Brics development bank to issue bonds
SHANGHAI • The New Development Bank (NDB), established by the Brics group of emerging nations, plans to issue its first bond as a yuan-denominated issue in China, a vice-director of the bank said yesterday.
The bank will also issue bonds in other member currencies in order to mitigate the foreign currency risk of funded infrastructure projects and help develop local currency fund-raising markets, the official said, speaking at the Lujiazui Forum in Shanghai.
The Brics - Brazil, Russia, India, China and South Africa - officially grouped together in 2009 to press for a bigger say in global financial matters, and the NDB, headquartered in Shanghai, started work last year.
Oil market 'to be more balanced in second half'
LONDON • Opec predicted that the global oil market will be more balanced in the second half of this year as demand rises and rival supplies falter, echoing views expressed by ministers at the group's meeting this month.
The Organisation of Petroleum Exporting Countries kept estimates for supply and demand this year unchanged in its monthly market report.
Disruptions in Nigeria cut Opec's output to 32.36 million barrels a day last month, a little below the 32.6 million average required to satisfy estimated demand in the second half.
Oil price has surged about 80 per cent from a 12-year low in February as the global glut was trimmed by unexpected disruptions and a slide in US output.