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CommSec pays $700,000 in infringement notice penalties and refunds $1.1 million in brokerage
September 2nd, 2016
Commonwealth Securities Limited (“CommSec”) has paid a total penalty of $700,000 to comply with two infringement notices given to it by the Markets Disciplinary Panel (“MDP”), and has voluntarily refunded $1.1 million in brokerage to more than 25,000 clients. Confirmations: disclosure ...
My Global Leverage and its owner fined for Illegal and Off-Exchange Precious Metals Transactions
September 2nd, 2016
The U.S. Commodity Futures Trading Commission (CFTC) announced that Judge Andrew P. Gordon of the U.S. District Court for the District of Nevada entered an Order of default judgment (Order) against My Global Leverage, LLC (MGL), which did business in Las ...
Oil Prices Slide as Oversupply Comes Back Into Focus
September 2nd, 2016
Oil prices fell to a three-week low after a second day of steep losses from rising U.S. stockpiles. Crude is now on a four-session losing streak, its longest in a month and an abrupt setback just two weeks after ...
Cheers! Lawyers net £200m from SABMiller deal
September 1st, 2016
Law firms will bank almost £200m from advising on the third-largest corporate takeover ever – brewer SABMiller’s £79bn acquisition by Budweiser owner Anheuser-Busch InBev. In total, the two companies will pay an astonishing $2bn in fees and taxes to ...
SFC reprimands and fines BNP Paribas Wealth Management $4 million
August 31st, 2016
The Securities and Futures Commission (SFC) has reprimanded and fined BNP Paribas Wealth Management (BNPPWM) $4 million for overcharging its clients between 1 January 2011 and 31 December 2013 (Note 1). The SFC’s investigation found that at the material ...
Oil Falls to Two-Week Low as U.S. Supply Gain Seen, Dollar Rises
August 31st, 2016
Crude stockpiles climbed 1.3 million barrels: Bloomberg survey Commodities drop, dollar rises to one-month high versus peers Oil dropped to a two-week low before a government report that’s projected to show U.S. crude stockpiles increased, while a strengthening dollar ...
Hanjin Shipping Trading Halted After Plunge to Six-Year Low
August 30th, 2016
Creditors decided not to provide fresh loans, Yonhap reports Shipping lines worldwide have posted losses amid slowing trade Hanjin Shipping Co. shares were suspended from trading after plunging to the lowest price since 2009 following a Yonhap News Agency ...
Deloitte expands business at record levels but warns of Brexit “challenges”
August 30th, 2016
Audit wins underpinned the fastest revenue growth for 10 years at big-four accountants Deloitte. Group revenue increased by 11.2 per cent for the year to May 2016 to £3.1bn with distributable profit up 2.5 per cent at £608m. Deloitte ...
New digital currency Monero spikes after giving criminals more secrecy
August 30th, 2016
Forget Bitcoin. There’s a new digital currency that is surging as online drug-dealers begin adopting it to conduct business with more anonymity. The two-year-old currency Monero has more than quadrupled this month after gaining support from prominent websites that ...
Which are the alternative investments that going mainstream?
August 29th, 2016
Alternative investments such as fine wines, classic cars and jewels are going mainstream, as investors grapple with ultra-low interest rates and volatile stocks. Spooked by the end of a 30-year bond bull run and bouts of money printing which ...
