Home 

Credit Suisse to take controlling stake in Chinese securities joint venture

Credit Suisse said on Monday that its plans to take a controlling stake in its securities joint venture in China, the latest overseas firm to take advantage of Beijing’s efforts to further open the country’s financial services industry.China announced in 2017 that it would allow foreign banks to own majority stakes in their securities joint ventures as part of an effort to open up its banking sector. UBS was the first foreign bank to receive approval from regulators in November to increase its… Source link

Read More
Vietnam 

Transparency a big concern in securities market – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Violations in transparency and information disclosure are still rampant on the stock market and remain a problem to market members, public companies and auditors. — Photo cafef.vn HÀ NỘI — Violations in transparency and information disclosure are still rampant on the stock market and remain a problem to market members, public companies and auditors. The statement was made by Trần Văn Dũng, chairman of the State Securities Commission (SSI), at a talk show held by the business and economics site ndh.vn on Thursday. In 2018, SSI issued nearly 400 sanction decisions, more than…

Read More
Home 

Tesla’s Elon Musk arrives in federal court in New York to square off with US securities regulator

Tesla Chief Executive Elon Musk arrived in Manhattan federal court on Thursday for a hearing on whether he violated a settlement agreement and should be held in contempt, the latest twist in a high-profile battle between the billionaire and the government.Musk’s fight with the US Securities and Exchange Commission (SEC) has raised investor worries that it could lead to restrictions on his activities or even his removal from Tesla, while distracting him at a pivotal point in the electric car… Source link

Read More
Vietnam 

Securities draft law remains confusing: report – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HÀ NỘI – The draft amended Law on Securities, expected to be approved by the upcoming National Assembly meeting in May, is still causing confusion among investors, market members and regulators. Some items are unclear while others are unreasonable and no longer fit the Vietnamese market’s conditions, the Government said in a report submitted to the National Assembly’s Economic Committee yesterday. Those issues may befuddle investors, market members and regulators, the Government said, adding that policymakers must adjust the law so it matches international…

Read More
Home 

China grants JPMorgan and Nomura approval to take controlling stakes in local securities firms

JPMorgan Chase and Nomura Holdings have received approval from the Chinese securities regulator to set up majority-owned brokerage joint ventures.The approvals, the first since December, follow an earlier pledge by mainland officials to further open the nation’s domestic securities market to foreign competition.The two companies can each set up a joint venture with a controlling 51 per cent stake, according to an announcement by the China Securities Regulatory Commission on Friday after the… Source link

Read More
Singapore 

OCBC Securities remisier ‘comes clean’ after lying to CAD, testifies against John Soh, Quah Su-Ling, Singapore News

SINGAPORE – An OCBC Securities remisier was among a group of representatives from local brokerages who testified to taking unauthorised trading instructions from John Soh Chee Wen and girlfriend Quah Su-Ling, who are accused of masterminding Singapore’s most serious case of stock market manipulation, a court heard on Wednesday (March 27). Remisier Ng Kit Kiat told the court that he initially lied when the Commercial Affairs Department (CAD) first began investigating the rout that wiped $8 billion of value from the stock market in October 2013. Mr Ng, who is…

Read More
Vietnam 

MB Securities sees profit up 78 per cent – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HÀ NỘI — MB Securities Corp’s (MBS) hopes to earn revenue and pre-tax profit of VNĐ1.17 trillion (US$50 million) and VNĐ360 billion in 2019, up by 11 per cent and 78 per cent year-on-year, respectively. The information was released during the Annual General Meeting (AGM) of Shareholders of the company on Tuesday in Hà Nội. Last year, MBS reported revenue of more than VNĐ1.05 trillion, up 24.5 per cent compared to 2017 and exceeding 19.6 per cent of the yearly plan. Of the…

Read More
Home 

CLSA to remain a major banker for ‘belt and road’, says Citic Securities

Citic Securities said it will continue to invest in its wholly-owned international brokerage CLSA, in an effort to grow its advisory and asset management capability in countries covered by China’s “Belt and Road Initiative”.Zhang Youjun, chairman of both Citic Securities and CLSA, said senior management at the state-owned brokerage felt “regretful” and “sad” to see the departure of long-serving CLSA chief executive Jonathan Slone, who tendered his resignation on Wednesday citing “family reasons… Source link

Read More
Home 

Chinese brokerage Citic Securities’ net profit for 2018 falls following decline in fee, commission income

Citic Securities, one of mainland China’s leading brokerages, said its net profit for the full year of 2018 declined by 17.9 per cent to 9.39 billion yuan (US$1.4 billion), just shy of a Bloomberg consensus forecast of 10.02 billion yuan.The company said poor performance by Chinese equities last year, which squeezed its commission and fee income, was to blame.Its overall operating revenue was down 14 per cent to 37.2 billion yuan. The operating income at its brokerage business, which was the… Source link

Read More
Home 

Chinese group including Everbright Securities sues after US$1 billion European sports deal goes bust

A Chinese group that owned MP & Silva is suing the founders of the collapsed European sports rights firm after losing hundreds of millions of dollars.The consortium, including state-owned Everbright Securities, filed a claim in the High Court in London, alleging commercial fraud, according to a legal filing. The document named MP & Silva founders Andrea Radrizzani and Riccardo Silva as defendants but provided no further information.The Chinese investors, who bought control of MP & Silva in a… Source link

Read More