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

friday: On Friday, the key market gauge rose 98.84 points. ; The Topix index of all first-section issues closed up 3.13 points, or 0.20 percent, at 1,600.12, after gaining 4.79 points the previous trading day, according to The Japan Times. The Nikkei got off to a firmer start, with investors taking heart to see the U.S. Dow Jones industrial average rise on Friday, market sources said. The 225-issue Nikkei shed 2.71 points, or 0.01 percent, to end at 19,449.90. The Dow's strength came as expectations for an early interest rate hike by the U.S. Federal Reserve receded after Fed Chair Janet Yellen made no reference to the U.S. central bank's monetary policy in her closely watched speech Friday at an annual economic symposium in Jackson Hole, Wyoming. The index drifted without a clear direction in the afternoon amid a dearth of fresh incentives, brokers said. However, the Nikkei soon slipped into minus territory and finished the Monday morning session slightly lower. (news.financializer.com). As reported in the news.

uber spokespeople: Hewlett-Packard Enterprise chief Meg Whitman had been seen as the favorite, according to several media outlets, but the Times said the situation changed on Sunday in the 48-year-old Tehran-born Khosrowshahi's favor, according to The Japan Times. Former GE CEO Jeff Immelt, whose name was on the shortlist, on Sunday removed himself from the running for the top job. Khosrowshahi emerged as the leader among three finalists for the job during company board meetings over the weekend, the Times reported, citing two people familiar with the decision. ; Uber spokespeople were not immediately available for comment. I have decided not to pursue a leadership position at Uber, Immelt said on Twitter, without explaining his reasons. The Wall Street Journal reported that Immelt had opted not to pursue the CEO post after observing disorder and divisions among different factions of Uber's board, according to an unnamed source familiar with the matter. I have immense respect for the company & founders. (news.financializer.com). As reported in the news.

wage growth: This month, the period of growth is believed to have matched the 57-month Izanagi boom between November 1965 and July 1970. ; But economists say private consumption lacks vigor as wage growth is sluggish for regular workers, who account for 60 percent of the total workers in the country, according to The Japan Times. A Cabinet Office team determines peaks and troughs in the nation's business cycle. The expansionary phase began in December 2012, when Abe returned as prime minister touting his Abenomics reflationary policy. In June this year, the team effectively confirmed that the latest expansionary phase reached its 53rd month in April, beating the 51-month asset bubble boom between December 1986 and February 1991. Japan's real gross domestic product grew at an annual pace of 4.0 percent during the April-June period this year. The longest postwar period of growth lasted 73 months from February 2002 to February 2008. (news.financializer.com). As reported in the news.

university students: The J-1 program also includes visas for university students, but the WSJ said those were not under examination for cuts, according to The Japan Times. A U.S. State Department fact sheet says the J-1 visa program has 15 categories that provide opportunities for around 300,000 foreign visitors per year to experience U.S. society and culture. Trump, a former New York real estate magnate who has relied on seasonal workers at his hotels and resorts, campaigned on promises to restore American jobs. ; The Wall Street Journal said the U.S. government was eying major reductions for five of the employment-based cultural exchange visas in the J-1 visa program, citing unnamed sources. The State Department said it did not have an immediate comment on the report on Sunday evening. (news.financializer.com). As reported in the news.

charlottesville incident: But, he said, he felt compelled to voice my distress over the Charlottesville incident, adding, Citizens standing up for equality and freedom can never be equated with white supremacists, neo-Nazis, and the KKK. Trump initially said both sides were to blame for the violence in Charlottesville, according to The Japan Times. He later blamed the media for the condemnation of his response to the violent protests, saying in Phoenix he had openly called for healing unity and love in the immediate aftermath. White House economic adviser Gary Cohn said in an interview with the Financial Times, As a Jewish American, I will not allow neo-Nazis ranting Jews will not replace us' to cause this Jew to leave his job. ; Cohn said he also was reluctant to leave because he feels a duty to his job. Cohn told the newspaper that the Trump administration can and must do better in consistently and unequivocally condemning these groups and do everything we can to heal the deep divisions that exist in our communities. He said the bill could be passed in the House and Senate in 2017, pushing back the administration's timetable for a bill to reach the president's desk. Cohn, the director of the National Economic Council, outlined the administration's upcoming push to overhaul the nation's tax code in the interview. (news.financializer.com). As reported in the news.

increase pressure: These measures will undermine Maduro's ability to pay off political cronies and regime supporters, and increase pressure on the regime to abandon its disastrous path, according to The Japan Times. The financial sanctions drew quick rebuke from Venezuela's government, with Foreign Minister Jorge Arreaza calling them the worst aggression against the country in two centuries. The sanctions, which President Donald Trump signed by executive order, prohibit American financial institutions from providing new money to the government or the state oil company, PDVSA. They also restrict the Venezuelan oil giant's U.S. subsidiary, Citgo, from sending dividends back to Venezuela and ban trading in two bonds the government recently issued to circumvent its increasing isolation from Western financial markets. ; Maduro may no longer take advantage of the American financial system to facilitate the wholesale looting of the Venezuelan economy at the expense of the Venezuelan people, Treasury Secretary Steven Mnuchin said at the White House. What do they want they want to starve the Venezuelan people Arreaza told reporters at the United Nations after meeting with Secretary General Antonio Guterres. We are also victims, as he is, of fake news, Arreaza said in a rare show of solidarity with Trump. He said his government would fight the measures with all of its diplomatic and economic strength, but also blamed members of the opposition some of whom expressed satisfaction with the U.S. action for conspiring to bring further hardships on the Venezuelan economy. (news.financializer.com). As reported in the news.

fuel prices: The vapor then enters a condenser. ; The product is very similar in properties to pure diesel and the carbon or black coal is just left inside the container, said Mohamed Saeed Ali, one of 12 students who worked on the machine as a graduation project, according to The Japan Times. The students are currently searching for investors for their project. The device heats the tires until they reach evaporation point. Instead of polluting the environment, we recycle them the tires properly in an eco-friendly manner, Saeed said. Egypt raised fuel prices by up to 50 percent in June as a condition of a 12 billion International Monetary Fund program the country signed last year. (news.financializer.com). As reported in the news.

jackson hole: On Thursday, the key market gauge fell 80.87 points. ; The Topix of all first-section issues ended up 4.79 points, or 0.30 percent, at 1,596.99, after falling 7.85 points the previous day, according to The Japan Times. The Tokyo market was led upward by export-oriented issues against the backdrop of the weaker yen, brokers said. The benchmark Nikkei 225 average rose 98.84 points, or 0.51 percent, to close at 19,452.61. Stocks accelerated their upswing in the afternoon session due to buybacks prompted by hopes that the yen will fall further after a speech to be delivered by U.S. Federal Reserve Chair Janet Yellen later on Friday at a symposium in Jackson Hole, Wyoming, brokers said. Helped by the halt to the yen's appreciation, the Nikkei recovered the level before U.S. President Donald Trump's threat this week of a government shutdown, an official of a bank-affiliated securities firm noted. If Yellen makes a remark on the Fed's tapering of its balance sheet in her speech, the dollar will draw purchases, which in turn will have positive effects on Tokyo stocks, said Yoshihiko Tabei, chief analyst at Naito Securities Co. (news.financializer.com). As reported in the news.

technology fund: Part of the funds will also go toward letting some shareholders of the privately held startup cash out. ; Soft Bank is sitting on a massive cash pile thanks to a nearly 100 billion technology fund it started with the Saudi Arabian government, according to The Japan Times. The Japanese investment firm has been ramping up deals with tech companies, rankling venture capitalists in the process. New York-based WeWork, which rents office space to workers, and Japan's Soft Bank have been formalizing an alliance this summer that includes a 500 million project in China and a joint venture in Japan. VCs worry Soft Bank could drive up valuations and create a frothy market. Parts of the deal had been previously disclosed. WeWork's valuation increased to about 20 billion after the latest investments from Soft Bank, a person familiar with the matter has said. (news.financializer.com). As reported in the news.

fan clubs: In other words, there's a lot happening on a year-round basis to enhance the public's interest in the B. League, according to The Japan Times. And it's all absolutely necessary. Entering season two of the B. League's existence, teams are bolstering their fan clubs, enticing sponsors to come on board, building their rosters, planting the seeds of future growth, among other objectives. ; All of these things, of course, help create legitimate fan and media interest and generate a buzz about budding and already heated rivalries. A large chunk of the 36 teams in the top two divisions have been in business for less than a decade, with many more joining the pro ranks over the past several years. Which is why summer clinics with Japanese youngsters, meet-and-greet events at local shopping centers from Hokkaido to Okinawa and appearances on radio and TV stations big and small help strengthen teams' bonds with local residents. They are figuring out what works to grow the business and dealing with the ups and downs that happen as a result. (news.financializer.com). As reported in the news.

market gauge: On Wednesday, the key market gauge rose 50.80 points. ; The Topix lost 7.85 points, or 0.49 percent, to close at 1,592.20 after gaining 3.93 points the previous day, according to The Japan Times. Stocks moved on a weak note for most of Thursday's session following an overnight fall in New York stocks. The Nikkei fell 80.87 points, or 0.42 percent, to close at 19,353.77. That came on the back of growing uncertainties over U.S. politics after yet another controversial remark by President Donald Trump, brokers said. Market players refrained from buying stocks actively as the yen firmed against the dollar after the remark, brokers said. At a rally in Arizona on Tuesday, Trump suggested that he is prepared to shut down the federal government if needed to secure funding for his campaign promise to build a wall along the Mexican border. (news.financializer.com). As reported in the news.

market value: Kyocera Corp. still owns a 9 billion 981 billion slice of KDDI Corp., the phone company with which it shares a founder, despite Fischer pushing since at least 2015 for a sale, according to The Japan Times. Electronics maker Kyocera offloaded a small part of the holding last year, but otherwise hasn't budged, and the investment makes up about 40 percent of its own market value. ; They absolutely do not have to own the stake, Fischer, the chief investment officer of Hong Kong-based Oasis Management Co., said in a phone interview. Not that it's made much difference. We will continue to engage. Cross-shareholdings held by listed nonfinancial firms stood at 5.7 percent of the market's value last year, compared with 6.2 percent in 2002, according to Nomura Holdings Inc. The reluctance to sell is mirrored at many companies across Japan, as a push led by Abe fails to get them to unload such investments. (news.financializer.com). As reported in the news.

construction cranes: By 11 00 am local time, Hato was just 60 kilometers southwest of Hong Kong, sending meters-high waves crashing into shorelines, according to The Japan Times. Flooding in some areas was already knee-deep. The weather observatory raised the city's storm warning to the maximum Typhoon 10 signal meaning hurricane force winds are expected. ; It was the first such alert in five years, and only the third time the Typhoon 10 warning has been issued since 1997 when the former British colony was handed over to China. Gusts of up to 168 kilometers per hour sent debris flying, tore down trees and scaffolding, and broke construction cranes. I was on my balcony in the village of Yuen Long when a tree literally flew past my house, said Dave Coulson from the rural northwestern New Territories, who added that he was having frequent power cuts. Shops and homes taped up their windows to protect them from shattering. (news.financializer.com). As reported in the news.

exporter-heavy indexes: Suddenly the link is loosening as the economy shows signs of stability and corporate earnings rise. ; Even with the yen trading near a four-month high, the benchmark Topix has risen more than 6 percent since the start of the second quarter, according to The Japan Times. Correlation between the two assets has fallen to minus 0.18, the lowest level since 2012, based on their weekly changes. It's the yen, whose level against the dollar has generally been all you needed to know to tell where exporter-heavy indexes like the Nikkei 225 average were trading. Companies are doing well in Japan, Nicholas Weindling, a Tokyo-based money manager at JPMorgan Asset Management said by phone. Topix members beat analyst profit estimates by an average of about 16 percent in the latest quarter. Net profits are growing at over 20 percent so even without the follow-in of a weakening yen, companies are doing well and ultimately everything should come back to company fundamentals in the long-term. (news.financializer.com). As reported in the news.

u.s: The euro was at 1.1780-1784, down from 1.1792-1793, and at 128.91-92, down from 128.96-97. ; The dollar rose above 109.80 in early morning trading just after a higher opening of Tokyo stocks, adding to its gains traced to an overnight rise in U.S. stock prices and long-term interest rates, according to The Japan Times. The greenback later lost a fraction of its strength to stand at levels around 109.60-70 after Tokyo stocks gave up some of their early gains and U.S. long-term interest rates took a breather. At 5 p.m., the dollar stood at 109.42-42, still up from 109.35-35 at the same time Tuesday. Just before noon, news broke that Trump said he would shut down the U.S. government if necessary to secure funds to build a wall along the Mexico border. The dollar lost its upward momentum due to the reported comment by Trump, a currency brokerage official said. This sent the dollar below 109.50, market sources said. (news.financializer.com). As reported in the news.

tax breaks: On his visit to Sakhalin on Wednesday, Medvedev was quoted by the news agency as saying the fishery, infrastructure and construction industries are likely to grow as a result of the Russian government designating the islets as a special economic zone, according to The Japan Times. Prime Minister Shinzo Abe and Russian President Vladimir Putin agreed in December 2016 to start joint economic projects on the islands. With the designation, companies operating on the islets off the north of Hokkaido would receive tax breaks that could prompt foreign firms to locate operations there, possibly affecting potential joint economic projects between Japan and Russia. ; The isles of Etorofu, Kunashiri, Shikotan and the Habomai islet group called the Southern Kurils in Russia and the Northern Territories in Japan were seized by the Soviet Union in August 1945 when Japan surrendered during World War II. The territorial dispute has prevented the two nations from signing a postwar peace treaty. Japan hopes the projects could pave the way for settling the territorial row, while Russia seeks Japanese investment. Abe and Putin are expected to hold talks on the issue in Vladivostok in early September. The two countries, however, would need to work out ways to conduct the projects in a way that does not raise judicial problems, as they remain far apart on the issue of sovereignty over the area. (news.financializer.com). As reported in the news.

korean peninsula: On Monday, it lost 77.28 points. ; But the Topix, which covers all first-section issues, snapped its four-day losing streak, ending up 0.93 point, or 0.06 percent, at 1,596.12 after a 2.17-point drop Monday, according to The Japan Times. Both indexes fluctuated around the previous day's closing levels throughout Tuesday. The Tokyo Stock Exchange's key index fell 9.29 points, or 0.05 percent, to close at 19,383.84. Some investors took heart from the Dow Jones industrial average's first upturn in three sessions in New York on Monday, brokers said. The geopolitical risks linked to the Korean Peninsula didn't recede or grow after joint military drills between the United States and South Korea began Monday, said Yutaka Miura, senior technical analyst at Mizuho Securities Co. The TSE's topside was capped, however, by continued tensions between the United States and North Korea, brokers said. (news.financializer.com). As reported in the news.

stock: At the moment, there are no enthusiastic buyers of the Japanese stock market beyond the Bank of Japan, said Yutaka Miura, a senior technical analyst at Mizuho Securities Co, according to The Japan Times. In terms of the trading flow, the Topix is getting far more purchases compared to the Nikkei 225. Following criticism that its exchange-traded funds purchases are distorting the stock market, the central bank said last September it would reduce its Nikkei 225 buying in favor of the Topix, which covers all stocks in the Tokyo Stock Exchange's first section. ; While a 26 percent slide this year by Uniqlo clothing stores operator Fast Retailing Co. which has the heaviest weighting in the price-weighted smaller gauge has contributed to its underperformance, falling out of favor with the BOJ is having more of an impact, according to analysts. The BOJ bought a total of 4 trillion of ETFs so far this year through Friday. Foreigners sold Japanese shares for three weeks in a row through the week ended Aug. 11. Its Topix-linked ETF buying is likely to have reached around 73 percent of its total purchases in July, and is unlikely to have changed much in August, according to Nicholas Smith, a strategist at CLSA Ltd. in Tokyo. (news.financializer.com). As reported in the news.

toshiba weeks: Given the difficulties involving the chip unit sale and how little time is left to conclude the deal, which would then need to clear antitrust reviews by the relevant governments, Toshiba should prepare for an alternative scenario for its survival as a listed company, while doing all it can to wrap up the semiconductor unit sale in time. ; The struggling electronics and machinery group reported that it incurred 965.6 billion in net losses the largest ever for a Japanese manufacturer in the year that ended last March, suffering 552.9 billion in debts in excess of assets, according to The Japan Times. It took Toshiba weeks beyond the June 30 deadline to file the annual earnings report to the financial authorities and only with a qualified opinion by its auditor, Pricewaterhouse Coopers Aarata LLC. Toshiba management's difference with the auditor over the handling of the massive losses incurred by its nuclear power business in the United States the reason the release of the financial report was delayed was never resolved. A failure to do so would automatically result in the delisting of the once iconic Japanese manufacturing giant from the stock market. PwC Aarata suggested that either all or a significant portion of the 652 billion loss posted in the latest business year over Toshiba's U.S. nuclear unit Westinghouse Electric Co. should have been posted in the previous year which raises the question as to whether Toshiba, which insisted that it learned of the Westinghouse losses only last December, might have been keeping the losses under wraps. If the auditor had judged the Toshiba report to be inappropriate, the company could have faced an imminent risk of being delisted. The auditor also gave an adverse opinion on Toshiba's internal controls over the matter, but still issued a qualified approval of the report overall. (news.financializer.com). As reported in the news.

benchmark nikkei: On Friday, the key market gauge plunged 232.22 points. ; The Topix, including all first-section issues, ended down 2.17 points, or 0.14 percent, at 1,595.19, after falling 17.46 points the previous trading day, according to The Japan Times. A wait-and-see mood prevailed in the market as a joint military exercise between the United States and South Korea began on Monday, brokers said. The benchmark Nikkei 225 average fell 77.28 points, or 0.40 percent, to close at 19,393.13, its lowest finish since May 1. Vigilant against a possible missile launch by North Korea in response to the drill, investors refrained from buying stocks actively, they said. The market will come under selling pressure temporarily if a missile is launched, but it would soon wipe out such losses, Horota said. It's not surprising if Pyongyang fires a missile during the drill as it previously did, said Tsuyoshi Horota, general manager for investment research and investor services at SMBC Nikko Securities Inc. (news.financializer.com). As reported in the news.

iron ore: Trump was to lay out his long-awaited strategy for Afghanistan in a prime-time television address to the American people on Monday night, the White House said Sunday, with a modest increase in U.S. troops possible. ; Ever since a United States Geological Survey study a decade ago identified deposits later estimated to have a potential value of as much as 1 trillion, both Afghan and foreign officials have trumpeted the reserves as a likely key to economic independence for Afghanistan, according to The Japan Times. As well as deposits of gold, silver and platinum, Afghanistan has significant quantities of iron ore, uranium, zinc, tantalum, bauxite, coal, natural gas and significant copper a particular draw given the dearth of rich new copper mines globally. But investors who have studied the country, one of the world's most dangerous, say the idea is a pipe dream. Afghanistan, some reports say, even has the potential to become the Saudi Arabia of lithium, thanks to deposits of the raw material which is used in phone and electric car batteries. Much of the basic data dates back to the Soviet occupation in the 1980s. But a lack of basic logistics paved roads and rail links needed to export copper concentrate or iron ore as well as pervasive corruption, a messy bureaucracy, and a growing insurgency that has left much of the country beyond the writ of the Kabul government have all stifled attempts to build a legitimate mining sector. (news.financializer.com). As reported in the news.

miyuki noda: The two suspects allegedly hinted during their initial arrest that they were involved in murdering Miyuki Noda, a 53-year-old part-time worker. ; The name of the 18-year-old suspect has been withheld because he is a minor, according to The Japan Times. The police allege that the two suspects conspired to strangle Noda on the evening of June 18 in a mountain forest at a location close to the town of Taga where her body was found, and robbed her of her belongings, including money, a bag and a smartphone. Officers not made clear whether Ichiya Nishida, 21, and an 18-year-old male have admitted to the charges. Her empty wallet, a bag and other belongings were found at Nishida's house, investigative sources alleged. Noda disappeared June 18 after attending a seminar about sales of cosmetics and other matters in Kasugai, Aichi Prefecture. Nishida is believed to have become acquainted with Noda through a seminar about the bitcoin virtual currency around last spring. (news.financializer.com). As reported in the news.

government moves: Public trust in the electronic money is expected to improve as the government moves to protect consumers by introducing stricter controls on exchange operators, according to The Japan Times. But in the long term, how deeply cryptocurrencies will penetrate people's lives is still anybody's guess. Markets in Japan are no exception. ; Industry insiders say cryptocurrencies will spread more widely, establishing their position as an asset class and enabling their use in more stores. Some experts say many people won't partake because the currencies are too difficult to use and understand. One bitcoin traded for less than 600 about a year ago, but became worth more than 4,000 this month. The value of virtual currencies has skyrocketed in the past year or so. (news.financializer.com). As reported in the news.

statement sunday: Additional rounds are being planned for the remainder of the year, the countries said, according to The Japan Times. The joint statement reinforces the notion that the three nations are seeking a quick deal before politics overtakes the agenda next year. While a great deal of effort and negotiation will be required in the coming months, Canada, Mexico and the United States are committed to an accelerated and comprehensive negotiation process that will upgrade our agreement and establish 21st century standards to the benefit of our citizens, the countries said in a statement Sunday, after five days of discussions in Washington. ; The next round of negotiations is scheduled for Sept. 1-5 in Mexico, with talks moving to Canada in late September and back to the U.S. in October. Mexico will hold a general election next July, while U.S. Congressional midterms are scheduled for November 2018. While U.S. trade with its NAFTA partners has more than tripled since the agreement took effect in 1994, Trump blames the pact for gutting U.S. manufacturing and sending factory jobs to Mexico. The opening round got off to a tense start last week, when U.S. Trade Representative Robert Lighthizer served notice the U.S. wouldn't accept a modest tweaking of a trade deal that President Donald Trump believes has failed Americans. (news.financializer.com). As reported in the news.

cody bellinger: The 36-year-old Granderson is hitting .228 with 19 home runs and 52 RBIs this year. ; Los Angeles is running away with the NL West, according to The Japan Times. The Dodgers are 86-34 after Friday's win at Detroit. The teams announced the deal after their games Friday night. Granderson gives Los Angeles another option for the outfield along with Cody Bellinger, Yasiel Puig, Chris Taylor and Joc Pederson. Granderson, like Pederson, offers some power from the left side of the plate. Pederson has been struggling quite a bit of late, hitting .149 since the All-Star break. (news.financializer.com). As reported in the news.

cohn-led group: The Cohn-led group proved more influential in the administration's decisions in April not to label China a currency manipulator and to renegotiate the North American Free Trade Agreement instead of terminating it, according to The Japan Times. More recently, they have pushed for a delay in a decision on the imposition of broad steel tariffs. But after news that Trump had fired Bannon from his post as chief strategist, trade experts said it may take some time for National Economic Council Chairman Gary Cohn, Treasury Secretary Steven Mnuchin and Agriculture Secretary Sonny Perdue to start winning more debates on trade policy. ; Bannon and White House Trade and Manufacturing Office director Peter Navarro were often allied in taking hard-line anti-China stances over currency manipulation, steel tariffs and other trade issues, often opposed to Cohn, Mnuchin and Perdue, according to lobbyists who have been involved in the debates. With Bannon gone, there's not a replacement for that voice in internal debates, said a senior administration official who was not authorized to speak publicly on the issue. In the short term, the trade policy trajectory won't change much, said Derek Scissors, a China trade expert at the American Enterprise Institute, a pro-business conservative think tank in Washington. Without Steve constantly pushing back on every policy idea coming from the so called globalists,' it's easy to see how they could have a chance to start winning more policy battles, the official said. (news.financializer.com). As reported in the news.