Spot gold prices have surged 40% in the last 14 months and are within striking distance of 2011’s record high of $1,920.30 an ounce.
The World Bank and the International Monetary Fund on Wednesday urged official bilateral creditors to provide immediate debt relief to the world’s poorest countries as they grapple with severe consequences of the rapidly spreading coronavirus.
The new coronavirus epidemic poses a “serious threat” and will slow growth in the world economy to below the 2.9 per cent posted last year, IMF chief Kristalina Georgieva said on Wednesday.
India and other South Asian countries are likely to record their worst growth performance in four decades this year due to the coronavirus outbreak, the World Bank said on Sunday.
The mergers, which cut to 12 the total number of state-owned banks from 27 in 2017, are the first since Indian Prime Minister Narendra Modi's government won re-election in late May.
Southeast Asia’s biggest lender DBS Group Holdings Ltd beat market estimates to post a record quarterly profit, as strong lending income offset weakness in wealth management, brokerage and investment banking fees. DBS, the first Singapore bank to kick off the sector’s results, posted an 8.5 per cent rise in first-quarter net profit from a year earlier,
Industrial and Commercial Bank of China Ltd (ICBC), the world’s biggest commercial lender by assets, posted a 4.1 per cent rise in profit for the three months ended March, its fastest growth for the period since 2014. Profit was 82.01 billion yuan ($12.18 billion) for the first quarter, compared with 78.80 billion yuan in the same period a year earlier, the bank said in a filing on Monday.
Pakistan and the World Bank on Tuesday signed three loan agreements worth $918 million to help support revenue mobilisation and higher education development in the country.
In a major setback for India’s economic outlook, a World Bank report on Sunday estimated India’s economic growth in the current fiscal at 6 per cent, lower than the Reserve Bank of India’s latest revised outlook of 6.1 per cent.
The International Monetary Fund (IMF), will raise its forecast for global economic growth in 2021 and 2022 after last year’s 3.5% contraction, but financial conditions remain highly uncertain, IMF Managing Director Kristalina Georgieva said on Tuesday.