WASHINGTON: The World Bank has named Kaushik Basu, a Cornell University professor and former Indian official, as the institution’s new chief economist and senior vice president.
Basu, an Indian national, most recently served as chief economic adviser of the India’s Ministry of Finance while on leave from Cornell, where he was an economics professor and the C. Marks Professor of International Studies.
“Having worked in a Ministry of Finance, in addition to his impressive academic achievements, Kaushik is uniquely suited to help us offer evidence-based solutions and advice to client countries and provide innovative excellence in leading our development research,” said World Bank President Jim Yong Kim.
“Kaushik brings first-hand experience from a developing country and will be a terrific asset to the institution,” said Kim.
Basu, 60, holds a doctorate from the London School of Economics and founded the Center for Development Economics at the Delhi School of Economics in 1992.
He has also served as chairman of Cornell’s economics department, director of its Center for Analytic Economics, and headed the Program on Comparative Economic Development, the World Bank said in a statement.
In May 2008 the president of India awarded Basu one of the country’s highest civilian awards, the Padma Bhushan, for “distinguished service of high order.”
Basu begins his term October 1.
World Bank taps Basu as chief economist
World Bank taps Basu as chief economist
Closing Bell: Saudi main index closes in red at 11,183
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Monday, losing 44.79 points, or 0.4 percent, to close at 11,183.85.
The total trading turnover of the benchmark index was SR4.05 billion ($1.08 billion), as 69 of the listed stocks advanced, while 191 retreated.
The MSCI Tadawul Index decreased, down 6.63 points or 0.44 percent, to close at 1,504.73.
The Kingdom’s parallel market Nomu lost 328.20 points, or 1.36 percent, to close at 23,764.92. This comes as 22 of the listed stocks advanced, while 49 retreated.
The best-performing stock was Maharah Human Resources Co., with its share price surging by 7.26 percent to SR6.50.
Other top performers included Arabian Cement Co., which saw its share price rise by 6.27 percent to SR22.71, and Saudi Research and Media Group, which saw a 4.3 percent increase to SR104.30.
On the downside, the worst performer of the day was Arabian Internet and Communications Services Co., whose share price fell by 8.01 percent to SR207.80.
Jahez International Co. for Information System Technology and Al-Rajhi Co. for Cooperative Insurance also saw declines, with their shares dropping by 5.61 percent and 4.46 percent to SR12.79 and SR75, respectively.
On the announcement front, Etihad Etisalat Co. announced its financial results for 2025 with a 7.9 percent year-on-year growth in its revenues, to reach SR19.6 billion.
In a Tadawul statement, Mobily said that this growth is attributed to “the expansion of all revenue streams, with a healthy growth in the overall subscriber base.”
Mobily delivered an 11.6 percent increase in net profit, reaching SR3.4 billion in 2025 compared to SR3.1 billion in 2024.
The company’s share price reached SR67.85, marking a 0.37 percent increase on the main market.
