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RBI starts pilot program of its digital currency

India’s central bank started a pilot program of its digital currency, allowing select banks to use it for settling secondary-market transactions in government securities. Several lots of bonds were traded, with data from Clearing Corp of India showing 7.38% 2027 debt and 7.26% 2032 bonds were among the first to change hands using new form of currency. Nine banks are ...

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ING plans $1.47bn buyback as one-off charges hit profit

ING Groep NV said it will buy back as much as €1.5 billion ($1.47 billion) of shares to reward investors, after a mixed third quarter in which profit missed estimates following charges at its Polish business and in accounting for hedges. Net income of the bank reached €979 million in the three months through September compared with analysts’ expectations for ...

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Recession alone won’t tame inflation: Lagarde

European Central Bank (ECB) President Christine Lagarde warned that a “mild recession” is possible but that it wouldn’t be sufficient in itself to stem soaring prices. Speaking a week after the ECB’s second straight 75 basis-point hike in borrowing costs, and as fears mount that the energy crisis will drag down output in the 19-nation euro zone, Lagarde said “we ...

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