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

cap: Cantillon Capital Management Llc who had been investing in Trinet Group Inc for a number of months, seems to be bullish on the 3.01 billion market cap company, according to MSNBC. The stock decreased 7.34% or 3.39 during the last trading session, reaching 42.79. The hedge fund held 4.51 million shares of the miscellaneous company at the end of 2018Q2, valued at 252.56M, up from 4.14 million at the end of the previous reported quarter. About 356,657 shares traded or 7.20% up from the average. TNET has risen 55.96% since December 5, 2017 and is uptrending. TriNet Group, Inc. (news.financializer.com). As reported in the news.

valerie: Montreal Mayor Valerie Plante is apologizing for speaking almost entirely in English as she delivered a speech highlighting international foreign investment in Montreal, according to The Toronto Star. Valerie Plante admits she made a mistake by not using French as she addressed the crowd at an artificial intelligence gathering Tuesday. Valerie Plante admitted she had clearly made a mistake by not using more French as she addressed the crowd at an artificial intelligence gathering Tuesday. Graham Hughes / THE CANADIAN PRESS She told a council meeting Wednesday morning that she delivers about a dozen speeches a week, all mainly in French, and is proud to do so. Plante drew the ire of language critics for a speech that contained no French except for a brief opening greeting and a thank you at the end. French is my native language, it's the language of my heart, and it's a great pride for me to use this language in the biggest francophone metropolis in North America, she said. (news.financializer.com). As reported in the news.

university: Liberal MP Chris Crewther's superannuation fund owns shares in Gretals Australia, which is working on a project with the University of Melbourne, according to Nine News Australia. The university applied for and received a federally funded research grant through the Australian Research Council. To improve your experience update it here News National Labor doubts Lib MP Crewther's eligibility By AAP7 37pm Dec 5, believes legal advice shows another federal MP is ineligible to sit in parliament because of their financial interests in a company. Under section 44 of the constitution, MPs are banned if they receive profit from federal funding sources. But Mr Crewther says his own legal advice puts him in the clear. It follows, in our view, that if Mr Crewther holds an indirect pecuniary interest in the ARC funding agreement, then he is incapable of sitting as a member in the House of Representatives, and his seat is thereby vacated, lawyers Matthew Collins and Siohban Kelly told Labor. (news.financializer.com). As reported in the news.

trump determination: The move is another indication of the Trump administration's determination to buck both global consensus about the need to act on climate change and market trends, as the President courts what he calls the beautiful, clean coal industry, according to CNN. Thursday's rollback comes as the world gathers in Poland for what is being dubbed the most important meeting on climate change since the 2015 Paris Agreement, which President Donald Trump has criticized repeatedly. Trump's pick for EPA already rolling back climate change protections Environmental Protection Agency acting Administrator Andrew Wheeler, a former coal industry lobbyist, is expected to make the announcement Thursday. The move also comes a week after the US insisted on amending a G20 communique by adding a graph emphasizing that the US reiterates its decision to withdraw from the Paris Agreement, and affirms its strong commitment to economic growth and energy access and security, utilizing all energy sources and technologies, while protecting the environment. The Trump administration would greenlight new coal plants that use newer and more efficient boilers and related technology, the Times reports, citing officials familiar with the proposal. Read More The Obama administration rule required new coal plants to be equipped with technology that could capture and store carbon, creating such a high limit on emissions that it effectively restricted the construction of new factories. (news.financializer.com). As reported in the news.

year hours: Source Bloomberg More From Bloomberg Surveillance03 36'2018 Has Been a Great Year for M&A,' Says JPM's Cristerna3 hours ago03 09Citi's Bailin Sees Markets Volatile, But Higher Over Next Year3 hours ago02 41Theresa May Looks to Delay Brexit Vote3 hours ago05 06Nordgold's Long-Term Goal Is to Be a Public Company, CEO Says3 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 clips02 56May Said to Weigh Plan to Postpone Brexit Vote04 34UBS Wealth's Zuercher Sees Opportunities in South Korean Stocks03 33Saudi Arabia Pursuing Demand-Led Production Policy, Says JPMorgan's Darling03 35Fitch Cuts India's Growth the world with Bloomberg News More episodes and clips02 26This Urban Innovation Is Driving People Insane03 03How Women in the Mideast Are Advancing02 53China's Tech Giants Aren't Copycats Anymore02 33Taking From the Rich Might Not Help the Poor 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 Bloomberg's Francine Lacqua on Bloomberg Surveillance. More episodes and clips48 01The David Rubenstein Show Anthony Kennedy24 06The David Rubenstein Show Alan Greenspan24 03The David Rubenstein Show Michael Milken24 05The David Rubenstein Show Christine Lagarde See all shows (news.financializer.com). As reported in the news.

companies altria: Canada becomes second country to legalise Cannabis Read more Cronos said no agreement about a transaction had been reached, adding there could be no assurance such discussions would lead to an investment or any other transaction involving the companies, according to The Guardian. Altria, which is also the parent company of Philip Morris USA, did not respond to a request for comment. Cronos shares were up more than 6% in early trading on Tuesday on New York's Nasdaq exchange, pushing its market value to nearly 2bn 1.6bn . Canadalegalised recreational use of marijuana this year, and the country is seen as a testing ground for marijuana companies hoping to expand globally as other countries follow suit. A deal would mark one of the largest combinations between mainstream tobacco and the booming but volatile marijuana sector, which has attracted interest from a variety of large consumer companies that are monitoring the industry for disruptive threats and faster-growing product possibilities. Constellation Brands announced a 3.8bn investment in Canopy Growth in August, while Coca-Cola said in September it was watching the space for alliances that could potentially help it develop products containing cannabinoid oil. In June, the London-based tobacco company Imperial Brands took an undisclosed stake in the closely held Oxford Cannabinoid. (news.financializer.com). As reported in the news.

ato: A robotic voice introduces themselves as the ATO. There's a lawsuit in your name, if you don't ring back immediately, we will issue an arrest warrant under your name and get you arrested, it says, according to Nine News Australia. There has been a spike in fake ATO calls to coincide with the cut-off-date for tax return submissions. To improve your experience update it here News National We will issue an arrest warrant' A threatening ATO scam is on the rise coinciding with the cut-off-date for returns By Gemma Bath Producer5 37pm Dec 4, 2018Facebook Tweet Mail The phone rings it's a local number. Getty This fraudulent call is being reported regularly to Scamwatch. Those that do ring back are asked to buy gift cards like iTunes or Google Play to pay' the tax debt or fine. A Scamwatch spokesperson told 9News.au the calls coincide with the cut-off date for tax return submissions.9News.au has attempted to ring back the number from a different phone, however we were hung up on. (news.financializer.com). As reported in the news.

market expectations: Investors are hunting for clues on whether Poloz is swayed by recent signs of economic weakness or sticks with his desire to boost interest rates back to neutral, according to The Toronto Star. JOHN WOODS / THE CANADIAN PRESS Citi's Economic Surprise Index, which tracks the difference between market expectations for data and their actual values, has been trending at the lowest level since last summer and has been below zero since mid October around the time of the Bank of Canada's last monetary policy report. While his one-page decision is expected to keep borrowing costs unchanged, here is a sampling of data that highlight some of the headwinds facing Canada's economy Bank of Canada Governor Stephen Poloz shows off Canada's new 10 banknote at a launch at the Canadian Museum For Human Rights in Winnipeg, Nov. 19. That constant stream of disappointing numbers could give pause to central bankers that refer to themselves as data dependent. The composite gauge's first decline since January 2016 was largely driven by pullback in S&P/TSX Composite Index, which fell 6.5 per cent on the month, as well as marked declines in commodity prices. The Macdonald Laurier Institute's Leading Indicator fell 0.1 per cent in October. (news.financializer.com). As reported in the news.

g summit: Trump and China's president, Xi Jinping, reached a 90-day trade truce after a dinner at the G20 summit in Buenos Aires on Saturday, according to The Guardian. But differing reports on the terms of the truce from Chinese and US officials rattled investors fearful of a full-on trade war between the two economic superpowers. The Dow Jones industrial average lost close to 800 points just over 3%. Other market indexes also fell sharply the S&P 500 lost 3.2% and the Nasdaq dropped 3.7%. Markets in Asia Pacific followed suit on Wednesday with Tokyo and Seoul both down 0.8%, and Australia's benchmark ASX200 index falling 1.35%. Stock markets had rallied on Monday after Trump tweeted Relations with China have taken a BIG leap forward! But as the agreement was questioned on Tuesday, Trump called himself a Tariff Man and warned more levies could be imposed on China. After the meeting Trump told reporters It's an incredible deal. But details of the deal have since unravelled. If it goes down, certainly, if it happens, it goes down as one of the largest deals ever made. (news.financializer.com). As reported in the news.

government facility: Reece Parkinson has severe autism and is currently living in a room at a government facility in Caversham, in the city's east, where at night he uses a bucket in the corner of his room to urinate because of insufficient staff numbers, according to Nine News Australia. An investigation by 9News into his living conditions brought his story to light, and today the WA government said it would employ an extra staff member for Mr Parkinson so he can leave his room at night. To improve your experience update it here News National Calls to move severely disabled man from dark room into new facility next door By 9News Staff 11 12pm Dec 4, are calls for a severely disabled Perth man to move into a multi-million dollar taxpayer funded facility instead of a dark room he hasn't left in months. Reece Parkinson, 23, has severe autism, which means he has the mental state of an eight-year-old. 9news The facility can house up to 10 people but has only ever had two. 9news There are calls to move Reece into a purpose-built facility next door. 9news He is expected to move into a purpose built robust home he will be unable to destroy, however it won't be ready for more than a year. They have beautiful grounds they can walk around safely without worrying about escaping, Mrs Parkinson said. The 23-year-old's mother, Karen Parkinson, said there is a state-of-the art centre next door to his currently residence in Caversham which is almost empty, and may be a good solution to his living situation. (news.financializer.com). As reported in the news.

parliament: May wants to secure parliament's approval for her deal to keep close ties with the EU after leaving in March, but opposition is fierce, with Brexit supporters and opponents alike wanting to thwart or derail her plan, according to Nine News Australia. On the first day of debate, before the main vote on December 11, her government was found in contempt of parliament and then a group of her own Conservative Party lawmakers won a challenge to hand more power to the House of Commons if her deal is voted down. To improve your experience update it here News World British PM suffers setbacks in parliament8 04am Dec 5, Prime Minister Theresa May has suffered embarrassing defeats at the start of five days of debate over her plans to leave the European Union. That could reduce the likelihood of Britain leaving the EU without any deal, prompting the sterling currency to recover some of its losses after the vote on contempt drove it down to levels not seen since June last year. If lawmakers do not back her deal, May says, they could open the door either to Britain falling out of the EU without measures to soften the transition or to the possibility that Brexit does not happen. The debates and final vote on December 11 will determine how, and possibly even if, Britain leaves the EU as planned on March 29. (news.financializer.com). As reported in the news.

teams: Once funding is allocated, the divide is even more stark while 85% of deals involve all-male founding teams, they receive 93% of the money invested, according to The Guardian. All-female founding teams receive just 2% and the figures have barely changed in the past five years. Out of 175 large startups included in the survey, just one had a female chief technology officer, only 6% had a female chief executive, and even the roles most often held by women chief marketing officer and chief financial officer were held by men 80% of the time. In 2012 all-male teams received 92% of all the capital invested. Europe's VC venture capital industry is missing out on returns because we are lacking in diversity, Zennstr m said. Niklas Zennstr m, the Swedish billionaire who founded Atomico after selling his previous companies Skype and Kazaa, said the investment community needed to lead the change. (news.financializer.com). As reported in the news.

christine ahern: The multi-million-dollar boom in interest from Chinese customers, known as Daigous', for Australian-made baby formula products has left mums frustrated and sparked car park confrontations in the past, according to Nine News Australia. TODAY's Christine Ahern spoke exclusively to the A2 Platinum Milk Company - which is currently seen as the most popular among Daigous - about their products being stripped from Australian supermarket shelves only to be sold overseas. To improve your experience update it here News National Chinese Daigou' buyers shipping 30,000 Australian baby formula packages overseas a day By Luke Cooper12 56pm Dec 3, baby formula customers who source products within Australia are shipping up to 30,000 packages per day. Chinese baby formula customers who buy Australian products, only to sell them overseas, are sending up to 30,000 packages of the items per day. 9NEWS We are flattered obviously. You can imagine every month we are increasing production quite significantly. We are doing a number of things that are really working well for us and we have competitors trying to pick off pieces off the puzzle, Jayne Hrdlicka, CEO of the A2 milk company, said. (news.financializer.com). As reported in the news.

computer keyboard: A woman uses her computer keyboard to type while surfing the internet in North Vancouver, B.C., on Dec. 19, 2012, according to The Toronto Star. New Brunswick's Financial and Consumer Services Commission decided that a good way to educate people about fake investment schemes was to launch their own fake investment scheme. The site was created by New Brunswick's Financial and Consumer Services Commission, who decided that a good way to educate people about real investment scams was to launch their own fake investment scheme. The commission created Tyde Coyn.ca, a fake website hyping a too-good-to-be-true investment opportunity in New Brunswick's coastline. Erin King, FCNB's senior education and website officer, says the website was launched during Investor Education Month in crypto assets and digital assets are new and are emerging technologies. JONATHAN HAYWARD / THE CANADIAN PRESS The commission created Tyde Coyn.ca, a website boasting a chance to invest in Atlantic Canada's first cryptocurrency token that marries tourism promotion and environmental activism. (news.financializer.com). As reported in the news.

minister: Mr Turnbull pointed out now Prime Minister Scott Morrison and Treasurer Josh Frydenberg were strong supporters of the dumped policy, according to Nine News Australia. It was a vital piece of economic policy and had strong support - none stronger than that of the current prime minister and the current treasurer, he said in Sydney on Tuesday. To improve your experience update it here News National Turnbull urges return to energy guarantee1 15pm Dec 4, 2018Facebook Tweet Mail The federal government has rejected Malcolm Turnbull's pleas to revive the National Energy Guarantee despite the former prime minister claiming it had overwhelming party support when he was leader. But Mr Frydenberg said the government's policy was now based around a reliability guarantee . We've made it clear the NEG is not the government's policy, he told reporters in Canberra. A significant percentage don't believe climate change is real and we should get out of Paris, he said. Mr Turnbull, who was ousted in August after climate sceptics in the party baulked at the energy policy, lamented there was a huge gulf between coalition MPs on the issue. (news.financializer.com). As reported in the news.

morning trading: Major indexes in Hong Kong and Shanghai leaped more than 2.5% on Monday, according to CNN. Stocks were up 2% or more in London, Frankfurt and Paris in morning trading. Stocks jumped higher around the world on Monday after the United States and China said they would hold fire on further tariffs for the time being and try to settle their differences through talks. Meanwhile, Dow futures spiked about 500 points, or 2%. The good news is that this truce should be seen as Washington recognizing the potential damage on the US economy if tariffs escalate further, said Tai Hui, chief market strategist for Asia Pacific at JPMorgan Asset Management. Crude oil, which has been hammered by worries that slowing global growth could hurt demand, spiked more than 4%. Oil price volatility will continue as long as the markets flip-flop from 'risk on' to 'risk off' and while there is uncertainty about how fast the global economic cycle is slowing, but for now a bounce from recent weakness can persist, noted Kit Juckes at Societe Generale.US President Donald Trump and his Chinese counterpart, Xi Jinping, agreed on Saturday to a temporary truce in the trade clash between the two countries. Trump and Xi celebrate warm talks but remain far away from a final deal on trade Autos and oil get a boost Read More Other riskier assets also got a lift. (news.financializer.com). As reported in the news.

programs: As a result, it said in a statement, the institution will launch all US-accredited degree programs in the Austrian capital of Vienna as of next September, according to CNN. It comes after the university has been subjected to verbal and thinly-veiled legislative attacks by Hungary's Prime Minister, Viktor Orb n. Central European University CEU which is a graduate institution accredited in the US and Hungary, has been forced to stop accepting new students after January 1, 2019, by Hungarian law. The populist and anti-immigration leader has been openly critical of both Soros and CEU's academic agenda, which appears antithetical to his government's nationalist worldview. This is unprecedented, CEU's president and rector, Michael Ignatieff said in the statement. Read More CEU said that forcing the university out of Hungary violates academic freedom. (news.financializer.com). As reported in the news.

sector: The pot sector also slid on the news, with the Horizons Marijuana Life Sciences Index ETF falling 4.4 per cent at 10 10 a.m. in Toronto, according to The Toronto Star. Aphria Inc. plunged as much as 29 per cent, the biggest drop since Feb. 2013, after Quintessential Capital Management founder Gabriel Grego told a New York conference that the company has diverted about half of its net assets into inflated investments held by insiders. Aphria plunged as much as 29 per cent, the biggest drop since Feb. 2013, after Quintessential Capital Management founder Gabriel Grego told a New York conference that the company has diverted about half of its net assets into inflated investments held by insiders. Graeme Roy / THE CANADIAN PRESS Tilray Inc. fell as much as 3.1 per cent, Canopy Growth Corp. lost 3.8 per cent and Aurora Cannabis Inc. retreated 5.3 per cent. Based in Leamington, Ontario, Aphria is the fourth largest cannabis stock by market value. U.S. cannabis stocks weren't hit as hard, with Curaleaf Holdings Inc. declining 0.1 per cent and Green Thumb Industries Inc. falling 0.5 per cent. (news.financializer.com). As reported in the news.

share: European share benchmarks opened sharply higher, with Germany's DAX - the most sensitive to China and trade war fears - leading the way with a 2.5 per cent rise to its highest level since November 14, and Wall Street too was set for a stronger session, according to Nine News Australia. The gains came after China and the United States agreed at the weekend to halt additional tariffs on each other. To improve your experience update it here News World China-US trade sends world stocks surging9 00pm Dec 3, 2018Facebook Tweet MailA truce between US and Chinese leaders on trade tariffs has provided a boost to global markets, fuelling a nearly one per cent surge on world stocks and pushing emerging currencies higher against the dollar. The deal prevents their trade war escalating as the two sides try to bridge differences with fresh talks aimed at reaching a deal within 90 days. We have a deal. US President Donald Trump also said China has agreed to reduce and remove tariffs on cars coming into China from the US Currently the tariff is 40 per cent . That helped boost European autos more than 4 per cent. (news.financializer.com). As reported in the news.

southgate: Euro 2020 qualifying Southgate urges England to deal with expectations Read more As coaches, both share a mutual respect for each other's methods and will have a chance to test their developing sides against one another in the Portuguese city of Guimar es on 6 June, 2019, according to The Guardian. There are a lot of similarities between teams, said Southgate, with young players coming through who are going to grow as a team, coupled with some outstanding more senior players already in the Premier League. Gareth Southgate describes the 4-1 defeat of the Dutch at Euro 96 one of his best days in football while Ronald Koeman played a major role in stopping the English from reaching the 1994 World Cup in a qualifying group game where he scored and, controversially, avoided being sent off. I often see Ronald at matches and we chat a lot. Koeman offered a similar appraisal. It's two teams who will play similarly and it's a really good game to look forward to. (news.financializer.com). As reported in the news.

spread employment: John Henry, the outgoing Oshawa mayor and incoming chair of Durham Region, says significant strides have been made to spread employment across sectors other than automotive, according to The Toronto Star. We were halfway up the mountain until the GM announcement. Optimists say the local economy has already become more diverse and resilient in response to the decades of decline in the automotive manufacturing sector since GM's heyday in the 1980s, when the Oshawa plant boasted more than 36,000 jobs. Steve Russell / Toronto Star But it will take a lot more than a diverse jobs base to revive a blue-collar community impaired by the sputtering auto sector, says labour market analyst Tom Zizys. There are different pockets of sectors that are starting to grow there, but I don't think they've thought about what is a proper economic development strategy, linked to who lives in region. Durham has historically relied on two major industries auto and nuclear power, Zizys said. (news.financializer.com). As reported in the news.

stores: The store highlights a different approach for Ikea, which has relied mostly on sprawling 300,000 square-foot stores where customers traverse a labyrinth of aisles full of sofas, cabinetry, appliances an knick-knacks, and can stop to refuel in the food court, according to CNN. Ikea is overhauling its strategy in order to adapt to the growth of online shopping for affordable housewares and furniture. The company announced on Monday that it will open up a 17,530 square-foot showroom on Manhattan's Upper East Side next spring. Competition from players Amazon AMZN Wayfair W Overstock OSTK has stiffened, while places like the Container Store TCS and Williams-Sonoma WSM have squeezed Ikea on smaller home decorations. Ingka Group, the Swedish holding company that owns and operates most of Ikea's stores, said last month that it would lay off about 7,500 employees -- 5% of its global workforce -- and build 30 smaller stores in major cities around the world in the next few years. Target TGT has also made a play for kitchen and bathroom purchases online. (news.financializer.com). As reported in the news.

trading session: Wall Street rallied sharply in New York after opening for trading on Monday morning, before paring some of its earlier gains in the afternoon, according to The Guardian. The Dow Jones Industrial Average had risen by almost 300 points by the end of the trading session, led by lmanufacturing companies such as Boeing and Caterpillar. In reprieve for financial markets, the development came after a two-and-a-half-hour dinner meeting between Donald Trump and Xi Jinping in Buenos Aires, following months of escalating tensions around trade and other issues. The FTSE 100 index in London closed up more than 1%, while Germany's Dax jumped 2.3%, France's CAC gained 1%, Spain's Ibex rose 1.1% and Italy's FTSE MIB gained 2.3%. Quick guide Lowdown on trade war truce between US and China Show Hide What are the terms of the truce between the US and China Washington agreed to postpone by 90 days the increase in tariffs from 10% to 25% on 200bn of Chinese goods, due to kick in on 1 January, while China pledged to import more US products, including according to Washington farm, energy and industrial products. Trump tweeted that China had also agreed to reduce and remove tariffs on US car imports from the current 40% level but there was no confirmation from Beijing. This should help shrink the US trade deficit with China. (news.financializer.com). As reported in the news.

women: Uefa was impressed by the strength of the FA's bid for a 16-team competition concluding in a Wembley final but the geographical spread and limited size of certain venues seems puzzling, particularly as Euro 2021 is regarded as integral to the development of the women's domestic game, according to The Guardian. Women's Super League talking points from the weekend's action Read more Matches are set to be staged at Brighton's Amex Stadium, Wembley and Brentford Community Stadium in London, Milton Keynes's Stadium MK, Manchester City's Academy Stadium, Nottingham's City Ground, Rotherham's New York Stadium, Sheffield's Bramall Lane and Southampton's St Mary's. That dictates a huge swath of the north, most notably the north-east, could be excluded from easy access to a tournament which England won unopposed. Baroness Sue Campbell, the FA's director of women's football, said This is fantastic news for the future development of girls' and women's football in England. A home Euro in 2021 has the potential to be a pivotal moment in the development of the women's game in England. Tournaments of the scale and profile of Euro 2021 have the power to inspire a new generation of young girls, and women of all ages, to get involved in the sport as well as the opportunity to grow support for the women's game at both a club and national level. (news.financializer.com). As reported in the news.

china show: Quick guide Lowdown on trade war truce between US and China Show Hide What are the terms of the truce between the US and China Washington agreed to postpone by 90 days the increase in tariffs from 10% to 25% on 200bn of Chinese goods, due to kick in on 1 January, while China pledged to import more US products, including according to Washington farm, energy and industrial products, according to The Guardian. This should help shrink the US trade deficit with China. Trump said their dinner after the G20 summit in Buenos Aires was an amazing and productive meeting with unlimited possibilities for both the United States and China . A statement by the White House spokeswoman, Sarah Sanders, issued as Trump was on his way back to Washington, listed concessions the Chinese president was said have made, including stopping Chinese exports to the US of fentanyl, a synthetic opioid, and the death sentence for convicted traffickers. Trump tweeted that China had also agreed to reduce and remove tariffs on US car imports from the current 40% level but there was no confirmation from Beijing. This is seen as a temporary respite in the trade spat between Washington and Beijing, which started in June after talks broke down. So has the trade war ended No. (news.financializer.com). As reported in the news.

councils: English councils face a funding gap of 5.8bn by 2020, according to the Local Government Association, according to The Guardian. The plea from Labour councils comes ahead of this week's financial settlement for local government. Bosses from Manchester, Newcastle and Birmingham are among almost 80 Labour council leaders to write to James Brokenshire, the communities secretary, demanding that a forthcoming cut in funding of 1.3bn is cancelled at an absolute minimum . It comes as several councils warn they are facing bankruptcy and one, Northamptonshire council, is effectively bailed out by the government after hitting a financial crisis. In their letter, they warn that by 2020, councils will have lost 60p out of every 1 they were given by central government in 2010. The most deprived areas of the country have been hit much harder than the richest areas - nine of the 10 most deprived councils in the country have seen cuts of almost three times the national average. As leaders of councils representing millions of citizens, we are writing to make clear that you must use the settlement to truly end austerity in local government and immediately provide the funding we need to avoid catastrophic collapse in key council services, they write. (news.financializer.com). As reported in the news.