Tag: Markets

Small Business Finance Markets Report 2015 #printing #business #cards

#small business finance

#

Small Business Finance Markets Report 2015/16

The Small Business Finance Markets Report 2015/16 shows that the market for small business finance is improving, however a number of challenges remain:

  • A lack of businesses scaling-up is hampering UK productivity – there remains a need to stimulate a greater volume of scale-up businesses and SME exporters to counteract the UK’s lagging productivity. OECD data shows that Britain is near the bottom of the table for the percentage of businesses that grow to more than 10 employees after three years.
  • A need to delivery further diversity in the small business finance market – there is an ongoing need to accelerate the evolution of a diverse and accessible range of finance options to drive competition and choice for smaller businesses. The four largest banks still account for 80% of the small business loan market in 2014, with many small businesses not looking at alternative finance options beyond their main bank.
  • Supporting growing SMEs across all UK regions – the finance landscape remains uneven across the UK. To help rebalance growth, an increased availability of finance for smaller businesses across the UK is required. 71% of total SME equity investment is accounted for by London and South East based companies.

DOWNLOADS

2015 Business Finance Survey: SMEs

This survey, undertaken by BMG Research for the British Business Bank, follows on from the previous 2012 and 2014 “SME Journey” surveys to explore SME awareness of different types of external finance and their experience of raising finance. We have extensively used the findings from this survey within our new Small Business Finance Markets 2015/16 report to assess how finance markets have changed.

Amongst the findings, this survey shows a continued increase in business awareness of alternative finance types, including peer-to-peer lending and crowdfunding. The research also shows that a higher proportion of SMEs are aiming to grow in the next 12 months (56%), compared to 46% in the previous 2014 survey.

2015 Business Finance Survey: Mid-caps

This survey, undertaken by BMG Research for the British Business Bank, assesses the characteristics of mid-caps (businesses with £25m-£500m annual turnover) and their experience of raising external finance. The survey finds that mid-cap businesses are more likely to use and seek external finance compared to SMEs, and are also more likely to obtain finance. In addition, a high proportion of mid-cap businesses (79%) are aiming to grow in the next 12 months.

Methodology Consultation: Assessing the Unmet Demand for SME debt finance

The British Business Bank would like to consult with interested stakeholders on appropriate methodologies for assessing the unmet demand for SME debt finance. The consultation seeks views on our proposed methodology and suggestions for alternative methodologies or additional data sources.





Tags : , , , , ,

Bond Market’s Big Illusion Revealed as U #free #business #advertising

#bond market news

#

Bond Market’s Big Illusion Revealed as U.S. Yields Turn Negative

For Kaoru Sekiai, getting steady returns for his pension clients in Japan used to be simple: buy U.S. Treasuries.

Compared with his low-risk options at home, like Japanese government bonds, Treasuries have long offered the highest yields around. And that’s been the case even after accounting for the cost to hedge against the dollar’s ups and downs — a common practice for institutions that invest internationally.

It’s been a “no-brainer since forever,” said Sekiai, a money manager at Tokyo-based DIAM Co. which oversees about $166 billion.

That truism is now a thing of the past. Last month, yields on U.S. 10-year notes turned negative for Japanese buyers who pay to eliminate currency fluctuations from their returns, something that hasn’t happened since the financial crisis. It’s even worse for euro-based investors, who are locking in sub-zero returns on Treasuries for the first time in history.

For a detailed description of how this index was created, click here.

For an analysis of hedging costs for Japanese investors, click here.

That quirk means the longstanding notion of the U.S. as a respite from negative yields in Japan and Europe is little more than an illusion. With everyone from Jeffrey Gundlach to Bill Gross warning of a bubble in bonds, it could ultimately upend the record foreign demand for Treasuries, which has underpinned their seemingly unstoppable gains in recent years.

“People like a simple narrative,” said Jeffrey Rosenberg, the chief investment strategist for fixed income at BlackRock Inc. which oversees $4.6 trillion. “But there isn’t a free lunch. You can’t simply talk about yield differentials without talking about currency differentials.”

DIAM’s Sekiai has been shunning Treasuries since April, a month after foreign holdings of U.S. debt hit a record. Instead, he favors bonds of France and Italy because they “offer some degree of yield and the currency-hedging costs are cheap.” That shift lines up with the latest available Treasury Department data, which showed that demand from non-U.S. investors in April and May was the weakest in a two-month stretch since 2013.

The fact that yields on 10-year Treasuries are still way higher than those in Japan or Germany is part of the reason foreigners are having such a hard time actually profiting from the difference. Negative interest rates outside the U.S. have caused a surge in demand for dollars and dollar assets, pushing up the cost to get into and out of the greenback at the same exchange rate to levels rarely seen in the past.

Ten-year yields in the U.S. are currently about 0.23 percentage point below a basket of bonds from Australia, France, Germany, Italy, Japan, Spain and Switzerland on a hedged basis, versus 1.4 percentage points above on an unhedged basis, according to data compiled by BlackRock. At the start of the year, hedged Treasuries yielded over a half-percentage point more.

In Japan, where 10-year government bonds yield less than zero, the advantage for Treasuries has dwindled from a percentage point at the start of the year to less than 0.1 percentage point now. Without much added value for overseas investors, it’s harder to see foreign demand driving Treasuries to new records, especially as the Federal Reserve moves toward gradually raising rates.

Since falling to a record 1.318 percent on July 6, yields on 10-year notes have backed up as a string of economic reports such as last week’s jobs data bolstered the case for higher rates. They were at 1.58 percent today.

For a large swathe of institutional investors, especially those with conservative mandates, hedging is the norm when they go abroad. It eliminates the need to worry about the daily ebbs and flows in exchange rates and how that might affect their returns. When it comes to Treasuries, overseas buyers usually lock in a fixed exchange rate on the interest payments they get in dollars.

Conversion Costs

In that trade, the cost to convert payments from one currency to another is determined by the cross-currency basis swap. Take Japanese insurers as an example. Under normal circumstances, they would swap their yen for dollars and get interest on the yen they loaned out over the course of the contract.

But now, because the rate has turned negative, they’re effectively paying interest to lend the yen, which eats into their bond returns. That’s on top of the Libor rate they’ll need to pay for borrowing the dollars, which currently stands at 0.79 percent over three months.

The basis, as it’s known, was at minus 0.6425 percentage point for yen-based investors, which is close to the most expensive in five years. For those with euros, the basis is minus 0.43 percentage point. That’s more than twice as costly as the average over the past three years.

In a perfectly efficient market, none of this would matter. Differences in interest rates would be perfectly offset by the cost of exchanging two different currencies over time. But in the real world, things are far messier.

As unconventional monetary policies in Japan and Europe pushed yields lower and lower in recent years, demand for dollars has soared in tandem with the currency’s appreciation. Banks responded by demanding stiffer terms to swap into dollars as supply diminished, cutting into profits on the “carry trade” in Treasuries.

Treasuries will remain a better alternative for many overseas investors as long as an advantage exists, no matter how small the hedged yield pickup has become, according to Ralph Axel, a bond analyst at Bank of America Corp.

“They’ll just keep buying,” Axel said. Because of forces like negative rates and quantitative easing outside the U.S. “you clearly have a long-lasting bid.”

Of course, there’s the flip side. The overwhelming demand for U.S. currency is proving to be a boon for American investors and foreign central banks sitting on billions of dollars. Pacific Investment Management Co. also says there’s profit to be made by getting paid to swap dollars into yen.

Interest-Rate Swaps

Overseas money managers, though, have had to turn to more novel solutions to avoid the onerous hedging costs. Jack Loudoun, who helps oversee about $88 billion for Vontobel Asset Management in Zurich, says he prefers interest-rate swaps and futures on Treasuries to get exposure to the U.S. market because lower upfront costs help reduce foreign-exchange risk.

“We’re using derivatives to get access,” he said. “If you’re worried about hedging cost, swaps and futures are the avenues to go down.”

Whatever the strategy, there’s little debate over how important foreign demand is for the $13.4 trillion market for Treasuries.

“We’re at a point now where investors have to start thinking about this,” said Sachin Gupta, a foreign-bond fund manager at Pimco, which oversees $1.51 trillion. “As the cost of hedging rises to such an extent, there’s no extra carry to be had. That itself will slow down the demand — and, at some point, even reverse the demand — for Treasuries.”

Before it’s here, it’s on the Bloomberg Terminal. LEARN MORE





Tags : , , , , , ,

RT – News – Business, Finance, Economy, Markets, Stocks Shares #online #business #loans

#business news

#

02 Sep Exchequer returns for August show a significant fall in revenues collected during the month.

02 Sep US employment growth slowed more than expected in August after two straight months of robust gains and wage gains moderated.

02 Sep Tech giant Samsung has said it is suspending sales of its latest flagship smartphone Galaxy Note 7, as reports of exploding batteries threaten to damage the reputation of the South Korean electronics giant.

02 Sep Telecoms firm Eir has recorded its first year of annual revenue growth since 2008.

02 Sep Minister for Finance Michael Noonan has claimed that the EU Commission’s ruling over Apple’s tax operations in Ireland was an “attack on our corporate tax regime”.

02 Sep Heavy machinery maker Caterpillar has said it could lay off about 2,000 employees at a plant in Belgium, as it considers shifting production to other facilities as part of a restructuring programme announced last year.

02 Sep Irish Residential Properties REIT, or I-RES, is seeking planning permission for 492 apartments as well as retail space in Sandyford in Dublin.

02 Sep Peer-to-peer lending platform Linked Finance says 21 SMEs raised €600,000 in funding during the first two weeks of its new fixed rate loan offering.

02 Sep Activity in the services sector rose by 0.5% between June and July, with wholesale and retail trade seeing a 6.1% surge during the month.

02 Sep Currency movements have hit Fyffes’ banana business, according to the company’s first half results.

02 Sep Crude prices have risen today after losses of more than 3% yesterday, with investors treading cautiously ahead of key US employment data.

02 Sep RTÉ’s Europe Editor Tony Connelly looks at the Apple ruling and the possible impact of a similar case involving Spanish bank Santander.

02 Sep The Irish Times reports telecom firms have hit out at Eir for raising wholesale broadband prices for the second time in 14 months.

02 Sep Telecoms firm Eir has recorded its first year of annual revenue growth since 2008.

01 Sep Up to 250 jobs could go at US multinational Caterpillar’s plants in Northern Ireland, a spokesman has said.

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Grafton Chief Executive Gavin Slark discusses the builders’ merchant and DIY retailer’s double-digit growth in percentage terms in revenue and profit in H1

Bord Gáís Energy Managing Director Dave Kirwan said the firm is reducing its residential electricity prices by 5% and its residential gas prices by 2%

Just Eat Managing Director for Ireland Amanda Roche Kelly discusses the brand’s presence at the upcoming Electric Picnic festival





Tags : , , , , , , , , ,

Markets Data Center Mobile – Company Data, Indexes, Stock Quotes – More – Wall

#stock market prices

#

Footnotes

Stocks: Real-time U.S. stock quotes reflect trades reported through Nasdaq only; comprehensive quotes and volume reflect trading in all markets and are delayed at least 15 minutes. International stock quotes are delayed as per exchange requirements. Indexes may be real-time or delayed; refer to time stamps on index quote pages for information on any delays. Source: SIX Financial Information

Bonds: Bond quotes are updated in real-time. Source: Tullett Prebon.

Currencies: Currency quotes and charts are updated in real-time. Source: Tullett Prebon.

Commodities & Futures: Futures prices reflect electronic trading and are delayed 10 minutes. Futures quotes show contract month with the highest level of open interest, except crude oil, which always shows the “front month” contract (the contract that will expire soonest). Change value during the period between open outcry settle and the commencement of the next day’s trading is calculated as the difference between the last trade and the prior day’s settle. Change value during other periods is calculated as the difference between the last trade and the most recent settle. Source: SIX Financial Information.

Data are provided ‘as is’ for informational purposes only and is not intended for trading purposes. SIX Financial Information (a) does not make any express or implied warranties of any kind regarding the data, including, without limitation, any warranty of merchantability or fitness for a particular purpose or use; and (b) shall not be liable for any errors, incompleteness, interruption or delay, action taken in reliance on any data, or for any damages resulting therefrom. Data may be intentionally delayed pursuant to supplier requirements.

Sections





Tags : , , , , , , , , , , , ,

Small Business Finance Markets Report 2015 #internet #business

#small business finance

#

Small Business Finance Markets Report 2015/16

The Small Business Finance Markets Report 2015/16 shows that the market for small business finance is improving, however a number of challenges remain:

  • A lack of businesses scaling-up is hampering UK productivity – there remains a need to stimulate a greater volume of scale-up businesses and SME exporters to counteract the UK’s lagging productivity. OECD data shows that Britain is near the bottom of the table for the percentage of businesses that grow to more than 10 employees after three years.
  • A need to delivery further diversity in the small business finance market – there is an ongoing need to accelerate the evolution of a diverse and accessible range of finance options to drive competition and choice for smaller businesses. The four largest banks still account for 80% of the small business loan market in 2014, with many small businesses not looking at alternative finance options beyond their main bank.
  • Supporting growing SMEs across all UK regions – the finance landscape remains uneven across the UK. To help rebalance growth, an increased availability of finance for smaller businesses across the UK is required. 71% of total SME equity investment is accounted for by London and South East based companies.

DOWNLOADS

2015 Business Finance Survey: SMEs

This survey, undertaken by BMG Research for the British Business Bank, follows on from the previous 2012 and 2014 “SME Journey” surveys to explore SME awareness of different types of external finance and their experience of raising finance. We have extensively used the findings from this survey within our new Small Business Finance Markets 2015/16 report to assess how finance markets have changed.

Amongst the findings, this survey shows a continued increase in business awareness of alternative finance types, including peer-to-peer lending and crowdfunding. The research also shows that a higher proportion of SMEs are aiming to grow in the next 12 months (56%), compared to 46% in the previous 2014 survey.

2015 Business Finance Survey: Mid-caps

This survey, undertaken by BMG Research for the British Business Bank, assesses the characteristics of mid-caps (businesses with £25m-£500m annual turnover) and their experience of raising external finance. The survey finds that mid-cap businesses are more likely to use and seek external finance compared to SMEs, and are also more likely to obtain finance. In addition, a high proportion of mid-cap businesses (79%) are aiming to grow in the next 12 months.

Methodology Consultation: Assessing the Unmet Demand for SME debt finance

The British Business Bank would like to consult with interested stakeholders on appropriate methodologies for assessing the unmet demand for SME debt finance. The consultation seeks views on our proposed methodology and suggestions for alternative methodologies or additional data sources.





Tags : , , , , ,

Small Business Finance Markets Report 2015 #new #business #opportunities

#small business finance

#

Small Business Finance Markets Report 2015/16

The Small Business Finance Markets Report 2015/16 shows that the market for small business finance is improving, however a number of challenges remain:

  • A lack of businesses scaling-up is hampering UK productivity – there remains a need to stimulate a greater volume of scale-up businesses and SME exporters to counteract the UK’s lagging productivity. OECD data shows that Britain is near the bottom of the table for the percentage of businesses that grow to more than 10 employees after three years.
  • A need to delivery further diversity in the small business finance market – there is an ongoing need to accelerate the evolution of a diverse and accessible range of finance options to drive competition and choice for smaller businesses. The four largest banks still account for 80% of the small business loan market in 2014, with many small businesses not looking at alternative finance options beyond their main bank.
  • Supporting growing SMEs across all UK regions – the finance landscape remains uneven across the UK. To help rebalance growth, an increased availability of finance for smaller businesses across the UK is required. 71% of total SME equity investment is accounted for by London and South East based companies.

DOWNLOADS

2015 Business Finance Survey: SMEs

This survey, undertaken by BMG Research for the British Business Bank, follows on from the previous 2012 and 2014 “SME Journey” surveys to explore SME awareness of different types of external finance and their experience of raising finance. We have extensively used the findings from this survey within our new Small Business Finance Markets 2015/16 report to assess how finance markets have changed.

Amongst the findings, this survey shows a continued increase in business awareness of alternative finance types, including peer-to-peer lending and crowdfunding. The research also shows that a higher proportion of SMEs are aiming to grow in the next 12 months (56%), compared to 46% in the previous 2014 survey.

2015 Business Finance Survey: Mid-caps

This survey, undertaken by BMG Research for the British Business Bank, assesses the characteristics of mid-caps (businesses with £25m-£500m annual turnover) and their experience of raising external finance. The survey finds that mid-cap businesses are more likely to use and seek external finance compared to SMEs, and are also more likely to obtain finance. In addition, a high proportion of mid-cap businesses (79%) are aiming to grow in the next 12 months.

Methodology Consultation: Assessing the Unmet Demand for SME debt finance

The British Business Bank would like to consult with interested stakeholders on appropriate methodologies for assessing the unmet demand for SME debt finance. The consultation seeks views on our proposed methodology and suggestions for alternative methodologies or additional data sources.





Tags : , , , , ,

Bond Market’s Big Illusion Revealed as U #design #business #card

#bond market news

#

Bond Market’s Big Illusion Revealed as U.S. Yields Turn Negative

For Kaoru Sekiai, getting steady returns for his pension clients in Japan used to be simple: buy U.S. Treasuries.

Compared with his low-risk options at home, like Japanese government bonds, Treasuries have long offered the highest yields around. And that’s been the case even after accounting for the cost to hedge against the dollar’s ups and downs — a common practice for institutions that invest internationally.

It’s been a “no-brainer since forever,” said Sekiai, a money manager at Tokyo-based DIAM Co. which oversees about $166 billion.

That truism is now a thing of the past. Last month, yields on U.S. 10-year notes turned negative for Japanese buyers who pay to eliminate currency fluctuations from their returns, something that hasn’t happened since the financial crisis. It’s even worse for euro-based investors, who are locking in sub-zero returns on Treasuries for the first time in history.

For a detailed description of how this index was created, click here.

For an analysis of hedging costs for Japanese investors, click here.

That quirk means the longstanding notion of the U.S. as a respite from negative yields in Japan and Europe is little more than an illusion. With everyone from Jeffrey Gundlach to Bill Gross warning of a bubble in bonds, it could ultimately upend the record foreign demand for Treasuries, which has underpinned their seemingly unstoppable gains in recent years.

“People like a simple narrative,” said Jeffrey Rosenberg, the chief investment strategist for fixed income at BlackRock Inc. which oversees $4.6 trillion. “But there isn’t a free lunch. You can’t simply talk about yield differentials without talking about currency differentials.”

DIAM’s Sekiai has been shunning Treasuries since April, a month after foreign holdings of U.S. debt hit a record. Instead, he favors bonds of France and Italy because they “offer some degree of yield and the currency-hedging costs are cheap.” That shift lines up with the latest available Treasury Department data, which showed that demand from non-U.S. investors in April and May was the weakest in a two-month stretch since 2013.

The fact that yields on 10-year Treasuries are still way higher than those in Japan or Germany is part of the reason foreigners are having such a hard time actually profiting from the difference. Negative interest rates outside the U.S. have caused a surge in demand for dollars and dollar assets, pushing up the cost to get into and out of the greenback at the same exchange rate to levels rarely seen in the past.

Ten-year yields in the U.S. are currently about 0.23 percentage point below a basket of bonds from Australia, France, Germany, Italy, Japan, Spain and Switzerland on a hedged basis, versus 1.4 percentage points above on an unhedged basis, according to data compiled by BlackRock. At the start of the year, hedged Treasuries yielded over a half-percentage point more.

In Japan, where 10-year government bonds yield less than zero, the advantage for Treasuries has dwindled from a percentage point at the start of the year to less than 0.1 percentage point now. Without much added value for overseas investors, it’s harder to see foreign demand driving Treasuries to new records, especially as the Federal Reserve moves toward gradually raising rates.

Since falling to a record 1.318 percent on July 6, yields on 10-year notes have backed up as a string of economic reports such as last week’s jobs data bolstered the case for higher rates. They were at 1.58 percent today.

For a large swathe of institutional investors, especially those with conservative mandates, hedging is the norm when they go abroad. It eliminates the need to worry about the daily ebbs and flows in exchange rates and how that might affect their returns. When it comes to Treasuries, overseas buyers usually lock in a fixed exchange rate on the interest payments they get in dollars.

Conversion Costs

In that trade, the cost to convert payments from one currency to another is determined by the cross-currency basis swap. Take Japanese insurers as an example. Under normal circumstances, they would swap their yen for dollars and get interest on the yen they loaned out over the course of the contract.

But now, because the rate has turned negative, they’re effectively paying interest to lend the yen, which eats into their bond returns. That’s on top of the Libor rate they’ll need to pay for borrowing the dollars, which currently stands at 0.79 percent over three months.

The basis, as it’s known, was at minus 0.6425 percentage point for yen-based investors, which is close to the most expensive in five years. For those with euros, the basis is minus 0.43 percentage point. That’s more than twice as costly as the average over the past three years.

In a perfectly efficient market, none of this would matter. Differences in interest rates would be perfectly offset by the cost of exchanging two different currencies over time. But in the real world, things are far messier.

As unconventional monetary policies in Japan and Europe pushed yields lower and lower in recent years, demand for dollars has soared in tandem with the currency’s appreciation. Banks responded by demanding stiffer terms to swap into dollars as supply diminished, cutting into profits on the “carry trade” in Treasuries.

Treasuries will remain a better alternative for many overseas investors as long as an advantage exists, no matter how small the hedged yield pickup has become, according to Ralph Axel, a bond analyst at Bank of America Corp.

“They’ll just keep buying,” Axel said. Because of forces like negative rates and quantitative easing outside the U.S. “you clearly have a long-lasting bid.”

Of course, there’s the flip side. The overwhelming demand for U.S. currency is proving to be a boon for American investors and foreign central banks sitting on billions of dollars. Pacific Investment Management Co. also says there’s profit to be made by getting paid to swap dollars into yen.

Interest-Rate Swaps

Overseas money managers, though, have had to turn to more novel solutions to avoid the onerous hedging costs. Jack Loudoun, who helps oversee about $88 billion for Vontobel Asset Management in Zurich, says he prefers interest-rate swaps and futures on Treasuries to get exposure to the U.S. market because lower upfront costs help reduce foreign-exchange risk.

“We’re using derivatives to get access,” he said. “If you’re worried about hedging cost, swaps and futures are the avenues to go down.”

Whatever the strategy, there’s little debate over how important foreign demand is for the $13.4 trillion market for Treasuries.

“We’re at a point now where investors have to start thinking about this,” said Sachin Gupta, a foreign-bond fund manager at Pimco, which oversees $1.51 trillion. “As the cost of hedging rises to such an extent, there’s no extra carry to be had. That itself will slow down the demand — and, at some point, even reverse the demand — for Treasuries.”

Before it’s here, it’s on the Bloomberg Terminal. LEARN MORE





Tags : , , , , , ,

RT – News – Business, Finance, Economy, Markets, Stocks Shares #small #business #cards

#business news

#

02 Sep Exchequer returns for August show a significant fall in revenues collected during the month.

02 Sep US employment growth slowed more than expected in August after two straight months of robust gains and wage gains moderated.

02 Sep Tech giant Samsung has said it is suspending sales of its latest flagship smartphone Galaxy Note 7, as reports of exploding batteries threaten to damage the reputation of the South Korean electronics giant.

02 Sep Telecoms firm Eir has recorded its first year of annual revenue growth since 2008.

02 Sep Minister for Finance Michael Noonan has claimed that the EU Commission’s ruling over Apple’s tax operations in Ireland was an “attack on our corporate tax regime”.

02 Sep Heavy machinery maker Caterpillar has said it could lay off about 2,000 employees at a plant in Belgium, as it considers shifting production to other facilities as part of a restructuring programme announced last year.

02 Sep Irish Residential Properties REIT, or I-RES, is seeking planning permission for 492 apartments as well as retail space in Sandyford in Dublin.

02 Sep Peer-to-peer lending platform Linked Finance says 21 SMEs raised €600,000 in funding during the first two weeks of its new fixed rate loan offering.

02 Sep Activity in the services sector rose by 0.5% between June and July, with wholesale and retail trade seeing a 6.1% surge during the month.

02 Sep Currency movements have hit Fyffes’ banana business, according to the company’s first half results.

02 Sep Crude prices have risen today after losses of more than 3% yesterday, with investors treading cautiously ahead of key US employment data.

02 Sep RTÉ’s Europe Editor Tony Connelly looks at the Apple ruling and the possible impact of a similar case involving Spanish bank Santander.

02 Sep The Irish Times reports telecom firms have hit out at Eir for raising wholesale broadband prices for the second time in 14 months.

02 Sep Telecoms firm Eir has recorded its first year of annual revenue growth since 2008.

01 Sep Up to 250 jobs could go at US multinational Caterpillar’s plants in Northern Ireland, a spokesman has said.

feature” data-cycle-timeout=”0″ data-cycle-swipe=”true” data-cycle-next=”.highlights-nav.next” data-cycle-prev=”.highlights-nav.previous” data-cycle-disabled-class=”disabled” data-cycle-allow-wrap=”false” data-cycle-update-view=”1″ data-cycle-auto-height=”calc”>

Grafton Chief Executive Gavin Slark discusses the builders’ merchant and DIY retailer’s double-digit growth in percentage terms in revenue and profit in H1

Bord Gáís Energy Managing Director Dave Kirwan said the firm is reducing its residential electricity prices by 5% and its residential gas prices by 2%

Just Eat Managing Director for Ireland Amanda Roche Kelly discusses the brand’s presence at the upcoming Electric Picnic festival





Tags : , , , , , , , , ,

Markets Data Center Mobile – Company Data, Indexes, Stock Quotes – More – Wall

#stock market prices

#

Footnotes

Stocks: Real-time U.S. stock quotes reflect trades reported through Nasdaq only; comprehensive quotes and volume reflect trading in all markets and are delayed at least 15 minutes. International stock quotes are delayed as per exchange requirements. Indexes may be real-time or delayed; refer to time stamps on index quote pages for information on any delays. Source: SIX Financial Information

Bonds: Bond quotes are updated in real-time. Source: Tullett Prebon.

Currencies: Currency quotes and charts are updated in real-time. Source: Tullett Prebon.

Commodities & Futures: Futures prices reflect electronic trading and are delayed 10 minutes. Futures quotes show contract month with the highest level of open interest, except crude oil, which always shows the “front month” contract (the contract that will expire soonest). Change value during the period between open outcry settle and the commencement of the next day’s trading is calculated as the difference between the last trade and the prior day’s settle. Change value during other periods is calculated as the difference between the last trade and the most recent settle. Source: SIX Financial Information.

Data are provided ‘as is’ for informational purposes only and is not intended for trading purposes. SIX Financial Information (a) does not make any express or implied warranties of any kind regarding the data, including, without limitation, any warranty of merchantability or fitness for a particular purpose or use; and (b) shall not be liable for any errors, incompleteness, interruption or delay, action taken in reliance on any data, or for any damages resulting therefrom. Data may be intentionally delayed pursuant to supplier requirements.

Sections





Tags : , , , , , , , , , , , ,

Harvard Business Law Review (HBLR) – The Harvard Business Law Review (HBLR) aims to

#harvard business journal

#

This Article addresses mutual fund governance, explaining how it has recently become entangled with the norms and rules of corporate governance. At one level, it is understandable that the Securities and Exchange Commission (SEC) and courts have viewed mutual funds as a type of ordinary corporation. Both mutual funds and corporations are separate legal entities, having directors and shareholders. Directors of each are held to fiduciary duties, charged with serving shareholders’ interests, and expected to aspire to best practices. However, there are fundamental differences between mutual funds and ordinary corporations. This Article contends that these differences have important implications for governance, differences that should lead to the disentanglement of mutual fund governance from corporate governance.

We examine firm lifecycles of 3,081 IPOs from 1996–2012. We find that small IPOs have a different lifecycle than other, larger companies. Within five years of an IPO, only 55% of small capitalization companies remain listed on a public exchange, compared to 61% and 67% for middle and large capitalization companies, respectively. We examine various theories explaining the decline of the small IPO. We find only minor evidence that regulatory changes caused the decline of the small IPO. The decline appears instead to be more attributable to the historical unsuitability of small firms for the public market. Absent economic or market reforms that change small firm quality, further regulatory reforms to enhance the small IPO market are thus unlikely to be effective or bring firms into the public market that have the horsepower to remain publicly listed.

In Section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Congress instructed the Securities and Exchange Commission (SEC) to draft rules that would require public companies to report annually on whether their products contain certain Congolese minerals. This unprecedented legislation and the SEC rulemaking that followed have inspired an impassioned and ongoing debate between those who view these efforts as a costly misstep and those who view them as a measured response to human rights abuses committed by the armed groups that control many mines in the Democratic Republic of the Congo. This Article for the first time brings empirical evidence to bear on this controversy.

In 2008, the Securities and Exchange Commission made waves by deciding to regulate the nascent peer-to-peer lending industry. Only two lending platforms survived the SEC’s entry into a previously lightly-regulated market. Under this regulatory setup, the SEC would regulate the lending-investing process, while other agencies like the Consumer Financial Protection Bureau and Federal Trade Commission would regulate the borrower side of the business. This Article argues that the existing bifurcated system works and is continually getting better as the SEC amends existing exemptions and introduces new regulations to smooth the path for financial innovation.

Since 1977, with the enactment of the Foreign Corrupt Practices Act, the United States Department of Justice has played a leading role in applying the Act’s anti-bribery, books and records, and internal controls provisions in enforcement proceedings against numerous companies and individuals worldwide. In November 2015, the Department of Justice took the unprecedented step of hiring a Compliance Counsel to guide its prosecutors in decision-making in corporate prosecutions and in benchmarking corporate compliance. This Memorandum is composed as an open letter to the Compliance Counsel, focusing on how she and the Department of Justice should go about that critical benchmarking function.

Eric J. Chang’s provocative article, www.PayDayLoans.gov: A Solution for Restoring Price-Competition to Short-Term Credit Loans—which, as its title suggests, proposes to facilitate price competition in the payday lending market by creating a federal online exchange for payday lenders to post lending rates—has sparked thoughtful reactions among consumer borrowing experts. This Response provides constructive criticism to Chang’s proposal, arguing that such an exchange is unlikely to meet its goal of restoring price competition and offering tweaks that would raise the likelihood of doing so.





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