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

prospect: But with clubs in the Football League experiencing growing financial uncertainty 52 of the 72 clubs reported losses in 2017-18 Wallace says it is no longer enough simply to run your club well if you want to keep your head above water in the lower leagues, according to The Guardian. Daniel James joins Manchester United a huge prospect but with work to do Read more In my opinion you can't run a football league club sustainably without luck, says Wallace, whose primary commercial interest is the 1.7bn valued Lamex Food Group. Phil Wallace has presided over the most successful period in Stevenage FC's history since he bought the team in 1999. You've got to have good housekeeping, good governance. You need to be clever and talented with your coaching. You need to be smart with your recruitment. (news.financializer.com). As reported in the news.

president: When President Trump has a setback, he usually winds up ripping the way the media are covering it, according to MSNBC. When the president has a success, he also winds up ripping the way the media are covering it. All market data delayed 20 Buzz Published 2 days ago Trump calls tariff story a fraud, ramps up media attacks By Howard Kurtz Fox Kurtz President cites no errors in N.Y. Times piece, slams parent companies'Media Buzz' host Howard Kurtz weighs in on President Trump calling a New York Times story on the Mexican tariff deal a fraud and his ramping up of attacks against the media. That is what's unfolding now in the wake of the Mexican tariff deal, part of a wave of anti-press postings that are unusually intense, even by Trumpian standards.GUTFELD ON TRUMP'S TARIFFS AND THE DEMOCRATIC RESPONSEIn fact, Trump gave a rare nod to the criticism that it's unseemly for him to be personally slamming journalists and their outlets this after denigrating Little Donny Deutsch, the MSNBC commentator, as a disaster who is not really a former friend but supposedly begged to be on The Apprentice. Problem is, if you don't hit back, people believe the Fake News is true. I know it is not at all Presidential' to hit back at the Corrupt Media, or people who work for the Corrupt Media, when they make false statements about me or the Trump Administration, he tweeted. (news.financializer.com). As reported in the news.

days: Nicole, 31, was identified by prosecutors by only her first name to protect her identity as she testified for three days, according to Nine News Australia. She has not been charged with a crime. To improve your experience update it here News World An actress testifies she was lured into 'sex cult' through classes By 9News Staff7 56am Jun 12, 2019Facebook Tweet Mail An actress has testified that Smallville star Allison Mack pulled her deeper into the activities of the cult-like group Nxivm, where she eventually became a slave in the organisation's secret sex society and was blackmailed into staying silent. Nxivm founder Keith Raniere is charged with racketeering, sex trafficking, sexual exploitation of a child, and human trafficking, among other offenses. Nxivm marketed itself as offering purported self-help classes taken by nearly 17,000 people around the world, prosecutors say. He has pleaded not guilty to all charges. (news.financializer.com). As reported in the news.

review notes: The review notes rising protectionist sentiment around the world with tariffs imposed by the United States on steel and aluminium prompting retaliation from China and suggests Australia should respond by maintaining low barriers to trade and investment, according to The Guardian. We have reached the bottom of the housing market but any rebound will be slow to come Greg Jericho Read more While government assistance has fallen in most industries, the Productivity Commission noted it had risen in primary production industries due to numerous drought assistance measures including payments of 12,000 per household and bigger concessional loans. In its annual trade assistance review, released on Wednesday, the commission also warned the proliferation of government finance facilities including for small business and the Pacific imposes a risk on taxpayers the federal government has failed to disclose. The commission noted it has not reviewed drought programs since 2009, when it found they acted like implicit insurance without requiring a premium and potentially altered the behaviour of some farmers . It noted that new federal government-funded loan schemes have been introduced despite the earlier finding that concessional loans created a number of perverse incentives and unintended outcomes that made it ineffective in achieving its stated objective of building farmers' self-reliance to manage climate variability and preparedness for droughts . The schemes gave farmers an incentive to build or not reduce debt, not to diversify income sources off-farm, and provided a windfall gain and competitive advantage against other businesses, it said. The Productivity Commission noted since its last annual review the federal government has created a 2bn Australian Business Securitisation Fund to lower the costs of small business borrowing and a 1bn infrastructure lending facility for Pacific Island nations. The commission said the government has extended cash grants out of step with income support available to other Australians suggesting they are now better thought of as industry assistance . Cash grants and state schemes to pay for fodder reduce the incentives for farmers to manage their properties well over climatic cycles and may also reduce the incentives to de-stock during periods of drought it said. (news.financializer.com). As reported in the news.

society: The people whose images are emblazoned on our currency are supposed to be those who have contributed to our society and made us the great nation that we are today, according to MSNBC. However, everyone pictured on U.S. paper money is an elite white man. All market data delayed 20 1 day ago Jason Nichols Harriet Tubman belongs on 20 bill Congress should make Trump put her there in 2020 By Jason Nichols Fox analyst Jason Johnson Mnuchin 'basically' said 'I hate black people' with Harriet Tubman decisionMNSNBC analyst Jason Johnson calls Treasury Secretary Steven Mnuchin a racist for postponing the release of a new 20 bill featuring the likeness of anti-slavery icon Harriet Tubman. Recognizing that the majority of Americans are not part of that demographic, the U.S. Treasury Department announced in 2016 that it planned to replace President Andrew Jackson on the front of the 20 bill with an extraordinary and courageous black woman who embodied America's ideals Harriet Tubman. Tubman who was born into slavery but escaped and then led others to freedom would be pictured on the front of the bill.HARRIET TUBMAN 20 BILL REDESIGN POSTPONEDPlans called for the Treasury Department to begin printing 20 bills with Tubman's likeness in 2020. Under Treasury Department plans, Jackson who was a slaveholder would remain on the back of the 20 bill. (news.financializer.com). As reported in the news.

afghanistan: Concerns run so deep that many have come to see the Taliban, which have also clashed with IS, as a potential partner in containing it. ; A U.S. intelligence official based in Afghanistan told The Associated Press that a recent wave of attacks in the capital, Kabul, is practice runs for even bigger attacks in Europe and the United States, according to The Japan Times. This group is the most near-term threat to our homelands from Afghanistan, the official said on condition of anonymity to preserve his operational security. Nearly two decades after the U.S.-led invasion, the extremist group is seen as an even greater threat than the Taliban because of its increasingly sophisticated military capabilities and its strategy of targeting civilians, both in Afghanistan and abroad. The IS core mandate is You will conduct external attacks in the U.S. and Europe. It's just a matter of time, he said. That is their goal. (news.financializer.com). As reported in the news.

aiib members: The Upper Trishuli-1 Hydropower Project is a 216-megawatt greenfield run-of-river hydropower plant to be developed on the Trishuli river under a model, according to Global Times China. The AIIB has also provided Nepal with 900,000 US dollars for the proposed Tamakoshi V Hydroelectric Project and one million dollars for the proposed Power Distribution System Upgrade and Expansion Project from its Project Preparation Special Fund which provides grants to support the preparation of projects in eligible AIIB members. The Upper Trishuli-1 Hydropower Project will increase the country's power generation by almost 20 percent, helping to reduce acute power shortages in Nepal, according to a statement from the multilateral development bank. AIIB's investment will provide much-needed, long-term financing for a vital infrastructure project, said AIIB Director General Dong-ik Lee. AIIB President says BRI promising We are confident that our investment will demonstrate the viability of Nepal's sustainable energy sector to other potential private-sector investors, Lee said. (news.financializer.com). As reported in the news.

dow jones: Stock valuations remain elevated though, with the S&P 500 index SPX, -0.03% the Dow Jones Industrial Average DJIA, -0.05% and the Nasdaq Composite Index COMP, -0.01% boasting gains for June of at least 5%, according to Fact Set data, according to Market Watch. The trio of stock indexes also are substantially higher in the year to date. Read Why the path for stocks and other markets now depend critically on politics' Hope around upcoming events later this month G-20 meeting, Federal Open Market Committee gathering may support markets in the very near term, but we think this peace is fragile as long as the three problems' remain, Morgan Stanley analyst Andrew Sheets wrote in a recent research note. Despite a volatile stretch last month, the S&P 500 is just about 45 points from its all-time high seen on April 30, even as stocks headed lower earlier last week when Trump took the unusual tactic of threatening higher tariffs on Mexican imports if it doesn't help fix illegal immigration from Mexico into the U.S. Deutsche Bank analyst Parag Thatte says the U.S. stock market appears not just oblivious to the risks that all other asset classes are worried about, but is interpreting bad news on the economic front as good news. However, equity gauges jumped on the prospect that the data may convince the U.S. central bank to at least consider reducing benchmark interest rates, if not stay on hold for longer, in the coming months. A good example of that was Friday's woeful jobs report, which saw employment growth in May create a meager 75,000 increase in new jobs, far lower than the 175,000 economists had estimated. (news.financializer.com). As reported in the news.

energy industry: Authorities should be vigilant about this, according to Global Times China. With China gradually scaling back subsidies for electric vehicles and their manufacturers, the development of hydrogen-powered cars has become a new hot spot for investment in the new energy industry. While there are companies with real R&D and innovation capabilities among them, there are also companies that aim to gain government support through fiscal subsidies and financing under the guise of innovation. According to statistics from the Society of Automotive Engineers of China, investment and planned investment for the domestic hydrogen fuel cell industry exceeded 85 billion yuan 12.31 billion in 2018. Yet this industrial enthusiasm also led to the recent farce surrounding the so-called water-hydrogen engine, which struck a blow to the development of hydrogen-powered vehicles. Since the beginning of this year, East China's Shandong Province, Northeast China's Jilin Province, and cities like Chengdu, capital of Southwest China's Sichuan Province, have rolled out plans to develop hydrogen valleys or hydrogen cities, while North China's Shanxi Province, East China's Zhejiang Province and other regions have issued hydrogen energy industry plans to enhance support for relevant industrial chains. (news.financializer.com). As reported in the news.

governance: The exact nature of Renault's demand was unclear, but the company, which owns 43 percent of Nissan, may have wanted more representation on the committees being set up to strengthen corporate governance, according to The Japan Times. Saikawa said the proposed changes have already been discussed by Nissan's board, including members nominated by Renault. Nissan received a letter from Renault saying it would abstain in voting on the governance measures at Nissan's June 25 shareholders meeting, Saikawa said, apparently because its views weren't adequately reflected. ; Renault declined to comment. Nissan finds Renault's new stance on this matter most regrettable, as such a stance runs counter to the company's efforts to improve its corporate governance, he said. Saikawa's comments, which reflect differences with Renault, came after he expressed caution last week about a merger offer from Fiat Chrysler to Renault. The proposal calls for three committees to add outside directors and oversee compensation and audit. (news.financializer.com). As reported in the news.

percent: Exports to China including semiconductor manufacturing devices sharply fell in the reporting month against the backdrop of a slowdown in the Chinese economy amid trade tensions between the United States and China, a ministry official said, according to The Japan Times. Imports rose 6.9 percent to 6.49 trillion, as a rise in crude oil prices pushed up the cost of energy imports. The surplus in the current account, one of the widest gauges of international trade, marked the 58th consecutive month of black ink, but decreased 9.5 percent from a year earlier. ; Among key components, the country posted a goods trade deficit of 98.2 billion, the first red ink since January, with exports falling 3.7 percent from a year before to 6.39 trillion, according to a preliminary report released by the Finance Ministry. Primary income, which reflects returns on overseas investments, logged a surplus of 2.13 trillion, up 9.6 percent, as overseas investments by companies increased solidly, the ministry official said. The travel surplus stood at 256.4 billion, almost unchanged from a year earlier, while inbound tourists in April rose 0.9 percent to 2.93 million. Service trade, which includes cargo shipping and passenger transportation, registered a deficit of 312.7 billion, down from 442.3 billion the previous year. (news.financializer.com). As reported in the news.

acceleration: The coalition is considering shovel-ready small- to medium-sized infrastructure projects, The Australian Financial Review reported on Tuesday, according to Nine News Australia. The potential acceleration could add to the stimulus expected to flow from the government's planned income tax cuts and current lower interest rates. To improve your experience update it roads, rail to boost economy By AAP9 20am Jun 11, around Australia will be getting moving as the federal government seeks public road and rail projects that can be fast-tracked to stimulate a soft economy. Assistant Finance Minister Zed Seselja says the timing of the projects is largely up to the states and territories. If they're able to get the approvals done more quickly then we'll work with them to get the money out. We have said that money will flow as quickly as the projects can get off the ground, he told Sky News. (news.financializer.com). As reported in the news.

comcast corp: Palestra Capital Management Llc who had been investing in Comcast Corp New for a number of months, seems to be less bullish one the 188.27B market cap company, according to MSNBC. The stock increased 0.80% or 0.33 during the last trading session, reaching 41.48. The hedge fund held 3.16M shares of the television services company at the end of 2019Q1, valued at 126.26 million, down from 3.88 million at the end of the previous reported quarter. About 31.39M shares traded or 74.92% up from the average. It has outperformed by 27.77% the S&P500. Comcast Corporation CMCSA has risen 32.20% since June 10, 2018 and is uptrending. (news.financializer.com). As reported in the news.

estate dependably: The collective mainstream media response was summed up in the article title Bilderberg Meeting 2019 Nothing to See Here; Move Along at The New American, according to MSNBC. When not ignoring the signal event completely, the presstitutes of the Fourth Estate dependably delivered snarky, sneering, snickering commentary on the supposed lunacy of conspiracy theorists who insist on seeing something sinister in the super-secret gathering of the uber-elites. This year's palaver of princelings, plutocrats, and potentates took place May 30-June 2 at the Hotel Montreux Palace in Montreux, Switzerland. Secretary of State Mike Pompeo headed to Europe on Thursday as part of another bid to build support for the U.S. government's pressure campaign against Iran, the Washington Post reported on May 30. Secretary Pompeo's name had not appeared on the official list of attendees released on the Bilderberg website on May 28. But there is one stop en route that is sure to interest those who are more conspiratorially minded Pompeo's side trip to the secretive Bilderberg Meeting. (news.financializer.com). As reported in the news.

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stocks: So, stocks rallied, according to Market Watch. This week, Trump backs off those same tariffs. Investors obviously like that. Investors apparently like that, too. Josh Brown of Ritholtz Wealth Management, please explain. Stocks again are rallying. (news.financializer.com). As reported in the news.

news: That certainly appears to be the judgment of the U.S. stock market in the wake of Friday's May jobs report, according to Market Watch. Far from plummeting, as one might imagine the stock market would do in the wake of that news, it rallied with the Dow Industrials DJIA, -0.05% tacking on 263 points and the S&P 500 SPX, -0.03% rising more than 1%. Counterintuitive, to be sure. CHAPEL HILL, N.C. Market Watch A recession is imminent That's just fake news. But not particularly unusual. The study, The Stock Market's Reaction to Unemployment News Why Bad News Is Usually Good for Stocks, was published in the Journal of Finance in 2005. In fact, according to a ground-breaking academic study a number of years ago, the market's behavior Friday is precisely what you would expect when it's not concerned about a recession but instead about interest rates. (news.financializer.com). As reported in the news.

trade war: The US unilaterally lifted tariffs on Chinese imports and upgraded the trade war into a technology war, according to Global Times China. It not only undermines bilateral economic interests and the global industrial chain, but also brings huge challenges to the world's technological advances and human development. The US has pushed a negotiation that was approaching cooperative equilibrium back to a prisoner's dilemma that could harm both sides. China has held its bottom line and stands on three issues including completely canceling the tariffs, a reasonable purchasing amount and safeguarding the country's core interests and dignity. The accusation of China's forced technology transfer made in the report lacks professional and substantial evidence. The US' use of the Section 301 investigation report as evidence for punitive tariffs on China is unsound. (news.financializer.com). As reported in the news.

transport output: Simon Thorp thesimonthorp This morning's GDP and manufacturing data out of the UK shows the impact of prolonged Brexit uncertainty, according to The Independent. GDP had the biggest monthly drop since 2016, while manufacturing output saw the largest decline since 2002. Car manufacturing slumped by 24%, while transport output suffered its biggest monthly fall since 1974. June 10, 2019Rob Kent-Smith of the Office for National Statistics blamed car shutdowns and the unwinding of some Brexit stockpiling GDP growth showed some weakening across the latest 3 months, with the economy shrinking in the month of April mainly due to a dramatic fall in car production, with uncertainty ahead of the UK's original EU departure date leading to planned shutdowns. The construction sector also had a bad month, down 0.4%, while service sector was flat.UK GDP by sector Economists fear that the UK economy will continue to struggle. There was also widespread weakness across manufacturing in April, as the boost from the early completion of orders ahead of the UK's original EU departure date has faded. (news.financializer.com). As reported in the news.

chip: While he's been able to deal with some matters by executive order the travel ban national emergency the wall and intimidation and stonewalling any type of congressional oversight whatsoever other issues have remained frustratingly out of his control, according to The Independent. At the top of the list of things that grind his gears is the Federal Reserve and his anger that the central bank won't ignore everything it knows about monetary policy and simply do the bidding of a guy who filed for bankruptcy at least four times and managed to lose more than 1 billion in a decade. Photo by Chip Somodevilla/Getty Images Chip Somodevilla Donald Trump has a well-documented thing for dictators, which seemingly has to do with his longing for absolute power and his annoyance that, currently, the United States is still a democracy and he can't do things like force the media to report it as fact that he's a style icon who invented the hamburger. That aggravation has thus far manifested in Trump calling the Fed crazy and loco ; claiming the central bank has taken unnecessary and destructive actions i.e. raising interest rates to ensure the economy doesn't overheat thanks to his ill-timed tax cuts ; tweeting that the only problem our economy has is the Fed ; and demanding that the independent organization immediately cut rates on his behalf. The head of the Fed in China is President Xi, Trump fumed during a phone interview. And now that his ill-advised trade wars are officially hurting the economy, he's extra angry that when he screams jump, Fed chief Jerome Powell doesn't respond how high, your majesty, and did I mention you look sensational today Speaking to CNBC on Monday, Trump continued his attack on the Fed, whining that it doesn't listen to him and bemoaning the fact that Chinese president Xi Jinping gets to do whatever he pleases with his economy. (news.financializer.com). As reported in the news.

market insiderread: Market Insiderread more Corporate executives are fearing a recession in 2020, Duke survey... Some 48.1% now see negative growth by the second quarter of 2020, according to the Duke survey, according to Xinhua China. Economyread more Police fire tear gas on protesters as confrontation turns violent... Hong Kong police fired tear gas on Wednesday with large crowds of protesters gathering around the local legislature as lawmakers postponed debate on proposed legal changes... China Politicsread more Etsy, up more than 100% in a year, has more room to run, charts... Etsy shares are popping this month, and the charts indicate that the rally should continue into the summer. Market Insiderread more Soft inflation data on Wednesday could spark more speculation for... Consumer price inflation was expected to have increased at a pace of 1.9% in May, slower than in April and below the Federal Reserve's 2% target. Trading Nationread more Most millionaires support a tax on wealth above 50 million, CNBC...A majority of millionaires support Sen. Wealthread moreA second analyst in as many days downgrades Beyond Meat Bernstein downgraded shares of Beyond Meat on valuation concerns, joining J.P. Morgan as the latest Wall Street analyst to cool on the red hot IPO. Investingread more This branchless bank quadrupled its customer base to 4 million in... Big banks have talked about the threat from tech-powered upstarts for years, but it's only recently that online banks like Chime have begun to make inroads. Elizabeth Warren's proposed tax on large wealth, according to the CNBC Millionaire survey. (news.financializer.com). As reported in the news.

powerhouse rail: The north doesn't just need its fair share of investment but also substantial new devolved powers, building on the growing success of devolution in Greater Manchester, he said, according to The Guardian. In the power up the north collaboration on Monday, the news organisations demanded that the government Commit funding immediately to make northern powerhouse rail a national priority. Along with dozens of regional politicians and business leaders, papers including the Manchester Evening News, Liverpool Echo, Sheffield Star and Newcastle Journal, demanded a fundamental shift in decision-making out of London, giving devolved powers and self-determination to people in the north . Andy Burnham, the mayor of Greater Manchester, described it as a watershed moment. Overhaul the region's road and rail network as part of a wider environmental plan, with devolved funding and powers. Make additional investment available for the north's schools, colleges and universities to boost skills training. Put its full weight behind a bespoke industrial strategy for the north of England to enable every sector of the economy, from manufacturing to farming, to flourish. (news.financializer.com). As reported in the news.

susanna reid: During a live link to ITV's Lorraine from Good Morning Britain, where McVey appeared as a guest on Monday, Susanna Reid said Do you remember Esther McVey from her GMTV days Kelly glossed over the question, shook her head and said curtly Yeah, yes I do, according to The Guardian. OK, coming up after half past eight Facebook Twitter Pinterest Piers Morgan then asked Kelly So you got on with Esther then, Lorraine The presenter replied I don't remember love, I don't remember at all, it was an awful long time ago. McVey, who is considered a long shot to become the next prime minister, was previously a television presenter who at one point hosted GMTV in the 1990s alongside Kelly, a mid-morning TV stalwart known for her genial demeanour. This year, Kelly won a landmark tax case after arguing she is a theatrical agent playing a friendly, chatty and fun personality called Lorraine Kelly, rather than appearing as herself. Morgan went on to joke that if looks could kill, she'd be six feet under and added that he would love to hear the backstory . Asked about the exchange at her press conference later, McVey said We used to share a dressing room, and she used to do the programme afterwards. However, this upbeat persona appeared to have deserted her when the topic of McVey was mentioned. (news.financializer.com). As reported in the news.

tax haven: The money came through a vehicle run by Goldman Sachs in the Cayman Islands, a tax haven that guarantees corporate secrecy, according to The Guardian. Kushner, who is married to Trump's elder daughter Ivanka, kept a stake in Cadre after joining the administration, while selling other assets. Investment has flowed from overseas to the company, Cadre, while Kushner works as an international envoy for the US, according to corporate filings and interviews. His holding is now valued at up to 50m, according to his financial disclosure documents. It will cause people to wonder whether he is being improperly influenced, said Jessica Tillipman, a lecturer at George Washington University law school, who teaches government ethics and anti-corruption laws. Cadre's foreign funding could create hidden conflicts of interest for Kushner as he performs his work for the US government, according to some ethics experts, who raised concerns over the lack of transparency around the investments. (news.financializer.com). As reported in the news.

tax package: The government is locked in negotiations with the Centre Alliance, as it prepares to put its 158 billion tax package before federal parliament in three weeks time, according to Nine News Australia. It needs the support of four of the six crossbenchers to legislate the tax relief. To improve your experience update it here News National Senate crossbenchers wanting power prices action stand in way of Government's income tax cuts plan By AAP9 41am Jun 11, 2019Facebook Tweet MailA critical pair of Senate crossbenchers are demanding action on rising power prices, before supporting the coalition government's signature income tax cuts. A raft of Senate crossbenchers are standing in the way of the Coalitiin passing its proposed income tax cuts plan, with demands for action on power prices. He has been briefed by the Reserve Bank of Australia, Treasury officials and the consumer watchdog, but remains unconvinced the tax cuts are in the economy's best interests. AAP Centre Alliance senator Rex Patrick wants to give tax cuts to Australian workers but is concerned a softening economy might leave the country unable to afford the 10-year plan without cutting essential services. (news.financializer.com). As reported in the news.

energy sector: President Xi also attended the 23rd St, according to Global Times China. Petersburg International Economic Forum, which discussed the key topic of Creating a Sustainable Development Agenda. The decision was made at a meeting between visiting Chinese President Xi Jinping and Russian President Vladimir Putin. Generally speaking, it is the common wish of both China and Russia to pursue sustainable development. Meanwhile, China's economic restructuring will eliminate excessive production capacity in the domestic market, which will also contribute to global sustainable development. The Russian economy is facing the challenges of structural transformation, which requires the country to reduce dependence on its energy sector and to achieve a more sustainable development pattern. (news.financializer.com). As reported in the news.