News Centre

Cass Business School Comment: News Corp

Date 19/04/2012

Commenting on News Corp's decision to strip all foreign holders of its B shares of half of their voting rights, Professor Ajay Bhalla, an expert in family business from Cass Business School, said:

"News Corp's decision to shred the voting rights of all foreign holders of its B class shares is a pre-emptive strike aimed at preserving Murdoch family's ownership of its crown jewels. While the family will retain its voting rights at 39.7 per cent of the total, the biggest loser will be Prince Al Waleed bin Talal, whose voting rights will be halved from 7 per cent to 3.5 per cent. The pressure from the Leveson enquiry in UK is hardly abating and the forthcoming Department of Justice inquiry is likely to push voting B class shareholders into the spotlight and test their allegiance to the Murdoch family - a price which may not be worth paying for both the family and block holders, such as the Saudi Prince. This decision enables the family to distribute the voting rights and avoid any sense of collusion while working on forming new alliances with B class shareholders during these testing times." 

Bursa Malaysia Registers PATAMI Of RM40.8 Million In First Quarter

Date 19/04/2012

Bursa Malaysia Berhad (Bursa Malaysia) registered a profit after tax and minority interest (PATAMI) of RM40.8 million in the first quarter, an increase of 1% from RM40.5 million reported in the same period last year.

Statement By IMF Managing Director Christine Lagarde On Pledge By Poland To Increase IMF Resources By About US$8 Billion

Date 19/04/2012

Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement today:

“I warmly welcome today’s commitment by the Polish authorities to contribute €6.27 billion (about US$8 billion) in additional financing to the IMF. This is part of a concerted action among important creditors to ensure the Fund has sufficient resources to tackle crises and to promote global economic stability. This commitment demonstrates Poland’s willingness to support the cooperative effort under way to strengthen global economic and financial stability in the spirit of multilateralism.”

China Everbright Securities Live With ULLINK OMS

Date 19/04/2012

ULLINK, provider of low-latency connectivity and trading solutions for the global financial community, today announced that CHINA EVERBRIGHT SECURITIES went live with ULLINK's comprehensive order management solution in Hong Kong.

Statement By IMF Managing Director Christine Lagarde On Further Pledges By Switzerland And Other Members To Increase IMF Resources By About US$26 Billion

Date 19/04/2012

Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement today:

“I have been informed today by the Swiss authorities of their intention to provide a substantial amount of additional financing commitments to the IMF. I warmly welcome this contribution, which demonstrates Switzerland's willingness to support the cooperative effort under way to strengthen economic and financial stability. It also testifies to Switzerland’s continued support for the Fund and its entire membership."

CFTC’s Division Of Swap Dealer And Intermediary Oversight Provides Financial Reporting Guidance To Futures Commission Merchants

Date 18/04/2012

The Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) has issued a letter providing guidance to registered futures commission merchants (FCMs). The letter is intended to assist FCMs in understanding the requirements for preparing and filing financial statements with particular focus on amended financial filings.

CSA And IIROC Announce The Implementation Of A Dark Liquidity Framework In Canada

Date 18/04/2012

The Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) are implementing a new regulatory framework for the use of orders entered without pre-trade transparency (dark orders).

Federal Court Orders Colorado Defendants Flint-McClung Capital LLC And Shawon McClung To Pay Over $6 Million In CFTC Action Charging Them With Running Forex Ponzi Scheme

Date 18/04/2012

The U.S. Commodity Futures Trading Commission (CFTC) today announced that the U.S. District Court for the District of Colorado entered an order against defendants Flint-McClung Capital LLC(FMC), of Englewood, Colo., and Shawon McClung, formerly of Denver, Colo., requiring them jointly and severally to pay restitution of $1,701,250 and a $4.3 million civil monetary penalty. The order also imposes permanent trading and registration bans against the defendants.

Standard & Poor's Announces Changes In The S&P/TSX Canadian

Date 18/04/2012

Standard & Poor's will make the following changes in the S&P/TSX Canadian Indices:

NovaGold Resources Inc. (TSX:NG) has announced the implementation schedule for the previously announced spinoff of its copper assets in Alaska. Shareholders of NovaGold will receive one share of NovaCopper Inc. (TSX:NCQ) for every 6 common shares of NovaGold held.

Virginia Federal Court Orders Ronald W. Smith, Jr., Doing Business As Safeguard 3030 Investment Club, To Pay More Than $3 Million In Forex Ponzi Scheme - In A Related Criminal Proceeding, Smith Pleaded Guilty To Federal Criminal Felony Charges

Date 18/04/2012

The U.S. Commodity Futures Trading Commission (CFTC) today announced that a federal court in Virginia entered a final default judgment and permanent injunction against Ronald W. Smith, Jr. of Vansant, Va., doing business as Safeguard 3030 Investment Club (Safeguard). The court’s order, entered on April 16, 2012, by Judge James P. Jones of the U.S. District Court for the Western District of Virginia, requires Smith to pay a $2,008,251 civil monetary penalty and restitution of $1,064,923. The order imposes permanent trading and registration bans against Smith.