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Swiss regulators fine banks over forex rigging cartels

ZURICH, Switzerland – Swiss competition authorities said Thursday, June 6, they had fined 5 large banks some $90 million for collusion in foreign exchange trading, following steep fines recently imposed by Brussels. Barclays, Citigroup, JPMorgan , Japan's MUFG Bank, and Royal Bank of Scotland (RBS) were hit ........»»

Category: newsSource: rappler rapplerJun 6th, 2019

$5B U.S. fine set for Facebook on privacy probe – report

WASHINGTON, USA – US regulators have approved a $5 billion penalty to be levied on Facebook to settle a probe into the social network's privacy and data protection lapses, the Wall Street Journal reported Friday, July 12.  The newspaper said the Federal Trade Commission approved the settlement in a 3-2 vote, with ........»»

Category: newsSource:  rapplerRelated NewsJul 14th, 2019

Forex loans inch up to $16.8 B in Q1

Foreign currency loans extended by Philippine banks inched up by 2.75 percent to $16.81 billion in the first quarter from $16.36 billion in the same period last year as disbursements exceeded principal repayments, the Bangko Sentral ng Pilipinas (BSP) reported yesterday......»»

Category: financeSource:  philstarRelated NewsJun 29th, 2019

Grab eyes Singapore banking license

HONG KONG/SINGAPORE — Grab, Southeast Asia’s most valuable start-up, is exploring a move into Singapore banking as regulators in the Southeast Asian city-state consider allowing online-only banks, four people with knowledge of the process said......»»

Category: financeSource:  bworldonlineRelated NewsJun 12th, 2019

Are you letting your data govern you?

In the past months, I’ve had discussions with banks, business groups, and regulators about how data has become one of the most precious assets of an organization. Most, if not all of us, share the same perspective that data is indeed a key enabler of organizational growth. However, maximizing the value of data continues to be a big challenge......»»

Category: financeSource:  bworldonlineRelated NewsMay 15th, 2019

Match-fixing back in spotlight on eve of first Grand Slam

JUSTIN BERGMAN, Associated Press   For Rafael Nadal and the other stars of tennis, there's a familiar ring to the questions being raised as the first ball is about to be struck at the Australian Open. Recent match-fixing sanctions and a new case are bringing fresh scrutiny to the integrity of the sport a year after corruption allegations cast a pall over the first Grand Slam of the year. '(It's) obviously negative, always in the first month of the season starts to happen,' Nadal said at the season-opening Brisbane International. 'You get tired about this kind of stuff, but the most important thing is fight against these kinds of things.' The headlines started appearing early in the new year. On Jan. 5, police in Australia charged an 18-year-old player with a match-fixing offense at a lower-tier tournament last October in Traralgon, near Melbourne. Days later, another Australian player, Nick Lindahl, now retired but once ranked in the top 200, was handed a seven-year ban and $35,000 fine from the Tennis Integrity Unit (TIU) for offering to throw a match at a minor tournament in the city of Toowoomba in 2013. Lindahl had already been fined after a criminal trial. Two other Australian players received lesser punishments in connection with the incident. While Traralgon and Toowoomba are far removed from the glittering lights of Melbourne Park, the timing of the developments was troubling nonetheless. Last season began similarly beneath a cloud of suspicion after a report by BBC and Buzzfeed alleged that tennis authorities had suppressed evidence of match-fixing and failed to investigate possible cases of corruption. The reports went over old ground, but the timing and the headlines overshadowed the tournament. 'I haven't heard anything (about match-fixing) since last year's Australian Open,' German player Mischa Zverev told The Associated Press last week in Brisbane. 'I think it was funny timing. ... Like the day before the Oscars, they're going to bring something up to make somebody not win it, or win it.' Since then, tennis leaders have gone into overdrive to restore confidence in the sport. An independent panel was created to review the TIU, the internal body tasked with combating corruption, and authorities promised to implement all of its recommendations when it is completed this spring. The TIU also took separate steps to strengthen its monitoring and investigation efforts, develop new anti-corruption education programs for players, and improve the transparency of its operations. In an email statement to The AP, the agency said nine players and officials were sanctioned last year for match-fixing — the most for a single year since the unit was established in 2008. Several were banned for life, including a young South African player and four officials from Turkey and Uzbekistan. The unit also expanded its outreach efforts with betting operators and regulators, leading to increased reporting of suspicious wagers. In 2016, the TIU received 292 betting alerts — an 18 percent increase over the previous year. The vast majority of those came from the Challenger and Futures circuits on the men's tour, considered the most at-risk for match-fixing given the lower likelihood of detection and the smaller earnings of the players. However, the TIU said three alerts were generated at Grand Slam events, as well. The agency was quick to note, though, that an alert isn't necessarily proof of match-fixing. Of the more than 114,000 matches played last year on the professional tours, only 0.2 percent triggered a suspicious betting alert. 'Tennis was one of the first major sports to recognize the potential threat of betting-related corruption and do something about it,' the TIU said. 'It will be for the independent review panel to take a view on the conduct and effectiveness of the unit and to put forward recommendations to improve the current structure and approach.' Whatever the investigators recommend, the fact remains the TIU faces an uphill battle. Technology has shifted the gambling landscape in such a way, it's increasingly difficult for monitors to keep up. In tennis, wagers aren't just placed on who wins or loses; bets can be placed during matches in real time on everything from total points won in a game to whether a set goes to a tiebreak. 'We're talking individual player activities here,' said Hans Westerbeek, dean of the College of Sport and Exercise Science at Victoria University in Melbourne, Australia. 'It's much easier to get into a situation where you approach individual players to do things that can be, if done well, quite well hidden from it being suspicious.' He likens it to the ongoing battle against performance-enhancing drugs. 'You're always struggling to keep up with the innovations that a better-resourced front of gambling operators, legal or illegal, will have available to advance their technology.' Ryan Rodenberg, an associate professor of forensic sports law analytics at Florida State University, says this is one reason a more sophisticated approach is critically needed. He recommends an internal monitoring system that analyzes each match for suspicious activity in real time, rather than relying solely on betting alerts. 'A robust betting data-monitoring operation would have both in-house capabilities and a number of collaborative information sharing agreements with third parties such as sportsbooks, private monitoring firms or academics,' he said. 'Anything less is sub-optimal.' With a limited budget of just $3.23 million for 2017, however, there is only so much the TIU can do. As such, preventative measures such as education have become a priority. More than 25,000 players and officials have completed the TIU's online anti-corruption training program, and a new version will be launched that players will be required to complete every two years. 'Educating players who are up-and-coming and those who support those players is a very good, positive and necessary thing to do,' Westerbeek says. 'Because the root of the problem is ... people not really (understanding) they're engaging in criminal activity.' ___ AP Sports Writer John Pye contributed to this report. .....»»

Category: sportsSource:  abscbnRelated NewsJan 13th, 2017

Nadal in Australia, still aiming to contend for major titles

JOHN PYE, AP Sports Writer br /> BRISBANE, Australia (AP) — Rafael Nadal cuddled a koala on the banks of the river, something that has become a customary photo opportunity for celebrity players on debut at the Brisbane International. The 14-time major winner has altered his preparation for the Australian Open, hoping a change of venues for the warmup tournaments will bring a change of luck at the season's first Grand Slam tournament after a shocking first-round exit in 2016. Nadal kicked off his season with a win in an exhibition tournament in Abu Dhabi on New Year's Eve, then headed directly to Australia to fine-tune at the Brisbane International in preference to remaining in the Gulf for the event in Doha. 'I played well in Abu Dhabi ... I played three good matches, and that's important for me,' Nadal said Monday after the brief meet-and-greet with a local politician and a native marsupial. 'I really hope the good matches I played in Abu Dhabi helps me for here.' The 30-year-old Spaniard is playing in Brisbane for the first time, replacing Roger Federer as the tournament's male draw card. He has a tricky opener against Alexandr Dolgopolov and, if he gets through that, a potential quarterfinal against top-seeded Milos Raonic, the defending champion. Nadal is coming off a left wrist injury that curtailed his 2016 season, and thinks the extra time in Australia will help him prepare to win his first major title since the 2014 French Open. Until last year, he had reached the quarterfinals or better at every Australian Open he had contested since 2007, including victory in '09 and runs to the final in 2012 and '14. The wrist injury last year forced Nadal to withdraw from the French Open before the third round and skip Wimbledon. He won the Olympic doubles gold medal for Spain in Rio de Janeiro, but he struggled with the pain and didn't win a title on a surface other than clay in 2016. 'Last year that I was playing great, I get injured in the worst moment possible,' he said. 'I'm happy to be back on the competition again. Abu Dhabi was a good start. I need to continue that way.' Despite his struggles with injury and the recent dominance of Andy Murray and Novak Djokovic, Nadal thinks he can still contend for the Grand Slam titles. 'Being here in Brisbane is good news for me,' he said, two weeks before the Australian Open starts. 'I don't know if that's going to help me or not — I can tell you after Melbourne, I cannot predict the future. 'The only thing I can say is if I am healthy, I believe that I can do it. If not, I (would) be at home fishing.' .....»»

Category: sportsSource:  abscbnRelated NewsJan 3rd, 2017

Finance: BSP pushes back full adoption of Basel leverage ratio to 2018

THE CENTRAL BANK has pushed back the full adoption of the 5% leverage ratio to 2018, mirroring the decision of international regulators to delay the implementation of the new standard to be imposed on banks......»»

Category: financeSource:  bworldonlineRelated NewsJan 2nd, 2017

BSP loosens forex restrictions anew

THE BANGKO SENTRAL ng Pilipinas (BSP) has eased rules on foreign exchange flows anew to facilitate entry of significant amounts for foreign banks in the country as they move to meet capital requirements......»»

Category: newsSource:  bworldonlineRelated NewsDec 14th, 2016

EU wants Google to stop anti-competitive Android practices, fine expected

EU antitrust regulators plan to order Alphabet's (GOOGL.O) Google to stop paying financial incentives to smartphone makers to pre-install Google Search exclusively on their devices and warned the company of a large fine, an EU document showed......»»

Category: newsSource:  mb.com.phRelated NewsOct 2nd, 2016

U.S. judge narrows currency rigging lawsuit against seven banks

The U.S. judge overseeing litigation accusing 16 banks of rigging prices in the $5.3 trillion-a-day foreign exchange market on Tuesday narrowed but refused to dismiss lawsuits against Deutsche Bank (DBKGn.DE), Morgan Stanley (MS.N) and five other large ba.....»»

Category: newsSource:  mb.com.phRelated NewsSep 21st, 2016

New forex rules ‘a step in the right direction’ – bankers

MANILA, Philippines - Banks said the implementation of another set of foreign exchange liberalization measures starting today would make the country’s financ.....»»

Category: financeSource:  philstarRelated NewsSep 15th, 2016

Central bank further eases forex rules

MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) announced the further easing of foreign exchange rules, this time covering non-banks with quasi-b.....»»

Category: financeSource:  philstarRelated NewsAug 19th, 2016

Shifting the blame

The country’s banking sector regulators have imposed a hefty P1 billion fine on Rizal Commercial Banking Corp......»»

Category: financeSource:  philstarRelated NewsAug 6th, 2016

Cebu City fails to comply with envt’l requirement of Carbon, Pasil markets

CEBU CITY, Philippines — The Cebu City government may be paying up to P10,000 per day fine for failing to comply with environmental regulations in the Pasil and Carbon Public Market within the deadline on July 8. The Environment Management Bureau in Central Visayas (EMB-7) discovered in August 2018 that the city lacked discharge permit […] The post Cebu City fails to comply with envt’l requirement of Carbon, Pasil markets appeared first on Cebu Daily News......»»

Category: newsSource:  inquirerRelated News11 hr. 43 min. ago

Digital lending firm AsiaKredit sees 50% loan growth this year

DIGITAL consumer lending firm AsiaKredit expects 50% growth in its disbursed loans this year as it banks on responsible lending practices......»»

Category: newsSource:  bworldonlineRelated News19 hr. 56 min. ago

Nakuha namin suporta ng tao -- Alinsurin

The Philippine men’s national team captured a much bigger prize than the breakthrough bronze medal in the 2019 Thailand Open Sealect Tuna Volleyball Championships. The squad earned the respect and support of the Filipino fans and a chance to gauge its level of play against the region’s powerhouse. Overshadowed by the more popular women’s volleyball team, the Nationals put themselves on the spotlight this time after their podium finish in the tough tournament that served as the team’s first international foray heading into the Southeast Asian Games in November. “Sobrang natuwa nga kami sa nangyari na halos ang mga tao sumusuporta na sa amin. Yun naman ang gusto naming makuha,” said head coach Dante Alinsunurin on Wednesday during the team’s appreciation dinner set by its corporate sponsor Rebisco at Joy Nostalg Hotel in Pasig City. The men’s squad was joined by the members of the women’s U-23 team which also participated in the Thai tourney with Larong Volleyball sa Pilipinas, Inc. board member and national volleyball team program head Peter Cayco and Rebisco top brass Jonathan Ng. The Nationals bannered by the tournament’s 2nd Best Wing Spiker Marck Espejo, Bryan Bagunas, Ranran Abdilla, skipper John Vic De Guzman, Kim Malabunga and veteran setter Jessie Lopez proved their doubters wrong by snatching a podium finish after a hard-fought 22-25, 27-29, 25-18, 25-18, 26-24, win over Saraburi-Thai Denmark in the battle for third in Sisaket, Thailand. The Filipinos suffered an early setback after bowing down to Thai Air Force in four sets. Bagunas paced the Nationals a four-set bounce back victory over Fine Chef Phitsanulok to advance in the semifinals. The Nationals came up short the Final Four at the hands of Thai Army but redeemed themselves for the consolation with Espejo dropping 35 and Bagunas posting 24 markers in the match that saw the Filipinos display their blocking prowess with 22 kill blocks. “Kaya ‘yang team na ‘yan, napag-usapan namin na, ‘Kailangan nating makuha yung tiwala ng mga tao sa team. Kasi kung gusto nating magsimula [lumaki] ang men’s [volleyball] kailangan maging maganda ang performance natin at umanga’t ng umangat ang mga ginagawa natin and yung sakripisyo natin magbubunga naman yan kapag nakita nila na maayos ang team,’” said Alinsunurin, who was also a former national team player. “Sana lang magtuluy-tuloy ang programa.” The four-time UAAP champion mentor also stressed the importance of seeing where the squad is right now as they prep up for the biennial meet that the country will host from Nov. 30 to December 10. “Siyempre sobrang importante ‘yung naging sitwasyon namin sa Thailand. Hindi tayo nanghuhula. Nakita namin ang kalaban namin and kung anong ginagawa nilang play or ginagawa pagdating sa laro,” he said. “Sinasabi namin na kahit paano mayroon tayong pagkukunan hindi yung pagdating ng SEA Games mahirapan tayong mag-adjust kung ano ang laro nila. Nagpapasalamat kami sa nangyari sa Thailand na nanalo kami.” The Nationals will fly to Thailand for a training camp from July 28 to August 10. “Sa Thailand mas makikita namin ang mga players, marami kaming makakalaban. Sa China kasi di namin alam kung ano ang programa, kung pupunta kami doon at magti-training lang ba kami doon. Di ata maayos ang naging usapan so magta-Thailand na lang kami,” said Alinsunurin. The Nationals will also fly to Japan to train from November 5 to 20.   --- Follow this writer on Twitter, @fromtheriles  .....»»

Category: newsSource:  inquirerRelated NewsJul 17th, 2019

Nakuha namin suporta ng tao -- Alinsurin

The Philippine men’s national team captured a much bigger prize than the breakthrough bronze medal in the 2019 Thailand Open Sealect Tuna Volleyball Championships. The squad earned the respect and support of the Filipino fans and a chance to gauge its level of play against the region’s powerhouse. Overshadowed by the more popular women’s volleyball team, the Nationals put themselves on the spotlight this time after their podium finish in the tough tournament that served as the team’s first international foray heading into the Southeast Asian Games in November. “Sobrang natuwa nga kami sa nangyari na halos ang mga tao sumusuporta na sa amin. Yun naman ang gusto naming makuha,” said head coach Dante Alinsunurin on Wednesday during the team’s appreciation dinner set by its corporate sponsor Rebisco at Joy Nostalg Hotel in Pasig City. The men’s squad was joined by the members of the women’s U-23 team which also participated in the Thai tourney with Larong Volleyball sa Pilipinas, Inc. board member and national volleyball team program head Peter Cayco and Rebisco top brass Jonathan Ng. The Nationals bannered by the tournament’s 2nd Best Wing Spiker Marck Espejo, Bryan Bagunas, Ranran Abdilla, skipper John Vic De Guzman, Kim Malabunga and veteran setter Jessie Lopez proved their doubters wrong by snatching a podium finish after a hard-fought 22-25, 27-29, 25-18, 25-18, 26-24, win over Saraburi-Thai Denmark in the battle for third in Sisaket, Thailand. The Filipinos suffered an early setback after bowing down to Thai Air Force in four sets. Bagunas paced the Nationals a four-set bounce back victory over Fine Chef Phitsanulok to advance in the semifinals. The Nationals came up short the Final Four at the hands of Thai Army but redeemed themselves for the consolation with Espejo dropping 35 and Bagunas posting 24 markers in the match that saw the Filipinos display their blocking prowess with 22 kill blocks. “Kaya ‘yang team na ‘yan, napag-usapan namin na, ‘Kailangan nating makuha yung tiwala ng mga tao sa team. Kasi kung gusto nating magsimula [lumaki] ang men’s [volleyball] kailangan maging maganda ang performance natin at umanga’t ng umangat ang mga ginagawa natin and yung sakripisyo natin magbubunga naman yan kapag nakita nila na maayos ang team,’” said Alinsunurin, who was also a former national team player. “Sana lang magtuluy-tuloy ang programa.” The four-time UAAP champion mentor also stressed the importance of seeing where the squad is right now as they prep up for the biennial meet that the country will host from Nov. 30 to December 10. “Siyempre sobrang importante ‘yung naging sitwasyon namin sa Thailand. Hindi tayo nanghuhula. Nakita namin ang kalaban namin and kung anong ginagawa nilang play or ginagawa pagdating sa laro,” he said. “Sinasabi namin na kahit paano mayroon tayong pagkukunan hindi yung pagdating ng SEA Games mahirapan tayong mag-adjust kung ano ang laro nila. Nagpapasalamat kami sa nangyari sa Thailand na nanalo kami.” The Nationals will fly to Thailand for a training camp from July 28 to August 10. “Sa Thailand mas makikita namin ang mga players, marami kaming makakalaban. Sa China kasi di namin alam kung ano ang programa, kung pupunta kami doon at magti-training lang ba kami doon. Di ata maayos ang naging usapan so magta-Thailand na lang kami,” said Alinsunurin. The Nationals will also fly to Japan to train from November 5 to 20.   --- Follow this writer on Twitter, @fromtheriles  .....»»

Category: newsSource:  inquirerRelated NewsJul 17th, 2019

Nakuha namin suporta ng tao -- Alinsurin

The Philippine men’s national team captured a much bigger prize than the breakthrough bronze medal in the 2019 Thailand Open Sealect Tuna Volleyball Championships. The squad earned the respect and support of the Filipino fans and a chance to gauge its level of play against the region’s powerhouse. Overshadowed by the more popular women’s volleyball team, the Nationals put themselves on the spotlight this time after their podium finish in the tough tournament that served as the team’s first international foray heading into the Southeast Asian Games in November. “Sobrang natuwa nga kami sa nangyari na halos ang mga tao sumusuporta na sa amin. Yun naman ang gusto naming makuha,” said head coach Dante Alinsunurin on Wednesday during the team’s appreciation dinner set by its corporate sponsor Rebisco at Joy Nostalg Hotel in Pasig City. The men’s squad was joined by the members of the women’s U-23 team which also participated in the Thai tourney with Larong Volleyball sa Pilipinas, Inc. board member and national volleyball team program head Peter Cayco and Rebisco top brass Jonathan Ng. The Nationals bannered by the tournament’s 2nd Best Wing Spiker Marck Espejo, Bryan Bagunas, Ranran Abdilla, skipper John Vic De Guzman, Kim Malabunga and veteran setter Jessie Lopez proved their doubters wrong by snatching a podium finish after a hard-fought 22-25, 27-29, 25-18, 25-18, 26-24, win over Saraburi-Thai Denmark in the battle for third in Sisaket, Thailand. The Filipinos suffered an early setback after bowing down to Thai Air Force in four sets. Bagunas paced the Nationals a four-set bounce back victory over Fine Chef Phitsanulok to advance in the semifinals. The Nationals came up short the Final Four at the hands of Thai Army but redeemed themselves for the consolation with Espejo dropping 35 and Bagunas posting 24 markers in the match that saw the Filipinos display their blocking prowess with 22 kill blocks. “Kaya ‘yang team na ‘yan, napag-usapan namin na, ‘Kailangan nating makuha yung tiwala ng mga tao sa team. Kasi kung gusto nating magsimula [lumaki] ang men’s [volleyball] kailangan maging maganda ang performance natin at umanga’t ng umangat ang mga ginagawa natin and yung sakripisyo natin magbubunga naman yan kapag nakita nila na maayos ang team,’” said Alinsunurin, who was also a former national team player. “Sana lang magtuluy-tuloy ang programa.” The four-time UAAP champion mentor also stressed the importance of seeing where the squad is right now as they prep up for the biennial meet that the country will host from Nov. 30 to December 10. “Siyempre sobrang importante ‘yung naging sitwasyon namin sa Thailand. Hindi tayo nanghuhula. Nakita namin ang kalaban namin and kung anong ginagawa nilang play or ginagawa pagdating sa laro,” he said. “Sinasabi namin na kahit paano mayroon tayong pagkukunan hindi yung pagdating ng SEA Games mahirapan tayong mag-adjust kung ano ang laro nila. Nagpapasalamat kami sa nangyari sa Thailand na nanalo kami.” The Nationals will fly to Thailand for a training camp from July 28 to August 10. “Sa Thailand mas makikita namin ang mga players, marami kaming makakalaban. Sa China kasi di namin alam kung ano ang programa, kung pupunta kami doon at magti-training lang ba kami doon. Di ata maayos ang naging usapan so magta-Thailand na lang kami,” said Alinsunurin. The Nationals will also fly to Japan to train from November 5 to 20.   --- Follow this writer on Twitter, @fromtheriles  .....»»

Category: newsSource:  inquirerRelated NewsJul 17th, 2019

Gov’t makes full award of 7-year bonds

THE GOVERNMENT fully awarded the reissued seven-year Treasury bonds (T-bond) on offer yesterday amid robust demand as market participants priced in possible monetary policy easing by local and US central banks......»»

Category: financeSource:  bworldonlineRelated NewsJul 16th, 2019

Nat’l champs in 1st Tempo chessfest

The two international masters-elect will compete against other titled players in the one-day, seven-round Swiss System event staking a total cash pot of P100,000......»»

Category: newsSource:  tempoRelated NewsJul 15th, 2019