Growing restrictions imposed on foreign banks operating in developing countries since the 2007/9 global financial crisis are hampering better growth prospects by limiting the flow of much-needed financing to firms and households, a World Bank report warned on Tuesday.

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Ratings agencies must downgrade businesses responsible for unethical practices such as tax evasion carried out through off-shore-registered companies, two United Nations human rights experts warned, while urging countries to cooperate to counter this global tax abuse problem.

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Kuwaiti billionaire Maan al-Sanea should have seen it coming after Saudi Crown Prince Mohammed bin Salman vowed to root out corruption.

Published in Middle East

The Committee of the Governors of Central Banks of ECOWAS Member States led by its chairman, Mr. Godwin Emiefele of the Central Bank of Nigeria (CBN), have called for greater synergy between the West African Monetary Agency (WAMA) and ECOWAS in the bid to attain a single currency in the region.

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In the past year, Bitcoin has risen more than 700%.  With such a meteoric rise, antagonists are coming out. Recently the bashing of Bitcoin at the hands of major financial players such as Jamie Dimon and Saudi Prince Al-Waleed, claiming that Bitcoin is a fraud and Ponzi scheme.

Published in Economy

The Asian Development Bank’s (ADB) Board of Directors has endorsed a new 5-year country partnership strategy (CPS) to establish a stronger foundation for sustainable growth and poverty reduction in Afghanistan.

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Oil prices are forecast to rise to $56 a barrel in 2018 from $53 this year as a result of steadily growing demand, agreed production cuts among oil exporters and stabilizing U.S. shale oil production, while the surge in metals prices is expected to level off next year, the World Bank said on Thursday.

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The Asian Development Bank’s (ADB) Board of Directors has approved $170 million in loans to help the Government of Viet Nam upgrade urban infrastructure and address climate change, benefiting about 116,000 households in Hue, Vinh Yen, and Ha Giang.

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