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Wednesday, October 28, 2020

Debt burden of least developed countries hit $744 bn in 2019- World Bank

By FolasadeAkpan Abuja, Oct. 12, 2020 The World Bank says the total external debt of Debt Service Suspension Initiative (DSSI)-eligible countries climbed to 744 billion dollars in 2019, an increase of 9.5 per cent from the previous year. The bank said made this known in its...

World’s Five Largest Asset Management Companies Hold $22.5trn in Assets, More than US GDP

Institutions and individuals who invest money usually do so with the asset manager’s help, a company that manages their investments and makes a profit for both sides. These firms make well-timed investment decisions on behalf of their clients to grow their portfolio and finances. World’s...

Europe Union Throws Its Weight Behind Nigerian, Korean WTO-Head Contenders

Bloc to support two female candidates for next WTO shortlist Global trade arbiter plans to choose its new leader by Nov. 7 European Union governments will support the Nigerian and South Korean candidates to lead the World Trade Organization as the race enters its final mont. EU...

West Africa’s new currency could now be delayed by five years, President Ouattara warns

The agreed criteria among WAEMU members for the currency’s launch was for national budget deficits to be contained at or below 3% of GDP (gross domestic product). The existing CFA franc, comprising both the Central African XAF and the West African XOF, is currently pegged...

Business leaders agree on urgent reforms as global economy faces its ‘worst state in a century’

On Monday, business leaders under the Business Twenty group made 25 policy recommendations for the G-20 group. Each recommendation fell into three key areas: empowering people, safeguarding the planet and shaping new frontiers. Top business leaders say the global economy is facing its worst crisis in...

Renminbi strength foretells dollar’s decline

by Mansoor Mohi-uddin The writer is chief economist at Bank of Singapore The renminbi has become a prime indicator of the dollar’s fortunes in the same way that Japan’s yen was in the 1990s. Indeed, the sharp rebound in China’s currency this year is a clear...

Eurozone GDP Breakdown Reveals Ongoing Drag from Leisure and Transport Sector

Fitch Ratings-London-29 September 2020: The leisure and transport (L&T) sector was a key driver of the decline in eurozone GDP in 2Q20 and will likely continue to hold back the broader economic recovery over the next year or so. All sectors of the eurozone economy...

Upcoming G20 Leaders’ Summit to build on successes of March extraordinary webinar

Riyadh, Sept. 28, 2020 (Xinhua/Naija247news) The 2020 G20 Leaders’ Summit to be held virtually from Nov. 21 to 22, will build on the success of the extraordinary virtual G20 Leaders’ Summit held in March. Saudi Arabia’s G20 presidency, which disclosed this in a statement early...

Dollar jumps as risk assets tumble on rising COVID-19 cases, U.S. election uncertainty

By Sinéad Carew NEW YORK (Reuters) - The U.S. dollar index soared to an almost six-week high on Monday and riskier currencies fell as investors sought safety and global stock markets tumbled on fears about rising COVID-19 cases and uncertainty surrounding November’s U.S. elections. The euro...

Global banks seek to contain damage over $2 trillion of suspicious transfers

By Alun John, Sumeet Chatterjee, Lawrence White HONG KONG/LONDON (Reuters) - Global banks faced a fresh scandal about dirty money on Monday as they sought to limit the fallout from a cache of leaked documents showing they transferred more than $2 trillion in suspect funds...
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