Argentina new economy chief will not allow ‘irrational’ run on peso

By Hugh Bronstein and Hernan Nessi

BUENOS AIRES (Reuters) – Argentina will not allow a chaotic fall in the peso and will use its dollar reserves to bolster the currency against political uncertainty that has swept the country since the Aug. 11 primary election, Treasury Minister Hernan Lacunza said on Wednesday.

The peso opened 0.47% weaker at 55 to the U.S. dollar and the country’s risk spread was 8 basis points tighter at 1,855 over safe-haven U.S. treasury bonds , reflecting a calming of recent market jitters.

“We will not allow an irrational run on the currency. That’s why we have international reserves,” Lacunza told local radio station Mitre in an early morning interview, less than 24 hours after being sworn in as treasury chief.

Later on Wednesday, Lacunza was scheduled to meet with economic advisors to center-left presidential candidate Alberto Fernandez, who crushed business-friendly incumbent Mauricio Macri in the presidential primary vote. The primary result sent the peso spiraling down 18% last week.

“Since the market pays as much attention to the future as it does to the present, in addition to what the government in charge can do, it also matters what the other candidates and their economic teams say, to generate certainty towards the future,” Lacunza said, when asked about the meeting with the Fernandez team scheduled for later in the day.

Fernandez is now the clear front-runner ahead of the Oct. 27 presidential election. Macri has enacted a series of emergency economic measures, including cuts in food and personal income taxes, aimed at helping families stung by Argentina’s recession and 55% inflation rate.

Nicolas Dujovne, the former treasury minister, quit on Saturday, saying he believed the country needed “significant renewal” of its economic team.

The currency stabilized on Tuesday, after the central bank poured $ 112 million of its reserves into dollar auctions.

Including last week’s interventions, the bank had auctioned off $ 615 million in dollar reserves as of Tuesday afternoon, traders said.

Lacunza said Argentina would hit its target of erasing the country’s primary fiscal deficit this year, under a $ 57 billion standby financing pact signed in 2018 with the International Monetary Fund. Macri negotiated the pact to halt a run on the peso last year.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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German industry association says companies have no choice but to prepare for a hard Brexit

Not exactly a good backdrop ahead of talks between Johnson and Merkel

Germany
  • UK PM Johnson’s call to reopen withdrawal agreement is irresponsible

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I don’t think it is much of a coincidence to see these comments ahead of Johnson’s visit to Berlin today. With the German economy already on the brink of a technical recession, a hard Brexit will no doubt exacerbate the downturn experienced.

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Cardinal George Pell loses appeal of sex abuse convictions

Melbourne — An Australian appeals court Wednesday upheld convictions against Cardinal George Pell, the most senior Catholic to be found guilty of sexually abusing children. The decision brought cheers from scores of abuse survivors and victims’ advocates demonstrating outside court.

The Victoria state Court of Appeal, in a 2-1 ruling, rejected Pell’s appeal of a unanimous jury verdict in December that Pope Francis’ former finance minister was guilty of molesting two 13-year-old choirboys in Melbourne’s St. Patrick’s Cathedral more than two decades ago.

George Pell arrives at the Supreme Court of Victoria in Melbourne
Cardinal George Pell arrives at Supreme Court of Victoria in Melbourne, Australia, on August 21, 2019 AAP Images / Erik Anderson / Reuters

Pell’s lawyers will examine the judgment and consider an appeal to the High Court, Australia’s final arbiter, his spokeswoman Katrina Lee said in a statement.

Trending News

“Cardinal Pell is obviously disappointed with the decision today,” the statement said, adding that he maintains his innocence.

But prominent victims advocate Chrissie Foster was quoted by the Reuters news service as telling reporters outside the court that, “We have today in our court, in Victoria, the Supreme Court, saying, ‘We believe the victim and we uphold the jury’s verdict.’ No one is above the law.”

The Vatican issued a statement saying it was “reiterating” its “respect for the Australian judicial system” and it “acknowledges the court’s decision to dismiss Cardinal Pell’s appeal.”

But “the Holy See recalls that the Cardinal has always maintained his innocence throughout the judicial process and that it is his right to appeal to the High Court” and “the Holy See confirms its closeness to the victims of sexual abuse and its commitment to pursue … those members of the clergy who commit such abuse.”

Pell was sentenced to six years in prison in March and is no longer a member of Francis’ Council of Cardinals or a Vatican official.

But Reuters points out that he is still a cardinal in the Catholic church and would still be a priest even if he were to resign as a cardinal. Reuters adds that Pell could be stripped of his priesthood if a special Vatican body looking into his case also finds him guilty.

Prime Minister Scott Morrison said soon after the appeal was rejected that Pell would be stripped of his Order of Australia honor.

Victorian Supreme Court Dismisses Cardinal George Pell Child Sexual Abuse Appeal
Valda Hogan, an abuse victim, celebrates outside Supreme Court of Victoria along with other demonstrators on August 21, 2019 in Melbourne, Australia after Cardinal George Pell’s appeal of convictions on charges of sexually abusing two 13-year-old choirboys in late 1990s was rejected Robert Cianflone / Getty Images

Pell, 78, showed no emotion when Chief Justice Anne Ferguson read the verdict to a packed courtroom but bowed his head moments later. He wore a cleric’s collar but not his cardinal’s ring. Pell had arrived at the court in a prison van and was handcuffed as he was led away by a guard.

The Australian Catholic Bishops’ Conference, a body representing all the nation’s Catholic bishops, said all Australians must be equal under the law and they accept the court’s verdict.

“I respectfully receive the court’s decision and I encourage everyone to do the same,” Melbourne Archbishop Peter Comensoli said in a statement.

Clerical sexual abuse and the Catholic Church’s handling of such cases worldwide have thrown Francis’ papacy into turmoil.

In a little more than a year, the pope has acknowledged he made “grave errors” in Chile’s worst cover-up, Pell was convicted of abuse, a French cardinal was convicted of failing to report a pedophile, and a third cardinal, former U.S. church leader Theodore McCarrick, was defrocked after a Vatican investigation determined he molested children and adults.

Explaining the judges’ thinking

Ferguson said she and President of the Court of Appeal Chris Maxwell “decided that it was open to the jury to be satisfied beyond reasonable doubt that Cardinal Pell was guilty.”

The two judges “accepted the prosecution’s submission that the complainant was a very compelling witness, clearly not a liar, was not a fantasist and was a witness of truth,” Ferguson said.

The dissenting judge, Mark Weinberg, “could not exclude as a reasonable possibility that some of what the complainant said was concocted,” particularly in relation to the charge that Pell had squeezed the boy’s genitals and shoved him against a cathedral corridor wall as they passed in the midst of the choir moments after a Mass, she said.

“Justice Weinberg found that the complainant’s account of the second incident was entirely implausible and quite unconvincing,” Ferguson said.

One of the choirboys, identified by the sentencing judge as J.J., was the key prosecution witness. His friend, identified as M.R., died of a heroin overdose in 2014 at the age of 31 without ever complaining he had been abused. Neither victim can be named.

Victim reacts

J.J. said in a statement on Wednesday that he “felt a responsibility to come forward” after attending his friend’s funeral.

“The criminal process has been stressful. The journey has taken me to places that, in my darkest moments, I feared I could not return from,” he said in a statement released by his lawyer.

“I am grateful for a legal system that everyone can believe in, where everybody is equal before the law and no one is above the law,” he added.

The victim said he was relieved by the verdict and, “I just hope that it’s all over now.”

The father of the deceased victim shed tears of relief in the courtroom when Pell’s appeal was denied, his lawyer said.

Lawyer Lisa Flynn said the father had an “extremely tough wait” for the judgment against Pell and the court made the correct decision. “The disgraced cardinal is in the right place behind bars.”

An earlier trial had ended with a deadlocked jury, with at least two jurors holding out for conviction or acquittal. While Pell’s lawyers argued in the appeal that the jury must have had reasonable doubt, the prosecutors said contrasting evidence from more than 20 priests, choristers, altar servers and church officials still did not preclude guilty verdicts.

Detailing the abuse

The abuse occurred months after Pell became archbishop of Australia’s second-largest city and set in motion the world’s first compensation arrangement for victims of clergy sexual abuse.

The victim who testified said the incident in the corridor occurred in early 1997. The jury also concluded that Pell in late 1996 had orally raped the same choirboy and indecently dealt with the boy and his friend in a rear room of the cathedral after catching them swigging altar wine.

Pell did not testify at either of his trials. But both juries saw a video of a police interview of him in Rome in 2016 in which Pell rejected the allegations as “absolutely disgraceful rubbish” and a “deranged falsehood.”

Ferguson read a summary of the three judges’ findings. The 325-page ruling was published later Wednesday.

When sentencing Pell to six years in prison in March, the trial judge accused Pell of showing “staggering arrogance” in his crimes. He was ordered to serve a minimum of three years and eight months before he will be eligible for parole.

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World – CBSNews.com

Dollar nudged off three-week peak as U.S. yields dip before Jackson Hole meet

By Shinichi Saoshiro

TOKYO (Reuters) – The dollar was on the defensive on Wednesday, elbowed off a three-week peak by a reversal in U.S. yields as they headed south again ahead of a meeting of central bankers, at which the Federal Reserve is expected to give clues on further rate cuts.

Central bankers will gather at Jackson Hole, Wyoming, on Friday with markets focused on a scheduled speech by Fed Chair Jerome Powell.

His comments will take center stage especially after last week’s inversion of the U.S. yield curve -widely regarded as a recession signal- boosted expectations for the Fed to lower interest rates at its September policy meeting. Faced with rising risks to the U.S. economy, the central bank in July cut rates for the first time since the financial crisis.

The () against a basket of six major currencies was flat at 98.210 after shedding 0.2% overnight.

The index had climbed to 98.450 on Tuesday, its highest since Aug. 1, as U.S. yields bounced back from multi-year lows at the week’s start on signs global policymakers were ready to step up stimulus support to stave off a steep economic downturn.

U.S. yields, however, declined overnight on the prospect of more easing by the Fed.

Takuya Kanda, general manager at Gaitame.Com Research Institute, believes U.S. President Donald Trump’s “strong desire for deep rate cuts” may raise hopes among some traders of strong easing signals at Jackson Hole. But he also warned that Powell may opt to give little away in his speech as the Fed prepares for the September policy review.

Investors will also be looking for clues on the Fed’s plans in minutes of its July policy meeting due later on Wednesday.

The dollar was little changed at 106.330 yen after shedding 0.4% the previous day, while the euro was steady at $ 1.1094 (), having put on 0.2% overnight.

The single currency dipped briefly after Italy’s Prime Minister Giuseppe Conte announced his resignation on Tuesday.

“Conte’s resignation won’t have a strong impact on the euro in the longer run as it is only a chapter in the ever-shifting Italian politics,” said Kanda at Gaitame.Com Research.

Sterling traded at $ 1.2162 , holding a bulk of the gains made on Tuesday when it advanced 0.4%.

The pound rose after German Chancellor Angela Merkel said the European Union would think about practical solutions regarding the post-Brexit Irish border.

The Australian dollar was largely flat at $ 0.6775 after edging up 0.2% on Tuesday.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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James Bond movie gets a title – ‘No Time to Die’

LOS ANGELES (Reuters) – The new James Bond film finally has a title – “No Time to Die” – and an April 2020 release date, producers announced on Tuesday.

“Daniel Craig returns as James Bond, 007 in… NO TIME TO DIE. Out in the UK on 3 April 2020 and 8 April 2020 in the US,” according to a brief posting on the official 007 Twitter account.

Filming for the new movie, previously known only as Bond 25, got under way in Jamaica in April when producers announced that Oscar winner Rami Malek will play the villain in latest entry in lucrative British spy franchise.

Craig confirmed in 2017 that he would return for a fifth time as secret agent 007.

Producers said on Tuesday that the new film would see Bond enjoying a tranquil life in Jamaica after leaving active service before an old friend, Felix Leiter, from the CIA turns up asking for help.

Bond embarks on a mission to rescue a kidnapped scientist, which puts him on the trail of a mysterious villain armed with dangerous new technology, they added.

“No Time to Die” was initially expected to arrive in movie theaters in November 2019 but that date was pushed back to 2020 after Britain’s Danny Boyle pulled out as director and was replaced by American Cary Joji Fukunaga.

The film is also being shot in London, Italy and Norway and actors reprising their roles will include Ralph Fiennes as M, Naomie Harris as Moneypenny and Ben Whishaw as Q.

The Bond franchise is one of the movie world’s most lucrative with 2015’s “Spectre” raking in $ 880 million at the box office worldwide, while “Skyfall” in 2012 grossed more than $ 1 billion globally.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Sports and General News

Google sign language AI turns hand gestures into speech

Google says it has made it possible for a smartphone to interpret and “read aloud” sign language.

The tech firm has not made an app of its own but has published algorithms which it hopes developers will use to make their own apps.

Until now, this type of software has only worked on PCs.

Campaigners from the hearing-impaired community have welcomed the move, but say the tech might struggle to fully grasp some conversations.

In an AI blog, Google research engineers Valentin Bazarevsky and Fan Zhang said the intention of the freely published technology was to serve as “the basis for sign language understanding”. It was created in partnership with image software company MediaPipe.

“We’re excited to see what people come up with. For our part, we will continue our research to make the technology more robust and to stabilise tracking, increasing the number of gestures we can reliably detect,” a spokeswoman for Google told the BBC.

Google acknowledges this is a first step. Campaigners say an app that produced audio from hand signals alone would miss any facial expressions or speed of signing and these can change the meaning of what is being discussed.

Also, any regionalisms which exist in a local area would not be included.

Jesal Vishnuram, Action on Hearing Loss’s technology manager, says the initiative is a good first step for hearing people, but that it needs to be paired with other capabilities.

“From a deaf person’s perspective, it’d be more beneficial for software to be developed which could provide automated translations of text or audio into British Sign Language (BSL) to help everyday conversations and reduce isolation in the hearing world,” he said.

Hidden fingers

Until now, when trying to track hands on video, finger-bending and flicks of the wrist have hidden other parts of the hand. This confused earlier versions of this kind of software.

Google imposes a graph on 21 points across the fingers, palm and back of the hand, making it easier to understand a hand signal if the hand and arm twist or two fingers touch.

Other large US software providers have developed technologies that have attempted to read aloud sign language on PCs.

Last year, Microsoft teamed up with the National Technical Institute for the Deaf to use desktop computers in classrooms that helped students with hearing disabilities via a presentation translator.

In a blog, students described having previously missed some of what their professors had said because they had to keep switching attention from human sign language interpreters to what was being written on the board.

But by having all the viewing information presented via a desktop, the problem was solved.

Elsewhere in the world, innovators have created their own home-grown tech.

One 25-year-old developer in Kenya has built a pair of haptic gloves that translate sign language to an Android application which reads the text aloud.

Roy Allela made the gloves for his hearing-impaired niece, and his innovation recently won an award from the American Society of Mechanical Engineers.

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BBC News – Technology

The forex trading strategy basics

The forex basics

The forex basics

Exchange of a nation’s currency for that of another is Foreign Exchange (FOREX). The foreign exchange market is a largest non-stop financial market in the world where currencies of different nations are traded.

This Forex market is bigger than three times the aggregate amount of the US Equity and Treasury markets combined. This is not the traditional market as there is no physical location or central trading location.

It is operated on a global network of banks, corporations and individuals trading one currency for another. Foreign exchange market conditions can change at any time in response to real-time events.

The purpose of investing in Forex trading is to earn profits from foreign currency movements. Forex trading is always done in currency pairs. Two currencies that make up an exchange rate are called currency pair. Investors who trade currency pairs need very fast buy and sell Forex signals.

Without these Forex trading signals, it is difficult to decide market conditions in terms of entry or exit in the market. These Forex signals and trade alerts will indicate you for going out or coming into the market.

Many Forex companies, who have been involved in this kind of business, have developed forex sms signal services. Several Forex signal providers got a “free test” also that is really beneficial. 

Initial investors don’t go for in details; they often rely upon one or two technical signals to decide when to buy and when to sell a currency pair. When they get a good understanding of Forex market, they start to use Forex signal software to decide when to pick up a forex entry point and forex exit point.

It is not very difficult to find a automatic Forex signal indicating when to buy and when to sell a currency. An investor should compare his investment to alternative options. It is wise to buy currency you expect an increase in value relative to the currency you are selling.

In an open trade, a trader has bought or sold a particular currency pair and has not yet sold or bought back the equivalent amount to close the position.

To gain high profits in a Forex trading, you should use a Multi-Target Exit Strategy. This strategy is based on providing the customers with multiple acquiring profit and stopping losses.  This Forex trading strategy allows you to enter multiple Take Profit and Stop Loss levels. 

This Forex strategy also requires that the trader follows the trade in real time. A Forex trading strategy with a high profit percentage rewards you mentally also as it will boost you up for further trade and will make it enjoyable. A string of profits will increase your morale.

In Forex trading system, it’s not obligatory to buy some currency to sell it later. There are situations for buying and selling any currency without actually having it.

Usually Internet-brokers establish the minimum deposit such as $ 2000, for working in the FOREX market, and grant a leverage of 1:100. The major currencies traded in FOREX, are Euro (EUR), Japanese yen (JPY), British Pound (GBP), and Swiss Franc (CHF).

All of them are traded against the US dollar (USD). A technical analysis is also made that presumes all the information about the market and further fluctuations in prices. They too consider factors, economic, political or psychological

This article was submitted by LegacyFX.

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EUR/USD likely to edge lower in coming weeks – SocGen

SocGen on the euro

Societe Generale Research flags a scope for EUR/USD and GBP/JPY to edge lower lower over the coming weeks.

“We don’t think the market is short enough of euros to prevent yet another new, marginal low in this move and it’s worth re-emphasising that thanks to the weakness of the yuan and sterling this summer, the trade-weighted euro is reached its best level of the year a week ago.

Given recent economic data and likely ECB moves, it seems likely, in fact,that we will see EUR/USD edge lower in the weeks ahead, unless we get clear signals of further Fed easing or clear signals of European fiscal easing. And if we get the former, we w much rather be long the yen than the euro, thanks,” SocGen notes. 

“More Brexit noise is likely too as Europe ‘responds’ to PM Johnson’s demands. GBP/JPY looks more likely to fall to 125 than rise to 130,” SocGen adds.

For bank trade ideas, check out eFX Plus.

ForexLive

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New Argentine treasury minister set to take charge of troubled economy

© Reuters. Newly appointed Argentina's Economy Minister Hernan Lacunza attends a news conference at the Casa Rosada Presidential Palace in Buenos Aires © Reuters. Newly appointed Argentina’s Economy Minister Hernan Lacunza attends a news conference at the Casa Rosada Presidential Palace in Buenos Aires

By Hugh Bronstein and Jorge Otaola

BUENOS AIRES (Reuters) – A new treasury minister, Hernan Lacunza, took charge of Argentina’s troubled economy on Tuesday after the local peso took a dive last week following business-friendly President Mauricio Macri’s harsh beating in the Aug. 11 primary election.

Lacunza, formerly the chief of economy for Buenos Aires province, was sworn in by Macri before the local financial markets opened.

“I ask you to focus on reducing the cost that this electoral process is having on the day to day life of our people, and to reduce the uncertainties that are doing damage,” Macri told Lacunza during the swearing-in ceremony.

Macri, struggling to revive his campaign for a second term in the Oct. 27 general election, is betting that the new treasury chief can help stabilize the recession- and inflation-racked economy.

The cost of insuring against an Argentine sovereign default rose on Monday after opposition candidate Alberto Fernandez said the country would struggle under present conditions to repay a loan to the International Monetary Fund. Fernandez, a center-left Peronist, is the front-runner ahead of the October vote.

The peso tumbled 18% last week to 55 to the U.S. dollar.

In early action on Tuesday, the bond market registered more nervousness about a possible Fernandez presidency. Argentina’s portion of the JP Morgan Emerging Markets Bond Index Plus saw the country’s risk spread shoot to 1,880 basis points from 1,659 on Friday. Monday was a market holiday in Argentina.

Lacunza was expected to give a news conference to outline his policy plans later Tuesday morning. Outgoing treasury minister Nicolas Dujovne quit on Saturday, saying he believed the country needed “significant renewal” of its economic team.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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UK government reportedly to stick with current stance on backstop in response to EU

Sky News deputy political editor, Sam Coates, tweets

Brexit

Citing a government source on the matter, says that the UK government is readying up a response after the EU shot down Boris Johnson’s letter with the view:

“We have made reasonable proposal, the EU is not negotiating and instead spending its efforts trying to undermine proposals amongst the EU 27, the reality the backstop has to be removed or else it’s no deal.”

ForexLive

The remark on undermining the proposal is a bit of a stretch. It’s not like they didn’t know what the EU’s stance is and that hasn’t changed since even when Theresa May was in-charge.

If anything else, this continues to show that negotiations later in the week between Johnson with Merkel and Macron are not going to lead to anything.

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