World Bank Seeks to Boost Connectivity in Developing Countries

World Bank Group President Ajay Banga gestures during the Annual Meetings Plenary at the 2026 Annual Meetings of the IMF and the World Bank Group in Bangkok, Thailand, 16 October 2026. (EPA)

07:59-20 October 2026 AD ـ 09 Jumada Al-Ula 1448 AH

World Bank Group President Ajay Banga gestures during the Annual Meetings Plenary at the 2026 Annual Meetings of the IMF and the World Bank Group in Bangkok, Thailand, 16 October 2026. (EPA)

The World Bank on Monday announced a new strategy aimed at boosting connectivity and making digital access more affordable in developing countries.

"Digital technology can help countries create jobs and make scarce resources go further," said World Bank President Ajay Banga.

"Realizing that potential requires a comprehensive approach -- from reliable connectivity and affordable devices to digital skills and useful services," he added in a statement.

Developing countries face a crunch with limited resources and a rising need for employment, the Washington-headquartered institution said.

While 1.2 billion people are set to reach working age in such countries over the next 10-15 years, these economies are projected to create just 420 million or so jobs.

The bank's strategy aims to support infrastructure for connectivity and lower the cost of entry-level smartphone and broadband services.

It also wants to widen access to digital services and look into targeted uses of artificial intelligence.

The bank said only 23 percent of people in low-income countries used the Internet, a stark contrast against 94 percent in high-income countries.

Gold Eases as Elevated Oil Prices Keep Inflation Risks in Focus

An Egyptian jeweller holds gold bars during an interview with Reuters in Cairo, Egypt, March 9, 2026. (Reuters)

08:09-20 October 2026 AD ـ 09 Jumada Al-Ula 1448 AH

Gold Eases as Elevated Oil Prices Keep Inflation Risks in Focus

An Egyptian jeweller holds gold bars during an interview with Reuters in Cairo, Egypt, March 9, 2026. (Reuters)

Gold eased on Tuesday as firmer oil prices heightened inflation concerns, while investors awaited next week's Federal Reserve policy meeting for signals on the US interest rate outlook.

Spot gold slid 0.3% to $4,128.92 per ounce by 0621 GMT, while US gold futures for December delivery dropped 0.3% to $4,148.50.

"Some of the geopolitical issues that have ‌flared up ‌in the Middle East, are putting upward pressure ‌on ⁠oil and as ⁠a result that has kind of weighed on gold to kick off the week," said Kyle Rodda, senior financial market analyst at Capital.com.

Oil prices advanced, with Brent hovering around a five-month high. Higher ‌energy prices often raise expectations ‌that the Fed will keep interest rates higher for longer to ‌contain inflation.

While gold is typically seen as an inflation ‌hedge, higher interest rates tend to diminish its appeal by increasing the opportunity cost of holding the metal.

Recent comments from Fed officials signaling little urgency for further policy tightening have tempered expectations of ‌a rate hike at the central bank's October 27-28 policy meeting, but traders still see a ⁠92% chance ⁠of a hike in December, according to CME's FedWatch Tool.

"The interesting dynamic is that there's going to be a big move, no matter what the Fed does, and the initial reaction... might be supportive of gold if they keep interest rates unchanged," Rodda said.

Elsewhere, Bank of Japan Governor Kazuo Ueda said underlying inflation is "quite close" to the central bank's 2% target, with strong global AI demand adding to inflationary pressure from a tight job market, signaling scope for further rate increases.

Among other metals, spot silver rose 0.5% to $57.38 per ounce, platinum gained 0.4% to $1,647.05 and palladium fell 0.5% to $1,114.50.

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