Globe Banner News
World Bank: Greater investment crucial as Pacific economy slows
By Globe Banner | Oct 10, 2024
The World Bank's October 2024 Pacific Economic Update offers a comprehensive evaluation of the economies in several Pacific nations, including the Federated States of Micronesia, Fiji, Kiribati, and others. This report is the first post-pandemic analysis to provide fresh insights into investment trends and forecasts for the region.
World Bank coordinates donor financing mechanisms to aid Ukrainian recovery
By Globe Banner | Oct 10, 2024
Since the Russian invasion in February 2022, the World Bank Group has been instrumental in providing essential financing to support Ukraine. This assistance comes through various mechanisms such as trust funds, financial intermediaries, guarantees, and co-financing aimed at sustaining public services, rebuilding infrastructure, and supporting private sector initiatives.
World Bank funds Philippine project for improved broadband connectivity
By Globe Banner | Oct 10, 2024
The World Bank has approved funding of EUR 268.22 million (US$287.24 million) for the Philippines Digital Infrastructure Project, which aims to enhance broadband connectivity across the country. This initiative is expected to benefit over 20 million Filipinos by improving internet access and infrastructure.
WTO reports gradual recovery in global merchandise trade
By Globe Banner | Oct 10, 2024
The World Trade Organization (WTO) has released its October 2024 update on the "Global Trade Outlook and Statistics," highlighting a 2.3% year-on-year increase in global merchandise trade for the first half of 2024. This growth follows a -1.1% decline in 2023, which was influenced by high inflation and rising interest rates. The WTO anticipates moderate expansion in trade through the rest of the year and into 2025, with world real GDP growth expected to remain steady at 2.7% during this period.
World Bank report outlines challenges for Mongolia amid global shift from coal
By Globe Banner | Oct 10, 2024
Mongolia is facing significant challenges from climate change and the global transition to a low-carbon economy, according to a new report by the World Bank Group. The Mongolia Country Climate and Development Report (CCDR) highlights the need for urgent actions to enhance climate resilience while reducing reliance on coal, a major economic driver.
NCUA Chairman addresses Citadel Federal Credit Union's redlining settlement
By Globe Banner | Oct 10, 2024
National Credit Union Administration (NCUA) Chairman Todd M. Harper has commented on the U.S. Department of Justice's settlement with Citadel Federal Credit Union concerning allegations of lending discrimination. Citadel, a financial institution in Southeastern Pennsylvania, manages assets worth $6 billion.
WTO explores new strategies for advancing stalled agricultural trade talks
By Globe Banner | Oct 10, 2024
The Director-General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, expressed optimism about advancing farm trade talks following an initiative by Ambassador Alparslan Acarsoy of Türkiye. The initiative outlines two options to move the negotiations forward.
Ecuador joins global effort against harmful fisheries subsidies
By Globe Banner | Oct 9, 2024
Ecuador has formally accepted the Agreement on Fisheries Subsidies, becoming one of 84 World Trade Organization (WTO) members to do so. The agreement, which aims to curb harmful fisheries subsidies, was adopted at the WTO's 12th Ministerial Conference in June 2022. It will come into effect once two-thirds of the membership have accepted it.
Guidelines issued for domestic employee visas linked to employer's immigration status
By Globe Banner | Oct 9, 2024
B-1, A-3, and G-5 visas are designated for domestic employees accompanying their employers on temporary visits or assignments to the United States.
Fulbright celebrates 30 years in Slovakia with reflections on achievements
By Globe Banner | Oct 9, 2024
Ambassador Javorčík, Ambassador Mlynár, colleagues from the Fulbright Commission in Slovakia, Fulbright alumni, and distinguished guests gathered to celebrate the 30th anniversary of the Fulbright Commission in Slovakia.
WTO fish fund steering committee advances towards full operationalization
By Globe Banner | Oct 9, 2024
The recent WTO Fish Fund Steering Committee meeting concentrated on preparing for the full operationalization of the Fish Fund. The gathering included key stakeholders working towards supporting developing and least-developed country members in implementing the Agreement on Fisheries Subsidies.
Government procurement committee approves SME support measures
By Globe Banner | Oct 9, 2024
The Committee on Government Procurement has approved a compilation of best practices to enhance the participation of small and medium-sized enterprises (SMEs) in government procurement. This decision was announced by Martin Zbinden, the chair of the committee. He stated, "This outcome on SMEs is significant. It reflects the efforts that GPA parties have undertaken over the past ten years in the context of the Committee's Work Programme on SMEs."
World Bank report assesses air quality issues and solutions for Tashkent
By Globe Banner | Oct 9, 2024
The World Bank has released a report titled "Air Quality Assessment for Tashkent and the Roadmap for Air Quality Management Improvement in Uzbekistan," which evaluates air quality in Tashkent and proposes a roadmap for enhancing air quality management across Uzbekistan. The report was jointly produced with the Ministry of Ecology, Environmental Protection and Climate Change of Uzbekistan, supported by the Ministry of Economy and Finance.
World Bank highlights opportunities for growth in Latin America amid structural challenges
By Globe Banner | Oct 9, 2024
Latin America and the Caribbean are projected to experience a growth rate of 1.9 percent in 2024, according to the World Bank's latest report titled "Taxing Wealth for Equity and Growth." The region is expected to grow by 2.6 percent in 2025, which remains the lowest among global regions due to ongoing structural challenges.
Study shows mental health disparity among UK Muslims post-pandemic
By Globe Banner | Oct 9, 2024
Research from INSEAD highlights persistent mental health challenges among young, Muslim, and lower-income groups in the UK following the COVID-19 pandemic.
WTO's GPA boosts global market access and governance
By Globe Banner | Oct 9, 2024
Key negotiators, current parties of the Agreement on Government Procurement (GPA), and external stakeholders convened to discuss the impact and future of the GPA. They emphasized its role in expanding international market access for public procurement, enhancing sustainability, and promoting good governance. Director-General Okonjo-Iweala highlighted, “This is the first WTO agreement to impose a specific obligation on its signatories to prevent corrupt practices.”
U.S. outlines rules for visas for domestic workers accompanying employers
By Globe Banner | Oct 9, 2024
The United States has outlined specific visa requirements for domestic employees accompanying their employers on temporary visits or assignments.
DDG Hill underscores re-globalization's role in building a resilient global economy
By Globe Banner | Oct 9, 2024
DDG Hill has highlighted the benefits of re-globalization in building a resilient and inclusive global economy. According to Hill, shifts in supply chains are being driven by risk management, cost factors, and emerging technologies. Recent crises such as the COVID-19 pandemic, geopolitical tensions, and extreme weather have exposed vulnerabilities in traditional supply chains. In response, businesses are diversifying suppliers, adopting "just-in-case" strategies, and strengthening local sourcing.
US commits $600K for trade expertise in developing nations
By Globe Banner | Oct 9, 2024
The United States has announced a contribution of USD 600,000 to bolster trade expertise in developing economies and least developed countries (LDCs). This funding aims to enhance understanding of World Trade Organization (WTO) agreements and improve participation in trade negotiations.
WTO conducts trade policy review for Malawi
By Globe Banner | Oct 9, 2024
The World Trade Organization (WTO) is conducting a Trade Policy Review for Malawi. This review process involves an independent report by the WTO Secretariat and a policy statement from the Malawian government. Both documents will be discussed by the WTO's full membership in the Trade Policy Review Body (TPRB).