Tech friend or foe? Sadiq on why going up against Uber isn’t bad for London’s business

whatsapp Tech friend or foe? Sadiq on why going up against Uber isn’t bad for London’s business Helen Cahill whatsapp “If you are a business, you are queueing up to come to London,” he says. “I’m confident the environment in London is healthy and there will be alternative companies trying to get into London.”“It shows the difference of having a strong mayor on Londoners has, rather than this situation where you’ve got a chumocracy, when people bend over backwards to the extent they fall over to try and entice companies that aren’t playing by the rules.”He points to the actions he has been taking to ensure that the capital’s tech community can thrive, most notably, his decision to make TfL’s passenger data freely available, which has lead to the creation of at least 700 apps.“I encourage them to get wealthy as a consequence of them using the data, because I support the service of the apps,” he says.With two more years in office, Khan will be hoping to convince London firms he is indeed on their side. Share Monday 12 March 2018 9:14 am Uber is fighting TfL’s decision in the courts (Source: Getty)He dismisses the suggestion that TfL’s decision to revoke Uber’s licence was motivated by support for black cab drivers.“We want not a race to the bottom, we want standards being raised,” he says. “And many people, the day after [the decision], people are saying it is the end of time as we know it; Uber wouldn’t try to address the concerns TfL had ― and low and behold, if we take it at face value, Uber are trying to address the concerns TfL had.”Tensions have eased with the appointment of Dara Khosrowshahi as Uber’s new chief executive. Khan says he has been “impressed” with Uber since Khosrowshahi took charge. He adds that former boss Travis Kalanick was not taking TfL’s concerns seriously.Khan says all companies will be treated the same “no matter how many lawyers you hire, or PRs you have” (he is accompanied by two PRs for our interview). Ultimately, Khan is convinced that Londoners will survive without Uber because a new ride-hailing app will emerge. He wants the capital to attract disruptive technologies, and cites Airbnb as a responsible tech firm that he wants to see thrive in London. More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKansas coach fired for using N-word toward Black playerthegrio.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgColin Kaepernick to publish book on abolishing the policethegrio.comFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comLA news reporter doesn’t seem to recognize actor Mark‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comFort Bragg soldier accused of killing another servicewoman over exthegrio.comWhy people are finding dryer sheets in their Sadiq Khan pledged to be the most “business-friendly” mayor to lead London when he was elected almost two years ago.But in September last year, he shocked the business community by backing Transport for London’s (TfL) decision to revoke Uber’s licence. Uber is not known for its good corporate governance, but Khan was criticised for taking a hard line on a company that was using technology to bring benefits to consumers.The dispute with Uber is ongoing, and today, as Khan heads to Austin, Texas for South by South West festival, he has not softened his stance on Uber.In his speech at the conference, Khan will reference his clash with Uber, and say that regulation must keep pace with the new technologies on offer to consumers.“I’m saying to technology companies: don’t be scared of cities that want you to play by the rules, you should embrace it,” he says.“Otherwise you have more and more examples like Germany, which have legislated much to the discomfort of social media companies.” read more

Curtain Call: Eric Idle Celebrates the 10th Anniversary of Monty Python’s…

first_imgTheaterCurtain Call: Eric Idle Celebrates the 10th Anniversary of Monty Python’s SpamalotHis Tony Award winning musical gets three performances at the Hollywood BowlBy Craig Byrd – July 30, 2015571ShareEmailFacebookTwitterPinterestReddItMonty Python and the Holy Grail was released 40 years ago. Monty Python played the Hollywood Bowl 35 years ago. Monty Python’s Spamalot opened on Broadway 10 years ago. It’s a season of anniversaries that Eric Idle is celebrating by appearing as the Historian in three performances of Spamalot at the Hollywood Bowl this weekend. Or the Bollywood Hole as he’s fond of saying.“It’s been extraordinary,” he says during rehearsals for the show. “Holy Grail was our first film. We made another film previously, but this was the first film where we were in charge. The two Terrys were directing. It was hard to find the money. And it was only $400,000. That’s what the film cost. We spent that on lawyers for Spamalot.”Idle thinks the film still casts a spell on audiences in much the same way as a certain film by the Fab Four. “We were young, we were naïve and we were making things up,” he offers. “We were just trying to be funny. I always think of it a bit like A Hard Day’s Night. Young people with enthusiasm not quite sure what they were doing. It’s a very silly film.”Along with collaborator John Du Prez, Idle turned his “silly film” into a Broadway musical called Monty Python’s Spamalot. The show opened on Broadway in 2005 and ran for over 1500 performances. It also won the Tony Award for Best Musical. “The nice thing about the play, when I read it, it’s a series of short sketches. ‘Well, I’m not dead yet,’ that’s clearly a song,” he says with a laugh. “The hardest thing to adapt was because we played 98 different characters. How to put it on stage? I collected all the parts played by John Cleese and made that one person. All the parts played by me and made that one person. That was the way to be able to do it.”For these three performances, Idle will be essaying the role of the Historian. But it isn’t his first time in the show. “I actually once popped on stage in Chicago when we were doing the tryouts, because my plane was stuck by snow and I was really angry,” he reveals. “So I said to Christian [Borle], ‘let me go on stage for you during act 2.’ So I went on stage as him and I thought they wouldn’t notice. Of course they went crazy.”Idle is not just the historian for the play, he’s the historian for Python. Does the cast come to him for guidance? “They all come a little bit,” he says. “They say, ‘just let me know.’ They know I’m watching. Today Jesse [Tyler Ferguson] was doing a part I did, the guard, and he made it his own. And he asked if it was okay. I said, ‘Absolutely, you’ve got make it your own. Otherwise it’s not funny. You have to inhabit it. You have to be in it.’”Although he’s a pescetarian, Idle had no qualms celebrating canned meat. “I always say, it’s not for eating, it’s just for comedy,” followed by another robust laugh. “But of course, when we grew up in the 1950s with rationing, Spam was what America shipped abroad. Tins of Spam to starving people in Europe. There were recipes for Spam: how to make Spam fritters, how to make Spam in a basket, Spam wings.”If the Bowl sells out all three nights, Spamalot will be seen by as many people as would have seen 35 sold-out shows in New York. Does that intimidate Idle? “I love the Bowl. It’s fun. Because people have their bottle of wine and they have their dinner and they are in a very good mood. There’s an excitement in the bowl before the curtain goes up.”With all the concurrent anniversaries, Idle ponders why people rally around this work. He recalls the first cast of Spamalot. “They bonded. It’s been true of any company around the world, they bond. I don’t know if it is Python or it’s silly or whatever it is, they always have a great time. The comedy musical is king. I don’t want to see people with plates on their faces and Andrew Lloyd Webber. Good luck and nice music. I think ‘make ‘em laugh’ is the secret to comedy musicals.” TAGSEric IdleHollywood BowlMonty PythonMonty Python’s Holy GrailMonty Python’s SpamalotPrevious articleSpanish Sandwiches With a North African Twist Debut at MorunoNext articleEat ShopHouse For Free (In a Graveyard While Watching a Kevin Bacon Movie) This WeekendCraig Byrd RELATED ARTICLESMORE FROM AUTHORThe Hollywood Bowl Is Making a Triumphant Summer ReturnThe Hollywood Bowl Summer 2021 Schedule Is HereThe Hollywood Bowl Will Resume Concerts this Summerlast_img read more

Apax buys Evry in a £380m deal

first_imgMonday 8 December 2014 8:37 pm whatsapp Show Comments ▼ Kate McCannKate McCann is a reporter at City A.M. She covers politics and insurance and can be contacted at [email protected] Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe Wrap’Drake & Josh’ Star Drake Bell Arrested in Ohio on Attempted ChildThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The WrapKatt Williams Explains Why He Believes There ‘Is No Cancel Culture’ inThe Wrap whatsappcenter_img 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 Apax buys Evry in a £380m deal Tags: NULL Share PRIVATE equity funds advised by Apax Partners have agreed to buy Norwegian technology firm Evry in a deal valuing the shares at 4.27bn Norwegian kroner (£380m).Evry’s board of directors unanimously recommended the 16 crowns per share offer and Apax has already secured the acceptance for more than 70 per cent of the shares, it emerged yesterday. Evry, one of the largest IT companies in the Nordics, will continue to be headquartered in Norway and will maintain the integrity of its brand, the company said in a statement yesterday. Arve Johansen, chairman of the board at Evry, added: “The board believe that the offer safeguards the interests of all of Evry’s stakeholders and are confident that the Apax fund is a solid new owner for Evry. “The offer delivers a considerable cash premium to our shareholders and the board considers the offer price to recognise the strategic value of Evry.”Chief executive Terje Mjøs added that the Apax deal strengthens the appeal of the IT industry in Norway to external investors and will serve to accelerate and expand the business in years to come. The deal was prompted by falling oil prices across the world, which have had an impact on investments in the industry and a knock-on effect on the IT world. In the third quarter, net income dropped to 77m kroner from 152m previously.Apax, the London-based private-equity firm, used Bank of America Merrill Lynch and DNB as advisors on the deal, while Evry plumped for ABG Sundal Collier Holding. last_img read more

FCA probe leads to record slump in Slater & Gordon share price

first_img whatsapp FCA probe leads to record slump in Slater & Gordon share price SHARES of the Melbourne-based law firm Slater & Gordon dropped more than 20 per cent yesterday in the company’s biggest ever one-day loss.The slump came after the Financial Conduct Authority (FCA) said that it was probing Quindell, a UK-based insurance claims handler.Slater & Gordon bought most of Quindell’s business in May for £637m. The FCA said earlier this week that Quindell’s accounting policies were “at the aggressive end of acceptable practice”.Quindell first came under scrutiny last year after New York short seller Gotham City Research published a report making serious accusations over its finances.Slater & Gordon said in a statement yesterday that it was confident it had no liability in relation to the FCA investigation.But that did not stop the firm’s shares from tanking. The share price slumped by 23 per cent before closing at A$5.06 (£2.49), down nearly 17.5 per cent. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailInvestment GuruRemember Cote De Pablo? Take A Deep Breath Before You See Her NowInvestment GuruMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekPost FunKate & Meghan Are Very Different Mothers, These Photos Prove ItPost FunForbesThese 10 Colleges Have Produced The Most Billionaire AlumniForbesComedyAbandoned Submarines Floating Around the WorldComedyzenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comEquity MirrorThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryEquity MirrorEliteSinglesThe Dating Site for Highly-Educated Singles in ScottsdaleEliteSingles Tags: NULL Express KCS center_img whatsapp Thursday 25 June 2015 8:50 pm Share Show Comments ▼ More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgInstitutional Investors Turn To Options to Bet Against AMCvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgWhite House Again Downplays Fourth Possible Coronvirus Checkvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comWhy people are finding dryer sheets in their mailboxesnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comlast_img read more

Member of FDA’s expert panel resigns over controversial Alzheimer’s therapy approval

first_img Andrew Joseph [email protected] Related: “We recognize that there has been tremendous public interest in aducanumab and differing viewpoints on the extensive and complicated data supporting the application for aducanumab,” Dunn wrote. “Our discussions leading up to the decision to grant an accelerated approval for aducanumab considered a wide range of views, both external and internal to FDA. We appreciate the comments from the advisory committee members and can assure you that we listened carefully and viewed the meeting proceedings as an important source of input as we discussed the appropriate action.”To Aaron Kesselheim, an advisory committee member and the director of Brigham and Women’s Hospital’s Program on Regulation, Therapeutics, and Law, Aduhelm’s approval didn’t just set “a dangerous precedent” for what kind of evidence an Alzheimer’s therapy would need to show to get the green light, “but even more broadly for the idea that a company can turn around and at the last minute seek [accelerated approval] when their primary clinical endpoints in their trials don’t reach the level needed for FDA approval,” he told STAT in an email. BusinessMember of FDA’s expert panel resigns over controversial Alzheimer’s therapy approval 2Comments Related: 2Comments About the Author Reprints Biogen isn’t worried about backlash to ‘bewildering’ price of Alzheimer’s drug Leave this field empty if you’re human: With Aduhelm, the story is also more complicated than the FDA just rebuking the expert panel. The FDA granted the Biogen therapy what’s called an accelerated approval, based not on firm evidence the drug slowed cognitive decline — which even the FDA acknowledged was not clear — but on a “surrogate endpoint” that the therapy cleared toxic protein plaques in patients’ brains. In the FDA’s view, that finding “is reasonably likely to predict a clinical benefit to patients.” It also said Biogen would have to run another trial to confirm a clinical benefit, though the results of that aren’t due for nearly another decade.But during the advisory committee meeting last November, FDA officials explicitly said they were not considering approving aducanumab based on a surrogate endpoint. Billy Dunn, the director of the FDA’s Office of Neuroscience, made it clear: “We’re not using the amyloid as a surrogate for efficacy.”  That meant the panelists were not asked to consider that possibility. @DrewQJoseph General Assignment Reporter Andrew covers a range of topics, from addiction to public health to genetics. ‘The price is bewildering’: The cost of Biogen’s Alzheimer’s drug may lead payers to erect roadblocks Please enter a valid email address. Following the Food and Drug Administration’s polarizing authorization of the Alzheimer’s therapy Aduhelm on Monday, a member of an agency advisory committee that recommended against the drug’s approval has resigned.Neurologist Joel Perlmutter of Washington University in St. Louis, a member of the FDA’s expert panel for nervous system therapies, told STAT in an email that he had quit the committee on Monday “due to this ruling by the FDA without further discussion with our advisory committee.”The advisory committee, which convened in November, couldn’t have been more openly skeptical of the drug, also known as aducanumab. Ten of the 11 panelists found that there was not enough evidence to show it could slow cognitive decline. The 11th voted “uncertain.”advertisement Privacy Policy Jacquelyn Martin/APcenter_img By Andrew Joseph June 8, 2021 Reprints It is important, Emerson said, for outside experts to have a voice in the decision-making process.Matthew Herper contributed reporting.  Tags dementiadrug developmentFDApolicy Trending Now: Related: It’s no surprise that some members of the panel denounced the FDA’s approval, and not simply because of their votes. During the November hearing, some of them criticized how the data was being discussed and the evidence Biogen had submitted. Earlier this year, Emerson, Kesselheim, and a third panelist published a paper in JAMA outlining what they saw as the flaws of the therapy.Still, Emerson, the biostatistician, said he would serve on another advisory committee if asked. (The panels have some permanent members, but for individual hearings, they invite “temporary members,” which included Emerson in the case of aducanumab.) The FDA does not have to follow its advisory committees’ recommendations — one study found the agency went against the experts 21% of the time from 2008 to 2015 — but those overrulings generally came when the votes were closer. The FDA often convenes the panels when there is uncertainty around whether or how to approve new products, and there are different “ad comms” for different types of medications. Create a display name to comment This name will appear with your comment There was an error saving your display name. Please check and try again. 2Comments Newsletters Sign up for Daily Recap A roundup of STAT’s top stories of the day. So on Monday when the agency announced it had indeed given Aduhelm the OK based on amyloid levels as a surrogate endpoint, it left experts on the panel scratching their heads. Trials of other amyloid-busting therapies have found that they didn’t result in clinical benefits.What had happened, Dunn explained in a letter to the chair of the panel Monday, was that after the panel hearing, there were “further discussions” within the agency that “raised further consideration of the accelerated approval pathway.” Elation, pride, and a slew of questions: Clinical trial participants reflect on their own complicated reactions to Aduhelm approval 2Comments Comparing the Covid-19 vaccines developed by Pfizer, Moderna, and Johnson & Johnson But the FDA still approved the treatment on Monday. On top of the potentially massive implications for patients, clinicians, and health care spending, the decision also raised questions about the role of the advisory committees — and what it meant that the agency, in its final adjudication, bucked the very panel it had convened.“This isn’t the first time when I was on a committee where the committee voted one way and the FDA decided another,” said biostatistician Scott Emerson, a professor emeritus at the University of Washington, who has served on many advisory committees in different disease areas. “This was the first time that nobody voted for approval of this drug — nobody — and they went against that.”advertisementlast_img read more

Local business raises over €8,800 for Pieta House

first_img Rugby Pinterest Charlie Flanagan on Electric Picnic: ‘I’d ask organisers to consult with community leaders’ Community WhatsApp Community Home News Community Local business raises over €8,800 for Pieta House NewsCommunity Facebook Twitter By Siun Lennon – 25th May 2018 Five Laois monuments to receive almost €200,000 in government funding Newport College being presented with their €2,500 prize at Junction 14 Mayfield The ‘Progress for Pieta’ initiative run by Junction 14 Mayfield, which worked with Transition Year students, has raised €8,898.56 for Pieta House.Each of the participanting eight schools received €100 seed capital to use and ‘progress’ this initial investment through organised activities and reinvestment of profits.The idea behind the initiative was to give students a business-focused project to develop their entrepreneurial and business skills, with all final profits being donated to Pieta House.Winning school The winning school was Newport College in Co. Tipperary who scooped a €2,500 prize after they raised a total of €3765.33 through a bake sale, no uniform day & fun run.Speaking at the presentation, General Manager of Junction 14, Gavin Moran, said: “This was a great event and we are extremely satisfied with the outcome. It was the first year we have run this and we now have a great base to propel this event.“It’s an ideal project for transition year students as it helps to hone their business skills. It’s also a great way to open the conversation about mental health and the great work Pieta House do,” he said.Marie Peelo of Pieta House said, “This has been a great event. It has offered transition year students a project to help nurture their entrepreneurial skills but more importantly, it opens a conversation about the Pieta House and the work we do.”Junction 14 and Pieta House will be running the campaign again next year and schools will be sent out an invitation to participate.center_img Twitter WhatsApp Previous articleWired with Whelan: Politicians are great sports so now it’s time they sweetened the dealNext articleGardaí clamping down on speeding all over Laois for National Slow Down Day Siun Lennonún Lennon joined LaoisToday in a full-time capacity after studying Journalism and New Media in the University of Limerick. She hails from Rosenallis and her interests vary from news, sports and politics. RELATED ARTICLESMORE FROM AUTHOR Ten Laois based players named on Leinster rugby U-18 girls squad Local business raises over €8,800 for Pieta House The goal is that more schools get involved next year and this event becomes a part of the transition year activities.SEE ALSO – Laois man elected as President of prestigious national society Pinterest Facebook TAGSJunction 14 MayfieldPieta House last_img read more

Anger mounts as police crush street sales

first_img Proposal to shift “general markets” to “specialized markets” finds little support among N. Korean leaders By Kang Mi Jin – 2016.03.09 10:17am RELATED ARTICLESMORE FROM AUTHOR NewsEconomy After unleashing a “70 day battle” to increase mobilized labor and limit market hours ahead of the May Party Congress, North Korea has also started toclamp down on unofficial alley markets and street vendors. Until now the response from thepublic had remained somewhat tempered regarding the mobilization, but the crackdown onstreet sales has fired up complaints.“We haven’t been able to sell thingsproperly because of the mandate forcing every resident to take part inmobilization and ‘uphold the Party with loyal beads of sweat to build a strongnation’ in relation to the 70 day battle,” a source from Ryanggang Provincetold Daily NK on March 6. “These days, MPS [Ministry of People’s Security, orNorth Korea’s police force] agents are on patrol all the time to crack down onstreet vendors.” This chain of events has been particularlydistressing for vendors in Yonbong 1-dong, Songhu-dong, Baenamugol, andYonpung-dong of northerly Ryanggnag Province. For sellers in those locales, unfettered street selling is the primary, it not sole, means oflivelihood. In the face of continual crackdowns, worries about weathering thenew host of difficulties brought on by the “70-day battle” thus weigh heavilyon already weary minds. “Some people have tried bringing a bit offood out with them to sell before mobilization work, but they’ve had all of itconfiscated,” the source said. “In the recent years, people weren’t reallyworried about being mobilized because the state didn’t crack down on marketactors and their activities. So of course when you suddenly slap restrictions [on what residents see as their right] people are going to complain.”   Indeed, the decree runs contrary to market regulations, or rather lack there of, during the Kim Jong Un era. Since assuming power in 2011, he has pivoted away from the suffocating market policies of his father while incrementally expanding the nation’s official marketplaces. However, following the pronouncement of plans to hold the first Party Congressscheduled in 36 years, Kim Jong Un has severely diminished people’s primary channel ofsurvival in order to produce more “achievements” ahead of thegathering. This unforeseen change of tack, a different source in Ryanggang Province reported, is what local residents find impossible to reconcile and has precipitated such a strong response.“Who would want to work hard duringmobilization if they’re choking our businesses like this? We’re not doing this to save up cash–we’re doing it simply to survive!” the source said, citing a number of merchants in the area.She then added her own voice to the roiling mix, pointing out that “if you want to eat, you’ve got to work.How are you supposed to defend your country if you can’t do that?”  Facebook Twitter SHARE Kang Mi JinKang Mi JinKang Mi Jin is a North Korean defector turned journalist who fled North Korea in 2009. She has a degree in economics and writes largely on marketization and economy-related issues for Daily NK. Questions about her articles can be directed to [email protected] center_img News Anger mounts as police crush street sales News US dollar and Chinese reminbi plummet against North Korean won once again News North Korea Market Price Update: June 8, 2021 (Rice and USD Exchange Rate Only) last_img read more

MP Global losses lead to 15-year trading ban

James Langton An Ontario Securities Commission (OSC) panel has handed a 15-year trading ban and almost $2.6 million in monetary penalties to a man it found traded without registration and illegally distributed securities. Back in August 2011, the OSC ruled that Joe Feng Deng and his firm, MP Global Financial Ltd., traded without registration and distributed securities without a prospectus or an exemption. BFI investors plead for firm’s sale PwC alleges deleted emails, unusual transactions in Bridging Finance case Keywords EnforcementCompanies Ontario Securities Commission Facebook LinkedIn Twitter Related news Share this article and your comments with peers on social media Mouth mechanic turned market manipulator On Tuesday, the OSC handed down its penalty decision in the case, including a 15-year ban on trading, from registration and from serving as a director or officer; a $250,000 administrative penalty; $2.2 million in disgorgement; and, $150,000 in costs. According to the decision, MP raised more than $25 million from investors, which was to be used to fund currency trading, largely from the Chinese-Canadian community in Toronto. However, of the $8.2 million that was deposited into the MP Group trading accounts, $7.75 million was lost through unprofitable trades by March 2009, and redemptions were suspended at that time. The panel noted that this was not a case of deliberate fraud. “In my view, the respondents’ behaviour was not predatory or rapacious, however it is conduct of serious concern where Mr. Deng took large amounts of funds from investors and then was not forthcoming with said investors when all of their funds were lost,” the decision notes, adding that this is unacceptable for anyone, particularly a former registrant. Nevertheless, the panel handed down softer penalties than OSC staff sought. They asked for permanent bans, a penalty of $500,000 to $750,000, almost $8 million in disgorgement, and over $300,000 in costs. In explaining its lesser disgorgement order, the panel said in its decision, “This was not a case that involved an allegation of fraud or a sham investment scheme of any kind, and therefore a 100% disgorgement would verge on the punitive side. In my view, it is appropriate that a disgorgement order in these circumstances relate to the amount obtained by Mr. Deng that he used for his own personal benefit.” Regardless of the penalties handed down, it appears unlikely they will be paid. The decision indicates that MP lost its business and has no assets, and that Deng lost his marriage, home, has no meaningful assets or employment prospects, and has gone back to live with his family in China who are supporting him. read more

NBDB streamlines fee structure

first_imgIE Staff Biden’s pick for SEC flags trading-app gimmicks for scrutiny Related news Family of novice investor who killed himself sue Robinhood Share this article and your comments with peers on social media BMO’s adviceDirect launches premium servicecenter_img If an NBDB client’s personal assets exceed $20,000 on May 31, 2014 or the client trades equities, exchange traded funds (ETF) or options at least five times between June 1, 2013 and May 31, 2014, the $100 administrative fee will be waived. For clients whose total assets are less than $20,000, administrative fees will be charged and divided among the client’s accounts. For example, if a client has an RRSP and a TFSA, the $100 fee will be split and the client will only pay $50 per account. No changes have been made to the discount brokerage’s commission schedule. Keywords Discount brokerages On December 1, National Bank Direct Brokerage (NBDB) adjusted its fee structure to make it among the most competitive in the Canadian direct brokerage industry. The new general fee schedule caps annual administrative fees and saves clients money. Annual administrative fees and exemptions are now calculated on all accounts held by a client, rather than on each individual account. Facebook LinkedIn Twitterlast_img read more

TSX, New York markets swing to the positive

first_imgLinda Nguyen Share this article and your comments with peers on social media Toronto stock market dips on weakness in the energy and financials sectors Related news Keywords Marketwatch S&P/TSX composite hits highest close since March on strength of financials sectorcenter_img It was a day of ups and downs on stock markets as investors digested U.S. president-elect Donald Trump’s first news conference Wednesday since his election in early November. Although indexes, particularly on Wall Street, traded lower following the hour-long media availability, they rebounded from their losses by the end of day to finish higher. TSX gets lift from financials, U.S. markets rise to highest since March Facebook LinkedIn Twitter The Dow Jones industrial average gained 98.75 points higher at 19,954.28, just short of hitting the 20,000 barrier. The S&P 500 was up 6.42 points at 2,275.32, while the Nasdaq composite added 11.83 points at 5,563.65 to hit its fifth record close in a row. Although the markets were positive as a whole, health-care stocks were broadly lower following some negative comments from Trump at the presser. He addressed a number of topics during the Q&A with reporters in New York, including how the government needs to overhaul how it buys drugs from pharmaceutical companies “because they’re getting away with murder.” Michael Currie, a vice-president and investment adviser at TD Wealth, said the billionaire businessman is unpredictable and his comments — good or bad — will likely drive markets during his presidency. “I don’t think we’ve seen a president starting off like this,” he said. “He is very much off the cuff and going after companies either positively or negatively, very directly. It’s hard to say what we can predict from him.” Stock markets have been rallying since Trump was elected last November because it views his policies as good for corporations, a trend Currie anticipates will continue until at least his inauguration on Jan. 20. “The only thing we can say unequivocally is that the markets have liked what he’s been doing so far,” he said. “But he hasn’t really done anything as president yet, because he’s not the president, so all the moves in the market has been in anticipation of what he is going to do. Once he’s in, then you might see some selling, at least initially.” In Toronto, the S&P/TSX composite index was up 65.26 points at 15,491.54, lifted by gains in metals and financials stocks. Shares in national retailer Hudson’s Bay Company shed another 7.5% Wednesday after the company announced a day earlier that it was lowering its sales forecast for the year. Its stock dipped 76¢ to close at $9.40. Corus Entertainment Inc. reported that its profit in the first quarter soared 72% to $71.1 million, thanks to its acquisition of Shaw Media. Despite the positive news, its shares fell 3% or 40¢, to close at $12.87. The Canadian dollar rallied 0.29 of a U.S. cent at US75.89¢, as the price of oil recovered some of the week’s earlier losses. February crude contracts were up US$1.43 at US$52.25 per barrel. In other commodities, the February gold contract added US$11.10 to US$1,196.60 per ounce, February natural gas dipped US5¢ to US$3.22 per mmBTU and March copper contracts were unchanged at US$2.61 a pound. last_img read more