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UK fraud watchdog investigating GFG Alliance

LONDON (Reuters) – Britain’s Serious Fraud Office (SFO) is investigating Gupta Family Group Alliance, including its financing arrangements with collapsed Greensill Capital, it said on Friday.

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UK fraud watchdog investigating GFG Alliance
© Reuters. FILE PHOTO: The GFG Alliance flag flies at the completion of a 330 million pound deal to buy Britain’s last remaining Aluminium smelter in Fort William Lochaber Scotland, Britain December 19, 2016. REUTERS/Russell Cheyne/File Photo

LONDON (Reuters) – Britain’s Serious Fraud Office (SFO) is investigating Gupta Family Group Alliance, including its financing arrangements with collapsed Greensill Capital, it said on Friday.

“The SFO is investigating suspected fraud, fraudulent trading and money laundering in relation to the financing and conduct of the business of companies within the Gupta Family Group Alliance (GFG), including its financing arrangements with Greensill Capital UK Ltd,” the SFO said in a statement.

A representative of GFG Alliance, steel magnate Sanjeev Gupta’s family conglomerate, said the group had no immediate comment on the matter.

The SFO said it had no further comment given it was a live investigation.

GFG Alliance, Gupta’s privately held conglomerate, has relied heavily on Greensill Capital to fund its operations.

Greensill is facing insolvency after its main insurer stopped providing credit insurance on $4.1 billion of debt in portfolios it had created for clients including Credit Suisse (SIX:).

Britain’s Financial Conduct Authority said on Tuesday it was formally investigating the UK operations of supply chain finance company Greensill as part of global probes.

Greensill lent money to firms by buying their invoices at a discount, but collapsed in March 2021 after insurers pulled their cover.

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Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Economy

Mexican Workers Abroad Keep Sending Record Cash Back Home

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Mexican Workers Abroad Keep Sending Record Cash Back Home
Mexican Workers Abroad Keep Sending Record Cash Back Home

(Bloomberg) — Mexico’s remittances reached another record in October, powered by the U.S. economic recovery and a weaker peso that encourages workers abroad to send money back home to support their families. 

Latin America’s second-largest economy posted $4.82 billion in money sent by Mexicans abroad in October, the biggest inflow on record and a 34% gain compared to a year ago, the central bank said on its website Wednesday. The result topped all analyst estimates in a Bloomberg survey, which had $4.58 billion as the average forecast. 

The number of individual transactions grew to over 12.5 million, up from 11.6 million in September, according to the central bank.

Alberto Ramos, an economist at Goldman Sachs Group Inc (NYSE:)., wrote in a note that generous wages in the U.S. combined with a contraction of economic activity in Mexico and a competitive exchange rate led to the record amount.

“Solid workers’ remittance flows have been adding support to the current account and to private consumption, particularly for low-income families, who have a high propensity to consume and are the overwhelming recipients of such transfers,” he wrote. “The moderating activity and income growth profile in the U.S. should lead to a moderation in remittance flows to Mexico in coming quarters.”

Mexico’s President Andres Manuel Lopez Obrador has for months lauded the contribution of workers abroad, stating earlier this month that Mexico was on track to reach a total of $50 billion in remittances by the year’s end. Remittances to Mexico surpassed $42 billion so far in the first ten months of the year.

©2021 Bloomberg L.P.

 

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Economy

U.S. CFPB says considering guidance aimed at curbing banks’ reliance on overdraft, non-sufficient fees revenue

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U.S. CFPB says considering guidance aimed at curbing banks' reliance on overdraft, non-sufficient fees revenue
© Reuters. FILE PHOTO: The seal of the Consumer Financial Protection Bureau (CFPB) is seen at their headquarters in Washington, U.S., May 14, 2021. REUTERS/Andrew Kelly/File Photo

WASHINGTON (Reuters) – The head of the U.S. Consumer Financial Protection Bureau (CFPB) told reporters on Wednesday that he has asked staff to consider additional agency guidance aimed at curbing banks’ reliance on overdraft, non-sufficient fees.

“The [consumer watchdog] is considering a range of regulatory interventions to help restore meaningful competition in this part of the checking market, rather than allowing large institutions to rely on overdraft and non-sufficient revenue fees forever.”

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Economy

Schumer sees “good progress” in talks to avoid U.S. gov’t shutdown

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Schumer sees
© Reuters. FILE PHOTO: U.S. Senate Majority Leader Chuck Schumer (D-NY) speaks to reporters following the Senate Democrats weekly policy lunch at the U.S. Capitol in Washington, U.S., November 30, 2021. REUTERS/Elizabeth Frantz

WASHINGTON (Reuters) – U.S. Senate Majority Leader Chuck Schumer said on Wednesday that talks with his Republican counterpart Mitch McConnell to avoid a government shutdown were making “good progress,” adding that the two leaders must prevent a group of Senate Republicans from causing “total chaos” by delaying action.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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