Banking & Finance

South Korea’s current account surplus hits seven-year high of $12.26 billion in June

South Korea's cumulative current account surplus for the first six months of 2024 reached $37.73 billion

Optimism grows for U.K. markets as Bank of England slashes rates, boosts growth outlook

The BoE cut rates by 0.25 percent to 5.0 percent, a decision viewed as a close call

Bank of Japan surprises with rate hike for second time since 2007, trims bond buying

The central bank raised its short-term policy rate to levels not seen since 2008, defying market expectations

Ethiopia secures $3.4 billion IMF financing program with $1 billion immediate disbursement

The Ethiopian central bank has floated the birr, a crucial step for securing IMF support and progressing its debt restructuring

Global transition to low-carbon economy needs $3 trillion each year until 2050: Yellen

In 2022, wealthier economies provided an all-time high of $116 billion for climate finance for developing countries

China’s fiscal revenue fell 2.8 percent YoY to $1.62 trillion in H1 2024

A breakdown of the data showed that the central government collected around 5 trillion yuan in fiscal revenue

World Bank to issue first ‘drought’ bond in the next 12 to 18 months

IBRD has made $568 million of insurance payouts on catastrophe bonds

Pakistan secures new $7 billion loan program from IMF

This agreement, Pakistan's 24th IMF bailout, now awaits approval from the IMF's executive board

China’s central bank likely to hold medium-term lending rate steady next week

Weak Chinese currency has remained a major concern limiting any easing to the central bank's monetary policy

Japan’s current account surplus expands 41.8 percent to $18 billion in May 2024

Primary income came to a 4.21 trillion yen surplus, the largest since comparable data became available in 1985

South Korea’s current account surplus hits $8.92 billion in May, largest in 32 months

Exports, which played a major role in this economic shift, rose 11.1 percent year-on-year to $58.95 billion in May

South Korea’s President announces $18 billion support package for micro businesses

The government will expand access to low-interest loans for micro business owners and extend the repayment period for policy loans

South Korean government allocates $17.9 billion for R&D budget for 2025

The ministry will allocate 3.5 trillion won to AI chips, advanced biotech, and quantum tech

South Korea’s overseas assets reach new high of $1.911 trillion

External financial assets reached $1.911 trillion at the end of December last year

Chinese financial sector sees 8.5 percent increase in total assets, reaching $66.93 trillion

The assets of the banking sector reached 429.58 trillion yuan, up 8.1 percent YoY

BRICS actively working on national currencies’ payment platform, says Russian FM

BRICS meeting to discuss international relations, conflict resolution and interaction in leading multilateral platforms

Cash losing ground to digital payment solutions in Latin America: Report

In just two years, debit cards have surpassed cash as the preferred payment option among Spanish-speaking Latin Americans

U.S. banks’ profits surge 79.5 percent to $64.2 billion in Q1 2024

Non-interest income of U.S. banks saw a 15.2 percent increase, up $10.3 billion

India to buy back $4.81 billion worth of government bonds: RBI

Last week, the central bank accepted bids to buy back 52.7 billion rupees worth of bonds

Japan maintains global top creditor status, net external assets reach record $3 trillion

This growth was driven by a weaker yen and overseas corporate acquisitions, which boosted the value of Japan's foreign assets

Use quantitative easing carefully, urges ECB official

ECB officials recently agreed a new framework for how to run policy in the future

Profits of China’s major industrial firms rise 4.3 percent to $288.49 billion in first four months of 2024

Data from the National Bureau of Statistics reported that this growth rate was the same as that registered in the first quarter

China’s fiscal revenue down 2.7 percent in first four months of 2024, expenditure up 3.5 percent

For April alone, fiscal revenue fell 3.7 percent against a 2.4 percent decline in March