By Reuters Staff
(Adds World Bank statement)
KHARTOUM, Feb 22 (Reuters) - Business on Sudan’s black market slowed to a crawl on Monday and some people sold dollars in banks for the first time in years, a day after authorities devalued the currency by more than 85% to try to secure debt relief and ease an economic crisis.
Aligning the official and black market rates is central to the plan and any sign that the parallel market, used by most businesses and ordinary Sudanese, is still capturing the lion’s share of hard currency trade could undermine the policy.
Black market traders said they were waiting to see how banks would react and whether the government would intervene in the market to stop the Sudanese pound falling further or would crack down on their activities.
By Reuters Staff
1 Min Read
JAKARTA, Feb 23 (Reuters) - Indonesia’s government had increased its budget to control the coronavirus pandemic and help the economy recover to 699.43 trillion rupiah ($49.60 billion), a Finance Ministry presentation showed on Tuesday.
“This is the most important engine in our economy right now,” Finance Minister Sri Mulyani Indrawati said during the presentation. The budget has been increased several times from the initial 372.3 trillion rupiah figure. ($1 = 14,100.0000 rupiah) (Reporting by Tabita Diela Writing by Fransiska Nangoy Editing by Ed Davies)
Sovereign wealth funds pulled $16.3 billion from public market investment strategies, largely equities, in the fourth quarter, the most in almost four years, driven largely by redemptions, according to data and research firm eVestment.
By Reuters Staff
2 Min Read
FILE PHOTO: The logo for Occidental Petroleum is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 30, 2019. REUTERS/Brendan McDermid
(Reuters) - Occidental Petroleum Corp expects its low-carbon business to generate earnings equal to its oil and gas production business in the coming decades, Chief Executive Vicki Hollub told analysts on Tuesday.
Occidental has been an early mover among U.S. oil producers in setting ambitious net-zero emissions goals and last year created a low-carbon group to commercialize pulling carbon dioxide out of the atmosphere through a process known as direct air capture.
The $6.2 billion-an-hour rise in the value of world stocks since March was dubbed the "mother of all asset bubbles" by BofA analysts last week - and all of a sudden there is a high-pitched hissing sound.