Latest news with #Regulator
Argaam
10-07-2025
- Business
- Argaam
CMA enables GCC residents to directly invest in TASI
The Capital Market Authority's (CMA) board approved a set of amendments aimed at facilitating the procedures for opening investment accounts for various categories of investors, as part of the draft to amend the "Investment Accounts Instructions, the Rules for Foreign Investment in Securities, and the Capital Market Institutions Regulations", to be effective as of the date of its publication. In a statement, the regulator said that the approval of this regulatory framework aims to align with the regulatory and technological developments in Saudi Arabia and facilitate investment in the Saudi capital market by improving the procedures for opening investment accounts, including new categories of investors, and regulating the operations related to these accounts. This will enhance the attractiveness of the Saudi capital market for both local and international investors, increase the level of investor protection, and strengthen the confidence of market participants, it added. The main approved elements include developing the requirements for opening an investment account for individual foreign investors residing in one of the GCC countries and expanding the types of securities they can directly invest in, including shares listed on the Main Market. Previously, their participation is limited to the debt market, the Nomu-Parallel Market, investment funds, and the derivatives market, while their ability to trade in the Main Market is limited to swap agreements as ultimate beneficiaries through capital market institutions or as clients of these institutions, where investment decisions are made on their behalf. This approval introduces a new category of investors to the shares listed on the Main Market, offering them a direct channel to invest in the Saudi capital market. This change is expected to attract more foreign investments, enhance market liquidity, and contribute to supporting the local economy. The approved amendments also allow individual foreign investors who previously resided in Saudi Arabia or one of the GCC countries to continue operating their investment accounts and invest in shares listed in the main market even after their residency has ended and they return to their home country, provided they have previously opened an investment account in Kingdom. In addition, the amendments aim to facilitate the procedures for opening and operating investment accounts for various categories of capital market institution clients. The approval of the Amendments came following the CMA's publication of the draft on November 20, 2024, regarding the ' Facilitating the Procedures for Opening and Operating Investment Accounts for Various Categories of Investors" on the Unified Electronic Platform for Consulting the Public and Government Entities (Public Consultation Platform) affiliated to the National Competitiveness Center and the CMA's website for public consultation for a period of (30) calendar days.
Bloomberg
04-07-2025
- Business
- Bloomberg
Indian Insurers Ask Regulator to Revamp Bond Valuation Rules
Indian insurers have asked their regulator to revamp bond valuation norms, according to people familiar with the matter, a move that could encourage greater participation in the corporate debt market. Insurance companies are seeking a shift to a method that values bonds individually, for example differentiating between debt issued by state-run firms and private companies, the people said, asking not to be named as the talks are private. The current approach assigns similar valuations to bonds with the same rating, they added.
Times
26-06-2025
- Business
- Times
Jes Staley fails to have ban over Epstein links scrapped
The former boss of Barclays has lost his bid to overturn a decision by the City regulator to ban him from holding senior positions in the financial services for 'recklessly' misleading it about his relationship with Jeffrey Epstein. The ruling by a court in London deals a severe blow to Jes Staley, who had been seeking to salvage his reputation by challenging the findings of an investigation by the Financial Conduct Authority, which concluded in October 2023 that Staley had 'acted with a lack of integrity'. The case revolved around a letter that Staley, 68, allowed Barclays to send to the authority in October 2019, in which the bank told the regulator that Staley 'has confirmed to us that he did not have a close relationship' with the sex offender and that his 'last contact' with the paedophile was 'well before' he joined the lender in December 2015. In a 93-page ruling handed down on Thursday, the Upper Tribunal said: 'On the basis of our findings Mr Staley failed to disclose appropriately information of which the authority would reasonably expect notice.' Although it upheld the regulator's decision to ban Staley, it told the authority to reduce a fine it had imposed on the Barclays boss to £1.1 million from £1.8 million. The court decided that the financial penalty should be lowered to account for the fact that Staley had forfeited deferred shares from Barclays as a result of the affair. It is a legal battle that has engrossed the City of London. Staley spent five days in the witness box in March as part of a 12-day hearing on his case. Andrew Bailey, the governor of the Bank of England, and Nigel Higgins, the chairman of Barclays, were also among the witnesses and the tribunal concluded that both had been 'straightforward' with the court. Judge Timothy Herrington concluded, however, that there were occasions when Staley 'did not do his best to assist the tribunal in his answers'. He said: 'Although we do not consider that Mr Staley sought deliberately to mislead the tribunal we have found that some of his evidence lacked credibility.' The court was also critical of the authority over the way it initiated its inquiry in 2019. The regulator's work started when Jonathan Davidson, who at the time was a senior official at the watchdog, contacted Higgins, who was on holiday, to ask him what the bank had done to understand Staley's Epstein links. A note of this call dictated by Davidson was 'clearly inadequate', the court said. 'It did not meet the standards prescribed by the authority for what is described as a 'note for the record'.' Staley, an American, was once one of Britain's top financiers and ran Barclays for six years until November 2021. Before joining the FTSE 100 bank he had spent most of his career at JPMorgan, America's biggest lender, and it was while rising through the ranks of the group that he met Epstein, an influential financier who was a client of the Wall Street giant's private banking division. The paedophile died in prison in 2019 awaiting trial on federal charges of sex trafficking under-age girls. Epstein had in 2008 also pleaded guilty in Florida to procuring a minor for prostitution. Staley has said that he met Epstein in either 1999 or 2000 and the tribunal heard that the former Barclays boss had maintained a relationship with the sex offender after he was first jailed in 2008. The FCA did not allege that Staley was aware of, or involved in, Epstein's crimes that came to light in 2019, when the sex offender was arrested again. Staley said on Thursday that he was 'disappointed by the outcome and the time it took for this process to play out, that was entirely beyond my control. 'As the tribunal accepted, I was never dishonest, it took years of arguing with the authority and until November 2024 to establish that fact and it took more time for the financial penalty to be reduced by 40 per cent.' Therese Chambers, the regulator's joint executive director of enforcement and market oversight, said: 'Mr Staley chose to take a calculated risk that we would take his inaccurate account of his relationship with Mr Epstein at face value. He hoped that the truth would never come to light and that he would get away with it. Such a serious lack of integrity flies in the face of the requirements we place on those at the top.'
Business Recorder
25-06-2025
- Business
- Business Recorder
MYT mechanism: Nepra lowers average tariff to Rs34 for Discos
ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) has reduced national average tariff by 4.2 percent to Rs 34 per unit from Rs 35.50 per unit of 2024-25 for power Distribution Companies (Discos) for FY 2025-26 under Multi-Year Tariff (MYT) mechanism to be applicable from July 1, 2025. The Regulator has determined separate tariffs for the Discos based on their approved revenue requirements, which also includes Power Purchase Price (PPP). However, it is unclear if the Discos or GoP will approach the Regulator for review of determinations. NEPRA approves K-Electric's MYT for supply segment The determined average tariffs of different Discos are as follows: (i) Islamabad Electric Supply Company (IESCO)- average tariff Rs 29.28/kWh, revenue requirement, Rs 340.523 billion, PPP tariff, Rs 23.9851/kWh, total PPP amount Rs 300.896 billion;(ii) Gujranwala Electric Power Company (GEPCO), average tariff Rs 33.82/kWh, revenue requirement, Rs 380.412 billion, PPP tariff Rs 29.9231/kWh, total PPP amount Rs 319.942 billion;(iii) Faisalabad Electric Supply Company (FESCO), average tariff Rs 32.69/kWh, revenue requirement Rs 471. 717 billion, PPP tariff 26.0226/ kWh, total PPP amount Rs 408.406 billion; (iv) Lahore Electric Supply Company (LESCO) average tariff Rs 31.18/kWh, revenue requirement Rs 737.216 billion, PPP tariff Rs 25.1463/kWh, total PPP amount Rs 650.996 billion; (v) Multan Electric Power Company (MEPCO), average Rs 34.68/kWh, revenue requirement, Rs 595.696 billion, PPP tariff Rs 26.5094/kWh, total PPP amount Rs 513.580 billion; (vi) Peshawar Electric Supply Company (PESCO), average tariff Rs 37.20/kWh, revenue requirement, Rs 342.268 billion, PPP tariff Rs 26.1682/kWh, total PPP amount Rs 298.213 billion; (vii) Quetta Electric Supply Company (QESCO), average tariff Rs 41.54/kWh, revenue requirement, Rs 201.644 billion, PPP tariff Rs 29.8509/kWh, total PPP amount Rs 168.115 billion: (viii) Sukkur Electric Supply Company (SEPCO), average tariff Rs 35.63/kWh, total revenue requirement, Rs 120.739 billion, PPP tariff Rs 27.213/kWh, total PPP amount Rs 110.213 billion; (ix) Hyderabad Electric Supply Company (HESCO), average tariff Rs 44.36/kWh, revenue requirement, Rs 173.408 billion, PPP tariff Rs 32.6312/kWh, total PPP amount Rs 173.408 billion; (x) Tribal Areas Electric Supply Company (TESCO), average tariff, Rs 44.93/kWh, revenue requirement, Rs 61.391 billion, PPP tariff Rs 39.3703/kWh, total PPP amount Rs 59.045 billion ; and (xi) Hazara Electric Supply Company (HAZECO) average tariff, Rs 33.49/kWh, revenue requirement, Rs 74.532 billion, PPP tariff Rs 24.0776/kWh, total PPP amount Rs 63.340 billion. NEPRA has projected a modest 2.8% growth in electricity demand for the fiscal year 2025-26, significantly lower than the 5% forecast made by the Central Power Purchasing Agency-Guaranteed (CPPA-G). This projection is based on recent trends of stagnant or declining demand, as actual generation data for the last two fiscal years showed either negative or flat growth. In its latest determination, NEPRA approved a projected average Power Purchase Price (PPP) of Rs 25.06 per unit for FY 2025-26. This estimate is based on several macroeconomic assumptions, including an exchange rate of Rs 290/USD, low hydrology, US inflation at 2%, KIBOR at 11%, and Pakistan's inflation at 8.65%. Nepra acknowledged that although CPPA-G initially based its forecast on an exchange rate of Rs 280/USD, the Federal Government's budgetary estimates and prevailing market conditions justify the use of Rs 290/USD. As the majority of power generation costs are dollar-indexed, exchange rate fluctuations have a direct impact on electricity prices. The Authority, in its determination observed that during hearing various stakeholders highlighted that exchange rate of Rs.280/USB may not be realistic and may result in positive periodic adjustments as the prevailing exchange rate is already higher. It was also highlighted by one of the commentators that Federal Government in budgetary estimates has considered exchange rate of Rs.290/USD. The Authority also noted that 3 month KIBOR as of June 2025 has remained lower as compared to the projections of CPPA-G and may reduce further going forward. In view thereof, the Authority directed CPPA-G to also submit a PPP forecast scenario, by taking into account exchange rate of Rs.290/USD and KIBOR @ 11%, with following other assumptions; CPPA-G in its Report has projected growth under two scenarios, ie, normal 2.8% and high 5%, however, actual demand during last two years either decreased or remained stagnant. For FY 2023-24, the overall generation is reduced by around 1.79% as compared to FY 2022-23 and for FY 2024-25 (May & June 2025 projected), total generation is expected to remain almost at the same level as of FY 2023-24. To analyse the projections made by CPPA-G, the actual generation data from July 2024 to April 2025 has been considered. The actual generation from the Grid remained at 100,660 GWhs, from July 2024 to April 2025, lower by 5.40% from the reference generation assumed in PPP projections for the FY 2024-25. This reduction of 5.40%, when applied to the projected generation for May and June 2025, results in total generation of around 125,930 GWHs from the Grid. After accounting for the increased supply to KE from national Grid in FY 2025-26, and by applying the growth rate of 2.8%, as proposed by CPPA-G in one of its growth scenarios, the projected generation works out as 132,247 GWh, which when adjusted with Transmission losses, results in demand of 128,544 GWhs at 132 KV. CPPA-G in its Report has also projected similar demand at 132 kV, however, reliance was placed on the anticipated shift of captive consumers to National grid and improved economic situation. The improved economic situation, although may lead to additional electricity consumption, however, keeping in view increasing penetration by DGs and past trends, the Authority considered demand growth of 5%, assumed by CPPA-G as ambitious, and unlikely to happen. Copyright Business Recorder, 2025
New York Post
18-06-2025
- New York Post
Young mother thrown from boat leaves behind grieving husband, 4 children after tragedy in Alabama bayou
A young family in Alabama is grieving after a devastating boat accident led to the death of 27-year-old Brittney Sherman. Sherman, of Wilmer, Alabama, was boating in Bayou Sara near Saraland in Mobile County on June 15 along with her husband, 30-year-old Cody Sherman, and the couple's four children. Advertisement The Alabama Law Enforcement Agency (ALEA) confirmed to Fox News Digital that two boats were involved in a collision at approximately 5:50 p.m. Sunday. Authorities said the incident involved a 20-foot Avid Center Console vessel occupied by the Sherman family and a 26-foot Regulator Center Console. According to officials, the impact of the collision caused Brittney to be thrown overboard. Despite the swift arrival of emergency crews, search efforts were hampered by the bayou's murky waters, making it difficult to locate Sherman in the aftermath of the crash. Advertisement 4 Brittney Sherman died after a devastating boat accident. Facebook/Brittney Harville Sherman 4 Sherman was boating in Bayou Sara near Saraland in Mobile County on June 15 along with her husband, 30-year-old Cody Sherman, and the couple's four children. Facebook/Brittney Harville Sherman On Monday morning, search and rescue personnel resumed the search for the missing mom. At approximately 10:50 a.m., personnel recovered Sherman's body about 100 yards from the spot where she had entered the water. Two other passengers aboard the Avid vessel sustained injuries in the crash. Cody was transported to USA Health University Hospital in Mobile for medical care. One of the Shermans' children, 4, was taken to a local hospital for treatment. Advertisement The operator of the Avid boat was not injured in the collision. Likewise, the operator of the Regulator vessel was unharmed. 4 On Monday morning, search and rescue personnel resumed the search for the missing mom. Facebook/Brittney Harville Sherman 4 The operator of the Avid boat was not injured in the collision. Facebook/Brittney Harville Sherman The ALEA Marine Patrol Division is continuing to investigate the cause of the crash. No charges have been filed. Fox News Digital has reached out to the Mobile County Medical Examiner's Office for comment. Advertisement Cody and Brittney shared four children together. In the wake of her passing, Cody expressed the weight of raising the children alone. 'Brittney I love you more than anything in this world,' Cody wrote on Facebook. 'I promise to take care of these babies for you, sweetheart! I know that you are up there watching over us.' 'Please show me how to do this,' added Cody. 'I'm not sure how I'm gonna make it and I'm gonna do my best to make you proud. I love you until we meet again!!'
