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

trade: Scott Morrison got his trade point across at the G20 but ongoing tensions between China and the US watered down the summit's key messages, according to Nine News Australia. The group of nations agreed to reform the World Trade Organisation, just two weeks after the US and China could not agree on it at another key summit. To improve your experience update it here News National China, US to talk new trade deal after G209 16am Dec 2, and the United States will come up with a new trade deal within 90 days after a highly successful meeting between Donald Trump and Xi Jinping. But the G20's annual commitment to fighting protectionism in the global economy was missing, as the US and China continued to slap tariffs on each other. After the G20, President Trump and President Xi met for more than two hours and promised to come up with new rules on technology theft, intellectual property, services and agriculture. Sometimes the progress is made simply by bringing issues to a head, Mr Morrison told reporters before leaving Buenos Aires on Saturday local time. (news.financializer.com). As reported in the news.

deal: But, he went on, any prospect of the UK crashing out of the EU without a deal risked international consequences, according to The Guardian. I would like to once again ask for your support to avoid no deal, he said. Speaking before a bilateral meeting at the G20 summit in Argentina, the Japanese prime minister said he wanted to pay tribute to May's leadership in securing the deal. As well as to ensure transparency, predictability and legal stability in the Brexit process. The president of Toyota said last month that a no-deal Brexit should be avoidedat all costs. Japanese investors have repeatedly said the UK could lose its standing as the country's preferred gateway to Europe in the event of no deal, which could disrupt supply chains. (news.financializer.com). As reported in the news.

rappler: One indispensable source of information, both for the international media and readers in the Philippines has been the upstart news site Rappler, which is now facing a reckoning with the government it has been a dogged check upon, according to CNN. Rappler CEO Maria Ressa and her company were formally indicted on multiple counts of tax evasion last week, charges critics say are politically motivated and designed to silence independent media in the southeast Asian country. While the government has hardly been shy about its intention to go after both dealers and users, hard data on the number of killings has often been tough to come by. The formal accusations bring with them a potential 10-year prison term under Philippines tax law. Read More She was not arrested at the airport but confirmed to reporters in the arrival hall that a warrant of arrest had been issued. Shocking images like this one have become a common sight due to Philippines President Rodrigo Duterte's two-year drug war. context Image Object name Shocking images like this one have become a common sight due to Philippines President Rodrigo Duterte's two-year drug war. description Shocking images like this one have become a common sight due to Philippines President Rodrigo Duterte's two-year drug war. url On Sunday evening, Ressa landed in Manila to fears that she could be arrested at the airport. (news.financializer.com). As reported in the news.

emma: I used to think I was calm and in control, according to The Guardian. Then I had children Emma Brockes Read more They found that over this time span, women make on average 49 to every dollar that men make yes, less than half. While the difference is usually calculated based on how much money men and women respectively make working full-time over the course of a year, the new data from the Institute for Women's Policy Research takes a look at women and men's income over 15 years. And the reason is simple women are more than twice as likely than men are to leave paid work to look after their children, or their ageing parents, or both. Men and women who take a year out suffer approximately the same penalty to their income, but women who stay at home for four years are paid 65% less than other women who continued working, whereas men who drop out for the same amount of time make 57% as much as other men who don't take the same amount of time out. The problem gets worse unsurprisingly the longer that we drop out of the workforce. (news.financializer.com). As reported in the news.

yemen conflict: The subject of the snatched conversation was not immediately clear but a French presidential aide said afterwards that the Khashoggi murder and the Yemen conflict were the two key topics of the short exchange, according to The Guardian. According to a Guardian analysis of their only partly audible conversation, Macron replies to the crown prince's assurances I do worry. The two leaders were having an informal conversation on the sidelines of the summit, standing close together and apparently unaware their conversation was being recorded. I am worried I told you. Thank you very much. G20 summit can world leaders find unity or is it simply showboating Read more Yes, you told me, the prince says. (news.financializer.com). As reported in the news.

bank executives: Now what By Brett McLeod Presenter and Reporter9 58pm Nov 30, may not be a relaxing time for many of our bank executives, according to Nine News Australia. One year to the day since a reluctant Malcolm Turnbull announced a Royal Commission into the Finance industry, Kenneth Hayne has presided over his final public hearing. To improve your experience update it here News National Finance Royal Commission It's over. Appropriately the final witness was the regulator, the Australian Prudential Regulation Authority. APRA Chairman Wayne Byres in one quote summed up the central theme of 68 days of public hearings No clarity of accountability has been at the heart of many problem that have happened. Its performance as watchdog for the sector could charitably be described as underwhelming, given the staggering scale and variety of malfeasance which occurred under its watch. (news.financializer.com). As reported in the news.

canada: Statistics Canada says the Canadian economy grew at an annualized pace of 2.0 per cent in the third quarter, matching the expectations of economists, according to The Toronto Star. Sean Kilpatrick / THE CANADIAN PRESS However, economists said the details in the latest reading of the economy showed troubling signs of weakness, adding that a separate report showed the economy ended the quarter on a weak note. The Canadian economy grew at an annualized pace of two per cent in the third quarter compared with 2.9 per cent in the second quarter, matching the expectations of economists, according to Thomson Reuters Eikon. The Bank of Canada raised its key interest rate target in October to 1.75 per cent, its highest level in about a decade. Paul Ferley, assistant chief economist at Royal Bank, pointed to the decline in business investment and a larger-than-expected drop in residential investment as disappointing. Investor expectations are that the central bank will keep its key rate on hold when it makes its next scheduled rate announcement next week, but expectations had been that it would likely raise it in January. (news.financializer.com). As reported in the news.

claim: They don't offer any particular claim on assets, according to Bloomberg. They're all priced relative to other currencies. But what about currencies They don't produce cash flows. So how do you go about determining their value On this week's episode of the Odd Lots podcast, we speak to longtime currency market veteran Marc Chandler of Bannockburn Global Forex about how he approaches the foreign exchange market, and what the future of the U.S. dollar may hold. LEARN MORE Running time 30 25Before it's here, it's on the Bloomberg Terminal. (news.financializer.com). As reported in the news.

growth forecast: That's down from an original projection of 2.5 per cent in the March budget, according to The Toronto Star. The growth forecast for this year was cut to 2.5 per cent from 2.7 per cent. Gross domestic product will increase 2 per cent in 2019, the province said Friday in its second-quarter fiscal update. The plunging price of local crude is threatening to eat into corporate profits and reduce investments in Alberta. The situation, costing the nation's economy 80 million Canadian a day, has spurred the province to seek to buy rail cars to help move more crude to market and appeal to the federal government for help. Larry Mac Dougal / THE CANADIAN PRESS file photo The dimmer outlook reflects the fallout from a crisis in Alberta's oilpatch, sparked by a lack of pipeline space that has sent Canadian heavy-crude prices to record lows and prompted companies to shut in production. (news.financializer.com). As reported in the news.

work: It is now investing in research into a male pill, after global studies showing men in many countries would be willing to use it if there were one, according to The Guardian. Researchers at Dundee University have been given 929,585 728,311 over two years for work at their National Phenotypic Screening Centre. Male pill could be on horizon as trials yield positive results Read more The money comes from the Bill and Melinda Gates Foundation, which has been crusading on family planning for many years, with initiatives to help more women in developing countries access the contraception they want to control the size of their family. They are seeking existing drugs or chemical compounds that can interfere with certain sperm behaviours phenotypes essential for fertility. Our screening efforts so far have shown such drugs exist. Dr Paul Andrews, the director of operations, said Firstly, their ability to swim up the female reproductive tract and, secondly, a cellular process in the head of the sperm which must happen for the cell to progress towards the egg. (news.financializer.com). As reported in the news.

japan: MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.1 per cent on Friday, according to Nine News Australia. In Japan, the Nikkei was up 0.2 per cent. To improve your experience update it here News World Asian shares soften ahead of G20 summit12 31pm Nov 30, markets has ticked slightly lower in early Asian trade as investors await a closely watched meeting between the Chinese and US presidents in Argentina this weekend for signs of a trade war detente. The mostly muted market moves followed a mixed day on Wall Street, where stocks swung between losses and gains to ultimately end lower, amid conflicting signals on the outlook for trade talks. US stock market futures pointed to more weakness on Friday, with S&P e-mini futures ticking down 0.14 per cent to 2,740.5. The Dow Jones Industrial Average fell 0.11 per cent, to 25,338.84, the S&P 500 lost 0.22 per cent to 2737.8 and the Nasdaq Composite dropped 0.25 per cent to 7273.08 at Thursday's close. (news.financializer.com). As reported in the news.

m debt: Mursell warned that other construction companies could be caught out by the sudden credit freeze unless they also took action to strengthen their balance sheets, according to The Guardian. Kier, which employs more than 16,000 people and took on Carillion's share in HS2 and smart motorways upon its collapse, stunned the markets by warning that the risk posed by its 624m debt had increased, forcing it to raise money. The company's chief executive, Haydn Mursell, said it had been forced to act because banks had performed a 180-degree turn since the failure of Carillion and were planning to reduce or stop lending to the construction sector. It would go to shareholders for the cash but has secured promises from a group of financial institutions including Santander, HSBC and Citigroup to buy shares if investors did not want them. Kier, in a statement to the stock market, said its debt position had become more risky amid greater reluctance among financial institutions to lend to the construction sector. Its shares dived by 32.5% to 508p, cutting its stock market value by 329m to 492m. (news.financializer.com). As reported in the news.

media bots: The electoral matters committee is expected to hold a public hearing in Canberra on Wednesday to launch the inquiry, sparked by concerns the next federal election could the target of social media manipulation, according to Nine News Australia. The inquiry will look at the extent to which social media bots may have targeted Australian politics; the likely sources of social media manipulation within Australia and internationally; ways to address the spread of deliberately false news online during elections; and measures to improve the media literacy of Australian voters. To improve your experience update it here News National Push to stop fake news impact on election12 56pm Nov 30, 2018Facebook Tweet Mail The spread of fake news and use of social media bots to target voters will be explored in a new parliamentary inquiry. Related Articles Kelly should face preselection TurnbullUS, China declare halt to new tariffs Australia's embassy proposal divides leaders in the Middle East Twitter took action earlier this year to stop people posting identical messages from multiple accounts, cracking down on a tactic used by Russian agents during the 2016 US presidential election. Researchers say Twitter bots spread propaganda before the 2016 US elections and have continued to engage in US politics. The social media giant also stopped people using software to simultaneously perform actions such as liking or retweeting from multiple accounts, as well as removed thousands of fake accounts. (news.financializer.com). As reported in the news.

apartment: The deal is not finalized and may not go through, according to The Toronto Star. Pedestrians pass in front of the GWL Realty Advisors Livmore luxury apartment building stands under construction in Toronto, on Tuesday, July 10, 2018. The three companies have partnered to purchase the Dynamic Funds Tower for about C 475 million 358 million said the people, who asked not to be identified because the matter is private. GWL Realty Advisors Inc., OPTrust, and Investors Group Inc. are said to be in talks to buy a tower in Toronto's financial district from Oxford Properties Group Inc. and Canada Pension Plan Investment Board, although all companies declined to comment on the matter. Canada Pension Plan and Oxford, the real estate unit of Canadian pension fund OMERS, also declined to comment. Cole Burston / Bloomberg Representatives for GWL, a unit of Great-West Lifeco Inc., OPTrust, which manages pensions of Ontario public servants, Investors Group, a unit of IGM Financial Inc., declined to comment. (news.financializer.com). As reported in the news.

assistant attorney: It will bring the total paid out to victims so far to nearly 2bn, out of more than a total of 4bn that will eventually be paid, according to The Guardian. Bernie Madoff's scheme devastated retirement and pension funds, charitable organizations and thousands of individual investors, said US assistant attorney general Brian Benczkowski. The payout the third made by the Madoff Victim Fund will be distributed starting Thursday to 27,000 victims of the infamous scammer around the world. Sign up for the new US morning briefing The payments announced today could not have happened without the prosecutors' relentless pursuit of proceeds of Madoff's fraud through civil forfeiture, he said. The disgraced financier was arrested 10 years ago next month, after years of ripping off investors, many of whom lost their life savings to the scheme. Victims who would not have seen a dime in other compensation programs will now recover more than half of their losses. (news.financializer.com). As reported in the news.

buenos aires: Watch this space, as he Trump would say, Mr Morrison told reporters in Canberra ahead of jetting off to Buenos Aires for the two-day gathering, according to Nine News Australia. Trade tensions between the US and China, concern over the murder of Saudi journalist Jamal Khashoggi and calls to put climate action back on track form the background of the G20 summit in the Argentinian capital. To improve your experience update it here News NationalPM Morrison may get Trump G20 meeting5 17pm Nov 29, Morrison has flagged he could meet with Donald Trump at the G20 summit in Argentina, despite not being included on the US president's formal program. Mr Morrison will join Mr Trump and other world leaders in a series of sessions on Friday and Saturday Argentina time dealing with such issues as anti-corruption, education, jobs, climate and energy. Many leaders will be seeking to talk to Saudi Crown Prince Mohammed bin Salman, who will be attending the summit, amid concerns about the murder of Khashoggi. He will be accompanied by Finance Minister Mathias Cormann, after Treasurer Josh Frydenberg pulled out to deal with domestic political issues. (news.financializer.com). As reported in the news.

move: The length of time young doctors from outside the EU are able to stay in Britain under the scheme may also rise from two to three years, according to well-placed sources, according to The Guardian. The change comes as the government is under pressure to explain how its intention to move to a new immigration system after Brexit, with right of entry dependent on skills, will help alleviate NHS under-staffing. Ministers have agreed to significantly expand the 1,500 doctors a year allowed to come and work in Britain under the medical training initiative MTI . The move could result in the maximum number of non-EU medics able to come rising to as many as 3,000. Ministers believe the NHS-wide shortage of medics is so acute, especially in hospitals, that they have to lift the cap on the number who can come in under the MTI, even at the risk of provoking a row about immigration. He recently wrote to Caroline Nokes, the immigration minister, to suggest the change and has played a key role in making it happen. Matt Hancock, the health secretary, has been lobbying the Home Office over the issue in recent months. (news.financializer.com). As reported in the news.

meeting: A White House schedule lists the meeting - known in diplomatic terms as a pull aside - after a meeting between Mr Trump and prime ministers of Japan and India on the sidelines of the summit in Buenos Aires, according to Nine News Australia. The prime minister will also meet with French President Emmanuel Macron on Friday local time to talk about the navy submarine contract, cooperation in the Indo-Pacific and fixing the World Trade Organisation. To improve your experience update it here News National Morrison secures G20 meeting with Trump5 05pm Nov 30, Minister Scott Morrison has secured a meeting with US President Donald Trump at the G20 summit. Australia has always been a successful trading nation and that's how we will continue to ensure the prosperity for our people, he told reporters after landing in Buenos Aires on Friday morning. The US has hurt the stability of the WTO recently, refusing to appoint new trade judges and threatening to withdraw altogether. It's not just for our people, all of the G20 nations have benefited so significantly by their exchanges and trade with each other. (news.financializer.com). As reported in the news.

motors co: It came on the heels of an emerging crisis in the oil sector, which is struggling with plunging prices and transportation bottlenecks, according to The Toronto Star. General Motors murals decorate a bus terminal in Oshawa on November 28, 2018. General Motors Co.'s announcement Monday that it plans to pull production from its plant in Oshawa, east of Toronto, raises concern about the auto industry's viability in Canada. The company's announcement to close its Oshawa plant came on the heels of an emerging crisis in Canada's oil sector. So their troubles are a reminder there are no guarantees the economy will be able to pull off a smooth transition to a business-led expansion as consumers begin to tap out. Steve Russell / Toronto Star Combined, the energy and automotive industries generate almost one quarter of Canadian export receipts. (news.financializer.com). As reported in the news.

week: In May, when tickets sold out a full week before the event, Paul realized her idea had bloomed bigger than she ever imagined, according to The Toronto Star. But it wasn't until the whole thing was over that Paul stepped back to appreciate what she had created. She knew her seed had found its season when she finally announced the fashion week last year and received more than 130 submissions from designers and vendors asking to get involved. It's a living entity. I feel really proud; this was just an idea, and I did it. It feels like it's a universe, a movement, Paul says. (news.financializer.com). As reported in the news.

peers: The dollar sagged against its peers on Powell's comments, which suggested the Fed's interest rate hike cycle may come to an end faster than initially anticipated, according to Nine News Australia. The Fed chair said on Wednesday that US policy rates were just below neutral, less than two months after saying rates were probably a long way from that point. To improve your experience update it here News World Stocks gain, US dollar sags after Fed talk11 57am Nov 29, stocks have rose, tracking a Wall Street rally as dovish comments from Federal Reserve Chairman Jerome Powell boosted investor sentiment towards riskier assets. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.6 per cent. However, while a robust Wall Street buoyed Asian shares, gains in the region were nonetheless limited ahead of a meeting between US President Donald Trump and his Chinese counterpart Xi Jinping due to take place on the sidelines of the G20 summit. Australian stocks gained 0.8 per cent and Japan's Nikkei climbed 0.9 per cent. (news.financializer.com). As reported in the news.

tax returns: Philippines officials say some of the charges stem from Rappler and Ressa failing to declare about 3 million in 2015 on tax returns from an investment by the Omidyar Network, a fund created by eBay founder and philanthropist Pierre Omidyar, according to CNN. Earlier this week, the Committee to Protect Journalists urged Philippine authorities to drop the charges against Rappler, calling the ordeal a politicized persecution and a clear and present threat to press freedom. Rappler said five cases were formally filed against Ressa and Rappler Holdings in two courts, just weeks after the Philippines Department of Justice announced it had found probable cause to indict the pair. Ressa, an award-winning journalist who previously served as a CNN bureau chief, and Rappler's lawyers maintain the charges have to do with the website's critical coverage of Duterte. I am definitely not a stockbroker, Ressa told CNN Thursday, after news of the charges broke. Read More I've long run out of synonyms for the word 'ridiculous.' The basis of this case is that Rappler is classified as a dealer in securities. (news.financializer.com). As reported in the news.

assistant attorney: The allegations in the indictment unsealed today -- the first of its kind -- outline an Iran-based international computer hacking and extortion scheme that engaged in 21st-century digital blackmail, said Assistant Attorney General Brian Benczkowski, according to CNN. The duo allegedly acted inside Iran and collected over 6 million from more than 200 victims, causing more than 30 million in losses during a 34-month span. Faramarz Shahi Savandi, 34, and Mohammad Mehdi Shah Mansouri, 27, allegedly released a type of ransomware called Sam Sam designed to hold computer systems hostage -- forcing victims to pay ransom to re-gain access, Deputy Attorney General Rod Rosenstein said at a news conference on Wednesday. Among their alleged targets was the city of Atlanta, where segments of the municipal online infrastructure were ground to a halt for days in March because of the malware infection, disabling residents from paying water bills and forcing police officers to file reports by hand. Read More On Wednesday, Newark Mayor Ras Baraka said the attacks seriously compromised their networks and disrupted vital services that we provide to residents. Other victims of the attack included the city of Newark, New Jersey, Med Star Health and the Colorado Department of Transportation, among others, according to Benczkowski, the head of the Justice Department's criminal division. (news.financializer.com). As reported in the news.

crash: He also accepted a recommendation of 475,000 for each of the 13 surviving players, some of whom suffered life-changing injuries, according to The Toronto Star. The father of a player who died in the Humboldt Broncos bus crash says his family's portion of 15.2 million raised in a GoFund Me campaign will go towards sharing his son's legacy. Justice Neil Gabrielson agreed Wednesday that 16 families who lost a loved one in the April 6 crash should receive 525,000 each. A Saskatoon court approved a distribution plan on Wednesday. Many of the families had said that the money should be split evenly. The final payouts include an interim payment of 50,000 that was approved in August. (news.financializer.com). As reported in the news.

deal britain: Now even zealous Eurosceptics preface their rosy visions of a post-EU future with caveats of temporary disruption, according to The Guardian. Meanwhile, the Treasury has taken a consistently gloomy view, seeing no model of Brexit superior to the deal Britain enjoys as a member of the Brussels club. The promises of an easy, lucrative separation faded gradually after the referendum campaign. Government analysis published on Wednesday anticipates slower economic growth under every Brexit scenario. A softer Brexit would shave 1.4% from growth over the same period. Leaving with no deal would lead to a GDP shortfall of 7.7% by 2036; a managed hard Brexit trading on the Canadian model would incur an equivalent 4.9% penalty. (news.financializer.com). As reported in the news.

co: Activist investor Jonathan Litt is calling for new members to be elected to the board of directors of Canadian retailer Hudson's Bay Co, according to The Toronto Star. Nathan Denette / THE CANADIAN PRESS A representative for Hudson's Bay didn't immediately respond to a request for comment. We believe Hudson's Bay could see its share price double or triple if the company takes the necessary steps to maximize long-term shareholder value, Litt said in a letter to shareholders Wednesday. Litt's Land & Buildings Investment Management has been advocating since June 2017 for changes at the Toronto-based retailer, including calling for it to sell off its Saks Fifth Avenue brand and to explore ways to unlock the value of its real estate. He also said it should sell its remaining interests in Galeria Kaufhof in Germany and the Lord & Taylor brand. He reiterated his call for the company to sell Saks in the letter Wednesday. (news.financializer.com). As reported in the news.