‘Collapsing industry’ needs help from regulators: IIAC

PI Financial bought by joint venture Ontario task force looks to boost industry competition Keywords Investment dealersCompanies Investment Industry Association of Canada Facebook LinkedIn Twitter The faltering securities industry needs a lifeline from regulators, argues the Investment Industry Association of Canada (IIAC) — and it proposes a range of ideas from easing suitability requirements to allowing mutual fund reps to work for investment dealers. Striking a dire tone in his latest letter to the industry, IIAC president and CEO, Ian Russell, calls on regulators to reach out and help support what he calls “a collapsing industry”. James Langton Related news Russell says that industry consolidation remains a worrying trend, after domestic institutional boutiques had their second-worst quarter ever in the first quarter of 2013 due to “moribund equity investment banking and trading businesses.” And, while retail boutiques enjoyed a rebound in operating revenue and profit in the quarter, he suggests that these gains “were likely short-lived as retail investors retrenched” in the second quarter. “The steady erosion of needed capital at institutional firms to fund continued operating losses, and continued weak earnings at retail firms, are forcing small firms to focus more intently on strategic reorganization,” he says. Indeed, he reports that 11 firms left the industry in the first four months of the year, which is a “much faster pace of resignation than in the past several years”. And, he says that the IIAC expects this trend will continue. “One should take this accelerating pace of dealer consolidation seriously,” Russell warns, predicting that this is not part of the normal, cyclical ebb and flow of the business. New firms won’t easily spring up in their place when markets rebound, he says, “The massive structural changes in equity markets, changing investor demographics, and extensive new regulatory demands have required significant investment that has created barriers to entry for new retail and institutional dealers.” The infrastructure required to operate a competitive firm these days, suggests that, “when equity markets embark on significant recovery, new start-up entrants in the securities industry will be few and far between,” he says. Additionally, factors such as regulatory and tax-reporting requirements, the high cost of keeping quality investment advisors, the loss of net interest income, and the tighter margins in the trading business will discourage new firms from entering the business. If small dealers continue to fold, Russell warns, “Canadian capital markets will suffer serious consequences, both in terms of reduced competitive stimulus in retail and institutional markets, and less financing opportunities for small Canadian businesses. The loss of small firms will be a particular blow to regional economies and to the viability of the venture markets.” On that basis, he argues that regulators should be looking to help the industry, and the IIAC has a series of proposals for them to consider. First, it calls on them to slow down new rule making, and to ensure that all new regulations are justified on a cost-benefit basis. Second, it says that investment dealer firms should be allowed to employ reps that are only registered to sell mutual funds, which “would give small IIROC- registered retail boutiques more options to build scale in their retail businesses.” It also recommends that, instead of allowing crowdfunding, regulators should provide an exemption from suitability requirements for a portion of individual investment portfolios, in order to facilitate more speculative investing. Additionally, it suggests that regulators consider reducing holding periods on private placements to improve liquidity; that they eliminate any unjustified fees; and that they should ensure a level playing field between foreign and domestic firms in the derivatives business. “Regulators cannot stand by while the industry faces its toughest challenge in decades,” he concludes. “Fortunately, there are steps that can be taken – steps that would benefit the industry, the markets, and investors.” Leede Jones Gable launches capital markets business Share this article and your comments with peers on social media read more

Read More

SC EMT Passes Away after COVID-19 Battle

first_imgA funeral procession was held Monday. He is survived by hiswife, his children Peyton and Keith, and a host of other family members. Keith Brown, 48, died Wednesday, WCSC-TV reported. He worked for 17 years in EMS in the Charleston area, most recently for MedTrust. His wife Petrice believes Keith was exposed to someone while at work. Related Interim CDC Guidance on Exposure Definitions and Quarantine of Healthcare Workers Exposed to Patients with COVID-19Tracker map created by ESRI, in concert with the World Health Organization, and John Hopkins Universitycenter_img Family and friends are mourning the death of an EMT whopassed away from COVID-19 in South Carolina. A GoFundMe fundraiser has been set up to help defray costs. Keith Brown (Photo/GoFundMe) last_img read more

Read More

EPL on MultiTV Round up: United over come wasteful Norwich

first_imgManchester United completed a club record 19th successive home league win – but few have been as unconvincing as this bloodless triumph over plucky Norwich which was the Barclays Premiership live match of the week on MultiTV.The visitors carved out virtually all the best chances, with Anthony Pilkington hitting a post and rolling a shot wide after finding himself clean through.Norwich were made to pay when Anderson powered home a close-range header midway through the second period before Danny Welbeck scored his third goal in a week, sliding in to finish off Park Ji-sung’s cut-back.United boss Sir Alex Ferguson spent a good proportion of the build-up extolling the virtues of his Norwich counterpart Paul Lambert, and explaining why Scots are such a significant presence in the top flight.Attention to detail clearly plays a huge part and Lambert had done his homework.Norwich did attack when they could and they were the better team for the first 20 minutes, although their best work was done around their own penalty area – and it did not involve the ball.Correctly assuming their opponents would dominate possession for long spells, the Canaries remained rock-solid in retaining two banks of four, which United found impossible to penetrate.The hosts were repeatedly frustrated, the unexplained absence of Ashley Young denying them a slippery customer on both flanks on a day when Nani was not at his best.Jones has already caught the eye this season but the 19-year-old needed to show maturity way beyond his years after Morison had given Evans the slip. Knowing Pilkington was completely on his own behind him, the teenager held his ground, denying an early cross, before lunging in on Morison and coming away with the ball.It was a textbook piece of defending, and a further evidence of why Ferguson felt so comfortable leaving Rio Ferdinand on the bench.A minute later though, Jones was beaten by Pilkington, who stepped inside the former Blackburn man only for his shot to strike Evans, allowing goalkeeper Anders Lindegaard to make the save.Having passed up so many chances, Norwich must have feared what was about to follow.Substitute Ryan Giggs floated over a corner, which was met by Jones and flicked on by Rooney, to Anderson, who powered home a header from close range.Still, Norwich refused to let their heads drop and came agonisingly close to a leveller as Pilkington’s shot deflected off Anderson, onto the post and back into the grateful arms of Lindegaard, who had been helpless.Norwich continued to threaten but after Morison’s goalbound effort was turned away by Ferdinand, Welbeck sealed the win with his third goal in a week before Rooney chipped narrowly over.In other Barclays Premiership matches, Mario Balotelli grabbed his chance to wipe out the memory of Manchester City’s Munich misery as Roberto Mancini’s men eased to victory at ailing Blackburn.Balotelli drilled home City’s second just before the hour and ran the home defence ragged in what was City’s perfect riposte to the midweek controversy involving Carlos Tevez.Adam Johnson’s wonder-goal and late strikes from Samir Nasri and Stefan Savic wrapped up City’s second half master-class leading furious Rovers fans to chant for the dismissal of boss Steve Kean.Despite accepting Edin Dzeko’s apology for his outburst at being substituted in midweek, Mancini had dropped the Bosnian to the bench and opted to give Balotelli his chance.It was an inspired decision with Balotelli looking by far the liveliest of City’s attacking options, particularly when Sergio Aguero limped off injured on the half-hour.Striker Gabriel Agbonlahor inspired Aston Villa to their first ever home Barclays Premier League win over Wigan.Agbonlahor scored his fourth league goal of the campaign to break the deadlock before the break and created the second for Darren Bent.Only a series of fine saves by Wigan keeper Ali Al Habsi prevented Villa – still unbeaten in the league this season – from winning by a more emphatic margin.Villa boss Alex McLeish had called for his side’s creative players to step up to the mark – and they answered his call with Agbonlahor in particular back to his best and demonstrating the form which earned him his breakthrough at England level.Ahmed Elmohamady’s first goal for Sunderland spared manager Steve Bruce a mauling as the Black Cats pulled off a timely rescue job at the end of a difficult week.The 50-year-old was firmly in the firing line after his side conceded twice within a catastrophic opening five minutes as James Morrison and then Shane Long got West Brom off to a dream start.But as a chorus of “Bruce out” rang around the Stadium of Light, his players responded to drag themselves back from the brink of disaster.Nicklas Bendtner gave them hope with a 24th-minute strike, his first for the club, and Elmohamady followed suit within two minutes in a chaotic first half.A rejuvenated Sunderland enjoyed the better of the game from that point on, but were unable to make the pressure tell and had to make do with a point on a day when three were perhaps what was required.Both sides have now won just one of their seven Barclays Premier League games to date this season, and while there was a certain degree of relief among the home sections of a crowd of 34,815, there was a realisation too that things must improve markedly if they are to achieve their ambitions.Newcastle made it their best start to a season in 17 years with victory over Wolves at Molineux. Demba Ba scored his fourth goal in two games when he headed in Yohan Cabaye’s corner at the near post.Argentine midfielder Jonas Gutierrez added a superb second when he surged past four challenges to fire in low.Steven Fletcher headed in for Wolves late on, who were denied a penalty and what appeared to be a legitimate equaliser in stoppage time.Catch the full highlights including exclusive interviews in the English Premier League on the Football Show on Joy Sports on MultiTV this and every Monday from 7.00pm.last_img read more

Read More

Wife of Florida man accused in theater shooting over victim’s texting testifies in court

first_img Related WFTS(NEW YORK) — The wife of the former police captain accused of fatally shooting a man in a Florida movie theater testified in court Wednesday in a hearing that will determine if his claim of self-defense meets the criteria under Florida’s Stand Your Ground law.Curtis Reeves, 74, is accused of shooting and killing 43-year-old Chad Oulson on Jan. 13, 2014, during a confrontation over texting before a showing of “Lone Survivor” at a movie theater in Wesley Chapel, police said.If Circuit Court Judge Susan Barthle rules in favor of Reeves, he will receive immunity from prosecution and will leave court as a free man with no criminal murder charges.Should Barthle decide Reeves did not meet the criteria to “stand his ground” during the encounter with Oulson, he will proceed to a criminal trial at a later date, where he can claim self-defense in the shooting but will not be able to utilize the protection under the Stand Your Ground law.Prosecutors say Reeves provoked the confrontation, The Associated Press reported, meaning he wouldn’t be protected by the Stand Your Ground law.Reeves has been present for the hearings, which began Monday and will run through March 3. Curtis Reeves’ wife, Vivian Reeves, testified in a Dade City courtroom Wednesday that she and her husband had made a “spur-of-the-minute” decision to see the movie with their son, Matt, because he had read the book of the same title. They chose a matinee showing since it was “cheaper,” she said.After the family bought popcorn and a drink at the concessions stands and used the restroom, they entered the theater, where Vivian Reeves said she noticed Oulson with his phone out and the screen lit. Oulson, who was sitting directly in front of her, was not talking on the phone, she said, and the previews had not yet started.After a message instructing viewers to turn off their cellphones came on, Vivian Reeves said she saw her husband leaning toward Oulson, who was “very loud” as he was speaking to Reeves. She said he heard him use the word “f—” or “f—ing” and said something about texting his daughter.“It scared me,” she said of the initial encounter between Oulson and her husband. “I was horrified that somebody would act like that, especially in a movie theater.”Her husband then told her, “I’m going to get the manager,” she said. When he returned, she handed him the popcorn and he sat down, she said. ‘Stand Your Ground’ hearing: Reeves’ wife heard Chad Oulson yell at her husband..”you told on me, who the f*** do you think you are?” pic.twitter.com/hSpYdDu0Ln— ABC Action News (@abcactionnews) February 22, 2017At this point, the previews were on and the theater lights dimmed, and Oulson and Curtis Reeves interacted again, Vivian Reeves said, adding that she didn’t “know who spoke first.” She saw her husband leaning toward Oulson, but said she couldn’t hear what he said. Then, she said, Oulson spoke in a raised voice again.“You told on me,” Oulson told Curtis Reeves, according to his wife. “Who the f— do you think you are?”Before Oulson was shot, she said he was leaning toward them, and it appeared that he was going to go over the seat toward them.“It happened very quickly, and his whole upper body just came forward, and I thought that he was coming over,” she said.After she heard the shots go off, her husband said to her, “He hit me in the face,” she said.“I just didn’t know what happened,” she said.Curtis Reeves then sat down and put his hands on his head before an off-duty sheriff’s deputy approached him and took the gun out of his lap, Vivian Reeves said.“I said something to Curtis,” Vivian Reeves recalled. “I said, ‘What happened?’ You can’t shoot into a theater full of people.’ He said, ‘Not now.’”Vivian Reeves said her husband never brought his police work home and that she couldn’t recall his ever losing his temper with her, adding that she didn’t see him showing violence or aggression to her or others.When asked by Curtis Reeves’ defense attorney if he missed the “action” after retiring from the Tampa Police Department, Vivian Reeves replied, “No.” ‘Stand Your Ground’ hearing: Curtis Reeves’ wife Vivian on the stand, married 49-years. First time she’s testified in open court. pic.twitter.com/igBTjt9gs9— ABC Action News (@abcactionnews) February 22, 2017The couple has been married for 49 years, ABC Tampa affiliate WFTS reported.  Witness Joanna Turner, who was in the Cobb Grove 16 theater during the shooting, testified Tuesday that she heard Oulson say, “I’m texting my daughter,” before she saw a muzzle flash.Curtis Reeves then put the gun in his lap and put his hands on the side of his head after Oulson had collapsed, Turner said.Turner also testified that police never instructed witnesses not to talk to each other. Curtis Reeves’ defense team alleges that the witnesses talked after the shooting, corrupting their accounts of what happened. Prior to the shooting, Curtis Reeves had complained about Oulson’s use of his phone to movie theater employees, authorities said at the time. When Curtis Reeves returned to the theater, the argument escalated.Witnesses told police that Oulson threw a container of popcorn at Curtis Reeves before he was shot, police said. His widow, Nicole Oulson, was also shot in the hand. She told ABC News in 2014 that her husband was texting the babysitter, who was watching their young daughter.“It was a couple of words. No threats. No harm. No nothing,” Nicole Oulson said in 2014. “In the blink of an eye, 30 seconds, it just shattered my world.”Bond was initially denied for Curtis Reeves, but he was freed in July 2014 after spending six months in a Pasco County jail and posting a $150,000 bail, the Tampa Bay Times reported.Curtis Reeves has pleaded not guilty to second-degree murder, claiming self-defense.Copyright © 2017, ABC Radio. All rights reserved.Powered by WPeMaticolast_img read more

Read More

NFL preseason schedule 2019: Dates, times, TV channels for every game, week by week

first_imgNFL teams have reported to training camp and the return of football is tantalizingly close, regardless if the games count or not.While many of the NFL’s biggest stars may play just a few series over the course of four weeks, the preseason serves as our first taste of football and a final chance for fringe players looking to make the 53-man roster for Week 1 of the regular season. Nationally televised games on NBC, Fox, CBS and NFL Network can also be streamed live using fuboTV, which offers a free seven-day trial.Details of national and local television coverage for each preseason game are included in the tables below. National games are bolded.MORE: Why the Cowboys are SN’s pick to win Super Bowl 54NFL preseason schedule: Week 1Thursday, Aug. 1 (Hall of Fame Game)GameTime (ET)TVAtlanta Falcons vs. Denver Broncos (Canton, Ohio)8 p.m.NBC, fuboTVThursday, Aug. 8GameTime (ET)TVIndianapolis Colts at Buffalo Bills7 p.m.WKBW,  WXINNew York Jets at New York Giants7 p.m.NFL Network, WNBC, fuboTVJacksonville Jaguars at Baltimore Ravens7:30 p.m.WBAL, WJAXWashington Redskins at Cleveland Browns7:30 p.m.WRC, WEWSNew England Patriots at Detroit Lions7:30 p.m.WJBK, WBZAtlanta Falcons at Miami Dolphins7:30 p.m.WFOR, WUPATennessee Titans at Philadelphia Eagles7:30 p.m.WKRN, WCAUCarolina Panthers at Chicago Bears8 p.m.WSOC, WFLDHouston Texans at Green Bay Packers8 p.m.WTMJ, KTRKLos Angeles Chargers at Arizona Cardinals10 p.m.NFL Network, KPNX, KABC, fuboTVDenver Broncos at Seattle Seahawks10 p.m.KING, KTVDFriday, Aug. 9GameTime (ET)TVTampa Bay Buccaneers at Pittsburgh Steelers7:30 p.m.NFL Network, KDKA, WTSP, WFTV, fuboTVMinnesota Vikings at New Orleans Saints8 p.m.KMSP, WVUESaturday, Aug. 10GameTime (ET)TVCincinnati Bengals at Kansas City Chiefs8 p.m.WKRC, KCTVLos Angeles Rams at Oakland Raiders8 p.m.KTVU, KCBSDallas Cowboys at San Francisco 49ers9 p.m.NFL Network, KPIX, KTVT, fuboTVNFL preseason schedule: Week 2Thursday, Aug. 15GameTime (ET)TVPhiladelphia Eagles at Jacksonville Jaguars7 p.m.WJAX, WCAUNew York Jets at Atlanta Falcons7:30 p.m.WCBS, WUPAGreen Bay Packers at Baltimore Ravens7:30 p.m.WBAL, WTMJCincinnati Bengals at Washington Redskins7:30 p.m.WKRC, WRCOakland Raiders at Arizona Cardinals8 p.m.ESPN, fuboTVFriday, Aug. 16GameTime (ET)TVBuffalo Bills at Carolina Panthers7 p.m.WKBW, WSOCChicago Bears at New York Giants7:30 p.m.NFL Network, WNBC, WFLD, fuboTVMiami Dolphins at Tampa Bay Buccaneers7:30 p.m.WFOR, WTSP, WFTVSaturday, Aug. 17GameTime (ET)TVCleveland Browns at Indianapolis Colts4 p.m.NFL Network, WEWS, fuboTVNew England Patriots at Tennessee Titans7 p.m.WBZ, WKRNKansas City Chiefs at Pittsburgh Steelers7:30 p.m.NFL Network, KCTV, KDKA, fuboTVDetroit Lions at Houston Texans8 p.m.WJBK, KTRKDallas Cowboys vs. Los Angeles Rams (at Honolulu)10 p.m.NFL Network, KTVT, KCBS, fuboTVSunday, Aug. 18GameTime (ET)TVNew Orleans Saints at Los Angeles Chargers4 p.m.CBS, fuboTVSeattle Seahawks at Minnesota Vikings8 p.m.Fox, fuboTVSan Francisco 49ers at Denver Broncos8 p.m.ESPNNFL preseason schedule: Week 3Thursday, Aug. 22GameTime (ET)TVNew York Giants at Cincinnati Bengals7 p.m.WKRC, WNBCWashington Redskins at Atlanta Falcons7:30 p.m.WRC, WUPACarolina Panthers at New England Patriots7:30 p.m.WBZ, WSOCBaltimore Ravens at Philadelphia Eagles7:30 p.m.WBAL, WCAUJacksonville Jaguars at Miami Dolphins8 p.m.Fox, fuboTVGreen Bay Packers vs. Oakland Raiders (at Winnipeg)8 p.m.KTVU, WTMJFriday, Aug. 23GameTime (ET)TVCleveland Browns at Tampa Bay Buccaneers7:30 p.m.WEWS, WTSP, WFTVBuffalo Bills at Detroit Lions8 p.m.CBS, fuboTVSaturday, Aug. 24GameTime (ET)TVArizona Cardinals at Minnesota Vikings1 p.m.NFL Network, KPNX, fuboTVHouston Texans at Dallas Cowboys7 p.m.NFL Network, KTVT, KTRK, fuboTVChicago Bears at Indianapolis Colts7 p.m.WXIN, WFLDNew Orleans Saints at New York Jets7:30 p.m.WVUE, WCBSSan Francisco 49ers at Kansas City Chiefs8 p.m.KPIX, KCTVDenver Broncos at Los Angeles Rams9 p.m.KTVD, KCBSSeattle Seahawks at Los Angeles Chargers10 p.m.NFL Network, KABC, fuboTVSunday, Aug. 25GameTime (ET)TVPittsburgh Steelers at Tennessee Titans8 p.m.NBC, fuboTVNFL preseason schedule: Week 4Thursday, Aug. 29GameTime (ET)TVMinnesota Vikings at Buffalo Bills7 p.m.WKBW, KMSPPittsburgh Steelers at Carolina Panthers7 p.m.NFL Network, KDKA, WSOC, fuboTVIndianapolis Colts at Cincinnati Bengals7 p.m.WXIN,  WKRCAtlanta Falcons at Jacksonville Jaguars7 p.m.WJAX, WUPAPhiladelphia Eagles at New York Jets7 p.m.WCBS, WCAUDetroit Lions at Cleveland Browns7:30 p.m.WEWS, WJBKNew York Giants at New England Patriots7:30 p.m.WNBC, WBZBaltimore Ravens at Washington Redskins7:30 p.m.WBAL, WRCTennessee Titans at Chicago Bears8 p.m.WFLD, WKRNTampa Bay Buccaneers at Dallas Cowboys8 p.m.KTVT,  WTSP, WFTVKansas City Chiefs at Green Bay Packers8 p.m.WTMJ, KCTVLos Angeles Rams at Houston Texans8 p.m.KCBS, KTRKMiami Dolphins at New Orleans Saints8 p.m.WVUE, WFORArizona Cardinals at Denver Broncos9 p.m.KTVD, KPNXLos Angeles Chargers at San Francisco 49ers10 p.m.NFL Network, KPIX, KABC, fuboTVOakland Raiders at Seattle Seahawks10 p.m.KING, KTVU With CBA negotiations ongoing and the current version of the agreement set to expire after the 2020 season, this could potentially be one of the final seasons that teams play four preseason games with players and owners reportedly having discussions to reduce the amount of exhibition games in order to lengthen the regular season.MORE: Watch select NFL preseason games with fuboTV (7-day free trial)The preseason allows fans to experience a gameday atmosphere in an NFL stadium at a reduced price, but it will also feature three games at unique locations with the Falcons and Broncos playing in Canton, Ohio (Aug. 1), the Cowboys and Raiders in Honolulu (Aug. 15) and the Seahawks and Packers in Winnipeg, Manitoba (Aug. 24).Below is the full schedule for every week of the 2019 NFL preseason, as well as how to watch each game.When does 2019 NFL preseason end?Start date: Thursday, Aug. 1End date: Thursday, Aug. 29The NFL’s six-month offseason ends on Thursday, Aug. 1 when the Atlanta Falcons and Denver Broncos meet in Tom Benson Stadium in Canton, Ohio, for the annual Hall of Fame Game. The Class of 2019 enshrinement ceremony follows two days later.While the Falcons and Broncos will play five preseason games, the other 30 teams play four each, with the final games wrapping up Aug. 29.The regular season kicks off Sept. 5 with a Thursday night game between the Green Bay Packers and Chicago Bears.2019 NFL PREDICTIONS:Standings, playoff projections, Super Bowl pickHow to watch NFL preseason games on TVBeginning with the Hall of Fame game featured on NBC, a select number of preseason games each week will be shown nationally on NBC, Fox, CBS, ESPN and NFL Network. NFL Network will show 13 live preseason games (subject to local blackout restrictions), as well as re-air all 65 games at some point before the regular season begins. NFL Game Pass — available for $99.99 — provides live access to every preseason game, as well as replays of every game.last_img read more

Read More