Commerzbank Fined 650,000 Euros for Deals With Defunct Cypriot Bank
Cyprus’s securities regulator on Friday imposed a 650,000-euro ($730,800) fine on Germany’s Commerzbank for its role in transactions carried out by a local bank that collapsed during the country’s 2013 financial crisis. The country’s CySEC commission said Commerzbank had been sanctioned over investment operations conducted by the now-defunct Laiki鈥攁lso known as Cyprus Popular Bank鈥攊n 2011, following Laiki’s merger with Greece’s Marfin-Egnatia Bank. Commerzbank declined to comment on the case, which followed an eight-year probe by Cypriot authorities. The investigation, which was launched following calls by left-wing AKEL lawmaker Irene Charalambides, looked into whether the Cypriot deals may have broken laws prohibiting a company from buying its own stock. CySEC said Laiki invested in two structured products issued by Commerzbank in 2008. Marfin-Egnatia, which was at that time a Laiki subsidiary,…
Labor’s Kristy McBain has claimed victory to win the tight Eden-Monaro by-election battle.
She beat Liberal candidate rival Fiona Kotvojs, who was pipped at the last election by Labor’s Mike Kelly, who has retired due to health issues.
“I’m very pleased and honoured to be the next member for Eden-Monaro,” she said on July 5.
Colin Brinsden and Katina Curtis in Canberra
Focus News: McBain Claims Labor Win in Eden-Monaro
Lucky Brand Files for Bankruptcy as Latest Retail Casualty of Coronavirus
Apparel company Lucky Brand Dungarees is filing for Chapter 11 bankruptcy, it said on July 3, becoming the latest retailer to fall victim to the coronavirus pandemic. The firm said it had entered into a “stalking horse asset purchase agreement” with SPARC Group LLC, which owns brands such as Aeropostale and Nautica, for the sale of “substantially all” its operating assets. Such a pact sets a starting bid or minimally accepted offer as a threshold for other potential buyers if they want to bid. Lucky Brand estimated both assets and liabilities in the range of $100 million to $500 million, its filing in the U.S. Bankruptcy Court of Delaware showed. A view of a temporarily closed JCPenney store at The Shops at Tanforan Mall in San Bruno, Calif., on May…
