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  • MANILA, July 23- Gold edged up from a five-year low on Thursday as the dollar weakened, but the modest gains suggest bearish investors are still hovering in the market after an early-week rout led to bullion's deepest loss in nearly two years. Gold tumbled as much as 4 percent on Monday in a sell-off exacerbated by big trading volumes on the Shanghai Gold Exchange...

  • As Washington tightened sanctions on nearly all trade with Iran in recent years, international banking transfers that most Americans take for granted have become increasingly fraught for the roughly 500,000 U.S.-based Iranian-Americans. "My money is there, but I cannot use it here," said Reza Hedayati, a New York radiologist who has not seen a cent of the...

  • ISTANBUL, July 22- HSBC is set to agree to sell its Turkish business to Dutch lender ING Group for around $700 million- $750 million in the next few days, two people familiar with the matter told Reuters on Wednesday. Acquiring HSBC's business would allow ING to roughly double its around $15 billion of assets in Turkey, putting it on better footing in a highly...

  • As Washington tightened sanctions on nearly all trade with Iran in recent years, international banking transfers that most Americans take for granted have become increasingly fraught for the roughly 500,000 U.S.-based Iranian-Americans. "My money is there, but I cannot use it here," said Reza Hedayati, a New York radiologist who has not seen a cent of the...

  • WASHINGTON/ ST. LOUIS, July 21- The Federal Reserve told China Construction Bank Corp to do more to fight money laundering on Tuesday, in the first ever enforcement action by the U.S. central bank against one of China's four largest state-owned banks. Mildred Harper, chief compliance officer for CCB's New York branch, confirmed the enforcement action.

  • HSBC must face U.S. lawsuit over failed credit unions Tuesday, 21 Jul 2015 | 12:30 PM ET

    NEW YORK, July 21- A federal judge rejected HSBC Holdings Plc's bid to dismiss a U.S. lawsuit claiming that its failure to perform its duties as trustee for $2.37 billion of residential mortgage-backed securities contributed to the downfall of five federal credit unions. District Judge Shira Scheindlin in Manhattan on Monday night said the National Credit...

  • WASHINGTON, July 21- The Federal Reserve on Tuesday told China Construction Bank Corp to ramp up its anti-money laundering framework, the first enforcement action by the U.S. central bank against one of China's four largest state-owned banks. It is the first time the Fed has taken an enforcement action against CCB, according to the Fed's website, where a database...

  • LONDON, July 21- Britain's finance minister George Osborne launched a new front in his austerity push on Tuesday as he challenged some government departments to find spending cuts of up to 40 percent by the end of the decade. "This spending review is the next step in our plan to eliminate the deficit, run a surplus and ensure Britain lives within its means," Osborne...

  • Price of gold falls to lowest level in five years Monday, 20 Jul 2015 | 12:42 PM ET

    The U.S. economy has been on firmer footing, and tumult in China's markets and Greece's debt crisis have failed to restore the metal's appeal as a haven from global turmoil. The price of gold had surged in the years immediately after the 2008 financial crisis, topping out at nearly $1,900 an ounce in August 2011, as investors anticipated that the Federal Reserve's...

  • July 17- Wells Fargo& Co on Friday won the dismissal of a lawsuit by Cook County, Illinois that accused the largest U.S. mortgage lender of violating the federal Fair Housing Act by engaging in predatory lending practices in the Chicago area. Cook County, which includes Chicago, accused Wells Fargo of targeting tens of thousands of black, Hispanic and female...

  • UPDATE 3-Head of UK financial watchdog quits early Friday, 17 Jul 2015 | 10:12 AM ET

    *Martin Wheatley had been due to step down in March 2016. LONDON, July 17- The head of Britain's financial watchdog is stepping down early in a move some industry watchers said was a sign the government wants to take a less confrontational stance towards banks. Sources familiar with the matter said Martin Wheatley, viewed as a hardliner in regulatory terms, had...

  • LONDON, July 17- Amid all the uncertainty swirling around financial markets, one clear picture is emerging for investors: U.S. and UK interest rates will soon rise, while most of the rest of the world is easing monetary policy. Federal Reserve chair Janet Yellen and Bank of England governor Mark Carney this week gave their strongest indications to date that they...

  • LONDON, July 17- Emerging market shares were poised to end the week in the black after hitting a one-week high on Friday, lifted by a 4 percent rise in China and the Greek bailout deal that also boosted Eastern European currencies. The broader MSCI emerging market stock index rose 0.3 percent on the day and looked to snap a two-week losing streak after China...

  • LONDON, July 16- Ex-trader Tom Hayes on Thursday told a London court where he is on trial for rigging Libor that his attempts to influence benchmark interest rates had resulted in "random" outcomes that had not benefited his trading positions over time. In cross-examination, prosecutor Mukul Chawla asked Hayes questions about an electronic chat dated July 2009...

  • *Many sanctions on Iran likely to stay for months. *UK not recommending insurance trade with Iran yet. LONDON/ FRANKFURT, July 16- International banks and most insurers are likely to steer clear of dealing with Iran for some time, fearing they could face more fines from U.S. regulators despite this week's nuclear deal between world powers and Tehran.

  • Mercantil Bank AG will pay $1.172 million, Banque Cantonale Neuchâteloise will pay $1.123 million and Nidwaldner Kantonalbank will pay $856,000, the U.S. Justice Department said on Thursday. The United States is still conducting criminal investigations of other banks exempt from the Swiss bank program, including Julius Baer and HSBC's Swiss private bank.

  • The government surprised banks earlier this month by announcing a new 8 percent surcharge on profits from January, sending shares in new banks like Aldemore, Virgin Money and Shawbrook tumbling. A levy on the balance sheets of large banks like HSBC would, however, be slashed and the basic corporate tax rate for all lenders cut as well. She said it was important to...

  • SARVE, India, July 16- Farmers in India run the risk of planting too much, too fast in the current monsoon season as an unexpected dry spell starts to wilt crops across the country, raising fears of lower yields and surging food prices in a mostly impoverished nation. Food prices are a political hot potato in India, where more than a quarter of its population of 1.2...

  • WELLINGTON, July 16- New Zealand's central bank looks set to be forced into more aggressive interest rate cuts to support a flagging economy beset by crumbling dairy prices, sliding sentiment and low inflation. "We were already expecting a 25 basis point cut next week and stick to that call, although a straight 50 bps cut is now a real possibility," said HSBC chief...

  • BRASILIA, July 15- Brazil's investigation of an alleged currency cartel formed by 15 of the world's largest banks could expand to more financial institutions but it is unlikely to result in trading bans, the head of antitrust watchdog Cade told Reuters on Wednesday. Vinicius Carvalho, making his first public comments on the investigation, said the case was...