is hotter than at the surface, according to CNN. The humidity is overwhelming and you can smell the stench of the dozens of men who have already spent half their day down here, inside one of hundreds of gold mines deep in the jungle in southern Venezuela. He's muddy, sweaty and breathing heavily, crushing stone after stone around him. Venezuela boasts the largest oil reserves in the world, but gold is increasingly its lifeblood. In Caracas, it allows Maduro to allegedly buy the military's loyalty to his embattled government. In the area around the mines, gold has replaced the near-worthless bolivar, with even the cost of a haircut quoted in gold. (news.financializer.com). As reported in the news.

dream retirement: Smart Shares will revolutionize the way you invest, according to MSNBC. With them, you can invest in the very best growth-stage companies, without going through the stock market. The event educates investors on the massive income potential of Smart Shares, and how they can set you on your way to a dream retirement. In other words, they give you ownership in the company, while completely bypassing Wall Street. This is huge news, because compared to regular shares, Smart Shares can provide much larger returns. Previously Smart Shares were reserved for millionaires and elite insiders Now, thanks to S.E.C. Rule 4-A6, businesses can issue certain types of Smart Shares to investors of any means. (news.financializer.com). As reported in the news.

homes: Between 2013 and 2017, McCloud wooed investors with a string of fundraising schemes that promised returns of up to 9% a year from his Happiness Architecture Beauty HAB homes businesses, according to The Guardian. But it now emerges that small investors who put 2.4m into one of the bonds are on course to lose between 74% and 97% of their money in a worst-case scenario. For 20 years the star of Channel 4's Grand Designs has lectured the nation about how to create their dream home but his own property empire has turned into a nightmare. Another set of investors, who sank 1.9m in one of the HAB companies in 2013 and were told to expect dividends of at least 5% by the end of 2016, say they have not received a penny and have been fobbed off . In an extraordinary parallel with his TV series, in which those with grand designs are routinely beset with budget overruns, construction problems and relationship bust-ups, McCloud has admitted that he went through a great deal of heartache and pain as he tried to find ways to keep the main HAB company viable amid project delays, systemic faults and large debts. I will of course do everything in my power to improve the current situation. I stand shoulder to shoulder with those who have lost money, McCloud said when contacted by the Guardian. (news.financializer.com). As reported in the news.

loy yang: More than one million Victorian households could be left without power if an early heatwave hits the state, the Australian Energy Market Operator has warned, according to Nine News Australia. It pins the problem on a coal-fired station at Loy Yang and a gas-fired plant at Mortlake, which are both months away from being repaired. To improve your experience update it here News National Fears over blackouts for millions of Australians this summer By AAP3 28pm Aug 22, must come to the table and help prevent widespread blackouts on extremely hot days this summer, the federal energy minister has declared. If both power station outages were extended over the summer, and if no additional supply was secured, involuntary load shedding may be experienced in Victoria during extreme weather events, AMEO said. Other states within the national electricity market aren't expected to experience such problems this summer. This could lead to between 260,000 and 1.3 million households being left without power for four hours. (news.financializer.com). As reported in the news.

market data: Remember the controversy in 2012 when President Obama said, If you've got a business, you didn't build that, according to MSNBC. Somebody else made that happen. All market data delayed 20 23 hours ago Cal Thomas NY Times rewrites history as propaganda for left-wing Dems By Cal Thomas Tribune Media York Times changes 'Trump urges unity vs. racism' headline after backlash New York Times changes headline after being considered 'problematic'; former Clinton adviser Mark Penn reacts. In context, the president was trying to make the point that in addition to our own hard work, others contributed to whatever level of success we have attained. Republicans took his words as just another indicator that Democrats want more government control over our lives and businesses. Obama suggested no one achieves success on his or her own. (news.financializer.com). As reported in the news.

source hub: Some have expressed concern that chaos in Hong Kong, which is a major source and hub for investment into the mainland, could hit China's ability to attract overseas capital, according to Global Times China. But analysts argued that the mainland will become even more attractive to foreign investors, as business conditions are set to improve through reform and opening-up measures and as other major economies, including in the US and Europe, are engulfed in their own economic and political chaos. Overseas investors in Hong Kong and other parts of the world continue to pour money into the mainland, even as the Chinese economy is battling rising external and domestic pressure, latest data showed. Stable investment In the first seven months of the year, direct investment from Hong Kong into the mainland totaled 55.37 billion, slightly up from 54.75 billion a year earlier, according to data from the Ministry of Commerce MOFCOM . In the same period, China attracted foreign investment totaling 78.8 billion, up 3.6 percent year-on-year, MOFCOM data showed. As the Chinese economy continues to upgrade, foreign investors still have a huge interest in the mainland, particularly in some high-tech sectors, said Liu Xuezhi, an economist at the Bank of Communications. In July alone, China attracted a total of 54.82 billion yuan 7.75 billion in foreign investment, increasing 8.7 percent year-on-year. (news.financializer.com). As reported in the news.

shanghai: Experts said the gains show that domestic investors have an appetite for such assets that can't be satisfied yet due to the limited number of companies and tradable shares, according to Global Times China. Turnover reached 585 billion yuan 82.7 billion in the first month, equal to 13.8 percent of the total turnover on the Shanghai market, data released by the Shanghai Stock Exchange showed. Photo IC In the first month of operations for the science and technology board, the 28 initial listings have seen their share prices surge by an average of 171 percent from the IPO level. The turnover ratio on the new board was high at 78 percent on the first trading day, but it declined and stabilized at 10-15 percent at present, the Shanghai Stock Exchange data showed. Dong Dengxin, director of the Financial Securities Institute at the Wuhan University of Science and Technology, said that the turnover ratio on the new board was a little too high, reflecting a supply-demand imbalance. In comparison, the average daily turnover ratio on the A-share markets was only 0.74 percent in 2018, according to domestic media reports. (news.financializer.com). As reported in the news.

summer camp: As you may recall, they descended on Sicily in their private jets for the seventh annual summer camp hosted by Google, this year with a focus on sustainability, according to The Independent. Then as I was writing this, OMG, the Duke and Duchess of Sussex were spotted using a private jet. Travel I write about private aviation and the business of luxury travel Share to facebook Share to twitter Share to linkedin Much like before and after the World Economic Forum, it was hard to avoid blaring headlines in recent weeks calling out the alleged hypocrisy of billionaires, CEOs, celebrities and environmentalists. That was several days ago and the controversy is still going strong. Above a headline from The New York Post. Attendees to both the World Economic Forum in January and the recent Google summit were attacked for flying by private jet. (news.financializer.com). As reported in the news.

trade restrictions: This came as it lost its market share to Huawei and customers held on to their current phones before a 5G overhaul, according to Global Times China. Xiaomi's stock, which has nearly halved from its IPO price, was down 6 percent during afternoon trading on Wednesday. Photo IC Chinese smartphone maker Xiaomi Corp posted its slowest revenue growth as a public company, missing analysts' estimates. China's smartphone market, the world's largest, is shrinking but consumers there are rallying in support of Huawei as it battles its US trade restrictions. Globally, the smartphone market shrank 2.3 percent in the same period, according to research firm IDC. Xiaomi, which debuted its shares in July last year, said on Tuesday that it failed to increase smartphone shipments, which stood at 32 million, in the second quarter. Xiaomi's market share in China declined by a fifth in the April to June quarter, even as Huawei's share surged by 31 percent, according to research firm Canalys. (news.financializer.com). As reported in the news.

yamashita wharf: I've come to the conclusion that in order to achieve growth and development, we need IR. Yokohama aims to open the resort at Yamashita Wharf, adjacent to popular sightseeing spot Yamashita Park, in the latter half of the 2020s, city officials said, according to The Japan Times. Japan is widely seen as a prize market for casino operators due to its affluent population of 128 million and proximity to Asia's wealthy gamblers. Yokohama joins the city and prefecture of Osaka, as well as Nagasaki and Wakayama prefectures, in vying to host so-called integrated resorts that are expected to attract more tourists and investment. ; We must look to Yokohama's future, the 20 to 30 years ahead, Mayor Fumiko Hayashi told a news conference, announcing its preparation of an official bid. The government is expected to initially allow casino resorts at three sites. Prolonged discussions meant no resorts will be open in time for the Tokyo 2020 Olympics. Lawmakers finished legalizing casinos last year after a series of controversial bills and years of debate, with opponents citing risks of increased gambling addiction and organized crime activity. (news.financializer.com). As reported in the news.

outlook: Market Insiderread more Fed Vice Chair Clarida says the global economic outlook has... Federal Reserve Vice Chair Richard Clarida said Friday that the global economy has deteriorated in the past month, according to Xinhua China. Marketsread more Trump's trade threats increased the chances for a recession The latest escalation in the trade war ups the odds the economy will fall into recession and that the Fed will aggressively cut rates. Technologyread more Dow plummets after Trump orders US manufacturers to leave China Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more What to watch in the markets in the week ahead The final week of August could be highly volatile as markets fret over the economy and the latest developments in trade wars. Market Insiderread more Here's a list of American products targeted by China's new... Here are the products that stand to be the most affected by China's new tariffs on 75 billion worth of U.S. goods. Politicsread more South Korea is scrapping a security deal with Japan here's why... Recent trade friction between the two Asian powerhouses has morphed into a dispute with political implications that go far beyond the region. Marketsread more Trump 'hereby' orders US companies to find an alternative to... We don't need China and, frankly, would be far better off without them, Trump tweeted. (news.financializer.com). As reported in the news.

pensioners: Single pensioners now receive 926.20 a fortnight, while a pensioner couple receives 698.10 each a fortnight, according to Nine News Australia. The pay rise, due to take effect on September 20, will give single pensioners around 1 day extra just enough for a coffee from 7-Eleven and a little less for couples. To improve your experience update it set to get a small pay rise in a matter of weeks By Sharon Labi Eddy Meyer7 01pm Aug 22, will have more money in their pockets in a matter of weeks with a change to deeming rates coinciding with a scheduled pay rise. Changes to the deeming rate will be backdated to July 1, giving those pensioners affected a lump sum payment next month. But deeming assumes these assets earn a set rate of income, no matter what they really earn. AMP's technical Strategy manager, John Perri, explains the deeming rate The deeming rate is just a mechanism that social security uses to assess income from a range of investments including fixed term deposits, cash, shares, managed funds and superannuation over aged pension age. (news.financializer.com). As reported in the news.

point: He was accused of abusing underage girls and reportedly making some of them pleasure several of his rich and powerful friends, according to The Guardian. In the piece in the New Republic Morozov explains that he is on the point of cutting ties with Brockman on account of the agent's continuing silence over his connections to Epstein.. John has been in the news because of his troubling connections to Jeffrey Epstein, writes Morozov. In the exchange, published in the New Republic magazine, agent John Brockman recommends to writer Morozov who he represents as literary agent that he meet with Epstein, calling him a billionaire science philanthropist who has been extremely generous in funding projects of many of our friends and clients . Epstein, 66, killed himself on 10 August in New York while awaiting trial on federal sex trafficking charges. He then cites an email exchange between himself and Brockman from 2013 which includes references to Prince Andrew's foot massage It's been more than a month since Epstein was arrested on the latest charges. And, now that I've found that old email he sent me, I cannot believe that he knew absolutely nothing of Epstein's wild sexual escapades. Still, no word on the issue. (news.financializer.com). As reported in the news.