Russian police detain prominent opposition activist before protest By Reuters


© Reuters. Rally calling for opposition candidates to be registered for elections to Moscow City Duma in Moscow

MOSCOW (Reuters) – Russian police detained 89 people in central Moscow during an unauthorised opposition protest on Saturday, independent monitoring group OVD-info reported.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Hong Kong’s Economy Starts to Feel the Hit from Protest Chaos By Bloomberg


© Reuters. Hong Kong’s Economy Starts to Feel the Hit from Protest Chaos

(Bloomberg) — Hong Kong is beginning to reckon with the economic cost of ongoing protests against the government’s extradition bill, as the disruption risks driving away local shoppers and deterring tourists from mainland China.

The Hong Kong Retail Management Association said Tuesday that “most members” reported a single-to-double-digit drop in average sales revenue between June and the first week of July, when multiple demonstrations converging on major office and retail districts took place.

The threat to Hong Kong’s vital retail sector will hit its economy at a time when it is already slowing. Retail sales data for June is due for release on August 1, with the value of goods sold having contracted every month since February.

The “industry is worried that these events will damage Hong Kong’s international image as a safe city, a culinary capital, and a shopping heaven,” the association said in a statement.

Chief Executive Carrie Lam’s bid to ease extraditions to the mainland prompted hundreds of thousands of protesters to take to the streets in a wave of historic protests that has brought parts of the city to a halt since early last month.

Hong Kong Financial Secretary Paul Chan said at a briefing July 15 that second quarter economic output is expected to be “slow,” though there haven’t been obvious capital outflows amid the demonstrations.

Sales Drop

Sa Sa International Holdings Ltd., a seller of cosmetics, reported a 15.3% drop in same store sales in Hong Kong and Macau for the three months through June. The company said the demonstrations had affected some stores, as had a high comparison from the previous year.

For the same period, Chow Tai Fook Jewellery Group Ltd. reported an 11% decline. The political backdrop and a decline in mainland visitors increases the likelihood of a two percentage-point reduction in its first-half operating margin, Catherine Lim, an analyst at Bloomberg Intelligence in Singapore, wrote in a note.

These Brands Are Caught in the Middle of Hong Kong’s Protests

The chances of a marked economic impact from the protests raises comparisons with the Occupy movement that blocked parts of central Hong Kong five years ago. Economic growth slowed in the fourth quarter of 2014 from the previous period, and the government at the time partially blamed that weaker performance on the protest, saying it “affected tourism, hotel, catering, retail and transport industries.”

Carry On

This year, the number of visitors to the city from mainland China has been increasing strongly, thanks in part to the opening of a new bridge linking Hong Kong with the city of Zhuhai, in Guangdong province. Arrivals in May surged 23.6 percent from a year earlier, with the June tally not yet available.

Images of protesters blocking major city thoroughfares — and retail outlets — is likely to pose a significant risk if the demonstrations continue. On July 1, a gathering that ultimately saw protesters break into and vandalize the city’s legislative building hampered retailers in the shopping district of Causeway Bay and elsewhere.

Hong Kong Turmoil Has Wealthy Eyeing Havens Beyond China’s Grasp

Yet most businesses are attempting to carry on.

“There were so many people, it was a mess, no one wanted to come in,” said Chen Yan, 30, who works at the counter of a pharmaceutical store in Causeway Bay. “But we haven’t changed our operations because of the protests. We expect it to be temporary.”

(Updates association comment in second paragraph.)



Tron Issues Official Response to Recent Protest at Beijing Office By Cointelegraph


Tron Issues Official Response to Recent Protest at Beijing Office

The Tron Foundation issued an official response to a recent protest against a ponzi scheme that went under a Tron-like name, today, July 8.

As Cointelegraph previously reported, protestors swarmed the Beijing research and development offices of Raybo technology — a partner firm of Tron’s — to express outrage at a local cryptocurrency scam operating under a Tron-like name that reportedly led to $30 million worth of losses and one suicide.

Continue Reading on Coin Telegraph

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Indonesia, Malaysia mount protest to EU over palm curbs – Business News



JAKARTA/BRUSSELS: Indonesian President Joko Widodo and Malaysian Prime Minister Mahatir Mohamad have signed a joint letter of objection to the European Union over its plan to phase out the use of palm oil in renewable fuel, and sent delegations to complain in Brussels.

The letter was sent to the EU over the weekend, said Luhut Pandjaitan, coordinating minister for maritime affairs, who also oversees natural resources issues. He declined on Monday to disclose the content of the letter.





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Shareholder advisers urge investor protest over Credit Suisse pay


ZURICH (Reuters) – Two shareholder advisers have recommended Credit Suisse shareholders vote against the Swiss bank’s compensation report and a third backed the report while expressing reservations about whether management pay matched performance.

CEO Tidjane Thiam of Swiss bank Credit Suisse awaits the company’s annual news conference in Zurich, Switzerland February 14, 2019. REUTERS/Arnd Wiegmann

The recommendations come ahead of the April 26 annual meeting, where the bank’s pay policy faces a non-binding shareholder vote.

Chief Executive Tidjane Thiam, at the helm of the second-biggest Swiss bank since 2015, got 12.65 million Swiss francs ($12.66 million) in total compensation in 2018, with short-term incentive awards (STI) of 4.94 million francs. That is up from 9.7 million francs total 2017 compensation and 3.98 million francs in STI.

Proxy adviser Glass Lewis cited an “unjustified CEO bonus increase” for Thiam in opposing the compensation report, which

Swiss ethical investment adviser Ethos also urged shareholders to reject.

“We are once again troubled by the board’s immediate exercise of upward discretion in increasing the CEO’s short-term incentive opportunity for the past fiscal year, which appears as an unnecessary anticipation of a reward for potential future results,” Glass Lewis wrote in a report seen by Reuters on Monday.

Glass Lewis has in recent years criticized Credit Suisse’s pay practices as inappropriate, but last year had backed the Credit Suisse pay scheme.

Institutional investor adviser ISS said a vote for the remuneration report was “warranted though not without concern”, noting Thiam’s STI opportunity rose following increases for other executives last year, “while there appears to be some concern regarding pay-for-performance alignment”.

It pointed out that Credit Suisse CEO’s total pay is a third higher than the median of its peers.

Still, it added, Credit Suisse had offered justification for higher pay opportunity, fixed compensation levels had remained stable, repurchased shares are used to settle equity awards, compensation was in line with market practice in most regards, and several positive changes had been implemented over past years.

Credit Suisse returned to an annual profit in 2018, its first since 2014, and had said rising pay reflected a job well done after restructuring, cost costs and a strategic shift toward more-stable wealth management from riskier investment banking.

“We take note of the recommendations put forward,” the bank said in response to Glass Lewis’s report. “Credit Suisse respects shareholder democracy.”

(This story has been refilled to correct second paragraph to show bank’s pay policy, not CEO pay, faces vote)

Reporting by Michael Shields and Oliver Hirt; Editing by David Evans



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Shareholder advisers urge investor protest over Credit Suisse CEO’s pay


ZURICH (Reuters) – Two shareholder advisers have recommended Credit Suisse shareholders vote against the Swiss bank’s compensation report and a third backed the report while expressing reservations about whether management pay matched performance.

CEO Tidjane Thiam of Swiss bank Credit Suisse awaits the company’s annual news conference in Zurich, Switzerland February 14, 2019. REUTERS/Arnd Wiegmann

The recommendations come ahead of the April 26 annual meeting, where Chief Executive Tidjane Thiam’s 2018 pay package faces a non-binding shareholder vote.

Thiam, at the helm of the second-biggest Swiss bank since 2015, got 12.65 million Swiss francs ($12.66 million) in total compensation in 2018, with short-term incentive awards (STI) of 4.94 million francs. That is up from 9.7 million francs total 2017 compensation and 3.98 million francs in STI.

Proxy adviser Glass Lewis cited an “unjustified CEO bonus increase” for Thiam in opposing the compensation report, which

Swiss ethical investment adviser Ethos also urged shareholders to reject.

“We are once again troubled by the board’s immediate exercise of upward discretion in increasing the CEO’s short-term incentive opportunity for the past fiscal year, which appears as an unnecessary anticipation of a reward for potential future results,” Glass Lewis wrote in a report seen by Reuters on Monday.

Glass Lewis has in recent years criticized Credit Suisse’s pay practices as inappropriate, but last year had backed the Credit Suisse pay scheme.

Institutional investor adviser ISS said a vote for the remuneration report was “warranted though not without concern”, noting Thiam’s STI opportunity rose following increases for other executives last year, “while there appears to be some concern regarding pay-for-performance alignment”.

It pointed out that Credit Suisse CEO’s total pay is a third higher than the median of its peers.

Still, it added, Credit Suisse had offered justification for higher pay opportunity, fixed compensation levels had remained stable, repurchased shares are used to settle equity awards, compensation was in line with market practice in most regards, and several positive changes had been implemented over past years.

Credit Suisse returned to an annual profit in 2018, its first since 2014, and had said rising pay reflected a job well done after restructuring, cost costs and a strategic shift toward more-stable wealth management from riskier investment banking.

“We take note of the recommendations put forward,” the bank said in response to Glass Lewis’s report. “Credit Suisse respects shareholder democracy.”

Reporting by Oliver Hirt and John Miller; Editing by Michael Shields and David Evans



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Shareholder advisers urge investor protest over Credit Suisse CEO’s pay By Reuters


© Reuters. CEO Thiam of Swiss bank Credit Suisse awaits the company’s annual news conference in Zurich

ZURICH (Reuters) – Two shareholder advisers have recommended Credit Suisse (SIX:) shareholders vote against the Swiss bank’s compensation report and a third backed the report while expressing reservations about whether management pay matched performance.

The recommendations come ahead of the April 26 annual meeting, where Chief Executive Tidjane Thiam’s 2018 pay package faces a non-binding shareholder vote.

Thiam, at the helm of the second-biggest Swiss bank since 2015, got 12.65 million Swiss francs ($12.66 million) in total compensation in 2018, with short-term incentive awards (STI) of 4.94 million francs. That is up from 9.7 million francs total 2017 compensation and 3.98 million francs in STI.

Proxy adviser Glass Lewis cited an “unjustified CEO bonus increase” for Thiam in opposing the compensation report, which

Swiss ethical investment adviser Ethos also urged shareholders to reject.

“We are once again troubled by the board’s immediate exercise of upward discretion in increasing the CEO’s short-term incentive opportunity for the past fiscal year, which appears as an unnecessary anticipation of a reward for potential future results,” Glass Lewis wrote in a report seen by Reuters on Monday.

Glass Lewis has in recent years criticized Credit Suisse’s pay practices as inappropriate, but last year had backed the Credit Suisse pay scheme.

Institutional investor adviser ISS said a vote for the remuneration report was “warranted though not without concern”, noting Thiam’s STI opportunity rose following increases for other executives last year, “while there appears to be some concern regarding pay-for-performance alignment”.

It pointed out that Credit Suisse CEO’s total pay is a third higher than the median of its peers.

Still, it added, Credit Suisse had offered justification for higher pay opportunity, fixed compensation levels had remained stable, repurchased shares are used to settle equity awards, compensation was in line with market practice in most regards, and several positive changes had been implemented over past years.

Credit Suisse returned to an annual profit in 2018, its first since 2014, and had said rising pay reflected a job well done after restructuring, cost costs and a strategic shift toward more-stable wealth management from riskier investment banking.

“We take note of the recommendations put forward,” the bank said in response to Glass Lewis’s report. “Credit Suisse respects shareholder democracy.”

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Algeria protest leaders tell army to stay out of politics By Reuters


© Reuters. FILE PHOTO: Demonstrator carries a national flag during protest over President Abdelaziz Bouteflika’s decision to postpone elections and extend his fourth term in office, in Algiers

By Lamine Chikhi

ALGIERS (Reuters) – A new group headed by political leaders, opposition figures and activists called on Algeria’s powerful generals to stay out of politics as it pressed President Abdelaziz Bouteflika and the government to quit.

In the first direct message to the army from leaders emerging from mass protests against Bouteflika, the National Coordination for Change said the military should “play its constitutional role without interfering in the people choice”.

Generals have traditionally wielded power from behind the scenes in Algeria but have stepped in during pivotal moments.

In 1992, the army canceled elections an Islamist party was set to win, triggering a long civil war that killed an estimated 200,000 people. Soldiers have stayed in their barracks throughout the recent unrest.

In a statement titled “Platform of Change” and issued late on Monday, the organization demanded the Bouteflika should step down before the end of his term on April 28 and the government resign immediately.

Algerian authorities have always been adept at manipulating a weak and disorganised opposition.

But more than three weeks of demonstrations – which peaked on Friday with hundreds of thousands of people on the streets of Algiers – have emboldened well-known figures to lead the drive for reforms in the North African country.

Prominent members of the new group include lawyer and activist Mustapha Bouchachi, opposition leader Karim Tabou and former treasury minister Ali Benouari, as well as Mourad Dhina and Kamel Guemazi, who belong to an outlawed Islamist party.

Zoubida Assoul, leader of a small political party, is the only woman in the group so far.

Bouteflika, rarely seen in public since a stroke in 2013, has failed to ease anger on the streets by reversing a decision to seek a fifth term, postponing an election and planning a conference that will chart a new political future.

But he stopped short of stepping down, and effectively prolonged his fourth term.

“Bouteflika just trampled on the constitution after he decided to extend his fourth term,” said the National Coordination for Change.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



German students walk out of school in climate change protest By Reuters


© Reuters. Students school strike in Hamburg

HAMBURG, Germany (Reuters) – Thousands of students in the German port city of Hamburg marched out of school on Friday led by teenage Swedish environmental activist Greta Thunberg to call for more action on climate change.

The protest is part of a global movement known as “School Strike 4 Climate” or “Fridays For Future” launched last August when Thunberg began protesting outside the Swedish parliament on school days.

About 3,000 students marched through the streets of the port city chanting: “We are here, we are loud, because you are stealing our future.”

Thunberg said the school strikes would go on until politicians took firmer action against climate change.

“For way too long, the politicians and the people in power have gotten away with not doing anything to fight the climate crisis. But we will make sure that they will not get away with it any longer,” she said.

The Hamburg demonstrators also demanded an end to coal-fired energy. Germany is planning to phase out coal by 2038 and has imposed higher emission standards on cars, but higher costs for cleaner vehicles and power are concerns for the government and the industry.

Last month the 16-year-old Thunberg joined protests in Belgium, where she won a European Union pledge to spend billions of euros combating climate change during the next decade.

The youth initiative has called for nationwide strikes on March 15 as part of an international day of action by students in which more than 40 countries are expected to participate.

German Environment Minister Svenja Schulze said on Twitter the protests were impressive.

But Ties Rabe, education senator for Hamburg state, said that although he supported the young people’s attempts to make the world a better place: “No one improves the world by skipping school”.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Cryptocurrency traders protest Indonesia’s new futures rules By Reuters


© Reuters. Cryptocurrency traders protest Indonesia’s new futures rules

By Tabita Diela

JAKARTA (Reuters) – Indonesian cryptocurrency traders are complaining that the government’s new rules on futures trading, which require high minimum capital for traders, will hinder development of the young but growing market.

Use of cryptocurrencies as payment instrument is banned by Indonesia’s central bank, but trade in the blockchain-backed assets is allowed.

Since October, Jakarta has allowed futures trading of cryptocurrencies as a way to provide hedging tools to protect customers from fluctuations in prices of cryptocurrencies. But there have been no futures transactions for any digital asset so far, according to traders.

To encourage trade and protect customers, the Commodity Futures Trading Regulatory Agency, know as Bappebti, last week issued a regulation that set a 1 trillion rupiah ($71.17 million) as the minimum paid-up capital for a new trader offering future contracts for crypto assets.

Oscar Darmawan, chief executive of major digital asset trader Indodax, said the “very large” minimum capital level is more than the requirement for opening a rural bank and much higher than the 2.5 billion rupiah minimum paid-up capital for a futures broker of other commodities.

Regulation is needed to support a sector, help the economy and protect people “but it should not kill an industry,” Darmawan said.

Teguh Kurniawan Harmanda, chief operating officer of trading firm Tokocrypto, said the capital requirement was a surprise as it did not come up in industry consultations held by Bappebti prior to the release of the regulation.

Bappebti officials did not respond immediately to request from Reuters for comment.

The new rules also require traders to have a client support division, employ at lease one certified security practitioner, keep transaction data for at least five years, and have a server inside the country.

There is no data on the size of Indonesia’s cryptocurrency market, but people in the industry believe the number of investors has nearly matched that of the country’s main stock market.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.