Latest news with #PoundSterling
Sinar Daily
5 days ago
- Business
- Sinar Daily
MACC completes Ismail Sabri probe, plans RM170 million forfeiture
The investigation papers have been submitted to the Attorney General's Chambers and the Deputy Public Prosecutor has agreed to proceed with the application for forfeiture of the cash. 25 Jun 2025 02:16pm Azam said the MACC had also recorded a statement from Ismail Sabri's former son-in-law, Datuk Jovian Mandagie, in relation to the investigation into the former prime minister's asset ownership. - Bernama file photo PUTRAJAYA - The Malaysian Anti-Corruption Commission (MACC) has confirmed that the investigation into former Prime Minister Datuk Seri Ismail Sabri Yaakob has been completed, and a forfeiture application for cash amounting to RM170 million is expected to be filed within the next two weeks. MACC Chief Commissioner Tan Sri Azam Baki said the investigation papers have been submitted to the Attorney General's Chambers, and the Deputy Public Prosecutor has agreed to proceed with the application for forfeiture of the cash. The investigation followed a directive for Ismail Sabri to declare his assets under Section 36(1) of the MACC Act 2009. The declaration was made on Feb 10, and the MACC is now analysing the sources of the declared assets. - Bernama file photo "The affidavit application and related documents are being prepared. It is up to Ismail Sabri to challenge our application,' he said at a press conference at the MACC headquarters here today. However, Azam clarified that no decision has been made yet regarding criminal charges against the country's ninth prime minister. Ismail Sabri had previously appeared at the MACC headquarters several times to assist in investigations into alleged corruption and money laundering involving the use and procurement of funds for promotion and publicity of the Keluarga Malaysia programme during his administration from August 2021 to November 2022. Azam said the MACC had also recorded a statement from Ismail Sabri's former son-in-law, Datuk Jovian Mandagie, in relation to the investigation into the former prime minister's asset ownership. The investigation followed a directive for Ismail Sabri to declare his assets under Section 36(1) of the MACC Act 2009. The declaration was made on Feb 10, and the MACC is now analysing the sources of the declared assets. Following that, the MACC seized RM170 million in cash in various foreign currencies - including Baht, Riyal, Pound Sterling, Won, Euro, Swiss Franc and Yuan - and confiscated 16 kilogrammes of pure gold bars estimated to be worth RM7 million, as part of the corruption and money laundering probe against the former prime minister. The seizures were made during raids at a residence and office believed to have been used as a "safehouse', based on investigations into four of Ismail Sabri's former senior officers who were detained in February. - BERNAMA
Barnama
5 days ago
- Business
- Barnama
MACC Completes Ismail Sabri Probe, Plans RM170 Mln Forfeiture
PUTRAJAYA, June 25 (Bernama) -- The Malaysian Anti-Corruption Commission (MACC) has confirmed that the investigation into former Prime Minister Datuk Seri Ismail Sabri Yaakob has been completed, and a forfeiture application for cash amounting to RM170 million is expected to be filed within the next two weeks. MACC Chief Commissioner Tan Sri Azam Baki said the investigation papers have been submitted to the Attorney General's Chambers, and the Deputy Public Prosecutor has agreed to proceed with the application for forfeiture of the cash. 'The affidavit application and related documents are being prepared. It is up to Ismail Sabri to challenge our application,' he said at a press conference at the MACC headquarters here today. However, Azam clarified that no decision has been made yet regarding criminal charges against the country's ninth prime minister. Ismail Sabri had previously appeared at the MACC headquarters several times to assist in investigations into alleged corruption and money laundering involving the use and procurement of funds for promotion and publicity of the Keluarga Malaysia programme during his administration from August 2021 to November 2022. Azam said the MACC had also recorded a statement from Ismail Sabri's former son-in-law, Datuk Jovian Mandagie, in relation to the investigation into the former prime minister's asset ownership. The investigation followed a directive for Ismail Sabri to declare his assets under Section 36(1) of the MACC Act 2009. The declaration was made on Feb 10, and the MACC is now analysing the sources of the declared assets. Following that, the MACC seized RM170 million in cash in various foreign currencies — including Baht, Riyal, Pound Sterling, Won, Euro, Swiss Franc and Yuan — and confiscated 16 kilogrammes of pure gold bars estimated to be worth RM7 million, as part of the corruption and money laundering probe against the former prime minister. The seizures were made during raids at a residence and office believed to have been used as a 'safehouse', based on investigations into four of Ismail Sabri's former senior officers who were detained in February.
News18
21-06-2025
- Business
- News18
India's Forex Reserves Surge $2.3 Billion To $698.9 Billion, To Touch All-Time High Soon
Last Updated: Gold reserves also contribute to the rise, increasing by $428 million to reach $86.32 billion. India's foreign exchange reserves jumped by $2.3 billion to $698.9 billion for the week ended June 13, 2025, according to data released by the Reserve Bank of India (RBI) on June 20. This comes after a rise of $5.17 billion in the previous week, when the reserves had stood at $696.65 billion. The current level is inching closer to the all-time high of $704.89 billion recorded in end-September 2024. The increase in the latest week was mainly due to a $1.74 billion rise in foreign currency assets, which make up the largest component of the reserves and include the impact of movements in non-dollar currencies like the euro, pound and yen. Gold reserves also contributed to the rise, increasing by $428 million to reach $86.32 billion. The share of gold maintained by the RBI in its kitty has almost doubled since 2021, as central banks globally have increasingly accumulated safe-haven gold in their forex reserves. In 2023, India added around $58 billion to its foreign exchange reserves, contrasting with a cumulative decline of $71 billion in 2022. In 2024, the reserves rose by a little over $20 billion. Foreign exchange reserves, or FX reserves, are assets held by a nation's central bank or monetary authority, primarily in reserve currencies such as the US Dollar, with smaller portions in the Euro, Japanese Yen, and Pound Sterling. Special Drawing Rights (SDRs) rose by $85 million to $18.76 billion during the week ended June 13, while India's reserve position with the International Monetary Fund (IMF) went up by $43 million to $4.45 billion. The RBI often intervenes by managing liquidity, including selling dollars, to prevent steep Rupee depreciation. The RBI strategically buys dollars when the Rupee is strong and sells when it weakens. During the previous monetary policy announcement, RBI Governor Sanjay Malhotra said the foreign exchange kitty is sufficient to meet 11 months of the country's imports and about 96 per cent of external debt. A rise in forex reserves also boosts the rupee by boosting India's external financial position. The rupee on June 20 snapped its three-day losing streak and settled with a gain of 18 paise at 86.55 against the US dollar, buoyed by a massive inflow of foreign capital, retreating crude oil prices and a weakening greenback. A robust sentiment in domestic equity markets further supported the local unit, according to forex traders. At the interbank foreign exchange, the domestic currency opened at 86.65 and traded in a narrow range of 86.55-86.67, before ending the session at its intra-day peak of 86.55 against the US dollar, registering a gain of 18 paise from previous closing level. First Published: June 21, 2025, 09:08 IST
News18
13-06-2025
- Business
- News18
India's Forex Reserves Near Record High, Jump $5.17 Billion To $696.66 Billion
Last Updated: India's forex reserves surge $5.17 billion to $696.656 billion as of June 6, 2025, nearing the all-time high of $704.89 billion. RBI's gold reserves rise $1.58 bn to $85.89 bn. Forex Reserves Update: India's foreign exchange (forex) reserves surged by $5.17 billion to $696.656 billion during the week ended June 6, 2025, according to the official data announced on Friday, June 13. The forex kitty is just 1.2% away from its all-time high level of $704.89 billion, recorded in September 2024. In the previous week ended May 30, the forex kitty had declined by $1.23 billion. According to the latest RBI data, India's foreign currency assets (FCA), which is a major portion of forex reserves, by $3.472 billion to $587.687 billion. The country's gold reserves also increased by $1.583 billion between May 30 and June 6 to $85.888 billion. The share of gold maintained by the RBI in its kitty has almost doubled since 2021, as central banks globally have increasingly accumulated safe-haven gold in their forex reserves. In 2023, India added around $58 billion to its foreign exchange reserves, contrasting with a cumulative decline of $71 billion in 2022. In 2024, the reserves rose by a little over $20 billion. Foreign exchange reserves, or FX reserves, are assets held by a nation's central bank or monetary authority, primarily in reserve currencies such as the US Dollar, with smaller portions in the Euro, Japanese Yen, and Pound Sterling. The RBI often intervenes by managing liquidity, including selling dollars, to prevent steep Rupee depreciation. The RBI strategically buys dollars when the Rupee is strong and sells when it weakens. Last week, RBI Governor Sanjay Malhotra said the foreign exchange kitty is sufficient to meet 11 months of the country's imports and about 96 per cent of external debt. First Published: June 13, 2025, 17:50 IST
Zawya
10-06-2025
- Business
- Zawya
Sterling weakens as soft labour market data supports UK rate cut bets
The British pound fell against the dollar and the euro on Tuesday as soft UK labour market data bolstered investors' bets for more rate cuts this year from the Bank of England. Pay growth slowed sharply while the unemployment rate rose to its highest level in nearly four years in the three months to April, Britain's Office for National Statistics said. The downturn appeared to gather pace in May as more timely tax office data showed a slump of 109,000 in the number of employees on company payrolls, the biggest decline since May 2020 at the height of the COVID-19 pandemic. "The latest official read on UK labour market activity provided broad confirmation that conditions were easing," said Nikesh Sawjani, senior UK economist at Lloyds. "Should the labour market continue to cool further in the coming months and quarters, consistent with the indication provided by a range of surveys, we believe that should give the Bank of England confidence to deliver further cuts in the Bank Rate over the next year or so." The pound was last down 0.5% against the dollar at $1.3488, having earlier dropped to its lowest since June 2 at $1.3458. The Bank of England meets next week and although it is expected to stand pat on rates, money market traders added to bets for additional rate cuts this year. Short-term rate futures priced in about 48 basis points of cuts by the end of the year, implying about two quarter-point cuts, compared with 39 bps before the data. "This (labour market data) puts a question mark on the hawkish bias that we've seen from the Bank of England," said Kirstine Kundby-Nielsen, FX analyst at Danske Bank. "Markets are very firm that we won't get a cut next week, and I think that's definitely the case, but it can open the door when we get to the August meeting." The pound was down about 0.4% at 84.6 pence per euro, its weakest level against the single currency since May 9. (Reporting by Samuel Indyk; Editing by Susan Fenton)
