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Morning Briefing

Morning Briefing

Square has priced shares in its IPO at $9 a share, significantly less than the $15.46 figure at which it raised money from private investors last year and also below the projected offering range of $11 to $13. The poor performance comes as investors are increasingly questioning the extremely high valuations put on private companies operating in the technology space.

In China, Tencent, one of the country's largest internet companies, is aiming to raise $1 billion for its online banking affiliate, Webank.

Tencent owns 30 percent of Webank. The fundraising is expected to value the online bank at $5 billion.

Barclays has agreed to pay $150 million to resolve an investigation by regulators in New York into a trading practice that allowed it to exploit a time lag between an order and its execution, sometimes to the detriment of clients. The regulator said misuse of the "last look" system allowed the bank a last-second veto of unprofitable trades.

The board of Ecobank Nigeria has announced that the managing director of the bank, Jibril Aku, will step down on 31 December having concluded his five-year tenure, as per the bank's policy. He is expected to take on another senior role in the bank's parent company, Ecobank Transnational Incorporated. A successor has yet to be appointed.

Online and telephone banking fraud in South Africa has reached its highest level in ten years, according to data released by the South African Banking Risk Information Centre (Sabric).

In the nine months to September, credit card fraud rose by 12.6 percent to 189.2 million rand ($13.2 million) while debit card fraud increased by 15.8 percent to 118.9 million rand.

Finally, the Times reports that some officials from the former Financial Services Authority in the UK will have their anonymity preserved when the long-awaited report into the collapse of the HBOS banking group is released later today.

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