BASSETERRE, St. Kitts - THE proposed US$797 million sale of First Caribbean operations to the Gilinski Group out of Colombia has been withdrawn after it did not receive the necessary approvals from regulators in the region.
Announcement of the withdrawal was made Tuesday (Feb. 2) morning by the parent company of First Caribbean, the Canadian Imperial Bank of Commerce (CIBC).
In 2019, it was announced that the GNB Financial Group Limited moved to purchase majority stake in FCIB - 66.73 percent of the share in the regional entity for $797 million, pending the necessary approvals from regulators in the region.
CIBC in a media statement disclosed that the “previously announced transaction to sell a significant portion of its majority stake in CIBC FirstCaribbean ( FirstCaribbean ) to GNB Financial Group Limited did not receive approval from FirstCaribbean s regulators”.
Until now.
That fear has now turned into rage.
Hordes of new retail investors are banding together to take on Wall Street. They are not willing to sit back and watch naked short sellers, funded by big banks, manipulate stocks, harm companies, and fleece shareholders.
The battle that launched this week over GameStop between retail investors and Wall Street-backed naked short sellers is the beginning of a war that could change everything.
It’s a global problem, but it poses the greatest threat to Canadian capital markets, where naked short selling the process of selling shares you don’t own, thereby creating counterfeit or ‘phantom’ shares survives and remains under the regulatory radar because Broker-Dealers do not have to report failing trades until they exceed 10 days.
Like father, like son: Canada keeps faith with Jamaica jamaicaobserver.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jamaicaobserver.com Daily Mail and Mail on Sunday newspapers.
U.S. Markets Hit Record Highs on Stimulus Hopes
Technology stocks climbed Monday, extending a 2020 rally that’s fueled much of the market’s gains since March. The Nasdaq was up 62 points, while the Dow lost 185 and the S&P dropped 16. As of Monday, the Nasdaq was up nearly 40 per cent for the year, while the S&P and Dow had added 13 per cent and 4.6 per cent, respectively.
While markets climbed early on growing hopes for a new U.S. stimulus deal, optimism faded later in the session as investors weighed the potential for further lockdowns in the U.S. In Canada, the TSX lost 161 points, weighed down by the energy, financials and materials sectors.
It was a rough session for N.A. markets Wednesday, with the TSX off nearly 80 points as the materials and tech sector weighed on the index. In the U.S., markets retreated from record highs as negotiations stalled once again between lawmakers looking to pass another fiscal stimulus package.
U.S. markets retreated Thursday morning after fresh data showed new jobless claims jumped sharply last week to 853,000 substantially more than economists had forecast. The latest jobs data underscores the desperate need for more stimulus, but Republicans seem unwilling to sign off on a substantial spending bill. Also weighing on sentiment was the latest coronavirus data from the U.S., with the death toll climbing to a new single-day record of 3,100. By Thursday’s close, the numbers were mixed: the Dow was down 75 points, the Nasdaq was up 67, and the TSX added 33.