Pivdencom Bank http://pivdencombank.com/ Sat, 18 Sep 2021 03:02:44 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://pivdencombank.com/wp-content/uploads/2021/06/cropped-favicon-32x32.png Pivdencom Bank http://pivdencombank.com/ 32 32 Mohawk, Calhoun, Ga. Based flooring company clears $ 500 million share repurchase plan https://pivdencombank.com/mohawk-calhoun-ga-based-flooring-company-clears-500-million-share-repurchase-plan/ https://pivdencombank.com/mohawk-calhoun-ga-based-flooring-company-clears-500-million-share-repurchase-plan/#respond Sat, 18 Sep 2021 01:03:09 +0000 https://pivdencombank.com/mohawk-calhoun-ga-based-flooring-company-clears-500-million-share-repurchase-plan/
Staff photo / Mohawk Industries is shown on Wednesday, June 19, 2019 in Calhoun, Georgia.

Mohawk Industries announced on Friday a new share repurchase plan to buy back up to $ 500 million of the company’s stock.

Mohawk, the world’s largest flooring company headquartered in Calhoun, Ga., Said its directors approved a plan to repurchase common shares in open market transactions, transactions in block or privately traded.

Mohawk shares are up 29% so far this year, but the company’s stock price is down 20.8% from this year’s peak in May.

Mohawk and other flooring manufacturers benefited from higher sales thanks to increased spending on home construction and renovations, but carpet makers were also affected by rising raw material prices.

“The number of shares to buy and the timing of purchases are based on various factors including, but not limited to, level of cash balances, credit availability, covenants restrictions, terms and conditions. general trading, regulatory requirements, the market price of the company’s shares and the availability of alternative investment opportunities, ”Mohawk said in a statement Friday.

Mohawk stated that no time limit has been set for the completion of repurchases and that the share repurchase program may be suspended or discontinued at any time.

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Two North End banks were robbed within minutes of each other on Friday morning https://pivdencombank.com/two-north-end-banks-were-robbed-within-minutes-of-each-other-on-friday-morning/ https://pivdencombank.com/two-north-end-banks-were-robbed-within-minutes-of-each-other-on-friday-morning/#respond Fri, 17 Sep 2021 23:48:45 +0000 https://pivdencombank.com/two-north-end-banks-were-robbed-within-minutes-of-each-other-on-friday-morning/

Police are asking the public for help in catching a cheeky bank robbery suspect who robbed two North End banks minutes apart on Friday morning.

Photos of the scruffy suspect, who is believed to be in his 30s, show a man carrying a padded CVS plastic bag.

Citizens Bank, located at 315 Hanover St., was robbed at 9:10 a.m. and a Santander bank at 287 Hanover St., was robbed just 4 minutes later. The two shores are approximately 130 feet apart and located on the same side of the street.

No gun was shown, but the suspect pretended to have one in his possession, Boston police said. No injuries were reported. The suspect is a Hispanic man in his thirties. We still don’t know what the suspect stole.

The FBI was present at the scene.

Community members who wish to help with the investigation anonymously are encouraged to call the CrimeStoppers whistleblower line at 1 (800) 494-TIPS or by texting “TIP” to CRIME (27463).

The BPD’s public newspaper on Friday shows three bank heists and two street heists.

In 2019, the FBI reported 2,160 commercial bank robberies. In Massachusetts alone, 58 bank robberies were reported. Data shows they most often occur on Fridays between 9 a.m. and 11 a.m.

Social networks ignited just after the robberies on one of the city’s most popular boulevards.

“Guess who’s watching ‘The Town’ tonight?” one person joked, referring to the blockbuster movie starring Ben Affleck, Jon Hamm, Jeremy Renner, Rebecca Hall and Blake Lively based on Chuck Hogan’s 2004 novel “Prince of Thieves”.

The book is about a group of Charlestown-based bank robbers leading the FBI on a mad dash through Boston as they rob banks and even Fenway Park.

Investigators were seen leaving the banks with bags of evidence. Still, BPD made the call to share any information anyone might have spotted on Hanover Street early on Friday.

“BPD Community Alert,” police wrote at the end of the day, “the Boston Police Department is seeking the public’s assistance in identifying the suspect wanted in connection with the recent bank robberies in the north of the country. “

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Fort Worth-based consumer auto finance company receives investment from private equity group https://pivdencombank.com/fort-worth-based-consumer-auto-finance-company-receives-investment-from-private-equity-group/ https://pivdencombank.com/fort-worth-based-consumer-auto-finance-company-receives-investment-from-private-equity-group/#respond Fri, 17 Sep 2021 21:50:30 +0000 https://pivdencombank.com/fort-worth-based-consumer-auto-finance-company-receives-investment-from-private-equity-group/

Clarion Capital Partners announced on September 15 the completion of a strategic investment in the Fort Worth-based company Open road, a consumer auto finance company.

OpenRoad co-founders Chris Goodman, Jeff Austin and Joseph Everly will continue their respective roles as CEO, CFO and CTO. Terms of the transaction were not disclosed.

OpenRoad Lending is a direct-to-consumer online auto finance company focused primarily on refinancing. OpenRoad helps consumers with all types of credit in 44 states and remains one of the nation’s largest direct lenders for auto loans.

Founded in 2009 by the same executives who started RoadLoans, OpenRoad partners with banks, credit unions and institutional investors to enable consumers to refinance their existing car loans, reduce interest rates and earn significant monthly savings.

OpenRoad was recently recognized by Inc. Magazine as the 37th fastest growing privately held company in America. They have been four times nationally awarded “Best and Best Places to Work”.

OpenRoad is currently focusing all of its efforts on automatic refinancing. Through its partnership with Clarion, OpenRoad plans to capitalize on its market position and explore other lines of business, such as car loans, lease buyouts, insurance automotive and other consumer verticals. OpenRoad will also leverage this investment to expand its marketing channels and grow both organically and through acquisition.

“Over the past 12 years, we’ve built a formidable operation known for saving customers money and providing a convenient, modern online experience,” said Goodman. “We expect the demand for auto refinancing to continue to increase as smart consumers look for ways to cut back on their spending. This, combined with the acceleration of digital lending adoption, will drive significant growth for OpenRoad. We are delighted to partner with Clarion and benefit from their extraordinary expertise, resources and network to grow our business, while providing the best financing experience in the market. “

Clarion Capital Partners is a New York-based private equity firm focused on acquiring stakes in lower-middle market growth companies.

In connection with the transaction, Colonnade Securities LLC acted as the exclusive financial advisor to OpenRoad. Munsch Hardt Kopf & Harr, PC acted as legal counsel for OpenRoad. Clarion has received legal advice from Akerman LLP and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, PC. Funding for the transaction was provided by funds managed by Madison Capital Funding and PennantPark Investment Advisers, LLC.

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Durham prosecution faces hurdles in DC court https://pivdencombank.com/durham-prosecution-faces-hurdles-in-dc-court/ https://pivdencombank.com/durham-prosecution-faces-hurdles-in-dc-court/#respond Fri, 17 Sep 2021 17:13:03 +0000 https://pivdencombank.com/durham-prosecution-faces-hurdles-in-dc-court/

It took less than five hours for the jury to acquit Craig after a two-and-a-half-week trial, with some jurors saying they suspected politics were at work in the decision to go after the Democratic lawyer for long time.

Sussmann’s case could produce similar sentiments. Prosecutors argue that Perkins Coie’s former partner – who left the cabinet on Thursday – was working for the Hillary Clinton campaign and the Democratic National Committee at the time of a September 2016 meeting with the FBI’s top lawyer. According to the indictment, Sussmann lied to the office when he said he was not speaking to them on behalf of any clients.

The similarities go further, with both cases bringing up murky memories of an in-person meeting that was not recorded or transcribed, as well as questions about whether the defendants were acting on their own or on behalf of the accused. ‘other people who were running several times. million dollar legal bills.

The stakes in Sussmann’s case extend far beyond his own fortune: a conviction could back former President Donald Trump’s claims that the Russian investigation was illegitimate and politically motivated. Conversely, an acquittal would suggest that Durham’s investigation revealed little wrongdoing.

In a brief appearance in federal court in Washington on Friday, Sussmann pleaded not guilty through one of his attorneys and was released on $ 100,000 bail.

Sussmann’s attorneys declined to comment on parallels to Craig’s case or Friday’s proceedings. However, they argued in a statement Thursday that politics had infected the decision to indict Sussmann.

“Michael Sussmann was charged today because of politics, not facts,” defense attorneys Sean Berkowitz and Michael Bosworth said. “This case is the opposite of everything the Department of Justice is supposed to stand for. Mr. Sussmann will fight this baseless and politically inspired pursuit.

Sussmann’s attorneys did not expand on their politically motivated claims, but did suggest that Durham – a career prosecutor who was granted special advocate status last year by Attorney General Bill Barr – was complying with the Trump’s public demands that Durham’s probe into Trump’s origins -Russian investigation shows tangible results beyond guilty plea obtained last year by low-level FBI lawyer who admitted to tampering an email.

Despite the appointment of Durham’s special advocate, Attorney General Merrick Garland could have stopped Sussmann’s indictment. But that would have sparked a report to Congress and an inevitable political storm.

Former U.S. Attorney Joyce White Vance said she suspected Garland had decided to rely on career prosecutors to decide whether or not to file the case.

“There were definitely actions that weighed in favor of allowing a career person to make billing decisions,” said Vance.

Vance also said she believed prosecutors might have a hard time getting a guilty verdict against Sussmann “unless the evidence in this case is much better than what has been reported.”

Vance called the charge “very difficult to understand, especially compared to other cases involving false statements in court or in Congress that the Department of Justice has passed on to prosecution.”

The Sussmann case revolves around an exchange with James Baker, the FBI general counsel at the time, at office headquarters. Baker took no notes, although an FBI colleague who did not attend the session wrote that Baker said Sussmann said he was not appearing on behalf of any client when relaying the information. on possible IT links between Trump and a Russian bank.

Craig’s accusation was largely based on his statements during a meeting with staff members of the Department of Justice’s Foreign Agent Registration Act unit in October 2013. The problem was work. by Craig on a report for the Ukrainian Ministry of Justice on the country’s handling of the trial of a former prime minister, Yulia Tymoshenko.

As more people attended the meeting, including two of Craig’s colleagues at law firm Skadden Arps, memories of what was said varied. One of Craig’s colleagues took notes, but no notes taken by government officials were ever found.

Some longtime legal analysts have said prosecutors may misjudge the strength of cases involving allegations of misrepresentation to government investigators.

“You can get angry if you think someone is lying to you, even if the evidence is weak,” said Stuart Taylor, former New York Times reporter, lawyer and friend of Craig.

Craig’s billing became something of an alibi during his trial. Prosecutors said it was obvious Craig Craig’s huge business was paid – largely by a Ukrainian oligarch – for the report, which motivated his work. The public relations effort included his willingness to preview the report for prominent New York Times reporter David Sanger and discussions with other reporters.

However, Craig argued at trial that he was protecting his own interests and those of his business – not his client – by reaching out to Sanger and others. To substantiate his claim, Craig said he did not charge Ukraine for time spent talking to Sanger or other reporters.

“Did you bill the Justice Department for the time you spent talking to reporters?” Asked defense lawyer William Taylor.

“No,” Craig said. “I was not working for Ukraine at the time.”

Sussmann’s case could spark a similar dispute. The grand jury indictment prepared by prosecutors in Durham argues that Sussmann billed the Clinton campaign for his discussion with Baker of the FBI, but Sussmann’s attorneys disputed this.

A more fundamental question surrounding the two cases is whether jurors will take a misrepresentation charge seriously in the absence of another accused crime.

During opening statements in the Craig case, Taylor drew a reprimand from the judge for seeking to play down the misrepresentation charge by telling jurors it “was not a case of theft, assault. or even corruption “.

Sussmann’s lawyers are already disputing Durham’s claims about the case, including the indictment’s suggestion that Sussmann intentionally relayed inaccurate or unreliable information in order to build an anti-Trump “narrative”.

“The special advocate appears to be using this indictment to advance a conspiracy theory that he has chosen not to actually charge,” Berkowitz and Bosworth wrote. “Stripped of its political bluster, innuendo and irrelevant detail, what is striking about the indictment allegations is the few that actually relate to the indictment that the special council chose to wear.

While the similarities are striking, there are some differences between the cases.

Although Craig was charged under the same misrepresentation law, he was technically not charged with making a false statement. Instead, prosecutors accused him of violating a part of the law that prohibits schemes to deceive the government.

Craig also carried with him a reputation and a history that few Washington lawyers would be able to muster. At his trial, his lawyers bragged about their 74-year-old client’s half-century of work, including stints at registering African-American voters in the South during the civil rights movement. The judge allowed Craig to call four character witnesses, including a retired judge from Georgia who worked on anti-war efforts with Craig in the 1960s.

Sussmann, 57, has a solid reputation as a former federal prosecutor and cybersecurity expert, but he is unlikely to receive the support Craig had during his trial.

However, Sussmann has some advantages that Craig did not have. A DC jury is unlikely to view Sussmann’s clients – the Democratic National Committee, the Hillary Clinton campaign, and a tech expert – as nefarious forces. Craig’s lucrative work for Ukraine, by contrast, was seen as reckless by some of his allies in human rights circles. and aligned him with figures like GOP lobbyist Paul Manafort.

Some lawyers watching the Sussmann saga have also compared it to the Justice Department’s lawsuits against former Sen. John Edwards for expenses of nearly $ 1 million that his supporters paid for a campaign videographer who is became pregnant with Edwards’ child following an extramarital affair.

This case was defended by a US Republican lawyer, George Holding, who brought charges against Edwards at the start of the Obama administration. Although many legal experts and former prosecutors viewed the case as flawed, dismissing the charges would have led to a political spectacle, much like the one that would have erupted if Garland had dismissed Durham’s proposed indictment against Sussmann. .

The Obama appointees ultimately approved the case against Edwards, but in a 2012 trial, a North Carolina jury was deadlocked on most of the charges. The Justice Department quickly decided not to proceed with a new trial.

Holding resigned shortly after Edwards’ indictment. Capitalizing on publicity, the former prosecutor ran for Congress and won the House election. He served four terms, but declined to stand for re-election last year.

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FedEx, US Steel, Thermo Fisher, Moderna, Invesco and more https://pivdencombank.com/fedex-us-steel-thermo-fisher-moderna-invesco-and-more/ https://pivdencombank.com/fedex-us-steel-thermo-fisher-moderna-invesco-and-more/#respond Fri, 17 Sep 2021 16:56:18 +0000 https://pivdencombank.com/fedex-us-steel-thermo-fisher-moderna-invesco-and-more/

The Moderna sign can be seen outside their headquarters in Cambridge, MA on March 11, 2021.

Boston Globe | Getty Images

Find out which companies are making headlines in midday trading.

Thermo Fisher Scientific – The scientific equipment maker saw its shares jump more than 8.5% after saying profits and revenues for 2022 would be much higher than analysts are now expecting as demand soars in the the middle of the pandemic.

Moderna – Vaccine maker shares lost nearly 5% as Food and Drug Administration’s vaccine advisory committee prepares to begin discussions Friday afternoon on a Covid-19 recall that would be offered to the general public and vote on the Pfizer-BioNTech shot.

Invesco – The asset manager’s shares jumped nearly 7% after the Wall Street Journal reported the company was in talks to merge with State Street’s asset management unit. The report, citing people familiar with the matter, said a deal is not imminent and may not happen at all.

US Steel – US Steel fell more than 6% after revealing plans to build a new steel plant to begin construction in 2022 with plans to operate it in 2024. Demand for steel is high, with prices rising have quadrupled since the summer of 2020. Shares are up 40% this year.

Zumiez – Zumiez shares rose more than 5% after the skate clothing retailer announced a share buyback of up to $ 150 million.

Diamondback Energy – Power producer Diamondback saw its shares rise more than 2.5% after announcing a $ 2 billion share buyback on Thursday evening as part of its fast-track plan to return 50% of the cash flow of cash available to shareholders in the fourth quarter.

Cree – Cree fell nearly 4% after Bank of America lowered the stock to underperform it against the neutral stance, saying it sees “limited” upside potential in the semi-maker. trailers. Specifically, he cited the increase in capital intensity and said that competition outweighs the long-term benefits of electric vehicles.

FedEx – Shares of the delivery company fell more than 1% on Friday after UBS cut its earnings estimates for FedEx. The investment firm said rising wages and hiring difficulties will hurt FedEx’s results when the company releases its first quarter tax results next week.

Freeport-McMoRan – The mining company fell more than 3%, extending its losses on Thursday amid lower prices for metals, including silver and copper. The president of Freeport also spoke about the development of mining projects during a virtual conference organized by Morgan Stanley this week.

– CNBC’s Yun Li, Hannah Miao and Jesse Pound contributed reporting

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Royal Bank of Canada appoints Nadine Ahn Chief Financial Officer and Maria Douvas Chief Legal Officer https://pivdencombank.com/royal-bank-of-canada-appoints-nadine-ahn-chief-financial-officer-and-maria-douvas-chief-legal-officer/ https://pivdencombank.com/royal-bank-of-canada-appoints-nadine-ahn-chief-financial-officer-and-maria-douvas-chief-legal-officer/#respond Fri, 17 Sep 2021 14:27:00 +0000 https://pivdencombank.com/royal-bank-of-canada-appoints-nadine-ahn-chief-financial-officer-and-maria-douvas-chief-legal-officer/ A Royal Bank of Canada (RBC) logo can be seen on Bay Street in the heart of Toronto’s financial district on January 22, 2015. REUTERS / Mark Blinch / File Photo

Sept. 17 (Reuters) – The Royal Bank of Canada (RY.TO) on Friday appointed two women, already in senior positions at the country’s largest lender, to its management team, joining other banks national and global organizations that increase diversity in their senior ranks.

Head of Investor Relations Nadine Ahn will become Royal Bank’s new CFO effective Nov. 1, succeeding Rod Bolger, who will be leaving after a decade with the lender, RBC said in a statement.

General Counsel Maria Douvas will assume the newly created role of Legal Director, with immediate effect.

Royal Bank shares fell 0.25% to C $ 129.16 at the start of trading in Toronto, in line with the broader benchmark (.GSPTSE).

Big banks around the world are facing increasing pressure to make change in an industry that has historically had few women or people of color in its senior ranks, with that change accelerating in recent years.

Last year, Laurentian Bank of Canada (LB.TO) appointed Rania Llewellyn CEO and President, making her the first woman to head a major Canadian bank.

Last year, Citigroup Inc (CN) appointed Jane Fraser as its new CEO, making her the first woman to head a major Wall Street bank.

Canadian banks have made changes to their leadership even outside of the diversity push.

Last month, the National Bank of Canada (NA.TO) appointed Laurent Ferreira, COO, CEO, to replace Louis Vachon, who is retiring in October.

The Toronto-Dominion Bank (TD.TO) in June appointed CFO Riaz Ahmed as head of securities and wholesale banking, Kelvin Tran, former executive vice president of corporate finance, taking over as as CFO.

Ahn joined RBC, Canada’s largest lender, in 1999 and has held senior financial positions, including corporate treasury.

Douvas joined RBC in 2016 and has served as the bank’s General Counsel and Labor Law and General Counsel in the United States.

The Royal Bank also said that Neil McLaughlin, head of its personal and commercial banking unit, will take the helm of start-up funder RBC Ventures, replacing Mike Dobbins, who will be leaving on November 1 after more than a decade. at the lender.

Reporting by Nichola Saminather in Toronto and Noor Zainab Hussain in Bengaluru; Editing by Maju Samuel and Jonathan Oatis

Our Standards: The Thomson Reuters Trust Principles.

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Ukrainian lawmakers pass bill to legalize crypto https://pivdencombank.com/ukrainian-lawmakers-pass-bill-to-legalize-crypto/ https://pivdencombank.com/ukrainian-lawmakers-pass-bill-to-legalize-crypto/#respond Fri, 17 Sep 2021 08:57:52 +0000 https://pivdencombank.com/ukrainian-lawmakers-pass-bill-to-legalize-crypto/

Ukraine Latest Country To Prepare For Cryptocurrencies As It Seeks To Grant Freedom To Crypto-Oriented Business And Exchanges

For some time, ambiguity has reigned over the legality of digital assets in Ukraine. Cryptocurrencies like Bitcoin are in a gray area with no apparent law to define their status. However, as the Kyiv Post reports, the darkness seems to be coming to an end after Ukrainian lawmakers passed a bill to legalize cryptocurrencies. The bill also aims to regulate the cryptocurrency industry in the country.

“This law regulates the legal relations arising from the rotation of virtual assets in Ukraine, defines the rights and obligations of participants in the virtual asset market and the principles of state policy in the field of virtual assets. the bill reads.

Second reading of the crypto bill passed by a nearly unanimous vote with 276 supporters and just six lawmakers opposing it. The next stop for the bill is the office of President Volodymyr Zelensky. The niche of the Ukrainian crypto landscape will finally see some order if the president promulgates it.

Entities in the crypto industry will be able to operate freely, starting with international blockchain companies, which will be able to enter the country’s crypto scene. Companies will also be allowed to work directly with traditional banking institutions.

Crypto owners will also be among the beneficiaries of the law, if approved, according to Deputy Minister of Digital Transformation for IT Development Alex Bornyakov. The law will provide them with legal remedies and protection in the event that their property is stolen.

The deputy minister noted that the legislation would play a crucial role in stimulating growth within the Ukrainian crypto space. The bill means that Ukrainian entities could manage international crypto exchanges, as these institutions comply with registration procedures and reporting requirements.

The implementation of the bill will create the National Virtual Assets Regulatory Service (NVARS) responsible for licensing crypto companies in the European country. In addition, the Ministry of Digital Transformation will be responsible for overseeing the market, receiving assistance from the National Commission for Securities and Stock Markets and the National Bank of Ukraine in some cases.

It is important to note that consumers who can legally own crypto would not signify the authenticity of crypto as legal tender or a method of payment. The hryvnia, the national currency of Ukraine, will retain its sovereignty in these transactions.

However, even with the acceptance of Bitcoin in Ukraine, experts still fear that establishing too many regulations could put the brakes on the still-evolving crypto space and its associated activities.

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“Rising” demand for internal investments https://pivdencombank.com/rising-demand-for-internal-investments/ https://pivdencombank.com/rising-demand-for-internal-investments/#respond Fri, 17 Sep 2021 04:36:00 +0000 https://pivdencombank.com/rising-demand-for-internal-investments/

DBS’s private banking arm is seeing strong client demand for internally managed investment products, with assets under management of these products reaching S $ 10 billion ($ 7.43 billion).

The bank has more than doubled the assets under management of its line of managed investment products in the past year alone, DBS said in a statement Thursday.

Faced with the growing appetite of investors, the bank launched two new products in July: the IDEA fund and the ESG Focus rating, which respectively exploit the opportunities of digitization and ESG. Both products have raised S $ 550 million since their launch, DBS said.

The bank said that with its new products, it hopes to play a bigger role in the overall construction of portfolios for clients seeking long-term capital appreciation and income generation.

Holistic Offer

“Our views have earned their trust, which has led us to go further and create bespoke portfolio solutions that utilize these strategies, so that our clients can easily and conveniently invest in them. ” Hou Wey Fook, said DBS’s chief investment officer.

DBS Private Bank’s first internally managed investment product, the DBS Global Income Note, has generated an annualized return of 7% since its inception in 2019. Its DBS CIO Barbell strategy portfolio, which reflects the investment strategy “ Barbell ”from the CIO, generated a return of 33%. back from creation.

“The goal of developing internally managed products is to complement the range of carefully selected third-party mutual funds on our platform, in order to provide a more comprehensive offering to our clients,” said Hou.

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Zee Entertainment among 6 stocks on NSE’s F&O ban list for today, IRCTC out https://pivdencombank.com/zee-entertainment-among-6-stocks-on-nses-fo-ban-list-for-today-irctc-out/ https://pivdencombank.com/zee-entertainment-among-6-stocks-on-nses-fo-ban-list-for-today-irctc-out/#respond Fri, 17 Sep 2021 03:18:24 +0000 https://pivdencombank.com/zee-entertainment-among-6-stocks-on-nses-fo-ban-list-for-today-irctc-out/

A list of six stocks / securities has been subject to the Futures and Options (F&O) ban by the National Stock Exchange (NSE) for today (September 16, 2021). The six stocks on the F&O ban list on NSE are Escorts, Sun TV, National Aluminum Company (Nalco), SAIL, Zee Entertainment and Exide Industries. The derivative contracts on the mentioned securities have exceeded 95% of the position limit at market level and are therefore currently put on a blackout period by the stock exchange.

“It is hereby informed that all clients / members will only trade derivative contracts of said security to decrease their positions through offsetting positions,” the exchange said. “Any increase in vacancies will result in appropriate criminal and disciplinary action,” NSE added.

Indian Railway Catering and Tourism Corporation (IRCTC) is off the list. Zee Entertainment Enterprises Limited’s shares have been the center of attention in recent trading sessions after Rakesh Jhunjhunwala’s Rare Enterprises and BofA Securities Europe SA bought its shares through open market transactions.

No new position is allowed for any of the F&O contracts in that particular stock when it is under the F&O blackout period. The MWPL (market-wide position limit) is set by the stock exchanges, which corresponds to the maximum number of contracts that can be opened at any time (Open Interest). Therefore, the M&O contracts of this share enter a blackout period if the open interest crosses 95% of the MWPL.

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What happened to the Lebanese economy? https://pivdencombank.com/what-happened-to-the-lebanese-economy/ https://pivdencombank.com/what-happened-to-the-lebanese-economy/#respond Fri, 17 Sep 2021 01:51:33 +0000 https://pivdencombank.com/what-happened-to-the-lebanese-economy/
A gas-free service station available. (Sabri Ben Achour)

Drive down any main road in Beirut these days, and you’re bound to come across a line of cars, barely moving, taking up an entire lane of traffic, winding a block or even a mile. These are gas pipes.

“I’ve been here since 6 a.m. to queue, now it’s 11 a.m.,” gray-haired, sweaty Salim Al Arab said from his station wagon with the windows down in the summer heat of Beirut. You don’t use air conditioning when gas is so hard to find.

Al Arab is leading a line that stretches as far as the eye can see. It includes bus drivers and electricians, taxi drivers and delivery people, all taking hours and hours out of their day to get the gas they need to live their lives.

Gas, of course, is not half of it. Inflation there reached nearly 160% in March.

“The prices are crazy,” Ahmad Zaki said from the side of the road next to another gas station. Zaki runs a mobile cafe on the back of his motorbike. “A kilo of coffee costs me what I earn in a day. I can barely make ends meet.

I asked a baker for kanafeh, a fried cheese dish glazed with syrup.

“We don’t do that anymore. The ingredients are too expensive, ”the baker told me.

Then there is the electricity. Those who depend on the electricity grid have about an hour or two a day.

Lebanon’s power grid has been notoriously dysfunctional for many years, unable to deliver electricity around the clock for decades, but it is at a new low. Those with money to spare have generators – generators that need fuel.

Vartan Chakrian runs a small boutique in Bourj Hammoud, the Armenian quarter of Beirut. He moves and speaks slowly, as if to save energy. A small parakeet keeps him company while behind him stands a 7 foot tall pile of Kleenex. Why so many Kleenex? He cut down on perishables because the electricity cuts or fry the refrigerator.

Business is not great. Kleenex is selling and not doing badly, he says.

Of course, this economic crisis is only the basis of all the other burdens the Lebanese are under – the pandemic is simmering in the background.

“I spent all my money on my brother last year,” Chakrian told me, his eyes suddenly glowing. “He had COVID. It was not enough. He is dead.”

The current crisis in Lebanon is perhaps one of the three worst crises the world has known in 150 years, according to the World Bank.

“Sudden stop” of capital flows

It’s both simple and anything but.

Simple in that it was triggered by a simple phenomenon in economics: a “sudden stop” of capital. The flow of foreign currency into the country – dollars, euros – slowed down and practically came to a halt in 2019 and 2020.

Without enough dollars to find Lebanese pounds, the market value of the currency plummeted. It has lost 90% of its value in two years. Everything that needed to be imported suddenly became expensive and hard to find.

In Lebanon, a small country with an undernourished manufacturing sector, a lot of things are imported: gas, medicines, food.

Cancer patients protested a few weeks ago that their drugs were not available or that their cost was astronomical. Jehan Saleh, from Michigan, is in Lebanon to visit his family. She walks through what was once a bustling shopping street in Beirut known to everyone as Hamra.

Half the stores are closed and you would never guess that it was once a crowded commercial thoroughfare. She arrived with a suitcase full of supplies.

A suitcase full of medicines

“Well, I brought some basic medicine that they can’t find here – over-the-counter pain relievers, ointments, allergy medicine, stomach medicine, things they can’t. not find here. And if they can find it, they can’t afford it, ”she said.

The government subsidized essentials like gas and drugs, but this led to the two being smuggled abroad, where they could be sold for a higher profit margin. When the government announced it would cut subsidies, cases of storage were reported as sellers wanted to wait until they could sell their goods later. Both phenomena exacerbated the shortages.

St. George’s Hospital sits near the port where a massive explosion on August 4, 2020 caused $ 15 billion in property damage and left 300,000 homeless. Its lobby has been recently renovated, but some windows are still broken.

Hospital loses nearly 100 nurses

“Before, we had the best salaries,” said Wafaa Maalouf, head of nursing. “Before, we were attracted to many nurses from different fields. Unfortunately, with the deterioration of the financial situation in Lebanon, we are losing a lot of nurses. ”

Transportation to the hospital has become expensive, rents have skyrocketed and the value of wages has fallen.

“So I have about 96 resignations,” she said. “My staff was around 600 people. We’re now about 500. ”Patients are discharged only to find they can’t get the follow-up medication they need. The morale of the remaining nurses is low.

The sudden freeze of foreign capital entering Lebanon and the collapse of its currency is the tip of the economic iceberg.

The Caesar law

Hezbollah chief Hassan Nasrallah blamed the situation on what some here are calling a US-led siege. The US Caesar Syria Civilian Protection Act, threatening sanctions against those helping or working with the regime in Syria, has complicated the already difficult task of supplying Lebanon with fuel and electricity and has dissuaded some expatriates from sending electricity. money in Lebanon. But there are many other factors behind Lebanon’s economic collapse, and they date back decades.

“Fifteen years ago, we imported about $ 20 billion worth of goods a year.. We only exported around $ 3 billion, ”explains Kamal Hamdan, director general of the Beirut Consulting and Research Institute.

Foreign currency outflows were offset by tourists from the Gulf, Syria and Iran to spend. It was also balanced by international loans, international aid and remittances from millions of Lebanese living abroad, Hamdan explained from a dark, uncooled office as a generator for a nearby hotel purred behind – plan.

“The turning point was 2011,” Hamdan said. “The Arab Spring and the explosion of antagonism between Saudi Arabia and Iran have had repercussions on the political and economic relations between Lebanon and Saudi Arabia and consequently all the countries of the Gulf area . Gulf aid was reduced to a trickle in 2016.

Domestic and foreign debt

During this time, the Lebanese government was accumulating debts, both internal and external. The debt-to-gross domestic product ratio, which fell until 2012, reversed and reached 150% in 2018.

Nassib Ghobril, chief economist of the Byblos Bank group, describes it as unprecedented.

” Public expenses [went] from $ 6.8 billion in 2005 to $ 18 billion in 2018. We have seen 31,000 people recruit for political reasons into the public sector, ”Ghobril said. “We have seen a decision to indiscriminately increase the wages and salaries of public sector workers and employees and retirees without taking into account this impact on public finances and on confidence.”

As foreign currencies entering the country stopped balancing outflows, Lebanon’s central bank began trying to attract foreign currencies into the country by raising interest rates more and more, reaching nearly 10 %.

She started borrowing from commercial banks, which borrowed from their own depositors and customers. It bought a few years, Hamdan said. But eventually the flows started to slow down again. With fewer dollars coming in, the central bank had less ammunition to peg the Lebanese pound to the dollar. Black market exchange rates emerged, revealing that the real value of the pound was falling.

The events of 2019 “created panic”

Then in 2019, a series of shocks brought down the house of cards. In the financial world, Fitch Ratings downgraded Lebanon’s debt in August, a small Lebanese bank was blacklisted by the US Treasury Department, and an Israeli drone strike in a southern Beirut suburb has collectively sounded alarm bells. to the ears of investors.

“These three events created panic and led to a turning point in the sudden halt in capital inflows,” Ghobril said.

In November 2019, Lebanese banks closed their doors amid nationwide protests calling for the resignation of the government, further eroding confidence in the banking system. Desperate Lebanese tried to buy goods or works of art during this period in an attempt to preserve their savings.

Finally, in March 2020, the government defaulted on its external debts.

“This has led to an almost complete halt to all inflows of capital into Lebanon,” Ghobril said.

Limited access to bank accounts

The consequences spilled over into the banking system, with banks limiting people’s access to their accounts and forcing the Lebanese to convert their accounts to US dollars at the old dollar rate. This actually meant that every depositor with dollars in Lebanon was actually losing 80% of the value of their accounts.

“They stole our money,” said Laila Said angrily. She lives in a suburb and made a rare trip downtown to shop. “How can you make money for years and years and have someone take your money now?” “

But Lebanon, like most places, is nothing if not a land of contradictions. There are segments of the economy that do better – wealthy and operating on the dollars brought in by tourists and expatriates.

In the mountains outside of Beirut, wedding music can still be heard across the valleys. At a restaurant by a waterfall in Lebanon’s Chouf region, a couple dine on a floating platform in a pool fed by a stream. Admission is $ 20.

The United States and France have offered hundreds of millions of dollars in humanitarian aid. But the recovery would require loans in the order of billions, according to economists.

The IMF offered such loans subject to reform, but the government was unwilling or unable to accept them. Until recently, Lebanon did not have a fully functioning executive branch – the latter resigned in August 2020 after the massive explosion in the port of Beirut but remained on an interim basis. A new government was announced earlier this month and promises to tackle the crisis.

For some, it is too little, too late.

Hisham Kekhia works for the family bottle manufacturing business. Last June, he fell ill.

“For three weeks, I couldn’t find the most basic drug,” he told me. “It was the last straw. It has become unlivable. So I’m going to go. He will go to Turkey, he thinks.

He will leave behind a country which, for many, becomes unrecognizable.

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