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The Hindu
22-05-2025
- Business
- The Hindu
BRICS bank NDB admits Algeria as new member
The New Development Bank (NDB), established by BRICS nations, has admitted Algeria as a new member, further expanding its global membership base, it said on Thursday (May 22, 2025). Algeria has deposited its instrument of accession, in line with the provisions of the Articles of Agreement of the NDB on May 19, the Shanghai-headquartered bank said in a press release. Welcoming Algeria, NDB President Dilma Rousseff said, 'Algeria plays an important role not only in the economy of Northern Africa, but also at a global scale, and will definitely contribute to enhancing NDB's position in the global financial arena.' 'Rich in natural resources, with a dynamic economy and strategic geographic position, Algeria has immense potential for growth and development. NDB is fully committed to becoming a reliable and trustworthy partner for Algeria, supporting its sustainable development agenda,' she said. 'The New Development Bank is a financial institution mobilising resources for infrastructure and sustainable development projects. It is a platform for collaboration and knowledge sharing among its member countries. Together with Algeria, we will work to finance impactful projects that drive progress, improve lives, and contribute to development,' Ms. Rousseff, who is from Brazil, said. Both the presidency and vice-presidency of the NDB are rotated among BRICS founding members: Brazil, Russia, India, China and South Africa. NDB was established in 2015 for financing development projects in the group's member countries. Since its establishment, NDB has approved over 120 investment projects totalling $40 billion and spanning several key areas, including clean energy and energy efficiency, transport infrastructure, environmental protection, water supply and sanitation, social and digital infrastructure, according to the press release. 'We are delighted to announce the formalisation of Algeria's membership of the New Development Bank and thus becoming a full member of this prestigious international financial institution,' Algeria's Finance Minister Abdelkrim Bouzerd said. 'This membership is a testament to our belief in this institution's vital role in financing global development, and its status as a key player capable of providing alternative and innovative solutions to promote the growth and resilience of its member countries' economies,' Mr. Bouzerd said.
Mint
22-05-2025
- Business
- Mint
BRICS bank NDB admits Algeria as new member
Beijing, May 22 (PTI) The New Development Bank (NDB), established by BRICS nations, has admitted Algeria as a new member, further expanding its global membership base, it said on Thursday. Algeria has deposited its instrument of accession, in line with the provisions of the Articles of Agreement of the NDB on May 19, the Shanghai-headquartered bank said in a press release. Welcoming Algeria, NDB President Dilma Rousseff said, 'Algeria plays an important role not only in the economy of Northern Africa, but also at a global scale, and will definitely contribute to enhancing NDB's position in the global financial arena.' Rich in natural resources, with a dynamic economy and strategic geographic position, Algeria has immense potential for growth and development. NDB is fully committed to becoming a reliable and trustworthy partner for Algeria, supporting its sustainable development agenda, she said. 'The New Development Bank is a financial institution mobilising resources for infrastructure and sustainable development projects. It is a platform for collaboration and knowledge sharing among its member countries. Together with Algeria, we will work to finance impactful projects that drive progress, improve lives, and contribute to development,' Rousseff, who is from Brazil, said. Both the presidency and vice-presidency of the NDB are rotated among BRICS founding members: Brazil, Russia, India, China and South Africa. NDB was established in 2015 for financing development projects in the group's member countries. Since its establishment, NDB has approved over 120 investment projects totalling USD 40 billion and spanning several key areas, including clean energy and energy efficiency, transport infrastructure, environmental protection, water supply and sanitation, social and digital infrastructure, according to the press release. 'We are delighted to announce the formalisation of Algeria's membership of the New Development Bank and thus becoming a full member of this prestigious international financial institution,' Algeria's finance minister Abdelkrim Bouzerd said. 'This membership is a testament to our belief in this institution's vital role in financing global development, and its status as a key player capable of providing alternative and innovative solutions to promote the growth and resilience of its member countries' economies,' Bouzerd said.
Business Recorder
29-04-2025
- Business
- Business Recorder
China's big three airlines deepen first-quarter losses
BEIJING: First quarter losses at China's three big state-owned airlines deepened from the same quarter last year, results showed on Tuesday, amid intensifying competition and economic pressures on consumers. China Southern Airlines, Air China, and China Eastern have struggled to return to break-even after the pandemic, despite the industry globally returning to profit in 2023, and have posted five consecutive years of annual losses. Air China, the country's flag carrier, reported a net loss of 2.04 billion yuan ($281 million) for the quarter, 22% deeper than the same period a year ago. China Southern, the country's largest carrier by capacity, moved into a net loss of 747 million yuan in the first three months of this year, having posted a comparable quarterly profit of 756 million yuan last year. European approval for China's C919 plane needs 3-6 years, regulator says Shanghai-headquartered China Eastern Airlines reported a quarterly net loss of 995 million yuan, 24% deeper than a year earlier. The airlines did not comment on the results, but last month cited domestic market competition, low international and business travel demand, supply chain problems and currency depreciation as business challenges.
Yahoo
29-04-2025
- Business
- Yahoo
China's big three airlines deepen first-quarter losses
BEIJING (Reuters) -First quarter losses at China's three big state-owned airlines deepened from the same quarter last year, results showed on Tuesday, amid intensifying competition and economic pressures on consumers. China Southern Airlines, Air China, and China Eastern have struggled to return to break-even after the pandemic, despite the industry globally returning to profit in 2023, and have posted five consecutive years of annual losses. Air China, the country's flag carrier, reported a net loss of 2.04 billion yuan ($281 million) for the quarter, 22% deeper than the same period a year ago. China Southern, the country's largest carrier by capacity, moved into a net loss of 747 million yuan in the first three months of this year, having posted a comparable quarterly profit of 756 million yuan last year. Shanghai-headquartered China Eastern Airlines reported a quarterly net loss of 995 million yuan, 24% deeper than a year earlier. The airlines did not comment on the results, but last month cited domestic market competition, low international and business travel demand, supply chain problems and currency depreciation as business challenges. ($1 = 7.2723 Chinese yuan renminbi) Sign in to access your portfolio
Forbes
24-04-2025
- Automotive
- Forbes
CATL Battery Billionaire And Wife Donate $137 Million To Fudan
Chinese EV battery billionaire Li Ping and his wife Liao Mei have decided to make a one-time donation of one billion yuan, or about $137 million, to Fudan University to support a new institute of advanced studies, the school said in an announcement on Tuesday. Li is a 1985 graduate from the elite Shanghai-headquartered school's department of materials who went on to become vice chairman of Contemporary Amperex Technology, or CATL, one of the world's largest makers of EV batteries. Liao graduated from Fudan's history department in 1986. The new institute, to be called the Xue Min Institute of Advanced Studies, aims to attract world-class scholars and focus on natural science and basic research, Fudan said. Greater China, including mainland China and Hong Kong, accounted for nine of the top 20 billionaires in the world automotive industry on the 2025 Forbes Billionaires List released earlier this month. Among them, Li, a Hong Kong citizen, had an estimated fortune worth $7.3 billion. Tesla's Elon Musk was the world's richest automotive industry billionaire with an estimated fortune worth $342 billion. CATL Chairman and CEO Robin Zeng came in second among the auto industry's richest with a fortune worth $37.9 billion. Wang Chuanfu, chairman of China's BYD – the world's biggest EV maker, ranked third at $26.4 billion. (See related report by Forbes China here.) Apple Supplier's Chairman Leads New List Of China's Top Businesswomen Look Out McDonald's And KFC: Here Comes China's Alan Song Derek Li And Squirrel Ai Aim To Lead The Future Of AI-Driven Education
