Women named to head Saudi bourse, major bank

Yahoo – AFP, February 20, 2017

Women have been named to head Saudi Arabia's stock exchange and a major
bank (AFP Photo/FAYEZ NURELDINE)

Riyadh (AFP) - Women have been named to head Saudi Arabia's stock exchange and a major bank, the institutions announced, despite the kingdom's social restrictions on females.

Samba Financial Group on Sunday said Rania Mahmoud Nashar had begun work as chief executive officer.

The announcement came three days after the Saudi stock exchange, known as Tadawul, named Sarah al-Suhaimi as chairman of its board.

While other Saudi women have already assumed corporate leadership positions, their rise comes against some of the world's tightest restrictions on women.

The kingdom is the only country in the world where women cannot drive.

Under the "guardianship" system a male family member, normally the father, husband or brother, must grant permission for a woman's study, travel and other activities.

Although the government no longer requires guardian permission for women to work, activists have said many employers still demand guardian consent in order to hire a woman.

In a notice to the Saudi stock exchange, Samba said Nashar had almost 20 year's experience in banking and had followed an "executive career" programme at Samba.

Samba also said that Nashar was the first Saudi woman certified as an anti-money laundering specialist by a respected American association of experts who combat financial crime.

Her appointment as CEO followed the resignation of general manager Sajjad Razvi for personal reasons.

Tadawul's Sarah al-Suhaimi is the CEO of NCB Capital, the investment banking arm of National Commercial Bank.

She was the first female head of a Saudi investment bank when named to that post in 2014, according to Bloomberg News.

It said she is expected to remain at the bank while leading Tadawul, the Arab world's largest bourse.

As part of a wideranging social and economic reform drive to cope with fallen oil revenues, Saudi Arabia is trying to get more women working.

In the third quarter of last year the unemployment rate for Saudi females was 34.5 percent, compared with 5.7 percent for Saudi males, according to figures cited by the firm Jadwa Investment.

By 2020 the Islamic kingdom wants to boost the proportion of women in the job market to 28 percent from 23 percent last year.

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"Listening to the Voice of Spirit" (2) - Feb 20, 2016 (Kryon Channelling by Lee Carroll) - (DNA Efficiency is on average at 35 percent now) - (Text version)

“… With free choice, the percentage of DNA efficiently started to go down as humanity grew. As soon as the DNA started to lose percentage, the gender balance was dysfunctional. If you want to have a test of any society, anywhere on the planet, and you want to know the DNA percentage number [consciousness quota] as a society, there's an easy test: How do they perceive and treat their women? The higher the DNA functionality, the more the feminine divine is honored. This is the test! Different cultures create different DNA consciousness, even at the same time on the planet. So you can have a culture on Earth at 25 percent and one at 37 - and if you did, they would indeed clash. …”

“… You're at 35. There's an equality here, you're starting to see the dark and light, and it's changing everything. You take a look at history and you've come a long way, but it took a long time to get here. Dear ones, we've seen this process before and the snowball is rolling. There isn't anything in the way that's going to stop it. In the path of this snowball of higher consciousness are all kinds of things that will be run over and perish. Part of this is what you call "the establishment". Watch for some very big established things to fall over! The snowball will simply knock them down. …”

Li Keqiang suggests capital market reforms to go live this year

Want China Times, Staff Reporter 2015-03-21

A securities company in Haikou, Hainan province, March 10. (File photo/CNS)

The word "implement" has made it into premier Li Keqiang's annual government work report, which detailed the strengthening of the capital market system and reform of the stock issuance registration system, reports the Guangzhou-based 21st Century Business Herald.

Li made the report during the dual sessions of the 12th National People's Congress (NPC) and the 12th National Committee of the Chinese People's Political Consultative Conference (CPPCC), which ended on March 15.

The annual government report and suggestions made by the representatives of the two sessions have a major impact on the proceeding year's government policy. This year clearly is a key year in deepening reforms on all sides, especially the capital market, from supervision of internet finance and development of assets security, to the introduction of government bond futures and crude oil futures.

The stock registration system showed up on the central government document for the first time in November 2013. Since then, the government has mentioned the system in several major conferences, including Li's annual government report in 2014. China Securities Regulatory Commission (CSRC) chairman Xiao Gang said during the two sessions that the main task in 2014 was to formulate the reform proposal for the stock registration system, but not to implement it.

Li's remarks are highly indicative of action on registration system reform this year. The CSRC is actively researching into the details of the reform and has formed an initial proposal, said Xiao, without giving a concrete timetable for the actual implementation.

To implement the stock registration system, the government will have to first revise the Securities Law, which is expected to go through its first reading in late April.

Wu Xiaoling, deputy chairperson of the NPC's finance and economic committee, said the NPC may conduct the second reading on the Securities Law revision in August and the third in October at the earliest. The earliest timeline for wrapping up the revisions would be in the fourth quarter.

Other major reforms mentioned in the two sessions include the action plan for internet finance, assets security, and the stock connect between Shenzhen and Hong Kong.

Mass exodus of executives at China's listed firms this year

Want China Times, Staff Reporter 2014-05-18

Shanghai Jahwa Corporation general manager Wang Zhuo, one of thousands
of executives at China's listed companies to have stood down already this year.
(File photo/CFP)

A total of 2,743 executives employed at listed firms in China have stood down so far this year as of May 14 this year, with an analysis saying that their resignations were mainly the result of operational pressures, being placed under investigation by authorities or due to internal conflicts, in addition to more innocuous reasons.

On Thursday alone, six companies issued statements announcing the resignation of some of their executives.

In recent years it has not been uncommon to see executives leave their jobs due to business expansion, corporate restructuring and mergers among listed firms, but the number of people who have resigned so far this year is unusually large, said an analyst.

"During the first quarter of this year, the performance of public firms was bad and many companies reported losses. Although seasonal factors were involved, they will still face mounting pressure in the future," said a market analyst from Huatai United Securities.

The number of executives who chose to leave their companies in April grew substantially at 1,101, but the pace had slowed down in May.

The Huatai analyst said that as April was the first month following the first quarter, some might choose to go as they failed to achieve a specific performance target.

In addition, managerial personnel at some companies may also have been forced to resign because of internal conflicts or restructuring in the company.

The growing crackdown launched by Chinese regulators in the market is another reason for the wave of resignations. Some executives had no choice but to resign because they were being investigated for suspected wrongdoing.

Another market analyst said that as executives are the key staff members at listed companies, their resignations would inevitably affect the companies' business. However, the analyst also pointed out that internal conflict can be a more serious problem as it hurts the companies' management and can impact sales.

The executives being investigated for violations also have a major influence on their companies' performance because such cases usually involve mergers and acquisition of assets, which could drag down stock prices significantly, the analyst added.

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Chinese companies pull out of U.S. stock markets

CBS News, August 14, 2012 

(MARK RALSTON/AFP/Getty Images)

(AP) BEIJING - Just a few years after Chinese companies lined up to sell shares on Wall Street, a growing number are reversing course and pulling out of U.S. exchanges.

This week, Focus Media Holding Ltd., announced a $3.5 billion plan to buy back its U.S.-traded shares and take the Shanghai-based advertising company private.

Smaller companies also are withdrawing from U.S. exchanges. A state bank has provided $1 billion in loans to help them move to domestic exchanges.

The withdrawals follow accusations of improper accounting by some companies and a deadlock between Beijing and Washington over whether U.S. regulators can oversee their China-based auditors.

Some Chinese companies say they are pulling out of U.S. markets because a low share price fails to reflect the strength of their business.

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ASEAN Launches ASEAN Exchange web site

Antara News, Fri, April 8 2011

Related News

• President reminds Asean ministers not to wait for financial crisis
• President : ASEAN community also to help eradicate poverty
• President, Sri Mulyani to Meet Friday Evening
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• President Yudhoyono Opens Asean Finance Ministerial Meeting

Nusa Dua, Bali (ANTARA News) - Indonesian Finance Minister Agus Martowardoyo here on Friday afternoon officially launched an ASEAN Exchange web site to promote investment in the region.

The stock exchanges of seven members of the Association of Southeast Asian Nations (ASEAN) at the same time joined the ASEAN Exchange.

The website`s launching was witnessed by ASEAN Secretary General Surin Pitsuwan and CEOs of the seven stock exchanges that joined the ASEAN Exchange. On the same occasion, an ASEAN Exchange logo was unveiled.

ASEAN financial ministers held their 15th meeting here on Friday, which was opened by President Susilo Bambang Yudhoyono and attended also by the World Bank`s executive director, Sri Mulyani, Asian Development Bank president Kuroda Haruniko and the International Monetary Fund deputy executive director Naoyuki Shinohara.

Indonesia Stock Exchange CEO Ito Warsito said in his speech representing his colleagues that the ASEAN Exchanges was not a common stock exchange as it came out of collaboration based upon regional interest.

"This is one of the stepping stones to realize ASEAN 2020 Vision according to the blueprint of the ASEAN Community key to movement of goods, services, investment and skilled workers," he said.

His colleagues who attended the event were CEOs of the Philippine Stock Exchange, Hans B Sicat, of Thailand Stock Exchange, Charamporn Jotikashtira, of Singapore Stock Exchange, Gan Seow Anum and of Bursa Malaysia, Tajuddin Atan.

In the ASEAN Exchanges each stock exchange presents the top 30 of its listed companies, selected based upon their performance for the past six months and LQ-45-based indicators and liquidity determined upon soundness parameters.

These indicators are later known as ASEAN Connect replacing its former name ASEAN Linkage.

So, investors could see 210 companies in the website. A total of 3,000 companies have been listed in stock exchanges in the ASEAN region of 538 million population with combined gross domestic product of US$2 trillion in 2010.

"So we will together promote ourselves. This were world-class assets that could be offered for investment to boost investment activities in the region," Warsito said.

Gan meanwhile said the main thing about the ASEAN Exchange was that "the collaboration among the seven stock exchanges will mean much higher effectiveness as it provides easy accessiblility, emphasis on products and boosts promotion."

The website would also facilitate promotional activity and make it possible to reach out directly to would-be investors together, he said.

Editor: Suryanto

Deutsche Bank gets 1bn won fine after Korea market fix

BBC News, 25 February 2011

Big Banking

• Business as usual for the banks?
• Q&A: Project Merlin bank deal
• Q&A: Bank levy explained
• What do investment banks do?

Deutsche Bank has been fined 1bn won ($887,000) after South Korea's regulators said its staff manipulated the country's stock market.

Deutsche Bank has said it will cooperate
with Korean authorities

The fine is the largest ever handed down by Korea's stock exchange, KRX.

On Thursday, the Financial Services Commission (FSC) said Deutsche Bank staff colluded to force down the value of the stock index so that they could profit illegally.

Deutsche Bank said it was "disappointed" with the FSC's findings.

Closing rush?

The FSC started its investigation into Deutsche Bank's staff after the main KOSPI stock index fell 2.8% in the last 10 minutes of trade on 11 November.

That drop earned the staff profits of about 44.9bn won, the regulators claim.

According to the FSC, Deutsche Bank employees had built up large positions in derivatives that allowed them to influnce the market.

The regulators say Deutsche Bank employees pushed through $2.2bn (£1.4bn) worth of trades during the last 10 minutes of trading on the KOSPI

Prosecution

On Thursday, the FSC banned Deutsche Bank from trading certain securities and derivatives.

It now also wants five Deutsche Bank employees prosecuted.

The FSC said the employees are based in the company's Hong Kong, New York and Seoul offices, but did not give their names.

Deutsche Bank said it would cooperate with South Korean authorities.

Over 20 China firms listed in US accused of fraud

People Daily Online, December 13, 2010

More than 20 of the Chinese companies listed on the United State's exchanges have been accused of fraud, China Business News reported Monday.

About 80 percent of Chinese companies listed on the US market meet the nation's standards, but 10-20 percent of the firms provided false information, the report said, citing Stephen Paul Monticelli, president of Mosaic Investments LLC, a San Francisco-based company that has invested in Chinese firms over the past five years.

Stock prices of Dalian Rino Environment Engineering Science and Technology Co dived about 20 percent after it was reported to give false information to the US Securities and Exchange Commission this November. Now the Liaoning-based company has been sued, the report said.

Some Chinese companies employ small-size accountancy firms for auditing, which detracts somewhat from the credibility of the audit process, according to Monticelli. Market insiders also advised Chinese companies to consult a third party when going to the market.

As of December 10, 39 Chinese companies conducted initial public offerings (IPOs) on the US exchanges, according to statistics. This accounts for almost 25 percent of the total IPOs on the US market this year and exceeds the 2007 number. The figure was only 1 percent in 2000. In addition, four Chinese companies are among the top 10 US best performance IPOs in 2010, the newspaper said.

Source: China Daily

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US markets plunge on continuing Greek debt concerns

BBC News, 18:57 GMT, Thursday, 6 May 2010 19:57 UK

Concerns about European government debt levels hit shares in New York

US stockmarkets have plunged in New York as concerns about high levels of European government debt continued to shake investor confidence.

Stocks fell steeply on fears that Greece's debt problems will spread and halt the global economic recovery.

At one point the Dow Jones was down by more than 9%, its worst fall since 1987, before starting to recover.

By 1525 in New York the Dow Jones was down 4.40%, the S&P down 4.34%, and Nasdaq 4.64%.

As well as shares falling, bond prices increased and the dollar fell by 6% against the yen.

'Panic sell'

There are fears that banks which are still recovering from the 2008 global banking crisis are exposed to Greek debt.

Investors were disappointed that earlier today the European Central Bank did not take fresh measures, such as buying Greek bonds, to help stop the Greek debt crisis.

"Right now you just have a panic sell," said Keith Springer, president of Capital Financial Advisory Services in Sacramento, California.

"It could be a long-term negative for stock market because it could mean the long-term high is in place. It's very likely we've seen the highs for this cycle."

However, others said the volatility could be down to electronic trading issues rather than worries about Greece.

"This is an electronic market where bids can be cancelled at the flick of a button, and everyone cancelled at the same time," said Joe Saluzzi, of Themis Trading in New Jersey.

"We should be down big today, but not 1,000 points. This is an equity market structure issue, there's no major problem going on."

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Reuters

Plans for ‘Asean Bourse’ Advance

Jakarta Globe, Ardian Wibisono, April 24, 2010

Indonesia is backing a $1 trillion trading system, but will not be a founding member.

Indonesia has thrown its weight behind plans to establish a common, cross-border stock trading zone linking Southeast Asia’s key equity markets, but it won’t be involved at the outset, the Indonesia Stock Exchange director said.

Reacting to reports that plans were being finalized for a regional trading space to start next year with a market capitalization of over $1 trillion, Eddy Sugito said there were too many problems for Indonesia to jump in early.

Bursa Malaysia chief Yusli Mohamed Yusoff was reported on Friday as saying the Indonesia Stock Exchange (IDX) would be one of five main players in the first few years of the project.

Initial trades on a pilot basis would link the Kuala Lumpur and Bangkok exchanges, with Singapore and the Philippines joining by mid-2011, the Financial Times quoted Yusli as saying. Vietnam’s Ho Chi Minh Stock Exchange is also backing the project, he said, with Jakarta expected to join within two or three years.

But Eddy warned there could be teething troubles.

“We support the initiative for this single Asean exchange but it is unlikely that we will join during the early stages or by mid-2011 since there are many problems to solve and many issues to discuss,” he said. “For example, we have to deal with the infrastructure first, and several regulations regarding disclosure to prevent disputes among the bourses. We also have not gotten to details like how we would deal with settlements, currencies and so on. We’ll also want to be sure of protection.

“So we will look at progress in the early stages, and if we consider it will be beneficial, we won’t hesitate to join — but it is unlikely to be as early as next year.”

Yusli said it was unlikely the system would evolve into a single exchange involving all 10 Asean countries. But he said the project was “on course to create a common trading space between the region’s leading exchanges that would allow investors to trade across borders easily, potentially creating a new Asean asset class.”

“The idea is to create a system to link the trading engines of the different markets to enable electronic trades to go through seamlessly,” he said.

“Whether we will see a common exchange in the near future in my view is unlikely, but we can certainly look at harmonizing all the rules and standards so we have a market that works more seamlessly across borders.”

The five big Asean exchanges say the idea has been kicked around since 2009. They say a single trading platform with harmonized rules, regulations and practices would make the region’s capital markets more competitive and attractive to foreign funds.

There would not be a separate board for the new trading zone — estimated to cover at least 2,500 companies — and all issues quoted on the exchanges involved would be available for trading. Clearing would be by the home exchanges of the stocks traded, with settlement in local currencies.

Yusli said there was “growing interest in the Asean project among stock exchange chiefs from elsewhere in Asia.” The Tokyo and Seoul stock exchanges said they were interested, but had no plans to join.

“NYSE Technologies, the technology arm of NYSE Euronext, the trans-Atlantic exchange that owns the New York Stock Exchange, is developing software designed to link the exchanges to brokers in all the countries involved,” the Financial Times reported.

Five Asean Exchanges To Begin Electronic Trading

By D. Arul Rajoo, Bernama, February 23, 2009 19:28 PM 

BANGKOK, Feb 23 (Bernama) -- Malaysian investors can purchase directly trade stocks listed in Singapore, Thailand, the Philippines and Indonesia once the proposed Asian trading board starts operation next year. 

Bursa Malaysia Bhd's chief executive officer, Datuk Yusli Mohamed Yusoff, said the multilateral trading gateways was a result of more than one year of groundwork by a working group comprising all the five stock exchanges whose bourse capitalisation size was estimated to be more than US$1 trillion. 

Yusli said the Asean stock exchange was primarily an electronic linkages that would allow investors from other Asean countries to buy or sell Asean-listed securities through their local brokers. 

"Forging closer cooperation among regional exchanges is crucial for us to remain globally relevant. This will encourage greater intra-Asean trading and an integrated Asean capital market will raise the profile of this region's securities to the global investment community," he said. 

Yusri was speaking after a memorandum of understanding (MoU) signing ceremony between the five exchanges which was witnessed by Thai Finance Minister, Korn Chatikavani, here Monday. 

Bursa Malaysia, Indonesia Stock Exchange, Philippine Stock Exchange Inc, Singapore Exchange and the Stock Exchange of Thailand (SET) signed the MOU to form an Asean electronic trading link to enhance the competitiveness of their capital markets. 

Yusri said the e-trading link, through one single access point, allows intra-Asean cross border trading and would attract more international funds into Asean. 

"The next step after signing of the MOU is to work with technology partner to see how the tradings can be done. Eventually, an investor can invest in another country's exchange without having to call broker in that country," he said. 

According to him, this was the first time such linkages among separate owners are being introduced in the region, adding that similar and much more advanced concept exist in Europe but involves common ownerships. 

Earlier this month, Nongram Wongwanich, chief operation officer of SET, had said the collaboration would start with first bilateral stock trading either between SET and SGX or SET and the Bursa Malaysia as these three stock markets have the most readiness in terms of system. 

She had said that the second bilateral stock trading would start three months after the first one. 

In his speech, Korn said a stronger, integrated and more competitive Asean was necessary to respond to the changing global landscape. 

"Offering a single platform is a starting point to achieve our 2015 vision of a more integrated Asean capital market with harmonised rules, regulations and practices", he said.