Crude oil prices are expected to jump 23 per cent this year amid strong economic growth, while metals prices are rising, hit by ongoing trade tensions, the World Bank said on Tuesday (Apr 24). The World Bank raised its forecast for oil prices to an average of US$65 a barrel this year and next, up from US$53 last year, partly due to "mounting geopolitical risk." (AFP/KAREN BLEIER) The World Bank raised its forecast for oil prices to an average of US$65 a barrel this year and next, up from US$53 last year, partly due to "mounting geopolitical risk." Metals prices are expected to increase nine per cent in 2018 and while agricultural prices are expected to gain two percent in both cases impacted by the US-China trade dispute, the report said. The World Bank cautioned that "policy actions currently under discussion, such as additional tariffs, production cuts, and sanctions, present risks to the short-term outlook." The continued global economic recovery, with growth increasing to … [Read more...] about Oil, metals prices set to rise amid trade tensions: World Bank
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World Bank shareholders approve US$13 billion capital increase
US Treasury Secretary Steven Mnuchin said changes in lending policies at the World Bank will free up more resources for poorer countries. (Photo: AFP/Brendan Smialowski) World Bank President Jim Yong Kim said neither China nor any middle income countries was happy about the prospect of paying more for loans, but they agreed because of the overall increase in funds available. The agreement, which also increase shares and voting power to large emerging market countries like China, was "a tremendous vote of confidence" in the institution that came after three years of tough negotiations, Kim said. "World Bank Group bureaucrats don't often jump around and high-five and hug each other," Kim told a small group of reporters following the Spring meeting. He said the increase was needed because even with the end of the global financial crisis, the bank has been called on to provide funding to address a new series of challenges facing poor countries, like climate change, refugees, pandemics, … [Read more...] about World Bank shareholders approve US$13 billion capital increase
World Bank raises East Asia’s 2018 GDP outlook, but wary of trade war
The World Bank raised its growth forecast for East Asia and the Pacific for 2018, but warned that a possible U.S.-China trade war could harm growth in countries that are part of the Chinese goods supply chain. The Washington-based lender said in a report on Thursday it expected 2018 growth in the developing East Asia and Pacific (EAP) region, which includes China, to expand 6.3 percent, a notch up from 6.2 percent forecast in October. The 2018 forecast is slower than last year’s 6.6 percent growth, reflecting a slowdown in China as it continues to rebalance its economy away from investment towards domestic consumption, with policies that focus more on slowing credit expansion and improving the quality of growth, the bank said. China’s 2017 growth was a faster-than-anticipated 6.9 percent, prompting the World Bank to revise up this year’s growth projection to 6.5 percent from October’s forecast of 6.4 percent. Sudhir Shetty, the World Bank’s chief economist … [Read more...] about World Bank raises East Asia’s 2018 GDP outlook, but wary of trade war
Vietinbank leads Vietnamese banks in Top 1000 World Banks 2017
NDO - Vietinbank holds the highest position among Vietnamese banks listed in the Top 1000 World Banks 2017 recently announced by TheBanker, the global financial intelligence agency since 1926. TheBanker's rating is based on three key criteria including total assets, pre-tax profits and tier 1 capital. VietinBank is ranked 376th by TheBanker, up six places compared to the previous ranking in 2016. Vietnam has a total 13 commercial banks listed in the Top 1000 World Banks in 2017 including VietinBank, Agribank, Vietcombank, BIDV, Military Bank, Sacombank, Techcombank, SCB, Maritime Bank, Vietnam Prosperity Bank, Vietnam Eximbank, ACB and SHB. VietinBank has been named in the world rankings many times, including six consecutive years in the Forbes Global 2000, a comprehensive annual ranking of the world’s largest public companies. Brand Finance also estimated Vietinbank's brand value at US$252 million with the brand’s … [Read more...] about Vietinbank leads Vietnamese banks in Top 1000 World Banks 2017
World Bank: 40% of Vietnamese businesses’ profits go to taxes – Banking & Finance – Economy
The Hanoitimes - In 2014, on average, each Vietnamese firm spends 872 hours paying taxes and the tax costs account for 40.8% of profits, according to the World Bank’s (WB) annual report on the global business environment. Compared to some countries in the region, Vietnamese enterprises have an unfavorable tax payment period. In Laos and Cambodia, businesses spend respectively 173 and 362 hours to pay taxes. The tax/profit rate in these countries is 21% and 25.8% respectively. Tariff is just one of the 10 areas examined by the WB to assess the business environment of each country. Of the remaining nine criteria, the WB evaluates the ease of businesses when applying for the establishment license, building permits, access to electricity, property registration, loans, protection in international trade, contract enforcement and handling in case of loss of solvency.Compared to last year, Vietnam fell back in five areas and improved in only two fields.After taxation, business … [Read more...] about World Bank: 40% of Vietnamese businesses’ profits go to taxes – Banking & Finance – Economy