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

bank accounts: The document, published on the Financial Services Agency's website, sparked angst after showing that a couple in their sixties may need as much as 20 million 186,000 on top of their public pension to cover living expenses. ; Governments around the world are grappling with how to sustain retirement systems as their populations age and interest rates plummet, according to The Japan Times. The problem is most acute in Japan, where people live longer than almost anywhere else and remain averse to investing more of their 17 trillion in financial assets, despite earning virtually zero interest in bank accounts. SBI Securities Co. and Monex Group Inc. have seen applications for defined contribution pension plans surge since the report was released in early June. Now, nervousness over the future of the pension system is prompting some to finally take action, providing an unexpected boon to local securities firms. The era of 100-year lifespans is approaching, and so people are becoming aware that they may have a retirement savings shortfall that they need to prepare for. The 20 million issue is a tailwind for us, said Ryugo Hashimoto, who heads the investment trust and fixed-income department at SBI Securities. (news.financializer.com). As reported in the news.

china: The vigorous domestic consumption market has also continuously attracted foreign enterprises, according to Global Times China. Global Times reporters recently conducted exclusive interviews with representatives from foreign-invested firms in the retail sector, sharing their insights into China's consumption changes. Having become a driving force in China's economic development, consumption is set to remain a major supporting pillar as the nation pursues high-quality development and meets people's demands to pursue a better life. Graphics GT With China's economic development taking great strides over the 70 years since 1949, Chinese people's pockets have been filled with more money to spend. Data from the National Bureau of Statistics NBS showed that Chinese disposable income per capita stood at 19,853 yuan 2790.80 compared with 88 yuan in 1956 and 151 yuan in 1978, when the nation began its reform and opening-up. Demand is no longer for physical products alone, but is now also for various services including catering, tourism and culture. (news.financializer.com). As reported in the news.

jim bianco: The country with the world's reserve currency has the highest policy rate out there in the developed world, Muir wrote, pointing to the chart above, according to Market Watch. If we look back over time, this has often coincided with market crises. But the typically bullish investor behind the Macro Tourist blog pointed to this chart from Jim Bianco at Bianco Research as the pressing reason he's dumping his long positions in U.S. equities and looking for opportunities on the short side Caption outside of wrapper for normal article images His main worry The U.S. is too tight for the world economy. He said the world should follow the U.S.'s lead and implement fiscal stimulus and stop relying on monetary madness. And with the Fed so tight relative to the rest of the world, eventually it causes problems. But our job is not to decide what should be, but calculate what is, he wrote. (news.financializer.com). As reported in the news.

earnings: This stark difference is one reason why Ed Clissold, Chief U.S. Strategist at Ned Davis Research said that earnings quality is among the lowest of the expansion and consistent with late cycle behavior by management teams, in a Wednesday research note, according to Market Watch. Ned Davis Research Caption outside of wrapper for normal article images There are several other reasons for concern Clissold wrote, including that in the second quarter of 2019, the gulf between earnings based on generally accepted accounting principles GAAP and what companies are reporting as operating earnings is the 8th widest on record. According to data from the Bureau of Economic Analysis, corporate profits, after adjusting for inventory valuation and capital consumption, remain 3.6% below their peak in the second quarter of 2014, while S&P 500 SPX, -0.24% earnings are on pace to rise nearly 40% between 2014 and the end of the year, according to Fact Set. The implication is that companies are pulling levers up and down the income statement to sustain earnings growth, he said. These purchases have fueled earnings-per-share growth, even as profits have been flat. Yet another reason why earnings-per-share and economy-wide corporate profits are diverging are corporate share repurchases, which he estimates have totaled 750 billion during the past four quarters. (news.financializer.com). As reported in the news.

donald trump: Key Points Pound crashes against dollar and euro as political uncertainty deepens Tobacco giants Philip Morris and Altria cancel 200bn mega-merger Wrightbus falls into administration, putting 1,400 jobs at risk Show latest update 2019-09-25T08 04 38.796Z Welcome to The Independent's live coverage of economics and business events around the world, according to The Independent. Asian markets have fallen as political problems mounted in the World's largest economy. Asian and European stock markets are also down after US Democrats called for in impeachment inquiry into Donald Trump, deepening the uncertainty facing America's economy. Democrats in the US House of Representatives moved closer to impeaching the president after speaker Nancy Pelosi vowed to move ahead expeditiously with proceedings. Around 80 new Argos outlets will open within Sainsbury's, while the chain will add 10 new supermarkets and around 11 new smaller stores. China's main index fell 1 per cent on Wednesday while Hong Kong's Hang Seng was down 1.3 per cent on the back of fears that ongoing political ructions could dampen any hopes of ending a damaging trade war between the US and China.ben.chapman25 September 2019 Sainsbury's to shut stores but open more Sainsbury's is to close 10 to 15 large supermarkets, 60 to 70 Argos stores and 30 to 40 convenience stores but open up new locations in a bid to cut costs. (news.financializer.com). As reported in the news.

group: The investment group bought the Japanese company in 2015 for about 50 billion, according to a report by the Nikkei newspaper at the time, according to The Japan Times. Investors have shown plenty of appetite for hot-spring assets as well as real-estate investment trusts that invest in such leisure facilities. The U.S. investor is seeking to sell the Oedo Onsen Monogatari group for more than 100 billion 932 million said the sources, who asked not to be identified because the information isn't public. ; Bain Capital is also considering an initial public offering for the hot-spring business, the people said. Soft Bank-owned Fortress Investment Group has already snapped up about 100 hot-spring establishments and hotels, and has indicated that it will spend as much as 400 billion on the sector over the next four years. A representative for Bain did not immediately respond to a request for comment. Nomura Holdings Inc. is advising Bain on the sale, according to the sources. (news.financializer.com). As reported in the news.

market participants: These bearish market participants say the relentless drop in U.S. Treasury yields this year did not reflect the economy's resilience to the global economic growth slowdown, according to Market Watch. The U.S. economic foundation is still intact. When investors come to realize forecasts for data to worsen are overdone, government bonds may sell off, according to some analysts. Underlying fundamentals suggest the U.S. economy is still running at a 2% pace, Lindsay Bernum, global macro analyst at Smith Capital Investors, told Market Watch. The economic surprise index calculates how much economic data has exceeded or fallen below analyst consensus estimates. The U.S. Citi Economic Surprise Index stood at a positive reading of 44.7 as of Sept. 23, around its highest reading since April 2018, from a reading of negative 68.3 in late June, Fact Set data shows. (news.financializer.com). As reported in the news.

aston martin: If it receives 1,400 orders for its new DBX model within nine months of the 150m, Aston Martin has the option to issue a further 100m of secured bonds paying the same rate, according to The Guardian. However, it could have to pay 15% if orders fall short. The luxury carmaker will pay 12% on the secured bonds until April 2022. Russ Mould, the investment director at the stockbroker AJ Bell, said the high interest rates were a major red flag that investors considered the car company to be a high-risk entity. Part of the debt is structured as a payment-in-kind note, which means the interest is not paid regularly but rolled up and paid at maturity. He said the 12% rate suggested Aston Martin needed the money and had been forced to bow to investors' demands. (news.financializer.com). As reported in the news.

uber: In an interview with CNN correspondent Christiane Amanpour, Khosrowshahi defended Uber's business model, which involves the company investing heavily in promotions to entice customers to its on-demand ride and meal-delivery offerings, according to Nine News Australia. Uber is blowing through billions of dollars, but CEO Dara Khosrowshahi is undeterred. To improve your experience update it here News National Uber loses billions in past three months By CNN5 52pm Sep 25, is blowing through billions of dollars, but CEO Dara Khosrowshahi is undeterred. AAP The model is absolutely sustainable, Khosrowshahi said. And anytime you have a business that has the kind of market size of trillions of dollars in terms of transportation and food and global commerce, it makes sense for a company to invest. The business, for example, is still growing 30-plus per cent on a global basis. (news.financializer.com). As reported in the news.

counsel: The opinions expressed in this commentary are his own, according to CNN. He served as senior associate counsel and special assistant to the president in the Office of White House Counsel during the Trump administration. (news.financializer.com). As reported in the news.

one-off costs: This may have boosted directors' bonuses as they were calculated based on annual earnings after the extra costs were stripped out, according to The Independent. Both accountancy watchdog the Financial Reporting Council FRC and Thomas Cook's auditors, EY, had urged the tour operator to overhaul its approach towards one-off costs. Experts suggested routine costs were recorded as 'exceptional' items. Consumer group Fairer Finance called for criminal charges to be brought if directors are found to have misrepresented the company's finances to boost their bonuses. Last night, the travel operator's directors were also facing an inquiry by MPs into their pay and conduct. The FRC became the latest body to consider launching an investigation. (news.financializer.com). As reported in the news.

parent company: The move is designed to salvage an initial public offering, which had been met with immediate scorn from public investors, according to The Japan Times. A litany of apparent conflicts of interest and Neumann's propensity to burn through capital were chief concerns. ; While our business has never been stronger, in recent weeks, the scrutiny directed toward me has become a significant distraction, Neumann said in a statement. Members of WeWork's board had been pressuring Neumann in recent days to resign and take a new role as nonexecutive chairman. I have decided that it is in the best interest of the company to step down as chief executive. WeWork's parent company, We Co., intends to push ahead with the IPO, but some people briefed on the deliberations said it's unlikely to take place next month as planned. Two senior WeWork executives, Sebastian Gunningham and Artie Minson, were appointed as co-CEOs. (news.financializer.com). As reported in the news.

sino-cambodian relationship: The move comes at a time when the local government is increasingly aware of the deleterious impacts of the chaotic gambling industry on economic development and public security, according to Global Times China. Hoping to take a shortcut to wealth, many people were allured to engage in the illegal online gambling industry in Sihanoukville in recent years. On August 18, Cambodian Prime Minister Hun Sen announced the ban on online gambling, which will shut down all related businesses by the end of 2019. Thus, many social problems like illegal gambling, extortion and online cheating are rife in the city, seriously impacting local stability and local people's lives. The Sino-Cambodian relationship has seen no substantial change, as both sides are trying to eliminate those that undermine the healthy development of their economies and societies. Yet, it should be noted that the Cambodian government's crackdown on online gambling is not specifically directed at the Chinese community, but aims to root out illegal economic activities and criminal offences. (news.financializer.com). As reported in the news.

species act: Economic, rather than science-based considerations, would also be used to determine whether federal authorities include new species and habitats on their list of protections, 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 proposed changes to the Endangered Species Act would remove blanket protections for animals whose status has recently been listed as threatened status and make it easier for some animals' protected status to be removed. You can form your own view. Subscribe now US Commerce Secretary Wilbur Ross said the changes fit within Mr Trump's mandate of easing the regulatory burden on the American public, without sacrificing our species' protection and recovery goals. From 15p 0.18 0.18 USD 0.27 a day, more exclusives, analysis and extras. (news.financializer.com). As reported in the news.

tariff exemption: He also stressed that the tariff exemption from the US indicates some positive signals for the upcoming bilateral trade talks in October, according to Global Times China. Chinese State Councilor and Foreign Minister Wang Yi said on Wednesday that China and the US have become the most important trading partners and investment countries, sharing deep ties in the supply chain and common interests. The move shows China's sincerity in promoting the development of trade consultations, an expert said. It is simply unreasonable and unrealistic for the two countries to decouple from each other. China announced its support for domestic companies to purchase a certain amount of pork and soybeans from the US in line with market principles and WTO rules. A US-China decoupling would mean decoupling from opportunities and the future, he commented. (news.financializer.com). As reported in the news.

europe: So while those with the condition in the US and Europe were getting lifesaving treatment, only a handful of the millions across Africa who needed it had access, according to The Guardian. Fast-forward to 2019, and campaigning has resulted in HIV treatment prices dropping from tens of thousands of pounds a year for each patient to about 50, and millions of people across the global south are alive today thanks to cheap, quality-assured generic medicines. In order to maintain their profits, the companies that had developed effective medicines fought hard to prevent the sale of affordable generics. But the problem at the heart of the current model of pharmaceutical innovation has not gone away. At the moment, innovation is incentivised by the profits drug companies can expect to make during the 20-year monopolies they are granted through patents on the medicines they develop. It is endangering the lives of patients in the UK and threatening the sustainability of health systems across the rich and poor worlds. (news.financializer.com). As reported in the news.

house officials: The whistle-blower, moreover, identified multiple White House officials as witnesses to potential presidential misconduct who could corroborate the complaint, the people said adding that the inspector general for the intelligence community, Michael Atkinson, interviewed witnesses, according to MSNBC. Mr. The intelligence officer who filed a whistle-blower complaint about President Trump's interactions with the leader of Ukraine raised alarms not only about what the two men said in a phone call, but also about how the White House handled records of the conversation, according to two people briefed on the complaint. Atkinson eventually concluded that there was reason to believe that the president may have illegally solicited a foreign campaign contribution and that his potential misconduct created a national security risk, according to a newly disclosed Justice Department memo. Atkinson identified, according to the Justice Department memo, was that Mr. The second concern Mr. (news.financializer.com). As reported in the news.

nikkei: It recovered some of those losses to trade 1% lower by early afternoon, still underperforming other major indexes in the region, according to CNN. Japan's Nikkei N225 fell 0.4%. South Korea's Kospi KOSPI dropped 0.7%. China's Shanghai Composite Index SHCOMP also lost 0.6%. President Trump lashed out at China's trade practice in a UN speech on Tuesday and said he won't accept a bad deal. Hong Kong's Hang Seng Index HSI briefly tumbled 1.4% to its lowest level in three weeks. 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. He said the United States should not try and change China and there will be endless troubles if the United States and China disengage, according to a statement by the Foreign Ministry. Read More Wang Yi, China's Foreign Minister, rejected the criticisms in a speech in New York. (news.financializer.com). As reported in the news.

protests: As part of the repression, the Egyptian government has added the BBC and the US-based Arabic language Alhurra news channel to 513 websites already blocked in Egypt, according to The Guardian. In addition, online messaging applications have been disrupted to thwart further protests. Sisi has just instigated a fresh massive crackdown on journalists following the outbreak of protests against corruption in Egypt. The Egyptian government has also sent advisory warnings to foreign reporters on how they must cover the protests. Johnson and Sisi held their bilateral meeting on the margins of the UN general assembly hours before the UK hosted a high-profile event designed to drive home its support for a campaign to develop new laws that will defend journalists' rights. Civil society groups, including the Egyptian Centre for Economic and Social Rights, said so far 1,003 people had been arrested including prominent academics. (news.financializer.com). As reported in the news.

watergate: Watergate was very much an attempt by Richard Nixon to undermine the democratic electoral process in the United States u2026 And something in the same thing seems to be happening here, where Biden, who Trump and his people said they fear the most in terms of being an opponent, has been an object of these perhaps dirty tricks and abuses of prosecutor Ben-Veniste went further, explaining that Trump u2019s potential impeachment isn u2019t just about the Ukraine scandal, but his broader actions during his tenure as think this is all cumulative to the idea that the president has espoused of soliciting help from foreign governments in connection with his own personal political needs, according to MSNBC. And to do this is a departure from the normative behavior of a president of the United States and it u2019s very dangerous. u201d r nDow and stock markets rattled r nThe Dow took an immediate hit on the news and struggled for traction in after-hours trading. Reports that the president withheld 400 million of aid poured fuel on the fire. r n r nSpeaking about the allegations, infamous Watergate reporter Carl Bernstein said r n u201cI keep getting asked, u2018Are there echoes of Watergate in this u2019 And there are in the following ways. Traders are worried that an impeachment inquiry could dampen the chances of a trade deal with China. u00a0 r n u201cIt certainly could hurt the economy if it pushes out China's willingness to negotiate on hopes that they'll get a softer deal from someone else u201d Stephen Guilfoyle, Sarge986 LLC. r nWhile the inquiry may act as a distraction, the real chances of impeachment are low. Clinton survived the Senate vote and Nixon resigned before it got that Trump, Dow Jones, Pelosi, name Dow Futures Slide as Trump u2019s 'Watergate' Moment Looms is a journalist with a decade of experience covering financial markets. Even if the proposal passes the House, impeachment requires a two-thirds majority in the Republican-controlled Senate. r n r nFor this reason, no president has ever been removed from office by impeachment. (news.financializer.com). As reported in the news.

backdating letters: The SEC also charged former board member Greg Kelly with aiding in the fraud, according to The Japan Times. The SEC said Ghosn, working with Kelly and other subordinates, devised ways to disguise large amounts of compensation to Ghosn. Ghosn will pay 1 million in fines to settle the matter without admitting wrongdoing, and will be barred from serving as a corporate executive for 10 years, the Securities and Exchange Commission said in a statement Monday. ; Nissan will pay a 15 million fine. These included entering into secret contracts, backdating letters to grant Ghosn interest in Nissan's long-term compensation plan and changing the calculation of Ghosn's pension to allow more than 50 million in additional benefits, the SEC said. Ghosn and Kelly went to great lengths to conceal this information from investors and the market. Investors are entitled to know how, and how much, a company compensates its top executives, said Stephanie Avakian, co-director of the SEC's Division of Enforcement. (news.financializer.com). As reported in the news.

benchmarks fare: How did the major benchmarks fare The Dow Jones Industrial Average DJIA, 0.61% fell 141.81 points, or 0.5%, to 26,806.18 while the benchmark S&P 500 index SPX, 0.62% declined 25.16 points, or 0.8%, at 2,966.62, according to Market Watch. The Nasdaq Composite index COMP, 1.05% retreated 118.84 points, or 1.5%, to 7,993.63. Equities extended their losses after U.S. House Speaker Nancy Pelosi, when asked about launching impeachment proceedings against the president, said she would make an announcement later Tuesday after meeting with Democratic Party leadership and House committee chairman. At session highs Tuesday morning, the Dow was up 129.69, or 0.4%, the S&P had risen 16.27 points, or 0.5% and the Nasdaq was up as many as 46.37 points, or 0.6% At session lows the Dow fell 245.03 points, or 0.9%, the S&P 34.04 points or 1.1% and the Nasdaq had lost 117.26 or 1.8%. What drove the market Equities turned sharply lower after it appeared the chances that the House of Representatives pursuing an impeachment inquiry against President Trump were on the rise. Subsequent reports indicated that the Speaker will announce her support for a formal inquiry Tuesday after the market close. When asked about impeachment, Pelosi told NBC news, Later today I will make an announcement after I meet with my chairmen, my leadership and my caucus. (news.financializer.com). As reported in the news.

english menus: He wanted to try all the food Japan had to offer but was struggling to find restaurants in his neighborhood with English menus. ; Then he found one that did, just across the street from where he lived, according to The Japan Times. It was called Coco Ichibanya, a restaurant chain with more than 1,200 outlets across Japan that serves what's called curry rice, a thick brown curry sauce often including meat and vegetables that's poured over a bed of sticky rice. It was 2015, and New Delhi native Robin Srivastava had started a two-year temporary transfer to Tokyo in the mineral and metal resources division of the giant conglomerate Mitsui & Co. While completely different from the curries of his homeland, the Japanese version impressed Srivastava so much that when he returned home and submitted a report on his training, he suggested that Mitsui try to bring the chain to India. The two companies announced in July that they had formed a joint venture targeting the country, aiming to open their first outlet in the New Delhi area sometime next year. Mitsui and later the restaurant operator, Ichibanya Co. liked the idea. (news.financializer.com). As reported in the news.

grassroots campaign: The follow-up media coverage, a weighty mix of mostly outrage and exasperation, shows how effective it has been in diverting attention, according to The Independent. Labour delegates vote for plan that would abolish private schools Read more Driven by a grassroots campaign headed by Labour Against Private Schools Laps using the hashtag abolisheton, the question now is whether Labour would be able, or even want, to deliver on such a radical policy. Delegates at the party's annual conference in Brighton on Sunday voted to abolish fee-paying schools and redistribute their assets democratically and fairly for the benefit of all children. Angela Rayner, the shadow education secretary, has thrown just about everything she can at the independent school sector, apart from the kitchen sink. But such a jumbled cocktail of measures may mean Laps finds itself the victim of its own success. She is promising the abolition of charitable status, public subsidies and tax privileges, a 7% cap on university admissions from private schools, and the redistribution of their endowments, properties or investments. (news.financializer.com). As reported in the news.

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.