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

musk: The board, it said, had met several times over the last week and was actively working to evaluate the proposal, according to The Toronto Star. Tesla CEO Elon Musk tweeted Tuesday that he has financing to take the electric-car maker private for 420 U.S. a share. robyn beck / Agence France-Presse But the board offered no further details of the proposal or its funding, sparking new questions about the feasibility of the master gambit Musk revealed in a surprise series of midday tweets on Tuesday. Tesla's board, a nine-member group that includes Musk's younger brother Kimbal, issued a belated statement Wednesday morning saying Musk had opened a discussion last week with the board about the benefits of taking Tesla private. This is out there, even for Tesla, analysts with Barclays wrote Wednesday. Why announce it to the world in this way ... which could significantly contribute to the required premium and leverage Jonas said. Read more Elon Musk says he may take Tesla private and shares soar Article Continued Below For Tesla's Elon Musk, Twitter is sword against short sellers Tesla's 2Q on way to record net loss after burning through 739 million In a note to clients, Morgan Stanley analyst Adam Jonas said Musk's strategy to reveal the offer on Twitter might end up costing him in higher costs and financial risk. (news.financializer.com). As reported in the news.

impact: Analysts said sterling's slide which makes imported goods and foreign travel more expensive but UK exports cheaper would push up inflation and lead to a renewed squeeze on living standards at a time when support for the government's handling of Brexit has fallen sharply, according to The Guardian. Holidaymakers have already seen an impact from the weaker pound. Sterling was down heavily against all major currencies as investors sought to insure themselves against the growing possibility that talks between London and Brussels break down over the coming months. The walk-up rate at Forexchange bureaux de change in Cardiff airport on Wednesday had dropped to just 0.90 to 1 200 bought just 177. Although the government has insisted that it still expects negotiations with the EU over the next few months to prove successful, currency traders have been prepared for a deal not to emerge and are now hedging against the possibility of the hardest possible Brexit. Speculation against the pound has intensified in the past week as markets have digested warnings from Mark Carney, the governor of the Bank of England, and Liam Fox, the international trade secretary, about the possibility of a chaotic exit from the EU for Britain next March. (news.financializer.com). As reported in the news.

co: Musk achieved fame, and garnered a fanatical online fanbase, through his founding of Tesla a motoring company that hit on the insight of starting electric cars at the high, not low, end of the market, creating vehicles with years-long waiting lists that thousands wanted, despite their prohibitive price tags, according to The Guardian. Profile Elon Musk Show Hide The South African-born computer programmer and businessman is worth about 21bn 15bn today. This would be frustrating if he were a teething toddler and understandable if he were an unemployed 4chan dweller, but is incomprehensible given he is the founder and CEO of two companies together valued at around 100bn 77.7bn one of which is going through a year that will make or break it. He was catapulted into the ranks of the super-rich with the sale of Pay Pal to eBay, which netted him 165mIn 2002, he used 100m to found SpaceX, which aims to cut the cost of space travel through technology such as reusable rockets. Musk became a major investor in electric car company Tesla in 2004 and took over the reins in 2008. One of Musk's ultimate goals is to pioneer efforts to colonise Mars. (news.financializer.com). As reported in the news.

senator request: At Senator Paul's request, President Trump provided a letter of introduction, according to CNN. In the letter, the President mentioned topics of interest that Senator Paul wanted to discuss with President Putin, White House spokesman Hogan Gidley said in a statement. Rand Paul to the Russian leader. While in Russia, Paul announced Wednesday that he was honored to deliver a letter from President Trump to President Vladimir Putin's administration. The letter emphasized the importance of further engagement in various areas including countering terrorism, enhancing legislative dialogue and resuming cultural exchanges. The letter emphasized the importance of further engagement in various areas including countering terrorism, enhancing legislative dialogue and resuming cultural exchanges, Paul said on Twitter. var id function make Embed Script d, id var js,fjs;js id;js.charset '' ;fjs fjs ;js.src id ;I was honored to deliver a letter from President Trump to President Vladimir Putin's administration. (news.financializer.com). As reported in the news.

sydney audience: Philip Lowe's comments to a Sydney audience come at a heated time in the population debate, with the federal government cutting Australia's permanent migration intake by 10% over the last 12 months, to just 162,417, the lowest level in a decade, according to The Guardian. The reduction, confirmed by the home affairs minister, Peter Dutton, was the result of a departmental crackdown after Dutton and the former prime minister Tony Abbott unsuccessfully advocated for a lower migration cap for Australia. It means Australia has one of the youngest populations among advanced economies, with a higher fertility rate and better prospects for growth. Facebook Twitter Pinterest Australia's population growth remains high in comparison with other advanced economies. He reminded the audience that, in 2002, Australia's population was expected to age quickly, with the median age projected to increase significantly to over 45 by 2040, but after a decade of increased immigration of younger people, the latest estimate was the median age in 2040 would be around 40 years. Photograph UN Lowe said on Wednesday the movement to Australia of large numbers of young people over the past decade had changed Australia's demographic profile in a positive way. (news.financializer.com). As reported in the news.

talks: The program pursues a comprehensive, integrated, community-based national program that is locally-implemented to address the legal status and security of former rebels as well as their economic, social, psychological rehabilitation need, according to Xinhua China. Duterte has decided to pursue localized peace talks with the New People's Army NPA rebels after formal talks with the National Democratic Front NDF crumbled in June. The government has created a coordinating body, Task Force Balik-Loob, tasked to implement its fresh efforts to reintegrate former rebels into the society. The NDF is representing the Communist Party of the Philippines CPP and its armed wing, the NPAs. The amount will depend on the condition of the firearms, the body said in its posters. The Task Force Balik-Loob has published the benefits that surrendering rebels can avail of under the so-called Enhanced Comprehensive Local Integration Program E-CLIP . The benefits include a monetary reward amounting to 191,000 pesos roughly 3,603 U.S. dollars broken down into reintegration assistance amounting to 21,000 pesos roughly 396.19 U.S. dollars employment assistance amounting to 100,000 pesos roughly 1,887 U.S. dollars immediate assistance worth 15,000 pesos roughly 283 U.S. dollars livelihood assistance 50,000 pesos roughly 943 U.S. dollars and conditional transitional grant of 5,000 pesos roughly 94 U.S. dollars . Aside from the monetary incentives, returning rebels will also be paid for every firearms, explosives and ammunitions that they return to the government. (news.financializer.com). As reported in the news.

thursday: Bank Governor Adrian Orr on Thursday announced the rate would stay unchanged at its record-low 1.75 per cent, where it has been since late 2016, according to Nine News Australia. However, in a surprise that comes amid warnings from Treasury this week that growth predicted earlier in the year may ease, the central bank pushed out its expectation for an official cash rate OCR move by a full year, from September 2019 to September 2020. To improve your experience update it here News WorldNZ Reserve Bank may hold rate until 20202 07pm Aug 9, 2018Facebook Tweet Mail The Reserve Bank of New Zealand says it might not move the official cash rate for more than two years as it adds to voices pointing to a speed-bump in economic growth. The recent slower economic growth gives us more confidence that there is no immediate capacity pressure leading to the rising inflation, Mr Orr said. But its broader economic forecasts on Thursday were carefully watched after Treasury suggested earlier this week that forecasts in May's government budget could soften by year-end, largely on the back of a cooling housing market and global tensions. The bank has stayed neutral about whether the next move will be up or down. (news.financializer.com). As reported in the news.

victorian entrant: The jackpot, which was the biggest Oz Lotto prize in five years, was split last night between a Lithgow man aged in his 50s and a Victorian entrant who is yet to claim the money, according to Nine News Australia. The NSW man, who did claim his 35 million share and didn't want his identity revealed, said he was blown away when he found out about his win. To improve your experience update it here News National Oz Lotto 70m jackpot Search begins for second winner1 10pm Aug 8, 2018Facebook Tweet MailA 70 million Oz Lotto jackpot split between two winners has been described as the biggest prize ever handed down in the New South Wales town of Lithgow. The search is on for the second dual winner of the 70-million-dollar Oz Lotto jackpot. Hallelujah! he said. Picture 9NEWS. 9NEWS Oh fair dinkum You're kidding ! That is the best news I've had in a long time. (news.financializer.com). As reported in the news.

blogpost: Shortly afterwards, Tesla published a blogpost written by Musk entitled Taking Tesla private' that had been sent to all employees, according to The Guardian. Elon Musk elonmusk Am considering taking Tesla private at 420. The ride started with Tesla's stock rising more than 7% after Musk tweeted he was considering taking Tesla private and had funding in place to do so at a price of 420 325 per share. Funding secured. At 420 a share, Tesla would have an enterprise value of about 82bn including debt, well above its stock market value, which reached 63.8bn on Tuesday. August 7, 2018 The tweet appeared to be triggered by a report in the Financial Times that Saudi Arabia has built up a stake in Tesla worth up to 2.9bn. (news.financializer.com). As reported in the news.

u.s: More episodes and clips02 40The Hidden Dangers of Home DNA Tests03 25How a Bribe-Taking U.S. Informant Changed the World Cup01 38Who Is Not Invited to Russia's World Cup03 31How North Koreans Make Money David Rubeinstein Show The David Rubenstein Show Peer-to-Peer Conversations explores successful leadership through the personal and professional choices of the most influential people in business, according to Bloomberg. More episodes and clips24 02The David Rubenstein Show Dennis Muilenburg24 01The David Rubenstein Show Richard Branson24 01The David Rubenstein Show Steve Ballmer24 04The David Rubenstein Show Renee Fleming See all shows Source Bloomberg react-empty 343 More From Bloomberg Markets01 34Central Banks Hike Rates in Spite of Macro Economics, Says Preusser2 hours ago02 56Di Maio Vows Italy Will Use Tough Tactics in EU Budget Battle2 hours ago05 23Deleveraging Still Remains a Top Priority, Says Merck KGaA's CFO3 hours ago09 11Won't Change Our Targets After 1H Results, Says Zurich CEO4 hours ago All episodes and clips Quick Takes Bloomberg Quick Take provides context and background on issues of interest. (news.financializer.com). As reported in the news.

fraud scheme: Rick Gates, described by witnesses as Manafort's right-hand man, calmly related his criminal conduct as prosecutors looked to provide jurors with damning testimony from a co-conspirator they say carried out an elaborate offshore tax-evasion and fraud scheme on behalf of his former boss, according to Nine News Australia. Gates, who is expected to continue testifying for several hours Tuesday, has been regarded as a crucial witness for the government ever since he pleaded guilty this year to two felony charges and agreed to cooperate in special counsel Robert Mueller's investigation into possible ties between Russia and the Trump campaign. To improve your experience update it here News WorldUS government star witness admits crimes with former Trump campaign chief1 58pm Aug 7, 2018Facebook Tweet Mail The US government's star witness in the financial fraud trial of Paul Manafort testified that he embezzled hundreds of thousands of dollars from the former Trump campaign chairman and told jurors that he and Manafort committed crimes together. This courtroom sketch depicts Rick Gates, right, answering questions by prosecutor Greg Andres as he testifies in the trial of Paul Manafort, seated second from left, at the Alexandria Federal Courthouse in Alexandria, Virginia. His testimony, given in short, clipped answers as Manafort rarely broke his gaze from the witness stand, follows that of vendors who detailed Manafort's luxurious spending and financial professionals who told jurors how the defendant hid millions of dollars in offshore accounts. AP/AAP The courtroom testimony brought Gates face-to-face with Manafort, his longtime boss and fellow Trump campaign aide, for the first time since his plea deal. (news.financializer.com). As reported in the news.

loss: Bausch Health Companies Inc., formerly known as Valeant Pharmaceuticals, experienced a bigger operating loss and a bigger provision for income taxes than last year, according to The Toronto Star. Ryan Remiorz / THE CANADIAN PRESS Its operating loss for the quarter ended June 30 was 245 million, which compared with a year-earlier operating profit of 175 million. The company, which reports in U.S. currency, says it recorded a 138-million provision for income taxes that represented a 343-million increase from the same time last year, when Valeant recorded a tax benefit. Read more Valeant changing name to distance itself from scandal Article Continued Below Valeant Pharmaceuticals shareholders vent frustrations at embattled drugmaker's AGMValeant sees profit bump due to tax reorganization The operating loss was due primarily to an asset impairment linked to the company's loss of exclusivity on a product. Bausch Health's adjusted net income fell to 327 million from 362 million a year ago, while revenue fell to 2.13 billion from 2.23 billion in the second quarter of 2018. react-empty 138 The adjusted net income was above the estimate of 272 million and revenue was above the estimate of 2.06 billion, according to Thomson Reuters Eikon. The net loss amounted to 2.49 per share, compared with a loss of 11 cents per share in the second quarter of 2017. (news.financializer.com). As reported in the news.

doj: The yacht was reportedly seized by the Indonesian government in Bali in February on the application of the U.S. Department of Justice DOJ which is probing a multi-billion dollar misappropriation scandal surrounding 1MDB. Upon the return of the boat, Malaysian Prime Minister Mahathir Mohamad thanked Indonesian President Joko Widodo for the gesture, according to Xinhua China. Low Taek Jho, a key figure in the 1MDB case, is identified as the owner of the boat which is registered in Caman Islands, according to ship tracking information. Malaysian Attorney General Tommy Thomas confirmed the arrival of the boat in a statement, saying the yacht was purchased with money belonging to Malaysia and thus was properly seized under the laws of Malaysia. Malaysia has issued an arrest warrant for Low, but his whereabouts are known. Among our agencies involved were the Royal Malaysian Police, the Royal Malaysian Navy, the Malaysian Anti-Corruption Commission and the Attorney General's Chambers, he said. In the statement, Tommy Thomas said the arrival of the yacht was a result of sensitive and delicate negotiations conducted at the highest level of different agencies among Indonesia, Malaysia and the United States, thanks to the Mutual Legal Assistance Treaties. (news.financializer.com). As reported in the news.

industries: The KDI, however, noted that domestic demand weakened a bit amid the slowing recovery in private consumption and the faltering corporate investment, according to Xinhua China. Affected by the trend, recovery in production eased further except for some industries including the chip sector. The Korea Development Institute KDI said in a monthly report that exports maintained a relatively positive growth on demand for locally-made semiconductors. The country's retail sales gained 4 percent in June, lower than a 4.5-percent increase in the previous month. Production in all industries was unchanged in June from a month earlier, after growing 1.6 percent in May. Consumer sentiment index over economic situations tumbled to 101.0 in July from 105.5 in the prior month. (news.financializer.com). As reported in the news.

iranian rial: Like a number of businesses in Iran, Hamid said, Renault has been hit by the collapse of the Iranian rial, which has plunged in value since US President Donald Trump declared he would withdraw from the Iran nuclear deal, according to CNN. Then, in July, Renault said it was likely to put its business development in Iran on hold as the company intended to comply full with US sanctions, Reuters reported. Take Hamid, a 29-year-old who recently lost his job at car manufacturer Renault. Now working as an unlicensed taxi driver, Hamid estimates that his income has gone down by around 70%, forcing him to move back in with his parents where he can live rent-free. I am not sure who is to blame for this dire condition of the economy, but I tend to think that Trump had something to do with it. Iranian drivers stop at a junction on a main street in the capital Tehran. context Image Object name Iranian drivers stop at a junction on a main street in the capital Tehran. description Iranian drivers stop at a junction on a main street in the capital Tehran. url I should be the one to support my mother and father, not the other way around, he told CNN. Read More He now hopes the economic situation forces President Hassan Rouhani to hold talks with his US counterpart in the coming weeks. (news.financializer.com). As reported in the news.

maxar technologies: Maxar Technologies and Saputo Inc. were among the companies with declines, according to The Toronto Star. The Toronto Stock Exchange's S&P/TSX composite index was down 57.76 points to 16,362.48 after 90 minutes of trading on Tuesday. The Toronto Stock Exchange's S&P/TSX composite index was down 57.76 points to 16,362.48 after 90 minutes of trading. Maxar Technologies and Saputo Inc. were among the companies with declines. The S&P 500 index was up 11.89 points to 2,862.29 and the Nasdaq composite index was up 25.89 points to 7,885.57. Rene Johnston / Toronto Star file photo In New York, the Dow Jones industrial average was up 176.41 points to 25,678.59. (news.financializer.com). As reported in the news.

show photos: Reports from the time of the ship's sinking claimed the gold on board could be worth upwards of 125 billion, a staggering amount Shinil later downgraded to a still respectable 8.9 billion at a press conference on July 26, according to CNN. Ahead of that press event, the company had hinted it would make a major announcement, perhaps even show photos and video of the gold on board. Shinil Group attracted global attention when it claimed last month to have discovered the Dmitri Donskoii, a 5,800-ton warship that had sunk during the 1905 Battle of Tsushima, in the waters between present-day South Korea and Japan. But nothing was forthcoming, and questions began to be raised over the veracity of previous images of the sunken ship put out by the company. Read More Attempts to reach Shinil were unsuccessful. The police raid, which occurred Tuesday morning officials confirmed, comes less than a week after police told CNN they were investigating the firm on suspicion of fraud and had banned senior company officials from leaving the country. (news.financializer.com). As reported in the news.

states i: Anyone doing business with Iran will NOT be doing business with the United States, according to The Guardian. I am asking for WORLD PEACE, nothing less! Within hours of the sanctions taking effect, the German carmaker Daimler, which announced a joint venture in Iran last year, said it was halting its business activities in the country. EU acts to protect firms from Donald Trump's sanctions against Iran Read more The US president described the new sanctions, which hit Iran's access to dollars, gold and precious metals, as the most biting ever imposed . In November they ratchet up to yet another level, he tweeted. The punitive measures came into force in the early hours of Tuesday, and follow Trump's decision in May to renege on the landmark 2015 deal to curtail Iran's nuclear ambitions. Trump's latest comments appear aimed at the EU, which is attempting to protect European businesses from the sanctions and has vowed to safeguard firms. The sanctions also target a range of industries, including Iran's carmaking sector, and will be followed by a set of additional and even more stringent measures by 4 November, including an embargo on the import of Iranian oil and sanctions on its banking sector. (news.financializer.com). As reported in the news.

bank: Justin Tang / THE CANADIAN PRESS file photo That has economists predicting second-quarter growth of more than 3 per cent and talking about the possibility of a second-straight rate increase from the Bank of Canada, according to The Toronto Star. Another move from the central bank next month was considered a long shot until now, as trade threats continue to cloud Prime Minister Justin Trudeau's economic agenda. Economists are predicting second-quarter growth of more than 3 per cent and talking about the possibility of a second-straight rate increase from the Bank of Canada. Read more IMF expects Canadian economy to slow in face of greater external risks Article Continued Below Canadian economy adds 31,800 jobs in June, but unemployment rate rises to 6 per cent Canadian factory sales rebound with stronger-than-expected gain It's a fantastically good week for Canada on the economic side, Jean-Francois Perrault, chief economist at Bank of Nova Scotia, said by phone. Poloz raised rates at the central bank's July meeting, the fourth move in a year, and said further increases could be needed with the economy operating near capacity. Scotiabank became the first major Canadian commercial lender to predict a September rate increase this week, with the other four big banks still calling for Governor Stephen Poloz to hold fire until October. (news.financializer.com). As reported in the news.

turkey: The currency's weakness has been exacerbated by the increasing tendency of Turkey's president, Recep Tayyip Erdo an, to interfere in the conduct of monetary policy by opposing the use of higher interest rates to cool an overheating economy, according to The Guardian. This week's turbulence was triggered by news that the Trump administration was considering removing Turkey's eligibility for preferential trade treatment in protest at their imprisonment of the US pastor Andrew Brunson. Analysts said Turkey's central bank would have no choice but to increase borrowing costs aggressively in the coming days to stem the fall in the lira, which is down by almost a third against the US dollar in the past 12 months and hit a record low this week. The threatened loss of duty-free access to the world's biggest market for Turkish exports would further weaken the lira by removing a crucial source of dollar inflow. American officials say the charges against Brunson are false and as 10-year borrowing costs hit a record level of more than 20% on Tuesday, Ankara announced that it was sending a mission to Washington to seek a diplomatic solution to the row between the two Nato countries. Washington has already announced asset freezes and travel bans on two Turkish ministers in an attempt to secure the release of Brunson, who is facing accusations of espionage for Kurdish insurgents and the movement of Fethullah G len, a US-based preacher believed to have orchestrated a coup attempt in 2016. (news.financializer.com). As reported in the news.

york: Monday, according to Xinhua China. It moved between 111.24 yen and 111.39 yen during the day. At 5 00 p.m., the dollar was quoted at 111.35-36 yen compared with 111.35-45 yen in New York and 111.26-27 yen in Tokyo at 5 p.m. The euro fetched 1.1577-1578 dollars and 128.91-95 yen against 1.1548-1558 dollars and 128.64-74 yen in New York and 1.1564-1565 dollars and 128.66-70 yen in Tokyo late Monday afternoon. (news.financializer.com). As reported in the news.

american products: Trump's tax cuts and spending hikes have indeed provided extra short-term stimulus, according to The Guardian. So, too, apparently, have foreign buyers of American products such as soybeans, who are rushing to stock up before the tariff war fully heats up. But when it comes to economic performance, the country's presidents have considerably more influence over long-term trends than over short-term fluctuations. Still, it is not easy to speed up a 20tn economy, even by running a budget deficit of nearly 1tn, as Trump's administration is doing. Is this the end of the road for the euro Hans-Werner Sinn Read more In a cantankerous political environment, it is not easy to think about the long term. In fact, short-term fluctuations in business inventories have arguably stymied growth as much as other factors have temporarily propped it up. (news.financializer.com). As reported in the news.

bali holiday: Ross Marais turned his cupboard clean-out into a Bali holiday after selling unwanted items online for 1,500, according to Nine News Australia. I sold an old iPhone, got rid of an old fridge and a couch, said the financial advisor. To improve your experience update it here News National Average Aussie households are holding onto 4000 worth of sell-able items By Mark Santomartino Reporter8 29pm Aug 6, Aussies are being urged to tap into a potential 34b second-hand economy. Ross Marais sold his unwanted items online, earning back 1,500. It's a success online trading website Gumtree, says can be replicated by anyone. Picture 9NEWS 9news Then I looked at flipping a few bikes... so just bought some and sold some and made a bit of a profit. (news.financializer.com). As reported in the news.

cnn opinion: The opinions expressed in this commentary are solely those of the authors, according to CNN. View more opinion articles on CNN. CNN Opinion asked a group of contributors to weigh in on the implications for both free and commercial speech and what it means in the political moment. (news.financializer.com). As reported in the news.

figure: She is suddenly, rightly, a major figure in British female sport after her victory in the women's Open on Sunday, according to The Guardian. Hall's dedication to her game came, by her admission, at the expense of parts of her childhood; there were no holidays between the ages of six and 21. The 22-year-old from Bournemouth began Monday with a string of national breakfast-show appearances and 490,000 almost 380,000 due to clear in the bank. I didn't really spend time with friends, I was just practising, she said. There were, though, economic realities. Life was golf, golf was life. (news.financializer.com). As reported in the news.

gp services: The Royal College of General Practitioners RCGP is warning that waiting times for consultations will lengthen and the care patients receive will suffer unless NHS England agrees the cash boost, according to The Guardian. Under current plans, GP services are due to receive 12bn of the NHS budget by 2020-21. Leaders of the profession want NHS bosses to plough some of the extra 20bn health funding pledged by Theresa May into improving the services offered by England's 7,150 GP practices. But the RCGP believes that should be revised to 14.5bn. In his first speech last month as the health and social care secretary, Matt Hancock identified improving the NHS workforce and redoubling efforts to prevent illness as key priorities. England's most senior GP quits over anonymous online posts Read more The money is needed to help with the growing demand to see a GP, a rise in long-term illnesses such as diabetes, and a growing shortage of family doctors, the college said. (news.financializer.com). As reported in the news.