Reuters Saudi Arabia has joined Turkey, Indonesia and the Jeddah-based Islamic Development Bank (IDB) as a prospective founder member of a new Islamic finance infrastructure bank, according to Indonesia’s finance minister. Speaking to Reuters on the sidelines of the annual IDB meeting of governors in Jakarta recently, Bambang Brodjonegoro said the four could contribute around $300 million each for …

  Tehran / AFP India is to open a $500-million line of credit to develop Iran’s Chabahar port into a regional trading hub, visiting Indian Prime Minister Narendra Modi said on Monday in Tehran. “The bilateral agreement to develop the Chabahar port and related infrastructure, and availability of about $500 million from India for this purpose, is an important milestone,” …

  Tokyo / AFP The yen picked up on Monday after the G7 wagged its finger at Japan over threats to weaken its currency, reminding Tokyo of previous commitments not to intervene in forex markets. The currency clash was in the spotlight as finance ministers from the club of rich nations met in northern Japan at the weekend for two …