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

alternative: Urging lawmakers to reject a proposal to take no-deal off the table, Johnson made it clear that he would prefer an election over another pointless Brexit delay, according to CNN. I don't want an election, you don't want an election, Johnson said -- with the unsaid implication that a new vote would be the only alternative. In a statement delivered outside Downing Street, Johnson said he would not ask Brussels for an extension to the Brexit process, even if Parliament forces him to. Government officials have been briefing October 14 as the date that Johnson may seek a new election for, according to multiple UK media reports. Under UK law, if Johnson wants to call an election, he must get the support of two-thirds of lawmakers in the House of Commons. It's a Monday, which would be another break with precedent, as British elections are typically held on a Thursday. (news.financializer.com). As reported in the news.

government body: Saudi Arabia's strategic interest in sports and entertainment events dates back to November 2016 when crown prince Mohammed bin Salman ordered the kingdom's General Sports Authority the government body responsible for the development of sports in the kingdom to set up a Sports Development Fund that bolstered sports activity in the country, according to The Guardian. The objectives of the fund were to privatize football clubs to increase participation, promote new sports events, and add 40,000 jobs to the economic marketplace as part of Vision 2030, a development proposal that laid out a modern, technocratic future for Saudi Arabia in which the country would be free of its heavy dependence on oil. The documents shed light on the kingdom's aggressive sportswashing strategy that included meetings and business calls with the commissioners for Major League Soccer MLS Major League Baseball MLB as well as officials from the National Basketball Association NBA World Wrestling Entertainment WWE and the Los Angeles Olympic Committee. Given that Saudi Arabia has historically opposed Western-influenced sports and entertainment events, these recent developments seemed to represent a significant change in the ultra-conservative Islamic nation's policies and a pivot away from the kingdom's longstanding societal limitations. While Saudi Arabia's pivot towards a more liberal society is a welcome change for the conservative kingdom, it also raises important questions about the government's relatively sudden interest in sports and whether it could be construed as a soft power tactic to help distract from the kingdom's ongoing human rights abuses and the Saudi-led coalition against Yemen a war that killed thousands of Yemeni civilians and has left 14m people at risk of starvation. Since Bin Salman's policy shift was imposed in 2016, the kingdom has hosted the Race of Champions ROC motorsport event, secured a long-term deal with the WWE that includes multiple shows a year, hosted boxing events headlined by stars like Amir Khan, hosted a PGA European Tour golf event, and even secured the rights to host the December rematch between former heavyweight champion Anthony Joshua and Andy Ruiz Jr, arguably the biggest boxing pay-per-view of the year. (news.financializer.com). As reported in the news.

p es: Tariffs of 15% on 112 billion of Chinese goods went into effect on Sunday, as did retaliatory Chinese tariffs on U.S. products like crude-oil imports, according to Market Watch. While there were few hopes that U.S. President Trump would cancel the tariffs in a last-minute change of heart, investors were nevertheless steering clear of risk assets on the first trading day of the month amid worries that the latest hike in duties would be more damaging than previous ones, said Raffi Boyadjian of XM Investment Research in London. With stock exchanges closed for Labor Day, futures on the S&P 500 ES00, 1.00% fell 0.7% to 2903.75, while futures on the Dow Jones Industrial Average YM00, 0.90% dropped 199 points, or 0.8%, to 26207. A report from Bloomberg News that the two sides are struggling to agree on what to discuss in trade talks added to the pressure. Despite headlines that go back and forth, two facts have become more and more clear over time. Economists from UBS say the trade war is impacting the global economy. (news.financializer.com). As reported in the news.

percent jump: Telecommunications equipment and electronic machinery makers contributed to the sluggish results amid declining overseas demand for such items as car and smartphone parts amid trade friction between the world's two biggest economies, according to The Japan Times. Investment by all nonfinancial sectors meanwhile rose 1.9 percent to 10.87 trillion, up for the 11th consecutive quarter, after expanding 6.1 percent in the previous quarter. Still the 23.23 trillion 218.83 billion tally for pretax profits was the second-highest on record, coming off a 10.3 percent jump in the January-March quarter. ; Capital spending by manufacturers for such tasks as building factories, adding equipment and software fell 6.9 percent to 3.62 trillion, down for the first time in eight quarters. On a quarter-on-quarter basis, seasonally adjusted capital expenditures grew 1.5 percent. The Cabinet Office is scheduled to release revised gross domestic product data for the second quarter on Sept. 9, taking into account the latest capital spending figures. Sales edged up 0.4 percent to 345.91 trillion, rising for the 11th quarter straight, supported by gains in the services and real estate sectors. (news.financializer.com). As reported in the news.

seng index: The Shanghai Composite Index closed up 1.31 percent to 2,924.11 points, according to Global Times China. The Hang Seng Index saw a decline of 2.68 percent in July and a loss of 7.39 percent in August. The Hong Kong Hang Seng Index, which dropped 1.74 percent to 25,724.73 points last week, closed 0.38 percent down to 25,626.55 points on Monday, while A-share markets rallied despite fresh US tariffs on Chinese goods. The city's social order and economy have suffered severe consequences from the social unrest that has lasted 13 consecutive weekends. The composite index of the city's key industries was also affected, with the local public utility sector closing 1.35 percent down, the consumption index falling 1.02 percent, the real estate sector easing 0.73 percent and the financial sector index declining 0.36 percent on Monday. The local public utility sector, consumption sector and real estate sector led the losses on Monday after 32 stations of the local MTR and airport were vandalized by radical rioters over the past weekend. (news.financializer.com). As reported in the news.

shanxi province: The company's largest shareholder, China Railway Beijing Group, holds 33.87 percent of the company, according to Global Times China. Other shareholders include the Hebei Construction Transportation and Investment Co, Shandong Railway Investment Holding Group and Beijing Infrastructure Investment Co. Established on August 26 with 97.3 billion yuan 13.56 billion according to information available on the National Enterprise Credit Information Publicity System on Monday, the Xiongan High Speed Rail Co is mainly engaged in the operation of the high-speed railway between Beijing and Xiongan and rail service between Xiongan and Xinzhou city, North China's Shanxi Province, as well as both lines' logistics and catering business. The railway lines are both part of a larger system connecting the Xiongan New Area with other major railway networks. The section from the Beijing West Railway Station to the Daxing International Airport, which is part of the inter-city railway between Beijing and Xiongan, is expected to officially open for business at the end of September, reducing the trip to about 20 minutes, according to thepaper. On August 9, the inter-city railway between Beijing and Xiongan was officially connected to the Beijing-Kowloon railway, according to information from Xiongan New Area's WeChat account. (news.financializer.com). As reported in the news.

unemployment rate: The unemployment rate is 3.7%, average job growth since he arrived in the White House is 183,500 per month, and median household incomes are up around 12% since he took office, even as faster gains and bigger tax cuts at the top exacerbate inequality, according to Market Watch. Don't miss Labor Day Which markets are closed, and when The economy grew faster in 2018 than its norm since the financial crisis but appears to be reverting this year to the 2.3% yearly average since 2009, or slightly worse, with 2% annual growth in the second quarter announced Thursday. So what about this year Donald Trump's economic record, as of this Labor Day, is a mixed bag, albeit a bright spot in the administration's otherwise-unblemished record of tarnishing race relations, the environment and, indeed, most of what it touches. The S&P 500 index's SPX, -0.69% 30% gain since Jan. 3, 2017 splitting the difference between those who think Trump should get credit for a post-election rally before he took office and those who don't compares to a 31% jump for the same stretch under his predecessor, who inherited a crashing stock market. Here's how Trump is doing by some major indicators to judge the state of workers, and presidents Unemployment rate The 3.7% unemployment rate is the lowest since 1969. From March 2009's bottom, the market rose 82% through this date in 2011. (news.financializer.com). As reported in the news.

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mr huang: Mr Wong told the Independent Commission Against Corruption on Monday he was left with a bag of donations worth tens of thousands of dollars on the night of a Chinese Friends of Labor dinner in 2015, according to Nine News Australia. The NSW ALP's director of community relations had departed and Mr Wong said Mr Huang offered to take the bag of cash with him. To improve your experience update it 'offered to deliver ALP cash'By AAP2 34pm Sep 2, NSW MP Ernest Wong says Chinese billionaire Huang Xiangmo volunteered to personally deliver a bag of cash raised from a Labor fundraiser to the party's head office. He said the property developer - who was prohibited by law from making donations to NSW political parties - told him he was due to meet with the NSW Labor general secretary. Later, counsel assisting the inquiry Scott Robertson asked if Mr Wong was making all this up as he went along. I gave him that bag of money to take it to the head office, Mr Wong said. (news.financializer.com). As reported in the news.

rescue deal: Tata will also close a service centre in Wolverhampton, which employs 26 people, according to The Guardian. The closures come after British Steel went into liquidation in May, but talks are continuing between the government and a division of the Turkish military pension fund Oyak over a rescue deal that could save more than 4,000 jobs. The Orb Electrical Steels plant in Newport, south Wales, owned by a European subsidiary of the Indian conglomerate Tata, is to shut after 121 years of steelmaking. Tata Steel previously owned British Steel before selling it to the investment firm Greybull Capital for 1 in 2016. The company said the closures had nothing to do with Brexit; competition from much larger players in China and Japan is understood to be the key reason. Tata's European boss, Henrik Adam, said I recognise how difficult this news will be for all those affected and we will work very hard to support them. (news.financializer.com). As reported in the news.

summer: Email Sign UpBy signing up you agree to receive email newsletters or alerts from POLITICO. You can unsubscribe at any time, according to MSNBC. Facebook Twitter Email Print POLITICO Playbook Trump's lost summer'By ANNA PALMER and JAKE SHERMAN 09/02/2019 09 11 AM EDTPresented by Trump's allies are conflicted over whether the president's summer was a triumph or a flop. Sign up for POLITICO Playbook today. Tom Brenner/Getty Images DRIVING THE DAYBREAKING ... 34 Dead in Boat Incident Near Santa Cruz Island, Ventura County Fire Dept. But Congress does not come back into session until next week. Says Yes, the summer is officially over. (news.financializer.com). As reported in the news.

thomas: In Legacy, award-winning writer Thomas Harding author of Hanns and Rudolf recounts a Jewish dynastic saga that carries striking echoes of the recent theatrical tour de force The Lehman Trilogy, according to The Guardian. Both trace an arc from modest origins in mainland Europe to unimaginable prosperity, before drastic overreach and calamitous ruin. The latter's disappearance is the more poignant, for it is a loss that today makes no sense cafes and coffee shops are among the few real survivors on the 21st-century high street. J Lyons and Co rose to fame via the efforts of two families, the Salmons and the Glucksteins. His ancestor Lehmann Meyer Gluckstein, born in 1787, was an itinerant scholar in Germany and was forever on the run from the wildfires of antisemitism. Harding has a particular urge to get their story right his mother was a descendant. (news.financializer.com). As reported in the news.

athlete today: He's also capitalized on his success as much as any other athlete today, realizing that with his fame and wealth he could do more than just invest in others, according to Market Watch. In the recently published biography of James, LeBron, Inc. And he has delivered, winning three NBA championships and four NBA MVP awards, among many other accolades. The Making of a Billion-Dollar Athlete, ESPN's Brian Windhorst, who has covered James since he was a high-school freshman, outlines the biggest financial wins of LeBron James's career. According to Forbes, James was the world's 8th highest-paid athlete last year, when he made 89 million 36 million from salary and 53 million from endorsements. By making timely investments and leveraging his influence, James, 34, has become one of the wealthiest athletes in the world. (news.financializer.com). As reported in the news.

china russia: A risky situation persists due to current geopolitical problems, and the MOU could benefit both countries and hedge economic risks to some extent, Li said, according to Global Times China. China's commodity markets and industries are becoming more and more internationalized in recent years, which, in turn, require a correspondingly sound and internationalized capital market, including the futures market, Li noted. Experts noted that in line with China's financial sector opening-up policy, the MOU could enhance bilateral communication and expand cooperation fields under the framework of the China-proposed Belt and Road Initiative BRI . As major countries in the BRI, China and Russia possess relatively high levels of complementarity in different industries, including energy sources, agriculture and others, Li Qiang, director of the research center under Xinhu Futures, told the Global Times on Sunday. Promoting and deepening cross-border transactions is a way to cope with the growing risk management needs of enterprises, since an increasing number of Chinese companies are starting to expand overseas and China is promoting a comprehensive opening-up to attract more foreign investment, the report said, citing industry insiders. The ZCE has been striving to provide more items for overseas trading, and the number of foreign investors has reached 115 so far, with the average daily trading volume of foreign traders accounting for about 8 percent of the total, Wang Yamei, deputy general manager of the ZCE, told the 2019 China International Futures Forum, which is being held in Zhengzhou, capital of Central China's Henan Province, on Sunday and Monday. Li noted that a sound and advanced system is a critical element for commodity exchanges, which require years of efforts to become a world-class one. (news.financializer.com). As reported in the news.

chinese imports: We'll see what happens, he told reporters as he returned to the White House from the Camp David presidential retreat, according to The Japan Times. But we can't allow China to rip us off anymore as a country. ; The 15 percent U.S. taxes apply to about 112 billion of Chinese imports. President Donald Trump said U.S.-China trade talks were still on for September. All told, more than two-thirds of the consumer goods the United States imports from China now face higher taxes. But with prices of many retail goods now likely to rise, the Trump administration's move threatens the U.S. economy's main driver consumer spending. The administration had largely avoided hitting consumer items in its earlier rounds of tariff increases. (news.financializer.com). As reported in the news.

corruption impunity: Yet Lopez Obrador, who campaigned on promises to end corruption, continues to enjoy sky-high approval ratings of more than 70 percent after winning the presidency in a landslide July 2018 election victory that also handed his political party a near-majority in Congress. ; Stamping out corruption and impunity remains a top priority, Lopez Obrador said in his address to Cabinet members, generals, businessmen and journalists at the National Palace, according to The Japan Times. Tackling corruption is a tall task. Homicides in Mexico are at a record high and the economy is struggling nine months into his administration. Mexico scored 28 out of 100 points in Transparency International's 2018 Corruption Perceptions Index, where a lower score indicates higher levels of corruption. Nothing has damaged Mexico more than the dishonesty of its rulers and this is the main cause of the economic and social inequality, and of the insecurity and violence, that we suffer, the president said somberly. That puts Mexico on par with Russia and behind countries such as Bolivia and Honduras in clean business dealings. (news.financializer.com). As reported in the news.

cosmetics stocks: Beauty Inc, according to Market Watch. ELF, -2.57% down 4.3% and Est e Lauder Cos. The move weighed on other cosmetics stocks with e.l.f. Inc. Revenue rose 12% to 1.67 billion. EL, -2.76% down 2.4%. Bolingbrook, Ill.-based Ulta ULTA, -29.55%, which was riding high earlier this year thanks to the boost it was enjoying from the cosmetics line launched by reality TV star Kylie Jenner,said it earned 161.3 million, or 2.76 a share, in the second quarter, compared with 148.3 million, or 2.46 a share, in the year-earlier period. (news.financializer.com). As reported in the news.

debt-trap diplomacy: What was the target of Abe's words Many believe he was trying to provoke disputes between Africa and China, as the latter's lending has been described by some in the West as debt-trap diplomacy, according to Global Times China. While Abe warned Africa about debt, he encouraged Japanese investors to lend more to projects in Africa. A three-day conference attended by top leaders of more than 40 African countries concluded recently in Yokohama, Japan, where Prime Minister Shinzo Abe warned Africa against accumulating too much debt. According to the Japan Times, Abe on Wednesday pledged to aggressively promote private-sector investment in Africa, although he failed to set a new numerical target on funds to be funneled to the continent. This may explain why there is an inherent contradiction in Abe's words. China is a key factor in Japan's Africa policy. (news.financializer.com). As reported in the news.

education secretary: Gavin Williamson, the education secretary for England, will call for an increase of up to 6,000 a year for new teachers by the 2022-23 academic year in a letter to the School Teachers' Review Body STRB the independent panel that advises on pay and working conditions, according to The Independent. English schools to get three-year 14bn funding boost Read more I want the best talent to be drawn to the teaching profession and for schools to compete with biggest employers in the labour market and recruit the brightest and the best into teaching, Williamson said. The announcement by the Department for Education DfE that it will push for higher pay for newly-qualified teachers was revealed by the Guardian last week as part of the government's back to school policy rollout, including increased funding for state schools. Teachers should be in no doubt that this government fully backs them in every stage of their career, starting with rewarding starting salaries. Quick guide Forced academisation of schools Show Hide What is forced academisation Forced academisation describes how a state school in England is compelled to change its legal status from a school overseen by a local authority to that of an academy, and to accept new management by an academy trust. The announcement includes the government's commitment to fully fund higher payments into the teachers pension scheme, with the DfE saying that members would benefit from employer contributions of 23.6% on top of their salary towards their pension every year. (news.financializer.com). As reported in the news.

anti-tank missiles: The exchange was most likely over he said, according to The Guardian. Hezbollah, the pro-Iran Lebanese militant group, claimed the attack. Israel's military said two or three anti-tank missiles had been fired from southern Lebanon toward an army base and a military ambulance but had caused no deaths or injuries.. Lt Col Jonathan Conricus, an army spokesman, also said Israel had fired back with approximately 100 artillery shells and that attack helicopters had also struck the area. It said its fighters had destroyed an Israeli army vehicle near the frontier in the same area. It was not immediately clear if there had been casualties on the Lebanese side. It said it had killed and wounded people inside, contradicting Israeli claims. (news.financializer.com). As reported in the news.

norwegian citizen: He would ultimately be the first Norwegian citizen convicted of such a crime since the end of World War II, and today remains locked away in a jail near Moscow, according to The Independent. Things were not always this way between the two neighbours. Back in 2017, Russian authorities had arrested and charged retired Kirkenes border guard Frode Berg with espionage. At the top of a small hill near the centre of Kirkenes stands the statue of a lone Soviet soldier, straight-backed with a gun at the ready. The monument reads To the valiant soldiers of the Soviet Union in memory of the liberation of Kirkenes. There are wreaths of red, blue, and white flowers beneath him. (news.financializer.com). As reported in the news.

jal sahelis: As more rivers, reservoirs and wells go dry across Bundelkhand a parched region of 20 million Aherwal has joined about 600 Jal Sahelis or water women friends, to try to fix the region's perennial water woes, according to The Independent. 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. Years of drought and water scarcity have often led her children to go hungry, she says but she aims to change that. You can form your own view. Subscribe now The women up to three in each of more than 200 villages galvanise their communities to harvest rainwater, dig wells, de-silt ponds, build check dams and repair hand pumps. From 15p 0.18 0.18 USD 0.27 a day, more exclusives, analysis and extras. (news.financializer.com). As reported in the news.

percent: China's investment in R&D in 2018 increased 11.8 percent year on year and was the third double-digit growth in three continuous years, the People's Daily reported on Saturday, citing a National Bureau of Statistics report, according to Global Times China. The input accounted for 2.19 percent of China's 2018 GDP and surpassed 2.13 percent achieved by 15 European countries in 2017, according to the People's Daily. Photo VCG China's investment into research and development R&D reached 1.97 trillion yuan 275 billion in 2018, which Chinese experts said demonstrates the country's improved competitiveness in science and research amid the shift from importing technologies to independent innovation. Chinese experts said the growth reflects the improvement of China's science and technology and shows China is transforming from import and imitation to independent innovation. As China restructures its industry and remains in urgent need of high-quality development, innovation has become a major force to drive economic development, Ju told the Global Times on Sunday. Growth comes along with an international trend of scientific and technological revolution, said Ju Jinwen, a research fellow at the Chinese Academy of Social Sciences' Institute of Economics in Beijing. (news.financializer.com). As reported in the news.

sales: This time, sales have been slow ahead of the coming tax increase. ; The sluggish new car sales reflect measures aimed at curbing a surge in demand before the tax increase and a possible subsequent plunge after the hike, including the government's plan to reduce an automobile-related tax by up to 4,500, according to The Japan Times. People are becoming cautious about purchasing new vehicles as they try to confirm the impact of such measures, an auto industry official said. At the time of the previous increase, from 5 percent to the current level, consumers began flocking to car dealers to buy new vehicles more than six months before the move. From September 2013 to March 2014, just before the previous consumption tax hike, monthly sales of new vehicles posted year-on-year growth of over 10 percent, according to an industry group. But no month has seen double-digit growth in new auto sales recently. No auto-related tax breaks were offered at the time and the 3 percentage-point tax hike took place in early spring, when demand generally increases for many goods. (news.financializer.com). As reported in the news.

yield-curve inversion: Consumer spending makes up about two-thirds of the economy, so many see low unemployment and recent strong retail-sales data as good reasons to believe the U.S. economy can withstand a little stock market volatility and U.S.-China trade war drama, according to Market Watch. Bank of America Corp. While recent stock-market volatility, uncertainty over the U.S.-China trade war and the yield-curve inversion have fueled worries of an impending recession, many on Wall Street, in the White House and in the Federal Reserve have remained fairly upbeat on the economy. BAC, 0.66% Chief Executive Brian Moynihan said the fact that the U.S. consumer continues to spend is the one simple reason he doesn't believe a recession looms as many fear. Even the Federal Reserve said in its most recent policy statement, as they cut interest rates, that household spending has picked up from earlier in the year. And Deutsche Bank economist Justin Weidner wrote in a note to clients Friday that his outlook for consumer spending remains relatively upbeat the rest of the year, after a likely robust July. (news.financializer.com). As reported in the news.

company: It is the first time he has led a publicly listed company since leaving HBOS at the height of the financial crisis, according to The Guardian. He has joined the company, which also owns the Frankie & Benny's, Chiquito and Garfunkel's chains, at a challenging time for the casual dining market. Hornby, who stepped down from HBOS in 2008 after its emergency rescue by Lloyds TSB, took over the top job at the Restaurant Group at the beginning of August and will present first-half results on Tuesday. Jamie Oliver's Italian chain closed in May and several others, including Prezzo and Strada, closed branches. People won't be looking for any drama at all, said Russ Mould, an analyst at AJ Bell. Hornby, who took over from Andy McCue a month ago, is not expected to reveal a radical change in strategy, but analysts are hoping he will swiftly address the group's hefty debts and the problems facing its casual chains. (news.financializer.com). As reported in the news.