South Africa to get second stock exchange: ZAR X

first_imgSouth Africa is to get its second stock exchange, after the Johannesburg Stock Exchange has dominated trading in the country for more than a century. ZAR X has been given a licence to operate, and it plans to be up and running in September.ZAR X investors will be able to monitor the performances of their shares on the company’s website (Image: Pixabay, CC0 Public Domain)Priya PitamberSouth Africa is to get its first new stock exchange in more than a century. ZAR X Stock Exchange announced yesterday that the Financial Services Board (FSB) had granted it conditional approval for a stock exchange licence.The licence had been granted under the Financial Markets Act and the conditional approval was granted subject to certain suspensive conditions being met to the satisfaction of the Registrar of Securities Services, said ZAR X.The Johannesburg Stock Exchange has been South Africa’s only bourse. It was founded in Johannesburg in 1887, during the Witwatersrand gold rush. It is Africa’s biggest and most liquid stock market.ZAR X intends to start operating in September, and aims to enable more lower- income investors to trade shares. According to the company, ZAR X will help “you to grow your financial potential through investment and saving”.ZAR X, the company explains, is a platform that will let “everyday South Africans transact shares quickly, cheaply and conveniently, even if they have never formally invested money or opened a bank account before. The platform is designed to empower those who don’t have skills or experience in investing, to easily and safely build a brighter financial future for themselves and their families.”It will also give business enterprises a flexible, transparent and affordable way to list their restricted or limited share offerings, so that ordinary South Africans can take advantage of them. The idea will be to give South Africans access to restricted share listings, to help them secure investment opportunities in order to build financial security.Bloomberg news agency reports that ZAR X plans to run three sections: a main board for company listings, an over-the-counter stock-trading business, and an investment products market.“A more flexible and practical listings process will ensure greater simplicity and less complexity for companies making use of the ZAR X Stock Exchange,” chief executive officer Etienne Nel said in a company statement. “We also make investing simpler and affordable for the public, especially the lower income groups.”In a Moneyweb report, Nel said a big cost advantage for investors was that there would be no custody fees. These are fees paid by investors towards brokers who execute trades on their behalf. Although there will be brokers on the ZAR X, investors will not have to execute trades directly through them. Instead they will be able to log their trades via a call-centre, online, or through a mobile app, the online financial news portal reports.ZAR X will be based in Bryanston, Johannesburg, although there will not be a central market itself. Investors will be able to monitor the performances of their shares on the company’s website.It will be in good company. The JSE rates among the top 20 exchanges in the world by market capitalisation.The JSE is regarded as a mature, efficient, secure market with world-class regulation, trading, clearing, settlement assurance and risk management. It has harmonised its listing requirements, disclosure and continuing obligations with those of the London Stock Exchange and offers superb investor protection.The World Economic Forum’s 2015-16 Global Competitiveness Index rates South Africa first in the world – out of 140 countries – for financing through the local equity market, and second for the regulation of securities exchanges.Would you like to use this article in your publication or on your website? See Using Brand South Africa material.last_img read more

Legends Jaworski, Arnaiz grace Game 2 of PBA Finals

first_imgNonong Araneta re-elected as PFF president Typhoon Kammuri accelerates, gains strength en route to PH Read Next Photo by Tristan Tamayo/ INQUIRER.netGame 2 of the 2017 PBA Governors’ Cup Finals between Ginebra and Meralco drew a mammoth crowd at Smart Araneta Coliseum on Sunday.But lost in the shuffle of the 16,159-strong fans who made their way to the Big Dome was the presence of Philippine basketball greats Robert Jaworski and Francis Arnaiz.ADVERTISEMENT Frontrow holds fun run to raise funds for young cancer patients  The legendary backcourt tandem was side-by-side again among the screaming crowd when their old teams clash for the title in the season-ending conference.As always, Jaworski’s presence drew a lot of attention as fans came in troves to get a photo of the former senator.FEATURED STORIESSPORTSWATCH: Drones light up sky in final leg of SEA Games torch runSPORTSSEA Games: Philippines picks up 1st win in men’s water poloSPORTSMalditas save PH from shutoutBut it didn’t take long before the public acknowledged Arnaiz, who was smiling as he soaked in the atmosphere from the rambunctious Araneta crowd, that even celebrities in attendance like newscaster Arnold Clavio couldn’t help but ask for mementos.With Jaworski and Arnaiz terrorizing the backcourt back in their day, they led their old Meralco team, then-known as the Reddy Kilowatts, to the 1971 Open Championship in the defunct MICAA. Trending Articles PLAY LIST 00:50Trending Articles01:27Filipino athletes get grand send-off ahead of SEA Games00:50Trending Articles01:37Protesters burn down Iran consulate in Najaf01:47Panelo casts doubts on Robredo’s drug war ‘discoveries’01:29Police teams find crossbows, bows in HK university01:35Panelo suggests discounted SEA Games tickets for students02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games View comments LOOK: Loisa Andalio, Ronnie Alonte unwind in Amanpulo for 3rd anniversary LATEST STORIEScenter_img Fire hits houses in Mandaluyong City Black challenges locals to make shots, help Durham Don’t miss out on the latest news and information. Brace for potentially devastating typhoon approaching PH – NDRRMC Kammuri turning to super typhoon less likely but possible — Pagasa BSP sees higher prices in November, but expects stronger peso, low rice costs to put up fight They then took their partnership in the PBA, as they helped Toyota win nine titles before switching sides to Ginebra, where they won the franchise’s first taste of gold in the 1986 Open Conference.The Gin Kings ended up taking Game 2, 86-76, to grab a 2-0 lead in the 2017 PBA Governors’ Cup Finals. MOST READlast_img read more

MARIANNE MAGUIRE HONOURED AT NTL OPENING CEREMONY

first_imgAfter some heavy rain leading up to the tournament, the sun was shining for the opening ceremony for the 2007 National Touch League at BCU International Stadium. The NTL was officially opened by Coffs Harbour City Council Deputy Mayor Councilor Ian Ovens and TFA CEO Colm Maguire, and featured a special presentation was also made by  to Austouch Coordinator Marianne Maguire for her contribution and commitment to the Australian World Cup campaign.Following Australia’s World Cup victory in Stellenbosch, South Africa in January, World Cup Flag bearer Dean Russell, and Mens Australian captain Gavin Shuker and four time World Cup womens representative Amanda Judd presented CEO Colm Maguire with the World Cup. Russell made the presentation to Marianne, who was not in South Africa for the official team function. “One of the people who played a crucial role in the organisation of World Cup travel, uniforms, logistics, communication and administration of the World Cup campaign was not present in South Africa to receive the personal thanks and gratitude of the Australian World Cup contingent.,” Russell said.“I have the great pleasure in asking Marianne Maguire to come forward and receive a small token of our appreciation for her professionalism, hard work, and commitment towards the retention of the World Cup.”CEO Colm Maguire thanked all those who contributed to the successful World Cup campaign, particularly those players and officials who returned to contribute at the NTL. “It is an amazing feat for the players and referees to back up in such a short time, and those who have made the decision to take part would be in the best form they can be in, given they have just returned from international competition.” Maguire said.last_img read more

9 days agoLiverpool legend Kuyt: Klopp’s squad better than 2008/09

first_imgAbout the authorFreddie TaylorShare the loveHave your say Liverpool legend Kuyt: Klopp’s squad better than 2008/09by Freddie Taylor9 days agoSend to a friendShare the loveLiverpool legend Dirk Kuyt says the current team is better than the 2008-09 squad.Managed by Rafa Benitez, the Reds finished second behind Manchester United that year with a squad featuring Fernando Torres, Steven Gerrard and Javier Mascherano.And Kuyt thinks Jurgen Klopp’s side will go one better this season.”We were very close to success,” Kuyt told Liverpool’s official website of the 2008-09 squad, “we just missed a small detail to go one step further.”With the likes of Stevie [Gerrard] and Jamie Carragher, Mascherano, Torres and other very good players, we just missed a little something.”If you see the build-up of the team of Klopp, you see it progressing every time and it looks like it’s now coming to success also in the Premier League. We were a particular team like that, only we couldn’t go one step further at that time.”Hopefully this team will do it because, in my opinion, this team now on the pitch is even better than ours.” last_img read more

Cambridge Analytica firm at the heart of Facebook scandal

Explore further © 2018 AFP At the centre of a scandal over alleged misuse of Facebook users’ personal data, Cambridge Analytica is a communications firm hired by those behind Donald Trump’s successful US presidential bid. According to reports, Cambridge Analytica stole information from 50 million Facebook users’ profiles to help design software to predict and influence voters’ choices UK lawmaker: Facebook misled Parliament over data leak risk This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only. What has the company been accused of?According to the New York Times and Britain’s Observer newspapers, Cambridge Analytica stole information from 50 million Facebook users’ profiles in the tech giant’s biggest-ever data breach, to help them design software to predict and influence voters’ choices at the ballot box.University of Cambridge psychologist Aleksandr Kogan created a personality prediction test app, thisisyourdigitallife, which was downloaded by 270,000 people. Citation: Cambridge Analytica: firm at the heart of Facebook scandal (2018, March 19) retrieved 18 July 2019 from https://phys.org/news/2018-03-cambridge-analytica-firm-heart-facebook.html An affiliate of British firm Strategic Communication Laboratories (SCL), Cambridge Analytica has offices in London, New York, Washington, as well as Brazil and Malaysia.Here’s the story behind the company using data to fuel political campaigns:What does Cambridge Analytica do?The company boasts it can “find your voters and move them to action” through data-driven campaigns and a team including data scientists and behavioural psychologists.”Within the United States alone, we have played a pivotal role in winning presidential races as well as congressional and state elections,” with data on more than 230 million American voters, Cambridge Analytica claims on its website.Speaking to TechCrunch in 2017, CEO Alexander Nix said the firm was “always acquiring more” data.”Every day we have teams looking for new data sets,” he told the site. Who are the company’s clients?As well as working on the election which saw Trump reach the White House, Cambridge Analytica has been involved in political campaigns around the world. In the US, analysts harnessed data to generate thousands of messages targeting voters through their profiles on social media such as Facebook, Snapchat, or the Pandora Radio streaming service. British press have credited Cambridge Analytica with providing services to pro-Brexit campaign Leave.EU, but Nix has denied working for the group.Globally, Cambridge Analytica said it has worked in Italy, Kenya, South Africa, Colombia and Indonesia. Cambridge Analytica CEO Alexander Nix has said the firm was “always acquiring more” data The tool allowed Kogan to access information such as content Facebook users had “liked” and the city they listed on their profile, which was then passed to SCL and Cambridge Analytica.The Observer reported the app also collected information from the Facebook friends of people who had taken the test.Christopher Wylie, a former Cambridge Analytica employee, worked with Kogan and told Canadian television channel CBC the company used “private data they acquired without consent”. Who else is involved?US hedge fund billionaire Robert Mercer—and major Republican party donor—bankrolled Cambridge Analytica to the tune of $15 million (12 million euros).The Observer said it was headed at the time by Steve Bannon, a top Trump adviser until he was fired last summer.How has Facebook responded?Facebook suspended SCL and Cambridge Analytica, as well as Kogan and Wylie.In explaining its decision on Friday, the social media giant said the thisisyourdigitallife app was legitimate, but accused Kogan of subsequently violating Facebook’s terms by passing the data on to SCL/Cambridge Analytica.Facebook said it found out what had happened in 2015 and was told all parties involved had deleted the data.”The claim that this is a data breach is completely false,” Facebook said in a new statement on Saturday, saying app users knowingly provided their information. read more