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

offices: An Iranian street money exchanger holds a U.S. banknote in downtown Tehran, Iran, according to The Toronto Star. The ban on the exchange offices, introduced in March, had left the offices idle overnight gone were the familiar, daily long lines of Iranians waiting to buy or sell dollars. The bank also gave the green light for Iranian legal institutions and businesses to bring gold and foreign currency into Iran, according to the governor, Abdolnasser Hemmati. The measure also backfired, and the black market flourished. Those sanctions target Iran's automotive sector as well as gold and other key metals. Vahid Salemi / The Associated Press A first set of U.S. sanctions that had been eased by the Obama administration under the terms of the landmark 2015 Iran nuclear deal will take effect again on Monday, following U.S. President Donald Trump's decision in May to withdraw from the accord. (news.financializer.com). As reported in the news.

rouhani: If the US government is willing, let's start right now, Rouhani said during an interview that aired on state television late Monday local time, just hours before the US renewed sanctions on Iran, according to CNN. If there is sincerity, Iran has always welcomed dialogue and negotiations, Rouhani said. I don't have preconditions. Trump's national security adviser John Bolton, when asked about the offer by CNN's Jake Tapper, dismissed it as possible propaganda. If the Iranians are really willing to come and talk about all of their malign behavior in the region and around the world, I think they'd find the President willing to do it, Bolton said. Let's see what really comes of it or whether it's just more propaganda, Bolton said, adding that Trump has been consistent that he would be willing to negotiate with regimes such as North Korea and Iran. (news.financializer.com). As reported in the news.

sector: The sanctions target financial transactions that involve US dollars, Iran's automotive sector, the purchase of commercial planes and metals including gold, according to Nine News Australia. More US sanctions targeting Iran's oil sector and central bank are to be reimposed in early November. To improve your experience update it here News World Trump New Iran sanctions are for peace9 08pm Aug 7, 2018Facebook Tweet Mail The first set of US sanctions against Iran that had been eased under the landmark nuclear accord have gone back into effect under an executive order signed by President Donald Trump. In an early-morning tweet, Trump said the re-imposition of sanctions mean, Anyone doing business with Iran will NOT be doing business with the United States. But European Union foreign policy chief Federica Mogherini, during a visit to Wellington, New Zealand, said that the EU is encouraging enterprises to increase their business with Iran, as the country has been compliant with their nuclear-related commitments Related Articles Experts Iran could answer US sanctions with cyberattacks Choose US or Iran, Trump tells international businesses Trump says he would 'certainly meet' with Iran's Rouhani We are doing our best to keep Iran in the deal, to keep Iran benefiting from the economic benefits that the agreement brings to the people of Iran because we believe this is in the security interests of not only our region, but also of the world, she said. I am asking for WORLD PEACE, nothing less! Trump pulled the US out of the international accord limiting Iran's nuclear activities three months ago, declaring that the landmark 2015 agreement was horrible and left the Iranian government flush with cash to fuel conflict in the Middle East. (news.financializer.com). As reported in the news.

sector: Disappointing corporate earnings in the European banking sector added to the cautious start to the week's trading, according to Nine News Australia. Chinese state media launched an unusually personal attack against US President Donald Trump's trade policies on Monday, saying Trump's trade extortion would not work. To improve your experience update it here News World Shares struggle on trade fears7 25pm Aug 6, shares have struggled as fears of the escalating US-China trade conflict outweighed the boost to sentiment from Chinese authorities' intervention last week to shore up its currency. It also sought to reassure investors about Chinese economic strength as the months-long dispute rattles financial markets and raises deepening worries about the impact on the real economy. European shares were also mixed. After an initial rise, Asian shares earlier succumbed to selling pressure, with Chinese shares sliding into negative territory. (news.financializer.com). As reported in the news.

taxpayer-funded delegation: The next day they watched a boy's basketball tournament in Matera's piazza where a team from Toronto placed second, according to The Toronto Star. Surrounding them was the same craggy skyline that set the scene for Hollywood blockbusters. One night the taxpayer-funded delegation listened to musicians play in an old quarry cave. Councillor Vincent Crisanti front left signs the memorandum of understanding alongside Matera officials during the trip last year. Francesco Sorbara / Twitter Other days they toured beyond the hillside city, discovering the lush Basilicata region with vineyards and vegetables, and to factories where machines spun out pasta. MPs Judy Sgro and Francesco Sorbara stand in the centre back row. (news.financializer.com). As reported in the news.

attack: Venezuela's socialist government alleges the detained suspects conspired with others in Miami and the capital of neighbouring Colombia, though they offered no specific evidence, in Saturday's attack, according to Nine News Australia. Opposition leaders have criticised Maduro for singling out his political opponents, and they warned that he might use the attack to further suppress his critics. To improve your experience update it here News World Six detained over Maduro drone attack6 42am Aug 6, hunting for assailants behind a failed attempt to assassinate Venezuela's President Nicolas Maduro with explosives-laden drones have raided hotels and seized vehicles while grilling six suspects for details of the plot. The attack came as Venezuela reels from an economic and humanitarian crisis and Maduro has grown increasingly isolated. Maduro and his allies say the attack proves an international plot to overthrow his socialist administration exists while also saying the military's response shows the president has the loyalty of Venezuela's soldiers. Foreign nations, including the US, are slapping economic sanctions on a growing list of high-ranking Venezuelan officials and decrying his government as an autocratic regime. (news.financializer.com). As reported in the news.

copper box: The equestrian statue of Beauregard was taken down by a crane more than a year ago after a contentious public battle, according to CNN. The time capsule was found on July 25, after the base of the statue was removed. Curators at the Louisiana State Museum on Friday unveiled the contents of a copper box found underneath the base of the statue of Confederate General P.G.T. Beauregard. Work to dismantle a statue of Confederate General P.G.T. Beauregard was completed in May. context Image Object name Work to dismantle a statue of Confederate General P.G.T. Beauregard was completed in May. description Work to dismantle a statue of Confederate General P.G.T. Beauregard was completed in May. url The time capsule contained Confederate memorabilia including photos of Confederate General Robert E. Lee and Confederate President Jefferson Davis, along with flags, currency, medals, ribbons and other paper items related the city. Museum curators said they had to dehumidify some of the items to separate them for display. Many of the contents were damaged by weather and time, but some were in surprisingly good condition. (news.financializer.com). As reported in the news.

google: It, like Amazon and Google hard on its heels, offers products and services that have transformed our lives, according to The Guardian. These companies' financial and market powers are staggering. Last week, Apple became the world's first trillion-dollar corporation. They are the new technopolists. Even one of Shakespeare's giddiest fools could see what a Jacob Rees-Mogg cannot that such power requires countervailing force of equal scale that cannot be supplied by a nation state alone. But how are the great things they do to be curated and enhanced and how are the menaces to be contained What unites far left and far right is that neither ideology begins to provide answers. (news.financializer.com). As reported in the news.

case: That would be the case even without Brexit, according to The Guardian. The UK economy has recovered more slowly and more unevenly than Carney envisaged when he took over at the Bank from Mervyn King in 2013. Had things gone as originally planned, Carney would have handed over the keys to Threadneedle Street a month ago and someone else would have had the task of steering the economy through what is certain to be a fiendishly tricky period. It was only last week that the Bank's monetary policy committee felt confident enough to raise interest rates above the 0.5% emergency level that they reached in March 2009. Certainly, his remarks when questioned on the BBC Today programme on Friday were blunt. But Brexit is taking up half the governor's time and it is clear that he is starting to get concerned. (news.financializer.com). As reported in the news.

jobs: This dystopian picture of busy machines and queues of jobless Britons was replaced this month by a rosier view from PwC, which made the opposite claim robots and artificial intelligence could create as many jobs as they destroy, which happens to be around 7 million, according to The Guardian. Then the University of Oxford said 35% of UK jobs could be automated, while a 2017 McKinsey report warned 5% of UK jobs were highly automatable. Robots threatened 15 million UK jobs, he said. The MIT Technology Review has identified at least 18 different predictions about automation. It's about the detachment from history and real life stemming from a disastrously narrow education that allows economists to make such claims, and the damage that does to public debate about important matters. This article is not about robots, AI or even the debate raging over the impact of Brexit. (news.financializer.com). As reported in the news.

payday lending: The claims, said Wonga, related to loans taken out before 2014, when outrage over its payday lending offers prompted new rules to cap the cost of borrowing, according to The Guardian. The UK's payday lending industry has been criticised by campaigners who claim its high interest rates and marketing tactics unfairly target vulnerable borrowers. The short-term loan firm said the development was a way of coping with a surge in claims from former customers seeking compensation. A Wonga spokesman, confirming the 10m injection, said its shareholders remained fully supportive of management's plans for the business . Wonga continues to make progress against the transformation plan set out for the business. The lender was forced to scrap its business model after running into regulatory problems and because of the cap on loan rates introduced by the Financial Conduct Authority in 2015. In recent months, however, the short-term credit industry has seen a marked increase in claims related to legacy loans, driven principally by claims management company activity. (news.financializer.com). As reported in the news.

investment: Tourism and foreign direct investment significantly contributed to economic development in the nation, according to Xinhua China. According to government figures, the country received nearly 2.6 million international visitors in the first five months of 2018, up 13.5 percent year-on-year, while it attracted the fixed asset investment of 3.5 billion U.S. dollars in the first six months of this year, up 14 percent year-on-year. Cambodia ensures safety and welcomes tourists and traders who want to visit and invest in the country without disappointing them, he wrote on his official Facebook page. The 66-year-old prime minister also thanked the Cambodian people for voting for the ruling Cambodian People's Party CPP in Sunday's general election, saying that the CPP's victory gave him an opportunity to continue to lead and further develop the country. The National Election Committee's preliminary results indicated that the CPP won the election, receiving 4.87 million votes, or 76.78 percent, of the total valid votes. Twenty political parties contested in the sixth general election on July 29. (news.financializer.com). As reported in the news.

pompeo: Our US delegation also had the opportunity to deliver Potus reply to Chairman Kim's letter, according to CNN. Secretary Pompeo Sec Pompeo August 4, 2018 Trump's letter comes in response to a letter he received this week from Kim, according to State Department spokeswoman Heather Nauert. We had a quick, polite exchange. The letter from the President was delivered to North Korean Foreign Minister Ri Yong Ho after Pompeo shook hands and spoke with Ri at the ASEAN meeting in Singapore, Nauert said. Sung Kim was previously an ambassador to South Korea and a special representative for North Korea policy. US Ambassador to the Philippines Sung Kim handed the Trump letter to Ri, and Ri thanked him, Nauert said. (news.financializer.com). As reported in the news.

sector: But now there are signs that cracks may be starting to appear in some of the biggest firms in the sector, according to The Guardian. Facebook suffered the biggest ever one-day drop in a company's market value losing more than 90bn after its growth slowed in the wake of the Cambridge Analytica scandal. Their shares have been soaring since the start of the year, despite being buffeted by trade war fears as President Trump talked of limiting Chinese investments in the US and restricting American technology imports to China. Twitter lost 20%, or 5bn, as it reported a surprise fall in active monthly users, while streaming service Netflix missed its targets for subscriber numbers. That was in marked contrast to a conference call for the company's previous set of figures, when he accused a Wall Street analyst of boring bonehead questions and ignored queries from investors. On the other hand, electric car specialist Tesla managed to head in the right direction despite making a 717m second-quarter loss, as its controversial chief executive, Elon Musk, regained investor confidence after apologising for previous outbursts. (news.financializer.com). As reported in the news.

shin ok-ju: Only then would Earth be ready for the Second Coming of Jesus Christ, she said on her website, according to CNN. Esther, whose legal name in South Korea is Shin Ok-ju, predicted there was a great famine and believed she and her followers needed to find a new home. She wanted to help craft a world where, as her church put it, only God is God. They set their sights on Fiji, in the Pacific, and quickly began laying the eternal foundation to raise Fiji to be the center of the world as promised in the Bible. Read More Hundreds of people from around the world followed, according to the Grace Road Church website.A screengrab from Grace Road Church's homepage. The church's corporate arm, GR Group, set to work opening businesses across the small Pacific island, in industries ranging from construction to agriculture. (news.financializer.com). As reported in the news.

election results: The landmark vote -- Zimbabwe's first since the toppling of strongman Robert Mugabe -- was being closely watched, with election observers and foreign investors looking on to see if the country had shed its previous reputation, according to CNN. Opposition leader Nelson Chamisa says his party will challenge the election results. context Image Object name Opposition leader Nelson Chamisa says his party will challenge the election results. description Opposition leader Nelson Chamisa says his party will challenge the election results. url Chamisa, who at 40 is the country's youngest presidential candidate, said his party was working around the clock with a legal team to put together a plan of action following the results, but he did not give any details. A day after President Emmerson Mnangagwa was declared the winner of the vote, Nelson Chamisa, leader of the Movement for Democratic Change, told a news conference the vote was anything but a free and fair. As far as we are concerned this presidential result is fraudulent, illegal, illegitimate, and characterized by serious credibility gaps and some serious legitimacy issues that we feel must be raised, Chamisa said at the news briefing. Zimbabwe anti-riot police personnel deploy Friday at the Bronte Hotel in Harare. context Image Object name Zimbabwe anti-riot police personnel deploy Friday at the Bronte Hotel in Harare. description Zimbabwe anti-riot police personnel deploy Friday at the Bronte Hotel in Harare. url reasons that were unclear, police escorted journalists away from the area.A Movement for Democratic Change representative told CNN the police had broken it up because they thought it was an illegal political gathering. Read More The opposition leader's first attempt to hold a press conference Friday was thwarted after police stormed the Harare hotel where he was scheduled to speak. (news.financializer.com). As reported in the news.

korea: The United States will continue to enforce UN and US sanctions and shut down illicit revenue streams to North Korea, Treasury Secretary Steven Mnuchin said in a statement, according to CNN. Our sanctions will remain in place until we have achieved the final, fully-verified denuclearization of North Korea. The latest action taken by the Treasury Department also targets one individual and two front companies for facilitating illicit North Korean financial activity. Trump to Kim Thanks and see you soon Russia's Agrosoyuz Commercial Bank was targeted by Treasury for aiding transactions on behalf of Han Jang Su, the Moscow-based chief representative of Foreign Trade Bank, North Korea's primary foreign exchange bank. Both Su and FTB had been previously designated for sanctions by the US. Su was also separately designated by the United Nations. The US government also imposed sanctions against the FTB's deputy representative, Ri Jong Won. (news.financializer.com). As reported in the news.

mugabe: His revolutionary credentials, coupled with his support among key parts of Zimbabwe's elite -- specifically within the military and security services -- singled him out as a likely successor to Robert Mugabe, according to CNN. For 40 years, Mnangagwa stood next to Mugabe, the man who ruled Zimbabwe from its inception in 1980 until last year. Known for his political longevity and survival skills, Emmerson Mnangagwa has been biding his time, waiting in the wings to take over as leader of Zimbabwe. Mnangagwa was the leader's right-hand man until being fired weeks before the November coup that toppled his longtime boss. Read More Then-President Robert Mugabe addresses party members in November shortly before his ouster. context Image Object name Then-President Robert Mugabe addresses party members in November shortly before his ouster. description Then-President Robert Mugabe addresses party members in November shortly before his ouster. url got that chance after the November coup, and a victory in this week's election cements his position as the nation's leader. Mnangagwa had fought alongside Mugabe in the 1977 liberation war, and then later was security minister and justice minister, but the job he had always wanted seemed to elude him. (news.financializer.com). As reported in the news.

chemical poison: Wan Azirul said he took possession of the victim's blazer, backpack and watch and handed them to the chemistry department for analysis, but was later told by investigation authorities to hand them over to representatives of the North Korean embassy, according to The Japan Times. I do not know why, I was following orders, he added. Indonesian Siti Aisyah, 25, and Doan Thi Huong, 28, a Vietnamese, are charged with murdering Kim Jong Nam by smearing his face with VX, a chemical poison banned by the United Nations, at Kuala Lumpur airport on Feb. 13. ; The money is now stored in a safe in the office of the police chief of the Sepang district, which has jurisdiction over the murder site, police official Wan Azirul Nizam Che Wan Aziz said. In court, the prosecution played more than 30 videos of closed-circuit television footage of the women's activities, after Judge Azmi Ariffin overruled defense objections to their admissibility, saying it could be challenged later in the case. Some of the footage, dated Feb. 11, appeared to show Huong approaching an unidentified man from behind and placing her hands around his neck and face, before backing away slowly with her head slightly lowered and her hands put together. The defense lawyers for both Huong and Siti Aisyah said the videos could be considered hearsay, as the investigating officer did not record them himself and was not present to witness the crime. (news.financializer.com). As reported in the news.

cryptocurrency exchanges: But observers say they are now detecting a rethink by the Chinese authorities, causing bitcoin on Thursday to surge past the 5,000 level for the first time since its launch eight years ago, according to The Japan Times. Around 3 30 p.m. Even bitcoin enthusiasts had experienced some doubts over the summer when Chinese regulators cracked down on exchanges trading the virtual currency and a dispute among developers gave birth to a new version, splitting the market of the budding currency. ; In September, banking regulators in Beijing and Shanghai ordered local cryptocurrency exchanges to shut down. Greenwich Mean Time its value based on a basket of trading exchanges calculated by Bloomberg was 5,247.02, up from 4,829.29 late Wednesday. Should rumors reported in state media be confirmed, then what is by far the most well-known and traded of more than 1,000 so-called cryptocurrencies could climb to even greater heights, experts predict. This represents a rise of 400 percent this year alone. (news.financializer.com). As reported in the news.

leaders need: It is not time to be complacent, she told reporters at a news conference Thursday, according to The Japan Times. Policymakers can use this moment to provide more certainty and provide for the future risks. IMF Managing Director Christine Lagarde warned that global financial leaders need to beware of a number of threats from growing political tensions to increased skepticism about the benefits of globalization and rising levels of income inequality. ; Lagarde said it will be important for finance ministers from the IMF's 189-member countries to focus on addressing these threats at a time when the global economy appears to finally be in a sustained recovery following the deep recession caused by the 2008 financial crisis. Lagarde's warning comes as global financial leaders gathered in Washington for the annual meetings of the IMF and its sister lending organization, the World Bank. In addition, finance officials from the world's 20 biggest economies, the Group of 20, were meeting Thursday and Friday to discuss the current economic situation. Prior to Lagarde's warning, foreign finance leaders already had raised questions about how the Trump administration would pursue its America First policies and whether they would harm the global economy with rising protectionist trade pressures or market disruptions from increased tensions with North Korea and other nations. (news.financializer.com). As reported in the news.

twitter account: Thaler won the prize for his research in behavioral economics, although he's far from the first behaviorist to win it Herbert Simon, Daniel Kahneman and Robert Shiller all got the big gold medal from Sweden, according to The Japan Times. But Thaler's work is arguably more wide-ranging and influential than any of those earlier pioneers. All question of whether this is a real Nobel can now be laid to rest, since the announcement was made via the Nobel Prize's official verified Twitter account. And it's the sheer breadth of Thaler's research that offers a peek into where the discipline of economics is headed. ; Loosely speaking, the economics of the past was a search for a grand unified theory. Later, that was replaced with explicit modeling of economic decision-making as the optimization of a rational economic agent. At first, supply and demand was the idea that tied econ together. (news.financializer.com). As reported in the news.

bumper profits: Japan Inc. has been reporting bumper profits and the world's third-largest economy is on an upswing, but the market has also benefited from a global equities rally that saw Wall Street chalking up more record finishes on the past two weeks, according to The Japan Times. The Nikkei has rebounded from below the 15,000 mark in June last year after Britain's vote to exit the European Union pummeled world markets, while a strong yen hit domestic exporters. The Nikkei 225 average rose 0.28 percent, or 57.76 points, to end at 20,881.27, its best finish since December 1996. ; The index closed at levels last seen the year that Prince Charles and Diana divorced, Bill Clinton won his second term as U.S. president and Nintendo launched its Pokemon brand. The index has regained vigor since U.S. President Donald Trump was elected as dealers bet on his plans for big spending and tax cuts. The International Monetary Fund upgraded its view of the country's economy on Tuesday, saying it now expects 1.5 percent GDP growth in 2017 and 0.7 percent next year, up from a July projection of 1.3 percent and 0.6 percent respectively. Japan kicks off its latest earnings season this month while the nation's economy has logged its longest string of quarterly gains in a decade. (news.financializer.com). As reported in the news.

cab service: Though Meru lost an earlier antitrust suit versus Ola, lawyers and industry sources said that moves by Soft Bank already a major investor in Ola to pour some 10 billion into Uber along with other investors could strengthen the local cab service's case, according to The Japan Times. Sangoi told Reuters that Uber and Ola have been altering driver incentives and passenger fares in tandem. The head of India's Meru Cabs said the company has filed four new complaints with the country's antitrust watchdog, claiming that Uber and Ola are abusing their dominance in four different cities by burning vast sums of investor funds to distort the market. ; Even before there is any merger or alliance between the two through global investors, there is already a unified monopoly, Meru CEO Nilesh Sangoi said. Our existing cases get strengthened with the Soft Bank investment, he said, but added the Japanese firm's plans weren't cited in the latest complaints. The new Meru complaints have not previously been reported. Ola, Uber and Soft Bank declined comment for this article. (news.financializer.com). As reported in the news.

puerto: Weighed down by nearly 72 billion in debt, Puerto Rico struggled with liquidity even before the most powerful hurricane in almost 90 years wiped out the island's power grid, homes and other infrastructure nearly three weeks ago, according to The Japan Times. It will take months and billions of dollars to rebuild the grid, and the impacts of the storm have cratered the economy of Puerto Rico, home to 3.4 million American citizens, which declared bankruptcy in May. The request came as the oversight board charged with resolving Puerto Rico's debt crisis warned the U.S. territory was at risk of being unable to pay for essential services such as salaries for teachers, first responders and health care providers. ; The best estimate of the Financial Oversight and Management Board FOMB and government is that the commonwealth will run out of money at the end of this month, the board told U.S. Treasury Secretary Steven Mnuchin in a letter on Tuesday evening. Puerto Rico Governor Ricardo Rossello had warned two weeks ago that his government was in a bind and would need lines of credit. The proposed community disaster loan would include a 150-million advance, the Trump administration official said, speaking on condition of anonymity. Trump's loan proposal was an important first step for the transformation of Puerto Rico, Rossello said on social network Twitter on Tuesday. (news.financializer.com). As reported in the news.

puigdemont: Rajoy called an emergency meeting after Catalonia's President Carles Puigdemont announced on Tuesday that he had accepted the mandate for Catalonia to become an independent state following a banned referendum earlier this month, according to The Japan Times. But in a parliamentary speech that left many confused, Puigdemont immediately called for Catalonia's independence to be suspended to allow for negotiations with the central government. Prime Minister Mariano Rajoy has vowed to do everything in his power to prevent the region's independence in a dispute that has hurled Spain into its deepest political crisis in decades. ; He has refused to rule out imposing direct rule over the semi-autonomous region a move that many fear could lead to unrest. On Wednesday, a government source who refused to be named said all options were on the table as the crisis talks were underway. It has 17 semi-autonomous regions with varying degrees of control over issues such as education and health care. Thanks to its constitution, adopted in 1978 following decades of civil strife and dictatorial rule, Spain is one of the Western world's most decentralized nations. (news.financializer.com). As reported in the news.