Broker convicted in biggest PSE market manipulation scandal
May 24, 2021 11:28 AM PHT
A stockbroker was convicted to 14 years in prison and fined P1 million for the country’s largest market manipulation scandal done way back in 1999.
The Pasig City Regional Trial Court Branch 67 found Johnny Yap of Solar Securities guilty beyond reasonable doubt for manipulating the market in illegal trade transactions involving stocks of then-listed firm Best World Resources Corporation (BW).
The court found Yap violated section 26 of the Revised Securities Act, now Section 24.1(a)(i) of the Securities Regulation Code (SRC), which states that it is “unlawful for any person acting for himself or through a dealer or broker, directly or indirectly, to create a false or misleading appearance of active trading in any listed security traded in an exchange or any other trading market by effecting any transaction in such security which involves no change in the beneficial ownership.”
Stocks fall with tech shares; dollar touches lowest since late February
May 19, 2021 8:35 AM PHT
Reuters
Wall Street stocks fell on Tuesday, May 18, with technology shares turning lower in late New York trading, while the US dollar touched its lowest level since late February.
The Nasdaq also reversed course to end the day lower, while the Dow and S&P 500 added to declines late in the session. The S&P 500 technology index was the biggest drag on the benchmark S&P 500.
Investors were anxious ahead of the release on Wednesday, May 19, of minutes from the Federal Reserve s April policy meeting. Rising inflationary pressure in the United States has been increasing investor speculation the Fed could possibly raise interest rates sooner than anticipated.
Greece banks on tourists for relief from bad loans
May 19, 2021 8:35 PM PHT
Reuters
Rhodes ferry operator Paris Kakas cannot afford another summer lost to the pandemic if he is ever to repay the millions of euros he owes: When the bank comes asking, we say: sorry.
His anxious wait for tourists to return highlights a crucial test for Greek banks, still grappling with Europe s heaviest burden of bad debts and the legacy of the financial crisis.
Greece is counting on salvaging this summer season to head off a wave of insolvencies among tourism businesses, already on their knees after a disastrous 2020.
Philippine stocks: Gainers, losers, market-moving news – May 2021
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Metrobank profits leap 27% in Q1 2021 despite weak loan demand
Metropolitan Bank and Trust Company (Metrobank) saw its profits leap by 27.1% to P7.8 billion in the 1st quarter of 2021, driven mainly by strong non-interest income performance and marginal rise in operating expenses.
Recovery hopes drive shares, US Treasury yields
Apr 30, 2021 9:35 AM PHT
Reuters
World share indices extended gains and Treasury yields rose on Thursday, April 29, after strong US economic data and the Federal Reserve s commitment to continue supporting the economy fueled confidence in a recovery.
US economic growth accelerated in the 1st quarter, fueled by massive government aid to households and businesses, charting the course for what is expected will be the strongest annual performance in nearly 4 decades. Assuming that COVID variants remain contained, the 2nd quarter is set for a further acceleration in growth as the reopenings continue, said Katherine Judge, senior economist at CIBC Capital Markets.