What is PM Boris Johnson worth? More than £300,000, in City donations

first_imgTuesday 23 July 2019 7:19 pm What is PM Boris Johnson worth? More than £300,000 in City donations Sheila Noakes, a non-executive director at RBS and a member of the House of Lords, donated £5,000 in May this year. Amit Bhatia, the Indian businessman and chairman of Queens Park Rangers made a donation of £10,000 last month, as did Rosemary Said, the wide of Saudi businessman Wafic Said. Alexandra Rogers Details of Johnson’s donations this year are listed in MPs declaration of financial interests. Read more: EU’s chief Brexit negotiator Michel Barnier knocks hopes of a new deal under Boris Johnson Share Newly-elected Tory party leader Boris Johnson collected over £300,000 in donations from City and business figures in the build-up to his campaign to be the next Prime Minister. Johnson, who received over 90,000 votes in the Tory leadership election, will be appointed Prime Minister tomorrow after Theresa May hands in her resignation. Fund manager Charles Montanaro sent Johnson £8,000, and Alex Wilmot-Sitwell, the son of financier Peter Wilmot-Sitwell who has held roles at Bank of America Merrill Lynch and UBS, donated £5,000. Among the notable donors were Peter Cruddas, the chief executive of spreadbetting firm CMC Markets, who sent Johnson £50,000 in early June, and former Metro Bank director James Reuben, who also gifted £50,000 between May and June.center_img Robin Birley, who owns the elite private members’ club 5 Hertford Street, sent £20,000 to Johnson in June. Long time Tory donor and founder of the hedge fund SRM Global Jon Wood gifted £25,000 to Johnson in May, and Jon Moynihan, the chair of Ipex Capital, donated £100,000 to the former foreign secretary’s campaign in June. IPGL, the personal investment company of Nex Group founder and former Tory party treasurer Michael Spencer, donated £20,000. whatsapp whatsapp Boris Johnson was crowned Tory party leader with over 66 per cent of the vote Read more: Follow the money: Brexiter Tories stuff their war chests ahead of leadership election Read more: Boris Johnson wins race to be next UK Prime Minister by a landslide More From Our Partners Biden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orglast_img read more

Kenai and Sitka newspapers misreported voter eligibility before primary

first_imgPolitics | Southcentral | Southeast | State GovernmentKenai and Sitka newspapers misreported voter eligibility before primaryAugust 29, 2018 by Andrew Kitchenman, KTOO and Alaska Public Media Share:Voters in Sitka during the August 2014 state primary election. (Photo by Rachel Waldholz/KCAW)Two Alaska newspapers initially misreported who was eligible to vote in the primary election. And it turned out that fewer than 100 votes could have made the difference in two races in one of the paper’s areas.The Kenai-based Peninsula Clarion reported on the morning of the Aug. 21 primary that voters registered in one of Alaska’s official political parties could vote. However, it failed to mention people registered as nonpartisan or undeclared, who could vote either primary ballot.The Sitka Sentinel misreported that only Republicans could vote in the Republican primary. Sentinel editor and co-publisher Thad Poulson said the error was based on information on who is eligible to be candidates.“From reading the sample ballots, which say what parties – or what candidates – are eligible to be on that ballot, we took that to mean, these are voters who are eligible to vote that ballot,” he said, adding: “Of course, that isn’t correct.”None of the Sitka elections were close. But in the Kenai Peninsula, the Republican race for Senate District O was separated by a single vote at one point on election night. And the Republican contest in House District 29 is still separated by only 13 votes as of Wednesday.The two ballots have different rules about who can vote. And the political parties have different rules about who can run on their ballots.The Democratic, Libertarian and Alaskan Independence parties allow anyone registered to vote to cast a primary ballot. The Democratic Party allows Democratic, undeclared and nonpartisan candidates to run in its primary.In contrast, the Alaska Republican Party allows registered Republican, nonpartisan and undeclared voters to cast ballots. Only Republicans can run in its primary.Both the Peninsula Clarion and Sitka Sentinel addressed the errors – the Clarion posted a clarification online the morning of the primary, while the Sentinel published a correction in print the day before the primary.Alaska Division of Elections spokeswoman Samantha Miller said the division provided clear information to the public and to the news media about the primary.“Elections are complex by nature,” Miller said. “And each party has their own rules, which is why we do make attempts to make ourselves available to talk with media.”She also said that the rules about who can vote are posted at voting locations.Share this story:last_img read more

Long-haul helps Aer Lingus with 19pc profit rise

first_img Long-haul helps Aer Lingus with 19pc profit rise Tags: NULL Irish airline Aer Lingus yesterday revealed a 34 per cent increase in fare revenues from its long-haul routes, contributing to a 19 per cent overall operating profit boost at the carrier for the third quarter. Short-haul revenue was also up, by 5.5 per cent, helping the group to its strongest third quarter period since the financial crisis. Aer Lingus chief executive Christoph Mueller said yesterday that he was “particularly pleased” with the results and added that the company was looking to add more new long-haul routes in the coming months. “In long-haul, we carried nearly a quarter more passengers compared to last year while increasing our load factor and revenue per seat. We target further profitable growth of our long-haul business into 2015. Our new Dublin to Washington service will be launched in May 2015 and services on existing transatlantic routes will be increased,” he added. Operating profit in the third quarter rose 19 per cent to €112.9m (£88m) up from €94.9m in the same period the year before. For the three months to the end of September, the airline carried over three million passengers, an increase of 4.8 per cent compared with 2013. Announcing new routes yesterday, Aer Lingus said the group would operate 24 daily departures across the Atlantic from summer 2015. There will now be a daily flight from Dublin to San Fransisco. Show Comments ▼ Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’Crazy Rich Asians’ Director Wishes He Made South Asian Roles ‘More Human’The Wrap by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryzenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comThe No Cost Solar ProgramGet Paid To Install Solar + Tesla Battery For No Cost At Install and Save Thousands.The No Cost Solar ProgramMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNational Penny For Seniors7 Discounts Seniors Only Get If They AskNational Penny For SeniorsMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity Weekinvesting.comThe Military Spent $1 Billion On this New Vehicle, And Here’s The First Lookinvesting.comEquity MirrorThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryEquity MirrorPost FunKate & Meghan Are Very Different Mothers, These Photos Prove ItPost Funcenter_img whatsapp whatsapp Wednesday 5 November 2014 8:22 pm Share Kate McCannKate McCann is a reporter at City A.M. She covers politics and insurance and can be contacted at [email protected] last_img read more

Martin Shkreli’s bail revoked, he heads to jail after Facebook post on Clinton

first_img Associated Press Daily reporting and analysis The most comprehensive industry coverage from a powerhouse team of reporters Subscriber-only newsletters Daily newsletters to brief you on the most important industry news of the day STAT+ Conversations Weekly opportunities to engage with our reporters and leading industry experts in live video conversations Exclusive industry events Premium access to subscriber-only networking events around the country The best reporters in the industry The most trusted and well-connected newsroom in the health care industry And much more Exclusive interviews with industry leaders, profiles, and premium tools, like our CRISPR Trackr. STAT+ is STAT’s premium subscription service for in-depth biotech, pharma, policy, and life science coverage and analysis. Our award-winning team covers news on Wall Street, policy developments in Washington, early science breakthroughs and clinical trial results, and health care disruption in Silicon Valley and beyond. By Associated Press Sept. 13, 2017 Reprints What’s included? Martin Shkreli’s bail revoked, he heads to jail after Facebook post on Clinton Tags legalpharmaceuticals What is it? Unlock this article — plus daily coverage and analysis of the pharma industry — by subscribing to STAT+. First 30 days free. GET STARTED Log In | Learn More NEW YORK  — Former pharmaceutical company CEO Martin Shkreli had his bail revoked and was headed to jail Wednesday while awaiting sentencing for a securities fraud conviction.A judge heard arguments about whether the provocative online antics of Shkreli, dubbed the Pharma Bro, were bad enough to put him behind bars and decided to have him taken into custody immediately. GET STARTED About the Author Reprints Pharma Martin Shkreli on the first day of his securities fraud trial in June. Kevin Hagen/Getty Imageslast_img read more

BREAKING: 402 new cases of Coronavirus cases in Ireland and 13 more deaths

Previous articleLocal Labour candidate Mark Wall in strong position to win Seanad seatNext articleCoronavirus Daily Noticeboard – Thursday, April 2, 2020 Alan HartnettStradbally native Alan Hartnett is a graduate of Knockbeg College who has worked in the local and national media since 2008. Alan has a BA in Economics, Politics and Law and an MA in Journalism from DCU. His happiest moment was when Jody Dillon scored THAT goal in the Laois senior football final in 2016. Electric Picnic Facebook By Alan Hartnett – 2nd April 2020 Bizarre situation as Ben Brennan breaks up Fianna Fáil-Fine Gael arrangement to take Graiguecullen-Portarlington vice-chair role Twitter Laois Councillor ‘amazed’ at Electric Picnic decision to apply for later date for 2021 festival Facebook TAGSCoronavirusCovid-19 Coronavirus MythsAs yet, there is no cure currently for COVID-19.So people suggesting/selling special remedies like vitamin C, garlic, home cures, drinking bleach, or putting half an onion in rooms around the house are – well you know don’t you?The World Health Organisation has advice on some of these urban legends.Cuisle Centre The Coronavirus outbreak has led to the Cuisle Centre in Portlaoise closing.They said: “The Covid-19 restrictions mean that we have had to temporarily close our doors, but we are still here to support you and your family.“As we know this is a confusing time for our patients as chemotherapy and surgery are been rescheduled – we will be continuing to give you support and guidance over the phone.“Just call 0578681492 and leave your name, number and a brief message and we will get back to you. You can also contact us on email: [email protected] or messenger us through facebook.“Stay safe everyone, wash your hands and take a little exercise.”Important information Symptoms of Covid-19 include:CoughShortness of breathFeverBreathing difficulties.Further resources:The HSE: Official advice on the coronavirus in Ireland. This is being updated based on the number of confirmed cases and how the virus spreads in Ireland.The Department of Foreign Affairs: Official advice on where to avoid travelling to. Also a resource for those who are abroad.The World Health Organization (WHO): The UN agency on global public health publishes statements and daily situation reports based on the latest data.European Centre for Disease Prevention and Control (ECDC): The EU agency on the number of cases, deaths and how it’s spreading in Europe.The Johns Hopkins University map: A heat map of the confirmed cases across the world.A helpline for older people who are concerned about the coronavirus has been launched by Alone. The number is 0818 222 024, and it’s open Monday to Friday, 8am-8pm.SEE ALSO – For more Coronavirus stories click here 9 of the deaths are located in the east, 1 in the south, 3 in the west of the country.The patients included 4 females and 9 males while 10 of the patients were reported as having underlying health conditions.Dr. Tony Holohan, Chief Medical Officer, Department of Health, said; “We have a more detailed ICU report available this evening. Of 148 cases admitted to ICU, 25 of those cases have been discharged, sadly there have been 14 deaths from ICU and 109 remain in ICU. The median age of ICU admission is 62.“I would also like to highlight a worrying scene I witnessed during my visit to hospital on Tuesday evening; empty waiting rooms and empty beds.“While protecting yourself from COVID-19 is a priority, no one should ignore signs that they may need medical attention for other ailments such as lumps, chest pain or other concerns. Please do not ignore any symptom outside of COVID-19. The hospitals are there for all ailments, not just COVID-19.”People have been asking for the stats on recovered patients but as yet, the HSE have not released these.However, a website giving stats on worldwide figures of Coronavirus, says that just five people have recovered in Ireland.Today’s data from HPSC, as of midnight, Tuesday 31st March 2020 (3,282 cases), reveals:· 50% are male and 50% are female, with 160 clusters involving 659 cases· Median age of confirmed cases is 48 years· 932 cases (28%) have been hospitalised· Of those hospitalised, 134 cases have been admitted to ICU· 841 cases (26%) are associated with healthcare workers· Dublin has the highest number of cases at 1,838 (56% of all cases) followed by Cork with 272 cases (8%)· Of those for whom transmission status is known: community transmission accounts for 60%, close contact accounts for 23%, travel abroad accounts for 17%Links to today’s other Coronavirus stories Hilary Treacy: Why extra care is needed when you’re working from homeStudying during Coronavirus: Colaiste Iosagain student on prepping for state exams in a pandemicLaois parents hail local Garda and Portlaoise Hospital as baby daughter comes homeNo Coronavirus tests carried out in Laois GAA grounds a week after drive-thru set upParalympic hopes put on hold for Portarlington swimmer Nicole TurnerNorthern Ireland, the UK and globally There have been six further deaths from Coronavirus in Northern Ireland, bringing total to 36. There are also 85 new cases, bringing total to 774.In the UK, the jump in Coronavirus-related hospital deaths from 2,352 to 2,921 is an increase of 569 – the highest day-on-day rise since the outbreak began and up very slightly on yesterday’s rise of 563.The number of deaths linked to Covid-19 in Spain has risen past 10,000 – following a record rise of 950 deaths in 24 hours.Russian President Vladimir Putin has prolonged a non-working period declared across Russia to try and stem the spread of Covid-19, until 30 April.Saudi Arabia has imposed a 24-hour curfew in the Muslim holy cities of Mecca and Medina, extending measures to combat coronavirus, while other Gulf Arab states locked down districts with large migrant worker populations.There are now more than 980,000 cases globally with at least one in almost every country on the planet. Almost 51,000 people have died. While 206,000 have recovered.Economy update Our public finances have deteriorated by €1.6 billion in the first three months of the year, compared to the same period last year, as the impact of Covid-19 begins to have an effect.Over half a million people were receiving some form of social welfare income support by the end of March, according to the latest Live Register figures from the Central Statistics Office.St Vincent de Paul St Vincent de Paul has reported they received 15,000 calls for help in March due to Coronavirus.People laid off who are struggling with bills, lone parents struggling with utilities due to school closures, pensioners who can’t afford to keep homes warm and people who left work to care for vulnerable relative have all been in touch.If you need help, click here.Data from the Department of Health 136 people have been admitted to ICU with Coronavirus. WhatsApp Pinterest Home News BREAKING: 402 new cases of Coronavirus cases in Ireland and 13 more… News News Pinterest WhatsApp BREAKING: 402 new cases of Coronavirus cases in Ireland and 13 more deaths Twitter RELATED ARTICLESMORE FROM AUTHOR A total of 402 new cases of Coronavirus have been diagnosed in Ireland today.This is an increase on the 3,447 cases from yesterday and takes the overall total to 3,849While now 98 people have died from the disease – an increase of 13 from yesterday. The average age of the people who have died is 82. Electric Picnic Electric Picnic organisers release statement following confirmation of new festival date read more

Le fils d’un ancien conseiller éliminé parvient à échapper à un…

first_img Le fils d’un ancien conseiller éliminé parvient à échapper à un r News Entire border patrol unit in North Hamgyong Province placed into quarantine following “paratyphoid” outbreak Un ressortissant nord-coréen poursuivantses études à Paris se cache, selon certaines informations, depuis deux semainesaprès avoir échappé à un rapatriement forcé opéré par des officiels de laSécurité nord-coréenne alors qu’ils se rendaient à l’aéroport. AvatarDaily NKQuestions or comments about this article? Contact us at [email protected] Des agents de la Sécurité nord-coréenne enposte dans une ambassade nord-coréenne d’un autre pays d’Europe ont faitirruption au domicile de l’étudiant, lui ont confisqué son passeport et sontéléphone portable, et ont tenté de le conduire à l’aéroport afin de lerapatrier en Corée du Nord selon des sources coréennes locales. L’étudiant, appelé Han, est le fils de l’undes conseillers de Chang Song Taek, éliminé en compagnie d’anciens officiels dehaut rang. Cette tentative de rapatriement semble s’inscrire dans la continuitédes purges menées depuis l’année dernière en Corée du Nord. North Korea tries to accelerate building of walls and fences along border with China News Si cette tentative de rapatriement forcéest avérée, cela entraînera des problèmes diplomatiques entre les deux pays. Il semble en outre que les agents de la Sécuriténord-coréenne ayant participé à cette tentative proviennent d’un paysfrontalier de la France, ce qui constituera une source de tensionssupplémentaires entre ce pays et Pyongyang. SHAREcenter_img La France et la Corée du Nord n’ont pas derelations diplomatiques. Cependant, Paris a permis à Pyongyang d’ouvrir unemission et mène des échanges limités avec la Corée du Nord. En 2011, legouvernement français a invité dix étudiants nord-coréens (tous enfantsd’officiels de haut rang), parmi lesquels Han, à étudier dans deux des plusprestigieuses écoles d’architecture : l’École nationale supérieured’Architecture de Paris-La Villette et l’École d’Architecture de Belleville. La police française et les responsables del’école dans lequel Han étudiait tentent de le localiser. News Facebook Twitter RELATED ARTICLESMORE FROM AUTHOR News There are signs that North Korea is running into serious difficulties with its corn harvest By Daily NK – 2014.11.27 10:35am L’étudiant, qui étudiait l’architecture enFrance, au courant de l’exécution de son père et de l’internement des membresde sa famille et de proches en camp de prisonniers politiques, est parvenu àéchapper à ses ravisseurs sur le chemin de l’aéroport. last_img read more

Bank of Canada warns about investment scheme

first_img Facebook LinkedIn Twitter James Langton SEC warns about rise in investment scams FCA tackles flurry of investment scams Related news The Bank of Canada is warning about a fraudulent investment scheme that is falsely claiming to involve Canada’s central bank.In an alert issued on Monday, the bank warned about an allegedly fraudulent scheme being carried out by a firm called World Way Capital (WWC). Keywords Investment scamsCompanies Bank of Canada Don’t believe the hype: BCSC proposes new rules for stock promoters red warning flag on a stormy beach kmiragaya/123RF Share this article and your comments with peers on social media It said that WWC is providing investors with a fraudulent “deposit guarantee/investor compensation” term sheet that claims the Bank of Canada will guarantee deposits in US dollars and cryptocurrencies.“The Bank does not accept deposits nor does it guarantee any deposits or investments with WWC or any other company,” it said in the alert. “The Bank has no connection to this scam.”Additionally, the central bank reported that the firm is also giving investors a “false partnership agreement” claiming to document a deal between the firm and the central bank. The Bank stresses that it doesn’t have any agreement with WWC.“This fraudulent investment scheme misrepresents the [Bank of Canada] and makes use of the Bank’s name, identity, logos, trade-marks and letterhead without authorization,” it said.last_img read more

SEC sets up Covid-19 surveillance group

first_img Related news The U.S. Securities and Exchange Commission (SEC) has formed an internal group to monitor the effects of the Covid-19 outbreak on the markets and investors, and to coordinate the regulator’s responses.The SEC announced the creation of its Covid-19 Market Monitoring Group, made up of representatives from various branches of the SEC. The group is being chaired by the SEC’s chief economist, S.P. Kothari. SEC charges five in US$2-billion crypto trading scheme “The importance of understanding what is happening in the markets is greater than ever,” Kothari said in a statement. “Collaboration both within the SEC and with our regulator colleagues is vital to this effort.”The group will also serve as a liaison with other regulators and agencies, including the Financial Stability Board, the U.S. Financial Stability Oversight Council and the President’s Working Group on Financial Markets. Share this article and your comments with peers on social media Regulators must avert looming irrelevance: IAP James Langton tax inspector investigating financial documents through magnifying glass, forensic accounting or financial forensics, inspecting offshore company financial papers, documents and reports. 123RF Keywords Pandemics,  Coronavirus,  RegulationCompanies Securities and Exchange Commission Regulators issue new reporting guidance on systems outages Facebook LinkedIn Twitterlast_img read more

Inverse ETF class action revived on appeal

first_img Bitcoin surge doesn’t affect damages, B.C. court says Share this article and your comments with peers on social media A gavel rests on its sounding block with a several law books and a justice scale out of fucus in the background. A cool blue cast dominates the scene. (A gavel rests on its sounding block with a several law books and a justice scale out of fucus in t iStock On appeal, the proposed case has been revived and sent back to the lower court judge to determine whether the other criteria for certifying the case as a class action suit are established.The claim has yet to be certified as a class action, and none of the allegations has been proven.According to the appeal court’s decision, the suit stems from the collapse of an inverse ETF (Horizons BetaPro S&P 500 VIX Short-Term Futures Daily Inverse ETF) that lost 90% of its value overnight in February 2018 and was ultimately closed down by the company.The proposed plaintiff in the case, Graham Wright, sued the firm, alleging that “Horizons was negligent and was liable for making misrepresentations in its prospectus.”The lower court judge dismissed the claim on the basis that, among other things, Horizons didn’t owe investors a duty of care, and therefore the plaintiff couldn’t make a claim for negligence.The lower court ruling said, “Extending a duty of care for pure economic loss to the creator of an index tracking ETF would: deter useful economic activity where the parties are best left to allocate risks through the autonomy of contract, insurance, and due diligence; encourage a multiplicity of inappropriate lawsuits; arguably disturb the balance between statutory and common law actions envisioned by the legislator; and introduce the courts to a significant regulatory function when existing causes of action, the regulators, and the marketplace already provide remedies.”On appeal, Wright argued that the lower court judge was incorrect.He claimed that the company was “negligent in designing, developing, offering, and promoting a financial product that was not adequately tested before launching, excessively risky, complex and doomed to fail.”He also alleged that the risks of investing in the fund were not adequately disclosed, and that Horizons “failed to take action to prevent investors from sustaining massive losses.”Wright argued that “the prospectus failed to disclose the real risks attached to the fund, including the disparity in the way gains and losses are experienced, and that it was inevitable that the fund would lose all or substantially all of its value in a single day,” the decision noted.According to the appeal decision, Horizons maintained that the lower court’s ruling was correct, that it had no duty to protect investors from losses in a risky product, and that the prospectus clearly disclosed the risks, among other things.The appeal court sided with the plaintiff, finding that Wright may be able to make his case that the fund was “doomed to fail” and that this was not disclosed to investors.“Read generously, the pleading provides that investors were not given sufficient information about the nature and extent of the risks and possible rewards to enable them to make an informed decision as to whether to invest, nor were they told that there was a design flaw and that the investment was doomed to fail. Without this information, the undertaking to provide a risky but viable investment was not met, and the risk of injury flowing from producing a product doomed to fail was reasonably foreseeable,” the appeal court said.The appeal court also found that it’s possible that a novel claim against the company could succeed.“Assuming the allegations in the pleading are proven, Horizons created a fund that was not suitable for any investors because the design flaw rendered it doomed to fail,” the court said.“The failure to provide full disclosure of the risks and/or the fact that the product was doomed to fail and the fund manager’s failure to develop a viable strategy for the fund might constitute a breach of a prima facie duty of care and/or a breach of the fund managers’ statutory duties,” the court added. A proposed investor class action against Horizons ETFs Management (Canada) Inc. over the collapse of an inverse ETF has been given new life by an Ontario court.The Court of Appeal for Ontario has overturned a lower court decision from June 2019 that dismissed a proposed class action suit against Horizons on the basis that it didn’t set out a reasonable cause of action. James Langton Deadline extended again for ETF tax proposal Sterling Mutuals adds ETFs to product shelf Keywords Lawsuits,  ETFCompanies Horizons ETFs Management (Canada) Inc. Facebook LinkedIn Twitter Related newslast_img read more

Wells Fargo posts $2B profit in Q3, reversing Q2 loss

first_img Canaccord reports record revenues, drops proposal to acquire RF Capital skyscrapers in Manhattan at sunset, New York City maciejbledowski/123RF Facebook LinkedIn Twitter Wells Fargo says it earned $2 billion in the third quarter, less than half of what it made in the same period last year but a significant improvement from this year’s second quarter, when it posted a loss as the coronavirus swept through the U.S. (All figures are in U.S. dollars.)The San Francisco bank said Wednesday that it earned 42 cents per share, down from 92 cents per share a year earlier and less than the 44 cents Wall Street analysts were expecting. Matt OttAssociated Press Keywords Earnings Wells reported revenue of $18.86 billion in the quarter, also down from last year’s third quarter when it took in $22 billion. The bank’s revenue for the quarter surpassed Wall Street projections of $18 billion.Wells set aside $769 million in the third quarter for loan loss provisions, which is the money set aside to cover potentially bad loans. That’s just a fraction of the billions it set aside in the previous quarter when the coronavirus shuttered the economy, forced millions of people out of work and jeopardized the ability of businesses and individuals to make loan and mortgage payments.Wells Fargo lost $2.4 billion in the second quarter, the first quarterly loss for the bank since the real estate crash of 2008.Wells Fargo said its net interest income was $9.4 billion, down $2.3 billion from last year’s period. Noninterest income was $9.5 billion, down $891 million from 2019.As the coronavirus outbreak persists in many areas of the U.S. and with a cold-weather resurgence possible in many others, many fear that potential business closures this fall and winter could throw the U.S. economy into a tailspin similar to last spring.Charlie Scharf, Wells Fargo’s chief executive officer, acknowledged the boost his bank got from the government’s injection of trillions of dollars in loans and relief into the U.S. economy, giving consumers the power to spend and helping many businesses stay afloat. But with another aid package stalled in Congress, the country’s economic future is cloudy.“As we look forward, the trajectory of the economic recovery remains unclear as the negative impact of Covid continues and further fiscal stimulus is uncertain,” Scharf said.On top of the difficulties presented by the virus pandemic, Wells has been in seemingly constant trouble with regulators for years. The nation’s biggest mortgage lender, Wells has been operating under strict federal guidelines due to a series of scandals, limiting its ability to grow.In 2018, the Fed capped the size of Wells Fargo’s assets beginning in 2016 with the uncovering of millions of fake chequing accounts its employees opened to meet sales quotas. The Fed lifted that cap in April as part of the federal government’s Payroll Protection Program because many of Wells’ small business customers were getting shut out from applying. Canadian banks to focus on growth, spending and buybacks after strong second quarter Laurentian Bank reports $53.1M profit in Q2, beats expectations Share this article and your comments with peers on social media Related newslast_img read more