Regulatory issues not reducing demand for Chinese listings

first_imgStacey Cunningham, president of the New York Stock Exchange, speaking at the World Economic Forum in Davos, Switzerland, Jan. 23, 2020.Adam Galasia | CNBC – Advertisement – Regulatory concerns around Chinese listings returned to the public eye last week after the last-minute suspension of Ant Group’s world-record $34.5 billion IPO in Hong Kong and Shanghai.The Shanghai Stock Exchange said Ant Group had reported “significant issues such as the changes in financial technology regulatory environment,” according to a CNBC translation of the statement from Mandarin.Without commenting on this individual case, Cunningham said there was “a lot of dialogue around how Chinese companies list here in the U.S., as well as what Shanghai and Hong Kong are doing.”Cunningham emphasized the importance of retaining the depth and liquidity offered by the U.S. market by balancing investor protections, such as audit oversight, with access, and “not encouraging other companies to go to other global markets.” – Advertisement –center_img “What is really important is that we make sure we are appropriately setting a framework in place that keeps investors protected,” Cunningham said.“We continue to see investor demand for Chinese companies in the U.S. and we haven’t seen that changing yet, despite the fact that there is a lot of talk about trade and about oversight, so we are working constructively and we are optimistic that we will be able to find a way to actually enhance the level of protections that exist on companies here in the U.S.”Half of cross-border initial public offerings in the U.S. in the first nine months of the year came from China, according to Ernst & Young, despite the Senate in May passing a bill that could delist a number of Chinese companies from American exchanges.Ant Group and the regulation question- Advertisement – The New York Stock Exchange (NYSE) is still seeing demand from Chinese companies looking to list in the U.S. despite highly publicized regulatory concerns, its president has told CNBC.Relations between Washington and Beijing have become increasingly fractious in recent years, with President Donald Trump’s administration pushing to reduce domestic financial ties with the world’s second-largest economy.Speaking to CNBC’s Karen Tso on Tuesday night, NYSE President Stacey Cunningham said the exchange was continuing to see demand from Chinese companies for U.S. stock market listings.- Advertisement –last_img read more

Fly Jamaica Airways sends home workers

first_imgKINGSTON, Jamaica  – The Jamaica-based Fly Jamaica Airways made all staff redundant on Sunday, March 31, saying the lack of planes to carry out operations has left it without any other alternative.In a March 29 letter signed by chairman and chief executive officer, Paul Ronald Reece, the airline, which has been trying to recover after one of its planes crash-landed at Guyana’s Cheddi Jagan International Airport in November 2018, said it wanted to thank employees for their “service, loyalty and dedication.No alternative“The Board of Directors of Fly Jamaica Airways regrets to inform you that due to our lack of aircraft and the impact that it has had on the Company’s financial position, we have no alternative but to make all employees redundant effective March 31, 2019,” Reece wrote in the letter.“It is with great sadness and remorse that we have arrived at this juncture. We were hoping for funding, but that has been slow in coming, therefore for the time being no other resource or options exist,” he added.Time requested to meet salary obligationsReece told the workers while the company is still committed to meet its financial obligations to them for the period “November 2018 to date, we ask that you allow us more time to do so”.Fly Jamaica Airways, which had direct flights between  Guyana and Jamaica, was certified by the Jamaica Civil Aviation Authority (JCAA) in September 2012, and made its inaugural flight from Kingston to New York’s John F. Kennedy International Airport in the United States on February 14, 2013.Four years later the airline was given permission by the Guyana government to begin direct flights between Guyana and Cuba. The airline also had flights to Toronto, Canada.On 9 November 2018, Fly Jamaica Airways Flight 256, made an emergency landing in Guyana, 45 minutes after take-off for Toronto.During the landing, the Boeing 757 aircraft with 118 passengers and eight crew members, overran the runway. The aircraft was severely damaged. One person is reported to have died later from her injuries.“If the Company’s circumstances change in the future and you are still interested in employment with the Company, you will be invited to apply for a position within the Company,” Reece wrote in his letter to staff.last_img read more