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

istanbul: The situation is unprecedented and Riyadh knows it, according to The Toronto Star. Consequently, Saudi Arabia is changing its tune. Tremors are being felt everywhere, including in the White House. The Saudis initially said that Khashoggi left the consulate in Istanbul after his meeting there. It is inconceivable for Saudi Arabia to stop selling crude oil coming from its tank farms like this one in Ras Tanura, Saudi Arabia, even for a few months, Rashid Husain Syed writes. Then Donald Trump introduced the idea that rogue elements were responsible for his disappearance. (news.financializer.com). As reported in the news.

investors: By the closing bell, it was only down 126 points, or 0.5%. It's been a scary month for investors, according to CNN. The Dow and Nasdaq are on track for their worst months since January 2016. The Dow dropped as many as 549 points, or 2%, on Tuesday after major companies reported gloomy results and guidance. The stock market is reacting to turbulence in China, tariff concerns and fears that earnings will continue to disappoint. David Kelly, chief global strategist and head of the global market insights strategy team for JPMorgan Funds, will join CNN international correspondent Paula Newton on Markets Now on Wednesday to discuss the state of the market. Caterpillar CAT and 3M's MMM underwhelming results have fueled concerns about how long blockbuster profits can last, especially given tariffs and rising costs. (news.financializer.com). As reported in the news.

investors: In the absence of cheaper money, however, the story can be different, according to The Guardian. Tuesday's early declines, which were really a continuation of a losing run that has lasted for most of October, marked a moment when investors were obliged to acknowledge that, yes, some global forces look genuinely alarming. Give them a whiff of lower interest rates and most big-picture troubles can be relegated to the status of passing worries. First, the trade war between China and the US is having an impact that US companies can count. But that's how many economists see things. Caterpillar, the manufacturer of earth-moving equipment, said the full-year whack from higher steel and aluminium prices will be about 100m 77m . The company did not seek to argue that President Donald Trump has saved a few US steel mills at the cost of imposing higher prices on major American companies who employ far more people. (news.financializer.com). As reported in the news.

lottery: The jackpot offered to a winner of Mega Millions, one of two major lottery games played across the US, was 40m in July, according to The Guardian. Since then no one has won the top prize and the jackpot has continued to roll over. The 1.6bn jackpot, the most ever given away in a US lottery, would be enough to buy an NFL team, the Washington Post and the most expensive home in New York and still have spare change to buy a few islands and private jets. On Friday, 24 rollovers later, it broke the billion-dollar threshold. The huge prize has led to huge interest in the lottery across the US. The Maryland Lottery and Gaming estimates that 75% of the 302m possible number combinations will be chosen by the time of the draw on Tuesday night, up from 59.1% on Friday. Despite a surge of ticket sales, no one has yet won. (news.financializer.com). As reported in the news.

marijuana: This compounded a string of declines that began a week ago, one day before Canada legalized recreational marijuana on Oct. 17, according to The Toronto Star. Marijuana stocks like Tilray and Aurora Cannabis seen volatile share-price swings in recent days. josh edelson/Agence France-Press / josh edelson/Agence France-Press Investors appear disappointed in the lack of inventory, with several stores and websites running out of products in the first days after legalization, as well as a dearth of brand awareness, said Charles Taerk, chief executive officer of Toronto-based Faircourt Asset Management, which runs the 50 million pot-focused UIT Alternative Health Fund. Aurora Cannabis Inc. fell as much as 15 per cent in its U.S. trading debut, Canopy Growth Corp. lost 12 per cent and Tilray Inc. tumbled as much as 18 per cent amid broader market weakness. Canadian cannabis retailers were sold out of about 46 per cent of pot products, Cowen analyst Vivien Azer said, based on her survey of online retailers in five provinces. We thought the sector was going to be weaker at the beginning of the month as we slid into Oct. 17 and we were kind of surprised that markets stayed pretty buoyant up until early last week, Taerk said in an interview, adding that his fund is currently 23 per cent in cash. Meanwhile, more than 95 per cent of customers surveyed across four provinces last week were unaware of the brands they had just purchased, according to GMP Securities analyst Martin Landry. (news.financializer.com). As reported in the news.

cranston: The IGT said there was no evidence of systemic internal fraud or corruption within the ATO, but the ATO should improve its internal processes to prevent actual or perceived undue influence by relevant senior officers in individual matters, according to The Guardian. ATO official Michael Cranston 'unwittingly' caught up in alleged fraud Read more It has made 13 recommendations for the ATO to improve the way it manages potential conflicts of interest, including how senior ATO officials intervene in individual tax cases. The inspector general of taxation IGT has said concerns have been raised that certain taxpayers may have received favourable treatment in ATO audits and disputes after the taxpayer's representative directly contacted a more senior officer with whom they had a pre-existing relationship. The IGT released its review on Monday of the multimillion-dollar fraud last year involving a senior ATO official. The AFP investigation led to the arrest of nine people across the greater Sydney area. In May 2017, the Australian federal police revealed that a deputy ATO commissioner, Michael Cranston, had been unwittingly caught up in an alleged multimillion-dollar fraud involving his 30-year-old son, Adam, and his 24-year-old daughter, Lauren. (news.financializer.com). As reported in the news.

customer: Nor was he referring to Ryanair's unacceptable corporate failure to apologise to Delsie Gayle, the customer subjected to the attack, according to The Guardian. Rather, he was predicting that some smaller rivals will go bust, which seems a reasonable bet. Ryanair's chief executive, thankfully, wasn't warning of more failures to remove passengers who racially abuse fellow travellers. Most of the usual ingredients for a crisis among small European airlines are in place. Second, interest rates in the US are rising, which is supporting the dollar, the currency in which oil is priced. First, oil prices and thus the cost of jet fuel are rising and many airlines haven't sufficiently hedged the financial risks. (news.financializer.com). As reported in the news.

dow jones: The Canadian dollar traded higher at 76.35 cents U.S. compared with an average of 76.31 cents U.S. on Friday, according to The Toronto Star. JONATHAN HAYWARD / THE CANADIAN PRESS In New York, the Dow Jones industrial average closed down 126.93 points at 25,317.41. The S&P/TSX composite index ended down 57.4 points at 15,412.70 as the cannabis-heavy health-care index also dropped. The S&P 500 index closed down 11.9 points at 2,755.88, while the Nasdaq composite was up 19.6 points at 7,468.63. The December crude contract ended up eight cents at US 69.36 per barrel and the November natural gas contract was down 11.2 cents at US 3.14 per mmBTU. Article Continued Below The December gold contract closed down US 1.40 at US 1,228.70 an ounce and the December copper contract ended up three cents at US 2.78 a pound. The Canadian dollar averaged 76.31 cents US, unchanged from Friday. (news.financializer.com). As reported in the news.

european leaders: Another week, another crunch moment for Theresa May as she attempts to sell Brexit to her party, the country and European leaders, according to The Guardian. Under pressure from recalcitrant elements in the cabinet and backbenchers, the prime minister will take the unusual step today of going before MPs in the Commons to say that she is 95% of the way towards securing a workable deal. I'm Martin Farrer and these are the top stories you need to be across this Monday am. Until now she has tried to keep details secret but she will confirm negotiations have reached an agreement with the EU on Gibraltar, the UK's military base in Cyprus and a mechanism for resolving future disputes. The Brexit secretary, Dominic Raab, dismissed the febrile talk yesterday and said it was the time to play for the team to secure a good deal. The move comes after she was berated for saying last week that she was open to extending the post-Brexit transition period, sparking more leadership speculation. (news.financializer.com). As reported in the news.

millions lottery: The US Mega Millions lottery has reached a jackpot of US 1.6 billion AUS 2.25 billion as ticket sales have skyrocketed, according to Nine News Australia. AAP Based on sales projections, 75 percent of the 302 million possible combinations will be chosen for tomorrow's drawing - up from 59.1 percent in Friday's, said Carole Gentry, spokeswoman for Maryland Lottery and Gaming. To improve your experience update it here News World Winning chances increase for 2.25 billion jackpot in US Mega Millions lottery12 34pm Oct 22, Millions fever is building in the United States lottery - with the biggest prize in history up for grabs at US 1.6 billion AUD 2.25 billion . Would-be billionaires are lining up to buy tickets in time for the lottery which will be drawn tomorrow US time . Nobody won Friday's draw, causing the rollover and the draw's organisers say the chances of one buyer winning are improving all the time. It's possible that nobody wins again. Australians can also enter their own bid for the prize with local lottery provider Lottoland, offering entries for the draw online. But it's hard to fathom, she said. (news.financializer.com). As reported in the news.

mr lewis: ASIO boss Duncan Lewis says work by foreign intelligence agents that may appear relatively harmless can have significant consequences, according to Nine News Australia. Hostile intelligence activity poses a real and potential existential threat to Australian security and sovereignty, Mr Lewis told a Senate estimates hearing in Canberra on Monday. To improve your experience update it here News National Spy boss warns of 'existential threat'4 29pm Oct 22, spy chief has warned unprecedented levels of foreign interference and espionage pose an existential threat to the country. The harm from this threat may not manifest for many years, even decades, after the activities occur. We are concerned about threats from wherever they emanate, he said. The ASIO boss refused to name countries conducting foreign interference in Australia. (news.financializer.com). As reported in the news.

opinion articles: The views expressed in this commentary are her own, according to CNN. View more opinion articles on CNN. She is also completing a doctorate in Renaissance literature, having been awarded a collaborative doctoral degree between Yale University and University College London. (news.financializer.com). As reported in the news.

source: Source Bloomberg More From Bloomberg Is Growing Like Wildfire' in U.K., CEO Says5 hours ago04 47It's a Buy the Dip' Scenario for Stocks, Coutts CIO Says5 hours ago05 50Fortum's CEO on 3Q Earnings, Climate Change, Investment Strategy5 hours ago14 33Citigroup's Metzger on Trade War Opportunities, China, M&A, IPOs9 hours ago All episodes and clips Quick Take Explaining 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 Christine Lagarde24 05The David Rubenstein Show Barry Diller48 11The David Rubenstein Show Jeff Bezos24 03The David Rubenstein Show Dr. He speaks with David Ingles and Yvonne Man on Bloomberg Markets Asia. Jim Yong Kim See all shows (news.financializer.com). As reported in the news.

tax cuts: Promises of tax cuts and coordinated official statements of support for stock markets in the world's second-largest economy saw Chinese shares stage their biggest one-day surge in three years, according to Nine News Australia. Shanghai blue chips jumped around 4.3 per cent, adding to Friday's bounce on Beijing's pledge of support for the economy and companies. To improve your experience update it here News World China stimulus hopes buoy global stocks10 55pm Oct 22, shares have crept higher on relief over Italy's budget, tracking rallies in Asia markets after China promised to provide stimulus to stabilise its economy and offset the impact of US tariffs. Japan's Nikkei rose 0.4 per cent. The decision fuelled a rally in Italian government bonds and boosted shares in the country's banks. Markets elsewhere in Asia also enjoyed healthy gains. . European stocks climbed 0.2 per cent after Moody's kept Italy's sovereign rating stable on Friday instead of cutting it to negative. (news.financializer.com). As reported in the news.

tickets: Though I know better statistically, I have a greater chance of getting struck by lightning while fighting off a shark than winning millions lottery mania is upon us, according to The Toronto Star. People stand in line to purchase lottery tickets on Oct. 19 in New York City. In recent days, I can almost hear the universe whispering in my ear as I sigh and scrutinize my online banking statements Someone has to win. The Mega Millions jackpot is up to 1.6 billion U.S. ANGELA WEISS / AFP/GETTY IMAGES Well, it's upon me. This happens every couple of years. It is now hugging me so tight, I can barely breathe. (news.financializer.com). As reported in the news.

accor hotel: After glad-handing bank chiefs in the City, any investment plans they discussed could have been further developed using cloud office app Slack, according to The Guardian. On the US leg of the journey, perhaps slumming it in an Accor hotel, MBS and his entourage might have dialled up a plate of the Saudi national rice dish, kabsa, from delivery service Door Dash. Landing in London, MBS might have dispensed with his chauffeur-driven car, travelling into the capital by Uber, while his aides finalised his itinerary on smartphones powered with chips designed by Cambridge-based ARM Holdings. Later, they could have relaxed by playing computer games partly designed by simulation technology firm Improbable. Under the stewardship of the young prince he is just 33 the PIF has adopted a more aggressive investment approach, seeking out eye-catching, forward-looking deals, particularly technology startups. Every one of these companies is part of the portfolio of Riyadh's Public Investment Fund PIF which manages the country's oil wealth. (news.financializer.com). As reported in the news.

mine wendt: Source Bloomberg More From Bloomberg Daybreak Australia48 24'Bloomberg Daybreak Australia' Full Show 10/23/18 13 hours ago03 42Trump Says Not Satisfied' as Mnuchin Meets Saudi Prince14 hours ago04 47BHP a 'Standout' With Geographical, Commodity Spread, Mine Life's Wendt Says14 hours ago02 47Coronado Raises 550 Million in Australia's Biggest Coal IPO14 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, according to Bloomberg. More episodes and clips05 30Bank of Ghana on Interest Rates, Cedi, Inflation02 27We Are Neutral on U.S. Dollar Versus G-10, Says Deutsche Bank's Goel02 42Singapore Stock Valuations Near Lowest in 10 Years09 31American Apparel & Footwear Association Has 'Big Worries' About Trump 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. He speaks with Ramy Inocencio on Bloomberg Daybreak Australia. More episodes and clips24 05The David Rubenstein Show Christine Lagarde24 05The David Rubenstein Show Barry Diller48 11The David Rubenstein Show Jeff Bezos24 03The David Rubenstein Show Dr. Jim Yong Kim See all shows (news.financializer.com). As reported in the news.

pascal: Yet that is not unlike what this country would be doing if the wishes of the Brexit extremists were to be realised, according to The Guardian. The analogy was made recently by a man who ought to know, namely the distinguished French civil servant Pascal Lamy. Many of the people who voted to leave Europe follow closely the ups and downs of the teams in the Premier League, teams whose stars and managers are often from, well, Europe . It is unimaginable that any football fan would want his or her team to descend from the Premier League to the lowest, just like that. Lamy is a former director of the World Trade Organisation, into whose rulebook hard Brexiters wish to precipitate us if a stop is not put to Brexit. The WTO is the bottom. At a recent event at the London School of Economics in honour of the late Peter Sutherland the man who set up the WTO and whom Lamy succeeded the latter could hardly have put it more plainly The internal market is the top league. (news.financializer.com). As reported in the news.

runner: Olympic runner Cam Levins broke the 43-year-old Canadian marathon record Sunday when he crossed Toronto's finish line in two hours nine minutes 25 seconds, according to The Toronto Star. The British Columbian runner says he used his debut race for practicing his pace. The 29-year-old from Black Creek, B.C. finished fourth in Sunday's Scotiabank Toronto Waterfront Marathon, but emerged as the main story by toppling one of the oldest records in Canadian running. Jerome Drayton ran 2 10 09 in Japan in 1975, so long ago that the average house in Toronto sold for 57,581. In 2015, Canadian veteran Reid Coolsaet targeted Drayton's mark on a record-friendly Berlin Marathon course and still fell 19 seconds short. That record survived 43 years and several serious attempts to lower it. (news.financializer.com). As reported in the news.

tech companies: The results will come after a difficult month for the tech companies, according to The Guardian. Just over two weeks ago, the worst drop in the Dow Jones average in eight months was led by sharp declines in technology stocks, mirrored on the Nasdaq. Microsoft, Alphabet Google's parent Amazon, Snap Inc Snapchat Twitter, Facebook, Apple and Spotify are all scheduled to report quarterly results between now and the start of November, with four of them making their announcements on the same day. That Wednesday, the best-performing stocks over the past year which include the so-called Faang companies Facebook, Apple, Amazon, Netflix and Google took some of the biggest losses. Tech companies tend to be highly leveraged, so can be vulnerable to rising interest rates. Amazon was down 6.2% and Netflix 8.4%. There were several factors contributing to the drop, concerns over trade tensions between the US and China and rising interest rates being the most prominent. (news.financializer.com). As reported in the news.

women: Social Services Minister Lisa Macleod scrapped an advisory panel on violence against women without putting forth the government's action plan to end this social ill, according to The Toronto Star. Chris Young / THE CANADIAN PRESS It's bad enough that the Ford government doesn't appear to see helping Ontario's most vulnerable women as a significant priority. In another worrisome move, her cabinet colleague, Attorney General Caroline Mulroney, acknowledged she has delayed delivering critically needed, already-budgeted funding to sexual-assault crisis centres across the province. But more than that, these moves are further evidence of a troubling trend by the Ford government to cut first, think later and damn the consequences. The government should be asking itself If not this, than what before it pulls the plug on any programming. Indeed, axing programs without researching their merits or having readied anything with which to replace them has proven to be not just unwise, but potentially costly and dangerous. (news.financializer.com). As reported in the news.

pension scheme: The good news is, locating it is often a lot easier than you might think, according to The Guardian. Yvonne Mavin is one of those who lost track of an old pension pot. This is typically money that people paid into a former employer's pension scheme and then forgot about, or lost track of. She used the government's online Pension Tracing Service PTS and told Guardian Money this week that she was stunned to find that the pension plan from years ago was worth 10,000. In the meantime, the firm that managed your money may have been taken over, changed names or largely shut down. Frozen state pensions thousands sign protest petition Read more Losing track of retirement cash typically occurs when changing jobs or moving home for example, you forget to tell the company you used to work for that you have moved to a new address. (news.financializer.com). As reported in the news.

ritz-carlton hotel: In the glittering lobby of the Ritz-Carlton hotel in Riyadh previously the world's most opulent prison during the detention of more than 30 of the kingdom's most powerful princes and business leaders guests chattered beneath a cluster of crystal globes that hung from the ceiling, their glow reflected in the polished marble floor, according to The Guardian. An eerie sense of a need for business as usual permeated throughout the capital and beyond. Outsized images of a smiling King Salman and his son Mohammed bin Salman, the crown prince, gazed down on passing motorists from Riyadh's glass tower blocks as normal. Jamal Khashoggi obituary Read more Yet late on Friday night, the Saudi Press Agency said that Khashoggi was killed when a fight with 18 suspected individuals at the Saudi consulate in Istanbul led to his death . The statement added that the 18 arrested would be brought to justice by referring them to the competent courts in the Kingdom of Saudi Arabia . The Saudi public prosecutor's office also announced the sacking of a top intelligence chief, an influential advisor to the crown prince and other top officials, in a purge following the incident. Months of repression of critical voices, including the arrests of clerics, women who had opposed the driving ban, human rights activists and journalists, had convinced many that they should think twice before speaking out, even in private. In Riyadh and Jeddah, conversations about Khashoggi were conducted in hushed tones, often using only his first name to disguise the topic or mentioning only a political crisis . Some Saudis previously willing to offer cautious criticism of the political crackdown declined to speak at all. (news.financializer.com). As reported in the news.

road races: But this year's edition is missing a key feature we've seen in the past a clear-cut favourite, according to The Toronto Star. Sunday's deep Toronto Waterfront Marathon field will include Philemon Rono, who broke the course record last year. In 2015, the event earned the IAAF's gold-label designation, reserved for prestigious big-city road races. Steve Russell / Toronto Star file photo Organizers say that's by design. For the first time, the women's marathon features an athlete Ethiopia's Amane Beriso with a personal best faster than two hours, 21 minutes. While the waterfront race has never splurged on appearance fees for super-elite performers, organizers say this year they were able to spend on depth. (news.financializer.com). As reported in the news.

trump: I think there is a genre that better fits our age of Trump and Brexit, of debt and overwork, of limited healthcare and housing, according to The Guardian. It's a sort of madcap pop that seeks to represent inequality through exuberant weirdness. I disagree. I call it hysterical surrealism . Dystopian sci-fi tends to depict the near future as authoritarian and abusively hyper-disciplined, overseen by regimes that control citizens' bodies and minds. Rather, it is hysterically surreal wildly disorganized and abusively unpredictable, with hirings and firings and public displays of rage and porn stars and, occasionally, the darkest comedy. But the Trump era isn't one of extreme order. (news.financializer.com). As reported in the news.

cannabis stocks: Canadian dollars fall in a photo illustration in Vancouver in 2011, according to The Toronto Star. JONATHAN HAYWARD / THE CANADIAN PRESS The health-care sector fell the most at 3.46 per cent as cannabis stocks lost ground for a third-straight day since legalization. Consumer staples, real estate, utilities and telecommunications sectors were the winners Friday as all but two sectors on the Toronto Stock Exchange gained on the day. It was followed by technology which lost 1.65 per cent. What kind of stands out for me is the breadth of the defensive, he said in an interview. There was a defensive tilt to the trading on both sides of the border, said Ian Scott, an equity analyst at Manulife Asset Management. (news.financializer.com). As reported in the news.