Finance

UK court to hear compensation case of London Capital & Finance bondholders

LONDON, Sept 8 (Reuters)A British court has given the green light for a compensation case brought by bondholders suffering losses from the collapse of London Capital & Finance (LCF) to be heard, lawyers said on Tuesday.

The bondholders are seeking a judicial review of how their claims for compensation have been largely rejected.

LCF went into administration in early 2019 with losses of up to 237 million pounds ($311.6 million) after the Financial Conduct Authority (FCA) directed the firm to withdraw promotional material for so-called mini bonds.

The Administrative Court has given permission for the case to be heard, said Thomas Donegan, a partner at law firm Shearman & Sterling, who is acting on bondholders’ behalf.

“We feel confident in our arguments and look forward to presenting them to the Court,” Donegan said.

Britain’s Financial Services Compensation Scheme (FSCS) said in January it could only help 159 of

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Forecast deficit in B.C. grows to $12.8 billion under COVID-19

British Columbia is forecasting a $12.8-billion deficit for the 2020-21 fiscal year.

The deficits are driven by the economic impact of the novel coronavirus pandemic, but there is some optimism from the B.C. government based on recent job numbers.

Finance Minister Carole James has outlined the financial picture based on the first quarter of the year, which goes from April until the end of June.






B.C. forecasting a $12.8B deficit, kids return back to the classroom


B.C. forecasting a $12.8B deficit, kids return back to the classroom

The forecast comes after the province provided a financial snapshot in July.

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Since the summer, the overall impacts of the pandemic on revenues and expenses are lower than anticipated, with a $5.7-billion decline from Budget 2020, compared to a $6.3-billion decline shown in the July scenario.

The deficit has grown to reflect $1 billion built in by the

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DeFi Protocol Linear Finance Raises $1.8M in Seed Round

Decentralized finance (DeFi) protocol Linear Finance announced the completion of a $1.8 million seed round Wednesday.

  • NGC Ventures, Hashed, CMS Holdings, Genesis Block and Kenetic Capital led the investment, while Alameda Research, Evernew Capital, Soul Capital, Moonrock Capital, Black Edge Capital and PANONY also participated, according to a press release.
  • Alongside their investments, NGC founding partner Tony Gu and Hashed co-founder Ryan Kim will join Linear’s advisory board.
  • The funding will go towards accelerating the development of Linear’s testnet and mainnet, as well as promoting its platform, the protocol’s team said in a press release.
  • Linear claims to be the first cross-chain compatible, decentralized delta-one asset protocol that can create, trade, and manage synthetic assets.
  • “With DeFi, we are experiencing one of the most significant and important shifts in our cryptocurrency ecosystem,” said Linear co-founder Kevin Tai.
  • Linear’s new investors bring experience in areas including financial innovation, key market expansion
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Postmaster Louis Dejoy Investigated By House Oversight Committee For Campaign Finance Violations

KEY POINTS

  • The House Oversight Committee announced an investigation into Postmaster General Louis Dejoy following allegations of circumventing campaign finance laws
  • Former employees say Dejoy pressured and compensated workers for donations through his fundraisers
  • Dejoy is also accused of reducing postal capacity ahead of the 2020 presidential election 

The House Oversight Committee announced an investigation of Postmaster General Louis Dejoy following allegations he circumvented campaign finance laws in North Carolina.

Chairwoman Carolyn Maloney announced the move on Twitter Tuesday. Former employees of Dejoy said he reimbursed them for hundreds of thousands of dollars in campaign contributions to Republican politicians. Dejoy is also under added scrutiny following changes in post office policy that could hamper mail-in voting ahead of the Nov. 3 presidential election.

Five former employees said in interviews with the Washington Post that Dejoy had systematically incentivized and compensated employees of his former company, New Breed Logistics, for participating

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DiscGenics Appoints Former Medtronic Spine and Biologics Finance Executive as First Chief Financial Officer

SALT LAKE CITY, Sept. 10, 2020 /PRNewswire/ — DiscGenics, Inc., a clinical stage biopharmaceutical company developing regenerative cell-based therapies that alleviate pain and restore function in patients with degenerative diseases of the spine, today announced it has appointed former Medtronic Spine and Biologics finance executive, Jeff Poole, as its first Chief Financial Officer (CFO).

Jeff Poole, Chief Financial Officer for DiscGenics

Mr. Poole has over 13 years of progressive finance leadership experience in medical devices, and significant experience within the spine market, most recently serving as Vice President of Finance for Medtronic Spine and Biologics, a major division of Medtronic, PLC. In this role, he served as CFO for the global business unit with over $2.5 billion in annual revenue responsibility. Mr. Poole also has extensive international experience, particularly in Asia Pacific, where he held various leadership positions with increasing levels of functional and strategic responsibilities

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Have Insiders Been Buying Apollo Commercial Real Estate Finance, Inc. (NYSE:ARI) Shares?

TipRanks

Wells Fargo: 3 Stocks That Could Climb Over 50%

A speculative fever from the bulls pushed the market to historic heights, but have the bears now been vindicated? Following a record breaking five-month rally, stocks have dipped from their record highs. The recent decline had been preceded by warnings, which had been making the rounds for weeks, that a reality check was overdue. Weighing in for Wells Fargo, senior global equity strategist Scott Wren stated, “We have not had much give back in this gigantic run that we’ve had. So inevitably the stock market sell-off was bound to happen.” This, however, is not to say that exciting plays can’t be found in the current financial environment. “Certainly, pullbacks are opportunities in our minds,” the strategist explained.Taking Wren’s strategy to heart, the analysts at Wells Fargo are pounding the table on three stocks. According to these pros, each could gain

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Howard County announces new directors of public works, finance departments

Howard County Executive Calvin Ball on Friday announced the appointments of new directors of the public works and finance departments.



a man wearing a suit and tie: Rafiu Ighile, left, will take over as Howard County's new director of finance, while Tom Meunier is the county's new director of public works.


© Photo courtesy of Howard County government/The Baltimore Sun/TNS
Rafiu Ighile, left, will take over as Howard County’s new director of finance, while Tom Meunier is the county’s new director of public works.

Tom Meunier, who is the new director of public works, started Monday, while Rafiu Ighile will take over as the director of finance beginning Sept. 7.

The two are replacing Jim and Janet Irvin who retired in June. Jim Irvin had served as the director of public works since 1989 and had worked for Howard County since 1975. Janet Irvin’s 30-plus years of public service included 20 years with Howard County government and the Howard County Public School System; she had served as the director of finance since January 2018.

Meunier, who has served as acting

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New Mountain Finance Corporation Announces Transfer of Listing from the New York Stock Exchange to the NASDAQ Global Select Market

New Mountain Finance Corporation (NYSE: NMFC) (the “Company”, “we”, “us” or “our”) today announced that it has completed the application process and has been authorized to transfer the listing of its shares of common stock, par value $0.01 per share (the “Common Stock”), and its 5.75% Notes due 2023 (the “Notes”) from the New York Stock Exchange (the “NYSE”) to the NASDAQ Global Selected Market (the “NASDAQ”). The Company expects the Common Stock and the Notes to begin trading on the NASDAQ under the ticker symbols “NMFC” and “NMFCL”, respectively, on September 14, 2020. Until that time, the Common Stock and the Notes will continue to trade on the NYSE.

“We are excited by our future partnership with Nasdaq. Their trading platform, on which many other business development companies are listed, offers NMFC a more cost-effective listing option and is aligned with our goals to enhance operating efficiencies and shareholder

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Thailand’s Finance Minister Resigns Less Than Month Into Job

(Bloomberg) — Thailand’s finance minister resigned less than a month after he took office, injecting more uncertainty into an economy already reeling from its worst crisis in decades. The nation’s currency tumbled the most since July.

The resignation of Predee Daochai, a former co-president of Kasikornbank Pcl, will be effective from Wednesday, according to a Royal Gazette announcement Tuesday. Predee, 61, was named as the new finance minister on Aug. 6 and joined Prime Minister Prayuth Chan-Ocha’s Cabinet on Aug. 12.

Predee resigned because of ill health, Prayuth said, adding the minister’s resignation won’t derail government policies. A new finance minister will be appointed at the “appropriate time,” he told reporters in Bangkok Wednesday.

Prayuth may approach outgoing Bank of Thailand Governor Veerathai Santiprabhob and former president of PTT Pcl Pailin Chuchottaworn to replace Predee, Thai-language newspaper Krungthep Turakij reported earlier, citing a source from the government house. A spokesman

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Utility Over Decentralized Finance: DeFi vs. CeFi

By Alex Mashinsky

When the Industrial Revolution began, the gold standard was in place to help remove the risks of currency fluctuations from international trade and prevent governments from printing money and inducing inflation — the same type of fiat inflation we are seeing now, almost 100 years later. As the Fed continues to print money as the solution to every problem, we only had a few times in the last 50 years where we earned more than we borrowed. Decentralized Finance (DeFi) projects can use this history to guide them in solving issues that have plagued the financial industry since we went off the gold standard in 1971. To do this, they need to assess the risks of propagating the financial services conveniently offered to us by Wall Street, and look to merge the benefits of DeFi + CeFi (centralized finance) utility to deliver financial freedom to 7.5B people

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