OJK shuts down Jouska, two other investment firms

first_img“We’ve asked PT Jouska to settle the disputes with its clients transparently and invite the customers to settle the issues,” the task force said in a press statement. “We ask Jouska to process its licenses in line with its business activity as soon as possible.”The task force revealed that Jouska received a license as an education-services company through the Online Single Submission (OSS). It further said in the statement that Aakar had accepted the decisions.The case was uncovered when several clients and former clients of Jouska, which claims to be an independent financial advisory company and which gained its popularity among young investors via social media, took to Twitter, saying Jouska’s decision to invest their funds in low quality stocks had resulted in a slump in their portfolio values by more than 70 percent.A former client also uploaded an offering letter and a contract he received from the company when using its services in 2018 and 2019. The Financial Services Authority (OJK) has instructed financial advisory company PT Jouska Financial Indonesia to cease operations over allegations of illegal stock brokerage and investment mismanagement.The OJK’s Investment Alert Task Force also shut down PT Mahesa Strategis Indonesia and PT Amarta Investa Indonesia, which are alleged to have provided investment management services and financial advice without proper licenses. It has also blocked all three companies’ websites, applications and social media accounts through the Communications and Information Ministry.The decision was made after the task force summoned and questioned Jouska CEO and founder Aakar Abyasa Fidzuno following complaints on social media from its clients. The offering letter stated that aside from educating the client and helping them to pick the right investment instrument based on their profile, Jouska would have the right to manage the client’s funds, as well as to buy and sell stocks in their portfolio. The client then entered into a fund-management contract with Amarta Investa while others said they signed a contract with Mahesa Strategis.The Jakarta Post has learned that Jouska, Amarta Investa and Mahesa Strategis are not registered as investment-management companies or securities companies at the OJK.“Independent financial planners are not allowed to sell a financial product or investment management service to their clients,” financial planner Safir Senduk told the Post over the phone on Wednesday.The International Association of Registered Financial Consultants (IARFC) Indonesia has stressed that a financial advisor is prohibited from managing clients’ funds and trading stocks in their portfolios even with full discretion and consent from the clients.“We have to be proactive so we are now establishing a task force to list those who are claiming to be a financial planner but are actually in violation of the code of ethics,” said IARFC Indonesia chairman and president Aidil Akbar Madjid said on Thursday.“We hope the people who want to use financial planners’ services will be aware of which ones are licensed and which are not,” he said, adding that the profession was still self-regulated and yet to be regulated by the OJK.The Jouska case shared a similarity with the investment mismanagement that led to a corruption case involving ailing state-owned insurer PT Asuransi Jiwasraya, as both had used other parties’ funds to invest in questionable stocks, said University of Indonesia (UI) capital markets expert Budi Frensidy on Thursday.“[Jouska] case’s impact may be small on our stock market, but it can discourage new and potential equity investors from trying to invest,” he said.He suggested investors choose reputable and licensed asset-management firms to help them manage their investments if they do not feel confident enough to manage their own funds.Jouska’s clients shared on social media their portfolio details revealing that the company invested the majority of their funds in newly listed computer hardware-trading company, PT Sentral Mitra Informatika, trading on the Indonesia Stock Exchange (IDX) under the code LUCK. Advisors at Jouska are also reported to have prevented clients from selling the shares when the prices had dropped more than 80 percent, an allegation that has neither been denied nor confirmed by the company.Sentral Mitra, which was listed on the bourse on Nov. 29, 2018, saw its share price increase exponentially from Rp 285 (2 United States cents) to its highest level of Rp 2,020 apiece just around eight months after its IPO. Sentral Mitra’s share price has since dropped to near its IPO price, trading at Rp 322 on Friday.Jouska previously claimed in a written statement that it always informed clients of all economic, industry and corporate analyses, including the risks in every financial decision. It also denied the claims that Jouska had full access to its clients’ securities accounts and had managed their funds.“We are now building a credible and trusted capital market. [On that basis,] we call on people who want to invest in the capital market to always check out whether or not an advisor, investment manager or broker has a license,” the task force chairman, Tongam L. Tobing, said on Friday. (prm)Topics :last_img read more

Equity holdings boost returns at Finland’s Etera

first_imgFinland’s Etera saw its listed equity portfolio boost returns for the first half of 2015 to 3.7%, as its solvency level continued to recover.The pension mutual said assets under management were approaching €6bn by the end of June, while year-to-date returns rose further to 4.2% when taking into account results from July.Stefan Björkman, the provider’s managing director, praised its continued active investment in domestic markets, highlighting its stakes in property and corporate bonds. Currently, 40% of Etera’s assets are invested in Finland.Listed equities were the provider’s best performer during the first six months of the year, retuning 8.5% compared to 9.6% for the first half of 2014. However, returns from equities as a whole outpaced 2014’s results by 0.9 percentage points, standing at 7.8. Its fixed income portfolio remained flat, returning 2.4%, while property dropped slightly year-on-year to return 2%.The mutual also continued to see improvements to its solvency level after questions over its future viability as a standalone entity emerged in late 2013.At the time, Etera reported a solvency level of 16.2%, which has improved to 17.2% by the end of June.Rival pension provider Ilmarinen saw returns of 6.2% over the first six months of the year, and Varma reported returns of 4.3%.last_img read more

Ruth Marie Rodgers, 75

first_imgSurvivors include: Daughter, Jennifer (Kevin) Youngblood; Son, Dale (Sherri Morrow) Rodgers; Grandchildren, Landon Youngblood, David Morrow and JessiKa Morrow; Sister, Jeanne (Phil) Stidham; Brother, Darrell McClure; several nieces and nephews. She was preceded in death by her Parents, Husband, Charles S. Rodgers and Brother, John McClure. Ruth Marie Rodgers, 75 of Greensburg passed away on January 3, 2020 in Norfolk, Virginia. Ruth was born on September 9, 1944 in Cincinnati, Ohio, the daughter of Harry and Evelyn Neufarth McClure. Ruth was a 1962 graduate of Central High School. On December 31, 1964 she married Charles S. Rodgers, and together they had two children, Jennifer and Dale. Ruth worked at KB Specialty Foods in Greensburg in purchasing for over 26 years before she retired. She loved to travel. She often would just get in the car and drive or go away for the weekend. She loved spending time with her family and adored her grandson, Landon. A visitation for family and friends will be held at the Gilliland-Howe Funeral Home on Thursday, January 9, 2020 from 4:00 pm until 7:00 pm. Funeral will be Friday, January 10, 2020 at 10:00 am with Rev. Doug Preston officiating. Burial will follow at the South Park Cemetery. Memorial Contributions can be made to American Heart Association or American Lung Association. Online condolences can be made to the family at www.gilliland-howe.comlast_img read more

United confirm Moyes appointment

first_img Moyes said: “It’s a great honour to be asked to be the next manager of Manchester United. I am delighted that Sir Alex saw fit to recommend me for the job. I have great respect for everything he has done for the football club. “I know how hard it will be to follow the best manager ever, but the opportunity to manage Manchester United isn’t something that comes around very often and I’m really looking forward to taking up the post next season.” With Moyes committed to concluding the season at Everton, he will not be introduced as United manager until after the campaign is over. “I have had a terrific job at Everton, with a tremendous chairman and board of directors and a great set of players,” he added. “Between now and the end of the season, I will do everything in my power to make sure we finish as high as possible in the table. “Everton’s fantastic fans have played a big part in making my years at Goodison so enjoyable and I thank them wholeheartedly for the support they have given me and the players. Everton will be close to me for the rest of my life.” Having decided to end his near 27-year stint at United this summer, Ferguson quickly came to the conclusion his fellow countryman would be the right man to follow. “When we discussed the candidates that we felt had the right attributes, we unanimously agreed on David Moyes,” said Ferguson. “David is a man of great integrity with a strong work ethic. I’ve admired his work for a long time and approached him as far back as 1998 to discuss the position of assistant manager here.” Press Association The 50-year-old has signed a six-year-contract with the Old Trafford outfit and will join officially on July 1 after completing the season with Everton. Moyes has the backing of Sir Alex Ferguson, who confirmed his retirement on Wednesday, and his first official competitive game will be the Community Shield against either Manchester City or Wigan at Wembley on August 11. center_img Manchester United have confirmed David Moyes as their new manager.last_img read more

Sunrisers Hyderabad aim to end losing streak against Chennai Super Kings

first_imgHyderabad: It will be an uphill task for the Sunrisers Hyderabad to secure a victory and get back on the winning track when they take on Chennai Super Kings at the Rajiv Gandhi International Stadium on Wednesday in the ongoing edition of the Indian Premier League. Sunrisers, who secured three back to back wins after their loss in the opening encounter in the ongoing IPL, have failed miserably in the last three games.Their batting, which has been largely dependent on the destructive opening pair of Johnny Bairstow and David Warner, hasn’t been able to perform and appears to be in disarray as none of the other batsman have taken the responsibility and finish the games. The Kane Williamson-led side are currently standing at the sixth spot in the points table, and would be desperately hoping to get a win under their bag and move up the table.Chennai, on the other hand, is sitting pretty at the top of the points table with 14 points from eight games. The Men in Yellow will look to confirm their spot in the playoffs against the Sunrisers. In the batting department, Suresh Raina, Faf du Plessis and captain M.S. Dhoni have all been among the runs while the bowling has also looked pretty strong with Deepak Chahar, Imran Tahir and Harbhajan Singh taking the responsibility and picking up wickets at regular intervals. (IANS)Also Read: Sports Newslast_img read more

Badgers blow out helpless Hoosiers

first_imgBEN CLASSON/Herald photoBefore Indiana snapped the ball on offense, it was down a timeout and three points. It was merely a sign of the struggles to come. The Badgers (7-2, 3-2 Big Ten), behind an array of looks at running back who combined for 279 rushing yards, thumped the Hoosiers (5-4, 2-4 Big Ten) 33-3 Saturday at Camp Randall Stadium. P.J. Hill set the tempo early on, rushing for 57 yards on 12 carries and a first-quarter touchdown to give Wisconsin a 10-0 lead before leaving the game for good with what head coach Bret Bielema called a “bruised top of his foot.” In Hill’s place, sophomore Lance Smith rushed for a career-best 79 yards and two second-half touchdowns on 15 carries. From the outset, Indiana’s high-powered spread offense that had scored at least 14 points in every game this season looked lifeless. It went three-and-out on its first series — this after calling a timeout before its first offensive play — and managed 18 yards of total offense in the first quarter. “As an offense, it makes you a lot more comfortable and puts you in a comfort zone knowing that you can stick to your game plan and not get out of whack,” UW quarterback Tyler Donovan said of how the defense’s play allowed the offense to stick with the running game. Then the sloppy play set in. Indiana running back Josiah Sears fumbled away a drive on the Hoosiers’ next possession. It was one of five turnovers forced by the Badger defense — a unit that had seven takeaways on the season coming in. “We were creating those turnovers,” Bielema said. “You see guys attacking the football. … which carried over to turnovers. There were some big hits, sound collisions and two guys to the ball.” Wisconsin used a nine-play, 40-yard drive capped by a Taylor Mehlhaff 41-yard field goal to jump out to the early lead. Going back to what worked, the Badgers utilized nine rushes by Hill to charge down the field and build a two-possession lead when the sophomore tailback punched it in from inside the 1-yard line on fourth down. Thanks to Hill and company’s bruising runs, the Badgers controlled the ball for 12:21 in the opening frame, and 35:23 during the game. The defense did its part as well. Some of the biggest playmakers in the Big Ten — receiver James Hardy and quarterback Kellen Lewis — were held in check throughout. “The spread was basically haunting us all year and we came out great against them with a great quarterback and great receiver threat, and we came out ready to play, ready to take on that challenge,” linebacker Jonathan Casillas said.Hardy, who had 11 touchdowns and 748 receiving yards entering Saturday’s game, finished with a season-low 17 yards on four catches. He also fumbled away a reception when the Hoosiers were down 17-3 and driving in the third quarter. “With the defense, we really had the idea that we wanted [Indiana] to play left-handed,” Bielema said. “We wanted to take away what they do best, kind of dictate the flow of the game.”I thought our guys really flew to the football.”It appeared as though the Hoosiers’ string of bad luck was over when running back Marcus Thigpen dashed 84 yards into the end zone to cut the Badgers’ lead to 17-9. But it only worsened their predicament.Hardy was called for a holding penalty downfield, and Thigpen, who assumed the run counted, was penalized for unsportsmanlike conduct for his touchdown celebration. Instead of kicking the point after, Indiana faced a third-and-17 from its own 12-yard line. As was the trend all day — UW held IU to 4 of 14 on third down conversions — the Hoosiers were stopped and forced to punt. Linebacker DeAndre Levy doesn’t know if that play would have gone in Wisconsin’s favor a few weeks ago, given the defense’s struggles at that point in time. “That’s a play that never gets called back a few weeks back,” he said. “We’re looking, praying that it gets called back. But the (refs) made a good call catching Hardy on the [hold].”The Badgers wasted little time taking advantage of the Hoosiers’ errors, pounding the ball 78 yards to boost their lead to 24-3 on Smith’s 6-yard run.Lewis never got into a groove, finishing 17-of-33 with 113 passing yards and 59 rushing yards, zero touchdowns, two interceptions and a fumble. Then again, neither did Donovan. The UW senior signal caller failed to throw a touchdown pass for the second consecutive game and extended his streak of games with a pick to six. Late in the second quarter he stared down receiver Paul Hubbard and cornerback Tracy Porter stepped underneath to pick the pass off at the goal line. Indiana capitalized on Donovan’s mistake by scoring its only points of the day — a 49-yard field goal from the leg of Austin Starr on its ensuing possession. Freshman running back Zach Brown picked up his first collegiate touchdown in the second quarter to give Wisconsin a 17-0 lead. He finished with a personal best 40 yards on 14 carries. “He’s not a freshman anymore. He has really settled into the way he’s prepared,” Bielema said. “And the way he handled the game today, the way he ran the football, protecting it, speaks volumes for him in the future.”last_img read more

Heartbreak in Salt Lake: Trojans fall to Utah 24-21

first_imgA sloppy effort led to a disastrous finish for the USC Trojans, whose Pac-12 title hopes took a serious hit in a 24-21 road loss to the Utah Utes. Just 10 seconds remained on the clock when quarterback Travis Wilson found a wide open Kaelin Clay for a go ahead one-yard touchdown that gave the No. 19 Utes (6-1, 3-1 Pac-12) yet another signature win.The No. 20 Trojans (5-3, 4-2) took a 21-17 lead with 10:18 remaining in the final quarter on a four-yard touchdown pass from redshirt junior quarterback Cody Kessler to sophomore wideout Darreus Rogers. USC reclaimed possession with just over seven minutes to play, but could not convert a fourth and short opportunity at the Utah 27-yard line with 2:08 remaining. That was all the time Wilson and the Utes needed for a game-winning drive.USC head coach Steve Sarkisian managed to find a few positives in his team’s effort, but was ultimately disappointed.“Utah played a hard fought game,” Sarkisian said. “Our guys played hard but we didn’t get it done.”A wild opening opening quarter got off to a less-than-thrilling start for the Trojans. On just the second offensive play of the game, Utah defensive back Davion Orphey scooped up a backward lateral intended for Rogers and took it 65 yards for a touchdown. Orphey’s heads-up play came as most of the USC offense returned to the huddle, figuring the whistle had blown.The Trojans would respond quickly, however, in the form of a 10-play, 75-yard drive that ended in a 10-yard strike to freshman wide receiver JuJu Smith. Kessler, who came out of the game for a short time after a hard hit, was a perfect 5-for-5 on the series.The Utes took the lead once again midway through the second quarter, using good field position to set up a 24-yard field goal from All-American kicker Andy Phillips. Unfortunately for Utah, the advantage was short lived. Freshman cornerback/wide receiver Adoree’ Jackson took the ensuing kickoff 105 yards for a score, giving the Trojans a 14-10 lead. The touchdown marked the second of Jackson’s career — but the youngster was not done yet.Midway through the third quarter, Utah’s Clay returned a punt 51 yards to the USC 16-yard line. Just as it looked like the Utes would take their second lead of the night, however, Jackson stripped wide receiver Tim Patrick near the Trojans’ one yard line. Because Patrick was incorrectly ruled down on the play, Jackson was denied a chance at his first career defensive touchdown and USC took the ball at its own 20.The poor call came back to hurt the Trojans. Almost immediately, linebacker Jason Fanaika intercepted a poor throw from Kessler at the USC 38, leading to a 25-yard touchdown run from Utes’ running back Davontae Booker. To their credit, the Trojans bounced back with the 12-play, 73-yard drive that led to Rogers’ third touchdown of the season. But it would not be enough.The USC offense was rendered completely ineffective for large portions of the contest, including a stretch that consisted of a fumble, five punts and an interception in seven consecutive drives. Kessler, who finished the game 24-32 for 264 yards and two touchdowns, was the unit’s lone bright spot, while the Utah defense held redshirt junior running back Javorius “Buck” Allen to just 3.7 yards per carry. Smith tied for a career high with six receptions.Even through all the sloppiness and questionable play-calling, USC still had the game within its grasp in the final minutes. Sophomore linebacker Su’a Cravens, who spearheaded a gutsy defensive effort with two sacks, summed up the team’s feelings after the game.“I’ve been saying it for a couple weeks now, we need to know how to finish.” Cravens said.The Trojans will aim to pick themselves up off the mat for the third time this season next Saturday on the road once again, this time against the Washington State Cougars.“We’ll get back up,” Sarkisian said. “We’ll get back on the horse for next Saturday.”last_img read more

Men’s tennis falls to Florida, upsets No. 5 Georgia at Pac-12/SEC Challenge

first_imgThe No. 8 USC men’s tennis team traveled to the annual Pac-12/SEC Challenge in Gainsville, Fla. this weekend, and the Trojans split their two matches, suffering their first loss of the year to host No. 11 Florida to kick off the tournament on Saturday before grabbing an upset victory over No. 5 Georgia on Sunday. USC picked up the doubles point to open the match against the Gators. After the pair of senior Nick Crystal and sophomore Laurens Verboven beat Florida’s Chase Perez-Blanco and Maxx Lipman 6-3, senior Rob Bellamy and sophomore Jack Jaede put the Trojans on the board with a 7-5 win over McClain Kessler and Elliott Orkin.But Florida stormed back to take four singles wins to secure victory, beating Crystal, sophomore Logan Smith, freshman Riley Smith and junior Thibault Forget. Jaede and freshman Brandon Holt tallied the last two points of the day, winning 6-4, 4-6, 7-6 (6) and 3-6, 7-5, 6-2 over their Gator opponents, respectively, but the duo could only narrow the final margin of defeat to one point as USC fell 4-3.After taking their first loss of the season on Saturday, the Trojans took on fifth-ranked Georgia on Sunday. Their 4-0 victory against the Bulldogs closed out the annual tournament in style, opening with a quick doubles victory by way of Bellamy and Jaede, who notched a 6-2 win over Georgia’s Wayne Montgomery and Nathan Ponwith. Minutes later, Holt and Riley Smith secured a 6-4 win to score the match’s first point.Bellamy went on to beat Robert Loeb 6-2, 6-3, and Holt followed by setting USC up for a clincher with his 6-1, 6-4 victory over Emil Reinberg. Jaede then closed out the upset with a 6-1, 7-6 victory against Walker Duncan to send the Trojans home with a win.USC will continue play with a doubleheader on Friday, as the Trojans host UC Davis and San Francisco at Marks Stadium.last_img read more

Drom & Inch ease into next round of Mid Senior Hurling Championship.

first_imgClub secretary Matty Ryan was pleased with the victory but feels Drom have more work to do. It was a close first half with Drom leading by 12 points to 9 at the interval.They pulled clear with second half goals from Tommy Nolan, county senior Seamus Callanan and David Butler.The result in Holycross means Drom & Inch progress to the next round of the Mid championship.last_img

ESI London confirms dates, early bird tickets go on sale

first_imgWe are delighted to announce that ESI London is confirmed for September 18-20th and that tickets are now live.Following the dual successes of the ESI Forum Series in 2017, and the Esports Insider Super Forum at Stamford Bridge in March 2018, we are pleased to announce our next business focused event. ESI London is a three day esports business conference focused on building a bridge between expertise and interest while explaining the esports industry from the inside out from the 18th till the 20th September 2018 at Olympia London.A full day of esports focused workshops covering topics such as how to build a brand and make content just like an esport endemic, league, event and team operations, the importance of PR in esports, legal and compliance and much more will cover just day one.Day two will boast a comprehensive Betting on Esports track covering everything from data, to building a product for esports’ fans and the opportunity for casinos and betting providers.Here’s what’s happening:-September 18th – ESI Warm Up – Pre-registration, dinner and social September 19th – ESI Esports WorkshopsYou have the right to an attorney – Esports and the lawIt’s not what you say, it’s the way you say it – The Esports PR SymposiumBuilding a brand the esports wayTeam operationsLeague and event operations – The unsung heroesBuilding an esports org – Recruitment and talent sourcingSeptember 20th – Betting on Esports Conference Keynote: Case study of an esports betting partnershipBlockchain and betting; more than a buzzword?Casinos, it’s time to turn to video gamesBuilding the product esports fans wantData and the differences across esports titlesFocus On: The USAExhibition:The exhibition space will be open through the 19th to the close of play on the 20th and will feature over 15 exhibitors, networking areas, meeting rooms, tournaments and fun in the Interactive Zone, and rest assured plenty of refreshments, lunch and networking drinks.Networking:There’ll be networking events each evening on the 18th, 19th and 20th. This will be a combination of dinners, drinks, socials and, of course, an official closing party. All the parties are included in every ticketing option available. In case you thought the dates and London esports seemed familiar, you hit the nail on the head.  In fact, there’s no better time to be in the city for some esports action with FACEIT’s CS:GO Major, the nation’s first, set to get underway on the 20th, the day that our ESI London event comes to a close. As ever, we’ve ensured that the early birds will get the worm and there’s a sizable 33% discount for those who book now. This makes the pass, which gets you access to the full works across three days including networking parties each evening, a snip at just £315 (+VAT). Head here to secure yours. For sponsorship inquiries please reach out to info@esportsinsider.comlast_img read more