Anonymous ID: d078f0 Nov. 7, 2023, 8:15 a.m. No.19875845   🗄️.is 🔗kun

Unification Church to allocate up to 10bn yen for compensation

(Tryin’ to sweep this away with Kishida-San poll #s at all time low….the assassin of Abe used his mothers donations to this church as the excuse for shooting him-this is not gonna just go away as tons of politicians both in Japan and abroad took money from them)

 

The Unification Church's Japan branch said Tuesday it plans to allocate up to 10 billion yen ($67 million) to the Japanese government to cover possible compensation for former believers and their families over forced donations amid concerns that it would transfer its assets overseas.

At a press conference in Tokyo, Tomihiro Tanaka, the branch's head, expressed remorse over last month's request by the government for a court order to dissolve the religious organization over its aggressive donation solicitation tactics but stressed that he could not accept it. “From the perspective of religious freedom and the rule of law, it is absolutely impossible to accept," Tanaka said. He offered his "sincere apology" for the circumstances that led to the situation but clarified that the apology did not equate to an acknowledgment of wrongdoing by the church toward former believers as "it is difficult to accept that all compensation claims are valid."

 

The branch's plan to set aside a pool of funds for compensation comes as Japanese lawmakers discuss ways to ensure that the assets of the South Korean religious movement's Japanese affiliate will stay in the country and be used to help victims. Tanaka dismissed the need for an asset freeze, saying, "We are not considering transferring funds overseas until court proceedings for the dissolution order are finalized." He added that while the organization had addressed 664 refund requests totaling around 4.4 billion yen since July last year and would continue to assess claims, it would not be possible to comply with every request. A group of lawyers supporting victims in Japan said about 130 people have been confirmed as victims of the religious group's forced donations, with damages adding up to an estimated sum of over 4 billion yen. However, the lawyers believe there are far more unconfirmed cases, meaning the total could end up being about 100 billion yen.

Noting that progress has been made in addressing donation claims and implementing reforms, Tanaka said the "time is becoming ripe" to pass the baton to the next generation, indicating that the decision would be left to the group's board of directors.

Tuesday's press conference was Tanaka's third since the religious body came under renewed scrutiny due to the assassination of former Prime Minister Shinzo Abe in July last year.

The shooter, whose mother made large donations as a follower of the Unification Church, has said he was upset with the religious group's perceived connections with Abe.

The government filed the request to the Tokyo District Court for a dissolution order on Oct. 13, saying its nearly yearlong investigation into the group found repeated malicious and illegal acts at an organizational level, including soliciting large donations from its followers.

 

https://asia.nikkei.com/Politics/Unification-Church-and-politics/Unification-Church-to-allocate-up-to-10bn-yen-for-compensation

Anonymous ID: d078f0 Nov. 7, 2023, 8:37 a.m. No.19875964   🗄️.is 🔗kun   >>5972 >>6135 >>6230 >>6310

Korean Stocks Crash Day After 'Political' Short-Selling Ban

 

(Imagine that….told ya this NEVER works and just a gimmick and now they panic and no selling for a period of time…you NEED a short (legal) and a long to make a trade in these markets…thus wut habbens when you upset that dynamic…and btw this isn’t retail doing it as they allude to how “hated” they say it is by a segment of trading that hasn’t mattered in any markets WW for a very long time…retail just reacts and always will until the built in lag is taken away (latency)

 

Who could have seen that coming…

Much like the rest of the world, after exuberant run-ups in the first half of the year, Korean equity markets plunged over 20% in the past three months… Clearly this is unacceptable and so, over the weekend, South Korean regulators unleashed a "short-selling ban" on equity investors… because blaming those nasty un-patriotic short-ers is easier than admitting 1) perhaps the valuation was extreme to start with and/or 2) there is an actual economic problem here.

The Financial Services Commission’s order to prohibit new short-selling positions on stocks in the Kospi 200 Index and Kosdaq 150 Index through the end of June 2024 left many market watchers surprised, with some observers saying that broad outright bans like this only make the market less transparent and therefore less attractive.

Note that the decision doesn’t impact existing positions.

The kneejerk reaction was - of course - a buying frenzy on Monday (Kospi up 5.7% - the best day since March 2020).

But, the move raised questions as Huh Jae-Hwan, an analyst at Eugene Investment & Securities, pointed out, it is “unusual” as authorities are comprehensively prohibiting short selling at a time when there is no major external risk.

As Bloomberg reports, South Korea had banned short selling during the Global Financial Crisis in 2008, amid the euro-zone debt crisis and the US sovereign downgrade in 2011, and then again during the start of the pandemic in 2020.And so, overnight (Tuesday in Korea), the equity market crashed, with KASDAQ Futs plunging over 7% at one point. So what did Korean regulators do? You can't make this up… The Korea Exchange temporarily issued its “sidecar” limit to halt sell orders for program trading.

“The ban may boost prices of a few specific stocks for a few days, but over the longer haul it will increase overall price volatility, reduce market liquidity and make pricing less efficient,” said Hyosung Kwon, an economist at Bloomberg Economics.

“Even worse, it could discourage investment and further deepen the discount on South Korea’s stocks, hurting the retail investors it was supposed to protect.”

How many more times do we have to see this "short-selling-ban" plan fail for regulators to realize it makes things worse not better.

“Banning short-selling is like removing a lighthouse during a storm,” said Kher Sheng Lee, Asia-Pacific co-head of the Alternative Investment Management Association, a global industry body whose members oversee more than $2.5 trillion of assets in hedge and private credit funds.

“It not only strips the market of its vital pricing signals but also dries up liquidity - the very lifeblood of trading. Such bans should be a last resort.”

…will regulators never learn?

 

Of course, the real reason for this move is far more simple… South Korea is set to conduct general elections for the National Assembly in April. “The chance of this ban being part of a strategy to win votes couldn’t be ruled out, considering how unpopular short-selling is among retail investors,” said Hong Sung-gul, professor of public administration at Kookmin University in Seoul.

 

https://www.zerohedge.com/markets/korean-stocks-crash-day-after-political-short-selling-ban

Anonymous ID: d078f0 Nov. 7, 2023, 8:44 a.m. No.19875981   🗄️.is 🔗kun

>>19875958

Copious amounts of patience

Try telling anyone who supports muh Ukraine that it could have been over in about 2 weeks or less but they will hear none of it.

Anonymous ID: d078f0 Nov. 7, 2023, 9:01 a.m. No.19876045   🗄️.is 🔗kun   >>6052

>>19875972

Illegal (naked) short selling is the issue.

When done legally no issue…too many shitty biz models are allowed to IPO (fees consulting etc) then they had to use SPACS which prior to the proliferation of those were always the unwanted step child of the offering side. See We Work and the founder still a billionaire using company funds to buy homes and other assets…gee where have we heard this before?

Don’t disagree with the rest.

Total overhaul needed

Quit because the amount of busted trades piled up-small potatoes but was part of larger group of the ‘wrong’ people who made money

It’s out of control and has been for decades

Anonymous ID: d078f0 Nov. 7, 2023, 9:08 a.m. No.19876068   🗄️.is 🔗kun   >>6080

>>19876052

I don’t disagree fren

This is the current system we have.

45 used a SPAC and then the market makers pulled a Yuge bear trap (he had no control of it) but they counted on his affiliation with it

Use what available or stay out. Left it so completely understand sentiment

However you’ll never remove those shitty companies that come to market so short them into the ground imo

Anonymous ID: d078f0 Nov. 7, 2023, 9:18 a.m. No.19876103   🗄️.is 🔗kun   >>6131

>>19876080

You obviously don’t understand how to use modern finance to your advantage

You are arguing how You want it…. Not how it works

Everyone has to be successful then?

Kek

Wasting muh time

Good luck