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

opponent gardner: It's an exciting win for us a very important game against a tough opponent, according to The Japan Times. Gardner won the series opener against the Rays on Thursday night with an 11th-inning home run. Gardner hit an RBI single with the bases loaded in the ninth inning, sending the AL East leaders over the Tampa Bay Rays 5-4 for their sixth straight win. ; Makes me feel good, Gardner said. That sparked a wild celebration at home plate, and Yankees rookie slugger Aaron Judge was accidentally hit by Gardner's helmet and lost half of his front left tooth. Chase Headley and Gary Sanchez hit long home runs for New York. A day after Judge went to the dentist for a fix, he steered clear this time, instead pouring Gatorade on Gardner and nimbly avoiding the happy group. (news.financializer.com). As reported in the news.

memory business: The notice would give Western Digital time to react to a sale in court or with an arbitration panel, according to The Japan Times. We are very pleased to have reached this mutually acceptable understanding which is effective for a very limited time and which recognizes Toshiba's right to negotiate and sign a definitive agreement for the sale of its memory business, Toshiba Corp. Toshiba and Western Digital agreed to an order recommended by a state court judge who asked the companies to collaborate on an agreement instead of dueling over an injunction requested by Western Digital. ; The agreement requires Toshiba to publicly announce the signing of any deal to sell the venture and provide Western Digital two weeks' notice before any such sale closes, according to Toshiba. Senior Executive Vice President Yasuo Naruke said in a release announcing the stipulated agreement. The agreement is to remain in effect until 60 days after an international arbitration panel has been created to consider the matter. Toshiba expected that such a deal would take months to consummate. (news.financializer.com). As reported in the news.

soup vats: That's their loss, as it serves some of the best ramen in town, according to The Japan Times. Hanabi is a classic labor-of-love story, opened some 12 years ago by a husband-and-wife team armed with a great recipe and bags of enthusiasm. Every day streams of visitors walk past this unprepossessing noodle joint without giving it a second look as they hike between the center of Kamakura and the Hase area and its famous Great Buddha. What with their two huge soup vats and other equipment, there is only room for an eight-seat kitchen counter, plus a small extension where all you see is the water filtering equipment. ; They make their basic ramen in the sh yu soy sauce style, but with two choices of soup a classic meaty version they call it mukashinagara old-fashioned made with chicken and pork; or the house-special Hanabi ramen, made with gyokai fish-based soup mixed in. They also offer a shio salt ramen, tsukemen dipping noodles and a gently spicy, summer-only hiyashi chilled version. This latter is favored by their regular customers, they say, perhaps reflecting their location close to the coast. (news.financializer.com). As reported in the news.

rate: The rate indicates that 151 positions were available for every 100 job seekers. ; In a fresh sign that labor is in short supply, the seasonally adjusted job-to-applicant ratio for regular workers stood at 1.01, rising above 1 for the first time since comparable data became available in 2004 and suggesting potential for future wage growth, according to The Japan Times. The jobless rate, meanwhile, fell to 2.8 percent in June from 3.1 percent the previous month, the Ministry of Internal Affairs and Communications said Friday. The seasonally adjusted job availability rate improved to 1.51 from 1.49 in May, marking the highest level since February 1974, according to the Ministry of Health, Labor and Welfare. Separate data also released Friday showed consumption is gradually picking up. These data provided more evidence that the economy remains on a moderate recovery path. Household spending marked the first year-on-year gain in 16 months, rising 2.3 percent to 268,802 2,420 in June, according to the ministry. (news.financializer.com). As reported in the news.

securities firm: On Thursday, the key market gauge rose 29.48 points. ; The Topix, including all first-section issues, finished down 5.62 points, or 0.35 percent, at 1,621.22, after gaining 5.96 points the previous day, according to The Japan Times. Both indexes fell for the first time in three sessions. The benchmark Nikkei 225 average lost 119.80 points, or 0.60 percent, to close at 19,959.84. The market was hit by profit-taking after the Nikkei average gained some 124 points in the past two days, brokers said. Some market players sold shares of some companies for funds to buy other issues, an official of a bank-affiliated securities firm said, indicating that they are apparently intending to invest in companies which are expected to release strong earnings. Companies which announced disappointing earnings came under selling pressure, they also said. (news.financializer.com). As reported in the news.

sentencing guidelines: He also fined him 10 million. ; When it comes to the stock market, Billy Walters is a cheater and a criminal and not a very clever one, Castel said, calling the crime amateurishly simple, according to The Japan Times. He noted Walters was a minor celebrity in Las Vegas with a private plane, a 17 million West Coast home and 175 million in earnings from 2011 to 2015. U.S. District Judge P. Kevin Castel rejected the recommendation of probation officials and a lawyer for William Billy Walters that he serve only a year in prison, but still imposed a sentence less than the minimum of eight years called for by federal sentencing guidelines. The judge said Walters looked to elevate himself when he befriended former Dallas-based Dean Foods Co. board chairman Thomas Davis, getting him to divulge secrets he then traded on. Money was a way of keeping score, Castel said. Castel said Walters was fixated on appearing to himself and others to be a winner. (news.financializer.com). As reported in the news.

plan: Men are willing to spend 82,723, up 680 from the previous year, while women plan to reduce spending to 80,029, down 6,596, the survey said, according to The Japan Times. This is the first time men's budgets have exceeded women's in the past 11 years, the report said. According to an online survey by Meiji Yasuda Life Insurance Co., many plan to spend the summer holidays at home due mainly to budget limitations. ; Spending is likely to come to an average of 81,380 this summer, down 2,952 from the previous year and down for the second year in a row. Asked how they plan to spend their vacation time, with multiple answers allowed, 74.6 percent said they would stay home, followed by 35.6 percent who said they will travel in Japan and 25.9 percent who said they will return to their hometowns to visit parents. Last year, 68.9 percent said the would stay home, 32.2 percent said they would travel in Japan, 28.1 percent said they would go to hometowns and 9.8 percent said they would go abroad. Only 10.5 percent said they would go abroad. (news.financializer.com). As reported in the news.

bank watchers: Now, the 66-year-old Ito's combination of academic expertise, policymaking experience and influence at the highest levels in the nation has him discussed among central bank watchers as among those with a chance to succeed Kuroda, or to become one of his deputies at the Bank of Japan should the governor make history by taking another term. ; As a member of a G-20 task force on global financial governance, Ito is also well-connected with economic leaders around the world, according to The Japan Times. His decades of work on both sides of the Pacific Ocean have seen him forge links with the biggest names in academic and policy circles. That was back in 1999, when Kuroda ran Japan's currency policy at the Finance Ministry and Ito was his deputy. Takatoshi Ito comes from the Ben Bernanke, Mario Draghi, Janet Yellen mold, said Lawrence Summers, former U.S. Treasury Secretary and Ito's classmate at Harvard University. He combines academic excellence with a steady, sober, central bankerly temper. He has a network of colleagues who respect him greatly all over the world. (news.financializer.com). As reported in the news.

fall session: Economic growth is important and making wages rise will be the key, according to The Japan Times. We will try to introduce policy measures that will lead to higher wages. While Abe has vowed that he won't take his eyes off the economy, some investors have expressed concern that his determination to rewrite the nation's pacifist Constitution could come at the expense of further efforts to restructure the labor market and spur business investment. ; We can make progress on constitutional changes in parallel with economic and foreign policies, Nishimura, 54, said in an interview on Wednesday. The ruling Liberal Democratic Party, not the prime minister alone, will take the lead in preparing its constitutional reform bill for the fall session of the Diet, while the Abe administration keeps its focus on the economy, Nishimura said. Changing the Constitution is a key objective of the party since its foundation, said Nishimura, a former vice economy minister who now sits on an LDP committee pushing for constitutional change. The balancing act will be different from 2015, when a contentious reinterpretation of the Constitution tied Abe and his key ministers to the parliament constantly, he said. (news.financializer.com). As reported in the news.

investors: Federal prosecutor Alixandra Smith spent nearly four hours painstakingly reviewing evidence presented at the month-long trial and walking jurors through testimony from investors in minute detail, according to The Japan Times. Shkreli declined to testify and his lawyers led by star defense attorney Ben Brafman, whose roster of famous clients include disgraced former IMF boss Dominique Strauss-Kahn called no witnesses. The 34-year-old, who hunched over in his chair and fiddled with his hair, risks being jailed for up to 20 years if convicted of lying to investors and running a Ponzi-like scheme across multiple firms. ; Shkreli allegedly stole 11 million in stock from his first pharmaceutical company, Retrophin, to pay off investors who lost money in two of his hedge funds. There's just really overwhelming evidence the defendant lied to investors, Smith, an assistant U.S. attorney, told the jury. Smith said the defendant lied to investors for years, chopping and changing his story depending on what he thought they wanted to hear. We have shown the defendant is guilty beyond a reasonable doubt on all eight of the crimes on which he has been charged, she finished. (news.financializer.com). As reported in the news.

market gauge: On Wednesday, the key market gauge rose 94.96 points. ; The Topix index of all first-section issues finished up 5.96 points, or 0.37 percent, at 1,626.84, after gaining 3.81 points the previous day, according to The Japan Times. The Nikkei got off to a weaker start, with investor sentiment battered by the yen's rise against the dollar traced to a fall in U.S. long-term interest rates following the U.S. Federal Reserve's two-day policy-setting Federal Open Market Committee meeting that ended Wednesday. The 225-issue Nikkei average climbed 29.48 points, or 0.15 percent, to close at 20,079.64. In a statement issued after the meeting, the Fed showed a somewhat cautious view on inflation in the United States, giving rise to expectations that the pace of additional interest rate hikes by the U.S. central bank will be moderate, brokers said. Buying outpaced selling as hopes for brisk earnings grew after Nintendo and other firms have released strong earnings, said Chihiro Ota, general manager for investment research and investor services at SMBC Nikko Securities Inc. The Nikkei, however, moved into positive territory later in the morning thanks to robust earnings results and estimates released by major Japanese companies, they said. (news.financializer.com). As reported in the news.

p index: On Tuesday, the key market gauge shed 20.47 points. ; The Topix index of all first-section issues finished up 3.81 points, or 0.24 percent, at 1,620.88, after losing 4.50 points the previous day, according to The Japan Times. Stocks got off to a firmer start after all three major U.S. stock indexes the 30-issue Dow Jones industrial average, the S&P 500 index and the tech-heavy Nasdaq composite index went up on Tuesday. The 225-issue Nikkei average climbed 94.96 points, or 0.48 percent, to close at 20,050.16. Investors also took heart from the yen's weakening against the dollar that followed the stronger-than-expected U.S. consumer confidence index for July, released by the Conference Board also on Tuesday, brokers said. The market's topside grew somewhat heavy as players who had bought stocks when the Nikkei average stood below 20,000 sold them to lock in profits after the key marker gauge retook the psychologically important line, said Yutaka Miura, senior technical analyst at Mizuho Securities Co. After the initial buying ran its course, however, stocks trimmed gains, as market players retreated to the sidelines to see the outcome of the U.S. Federal Reserve's two-day policy meeting through Wednesday, the brokers said. (news.financializer.com). As reported in the news.

shiga prefecture: As part of a push to do just that, the real estate developer announced the same day that, in cooperation with hotel operator Marriott International Inc., it will on Friday open new Marriott luxury hotels at five such resort destinations. ; The sites include the Lake Yamanaka area near Mount Fuji in Yamanashi Prefecture, the Izu hot spring resort in Shizuoka Prefecture, Lake Biwa in Shiga Prefecture, Nanki Shirahama beach in Wakayama Prefecture and the Karuizawa summer retreat and ski resort in Nagano Prefecture, according to The Japan Times. Date said opening global brand hotels in resource-rich but not as globally known prefectures will help attract more foreign tourists beyond already-popular staples such as Tokyo, Osaka and Kyoto. President Miwako Date said Wednesday. She said the company plans to invest 100 billion to open 10 more luxury hotels in Japan, including one in Okinawa, two in Nara, three in Tokyo and four others in rural resort areas by 2023. But more people are now aware of the attractiveness of Japan, so I think the future of the country's tourism industry will be bright for years to come. Many tourists used to came to Japan for shopping, but nowadays more people come to enjoy experiences in Japan, she told The Japan Times in an interview Wednesday. (news.financializer.com). As reported in the news.

didi chuxing: Uber's rivals are piling on a company in crisis, according to The Japan Times. While a series of scandals at Uber culminated in the ouster of Chief Executive Officer Travis Kalanick in June, its competitors in China, India, Brazil and Singapore have raised a total of about 9 billion to accelerate their expansions. Grab, the leading provider of ride-hailing services in Southeast Asia, said Monday it raised 2 billion from Soft Bank Group Corp. and China's Didi Chuxing and expects to receive another 500 million from new and existing backers. ; The money will help Grab, which already dominates the region, defend its turf against Uber in one of the San Francisco company's most important global markets after retreats from China and Russia. The money, primarily from Masayoshi Son's Soft Bank, jeopardizes Uber's push for global dominance and its 69 billion valuation. If Uber loses Southeast Asia, it will significantly curtail its value proposition as a global operation. This funding round is a great threat to Uber, said Zhou Xin, an internet consultant at Beijing-based Trustdata. (news.financializer.com). As reported in the news.

household income: Facilitating salary increases would boost household income, and for Abe, help convince an increasingly skeptical electorate that his economic policies are working for them, according to The Japan Times. The problem is, employers remain reluctant to boost pay despite record-low unemployment and bumper profits. ; Facing two days of questioning along with aides over allegations of cronyism, Abe on Monday signaled a renewed focus on the economy and the quest to raise wages. But instead of unleashing yet more stimulus, analysts say the prime minister needs to take a hammer to an old chestnut moribund wage growth. Failure on that front has left the Bank of Japan shouldering the burden with unprecedented stimulus and still years away from meeting its 2 percent inflation target. That will definitely help. Abe needs to focus on economic policy to win support back, said Akihiko Noda, senior principal researcher at Mizuho Research Institute. (news.financializer.com). As reported in the news.

policy meeting: On Monday, the key market gauge declined 124.08 points. ; The Topix, which covers all first-section issues, finished down 4.50 points, or 0.28 percent, at 1,617.07 after falling 8.42 points Monday, according to The Japan Times. Both indexes dropped for the third consecutive session. The Nikkei 225 average lost 20.47 points, or 0.10 percent, to close at 19,955.20. The Nikkei stayed in positive territory for most of the morning, intermittently rising above the 20,000 threshold. Investors retreated to the sidelines to confirm the result of the U.S. Federal Reserve's two-day policy meeting through Wednesday, brokers said. But after losing steam later to end the morning lower, the key index drifted mostly at levels below the previous day's closing in the afternoon. (news.financializer.com). As reported in the news.

investor sentiment: On Friday, the key market gauge fell 44.84 points. ; The Topix, including all first-section issues, closed down 8.42 points, or 0.52 percent, at 1,621.57, after falling 3.02 points the previous trading day, according to The Japan Times. Selling outpaced buying as the dollar traded on a weak note against the yen amid growing uncertainties over the administration of U.S. President Donald Trump, with the Nikkei losing about 200 points briefly in the morning session, brokers said. The benchmark Nikkei 225 average lost 124.08 points, or 0.62 percent, to close at 19,975.67. The yen's firmness battered export-oriented issues, helping push down the overall market in thin trading, they said. Investor sentiment was also battered by drops in U.S. and European shares on Friday, said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management Co.'s Economic Research Department. Concerns over the Trump administration grew on the back of the resignation of White House Press Secretary Sean Spicer. (news.financializer.com). As reported in the news.

washington-based institution: However, the growth forecast for the U.S. was lowered to 2.1 percent for both this and next year down from 2.3 percent and 2.5 percent, respectively reflecting a fiscal policy that is expected to be less expansionary than previously anticipated, according to The Japan Times. The IMF cited uncertainty about the timing and nature of U.S. fiscal policy changes, in reference to growing doubts about U.S. President Donald Trump's ability to promote his stimulus plans in coordination with Congress. In an update Sunday to the IMF's World Economic Outlook published in April, the Washington-based institution revised its forecast for Japan's growth to 1.3 percent, 0.1 percentage point higher, buoyed by first-quarter growth propelled by personal spending, investment and exports. ; The 2017 growth projection for China was revised upward 0.1 point to 6.7 percent and that for five Association of Southeast Asian Nations members Indonesia, Malaysia, the Philippines, Thailand and Vietnam was raised 0.1 point to 5.1 percent. The envisaged stimulus includes a planned overhaul of the nation's tax system, which features a cut in the corporate tax rate to 15 percent from 35 percent, and Trump's promised 1 trillion infrastructure spending. There is now no question mark over the world economy's gain in momentum, Obstfeld said. Despite the downward revision to the U.S. economy, IMF chief economist Maurice Obstfeld hailed the steady growth in the world economy, saying the projected global growth rates for 2017 and 2018 are an improvement from 3.2 percent in 2016. (news.financializer.com). As reported in the news.

dictator venezuela: The administration aims to pressure socialist President Nicolas Maduro into aborting plans for a controversial new congress that critics say will cement him as a dictator, according to The Japan Times. Venezuela's oil-based economy is in the grip of a brutal recession and a local currency crash, and Maduro has faced months of anti-government unrest that has claimed the lives of about 100 people. The move could severely restrict the OPEC nation's crude exports and starve its socialist government of hard currency. ; Sanctions prohibiting any transaction in U.S. currency by Venezuela's state-run oil firm, PDVSA, are among the toughest of various oil-related measures under discussion at the White House, the two sources said. Sanctions on dollar transactions would make it even harder for Maduro's government to secure cash for debt payments and finance imports of basic goods. The opposition coalition which organized a 24-hour shutdown last week that was heeded by millions and paralyzed large swaths of the South American nation said the next strike will be Wednesday and Thursday. Venezuela's opposition called a two-day national strike against Maduro after another day of violent clashes Saturday, where the injured included a violinist famous for his musical protests. (news.financializer.com). As reported in the news.

diesel automobiles: This of course also applies to diesel automobiles, according to The Japan Times. This is confirmed by the relevant results from tests by national and international authorities. As revelations about polluting exhaust continue to buffet Germany's all-important auto sector, the Munich-based giant sought to distance itself from what it called the scandalization of diesel motors. ; The fact is that automobiles from the BMW group are not manipulated and comply with the relevant legal requirements, the company said in a statement. Der Spiegel magazine had reported Friday that German carmakers Volkswagen, Audi, Porsche, BMW and Daimler had secretly worked together from the 1990s onward on issues including polluting emissions from diesel vehicles. According to the report, carmakers held innumerable meetings from 2006 onward about diesel exhaust processing systems designed to reduce emissions of harmful nitrogen oxides NOx . Carmakers agreed to install only small tanks of a treatment solution, AdBlue, used to convert the gases into harmless water and nitrogen, as larger tanks would have been more expensive. Volkswagen, which is facing tens of billions of dollars in compensation and fines after admitting in 2015 to cheating on diesel emissions, had reported the cartel to German competition authorities in a letter seen by the weekly, as did Mercedes-Benz maker Daimler. (news.financializer.com). As reported in the news.

team sky: Only the largely ceremonial stage into Paris on the Champs-Elysees on Sunday stands between Froome and his fourth triumph in five years, according to The Japan Times. It's just an amazing feeling, Froome said. Froome, the last rider to set off from the Stade Velodrome, finished third in the 22.5-km stage won by Maciej Bodnar, and increased his overall lead. ; Colombian rider Rigoberto Uran moved to second place in the general classification, 54 seconds behind Froome, after Frenchman Romain Bardet cracked and dropped to third overall. It was so close coming into this TT. This was my closest Tour de France, the most hard-fought between the riders on GC. I didn't think it would come down to this TT in Marseille. The British rider from Team Sky also won cycling's biggest race in 2013, 2015 and 2016. There was a bit of pressure but, for me, it's always a good thing having pressure. (news.financializer.com). As reported in the news.

governance mechanism: Management at businesses across Japan need to learn from these cases so as not to repeat the same mistakes, according to The Japan Times. The administration of Prime Minister Shinzo Abe has promoted corporate governance reforms as a key part of its growth strategy, hoping that improved governance would enhance companies' bottom lines and lure more foreign investors. But the examples set by the scandal-hit firms indicate that installing corporate governance mechanism alone don't prevent those problems from happening. The Tokyo Stock Exchange in 2015 introduced a corporate governance code that calls on listed firms to take a series of steps to enhance transparency and objectivity in management, such as by appointing at least two outside board directors and promoting information disclosure in English. More than 80 percent of firms on the TSE's first section are now said to have two or more independent outside directors. According to the TSE, nearly 20 percent of listed companies now follow all 73 principles required in the code, while 65 percent have implemented 90 percent of them. (news.financializer.com). As reported in the news.

job market: By some measures, young Japanese today face the best job market in a generation, with unemployment at a two-decade low of 2.8 percent, according to The Japan Times. Offers of coveted permanent positions are on the rise. That is thwarting the Bank of Japan's efforts to jolt the economy back to life. Yet last year only 6.9 percent of those in the 25-to-34 age group switched jobs. ; That's a problem for the BOJ as it tries to stoke inflation and growth with its unprecedented monetary stimulus. Low worker mobility and a strong preference for job security are two of the biggest obstacles to that happening in Japan, according the International Monetary Fund. After four years, the central bank is still waiting for the wage increases it says will fuel higher prices. (news.financializer.com). As reported in the news.

labor shortage: It may also push for advanced technology such as artificial intelligence, according to The Japan Times. It's one of the major limitations that the Japanese economy needs to overcome to realize sustainable growth, the white paper says, referring to the country's labor shortage. The economy looks to be in its third-longest expansion phase on record, but consumption remains weak because wage growth is tepid despite tight labor market conditions, according to the paper on the economy and finances for fiscal 2017. ; As productivity in Japan still remains lower than in other major developed economies, the government may consider promoting labor reform cutting long work hours and eliminating unjustifiable discrimination between regular and nonregular workers. At the same time, it could also create a big opportunity to boost productivity and break with deflation. But four years later beating deflation remains an unattainable goal, with the BOJ having pushed back the timing for hitting its 2 percent inflation target for the sixth time. Since taking office in late 2012, Prime Minister Shinzo Abe has been seeking to pull the Japanese economy out of chronic deflation using his Abenomics policy mix that includes bold monetary easing by the Bank of Japan. (news.financializer.com). As reported in the news.

market gauge: On Thursday, the key market gauge gained 123.73 points. ; The Topix, including all first-section issues, finished down 3.02 points, or 0.18 percent, at 1,629.99, according to The Japan Times. It rose 11.14 points the previous day. The benchmark Nikkei 225 average fell 44.84 points, or 0.22 percent, to end at 20,099.75. Selling outpaced buying, with investor sentiment battered by rekindled worries about the Trump administration, brokers said. The yen's strengthening against the dollar, triggered by such growing uncertainties, put a damper on the Tokyo stock market, brokers said. The concerns were sparked by news reports on Thursday that Robert Mueller, special prosecutor investigating possible ties between the Trump's campaign team and Russia during the presidential election last year, would expand the scope of the probe. (news.financializer.com). As reported in the news.

yuriko koike: Yuriko Koike said when asked if it could open in May, according to The Japan Times. I think it is physically possible, but in reality without the cooperation of wholesalers we cannot proceed with the plan, Koike told a news conference at City Hall. In another major decision, it also said the Metropolitan Expressway in Nihonbashi would be moved underground. ; The timing of the Tsukiji move may hinge on the businesses there, Tokyo Gov. She said the metropolitan government will speed up the enactment of an extra budget for additional pollution control measures and focus on speeding up procedures to move the market at the earliest possible date. At a separate meeting Friday, however, the metro government virtually retracted its earlier decision to reduce benzene and other toxic substances in the ground water at Toyosu to safe levels before the market reopens. In June, Koike announced that the market would be relocated as planned and that the existing facilities would be rebuilt and reopened after the 2020 Olympic Games. (news.financializer.com). As reported in the news.