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  • MONTEVIDEO, June 15- Uruguay's government said on Wednesday it would hedge against oil prices rising above $55 a barrel to avoid exposing the country to volatile swings in the commodity's price. The country, which imports all the crude oil it uses, said it would hedge 6 million barrels of oil with the World Bank, in case crude's price averages more than $55 per...

  • MONTEVIDEO, June 15- Uruguay's government said on Wednesday it would hedge 6 million barrels of oil for payout if the price of crude rises above $55 per barrel as it tries to limit exposure to volatile petroleum prices. This time, the $16 million agreement is with the World Bank. Risk would be transferred from the World Bank to the market, officials said at a press...

  • LIMA, June 10- Incoming Peruvian President Pedro Pablo Kuczynski has scratched his proposal to widen the fiscal deficit to 3 percent of gross domestic product after credit rating agencies expressed concern, his pick for finance minister Alfredo Thorne said on Friday. Thorne, who like Kuczynski is a former investment banker and World Bank economist, said the...

  • Peruvian presidential candidate Pedro Pablo Kuczynski (R) of the 'Peruanos por el Kambio' (PPK-Peruvians for Change) party, flanked by his wife Nancy Lange, makes a victory announcement in Lima on June 9, 2016.

    Former World Bank economist Pedro Pablo Kuczynski won 41,438 more votes than Keiko Fujimori in Peru's photo finish presidential election.

  • Gold

    Gold rose more than one percent to a near three-week high on Wednesday, bolstered by a weaker dollar.

  • *World Bank cuts economic growth forecasts. Mixed Chinese economic data, along with a decision by the World Bank to slash its 2016 global economic growth forecast, also gave some traders a reason to take a negative view on the outlook for stock markets. "The Chinese export figures looked a bit disappointing, and the World Bank's cut to its forecasts is another...

  • World Bank cuts outlook

    World Bank Development Prospects Director Ayhan Kose weighs in on worrying global trends, commodity markets, outlook for developing economies and global risks.

  • *World Bank cuts economic growth forecasts. Mixed Chinese economic data, along with a decision by the World Bank to slash its 2016 global economic growth forecast, also gave some traders a reason to take a negative view on the outlook for stock markets. "The Chinese export figures looked a bit disappointing, and the World Bank's cut to its forecasts is another...

  • An employee walks outside the World Bank headquarters in Washington, United States.

    The World Bank slashed its 2016 global growth forecast on Wednesday to 2.4 percent from the 2.9 percent estimated in January.

  • World Bank

    The growth outlook cuts are mostly for commodity-exporting EMs, but things could improve as commodity prices rebound, says TAC Economics' Thierry Apoteker.

  • Commodity-importing emerging market countries are faring better, but the benefits of lower energy and other goods have been slow to materialize, the World Bank said. "As advanced economies struggle to gain traction, most economies in South and East Asia are growing solidly, as are commodity-importing emerging economies around the world," said World Bank Chief...

  • A boy works at a seafood export factory in Hlaingthaya Industrial Zone, outside Yangon, Myanmar February 19, 2016. One in five children in Myanmar aged 10-17 go to work instead of school.

    Slave labor and trafficking is rampant in the fishing industry. Here's what can be done to stop it, say top WEF officials.

  • KINGSTON, May 19- Businesses in the Caribbean and Central America are scrambling to make contingency plans over fears that more large banks will cut off relationships with counterparts in developing countries as they pull out of markets seen as riskier, a senior World Bank official said. As a result, business leaders in countries such as Jamaica face...

  • JAKARTA, May 19- China-backed Asian Infrastructure Investment Bank could announce as early as next month a plan to co-finance a national slum upgrading project in Indonesia, in what could be the bank's first foray into the country, Indonesia's finance minister said. The $1.74 billion project, co-funded by the Indonesian government, the World Bank and the...

  • KINSHASA, May 17- Democratic Republic of Congo will seek between $250 million and $500 million in budgetary support from the World Bank this year, pending a review of its economy by the International Monetary Fund next month, the government said on Tuesday. The support would allow the central bank to boost its foreign currency reserves, which have fallen from...

  • *Nigeria needs loans to help fund 2 trillion naira deficit. ABUJA, May 12- Nigeria is still in talks to obtain foreign loans to help fund a record $31 billion budget for this year, aimed at helping Africa's biggest economy cope with a slump in oil prices, its budget minister said on Thursday. Nigeria has applied for a $1 billion loan from both the World Bank and African...

  • OTTAWA/ NEW YORK, April 29- Canada's top court ruled on Friday that the World Bank did not need to turn over documents sought in a case against former employees of SNC-Lavalin accused of bribery, finding the international organization had immunity from the request. The Supreme Court of Canada overturned a lower court order from 2014 that said the World Bank...

  • OTTAWA/ NEW YORK, April 29- The Supreme Court of Canada ruled on Friday that the World Bank did not need to turn over documents sought in a case against former employees of SNC-Lavalin Group Inc accused of bribery. The World Bank barred SNC from participating in World Bank- funded projects for 10 years after conducting an investigation into corruption...

  • OTTAWA, April 29- The Supreme Court of Canada ruled on Friday that the World Bank did not need to turn over documents sought in a case against former SNC-Lavalin employees accused of bribery. In 2014, a lower court judge ruled that the World Bank should release underlying investigative files for judicial review that could be relevant to the defense of the...

  • MINSK, April 28- The World Bank forecast on Thursday a much deeper recession in Belarus this year than it had previously expected as the former Soviet republic struggles with a downturn in neighboring Russia. Seeking loans from international lenders, including $3 billion from the International Monetary Fund, Belarus has implemented cautious economic...