Draghi brushes off Trump accusation of currency manipulation
EURACTIV, 19 June 2019
European Central Bank chief Mario Draghi said Tuesday (18 June) that the institution “doesn’t target the exchange rate”, shrugging off an allegation of currency manipulation from US President Donald Trump.
“We have our remit. We have our mandate. Our mandate is price stability” or inflation just below two percent, Draghi told a central banking conference in Sintra, Portugal.
“We are ready to use all the instruments that are necessary to fulfil this mandate, and we don’t target the exchange rate,” he added.
Draghi’s statement that weak economic growth and sluggish inflation could prompt the ECB to slash further rates already at historic lows had earlier sparked Trump’s ire.
“Mario Draghi just announced more stimulus could come, which immediately dropped the Euro against the Dollar, making it unfairly easier for them to compete against the USA,” Trump said on Twitter.
“They have been getting away with this for years, along with China and others,” he added.
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Antelope Enterprise Holdings Ltd – 6-K – CCCL / China Ceramics Co., Ltd FORM 6-K (Current Report of Foreign Issuer) – April 20, 2018
Fintel, 20 February 2018
On April 19, 2018, China Ceramics Co., Ltd. (the “Company”) entered into a securities purchase agreement (the “Agreement”) with certain individual investors relating to a registered direct offering, issuance and sale (the “Offering”) of an aggregate of 770,299 of its shares (the “Shares”), at a purchase price of $1.56 per share, the closing price of the Company’s equity securities as reported on Nasdaq on the same date. The Shares were offered pursuant to the Company’s previously filed and effective Registration Statement on Form F-3 that was filed with the Securities and Exchange Commission on August 21, 2015, subsequently amended, and declared effective October 15, 2015 (File No. 333-206516). The Company filed a prospectus supplement related to the Offering dated April 19, 2018. Continue reading “Article: Antelope Enterprise Holdings Ltd – 6-K – CCCL / China Ceramics Co., Ltd FORM 6-K (Current Report of Foreign Issuer) – April 20, 2018”
PURE MARKET MANIPULATION CLAIMS REMAIN OUT OF REACH FOR SOME SHAREHOLDERS VICTIMIZED BY MYSTERIOUS STOCK PRICE REVERSALS
Emergent Law, 31 October 2017
Wins Finance Holdings Inc. (“Wins”), a company that guarantees loans and leases equipment for small businesses in China, has been the target of multiple securities class action lawsuits ever since the news broke in March of this year that it was under investigation by the SEC for market manipulation of its stock. Incredibly, the stock price of Wins soared over 4,000% since the inception of trading near the end of 2015, with no company news headlines to explain this market bubble. On March 30, 2017, the investment analytics site Seeking Alpha reported the SEC investigation and the fact that Wins had mislead the Russell Index into including the company based upon a false report of the location of its headquarters.
On this news, the stock price plunged back to levels below $50 per share, only to be followed by another mysterious spike up to the $200 level in the early summer of this year. On June 7, 2017, NASDAQ announced that it was halting trade in Wins stock pending the receipt of further information from the company. On August 4, 2017, NASDAQ sent Wins a delisting determination letter, but withdrew this letter on October 19, 2017. The stock remains halted while NASDAQ awaits further information from Wins. Continue reading “Article: PURE MARKET MANIPULATION CLAIMS REMAIN OUT OF REACH FOR SOME SHAREHOLDERS VICTIMIZED BY MYSTERIOUS STOCK PRICE REVERSALS”
After the Boss Calls Bitcoin a ‘Fraud’ — JP Morgan Buys the Dip
Jamie Redman, 16 September 2017
Just recently news.Bitcoin.com reported on JP Morgan executive Jamie Dimon calling bitcoin a “fraud” and claiming he would fire any employee from his firm who traded the digital currency for being “stupid.” Now it seems JP Morgan has been caught red-handed purchasing a bunch of XBT shares, otherwise known as exchange-traded-notes, that track the price of Bitcoin.
According to public records of Nordnet trading logs, the two associated firms JP Morgan Securities Ltd., and Morgan Stanley bought roughly 3M euro worth of XBT note shares. Interestingly after the recent regulatory crackdown in China, and the statements from JP Morgan’s senior executive Jamie Dimon talking trash about bitcoin, his firm bought the dip on September 15. In fact, out of all the companies on the list, like Goldman Sachs and Barclays, the JP Morgan team of buyers purchased the most XBT notes.
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HSBC dragged into forex probe, reveals profits jump
AGENCE FRANCE PRESSE, 04 November 2013
LONDON: A worldwide probe into suspected rigging of foreign exchange deals has reached Europe’s biggest bank HSBC, the bank revealed when it also announced a jump in quarterly profits.
The London-based bank said in its earnings statement that British regulator, the Financial Conduct Authority, is conducting investigations alongside several other global agencies into a number of firms, including HSBC, “relating to trading on the foreign exchange market”.
HSBC said it was “cooperating with the investigations which are at an early stage”.
It comes as the British bank announced a 28-percent increase in net profit to $3.2 billion (2.37 billion euros) during the three months to the end to September on major cost-cutting and lower bad debt charges.
HSBC had posted profit after tax of $2.5 billion in the third quarter of 2012.
“Revenue was stable in the third quarter (of 2013), influenced by the mixed global macroeconomic picture,” HSBC chief executive Stuart Gulliver said in a statement.
“Our home markets of the UK and Hong Kong contributed more than half of the group’s underlying profit before tax.”
Gulliver added: “Hong Kong continues to benefit from its close economic relationship with mainland China. We remain well positioned to capitalise on improving economic conditions in these markets.”
HSBC said it would continue to focus on reducing its cost base after savings of $400 million over the third quarter and total cuts since the start of 2011 of $4.5 billion.
“This is well in excess of the target we set out to achieve by the end of 2013. We re-invested part of these savings in risk and compliance, increasing headcount by 1,600 since December 2012,” Gulliver said.
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Currency wars and the emerging-market countries
Richard Portes, 04 November 2010
The headlines shout “currency wars”. The US believes China engages in “currency manipulation”. The authorities hesitate to declare this to the US Congress, and the Secretary of the Treasury says “competitive non-appreciation” instead. China accuses the US of excessively loose monetary policy, flooding the world with liquidity. There is some truth in both charges, but some exaggeration.
This is one of the key issues facing the G20. Exchange-rate pressures, global imbalances and rebalancing, spillovers and the desirability of policy coordination – these are at the centre of the economic interdependence between the developed and emerging market countries. All this is in the context of weak US and European recoveries from the Great Recession, the risk of deflation, and the likelihood of more quantitative easing (QE) by major central banks. Domestic issues and inability to get direct action on exchange rates has led the US to propose internationally agreed targets for current-account imbalances. The wheel goes round – these proposals bear some resemblance to those of Keynes at Bretton Woods, which the US then opposed.
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