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

stock-market losers: Stocks are back under pressure as U.S.-China trade tensions escalate, according to Market Watch. The VIX, however, remains near its long-term average, after trimming its earlier rise. The Cboe Volatility Index VIX, -16.02% known by its ticker, VIX, jumped 6.45 points over the first two days of this week the largest two-day rise since the period ending on Dec. 24, according to Dow Jones Data Group, when it climbed by more than seven points as a stock-market selloff accelerated, taking the S&P 500 SPX, 0.37% to the brink of bear-market territory and marking the lowest point of the fourth-quarter downturn. Read Trump says Xi wrote him beautiful letter' as trade talks begin Also see Here are this week's biggest stock-market losers as Trump's trade war on China continues The fear of a VIX-spike redux, meanwhile, stems not just from the December selloff. That created a negative feedback loop that accelerated the rise in the VIX and led to the implosion of products that facilitated short bets on the VIX index, prompting forced selling in stocks that added to downward pressure. Instead, it has more to do with the February 2018 jump in the VIX, which came after an accumulation of speculative bets on declining volatility were unwound violently. (news.financializer.com). As reported in the news.

p spx: Chinese exports unexpectedly fell 2.7% in April, creating further concerns about the state of the global economy, according to Market Watch. For more, read Dow threatens longest losing skid in 2 months amid U.S.-China trade tensions In news on cannabis regulation, a congressional committee has canceled planned votes on two bills relating to medical cannabis for army veterans and will hold a later hearing instead, as reported by website Marijuana Moment. The Dow Jones Industrial Average DJIA, 0.44% and S&P 500 SPX, 0.37% fell before reversing their losses, after the U.S. government said it is increasing tariffs on about 200 billion of Chinese goods to 25% from 10%. Adding to the gloom was the news that Iran may cease compliance with parts of a 2015 nuclear deal signed with the U.S., Britain, France, Germany, China and Russia. One of the bills proposed allowing U.S. Department of Veterans Affairs doctors recommend medical cannabis in states that have legalized without losing their VA benefits. Among individual companies, Cronos Group Inc. shares CRON, 9.30%CRON, 8.40% fell 2%, a day after the company announced the opening of a new research and development center in Israel that will focus on next-generation vaporizer products. The second proposed allowing the VA to move ahead with clinical trials evaluating the benefit of cannabis in treating conditions, including post-traumatic stress disorder and chronic pain. (news.financializer.com). As reported in the news.

pamela rodriguez: Advisors should attack the industry's massive gender pay gap and that of the country by learning and teaching salary negotiation skills to clients, she argues, according to The Independent. Attendees picked Tagg the winner out of four finalists in the network's first-ever visionary speech contest for charity. The future of our industry is how we, as humans, help other humans get paid all that they are worth, so that they can use their money to have the lives that they want, Tagg said in an address to some 400 fellow Advisor Group advisors at the firm's annual W Forum this month. From left to right, financial advisors Debra Brennan Tagg, Pamela Rodriguez, Kelly Ryan Smith and Nina Lloyd were the four finalists in Advisor Group's W Forum Visionary presentations at the event in Indianapolis earlier this month. It also recruited eight women advisors in the first quarter. The independent broker-dealer donated 1,200 to organizations of each finalists' choice after narrowing the group down from 37 applicants, according to Advisor Group Chief Marketing Officer Susan Theder. (news.financializer.com). As reported in the news.

quality requirements: Yet, Chinese car brands have so far failed to achieve a high degree of internationalization, with limited overseas investment and cooperation, according to Global Times China. Meanwhile, China's auto exports, including products of joint ventures, number just around one million per year. Chinese car brands have seen a remarkable rise, with their sales accounting for more than 40 percent of China's total car sales. It can be said that Chinese car brands already have the strength and potential to go global, which haven't been fully realized yet. They believed that the European and American markets were high-end and mature, with stringent standards and sophisticated quality requirements, and thus entering these markets would represent extraordinary product quality, brand reputation and competitiveness. In the early years, when Chinese car brands, especially for passenger cars, were in the initial development stage, there was already a kind of consensus among Chinese car manufacturers. (news.financializer.com). As reported in the news.

support project: However, the momentum of the relationship is in doubt given that Bolsonaro has repeatedly criticized China's purchases of Brazilian assets as being a strategic threat to the country, according to Global Times China. In the past 10 years, more than 200 Chinese companies have opened branches in Brazil. China is Brazil's largest trading partner and a leading investor in Brazil. China's investment in Brazil has grown at an average annual rate of 29 percent to reach a total of 40 billion, contributing to the country's economic leap. Bolsonaro has so far not directly expressed his views on the project, Chang said. Chang Zhongjiao, general manager of State Grid Brazil Holding, said that related Brazilian government departments continue to support a project involving the second phase of a power transmission line at Belo Monte's large hydroelectric plant. (news.financializer.com). As reported in the news.

newsletters: Email Sign UpBy signing up you agree to receive email newsletters or alerts from POLITICO. You can unsubscribe at any time, according to MSNBC. Facebook Twitter Email Print POLITICO Playbook How long can Dems hold back on impeachment By JAKE SHERMAN, ANNA PALMER and DANIEL LIPPMAN 05/09/2019 05 58 AM EDTPresented by The White House is doing practically everything it can to taunt Speaker Nancy Pelosi. Sign up for POLITICO Playbook today. Mark Wilson/Getty Images DRIVING THE DAYBREAKING LITTLE ROCKET MAN AP/ South Korea North Korea fires an unidentified projectile North Korea on Thursday fired at least one unidentified projectile from the country's western area, South Korea's military said, the North's second weapons launch in the last five days and a possible warning that nuclear disarmament talks with Washington could be in danger. APA LOT OF PEOPLE LIKE TO PUT A PERCENTAGE on the chance of impeachment, but we think that's silly. The launch comes as U.S. Special Representative for North Korea Stephen Biegun visits South Korea, and hours after the North described its firing of rocket artillery and an apparent short-range ballistic missile on Saturday as a regular and defensive military exercise. (news.financializer.com). As reported in the news.

orkambi: Separate stock market announcements show that he has also sold more than 70m of company stock over the past two years, some or all of it handed to him as part of his pay deals, according to The Guardian. His personal remuneration in 2018 is enough to fund a one-year course of its cystic fibrosis drug Orkambi for 137 patients. A circular to shareholders ahead of the company's upcoming annual meeting showed that Jeff Leiden's deal was 81 times more than the median Vertex employee was paid and an increase on last year's 17.2m deal. Vertex is asking 105,000 per patient per year for the drug, which the NHS insists is not value for money. The NHS last July offered Vertex 500m over five years, with the potential to extend to 10 years and 1bn, for access to Orkambi and other drugs in the pipeline for the disease. There are 10,400 children and young adults with cystic fibrosis in the UK, 40% of whom could benefit from Orkambi. (news.financializer.com). As reported in the news.

parliament: However, no environmental or animal conservation legislation was passed in the last week of parliament, according to The Guardian. Asked on Wednesday, Morrison's staff were unable to say what legislation he was talking about. On Tuesday, the prime minister told reporters he had been taking action on matters raised by the report, saying We already introduced and passed legislation through the Senate actually dealing with that very issue in the last week of the parliament. On Thursday, at a press conference in Port Macquarie, Morrison said he was referring to the animal protection legislation . Peter Garrett urges Bill Shorten to declare climate emergency if Labor wins Read more Morrison also said his budget measures, which passed in the second-last week of parliament, contained a 100m environment restoration fund which actually deals with that issue of extinction . I was referring on Tuesday to a different piece of legislation, he said. When pressed, he did not provide the name of the legislation, and his staff did not respond to further questions. But in that same week there was the budget measure. (news.financializer.com). As reported in the news.

president: But Anzalone isn't your typical Democratic consultant, according to CNN. He's long been based in Alabama and has taken to Twitter -- and other forms of media -- of late to make the case that the idea that the Democratic Party base is super liberal and badly wants President Donald Trump impeached is simply wrong. He's also helped shepherd dozens of Democratic candidates at all levels into office. (news.financializer.com). As reported in the news.

wahhabi code: For 10 years, he advised clients across the Gulf -- Abu Dhabi, Dubai, Qatar, Kuwait and Saudi Arabia -- conducting management consulting projects and seminars, according to CNN. Ward is also the author of the books Searching for Hassan and The Wahhabi Code How the Saudis Spread Extremism Globally. He grew up in Saudi Arabia, Iran and Egypt, and received his BA in political science at the University of California at Berkeley. The views expressed in this commentary are the author's own. View more opinion at CNN. (news.financializer.com). As reported in the news.

line: We just came off our Q1 earnings call and we delivered our top and bottom line but we let you down and we let ourselves down, Swan said at the chip giant's annual investor meeting, according to Market Watch. We lowered our guidance for the full year by 2.5 billion on the top line and 25 cents per share on the bottom line. INTC, -5.32% Chief Executive Bob Swan acknowledged Wednesday that the company let investors down for lowering its outlook during its last earnings report. Swan told investors that the company needs to earn and maintain the credibility of investors. Our processes will get better and get sharper as we go forward. While meeting or exceeding revenue for nine out of the past 10 quarters and 10 out of 10 times for earnings, Swan said that does not excuse the miss we had in our outlook for the rest of the year and we'll get better on this. (news.financializer.com). As reported in the news.

chinese goods: On Tuesday, the key market gauge tumbled 335.01 points. ; The TOPIX index of all first-section issues was down 27.51 points, or 1.72 percent, at 1,572.33, after losing 18.09 points the previous day, according to The Japan Times. The market opened sharply lower, tracking a Wall Street tumble Tuesday that came after U.S. Trade Representative Robert Lighthizer reaffirmed plans to raise tariffs on Chinese goods worth 200 billion from 10 percent to 25 percent. The 225-issue Nikkei average dived 321.13 points, or 1.46 percent, to end at 21,602.59, a level unseen since April 2 on a closing basis. In his Twitter posting on Sunday, U.S. President Donald Trump threatened to impose the additional tariffs. The United States and China are expected to resume their ministerial-level trade talks in Washington on Thursday, the day before the proposed tariff hike. Both Nikkei and TOPIX stayed deep in negative territory for the rest of the session, also pressured by the yen's strengthening against the dollar, brokers said. (news.financializer.com). As reported in the news.

li chunding: On Monday, the State Administration of Foreign Exchange SAFE said that it would continue to support the opening-up of the financial markets, satisfy the growing needs of offshore investors who want to invest in the domestic financial markets, and attract long-term overseas capital to the nation's financial markets, according to Global Times China. Xi Junyang, a professor at the Shanghai University of Finance and Economics, said that capital outflows usually bring risks, but ushering overseas capital into the Chinese mainland's financial markets would increase liquidity and stabilize the markets. But they said that such twists and turns in trade talks are normal and won't lead to systemic risks in China. Li Chunding, a professor at the College of Economics and Management under the China Agricultural University, also said that as the US has been dissatisfied with China's financial opening-up pace, stressing opening-up would in fact soothe the bilateral conflict. So far this year, the SAFE has approved 4.74 billion in investment quotas for 13 QFIIs, exceeding the total investment quota for all of 2018, the SAFE data showed. In April, the SAFE approved total investment quotas of 4.2 billion for nine Qualified Foreign Institutional Investors QFII and investment quotas of 9.7 billion yuan 1.43 billion for five Renminbi Qualified Foreign Institutional Investors. (news.financializer.com). As reported in the news.

gr ie: Voting to hold the attorney general in contempt lays the foundation for Congress to file a civil lawsuit, as well as a criminal referral to be sent to the US attorney's office in Washington, according to The Independent. However, the courts could simply order Congress and the Justice Department to solve the inter-branch dispute amongst themselves, constitutional law experts have told The Independent. Mr Barr defied the subpoena after the Department of Justice claimed there was no basis for the request and threatened to urge Donald Trump to invoke executive privilege over the report in a scathing letter sent to Congress. ISOCountry Groups euro at be cy ee fi fr de gr ie it lv lt lu mc mt nl pt sk si sm es va uk gb us us variants 1 33.4, 2 33.3, 3 33.3 We'll tell you what's true. From 15p 0.18 0.18 USD 0.27 a day, more exclusives, analysis and extras. You can form your own view. (news.financializer.com). As reported in the news.

conditions wages: The protests come ahead of Uber's anticipated IPO initial public offering on the New York Stock Exchange on Friday, which could put the ride-hailing firm's valuation as high as 91.5 billion, according to The Independent. Elizabeth Schulze eschulze9Published 5 10 AM ET Wed, 8 May 2019 Updated 3 53 PM ET Wed, 8 May 2019 CNBC show chapters Uber drivers protest around the world ahead of the company's 90 billion IPO 12 31 PM ET Wed, 8 May 2019 01 40Uber and Lyft drivers are logging off ride-hailing apps and taking to the streets in cities around the world Wednesday to protest against working conditions and wages. Both companies acknowledged in their S-1 filings that identifying their workers as contractors is key to their business models. The protests come ahead of Uber's anticipated IPO initial public offering on the New York Stock Exchange on Friday, which could put the ride-hailing firm's valuation as high as 91.5 billion. At one point, protesters had spread to the middle of the street outside the company's headquarters. In San Francisco, police estimated about 300 people, including protesters and media, had gathered in front of Uber headquarters just after noon there. (news.financializer.com). As reported in the news.

uber: AP Photo/Mark Lennihan Striking independent drivers rally outside ride-hailing giants Uber and Lyft offices, calling for fair pay for all drivers, Wednesday May 8, 2019, in New York, according to The Independent. AP Photo/Bebeto Matthews Sound The gallery will resume inseconds Michelle Dottin, a driver and stewart with the Independent Drivers Union Guild IDG speaks at a rally outside Uber and Lyft offices, calling for fair pay for all drivers, Wednesday May 8, 2019, in New York. The protests arrive just ahead of Uber's initial public stock offering, which is planned for Friday. AP Photo/Bebeto Matthews Striking independent drivers rally outside Uber and Lyft offices, calling for fair pay for all drivers, Wednesday May 8, 2019, in New York. The protests arrive just ahead of Uber's initial public stock offering, which is planned for Friday. AP Photo/Bebeto Matthews Uber drivers protest next to the Charging Bull statue in New York's financial district, Wednesday, May 8, 2019. (news.financializer.com). As reported in the news.

radio canada: According to media reports, US Secretary of the Navy Richard Spencer stated in late 2018 that the US will have to be more engaged in the Arctic region, according to Global Times China. Recently, he is reportedly told reporters last week Washington is exploring the possibility of sending a ship through the Northwest Passage this summer as part of a freedom of navigation operation, reported Radio Canada International. The US and Russia have invested huge amounts of military and diplomatic resources in the region, triggering fierce competition. It showed the growing importance of the Arctic region to US global strategic landscape. The Russian military warned against any US misadventure in the Arctic, indicating that Moscow could sink or detain foreign ships in Arctic waters unless they abide by Russia's new rules, according to Daily Express. The US' strategic intentions in the Arctic have alarmed Russia. (news.financializer.com). As reported in the news.

california: CNN Pete Buttigieg will headline a series of top-dollar, celebrity laden fundraisers across California this week, the latest sign that his rise in the polls has opened the doors -- and the wallets -- of donors who had previously dismissed the South Bend, Indiana, mayor's once-quixotic campaign, according to MSNBC. In total, Buttigieg will headline more than ten fundraisers in California from Wednesday to Friday, according to invites obtained by CNN, picking up checks from Hollywood celebrities like Gwyneth Paltrow and Bradley Whitford, top tech investors and CEOs in Silicon Valley and a top fundraiser for President Barack Obama in the San Diego area. Find out what's happening in the world as it unfolds. Although Buttigieg has been furiously fundraising throughout much of 2019, the trip to California represents Buttigieg's most sustained and jam-packed fundraising swing to date, a reflection that his rise in prominence and popularity has turned into acceptance among top donors who fueled the campaigns of Obama and 2016 Democratic nominee Hillary Clinton. When I reach out and talk to people, first of all, they know who he is. His trajectory is unlike anything I've seen in politics, John Atkinson, a Chicago insurance executive, told CNN. Atkinson was a bundler for Obama's campaign and now is raising money for Buttigieg. (news.financializer.com). As reported in the news.

attorney: The panel wants to question Trump Jr. about testimony he gave in September 2017 which was subsequently contradicted in public testimony by former Trump attorney Michael Cohen, one of the sources said, according to Nine News Australia. The committee is one of the few in the Senate that has been conducting serious investigations related to Russian meddling in the 2016 US election. To improve your experience update it here News World Senate panel subpoenas Trump's son source By AAP9 11am May 9, 2019Facebook Tweet Mail The US Senate Intelligence Committee has subpoenaed the president's son Donald Trump Jr. to answer questions about his contacts with Russia, two congressional sources say. Trump's son-in-law Jared Kushner has appeared before the panel at least twice. Like I said, I was peripherally aware of it, but most of my knowledge has been gained since as it relates to hearing about it over the last few weeks, Trump Jr. told the committee, according to an official transcript. During his Judiciary Committee appearance in September, the source said, Trump Jr. was asked about the extent of his involvement in a plan to build a Trump Tower in Moscow. (news.financializer.com). As reported in the news.

part: Landlords and other creditors, such as clothing suppliers, must vote to approve the closures which form part of two company voluntary arrangement CVA deals which Debenhams' new owners say are necessary to prevent the business collapsing, according to The Guardian. Sports Direct will take part in the vote as Ashley's retail group was owed more than 500,000 by Debenhams at the time the CVA was tabled, according to documents seen by the Guardian. The billionaire, whose attempt to take control of the ailing department store group was thwarted when it was taken over by lenders in April, is expected to send along a representative to ask tough questions and vote against the plan at the meeting of creditors. The problem with Debenhams it's not just indebted, it's dull Read more Sir Philip Green's Arcadia group will also have a major part to play in the vote, as its chains including Burton, Miss Selfridge, Topshop and Wallis are collectively owed more than 5m, according to the CVA documents. But trade creditors and landlords expect the insolvency process under which 22 stores will close on 24 January 2020 and which also includes cuts in rent and business rates of up to 50% on dozens of sites will be given the thumbs up. Green is likely to want the Debenhams plan to succeed given that Arcadia is battling to secure its own CVA within weeks. (news.financializer.com). As reported in the news.

company: Palestra Capital Management Llc who had been investing in Comcast Corp New for a number of months, seems to be less bullish one the 193.49B market cap company, according to MSNBC. The stock decreased 0.30% or 0.13 during the last trading session, reaching 42.63. The hedge fund held 3.88 million shares of the television services company at the end of 2018Q4, valued at 132.03 million, down from 4.45M at the end of the previous reported quarter. About 7.33M shares traded. It has outperformed by 1.62% the S&P500. Comcast Corporation CMCSA has risen 5.99% since May 8, 2018 and is uptrending. (news.financializer.com). As reported in the news.

trade area: In terms of geography, the report suggested that innovation elements gathering cities and China's southern new economic areas deserve more attention from capital markets, adding that the China-proposed Belt and Road Initiative BRI keeps providing more investment opportunities in countries and regions along the routes, according to Global Times China. According to a study by the China Center for International Economic Exchanges issued on Tuesday, the internal trade value of the BRI region has surpassed the North American Free Trade Area to become the world's second-largest trade entity only after the EU, and has topped the list of foreign investment destinations. Specific sectors including high-speed railway construction, information and communication infrastructure represented by 5G, advanced manufacturing and intelligent fields would be the core of long-term investment, according to the Annual Report on the Development of China's Investment released by China Jianyin Investment JIC in Beijing on Wednesday. Investment is the basic driving strength of economic growth and China's economy has long been led by investment, said the JIC report. Steady investment would be the key to stabilize economic growth, the report noted. Downward pressure on China's economy will continue to accelerate in 2019, and at the same time, world economic growth is also facing a declining situation. (news.financializer.com). As reported in the news.

stock: Let's explore the issue with the help of a chart, according to Market Watch. Please click here for an annotated chart of ETF S&P 500 ETF SPY, -0.30% which represents the S&P 500 Index SPX, -0.30% Please note the following The chart shows two potential traps that the stock market has set up and investors are slowly falling into. Yet investors may soon be falling into two traps that the stock market has potentially set up. The potential bull trap is characterized by the breakout of stock prices above the green line shown on the chart. Only one of these two traps will become valid. The potential bear trap is shown by stock prices falling below the orange line shown on the chart. (news.financializer.com). As reported in the news.

swedish city: An Aeroflot spokeswoman had no immediate comment, according to The Japan Times. The Baltic news agency BNS reported a Tuesday Superjet flight from Moscow to Riga being delayed by three hours because passengers demanded a different plane after complaints of a burning smell, causing panic. A total of five Aeroflot flights were canceled by early evening, according to the Sheremetyevo airport online schedule, four of which usually use the Sukhoi Superjet. ; These included flights to domestic destinations and the Swedish city of Gothenburg, AFP saw. It departed after a safety check and arrived at its destination, reports said. It bounced on the runway and caught fire, with thick plumes of black smoke billowing into the air. An investigation is ongoing following the accident on Sunday, in which a Superjet-100 bound for the Russian arctic city of Murmansk turned around after being struck by lightning. (news.financializer.com). As reported in the news.

tariff increase: If any case of abuse is confirmed, the agency will demand the loans be repaid in a lump sum, sources familiar with the matter said. ; Under the Flat 35 program, loans are provided for up to 35 years through commercial financial institutions in collaboration with the agency to help individuals buy homes to live in, according to The Japan Times. Use of the loans for real estate investment is prohibited. The agency is now investigating the details. The agency is an independent administrative agency supervised by the land ministry and the Finance Ministry. Twitter Facebook Linked In LATEST BUSINESS STORIESTrump's latest tariff hike takes effect on 200 billion of China imports ahead of second day ...U.S. President Donald Trump's tariff increase to 25 percent on 200 billion worth of Chinese goods took effect Friday, and Beijing said it would strike back ratcheting up tensions as... Japan enacts bill aimed at lowering mobile phone fees The Diet enacted a legal revision Friday aimed at lowering mobile phone fees and spurring competition in the country's saturated telecoms market. Land minister Keiichi Ishii said at a news conference Tuesday that it would be regrettable if any improper use of the loan program is confirmed. (news.financializer.com). As reported in the news.

u.s.-china tensions: A mauling for Wall Street equities Tuesday left all but three dozen S&P 500 stocks finishing in the black, and all three major indexes are down about 2% this week, according to Market Watch. Not helping the mood, fresh data from China showed a surprise drop in exports. Stocks are setting up for another tough day after Asia stocks crumbled under the weight of recent U.S.-China tensions. As analysts at TD Securities point out, the trade deficit with the U.S. remains close to record highs, a fact that will likely not go unnoticed in trade talks tomorrow and Friday. If this trade talks really go south, that would change global growth. One fly in the ointment would be this. (news.financializer.com). As reported in the news.