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

ippr: The figures are likely to reinforce calls for the government to renew focus on its industrial strategy, which is struggling for impetus as Whitehall pours resources into Brexit preparations, according to The Guardian. Carys Roberts, chief economist at the IPPR thinktank and head of the Centre for Economic Justice, said The fact that growth from all regions of England has consistently lagged behind that from London is a clear indicator that something is wrong in the economy. The Office for National Statistics underlined the city's disproportionate economic heft in its first set of regional GDP figures for England and Wales, which showed the north-east with the slowest growth over the same period at 5.9%. The West Midlands economy, home to the UK's biggest carmaker Jaguar Land Rover, came second to London after it expanded 16.5% over six years from 2012 to the end of 2018. Such regional inequalities hold back productivity, wages and people's standard of living and quality of life. We should be building high-tech industrial clusters around our many world-leading research-based universities. We need a new industrial strategy act setting out clear goals that focus on putting this right. (news.financializer.com). As reported in the news.

media: Tsemakh, who was arrested in a raid in June, has been charged with terrorism for his part fighting for the Russian-backed separatists, but on Thursday he was abruptly released on his own recognisance pending trial, according to The Guardian. His place in a swap with Russia has not been confirmed but has been widely rumoured in media. Vladimir Tsemakh had bragged on video of commanding an anti-air brigade in separatist-held east Ukraine and indicated he hid evidence of a Buk missile system, the kind Dutch investigators say shot down the Malaysia Airlines jet with 298 people on board. The Russian president, Vladimir Putin, speaking at an economic forum shortly after Tsemakh's release on Thursday, said Moscow and Kyiv were finalising talks on whom to exchange, adding that the swap would be large . He did not specifically mention Tsemakh. Russia is holding dozens of Ukrainian prisoners, including 24 sailors captured in November and the film-maker Oleh Sentsov. Three Russians and one Ukrainian to face MH17 murder charges Read more The reports have worried Dutch investigators and lawmakers, who fear Russia will pressure Ukraine to give up one of the few suspects in the case in custody. (news.financializer.com). As reported in the news.

nsw labor: Ms Murnain on Thursday returned to the witness box at an anti-corruption inquiry, which is examining whether Chinese billionaire Huang Xiangmo was the true source of 100,000 said to be donated to NSW Labor by 12 people from a pre-election dinner, according to Nine News Australia. NSW Labor boss Kaila Murnain leaves The NSW Independent Commission Against Corruption ICAC public inquiry last week AAP Mr Huang was prohibited by law from making donations to NSW political parties. To improve your experience update it here News National Former NSW Labor boss returns to anti-corruption hearing By AAP1 48pm Sep 5, NSW Labor boss Kaila Murnain has accepted that she was less than forthcoming during a compulsory examination by the Independent Commission Against Corruption. Ms Murnain was suspended from her role as general secretary last week after telling the inquiry she knew about a potential illegal donation. Mr Wong has contradicted her account of the meeting. She previously said she was scared for the ALP in September 2016 when then-MP Ernest Wong told her a person who said they had donated money to the party had not, and the money had come from Mr Huang. (news.financializer.com). As reported in the news.

right thing: Eamon Barrett filling in once more for Alan Murray, according to MSNBC. Here's a question well suited for this newsletter's readers What is the role of a CEO According to architect and pioneer of the circular economy movement, Bill McDonough, the role of a CEO is to do the right thing. Skip to Content Open Menu Open search formclose overlay Conferences Local Guides, Less Plastic How China's Tourism Industry Is Trying to Improve Its Sustainability Tech Apple Accuses Google of Stoking Fear Among All iPhone Users' Over Its Recent Account of an iOS Hack Newsletters The Vaping-Linked Lung Disease Outbreak Is Getting Serious Brainstorm Lung Illness Likely Caused by Chemical Exposure, Says CDCNewslettersCEO Daily Should the CEO Be the CEO Daily By Eamon Barrett and David Meyer September 5, 2019Good morning. Managers can worry about numbers and performance, but CEOs should worry about the company's moral direction. Responding to the rise of Chief Sustainability Officer as a role at many corporate giants, McDonough said, The CEO is the CSO, because they're the ones who have to lead this. McDonough was speaking at the Fortune's Global Sustainability Conference, which is ongoing in Yunnan, China. (news.financializer.com). As reported in the news.

hook: We can't make it any more clear that we are committed to this campaign of maximum pressure and we are not looking to grant any exceptions or waivers, Brian Hook, the US special representative for Iran, said at the State Department, according to CNN. Hook poured cold water on the French proposal as the US unveiled new sanctions against Iran's oil for terror network and announced a 15 million reward program to disrupt the financial operations of Iran's Revolutionary Guard Corps. The administration also signaled it is not likely to grant the waivers France needs to create a multi-billion dollar line of credit to Iran, part of a European effort to offset the pain caused by US sanctions and keep the 2015 nuclear deal alive. Iran is releasing seven Indian crew members from seized UK tanker In a reflection of the US focus on curtailing Iran's oil revenues, a State Department official also confirmed Wednesday that Hook had offered millions of dollars to about a dozen tanker captains if they helped the US impound their vessels, which were carrying Iranian oil. The President claimed that the US is not looking for regime change, but suggested painful US measures are to come. Read More US officials announced the new measures as President Donald Trump said that he would not agree to the condition laid out by Iranian President Hassan Rouhani last month that the US drop sanctions before talks begin.'That's not happening' That's not happening -- that won't be happening, Trump said during a Wednesday briefing in the Oval Office. (news.financializer.com). As reported in the news.

affordability crisis: As part of that landmark deal, the city provided the owner with 220 million in subsidies, and in return, Blackstone agreed to keep 5,000 of the roughly 11,200 units affordable for a 20-year-span ending in 2035, according to The Independent. They are contributing to the affordability crisis, Susan Steinberg, the president of the Stuy Town Tenants Association, told Gothamist. Last week The Real Deal reported that private equity group Blackstone was warehousing vacated apartments and that the issue had prompted the city's housing preservation and development to review its 2015 regulatory agreement with the landlord. Blackstone, however, has maintained that it is still fulfilling its pact with the city. Nor is there any legal obligation for landlords of rent-regulated apartments to keep them continually rented. Not all of its rent-regulated units fall under the 2015 regulatory agreement. (news.financializer.com). As reported in the news.

amazon netflix: The minister said it was because they have what is called a significant economic presence, although they don't have a branch here, listing Google, Amazon and Netflix as examples of companies to be affected by the upcoming rules, according to Global Times China. The VAT rate in Indonesia is currently 10 percent, imposed on most products and services. Such companies will be considered a permanent establishment liable for VAT in Indonesia regardless of whether they have a physical office in the country or not, Indrawati said in a statement issued by the Cabinet Secretariat late on Tuesday. Google had a tax dispute with Jakarta in 2016 over alleged tax evasion, including missing VAT payments on advertising revenues, which it resolved with an undisclosed settlement. Amazon is not currently active in e-commerce in Indonesia, but operates cloud services. The Indonesian government has repeatedly said it wanted to make streaming service providers such as Netflix pay their fair share of taxes. (news.financializer.com). As reported in the news.

aviation administration: But Boeing is continuing to modify the flight control system on the Max after the U.S. Federal Aviation Administration raised issues in late June, said another person familiar with the situation, according to The Japan Times. The latter issue can be addressed with upgrades to flight software and will not require major changes in plane hardware that are more costly and extensive, this person added. Regulators will have final say on when the planes can return to service, clouding the outlook, in part because of signs of discord between U.S. and international regulators. ; Boeing has completed work on an upgrade to the anti-stall system known as the Maneuvering Characteristics Augmentation System that has been linked to two crashes, said a person familiar with the matter. Boeing has said previously that it expects to submit its certification package to the FAA around September, with anticipated approval around a month later. Our best current estimate continues to be a return to service of the Max that begins early in the fourth quarter, the Boeing spokesperson said. A Boeing spokesman said the timetable for bringing the Max back still holds. (news.financializer.com). As reported in the news.

brokerage: That might be one reason why more Americans are turning to the old-school brokerage account, according to Market Watch. Unlike retirement accounts, brokerage accounts also known as taxable investment accounts put very few limits on your money. When you're not quite sure where life might take you or what you'll need your money to do for you you want flexibility. You can withdraw what you need, when you need it, for any reason. There's a thirst for liquidity, says Laura Varas, founder and chief executive of Hearts & Wallets. That might explain why 42% of U.S. investors said they had a taxable brokerage account in 2018, up from 32% in 2010, according to a survey from Hearts & Wallets, a data research firm. (news.financializer.com). As reported in the news.

chinese businessman: Cao Dewang, the Chinese businessman who owns Fuyao, fired several American managers for being inefficient and not doing their jobs, while Americans said the Chinese management did not pay attention to safety and environmental protection, according to Global Times China. What annoyed Cao the most was the United Automobile Workers UAW organization of activities against the glass maker. In 2017, the New York Times reported on the cultural conflicts the Chinese company had encountered. What happened to Cao indicates that unions are the biggest troublemakers Chinese companies have to deal with when they integrate into globalization. They are everywhere, large but invisible. Labor unions sound familiar to Chinese people, but American labor unions are another animal. (news.financializer.com). As reported in the news.

income inequality: Gavin Newsom in a recent op-ed, according to The Independent. Our high-tech economy is indeed a success. California is a place of unparalleled economic opportunity, where high tech comes to take flight and where our creative workforce entertains and connects the world, wrote Gov. The state's finances are highly dependent on it remaining so, given that the capital-gains-based budget rises and falls in tandem with the fortunes of these big tech firms. Newsom penned those words as he touted a new plan to reduce income inequality and create an upward economy that works for every Californian. For all the lip service, state officials sometimes forget that innovation and change are the keys to success in the entrepreneurial tech sector and that legislative efforts that stifle those qualities could threaten the golden goose. (news.financializer.com). As reported in the news.

information disclosure: Listed companies are required to obtain audit firms' opinions about whether their quarterly financial statements are appropriate, according to The Japan Times. Under the new standards, auditors will have to give clear reasons for any qualified opinions given, which indicate financial statements are generally appropriate except for some parts. The decision, made at an FSA accounting council meeting, came after Toshiba Corp.'s auditor drew criticism from domestic and overseas investors for its inadequate information disclosure when the electronics and machinery-maker was shaken by an accounting scandal. ; The revised standards will apply to earnings for the current fiscal year ending in March 2020. In the Toshiba scandal, Pricewaterhouse Coopers Aarata LLC put a disclaimer of opinion in Toshiba's report for April to December 2016, sending the company to the brink of being delisted from the Tokyo Stock Exchange. PwC Aarata, however, declined to disclose the reason for the qualified opinion, citing its duty of confidentiality under the certified public accountant law. Disagreements between Toshiba and PwC Aarata on accounting issues continued until they settled on a qualified opinion for the statement for the year through March 2017, which was submitted to financial authorities far later than the legal deadline. (news.financializer.com). As reported in the news.

internet pioneer: BOX, 2.82%surged 8% in after-hours trading, after the activist hedge fund Starboard Value LP disclosed in a regulatory filing that it has purchased 11 million shares, or a 7.5% stake, in the cloud storage company, according to Market Watch. That position will make Starboard the third-largest shareholder in Box, after the Vanguard Group and Black Rock, according to Factset. On Tuesday, shares of Box Inc. The difference in these investors is that Starboard is a known activist investor. In tech, most notably at the since-acquired Yahoo, where the firm negotiated a total of four seats on the internet pioneer's board in April 2016, paving the way for its sale to Verizon Communications Inc.VZ, 0.70%VZ, 0.70% a few months later. In the past, Starboard has rattled the cages at many companies. (news.financializer.com). As reported in the news.

afternoon trading: It got a major boost during afternoon trading from local media reports, subsequently confirmed, that Hong Kong leader Carrie Lam will formally withdraw the bill, according to CNN. Lam had suspended the bill in June after more than 1 million people took to the streets, but that didn't quell the protests. The Hang Seng Index HSI notched up its biggest daily percentage gain since November 2018 to end at 26,523 points. Nearly every component of the Hang Seng was up. Wharf Real Estate, New World Development and Sun Hung Kai Properties were all up more than 9%. Wednesday's rally leaves the Hang Seng standing 2.6% higher for the year so far. The biggest gainers were all property developers, which have been battered by the protests and the ongoing US-China trade war. (news.financializer.com). As reported in the news.

meeting: He uttered 10 at his closing press conference, five to reporters while meeting with Egyptian President Abdel Fattah al-Sisi, five more to reporters while meeting with Indian Prime Minister Narendra Modi, and four to reporters while meeting with German Chancellor Angela Merkel, according to CNN. Trump also made 17 false claims on Twitter and 10 in a Fox News Radio interview with Brian Kilmeade. Trump made 24 false claims last Monday at the G7 summit in France. The remaining 11 came in other exchanges with reporters and in his hurricane briefing. Twenty-two of the false claims were about the economy, 21 about trade in particular. The economy was Trump's chief subject of dishonesty, as it has usually been during a summer of trade tensions. (news.financializer.com). As reported in the news.

chinese: Yueran Kenny Zhan on Wednesday told the Independent Commission Against Corruption he was giving his recollection in circumstances where a lot of time had passed, according to Nine News Australia. ICAC is examining whether Chinese billionaire Huang Xiangmo was the true source of 100,000 said to be donated by 12 people from a pre-election dinner. To improve your experience update it here News National Sydney accountant denies lying to ICACBy AAP6 17pm Sep 4, 2019Facebook Tweet MailA Sydney accountant has denied lying to an anti-corruption inquiry to protect his property developer boss. Mr Huang was prohibited by law from making donations to NSW political parties. One of them, Steve Tong, has since told the inquiry he never donated to Labor, while Quanbao Liao took his own life in 2018 before he was due to participate in a compulsory ICAC examination. Mr Zhan continues to work at Wu International, a property development company which - the inquiry heard - also employed two of the 12 donors purported to have contributed to the 100,000 cash donation. (news.financializer.com). As reported in the news.

japan operations: They are persevering, detail oriented and have an aesthetic sense. ; As Yanai gets older, he's been asked more frequently about succession at the company, which he built from his father's tailor shop into a global brand, according to The Japan Times. A possible candidate could be Maki Akaida, who was appointed this year to run Uniqlo's Japan operations the company's most profitable unit. The job is more suitable for a woman, Yanai, the chief executive officer behind clothing giant Uniqlo, said in an interview. Yanai said he wants to increase the ratio of female senior executives to more than half the total. Japan has faced scrutiny over its lack of gender diversity in top management roles only 4.1 percent of women in the country hold executive titles at publicly traded firms. Fast Retailing currently has six women in such roles, after hitting its goal last year of having more than 30 percent of women in management positions. (news.financializer.com). As reported in the news.

investor psyches: Read September is the worst month for stocks and it's even gloomier after a downbeat August Shalett said trade tensions between the U.S. and China, an inversion in the closely watched yield-curve between the 10-year Treasury TMUBMUSD10Y, 0.66% and both the 3-month bill TMUBMUSD03M, -0.41% and 2-year note TMUBMUSD02Y, 0.80%, where the longer-term yield falls below its shorter-term counterparts, has heightened anxieties on Wall Street about the health of the economy, according to Market Watch. On top of that, geopolitical worries from Britain's problem-filled exit from the European Union, a brewing political and currency crisis in Argentina, protests in Hong Kong and skirmishes in Iran are also weighing on investor psyches. The Baker, Bloom & Davis Economic Policy Uncertainty Index tracking hundreds of articles referencing the economy or uncertainty, among other terms, to gauge monthly monetary-policy uncertainty showed policy uncertainty hitting a three-year high see attached chart . With recession signals already flashing, this kind of uncertainty could be dangerous as it inhibits consumption and capital spending, wrote Morgan Stanley Wealth Management's chief investment officer, Lisa Shalett, in a Tuesday note. That concatenation of worries has helped to drive investors into the perceived safety of bonds and has delivered a fillip to gold prices GCZ19, -0.58%, which topped 1,555 an ounce on Tuesday, while the Dow Jones Industrial Average DJIA, 1.41%, the S&P 500 index SPX, 1.30% and the Nasdaq Composite Index COMP, 1.75% lumbered lower on Tuesday but were still within a reasonable distance from their all-time highs, despite the whipsaw action of late. Bonds are too expensive for long-term investors to hedge short-term stock weakness and international stocks are too cheap to abandon as they have priced the bad news. What's an investor to do Shalett says sit tight for next few weeks because global debt and U.S. stocks are too pricey. (news.financializer.com). As reported in the news.

news report: On Tuesday, the key market gauge rose 4.97 points. ; On the other hand, the Topix index of all first-section issues closed down 3.98 points, or 0.26 percent, at 1,506.81, after gaining 5.58 points the previous day, according to The Japan Times. The Tokyo market got off to a sluggish start, battered by an overnight drop in U.S. stocks due to uncertainties over U.S.-China trade talks and the American economy, brokers said. The 225-issue Nikkei average advanced 23.98 points, or 0.12 percent, to end at 20,649.14. Such uncertainties were fueled after a news report that Washington and Beijing are struggling to set the date for a planned meeting in September and after the announcement of a lower-than-expected manufacturing index for August by the U.S. Institute for Supply Management, they said. The Nikkei mostly remained in positive territory in the afternoon, also helped by the strength of Dow futures. The Nikkei then managed to rebound into the sunny side, supported by rises in Shanghai and Hong Kong stocks, as well as a rise by Fast Retailing, a heavily weighted component of the key index. (news.financializer.com). As reported in the news.

lng: The document includes as many as 81 points and touches on a wide range of issues of joint interest, according to The Independent. Energy cooperation is among the priorities. With interest, India is following the development of the Arctic region and is also ready to play an important role in the Arctic Council, the declaration reads. During the visit, Indian companies H-Energy and Petronet LNG both signed memorandums of understanding with Russian natural gas company Novatek. ADVERTISEMENT The deals with the Indians pull the Russian energy company even further towards the Asian markets. The agreements envisage joint investments in Novatek's future LNG projects, as well as LNG supplies and the establishment of joint ventures India's rapid economic growth requires increasing demand for all sources of energy and, primarily, for natural gas as the most environmentally friendly type of fuel, Novatek leader Leonid Mikhelson says in a comment. (news.financializer.com). As reported in the news.

seng index: In a major announcement on Wednesday, Lam said that she will take four actions to start dialogue and end unrest in the city - a prospect that could help restore confidence among businesses, which requires a stable operating environment, in the city, according to Global Times China. The positive reactions from the business world to Lam's plan were instantly on display on Wednesday afternoon, as stock markets rallied. Photo Chen Qingqing/GT A plan by Hong Kong Chief Executive Carrie Lam Cheng Yuet-ngor to end persistent violence that has dented image of the major financial hub has offered some relief for rattled businesses, as they count on the step to help restore order and peace and to revive the economy. The Hang Seng index surged nearly 4 percent on Wednesday - the biggest gain in 10 months - reflecting the bullish view of investors of the Hong Kong Special Administrative Region HKSAR 's efforts to ease social unrest, according to media reports. The Federation of Hong Kong Industries said it respected the latest decision of the HKSAR. It said that it expected that society could get out of the current dilemma, as small and medium-sized enterprises SMEs have been facing tremendous pressure lately and their livelihoods have been seriously affected. The HKSAR government is making efforts to end the violence, and hopefully, it could help the economic recovery, Peter Shiu Ka-fai, a legislator, told the Global Times. (news.financializer.com). As reported in the news.

nestl: The producers are the hidden supply chain, providing meat and dairy to global brands including McDonald's, Tesco, Nestl and Walmart, according to The Guardian. The index is written by investment experts who want to encourage awareness of the risks posed to the planet and to their own profitability by companies that fail to mitigate the damage done to the environment by food production. The Coller Fairrindex ranks 50 of the largest global meat, dairy and fish producers by looking at risk factors from use of antibiotics to deforestation and labour abuses. Jeremy Coller is founder of Fairr and chief investment officer at Coller Capital. It is the companies hidden upstream in the meat and dairy supply chain who face the most significant climate and public health risks. He says it is the huge companies behind the brands that will themselves suffer if the planet isn't protected. (news.financializer.com). As reported in the news.

percent: Thanks to it, the average efficiency of the new plant is increased by 40 percent compared with traditional plants and the labor force deployed in the whole process is reduced by 30 percent, according to Xinhua China. Over the years, Haier has accumulated rich management and operation experience in Russia . Haier put into operation its Russian refrigerator factory, which is the sister factory of the newly-launched laundry appliances plant, in Naberezhnye Chelny in 2016. More It is the first Chinese-built intelligent manufacturing factory based on COSMOPlat platform in Europe which is expected to serve 140 million users in Russia and further to reach 200 million users in Central Asia and Europe .COSMOPlat is an industrial Internet platform built by Haier. In 2018, the sales value of refrigerators produced by this factory exceeded 100 million U.S. dollars . As of the second quarter of 2019, the factory rolled off 500,000 refrigerators, helping Haier gain 48 percent of share in Russia's high-end multi-door refrigerator market. So far, Haier's refrigerator factory has directly offered job opportunities for more than 800 people, which has effectively boosted local production capability and employment. The successful operation of Haier in Russia has brought plenty of opportunities for local development. (news.financializer.com). As reported in the news.

recycling waste: Failed recycler SKM went bust last month, leaving tonnes of household recycling stockpiled across Melbourne, according to Nine News Australia. Carly Whitington is a landlord at one of the warehouses piled sky-high with recycling waste. To improve your experience update it demand action as waste stockpiles in warehouses By Mimi Becker Reporter7 47pm Sep 4, of tonnes of recycling is set to be dumped in landfill, despite residents separating the rubbish and paying their council rates. Drone footage shows the huge amount of recycling waste stored in an Australian warehouse. We pay or taxes and we want the right thing done, she told A Current Affair. A Current Affair We don't want it to end up in landfill, we want the right thing done. (news.financializer.com). As reported in the news.

share: By MICHAEL CALDERONE09/04/2019 02 33 PM EDT Share on Facebook Share on Twitter Andrew Yang will get roughly 40 minutes on CNN Wednesday evening to make his pitch about how he would confront the threat of climate change as president, according to Asahi Shimbun. But it doesn't mean he wholeheartedly supports the seven-hour marathon town hall. Justin Sullivan/Getty Images Media Will media's climate blitz take root CNN, MSNBC climate forums promise serious talk, but no guarantee of sustained coverage. Story Continued Below It would probably be better for cnn to report on Hurricane Dorian and the actual effects of climate change rather than having us talk about climate change, Yang tweeted Tuesday. This month, in advance of the United Nations Climate Action Summit, the nation's news media is preparing multiple special projects and broadcasts devoted to the issue. Yang's complaint goes to the heart of the media's ongoing struggles to cover the causes and effects of global warming While the major TV networks and online outlets are committed to giving it serious-issue treatment, like abortion rights or gun violence, they have been far less comfortable relating the scientific consensus in favor of man-made climate change to in-the-moment coverage of devastating weather-related events. (news.financializer.com). As reported in the news.

trading shares: Cum-ex transactions work by trading shares at high speed on or just before the dividend record date the day the company checks its records to identify shareholders and then claiming two or more refunds for capital gains tax which had in fact only been paid to the state once, according to The Guardian. Some financial experts have likened the practice to the banking equivalent of parents claiming child benefit for multiple children when they only have one. The two British citizens, Martin Shields, 41, and Nicholas Diable, 38, are accused of having defrauded the German state of 447.5m 405m from London's banking district with so-called cum-ex trading schemes, a complex shell game of share transactions. The trial, which is scheduled to last until January next year, is being followed with interest across Europe because many more investment bankers, working for clients including Deutsche Bank, Barclays and Sweden's SEB, are suspected to have practised cum-ex deals between 2001 and 2012, when legislators closed the loopholes that made the practice possible. Estimates of the cum-ex scandal's total financial damage to the German state range from 5bn to 55bn. The trial in Bonn could for the first time rule that the practice was already illegal in the years after the turn of the century. (news.financializer.com). As reported in the news.