President Joe Biden has nominated Indian-American business executive Ajay Banga to become the next president of the World Bank. Banga’s nomination is a major step towards diversifying the World Bank’s leadership and bringing together public and private resources to tackle urgent challenges such as climate change. Biden praised Banga’s experience in forging public-private partnerships and […]
The World Bank is facing immense pressure to reform and finance global issues such as climate change and public health. The bank is expected to take a leading role in addressing climate change, while maintaining its existing goals of ending extreme poverty and boosting shared prosperity. To meet these demands, the World Bank must leverage […]
[ Finance Minister Ishaq Dar on Wednesday announced that the board of China Development Bank (CDB) approved a loan of $700 million for Pakistan. Earlier this month, the country\’s foreign exchange reserves slipped to the alarming level of below $3 billion for the first time in nine years, reducing import capacity to slightly over two […]
[ LONDON: Britain’s Lloyds Banking Group on Wednesday logged a drop in net profit last year as a large charge to cover loan defaults offset the impact of rising interest rates. Profit after tax slid six percent to £5.0 billion ($6.0 billion) last year from 2021, Lloyds said in a statement. The lender set aside […]
[ It may sound like a circular argument, but the only way to stop inflation is to stop companies from raising prices. And the only way to stop that is to get inflation under control. And that could mean an end to the interest rate hike pause. After Tuesday\’s latest release of inflation data, warnings from Bank of Canada governor Tiff […]
[ NEW YORK: A U.S. judge decided on Tuesday that victims of the Sept. 11, 2001, attacks are not entitled to seize $3.5 billion of assets belonging to Afghanistan\’s central bank to satisfy court judgments they obtained against the Taliban. U.S. District Judge George Daniels in Manhattan said he was \”constitutionally restrained\” from finding that […]
[ The Board of the China Development Bank (CDB) has approved the disbursement of $700 million for Pakistan, said Federal Minister for Finance and Revenue Ishaq Dar on Wednesday. “Formalities completed and Board of China Development Bank has approved the facility of $700 million for Pakistan,” Dar announced in a post on Twitter. “This amount […]
[ Finance Minister Ishaq Dar announced on Wednesday that the board of the China Development Bank (CDB) has approved a loan facility of $700 million for Pakistan and formalities in this regard have been completed. The State Bank of Pakistan (SBP) was expected to receive the money this week, which would help shore up the […]
WELLINGTON: New Zealand’s central bank raised interest rates by 50 basis points to a more than 14-year high of 4.75% on Wednesday, and said it expects to keep tightening further as inflation remains too high, a hawkish signal that sent the local dollar surging. The Reserve Bank of New Zealand (RBNZ) said it was too […]