Gold prices fell on Tuesday as investors booked profits after bullion rose more than 2% in the previous session, while pressure from a stronger dollar also weighed on the yellow metal. Spot gold fell 0.8% to $5,189.99 per ounce by 0125 GMT, snapping a four-session winning streak and dropping from
The World Bank will phase out its lending to China by 2031 after years of declining loans, reflecting the country's rise to become the world's second-largest economy, three sources familiar with the plan said on Tuesday. The World Bank's board will review the plan during the week of Jul 20, althou
Nearly half of humanity may be affected by a global crisis in housing, according to a new UN report The study shows shortages of adequate and affordable housing have risen by 30 per cent in just over a decade to more than 268 million units, with 1.1 billion people living in slums or informal
G7 finance ministers gathering in Paris on Monday will try to find common ground on tackling global economic tensions and coordinating critical raw material supplies, even as geopolitical differences threaten to test the group's cohesion. The two-day meeting follows a summit between US Pres
World food prices rose in April for a third consecutive month, with vegetable oil prices particularly elevated due to disruptions linked to the Iran war, the United Nations Food and Agriculture Organization said on Friday. The FAO Food Price Index, which measures changes in a basket of globally tr
Japan will host the Asian Development Bank’s (ADB) 60th Annual Meeting in Aichi-Nagoya from May 2 to 5, 2027. The event will coincide with ADB’s 60th anniversary, marking six decades of partnership since the bank’s establishment. “It is fitting to mark six decades of
Heads of multilateral development banks (MDBs) have emphasised closer cooperation to support stability, protect development gains, and address rising pressures across member economies amid heightened global uncertainty, including evolving tensions in the Middle East. Meeting on the sidelines of th
The Iran war has stalled the world's economic momentum this year, likely pushing growth lower compared to 2025, the International Monetary Fund warned Tuesday. The IMF downgraded its forecast for global growth to 3.1% in 2026 from the 3.3% it had forecast back in January. The expected growth would
Pakistan is considering Eurobonds, loans from other countries and commercial debt to replace a $3.5 billion facility from the United Arab Emirates (UAE) and manage its foreign reserves, its finance minister said. Muhammad Aurangzeb also told Reuters the shock from the ongoing war in the Midd
The war in the Middle East will have a cascading impact on the global economy, even if a ceasefire announced by US President Donald Trump takes hold, World Bank President Ajay Banga told Reuters in an interview on Friday. And the damage will be far deeper if the ceasefire fails and the conflict es
The gap between rich and poor nations is growing even wider as actions agreed to by many countries last year, including overhauling the major global financial institutions, remain unfulfilled promises, a U.N. report concludes. The report assessing the blueprint adopted in Seville, Spain, l
Sanoj Weeratunge thought this would finally be the year his tour firm put Sri Lanka's spate of crises behind it. Then the Iran war erupted 2,700 miles away, the government hiked fuel prices by 35percent and business slumped almost a third. "We have had a very difficult road over the past six years
Five European Union countries are calling for a windfall tax on energy companies' profits in reaction to rising fuel prices due to the Iran war, according to a letter from finance ministers to the EU Commission seen by Reuters on Saturday. The finance ministers of Germany, Italy, Spain, Portugal a
