07012016Fri
Last update: Fri, 01 Jul 2016 10pm

Global Business & Economy

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Bangladesh gets $150mn from World Bank for health DHAKA: The World Bank said on Sunday it has approved $150 million in additional financing to help improve Bangladesh's health systems and services, bringing its total support for health projects in the country to $508.9 million. The support will help the government address health sector challenges, including sustaining and improving immunisation coverage, improving deliveries for pregnant women at public health facilities and tackling multi-drug resistant tuberculosis, the World Bank said in a statement. Bangladesh has reduced under-five child mortality by 29 percent between 2007 and 2014, and during the same period, births attended by medically trained professionals increased from 21 percent to 42 percent. The financing will also help Bangladesh improve public financial management to get more value from its public spending on health and support development of a health information system, including a web-based complaint-handling mechanism. The credit from the World Bank's International Development Association has a 38-year term, ...

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Chinese firms may 'wait and see' on UK investment after Brexit TIANJIN: Chinese companies may want to "wait and see" the impact of Britain's vote to leave the European Union before they invest in the country, the head of China's top economic planner said on Sunday. However, the impact of the referendum on China's economy will be limited, said Xu Shaoshi, chairman of the National Development and Reform Commission, at the World Economic Forum in the northern city of Tianjin. Copyright Reuters, 2016 ...

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Saudi, UAE see little Brexit impact on their banks DUBAI: Financial authorities in Saudi Arabia and the United Arab Emirates on Saturday downplayed the impact of Britain's vote to leave the European Union on their banks.Authorities in both countries, whose currencies are pegged to the US dollar, said they were keeping an eye on the impact of the Brexit vote, but that their banks' exposure is limited."Due to the limited connection between the UAE financial system and that of the UK, the channels through ...

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IMF calls for urgent action as Mozambique's growth dips JOHANNESBURG: The International Monetary Fund has called for urgent action to stem Mozambique's deteriorating economic performance, after revelations of $1.4 billion in hidden debt saw donor nations suspending aid to the country.In a statement released Friday, the IMF recommended "an urgent and decisive package of policy measures to avoid a further deterioration in economic performance".Mozambique's growth is forecast to drop to 4.5 percent this year -- down from 6.6 percent last year -- while rising ...

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South Korean says Brexit blow to integrated global economy BEIJING: South Korean Finance Minister Yoo Il-ho said on Saturday the world was stunned by Britain's vote to leave the European Union, and the global economy is faced with great volatility and uncertainty.Yoo, speaking in Beijing at a meeting of the China-led Asian Infrastructure Investment Bank, said Brexit is a big blow to believers that a more integrated global economy is beneficial.Copyright Reuters, 2016 ...

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Japan's Asakawa says markets trying to find new equilibrium TOKYO: Japan's top currency official, Masatsugu Asakawa, said on Saturday there will be "various moves" in financial markets in the wake of Brexit, trying to find a new equilibrium. The vice finance minister for international affairs was speaking to reporters after a meeting between senior officials from Bank of Japan and the Financial Services Agency to discuss financial markets after Brexit.He said the finance ministry, BOJ and the FSA shared views and preparedness on the ...

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US Fed awards $87.5bn in reverse repos NEW YORK: The Federal Reserve on Friday awarded $87.5 billion of three-day, fixed-rate reverse repurchase agreements to 38 bidders at an interest rate of 0.25 percent, the New York Fed said on its website. On Thursday, the Fed allotted $91.51 billion in one-day reverse repos to 38 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent. The reverse repurchase agreement program is seen ...