Chile Poll Shows Evelyn Matthei and Jose Antonio Kast Tied in Race for Presidency
Kast was backed by 17% of respondents, up from 14% the week prior and 13% at the start of May, according to a Cadem survey published late on Sunday. Matthei also garnered 17%, though her backing was down from 20% in the poll published on May 11 and 22% at the beginning of the month.
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Yahoo
31 minutes ago
- Yahoo
London's new stock market for private firms will be a big draw for billionaire investors
The London Stock Exchange Group's (LSEG.L) upcoming private securities market, powered by the Pisces framework, will be a transformative innovation that will open up liquidity in the private capital space, according to CEO David Schwimmer. The Private Intermittent Securities and Capital Exchange System (Pisces), proposed by the previous Conservative government and backed by Labour chancellor Rachel Reeves, will allow investors in private companies to sell shares on regulated exchanges. The London Stock Exchange Group is one of the companies planning to operate a Pisces trading venue, where shares could be traded on a limited number of days each year. "I think it's a good innovation," Schwimmer told Yahoo Finance UK, signalling his optimism about the platform's potential impact on both private companies and institutional players. The LSEG CEO explained how the platform would enable private companies to access public market infrastructure without going public. Read more: What you need to know about UK's private stock market Pisces "The private securities market that we are launching this year, which is on the Pisces framework, is a really interesting innovation for this market," Schwimmer said, adding that there has been a growing demand for liquidity among private companies. While many private companies today remain closed off to public investors, Schwimmer said that the market for private equity is expanding rapidly. "You have a lot of companies now that are sizeable and maybe looking for liquidity but do not want to go public", he explained. These companies may seek liquidity for their limited partners (LPs), shareholders, or employees, without leaping to a complete public listing. For Schwimmer, the Pisces platform solves this dilemma, offering access to the same infrastructure and liquidity typically reserved for publicly traded firms, filling a critical gap in the market. According to Schwimmer, one of the key advantages of the Pisces framework is that it can serve as a conduit for institutional investors, who in the past have had limited access to private companies. "Historically, institutional investors have not had a lot of access to private companies unless they get to participate in an opaque kind of one-off private placement process," he said, pointing to the exclusivity of most private equity transactions. By leveraging the structure of the London Stock Exchange, Pisces should give institutional investors more transparency and access to the growing pool of private market assets. Read more: London Stock Exchange open to dual listing of Indian companies, says LSEG boss Schwimmer also suggested that the Pisces framework could reshape how liquidity is accessed and managed in the private market. "This can be a great way for [private companies] to access effectively public market infrastructure on the London Stock Exchange," he said. Through Pisces, these companies would gain access to the trading systems and liquidity that are typically the domain of publicly listed firms. London's new Pisces private company stock market will launch later this year. A marketplace for private shares Pisces is intended to serve as both a showcase and an exchange for private companies seeking capital. Entrepreneurs will be able to organise scheduled trading events where they can offer existing shares to new investors, at prices they determine. Only pre-existing equity will be traded; the issuance of new shares will not be permitted on the platform. Firms wanting to operate a Pisces venue must first apply for authorisation from the Financial Conduct Authority (FCA). Once approved, they can host intermittent auctions that enable founders, early employees, or existing shareholders to realise some value without relinquishing control through a full-scale initial public offering. Read more: UK taxpayers 'subsidising' S&P 500, says LSEG boss Company owners will retain the right to screen prospective investors under current proposals. This power would allow them to block rivals from acquiring stakes or to prevent any single investor from amassing an outsized influence on the shareholder register. A lower-bar entry to equity liquidity Pisces could offer a lower-cost and more flexible alternative to public markets for fast-growing businesses. Unlike IPOs, which require extensive regulatory disclosure and the production of detailed prospectuses, companies listing on Pisces would face a significantly lighter disclosure burden. Supporters of the scheme argue that Pisces could enhance liquidity in private markets by enabling regular share auctions, helping attract a broader base of long-term investors to companies that might otherwise be overlooked. The platform is also expected to provide a cheaper route to equity liquidity than engaging investment banks to manage private placements. Adding to its appeal, the UK Treasury has pledged to exempt trades executed on Pisces from stamp duty, the 0.5% tax levied on share purchases on public exchanges. The exemption aims to improve liquidity and make UK equity markets more competitive globally. The Pisces proposals come amid broader efforts by the government and regulators to revitalise the UK's capital markets and encourage greater economic investment.
Yahoo
an hour ago
- Yahoo
Canada's Legal Tool to Quash Strikes Faces Mounting Resistance
(Bloomberg) -- At Toronto's biggest airport on Sunday, the national president of the Canadian Union of Public Employees tore up a back-to-work order to a cheering crowd. Why New York City Has a Fleet of New EVs From a Dead Carmaker Chicago Schools Seeks $1 Billion of Short-Term Debt as Cash Gone A Photographer's Pipe Dream: Capturing New York's Vast Water System A London Apartment Tower With Echoes of Victorian Rail and Ancient Rome Trump Takes Second Swing at Cutting Housing Assistance for Immigrants It's an image likely to be invoked the next time a union is at loggerheads with an employer. Air Canada and its 10,500 flight attendants reached a tentative deal at 4:23 a.m. Toronto time on Tuesday after a nine-hour mediated negotiation. But before that, workers had ignored an edict from the Canada Industrial Relations Board to return to work, which the government sought after the strike began early on Saturday, crippling the nation's biggest airline. The labor board then declared the ongoing walkout illegal early Monday, but the flight attendants pressed on, repeatedly forcing Air Canada to delay plans to restart flights. Operations are now expected to resume Tuesday evening. The standoff has escalated a fight over a law that was rarely used until recently. Now, Canada's government triggers it regularly to end labor disruptions. And the cabin crew rebellion — unprecedented for this law, but not the country's first civil disobedience against back-to-work orders — is raising questions about whether defiance will be the new norm. Section 107 of the Canada Labour Code has been used by ministers to 'secure industrial peace' by directing the CIRB, a court-like administrative body, to end a strike and impose binding arbitration. But companies have become 'more dependent' on betting it will be deployed, and it removes 'significant checks we have in industrial relations to ensure that there's obviously balance between employers and employees' and the public interest, said Michael Lynk, associate professor of law at Western University in London, Ontario. 'For the union, it's a significant defensive victory,' Lynk said. 'This may be a lesson for the federal government not to rely so promiscuously on 107, when there are future strikes or lockouts on the horizon.' In 2011, under Conservative Prime Minister Stephen Harper, jobs minister Lisa Raitt used the provision to ask the board to consider imposing a deal or arbitration after Air Canada flight attendants twice voted down collective agreement proposals. 'We wouldn't actually order the CIRB to order workers back to work, partly because I assumed the CIRB would simply say no to me,' she said in a message. 'These are uncharted waters.' Last year, under Prime Minister Mark Carney's predecessor Justin Trudeau, Section 107 was used seven times. The labor minister directed the CIRB to end a strike at the nation's two main railways after less than 24 hours. The unions returned to work but challenged the order in court. Then Trudeau also used it to head off disputes at the country's biggest ports and Canada Post. (It was earlier deployed unsuccessfully to prevent a strike at WestJet Airlines Ltd.) The trend has continued under Carney, elected in April under the same Liberal banner. On Saturday, Section 107 was triggered 12 hours into the walkout. Although business groups now call for governments to invoke the law without hesitation, opponents argue it undermines collective bargaining by acting as a get-out clause the private sector can rely on, without politicians having to pass formal back-to-work legislation in Parliament, which would be difficult. 'Until just a few years ago Section 107 was something that was only used on occasion,' said Sussanne Skidmore, president of the BC Federation of Labour, at a raucous picket line protest at Vancouver International Airport on Sunday, moments before the flight attendants defied the order. 'Even then, it should never have been used, but the federal Liberals have shown us time and time again that they're prepared to use it all the time.' Canada's unions held an emergency meeting on Sunday and demanded the government kill Section 107, according to the Canadian Labour Congress, an umbrella organization. The group called the Air Canada showdown a 'decisive blow to employers who think they can sidestep fair bargaining' with the law. 'Really a Nuke' Opposition parties have also criticized Carney, who leads a minority government and will need to work with them to pass legislation once Parliament reconvenes in September. Don Davies, interim leader of the left-wing New Democratic Party, said at the Vancouver rally that employers 'don't bargain honestly when they know that big brother in government is sitting there ready to go to bail them out when they get in trouble.' 'This is really a nuke,' said Valerio De Stefano, professor at York University's Osgoode Hall Law School in Toronto. 'If I was a judge sitting in the court, I would ask myself whether it would be lawful for the court to basically sanction an order that is at odds, or possibly at odds, with the Charter and international law,' he said, referring to the Canadian Charter of Rights and Freedoms, which includes the right to strike. And the issue with binding arbitration, according to Western University's Lynk, is that it's not known for awarding 'innovative or new demands by a union,' but rather seeks to replicate existing agreements. Despite declaring the strike unlawful, the CIRB, government and Air Canada didn't publicly pursue court orders to enforce action. If that had happened, judges may have found the union in contempt of court, leading to fines and possibly even jail time, Lynk said. But even such measures won't necessarily deter a strike. Mark Hancock — the union leader who ripped up the order on Sunday — said he was willing to go to jail for the fight. Foreigners Are Buying US Homes Again While Americans Get Sidelined What Declining Cardboard Box Sales Tell Us About the US Economy Women's Earnings Never Really Recover After They Have Children Americans Are Getting Priced Out of Homeownership at Record Rates Yosemite Employee Fired After Flying Trans Pride Flag ©2025 Bloomberg L.P. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
3 hours ago
- Yahoo
Government ‘does not have a plan' to accommodate asylum seekers
The Government does not have a plan to accommodate asylum seekers and did not listen to concerns that they should not be housed at the Bell Hotel, the leader of Epping Forest District Council has said. Chris Whitbread, who also leads the Conservative group at the Essex authority, said that failures to improve the system for processing asylum applications were also causing distress 'up and down the country'. His comments came after the council was granted a temporary injunction on Tuesday blocking asylum seekers from being housed at the hotel, which has been at the centre of a series of protests and counter-protests in recent weeks. The interim injunction granted by Mr Justice Eyre means the hotel's owner, Somani Hotels Limited, must stop housing asylum seekers at the site by September 12, but the company could seek to challenge the ruling at the Court of Appeal. Speaking to the PA news agency after the judgment, Mr Whitbread said the injunction marked an 'opportunity for my community to start to return to normal'. A hearing on Friday was told by barristers representing Somani Hotels that the venue previously housed asylum seekers from May 2020 to March 2021, and from October 2022 to April 2024, and that the council 'never instigated any formal enforcement proceedings against this use'. Asylum seekers were then placed in the Bell Hotel again from April 2025. When asked on Tuesday why the council did not previously take legal action, Mr Whitbread said: 'It goes back to 2020 when we were in the pandemic originally, and at that time, it was used for young families, women and children, which is completely different to having it used for single males. 'Obviously, we have always raised our concerns with the Home Office, whether it be the previous government or this government, we raised our concerns. 'This government decided to start using the hotel again without consultation and purely by instruction; they didn't listen to our concerns. 'Five schools are in close proximity, a residential care home, lots of residential homes nearby, they didn't listen to us at all, that is the fundamental difference.' When asked what message he believed this sent from the Government, he said: 'If I am honest with you, I don't think they have actually got a plan. I think that is my real concern. 'We talk about one in, one out, well, that is a gimmick. If you talk about smashing the gangs, that was a gimmick. 'What we really need to see is a government with a serious plan to deal with this problem, and that obviously comes down to processing, where they stay while they are being processed, and actually speeding up the system. 'We are not seeing that at the moment, and that is causing a lot of distress to people up and down the country.' The hotel became the focal point of a series of protests after an asylum seeker housed at the site was charged with sexually assaulting a teenage girl. Mr Whitbread said that while later protests had been 'more peaceful, more bearable but still disruptive' to the community, he had 'never seen anything like what we have seen in recent times'. He said: 'I think what we have done as a council and what my brilliant team of council officers have done is actually take forward what the desire of residents is, to see the Bell closed, but do it in a sensible and proper way, and that is what we're doing.' Mr Whitbread also said that there had been 'no conversations' about the next steps for removing those currently housed at the hotel. Reacting to the judgment, border security minister Dame Angela Eagle said: 'This government inherited a broken asylum system, at the peak there were over 400 hotels open. 'We will continue working with local authorities and communities to address legitimate concerns. Our work continues to close all asylum hotels by the end of this Parliament. 'We will carefully consider this judgment. As this matter remains subject to ongoing legal proceedings it would be inappropriate to comment further at this stage.'
