COUNCIL TRADING HOURS OVER EASTER


TOWN HALL and CHURCH STREET OFFICES

Closed on the Public Holidays, which are Friday, 2 April 2021 and Monday, 5 April 2021.

INTEGRATED WATER SERVICES and INFRASTRUCTURE WORKS

Closed on the Public Holidays. The following phone numbers should be used for emergencies only: Water and Sewer 0418 162 794; Roads and Drainage 0409 817 242.

LIBRARY SERVICES

Closed on the Public Holidays and also on Saturday, 3 April 2021. There will be no library service at Emmaville on Friday, 2 April 2021.

LIFE CHOICES SUPPORT SERVICES (LC-SS)

Closed on the Public Holidays. Direct support staff will be working over the Easter break as rostered.

CHILDREN’S AND FAMILY SERVICES (CAFS)

Closed on the Public Holidays and will reopen on Tuesday, 6 April 2021 at 8.00am to start Vacation Care.

VISITOR INFORMATION CENTRE

Good Friday, 2 April 2021: CLOSED

Saturday, 3 April 2021: OPEN 9.00am to 3.00pm

Sunday, 4 April 2021: OPEN 9.00am to 1.00pm

Easter Monday, 5 April 2021: OPEN 9.00am to 1.00pm

SWIM CENTRES

GLEN INNES SWIM CENTRE

Good Friday, 2 April 2021: CLOSED

Saturday, 3 April 2021: OPEN 10.30am to 3.00pm

Sunday, 4 April 2021: CLOSED

Easter Monday, 5 April 2021: OPEN 10.30am to 3.00pm

EMMAVILLE SWIM CENTRE

The swimming season for Emmaville pool will finish on Thursday, 1 April 2021 at 6.00pm.

LANDFILLS

GLEN INNES LANDFILL: Good Friday, 2 April 2021: CLOSED

Saturday, 3 April 2021: OPEN WEEKEND TRADING HOURS

Sunday, 4 April 2021: OPEN WEEKEND TRADING HOURS

Easter Monday, 5 April 2021: OPEN WEEKEND TRADING HOURS

VILLAGE LANDFILLS open normal hours.

GLEN INNES AGGREGATES

Closed on the Public Holidays and will re-open on Tuesday, 6 April 2021 at 7.30am.

RANGERS

Rangers will be on call for emergencies over Easter on 0417 890 889.

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COUNCIL TRADING HOURS OVER EASTER “. This news release was presented by My Local Pages Australia as part of our local and national events & news stories services.

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AMP enters trading halt amid fresh doubts over CEO’s future


“The company is smaller. Somebody like that coming from Credit Suisse, his experience and expertise, maybe he would have seen the market cap turning around and thought there’s a lot more to do, it will take longer and now there’s greater risk in getting to the end goal,” he said.

Mr Kolesnikoff added the successive scandals, including the sudden departure of AMP Australia chief executive Alex Wade amid reports of inappropriate behaviour, would have also turned Mr De Ferrari away.

“Investment bankers don’t deal with things like that. For him to go to the media defending the situation, people leaving all over the place. The long and short of it is, it’s all quite messy. And it’s a big distraction. But this is all just speculation.”

One former AMP board member, who spoke on the condition of anonymity, said it was potentially “another scalp” for the wealth giant that has been described as “the company that kills careers”.

“I don’t think anyone can say he’s [Mr De Ferrari] stuffed up like some others have more overtly,” he said. “But at the end of the day, it’s never been a happy experience. It’s been plain tough. But that company just continues to take no prisoners.”

He said AMP has had cultural problems for a long time. “Right up the top, when I was there, it was less to do with senior management and more to do with just the dysfunction inside the boardroom.”

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Rogue letting agents face £30k fines after clampdown by trading standards


Under legislation which came into effect in 2019, letting agents are required to sign up to a “Client Money Protection” scheme that safeguards the money of tenants and landlords if an agent’s business fails.

But trading standards officers say that hundreds of agents in the capital are flouting the law by failing to comply with this and other legal requirements, and are preparing a purge to punish wrongdoers.

Around 100 have already been warned that they face a fine if they fail to comply with the law within 28 days and action against others is intended.

Announcing the crackdown, Nishi Patel, the chair of London Trading Standards, added: “London letting agents are handling billions of pounds of tenants’ and landlords’ money every year, so it’s vital that this money is protected in the event of business failure.

“Agents who think they can get away with failing to comply with the law need to think again.”

Tom Copley, London’s deputy mayor for housing, added that with nearly three million Londoners renting their homes, “it is vital that both tenants and landlords have absolute faith in the letting agents who are handling their money.”

The maximum penalty for failing to belong to an approved client money protection scheme is £30,000.

Agents are also required by law to publish their certificate of membership and other key information at their offices and on their websites. In addition, they must also belong to one of two government authorised “redress” schemes which can be used to resolve disputes. Failure to comply with their requirement carries a potential £5,000 penalty.

The enforcement operation is being run by London Trading Standards, which coordinates the activities of trading standards officers in the capital’s 32 boroughs and the City of London, and the National Trading Standards Estate and Letting Agency Team.

Councillor Darren Rodwell, London Councils’ executive member for housing and planning, said the aim was to stop “rogue letting agents making life miserable” for tenants and landlords.

He added: “The hefty fines being issued should make clear that bad practice is unacceptable.”

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Citadel’s Griffin details firm’s role in trading during GameStop rally



FILE PHOTO: Traders work at the Citadel Securities post on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 18, 2016. REUTERS/Brendan McDermid

February 18, 2021

By Svea Herbst-Bayliss

(Reuters) – Electronic trading firm Citadel Securities last month played a critical role in processing retail investors’ orders and was not involved in online trading app Robinhood’s decision to limit trading in GameStop, Citadel’s founder Kenneth Griffin said.

Griffin, who has been trading stocks for more than half his life, also laid out his ideas for improving trading for all, suggesting shorter settlement cycles and transparent capital models could be introduced now.

The 52-year old billionaire investor, who founded hedge fund Citadel LLC in 1990 and co-founded Citadel Securities in 2002, will deliver prepared remarks and answer questions for the U.S. House of Representatives’ Committee on Financial Services on Thursday, giving his most detailed public description yet of events that unnerved markets for days in January.

“When others were unable or unwilling to handle the heavy volumes, Citadel Securities stepped up,” Griffin said, describing the frenzied retail stock trading when Citadel Securities processed 7.4 billion shares for retail investors on Jan. 27. “That day Citadel Securities executed more shares for retail investors than the average daily volume of the entire U.S. equities market in 2019,” he said.

Citadel Securities, led by Peng Zhao, competes with other market makers for order flow from companies like Robinhood and receives a large percentage of orders based on execution quality. It also pays Robinhood to process orders it receives.

Retail investors have benefited from technology that companies like Citadel Securities are employing to speed trading and help cut fees, Griffin said. But last month’s events — when an army of retail investors sent up the stock prices of unloved companies like GameStop — illustrate that more work is needed.

Trades should be settled faster, Griffin said noting that the trade date now usually takes two business days to settle.

“Individual investors are better served by America’s markets than ever before, and it is critical that our markets continue to be a force for fairness and integrity worthy of investor confidence and participation,” Griffin said.

(Reporting by Svea Herbst-Bayliss; Editing by David Gregorio)



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ASX chief warns on GameStop-style trading frenzy


However, he pointed to several factors that make a GameStop short squeeze – in which online traders last month used the online forum Reddit to trigger a surge in the price of the heavily-shorted stock – less likely in Australia.

ASX chief executive Dominic StevensCredit:Rhett Wyman

For one, he said the business model used by Robinhood, the no-commission broker used by many of the day traders, could not operate here. “The zero cost trading from Robinhood, that’s because Robinhood’s revenue model is to sell your order to a market maker. You can’t do that in Australia,” Mr Stevens said.

While more than 100 per cent of GameStop’s shares were sold “short,” meaning traders were betting the stock price would fall, Mr Stevens said this also could never happen in Australia. “They might get to 20 per cent,” he said.

In America’s market, he said there were also thousands of share options on smaller companies, but in Australia the number of listed options was only about 75, and they were all over top 100 stocks.

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“So some of those conditions aren’t here, but it doesn’t mean we don’t think about it. We have been thinking about it as far as smaller stocks go because if you get a significant amount of volume into them, that could cause a market move in those stocks,” Mr Stevens said.

Mr Stevens made the remarks after ASX Limited delivered a 3.4 per cent fall in net profit after tax to $241.8 million, which it said was driven by lower interest earnings. It cut the interim dividend by 4¢ to 112.4 cents, which will be fully-franked and paid on March 24.

The stock exchange operator has also appointed a new chairman, with director Damian Roche to take over from Rick Holliday-Smith. Mr Holliday-Smith, who has been chairman since 2012, previously said this would be his final three-year term in 2018.

Mr Stevens acknowledged the November 16 outage in the ASX, saying it was a “difficult thing to swallow,” and it highlighted the need to work closely with its technology partners.

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Xinja seeks shareholder support for plan to relaunch as US share trading platform


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“Obviously any return will be a long, multi-year path back for Xinja,” the letter said. “If shareholders are willing to support it, the business may be able to reset and rebuild shareholder value.”

Xinja shocked shareholders and customers when it announced plans to close all customer accounts and return its banking licence, 15 months after obtaining the licence and promising to shake-up the industry.

Mr Wilson told shareholders the company’s vision was always to provide “a new, better, ethical place for 25 to 45-year-olds to meet their financial need” and outlined a series of business ideas for the future.

“The most obvious is our US share trading platform, but we also have a personal lending product we have spent considerable time and effort on, as well as our platform that can integrate new and third party products swiftly.

“With your support I would like to try and rebuild our business over the next few years into a wealth platform on app and net, where customers in our target demographic can go to build their wealth through various assets, get great value loans and get access to everything they need to look after their money.”

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Mr Wilson said the company would need to obtain financial services licences through the Australian Securities and Investments Commission, rather than APRA, which would reduce the level of capital required to operate legally.

“Our cost of regulation and compliance, while still material, as a non-bank financial institutional will be materially less than that of a bank,” he said.

Xinja’s auditors had previously warned the neobank was at risk of breaching its legal obligation to maintain a capital buffer within APRA’s requirements, as the company offered customers high-interest savings accounts but had no revenue-generating products to counter the outflows.

Mr Wilson told shareholders the company could now build new products from scratch, white label others or offer customers products through a “hybrid” model, before pledging to work without salary for six months.

“I don’t wish to sugar coat this. It will be a long and difficult journey with considerable risk. We will be starting with a small team and limited capital. It will require further capital.”

The other option, Mr Wilson said, is to wind up the company. “This would crystallise a substantial loss for all shareholders, but it would ensure at least a very small level of return.”

Xinja told shareholders the return could be between zero and 5 per cent of any original investment.

Shareholders will vote on the two options through a series of “non-binding polls” at an online meeting to be held on February 17. “These decisions of course rest with the board, but the directors want to seriously consider the wishes of shareholders,” Mr Wilson said in the letter.

‘Lost my trust’

In an online community, a small group of shareholders voted on three options, with 61 per cent voting for “I won’t trust Xinja to be a customer of them again”.

Thirty one per cent of the poll, which sampled 47 shareholders, voted to launch the share trading platform and 6 per cent supported returning whatever value is left to shareholders. Xinja secured 46 new wholesale investors at its most recent capital raising and has more than 2500 retail shareholders in total.

Shareholder Will Rosewarne said he will be voting in favour of winding up. “Eric [Wilson] lost my trust long ago and that they think their US share trading platform is the best way to launch a wealth business shows they don’t get it,” he said. “I’d rather get something back.”

Max Powah, a 32-year-old web designer, invested $20,000 in Xinja’s early capital raises, the maximum amount possible as a retail investor, and said he won’t be investing more but he doesn’t want to see the company go into liquidation.

“It doesn’t sound worthwhile them wounding it up and giving money back,” he said. “The minimum investment was $250 during the retail round. So if you’re talking about only paying back 5 per cent, does anyone really want to get $12.50 back?

“It’s just not worth it, you may as well leave it and if they can push these products out by the end of the year.”

Mr Powah said he would continue to monitor Xinja’s product development, but has been left frustrated by delays and hoped the directors had learnt lessons from the failed banking experiment.

“We have to see whether they can do something with Dabble, the share trading platform. But they’ve missed the big spike with everything going on in America at the moment,” he said, referring to the historic rally in GameStop shares last week.

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Gamestop shares jump as much as 18% in premarket trading with Reddit-fueled volatility continuing


Shares in Gamestop jumped as much as 18 per cent in premarket trading Monday as the Reddit-fueled volatility continued into February. 

Organised in online forums and traded with fee-free brokers such as Robinhood, small-time investors have driven a 1,600 per cent rally in the shares of the video game retailer, scooping up assets big fund managers had bet against.    

By Monday morning a volatile pre market saw Gamestop’s shares rise by as much as 18 per cent to $384.89; they were last down about 1.4 per cent.  

Robinhood had restricted the purchase of 50 different stocks late on Friday, including blue-chip names Starbucks and General Motors. Vaccine makers Moderna and NovaVax were also on the list.

The move was an apparent act of desperation as the company’s cash reserves were stretched to the limit.

But by Monday the list was down to just eight; GameStop Corp., AMC Entertainment Holdings Inc., BlackBerry Ltd., Express Inc., Genius Brands International Inc., Koss Corp., Naked Brand Group Ltd. and Nokia Oyj.

The company’s CEO said that the National Securities Clearng Corporation demanded a $3 billion security at 3am in the morning during dramatic negotiations before the company stopped GameStop trades. 

Speaking during a virtual event hosted by Tesla CEO Elon Musk, Vladimir Tenev offered an explanation behind his company’s decision to Thursday to restrict the purchase of GameStop shares and several other stocks. 

On Friday, Robinhood's list of restricted stocks had reached 50 different stocks, including General Motors, Beyond Meat and Starbucks

On Friday, Robinhood’s list of restricted stocks had reached 50 different stocks, including General Motors, Beyond Meat and Starbucks

The eight stocks that Robinhood is limiting purchase of

GameStop Corp.

AMC Entertainment Holdings Inc.

BlackBerry Ltd.

Express Inc.

Genius Brands International Inc.

Koss Corp.

Naked Brand Group Ltd. 

Nokia Oyj

Last week’s wild trading was driven by small investors on the message board Reddit, who took on hedge funds that had bet against shares of struggling video game retailer GameStop.

Reddit CEO Steve Huffman on Monday refused to say if Securities and Exchange Commission has contacted him over wallstreetbets, arguing ‘people talking about their trades is perfectly legal’. 

Huffman said regulators will ‘see if anything crossed the line’. 

Robinhood said in a statement that it had restricted users from purchasing certain shares this week because it struggled to meet deposit requirements with the clearinghouses behind the scenes of stock trading. 

The trading frenzy came to a head on Wednesday, when GameStop shares shot up 135 percent in a single day, inflicting billions of dollars of potential losses on prominent hedge funds.

On Thursday, Robinhood began banning the purchase of stock in GameStop and several other companies that had been touted on Reddit. 

The free trading app is wildly popular with members of the Reddit forum WallStreetBets, where the insurgency began, and the Robinhood’s move drew harsh criticism from users as well as politicians across the ideological spectrum. 

Billionaire bond fund manager Jeffrey Gundlach is blaming federal stimulus checks for fueling the ‘meme stock’ frenzy, which saw GameStop shares skyrocket 1,800 percent in January as small traders attempted to bankrupt hedge funds that had bet against it.  

Robinhood had already insisted that the restrictions are only temporary. ‘Our goal is to enable purchasing for all securities on our platform,’ the company said. 

‘This is a dynamic, volatile market, and we have and may continue to take action to make sure we meet our requirements as a broker so we can continue to serve our customers for the long term,’ Robinhood added.

Robinhood was not the only trading platform to implement trading restrictions. TD Ameritrade also had restrictions on buying shares in 19 companies, most of them with heavily shorted stock.  

The statement sheds some new light on the surreal events of the week, in which GameStop shares surged as part of a campaign promoted on Reddit

The statement sheds some new light on the surreal events of the week, in which GameStop shares surged as part of a campaign promoted on Reddit

GameStop stock rose another 67% on Friday continuing a staggering rally

GameStop stock rose another 67% on Friday continuing a staggering rally

Silver lining? The precious metal price has jumped after being targeted by Reddit traders

Silver lining? The precious metal price has jumped after being targeted by Reddit traders

The online army of Reddit traders have over the past week rallied to defend out-of-favor companies such as GameStop and AMC, defeating hedge funds that had bet the shares would fall by selling them short, in a stunning reversal of financial power transfixing Wall Street.

Now silver has become the latest example of the influence wielded by followers of WallStreetBets targeting inequality in the global financial system.  

Silver prices jumped to eight-year highs this morning after the Reddit brigade of traders that targeted Gamestop turned their attention to the precious metal.

On Twitter, #silversqueeze was trending as investors turned their attention to the latest market strategy to emerge from the “WallStreetBets” forum on Reddit. 

How does ‘shorting’ a stock actually work? 

Stocks typically benefit investors if the price goes up – they buy stock, the price increases if the company does well, then they sell it for a profit.

But there is a way to reverse that process. Known as ‘shorting’, it involves placing a bet against a company that means a trader makes money when the value goes down.

To do this, a trader borrows stock off a broker, usually for a fee, which they immediately sell – but with a clause saying that they have to buy back that stock by a certain date and return it to the broker.

If the value of the stock goes down, then the trader buys it back for less than the sale price, returning the stock to the broker along with the fee and keeping the rest of the money for themselves.

But, if the stock price rises, they will be forced to buy for more than the sale price, making a loss in the process.

While this sometimes happens by accident, other traders can deliberately boost the price in a process known as a ‘short squeeze’ – which is what Reddit did.

This benefits the ‘squeezers’ because they know that at some point, the short-sellers will be legally obliged to buy back their borrowed stocks, driving the price up further.  

It also inflicts heavy losses on the short-sellers, since the amount they lose is tied to the amount the stock rises – they are effectively ‘punished’ for betting against the company, which is what some Redditors appear to be interested in. 

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GameStop: GameStop’s rally halts as trading platforms prevent purchases


By Paul Jarvis


GameStop Corp.‘s momentous rally came to a halt Thursday as online trading platforms like Robinhood Markets stopped clients from purchasing its shares.

The shares erased an earlier rally and fell as much as 28% to $249.73 at 9:00 a.m. in New York after clients of Robinhood reported that they were unable to trade high-flying stocks, including GameStop and AMC Entertainment Holdings Inc.

Those stocks and others are “not supported” on Robinhood, according to a note on at least one of its platforms Thursday. On Wednesday, Charles Schwab Corp.’s TD Ameritrade also curtailed transactions on GameStop, AMC and other securities.

GameStop had surged more than 40% earlier, momentarily pushing the stock above $500.



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Indian Markets Up on Vaccine Cheer, Sensex Zooms 250 Points in Opening Trading to Cross 48,000 Mark



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The benchmark Indian stock index, Sensex, has recovered almost 81 percent from its COVID-low of 25,981 witnessed on 23 March 2020, two days before a nationwide lockdown was imposed to curb the spread of the coronavirus.

Indian markets zoomed in opening trading on Monday after the nation’s drug regulators approved two COVID-19 vaccines for emergency use.

The Bombay Stock Exchange’s (BSE) 30-share benchmark index, Sensex was up 263 points to trade at 48,132 in opening trading. Similarly, the broader 50 share index of the National Stock Exchange rose 70 points to trade at 14,089.

The Indian government on Sunday approved two vaccines for emergency use, including Covishield produced by the Serum Institute of India in collaboration with Oxford University and Covaxin made by Bharat Biotech.

The Serum Institute of India has prepared a stock of 50 million doses, which it will supply to the government soon.

Buoyed by the development, key shares that were up in opening trading are the State Bank of India, ONGC, Axis Bank, ICICI Bank, Bajaj Finserv, and HDFC Bank.



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Dollar drops on first trading day, portending more losses ahead


The dollar’s weakness is likely to be most notable “against the emerging markets FX complex, which should have cyclical upside and is still relatively cheap.”

The world’s reserve currency fell on the first trading day of 2021, foreshadowing more losses to come, after a slew of improving Asian manufacturing data bolstered risk assets.

The dollar hit 2018 lows against currencies including the Chinese yuan and the Malaysian ringgit, while also declining against every Group-of-10 peer. Purchasing managers indexes from Japan to Indonesia showed gains for the last month of December, data showed Monday.

“Uncertainty is diminishing and the strong global growth recovery should favor the rest of the world, so we think the USD has some overvaluation to work off,” Patrik Schowitz, global multi-asset strategist at JPMorgan Asset Management, wrote in a note. The dollar’s weakness is likely to be most notable “against the emerging markets FX complex, which should have cyclical upside and is still relatively cheap.”

Onshore yuan breached the 6.5 level for the first time since June 2018, while the ringgit crossed the 4 level mark against the dollar. The Indonesian rupiah jumped more than 1%, while the risk-sensitive Australian and New Zealand dollars rose.

“China’s growth remains strong while the US and Europe struggle to contain the virus, and that is helping the yuan to extend a rally into the new year,” said Ken Cheung, chief Asia foreign-exchange strategist at Mizuho Bank Ltd. “We expect the yuan to gain even further from here, as China will lead the world in terms of economic recovery in the first half. The currency may test 6.3 in the coming months.”

Vaccine optimism and hopes for additional US fiscal stimulus has ramped up demand for risk assets and weighed on the dollar. Calls for greenback declines are also gaining momentum with the likes of Goldman Sachs Group Inc. and BlackRock Inc. favoring emerging market currencies over the greenback. — Ruth Carson and Tian Chen/Bloomberg








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