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Gold brings up modest gain on buying interest

NEW DELHI -- Gold prices recovered by Rs 20 to Rs 31,070 per 10 grams Wednesday, mirroring a firm trend overseas along with scattered buying by jewellers in the domestic spot market. Silver also rebounded by Rs 250 to Rs 45,450 per kg on increased off-take by industrial units. Traders said that apart from a firm trend overseas, scattered buying by jewellers in the domestic spot market led to the recovery in gold prices. Globally, gold rose by 0.16 percent to US$ 1,320.50 an ounce and silver by 0.66 percent to US$ 18.97 in Singapore. In the national capital, gold of 99.9 percent and 99.5 percent purity edged up by Rs 20 each to Rs 31,070 and Rs 30,920 per 10 grams, respectively. It had lost Rs 125 yesterday. Sovereign, however, remained flat at Rs …

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Spanish stock market falls 1.76%, closes at 8,866 points

MADRID -- The Spanish stock market index Ibex-35 fell 1.76 percent on Monday to close at 8,866.60 points, down from the 9,025.50 points of Friday. On Monday session, Indra A shares led falls losing 0.30 percent, followed by Amadeus, Melia, IAG, AENA and Inditex that lost 0.32 percent, 0.53 percent, 0.64 percent, 0.69 percent and 0.81 percent respectively. Banco Popular shares also fell, losing 3.83 percent, as well as Mediaset, Acerinox, ArcelorMittal, Banco Santander and Banco Sabadell that lost 3.21 percent, 3.18 percent, 2.95 percent, 2.62 percent and 2.61 percent respectively. Meanwhile, Spain's risk premium closed at 103.80 points on Monday and Spain's 10-year bond interest rate closed at 1.08 percent, both showing no big differences when compared with Friday closing time.

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Exclusive: SWIFT discloses more cyber thefts, pressures banks on security

SWIFT, the global financial messaging system, on Tuesday disclosed new hacking attacks on its member banks as it pressured them to comply with security procedures instituted after February's high-profile $81 million heist at Bangladesh Bank. In a private letter to clients, SWIFT said that new cyber-theft attempts - some of them successful - have surfaced since June, when it last updated customers on a string of attacks discovered after the attack on the Bangladesh central bank. "Customers’ environments have been compromised, and subsequent attempts (were) made to send fraudulent payment instructions," according to a copy of the letter reviewed by Reuters. "The threat is persistent, adaptive and sophisticated - and it is here to stay." The disclosure suggests that cyber thieves may have ramped up their efforts following the Bangladesh Bank heist, and …

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BPI clarifies account info statement

The Bank of the Philippine Islands (BP) has clarified earlier statements requiring clients to update their account information by September 30, 2016. The bank said not all clients need to update their account information to access their automated teller machine accounts and mobile services. BPI official statement on recent advisory requiring all its clients to update their account info| via @MBChinoLeyco pic.twitter.com/DiHEsT42DW— Manila Bulletin News (@manila_bulletin) August 30, 2016 “We wish to clarify that these recent announcements apply only to a limited number of individuals, with whom we have already communicated separately. Should you have any questions, please visit us at the branch where you maintain your account or e-mail us at expressonline@bpi.com.ph,” it added. BPI said the deadline for the information requirement is on September 30. This is the second statement issued on …

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Markets rise as investors await Yellen speech

New York - World markets ventured higher on Tuesday, as eurozone data encouraged a measure of optimism and anticipation built for a speech due Friday from the head of the US central bank. Janet Yellen, chair of the Federal Reserve, will deliver remarks at an annual conference on monetary policy, with investors keen for any indication of what near-term interest rate decisions will be. In New York, major indices rose in cautious trade while Best Buy, an electronics retail chain, jumped 19.4 percent on stronger-than-expected second-quarter profits. European stock markets were also up as the Markit composite purchasing managers index rose to a seven-month high, suggesting Europe's single market had withstood Britain's surprise vote to leave in June better than feared. In New York, the Dow Jones Industrial Average was up 0.1 percent, the …

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BSP fines RCBC Php 1 B for Bangladesh Bank heist

By Joann Santiago, Philippine News Agency MANILA, Aug. 4 -- The Bangko Sentral ng Pilipinas (BSP) on Friday slapped Rizal Commercial Banking Corp. (RCBC) a Php 1 billion fine in connection with the USD 81 million stolen from Bangladesh Bank that passed through RCBC. In a statement, the BSP said the policy-making Monetary Board-approved supervisory action against the bank was made "in connection with the special examination conducted by the Bangko Sentral ng Pilipinas (BSP) relating to the Bangladesh Bank cyber heist." The fine imposed on RCBC was the largest to date against any BSP-regulated institution, it said. "This affirms the BSP's strong commitment to ensure the stability of the country's financial system through strong and effective regulation of BSFIs (BSP supervised financial institutions)," it said. "The BSP recognizes RCBC's efforts in instituting changes to …

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Japan signals readiness to intervene as Brexit boosts yen

By Tetsushi Kajimoto and Minami Funakoshi, Reuters TOKYO, June 24 - Japan will respond as needed to "extremely nervous" currency moves following Britain's vote to leave the European Union, Finance Minister Taro Aso said on Friday, signalling a readiness to intervene to stem excessive yen strength. Aso declined to comment when asked about the possibility of coordinated intervention in currency markets, or whether Japan had intervened to stem strength in the yen, which soared above 100 to the dollar, due its safe haven status. "I'm extremely concerned about the risk (Brexit) has on the global economy, financial and currency markets," Aso told reporters.   "Current exchange-rate markets are showing extremely nervous movements. In order to prevent such moves from continuing, I'll closely watch currency market moves more than ever with a sense of urgency …

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PDIC urges depositors to always keep records of their bank transactions

ILOILO CITY, June 17 -- The Philippine Deposit Insurance Corporation (PDIC) will be embarking on more advocacies following the signing of the Deposit Insurance Law by President Benigno S. Aquino III. PDIC president Cristina Que Orbeta, during an interview at the sidelights of the 14th annual meeting and international conference of the International Association of Deposit Insurers (IADI) that culminated today said that is important that depositors keep a record of their bank transactions. “The law allows us to pay on the basis of depositors’ record. Before the amendment of the law, the basis for payment of insurance is records at the bank,” she said. Also, she added that it is important that “deposits are recorded properly on their certificates and transactions are done within bank premises so that in event …

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Philippines keen on raising debt via sukuk, yuan borrowings

By Manolo Serapio Jr and Enrico Dela Cruz, Reuters MANILA, June 3 - The Philippines' incoming finance minister is looking at raising debt via sukuk bonds and yuan borrowings in a bid to diversify its debt profile as it aims for the "best deal" in funding more infrastructure projects. "It's not diversification for diversification's sake, it's (getting) the best deal," Carlos Dominguez told Reuters in an interview on Friday.   The Philippines, which used to be one of Asia's most active sovereign bond issuers, last went to the debt market in February selling $2 billion of 25-year bonds that drew huge demand. Dominguez is also planning to impose new taxes on more unhealthy products to compensate for a planned cut in income taxes as he vows to widen the tax base and make …

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President Aquino signs law enhancing depositor protection

MANILA, May 25 -- President Benigno S. Aquino III has signed Republic Act No. 10846 amending the charter of the Philippine Deposit Insurance Corporation (PDIC) or the deposit insurance law.   The depositing public, consisting of approximately 50 million deposit account holders as of December 2015, stands to benefit from the amendments which further enhanced PDIC’s authority to provide depositor protection. The law also gives PDIC fiscal and administrative autonomy and authority to resolve problem banks while still open. It will take effect 15 days following the publication in the Official Gazette or in two newspapers of general circulation. R.A. No. 10846 is a product of the painstaking work undertaken by the authors in both Houses of Congress – Senator Sergio R. Osmeña III, as Chairman of the Senate Committee on Banks, Financial …

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