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

apple: Named Amazon Renewed the new category will offer refurbished mobile phones, computers, tablets and audio products from brands such as Apple, Samsung, Microsoft and Dell, according to Nine News Australia. Each of the products will have been inspected and tested by qualified suppliers, and will be offered with a guarantee that they will work and look like new . The refurbishment process will include a full diagnostic test, replacement of any defective parts, a thorough cleaning and inspection process, and repackaging by the seller or refurbisher. To improve your experience update it here News Technology Amazon Australia to sell second-hand tech in attack on 34 billion market By Stuart Marsh Senior Producer11 13am Sep 24, Australia has launched a new category of second-hand technology products in an attempt to cash in on the country's booming billion-dollar preloved market. Amazon's Renewed section will sell certified, refurbished technology items such as phones, computers, audio equipment and more. Renewed provides Australian customers with great discounts on good as new products, paired with the reassurance of a six month warranty, and the convenience of having it delivered to their door, said Furlong. Amazon Matt Furlong, Country Manager of Amazon Australia, said the move into second-hand goods will help budget-conscious shoppers. (news.financializer.com). As reported in the news.

environment i: In the United States, Prime Minister Scott Morrison flagged the circular economy as a priority for Australia, weaving together jobs, economic efficiency and the environment, according to Nine News Australia. I want Australia to be at the vanguard of leading an industry-led approach to a circular economy, not a government regulatory approach to that, Mr Morrison said at an event in New York on Monday. To improve your experience update it here News National Business on board PM's circular economy By AAP5 25pm Sep 24, businesses believe there is no choice but to create a circular economy but they need state governments and councils make their waste and recycling laws consistent. I mean, industry has the wit and the capital to do it and to make a dollar out of it, and once we're making a dollar out of it, you won't stop us. We've got to get that number up. He said while 80 per cent of recycled paper is turned into cardboard in Australia, just 12 per cent of plastics are recycled. (news.financializer.com). As reported in the news.

german law: New charges against Martin Winterkorn, the former CEO of Volkswagen VLKAF were also revealed in an indictment running to nearly 640 pages, according to CNN. Under German law, top executives must inform shareholders of information that can affect stock prices such as considerable financial risks as soon as they become aware of them. The two executives are accused of failing to disclose the huge financial risks of the diesel scandal to shareholders in a timely fashion. In a statement, prosecutors accused all three men of failing to carry out their duty to investors. Shareholders were also hit hard The company's stock price plummeted by nearly 40% after allegations of cheating were finally made public in September 2015. Herbert Diess, CEO of Volkswagen AG, was charged on Tuesday. context Image Object name Herbert Diess, CEO of Volkswagen AG, was charged on Tuesday. description Herbert Diess, CEO of Volkswagen AG, was charged on Tuesday. url Read More The indictments are the latest fallout from Volkswagen's bombshell admission in 2015 that it had rigged millions of diesel cars worldwide to cheat on emissions tests, a scandal that has cost the company over 30 billion. (news.financializer.com). As reported in the news.

impeachable offense: Richard Painter, the former White House ethics lawyer for President George W. Bush, began by claiming there was no evidence that former Vice President Joe Biden and his son Hunter Biden, were involved with corruption in Ukraine, as Trump has alleged, according to MSNBC. But when asked about Trump's attempted collusion with Ukraine, Painter declared it was an impeachable offense. All market data delayed 20 1 day agoMSNBC guest If Dems don't impeach Trump, they'll lose in 2020 and deserve it By Joseph A. Wulfsohn Fox call for impeachment as Ukraine controversy grows National security attorney Bradley Moss and attorney Harmeet Dhillon weigh in on the whistleblower complaint.A guest on MSNBC offered a warning to Democratic lawmakers on Monday night that if they don't pursue impeachment against President Trump that they will lose in 2020. This is an impeachable offense, turning the powers of a foreign government against a candidate in the United States who is a political rival of Donald Trump, this in and of itself is impeachable, Painter said. REP. 'THE PUBLIC IS GOING TO TURN ON US' IF WE DON'T IMPEACH TRUMPPainter went on to say that Trump feels emboldened as House Democrats remain stagnant on impeachment and gave a grim forecast for the Democratic Party if they don't take action. This president has committed multiple high crimes and misdemeanors and what is happening when the House refuses to impeach him, he continues to do more and more of it. (news.financializer.com). As reported in the news.

joseph lavorgna: Major indexes sit a percentage point or two away from all-time highs as stocks flip between small gains and losses on Monday, but over the past 12 months the market has advanced only modestly feeding the notion among some investors that equities may be in the process of putting in a top for the cycle, said Joseph LaVorgna, chief economist for the Americas at Natixis, in a note, according to Market Watch. But there's a rub, he said. But that would be out of keeping with recent history, says one economist. Some investors have speculated that the market might be topping out ahead of a possible U.S. slowdown over the next year, LaVorgna wrote. See table below. However, this would be very unusual, as equities have always had a double-digit rally before the economy experiences a downturn. (news.financializer.com). As reported in the news.

lady hale: Remainers will take it as confirmation of Boris Johnson's perfidy, according to The Independent. That much was predictable. The Leavers will deride it as a dreadful political decision. What was less expected was the timing. Mr Corbyn's best lines were written for him, in effect, by Lady Hale and the other 10 Supreme Court judges who handed down their compressively damning judgment. And in a tactical stroke of skill that was only possible because of Boris Johnson's arrogance, Jeremy Corbyn brought forward his leader's speech to the Labour conference and found himself able to bask in the humiliation of the prime minister. (news.financializer.com). As reported in the news.

money: However, sometimes the average investor forgets that simple fact, according to Market Watch. Just like a doctor cannot see everything with the naked eye and may order an X-ray to figure out what is going on, segmented money flows are like X-rays of stocks. Professionals already know they are competing with the best and the brightest on Wall Street and seek every edge they can get. Let's explore the issue with the help of a chart. Since tech stocks are the market leaders, it makes sense to look at the money flows in those in addition to the Dow Jones Industrial Average DJIA, 0.61% and broad ETFs such as S&P 500 ETF SPY, 0.59%, Nasdaq 100 ETF QQQ, 1.12% and small-cap ETF IWM, 1.10%. Note the following There is an unusual change in money flows in AmazonAMZN, 1.53% stock. Read As the stock market appears stuck in a rut here are five stocks poised to rise Chart Please click here for a chart showing segmented money flows in 11 popular tech stocks. (news.financializer.com). As reported in the news.

pollution tests: Winterkorn was previously charged in the scandal itself, according to The Japan Times. Poetsch and Diess had not faced charges until now. The charges announced Tuesday could pose a major distraction for CEO Herbert Diess as he pushes ahead with the company's shift toward zero-emissions vehicles and a new, more environmentally friendly image. ; Diess, Chairman Hans Dieter Poetsch and former CEO Martin Winterkorn were accused of deliberately informing markets too late about the huge costs to VW that would result from the scandal, which erupted when regulators discovered that millions of diesel cars had been fitted with software designed to thwart pollution tests. Volkswagen called the new allegations groundless and threw its support behind Poetsch and Diess. Just days ago, Diess stood on stage at the Frankfurt Motor Show with the company's new battery-powered vehicle, the ID.3, and showed off a new version of the VW logo to underscore the automaker's transformation. But the case could require Diess to spend time on his defense at a crucial time for the company. (news.financializer.com). As reported in the news.

proroguing parliament: The Supreme Court's ruling to be delivered this morning could throw Boris Johnson's Brexit plans into disarray, with an inevitable impact on markets, according to The Independent. If the justices decide he acted unlawfully in proroguing parliament, MPs could soon be recalled giving it more time to potentially scupper the prime minister's plans for exiting the EU on 31 October. Please allow a moment for the live blog below to load... Key Points What next for the pound after historic Supreme Court decision UK budget deficit increases by almost 7bn Uber granted two-month London licence extension Show latest update 2019-09-24T08 38 02.793Z Welcome to The Independent's live coverage of business and economic events in the UK and around the world. Elsewhere, the business secretary Andrea Leadsom has said bailing out Thomas Cook would have been a waste of taxpayers money. ben.chapman24 September 2019 Sterling is barely moving this morning. Mr Johnson said I think the questions we've got to ask ourselves now are how can this thing be stopped from happening in the future he told reporters in New York. Tourists going abroad can expect the following rates for the pound Australia 1.74 dollars Brazil 4.63 reals Canada 1.57 dollars China 7.90 yuan Euro 1.08 euro Hong Kong 9.25 dollars India 77.63 rupees Japan 127.32 yen Mexico 21.57 pesos New Zealand 1.84 dollars Norway 10.73 krone Philippines 55.58 pesos South Africa 17.36 rand South Korea 1294.00 won Sri Lanka 213.00 rupees Switzerland 1.17 francs Turkey 6.73 new liraUSA 1.19 dollars Rates for indication purposes only - PA news agency ben.chapman24 September 2019 Thomas Cook bosses are under scrutiny over 'fat-cat' pay 'Boris Johnson has criticised travel firm bosses for paying themselves millions of pounds as their businesses go down the tubes following the collapse of Thomas Cook,' writes The Independent's travel correspondent Simon Calder. (news.financializer.com). As reported in the news.

plug: That was despite trying to tempt buyers with an interest rate of 7.5%, which is high for a European bank, according to The Guardian. The Guardian understands that Metro had only attracted 175m worth of orders, prompting it to pull the plug. The bond sale was launched on Monday morning but the bank announced after markets closed that it had cancelledthe sale by the afternoon after failing to drum up enough interest to reach its 200m- 250m sales target. The decision to abandon the bond sale sent shares down 35% to 175p on Tuesday, with trading volumes nearly double those on Monday. Russ Mould, the investment director of AJ Bell, said The cancellation of a 200m bond sale is another major blow to Metro Bank, leaving management with red faces and the shares sinking even further. metro bank shares Failure to get enough support for a product that is yielding 7.5% is quite remarkable when you consider how investors are struggling to find generous levels of income in the current market. Metro Bank shares have lost nearly 90% of their value so far this year. (news.financializer.com). As reported in the news.

philip lowe: Speaking to the Armidale Business Chamber overnight, Philip Lowe said while the Australian economy had reached a gentle turning point he expected interest rates to remain low for some time, according to Nine News Australia. The official cash rate is currently at a historic low of 1.0 percent, with many believing the RBA will slash that rate again when board members meet next week. To improve your experience update it here News NationalRBA Governor hints at more cuts to interest rates By Stuart Marsh Senior Producer7 37am Sep 25, 2019Facebook Tweet Mail The governor of Australia's Reserve Bank has hinted at more cuts to interest rates as the country's economic growth slows, hit hard by a lack of domestic household spending. Reserve Bank of Australia governor Philip Lowe speaking at the Armidale Business Chamber in NSW on 24 September 2019. The Board is prepared to ease monetary policy further if needed to support sustainable growth in the economy, make further progress towards full employment, and achieve the inflation target over time. Nine It is nevertheless likely that an extended period of low interest rates will be required in Australia to make progress in reducing unemployment and achieving more assured progress towards the inflation target, Governor Lowe told the chamber. (news.financializer.com). As reported in the news.

practices: Trump said the US wants to end the grave economic injustice of unfair trading practices, specifically citing unfair trade practices by China, according to CNN. He warned Iran he would tighten sanctions if the country continues provocative behavior in the Middle East. His speech in front of an audience that has been hostile in years past hit on common themes of his presidency. And he used global crises to reiterate his opposition to socialism, something he has accused Democrats of encouraging. Not only has China declined to adopt promised reforms, it has embraced an economic model dependent on massive market barriers, heavy state subsidies, currency manipulation, product dumping, forced technology transfers and the theft of intellectual property and also trade secrets on a grand scale, Trump said. For decades the international trading system has been easily exploited by nations acting in very bad faith, Trump said, singling out China, a country he has sought but so far failed to secure a trade deal with. (news.financializer.com). As reported in the news.

solskj: Solskj r's rebuild talk cannot mask Manchester United's sense of drift Read more Announcing record financial revenues of 627.1m for the year ending 30 June a figure expected to drop next year because of expensive new contracts for key players and United's failure to qualify for the Champions League Woodward insisted he was optimistic for the future, according to The Guardian. The progress we've made on the business side underpins our continued investment in the football side, he said. United are 10 points behind league leaders Liverpool after six matches, and criticism not just of Solskj r but of the club's structure resurfaced after the disappointing defeat at West Ham at the weekend. Much of the investment in the academy, the recruitment department and the training ground facilities is not immediately apparent to those on the outside, but we believe we have put the building blocks in place for success. We intend to get back to the top of English football. While we are confident this investment will deliver results it is important that we are patient as Ole and his team build for the future. (news.financializer.com). As reported in the news.

target: On Tuesday, delegates will be asked to vote on the party's target to cut the UK's carbon emissions to net zero, according to The Guardian. Two motions are to be put to members, one with a target of net zero carbon emissions by 2030 which would be much more stringent than the government's current target of net zero by 2050 and one backed by the GMB union, which does not set a date. The plan comes as members prepare to debate the climate emergency at their party conference in what could be a fierce contest between heavyweight unions and grassroots campaigners. The motions emerged from the compositing process after 128 constituency parties sent climate-related motions to the conference. Both motions could pass. The 2030 motion came from the pressure group Labour for a Green New Deal and has the support of several smaller unions. (news.financializer.com). As reported in the news.

co: It invested in We Co. at a 47 billion valuation in January, yet stock market investor skepticism led to the startup considering a potential valuation in the IPO earlier this month of as low as 10 billion, according to The Japan Times. What was the venture capital world's biggest upset is now morphing into one of corporate America's most high-profile boardroom dramas. The rare showdown between Soft Bank and one of its biggest investments comes after We Co. postponed its initial public offering last week following pushback from prospective investors not just over its widening losses, but also over Neumann's unusually firm grip on the company. ; The move was a blow for Soft Bank, which was hoping that We Co.'s IPO would bolster its profits as it seeks to woo investors for its second 108 billion 11.6 trillion Vision Fund. Some We Co. board directors are deliberating how to replace Neumann as CEO, the sources said Sunday. Venture capital firm Benchmark Capital, another big investor in We Co., would also like Neumann to step aside, one of the sources said. The exact number of directors opposed to Neumann is not clear. (news.financializer.com). As reported in the news.

gr ie: But for many of the participants, the attraction was the opportunity to travel by train for the first time, 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. The fare for the round-trip is one shilling and sixpence 7.5p . A spiritual and abstinent man, Cook organised the trip to attend a Temperance meeting. You can form your own view. Subscribe now 1855 Cook goes international The international exposition in Paris, set in the dramatic surroundings of Baron Haussmann's newly redrawn city, provided the perfect target for Thomas Cook's first international expedition. From 15p 0.18 0.18 USD 0.27 a day, more exclusives, analysis and extras. (news.financializer.com). As reported in the news.

climate: As they made their pledges on Monday at the Climate Action Summit, though, they and others conceded it was not enough, according to Nine News Australia. And even before they spoke, Sweden's Thunberg, 16, shamed them over and over for their inaction, accusing them How dare you Greta Thunberg is a powerful lesson in the strength of women's anger Sixty-six countries have promised to have more ambitious climate goals, and 30 swore to be carbon neutral by mid-century, said Chilean President Sebastian Pinera Echenique, who is hosting the next climate negotiations later this year. To improve your experience update it here News World'You are failing us', Thunberg tells UNBy AAP8 56am Sep 24, for doing little by teenage climate activist Greta Thunberg, leader after leader has promised the United Nations to do more to prevent a warming world from reaching even more dangerous levels. Businesses and charities also got in on the act, at times even going bigger than major nations. Related Articles Why the impeachment process against Donald Trump is a political gamble for the DemocratsUS Dems launch Trump impeachment inquiry Bodycam footage shows moment officers arrive at scene of police shooting at black man's apartment The Gates foundation pledged US310 million of that. Microsoft founder Bill Gates announced that his foundation, along with The World Bank and some European governments, would provide US790 million in financial help to 300 million of the world's small farmers adapt to climate change. (news.financializer.com). As reported in the news.

customers: Brought down by a variety of factors, including crushing debts and online competition, the 178-year-old travel agency that helped pioneer the package tour ceased operating in the middle of the night, according to Nine News Australia. Its four airlines stopped carrying customers, and its 21,000 employees in 16 countries lost their jobs. To improve your experience update it here News World Thomas Cook bankruptcy fallout 150,000 British tourists still stranded By Associated Press7 49am Sep 24, 2019Facebook Tweet Mail The sudden collapse of British tour company Thomas Cook and its network of airlines and hotels is continuing to sow chaos for hundreds of thousands of travellers and businesses around the world Monday. British passengers with Thomas Cook wait in queue at Antalya airport in Antalya, Turkey, Monday Sept. 23, 2019. Overall, about 600,000 people were traveling with Thomas Cook as of Sunday, though it was unclear how many would be left stranded, as some regional subsidiaries were in talks with local authorities to continue operating. AP/AAP The company's failure rippled across the tourism industry, particularly around the Mediterranean, with travellers uncertain how they would get home, hotels worried they wouldn't get paid, guests afraid they wouldn't be allowed to check out without settling their bills, and resorts hit with cancellations. (news.financializer.com). As reported in the news.

index: Leaving cap-weighting aside, mid-cap stocks are often overlooked, despite good performance characteristics, according to Market Watch. Amy Zhang, who manages the Alger Small Cap Focus Fund AOFAX, -2.38% which has had an incredible performance run launched the Alger Mid-Cap Focus Fund AFOIX, -1.49% in June. We recently discussed the long-term outperformance of value stocks and equally weighted index funds two areas to consider if you wish to cut risk by diversifying beyond the S&P 500 Index SPX, -0.84%. The S&P 500 isn't as diversified as its name implies because the index's five largest companies Microsoft MSFT, -1.26%, Apple AAPL, -0.48%, Amazon AMZN, -2.45%, Alphabet GOOG, -1.24%GOOGL, -1.33% and Facebook FB, -2.97% make up 17% of the market value. In an interview at her office in New York, she said mid-cap stocks offered the best of both worlds, with quality close to large-cap stocks, while the group's growth is closer to small-cap. Crit Thomas, global market strategist at Touchstone Investments in Cincinnati, said in a phone interview that mid-cap stocks were under-represented in investors' portfolios as money continues to flow into large-cap index funds. She also discussed, below, three of the companies held by the Alger Mid-Cap Focus Fund. (news.financializer.com). As reported in the news.

industry veterans: This team includes Jim Hughes, Tim Rebhorn, Shawn Cumberland and Kellie Metcalf, according to The Independent. These four industry veterans have more than 110 years of combined experience in the power and renewable sectors, including more than 80 years of executive level experience. EnCap has hired a team of four industry experts to lead its Energy Transition efforts. The members of EnCap's Energy Transition team previously worked together as colleagues at one or more firms and bring complementary skill sets that include a combination of experience in project origination and development, M&A and finance, power trading and marketing, operations and administration. However, renewable energy sources are poised for rapid growth. Fossil fuels will continue to play an essential role in meeting global energy demand in the coming decades. (news.financializer.com). As reported in the news.

isn t: Labour productivity commonly measured as GDP per hour worked isn't just a concept for economists to obsess about, according to The Independent. If workers are more productive, firms can afford to pay them more. That's a rather more ominous announcement than it might sound. While UK productivity has risen substantially since at least the post-Second World War years, it has flatlined since the financial crisis. And the Bank of England chalks the problem up to one main culprit Brexit. The latest official data, covering the first three months of this year, shows that productivity in fact fell 0.2 per cent compared with a year earlier. (news.financializer.com). As reported in the news.

legislation mechanism: Now an example for the rest of developing countries, China is leaping toward becoming the largest economy, according to Global Times China. When the People's Republic of China PRC was founded in 1949, a period of political stability followed, ensuring the continuation of policies under a consistent legislation mechanism. Severely impacted by war during the first half of the 20th century, it rose to heights that no nation of that time could imagine. The framework of five-year plans often transcended from one government term to the next and each new set of legislators was bound to implement the projects outlined in the ongoing plan. The decision to open up the economy and transform it from agrarian to industrial faced daunting challenges. Unlike other parts of the world where politicians are mostly concerned about the upcoming elections, the agenda of successive Chinese governments largely remained long-term. (news.financializer.com). As reported in the news.

manufacturing: Chinese sovereign wealth fund China Investment Corp CIC and US financial giant Goldman Sachs have begun investing in US manufacturing through a multibillion-dollar fund the two created roughly two years ago, the fund's first investment, a Wall Street Journal article revealed on Friday, according to Global Times China. The investment, yet to be publicly announced by either side, apparently offers a path to rekindle the US manufacturing sector. Photo VCG Manufacturing, a weak spot in the US economy, could become a tailwind if the US sincerely takes a market economy approach to Chinese investment that's keen on capitalizing on the US manufacturing revival. As the WSJ article put it, the fund can serve as a stable source of long-term capital for US projects, citing CIC executives. In another compelling sign, American Factory, a documentary produced by former US president Barack Obama and his wife Michelle Obama for Netflix, debuted in late August and has drawn immense attention to a factory in the rust belt state of Ohio that had closed. The investment exemplifies market-based efforts to fund manufacturing and infrastructure projects in the US that in some cases only build castles in the air, factoring in discrepancies among the three branches of the US government and between federal and state governments. (news.financializer.com). As reported in the news.

fankhauser: All Thomas Cook bookings have been canceled, the UK Civil Aviation Authority tweeted, according to CNN. Peter Fankhauser, Thomas Cook's chief executive, apologized to customers, employees, suppliers and partners. The 178-year-old company said in a statement that its board concluded that it had no choice but to take steps to enter into compulsory liquidation with immediate effect after talks on a financial rescue failed. This marks a deeply sad day for the company which pioneered package holidays and made travel possible for millions of people around the world, Fankhauser said. I know that this outcome will be devastating to many people and cause a lot of anxiety stress and disruption, he added. Despite huge efforts over a number of months, and further intense negotiations in recent days, we have not been able to secure a deal to save our business. (news.financializer.com). As reported in the news.

gathering: They also are where a revived Chinese democracy movement is finding a home, according to MSNBC. Demonstrators, peacefully gathering singing songs of freedom and waving Hong Kong flags, are defying Beijing by packing into places like the Amoy Plaza megamall. Now they are hothouses for political protests overseas.by Markos Kounalakis September 23, 2019 5 00 AMPoliticsi Stock Donate Subscribe Share Tweet Print Email Globally, malls have become renewed public squares. For the past few years, it has seemed as though China's powerful economic engine with projections that it will soon overtake America propelled the Communist Party's message and made mainland China look like an unstoppable force. Thank the shopping mall. In the shadow of these regular mass protests, the People's Republic of China now seems like a powerful and towering Goliath facing down Hong Kong's David. (news.financializer.com). As reported in the news.

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