Asian shares mostly flat, Japan hurt by Sino-U.S. tensions - Investing.com

By Hideyuki Sano and Vidya Ranganathan

TOKYO/SINGAPORE (Reuters) - Asian stock markets, including China's, were little changed on Monday, shrugging off news that the U.S. administration is considering delisting Chinese companies from U.S. stock exchanges.

MSCI's broadest index of Asia-Pacific shares outside Japan () was flat, while China's Shanghai stock index () slipped 0.1%, barely responding to any of the concerns around the latest Sino-U.S. tensions that caused the Nasdaq index () to fall more than 1% on Friday.

European shares were seen struggling when they open for trading. Pan-European Euro Stoxx 50 futures () were down 0.11%, German DAX futures () down 0.08% and futures () 0.16% lower.

Risk assets took a hit in U.S. trade on Friday following news the Trump administration is considering radical new financial pressure tactics on Beijing, including the possibility of delisting Chinese companies from U.S. stock exchanges.

The report knocked Chinese shares listed on U.S. exchanges, with Alibaba Group Holding (N:) falling 5.15% and JD.com (O:) 5.95% on Friday.

Worries such an escalation would hurt Japan the most weighed on the Nikkei (), which shed 0.9%. U.S. stock futures () gained 0.35%, paring most of Friday's 0.53% fall in the index.

Trading in Chinese markets was quiet ahead of a long break. Chinese share markets will trade only on Monday this week ahead of the country's National Day holiday, which runs until Oct. 7.

There were mixed signals from China's manufacturing surveys on Monday, which showed sustained weakness in exports and surprising improvement in domestic consumption indicators, and a Chinese central bank statement briefly hinting at plans for more stimulative policies.

China's yuan was little moved at 7.1260 yuan per dollar, while the rallied a bit from Friday's three-week low of 7.1520.

The delisting of Chinese companies from U.S. stock exchanges was part of a broader effort to limit U.S. investment in Chinese companies, two sources briefed on the matter told Reuters.

A U.S. Treasury official said the United States does not currently plan to stop Chinese companies from listing on U.S. exchanges, Bloomberg reported on Saturday.

"While China runs a current account surplus and is a net creditor nation, Chinese companies are net debtors and rely on foreign capital," Koji Fukaya, president of Office Fukaya Consulting.

"Washington seems to be trying to limit Chinese companies' activities by putting pressure on their funding," he said.

Still, with trade talks between the United States and China expected to be held Oct. 10-11, many market players are hoping such drastic measures on capital markets will be avoided.

"At this point, markets will have to wait and see. Of course we need to be guarded against more crazy headlines, but this week could be a bit calmer given holidays in China. Economic data will likely be the main driver for markets," said Kyosuke Suzuki, director of forex at Societe Generale (PA:).

U.S. data on Friday showed consumer spending barely rose in August and business investment remained weak, suggesting the American economy was losing momentum as the trade dispute drags on.

Industrial output in Japan and South Korea, released Monday morning, dropped more than expected, underscoring the headwinds from the trade war.

Investors are also keeping a wary eye on U.S. politics.

U.S. House Speaker Nancy Pelosi said public opinion is now on the side of an impeachment inquiry against Trump following the release of new information about his conversations with Ukrainian President Volodymyr Zelenskiy.

Major currencies were little changed, with the yen trading slightly firmer at 107.75 yen .

The euro hovered around $1.0932 (), having sunk to a 28-month low of $1.0904 on Friday as concerns about tepid growth in Europe weighed on the common currency.

Sterling traded at $1.23 , not far from Friday's low of $1.2270, its lowest since Sept. 9.

Boris Johnson said on Sunday he would not quit as Britain's prime minister even if he fails to secure a deal to leave the European Union, insisting only his Conservative government can deliver Brexit on Oct. 31.

Oil prices dipped but stayed off last week's lows.

Saudi Arabia's crown prince warned in an interview with CBS program "60 Minutes" aired on Sunday that crude prices could spike to "unimaginably high numbers" if the world does not come together to deter Iran.

But Crown Prince Mohammed bin Salman said he would prefer a political solution to a military one, adding the Sept. 14 attacks on the kingdom's oil facilities were an act of war by Iran.

Brent crude () futures fell 0.36% to $61.64 a barrel while U.S. West Texas Intermediate (WTI) crude () fell 0.14% to $55.83 per barrel.

(This story corrects headline and first paragraph to Asia shares 'mostly flat' (not 'edge lower') and in 2nd paragraph the MSCI Asia-ex-Japan index to flat (not down 0.55%)

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https://www.investing.com/news/stock-market-news/asian-shares-mostly-flat-japan-hurt-by-sinous-tensions-1988652

2019-09-30 06:35:00Z
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Metro recalls deli trays due to possible Listeria contamination - SooToday

PRODUCT RECALL
CANADIAN FOOD INSPECTION AGENCY
**********************
Food Recall Warning - Metro brand deli trays recalled due to Listeria monocytogenes

• Recall date: Sept. 27, 2019
• Reason for recall: Microbiological - Listeria
• Hazard classification: Class 1
• Company / Firm: Metro Ontario Inc.
• Distribution: Ontario
• Extent of the distribution: Retail

Recall details

Metro Ontario Inc. is recalling Metro brand deli trays from the marketplace due to possible Listeria monocytogenes contamination. Consumers should not consume the recalled products described below.

Recalled products

Brand Name	Common Name	Size	UPC	Code(s) on Product
Metro	Snack Delights Small (serves 8-10) 1un	1 count	0260911 729999	All Best Before dates up to and including 2019.SE28
Metro	Snack Delights Large (serves 11-16) 1un	1 count	0260910 949992	All Best Before dates up to and including 2019.SE28
Metro	Fresh 2 Go Snack and Grab Party Tray 450 g	1 count	0222136 414999	All Best Before dates up to and including 2019.OC02
Metro	Frsh 2 Go Premium Kolbassa Sausage-Cheese Tray 760 g	1 count	0221922 119995	All Best Before dates up to and including 2019.OC02

What you should do

If you think you became sick from consuming a recalled product, call your doctor.

Check to see if you have the recalled products in your home. Recalled products should be thrown out or returned to the store where they were purchased.

Food contaminated with Listeria monocytogenes may not look or smell spoiled but can still make you sick. Symptoms can include vomiting, nausea, persistent fever, muscle aches, severe headache and neck stiffness. Pregnant women, the elderly and people with weakened immune systems are particularly at risk. Although infected pregnant women may experience only mild, flu-like symptoms, the infection can lead to premature delivery, infection of the newborn or even stillbirth. In severe cases of illness, people may die.

Background

This recall was triggered by Canadian Food Inspection Agency (CFIA) test results. The CFIA is conducting a food safety investigation, which may lead to the recall of other products. If other high-risk products are recalled, the CFIA will notify the public through updated Food Recall Warnings.

The CFIA is verifying that industry is removing the recalled products from the marketplace.

Illnesses

There have been no reported illnesses associated with the consumption of these products.

**********************

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September 29, 2019 at 09:51PM

Canada Post fined close to $1M a year in parking tickets - Global News

Canada Post is racking up close to $1 million annually in parking tickets as drivers struggle to navigate increasingly congested city streets, data show.The information, obtained by The Canadian Press through freedom of information requests, indicates the bulk of the citations are in and around Toronto.Story continues below “To meet the needs of Canadians, our employees have to routinely park their vehicles,” said Canada Post spokesman Jon Hamilton. “With the concentration of addresses in urban downtown cores and a rising demand for pickups and deliveries, this can cause challenges, not just for Canada Post but for all delivery companies.”READ MORE: 32-year-old charged for allegedly stealing Canada Post van in ReginaData show the Crown corporation has paid out almost $7.5 million in parking fines over the past decade. The worst year was in 2016 with $943,293 paid, slightly more than last year’s $914,831, and almost quadruple the $289,908 recorded in 2009.Under the federal Canada Post Act, the corporation has, with some exceptions, the “sole and exclusive privilege of collecting, transmitting and delivering letters to the addressee thereof within Canada.” The corporation has a fleet of almost 13,000 vehicles that delivered close to eight billion pieces of mail last year.Eric Holmes, a spokesman for the City of Toronto, said mailbox placements are approved with the “general preference” they not be placed along high-volume streets.WATCH: May says Green Party will focus on ‘local services’

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September 30, 2019 at 02:48AM

Canada Energy Regulator tells Enbridge to suspend open season on pipeline system - CBC.ca

The Canada Energy Regulator has ordered Enbridge Inc. to suspend its open season for service on its Canadian Mainline oil pipeline system.

The regulator said Friday it came to the decision after reviewing letters from more than 30 parties.

It says Calgary-based Enbridge may not continue its open season process until an application for firm service, including all associated tolls and terms and conditions of service, have been approved.

There was growing opposition from major Canadian oil producers to Enbridge's plan to convert most of its Mainline system to long-term contracts.

Letters of complaint were sent to the regulator by Canadian Natural Resources Ltd., Suncor Energy Inc., Shell Canada and MEG Energy Corp., along with the Explorers and Producers Association of Canada.

In its submission, Suncor said the open season compels shippers that wish to maintain access to transportation on the Mainline to enter into irrevocable, binding, long-term firm contractual commitments on the basis of terms and conditions of access, and tolls, that have neither been settled through meaningful negotiation nor approved by the regulator.

Enbridge announced the open season on Aug. 2 and said it would accept bids until Oct. 2 from shippers who wished to enter into contracts of from eight to 20 years for priority transport on the Mainline, with discounts available based on contract length and volumes.

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September 28, 2019 at 10:44PM

Toronto-area man out $2,775 after e-transfer fraudsters impersonate him on email - CBC News

A Toronto-area contractor says it was "pretty creepy" to discover someone had hacked into his email and impersonated him — convincing customers of his family-owned granite countertop business to send thousands of dollars via e-transfer. 

The fraudsters then stole the payments.

"You can't think of something like this happening," said Sarmen Sinani, of Markham, Ont.

"They [fraudsters] were saying, 'Send me the money. And don't send a cheque. Just e-transfer it.'"

Sinani is one of more than 200 people Go Public has learned were recently targeted by fraudsters who stole tens of thousands of dollars, sent via Interac e-transfers, by breaking into email accounts and redirecting the money. 

It has some experts questioning why the popular electronic money transfer system involves email at all, when other jurisdictions have stronger security. 

"Canadian customers deserve the best safety and security for their banking and e-transactions," said cybersecurity expert Claudiu Popa, who advises governments and companies. "Unfortunately, we are far from getting there."

Sinani was working on a customer's order when he emailed her in March, asking for a 50 per cent deposit. By May, he still hadn't received it, so he asked again. 

To his surprise, his client said she had e-transferred it on March 15. Sinani searched through deleted emails and discovered a fraudster had impersonated him and told his client to e-transfer $2,775.

"The hacker would alter my conversation to them [his customer] and alter their conversation to me," said Sinani. "Basically they were taking full control of two people, just going back and forth. It's unbelievable."

Posing as Sinani, the fraudster told his client he had an out-of-town family emergency and instructed her not to stop by the store to drop off a cheque. 

Instead, the fraudster told her to send an e-transfer to a new email that appeared similar to the actual email for Sinani's family business, Sinco Marble and Granite.

Then, the fraudster posed as Sinani's client and altered her emails, telling Sinani that she was dealing with a family emergency and couldn't come to the shop to pay the deposit.

"It was insane," said Sinani. "They played us good."

Sinani says it was 'insane' to discover someone had hacked into his email and was impersonating him with customers. (Mehrdad Nazarahari/CBC)

No help from Interac, CIBC

Sinani says when his customer contacted Interac, the company said its e-transfer system had worked — moving money from point A to point B — and that it was not going to investigate.

"They're just not being co-operative," he said. "I'm sure there's an easy way to see where the money went. But no one wants to work on it, I guess."

Interac declined an interview request with Go Public, but in a statement said each fraud case is "unique and customers should speak to their bank directly."

Interac would not address Sinani's — or other customers' — concerns. Interac is a private company and Canada's big banks and credit unions are among its shareholders.

Sinani's customer lost the money through her account at CIBC. The bank would not tell Go Public what — if anything — it was doing to help trace the money, but in a statement said funds sent "to an email impersonator are very difficult to recover."

York Regional Police are investigating. 

'Turning into an arms race'

A cybercrime expert who specializes in password cracking says many people aren't aware of the underground community of fraudsters who buy and share email and password information, aimed at draining bank accounts.

"There's people doing offensive research to determine new ways of attacking," security systems, said Dustin Heywood, with IBM's X-Force Red. 

"It's turning into an arms race."

Heywood estimates that the average person uses their email and password on about 300 sites — from the local library to pizza delivery — and any one of those databases can get hacked.

Dustin Heywood is part of IBM's X-Force Red, a global team of hackers hired to break into their systems and fix their security vulnerabilities. He specializes in cracking passwords. (Dave Rae/CBC)

"The problem is, not every site has the same level of security around their passwords," he said. "So if a weaker site gets hacked, then all of a sudden your password is being leaked out."

Heywood says hackers then use bots — custom software — that can lurk undetected on hundreds of thousands of computers.

"They could have something sitting there for months and when the right keywords come through" — such as "payment" or "deposit" and — "Bang! We've got ourselves a transfer."

So Interac's e-transfer system, he says, is only as secure as users' email and passwords.

Interac system 'unique' 

On the heels of a Go Public story published last week about e-transfers, we heard from a number of people who have lived in other countries that use systems that allow people to electronically transfer funds directly from bank to bank.

"One does not have to worry about payments being intercepted," Andrew Dunning wrote, about e-transfers in the U.K. 

"Everything is practically instantaneous, and it's all traced between the banks. It's shocking to me that the [Canadian] government has not mandated the implementation of this system."

Rajesh Vijayaraghavan of the University of British Columbia's Sauder School of Business, says Interac's e-transfer system is 'unique' because it relies on email, unlike in other developed countries. (Submitted by Rajesh Vijayaraghavan)

Rajesh Vijayaraghavan, who studies risk management in financial institutions, says Interac's system is "unique" because it relies on email, unlike most in other developed countries.

Vijayaraghavan, an assistant professor at the University of British Columbia's Sauder School of Business, says the U.S., Australia, New Zealand, India and other countries have had systems in place for years that allow e-transfers directly from bank to bank — using only a bank code and a person's account number. 

"The rest of the world can't be wrong," he said. "It's the better system."

Two weeks ago, the European Union went a step further, requiring all financial institutions to offer two-factor authentication — a system which only allows a user to log on to an account once they've received a code on a separate device or an email at a different email address.

Vijayaraghavan says shifting away from an email-reliant system would require work.

"It's a legacy system," he said. "So this has to be a co-ordinated effort from all banks."

Claudiu Popa, a Toronto-based security expert who advises governments and companies, says online banking customers must demand reform in how e-transfers are authenticated. (John Badcock/CBC)

Popa, the cybersecurity expert, says the only way banks will improve security for e-transfers — and the auto-deposit option — is if the government forces them. 

He says requirements for strong authentication are needed immediately, instead of the convenient, but less secure, system currently in place.

"No more secrecy and downplaying these issues," Popa said. "Canadians need to demand reform from their politicians."

Sinani the contractor, says he's no longer a fan of e-transfers, since he and his customer are now in a "stressful" dispute over who should cover the stolen $2,775. 

But he says about 80 per cent of his customers want to pay using e-transfer because it's so convenient.

"Convenient is great, until something like this happens to you," he said. "Improving the system would be better."

Submit your story ideas

Go Public is an investigative news segment on CBC-TV, radio and the web.

We tell your stories, shed light on wrong-doing, and hold the powers that be accountable.

If you have a story in the public interest, or if you're an insider with information, contact GoPublic@cbc.ca with your name, contact information and a brief summary. All emails are confidential until you decide to Go Public.

Follow @CBCGoPublic on Twitter.

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September 30, 2019 at 07:00AM

U.S. Treasury says no plans to block Chinese listings 'at this time': Bloomberg - Reuters

(Reuters) - The United States does not currently plan to stop Chinese companies from listing on U.S. exchanges, Bloomberg reported on Saturday, citing a U.S. Treasury official.

"The administration is not contemplating blocking Chinese companies from listing shares on U.S. stock exchanges at this time," Bloomberg quoted bloom.bg/2obHkDb Treasury spokeswoman Monica Crowley as saying.

Reuters reported on Friday that President Donald Trump’s administration is considering delisting Chinese companies from U.S. stock exchanges in a move that would be part of a broader effort to limit U.S. investment in Chinese companies.

The Treasury did not immediately respond to a Reuters request for comment.

(This story has been refiled to add dropped ‘not’ in first paragraph)

Reporting by Sathvik N in Bengaluru; Editing by Dan Grebler

Our Standards:The Thomson Reuters Trust Principles.

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September 29, 2019 at 05:45AM

Geopolitical Risk Can't Keep Oil From Falling | OilPrice.com - OilPrice.com

Oil prices are now responding to daily doses of rhetoric related to Iran, with WTI and Brent inching higher Thursday following the Pentagon’s vow to deploy equipment and personnel to Saudi Arabia to boost defenses. WTI pared some earlier losses from the day before on surprise news of a US crude buildup, and Brent finished higher Thursday, but the Pentagon’s announcement doesn’t really have market legs, particularly once it becomes clearer, beyond the headlines, that the deal calls for only 200 support personnel, one patriot battery and four sentinel RADARs. Today, oil prices have headed lower already, gearing up for a weekly loss, due to the fast pace of Saudi production recovery and slowing Chinese economic growth eating away at demand outlook.

US Sanctioning Chinese Shippers Benefits Saudi Arabia

The US has slapped sanctions on Chinese firms for “knowingly engaging” in transporting Iranian oil. The sanctioned firms include two tanker subsidiaries of Chinese state-owned shipping giant Cosco Shipping Corporation. Inevitably, this has caused a lot of scrambling among traders to get in front of sanctions.

Oil traders in Asia found themselves in a rush to cancel bookings with these companies and will also have to let provisional charters expire. What’s more, oil cargoes that have already been loaded onto vessels of these sanctioned entities are questionable. It is unclear whether already loaded oil will need to be offloaded and reloaded onto a nonsanctioned vessel, or whether oil that has already been loaded made it under the wire and will be allowed to deliver without penalty. The sanctions arena was complicated enough before this.

In the meantime, it’s worth noting that while China insists it is entitled to import Iranian oil, it’s purchases have tapered off drastically. In August, they fell to 787,657 tonnes, which is down from 926,119 tonnes the month before. But the recent monthly data is nothing compared to the bigger picture: A year ago, China was purchasing 3.28 million tonnes of Iranian oil. Saudi Arabia has been a big beneficiary, of course. China has increased its Saudi crude intake exponentially, purchasing 7.79 million tonnes in August--double what it took the same month last year.

And while traders are now scrambling to get in front of the new sanctions, the war of rhetoric continues with no real move towards a war other than vague statements coming out of Riyadh that a military response to Iran - which continues to deny involvement in the Sept 14 attacks - is “possible”. The markets aren’t buying it, for the time being.

Iran continues to push for a response of some kind in its favor, and it’s going for the ultimate leverage in response to Trump’s transactional nature. In its latest salvo, Tehran has confirmed that it’s using advanced models of centrifuges to enrich uranium in breach of the 2015 nuclear agreement that the US pulled out of. Iran is not, however, increasing enrichment levels. This is just part of the bargaining process.

And Iran is already lining up the victories in Yemen, the site of the major event that preceded the attacks on Saudi oil facilities. Now, not only has the UAE given up on this war, but days after the attack, the Houthis declared a unilateral ceasefire. That has now prompted the Saudis to agree to a partial ceasefire. Mission accomplished on that playing field.

Ethanol Becomes A Key 2020 Election Topic: Here’s Why

The corn lobby and the oil industry in the US have been at odds forever, but now, Trump is looking to keep both sides happy in the runup to the 2020 elections.

The renewable fuel standard played a major role in past elections, and this election will likely be no different. Trump has already issued significant waivers to oil refineries, which will excuse them from the tough blending requirements. That Trump first appeased the oil industry is telling, and the administration had been counting on corn country support, which helped to solidify Trump’s win in the last election. On Trump’s first run, he garnered support from the corn belt, which had previously been carried by Obama.

But the corn belt has grown anxious about Trump’s courting of oil refineries on ethanol requirements, and the administration is growing anxious itself. It needs the corn vote. With that in mind, Washington is now assuring the corn belt that it will come up with a workable solution for both sides. Re-election could very well be at stake over this.

The corn lobby, though, must proceed cautiously. It doesn’t have many friends left. The Democrats used to be their biggest champions, but ethanol isn’t all that attractive anymore. Environmentalism is a key focus of the Democrats’ platform, and environmentalists don’t think ethanol is nearly clean enough. The corn lobby, then, could end up getting shunned by both sides.

Where does this leave ethanol, which was once the promised hope of America’s energy independence? On shaky ground, we suspect, and not just because it has become clear that ethanol isn’t furthering America’s energy independence. Trump may not need to win over enthusiastic support from the corn lobby - he may only need to garner more support than the lobby is willing to give the Democrats. This may leave the corn lobby without a champion.

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September 28, 2019 at 02:00AM