Japanese PM Abe to call for further stimulus measures re disaster recovery

Japanese press, Nikkei with the report:

  •  Prime Minister Shinzo Abe is set to call for stimulus measures to prop up an economy battered by a string of natural disasters and sustain growth past next year’s Tokyo Olympics, Nikkei has learned.
  • The government will revamp a 7 trillion yen plan to prepare infrastructure for natural disasters over three years through fiscal 2020
  • also looking to bolster Japan’s growth potential beyond the summer Olympics in 2020

Central bankers around the glove have been calling for more government stimulus. Its ongoing in Japan. 

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Top officials in 20 countries had phone data stolen via WhatsApp – report

WhatsApp hacked to spy on top officials

Senior government officials in at least 20 US-allied countries had their phones taken over by spies exploiting vulnerabilities in WhatsApp, according to a Reuters report.

A ‘significant’ portion of the victims were high-profile government and military officials in a breach that could have broad political consequences. Officials in the US, UAE, Bahrain, Mexico, Pakistan and India were among those targted.

It’s not clear who the perpetrator of the attack was but WhatsApp filed a lawsuit this week against Israeli hacking tool developer NSO Group, who they say built and sold a hacking platform that was used to hack into the phones of 1400 users.

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Canadian Premier League reaching for the stars

Canadian Premier League reaching for the stars Canadian Premier League reaching for the stars

By Steve Keating

HAMILTON, Ont (Reuters) – Having built one of the country’s most iconic brands, Canadian Premier League (CPL) commissioner David Clanachan knows better than most what his compatriots will buy and how to sell it to them.

The CPL will cap its inaugural season on Saturday with either the Hamilton Forge or Calgary Cavalry hoisting the North Star Shield, a maple and crystal trophy that Clanachan sees as symbolizing his league’s unique patriotic selling point.

“The North Star demonstrates and acts as a guiding light for soccer in Canada, a beacon for talent within our borders and a reminder of our purpose: For Canadians, by Canadians,” he said prior to the trophy’s unveiling.

Clanachan spent his entire business career, until jumping to the CPL, building Tim Hortons coffee and donut chain and knows that sporting startups are notoriously risky business.

The sport graveyard is littered with an alphabet of failures: the WHA (World Hockey Association), NASL (North American Soccer League), NFL Europe to name a few.

Underscoring the challenge facing the CPL, the Canadian Women’s Hockey League (CWHL) ceased operation in May saying it was no longer financially sustainable.

If a hockey league cannot survive in hockey-mad Canada what can?

Yet Clanachan and investors, who each stumped up $ 3 million franchise fees, believe the CPL can not only survive but thrive.

The sport is booming at grassroots level and a wave of immigration to Canada is helping fuel unprecedented interest in the sport.

Yet be it soccer or coffee the most important thing is the product.

While soccer is the global game, the CPL is describing their brand as “distinctly Canadian”, an attacking hard-nosed style where the feigning of phantom injuries is seen as unmanly.

All CPL rosters must be a minimum 51% Canadian and Clanachan noted that on some teams up to 80% of the starting 11 were home grown.

“If you are entertaining and you set it up the right way people are going to come,” Clanachan told Reuters. “But one thing I learned about being in the sport business is that it is really hard selling tickets, you have to work your ass off at it every day.”

This season the CPL sold 419,314 tickets and the seven-team league that stretches from the Pacific to the Atlantic across four time zones recorded an average attendance of 4,279.

The high watermark came on the opening day when the Forge hosted the York9, attracting a crowd of over 17,000 but all those tickets were free.

‘GROW THE GAME’

The first leg of the two-legged final played last Saturday in Hamilton, which the Forge won 1-0, pulled in 10,000 fans with another big crowd expected on Saturday in Calgary.

Clanachan rated the season as a “good” but not great start.

It was good enough, however, that the CPL is already looking at expansion, having received interest from 18 communities with three “very close” to coming on board.

The commissioner said he expects to make an announcement before the end of November, but due to a tight timeline any new teams are unlikely to begin playing until the 2021 season.

“We’re going to grow the game, we are going to grow it the right way,” said Clanachan. “This is about doing it properly from a business perspective.

“You see so many leagues start off and then they fail because they have zero fiscal responsibility.

“This isn’t get a billionaire and make him a millionaire, that is not how it works.”

This year the CPL was the shiny new object on the Canadian sport scene. Fans were curious and forgiving.

Next season Clanachan knows they will be more critical and less generous with their time and money.

The league is counting on those that came out were impressed enough to return, while the push for new customers begins in earnest the day after Saturday’s final.

“They (fans) are always going to raise the bar for you,” said Clanachan. “That’s why I am saying to all the clubs, all the guys at the office as good as we thought we might have been we’ve got to be better.

“People are going to say, well last year we gave you a pass we were on your side now we are going to be more critical and that’s when you’ve got to step up.

“We are going to need to be better and that’s everything: scheduling, how we entertain, play on the field that is all part of it.

“We have to be better at everything.”

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China reportedly said to doubt long-term trade deal is possible with Trump

China said to be unwilling to budge on big structural changes

The Bloomberg report says that China is casting doubts about reaching a comprehensive long-term trade deal with the US, blaming Trump’s impulsive nature and the risk that he may back out of even the limited deal that both sides are about to sign in the coming weeks.

Adding that Chinese officials have warned that they won’t budge on structural issues either, citing people familiar with the matter. Further noting that China is demanding an end to tariffs in order to begin any talks for “Phase Two”.

Risk trades are taking a bit of a hit with USD/JPY quickly down to a low of 108.35 as equities and bond yields fall as the headlines hit.

This doesn’t mean that a “Phase One” deal is off but it certainly highlights that what both sides are working towards in November is essentially pointless in the grand scheme of things. The trade war is merely put on ice, it doesn’t mean it is over.

And as mentioned before, China has loosely made vague promises on its currency and IP protection during the “Phase One” talks. I don’t think it is any surprise that they are not looking to make firm commitments on those matters and that is what we are seeing.

Let’s see if we will get any official word on this matter in the sessions ahead or if US and Chinese officials will rebuke the report above.
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Groups sue to block health care requirement for immigrants

Washington — A coalition of immigration advocacy groups and legal organizations on Wednesday mounted the first legal challenge against a sweeping proclamation President Trump issued earlier this month that would allow the government to reject visa applications from immigrants it determines will not be able to pay for health insurance or cover medical costs in the U.S.

The organizations asked the U.S. District Court in Oregon to block the Trump administration from implementing the new policy, which is slated to take effect Sunday. According to an estimate from the non-partisan Migration Policy Institute, the new requirements could deny entry to approximately 375,000 would-be immigrants each year.

In their lawsuit, the groups, which include the American Immigration Lawyers Association, Innovation Law Lab and the Justice Action Center, accused the administration of trying to “unilaterally rewrite” the nation’s immigration laws. 

“Based on the latest data, up to an estimated 375,000 immigrants are at risk each year of being banned due to a lack of “approved” health insurance coverage, or close to two-thirds of all qualified immigrant visa applicants, many of whom are people of color,” the groups wrote in their filing. “This is repugnant not only to our values, but also our nation’s laws and Constitution.”

The lawsuit lists as plaintiffs several U.S. citizens sponsoring visas for family members abroad who may be denied entry into the U.S. under the stringent requirements of the president’s proclamation. 

Under the order, State Department consular officers would only accept immigrant visa petitions made abroad if the applicants demonstrate they will have the ability to secure health insurance within a month of their arrival in the U.S. If that’s not possible, then petitioners would need to prove they have the financial resources to pay “reasonably foreseeable medical costs” — a standard not defined in the proclamation.

Although tasked by the order to establish “standards and procedures” for U.S. consular offices to determine whether applicants satisfy the new requirements, the State Department has yet to release public guidance for applicants.

The order, issued late on a Friday evening, is just one of several major policies the administration has rolled out in recent months to overhaul the nation’s legal immigration system and dramatically slash admissions of foreigners looking to move to the U.S. 

In August, U.S. Citizenship and Immigration Services (USCIS) published the final version of the long-waited “public charge” rule that would allow the government to deny visas and green cards to people who use or might use certain public benefits like food stamps and government-subsidized housing. The USCIS rule is currently held up in court, while a companion State Department regulation has not been implemented because the agency has yet to clear a new form to be used by visa applicants.

Doug Rand, an Obama White House official who founded a firm to help immigrants navigate the U.S. immigration system, believes the lawsuit is likely to succeed in court, just like the challenges to the “public charge” regulation. 

“It’s pretty clear just from the text of the proclamation that it is highly vulnerable. It was clearly written in haste and without an immense amount for interagency consultation,” he said. 

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World – CBSNews.com

Dollar slips after Fed cuts but indicates a pause; BOJ decision eyed

By Tomo Uetake

TOKYO (Reuters) – The dollar dipped against a basket of major currencies on Thursday, reversing earlier gains, after the Federal Reserve cut interest rates for the third time this year but signaled its rate-cut cycle might be at a pause, as was broadly expected.

In lowering its policy rate by 25 basis points to a target range of between 1.50% and 1.75%, the U.S. central bank dropped a previous reference in its policy statement that it “will act as appropriate” to sustain the economic expansion – language that was considered a sign for future cuts.

Still, lack of an explicit signal from the Fed that it is done with easing for now was perceived to be less hawkish than expected, helping to drive the dollar down.

“The new, slightly shorter, statement tries to keep their options open and puts them back into a data-dependent mode, but circumstances could mean that they have less optionality than they think,” said Tim Foster, portfolio manager at Fidelity International in London.

The () rose to 98.00 as Fed Chairman Jerome Powell spoke about its decision, the highest since Oct. 17, before slipping. The index was last down 0.3% at 97.37, its lowest level in a week.

The euro last changed hands at $ 1.1167 (), while the greenback last traded at 108.66 yen .

The dollar also temporarily dipped on news that Chile has withdrawn as host of an APEC trade summit in November where the United States and China had been expected to take major steps toward ending a 15-month-old trade war.

Optimism that the U.S. and China will soon agree on a partial deal has boosted risk sentiment this week.

Sterling edged up after British Prime Minister Boris Johnson won parliamentary approval on Wednesday to hold a general election in December, though moves were limited as large currency options expiring this week curbed volatility.

The pound was trading at $ 1.2921, a shade higher on the day.

The Australian and New Zealand dollars firmed as investors scaled back wagers on local interest rate cuts after the Fed indicated it might be pausing in its easing campaign.

The reached a three-month top at $ 0.6918, having been as low as $ 0.6849 at one stage on Wednesday, and the dollar popped up to $ 0.6420, leaving behind Wednesday’s low of $ 0.6335.

Westpac economists changed their call on New Zealand interest rates, now expecting no cut at the Reserve Bank of New Zealand’s (RBNZ) policy meeting on Nov. 13. Investors have also been lengthening the odds on a move from the Reserve Bank of Australia (RBA) in the near term.

The Bank of Japan will likely hold off on expanding stimulus later in the day, as calm markets and easing U.S.-China trade tensions take the heat off the central bank from using its limited monetary arsenal to fight the risk of recession.

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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Forex – Canadian Dollar Falls After Bank of Canada Leaves Rates Unchanged

© Reuters.  © Reuters.

Investing.com – The slumped against the U.S. dollar on Wednesday after the Bank of Canada left rates unchanged.

jumped 0.6% to 1.3159 as of 10:51 AM ET (13:51 GMT).

The, citing trade conflicts as the resilience of the Canadian economy “will be increasingly tested.”

The second half of the year is expected to grow at a slower pace due to trade risk and a weakening energy sector, the bank said. It boosted its 2019 growth forecast to 1.5% from 1.3%, but cut its 2020 growth forecast to 1.7% from 1.9%.

Meanwhile, the U.S. dollar was flat as investors waited for the Federal Reserve’s monetary policy decision at 2 PM ET (18:00 GMT). The central bank is expected to cut rates for the third time this year, but the focus will remain on Chairman Jerome Powell’s press conference and if he hints at future cuts.

The , which measures the greenback’s strength against a basket of six major currencies, was unchanged at 97.488. The safe-haven Japanese yen was flat with at 108.88.

Trade tensions remained uncertain after Chile said it is canceling the Asia-Pacific Economic Cooperation summit next month due to ongoing protests. U.S. President Donald Trump and Chinese President Xi Jinping were expected to meet on the sidelines and possibly sign phase one of a trade deal.

The dollar hit a 16-year high against the Chiliean peso. was up about 1.5%.

Elsewhere, sterling was flat after the U.K. Parliament voted to hold an early general election on Dec. 12, as Prime Minister Boris Johnson is betting on a Conservative win to pass his Brexit bill. rose 0.1% to 1.2872 while was up 0.1% to 1.1115.

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 October prelim HICP +0.9% vs +0.8% y/y expected

German October preliminary inflation data:

German HICP
  • Prior was +0.9% y/y
  • HICP +0.1% m/m vs 0.0% exp
  • CPI +0.1% vs 0.0% exp
  • CPI +1.1% y/y vs +1.0% exp

German inflation is a tad hotter than anticipated but still way below anything that would qualify as worrisome. There’s still a long way to go to get to 2% and the eurozone/German economy isn’t moving in the right direction to get it there. 

Weidmann meme
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Facebook agrees to pay Cambridge Analytica fine to UK

Facebook has agreed to pay a £500,000 fine imposed by the UK’s data protection watchdog for its role in the Cambridge Analytica scandal.

It had originally appealed the penalty, causing the Information Commissioner’s Office to pursue its own counter-appeal.

As part of the agreement, Facebook has made no admission of liability.

The US firm said it “wished it had done more to investigate Cambridge Analytica” earlier.

James Dipple-Johnstone, deputy commissioner of the ICO said: “The ICO’s main concern was that UK citizen data was exposed to a serious risk of harm. Protection of personal information and personal privacy is of fundamental importance, not only for the rights of individuals, but also as we now know, for the preservation of a strong democracy.”

Harry Kinmonth, a Facebook lawyer, noted that the social network had made changes to restrict the information app developers could access following the scandal.

“The ICO has stated that it has not discovered evidence that the data of Facebook users in the EU was transferred to Cambridge Analytica,” he added.

“However, we look forward to continuing to cooperate with the ICO’s wider and ongoing investigation into the use of data analytics for political purposes.”

Researcher Dr Aleksandr Kogan and his company GSR used a personality quiz to harvest the Facebook data of up to 87 million people.

Some of this data was shared with London-based Cambridge Analytica.

The ICO argued that Facebook did not do enough to protect users’ information.

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BBC News – Technology

France Q3 preliminary GDP +0.3% vs +0.2% q/q expected

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