Tag Archives: seriously

Air New Zealand criticized and ordered to pay $ 40,000 for violating NZX rules | Instant News


Air New Zealand chief executive Greg Foran released details of the 800-day plan on June 5. Photo / Michael Craig

Cash-strapped Air New Zealand had to pay $ 40,000 for a “ serious ” breach of NZX rules that included disclosing material information.

The NZ Market Discipline Court has found airlines earlier this year did not release market sensitive information when it became aware of it and published the information before notifying NZX.

In its decision, the court detailed information released about the impact of Covid-19 on airlines towards the afternoon of 5 June when Air NZ chief executive Greg Foran informed staff, Airpoints members and “ selected media ” about the three phases. plan for the next 800 days.

The three phases are labeled Survive, Revive, and Thrive, as previously reported by the Herald. One of the key aspects of the Survive phase is Air New Zealand’s plans to reduce labor costs (in addition to the estimated $ 150 million announced on May 26, including implementing reduced hours of work, unpaid leave, job sharing, voluntary exit, and possible termination. work.

This release was not announced via the NZX market announcement platform (MAP).

Instead, it was released sequentially to staff, to select media outlets, and to New Zealand-based Airpoints members between 12:46 p.m. and 3:26 p.m. on the afternoon of June 5.

After being contacted by NZX, an announcement materially similar to Foran’s message was released via MAP at 8.30am on Monday, June 8th.

NZX launched an investigation into whether the release of the CEO’s message mattered.

After investigations, NZX concluded that the labor cost reduction target mentioned in the message was material information, so the airline had breached its obligations by not releasing it immediately and by releasing this information through means other than MAP.

The court noted that airlines have frequently provided market updates regarding the impact of the pandemic on its business and operations.

“ The violation occurred in the context of the unique and tremendous pressure on businesses due to the Covid-19 pandemic. The uncertainty around the duration, scale and impact of the pandemic, and the swift changes required to respond to the Government’s evolving measures, is having a very significant impact on the aviation industry. ”

The airlines accept that they have breached their obligations.

The court ruling said the offense related to continuing disclosure was a violation of a fundamental obligation.

“ Compliance with the Rules by this Issuer is very important in maintaining market integrity and investor confidence. ”

The plane is parked at Auckland Airport.  NZX courts accept the uncertainty surrounding Covid.  Photo / Brett Phibbs
The plane is parked at Auckland Airport. NZX courts accept the uncertainty surrounding Covid. Photo / Brett Phibbs

The breach was serious and could result in a $ 500,000 fine.

The court considered that there were aggravating factors in this case:

• Air New Zealand did not comply with its own continuous disclosure policy when it concluded the June 5 communication, nor did it refer the communication to its disclosure committee. NZX considers that if internal policies are followed, these violations will be prevented.
• NZX has published specific guidance with respect to disclosures regarding the COVID-19 pandemic not long before the breach occurred, so AIR is aware of the potential materiality of the labor cost reduction operating cost decision. Furthermore, AIR has released previous updates via MAP to reduce labor costs.
• NZX informed that 2,520 AIR stock trades took place on the afternoon of 5 June 2020 while there was information asymmetry in the market. Airline share prices rose significantly on June 8, although NZX assessed that the pattern of the surge in prices in the global aviation industry from June 5 to June 8 contributed, in part, to this move.

Mitigating factors include:

• Air NZ itself does not benefit financially from the breach.
• Once a problem is identified, it is resolved immediately. Total duration of information asymmetry is short (4 hours 44 minutes).
• NZX considers that there is no evidence of financial gain or financial loss due to asymmetric trading on the afternoon of 5 June.
• The violations appear to be unintentional, even though the airline does not follow its own continuous disclosure policy.

The court has considered in its decision to agree to a settlement that the violations occurred during a period of significant uncertainty, especially for those in the aviation industry, arising from the Covid-19 pandemic. ”

Taking into account both aggravating and mitigating factors, the court considered that while the offense warranted a sentence at the lower end of the available range, along with public condemnation.


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The government is seriously holding talks with the opposition: Fawad Chaudhry – Pakistan | Instant News

Published in December 08, 2020 11:36

The government is serious about holding talks with the opposition: Fawad Chaudhry

ISLAMABAD (Dunya News) – Federal Minister for Science and Technology Fawad Chaudhry said that the government is serious about holding talks with the opposition, some formulas are being discussed.

Fawad Chaudhry expressed this when speaking on the Dunya News program “Dunya Kamran Khan Kay Sath”.

The federal minister said that the formula would be revealed in a day or two. He hoped that things would get better after the formula.

The Federal Minister for Science and Technology said that Prime Minister Imran Khan could hold talks in addition to the corruption case.

It may be recalled that the Prime Minister also said in a statement today that the government wants to discuss important issues with the opposition but that the opposition wants the NRO. Opposition leaders want NAB to drop the cases against them.

Regarding opposition rallies despite the Corona virus, he said that the epidemic has turned dangerous in Pakistan and it is not known how much damage the virus will transmit.


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Worry figures, skepticism and certainty – SWI swissinfo.ch | Instant News

(MENAFN – Swissinfo) Things have taken a very serious turn in Switzerland since I last wrote about the coronavirus six weeks ago. We are now entering the second wave of the pandemic with higher absolute numbers of positive cases, hospitalizations and deaths than seen in the spring. Among the highest rates in Europe.

This content is published on 21 November 2020 – 08:00 21 November 2020 – 08:00 Clare O’Dea

Clare reports on scientific developments in Switzerland

More on the author

Around 1,600 lives were lost due to Covid-19 here in the last four weeks alone bringing the total deaths over the nine months of the pandemic to around 3,500. As you can see from this Federal Office of Public Health (FOPH) data, it looks like the worst is over – for now. This information comes from the coronavirus specialty website FHOP which posts the latest numbers every morning from Monday to Thursday.


More reasons than ever to welcome the latest advances in vaccine development. First, we asked Pfizer and BioNTech to announce on November 9 that their vaccine candidate had proven to be more than 90 percent effective in preventing Covid-19.

Next comes Moderna with news about a 95% effective messenger RNA (mRNA) vaccine, also in clinical trials in tens of thousands of people. As previously mentioned, Moderna has production sites in Visp, Switzerland through its Swiss partner, Lonza. You can read our latest story on vaccine approval and procurement in Switzerland here.


This week, we asked our readers if they would be vaccinated for Covid-19, and the responses varied widely. (Let us know what you think by joining the debate here!)

Several people I know have expressed doubts about the safety or efficacy of vaccines being developed so rapidly, and these concerns are understandable. The issue is best explained in this Twitter thread by Mark Toshner, a clinical trials doctor from the University of Cambridge who responded to allegations that a vaccine ‘usually takes 10 years’. Apparently most of those 10 years were usually spent waiting.


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New Zealand First Foundation SFO Case: Couple accused of anonymity | Instant News

Two people who face charges following the Office of Serious Fraud’s investigation of the New Zealand First Foundation will temporarily hide their names.

The verdict ordered from Judge Winter is released tonight.

The pair, neither of whom are ministers, current lawmakers or party candidates, have been accused of depositing more than $ 740,000 into the foundation’s accounts.

They appeared in court yesterday where Robert Stewart, on behalf of Herald NZME publisher Stuff and RNZ, challenged a crackdown order surrounding the case.

The judge has kept his decision till today.

The suppression of names was originally given until they appeared again in court on October 29, but the media filed to challenge the order out of public interest in light of the October 17 election.

Charges of obtaining through fraud were charged against both of them on September 23.

In making his decision, Judge Winter said that the release of one of the defendants’ names “may at this point inform potential voters for the New Zealand First Party who have not cast their ballot”.

“Those who have done it [voted], then will be stripped of the names of the two accused persons and the media comments that would be associated with them.

NZ First leader, Winston Peters, speaks at New Zealand First at his public campaign meeting at the Orewa Community Center in Auckland.  25 September 2020 Photo of the New Zealand Herald;  Peter Meech
NZ First leader, Winston Peters, speaks at New Zealand First at his public campaign meeting at the Orewa Community Center in Auckland. 25 September 2020 Photo of the New Zealand Herald; Peter Meech

Judge Winter said the publication of one of the defendants’ names “at this stage of at least six days into the follow-up voting period, could unfairly bother those who have cast their vote as much as it informs those who have not”.

The identification of one of the defendants can then easily identify the other defendant, Judge Winter said.

However, Winter said the SFO had been careful in notifying the New Zealand public of the allegations “before the start of the initial voting period”.

It happened via press release.

Judge Winter also said he was satisfied the threshold for extreme hardship caused by one of the defendants and those connected to the person would have been met if the names were released.

In particular, it reflects the media scrutiny that will fall on the defendants because of the general election.

“At this time when there will be an intense media focus on his name and his connection to the elections will mean so [the person] may be unfairly slandered in the minds of the prospective jurors when [the person] finally on trial. “

One of the defendants confirmed in their submission that they would choose to have their case decided by a jury.

They argue that “the nature of this type of accusation of dishonesty is very damaging … on both personal and professional grounds.”

The defendants argued that they might be tried by the public and that it would affect their business dealings.

One of the indicted individuals confirmed in their submissions that he would choose to have his case decided by a jury.  New Zealand Herald Photo;  Peter Meecham
One of the indicted individuals confirmed in their submissions that he would choose to have his case decided by a jury. New Zealand Herald Photo; Peter Meecham

In February, the Election Commission said it believed the foundation “had received a donation that should have been treated as a party donation to New Zealand’s First Party”. The matter was referred to the police, and then the SFO.

Filing documents obtained by the Herald yesterday accused the two of depositing $ 746,881 in two bank accounts, including an account belonging to the New Zealand First Foundation between September 30, 2015 and February 14 this year.

The documents claim that the money was deposited with “the intention of defrauding the money donors, the party secretaries of the New Zealand First Party and / or the Electoral Commission”.

“The defendant used a fraudulent device, trick, or trick, in which the party’s contribution to the party was paid into a bank account [suppressed] and the New Zealand First Foundation and was not notified to the party secretary, or announced by the party secretary to the Electoral Commission, “the document alleges.

“Thus, the undeclared funds are available for [suppressed]/ New Zealand First Foundation to be used as desired by the defendants, and to be used to pay party fees and to develop a fundraising database for party and party interests. [suppressed]. “

New Zealand First Party leader Winston Peters questions the timing of the SFO’s decision to file the charges, which come a day before overseas voting begins and days before further voting begins.

Media observation of the general election was one of the factors in Judge Wintor's decision.
Media observation of the general election was one of the factors in Judge Wintor’s decision.

The difference that the party was “completely separate” from the foundation would disappear on some sides, he said.

The foundation’s activities have been in the spotlight this year, whether it has been to lend or give money to the party for purposes that benefit the party and its MPs, and if so, whether it has been properly declared.

The party returns show that the registered foundation made loans of $ 73,000 to NZ First for 2017, $ 76,622 for 2018 and $ 44,923 for 2019.

RNZ reports that the foundation raised more than $ 500,000 in donations from April 2017 to March 2019.

During that period, the foundation reportedly spent more than $ 425,000 on campaign advertising costs, political consultancy fees, hiring and setting up campaign headquarters in Wellington, and running the party’s website.

This follows the resignation of party president Lester Gray last year after he refused to sign the party’s 2019 financial documents.

“This type of operation is incompatible with my moral values ​​and business practices, and therefore I can’t support the party much longer,” Gray told Stuff at the time.


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