Friday 25th July 2014
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THURSDAY TICKER: JULY 24th 2014 - New opportunities for European businesses, affordable energy bills for consumers, increased energy security through a significant reduction of natural gas imports and a positive impact on the environment: these are some of the expected benefits of the energy efficiency target for 2030 put forward today by the European Commission in a Communication. The proposed target of 30 % builds on the achievements already reached: new buildings use half the energy they did in the 1980s and industry is about 19% less energy intensive than in 2001. The proposed target goes beyond the 25% energy savings target which would be required to achieve a 40% reduction of CO2 emissions by 2030. At the same time the framework on energy efficiency put forward today aims to strike the right balance between benefits and costs - The California Pension Fund (CalPERS) has told the American press that it might cutting back on its investments into the hedge fund arena by as much as 40%. A CalPERS spokesman told papers that the investment staff will make a formal recommendation to the board in the fall. CalPERS reported a preliminary 18.4% return on investments for the 12 months that ended June 30th this year. CalPERS’ assets at the end of the fiscal year stood at more than $300bn - The number of funds notifying the Jersey Financial Services Commission (JFSC) of their intention to privately place into Europe under AIFMD rules broke through the 150 mark ahead of the end of the AIFMD transitional phase this week. The JFSC figures show that, as at 22 July, a total of 164 funds had opted to make use of Jersey’s private placement route into Europe, and that the UK was the top intended market for managers, followed by Sweden, Belgium, and the Netherlands - Vodafone Group’s debt rating was cut one level at Moody’s Investors Service after the carrier made multibillion-dollar acquisitions to expand in Spain and Germany. The second-largest wireless company’s senior unsecured debt was cut to Baa1, the third-lowest investment grade, from A3, says Moody. The outlook is stable. Newbury, England-based Vodafone reported net debt of £13.7bn ($23.3bn) for the quarter ended March 31st. It is the first time Moody’s has given Vodafone a rating lower than A3 since 2007. Standard & Poor’s and Fitch Ratings rank Vodafone’s debt at A-, the fourth-lowest investment grade. Vodafone’s acquisition of cable operators in Europe and falling revenue in some of its biggest markets contributed to the cut, Moody’s said - In a separate report issued this week, Moody's says the stable outlook on the European Bank for Reconstruction and Development's Aaa rating reflects the bank's conservative capital and liquidity practices, which should support its solid financial performances despite the challenging operating environment. The rating agency's report is an update to the markets and does not constitute a rating action. Moody's also notes that the bank benefits from very high liquidity, owing to its prudent treasury management policies, favourable debt structure and strong market access.

Scam alert from Dubai FSA

Sunday, 08 January 2012
Scam alert from Dubai FSA The Dubai Financial Services Authority (DFSA) has issued an alert to false, misleading and deceptive statements made on the following bogus websites- http://www.difc-ib.com/ae/ and www.difcbk.com. http://www.ftseglobalmarkets.com/

The Dubai Financial Services Authority (DFSA) has issued an alert to "false, misleading and deceptive statements made on the following bogus websites- http://www.difc-ib.com/ae/ and www.difcbk.com."

According to the DFSA alert, the websites fraudulently state that the DIFC Investment Bank (DIFC Bank) is a subsidiary of the Dubai International Financial Centre (DIFC) in the UK. The DIFC logo has been reproduced and used as the logo for the bogus DIFC Bank. 

The bogus websites also contain a statement that the DIFC Bank “obtained authorised status under the Banking Act in 1987” and is authorised and regulated by the UK Financial Services Authority (FSA) - registration number 204439. The website can be viewed here.

The DIFC is a financial free zone, not a financial institution and does not carry on financial services activities in the UAE, the UK or at all. The DIFC Investment Bank is neither registered nor authorised by either the DIFC or the DFSA.

The site and the products and services said to be offered by DIFC Bank are a scam.

According to the FSA Register, which can be found online at www.fsa.gov.uk/register/home.do, the DIFC Bank is not registered or authorised by the FSA to provide financial services in the UK. The registration number stated on the DIFC Bank website as belonging to the DIFC Bank, in fact belongs to another firm.

The statements on the website are therefore false and/or misleading and deceptive. In addition, the DIFC’s name and logo are being used without authorisation.

The DFSA strongly advises the financial community not to deal with the bogus DIFC Bank or persons connected with the fraudulent websites.

If you have any concerns about the authenticity of a firm’s regulatory status in the Emirate, the DFSA says you should direct your concerns to the DFSA Complaints function by accessing the complaints portal on the DFSA website or by calling the DFSA on +971 4 362 1 576.

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