Latest news with #ADRs
Daily Maverick
an hour ago
- Business
- Daily Maverick
MTN hits back at US congresswoman's accusations of complicity in terror financing
A fresh volley has been fired at the MTN Group from the US, and this time it comes with congressional weight and accusations that go all the way up to the Union Buildings. Congresswoman Elise Stefanik, House Republican Conference Chair, has written to Bank of New York Mellon (BNY Mellon), calling for a sweeping investigation into the bank's relationship with MTN, citing 'deeply troubling and well-documented concerns' about the telecom giant's links to Iran, Hamas and, somehow, Cyril Ramaphosa's wallet. Stefanik's four-pronged call to action includes asking BNY Mellon to halt its role as MTN's American Depository Receipt (ADR) sponsor, cooperate with US authorities investigating MTN's alleged violations of sanctions, and 'review and disclose' the full extent of its involvement with MTN and its Iranian affiliates. Her letter singles out a pending lawsuit in the Eastern District of New York, Zobay v MTN, which accuses the company of financing terrorism under the US Anti-Terrorism Act. Stefanik claims 'significant legal precedent confirming MTN's complicity' already exists — which MTN flatly rejects. MTN hits back MTN's chief sustainability and corporate affairs officer, Nompilo Morafo, said: 'So yes, since 2011, our process of issuance and cancellations of ADRs has always been held by the Bank of New York Mellon. They hold about 0.3% of MTN Group's total issued capital at this point of the ADRs.' Morafo said Stefanik's claims about the Zobay case were 'incorrect' and 'not factual,' pointing out that 'the anti-terrorism case of MTN at this point is at the stage where parties have exchanged evidence and the factual allegations have not been tested in court'. The company's official holding statement adds that 'The New York court has not confirmed MTN Group's complicity in anything and no final ruling has been made on the matter.' The statement also expresses 'deep sympathy for those who have been injured or lost loved ones as a result of the tragic conflicts in Iraq and Afghanistan'. 'No operational control' in Iran Morafo also refuted the allegations against Ramaphosa, who chaired MTN two decades ago (the chairperson is a non-executive role). 'The current South African President served as the chairman of MTN Group 20 years ago. He resigned from the directorship in May 2013. Any suggestions that he improperly benefited from his time at MTN are false in our view and misleading,' said Morafo. And Iran? Morafo insisted MTN has a hands-off role in that country. 'The fact of the matter is that we are minority shareholders [41%] of Irancell. We don't have operating control,' she said. The holding statement backs her up: 'Since the new sanctions regime was implemented [in 2018], we have not deployed any capital into the business and have not extracted capital or dividends.' Fighting on home soil The Zobay litigation — first filed in 2022 — continues to crawl through the US court system. While the court has allowed it to proceed, the substance of the claims remains sealed, and no judicial ruling has yet linked MTN to terror financing. That, however, hasn't stopped US legislators from leaning on reputational pressure points like BNY Mellon to sever ties. MTN, for its part, says it is 'committed to respecting and protecting human rights' and that its strategy is to 'lead digital solutions for Africa's progress'. In 2020, the company board declared it would 'simplify its portfolio' and focus on its pan-African strategy. There's also the Turkcell litigation being heard in South African courts to keep an eye on. DM
Cision Canada
2 days ago
- Politics
- Cision Canada
CBSA issues a temporary halt on removals to Israel
OTTAWA, ON, June 20, 2025 /CNW/ - The Canada Border Services Agency (CBSA) has issued a temporary halt on removals to Israel. This measure is being taken given the volatile and unpredictable situation in Israel due to ongoing hostilities with Iran. The temporary halt, known as an Administrative Deferral of Removals (ADR), is imposed pursuant to paragraph 230(1)(c) of the Immigration and Refugee Protection Regulations, on countries that are considered unsafe due to conditions such as environmental disasters or violence. There are currently 16 ADRs in place for countries around the world, including one for Iran which was imposed on November 14, 2022. The ADR does not apply to individuals who are inadmissible on grounds of criminality, serious criminality, international or human rights violations, organized crime, or security. Once the situation in Israel stabilizes and the circumstances no longer pose a generalized risk to the entire civilian population, the ADR will be lifted and the CBSA will resume removals for individuals who are inadmissible to Canada and have a removal order that is enforceable. Quick Facts
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Business Standard
11-06-2025
- Business
- Business Standard
HDFC Bank ADR premium surges to over 10% as foreigners favour US shares
HDFC Bank's ADRs now trade over 10% above local shares as tax advantages and revived global interest draw foreign portfolio investors to US-listed equities Samie Modak Listen to This Article The premium on HDFC Bank's American Depositary Receipts (ADRs) has surged to over 10 per cent after failing to rise above 5 per cent last year, signalling renewed interest from foreign investors in India's most-valued lender. But, why are overseas investors opting for ADRs despite local shares trading 12 per cent cheaper? The answer lies in tax disparities between the United States (US) and India. A recent Macquarie note explains: 'For foreign portfolio investors (FPIs), buying liquid ADRs is more tax-efficient than local shares. India's 2024 Budget raised long-term and short-term capital gains taxes, with potential for
RTHK
06-06-2025
- Business
- RTHK
Hong Kong stocks open flat following Xi-Trump talks
Hong Kong stocks open flat following Xi-Trump talks Analysts say market reaction has been muted following a phone conversation between President Xi Jinping and US President Donald Trump. File photo: RTHK Hong Kong and mainland stock markets opened flat on Friday, as a call between Beijing and Washington offered little clarity to ease ongoing trade tensions. The SAR's benchmark Hang Seng Index rose 34.6 points, or 0.14 percent, to open at 23,941, while the blue-chip CSI300 Index on the mainland edged down 0.1 percent. President Xi Jinping and his US counterpart Donald Trump confronted weeks of brewing trade tensions and a battle over critical minerals in a leader-to-leader call on Thursday, leaving key issues unresolved for future talks. "Market reaction is low key as the discussion between the two leaders lacked real details outside of agreeing to new rounds of tariff talks," UBS analysts said in a note. "With no clear signs the call will cool trade tensions, headline risk remains top of mind amid the ongoing tariff rifts." Chinese tech ADRs were muted after the call, up only 0.85 percent overnight in New York session. (Reuters/Xinhua)
Yahoo
04-06-2025
- Business
- Yahoo
Why Genmab Stock Smashed It on Monday
The company's uterine cancer drug is advancing in its development. Management is also assertively conducting a share buyback program. 10 stocks we like better than Genmab A/s › On a generally upbeat Monday for the stock market, investors weren't only buying into U.S. companies. Quite a few of them also piled into the American Depositary Receipts (ADRs) of Danish biotech Genmab (NASDAQ: GMAB), on the back of encouraging news from the laboratory. Management's disclosure of the status of a shareholder-pleasing initiative also helped boost sentiment. The price of those ADRs rose by almost 4% as a result -- quite a distance higher than the S&P 500's (SNPINDEX: ^GSPC) 0.4% advance. On Monday morning, Genmab announced a set of phase 1/2 clinical trial results for its rinatabart sesutecan (Rina-S) drug, which it's developing for a type of uterine cancer. The company said the drug showed a confirmed objective response rate of 50% in patients with an advanced form of the cancer who had received treatment with other medications. In its press release detailing the results, Genmab quoted study investigator Ira Winer as saying that the results "demonstrate encouraging data with Rina-S in this patient population and support its further development as a potential therapy for patients with advanced and recurrent endometrial cancer." The company added that, with this at its back, it aims to continue the development of the drug. Separately, Genmab updated investors about its current share buyback program, which authorized the repurchase of up to 2.2 million shares of its Europe-listed stock by July 10 of this year. The company was quite an aggressive buyer, snapping up just under 2.08 million shares for a total of slightly more than 2.7 billion Danish kronor ($411 million). Taken together, those two news items suggest that Genmab is on the right path with its development activities, and believes in its pipeline. The proof with Rina-S, of course, will come with later-stage clinical trials. However, at this point, the company's future looks promising, and the bullish market reaction feels justified. Before you buy stock in Genmab A/s, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Genmab A/s wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $651,049!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $828,224!* Now, it's worth noting Stock Advisor's total average return is 979% — a market-crushing outperformance compared to 171% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of June 2, 2025 Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Genmab A/s. The Motley Fool has a disclosure policy. Why Genmab Stock Smashed It on Monday was originally published by The Motley Fool
