EMRG – The News Desk

Costa Rica arrests ex-Panama presidential hopeful tied to money laundering case

5Dec

By adminNo Comments

Money

Costa Rica arrests ex-Panama presidential hopeful tied to money laundering case

SAN JOSE/PANAMA CITY, Dec 5 (Reuters) - Costa Rican police on Tuesday arrested Panamanian businessman and former presidential hopeful David Ochy on charges of fraud and money laundering, judicial authorities said on Tuesday, following an Interpol request.Ochy was wanted by Interpol for being central to a case linked to former Panamanian President Ricardo Martinelli, who was in July sentenced to over a decade in prison for money laundering.Ochy enrolled as a presidential pre-candidate for Martinelli's Realizing Goals party ahead of the 2024 vote, which protected him from facing trial in the Martinelli case last summer. That immunity has since been lifted.Randall Zuniga, head of the country's judicial investigation unit, told a press conference that Ochy arrived in Costa Rica over three mon...

Exclusive: China’s clashing priorities behind rare money market distress

7Nov

By adminNo Comments

Money

Exclusive: China’s clashing priorities behind rare money market distress

SHANGHAI/SINGAPORE, Nov 6 (Reuters) - China's attempts to keep the yuan from falling contributed to last week's chaos in money markets, sources involved say, pointing to the pressure behind the scenes as Beijing tries to guide its economy and markets through a major slowdown.Routine month-end demand for cash in China's banking system snowballed into a scramble on Oct. 31 that pushed short-term funding rates as high as 50% in some cases, an incident that authorities are now investigating.Six participants in the market say a confluence of factors drove fear and confusion across trading rooms in Shanghai and Beijing by late afternoon on that day.Eventually, the People's Bank of China (PBOC), its affiliated China Foreign Exchange Trade System (CFETS) and bond clearing houses stepped in, direc...

Israel launches diaspora bond push to raise money amidst war with Hamas

10Oct

By adminNo Comments

Money

Israel launches diaspora bond push to raise money amidst war with Hamas

Flame and smoke rise over Lebanon as seen from Israel's border with Lebanon, in northern Israel, October 10, 2023. REUTERS/Ammar Awad/ File Photo Acquire Licensing RightsLONDON, Oct 10 (Reuters) - Israel launched a diaspora bond campaign on Tuesday to raise money amidst a war with Hamas, according to posts on social media sites linked with Israel Bonds."Israel Bonds has launched an international campaign to raise funds for the Jewish state that is at war," posts on LinkedIn, Instagram and X, the social media site formerly known as Twitter. "Invest in Israel bonds to provide the nation with financial resources at its darkest hour."According to its website, Israel Bonds - the country's borrowing vehicle for diaspora bonds - had $5.4 billion worth of outstanding bonds as of December 31, rep...

Global money market funds attract biggest weekly inflows in three months

8Sep

By adminNo Comments

Money

Global money market funds attract biggest weekly inflows in three months

Saudi riyal, yuan, Turkish lira, pound, U.S. dollar, euro and Jordanian dinar banknotes are seen in this illustration taken January 6, 2020. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsSept 8 (Reuters) - Global money market funds attracted robust inflows in the week ended Sept. 6, as investors gravitated towards safer options amid concerns over slowing growth in China and Europe as well as uncertainty regarding the Federal Reserve's interest rate outlook.Investors poured about $57.38 billion into global money market funds in their most significant weekly net purchases since June 7, LSEG data showed.Reuters Graphics Reuters GraphicsInvestors favoured safer assets on worries that a slowdown in China and Europe would weigh down global growth.Data from the euro area and Britain s...

Plus500 returns money to shareholders, eyes expansion despite profit drop

14Aug

By adminNo Comments

Money

Plus500 returns money to shareholders, eyes expansion despite profit drop

Shareholder returns of $120 mlnHY core profit down 43% Y-O-YShares up as much as 6%Aug 14 (Reuters) - Online trading platform Plus500 (PLUSP.L) announced on Monday it would return $120 million to shareholders through dividends and share buybacks and said it was looking at further international expansion through acquisitions.The London-listed company posted a 43% slump in core profit in the first half as market volatility declined. However, earnings were up 17% sequentially from the second half of last year.Shares in the company rose by as much as 6%.Trading platforms are dealing with a slowdown in client activity, as market volatility eased from highs witnessed during Russia's invasion of Ukraine last year and the pandemic."We are very much positive about the future for the second half .....

India’s LIC posts higher first-quarter profit on transfer of money to shareholder fund

10Aug

By adminNo Comments

Money

India’s LIC posts higher first-quarter profit on transfer of money to shareholder fund

Life Insurance Corporation of India (LIC) logo is seen displayed behind figurines in this illustration taken February 20, 2022. REUTERS/Dado Ruvic/Illustration/File PhotoBENGALURU, Aug 10 (Reuters) - Life Insurance Corporation of India (LIFI.NS) reported a surge in first-quarter profit on Thursday as the company moved money to a shareholders' fund and income from its investments jumped.The life insurer posted a profit after tax of 95.44 billion Indian rupees ($1.16 billion) for the quarter ended June 30, compared with 6.83 billion rupees a year earlier.State-owned Life Insurance Corporation (LIC) has been transferring money from its non-participating fund to a shareholders' fund to boost its profitability.Reuters reported last year that the life insurer was planning to transfer 1.8 trilli...

Colombian President Petro’s son arrested in money laundering probe

30Jul

By adminNo Comments

Money

Colombian President Petro’s son arrested in money laundering probe

[1/3]Police officers walk outside the attorney general's office on the day Nicolas Petro, son of Colombia's President Gustavo Petro, was arrested as part of an investigation into money laundering and illicit enrichment, in Bogota, Colombia, July 29, 2023. REUTERS/Vannessa JimenezBOGOTA, July 29 (Reuters) - Nicolas Petro, son of Colombian President Gustavo Petro, has been arrested as part of an investigation into money laundering and illicit enrichment, the attorney general's office said early on Saturday.The younger Petro, a politician in Atlantico province, had welcomed the investigation when it began in March and has previously called accusations that he took money from drug traffickers in exchange for including them in his father's peace efforts to end civil strife unfounded and harmfu...