Corporate Governance

Fund managers explain their exposure to Steinhoff

On Monday afternoon Nedgroup Investments sent out a note to its clients to clarify which of its funds were caught holding Steinhoff International securities on December 6 when the news broke that CEO Markus Jooste had resigned. Since that announcement, the company’s share price has fallen 80%. The firm acknowledged that these Steinhoff holdings had led to losses for clients, and it had therefore engaged extensively with the managers of each of these funds. Their responses make for interesting comparisons.…

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Downsizing Isn’t the Answer to Moon’s Chaebol Coma: Gadfly

By Shuli Ren | Bloomberg By Shuli Ren | Bloomberg January 10 at 1:22 AM Now this is embarrassing. Shares in Samsung Electronics Co. dropped almost 6 percent in two days this week after operating income for the three months ended December missed analyst estimates. But it wasn’t South Korea Inc.’s crown jewel capturing most investors’ attention. That accolade went to SillaJen Inc., a little-known biotech firm with $5 million in sales. Its turnover was more than Samsung’s on the day.…

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Foreign takeovers stir brand loss concerns

Debate about Vietnam losing grip of its signature brands has intensified, as overseas investors continue their takeovers of leading businesses in the country. Mondelez International took over Kinh Do Corporation’s confectionery business and rebranded it Mondelez Kinh Do Local brands in foreigners’ hands Last week, Vietnam’s number-one brewery Sabeco was acquired by Thai Beverage (ThaiBev) in a $4.8 billion deal. This is the latest development in Vietnam’s booming merger-and-acquisition (M&A) market, which usually sees foreign investors purchasing top domestic firms…

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Piedmont Enhances Senior US Executive Team

NEW YORK, Jan. 9, 2018 /PRNewswire/ — Piedmont Lithium Limited (asx:PLL)(otc-nasdaq:PLLLY) (“Piedmont” or “Company”) is pleased to announce the appointments of Mr. Patrick Brindle, Mr. David Buckley and Mr. Bruce Czachor as senior officers of the Company. Mr. Brindle is joining Piedmont as Vice President – Project Management. He has over 18 years of experience in the development of US and global mining operations, minerals processing plants and materials handling projects, and has expertise in all phases of project development…

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Saudi Arabia’s Capital Market Authority Further Expands Foreign Investors Access To Saudi Capital Market

Saudi Arabia’s Capital Market Authority (CMA) issued today the amended Rules governing the Kingdom’s Qualified Foreign Investor (QFI) framework (”Rules”) that will ease the qualification requirements for qualified foreign investors, their affiliates, foreign portfolio managers  and their managed funds, and expand the range of institutional investors eligible under this framework. Key changes to the existing Rules include: Eliminating the requirement for the CMA’s review and approval of the QFIs’ qualification. Lowering the assets under management or custody (AUM) requirement for…

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Indian Overseas Bank says move to adjust losses aimed at offering clarity

The bank clarified that the move will not impact its equity capital structure. On the benefit side, IOB would be in a position to declare dividends sooner, with a clean balance sheet, as the bank had posted 29% growth in operating profit in the second quarter. Chennai-based public-sector lender Indian Overseas Bank (IOB) on Monday said the proposed move to utilise the share premium account balance to set off the accumulated losses is to right-size the balance sheet as well…

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Stocks to watch in Zimbabwe in 2018

After a record 2017, analysts say stocks to watch this year will be in tourism, construction, retail and agriculture. In the construction sector, Proplastic is on the spotlight given increased demand for its products and its quest to increase exports in the region coupled with the ongoing capital expansion to expand production. Other companies to watch in the construction sector include Masimba basing on its strong order book which the company believes could run through 2019. In the agriculture sector,…

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Wells Fargo: Down, But Not Out – Wells Fargo & Co. (NYSE:WFC)

Over the past year, the broad-based Financial Select SPDR (XLF) kept pace with the S&P 500. Wells Fargo & Co. (WFC) investors weren’t quite as ebullient. The stock lagged by a considerable margin. Certainly, Wells continues to wrestle with a host of problems. 2017 was a year of agonizing reappraisal. What about 2018? Investment Thesis Despite lagging the market and peers in 2017, patient Wells Fargo investors are likely to be rewarded. The Wells’ franchise is bigger than the individuals…

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Keppel O&M bribery case: What you need to know

SINGAPORE: Keppel Offshore & Marine’s (Keppel O&M) involvement in an international corruption scandal came to light last month as Singapore’s largest oil rig builder said it would pay a hefty fine as part of a global resolution with authorities in three countries. The settlement, reached with criminal authorities in the United States, Brazil and Singapore, is unprecedented for a local company. So is the penalty, totalling US$422 million (S$567 million), which is believed to be a record involving a Singapore-listed entity. …

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Reda Bedjaoui – Attended Latest MorningStar Investment Conference

DUBAI, UAE / ACCESSWIRE / January 6, 2017 / An international securities influencer who serves as CEO of Redbed Investments LLE, Reda Bedjaoui, joined global financial experts at the Morningstar Investment Conference (MIC). Held in Chicago, IL at McCormick Place, this renowned annual event offers financiers access to invaluable resources and presentations on an extensive range of economic trends. As head of Redbed Investments LLE, Reda Bedjaoui uses his expertise in corporate governance, realty, and compliance to develop customized exchange…

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Numsa condemns Eskom decision to reinstate Koko, threatens legal steps

The National Union of Metalworkers of South Africa (Numsa) has condemned the decision by the Eskom board to reinstate former acting CEO Matshela Koko and acting head of group capital Prish Govender to their positions, and threatened legal action over the “seemingly bogus disciplinary process”. Koko was disciplined for nepotism and failing to declare a conflict of interest regarding his stepdaughter’s ownership of shares in a company that was awarded more than a billion rand in contracts by an Eskom…

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VNPT set to restructure sub-units for efficiency – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

The Vietnam Post and Telecommunications Group (VNPT) will re-arrange the organisation of its sub-units in 2018-2020.— Photo zing.vn HÀ NỘI — The Vietnam Post and Telecommunications Group (VNPT) will re-arrange the organisation of its sub-units in 2018-2020. The State-owned telecommunications group will merge the Post Rehabilitation Hospital in Hai Phong into the Hospital of Post and Telecommunications in Ha Noi. In addition, VNPT will launch the new firm VNPT Information Technology Company (VNPT-IT), functioning as a dependent accounting unit whose…

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Parastatal reforms kick off . . . . All State enterprises under evaluation . . . . initiative part of ED’s 100-day target

President Mnangagwa Felex Share Senior ReporterGovernment, through various line ministries, has begun evaluating State-owned enterprises (SOEs) under their purview as part of an exercise to identify firms that can either be retained or disposed of. Parastatals, including companies under their portfolio that are beyond redemption, will be shut down. The initiative is part of the 100-day target set by President Emmerson Mnangagwa. Finance and Economic Planning Deputy Minister Mr Terrence Mukupe yesterday said line ministries had been directed to come up with comprehensive…

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CEO Salil Parekh to earn less than Vishal Sikka at Infosys

Salil Parekh will earn an annual salary of Rs 162. 5 million ($ 2.55 million)  as the CEO of Infosys, less than what Infosys had offered his high-profile predecessor Vishal Sikka, who quit the firm after three years in turmoil. The compensation also reflects the reality at Infosys and its chairman Nandan Nilekani who would like the low-profile senior executive to execute a vision of focused delivery for customers rather than over-promise and under-delivery that would be in contrast with…

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‘Fat Cat Thursday’ sees pay of top UK CEOs already pass…

By Reuters Published: 19:04 EST, 3 January 2018 | Updated: 19:04 EST, 3 January 2018 By Simon Jessop LONDON, Jan 4 (Reuters) – The average boss of one of Britain’s top companies will on Thursday have earned the same as the typical worker will make in the entire year, according to a new report, stepping up pressure on companies ahead of the annual reporting season. Just three working days into 2018, pay for the average FTSE 100 chief executive will…

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Focus on 52 scrips that enter group A

January 3, 2018:   The BSE will shift 52 scrips, including Bajaj Corp, Blue Star, GIC Housing Finance, Greaves Cotton, Indiabulls Ventures, Motilal Oswal Financial Services, Shoppers Stop, Sunteck Realty, Trident and Vijaya Bank to Group A category from Thursday. Previous quarter free-float market capitalisation, average turnover, corporate governance, compliance and responsible investment by the company are some of the eligible criteria for stocks to enter group A. (This article was published on January 3, 2018) Please enter your email. Thank…

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