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EquityPandit

EquityPandit
WORLD

World Bank IDA Approves $700 Million Financing for Sri Lanka

World Bank approved a $700 million financing for Sri Lanka from IDA.

The World Bank Board of Directors have approved a $700 million financing for Sri Lanka’s budgetary and welfare support from its concessionary International Development Association (IDA). 

The Board discussed the new Country Partnership Framework (CPF) for Sri Lanka on June 28, which aims to help restore economic and financial sector stability in the crisis-hit island nation.

Under the CPF, $500 million will go to the Sri Lanka Resilience, Stability and Economic Turnaround (RESET) Development Policy Operation, which will help improve economic governance, enhance growth and competitiveness, and protect the poor and vulnerable. 

Another $200 million were approved for the Social Protection Project, an income supplement program seeking better-targeted income and livelihood opportunities for the poor and vulnerable.

As of June 26, the active World Bank portfolio for Sri Lanka consists of International Bank for Reconstruction and Development (IBRD) financing worth $1.09 billion and IDA financing worth $1.17 billion. IBRD deemed Sri Lanka unworthy of any additional funding. Hence only IDA concessional financing was approved. 

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WORLD

Trump Pushes Deep-Sea Mining, Sparks Environmental Alarm

Dhruva Kulkarni

Trump has ordered a fast-track start to deep-sea mining in US and international waters, bypassing global norms and prompting a sharp response from China, which says the move violates international law.

The US aims to lead seabed mining efforts and reduce China’s dominance over critical minerals, using a 1980 law to issue permits instead of following the UN-affiliated International Seabed Authority (ISA).

The White House claims this push could add $300 billion to the US economy, create 100,000 jobs, and support defence, energy, and advanced manufacturing industries.

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Environmentalists warn of severe ecological risks, calling the decision reckless and dangerous for one of Earth’s most fragile ecosystems.

China, which holds the most ISA permits but hasn’t begun mining, criticised the US for bypassing international regulations and pursuing unilateral seabed activity.

US firms like Impossible Metals and The Metals Company are already acting on the order, with plans to mine both within US waters and in international zones, drawing praise from industry leaders.

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WORLD

Ex-South Korean President Moon Indicted in Bribery Case

Dhruva Kulkarni

Former South Korean President Moon Jae-in was indicted Thursday over bribery charges tied to a no-show job given to his son-in-law during his presidency.

Prosecutors allege Moon received benefits worth 217 million won ($151,700) from Lee Sang-jik, founder of Eastar Jet, through wages and support provided to Moon’s former son-in-law between 2018 and 2020.

Lee, a Moon campaign supporter, was also indicted. While no direct favours were proven, prosecutors believe Lee expected returns for the assistance. He was later appointed to a state agency and nominated for parliament by Moon’s party.

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The indictment comes ahead of South Korea’s 3rd June election, following the ouster of conservative President Yoon Suk Yeol. Moon has not commented, but his party has slammed the charges as politically motivated.

Moon, in office from 2017 to 2022, was known for outreach to North Korea, which remains a divisive legacy.

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AUTOWORLD

Volvo to Slash 800 US Jobs as Q1 Income Falls by $500 Million on Weak Truck Demand

Dhruva Kulkarni

Volvo AB’s income fell in the first quarter as uncertainty over US tariffs hit truck demand in North America.

Operating income dropped to 13.3 billion kronor ($1.4 billion) from 18.2 billion kronor a year earlier. The company also cut its full-year forecast for North America’s heavy-duty truck market to 275,000 units, down from around 300,000.

European truck makers are feeling the pressure from weaker demand and tighter pricing, which are squeezing profits. For Volvo, the lack of clarity on US trade policy is expected to further strain freight activity and equipment sales in the coming months.

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In response, Volvo plans to lay off up to 800 workers across three US facilities. The company, which manufactures all its North American trucks locally, also said it would seek compensation from customers to offset rising production costs caused by the new tariffs.

Meanwhile, Volkswagen’s truck division Traton SE, which owns Scania and MAN, warned of lower profits this quarter due to falling deliveries and sales.

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WORLD

India, Saudi Arabia Set to Sign Six Pacts; Modi to Discuss Hajj Quota with Crown Prince

Dhruva Kulkarni

India and Saudi Arabia are expected to sign at least six memoranda of understanding (MoUs) today during Prime Minister Narendra Modi’s visit to Jeddah.

According to sources, additional agreements were still being finalised late Monday, with more than a dozen MoUs under discussion.

Modi will also hold a key meeting with Crown Prince and Prime Minister Mohammed bin Salman Al Saud, where he will likely discuss issues related to Hajj, including the quota for Indian pilgrims.

The expected agreements span multiple sectors such as space, energy, health, science and research, culture, and advanced technology. Officials have indicated that efforts are underway to conclude MoUs in trade, investment, and defence.

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Modi’s arrival on Tuesday marks the first visit by an Indian prime minister to Jeddah in 40 years. The city is historically significant for India-Saudi Arabia ties, serving as a major port for trade and as the entry point for pilgrims heading to Mecca for Umrah and Hajj.

Indian Ambassador to Saudi Arabia, Suhel Ajaz Khan, highlighted the importance of Hajj coordination between the two nations, noting that the Government of India prioritises smooth pilgrimage arrangements.

India’s Hajj quota for 2025 has increased to 1,75,025 from 1,36,020 in 2014. While arrangements for 1,22,518 pilgrims have been finalised, around 42,000 may miss the pilgrimage this year due to delays by some Haj Group Operators.

During the visit, Modi and the Crown Prince will also co-chair the second Strategic Partnership Council meeting, a forum created in 2019 to boost bilateral cooperation. On 23rd April, Modi will visit a factory that employs Indian workers.

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WORLD

China Halts US LNG Imports as Trade War Escalates

Dhruva Kulkarni

China stopped importing US liquefied natural gas (LNG) in March, marking a complete halt after sharp declines in the previous two months. 

Official customs data shows US LNG deliveries to China plunged 70% in the first quarter of 2025, the steepest drop since the last major trade war when shipments paused for over a year.

Rising tensions between the world’s largest LNG buyer and seller have again disrupted trade. China has imposed a 125% tariff on all US goods, prompting a shift in supply to countries like Indonesia and Qatar.

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March saw a 24.5% drop in overall LNG imports — the biggest monthly decline since November 2022. Imports have now been falling for five straight months. Meanwhile, pipeline gas from Russia slightly increased, though total volumes remain lower than seaborne deliveries.

China is leaning more on coal and renewables to reduce reliance on volatile spot markets. According to BloombergNEF analyst Daniela Li, LNG imports could fall by up to 12% this year if tariffs stay above 100% through the next six months. Overall, gas consumption is expected to see only minimal growth in 2025.

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