Russia faces GDP decline of 7.9 percent this year, World Bank says

October 4th, 2009 ISTANBUL - Climate change could depress the economic output of Africa and South Asia by as much as five percent per year, the World Bank warned Sunday. The effects of a warming of the Earth's temperature by even two degrees Celsius could put up to 400 million people at risk of hunger and leave up to two billion lacking enough water resources.

August 7th, 2009 Russia's ruble drops 1.3 percentMOSCOW — The Russian ruble slid 1.3 percent against the dollar on Friday as an influential banker fueled speculation about a possible sharp devaluation of the currency and the central bank slashed the main interest rate. Even though the Central Bank of Russia set the exchange rate at 31.5 rubles to the dollar in its daily fixing, 1.3 percent down on Thursday, the ruble was trading even lower on the MICEX exchange in late afternoon.

July 22nd, 2009 BANGALORE - State-run Canara Bank Wednesday reported a net profit of Rs.555 crore for the first quarter this fiscal, registering a whopping 353 percent year-on-year (YoY) increase over the Rs.123 crore posted in the corresponding quarter year ago. "The net profit for the quarter has shot up due to multiple factors such as net interest income growing by 27 percent YoY to Rs.1,291 crore from Rs.1,019 crore, other income increasing by 29 percent to Rs.

July 13th, 2009 WASHINGTON - The worldwide recession has led immigrants in wealthy countries to cut back sharply on how much money they send back to their home countries, according to a World Bank report released Monday. Remittances to developing countries jumped 15 percent in 2008 to $328 billion, but will plummet 7.3 percent in 2009, the World Bank predicted, revising its earlier forecast of a 5-percent decline this year.

July 7th, 2009 China's 2Q growth may top 7.5 pct, researcher saysBEIJING — China's economy is improving and growth might top 7.5 percent for the quarter that ended in June, a central bank researcher said in an official journal. Growth is benefiting from Beijing's stimulus spending and rising investment and consumption, said Zhang Jianhua, chief of the bank's research bureau, in an article in the July issue of the bank's magazine, China Finance.

July 2nd, 2009 China trade falls in June but decline less severeBEIJING — China's exports fell again in June, but the decline was less severe than in May, a deputy commerce minister said Thursday. Chen Jian, speaking at a news conference, said he had no detailed data for June, which are due to be reported next week.

July 2nd, 2009 Germany's Siemens to pay euro75M to combat corruptionMUNICH — German industrial conglomerate Siemens AG said Thursday it has agreed to pay euro75 million over 15 years to help bolster international anti-corruption efforts and to refrain from bidding for contracts under World Bank-financed projects until 2011. The Munich-based company said it agreed to pay the money — euro5 million ($7 million) annually for 15 years — to the United Nations and Transparency International as part of an agreement with the Washington-based World Bank, calling it part of its "ongoing efforts to address the consequences of the bribery scandal." Siemens, which makes products ranging from wind turbines to trams, has been embroiled in a far-reaching corruption scandal and has acknowledged making dubious payments to secure business.

June 22nd, 2009 Russian stocks plunge as oil prices slideMOSCOW — Russia's main stock market plunged by nearly 8 percent Monday as falling oil prices and a gloomy economic outlook spooked investors. The MICEX, the largest stock index, fell by 7.8 percent to 938 points, while the RTS, which closes earlier, posted a more modest 5 percent drop to 961 points.

June 19th, 2009 Russian economic slide may be slowing, data showsMOSCOW — Russia's economic decline may be nearing a bottom, with unemployment dropping for the first time since September and investment and retail sales rising in May, economic data showed Friday. About 200,000 Russians found jobs last month, which cut the unemployment rate to 7.5 million people, or to 9.9 percent from 10.2 percent in April, the Federal Statistics Service said.

June 18th, 2009 World Bank raises 2009 China growth forecastBEIJING — The World Bank is raising its 2009 growth forecast for China due to the country's stimulus-driven investment boom. But it also cautions that it is still too soon to say a sustained recovery is on the way.

June 2nd, 2009 Nissan opens first car plant in RussiaST. PETERSBURG, Russia — Prime Minister Vladimir Putin and Nissan Motor Corp.

May 9th, 2009 Bank of England increases asset purchase programLONDON — The Bank of England has kept official interest rates on hold at a record low of 0.5 percent — but has increased its program to buy back assets to increase the domestic money supply. At the end of its monthly rate-setting meeting on Thursday, the bank said it is increasing the size of its so-called quantitative easing program by 50 billion pounds ($75.4 billion) to 125 billion pounds.

April 29th, 2009 Central bank: Singapore recession likely bottomedSINGAPORE — Singapore's central bank says the city-state's worst recession likely bottomed in the first quarter, but faces a tepid recovery amid weak export demand. The economy could shrink as much as 9 percent this year as a "deep and prolonged" global downturn batters exports, which account for about 60 percent of GDP, the Monetary Authority of Singapore said in a quarterly report Wednesday.

March 16th, 2009 KEMEROVO - A man heavily in debt was shot dead by the police during a failed bank robbery attempt in Russia, authorities said Monday. Armed with a gun and grenade, Igor Yerofeyevsky took three female bank clerks and two guards hostage Friday evening at the Leninsk-Kuznetsk branch of URSA bank.

February 15th, 2009 NEW DELHI - The government has sought an additional $4.2 billion loan from the World Bank, majority of which will be used to recapitalise four state-run banks, a top official said here Monday. 'The government has sought additional world bank spending of $4.2 billion.