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

battery: Investors in those projects are starting to worry that they might have picked the wrong technology, according to The Toronto Star. Carmakers Volkswagen, Hyundai and have all channeled funds into battery companies. Teams of scientists from San Francisco to Shenzhen are experimenting with new chemical processes to improve the traditional lithium-ion cell and find new ways to bottle up electricity for use at another time. PATRIK STOLLARZ / AFP/GETTY IMAGES file photo That's turning the debate about so-called stranded assets on its head. In the future, upheaval in the way energy storage devices are made mean that investments in batteries may turn unprofitable even though they're at the heart of transforming the way the energy system works. To date, the term has been deployed to refer to fossil-fuel projects that may turn unprofitable as pollution regulations tighten. (news.financializer.com). As reported in the news.

fire: A fire among the rubble held up part of the operation on Friday, sending clouds of white smoke up before being extinguished, according to Nine News Australia. A spark from metal-cutting equipment was thought to have caused the blaze that started in a warehouse under the ruined bridge. To improve your experience update it here News World Fire breaks out in Italian bridge rubble8 01pm Aug 17, workers have searched through tonnes of concrete and steel from the collapsed Genoa highway bridge for a fourth day as Italians prepared to bury the 38 victims of a disaster that has angered the public and rattled industry. The confirmed death toll from the collapse of a 200m stretch of the bridge on Tuesday, which sent vehicles plummeting 50m to the ground during a downpour, remained at 38 but officials say there still may be 10-20 people missing. A state funeral for most of the victims is due to be held on Saturday morning, led by Genoa's archbishop, Cardinal Angelo Bagnasco, and attended by President Sergio Mattarella and Prime Minister Giuseppe Conte. The search entered a new phase on Friday as heavy equipment started moving large sections of the bridge in order to clear new areas to probe. (news.financializer.com). As reported in the news.

cash product: Corporate Australia is locked in a culture war, but it's not about left and right Anne Davies Read more When asked why the customer should keep their savings in the cash product when they could get a better return in a normal term deposit account, an AMP executive said You'd have to ask the client, according to The Guardian. After seeing its chairwoman and chief executive stand down after revelations about fees for no service at the royal commission earlier this year, AMP acted swiftly on Thursday by announcing compensation for other people who ended up paying more in fees than what they earned on their cash investments. AMP admitted at hearings in Melbourne on Thursday that a customer had lost money after investing 100,000 cash in a super account thanks to high fees and charges. About 12,500 current members with 43m invested would benefit, with former fund members to also share in the 5m compensation. Facebook Twitter Pinterest AMP executive Richard Allert leaves the banking royal commission in Melbourne. Australia's largest wealth manager has also uncovered further cases of customers being wrongly charged fees, which will lead to about 26m being paid to millions of super members. (news.financializer.com). As reported in the news.

week: A diplomatic spat with the US helped send the lira into a tailspin last week and it hit a record low of 7.2 to the dollar on Monday, sending tremors through emerging markets, according to The Guardian. However, the lira remains about 20% below where it was a month ago. It rose 2.5% in early trading, with one dollar buying 5.8 lira. Turkish financial crisis Lira recovers as Ankara tries to calm markets - live updates Read more European stock markets pushed higher on Thursday, with the FTSE 100 index in London up 0.6%. China's announcement that it would send a trade delegation to the US soon has also cheered markets. However, he will not take live questions and will only answer questions submitted in advance, the Financial Times reported, citing a government official. Berat Albayrak, President Recep Tayyip Erdo an's son-in-law who became treasury and finance minister last month, faces a tough test when he addresses international investors and analysts at 2pm BST, with 3,000 people expected to dial in. (news.financializer.com). As reported in the news.

deposit withdrawals: He added that deposit withdrawals by panicked investors remained low and manageable, according to The Guardian. Turkey buys time before day of IMF reckoning Read more We are experiencing unfavourable conditions but we will overcome, he said. Berat Albayrak, who has faced criticism for failing to tackle the country's growing financial crisis, spoke to around 6,000 investors on a conference call to rebuff concerns that a funding squeeze on Turkey's banks and a damaging trade war with the US would force him to seek a rescue bailout from the International Monetary Fund IMF . Albayrak, who was appointed as finance minister last month by his father-in-law, president Recep Tayyip Erdo an, said Turkey will not hesitate to provide support to the banking sector, which was capable of accessing funds itself during the current turmoil in financial markets. The Turkish lira was up 4% against the US dollar following the conference call and after reassuring words from the French president, Emmanuel Macron, and Germany's chancellor, Angela Merkel, that Turkey's stability was important. However, Albayrak's attempt to shore up confidence in the lira was quickly undermined by the US Treasury secretary, Steve Mnuchin, who reportedly told president Donald Trump in a cabinet meeting that he was preparing further sanctions against Ankara. A pledge by Qatar to invest 15bn in the financial sector has also helped stabilise the situation. (news.financializer.com). As reported in the news.

dollar: The lira strengthened some 4 per cent against the dollar, to around 5.75 per dollar, according to The Toronto Star. Treasury and Finance Minister Berat Albayrak was quoted by private media NTV as saying the economy would emerge stronger from the turmoil. The national currency recovered somewhat from record lows hit earlier this week, a day after Qatar pledged 15 billion in investments to help Turkey's economy. YASIN AKGUL / AFP/GETTY IMAGES Treasury and Finance Minister Berat Albayrak was quoted by private media NTV as saying the economy would emerge stronger from the turmoil. The minister ruled out any move to limit money flows which is a possibility that worries investors or any assistance from the International Monetary Fund, NTV said. Albayrak said Turkey's banks are healthy and strong and that implementing structural reforms and maintaining tight monetary policy to fight inflation remain a priority. (news.financializer.com). As reported in the news.

port city: An 80-metre-long section of the bridge, part of a motorway linking the port city of Genoa with southern France, gave way on Tuesday in busy lunchtime traffic, sending dozens of vehicles into free-fall, according to Nine News Australia. Autostrade per l'Italia, part of Milan-listed international toll-road group Atlantia and owned by the Italy's Benetton family, operated the motorway. To improve your experience update it here News World Italy threatens action over bridge deaths12 43pm Aug 16, biggest toll-road operator has came under heavy stockmarket attack and the government says it could impose a heavy fine or revoke its concession over a bridge collapse that killed at least 38 people. It says it made regular, thorough safety checks on the 1.2 km-long viaduct, which was completed in 1967 and overhauled two years ago. Genoa's chief prosecutor, Francesco Cozzi, said 10-20 people were still missing. At the disaster scene, cranes moved away chunks of rubble as rescue teams searched for survivors. (news.financializer.com). As reported in the news.

rift: With Ankara locked in a complex rift with Washington, he also played down a decision by US President Donald Trump to double tariffs on imports of Turkish metals, according to Nine News Australia. Washington later said it was ready to impose further economic sanctions on Turkey. To improve your experience update it here News World Turkey 'will emerge stronger from crisis'5 01am Aug 17, Finance Minister Berat Albayrak has assured international investors the nation will emerge stronger from its currency crisis, insisting its banks are healthy and signalling it could ride out a dispute with the USIn a conference call with thousands of investors and economists, Albayrak - who is President Tayyip Erdogan's son-in-law - said Turkey fully understood and recognised all its domestic challenges, but was dealing with what he described as a market anomaly. Many countries had been the target of similar US trade measures, Albayrak said on Thursday, and Turkey would navigate this period with other parties such as Germany, Russia and China. Before he spoke, the lira strengthened more than 3 per cent, despite signs that the dispute with the United States is as wide as ever. He added that Turkey had no plans to seek help from the International Monetary Fund or impose capital controls to stop money flowing abroad in response to the recent collapse of its lira currency. (news.financializer.com). As reported in the news.

canaan: Now two sisters are accused of allegedly pocketing 478,000 in cash from New Canaan Public Schools -- a scam that authorities say dates to 2013, CNN affiliate News 12 reported, according to CNN. Joanne Pascarelli, 61, and Marie Wilson, 67, both worked at cafeterias at Saxe Middle School and New Canaan High School during that time. No one noticed the money was missing from the schools in New Canaan until 2017, when the school district installed an enhanced accounting system, authorities said. They were arrested this week and charged with larceny and defrauding a public community, the school district said. Read More Both women resigned in December, around the time the board of education started looking into the discrepancies, New Canaan News reported. We are deeply upset by this alleged violation of our trust and the trust of the entire community, and are committed to continuing our full cooperation with the New Canaan Police Department regarding these allegations, the school district said in a statement. (news.financializer.com). As reported in the news.

u.s: Source Bloomberg react-empty 322 More From Bloomberg Markets03 10U.S. Is Approaching the End of Its Cycle, Says Mercer's Watson5 hours ago04 38Maersk Vice CEO on Drilling Unit Spinoff5 hours ago03 24Air France-KLM Board Names Benjamin Smith as CEO5 hours ago02 06RBA's Lowe Sees Rates Steady For a While Yet'7 hours ago All episodes and clips Quick Takes Bloomberg Quick Take provides context and background on issues of interest, according to Bloomberg. 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. He speaks on Bloomberg Markets European Open. 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 (news.financializer.com). As reported in the news.

dining options: The 165 million terminal upgrade which begins today will see international arrivals and departure areas expanded to include more retail and dining options for travellers, according to Nine News Australia. What a fantastic day to commence this project... a really tremendous day for the state, Tim Tape of Watpac Construction told reporters. To improve your experience update it Adelaide Airport terminal upgrade begins By Keziah Sullivan Reporter7 50pm Aug 15, 2018Facebook Tweet Mail The first sod has been turned on a multi-million-dollar expansion of Adelaide Airport. The multi-million-dollar expansion of Adelaide Airport began today. 9NEWS A project that will employ nearly 200 people on-site. A dedicated gate for international flights will also be established. Security will also be boosted, with an expanded screening area for international travellers and more space for emigration and immigration processing. (news.financializer.com). As reported in the news.

korean: South Korean President Moon Jae-in at a news conference at the presidential Blue House in Seoul in May, according to The Toronto Star. Moon will travel to Pyongyang next month for his third meeting this year with North Korean leader Kim Jong Un. It would be a first step toward the sort of regional economic integration that Europe established after the Second World War. Seong Joon Cho / Bloomberg Moon will travel to Pyongyang next month for his third meeting this year with North Korean leader Kim Jong Un. Moon spoke during a ceremony to mark the 73rd anniversary of the liberation of the Korean Peninsula from Japanese colonial rule. And he pledged that the two would take an audacious step toward the signing of a peace treaty and the complete denuclearization of the Korean Peninsula. (news.financializer.com). As reported in the news.

sanders: I'm sorry for the mistake, but no apologies for the 700,000 jobs for African Americans created under President Trump, Sanders wrote in a tweet, according to CNN. During the briefing, as she sought to defend the President's record on race, Sanders said Trump has already tripled Obama's record over eight years for creating jobs for black workers. Correction from today's briefing Jobs numbers for Pres Trump and Pres Obama were correct, but the time frame for Pres Obama wasn't. This President since he took office, in the year and a half that he's been here, has created 700,000 new jobs for African-Americans, Sanders said from the White House podium. When President Obama left, after eight years in office, he had only created 195,000 jobs for African-Americans. That's 700,000 African-Americans that are working now that weren't working when this President took place. (news.financializer.com). As reported in the news.

tesla controversy: Elon Musk's tweet about considering taking Tesla private has landed him in hot water, but the SEC has yet to accuse him or his company of any wrongdoing, according to The Toronto Star. Patrick T. Fallon / Bloomberg At the center of the Tesla controversy is what Musk meant when he tweeted Aug. 7 that he had secured funding for a buyout without providing any specifics to back up the claim. History suggests it might take a while. Almost a week later he said his confidence was based on conversations with a Saudi Arabian sovereign wealth fund, which had long expressed interest in taking the electric-carmaker private. So it's an open-and-shut case of misleading investors that the SEC should be able to bring pretty quickly, right Not necessarily. Securities lawyers have said Musk's subsequent statement showed funding was anything but secure. (news.financializer.com). As reported in the news.

star movement: Residents near collapsed Morandi Bridge evacuated The Genoa bridge disaster The Five Star Movement, which has been heading Italy's government since early this year, has opposed major infrastructure projects for political ends, according to Nine News Australia. A worker inspects the the area around the collapsed Morandi highway bridge, in Genoa, northern Italy. To improve your experience update it here News World Italy bridge collapse Warnings dismissed as 'fairy story'By Richard Wood6 36am Aug 16, governing populist party dismissed safety fears about the Genoa bridge that collapsed killing 39 people as a children's fairy story .A statement in 2013 on the Five Star Movement M5S website wrote off warnings about the imminent collapse of the Morandi Bridge as a favoletta an Italian word meaning a farytale'. The statement has since been deleted from the party website but a cached version is available, reports the Independent. AP/AAP The death toll from the bridge collapse is now 39. Related Articles Fire breaks out in Italian bridge rubble Genoa bridge operators will 'pay until the end'Italy bridge disaster The lives lost In the case of the Morandi Bridge, local activists opposed a planned bypass. AP Major construction schemes often proved disruptive to local residents and the party sought to exploit this. (news.financializer.com). As reported in the news.

sector: Chinese technology company Tencent Holdings Ltd reported its first profit decline in almost 13 years, putting pressure on the US tech sector, according to Nine News Australia. Technology stocks were the biggest drag on the S&P 500 and the Nasdaq, with the S&P 500 technology index down 1.1 per cent. To improve your experience update it here News WorldUS stocks drop on downbeat earnings7 48am Aug 16, Street has fallen in a day of heavy trading, with the S&P 500 posting its biggest percentage drop since late June as investors turned risk-averse on disappointing earnings and escalating global tariff worries. Retail shares fell as Macy's Inc stock tumbled 15.9 per cent after margin fears spooked investors, overshadowing its stronger-than-expected sales and earnings. Macy's results have taken an edge off that optimism, he added. There was a lot of optimism heading into retail earnings, said JJ Kinahan, chief market strategist at TD Ameritrade in Chicago. (news.financializer.com). As reported in the news.

tayyip: The Turkish lira has nosedived in value in the past week over concerns about Turkey's President Recep Tayyip Erdogan's economic policies, according to The Toronto Star. Lefteris Pitarakis / The Associated Press The resulting flight of capital into safer and higher-yielding U.S. investments has sent many emerging-market currencies tumbling. Yet one of the threats facing Turkey and other emerging-market countries really is made-in-America By ratcheting up U.S. interest rates, the Federal Reserve has unintentionally led investors to pull money out of emerging markets like Turkey, strengthened the dollar's value and made it harder for foreign companies to repay their dollar-denominated debts. The MSCI Emerging Markets Currency Index has sunk nearly 8 per cent since early March. Turkey is Exhibit A Inflation is running near 16 per cent a year. Especially vulnerable are countries with weak economic fundamentals Runaway inflation, bulging trade deficits, piles of foreign debt and paltry foreign-currency reserves available to intervene in the markets to help prop up their own currencies. (news.financializer.com). As reported in the news.

turkey: The fallout from Turkey's crisis will cause damage far beyond its borders Simon Tisdall Read more The unyielding confidence that Erdo an has placed in the husband of his daughter, Esra, culminated in his appointment as finance minister in June, a role that has left Albayrak as custodian of a grave national crisis, according to The Guardian. As Turkey's currency dabbles with the unknown and global markets nervously weigh whether the country can pull its economy back from the brink, the two men carry a burden that many believe they are unable to shoulder. The 40-year-old businessman, who is due to address foreign investors about the liracrisis on Thursday, owes his position to his father-in-law, the Turkish president, Recep Tayyip Erdo an, who has given him sweeping powers in Turkish life, particularly in the past five years. Albayrak has learned much from his father-in-law, who in turn appears to have studied how his newest nemesis Donald Trump tries to rule. Both presidents see themselves as strongmen whose faith is best placed in family. Albayrak is to Erdo an what Jared Kushner is to Trump; the former's title matters less than his proximity to Turkey's centre of power, and the same can be said for Kushner. (news.financializer.com). As reported in the news.

australia institute: While the disadvantage gaps between indigenous and non-indigenous Australians are well known, the new study by the Australia Institute of Health and Welfare provides the first detailed insight into the extensive problems endured by the stolen generation, according to Nine News Australia. It found stolen generation members are in much poorer health than other indigenous Australians and are more likely to have been jailed, homeless or unemployed. To improve your experience update it here News National Extent of stolen generation's woes exposed1 00am Aug 15, generation members and their descendants suffer much greater levels of health, social and economic disadvantage than indigenous people who weren't forcibly removed from their families, a study shows. They're also more likely to be relying on government welfare to survive, and experience higher rates of violence and mental health problems. The study was commissioned by the Healing Foundation to uncover the extent of health, economic and social problems the stolen generation suffers as a result of being removed from their families under government policies imposed between 1910 and 1972. The picture is just as grim for their descendants, who are more likely than other indigenous Australians to be in poor health and have experienced greater levels of violence, discrimination and arrest rates. (news.financializer.com). As reported in the news.

celebrations: We are going to boycott US electronics, Erdogan said at celebrations of the 17th anniversary of his Justice and Development Party, according to CNN. If they have the iPhone on the other hand there is Samsung. Whatever we buy from abroad we are going to produce here in better quality and export it. In our country we have Venus and Vestel, he said, referring to a Turkish-made phone made by electronics manufacturer Vestel. Whatever we pay for from abroad, we will do here, he said. What we can do is proved by what we have done so far. (news.financializer.com). As reported in the news.

disclosure: According to a notice of hearing, church members invested in a program meant to let them earn interest on loans to other churches for improvement projects, but the majority of those funds were placed in a high-risk, loan-defaulting, speculative land development project without appropriate disclosure to investors, according to The Toronto Star. Brian Kehler, a member of Foothills Lutheran Church and a proxy for 14 investors, says while setting an ASC hearing date is a step forward, people are frustrated by the uncertainty. The ASC has alleged that the Alberta-British Columbia district of Lutheran Church Canada misled investors about a large-scale investment program. Madeline Smith / Star Metro The ASC has alleged that the Alberta-British Columbia district of Lutheran Church Canada misled investors about a large-scale investment program. DIL fund what their money was being used for and at what risk. Madeline Smith / Star Metro The ASC panel set May 13, 2019, as the start date for the hearing, which will last seven weeks.A notice of hearing says the church district didn't adequately inform investors in the Church Extension Fund CEF and the separate District Investments Ltd. (news.financializer.com). As reported in the news.

garland: He said the dip resulted from external factors, according to The Toronto Star. In this Nov. 11, 2016 file photo, a shopkeeper prepares a garland with Indian 10 Rupees denomination notes 0.15 U.S. used particularly to garland grooms on their wedding day, in Jammu, India. Indian Economic Affairs Secretary Subhash Chander Garg told reporters that there was nothing at this stage to worry about after the rupee reached 70.1 to the dollar earlier in the day. The Indian rupee has fallen to an all-time low against the U.S. dollar amid worries over Turkey's growing financial crisis. Channi Anand / The Associated Press The rupee ended the day at 69.93 per dollar, down 110 paise or 1.6 per cent. Indian Economic Affairs Secretary Subhash Chander Garg told reporters that there was nothing at this stage to worry about after the rupee reached 70.1 to the dollar earlier Tuesday, Aug. 14. (news.financializer.com). As reported in the news.

spot: Poverty is not a crime, Sanders said, according to The Guardian. Hundreds of thousands of Americans, convicted of nothing, should not be in jail today because they cannot afford cash bail. ehrp That isn't the only bright spot. Or do we At the end of July, US senator Bernie Sanders proposed a bill abolishing cash bail, long a scourge of indigent people and the activists who defend them. On 7 August, Missouri voters voted 2-1 to demolish the state's right-to-work law a rare victory for unions over Republican politicians and business interests. A number of other solutions that once seemed pie in the sky universal basic income, Medicare for all, universal pre-kindergarten now seem more, well, attainable recently than they have in the past, and may even be closer than we think. While the supreme court's recent ruling against mandatory public union fees, as well as unions' falling membership numbers, have hurt American labor, this week's ballot measure showed at least one avenue to partial recovery. (news.financializer.com). As reported in the news.

krebs: The threat has been reported by US journalist Brian Krebs who runs the cybersecurity blog Krebs on Security, according to Nine News Australia. According to the report, the attack is based around a strategy known as ATM cash-out' involving cloned cards and hacked bank or payment processors to fraudently withdraw funds. To improve your experience update it here News NationalFBI issues warning of ATM threat, says report By Richard Wood11 24am Aug 14, ATMs are being targeted by cyber criminals in a sophisticated attack that threatens millions of dollars in bank accounts, the FBI has warned. The attack could happen over just a few hours and was most likely on a weekend after banks have closed. The FBI has obtained unspecified reporting indicating cyber criminals are planning to conduct a global Automated Teller Machine ATM cash-out scheme in the coming days, likely associated with an unknown card issuer breach, the FBI warning said, according to Krebs on Security. Banks with large international operations are among those believed to have been alerted. (news.financializer.com). As reported in the news.

mining sector: The S&P/TSX composite index closed up 79.92 points at 16,330.67 Tuesday, according to The Toronto Star. Frank Gunn / THE CANADIAN PRESS file photo In New York, the Dow Jones industrial average closed up 112.22 points at 25,299.92. The S&P/TSX composite index closed up 79.92 points at 16,330.67 despite sharp losses in the cannabis-heavy health-care index and in the mining sector. The S&P 500 index ended up 18.03 points at 2,839.96, while the Nasdaq composite was up 51.19 points at 7,870.90. The September crude contract closed down 16 cents at 67.04 U.S. per barrel and the September natural gas contract was down three cents at 2.96 U.S. per mmBTU. Article Continued Below The December gold contract ended up 1.80 U.S. at 1,200.70 U.S. an ounce and the September copper contract closed down five cents at 2.68 U.S. a pound. react-empty 138 Read more about Tsx TOP STORIES, DELIVERED TO YOUR INBOX.NEW NEWSLETTERHEADLINESSIGN UP The Canadian dollar averaged 76.41 cents U.S., up 0.28 of a U.S. cent. (news.financializer.com). As reported in the news.

days: The currency rose 5% to about 6.5 to the dollar on Tuesday afternoon, after slumping 20% in the past four working days, according to The Guardian. The country's central bank stepped in on Monday by pledging to provide liquidity to its banking sector. There was some respite for the lira after days of heavy losses. Turkish crisis Indian rupee hits record low but lira recovers - business live Read more Berat Albayrak, Turkey's treasury and finance minister, and President Recep Tayyip Erdo an's son-in-law, provided further support with defiant comments on the national currency. He also attacked the US currency, saying it had lost all credibility despite the dollar trading at one-year highs against most major currencies. Albayrak told members of the ruling AK party We will protect the lira, we will march with the lira and the lira will strengthen greatly in the coming period. (news.financializer.com). As reported in the news.