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  • *Net profit grew 2.5 pct last year to $89.1 bln. BEIJING, July 3- China's sovereign wealth fund China Investment Corp is ready to work with the new Chinese-led Asian Infrastructure Investment Bank to invest in projects in the region, a senior official said on Friday. The AIIB, which is expected to rival institutions such as the World Bank and the Asian Development...

  • DHAKA, July 2- The World Bank has upgraded Bangladesh, Kenya, Myanmar, and Tajikistan to its lower middle income classification from least developed countries while South Sudan has fallen back into the low-income group. Mongolia and Paraguay moved from lower middle-income status to upper middle-income, where income is $4,126 to $12,735 a year, the bank said,...

  • California slips back to No. 8 economy in world Wednesday, 1 Jul 2015 | 6:06 PM ET

    SACRAMENTO, Calif.— Less than a month after edging out Brazil, California has slipped back to its ranking as the eighth-largest economy in the world based off an update of global economic data released Wednesday. According to the World Bank, Brazil's gross domestic product now stands at more than $2.3 trillion, running slightly higher than California's.

  • UPDATE 1-China parliament ratifies BRICS Bank agreement Wednesday, 1 Jul 2015 | 4:25 AM ET

    The New Development Bank, also known as the BRICS Bank, is one of two international development banks that China is promoting as an alternative to western institutions such as the World Bank. The Standing Committee of the National People's Congress, China's legislature, approved the agreement between Brazil, Russia, India, China and South Africa to create the...

  • BEIJING, July 1- The World Bank on Wednesday censured China for the state's extensive interference in the financial system, saying it could stoke potential instability unless Beijing undertakes urgent reforms to eliminate distortions in the broader economy. In its China economic update, the bank welcomed the slowdown in Asia's powerhouse economy as it...

  • China parliament ratifies BRICS Bank agreement Wednesday, 1 Jul 2015 | 12:30 AM ET

    The New Development Bank, also known as the BRICS Bank, is one of two international development banks that China is promoting as an alternative to western institutions such as the World Bank. The Standing Committee of the National People's Congress, China's legislature, approved the agreement between Brazil, Russia, India, China and South Africa to create the...

  • World Bank urges China to embrace basic financial reforms Wednesday, 1 Jul 2015 | 12:23 AM ET

    BEIJING— China needs fundamental reform of its state-dominated financial system to keep economic growth on track, the World Bank said Wednesday. "China has reached a critical phase of its economic and social development path," the World Bank said. The bank said it expects China's economic growth to decelerate this year to 7.1 percent from last year's two-decade...

  • SHANGHAI, July 1- China's yuan dipped on Wednesday as dollar demand slightly outweighed supply after the central bank set the official guidance rate weaker, traders said. The World Bank warned on Wednesday that capital outflows from China had increased sharply in recent months, but its comments had no immediate impact on trading, traders said.

  • BEIJING, July 1- The World Bank said on Wednesday it expects China's economy to grow 7.1 percent this year, the same as forecast earlier, before cooling to 7.0 percent next year and 6.9 percent in 2017.. The World Bank said that a priority for the country in 2015 was to make inroads on structural adjustments while balancing reform with short-term demands.

  • China to have largest share in AIIB, followed by India. SHANGHAI/ BEIJING, June 28- One of China's biggest ever foreign policy successes will take concrete shape on Monday when delegates from 57 countries sign an agreement on the Asian Infrastructure Investment Bank in Beijing. The multilateral institution, seen as a rival to the Western-dominated World Bank...

  • *China to have largest share in AIIB, followed by India. The multilateral institution, seen as a rival to the Western-dominated World Bank and Asian Development Bank, was initially opposed by the United States but has attracted many prominent U.S. allies including Britain, Germany, Australia and South Korea. "It's a huge diplomatic and strategic win for China," said...

  • Japan says no to China's big bank plans...for now Thursday, 25 Jun 2015 | 1:10 PM ET
    Japan's Prime Minister Shinzo Abe

    With the perception of China using the AIIB to push its political agenda, Japan is unlikely to join as of now.

  • The New Development Bank, also known as the BRICS Bank, is one of two international development banks that China is promoting as an alternative to western institutions such as the World Bank. The National People's Congress Standing Committee, China's top parliament body, had started reviewing the agreement between Brazil, Russia, India, China and South Africa...

  • *Pope voicing concerns from Latin America. The sharp critique of the market-based approach to curbing emissions comes as support for carbon trading is growing, embraced by institutions like the World Bank and United Nations, as well as the heads of many multinational companies and countries like China.. Emissions trading schemes, such as one in place in the...

  • Summers: Trade defeat will make world more dangerous Monday, 15 Jun 2015 | 12:33 PM ET
    Former Treasury Secretary Larry Summers.

    Failure to move forward on a trade deal spearheaded by the U.S. will raise questions about American presidential leadership, Larry Summers tells CNBC.

  • India's inflation could rise 4.8% in May: Pro Thursday, 11 Jun 2015 | 9:48 PM ET
    India's inflation could rise 4.8% in May: Pro

    Shilan Shah, India economist at Capital Economics, expects India's consumer prices to rise 4.8 percent on-year in May, adding that inflation remains comfortably within the central bank's target.

  • *World Bank cuts world growth outlook to 2.8 pct from 3 pct. The euro extended losses after International Monetary Fund spokesman Gerry Rice said "major differences" remained with Greece over an agreement to save the country from bankruptcy. "Oil continues to slip and slide when it gets bad news out of Greece," said Phil Flynn, analyst at Chicago- based Price Futures...

  • *World Bank cuts world growth outlook to 2.8 pct from 3 pct. The euro extended losses after International Monetary Fund spokesman Gerry Rice said "major differences" remained with Greece over an agreement to save the country from bankruptcy. "Oil continues to slip and slide when it gets bad news out of Greece and moves higher when Greek hopes for a deal to avoid a...

  • *World Bank cuts world growth outlook to 2.8 pct from 3 pct. LONDON, June 11- Oil prices continued to decline on Thursday due to a stronger dollar and a gloomy economic forecast by the World Bank, while a bullish International Energy Agency report on global demand failed to dispel concerns over a supply glut. In its twice-yearly Global Economic Prospects report, the...

  • *World Bank cuts world growth outlook to 2.8 pct from 3 pct. LONDON, June 11- Oil prices fell on Thursday due to a stronger dollar and a gloomy economic outlook from the World Bank, while a bullish report about global demand from the International Energy Agency failed to dispel concerns about a supply glut. In its twice-yearly Global Economic Prospects report, the...