Coronavirus: UK banks expect surge of business loan defaults

first_imgYet lenders are expecting to give out more to businesses, with firms desperate to access cash to keep their companies afloat as the economy enters recession. For big businesses, the gauge of default expectations for the coming quarter rose to 63.5 from a reading of 9.9 in the previous quarter. The figure was the highest since 2008, although expectations are often wide of the mark. Harry Robertson The BoEs latest credit conditions survey today showed that lenders expect firms to default on their loans at rates not seen since the financial crisis. The UK’s banks and building societies expect to see a surge of businesses defaulting on their loans in the coming months, survey data has shown, as coronavirus sends the economy into a deep recession. whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMedical MattersThis Picture Shows Who Prince Harry’s Father Really IsMedical MattersBleacherBreaker4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!BleacherBreakerzenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comDaily FunnyFemale Athlete Fails You Can’t Look Away FromDaily FunnyMisterStoryWoman files for divorce after seeing this photoMisterStorybonvoyaged.comTotal Jerks: These Stars Are Horrible People.bonvoyaged.comMaternity WeekAfter Céline Dion’s Major Weight Loss, She Confirms What We Suspected All AlongMaternity WeekNational Penny For Seniors7 Discounts Seniors Only Get If They AskNational Penny For SeniorsDefinition24 Of The Most Hilarious Yard Signs Ever WrittenDefinition Coronavirus: UK banks expect surge of business loan defaults whatsapp Banks and building societies surveyed by the BoE also expected loan defaults to surge as firms struggled to meet their liabilities. A gauge of expectations of small business defaults shot up to 72.2 from 18 in the previous quarter. Small businesses are expected to be the worst hit, with expectations of defaults hitting their highest since the financial crisis for firms of all sizes, Bank of England data showed today. The UK’s banks and building societies also expect to reduce their lending to households over the next three months but lend more to businesses as coronavirus sends the economy into a tailspin. Share The Bank of England’s latest credit survey showed banks are bracing for a wave of defaults amid the coronavirus pandemic (AFP via Getty Images) The UK’s budget watchdog on Tuesday warned that Britain’s GDP could crash by 35 per cent in the second quarter of the year. The collapsing economy has placed huge financial strain on households and businesses. The dire expectations come with the UK economy in the midst of the worst recession since at least World War II, with businesses shuttered and the public indoors to halt the spread of coronavirus. Thursday 16 April 2020 10:19 am The supply of credit to households for things like house purchases and credit cards is expected to drop significantly in the second quarter. The Bank of England’s latest credit survey showed banks are bracing for a wave of defaults amid the coronavirus pandemic (AFP via Getty Images) Also Read: Coronavirus: UK banks expect surge of business loan defaults Show Comments ▼ The Bank of England’s latest credit survey showed banks are bracing for a wave of defaults amid the coronavirus pandemic (AFP via Getty Images) Also Read: Coronavirus: UK banks expect surge of business loan defaults last_img read more

Carillion scores £75m Anfield contract as Liverpool look to increase matchday revenues

first_imgA computer-generated of what the expanded main stand will look like (Source: Liverpool FC) The Anfield deal follows a number of high profile contract wins for Carillion in recent months. Tags: Carillion Company In 2012, when the expansion plans were first revealed, Liverpool managing director Ian Ayre told the club’s official website: More so from it detracting from our spending in the transfer market, the whole point of doing this is to actually increase our revenues. In 2013 Liverpool generated matchday revenues of £44.6m compared to Arsenal’s £92.8m and Manchester United’s £109.1m.  Stadium capacity ×Proofread | Create Infographics Liverpool will be hoping that despite the cost, the stadium expansion will eventually lead to the team winning trophies at the same rate as Carillion are picking up contracts.  Monday 8 December 2014 1:43 pm Carillion’s Middle East construction services won a major contract with Dubai World Trade Centre in October after securing government-backed loans worth £73m, following a £300m Dubai hotels contract won in May.  The expansion of Anfield’s main stand will begin in earnest this week after Carillion sealed a £75m contract with Liverpool Football Club.  whatsapp Show Comments ▼ Joe Hall Just last week the FTSE 250 company announced deals on Heathrow and London NHS hospitals worth £80m. In November it sealed a huge £200m contract for work on £50m UK prisons.  Carillion scores £75m Anfield contract as Liverpool look to increase matchday revenues Share The Reds currently lag way behind their Premier League rivals in terms of matchday revenue, and that in turn has an effect on the club’s clout in the transfer market. whatsapp If we look at our biggest competitors with a bigger capacity, like Manchester United [and] Arsenal, their matchday revenues are significantly ahead of ours. This whole initiative is designed to generate additional revenues so the ultimate solution has to be one that increases the overall output through the process rather than decreasing it. The project will add around 8,500 seats to the Liverpool stadium, stretching its capacity to 54,000 and briefly making it the third-largest football ground in the Premier League.  by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTele Health DaveRemember Pierce Brosnan’s Wife? Take A Deep Breath Before You See What She Looks Like NowTele Health DaveMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekThe No Cost Solar ProgramGet Paid To Install Solar + Tesla Battery For No Cost At Install and Save Thousands.The No Cost Solar ProgramHero Wars This game will keep you up all night! Hero Wars MoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUltimate Pet Nutrition Nutra Thrive SupplementIf Your Dog Eats Grass (Do This Every Day)Ultimate Pet Nutrition Nutra Thrive SupplementNational Penny For Seniors7 Discounts Seniors Only Get If They AskNational Penny For SeniorsFungus EliminatorIf You Have Toenail Fungus Try This TonightFungus Eliminator Builders will aim to keep as much of Anfield’s main stand as operational as possible before it completes the expansion during the 2016/2017 season. last_img read more

Battle for Canary Wharf heats up as pro-Qatari investor increases its stake in Songbird Estates

first_img More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comWhy people are finding dryer sheets in their mailboxesnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com980-foot skyscraper sways in China, prompting panic and Thursday 11 December 2014 8:17 am whatsapp whatsapp The future of Canary Wharf’s ownership is looking increasingly uncertain, after a shareholder which has given its backing to a Qatari bid for the estate’s owner, Songbird Estates, increased its stake – just as fellow shareholders vowed to prevent the deal at all costs.Third Avenue, which yesterday became the third investor to offer its backing to a 350p-a-share offer for Songbird by the Qatar Investment Authority and Brookfield Property Partners, slightly increased its stake to 26,268,989 shares today, giving it a stake of about 3.5 per cent. The offer values Songbird at £2.6bn, although sources close to the deal have previously told City A.M. the company would be unlikely to back a bid lower than 400p per share.Songbird also announced this morning Qatar Holdings, which owns a  28.6 per cent stake in the company, had appointed Ken Costa, former Lazard International chairman, to its board. Costa fills a vacancy left by the departure of Khalifa Al-Kuwari in September – and brings the number of people on the board appointed by the Qataris to three.Meanwhile, industry bible Property Week reported two of Songbird’s largest shareholders had given guarantees to the company they will not support the bid. According to a “senior executive” at Songbird, there is now “zero chance” New York investor Simon Glick, who owns 25.9 per cent of the company, and China Investment Corporation, which owns 15.8 per cent, will give their backing to a deal, meaning “the bid is dead”. Battle for Canary Wharf heats up as pro-Qatari investor increases its stake in Songbird Estates Emma Haslett Show Comments ▼ Share Tags: NULLlast_img read more

Why were there fewer microcephaly cases from Zika last year?

first_img Ethics panel blocks proposed Zika vaccine research By Helen Branswell March 29, 2017 Reprints The authors also noted a third possibility — that women in the region who had seen the possible outcome of a Zika infection in pregnancy might have either avoided pregnancies in large numbers or terminated pregnancies. But if the maternity wards of hospitals in the region had emptied out in 2016, the world would have heard about it by now.“If there was a huge effect like that, it would have been big news very quickly. It would have been very visible,” Dye said.If the theory — that Zika blew through Northeastern Brazil in one wave — is correct, it likely means so many people there were infected in 2015 that there were few still vulnerable to the virus in 2016.  In some ways, that may be a good sign; it might suggest Zika outbreaks are swift.But it doesn’t mean the virus is done. More likely, said Dye, is that Zika will return after births create pools of people who have no immunity to the virus, hitting perhaps when people aren’t expecting it.“But we really can’t rule anything out. And we’re ready for further surprises on Zika virus,” he said. HealthWhy were there fewer microcephaly cases from Zika last year? Helen Branswell When the data were slotted into a graph, the discrepancy was plain as day. In 2015, a large spike in GBS cases was followed about 23 weeks later by a wave of microcephaly births. But a corresponding spike in GBS cases in early 2016 was not.NEJMZika infection can trigger GBS, a progressive paralysis from which most people recover. And Zika infection in pregnancy can attack the fetus, leading to microcephaly and other neurological birth defects.Chikungunya infection can cause GBS. But chikungunya infection in pregnancy is not known to cause microcephaly.“This is not a statement of fact and proof. This is the best hypothesis,” said Christopher Dye, senior author and an epidemiologist with the WHO.“The cases in the first year, back in 2015, were really Zika cases. And that’s why we saw the microcephaly in 2015. But in 2016, it was predominantly chikungunya, not Zika, and that’s why we saw Guillain-Barré, but not microcephaly.” Senior Writer, Infectious Disease Helen covers issues broadly related to infectious diseases, including outbreaks, preparedness, research, and vaccine development. Of the many mysteries that remain about the Zika virus and its attack on the Americas, perhaps the most puzzling one relates to the bizarre distribution of babies born with Zika-induced microcephaly.After so many such births were recorded in Northeastern Brazil in the last quarter of 2015, the country — and other places where the virus fanned out to from Brazil — braced themselves for a similar tsunami in 2016. But it didn’t materialize — at least not to the same degree.A new and intriguing letter to the New England Journal of Medicine offers a theory for how to explain the missing microcephaly cases, the babies that were predicted to be born in Northeastern Brazil after Zika’s second wave of infection in the early part of 2016.advertisement The authors suggest the region’s first wave of Zika may have been its only wave of Zika to date. Something that caused similar illness, likely the chikungunya virus, was probably responsible for the high level of fever and rash illnesses Brazil recorded in 2016, they theorized.The authors — from the Brazilian ministry of health, the Oswaldo Cruz Foundation, the Pan American Health Organization, and the World Health Organization — used information from two databases that capture cases of microcephaly and Guillain-Barré syndrome.advertisement Dye said based on reports of rash and fever in Northeastern Brazil in early 2016, it was expected that about 1,000 babies would be born with Zika-induced microcephaly from late summer onward. Instead, about 80 were recorded in the region.For many diseases, this type of data mining and hypothesizing would not be needed. During a wave of illness, testing of the sick would show what was infecting them. And studies looking at the blood of people who had previously been ill would indicate how broadly a pathogen had spread.But one of the vexing dilemmas of the Zika virus is that it so closely resembles related viruses that testing cannot always tell whether a person is infected with Zika or something similar, like dengue. Widespread testing hasn’t been done, Dye said.He and his co-authors acknowledged there could be other explanations. For instance, from the earliest stages of the Zika outbreak in the Americas, questions were raised about the high number of microcephaly cases in Northeastern Brazil. No other place experienced so many, leading people to ask whether there was something else there — a co-factor — that exacerbated the impact the virus had on the population of the region.Dr. David Heymann, who was the chairman of the WHO’s Zika emergency committee — which has been disbanded — told STAT the committee looked at issues like population crowding in the cities of Northeastern Brazil and the nutritional status of people there, among other things.But no clearly obvious co-factor came to light. And some — questions about local use of insecticides — were ruled out, Dye said.The letter’s authors cannot exclude the possibility that there was a co-factor there, Dye said. But the fact that there were few microcephaly cases the following year means that the co-factor would have been missing in 2016 — and that makes it less likely. Zika threat isn’t over, CDC director warns pregnant women thinking about beach vacations Related: Ana Livia, who was born with microcephaly, is held by her mother in Recife, Brazil. Mario Tama/Getty Images Related: About the Author Reprints @HelenBranswell Tags infectious diseasepublic healthvirologyZika Viruslast_img read more

Concerns expressed over new developments in Portlaoise – as well as anger over a ‘further erosion of Local Government”

first_img WhatsApp WhatsApp TAGSChantiere GateFoxburrowGrenvilleLaois County CouncilPortlaoise Municipal DistrictRathevan “The people up in Bord Pleanala wouldn’t know the ins and outs of Portlaoise. You can’t beat local knowledge. This rule should not be for our county and should be lifted sooner rather than later.”“There is no appeal for this for us as representatives or the people,” added Cllr John Joe Fennelly. “That is wrong. It should be dealt with here. We are well able to make our own decisions.”“The whole process is bypassing us and it’s a further erosion of Local Government and our powers,” said Cllr Caroline Dwane-Stanley.“It’s going to get to the stage where people will wonder what is the power of councillors. Any developer can put in a plan for 101 houses and by pass us.Cllr Mary Sweeney said there was a “huge level of anger” in relation to this. “It’s a retrograde step and as Caroline said it’s a further erosion of powers.”Cllr Thomasina Connell said it is “bad legislation”. “The aim behind it was right but instead of fast-tracking, they just leapfrogged the council and communities.”“This is developer driven,” added Cllr Catherine Fitzerald, who pointed out there has been a low conversion from planning to construction. “It was intended to make the process faster but it has actually made it slower.”“How do An Bord Pleanala know anything about Kilminchy, Ratheven or our town,” said Cllr Noel Tuohy. “I don’t believe they do. We need to stand up to it.”In relation to the two proposed developments, specific issues were raised with Cllr Tuohy pointing out that the new development in Rathevan, coupled with nearby Kilminchy, would have a sufficient population to make it the third largest area in Laois behind only Portlaoise and Portarlington.Putting that volume of houses into an area without sufficient facilities, would be an issue the meeting heard.“The Rathevan development is massive and we all want to see houses. But you can’t build houses with no infrastucture. Kilminchy has 800 houses but no facilities. And we’re talking about putting 300 more houses on top of that.“I can see huge problems coming down the tracks. We have to shout stop.”Cllr Willie Aird had fears over flooding and green space.”If you look at some of the older developments like Marian Avenue and Cherrygarth – there is a green area in front of all the houses. Don’t make the mistake that was made on the Mountmellick Road where there’s no place to even play a ball.”Cllr Fitzgerald also addresed concerns over the sewage system in Foxburrow and Chantiere Gates, safety issues entering from the Block Road and the proposed pedestrian route from the Dublin Road through Grenville and on to Foxburrow.“People are living in Grenville 30 years and suddenly it’s open to a public walkway. That also sets a precedent for Laois County Council down the line.”“Nobody is saying we don’t need houses,” added Cllr Dwane-Stanley “but it’s our responsibility that we have proper development and learn from the mistakes of the past.”Joe Delaney, Director of Services with Laois County Council, said that the councillors views are included in a report to An Bord Pleanala.“The Strategic Housing Development does accept and recognise views of elected members,” he said. “Your views go directly to An Bord Pleanala.”SEE ALSO – Croft Alley owner Gale Watchorne on setting up in Laois, naming her business and necessary reinvention Twitter Laois Councillor ‘amazed’ at Electric Picnic decision to apply for later date for 2021 festival Pinterest Facebook Home News Community Concerns expressed over new developments in Portlaoise – as well as anger… NewsCommunityCouncil Concerns expressed over new developments in Portlaoise – as well as anger over a ‘further erosion of Local Government” By Steven Miller – 16th July 2020 RELATED ARTICLESMORE FROM AUTHORcenter_img Electric Picnic Twitter An aerial view of the proposed development at Rathevan in Portlaoise It’s not that often that you’ll have local councillors in full agreement on a topic – but the seven elected representatives for the Portlaoise Municipal District were unanimous in their opposition to the new Strategic Housing Development legislation that allows planning applications of over 100 units bypass the Local Authority and go straight to An Bord Pleanala.In recent weeks, plans have been submitted for two significant developments in Portlaoise – one for 155 new homes in Foxburrow on the Block Road and another for 262 homes at Rathevan. At the July meeting of Portlaoise Municipal District in Laois County Council, the councillors again hit out at the new system, saying it was “bad legislation”, “totally wrong” and “a further erosion of Local Government”.Normally applications for planning permission first go to Laois County Council before being granted or refused – but developments of more than 100 no longer go to the council and instead directly to An Bord Pleanala, who then seek submissions from the Local Authority.The change was made during the course of the last Government in a bid to fast-track the building of homes to adress the housing crisis.While a number of issues were raised in relation to the two developments, Long-serving Fine Gael councillor Willie Aird submitted a motion calling for it to be changed back to what it was previously. And he also highlighted the need for the Portlaoise Northern Orbital route to be built, a ring road similar to the other side of town to service any housing project.“This system was brought in to solve problems in the likes of Dublin and Cork,” he said. “But it’s totally wrong for our county. It was totally wrong to take it from the Local Authority to An Bord Pleanala.“We have very highly qualified people working in the council to ensure it is dealt with locally. Bizarre situation as Ben Brennan breaks up Fianna Fáil-Fine Gael arrangement to take Graiguecullen-Portarlington vice-chair role Previous articleLaois pubs express their frustration as re-opening delayed until August 10Next articleLaois County Council urged to up their social media game Steven Millerhttp://www.laoistoday.ieSteven Miller is owner and managing editor of From Laois, Steven studied Journalism in DCU and has 14 years experience in the media, almost 10 of those in an editorial role. Husband of Emily, father of William and Lillian, he’s happiest when he’s telling stories or kicking a point. Facebook News Electric Picnic organisers release statement following confirmation of new festival date Electric Picnic Pinterestlast_img read more

Park Receives National Defense Planning Brief

first_imgNews Park Receives National Defense Planning Brief Entire border patrol unit in North Hamgyong Province placed into quarantine following “paratyphoid” outbreak Facebook Twitter RELATED ARTICLESMORE FROM AUTHOR There are signs that North Korea is running into serious difficulties with its corn harvest News North Korea tries to accelerate building of walls and fences along border with Chinacenter_img SHARE News Yesterday, the Ministry of National Defense briefedPresident Park Geun Hye on the content of the ministry’s 2014 report. The briefing included subjects such as deterrence strategy against the threat posed byNorth Korea, and budgetary planning matters for the period to 2020.Speaking at the Ministry of National Defense, Minister Kim Kwan Jin revealed, “We willprepare to combat both local provocations and war, as well as establish aposture capable of dealing with any provocation in situ.”He went on, “Peaceful unification will only be possible based upon foundations of security,”before discussing matters such as enhancing the country’sindependent national defense capacity.The most noteworthy element of the ministry’s current plans is for 5 spy satellites to be in place by the first half of 2020. These satelliteswill be able to simultaneously gather image and signal intelligence on North Korean movements, and arebeing developed to scan the territory north of the 38th parallel every 2 hours.  AvatarDaily NKQuestions or comments about this article? Contact us at [email protected] News By Daily NK – 2014.02.07 10:38am last_img read more

North Korean authorities demand rice from new Party members in North…

first_img By Ha Yoon Ah – 2019.01.28 5:31pm NewsEconomy News North Korea Market Price Update: June 8, 2021 (Rice and USD Exchange Rate Only) SHARE The fifth session of the 13th Supreme People’s Assembly (SPA) in April 2017. Image: Rodong SinmunThe North Korean authorities are ordering newly-appointed Party members in North Pyongan Province to contribute supplies in exchange for their new status. North Korean society has long seen Party membership become accessible to those offering money or other bribes, but recently the authorities have started to formerly demand contributions in return for Party membership cards.“A ceremony was held in December to issue the new Party membership cards. Suddenly, the managing secretary ordered all of the new Party members to contribute one ton of rice to the state,” said a Sinuiju, North Pyongan Province-based source.“I heard about the story right after it happened. One particular man had worked hard to become a Party member and had given bribes to higher-ups to speed up the process. So he was really taken aback by what happened.“He was granted membership in mid-December thanks to a recommendation from his workplace and attended a ceremony later to receive his membership card. But the managing secretary suddenly told them after the ceremony ended that they had to immediately contribute one ton of rice each, which caused an uproar among the attendees.”The man ended up borrowing rice from neighbors and friends to meet the quota, but he now faces the difficulty of having to pay back the debt, which according to current market rates amounts to over 500 USD.“I worked hard with the belief that getting a Party membership card would be the best thing for me, but now I’ve just been saddled with debt,” he said, according to a separate source in North Pyongan Province close to the matter, who noted that “other people are in dire straits because of this.”“People tell me that becoming a Party member isn’t as much of an honor as it used to be, and that you can survive without a membership card. All you need is money.”The growing marketization that North Korea is experiencing has led many residents to avoid Party membership. Members are required to attend all Party-related activities and are thus less free to engage in private business activities than non-members. If Party members are caught engaging in such activities, they may be expelled and placed on a surveillance list.North Koreans with poor “songbun,” or social status, are increasingly offering bribes to join the Party, which has led many North Koreans to believe that membership is not as prestigious as it was in the past.An additional North Pyongan Province-based source reported that the common sentiment among many residents is that “Party members outwardly support socialism but are capitalists through and through once they’ve gotten their membership cards.” AvatarHa Yoon AhHa Yoon Ah is one of Daily NK’s full-time journalists. Please direct any questions about her articles to [email protected] RELATED ARTICLESMORE FROM AUTHORcenter_img Facebook Twitter News US dollar and Chinese reminbi plummet against North Korean won once again North Korean authorities demand rice from new Party members in North Pyongan Province News Proposal to shift “general markets” to “specialized markets” finds little support among N. Korean leaderslast_img read more

Retired fund salesman fined $400,000

The MFDA’s Decisions and Reasons document states that in November 2006, Hesselink sought approval to recommend Skyline Apartment Real Estate Investment Trust to clients. FundEX decided against approving the product in September 2007. Despite not having approval, Hesselink referred clients to Skyline and received $346,286 in fees, which were place in his own company. According to the MFDA, the Ontario Securities Commission (OSC) reached a settlement with Skyline in 2011. As part of the agreement, Skyline admitted to breaching Ontario securities law and repaid all clients who did not qualify as accredited investors. It was around that time that Hesselink informed FundEX that he had clients invested in Skyline. In March 2010, Hesselink referred another non-approved exempt market product, according to the MFDA. At that time, six of the retired fund salesman’s clients invested $850,000 in HarbourEdge Capital Corp., earning Hesselink approximately $9,000 in fees. Hesselink told FundEX of the investments in HarbourEdge at the same time he informed the company of the Skyline product. In addition to the fine, Hesselink is also banned from conducting securities related business for five years and must pay $7,500 in costs. BFI investors plead for firm’s sale Fiona Collie The Mutual Fund Dealers Association of Canada (MFDA) has fined a former Ontario-based mutual fund salesman, Christiaan Hesselink, $400,000 for recommending exempt market products to clients without the approval or knowledge of his dealer firm. Between October 2007 and April 2011, Hesselink invested roughly $8.4 million from 58 clients and 18 other individuals in two exempt market investment products, according to the MFDA. During this time, Hesselink was registered with FundEX Investments Inc. Hesselink retired from the industry in 2013. Facebook LinkedIn Twitter Mouth mechanic turned market manipulator Related news Keywords EnforcementCompanies Mutual Fund Dealers Association PwC alleges deleted emails, unusual transactions in Bridging Finance case Share this article and your comments with peers on social media read more

Dealers demonstrate commitment to CanDeal

first_imgCanDeal, the leading electronic marketplace for Canadian dollar fixed income securities and derivatives, said Tuesday its original six founding bank dealers have renewed their liquidity commitment to CanDeal’s marketplace. The six bank dealers include: BMO Capital Markets, CIBC World Markets Inc., National Bank Financial, RBC Capital Markets, Scotiabank and TD Securities. A total of 12 liquidity providers, including all of the Bank of Canada’s Primary Dealers, extend their market making, on CanDeal, to more than 750 global buy-side participants. “We have worked with our buy- and sell-side partners for more than a decade to evolve electronic trading in a way that suits the needs of the Canadian dollar marketplace and participants,” said Jayson Horner, co-founder, president and CEO of CanDeal, in a release. “Our approach has always been collaborative to ensure we continually deliver value. Once again, we would like to extend our appreciation to all of our participants and partners for their support and guidance.” Facebook LinkedIn Twitter Feds plan to issue first green bond next year Share this article and your comments with peers on social media TSX sustainable bond trading gets thumbs up Throne speech agenda signals ‘healthy’ bond issuance, continued QE Related news Keywords BondCompanies CanDeal last_img read more

Fidelity to shut down 11 income replacement funds

first_img Related news Facebook LinkedIn Twitter Toronto-based Fidelity Investments Canada ULC announced on Thursday that it’s closing 11 target-date funds early in the new year due to lack of investor demand. The funds being closed include Fidelity Income Replacement 2017 Portfolio, as well as Fidelity Income Replacement Portfolios for the years 2019, 2021, 2023, 2025, 2027, 2029, 2031, 2033, 2035 and 2037. Interest in these funds has been low since their launch in January 2008, Fidelity says in a media release. The funds will be closed on Feb. 19, 2016. Investors in the closing income replacement portfolios, also known as life cycle funds, will be able to switch into other Fidelity mutual funds or redeem their funds for cash prior to the closing date. Investors who don’t switch or redeem voluntarily before Feb. 19 will have their securities automatically redeemed if they are held outside a Fidelity registered account, or switched to Fidelity Canadian Money Market Fund if they are held in a Fidelity registered account. Fidelity will waive any deferred sales charges or short-term trading fees payable to the firm in connection with voluntary redemptions made before Feb. 19 or automatic redemptions made after that date. Fidelity Income Replacement Portfolios were designed to convert retirement savings into a reliable stream of monthly cash flow payments for a defined period of time until each fund’s target date. The 11 portfolios are each made up of differing allocations in 10 underlying Fidelity funds. It was originally intended that the funds would pay out the portfolio value at the fund’s target date. Fidelity also announced that it will be merging Fidelity American Opportunities Fund into Fidelity American Equity and Fidelity American Opportunities Class into Fidelity American Equity Class on Feb. 19, 2016. Jade Hemeon CI GAM announces fund mergers BMO Private Investment Counsel announces fund merger SLGI Asset Management terminating two mutual funds Share this article and your comments with peers on social media Keywords Fund caps and terminationsCompanies Fidelity Investments Canada ULC last_img read more