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Swiss bank UBS in Hong Kong investigation for IPO work
– canadianbusiness.com
HONG KONG – Swiss bank UBS says it’s being investigated by Hong Kong regulators over its work on some initial public offerings on the southern Chinese financial centre’s stock market.
UBS also said Friday that the city’s Securities and Futures Commission notified it this month of plans to take action against the bank and certain unnamed employees over its work as a sponsor of those IPOs.
It warned that possible penalties include fines and restitution orders and possible suspension from providing corporate finance advisory services in Hong Kong.
The information was disclosed in the bank’s latest quarterly earnings statement.
Hong Kong tightened up its stock listing rules three years ago by making the banks responsible for preparing IPO documents and carrying out due diligence liable for misleading information.
The post Swiss bank UBS in Hong Kong investigation for IPO work appeared first on Canadian Business – Your Source For Business News.
UBS also said Friday that the city’s Securities and Futures Commission notified it this month of plans to take action against the bank and certain unnamed employees over its work as a sponsor of those IPOs.
It warned that possible penalties include fines and restitution orders and possible suspension from providing corporate finance advisory services in Hong Kong.
The information was disclosed in the bank’s latest quarterly earnings statement.
Hong Kong tightened up its stock listing rules three years ago by making the banks responsible for preparing IPO documents and carrying out due diligence liable for misleading information.
The post Swiss bank UBS in Hong Kong investigation for IPO work appeared first on Canadian Business – Your Source For Business News.
RBS says earnings rise 61 per cent
– canadianbusiness.com
LONDON – Royal Bank of Scotland says third-quarter earnings rose 61 per cent as efforts to restructure the taxpayer-owned bank reduced costs.
The bank, bailed out by the government during the 2008 financial crisis, said Friday operating profit before one-time items rose to 1.33 billion pounds ($1.6 billion) from 826 million pounds in the same period a year earlier.
After one-time items, the bank reported a net loss of 469 million pounds in the quarter, compared with a profit of 940 million in the same quarter of 2015 when it posted a 1.15 billion-pound gain on the sale of Citizens Bank in the U.S.
Chief Executive Ross McEwan said: “We’ve said that 2015 and 2016 would be noisy as we work through legacy issues and transform this bank for customers. These results reflect that noise.”
The post RBS says earnings rise 61 per cent appeared first on Canadian Business – Your Source For Business News.
The bank, bailed out by the government during the 2008 financial crisis, said Friday operating profit before one-time items rose to 1.33 billion pounds ($1.6 billion) from 826 million pounds in the same period a year earlier.
After one-time items, the bank reported a net loss of 469 million pounds in the quarter, compared with a profit of 940 million in the same quarter of 2015 when it posted a 1.15 billion-pound gain on the sale of Citizens Bank in the U.S.
Chief Executive Ross McEwan said: “We’ve said that 2015 and 2016 would be noisy as we work through legacy issues and transform this bank for customers. These results reflect that noise.”
The post RBS says earnings rise 61 per cent appeared first on Canadian Business – Your Source For Business News.
Wali Shah. (Wali Shah)“Innovation is lives shooting through space, or getting a virtual tour of my friend’s new place. And then I left my mom and moved to somewhere I liked, and now she calls me every 30 minutes on Skype,” raps Wali Shah.
The 22-year-old spoken-word artist, who is rapping his poem Innovation, is no stranger to super-sized audiences. The social activist has gone from performing at local schools to sold-out stadiums. In 2014, Shah received a Plan Canada Top 20 Under 20 award and he freestyled with Grammy-winning rapper Kendrick Lamar at We Day Toronto.
A fourth-year University of Toronto Mississauga student, @waliFLOshah is followed by 8,000 fans on Twitter. Through social media, he’s gained an entrée into professional speaking—while paying for his education, too.
He’s one of the new school of social media influencers who have figured out how to capitalize on their online, and real-world, popularity. It beats being a barista, and the financial reward can be staggering for an undergrad, although not everyone goes for the bucks…
