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

hsi: The two countries have announced tariffs on each other that are set to go into effect on Sunday, according to CNN. And although US Treasury Secretary Steven Mnuchin insisted to Bloomberg that a meeting with China on trade will still happen, he did not specify when. Hong Kong's Hang Seng Index HSI fell 0.3%, while China's Shanghai Composite Index SHCOMP inched down 0.1%. Japan's Nikkei N225 also dipped 0.1%, while and South Korea's Kospi KOSPI lost 0.4%. US-China trade relations continue to worry investors. Uncertainties about trade still haunt the market, which has created a waiting game, wrote Jingyi Pan, a strategist for IG Group, in a research note. The currency has slumped 4% so far in onshore trading this month. Read More The yuan weakened further, despite a stronger-than-expected fixing by the Chinese central bank. (news.financializer.com). As reported in the news.

afp rule: Good work by all involved, the email sent on 4 June 2019 said, according to The Guardian. AFP won't rule out charging News Corp journalist Annika Smethurst after raid Read more I also received a call this evening from the Sec DHA Secretary of the Department of Home Affairs, Mr Pezzullo who is fully supportive of the actions of the AFP and ask sic me to pass on my sic thanks to the team involved. Correspondence obtained under freedom of information laws by the South Australian senator Rex Patrick reveal that the AFP's deputy commissioner emailed staff on the evening of the raid on News Corp journalist Annika Smethurst to pass on Pezzullo's praise. Well done tomorrow is another day. Patrick told the ABC that the released documents confirmed a lack of judgment at the highest levels of home affairs where national strategy and security policy is set. The email is signed off with a smiling face emoji. (news.financializer.com). As reported in the news.

inquiry: Meanwhile, former senator Sam Dastyari has called for the state branch to seriously look at a proper, full statewide ban on private donations following his testimony before the anti-corruption inquiry, according to Nine News Australia. We've been through this rubbish enough and as someone who's seen the end of my own political career as a result of it, I think it's something that is well overdue, Mr Dastyari told reporters. To improve your experience update it ALP boss scared for the party By AAP7 21pm Aug 29, NSW Labor boss Kaila Murnain has broken down in tears as she gave evidence to the Independent Commission Against Corruption on a day on which she was told her career with the party was over. The ICAC inquiry is examining whether Chinese billionaire Huang Xiangmo, who is now banned from Australia, was the true source of 100,000 said to be donated by 12 people from a 2015 Chinese Friends of Labor dinner. We'd been through a lot that year, there were multiple court cases ongoing, there were by-elections current, I was scared for the office and the reputation of the party, she told the inquiry in Sydney. An emotional Ms Murnain, who took the top job in 2016, said she was scared for the ALP after hearing Mr Huang - a prohibited donor - had donated to the party during a conversation with upper house MP Ernest Wong in September 2016. (news.financializer.com). As reported in the news.

john knox: Gillian decided that enough was enough, according to The Guardian. Thus in 1975 she, Chris Bowler and Mary McCusker founded Monstrous Regiment echoing John Knox's tract against rule by female monarchs with the aim of reflecting more fully the lives of women. On one occasion during the 1970s heyday of fringe theatre she found herself with a number of female actors, all auditioning for the same small role with Belt and Braces. Of their first production, Scum Death, Destruction and Dirty Washing 1976 by Chris Bond, Claire Luckham and the company, set in the Paris Commune of 1871, Gillian wrote The shivering excitement in the air was almost tangible. We were going to be the midwives for a whole new era of equality. Women felt they were throwing off the shackles of a thousand years or more and finding freedom. (news.financializer.com). As reported in the news.

liberation army: Politicsread more Hong Kong police fire tear gas, water cannon to disperse protests Police fired round after round of tear gas as protesters took cover behind umbrellas between the local headquarters of China's People's Liberation Army and government HQ. Asia Newsread more China's factory activity shrinks for 4th month as trade woes... Factory activity in China shrank in August for the fourth month in a row as the United States ramped up trade pressure and domestic demand remained sluggish, according to Xinhua China. China Economyread more Investors say goodbye to choppy August markets but September may... Stock market investors may be glad to see August go, but September might not be any better, unless there are some positive developments in the trade war. Economyread more Hurricane Dorian, now Category 4, has Florida residents... As Hurricane Dorian closes in, Florida has set up police escorts to deliver more gas to stations, waived service and truck rates for fuel trucks and ordered a million gallons... Weather & Natural Disastersread more Trump says tariffs on Chinese goods are still set to go into... President Donald Trump on Friday said that tariffs are still set to go into effect Sunday despite facing backlash from a number of companies. Market Insiderread more California governor announces deal to cap rising rent prices California Gov. Technologyread more Volatile August leaves bond yields depressed, investors wary of... Long-term government debt yields in August posted one of their most dramatic downswings in recent memory as recession fears mounted. Gavin Newsom reached a deal with apartment owners and developers Friday on legislation that would cap how rapidly rents can rise as the state grapples with a...U.S. Newsread more Trump says the US wasn't involved in apparent launch pad...A U.S. defense official told CNBC that the picture tweeted by Trump, which appeared to be a snapshot of a physical copy of the satellite image, was included in a Friday... Politicsread more Twitter CEO Jack Dorsey's account hacked Twitter CEO Jack Dorsey's account on the social network was compromised on Friday and began sending out erratic tweets. (news.financializer.com). As reported in the news.

opening ceremony: A variety of AI hardware and applications showcased at the 2019 World Artificial Intelligence Conference WAIC in Shanghai, which runs from Thursday to Saturday, have stirred greater interest in AI technologies that are all the rage these days, according to Global Times China. Still, China needs to stay coolheaded and push for technology-based innovation amid escalating trade tensions with the US. This seems especially the case in the arena of AI, which has increasingly become a two-man contest. At the opening ceremony of the 2019 Smart China Expo in Southwest China's Chongqing Municipality on Monday, Chinese Vice Premier Liu He stated that China needs to strengthen AI basic research and technological research and development. Findings from a recent survey by US consulting firm A.T. Kearney showed that 39 percent of almost 450 senior business executives worldwide reckon that China is likely to overtake the US as the global leader in AI, while 35 percent of the respondents think this scenario is unlikely. The UK is ranked third with 404 AI businesses, followed by Canada with 303 and India with 169. Numbers measuring the global AI landscape also suggest China is playing catch-up with the US. By the end of March, there were 5,386 active AI firms across the world, according to figures released in April by the China Academy of Information and Communications Technology CAICT a research institute under the Ministry of Industry and Information Technology . The US is home to 2,169 AI firms while the Chinese mainland has 1,189 AI companies. (news.financializer.com). As reported in the news.

report ownership: While Japan can't explicitly target a single country under the reporting rules, the move would in effect enable closer monitoring of Chinese investment, the official said, according to The Japan Times. Under current rules, a foreign entity is required to report ownership in a Japanese firm once it plans to take at least a 10 percent stake. Such a move would follow similar steps taken by the United States and European countries in recent years and reflects growing unease in Japan about the possibility that Chinese state-backed companies could gain access to key technology. ; We need to strengthen monitoring for national security but we don't want to hinder foreign direct investment itself, said one of the officials, both of whom declined to be identified because the talks have not been made public. The change would see that percentage lowered, although the new threshold is yet to be finalized, the officials said. Japan is much further behind when it comes to protecting the security of its economy, the second official said. The United States and Germany have taken similar measures aimed at China. (news.financializer.com). As reported in the news.

quarter: The zones comprise neighborhoods with higher poverty and unemployment rates than the rest of the country, according to Market Watch. Real-estate data firm Attom Data Solutions analyzed 3,100 Opportunity Zones nationwide to determine how home prices in those areas compared to national levels. The so-called Opportunity Zones program was created as part of the Tax Cuts and Jobs Act of 2017, which overhauled the nation's tax code. The study considered zones that had at least five home sales in the second quarter of 2019 and an average of five sales per quarter since the third quarter of 2018. In particular, businesses can get major tax breaks for investments in these zones, including a 0% capital-gains tax if they hold the investment which can include real estate for at least 10 years. The Opportunity Zones program was designed to spark new development and an influx of capital into these areas. (news.financializer.com). As reported in the news.

tit-for-tat tariffs: That logic explains why China is unswervingly tethered to its non-stop opening-up drive and reforming its economic system in all facets, even when the country is forced into a battle of tit-for-tat tariffs with the US on a massive, unprecedented magnitude, according to Global Times China. In past years China has tried its utmost to add to its market's allure, and investments from Germany, Britain, France, Japan, South Korea and many other countries are swarming in. China has a two-pronged goal - making its economic pie bigger in order to enrich its own citizens, and making the 1.4 billion-population Chinese market fatter and more lucrative, so that all aligning and cooperating economies could benefit and share in China's economic success. Since the trade war broke out in 2018, China has opened its arms to embrace foreign businesses. Now, as promised, China is earmarking more lands pegged with favorable taxation policies and logistical support to attract foreign investors. Even if one or two US companies decide to exit the Chinese market, their void will be quickly filled by others. (news.financializer.com). As reported in the news.

topix index: It added 0.66 point the previous day, according to The Japan Times. The market opened higher following a strong rebound on Wall Street Wednesday, but soon turned down and sank deeper into negative territory in the morning, with the benchmark Nikkei average giving up more than 100 points at one point. The 225-issue Nikkei average finished down 18.49 points, or 0.09 percent, at 20,460.93, after gaining 23.34 points Wednesday. ; The Topix index of all issues listed on the Tokyo Stock Exchange's first section lost 0.18 point, or 0.01 percent, to end at 1,490.17. Futures-linked selling gained strength, brokers said, adding that a drop in U.S. Dow Jones futures in off-hours trading also dampened sentiment. While pointing out there was no change in the external environment, Masayuki Otani, chief market analyst at Securities Japan Inc., said, The Bank of Japan may have moved to purchase exchange-traded funds. But stocks recouped lost ground in the afternoon, helping the market gauges move around their previous day's closing levels in late trading. (news.financializer.com). As reported in the news.

manhattan: Epstein's lawyers Reid Weingarten and Martin Weinberg told US District Judge Richard Berman in Manhattan on Tuesday they had doubts about the New York City chief medical examiner's conclusion that their client killed himself, according to Nine News Australia. The two cameras were within view of the Manhattan jail cell where he was found dead on August 10.A source earlier told Reuters two jail guards failed to follow a procedure overnight to make separate checks on all prisoners every 30 minutes. To improve your experience update it here News WorldFBI examining malfunctioning cameras by Epstein cell By AAP12 44pm Aug 29, 2019Facebook Tweet Mail Two cameras that malfunctioned outside the jail cell where financier Jeffrey Epstein died as he awaited trial on sex-trafficking charges have been sent to an FBI crime lab for examination, a law enforcement source says. Jeffrey Epstein was found dead on August 10. The cameras were sent to Quantico, Virginia, site of a major FBI crime lab where agents and forensic scientists analyse evidence. AAP He had been taken off suicide watch prior to his death. (news.financializer.com). As reported in the news.

repayments: The lender said it now expected no growth in its loan book as it adopted a more conservative view on lending, according to The Guardian. It also said it would be setting aside more cash as provisions to cover a rising number of customers falling behind on repayments. Amigo specialises in guarantor loans, which use friends and family to guarantee repayments on loans to people who might otherwise struggle to borrow. The FTSE 250 firm added that its new forecasts reflect the increased probability of a no-deal Brexit and the corresponding effect this is expected to have on the economy and on consumer sentiment . It said While past recessions have demonstrated the resilience of our business, we believe it is prudent to factor a deteriorating economic outlook into our impairments model. Amigo shares tumbled 51% to 72p in Thursday afternoon trading. We will continue to monitor the potential impact and will review our position again at the half year. (news.financializer.com). As reported in the news.

standards process: When that basic tenet of journalism is lost, the news becomes a series of ifs, buts, maybes and possiblys, according to MSNBC. Also on rt MSNBC's Lawrence O'Donnell walks back claim Trump's loans were co-signed by Russian oligarchs' Apologizing later, Lawrence said the story didn't go through MSNBC's rigorous verification and standards process. Typically, when a journalist does not have enough information to verify a claim, they wait until such time that they do. One wonders if anyone from the rigorous verification' department has ever met Rachel Maddow the network's very own conspiracy queen, who has become infamous for her fact-free reporting. That's standard media practice these days and it actually qualifies him to lead the FBI. Jesse Kelly Jesse KellyDC August 29, 2019Russiagate made speculation journalism the norm rather than the exception. Some of Lawrence's other journalism fails include claiming Russia attacked the British voting system to deliver Brexit, and a suggestion that Moscow orchestrated a chemical weapons attack in Syria to provide a distraction for Trump's domestic critics.I don't know why Lawrence O'Donnell had to apologize for airing false information about Trump having a Russia connection. (news.financializer.com). As reported in the news.

trump loans: MSNBC Apologizes For Tying Trump Loans To RussiaMSNBC anchor Lawrence O'Donnell claimed on his show Tuesday night that Russians were co-signing bank loans for Trump through Deutsche Bank, according to MSNBC. The story was sourced from a single anonymous individual who had not even seen the Deutsche Bank documents in question. 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path / ; ; var script true ; Ads Advertisements On Off Patriots Only My Patriots Account Home Video Daily Caller Shop Daily Dealer Daily Caller Merchandise Patriots Only Log InEditorial MSNBC's Lawrence O'Donnell Was One Of Many Reporters Who Blew The Russia Story Lawrence O'Donnell on MSNBC You Tube screen capture/Desus & Mero Comments Amber Athey White House Correspondent August 29, 2019 1 01 PM ET Special counsel Robert Mueller's report revealed that he found no evidence the Trump campaign colluded with Russia, but some media figures are still clinging to the conspiracy.MSNBC's Lawrence O'Donnell was hit with the threat of a lawsuit Wednesday after he reported on his show that an anonymous source told him Russian oligarchs backed some of President Donald Trump's loans from Deutsche Bank. ; In light of O'Donnell's retraction and apology, here is a list of the media's biggest Russia bombshells that required corrections, retractions, or have otherwise been unverified.1. MSNBC admitted the story did not meet its editorial standards and would not have appeared on O'Donnell's show if they knew about it. O'Donnell retracted his story on Twitter and issued a public apology on his show Wednesday night. ; I did not go through the rigorous verification and standards process here at MSNBC before repeating what I heard from my source. Trump's lawyer threatened O'Donnell and MSNBC with a lawsuit. (news.financializer.com). As reported in the news.

world affairs: But they were about other things, according to MSNBC. Like bedbugs. AP Photo/Markus Schreiber The Associated Press SHARE TWEETByCALVIN WOODWARDAP,August 29, 2019WASHINGTON AP As a consequential week played out in world affairs and economic anxieties grew, exclamation points kept sprouting on President Donald Trump's tweets. His tweets railed about the incompetent Mayor of San Juan! in the unnerving hours before the gathering hurricane, Dorian, brushed past Puerto Rico en route to the mainland. Getting ready for dinner with world leaders, he took on critics who think he has a Messiah complex. When the stock market took a dive, he poked fun at a little known Democratic presidential contender. (news.financializer.com). As reported in the news.

chinese vessels: After avoiding the issue for three years, he has vowed to raise with Chinese President Xi Jinping a 2016 arbitration ruling that invalidated China's claim to sovereignty over most of the South China Sea. ; The trip comes amid a recent rise in tension on multiple fronts, with Chinese vessels challenging the energy assets and sea boundaries of Malaysia, Vietnam and the Philippines, prompting warnings and rebukes by the United States, which accuses China of coercive interference and holding hostage 2.5 trillion of oil and gas, according to The Japan Times. China called that warrantless criticism with distorted facts. Despite his huge domestic popularity and great affection for China, Duterte is under growing pressure to push back at its growing maritime assertiveness. Duterte's motivation, experts say, is to tackle public unease over his refusal to speak out against a deeply mistrusted China, and frustrations among a defense establishment that has started to find its own voice. But it could be effective if it marks the start of a concerted effort to raise diplomatic costs on Beijing for its bad behavior, said Greg Poling, director of the Asia Maritime Transparency Initiative, a Washington think tank. If that's all it is, then this is just a cynical political play. (news.financializer.com). As reported in the news.

face limits: According to the plan, foreign investors will no longer face limits on the proportion of the investment when they establish entertainment facilities and set up companies running performance facilities and performance agencies, according to Global Times China. The new plan also states that foreign investors are allowed to invest in audio-video production businesses in the city. The Beijing municipal government has announced a three-year plan to ease the rules for foreign investment in the culture and tourism industries, under which the city will further expand market access for foreign investment, ease the examination and approval system, and improve the supporting policies and regulation of the market, the Xinhua News Agency reported on Tuesday. Operation of outbound travel services for Chinese nationals will be permitted for wholly foreign owned travel agencies. Beijing's plan shows that China is opening its market for foreign investment, Bai Ming, a research fellow at the Chinese Academy of International Trade and Economic Cooperation, told the Global Times on Tuesday. The plan can stimulate investment and consumption in the city's cultural and tourism markets, Xinhua reported. (news.financializer.com). As reported in the news.

futures sector: China began the trading of yuan-denominated, natural rubber futures - the technically-specified rubber TSR 20 futures - earlier this month, becoming the country's fourth commodities futures to open to both home and overseas investors, according to Global Times China. The preceding three were crude oil futures, purified terephthalic acid PTA futures and iron ore futures. Photo IC China's futures sector, a relatively niche market compared with other financial services such as securities and shares, has become more diversified in commodities and more open to both domestic and foreign investors, showcasing its attractiveness. Listed on the Shanghai International Energy Exchange, the futures are contracts scheduled to be delivered from February to July next year. Accelerating the opening of China's financial sector will help the country better integrate with the international markets amid the risks of escalating trade tension between China and the US, said Fang Xinghai, Vice Chairman of China Securities Regulatory Commission, at the launch ceremony of the TSR 20 futures on August 12. The launch of TSR 20 trading will promote risk management in related industries using the futures market, and will form a multi-layer system interconnecting domestic and overseas markets, according to Jiang Yan, Chairman of the Shanghai Futures Exchange, Xinhua News Agency reported. (news.financializer.com). As reported in the news.

gr ie: It will acquire at least 75 per cent of the group's tour operations and 25 per cent of Thomas Cook Airlines, according to The Independent. Conversely, Thomas Cook's creditors will also pump in 450m and convert debt into equity in the company 25 per cent of the tour operation and 75 per cent of the airline. To the relief of the firm's 21,000 employees, and millions of travellers with forward bookings on Thomas Cook, the Chinese firm Fosun will inject 450m. 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.

hong: These plans range from getting funds out of Hong Kong or physically moving from the city, according to The Independent. However, contrary to most people's predictions, Singapore's housing market is not turning out to be the beneficiary of Hong Kong's protests. As Hong Kong's anti-government protests are nearing its fourth month, many well-heeled people in Hong Kong have been weighing their options and looking for alternative lifestyles and busy making and implementing their exit plans. Instead, investors are looking to cheaper property markets like Malaysia, Thailand, and Taiwan. For those who can afford it, they like Singapore's active resale market. - Advertisement - are interested in Singapore because it's politically stable and safe, said David Hui, a general manager at Centaline. It is not that Hong Kong buyers are deliberately avoiding Singapore, many simply do not have the money to move to a city where property is also expensive. (news.financializer.com). As reported in the news.

app: It also shows the eagerness of Grab, which has raised billions of dollars from investors, to put its cash to work, according to Global Times China. We're very excited about Vietnam. The proposed investment is the latest example of a top-notch regional brand deepening its commitment to Vietnam, one of Asia's fastest growing economies. We see very similar characteristics to Indonesia, Grab President Ming Maa said. Grab, with its app installed on more than 160 million mobile devices across eight countries, has said its Indonesia investment aims to build a next-generation transport network and transform how critical services such as healthcare are delivered. Grab and rival Indonesia-based Go-Jek are evolving from ride-hailing app operators to become one-stop shops for services as varied as payments, food delivery, logistics and hotel bookings in Southeast Asia. (news.financializer.com). As reported in the news.

p index: The S&P 500 was down around 4.6% for August at its lowest close of the month so far but has subsequently trimmed its month-to-date decline to 1.7%. In a Tuesday note, he wrote that Google searches for dow jones for the week of Aug. 11-17, the last full week of data, are up 28% from the peak May week see chart below . Caption outside of wrapper for normal article images So what While the S&P 500 index is indeed the preferred measure of U.S. stock-market performance and the benchmark for funds, Colas said that Main Street googles dow jones' when they are worried about stock-market volatility, according to Market Watch. The concern for investors is that stock market volatility and more chatter about recession indicators flashing warning signs could lead to make U.S. consumers more cautious headed into the 2019 holiday season, he said. Nicholas Colas, co-founder of Data Trek Research, observed on Aug. 8 that Google searches for dow jones were higher than they were in May, when the blue-chip Dow Jones Industrial Average DJIA, 1.25% retreated 6.7% and the S&P 500 index SPX, 1.27% suffered a 6.6% decline due to a flare-up in U.S.-China tensions over trade policy. Watch This asset class could let you profit from volatility There might be a small bit of comfort in that search volumes were still 14% below the 12-month high seen during the last week of December, when markets suffered a sharp rout. The main take-away from the current search interest, he said, is that even if average Americans don't own equities, they know that volatile stock markets signal the potential for job losses and even recession. Attention turned away from the market in January as the market recovered, Colas noted. (news.financializer.com). As reported in the news.

host lawrence: White House Press Secretary Stephanie Grisham blasted liberal MSNBC host Lawrence O'Donnell on Wednesday for running with a singled-sourced, unverified report that President Trump had loans co-signed by Russian oligarchs, according to MSNBC. This is one of the reasons that a majority of Americans have lost trust in the media. All market data delayed 20 1 day ago White House slams MSNBC for unverified report, says left-wing outlets have 'weaponized' the media By Brian Flood Fox Sanders says Stephanie Grisham will make a great new White House press secretary'Media Buzz' host Howard Kurtz says Stephanie Grisham is not shy about 'mixing it up' with journalists. Instead of applying ethics and standards to their reporting, journalists and left-wing outlets have weaponized the media, using it to attack and harass people with little to no regard for the truth, Grisham told Fox News.CNN'S BRIAN STELTER WIDELY RIDICULED AFTER BLAMING TECH ISSUES FOR BIZARRE ANTI-TRUMP SEGMENT Instead of applying ethics and standards to their reporting, journalists and left-wing outlets have weaponized the media, using it to attack and harass people with little to no regard for the truth. I may have some information, in this next hour, which would add a great deal to their understanding of that, if true, and I'll be discussing it here, O'Donnell said. Press Secretary Stephanie Grisham It all started on Tuesday night when O'Donnell and fellow far-left MSNBC host Rachel Maddow were discussing how Trump was able to obtain loans when no one else would loan him any money when he threw out the unverified speculation. (news.financializer.com). As reported in the news.

commerce bicc: John McGrane, the director general of the British Irish Chamber of Commerce BICC said By redirecting 1bn from the larger than expected corporate tax intake into a Brexit response fund, government can shore up indigenous businesses which are most at risk from a disorderly Brexit, according to The Guardian. From the agri-food sector to freight and haulage, SMEs small- and medium-sized enterprises across Ireland will need urgent protection. They want a slice of Ireland's unprecedented 10.4bn 9.4bn corporate tax intake earmarked for business trading in both directions that will be hit by tariffs, delays in Calais and Dover and other challenges in the event of the UK crashing out of the European Union on 31 October without a deal. Ireland has enjoyed what the economist Cormac Lucey recently described as a stupendous corporation tax windfall with higher-than-expected tax without precedent in the history of the state . Earlier this year, the Irish Fiscal Advisory Council concluded that 3bn to 6bn of the 10.4bn corporate tax receipts received in 2018 could be considered excess. It also wants Brexit training for all hauliers and recruitment of more customs agents to support business exporting to the UK in a post-Brexit regime. The BICC said the 1bn should be combined with a series of other initiatives including customs vouchers and training for companies dealing with customs for the first time and temporary exemptions from EU state aid rules to enable government support for Brexit impact companies. (news.financializer.com). As reported in the news.

finance: Over the same period of time the amount managed by the retail sector, which is run for-profit by big banks and other finance companies, grew by a miserly 0.51%, or just 3.2bn, according to The Guardian. The last thing anyone needs is industry super acting like retail funds and now we have proof Greg Jericho Read more Industry funds have reported receiving a flood of fresh cash following the Hayne royal commission, which exposed widespread misconduct by the banks that included charging fees to dead people, ripping off super customers by paying them sub-par returns and failing to move them to cheaper investment options. Statistics released by the prudential regulator on Wednesday show the amount of money looked after by industry funds, which are jointly run by employers and unions, surged by 87.3bn, or 13.8%, in the year to the end of June. Banks now face compensation bills widely tipped to total more than 2bn and further reputational and financial damage from a series of lawsuits lodged by the corporate regulator. In one major disappointment for the industry sector's critics, the royal commission decided not to call witnesses from CBus, which is linked to the militant construction union. The not-for-profit sector, long targeted by the government over its links to the union movement, escaped last year's hearings largely unscathed, although hospitality sector fund Hostplus was criticised for its lavish spending on entertainment for employers that included tickets to AFL games and the Australian Open tennis. (news.financializer.com). As reported in the news.

milk products: The factory in Tongala, which produces mainly milk products, will progressively halt operations over the next 18 months, according to Nine News Australia. Nestle general manager for Beverages and Dairy in Oceania Andrew McIver said the decision for the closure was partly due to consumers buying less tinned milk than they used to, adding that cheaper imports had eroded the business. To improve your experience update it here News National Nestle factory in Victoria's Goulburn Valley to close shedding more than 100 jobs By 9News Staff5 04pm Aug 28, food giant Nestle plans to close its dairy factory in Victoria's Goulburn Valley, shedding more than 100 people from its workforce. At the same time, the equipment in this factory is old and the investment we need to make sure it can operate reliably in the future means that the factory is no longer viable, Mr McIver said. Nine Digital Pty Ltd 2019Continue readingCONTACT USSend your photos, videos and stories to 9News News This tiny house on a rooftop could be model for cheap housing - domain.au set Timeout function if !window. The manufacture of products currently being made at Tongala will be moved to Nestle factories overseas during the next 12 to 18 months, Mr McIver said. (news.financializer.com). As reported in the news.