China appoints US-trained economist head of central bank

Zhou Xiaochuan, Governor of the People's Bank of China, attends a news conference on the sidelines of China's National People's Congress (NPC) in Beijing, China, in this March 9, 2018 photo. (REUTERS)
Updated 19 March 2018
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China appoints US-trained economist head of central bank

BEIJING: China’s leadership has appointed a US-trained economist to succeed the longtime governor of its central bank, Zhou Xiaochuan, at a time when the ruling Communist Party is trying to reduce financial risks and surging debt.
The ceremonial Chinese legislature on Monday approved the appointment of Yi Gang, a veteran deputy central banker, to lead the People’s Bank of China.
Yi, 60, received his Ph.D. from the University of Illinois and taught at Indiana University.
His predecessor, Zhou, has been central bank governor for 15 years and is the most prominent Chinese figure in global financial circles.
Zhou warned in October that rising debt could have a “severe impact” on the economy but said last week regulators believed they had debt under control.


BlackRock boss remains bullish on Saudi Arabian market

Updated 17 July 2018
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BlackRock boss remains bullish on Saudi Arabian market

LONDON: Larry Fink, the head of the world’s biggest asset manager, is confident about the future of the Saudi Arabian market following a visit to the
Kingdom.
Fink, CEO of BlackRock, said that he was “more excited about the opportunity” in Saudi Arabia following his visit.
He added that he would not be surprised to see an initial public offering of Saudi Aramco in some form next year, perhaps on the Saudi stock market, known as the Tadawul.
He was speaking on the day Black Rock reported smaller demand for its funds on Monday, and its stock dropped despite a better-than-expected quarterly profit. Net income attributable to the company rose to $1.07 billion in the second quarter, up more than 25 percent from $854 million a year earlier, Reuters reported.
The company faced a difficult market during the quarter, reporting an industrywide slowdown in the demand for exchange-traded funds (ETFs).
The BlackRock CEO said he would not be surprised to see an initial public offering of Saudi Aramco in some form next year.