Thursday 5th March 2015
NEWS TICKER, THURSDAY, MARCH 5TH 2015: The number of Spaniards registered as unemployed fell by 13,538 people in February, a fall of 0.3%. Even so, the government acknowledges that a massive 4,512,153 people remain without work. In a press release, the Ministry for Employment says said reduction in jobless was best monthly improvement in February since 2001. Seasonally-adjusted unemployment fell by 49,653 people. The government also says 300,333 fewer unemployed people since February 2014 was: "the largest year-on-year reduction in unemployment since 1999". The total number of unemployed Spaniards this month—the fourth February with Mariano Rajoy as Prime Minister—was still higher than all of the February data points for the last four years of the Zapatero government. The number of people registered with Spain's social security system rose by 96,909 in February - Record high inflows send Japanese ETFs’ AUM higher, surpassing $160bn. The Apac region excluding Japan has also seen strong inflows, pushing the AUM mark past $78bn. Investors are still avoiding the riskiest names in the region; firms whose CDS spreads have widened the most have seen negative returns - CBOE Futures Exchange reports February average daily volume in VIX futures was 166,547 contracts, a decrease of 23% from February 2014 and a decrease of 27% from January 2015. Total volume in VIX futures for February was 3.2m contracts, down 23% from a year ago and down 31% from the previous month - The Straits Times Index (STI) ended +1.03 points higher or +0.03% to 3403.89, taking the year-to-date performance to +1.15%. The FTSE ST Mid Cap Index declined -0.39% while the FTSE ST Small Cap Index declined -1.14%. The top active stocks were SingTel (+0.47%), DBS (-1.48%), OCBC Bank (-0.86%), Noble (-3.08%) and UOB (-0.04%). The outperforming sectors today were represented by the FTSE ST Consumer Goods Index (+0.68%). The two biggest stocks of the FTSE ST Consumer Goods Index are Wilmar International (+0.31%) and Thai Beverage (+2.14%). The underperforming sector was the FTSE ST Basic Materials Index, which declined -3.44% with Midas Holdings’ share price gaining +1.61% and Geo Energy Resources’ share price declining -1.57%. The three most active Exchange Traded Funds (ETFs) by value today were the STI ETF (-0.29%), IS MSCI India (+0.37%), SPDR Gold Shares (+1.10%). The three most active Real Estate Investment Trusts (REITs) by value were Ascendas REIT (+1.62%), CapitaCom Trust (-0.57%), CapitaMall Trust (+1.90%). The most active index warrants by value today were HSI25000MBeCW150330 (-7.69%), HSI24200MBePW150429 (-3.94%), HSI24400MBePW150330 (-7.32%). The most active stock warrants by value today were OCBC Bk MBeCW150803 (-13.56%), UOB MB eCW150701 (-1.97%), DBS MB eCW150420 (-22.61%).

UC Rusal appoints Barry Cheung as new chairman

Friday, 16 March 2012
UC Rusal appoints Barry Cheung as new chairman The board of aluminium producer UC Rusal, has appointed Barry Cheung as chairman of the board with effect from  March 16th, replacing  Viktor Vekselberg who resigned earlier this week, having suggested the firm was in crisis and charging that management had over-burdened the firm with debt.  http://www.ftseglobalmarkets.com/

The board of aluminium producer UC Rusal, has appointed Barry Cheung as chairman of the board with effect from  March 16th, replacing  Viktor Vekselberg who resigned earlier this week, having suggested the firm was in crisis and charging that management had over-burdened the firm with debt. 

Cheung, a non-executive director of the board since 2009, will have an expanded role in providing leadership and guidance for RUSAL’s growth strategy, especially in China and the rest of Asia.

The board of directors also ruled to conduct a comprehensive review of corporate governance with the results to be presented at the next board meeting in April 2012. Additionally, the firm wants to have one third of the board comprised of independent directors and will start a search for new INEDs with a help of an international executive search firm.



The question is whether Cheung's appointment will shore up the confidence of investors after this week's broadside by Vekselberg, who together with partner Len Blavatnkik owns 15.8% of the company. The company's market capitalisation has nearly halved since it floated in Hong Kong in early 2010, and its equity value barely exceeds its $11bn debt burden.

Cheung, is currently chairman of the Hong Kong Mercantile Exchange, Chairman of the Board of Hong Kong's Urban Renewal Authority, and the Standing Committee on Disciplined Services Salaries and Conditions of Service. He is also Alternate Chairman of the Pay Trend Survey Committee, a member of the Commission on Strategic Development and a member of the Standing Commission on Civil Service Salaries and Conditions of Service. 


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