LONDON: A forgery crisis is quietly roiling the world's gold industry.Gold bars fraudulently stamped with the logos of major refineries are being inserted into the global market to launder smuggled or illegal gold, refining and banking executives tell Reuters. The fakes are hard to detect, making them an ideal fund-runner for narcotics dealers or warlords.In the last three years, bars worth at least US$50 million stamped with Swiss refinery logos, but not actually produced by those facilities, have been identified by all four of Switzerland's leading gold refiners and found in the vaults of JPMorgan Chase & Co., one of the major banks at the heart of the market in bullion, said senior executives at gold refineries, banks and other industry sources.Four of the executives said at least 1,000 of the bars, of a standard size known as a kilobar for their weight, have been found. That is a small share of output from the gold industry, which produces roughly 2 million to 2.5 million such … [Read more...] about Exclusive: Fake-branded bars slip dirty gold into world markets
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External issues rock stocks, gold prices reach 6-year high SET index off 1.8%, unrest hits HK bourse Violent protests send investors confidence into disarray, including the Stock Exchange of Thailand. (Reuters photo) The Stock Exchange of Thailand (SET) index on Tuesday slumped nearly 2% as political and financial turbulence on the external front sent investor confidence into disarray.Panic selling of equities was seen in bourses across Asia as investment appetite was riled by brewing tensions over the Sino-US trade row, Hong Kong's protracted political unrest and a sharp fall in the Argentine peso prompted by Sunday's primary election that saw a possible return of the country's populist left-leaning government. Hong Kong's Hang Seng index suffered the most, plummeting 2.1%, with Thailand's benchmark in second at -1.8%. The SET index closed at 1,620.23, down 30.41 points from Friday's close, in trade worth 64.2 billion baht. Foreign investors were net … [Read more...] about External issues rock stocks, gold prices reach 6-year high
Vice President Maria Leonor "Leni" Robredo’s net worth rose to P2.31 million in 2018 from P1.1 million in 2017—an increase of P1.2 million due to increases in her personal properties. Based on the vice president’s Statement of Assets, Liabilities and Net Worth (SALN) as of Dec. 31, 2018, the increase in her personal properties was due to an additional P1.18 million in “cash” and P25,000 worth of “prepaid insurance” compared to 2017. The value of her real properties remained unchanged since 2013 at P1.74 million. Her declared liabilities of P11.9 million meanwhile, remained unchanged since 2017. Robredo’s net worth has been growing by an average of six percent annually over the last six years since 2013, when she was the Representative of the 2nd District of Camarines Sur. Her net worth had a sharp decline in 2017, when it decreased to P1.11 million from the P8.88 million she declared in 2016 due to the “partial … [Read more...] about VP Robredo’s net worth rose by P1.2 million in 2018
MULTIMEDIA Infographic by Pamela Ramos, ABS-CBN News Posted at May 27 2019 09:47 PM | Updated as of May 27 2019 09:48 PM Senators Cynthia Villar and Manny Pacquiao are still the two richest members of the Senate, based on their 2018 statements of assets, liabilities and net worth (SALN). Based on their 2018 SALN, Villar put her net worth at P3,719,941,858.00 without any liability, while Pacquiao reported P3,005,808,000.00 net worth but listed the highest liabilities at P146,005,728.00. Here is the list of the net worth declarations made by each of the 24 senators: /news/05/27/19/abu-sayyaf-member-killed-4-others-wounded-in-sulu-clash/business/05/27/19/will-cigarette-smuggling-worsen-with-sin-tax-hike/sports/05/27/19/pba-black-laments-meralcos-lack-of-energy-in-2nd-half-against-ginebra/overseas/05/27/19/over-200-cocaine-bags-found-in-stomach-of-japanese-who-died-on-plane/overseas/05/27/19/malaysias-last-male-sumatran-rhino-dies-in-captivity … [Read more...] about News The net worth of Philippine senators
Multi-billionaire Elon Musk's real net worth, like his personality, is volatile and mercurial.Probably the best known billionaire in the world (and undoubtedly the most covered by the news and social media), Musk and his exact wealth are a matter of speculation because he lives such an un-billionaire type existence.For one, Musk has no guaranteed multimillion dollar annual salary plus stock options and perks from Tesla Inc. Musk has a $56,000 monthly salary from Tesla but hasn't drawn this salary even once. Seems Musk relies on his salaries and perks from his other businesses such as SpaceX, The Boring Company, OpenAI and Neuralink to get by.But here's what we know about Musk's wealth. Forbes estimates his "real time net worth" as of May 15 at $19.5 billion. That's good for Number 40 on Forbes' billionaires list. CNBC places Musk's net worth at about $23.6 billion (no mention of a time frame).And here's why it's tough placing an exact number on Musk's wealth.In January, Tesla announced … [Read more...] about Elon Musk net worth: How much is Tesla, SpaceX CEO worth?