FIN – Page 2 – The News Desk

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

10Aug

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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...

US money market funds draw biggest inflow in four months

4Aug

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Money

US money market funds draw biggest inflow in four months

Four thousand U.S. dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009. REUTERS/Rick Wilking/File PhotoAug 4 (Reuters) - U.S. money market funds saw robust demand in the seven days to Aug. 2 as investors favoured safer assets on concerns over a U.S. credit rating downgrade and economic reports signalling a still-tight labour market.Investors secured U.S. money market funds worth about $58.56 billion in their biggest weekly net buying since March 29, data from Refinitiv Lipper showed.Reuters Graphics Reuters GraphicsU.S. equity funds drew $133 million worth of inflows, compared with about $2.57 billion worth of net purchases a week ago.U.S. equity growth funds saw net outflows worth $3.48 billion, the biggest since June 7, but value fu...

Colombian President Petro’s son arrested in money laundering probe

30Jul

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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...

Fed fines Deutsche $186 mln for slow progress in money laundering curbs

19Jul

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Money

Fed fines Deutsche $186 mln for slow progress in money laundering curbs

WASHINGTON, July 19 (Reuters) - The Federal Reserve said on Wednesday it fined Deutsche Bank and its U.S. affiliates $186 million for failing to sufficiently address money laundering and other shortcomings flagged by the U.S. central bank.Deutsche must prioritize addressing several of those issues or face "additional and escalated" penalties, said the Fed, which imposed additional restrictions and ordered the bank to improve its risk and data management.The Fed identified the previous issues in 2015 and 2017 consent orders, which stemmed from deficient controls in Deutsche's relationship with the Estonian branch of Danske Bank which ended in 2015.In December, Danske Bank pleaded guilty to a bank fraud conspiracy and agreed to forfeit $2 billion to settle a long-running Department of Justi...

YOUR MONEY How to get high rates to work for you

17Jul

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Money

YOUR MONEY How to get high rates to work for you

July 17 (Reuters) - There is no doubt that higher interest rates are hard on a many people – especially if you are taking out a loan on a home or a car, or are struggling to catch up with credit-card debt.But for some, steep interest rates are not actually bad news.That is because they can finally put their savings to work. In fact, 38% of people say they have benefited from higher interest rates during the past year, according to a new survey from Allianz Life Insurance.“That’s the dichotomy: Higher interest rates are both crushing some people and benefiting others at the same time,” says Kelly LaVigne, vice president of Consumer Insights for Allianz Life.“If you are a saver, suddenly you are seeing higher rates on anything from Certificates of Deposit to annuities for the first time in ...

Australia court approves $300m money laundering fine for Blackstone’s Crown Resorts

11Jul

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Money

Australia court approves $300m money laundering fine for Blackstone’s Crown Resorts

SYDNEY, July 11 (Reuters) - An Australian court signed off on a A$450 million ($300 million) fine for Blackstone-owned (BX.N) casino operator Crown Resorts for breaking anti-money laundering laws, ending the darkest chapter in the company's history.The company, dominated by billionaire founder James Packer before he agreed to sell last year, agreed to the payment in May after allegations over wide-ranging governance problems sparked inquiries in all the states in which it operated, plus an investigation by the financial crime watchdog. read more But the fine needed the sign-off of the federal court, which approved the penalty, Australia's third-largest corporate fine, on Tuesday."The penal orders reflect the serious and unacceptable nature of the contraventions", judge Michael Lee said i...