Regulators to meet as brokers call time on Reddit-trader rollercoaster

first_img Regulators to meet as brokers call time on Reddit-trader rollercoaster “Final boss fight. It’s happening tomorrow with Yellen, SEC and Federal Reserve,” read one Wednesday post on Reddit. “They are either going to try and stop the party or they are looking for money to pay us and not crash everything at the same time.” As their brokers have imposed buying curbs, small traders’ darling stocks have tumbled for two days running. Early trade in their Europe-listed shares on Wednesday will be the next guide as to whether they are in freefall just as regulators circle. (Getty Images) Also Read: Regulators to meet as brokers call time on Reddit-trader rollercoaster It is not clear if it will result in action, but experts expect focus to also fall on the ever-larger role played by non-bank firms such as hedge funds in the financial markets and small traders are bracing for a showdown. Robinhood further relaxed some of its restrictions on trade on Tuesday, increasing buying limits on GameStop stock, for example, from 20 shares to 100 shares. “We could see other similar events more regularly, but be sure the regulators will look to curb any market (volatility) or manipulation,” he said. Share (Getty Images) Also Read: Regulators to meet as brokers call time on Reddit-trader rollercoaster RETAIL MANIA GameStop shares have fallen 80 per cent from a peak a week ago, while AMC Entertainment stock has shed 60 per cent. The stocks had gained as much as 2,300 per cent and 800 per cent respectively since mid-January, fuelled by posts on the popular Reddit forum WallStreetBets. “I think from a regulatory standpoint the concern is that they could continue to do this,” he said. The assault on GameStop short-sellers took it to a new level as small traders appeared to act in concert as they organised buying over Reddit. Posts encouraging silver buying also boosted prices on Monday, although that proved shortlived. Silver, which briefly surged on Monday as small traders bought up the metal, steadied about 10 per cent below its recent peak. (Getty Images) Reuters The head of the U.S. Securities and Exchange Commission, which regulates markets, will meet with Treasury Security Janet Yellen and the heads of the Federal Reserve and the Commodity Futures Trading Commission as soon as Thursday, a Treasury official told Reuters. “The unwind is obvious,” said Oriano Lizza, premium sales trader at brokerage CMC Markets in Singapore. But he added that it would be easy for nimble small investors to regroup and target fresh companies. Wednesday 3 February 2021 8:19 am In the washup, Melvin Capital, one of the biggest funds betting on a drop in GameStop’s share price, lost 53 per cent in January. Others, such as billionaire investor Steven Cohen’s Point72 Asset Management lost nearly 9 per cent, investors said. (Getty Images) Also Read: Regulators to meet as brokers call time on Reddit-trader rollercoaster whatsapp Assault Shares down Yellen has asked to discuss recent volatility and whether trade has been consistent with fair and efficient markets. “The power of the retail investor exists,” said Chris Brankin, CEO at TD Ameritrade in Singapore. Show Comments ▼ The phenomenon has pushed equity indexes from New York to Seoul to record heights and boosted the price of assets from cyptocurrencies to new stock market listings. whatsapp Hedge funds, small investors and their stockbrokers are bracing for tougher U.S. markets regulation, with officials expected to meet this week to assess the fallout from a social-media driven trading frenzy that has roiled stocks and silver prices. Small investors’ participation in stockmarkets has exploded over the past year as pandemic lockdowns, volatility and stimulus payments have driven a worldwide day-trading craze. Mass buying by amateur traders over the past two weeks has driven wild price gyrations in companies that big U.S. fund managers had bet against, including videogame retailer GameStop and cinema operator AMC Entertainment. Online broker Robinhood has also come under pressure and has scrambled to raise more than $3 billion in a week as it races to meet funding neets stemming from the trading boom. Tags: Reddit UK tradelast_img read more

A Local Teenage Oracle Correctly Predicted Kimye’s Baby Name Back in…

first_imgMusicTVA Local Teenage Oracle Correctly Predicted Kimye’s Baby Name Back in JuneBy Marielle Wakim – December 8, 2015655ShareEmailFacebookTwitterPinterestReddItMononymous Los Angeles teenager Rudy, aka Sickboi, aka Twitter prophet K1LLRudy, has proven once again that the baby names we mere mortals find preposterous are often the ones celebrities find most practical. Sickboi magically, unbelievably, correctly predicted seven months ago that Kim Kardashian and Kanye West would name their second child Saint. “Watch kanye name his kid ‘saint’ or some stuipid shit,” he tweeted on June 22. What sorcery is this? Even Sickboi doesn’t know. And now the Internet thinks he’s the teenage [email protected] pic.twitter.com/KgrTF0tryQ— Joey Drumz (@JoeyDrumzSA) December 7, [email protected] pic.twitter.com/ldtto6ROje — Breanna (@ffsbreanna) December 7, [email protected] predict me some lottery numbers pic.twitter.com/Ozoe7j4pup — Ariana Grande ♡ (@RihannaGrande) December 7, 2015Hey, kid: tell us everything you know about The Big One. TAGSTwitterSickboiSaint WestRudyNorth WestKim KardashianKeeping up with the KardashiansKanye WestPrevious articleSaraba, L.A.’s First Garifuna Food Truck, Rolls Out a Rare CuisineNext articleSecond Glances: Eyewitness Accounts of Significant Moments in L.A.’s Collective HistoryMarielle Wakim RELATED ARTICLESMORE FROM AUTHORIf This Big, Blue Jacket Is Any Indication, Kanye’s Gap Collab Is Going to Be a HitHow the Kardashians Took Over the WorldReflections Upon the Conclusion of ‘Keeping Up With the Kardashians’last_img read more

FCA tells annuity providers to “play their part” in helping consumers find the right retirement product

first_img whatsapp FCA tells annuity providers to “play their part” in helping consumers find the right retirement product Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeHero WarsAdvertisement This game will keep you up all night!Hero WarsUndoMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekUndoThe No Cost Solar ProgramGet Paid To Install Solar + Tesla Battery For No Cost At Install and Save Thousands.The No Cost Solar ProgramUndoMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoUltimate Pet Nutrition Nutra Thrive SupplementIf Your Dog Eats Grass (Do This Every Day)Ultimate Pet Nutrition Nutra Thrive SupplementUndoFungus EliminatorIf You Have Toenail Fungus Try This TonightFungus EliminatorUndoLoan Insurance WealthDolly Parton, 74, Takes off Makeup, Leaves Us With No WordsLoan Insurance WealthUndozenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comUndoLiver Health1 Bite Of This Melts Belly And Arm Fat (Take Before Bed)Liver HealthUndo The Financial Conduct Authority has told annuity providers to buck their ideas up after its review of the market found that competition was “not working as well as it could for consumers”.  People are likely to miss out on better levels of income because they do not shop around enough, the report said, with many not “fully aware of their right to switch” to a different provider.  “The government’s reforms [announced in this year’s Budget] increase the at-retirement choices facing consumers, so it is vital that consumers are properly supported in making their decisions,” the FCA added.  Christopher Woolard, director of policy, risk and research at the FCA, said “now firms need to play their part”.  “We want to see firms improving the way they communicate with their customers,” he added. “In order for the pension reforms to work and for people to have trust and confidence in the products they are buying firms need to act now.” The FCA’s has set out four main recommendations:Requiring firms to make it clear to consumers how their quote compares relative to other providers on the open market.The introduction of a behaviourally trialled alternative to the current system of wake-up packs. This would build on work already underway and feed into our work considering how we will replace the ABI Code with FCA regulation.Recommending that the pension guidance service and firms take account of the findings of the market study on consumer behaviour when designing tools to support decision-making.In the longer term, recommending the development of a ‘Pensions Dashboard’ which would allow consumers to view all their lifetime pension savings in one place.The FCA is seeking views on its initial findings and will consult at a later date if any potential rule changes are needed.A further view of the industry’s sales practices said they were “contributing to consumers not shopping around and switching”, adding that “significant” improvements were needed. The way enhanced annuities were sold was particularly slammed, with the FCA claiming customers “are often not informed of shopping around or encouraged to do so to get a higher income” or alternative products.  The FCA is asking the majority of firms involved in the review to do further work under FCA supervision.  This work is to determine if the findings in relation to enhanced annuities are indicative of a more widespread problem. Lastly, the FCA also found examples where the ABI Code was not being followed, and the watchdog is now considering whether to replace this code with a more wide-reaching one that extends beyond ABI members.  Hargreaves Lansdown’s head of pensions research Tom McPhail said the review showed there was “no smoking gun” when it came to widespread misselling.  But he welcomed plans for he dubbed a “radical rethink” of the code.  “This is a vindication of the campaigning work of the Pensions Income Choice Association and of companies like Hargreaves Lansdown, but the job is not yet done,” McPhail said. “Improvements to the shopping around system are urgently required – everyday thousands risk being disadvantaged.” Catherine Neilan Share whatsappcenter_img More From Our Partners I blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgPuffer fish snaps a selfie with lucky divernypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com Show Comments ▼ Thursday 11 December 2014 4:26 am Tags: FCAlast_img read more

News / Colombo port congestion: 50,000 teu logjam drives delays and rate hikes

first_imgBy Sam Whelan 25/11/2020 A backlog of 50,000 teu at the port of Colombo is causing chaos for South Asian transhipment cargo.The capital of Sri Lanka has been under a Covid-lockdown for the past couple of weeks, while a labour shortage at the city’s container terminals has caused congestion since early October.Now the bottleneck is impacting supply chains in neighbouring India and Bangladesh.Rohan Masakorala, chief executive of Shippers’ Academy Colombo, said the port of Colombo’s workforce had been reduced by around 30%, resulting in a big hit to crane productivity and inter-terminal trucking.“The backlog is huge, and could take six-to-eight weeks to clear up,” he told The Loadstar.“Colombo International Container Terminal (CICT) mainly focuses on transhipment, while the other two terminals handle feeder vessels, so there is a vital need for inter-terminal transfers.“The lack of drivers meant containers started accumulating in the storage areas of the port, which began impacting feeder vessels – waiting for more than a week, sometimes – and then even mainline vessels were delayed by one or two days.”Given that Colombo handles around 600,000 teu a month, Mr Masakorala said regional feedering and connectivity was being massively disrupted, with carriers forced to drop off boxes in India, Singapore and Dubai.He added: “Colombo isn’t the only port impacted by Covid, of course, but as a transhipment hub, the impact is much higher and the whole region is affected. Even now, there are 23 ships waiting for a berth, whereas normally the port receives 12-16 vessels a day, so that’s quite a number out of their window.”Inevitably, freight rates have doubled out of Colombo, with shippers needing to book up to eight weeks in advance to get a slot, he explained.“Some shippers have had cargo rolled for four weeks in Colombo and two weeks in Singapore,” Mr Masakorala said. “Freight forwarders were severely affected, as some emergency shipments had to be airlifted or go to a third port to connect, increasing costs and transit times.”Now there are concerns the port’s reputation could be tarnished, he added, given that rival ports in India, Bangladesh and Pakistan were fully operational. Sri Lanka has big ambitions to become a global maritime and logistics hub, on par with Dubai and Singapore, but Mr Masakorala said less-than-containerload (LCL) clearance and consolidations had been “severely affected”.Colombo handled 7.2m teu in 2019, but Mr Masakorala reckons throughput will be down 10-20% this year.last_img read more

La esperanza florece en una desertora norcoreana

first_imgLas florerías están una al lado de la otraen el distrito Namdong, en la ciudad de Incheon, Corea del Sur. En este lugarse ubica la tienda “Incheon Sarang Flower”, en la cual trabaja Ho Song Yeon(pseudónimo, en la fotografía), desertora norcoreana. Song Yeon estableció sutienda en abril del año 2013, y si bien no ha pasado mucho tiempo, con esfuerzoy devoción “Incheon Sarang Flower” está creciendo. “Como supe de esta campaña solo dos díasantes de la fecha límite para la entrega de documentos, no hubo mucho tiempopara prepararse. Llené el formulario de postulación, y hablé de mi situacióncon honestidad durante la entrevista. Les hablé sobre las dificultades a lasque me enfrenté cuando me hice cargo de la florería, y sobre los altos costesque tenía que pagar por el servicio de despacho rápido. Me dio la impresión deque los entrevistadores miraron con buenos ojos mi historia”, relató Song Yeon. Nunca pensó que las dificultades queexperimentó cuando trabajaba como repartidora de notificaciones serían unaayuda posteriormente. Según cuenta, lo que la llevó al lugar en el que está fuesu determinación y pensamiento positivo. Ahora, y mirando en perspectiva, SongYeon ve cómo sus experiencias son ahora los nutrientes para su futurofloreciente. Image: Daily NK Por otra parte, si bien pudo cobrarconfianza en sí misma, las labores en la florería no fueron siempre fáciles.Durante unos dos o tres meses tuvo que ponerse parches transdérmicos en todo elcuerpo, para aliviar el dolor producido por el constante acarreo de macetaspesadas. Como no tenía un vehículo, tuvo que recurrir al uso de servicios dedespacho rápido para la entrega de los pedidos, pero estos servicios no eraneconómicos. Aproximadamente el 10% de las ventas se destinaba a pagarlos. Fueentonces cuando a través del esposo de su hermana se enteró de una campañallamada “Gift Car Campaign”, iniciada por una empresa automotriz, y que teníacomo objetivo facilitar vehículos a quienes los necesitasen. Recorre el mercado al por mayor desdetemprano por la mañana, lugar al cual llegan flores frescas traídas portransporte aéreo. Estas flores se limpian y con ellas se hacen arreglosflorales, los que posteriormente son despachados con rapidez y precisión a losclientes. De esta manera, la jornada pasa rápidamente. “Poder trabajar en mipropia tienda es como un sueño. Estuve en China durante seis años, tras loscuales me vine a Corea del Sur. Si bien no hay trabajo que no haya realizado enestos diez años, siempre tuve el sueño de tener mi propio lugar de trabajo, mipropia tienda, un lugar como este”, afirmó. La esperanza florece en una desertora norcoreana By Daily NK – 2015.01.19 11:44am Su hija nació en Hanawon, un centro en elcual los desertores reciben educación para adaptarse a la vida en Corea delSur; sin embargo, no pudo recibir cuidados postnatales adecuadamente. Si bienSong Yeon había previsto hasta un cierto punto las dificultades que podríaexperimentar en su nueva vida en el sur, no pudo evitar que una gran crisis legolpeara. Como no pudo registrar oficialmente su matrimonio con su esposochino, Song Yeon fue cateogorizada como “madre soltera”, por lo que no le fue posibleacceder a subsidios; por el contrario, y a diferencia de otros desertores, nopudo recibir más que un poco de dinero para establecerse en el país. Más aún:estaba registrada como parte del grupo familiar de su hermana menor, quien sehabía establecido en Corea del Sur tras escapar del norte anteriormente, y porello, no podía recibir beneficios para acceder a una casa propia. Image: Daily NK Facebook Twitter SHARE North Korea tries to accelerate building of walls and fences along border with China RELATED ARTICLESMORE FROM AUTHOR No obstante, la felicidad que le dio suhija duró poco, ya que las preocupaciones surgieron otra vez. La vida esriesgosa para un desertor norcoreano en China, y le dolía pensar ladiscriminación y prejuicios que la niña tendría que sufrir en el país. Porello, y tras discutir con su marido, ambos resolvieron ir a Corea del Sur. Habíanpasado exactamente seis años desde que escapó de Corea del Norte. Finalmente, recibió un vehículo, un cochede forma cuadrada y con un amplio maletero, que le permite transportar variasmacetas de flores. En su nuevo medio de transporte, Song Yeon ahora recorretoda la ciudad de Incheon repartiendo pedidos de flores. Pese a estas circunstancias tanlamentables, no había tiempo para quejarse. Por el bienestar de su hija, ahorrócada moneda y trabajó como si la jornada tuviese 48 horas. Durante el día,trabajaba como repartidora de facturas, planificadora de seguros y vendedora deproductos cosméticos; por la tarde y noche, trabajaba a tiempo parcial en unrestaurante. Trabajó en todo momento, sin poder dormir más que unas tres ocuatro horas cada noche, y pensando solamente en su hija. News Trabajaba tanto que no tenía tiempo paracuidar su salud. Una noche, se despertó sofocada y con la sensación de que sucuerpo estaba paralizándose poco a poco. El dolor se presentó a intervalos deuna hora, y repentinamente pensó que quizá iba a morir. Como pudo, se dirigióal hospital del vecindario, en donde el médico la reprendió por descuidar sucuerpo hasta ese punto. Tenía cirrosis hepática. “Me dan mareos de solo pensaren ese momento. La salud es un bien de valor”, dijo amargamente. “Hace poco meencontraron un tumor en el pecho, que por suerte no es maligno. Pero meestremecí de solo escuchar esas palabras”, recuerda. News Pasaron unos seis años desde que escapó delNorte hasta que llegó a Corea del Sur. Fue una época llena de peligros, ya quesiempre estaba el riesgo de ser denunciada por alguien y deportada a su lugarde origen. Afortunadamente, pudo salir de esta situación crítica con la ayudade un pastor surcoreano; sin embargo, de todos modos tuvo que vivir escondidaen una aldea rural china durante un largo tiempo. Durante este período, se ganóel sustento realizando sin respiro labores agrícolas y trabajando en una fábricade tteok (un tipo de pastel hecho a base de arroz glutinoso). En el veranorealizaba faenas agrícolas bajo el sol ardiente desde las cinco de la mañanahasta el atardecer, mientras que en invierno trabajaba sin descanso en la fábricadesde las tres de la madrugada hasta las ocho de la noche. Pese a que trabajabamás de 15 horas diarias, no podía conseguir más que un mísero salario. En mediode esta vida agotadora, su sueño de emigrar a Corea del Sur comenzó poco a pocoa desvanecerse. El poder del pensamiento positivo Al principio, cuando Song Yeon planeabaestablecer su florería, la gente a su alrededor le aconsejaba que desistiera,que hacerlo era imprudente. En lugar de eso, decidió hacerse cargo de la tiendade un conocido suyo. Aunque no tenía experiencia trabajando en el comercio deflores, tenía confianza en que podría hacerlo bien. El problema, sin embargo,era el dinero. Buscó por todos los medios un crédito, y a travé de esteconsiguió los fondos necesarios para preparar su propio negocio. En aquella época infernal, una personaapareció en la vida de Song Yeon. Un conocido le presentó este hombre, denacionalidad china, quien supo comprender mejor que nadie su situación de vida.Se trataba de un hombre relativamente próspero, quien le permitió dejar de ladoaquella vida de sufrimientos que llevaba, para formar una familia (incluida unahija en camino). “Como trabajé como repartidora decorrespondencia, conozco bien cada rincón de Incheon, así que puedo usar atajosque otras personas no conocen, para ahorrar tiempo”, dijo. Ordinary Pyongyang residents have not received government rations since mid-April News El tesoro de tener una familia News Ho Song Yeon escapó de Corea del Norte en1998, a la edad de 22 años. Tras la muerte de su padre, la situación familiarcomenzó a desmoronarse, por lo que resolvió irse de su país. Su padre le habíahablado de Corea del Sur en numerosas ocasiones, describiéndolo como un lugaren el que las personas pueden comer hasta saciarse. Pensando en estas historiasque había escuchado desde la infancia, decidió ponerse en ruta hacia el sur. AvatarDaily NKQuestions or comments about this article? Contact us at [email protected] Song Yeon pone énfasis en el hecho de que,si un desertor o desertora de Corea del Norte quiere hacer negocios, debe dejarde lado la timidez y, con una actitud confiada, conocer y discutir con el mayornúmero de personas posible, ya que es a través de estas personas como se puedeobtener información pertinente a los negocios. En efecto, al haber realizadotantas actividades para ganarse la vida, pudo conocer a mucha gente. Hamhung man arrested for corruption while working at a state-run department storelast_img read more

Multiple banking arbitration services challenge consumers

Share this article and your comments with peers on social media Facebook LinkedIn Twitter OBSI creates consumer interest post on board “In the year to follow, PIAC intends to continue shining a light on issues that concern Canadians from coast to coast to coast,” said PIAC research analyst, Jonathan Bishop. The PIAC also said that it encourages Canadians to become more engaged in public consultation processes on these sorts of consumer issues when those opportunities present themselves. “A strong consumer movement is required to educate decision makers and to provide counter-arguments to positions by industry, if those positions are seen to be detrimental to consumers. Consumers can assist themselves by their greater participation in consultation processes,” added Bishop. The Public Interest Advocacy Centre (PIAC) singles out the federal government’s decision to allow banks to choose their own arbiters of client disputes as one of key consumer issues facing Canadians, and calls on consumers to become more active in public consultations on these sorts of issues. Friday is World Consumer Rights Day, which the PIAC says represents an opportunity to mark the improvements made on behalf of Canadian consumers over the past year, and the many challenges they still face. Among the major challenges, it points to “the evolving issue of allowing multiple consumer banking arbitration services”; along with the implementation of anti-spam rules; implementing the report of Task Force for the Payments System Review, and improving the relationship between consumers and their wireless providers. Keywords Consumer protection More awareness needed on cybersecurity and cryptocurrency scams Bank ombuds adds consumer advocate to board James Langton Related news read more

IFIC welcomes Questrade, Northern Trust

first_img The Investment Funds Institute of Canada (IFIC) announced Thursday that Questrade Wealth Management Inc. has become a member of IFIC, and Northern Trust Company, Canada has joined as an affiliate, effective immediately. Questrade is an independent online discount broker operating across Canada, and is registered as an investment dealer with IIROC. Headquartered in Chicago, Northern Trust delivers investment management, asset and fund administration, fiduciary and banking solutions to corporations, institutions and affluent individuals around the globe. IFIC members are fund managers or investment dealers. Affiliates are non-manager, non-distributor industry participants who provide services to managers and dealers in areas such as technology, asset and fund administration, fiduciary services, technology legal and accounting services. Companies Investment Funds Institute of Canada IE Staff center_img Facebook LinkedIn Twitter Share this article and your comments with peers on social medialast_img read more

BCSC panel dismisses illegal insider trading allegations against analyst

first_img FINRA bans analyst for insider trading Keywords Insider tradingCompanies British Columbia Securities Commission ASIC ready to make deals with devils Facebook LinkedIn Twitter James Langton Share this article and your comments with peers on social mediacenter_img The panel found that BCSC staff did not prove their case, and it dismissed all of the allegations against him, including that he had traded on inside information himself, and that he tipped his sister, May Lee Chan Lum. At the time in question, Lum worked as an analyst for institutional investment firm Mount Kellett Capital (Hong Kong) Ltd. evaluating investments in the natural resource sector. The BCSC alleged that Lum learned of cost overruns at Baja’s Boleo copper mine project before the news was publicly announced, and that he and his sister both traded on that inside information. According to the panel’s decision, Lum was represented by counsel at the BCSC hearing but did not call any witnesses. Lum argued that he never had possession of any undisclosed material information. The panel agreed with him, ruling that the case was not proven. It found that much of the information about problems at the project was publicly disclosed, and that allegations of insider trading were not supportable. “The executive director has not established on the balance of probabilities that Victor Lum had knowledge of material information that had not generally been disclosed prior to the sale of Baja shares,” says in its decision. As a result, the panel dismissed all of the allegations in the case, including allegations of conduct contrary to the public interest allegations against both Lum and his sister. SEC alleges man sold insider trading tips on dark web Related news A British Columbia Securities Commission (BCSC) hearing panel has dismissed insider trading allegations against an investment analyst. The BCSC panel issued its decision the case of Hon Seng Lum (also known as Victor Lum) on Thursday. Lum was accused of trading in shares of Baja Mining Corp. with knowledge of undisclosed material information about the company. last_img read more

Harvest Portfolios converts four closed-end funds into ETFs

first_img rvlsoft/123RF These include: > Brand Leaders Plus Income Fund, which is now Brand Leaders Plus Income ETF > Healthcare Leaders Income Fund, which is now Healthcare Leaders Income ETF > U.S. Buyback Leaders Fund, which is now U.S. Buyback Leaders ETF > Energy Leaders Plus Income Fund, which is now Energy Leaders Plus Income ETF The conversions of the funds were completed following the filing of a final prospectus with regulatory authorities and the receipt of approval from the funds’ unitholders. The new ETFs are currently trading on the Toronto Stock Exchange. “Harvest Portfolios … believes that the conversions will benefit existing unitholders of the funds because, as ETFs, the funds will offer greater market liquidity and efficient trading as well as participation in potential benefits from economies of scale through the continuous offering of units,” the firm’s press release states. Photo copyright: rvlsoft/123RF Tessie Sanci Facebook LinkedIn Twitter Companies Harvest Portfolios Group Inc. Share this article and your comments with peers on social media Oakville, Ont.-based Harvest Portfolios Group Inc. announced on Monday that it has converted four of its closed-end funds into exchange-traded funds (ETF). last_img read more

Investors should consider downside protection in face of U.S. election volatility, report says

first_img Keywords U.S.,  Economy,  Federal election,  Stock markets Futures contracts indicate increased volatility around the Nov. 3 U.S. election, and investors may want to consider downside protection, a report from CIBC Economics says.As financial markets complete their recoveries to pre-Covid record highs, they’re also starting to price in potential election outcomes. The campaign season began in earnest this week as President Trump accepted the Republican party nomination for president. The Democrats officially nominated Joe Biden at their online convention last week. Household debt-to-income ratio fell in first quarter: Statscan “Financial markets have already started to price in heightened volatility around the election day, but it may not be too late for investors to seek protection from large swings ahead,” the CIBC report says.S&P 500 contracts show markets are anticipating volatility in both the lead-up to the vote and after the result is announced.According to CIBC, polls show Biden leading Trump by around 9% – a gap that could be enough for the Democrats to also win the Senate. Still, the authors note there’s room for an “October surprise” to overturn conventional wisdom, be it related to the pandemic, protests against anti-Black racism, or investigations into the president’s financial and tax matters.The report also raises the potential of a drawn-out legal battle after Nov. 3 to determine the winner.“[B]uying downside protection might not yet be too expensive given what’s at stake, and how farmarkets have come,” the report says.Option contracts on baskets of U.S. and Canadian energy stocks haven’t priced in election volatility, despite significant policy differences between Trump and Biden on climate change and energy, the authors state.“That might be fertile ground in which to take cover from a 2020 October surprise.”A report released earlier this month from National Bank Financial noted that Biden’s four-year, $2-trillion green energy plan is the Democratic nominee’s most expensive proposal.The plan would move the economy to net-zero carbon emissions by 2050 by no longer using fossil fuels to create electricity by 2035, and requiring U.S. carmakers to only make electric vehicles starting the same year.Biden’s plan would also tighten environmental regulations and reduce subsidies to fossil fuel companies, the report says.The most market-moving outcome from Nov. 3, National Bank says, would be the Democrats winning the White House and both chambers of Congress. Related news “While the markets could be unsettled in the short term by such a clean sweep owing to the Democrats’ pledge to raise corporate/capital gains taxes and increase business regulations, we feel that the promise to continue spending would, all other things being equal, help stabilize markets,” the report says.The most likely outcome, according to the authors, is Biden winning the presidency and Republicans holding on to the Senate. Another jump in prices tightens the squeeze on U.S. consumerscenter_img Alberta’s economic outlook on the rise: ATB Financial Mark Burgess Facebook LinkedIn Twitter Share this article and your comments with peers on social media United States Capitol, Washington DC valeriiiavtushenko/123RFlast_img read more