Archive for November, 2010
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US STOCKS SNAPSHOT-Tech boosts Wall St in choppy trade
NEW YORK, Dec 18 – U.S. stocks rose on Friday as quarterly outcomes from Oracle Corp and Research In Motion boosted optimism about a recovery in technology spending.
* Trading was choppy as Friday marked the expiration of December options and futures, a convergence known as quadruple witching that often implies increased volatility as massive investors adjust or exercise derivatives positions.
* Both the Dow along with the S&P 500 spent most of the day shuttling between gains and losses, but then mounted a strong push late inside the session as the U.S. dollar gave up some of its earlier gains. Both indexes end off their worst levels.
* The Dow Jones industrial common gained 20.63 points, or 0.20 %, to end unofficially at 10,328.89. The Common & Poor’s 500 Index rose 6.31 points, or 0.58 %, to finish unofficially at 1,102.39. The Nasdaq Composite Index climbed 31.64 points, or 1.45 %, to close unofficially at 2,211.69.
* For the week, the Dow slipped 1.three %, the Nasdaq inched up 0.98 of a % along with the S&P 500 shed 0.34 of a %.
US STOCKS SNAPSHOT-Wall St jumps on pharma enhance, upgrades
NEW YORK, Dec 21 – U.S. stocks mounted a broad advance on Monday following a key healthcare reform bill advanced inside the Senate and brokerages upgraded Dow components Intel Corp and Alcoa Inc on enhancing profit prospects.
* With the year winding down, investors moved to scoop up shares inside the hope that Wall Street would notch additional gains heading into the new year as the economic recovery takes hold.
* Based on the most recent offered information, the Dow Jones industrial common shot up 85.25 points, or 0.83 %, to close unofficially at 10,414.14. The Common & Poor’s 500 Index gained 11.58 points, or 1.05 %, to finish unofficially at 1,114.05.
* The Nasdaq Composite Index climbed 25.97 points, or 1.17 %, to end unofficially at 2,237.66 — its highest close in 15 months.
Tokyo Stock Exchange to ease guidelines on rights problems
TOKYO, Dec 22 – The Tokyo Stock Exchange mentioned on Tuesday that it planned to relax guidelines on rights problems to create it less complicated for Japanese organizations to raise funds.
The TSE mentioned it would alter existing guidelines to let organizations to situation a fraction of an alternative for each and every share, giving them far more control over the scale of dilution triggered by a rights situation.
Beneath existing TSE guidelines organizations are essential to give all shareholders an alternative to purchase 1 share at a set value for each and every share they very own.
Exchange for the Listing of Stocks
Each and every listed firm,
For the objective of regulating the suspension or termination of the listing of stocks of listed organizations and clarifying the explicit specifications for the equity distribution of listed organizations, relevant problems are hereby announced regarding the equity distribution of listed organizations as described in Subparagraph (four) of Post 14.1.1 and Subparagraph (10) of Post 14.three.1 inside the Guidelines of Shenzhen Stock Exchange for the Listing of Stocks (hereinafter referred to as the Guidelines for the Listing of Stocks) in accordance with Post 19.2 of the Guidelines for the Listing of Stocks:
1. The circumstance that a listed firm fails to meet the listing specifications any far more on account of alterations of equity distribution implies that: the shares held by the common public aren’t far more than 25 % of the total shares of the firm; or aren’t far more than 10 % of the total shares of the firm even though the total stock capital of the firm exceeds RMB 0.four billion.
2. The common public doesn’t incorporate:
(1) a shareholder that holds 10 % or far more shares of a listed firm too as its coordinated actors; and
(2) directors, supervisors, senior mangers of the listed firm, too as the associated parties thereof.
three. If a listed firm has alterations of the equity distribution and then it doesn’t satisfy the listing specifications any far more for 20 successive trading days, the listing and trading of its shares shall be suspended by this Exchange. If the mentioned firm fails to meet the listing specifications inside 12 months as of the date when the listing and trading of its shares is suspended by this Exchange, the listing and trading of its shares will likely be terminated by this Exchange. The mentioned firm can bring forward rectification plans inside the aforesaid period and resume the listing and trading of its shares following reporting to this Exchange for approval so as to meet the listing specifications, nevertheless, a warning of delisting threat for the trading of its shares will likely be given. The associated operational procedures shall be governed by the associated provisions inside the Guidelines for the Listing of Stocks.
Notice of Shanghai Stock Exchange on Promulgating the Interim Provisions on the
For the objective of regulating the examination of the listing of securities, suspension of listing and termination of listing, the Interim Provisions on the Examination of Securities Listing in Shanghai Stock Exchange has been instituted by this Exchange, that are hereby promulgated and shall go into impact as of the day of promulgation.
Shanghai Stock Exchange
June 12, 2006
Interim Provisions on the Examination of Securities Listing in Shanghai Stock Exchange
Chapter I Common Provisions
Write-up 1
So that you can regulate the examination of securities listing in Shanghai Stock Exchange (hereinafter referred to as this Exchange), defend the legitimate rights and interests of investors and preserve the order of the securities marketplace, the present Provisions is formulated in accordance with the Rule of Shanghai Stock Exchange for Stock Listing (hereinafter referred to as the Rule for Stock Listing), Rule of Shanghai Stock Exchange for the Listing of Enterprise Bonds (hereinafter referred to as the Rule for Enterprise Bonds Listing) along with other associated guidelines.
Write-up 2
The examination on the following matters shall comply with the present Provisions. Within the absence of the associated provisions within the present Provisions on any matter concerned, it shall be comply with the Rule for Stock Listing, the Rule for Enterprise Bond Listing along with other associated provisions:
(1) The initial public listing of stocks, enterprise bonds and corporate bonds;
(2) The re-listing of any stocks, enterprise bonds, corporate bonds and convertible corporate bonds whose listing have been suspended;
(three) The suspension or termination of listing of any stocks, enterprise bonds, corporate bonds and convertible corporate bonds; and
(four) Any other listing of securities, suspension of listing, recovery of listing and termination of listing that shall be carried out by this Exchange.
Write-up three
The Listing Committee set up by this Exchange shall make examination on the matters prescribed within the preceding paragraph. This Exchange shall make a determination on examination in accordance with the examination opinions produced by the Listing Committee.
Generating examination, the listing Committee may possibly be within the types for example examination meeting, direct voting by communications or any other form.
Write-up four
The members of the Listing Committee shall independently discharge their functions and duties in their personal names and shall be free of charge from any interference from any unit or individual.
Chapter II Listing Committee
Write-up five
The members of the Listing Committee shall be appointed by this Exchange from those qualified specialists within the specialties for example accounting, law and associated fields and qualified experts in any other organizations, as well as the outcomes shall be released publicly.
Write-up 6
The term of workplace for the members of the Listing Committee is 2 years and may possibly be renewed upon expiration.
This Exchange may possibly modulate the term of tenure as well as the quantity of tenures of the members of the Listing Committee as necessary.
Write-up 7
A member of the Listing Committee shall meet the needs as follows:
(1) Acquiring familiar with the associated laws and administrative regulations on and state policies for securities;
(2) Acquiring familiar with securities operations as well as the operating regulations of this Exchange;
(three) Having a great reputation inside his sector and having no record of becoming punished for any criminal or administrative or any disciplinary sanction by any self-regulatory organization;
(four) Adhering to the associated principles, becoming honest and clean and strictly observing the law; and
(five) Meeting any other requirement necessary by this Exchange.
Write-up 8
When discharging his functions and duties, a member of the Listing Committee shall observe the provisions as follows:
(1) Displaying due diligence and accountability and systematically reviewing the associated supplies in an all-round way;
(2) Attending the examination in accordance with the associated needs, independently putting forward his opinions and carry out his proper of voting in accordance with the needs of the associated laws, administrative regulations as well as the Guidelines of this Exchange;
(three) Not accepting any present from any unit or individual pertinent to the examined objects and not secretly contacting any of the aforesaid units or people;
(four) Keeping confidential all state secrets and commercial secrets of the relevant entities obtained in discharging his duties and functions and not revealing any data regarding the meeting to the common public;
(five) Not looking for any interest for himself or any other individual by taking benefit of the non-public data obtained in discharging his duties and functions; and
(6) Meeting other requirement produced by this Exchange.
Write-up 9
If meeting any of the circumstances as follows, a member of the Listing Committee shall be dismissed by this Exchange:
(1) Failing to meet the needs prescribed in Write-up 7 of the present Provisions;
(2) In violation of the provisions in Write-up 8 of the present Provisions as well as the circumstances are significant;
(three) Failing to attend the examination for not much less than 2 occasions throughout his term of workplace;
(four) Applying for leaving workplace himself; or
(five) Meeting any other circumstance prescribed by this Exchange.
Write-up 10
An examination shall be carried out by 7 members chosen by this Exchange from the Listing Committee, amongst whom the quantity of the actual participants shall be five or a lot more and there shall be no less than a lawyer and an accountant also.
Write-up 11
In case a member that has been chosen by this Exchange to attend an examination has any direct or indirect interest relationship with the associated applicant or examined matter, thereby causing impact on impartially discharging his functions and duties, he shall apply for withdrawal in time.
Write-up 12
A operating group of the Listing Committee (hereinafter referred to as the operating group) shall be set up inside listed organization department and bond funds department of this Exchange, which shall cope with the affairs as follows:
(1) Accepting the IPO application supplies;
(2) Generating positive whether or not the chosen members can attend the examination;
(three) Submitting the examination supplies to the associated members;
(four) Attending the examination meeting and taking the meeting minutes;
(five) Generating Choices on Examination and sending them on the associated applicants; and
(6) Dealing with any other matter necessary by the Listing Committee.
Chapter III Procedures for Examination
Write-up 13
If an issuer applies for listing or re-listing in accordance with the provisions of objects (1) and (2) in Write-up 2 of the present Provisions, he shall hand within the associated supplies to this Exchange in accordance with the provisions for example the Rule for Stock Listing as well as the Rule for Enterprise Bonds Listing.
Write-up 14
If any suspension or termination of listing to the securities as listed in this Exchange, the associated enterprise departments of this Exchange shall place forward a suggestion for settlement., hand in it to the Listing Committee also as give the issuer concerned notice.
Write-up 15
If an issuer believes that any member of the Listing Committee who has been publicized by this Exchange has any direct interest relation with the examined matter regarding IPO or re-listing and therefore is just not appropriate for participating in an examination, he shall hand in an application for withdrawal in written form and give an interpretation,
If an issuer believes that any member of the Listing Committee who has been publicized by this Exchange to the common public has any direct interest relation with the examined matter regarding the suspension of listing or termination of listing and therefore is just not appropriate for participating in an examination, he shall hand in an application for withdrawal in written form to this Exchange too as give an interpretation inside three days as of the day of receiving the notification prescribed by Post 14 of the existing Provisions.
This Exchange shall establish no matter whether the associated members shall withdraw or not upon examination.
Post 16
Just before creating an examination, the operating group shall deliver the associated supplies to the members participating inside the examination.
Post 17
If any member designated to attend an examination finds out that he shall withdraw or fails to attend the examination for any particular cause, he shall give notice to the operating group just before the examination begins, hand in an application in written form and give an interpretation thereon. This Exchange shall make verification to adjust the members who shall attend the examination.
Post 18
If the Listing Committee holds a meeting for examination, the meeting shall be presided over by the convener designated by this Exchange from the members participating inside the examination. An examination meeting shall be held in accordance with the procedures as follows:
(1) If the quantity of members to participate inside the examination meeting reaches the prescribed headcount, the members shall fill out the due statements on no matter whether they’ve any get in touch with with the associated applicant beforehand or no matter whether they need to withdraw, which shall be handed in to the operating group for verification just before the convener announces the commencement of the meeting and takes charge of the presidency thereof;
(2) The convener organizes the members to place forward their views on the examined objects 1 by 1;
(three) The convener make a summarization on the significant examination opinions of the members to formulate the examination opinions of the examination meeting;
(four) The members make confirmation on the examination meeting minutes along with the records of examination opinions and sign their signatures thereto;
(five) The members take votes; and
(6) The operating group makes supervision on the voting and makes summarization on the outcome thereof;
(7) The convener makes announcement concerning the outcome of voting; and
(8) The members sign their names on the voting outcomes of the examination meeting.
Post 19
If any member participating in an examination believes it required, he could request this Exchange to give notice to the associated applicant to be interrogated or could request this Exchange to employ the associated skilled institutions or professionals to give their particular opinions thereon.
Post 20
The Listing Commission shall make examination on the to-be-examined objects in a one-off manner. If any massive situation is but to be verified or beneath any circumstance exactly where any member could be seriously affected in creating a appropriate judgment, the voting for the associated to-be-examined objects could, upon the consent of far more than half of the members participating inside the examination, be suspended for 1 time.
Post 21
The voting of examined objects shall be topic to open ballot. Each and every member participating in an examination has 1 vote. An examination resolution is not going to turn into valid till it truly is voted and approved by not much less than 2/3 members who participate inside the examination.
Post 22
This Exchange shall make a determination on the examined matters as prescribed by the provisions of Post 2 of the existing Provisions inside the term prescribed by the Rule for Stock Listing along with the Rule for Enterprise Bonds Listing. In distinct, the time for an issuer to hand inside the associated supplementary documents as essential by this Exchange, the time for modulating the date of meeting due to the withdrawal of any member along with the time for this Exchange to employ the associated particular institutions or professionals to give their particular opinions shall not be charged to the term for this Exchange to create any associated determination.
Post 23
Exactly where an applicant, associated agency or the representative thereof makes, when submitting the associated supplies or becoming interrogated, any false or misleading statement or conceal any critical truth, this Exchange shall, in accordance with the associated provisions along with the associated circumstances, make a circulation of criticisms or public denouncement.
Post 24
If a securities issuer is dissatisfied with any determination created by this Exchange, he could give an application to the Review Committee of this Exchange for review inside the prescribed time limit, but the implementation of the determination of this Exchange shall not be stopped in the course of the period of review.
Chapter IV Supplementary Provisions
Post 25
The existing Provisions shall place into operation following becoming employed by the Council of this Exchange upon deliberation. The revision of the existing Provisions shall also be topic to the aforesaid rule for effectiveness.
Post 26
The existing Provisions shall go into impact as of the day of promulgation.
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