Hurricane Florence causes at least five deaths as storm lashes down on US

first_imgSaturday 15 September 2018 9:33 am The hurricane is expected to more further inland over the next couple of days, reaching Ohio Valley by Monday and Canada later the week.Read more: Hurricane Florence weakens but insurers braced for billion dollar losses More From Our Partners LA news reporter doesn’t seem to recognize actor Mark Currythegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgColin Kaepernick to publish book on abolishing the policethegrio.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFort Bragg soldier accused of killing another servicewoman over exthegrio.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comKansas coach fired for using N-word toward Black playerthegrio.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.com Hurricane Florence causes at least five deaths as storm lashes down on US Video Carousel – cityam_native_carousel – 426 00:00/00:50 LIVERead More Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndomoneycougar.comDiana’s Butler Reveals Why Harry Really Married Meghanmoneycougar.comUndoZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldUndoWTFactsHe Used To Be Handsome In 81s Now It’s Hard To Look At HimWTFactsUndoOne-N-Done | 7-Minute Workout7 Minutes a Day To a Flat Stomach By Using This 1 Easy ExerciseOne-N-Done | 7-Minute WorkoutUndoBetterBe20 Stunning Female AthletesBetterBeUndoTrading BlvdThis Picture of Prince Harry & Father at The Same Age Will Shock YouTrading BlvdUndoCleverstTattoo Fails : No One Makes It Past No. 6 Without LaughingCleverstUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndo At least five people have died so far as Hurricane Florence bears down on the US, carrying with it warnings of “life-threatening” and “catastrophic” flash flooding.The hurricane, which has been downgraded from a category four storm to category one, hit North Carolina on the south east coast and is now heading towards South Carolina and Virginia.center_img Alexandra Rogers Share whatsapp Winds have reached highs of 65mph (105km/h).Evacuation warnings have been issued for around 1.7 million people in the affected regions.The US National Weather Service said yesterday that the flash flooding and storm surge was “life-threatening” and predicted it would last for days.The storm reached Wrightsville Beach in North Carolina yesterday with recorded wind speeds of 90mph.Winds then increased towards 100mph and US weather forecasters warned the state would see eight months of rain in the next two to three days.Around 800,000 homes are thought to be without power in North Carolina, where the hurricane has destroyed buildings, blocked roads with fallen trees and brought in extreme flooding. whatsapplast_img read more

UK records another 816 positive coronavirus cases

first_img Share “These dedicated teams of NHS Test and Trace contact tracers will focus their work on specific areas, alongside the relevant local public health officials to provide a more tailored service,” it said in a statement.  Monday 10 August 2020 4:39 pm The latest government update indicated that the R number in London is between 0.8 and 1.1 — the same as the north-west and south-west of England, which retained the same R number as last week. The daily rate is unusually high for a starting week figure, as reporting delays over the weekend often lead to an influx of positive coronavirus cases on Tuesdays. Show Comments ▼ whatsapp Health authorities today recorded 816 confirmed cases of coronavirus, falling back from the previous day’s total which had been the highest daily rise in infections since late June. It follows data yesterday which showed there were 1,062 new positive cases of coronavirus, surpassing the 1,000-mark for the first time in almost two months. The Department of Health and Social Care said today that the NHS Test and Trace scheme will provide local areas with dedicated teams of contact tracers to help stop the spread of coronavirus. It comes at a time of new local lockdowns in some areas and worries over a second wave of infections. (AFP via Getty Images) Also Read: UK records another 816 positive coronavirus cases center_img Emily Nicolle UK records another 816 positive coronavirus cases (AFP via Getty Images) whatsapp A total of 311,641 people have now tested positive for coronavirus, official data on cases showed. It emerged on Friday that the so-called R rate — meaning how many times one infected person will pass on the virus — may have risen above 1.0 for the first time in London. (AFP via Getty Images) Also Read: UK records another 816 positive coronavirus cases The R rate for England has stayed the same, however, at 0.8 to 1.0, while the UK as a whole has risen from 0.8 to 0.9 to move in line with England. Tags: Coronaviruslast_img read more

Southeast salmon seiner forfeits boat for creek robbing

first_imgCrime & Courts | Fisheries | SoutheastSoutheast salmon seiner forfeits boat for creek robbingJanuary 19, 2018 by Joe Viechnicki, KFSK-Petersburg Share:A commercial salmon seine fisherman from Klawock has to forfeit his boat, his catch and pay a fine for fishing too close to a salmon stream and other charges.Curtiss Demmert, 32, was sentenced Jan. 10. He must pay a $32,728.79 fine and received 180 days of suspended jail time. He also has to forfeit to the state the Tlingit Lady, skiff, nets, fishing gear and electronics along with the money from that catch.Demmert was charged after Alaska Wildlife Troopers received a report Sept. 13 that the 58-foot wooden limit seiner Tlingit Lady was fishing in a closed area in the headwaters of a bay on Dall Island in southern Southeast Alaska.Troopers investigated and learned that the vessel had caught about 23,000 pounds of chum salmon about 65 miles into an area closed to fishing.The area called Coco Harbor has been closed to commercial fishing for almost 30 years, according to the Department of Law.The catch was sold to a tender and Demmert reported the catch came from a different area.Officers seized the Tlingit Lady, its net and seine skiff along with proceeds from the catch, totaling $17,728.79.Demmert pleaded guilty to charges of fishing during a closed period, fishing in closed waters, unlawful possession of fish and giving false information on a fish ticket.Assistant Attorney General Aaron Peterson prosecuted the case and argued that Demmert’s actions put a salmon run in peril.Share this story:last_img read more

Otter skin-sewing workshops promote ‘sustainable cottage industry’ in coastal Alaska

first_imgAlaska Native Arts & Culture | Economy | Juneau | Southeast | WildlifeOtter skin-sewing workshops promote ‘sustainable cottage industry’ in coastal AlaskaNovember 23, 2018 by Adelyn Baxter, KTOO Share:Laine Rinehart, of Juneau, works on a trapper hat with seal and sea otter on Oct. 14, 2018, in Juneau, Alaska. (Photo by Rashah McChesney/Alaska’s Energy Desk)A series of workshops in communities around Southeast Alaska aims to expand the practice of traditional Alaska Native skin-sewing with seal and sea otter fur.Sealaska Heritage Institute hopes the classes can promote cottage industries in smaller communities and maybe even offer a sustainable solution to the region’s fast-growing sea otter population.Audio Playerhttps://media.ktoo.org/2018/11/22skinsewing.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume.Sea otter fur is soft — really soft. It’s the densest fur of any mammal on Earth, which is what makes it so warm and almost entirely waterproof.That’s why they were wiped out by over-hunting in the region more than a century ago.“Prior to 1960s, sea otters were gone from Southeast Alaska. There were none here,” said Lee Kadinger, Chief of Operations for Sealaska Heritage Institute. “So for two generations, people didn’t work with sea otter anymore, and so the knowledge of that was lost.”In the last few decades, things have been looking up for sea otters in Southeast Alaska. The last official count put their number well over 25,000 and growing.“It’s a very thriving population growing probably 10 to 12 percent a year,” Lee Kadinger said.That may be good news for the otters, but it’s become a major concern for fishermen who compete with them for crab, clams and other seafood — fishermen like Gary Leask, a retired longshoreman from Ketchikan.“The otters are starting to show up more around Ketchikan now, so we got to start getting rid of them. They kill all our crab, and I love crab,” Leask said. “There’s got to be a little bit of population control.”Leask visited Juneau in October for a skin-sewing class to learn how to work with sea otter and seal pelts.Under federal law, only Alaska Natives can hunt sea otters and work with their hides. They can sell what they make to non-Natives, but only if the product has been “significantly altered.”When I met Leask, he was working on a trapper hat to wear when he’s out on his skiff in winter. A big guy with large hands, you could tell he was concentrating hard as he carefully sewed the lining of his cap.Jaylynn Martin, 12, plays with a sea otter scarf during a skin sewing class on Oct. 14, 2018, in Juneau, Alaska. (Photo by Rashah McChesney/Alaska’s Energy Desk)He was also getting some help from Louise Kadinger, the instructor for the class and Lee Kadinger’s wife.Growing up in Hoonah, Louise learned skin sewing from her grandmother.“Now, like 40 years later, we don’t have people that know how to do this, and I know how and I am so willing to share with whoever wants to learn it,” Louise Kadinger said.This is the first of 11 classes Sealaska is sponsoring in communities across Southeast and Anchorage over the next few months, taught by Louise and others. Participants have to be at least a quarter coastal Alaska Native to register.They’re meant to be introductory, teaching everything from how to stretch and dry the hide to choosing a pattern and stitching the pieces together.Jean Pierce, of Juneau, sews a seal skin headband on Oct. 14, 2018, in Juneau, Alaska. (Photo by Rashah McChesney/Alaska’s Energy Desk)Leask had never sewed before the class, but he said he wants to take the follow-up machine sewing class when it’s offered next year. He’d like to continue working with skins.“I wouldn’t mind start selling them, because I’ve got other people down in Ketchikan who want to hunt too,” he said.Lee Kadinger said several students have started businesses over the years based on what they learned in one of these workshops. Some of them fish commercially in the summer and then work with furs in the offseason.“And we really see it as an effort to spur and to grow village economies,” Lee Kadinger said. “These are wonderful little cottage businesses that can come together and survive in Hoonah or Angoon or Kake.”It takes a lot of work and patience to get to the point where you can build a business.Even at the beginner level, it’s harder than the youngest student in the class, 12-year-old Jaylynn Martin, expected.But she says she doesn’t mind.“I mean at this point, it was worth it,” Martin said. “Look at this thing — it’s soft!”Registration is full for the next two skin-sewing classes in Hoonah and Ketchikan. Future classes are planned in Yakutat, Sitka, Saxman, Kake, Klawock and Anchorage.Share this story:last_img read more

People / CFO Nicolas Burr to leave Hapag-Lloyd in February

first_img Hapag-Lloyd has announced that its chief financial officer, Nicolás Burr (pictured above), will leave the company on 29 February 2020 when his contract is due to end.Mr Burr was appointed in March 2015, after the takeover of CSAV, where he had been CFO since 2012. The German carrier said his successor would be announced in due course.“We wish Nicolás Burr all the best for his future,” said chairman Michael Behrendt. “The supervisory board sincerely likes to thank Nicolás for his commitment over the past years. His contribution was very valuable for the development of Hapag-Lloyd, particularly with regard to the last two mergers and the initial public offering in 2015. By Gavin van Marle 12/06/2019last_img read more

Sugrue sings praises of Portlaoise duo after remarkable comeback win

first_imgSugrue said: “The lads have, to a man, driven into it fairly hard (this year).“Fellas are taking disappointing news, in team selections at times, and just getting on with it. Benny Carroll came in today and added huge impetus to that game, and you have to have the height of respect for that man, and other fellas who came in and really added to the team performance overall.“Fellas are throwing their lot in for Laois this year, and as long as they continue to do that, I think we have a chance. Five Laois monuments to receive almost €200,000 in government funding TAGSBenny CarrollGareth DillonJohn Sugrue RELATED ARTICLESMORE FROM AUTHOR Facebook WhatsApp Community Sugrue sings praises of Portlaoise duo after remarkable comeback win “Gareth, in the past, I don’t know what the story has been with that man, but he has been absolutely remarkable for us this year, he set the tone early on.“Even in that first half, he was probably one of the fellas who made one meaningful contact with a Wexford man and denied him the ball, and you could see it in him today, he came with a really stiff attitude towards the game.“He came off late on purely from fatigue, and to try to mind him as much as anything else. He’s been a revelation for us.”Looking back at the game itself, Sugrue says he will never forget how bad the team was in the first half.He said: “Look, we probably went through the full gamut of things, from being quite poor and lazy and lackadaisical in the first half, with poor finishing, right through to huge effort through the second half and extra time, and some good finishing towards the end, so it’s great.“It’s great to come out of a scrape, but we’ll look back on it and probably won’t be happy with lots of things we did, but really happy with the character of the lads. For a football team, if you’ve got character you’ve got something anyway.”He also paid tribute to the travelling support who helped the team over the line.He said: “People asked me before, when I took up this job, about the supporters and the lack of support, but you can see the supporters are willing, once the boys deliver to some degree. The boys are delivering, thank God, and long may that continue.“We want to give the people of Laois a platform to support, and a team to support, in a real and earnest manner, if we play the football that we are capable of playing. Thankfully tonight we got it out of ourselves eventually, but we can’t be as lax as that in the future.”SEE ALSO – Our pick of the top stories of the week Facebook Pinterest Ten Laois based players named on Leinster rugby U-18 girls squad Twitter Pinterest Home Sport GAA Sugrue sings praises of Portlaoise duo after remarkable comeback win SportGAAGaelic FootballLaois Senior Football Team Previous articleReferendum watch: Laois Offaly backs Equal MarriageNext articleInvestigation launched as two dead following plane crash 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. Community Rugby By Alan Hartnett – 14th May 2018 John Sugrue was full of praise for the Portlaoise men Brought to you in association with Joe Mallon Motors PortlaoiseLaois senior football manager John Sugrue was both relieved and overjoyed when he spoke to the media after his sides win over Wexford on Saturday evening.There were heroes all over the field for Laois as they turned things around and the manager signalled out two performers.Portlaoise man Benny Carroll was introduced as a half time sub and helped improved Laois’s attack.While Gareth Dillon defended excellently throughout and kicked the point deep in second half injury time which sent the game to extra time. Twitter WhatsApp Charlie Flanagan on Electric Picnic: ‘I’d ask organisers to consult with community leaders’last_img read more

TD CFO honoured

Related news Colleen Johnston, group head finance and chief financial officer of TD Bank Group, has been selected as Canada’s CFO of the Year for 2012. The award is presented annually by Financial Executives International Canada (FEI Canada), PwC and Robert Half International. The award honours and recognizes the quality, insight, direction and leadership of Canada’s senior financial executives. “Celebrating its tenth anniversary this year, Canada’s CFO of the Year Award recognizes a financial leader who demonstrated an outstanding fiscal performance in a complex business environment and exemplary contributions. Colleen Johnston is a true testament to this,” says Michael Conway, chief executive and national president, FEI Canada. “Ms. Johnston truly epitomizes the modern CFO by applying a strategic approach to the opportunities and challenges that arise while making significant contributions to her community. This makes her one of Canada’s top financial leaders.” Johnston was named Canada’s CFO of the Year by an independent committee, chaired by Peter Dey, chairman of Paradigm Capital, and composed of some of Canada’s most prominent business leaders. The judging criteria are as follows: vision and leadership; corporate reporting and performance; social responsibility; innovation and business complexity. Award candidates from a wide range of business sectors were nominated by CEOs, members of boards of directors, financial analysts and other senior executives. Johnston first joined TD Bank Group in March 2004 as executive vice president, finance operations, after spending 15 years with Scotiabank in various senior positions. She was later appointed to TD’s top financial post in November 2005. After her appointment to CFO, Johnston restructured TD Bank Group’s entire finance department, seeking to focus less on numbers, more on playing key decision-making roles in the bank’s most important initiatives, including TD’s expansion into the U.S. Keywords AwardsCompanies Financial Executives International Canada Facebook LinkedIn Twitter FP Canada names Lifetime Achievement Award recipient Frank Ryan wins 2020 Distinguished New Advisor Award Share this article and your comments with peers on social media IE Staff Joseph Bakish named 2020 winner of IIAC Top Under 40 award read more

Canadian equity roundtable: Managers find good values in energy sector

first_img Keywords Fund managers Canadian equity roundtable: Is the market downturn a warning or an opportunity? Thomson: Donald Guloien has done a good job at Manulife since taking over as CEO. The acquisition within Canada is not going to work out badly, but Manulife paid a full price and with stock. I would rather it paid with cash or debt. Stock is really expensive over time. There is dilution.Bubis: We did see a dividend increase by Manulife this summer for the first time in five years.Thomson: Great-West Lifeco Inc. (TSX:GWO) is an interesting core holding. It’s an exceptionally stable business and is well managed.Bubis: Power Corp. of Canada (TSX:POW), a holding company in this group, is among the top-10 weights in CI Canadian Investment. We also own some IGM Financial Inc. (TSX:IGM). Lately, the stock is getting pressured from question marks related to some of the regulatory reform focusing on the advisory business.O’Brien: The dividend yield on IGM is up over 5%. TD Canadian Equity has modest holdings in both Power Corp. and Power Financial Corp. (TSX:PWF). Great-West and Power Financial are in the Canadian Blue Chip mandates. All three companies are a similar story. The only other name that we own in this area of any size is Brookfield Asset Management Inc. (TSX:BAM.A).Thomson: We recently bought it and have a decent position in it. Management is among the best in Canada. This has been one of the few opportunities, totally outside of this correction, that we have seen in Canada in the last year.Q: Time to talk energy, which is about 26% of the index?Thomson: Beutel Goodman Canadian Equity is underweight energy at 16%. Canada is a high-cost producer on a global basis. There are some decent Canadian companies. It is a question of valuations. Only one of the majors trades at net asset value and that is Cenovus Energy Inc. (TSX:CVE). Cenovus and Canadian Natural Resources Ltd. (TSX:CNQ) are well positioned over time. (These two stocks are in the fund’s top-10 holdings.) Energy accounts for some 26% of the composite index and 13% of its earnings. This is a group with pretty high expectations built in.O’Brien: TD Canadian Equity is slightly overweight energy. We are assuming long-term oil prices in the range of US$90 to US$95 per barrel long-term. We are seeing some discounts to net asset value. Suncor Energy Inc. (TSX:SU), which is a top-10 holding, is trading at a 10% discount to our version of net asset value. CNQ is closer to 15% or 20%. Cenovus, to Mark’s point, has a big discount. Markets have not been prepared to pay for longer-term value. They are more focused on shorter-term cash flow.Q: Mike, Cenovus and CNQ are also top-10 holdings. What is the outlook for bigger-cap Canadian oil stocks?O’Brien: For some time, I have felt that oil presents an opportunity. My perspective was that when investors recognized that we will still be driving gas-fuelled cars in five or 10 years’ time, it would be good for those companies with inherent long-term value. This thesis played out early this year both in terms of the commodity and the stocks. We have given some of that back with the correction in both. From a longer-term perspective, I still see a lot of value in names like Suncor, CNQ and Cenovus. These senior names are being run in a much more shareholder-friendly manner. This is showing through in the dividends. Cenovus’s dividend yield is about 4% and Suncor’s is about 3%. CNQ’s is about 2.5% and that is going to continue to grow very rapidly. These are the next generation of dividend-payers. They are getting to a point that they have enough of a base cash- flow level that they can afford to pay this out.Bubis: They are continuing to grow their dividends. We see tremendous value in the oil sector, right now. It’s a great opportunity to be investing in the oil patch for anyone who has an outlook beyond six months, given where the valuations are and the potential for sustainably higher oil prices going forward. The oil-sands are bringing down their costs. Suncor is doing this. It has long-life reserves with no exploration risks. Obviously, its Fort Hills oil-sands project would be better with higher oil prices. Suncor is able to cover its capital expenditure through internally generated cash flow while doing share buybacks and increasing its dividend. These companies are cash-flow generating machines in a reasonable oil-price environment. I have a mid-20s weighting in energy.Q: Danny, Suncor and CNQ are in the top-10 holdings in CI Canadian Investment, as is Tourmaline Oil Corp. (TSX:TOU).Bubis: Tourmaline has an excellent cost structure and a great management team.O’Brien: We have a small position in Tourmaline.Bubis: Since it has been a public company in late 2010, it has produced excellent cash-flow growth. It has invested in the future, in terms of building up its own infrastructure, which gives it a competitive advantage.Q: As there is little enthusiasm round the table for the mining segment of the materials sector (which has shrunk to 11% of the index), let us press on to industrials, which are almost 9%. Mike and Danny have Canadian National Railway Co. (TSX:CNR) in the top-10 holdings in their respective funds.O’Brien: The rails are outstanding businesses; they are hitting on all cylinders. The difficult part is how much is too much to pay for these franchises. The stocks are not inexpensive.Bubis: The companies have done very well operationally and the stocks are at historically high valuations. CNR is starting to get pretty fully valued. Over the last year, we’ve been reducing our weighting in it.O’Brien: We have been trimming CNR throughout the summer.Thomson: We had a huge weight in the rails, but we have a problem with the valuations. We’ve been through our third sell, when the stocks hit our revised targets on both CNR and Canadian Pacific Railway Ltd. (TSX:CP).Q: A brief discussion on telecommunications stocks?Thomson: I really like them. If you want free cash flow, they fit the bill. We have a big weight in Telus Corp. (TSX:T) and Rogers Communications Inc. (TSX:RCI.B), some 10% between the two. Both are about two-thirds wireless. Investors are worried about a new entrant, but new entrants have lost billions over time. Most out of favour is Rogers. It has had some management issues historically. We are positive on Guy Laurence, who became CEO in late 2013. Valuation is attractive. You’re looking at dividend yields of 4% to 4.5% on businesses that have moats around them, largely.O’Brien: This year, we were underweight the high-payout-ratio, dividend-paying stocks. But we wanted to keep some exposure there. I looked to identify a few companies that over the next three, five, seven years, had enough inherent dividend growth to outrun the headwind from rising rates compressing the valuation multiples. One of these stocks is Telus.Bubis: I am a little more concerned about some of the competitive issues in the Canadian telecom industry, such as pricing. But the stocks are becoming interesting buy opportunities.Q: Time to sum up regarding the stock-market correction.Thomson: Valuations, being lower after the correction, provide opportunities.O’Brien: The correction in the stock market is healthy. It’s going to prolong the cycle and it prevents complacency.Bubis: The correction is a warning that creates an opportunity, which is what markets do in normal market cycles.This is part three of a three-part series. Share this article and your comments with peers on social media Q: What about insurers? All three of you have Manulife Financial Corp. (TSX:MFC) in your top-10 holdings. Manulife is acquiring the Canadian operations of Standard Life PLC for $4 billion.O’Brien: Most financial-services acquisitions within Canada have gone pretty well. Canadian equity roundtable: Managers share their views on the Big Five bankscenter_img Facebook LinkedIn Twitter Related news Sonita Horvitch last_img read more

IIROC shifts tactics in stemming the flow to U.S. dark pools

first_img Related news James Langton Securities regulators are turning to guidance, rather than new rules, in a bid to address concerns about firms systematically sending their retail order flow south of the border. The Investment Industry Regulatory Organization of Canada (IIROC) announced today that it is scrapping the proposed rule known as the “dark rules anti-avoidance provision,” which is designed to prevent firms from directing the bulk of their retail order flow to U.S. wholesalers for execution in U.S. dark pools. That proposal ran into strong opposition from the industry. Share this article and your comments with peers on social media As retail trading jumps, SEC to rethink its rules Instead, IIROC is aiming to address the concern about southbound order flow with revisions to its guidance on best execution. To that end, IIROC is now proposing to include a statement in its rules that “sending of client orders in bulk to a specific foreign organized regulated market without considering other liquidity sources, including liquidity sources in Canada, is not in compliance with the requirement to achieve best execution.” In light of this new guidance, IIROC says it intends to withdraw the proposed anti-avoidance provision. The revised guidance comes as part of proposed rule amendments and guidance that would consolidate the best-execution requirements in the trading rules and the dealer rules into a single dealer rule. IIROC says that the proposals aim to help dealers comply with their best-execution obligations in the multi-market environment; address changes in market structure; and align its rules with proposals from the Canadian Securities Administrators that would require firms to disclose their best-execution policies. “After careful consideration of all the constructive feedback we received from stakeholders and with enhanced transparency,” said Victoria Pinnington, senior vice president, market regulation, at IIROC, “we believe best execution for Canadian investors can be achieved efficiently and with consistency.” The proposals are out for comment until March 24, 2016. IIROC consults on proposed changes to trading rules U.K. regulator reviews dark pool governance Keywords Dark poolsCompanies Investment Industry Regulatory Organization of Canada Facebook LinkedIn Twitterlast_img read more

OSC fines former rep for trading without registration

first_img Share this article and your comments with peers on social media Related news BFI investors plead for firm’s sale The Ontario Securities Commission (OSC) on Thursday announced sanctions against a former rep who admitted to trading without registration since he left the business. The OSC has settled with Julius Caesar Phillip Vitug, a former rep who was permanently banned by the Investment Industry Regulatory Organization of Canada (IIROC) back in 2010, after an IIROC hearing panel found that he violated the self-regulatory organization’s rules by having undisclosed financial dealings with clients. He has not been registered since the IIROC ban took effect in 2010. Mouth mechanic turned market manipulator Facebook LinkedIn Twitter See: Former advisor must pay costs: appeal court According to the settlement with the OSC, Vitug admitted to trading without registration between 2011 and 2014 by helping an Alberta company raise approximately $10 million from 40 investors in Ontario. He “served as a liaison between the issuer and the investors and in this manner facilitated the trades. He also introduced certain of the investors to the investment,” the settlement states, and he was paid more than $100,000 in commissions for facilitating these trades. Vitug admitted to trading without registration. The settlement also notes that he co-operated with OSC staff’s investigation. Under the settlement, Vitug will pay a $220,000 penalty, disgorge the $114,369 in commissions he generated from the trading, and pay $15,000 in costs. He is also banned from trading, registration, serving as a director or officer, and from relying on exemptions in Ontario, for 10 years. Keywords EnforcementCompanies Ontario Securities Commission PwC alleges deleted emails, unusual transactions in Bridging Finance case James Langton last_img read more