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

africa belarus: The proximity alone underlines Syrian President Bashar Assad's increasingly confident position following significant military gains on the ground in the past year. ; According to state-run media, participants from 43 countries are taking part in the fair, which is expected to last for 10 days and promises to attract investors mainly from allies like Russia, China and Iran, according to The Japan Times. Egypt, South Africa and Belarus are also taking part, and organizers say companies from Britain, France and Germany are participating, apparently in a private capacity. The fair is being held in an area few kilometers miles away from the rebel-held eastern suburbs of Damascus. The Damascus International Fair used to be a high-profile annual event, attracting major investors before the war erupted. Hundreds of attendees seated on a red carpet below a stage stacked with fluttering flags of participating counties stood in a minute of silence for those who died in the war. It's reopening is a telling indicator of the mood in the Syrian capital. (news.financializer.com). As reported in the news.

taguig city: Projects endorsed by his office will be approved within 30 days under an order recently signed by Duterte, instead of the months or even years it had taken proponents in the past, he said. ; There's a lot of expressions of interest to invest in the Philippines, and we're going to make it easy for investors, Cusi said in an interview Wednesday in Taguig City, according to The Japan Times. We are open to all parties, all countries. The Southeast Asian nation has held discussions with China, Japan, Russia and other countries about helping it boost generation capacity by 43 gigawatts in the coming decades to stabilize its power supply as the economy expands, according to Energy Secretary Alfonso Cusi. In all the trips we had, we made the sales pitch. Japan has either sponsored or financed 21 projects with a combined value of 23.7 billion that are currently under construction or planned in Southeast Asia, while China has backed 21 projects worth 32.8 billion, according to BMI Research. The world's two biggest economies after the U.S. have poured billions into the region's energy development. (news.financializer.com). As reported in the news.

wall street: On Thursday, the key market gauge lost 26.65 points. ; The Topix, including all first-section issues, closed down 17.46 points, or 1.08 percent, at 1,597.36, after shedding 1.18 points the previous day, according to The Japan Times. The Tokyo market met with heavy selling after Wall Street fell sharply on Thursday on rumors that U.S. National Economic Council Director Gary Cohn, Trump's top economic adviser, would resign, brokers said. The Nikkei 225 average fell 232.22 points, or 1.18 percent, to 19,470.41, its lowest finish since May 2. A terror attack that struck Barcelona, Spain, on Thursday also put a damper on investor sentiment in both the United States and Japan, they said. Political uncertainties in the United States and the Barcelona attack prompted selling to lock in profits, said Hideyuki Ishiguro, senior strategist at Daiwa Securities Co. Tokyo stocks came under selling pressure due to the yen's strengthening against the dollar amid a risk-averse mood, an official of a bank-linked securities firm said. (news.financializer.com). As reported in the news.

world view: The former Breitbart News executive who works steps from President Donald Trump in the West Wing told The American Prospect that the economic war with China is everything. ; For decades, American economists, military strategists and policymakers of all stripes have wrestled with how the United States and China, the world's biggest and soon-to-be biggest economies, manage differences on trade and security, according to The Japan Times. But no one in a position of power has adopted a strategy that entails the almost messianic zeal of Bannon's world view. In an interview reflecting on some of his big-thinking projects, Bannon said the country should be maniacally focused on a confrontation with Beijing over who will be the global hegemon of the next 25 to 30 years. For good reason, according to advocates of more measured approaches to dealing with China, who argue that an economic war would hurt everyone. He said Bannon's position is built around the idea that the United States is the biggest market in the world and everybody has to kowtow to us. Steve Bannon's view is too simplistic and arrogant, Seattle trade attorney William Perry declared, saying such talk could get the U.S. in big trouble. (news.financializer.com). As reported in the news.

market gauge: On Wednesday, the key market gauge lost 24.03 points. ; The Topix index of all first-section issues closed down 1.18 points, or 0.07 percent, at 1,614.82, after shedding 0.21 point the previous day, according to The Japan Times. Investor sentiment was battered by the yen's rise after the minutes of the U.S. Federal Reserve's July policy meeting, released on Wednesday, signaled that interest rate hikes would proceed at a slower pace. The 225-issue Nikkei average shed 26.65 points, or 0.14 percent, to end at 19,702.63. But individual players actively bought small- and mid-cap issues, supporting the market's downside, brokers said. Along with the Fed's dovish minutes, Ota indicated that growing uncertainties over the administration of U.S. President Donald Trump put a damper on sentiment. Some institutional investors refrained from purchasing stocks actively because the external environment deteriorated, said Chihiro Ota, general manager for investment research and investor services at SMBC Nikko Securities Inc. (news.financializer.com). As reported in the news.

responsibility authority: Hagerty, a private equity investor, is assuming his new role at a time when the security alliance between the two nations is considered especially crucial as North Korea's frequent missile tests roil regional tensions, according to The Japan Times. Last week, North Korea's state media said the country is developing a plan to test-fire intermediate ballistic missiles into seas near Guam, a plan it eventually shelved after an exchange of fiery rhetoric between Pyongyang and Washington. I expect to see us strengthening our position in the face of the increasing threat here in this region, and I also expect to see further involvement of Japan and further responsibility and authority of Japan, he said, speaking to reporters after arriving at Narita airport near Tokyo in late afternoon. ; Our partnership with Japan is ironclad and our ability to defend ourselves becomes even stronger as we work more closely together, he said. Asked about the current situation, Hagerty said all options are on the table. We await that, we look forward to that, and I expect that that would come. I don't see any options being taken off the table by the United States, and I see the pressure by the international community mounting even greater against this regime until they begin to dial back their rhetoric, and their dialogue becomes something much more reasonable, he said. (news.financializer.com). As reported in the news.

anniversary iphone: The new top-of-the-line Nokia sports a dual-sight video feature, which enables simultaneous live-streaming on social media networks from both front and rear cameras on a split screen, according to The Japan Times. It has licensed lens technology from camera maker Zeiss. The Android device, due out in September, will potentially beat rivals on price but will still face fierce competition, with Apple's highly anticipated 10th anniversary iPhone also expected next month and Samsung's Galaxy Note 8 set to hit the market next week. ; With a suggested price tag of around 599 703 the Nokia 8 undercuts Apple, which typically offers a stripped down version of its latest phones for a similar price but charges hundreds of euros more for memory and key features. It is the most high-end phone so far from HMD, which was set up late last year and made a splash in May when it revived Nokia's classic 3310 feature handset in new brightly colored versions. This is especially meant for millennial creators, people who want to share what's happening every day, HMD's chief marketing officer, Pekka Rantala, said. Other features of the Nokia 8, which will also compete with Huawei's recently launched P10, include surround-sound audio technology made for Nokia's own virtual reality camera OZO for Hollywood professionals. (news.financializer.com). As reported in the news.

japanese stocks: If they ignore him, he goes hostile, according to The Japan Times. He's fought several public campaigns over the past two years, with mixed success. ; There's nothing strange about Hosomizu's brand of activism, but it's rare for a big U.S. money manager to focus on Japanese stocks that are so small they're barely noticed by analysts. Masakazu Hosomizu, who works for the 890 billion 8.1 billion RMB Capital Management, urges small and microcap stocks with big cash holdings to improve how they use capital and run their businesses. While that's partly due to Hosomizu's unusual past, it's also another sign of how Abe's rewritten rules for companies and investors have encouraged shareholders to work more closely with executives. We think it's different this time. We are very bullish on the corporate governance changes, Hosomizu, 42, said in an interview. (news.financializer.com). As reported in the news.

kayabacho station: The development is part of an effort to support the metropolitan government's initiative to turn Tokyo into a global financial center, the company said Tuesday. ; According to Heiwa, the building with 15 stories above ground and two underground will be built on a 3,350 sq.-meter site adjacent to Kayabacho Station on Tokyo Metro Co.'s Tozai Line jointly with landowners Yamatane Real Estate Co. and Chibagin Securities Co, according to The Japan Times. The building will have a total floor space of about 38,000 sq. meters, large enough for companies to hold shareholders meetings and set up facilities to enhance communication with investors, it said. The realtor, which owns the TSE building, will begin construction by March next year, aiming to complete the project two years later. (news.financializer.com). As reported in the news.

manufacturing activity: On Tuesday, the key market gauge jumped 216.21 points. ; The Topix index of all first-section issues closed down 0.21 point, or 0.01 percent, at 1,616.00, after gaining 17.15 points the previous day, according to The Japan Times. Stocks were caught in a tug of war between buying thanks to the yen's weakening against the dollar and selling on concerns over geopolitical tensions over North Korea, brokers said. The 225-issue Nikkei average shed 24.03 points, or 0.12 percent, to end at 19,729.28. The yen's depreciation reflected stronger-than-expected readings on U.S. retail sales and New York's manufacturing activity, they said. The Tokyo stock market will be in a lull until the U.S.-South Korea joint military drill takes place, an official of a bank-affiliated securities firm said. Active buying of stocks was, however, held in check prior to a joint military exercise between the United States and South Korea set to begin on Monday, they said. (news.financializer.com). As reported in the news.

american investors: We will combat the counterfeiting and piracy that destroys American jobs, Trump said, according to The Japan Times. We will safeguard the copyrights, patents, trademarks, trade secrets and other intellectual property that is so vital to our security and to our prosperity. Trump signed a memorandum directing U.S. Trade Representative Robert Lighthizer to determine whether Chinese policies hurt American investors or companies with retaliatory measures a possible outcome. ; We will stand up to any country that unlawfully forces American companies to transfer their valuable technology as a condition of market access. Washington will turn a blind eye no longer, Trump insisted. We will engage in a thorough investigation and, if needed, take action to preserve the future of U.S. industry, Lighthizer said. Trump said the U.S. would no longer tolerate Beijing's theft of U.S. industrial secrets, long a concern of major foreign corporations seeking a share of the huge Chinese market. (news.financializer.com). As reported in the news.

european union: The three-day trip is set to begin on Aug. 30, according to The Japan Times. Japanese companies including carmaker Nissan and conglomerate Hitachi have invested more than 40 billion 52 billion in Britain, and employ a total of 140,000 people in the country. May will lead a business delegation drawn from a range of different sectors on the trip, which comes as her government looks to strengthen its relationship with key international investors ahead of Britain's exit from the European Union. ; The delegation will showcase the strength of British business, the shared confidence in the U.K.-Japan economic relationship as we leave the EU, and the potential for future growth, a spokesman from May's office said. May's office did not give details of which businesses would be traveling to Japan. Since voting to leave the EU last June, Britain has trumpeted decisions by Japanese carmakers Nissan and Toyota to continue production in the country as a sign that Brexit will not scare off international investors. May will also meet Emperor Akihito, the spokesman said. (news.financializer.com). As reported in the news.

investor worries: On Monday, the key market gauge had plunged 192.64 points. ; The Topix index of all first-section issues finished 17.15 points, or 1.07 percent, higher at 1,616.21, after falling 18.19 points the previous day, according to The Japan Times. A wide range of issues attracted buying on dips, brokers said. The Nikkei 225 average jumped 216.21 points, or 1.11 percent, to end at 19,753.31. Investors took heart from a slide in the yen against the dollar, and an overnight rise in U.S. and European equities, after a spate of news reports helped ease investor worries over North Korea, brokers said. Sentiment also improved on the back of a joint op-ed by U.S. Defense Secretary Jim Mattis and Secretary of State Rex Tillerson that stated the significance of pressing North Korea with diplomatic measures, brokers said. The dollar rose above 110 following news that North Korean leader Kim Jong Un will watch U.S. actions for a while before making a decision on whether to fire ballistic missiles into the waters near Guam. (news.financializer.com). As reported in the news.

japanese investment: Japan hopes the efforts pave the way toward settling the decades-old territorial dispute, while Russia hopes to attract Japanese investment, according to The Japan Times. However, as the two sides remain far apart in their stances on sovereignty over the islands, they would need to work out how to conduct joint projects in a way that does not raise judicial problems. The countries will hold a vice foreign ministerial meeting Thursday in Moscow to discuss possible joint projects before the nations' leaders meet in Vladivostok in early September. ; Prime Minister Shinzo Abe and Russian President Vladimir Putin agreed in December 2016 to collaborate on economic projects on the islands. A group of Japanese government officials and experts from the public and private sectors visited the islands in late June to study possible areas of cooperation, including tourism. The disputed islands have an ecosystem similar to the neighboring Shiretoko Peninsula of Hokkaido, a scenic UNESCO World Natural Heritage site. I saw its potential as a tourism resource, Eiichi Hasegawa, a special adviser to Abe, told reporters at the time. (news.financializer.com). As reported in the news.

benchmark nikkei: On Thursday, the key market gauge lost 8.97 points, according to The Japan Times. The TSE was closed on Friday due to a national holiday. ; The Topix, including all first-section issues, ended down 18.19 points, or 1.12 percent, at 1,599.06, after falling 0.65 point the previous trading day. The benchmark Nikkei 225 average plunged 192.64 points, or 0.98 percent, to 19,537.10, its lowest finish since May 2. The dollar fell below 110 as tensions between the United States and North Korea remained high, brokers said. The Tokyo market tested its downside amid a risk-averse mood, said Chihiro Ota, general manager for investment research and investor services at SMBC Nikko Securities Inc. The yen's appreciation against the dollar, also prompted by weaker-than-expected U.S. consumer price data released on Friday, triggered a wave of selling of stocks, they said. (news.financializer.com). As reported in the news.

consumer sentiment: It's an encouraging sign of strengthening domestic demand. ; Sales of durable goods, ranging from cars to electronic appliances, have been picking up, while consumer sentiment has been aided by stabilizing prices for fresh food, according to The Japan Times. Still, many economists have yet to conclude whether strengthening private consumption is transitory or is set to continue and pave the way for a period of growth powered by increasing domestic demand in which both consumers and companies step up spending. Private consumption, accounting for nearly 60 percent of Japan's economy, rose 0.9 percent in the April-June period in real terms following five quarters of modest growth at between 0.1 percent and 0.4 percent. I can't say private consumption will enter negative territory in the country's GDP data but for now I can't think of good reasons why the pace should continue to pick up, said Toru Suehiro, senior market economist at Mizuho Securities Co. But consumption has been given a boost this summer, as some retailers appear to be reaping the benefits of the scorching heat. Sluggish consumption has been a headache for policymakers and economists, complicating efforts by Prime Minister Shinzo Abe and the Bank of Japan to lift the economy out of years of deflation. (news.financializer.com). As reported in the news.

increase: Annualized GDP for the previous quarter was revised to a 1.5 percent increase, while quarterly real inflation adjusted GDP was revised up to 0.4 percent growth from a 0.3 percent increase, according to The Japan Times. Economic growth is expected to continue in coming quarters, offering the Bank of Japan the hope that a tight labor market is finally starting to boost consumer spending, which in turn makes it easier to generate sustained inflation. Gross domestic product expanded an annualized 4.0 percent in April-June, government data showed, more than the median estimate for 2.5 percent annualized growth and the biggest increase since the three-month period ended March 2015. ; Compared with the previous quarter, the economy expanded 1.0 percent, versus the median estimate for 0.6 percent growth. The engines of consumer spending and capital expenditure both fired well in the second quarter, and that's why domestic demand was so strong, said Hidenobu Tokuda, senior economist at Mizuho Research Institute. This is a positive development for inflation. The pace of growth may moderate slightly, but we are still in recovery mode. (news.financializer.com). As reported in the news.

washington: U.S. Trade Representative Robert Lighthizer will have a year to look into whether to launch a formal investigation of China's trade policies on intellectual property, which the White House and U.S. industry lobby groups say are harming U.S. businesses and jobs, according to The Japan Times. Trump dubbed the inquiry a very big move and experts on China trade policy said the long lead time could allow Beijing to discuss some of the issues raised by Washington without being seen to cave to pressure under the threat of reprisals. Trump broke from his 17-day vacation in New Jersey to sign the memo in Washington at a time of heightened tensions between Washington and Beijing over North Korea's nuclear ambitions. ; The investigation is likely to cast a shadow over relations with China, the largest U.S. trading partner, just as Trump is asking Beijing to step up pressure against Pyongyang. China repeatedly rebuffed attempts by previous U.S. administrations to take action. Trump administration officials have estimated that theft of intellectual property by China could be as high as 600 billion. I'm sure they will formally reject this if an investigation is launched and there is an implication this is going to require negotiation to resolve it, said Matthew Goodman, a senior adviser for Asian economics at the Washington-based Center for Strategic and International Studies. (news.financializer.com). As reported in the news.

deaths: Hospital officials deny lack of oxygen caused the deaths, saying alternative supplies were found, and instead blamed many of the deaths on encephalitis and unspecified issues related to delivery of the infants, according to The Japan Times. On Sunday, J.P. Nadda, health minister in Prime Minister Narendra Modi's Cabinet, visited the hospital in the town of Gorakhpur, 800 km about 500 miles east of New Delhi, accompanied by the state's chief minister, Yogi Adityanath. The government of Uttar Pradesh state, run by India's ruling Bharatiya Janata Party BJP suspended Rajeev Misra, the head of the state-run Baba Raghav Das medical college, late Saturday and ordered an investigation. ; Indian media have said the deaths of 60 children, 34 infants among them, were caused in part by oxygen shortages after a private supplier cut the supply over unpaid bills. After the visit, the chief minister urged patience until the investigation is complete. Those found guilty will not be spared. We will know whether it was because of an oxygen shortage or due to a lack of proper treatment, Adityanath told reporters. (news.financializer.com). As reported in the news.

economy: Three firms expected a slowdown ; The upbeat sentiment comes as amid continued moderate growth since 2012, according to The Japan Times. The International Monetary Fund projects Japan's nominal gross domestic product to reach 546.24 trillion 5 trillion up from 494.96 trillion five years ago. Of the 108 companies surveyed by Kyodo News in the second half of July, including Toyota Motor Corp. and Sony Corp., 76, or 70 percent, said the economy is likely to have expanded or expanded moderately by the end of the year, while 26 said they expect it to remain flat. But concerns remain that heightened tensions over North Korea's nuclear and missile programs could be a drag on stocks and lead to the yen's appreciation, affecting the real economy. The top reason for expecting growth this year was a recovery in capital investment, which was cited by 49 firms. In real terms, the IMF forecasts 1.3 percent growth this year, revised upward from its April estimate of 1.2 percent. (news.financializer.com). As reported in the news.

foreign-currency salesman: He and 18 others from branches in the U.S. and U.K. went to Tokyo for three weeks of training last month, marking the end of their two-year induction. ; They're very dedicated to seeing us grow and to bridging the gap across the cultures, said Mitola, 25, a foreign-currency salesman at MUFG's New York branch, according to The Japan Times. They really want to make this a global bank. Now the New Jersey native is among the first to join Japan's biggest lender under an overseas graduate hiring program it introduced to secure talent from abroad. Over the past decade, MUFG and Japan's two other mega-banks have in total spent more than 54 billion on acquisitions abroad as they seek shelter from a brutal banking market at home. Behind the graduate program, however, lies the realization that truly going global requires more than just spending money it also hinges on changing the bank's culture. MUFG, which owns more than a fifth of Morgan Stanley, this month said it has as much as 9 billion earmarked for buying asset management firms around the world. (news.financializer.com). As reported in the news.

rock roll: The monument, erected in 2008 with donations from politicians, businessmen and artists, marks the site where Mongolians gathered to talk about banned Western pop music and soon became a quirky tourist attraction, according to The Japan Times. The music of the Beatles, ABBA and other Western pop groups helped launch the Rock and Roll Communist Revolution that inspired a generation to fight for Mongolian democracy 30 years ago. Residents are protesting against plans to build commercial properties in an area known as Beatles Square, where a bronze bas-relief monument to the Fab Four commemorates the former Soviet satellite's transition to democracy in 1990. ; For a long time there were stories about construction on the land, but nobody wanted to believe it, said Tsoggerel Uyanga, a community organizer and senior partner at research group MAD Investment Solutions. The protests began after an Aug. 2 announcement that construction work will start, with residents calling the project a land grab and expressing fears the Beatles statue could be moved or even demolished. A lawyer for Mongolia's National Construction Association said there are no plans to remove the Beatles statue, however. Authorities have defended the development as part of a car-free street project to build an underground shopping complex complete with street gardens. (news.financializer.com). As reported in the news.

industry leaders: In recent weeks, his office has taken steps to secure DIUx's place in the agency, including granting it greater authority to hire staff, negotiate contracts and promote its efforts, according to The Japan Times. Big admirer of what they do out there, about the way they germinate ideas, the way they harvest ideas, from one breakthrough, rapidly, to another, Mattis said before meeting with staff and local industry leaders at DIUx's office in Mountain View, California, the hometown of Google. Secretary of Defense James Mattis made his first visit Thursday to the Defense Innovation Unit Experimental DIUx a 2-year-old effort that is investing in private companies building experimental drones, new cybersecurity technology and advanced communications systems for soldiers. ; Mattis said he expects the initiative, known as DIUx, will grow in its influence and its impact under the Republican administration. The program also has offices in Cambridge; Austin, Texas; and at the Pentagon. U.S. Rep. But DIUx continues to face questions from Republican leaders in Congress and others who view it as a still-unproven and possibly unnecessary venture. (news.financializer.com). As reported in the news.

finance bureau: Although auditor Pricewaterhouse Coopers Aarata LLC signed off on the report, it also issued an adverse opinion on Toshiba's internal controls and suggested the 652 billion loss related to Westinghouse, which Toshiba posted in the 2016 business year, ought to have been posted in 2015, according to The Japan Times. Toshiba tried to put a positive spin on the filing, saying that making the deadline was a step forward. But other delisting scenarios still loom for the Tokyo-based conglomerate, which must eliminate its massive negative net worth by end of March. ; Normally, companies with an April-March business year must file their annual reports with the Kanto Local Finance Bureau by June 30, but Toshiba postponed submission because its auditor needed more time to scrutinize figures related to Toshiba's troubled U.S. nuclear unit Westinghouse Electric Co. I think one of our management issues has been solved, Toshiba President Satoshi Tsunakawa said at a news conference at Toshiba headquarters in Tokyo. Westinghouse has been off of our consolidated accounts, so we don't have that problem anymore, he said. Asked whether Toshiba's internal controls were really working, Tsunakawa said the only issue identified by the auditor was related to the U.S. nuclear unit. (news.financializer.com). As reported in the news.

language culture: Traditional clothes are quite expensive, but for my own kids I can only buy whatever I can get, she said, according to The Japan Times. Jisi belongs to the isolated Yi ethnic community. Instead, it's a time of stress. ; In my heart I always get worried when the torch festival comes along, said Jisi, 37, who supports a family of two grandparents and four children. They have a distinct language and culture, and are among the poorest in China. Average incomes in Liangshan are just 27 percent of the national average, official data shows. Most live in Liangshan, a mountainous district in the southwestern province of Sichuan and one of 14 areas of concentrated poverty identified by the central government. (news.financializer.com). As reported in the news.

media users: One of the missions Motegi has been tasked with spearheading is a vague but apparently key policy pledge of Abe's new Cabinet called hitozukuri kakumei a term that can be literally translated as human development revolution, according to The Japan Times. The bizarre term has puzzled Japanese social media users, who wondered what the government means by revolution and what exactly Motegi has been asked to do. So far, we all have been on a one-track career of getting an education, graduating from school, getting a job at one company and then retiring, said Toshimitsu Motegi, who was appointed to his post in the Aug. 3 Cabinet reshuffle. ; Now, we need to change, Motegi told a joint interview with media outlets including The Japan Times. The official English translation of the term human resources development, however, is humbler and somewhat easier to grasp. This happens against the aforementioned one-track background, where most workers continue with a single company for decades, since Japan's labor market has less liquidity than many other countries, until their eventual retirement at around 65 years old. Currently, most major firms hire a number of graduates fresh out of university each spring, while also employing far fewer midcareer workers. (news.financializer.com). As reported in the news.