Monday 25th March 2019
Mobile operator EE has said it will activate the UK’s first live 5G trial network in London’s Tech City in October –The UK government says organisations that are aiming to establish themselves or expand as Public Service Mutuals can now apply for a share of £1 million in funding -- India’s central bank raised its benchmark interest rate for the first time since 2014 to curb rising price pressures and calm financial markets as policy tightening in the US rattles emerging markets – A new report from South Africa's Reserve Bank (SARB) contains exception results for a trial of its blockchain-based system for interbank clearance and settlement. According to a release yesterday SARB says it has completed a 14-week "realistic" proof-of-concept that managed to settle the country's typical 70,000 daily payment transactions within two hours, taking an average of 1–2 seconds for each transaction while preserving full anonymity. Absa, Capitec, Discovery Bank, FirstRand, Investec, Nedbank and Standard Bank are among a slew of banks that participated in the exercise. Even so, despite the success claims, SARB says its proof-of-concept doesn't mean it plans to replace the existing real-time gross settlement (RTGS) system with a live blockchain implementation, yet – According to Mickhail Shlemov, VTB’s Capital’s head of research today, “With the demerger of Bank of Georgia Group’s investment business to Georgia Capital PLC, we have revised our forecasts for Bank of Georgia Group so that they now include only the banking business. We expect the bank to benefit from this demerger amid an acceleration in corporate loan growth (although retail lending is likely to decelerate), with the total loan book expanding at a CAGR of 11% in 2017-21F. However, NIM performance headwinds are likely to stay intact. Management has reiterated its strategic targets, and we also expect the bank to show ROE of more than 20% in the next three years, with a 40% dividend payout ratio. As a result, our new 12-month Target Price is GBp 2,300/share. This implies an ETR of only 14% (the stock is up 10% since demerger day).” On May 29th, Bank of Georgia Group (BOGG) announced the completion of the demerger of the Group’s investment business to Georgia Capital PLC. As a part of the process, the bank has issued 9.8mn shares (up to 19.9% of the total share count) to Georgia Capital. Yet the capital will also be diminished by a special dividend payment of some GEL 120mn (GEL 3.10/share), similar to the proposed BGEO Group payment – Reuters reports that European parliament member Danuta Huebner says that London’s call for EU access after Brexit under mutual recognition will not work. Equivalence would let the EU set the rules – Scott Eaton, the former chief operating chief for Europe at MarketAxess has been appointed CEO of Algomi following the departure of co-founder Stu Taylor earlier this year. Eaton has taken over the role with immediate effect and will focus on developing Algomi’s fixed income services, including data aggregation and the Algomi ALFA market surveillance tool – The FCPA Blog notes today that banking giant Credit Suisse Group has agreed to pay a $47m penalty to the US Justice Department to end an FCPA investigation into hiring practices in Asia -- The Securities and Exchange Commission (SEC) voted Tuesday to approve a proposal to modify the Volcker rule, the last of the five agencies responsible for the rule to do so. The proposal is now open to a 60-day public comment period. Treasury Secretary Steven Mnuchin called the move "an important first step" and noted Treasury's support for "better tailoring the application of the rule, preserving liquidity during periods of stress, decreasing unintended compliance burdens and encouraging capital formation." --

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Offshore insolvency petitions rise in 2017

Wednesday, 20 June 2018
Offshore insolvency petitions rise in 2017 The number of insolvency petition filings in offshore jurisdictions was up significantly in 2017 when compared to the previous year.  The overall jump in petition filings was due in large part to increased filings in the British Virgin Islands and Mauritius which offset falls in the Cayman Islands and Isle of Man, according to a report from offshore law firm Appleby.   http://www.ftseglobalmarkets.com/

The number of insolvency petition filings in offshore jurisdictions was up significantly in 2017 when compared to the previous year.  The overall jump in petition filings was due in large part to increased filings in the British Virgin Islands and Mauritius which offset falls in the Cayman Islands and Isle of Man, according to a report from offshore law firm Appleby.  

The firm’s Snapshot Offshore Insolvency & Restructuring Annual Review: 2017, examines company petition filings and resulting court orders in Bermuda, the British Virgin Islands, Cayman Islands, Guernsey, the Isle of Man and Mauritius. “Although the number of petition filings declined in some centres, we saw numerous complex restructuring cases in 2017, with major cross-border restructurings of oil and gas service providers in Cayman, BVI and Bermuda,” said Tony Heaver-Wren, a dispute resolution partner in Appleby’s Cayman office.

The BVI stands out as 75 applications were made for a court-appointed liquidator–almost double the 2016 total – as the jurisdiction was home to significant insolvencies, particularly in the natural resources sector and with various Asian conglomerates. While court filings in Cayman shrunk across several categories in 2017, scheme petition filings were marginally higher and included four schemes pertaining to the landmark Ocean Rig case, the largest ever restructuring in the Cayman Islands.

The report examined notices published across four categories: compulsory winding up filings, conversion of voluntary liquidation to court supervised liquidation, schemes of arrangement and capital reduction.

A total of 296 compulsory winding-up petitions were submitted to offshore courts in 2017, up 48% over the previous year, with 135 winding up orders made. Across the offshore region, the average conversion rate of petitions to orders was 64%.

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