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,…
CHARLOTETOWN, P.E.I.—Prince Edward Island is reporting cases of COVID-19 for the first time since late April, including one person who worked at a Charlottetown seniors’ home.
Dr. Heather Morrison, the province’s chief public health officer, says the cases include a man in his 50s and two people in their 20s.
None of the cases are related to seasonal residents or the opening of the Atlantic bubble this week.
The man in his 50s was an essential worker who’d recently travelled outside the province and has self-isolated since returning home.
The other two cases are connected and involve a male in his 20s who travelled to Nova Scotia and came into contact with someone from the United States and is asymptomatic.
The female is connected to that person and is symptomatic, and worked at Whisperwood Villa, a seniors’ residence in Charlottetown where residents will be tested.
She wore protective equipment on the job, did not provide direct care to residents and left as soon as she felt unwell.
As a precaution, all residents and staff will be tested at the home on Saturday afternoon but Morrison said risk of transmission is considered low and none of the residents are showing COVID-19 symptoms.
Morrison says it’s disappointing, but authorities have frequently said they needed to be ready for more cases.
Focus News: PEI Reports Three New COVID-19 Cases, Including One Seniors’ Residence Employee
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…
