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

donald trump: Ankara believes that he was murdered inside the building and his body removed, according to The Guardian. Donald Trump has threatened severe punishment if the Saudi government is found to have been involved in the Washington Post columnist's disappearance. Khashoggi, a prominent critic of Riyadh and a US resident, vanished on 2 October after visiting the Saudi consulate in Turkey. In an interview to be aired on Sunday, the US president told CBS's 60 Minutes We're going to get to the bottom of it. Trump, however, has said Washington would be hurting itself if it halted arms sales to Riyadh. Media companies and some technology executives have pulled out of a Saudi investment conference because of growing outrage over the disappearance and US lawmakers have demanded firm action. (news.financializer.com). As reported in the news.

forecast growth: The group of economists, which is the only non-government forecasting organisation to use the Treasury modelling of the economy, said it had downgraded its growth forecast for this year and next as a consequence, according to The Guardian. It forecast growth of 1.3% for the whole of 2018, down from a previous estimate of 1.4%. This would be the worst annual period for growth since the financial crisis. After official figures revealed zero growth in GDP in August, the EY Item Club said the economy would struggle to recover in the final months of the year owing to the increasing likelihood of Britain crashing out of the EU in less than six months' time. It also downgraded the outlook for the second quarter running. The government's economic forecaster, the Office for Budget Responsibility, last week raised the prospect of a no-deal scenario triggering border delays, companies and consumers stockpiling food and other supplies, and aircraft being unable to fly in and out of Britain. Frictionless Brexit trade deal would bolster budget Hammond Read more EY Item Club forecast a modest recovery next year if there was a smooth Brexit deal, with growth of 1.5%, down from its previous estimate of 1.6%. Economists have said failure to reach such a deal could significantly harm the UK economy, with the International Monetary Fund warning of dire consequences for growth. (news.financializer.com). As reported in the news.

month: Chief executive Paul Polman scrapped plans last month to simplify the company's Anglo-Dutch legal structure and transplant headquarters from London to Rotterdam, a move that would have seen its shares depart the FTSE 100, according to The Guardian. City shareholders, many of whom would have been forced to remove Unilever and its steady returns from their portfolios as a result, opposed the plan and were not shy about saying so. Unfortunately for Unilever, maker of household staples from Dove soap to Hellmann's mayonnaise, keeping a low profile isn't going to be an option for at least another week. Polman duly caved, in but the highly public contretemps with investors left some observers questioning his future in the post he has occupied for nearly a decade. The first of these could prove a bruising encounter for Unilever, given the predisposition among MPs to use select committees to indulge in gleeful grandstanding. Now might be the time to keep quiet and concentrate on performance but instead Unilever will find itself back in the public eye, giving evidence alongside Royal Mail at a select committee session on executive pay on Tuesday then, two days later, presenting interim results. (news.financializer.com). As reported in the news.

shares: It's been Corporate America itself, according to CNN. Who turned out the lights Here's a little-known fact The biggest buyer of shares during the bull market hasn't been individual investors nor large institutions. (news.financializer.com). As reported in the news.

march election: Mr Malinauskas says no-one can deny the party's successes while in government, such as the development of its world-leading energy policy, its efforts to introduce economic and social reforms and to create and protect jobs, according to Nine News Australia. But he says it remains a fact Labor lost the March election and it would be intellectually dishonest to deny the failures that occurred on its watch. To improve your experience update it here News NationalSA Labor acknowledges its mistakes1 24pm Oct 13, Australia's former Labor government could be rightly proud of its achievements during 16 years in office but must also acknowledge its failures, Opposition Leader Peter Malinauskas says. He singled out the Oakden nursing home scandal and problems with child protection and in the TAFE sector as areas where Labor let people down . In order to be proud about what we did right, we must be honest about what we did wrong, Mr Malinauskas told the party's state conference on Saturday, the first since its election defeat. But he said it would be Labor's willingness to listen to what voters wanted and to respond with the right ideas that would hold the key to success. He also told the conference he remains confident in the ability of his team to return the party to government at the next election, arguing it lines up well with the government. (news.financializer.com). As reported in the news.

abc: He says politicians are often criticised for taking a short-term view, but the government is looking further, according to Nine News Australia. We seek to make decisions that put Australia on the stronger trajectory for the future, he told ABC TV on Sunday. To improve your experience update it here News National Govt does have economic narrative Cormann1 30pm Oct 14, Minister Mathias Cormann has rejected former treasurer Peter Costello's claim that the coalition lacks an economic narrative, saying it talks about the economy day in, day out . Mr Costello told an event last week the government was operating in a parallel universe by promising tax reforms in 10 years time, a sentiment with which Senator Cormann disagrees. We seek to make decisions that have a beneficial effect over the medium and long term. We talk about the economy, day in, day out, he said. The minister said the coalition discussed the economy all the time . I talk about the economy, the prime minister, the treasurer, all of my colleagues. (news.financializer.com). As reported in the news.

ahmed muse: Ahmed Muse told The Associated Press, according to The Toronto Star. Most of the casualties were caused by the bomber who walked into the restaurant with explosives strapped around his waist, officials said. The death toll may rise, Col. Baidoa is a key economic centre about 250 kilometres west of the capital, Mogadishu, and about the same distance east of the Ethiopian border. Most had horrific injuries, nurse Mohamed Isaq told The Associated Press. Google Maps At least 10 of the wounded were being treated at Baidoa's main hospital. (news.financializer.com). As reported in the news.

scott morrison: Scott Morrison has told voters to think carefully about their vote, noting the risk of a hung parliament if his party loses the Sydney seat formerly held by Malcolm Turnbull, according to Nine News Australia. But at the Rose Bay Summer Carnival on Sunday, Dr Phelps said it was the government that had created instability and if she won, she wanted to be a stabilising influence. To improve your experience update it here News National Phelps wants to be a 'stabilising force'3 30am Oct 14, Wentworth candidate Kerryn Phelps has dismissed the prime minister's warning that a Liberal loss Saturday's by-election could cause uncertainty, telling reporters she wants to be a stabilising force. I want to be the sensible centre and I want to be a moderating force, she told reporters. I will support good legislation, I'll try to modify legislation that needs to be modified, I will block bad legislation, she said. Dr Phelps said she would not block supply but the Morrison government would have to behave in a particular way to get any other guarantees from her. (news.financializer.com). As reported in the news.

acceleration: That beat analysts' forecasts and was stronger than the previous month, according to CNN. The acceleration suggests China is weathering the first waves of new tariffs that the Trump administration imposed on 50 billion of Chinese exports this summer. Chinese exports rose nearly 15% in September compared with the same month a year earlier, according to government data published Friday. The big picture is Chinese exports have so far held up well in the face of escalating trade tensions, Julian Evans-Pritchard, senior China economist at research firm Capital Economics, said in a note to clients Friday. The yuan has slumped about 9% versus the US dollar over the past six months as investors have become more concerned about the health of China's economy. Mnuchin says he's watching China's currency moves as the trade war escalates Chinese exports are benefiting from the drop in the value of the country's currency. (news.financializer.com). As reported in the news.

fund: Sign up for the latest on the US midterm elections Adelson invests more in GOP before midterms Billionaire Sheldon Adelson gave tens of millions of dollars to the two major Republican Super Pacs, the Senate Leadership Fund SLF and the Congressional Leadership Fund CLF this week, according to The Guardian. Will this help Republicans It certainly can't hurt. If you're not already receiving the midterms minute by email, sign up. However, funneling money into Super Pacs is of diminishing value as the election draws closer. Beto's big fundraising quarter Democrat Beto O'Rourke raised 38.1m in the past quarter. Super Pacs can't directly coordinate with candidates and pay a premium for television time. (news.financializer.com). As reported in the news.

european stocks: After a partial recovery in Asian shares overnight, European stocks opened higher, with the pan-European STOXX 600 up 0.9 per cent on the day, according to Nine News Australia. Germany's DAX up 1.1 per cent while Britain's FTSE 100 gained 0.4 per cent. To improve your experience update it here News World World shares set for worst week since Feb7 40pm Oct 12, shares were having their best day in nearly a month on Friday as European and Asian markets recovered from a brutal selloff that still left them set for their worst week since February. S&P stock futures pointed to a rebound in U.S. stocks later in the day, while the VIX volatility index climbed down from an eight-month high. Some traders are cautiously buying back into the market today, but the underlying issues which brought about the sell-off are still relevant, said David Madden, markets analyst at CMC Markets in London. The MSCI All-Country World index, which tracks shares in 47 countries, was up half a per cent on the day. (news.financializer.com). As reported in the news.

gains: It was the index's best day since August, according to CNN. The Dow had soared 400 points at the open before giving up most of those gains and then resuming its rally. After another wobbly session, the Dow soared 287 points, or 1.2%, on Friday. The Dow lost 1,378 points over Wednesday and Thursday. The Nasdaq, which has taken the brunt of the recent stock market turbulence, spiked 2.3%. Despite Friday's rebound, all three major indexes suffered their worst weeks since March. The broader S&P 500 jumped 1.4% on Friday. (news.financializer.com). As reported in the news.

information: The company says it will message those affected over the coming days to tell them what type of information has been accessed, according to Nine News Australia. The breach has left users more vulnerable to targeted phishing attacks and could deepen their unease about posting to a service whose privacy, moderation and security practices have been called into question by a series of scandals, cybersecurity experts and financial analysts say. To improve your experience update it here News World Facebook trims data breach to 29m users4 38am Oct 13, says cyber attackers used an automated program that moved from one friend to the next to steal data from 29 million of its user accounts and not the 50 million profiles it initially reported. The attackers took profile details such as birth dates, employers, education history, religious preference, types of devices used, pages followed and recent searches and location check-ins from 14 million users. Members of congress and investors have grown more concerned Facebook is not doing enough to safeguard data. For the other 15 million users, it was restricted to name and contact details. (news.financializer.com). As reported in the news.

march: Even the hard-hit S&P500 energy and financial sectors managed to close Friday's session with slight gains after a late afternoon rally, according to Nine News Australia. The S&P technology index gained 3.2 per cent on the day, showing its strongest one-day gain since March 26, although it still registered its biggest weekly drop since March 23. To improve your experience update it here News World Wall St rebounds with techs leading way9 05am Oct 13, 2018Facebook Tweet Mail The US benchmark S&P 500 stock index has snapped a six-day losing streak with technology stocks recovering after a week of losses and investors looking for bargains ahead of the third quarter earnings reporting season. People are starting to buy in, thinking the higher flying growth stocks were oversold. If earnings come out good I think this rally is sustainable if we don't get negative trade news. They wanted to get in before next week when earnings start coming, said Janna Sampson at Oak Brook Investments LLC. But until the US and China reach a trade deal, the rebound in the stockmarket could be vulnerable as investors are anxious about the impact of tariffs on corporate profits. (news.financializer.com). As reported in the news.

markets: Source Bloomberg More From Bloomberg Technology' Full Show Quenches Luxury Buyer's 'Thirst for Experience'05 33Soft Bank Is Said to Pick Banks for Telecom Arm IPO02 39What to Watch for in Netflix's Third-Quarter Results All episodes and clips Bloomberg Markets Bloomberg Markets is focused on bringing you the most important global business and breaking markets news and information as it happens, according to Bloomberg. More episodes and clips01 39 51'Bloomberg Markets The Close' Full Show Markets Balance of Power' Full Show Bank CEO Says USMCA Deal Is Great for Canada01 42Investec's Stopford Says Turkish Bonds in Short-Term the world with Bloomberg News More episodes and clips02 53China's Tech Giants Aren't Copycats Anymore02 33Taking From the Rich Might Not Help the Poor02 43It's Getting Harder to Spot a Deep Fake Video03 15Why Japan's Women Problem Is So Hard to Fix The David Rubenstein 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. Bloomberg's Gerrit De Vynck has more on Bloomberg Technology. More episodes and clips24 05The David Rubenstein Show Barry Diller48 11The David Rubenstein Show Jeff Bezos24 03The David Rubenstein Show Dr. Jim Yong Kim24 05The David Rubenstein Show Oscar Munoz See all shows (news.financializer.com). As reported in the news.

saudi economy: Events since then have rattled global executives, according to CNN. Allegations denied by Saudi Arabia that journalist Jamal Khashoggi was murdered inside its consulate in Istanbul could be a dealbreaker for many. Smart TakeA year ago, Crown Prince Mohammed bin Salman wowed prominent foreign investors with plans to modernize Saudi Arabia's economy and reduce its dependence on oil. The crisis could throw the prince's reform plans into doubt. Some speakers and partners are already pulling out. A major conference later this month will be a key test of international support. (news.financializer.com). As reported in the news.

matador: The Matador has been a landmark at College and Dovercourt for a century, according to The Toronto Star. Cole Burston / for the Toronto Star An original piano is seen, with years of dust and dirt, and cracked paint, at The Matador Ballroom during a tour of the premises on Sept. 12. The 102-year-old ballroom and once-notorious after-hours haunt will go up for sale early next week, the Star learned from co-owner Paul McCaughey on Friday. Cole Burston / for the Toronto Star He bought the building with his brother, former CIBC president Gerry McCaughey, eight years ago and has doggedly fought to get the place up and running as a public hall again against endless bureaucratic hurdles and neighbourhood opposition ever since. McCaughey is now on the hunt for an angel investor or consortium of investors to take over financing of the project and help see his plans through in time for when the Matador's liquor licence kicks in next March 15. Yet although the Matador finally received a zoning certificate from the city last month allowing it to reopen as a place of assembly, an eating establishment and a custom workshop a main public hall with a small restaurant opening onto Dovercourt Rd. at the front and a multi-purpose room that could be used as either a screening room or a recording studio at the back, essentially his brother, who did not want to be interviewed for this piece, wants out of the investment. (news.financializer.com). As reported in the news.

p index: The S&P/TSX composite index was up 107.19 points at 15,424.32, shortly after the trading day began, according to The Toronto Star. Aaron Vincent Elkaim / THE CANADIAN PRESS In New York, the Dow Jones industrial average was up 285.72 points at 25,338.55. The S&P/TSX composite index was up 71.56 points at 15,388.69. The S&P 500 index was up 40.63 points at 2,769.00, while the Nasdaq composite was up 166.83 points at 7,495.89. The November crude contract was up 37 cents at 71.34 U.S. per barrel and the November natural gas contract was down 4.4 cents at 3.18 U.S. per mmBTU. Article Continued Below The December gold contract was down 7 U.S. at US 1,220.60 an ounce and the December copper contract was up 0.95 of a cent at 2.81 U.S. a pound. The Canadian dollar traded higher at 76.73 cents U.S. compared with an average of 76.70 cents U.S. on Thursday. (news.financializer.com). As reported in the news.

passenger vehicles: Purchases of passenger vehicles by dealerships plunged for a third straight month, an industry group said Friday, according to The Toronto Star. With trade ties with the U.S. worsening by the day and car sales barely up for the year already, the industry is now facing the prospect of its first contraction since at least the 1990s. Now that all might be coming to an end. A sales associate talks to clients at a BMW car dealership in Beijing on October 11. NICOLAS ASFOURI / AFP/GETTY IMAGES A slowdown in China where automakers poured in billions of dollars in the past 20 years to bulk up factories leaves the industry struggling to find growth anywhere on the planet. German luxury carmaker BMW announced on October 11 a plan to take control of its China joint-venture, the first foreign automaker to take advantage of Beijing's new ownership rules for the sector. (news.financializer.com). As reported in the news.

seng index: Asian markets bounce back after more Wall Street losses business live Read more However, Asian stocks staged a fightback on Friday, stemming Thursday's bloodletting, according to The Guardian. Shares were up in Hong Kong, with the Hang Seng index climbing 1.18% and South Korea's Kospi index up 1.35%. Yet shares were down in Tokyo 0.12% and Sydney 0.12% . The benchmark Shanghai Composite, which fell by as much as 6% on Thursday, was flat on Friday, while the Shenzhen Composite, an index tracking stocks on China's second exchange, was down 0.32%. In a sign of possible state intervention, the state-run Securities Times sought to soothe jittery investors by calling for more market-friendly policies from the government in Beijing. Global stock markets fell again on Thursday as investors worried about signs of slowing growth, rising trade tensions and higher interest rates. Authorities should roll out positive measures so that investors know the government cares about the stock market, while listed companies and financial institutions should also contribute to improving market confidence it said. Chinese exports in dollar terms rose 14.5% in September, compared with a year earlier. China reported higher than expected export growth on Friday, adding to a trade surplus with the US, which could worsen an ongoing trade war between the two countries. (news.financializer.com). As reported in the news.

cox: Patrick Francis Egan, 29, was working at the Beldon eatery in April last year when he and Kyle John Cox concocted the crime, the WA Supreme Court heard on Thursday, according to Nine News Australia. At about 3am, Egan sent a message to Cox, who then entered the store through the back door armed with a knife. To improve your experience update it here News National Fast food staffer jailed for armed robbery4 58pm Oct 11, 2018Facebook Tweet MailA fast food employee's plan to stage an armed robbery at the store netted him and a mate about 5000, but it also got them sentenced to more than three years in a West Australian prison. Cox held the knife against Egan under the guise of taking him hostage, then the pair approached the store manager who was counting money at the cash register. Egan later gave a false statement to police but the men were eventually caught. No one was hurt during the armed robbery and the pair stole 5104, the court heard. (news.financializer.com). As reported in the news.

u.s: U.S. President Donald Trump on Wednesday voiced complaints about the Federal Reserve's increasing interest rates, according to The Toronto Star. The verbal attack, which comes in the wake of other complaints by the president, breaks years of tradition during which U.S. presidents and their advisers avoid commenting directly on Fed policy out of respect for the central bank's independence. I think the Fed has gone crazy, Trump told reporters before a rally in Pennsylvania. Manuel Balce Ceneta / The Associated Press Trump appeared to be complaining that the central bank, which is run by a chairman he appointed several months ago, Jerome H. Powell, is steadily raising interest rates, a normal course of action when an economy is strengthening. Trump has indicated he is concerned that the Fed's decision to hike rates could slow economic growth, which Trump has predicted would consistently exceed 3 per cent during his tenure. Trump has been stepping up his verbal attacks on the Fed, breaking with years of tradition during which U.S. presidents and their advisers avoid commenting directly on Fed policy out of respect for the central bank's independence. (news.financializer.com). As reported in the news.

clips markets: More episodes and clips01 39 51'Bloomberg Markets The Close' Full Show Markets Balance of Power' Full Show Bank CEO Says USMCA Deal Is Great for Canada01 42Investec's Stopford Says Turkish Bonds in Short-Term the world with Bloomberg News More episodes and clips02 53China's Tech Giants Aren't Copycats Anymore02 33Taking From the Rich Might Not Help the Poor02 43It's Getting Harder to Spot a Deep Fake Video03 15Why Japan's Women Problem Is So Hard to Fix The David Rubenstein 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 05The David Rubenstein Show Barry Diller48 11The David Rubenstein Show Jeff Bezos24 03The David Rubenstein Show Dr. Source Bloomberg More From Bloomberg Markets The Close03 01How MWS Capital's Shapiro Is Playing Red Hat17 hours ago02 19Position Clearouts to Blame for This Week's Sharp Selloff, Bespoke's Pearkes Says17 hours ago05 18What Eddie Lampert Got Wrong About Sears17 hours ago03 38SailGP Wants to Redefine Sailing, CEO Russell Coutts Says18 hours ago All episodes and clips Bloomberg Markets Bloomberg Markets is focused on bringing you the most important global business and breaking markets news and information as it happens. Jim Yong Kim24 05The David Rubenstein Show Oscar Munoz See all shows (news.financializer.com). As reported in the news.

cnn: Andreessen declined to comment about the project, according to CNN. Kalanick, Son and Altman did not respond to CNN requests for comment. Uber co-founder Travis Kalanick, Soft Bank SFTBF CEO Masayoshi Son, venture capitalist and Facebook FB board member Marc Andreessen and Y Combinator President Sam Altman, are among the tech, science and business heavyweights who have agreed to serve on the project's advisory board, according to the official Saudi Press Agency. Others are distancing themselves from the 500 billion project, known as NEOM. Dan Doctoroff, CEO of Sidewalk Labs, an urban innovation company owned by Google parent Alphabet GOOGL said his name should not have been on a list of advisers published by NEOM. Read More Dan Doctoroff's inclusion on that list is incorrect, his spokesman said in a statement. Ernest Moniz, the former US Energy Secretary under President Barack Obama, said Wednesday he was suspending his participation on the advisory board given current events. He is not a member of the NEOM advisory board. (news.financializer.com). As reported in the news.

index: Losses in London, Paris and Milan were already climbing towards two per cent in early trading, although the sell-off wasn't quite as dramatic as the overnight session in Asia, according to Nine News Australia. MSCI's broadest index of Asian shares not including Japan ended down 3.6 per cent, having struck its lowest level since March 2017. To improve your experience update it here News World Stocks sell-off slams back into Europe8 44pm Oct 11, stocks have slumped to a more than an 18-month low on Thursday after Wall Street's worst losses in eight months triggered a surge of global selling that knocked over Asia too. China's main indexes had slumped over five per cent. Equity markets are locked in a sharp sell-off, with concern around how far yields will rise, warnings from the IMF about financial stability risks and continued trade tension all driving uncertainty, summed up analysts at ANZ. The sell-off, which came as the head of the International Monetary Fund, Christine Lagarde, said stock market valuations have been extremely high erased hundreds of billions of dollars of global wealth . Japan's Nikkei ended down 3.9 per cent, its steepest daily drop since March. It meant MSCI's 24-country emerging market index was having its worst day since early 2016, after Wall Street's swoon had given the 47-country world index equivalent its worst day since February. (news.financializer.com). As reported in the news.

points: In New York, the Dow Jones industrial average was down 545.91 points to 25,052.83 after dropping more than 800 points on Wednesday, according to The Toronto Star. All companies were in the red for a second-straight day. The result is they have now woken up to issues that have existed for the last six to 12 months, says Kash Pashootan, CEO and chief investment officer at First Avenue Investment Counsel Inc. The S&P 500 index was down 57.31 points to 2,728.37, while the Nasdaq composite was down 92.99 points at 7,329.06. When you're trying to price in uncertainties that have existed for six, 12, 18 months over four or five trading sessions, of course you're going to feel that in the markets. BRYAN R. SMITH / AFP/GETTY IMAGES The longer they shrug them off the more of a price we have to pay at some point, he said in an interview. (news.financializer.com). As reported in the news.