Bloomberg Delinquent loans at Indian state banks are rising unabated. Surging bad debt and higher provisions to cover for them caused 10 Indian state-owned lenders to report combined losses of Rs.153 billion ($2.3 billion) for the March quarter. The latest was Punjab National Bank, which reported a wider-than-estimated loss of Rs.53.7 billion this week. State Bank of India, the ...

  Reuters The Islamic Development Bank (IDB) governors agreed on Thursday to elect Saudi Arabia’s former haj minister as its new president starting at the beginning of the Islamic year, or in October. The nomination of Bandar Hajjar, whose candidacy was endorsed by the Saudi government and the outgoing IDB President Ahmad Mohamed Ali, was uncontested during an annual meeting ...

  Reuters Egypt’s central bank held the pound steady at a regular dollar sale but said the dollars would be directed to imports of pharmaceutical products, manufacturing components, vaccines and related chemicals and infant formula. The bank sold $120 million at the price of 8.78 per dollar, unchanged from last week. That is weaker than the rate for the dollar ...