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

media: Towns and cities entered bids after the scheme was announced in May, with the Midlands winning the largest share of 21.1m, according to The Guardian. The government's future high street fund is providing 52m, the Department for Digital, Culture, Media and Sport DCMS 40m and the National Lottery Heritage Fund 3m. The funding is intended to breathe new life into struggling high streets across the country bytransforming abandoned buildings into shops, houses and community centres. The announcement comes after it was revealed this week that 16 storeshad shut down every day in the first half of 2019, a retail crisis fuelled by an increasing shift to online shopping that has already cost tens of thousands of jobs. The Ministry for Housing, Communities and Local Government MHCLG has since promised an additional 325m to bring the size of the fund to 1bn. Last year the then chancellor, Philip Hammond, announced a 675m fund intend to halting high street decline that has left one in 10 shops in UK town centres lying empty. (news.financializer.com). As reported in the news.

bn: The signs are not good, according to The Guardian. After years of hype, Neumann's plan to become one of the world's richest entrepreneurs on the back of a 22% stake in WeWork, now known as the We Company, have been hit hard. On Monday co-founder Adam Neumann will start trying to sell that vision to potential investors. The value of the company has been cut from 47bn to as low as 15bn. Floating or falling Tech companies that made stock market debuts in 2019Read more It's a major dent to Neumann's dream to build a multibillion-dollar global space-sharing real estate firm built on the trust and community spirit of we and the vision to elevate the world's consciousness . The share sale comes as investors have become increasingly skeptical of profit-free tech, or tech-related, companies that have built their businesses on piles of Silicon Valley cash. Even their major investor, the Japanese, Saudi-backed Soft Bank, has reportedly argued against pressing ahead with the sale, a delay that threatens a 6bn loan needed to fund an aggressive global expansion of the brand. (news.financializer.com). As reported in the news.

opioid: It also follows news two days ago of a proposed settlement by Purdue Pharma to thousands of states, counties, cities and tribal governments in their ongoing lawsuit accusing the company of fueling the nation's opioid epidemic, according to CNN. The New York attorney general's office is trying to determine how much money the Sacklers have amassed and where it is. The discovery of the wire transfers comes as amid growing allegations by New York and other states that the Sackler family is moving billions of dollars offshore to protect their wealth. Details about the wire transfers, including some that authorities say were funneled through Swiss bank accounts, were released as part of a new court filing by Attorney General James in the ongoing lawsuit. The limited number of documents provided to us so far underscore the necessity for compliance with every subpoena. Purdue Pharma and attorneys for thousands of opioid cases have a preliminary proposed settlement While the Sacklers continue to lowball victims and skirt a responsible settlement, we refuse to allow the family to misuse the courts in an effort to shield their financial misconduct, James said in a written statement. (news.financializer.com). As reported in the news.

opportunity zones: President Donald Trump next week is also scheduled to travel to California, partly for fundraisers, according to CNN. He is expected to discuss the issue of homelessness in the state and is anticipated to join Carson in San Francisco to show support for the idea of homeless opportunity zones, according to the source. The Washington Post first reported Carson's trip. The zone program gives tax incentives to people who invest in low income communities for the goal of rehabilitating those communities by creating job opportunities and economic growth. Read More The Trump administration has focused on the issue of California homelessness in recent months. Trump is also set to visit Los Angeles where he is also expected to meet with Carson who will be traveling separately from the President, the source told CNN. When contacted, the Department of Housing and Urban Development and the White House did not provide a comment regarding the trips. (news.financializer.com). As reported in the news.

trading session: The stock decreased 1.94% or 4.34 during the last trading session, reaching 218.75, according to MSNBC. About 37.38 million shares traded or 42.39% up from the average. Yhb Investment Advisors Inc who had been investing in Apple Inc for a number of months, seems to be less bullish one the 988.57 billion market cap company. Apple Inc. It has outperformed by 12.18% the S&P500. AAPL has risen 12.18% since September 14, 2018 and is uptrending. (news.financializer.com). As reported in the news.

basis: What are Treasurys doing The 10-year Treasury note yield TMUBMUSD10Y, 0.00% rose 11.2 basis points to a six-week high of 1.901%, pushing its weekly rise to 35 basis points, its largest such move since June 2013, according to Market Watch. The 2-year note rate TMUBMUSD02Y, 0.00% climbed 7.8 basis points to also a six-week high of 1.801%, contributing to a weekly rise of 27 basis points, its largest such move since June 2009. For the week, yields have seen a searing climb as bond-market traders retreated from their bullish positions on long-term government bonds which had reaped significant gains last month. The 30-year bond yield TMUBMUSD30Y, 0.00% picked up 11.1 basis points to 2.374%, marking its biggest daily rise since November 2016. Bond prices move inversely to yields. The long bond's yield rose 35 basis points this week, its biggest such increase since November 2016. (news.financializer.com). As reported in the news.

branches: Directly taking on the big four, 86 400 is different, there are no branches, according to Nine News Australia. Named after the number of seconds in a day, 86 400 is a digital-only bank, accessible solely on a smartphone. To improve your experience update it outfits shaking up traditional banking By Mimi Becker Reporter7 52pm Sep 13, in the Australian banking sector is heating up, as Australia's first neobank 86 400 launches. They currently offer transaction and savings accounts, with plans to expand to home loans in the coming months. A Current Affair Differentiating themselves from the big four, 86 400 connects accounts from multiple financial institutions to help customers see their full financial situation. Chief executive of 86 400, Robert Bell told A Current Affair, Managing your money shouldn't be so hard, but the simple fact is that staying on top of your finances has become too complex. 86 400 is a neobank - an online-only financial institution. (news.financializer.com). As reported in the news.

brisbane: Cameron James McKenzie, 37, was found guilty alongside Pisasale and escort Yutian Li of extorting Li's former partner for up to 10,000 after a Brisbane District Court trial in July, according to Nine News Australia. Ipswich man McKenzie is fighting to overturn his conviction and 18-month jail sentence, to be suspended after nine months. To improve your experience update it here News National Lawyer in Pisasale extortion kept in jail By AAP12 41pm Sep 13, 2019Facebook Tweet MailA solicitor who was doing what he was told to when he helped former Ipswich mayor Paul Pisasale extort a Sydney taxi driver has failed in a bid for release from jail. He applied for bail on Friday ahead of an appeal court hearing likely this year, in a bid to take up a job offer from an earthworks company to pay his family's mortgage. We challenge the verdict on the basis of what's possible the juror could have done in the jury room, given their knowledge and skill, McKenzie's barrister Anthony Fronis told the court. But he was denied bail in Brisbane Supreme Court after his argument that a juror who also works a solicitor could have been biased was labelled speculative by Justice Jean Dalton. (news.financializer.com). As reported in the news.

charts .-: Image Adobe Images- Brexit-related rally drives GBP head-on into resistance on charts.- As U.S. retail sales and CPI weigh, threaten the case for Fed rate cuts.- But USD challenged by reports of U.S.-China deal to end the trade war.- End of trade fight a boon for U.S. and global growth, bane for the USD. The Pound-to-Dollar rate rallied Friday amid speculation that a shift in the UK government's stance on Brexit is afoot, with the move taking Sterling close to 'resistance' in the form of a 'pivot point' on the charts that risks proving insurmountable for the British currency, according to Xinhua China. Sterling was higher against all major currencies Friday as investors speculated the UK government might be softening its 'red lines' on Brexit in order to improve its prospects of securing an amicable exit from the EU ahead of an October 31 deadline. Reproduction of any content for commercial purposes is subject to our usage terms and conditions, please email the editor at his address directly for clarification. Reports of a planned meeting between Prime Minister Boris Johnson and European Commission chief Jean-Claude Juncker could keep the positive mood alive until Monday, but there's reason for doubting that it'll last much longer than that. Between these levels and the mid-July high at 1.2580 the cross may struggle short-term, says Axel Rudolph, a technical analyst at Commerzbank. GBP/USD's advance from its current September low at 1.1958 continues to have the May and June lows at 1.2506/59 in its sights. (news.financializer.com). As reported in the news.

boris johnson: The idea has been received as a bit of a joke a zany politician suggesting a zany policy haha, according to The Independent. But a fixed link over the Irish sea shouldn't necessarily be dismissed out of hand. He's asked the Department for Transport to cost it, and they reckon it would be about 15 billion. First, let me declare an interest. It went viral, got picked up by the Scottish newspaper The National as a campaign the next day, and then snowballed until Boris Johnson adopted it as a policy. In January 2018 I posted a tweet semi-seriously suggesting a bridge or tunnel to link Edinburgh, Glasgow, Belfast and Dublin by high-speed rail. (news.financializer.com). As reported in the news.

companies moves: Business investment accounts for almost one-fifth of activity in the world's third-biggest economy, and has been one of its few bright spots, according to The Japan Times. Driving spending are companies' moves to refurbish old equipment and pour money into automation, high-tech and labor-saving technology to cope with a shortage of workers in a fast-aging society. Delaying improvements in factories, equipment and technology could be a precursor to cutting investments altogether at a time when profits appear to be levelling off and the outlook for consumption the bulk of economic activity is dimming. ; One firm in five has already cut its initial spending plans at home and overseas for the business year to March, the survey by Reuters found, while two-thirds say they're sticking to their plans. The findings pose a challenge to Abe's namesake economic reforms, known as Abenomics, which have sought to generate sustainable growth through private-sector demand and investment. Manufacturers' confidence hit a six-and-a-half-year low in September, the business sentiment survey showed Thursday. The monthly survey results come as the escalating U.S.-China trade war and global slowdown hurt factory output and exports. (news.financializer.com). As reported in the news.

currency market: Rogers, chairman of Rogers Holdings and Beeland Interests Inc. who founded the Quantum Fund with George Soros in the 1970s, was in Japan to promote his most recent book Warning to Japan which came out in Japanese in July, according to The Japan Times. You have decided de facto to have a declining standard of living because your debt goes up every day and your population goes down every day, he told the Foreign Correspondents' Club of Japan. As far as I can see Japan doesn't have a good future, Rogers said at a news conference in Tokyo, warning that the compounding of problems could even lead to social unrest and capital flight from the world's third-largest economy. ; These problems could be compounded by disarray in the global currency market in the foreseeable future, caused by skyrocketing debt and little inclination to practice austerity by world governments, he said. Referring to the government's relaxation of immigration controls to welcome some 340,000 foreign workers in the next five years, intended to help combat the issues, he called the move wonderful as a gesture. As for the planned increase in Japan's consumption tax by 2 percentage points to 10 percent on Oct. 1, Rogers said that rather than raising taxes, Prime Minister Shinzo Abe should focus on cutting spending not with an axe but with a chainsaw. But Rogers said he believes it will be too little for a country of 125 million, preferring worldwide open borders. (news.financializer.com). As reported in the news.

hong: From the perspective of the size and quality of Hong Kong's foreign exchange reserves, the government of the Hong Kong Special Administrative Region HKSAR and financial regulators can cope with short-term shocks and ensure the stability of Hong Kong's linked exchange rate system, according to Global Times China. Data showed that, as of the end of June 2019, the size of Hong Kong's Exchange Fund reached HK 4.14 trillion. Many market participants are worried about whether or not Hong Kong's financial market can maintain stability and if Hong Kong's linked exchange rate system can withstand the impact. Due to fluctuations in the global market, the investment income of the Exchange Fund may see a decline, but overall it can still make profits each year. With this much liquidity and cash reserve, Hong Kong should be able to cope with any short-term attack by speculative capital on the Hong Kong dollar. If calculated in the form of assets and US dollars, Hong Kong's Exchange Fund holds about 41.8 billion in cash and about 392.6 billion in convertible securities. (news.financializer.com). As reported in the news.

innovation issues: While these numbers are closer than they have been in the past three months, there is no question that Microsoft is better positioned to remain on top, according to Market Watch. Apple's latest product launch serves as a strong testimonial to why this is the case and why Microsoft looks like the better long-term bet for investors. One year later and Microsoft MSFT, -0.15% is still on top; its current market capitalization is sitting around 1.05 trillion while Apple AAPL, -1.94% moved back above 1 trillion Wednesday. I have been vocal over the past year about Apple's innovation issues. I have previously highlighted that the new iPhones, iPads, and Mac Book have been nothing more than iterative over the last few launches. The company is struggling to come up with anything new or original and has instead turned to copying and/or iteration to develop new markets. (news.financializer.com). As reported in the news.

deal marks: Stephen Fitzpatrick, who founded Ovo in 2009, said the deal signalled a significant moment for the energy industry which has been dominated by six major energy suppliers since the market was deregulated in the early 1990s, according to The Guardian. The deal marks a major milestone for the Bristol-based company, which secured a 200m investment from the Mitsubishi conglomerate earlier this year in exchange for a 20% stake in Ovo, valuing the company at 1bn. Ovo will supply almost 5m households across the UK after striking a deal to take on 3.5m SSE customers and 8,000 staff to become the largest supplier behind British Gas. The valuation propelled Fitzpatrick's personal wealth to an estimated 600m. Today, his energy upstart is valued at a billion pounds and will soon be one of the largest energy suppliers in Britain second only to British Gas. Profile Ovo Energy boss Stephen Fitzpatrick Show Hide Profile - Ovo Energy boss Stephen Fitzpatrick Stephen Fitzpatrick, the founder of Ovo Energy, was once a disruptive challenger to the big six energy suppliers. (news.financializer.com). As reported in the news.

giant: That could be bad news for Altria, the US owner of the Marlboro brand and a top investor in vaping giant Juul Labs, according to CNN. Health concerns and teen addiction have given regulators pause. (news.financializer.com). As reported in the news.

honeywell: The stock decreased 0.60% or 1.02 during the last trading session, reaching 167.61, according to MSNBC. About 2.02 million shares traded. Benjamin F Edwards & Company Inc who had been investing in Honeywell Intl Inc for a number of months, seems to be bullish on the 120.60 billion market cap company. Honeywell International Inc. It has outperformed by 14.79% the S&P500. HON has risen 14.79% since September 13, 2018 and is uptrending. (news.financializer.com). As reported in the news.

march: Meanwhile, U.S. Treasury yields continued to march higher, with the 10-year yield recovering from a three-year low of 1.43% reached earlier this month to rise above 1.90%. This came even after the European Central Bank ECB unveiled a package of new stimulus measures Thursday, including a cut to the bank's key deposit rate, according to Xinhua China. The ECB also announced it would be relaunching a quantitative easing program to help shore up the flagging eurozone economy. While the S&P 500 and Nasdaq ended Friday's session lower, all three major indices posted weekly advances for a third straight week. Here were the main moves in the market at the end of regular trading S&P 500 GSPC -0.08%, or 2.44 points Dow DJI 0.12%, or 34.79 points Nasdaq IXIC -0.22%, or 17.75 points10-year Treasury yield TNX 11.2 bps to 1.903%Gold GC F -0.84% to 1,496.70 per ounce The Chinese government is encouraging companies to buy a certain amount of U.S. farm products including pork and soybeans and will exempt these goods from additional tariffs, China's official Xinhua News Agency said Friday. Such a move would provide some respite to U.S. farmers, who have become one of the biggest casualties in the trade war with China. This corroborates President Donald Trump's earlier assertion via Twitter post Thursday that It is expected that China will be buying large amounts of our agricultural products. (news.financializer.com). As reported in the news.

nikkei n: Japan's Nikkei N225 jumped nearly 1%. Markets in mainland China and South Korea were closed for holidays, according to CNN. Investors are staying positive ahead of highly anticipated trade negotiations between the United States and China in the coming weeks. Hong Kong's Hang Seng HSI was up 0.3% at market open, gaining ground after posting losses Thursday. The two countries have showed signs in recent days that they are interested in easing the tensions between them. While he said he'd rather reach a whole trade deal with China, he didn't rule out the possibility of a smaller one. US President Donald Trump added to that Thursday while speaking with reporters. (news.financializer.com). As reported in the news.

investment trusts: Most contracts were conducted in fiscal 2018, which ended March 31, according to The Japan Times. By June, 18,000 cases of improper sales had been identified at 90 percent of some 230 Japan Post Bank outlets. An investigation by the unit of Japan Post Holdings Co. newly identified some 2,000 cases of improper sales of investment trust at 200 post offices, the sources said. ; Japan Post Co., another unit, sells investment trusts at some 1,500 post offices under an outsourcing agreement with Japan Post Bank. The investigation found that investment trusts were sold to elderly customers without confirming whether they fully understood the terms of the financial products, the sources said. The Financial Services Agency is now investigating the Japan Post group's sales practices and internal controls, while considering administrative reprimands. Across the whole Japan Post group, some 183,000 cases of improper insurance product sales had previously been found. (news.financializer.com). As reported in the news.

investor sentiment: The longer it lasts, the more people know about it, and the more people know about it, the higher the odds of a false breakout, according to Market Watch. In fact, a fake-out breakout would burn a lot of premature bears and may be just what is needed to clear the air for another leg lower. In fact, investor sentiment was so bearish this chart shows it that I said the following in the Sept. 4 Profit Radar Report Range racing continues. Zero to hero Last month's zero morphed into this week's hero. No doubt, this rally burned a lot of bears, and it may continue to do so. The Russell 2000 RUT, 0.20% popped 8.8% after sitting at a six-month low just a couple weeks ago. (news.financializer.com). As reported in the news.

saudi arabia: Xinhua/Li Bo China has yielded remarkable development achievements and made great contributions to international cooperation, former Peruvian Ambassador to China and Asia expert Juan Carlos Capunay has said, according to Global Times China. China has undergone profound changes, with notable headway made in the process of reform and opening up, Capunay told Xinhua in an interview ahead of the 70th anniversary of the founding of the People's Republic of China. A total of 600 buses were exported to Saudi Arabia from Lianyungang port. Throughout his 46 years as diplomat, Capunay spent 24 years in Asia, during which he has served as Peruvian ambassador to Singapore, Japan and China successively. China was making progress at an increasingly faster pace each time he visited, he said, adding that when he was ambassador to China in 2014, people's livelihoods have significantly improved compared with his first visit. Recalling his first visit to China in 1976, the former ambassador said that people were indeed not well-off at that time -- an impression fundamentally changed since the Asian country implemented reform and opening up. (news.financializer.com). As reported in the news.

trade envoy: Liu said China and US working-level officials will meet next week to discuss trade balance, market access, investors' protection and other issues between the two economies, according to Global Times China. The two countries seem to have softened their stance lately as both economies face mounting downturn pressure. Chinese Vice Premier Liu He, who is also China's top trade envoy, met Thursday with Evan Greenberg, chairman of the US-China Business Council USCBC in Beijing, Xinhua News Agency reported. Vice Premier Liu He is expected to head a high-level trade group to Washington in October to kick off another round of high-profile trade talks. Greenberg said the US business sector does not want to see a hike in tariffs, and he hopes that the two countries will solve their differences through consultations which will bring bilateral trade back to normal. The stakes are high as the global economy is now struggling to avoid a recession. (news.financializer.com). As reported in the news.

york oregon: You too, New York and Oregon, according to The Independent. When Treasury released its housing finance reform plan a week ago, there was one proposal buried in the middle that didn't get much attention curbing Fannie Mae and Freddie Mac multifamily lending in areas that adopt rent control. You may be in for another showdown with the Trump administration. It was marked administrative, meaning Treasury believes it can be done without input from Congress. This week, lawmakers in California, the most populous U.S. state, joined Oregon in passing a statewide bill to control rents, and Gov. When the plan was released, New York had recently expanded its rent control law and Oregon had adopted statewide rent control. (news.financializer.com). As reported in the news.

patients: The good news is that the outlook for patients suffering from major forms of cancer has got much better, according to The Guardian. On an age standardised basis, fewer than half of patients with rectal cancer in the UK lived more than five years in 1995. And an international study published this week shows that while the UK is making rapid progress, there's still a big gap in the survival rates cancer patients can expect in Britain compared with countries such as Australia, Canada and Norway. By 2014, more than 60% did. There is a risk that some countries look as though their patients are more likely to live extra years just because they have started counting sooner. And we should take the bad news with a pinch of salt because comparing cancer survival across countries is so inherently difficult. (news.financializer.com). As reported in the news.

trump: We're working on a tax cut for the middle-income people that is going to be very, very inspirational, said Trump, who took the stage at the exact time Democratic presidential candidates were lining up in Houston for their third debate, according to CNN. It's going to be something that I think everyone is looking for. Speaking in Baltimore on Thursday night, Trump promised -- yet again -- his administration would announce new tax cuts next year, claiming they would be very, very substantial, without offering any more details. The fresh commitment by the President was reminiscent of a pledge he made last October ahead of the midterm elections, when he announced a mysterious last-minute middle-class tax that puzzled White House officials, congressional leaders and tax wonks in Washington. Read More We are going to go through with what I call 'Tax Cuts 2.0,' and I say that because I spoke with the President at some length about this idea, National Economic Council director Larry Kudlow said Friday. Top aides have echoed the message, while making clear there's no agreement on a plan. (news.financializer.com). As reported in the news.