Day: October 26, 2022

VCGL’s subsidiary secures initial licenses to operate in Saudi Arabia

Post author By admin
Post date October 26, 2022

RIYADH, KSA – Media OutReach – 26 October 2022 – The Capital Market Authority (CMA) of Saudi Arabia has granted initial licenses to Valuable Capital Financial Company (VCFC), a subsidiary of the top tier Hong Kong-based financial institution Valuable Capital Group Limited (VCGL). This makes VCFC the very first and only licensed corporation in the kingdom from Asia to conduct Dealing, Advising and Custody services. VCFC announced that it will provide relevant services shortly after receiving further approval from the CMA.

Saudi Arabia’s financial and trading market is an immense potential sector offering an excellent opportunity for regional and global investors, with the number of individual investors in the Saudi Stock Exchange (Tadawul) reaching six million by the end of Q1, 2022.

VCGL’s expansion into Saudi Arabia aligns with its mission of providing users with integrated, cross-market, and multi-asset investment services through industry-leading financial technology. The company also revealed its plan to launch a new mobile App called ‘Sahm’ that fosters Saudi investors to build global investment portfolios.

‘We have witnessed impressive FinTech innovation and robust capital market growth in the MENA region, especially in the Saudi marketplace, which has great talent and abundant market liquidity,’ said Jess Cheung, Co-founder & CEO of VCGL.

VCGL, the parent company of VCFC, is a leading technology-driven financial solution provider founded in HK, providing comprehensive financial services such as online brokerage, asset and wealth management, and equity financing services to over millions of retail individuals, institutional, and corporate clients globally. Since September 2020, over $19.1 billion in bonds have been issued and underwritten by VCGL, which has also connected over 500 corporations with institutional investors, according to CIC reports.

VCGL’s HK subsidiary, Valuable Capital Limited (VCL), is a licensed corporation holding type 1, 2, 4, 5, and 9 licenses regulated by the Hong Kong SFC, which provides users with integrated, cross-market, and multi-asset global investment service. According to CIC reports, it is the second largest pure-play online broker by total trading volume and MAU in the HK securities market in 2020, with the highest annual compound growth rate of retail deposits from 2018 to 2020.

The group has also established a presence throughout the major markets, including Hong Kong SAR, Mainland China, the United States, Singapore, Australia, and New Zealand. Its U.S. subsidiary is regulated by the United States Securities and Exchange Commission (SEC) and holds membership in the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC).

eWTP Arabia Capital (eWTPA), another shareholder of VCFC, is a growth-stage venture fund based in Saudi Arabia and China. It is backed by marquee investors – eWTPA Capital and the sovereign wealth fund of Saudi Arabia, Public Investment Fund (PIF). It has invested in 16 companies in the digital sector, 13 of which have already established themselves successfully in Saudi Arabia, including the hugely successful Saudi Cloud Computing Company, the kingdom’s leading provider of cloud services and JNT Express KSA, which is now the fastest growing logistics provider in the country.

The collaboration between VCGL and eWTPA is expected to give VCFC unique competitive advantages of creating a powerful investment platform and contribute to Saudi Arabia’s Vision 2030 FinTech strategy.

Media Contacts

Miya Chen

miya.zm.chen@hstong.com

+86-13713738704

Xiaolei Ao

xiaolei.ao@hstong.com

+86-18520801105

ROSEN, GLOBALLY RESPECTED INVESTOR COUNSEL, Encourages Argo Group International Holdings, Ltd. Investors to Secure Counsel Before Important Deadline in Securities Class Action – ARGO

Post author By admin
Post date October 26, 2022

NEW YORK, Oct. 25, 2022 (GLOBE NEWSWIRE) — WHY: Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of the securities of Argo Group International Holdings, Ltd. (NYSE: ARGO) between February 13, 2018 and August 9, 2022, both dates inclusive (the “Class Period”). A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than December 20, 2022.

SO WHAT: If you purchased Argo Group securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Argo Group class action, go to https://rosenlegal.com/submit-form/?case_id=9346 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than December 20, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants made materially false and/or misleading statements regarding the Company’s: (1) ability to set appropriate reserves; (2) changing of its underwriting policies; and (3) writing of policies outside of its “core” business. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Argo Group class action, go to https://rosenlegal.com/submit-form/?case_id=9346 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

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Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
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www.rosenlegal.com

GlobeNewswire Distribution ID 8682024

MENA Pakistan Press Releases

ROSEN, GLOBALLY RESPECTED INVESTOR COUNSEL, Encourages Barclays PLC Investors to Secure Counsel Before Important Deadline in Securities Class Action – BCS

Post author By admin
Post date October 26, 2022

NEW YORK, Oct. 25, 2022 (GLOBE NEWSWIRE) —

WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Barclays PLC (NYSE: BCS) between February 18, 2021 and March 25, 2022, both dates inclusive (the “Class Period”), of the important November 22, 2022 lead plaintiff deadline.

SO WHAT: If you purchased Barclays securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Barclays class action, go to https://rosenlegal.com/submit-form/?case_id=8877 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than November 22, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants made materially false and misleading statements or omitted material information: (1) in Barclays reported financial statements (which have been restated); (2) by stating that Barclays internal controls over financial reporting were effective (which Barclays has admitted were not effective and had a material weakness); and (3) by failing to disclose the over-issuance, and that Barclays Bank PLC (“BBPLC”), a wholly owned subsidiary of Barclays, was violating U.S. securities laws and/or SEC regulations, subjecting Barclays to legal liability. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Barclays class action, go to https://rosenlegal.com/submit-form/?case_id=8877 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

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GlobeNewswire Distribution ID 8682158

MENA Pakistan Press Releases

ROSEN, A TOP RANKED FIRM, Encourages Rite Aid Corporation Investors With Losses to Secure Counsel Before Important Deadline in Securities Class Action – RAD

Post author By admin
Post date October 26, 2022

NEW YORK, Oct. 25, 2022 (GLOBE NEWSWIRE) —

WHY: Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of the securities of Rite Aid Corporation (NYSE: RAD) between April 14, 2022 and September 28, 2022, both dates inclusive (the “Class Period”). A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than December 19, 2022.

SO WHAT: If you purchased Rite Aid securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Rite Aid class action, go to https://rosenlegal.com/submit-form/?case_id=9388 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than December 19, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) despite representations to the contrary, the number of new members (i.e., “lives”) that Elixir’s (a subsidiary of the Company) pharmacy benefit management (“PBM”) services business was adding during the selling season ending on January 1, 2023 was in material decline; (2) Rite Aid was likely to recognize a significant charge for the impairment of goodwill related to Elixir due to a decrease in “lives” covered by Elixir’s PBM services business; and (3) as a result, the Company’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Rite Aid class action, go to https://rosenlegal.com/submit-form/?case_id=9388 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

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GlobeNewswire Distribution ID 8682154

MENA Pakistan Press Releases

AZRE FINAL DEADLINE MONDAY: ROSEN, GLOBAL INVESTOR COUNSEL, Encourages Azure Power Global Limited Investors to Secure Counsel Before Important October 31 Deadline in Securities Class Action – AZRE

Post author By admin
Post date October 26, 2022

NEW YORK, Oct. 25, 2022 (GLOBE NEWSWIRE) — WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Azure Power Global Limited (NYSE: AZRE) between June 15, 2021 and August 26, 2022, both dates inclusive (the “Class Period”), of the important October 31, 2022 lead plaintiff deadline.

SO WHAT: If you purchased Azure Power securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Azure Power class action, go to https://rosenlegal.com/submit-form/?case_id=8433 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than October 31, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose material adverse facts about Azure Power’s business operations and prospects. Specifically, defendants failed to disclose to investors that: (1) there were procedural irregularities, including deviations from safety and quality standards, at one of Azure Power’s plants; (2) certain project data was manipulated; (3) as a result of the foregoing, Azure Power’s internal controls and procedures were not effective; (4) Azure Power had received a credible whistleblower report alleging such misconduct; and (5) as a result of the foregoing, defendants’ positive statements about Azure Power’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Azure Power class action, go to https://rosenlegal.com/submit-form/?case_id=8433 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

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GlobeNewswire Distribution ID 8682142

Government Policy

PM, WADA president talk anti-doping collaborations

Post author By admin
Post date October 26, 2022

Prime Minister Bisher Khasawneh on Wednesday received President of World Anti-Doping Agency (WADA) Witold Banka and its Director-General Olivier Niggli.

During the meeting, the premier highlighted the government’s efforts and measures toward creating a dope-free sports environment in cooperation with concerned global and local authorities.

Khasawneh pointed to endeavors by HRH Prince Faisal bin Hussein, the Jordan Olympic Committee President, to promote the values of Jordanian sports and work with partners to “find international olympic values.”

Jordan is committed to creating an anti-doping legislation, which would lift it from class two to one on WADA’s code compliant country list, he indicated.

For his part, Banka explained that cooperation with the Jordan Olympic Committee led to Jordan achieving a class two country rank on the list, the highest ranking a country with no anti-doping legislation can get.

He stressed the significant role of the Jordan Anti-Doping Organization in the region, which supports five countries in the region under the West Asia Regional Anti-Doping Organization’s umbrella, noting that Jordan was one of the first countries to sign the United Nations Educational, Scientific and Cultural Organization’s International Convention Against Doping in Sport.

Source: Jordan News Agency

Government Policy

Plummet in foreign exchange rates slashes prices of imported goods locally-Stakeholder

Post author By admin
Post date October 26, 2022

Representative of financial and banking sector at the Jordan Chamber of Commerce (JCC), Firas Sultan, affirmed that the drop in the exchange price of European currencies will “positively” affect cost of imported goods to the local market.

In a statement to “Petra” on Wednesday, he said activity of the local exchange market is “stable within its normal levels at this time of the year,” whether in terms of outgoing or incoming remittances to and from the Kingdom.

Jordan’s financial and banking sector constitutes 50% of the national economy, and operates 320 companies, which includes banks, exchange agencies, financial leasing entities, stock market brokers, and insurance firms, he pointed out.

Source: Jordan News Agency

Government Policy

FM meets with UK parliament delegation

Post author By admin
Post date October 26, 2022

Deputy Prime Minister and Minister of Foreign Affairs and Expatriates Ayman Safadi on Wednesday said that Jordan and the United Kingdom continue to have a long-standing relationship and called for greater cooperation and coordination between the two nations.

Safadi made the remarks during a meeting with a delegation from the British House of Commons’ International Development Committee, led by MP Sarah Champion.

The meeting focused on economic and development cooperation between the two friendly kingdoms, as well as the UK’s assistance to Jordan in addressing development challenges and strengthening its economic resilience.

The delegation praised Jordan’s pivotal role under His Majesty King Abdullah II’s leadership, as well as his efforts to achieve regional security, peace, and stability.

Source: Jordan News Agency

General

Senate partakes in Indonesia meeting establishing Muslim Forum of Shura Councils

Post author By admin
Post date October 26, 2022

Senators Mustafa Barari and Khaled Abu Al-Ezz participated in a Bandung, Indonesia meeting that established the Forum of Shura Councils and similar councils throughout the Islamic world.

In his remarks at the meetings, which will conclude on Wednesday, Barari stated that enhancing cooperation between the various Shura Councils of the Islamic world has become a necessity for addressing global challenges.

“The Forum is an excellent opportunity for legislative bodies and Shura Councils to build a solid base of opinion that is aware of national, regional, and international requirements, as well as to develop visions, initiatives, and programs to meet the Islamic world’s political, economic, and social challenges,” he added.

Source: Jordan News Agency

General

JFDZG talks ways to stimulate investment in Jordan’s pharmaceutical sector

Post author By admin
Post date October 26, 2022

Director General of Jordan Free and Development Zones Group (JFDZG), Abdulhamid Gharibeh, on Wednesday met President of the Arab Union of Manufacturers of Pharmaceuticals and Medical Appliances (AUPAM), Abdul Naser Saijri, and Chairman of Jordanian Association of Pharmaceutical Manufacturers (JAPM), Wasim Najmi.

Talks went over ways to stimulate the investment environment in the manufacturing and storage of medical and pharmaceutical supplies, by establishing a logistics center equipped with proper storage means to best preserve safety and quality of products, according to JFDZG statement.

Speaking at the meeting, Gharaibeh stressed the importance of developing the investment environment to accommodate these activities for their important economic role.

He also said the Kingdom is “a pioneer” in the field of the medical and pharmaceutical sector and its requirements.

During the meeting, he lauded the AUPAM-JAPM “distinguished” expertise and their “important” role for pharmaceutical industries, pointing out Queen Alia International Airport (QAIA)’s free zone is one of the most active free estates to attract investors from local, Arab and foreign businesspeople, and is prepared to be a “pivotal” air port and a center for trade and investment in various economic sectors.

For their part, Saijri and Najmi stressed the importance of partnership and integration between public and private sector institutions in providing the best global services and practices that support these sectors’ development.

Source: Jordan News Agency