Saudi Arabia has admiited that it owes billions of dollars to private firms and foreign workers after oil revenues collapsed, the kingdom’s new finance minister said. The arrears have left tens of thousands of foreign workers, chiefly in the construction sector, struggling for months while they await back pay. Source Saudi Arabia
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Italy’s economy minister sought to reassure investors on Thursday that they will not be hit in a rescue of two ailing regional banks, Popolare di Vicenza and Veneto Banca, after fears of a full “bail-in” hit the lenders’ debt. Source Reuters
SHANGHAI, May 26 China’s yuan on Friday extended the previous day’s big gain, hitting its strongest level in more
than three months, and the Chinese currency was on track for its best week since mid-January. Source Reuters
Alarm bells must be ringing in China as Prime Minister Narendra Modi inaugurates the 9.15 kilometre Dhola-Sadiya bridge in Assam today. The bridge that connects a remote part of Assam to the rest of the state also makes Arunachal Pradesh more accessible to the Indian Army. Source The Economic Times