News from April 2024
Former Binance CEO: 'Words cannot explain how deeply I regret my choices'
By Globe Banner | Apr 26, 2024
Changpeng Zhao, commonly known as CZ, the co-founder and former CEO of cryptocurrency exchange Binance, expressed regret over his actions that violated the Bank Secrecy Act. In a letter filed in court on April 23 ahead of his sentencing on April 30, he stated that he would strive to live his life "in a manner that will make everyone proud."
Members Discuss Future Pandemics Preparedness and TRIPS Implementation Review
By Globe Banner | Apr 26, 2024
Members of the World Trade Organization (WTO) engaged in discussions regarding future pandemic preparedness and the implementation review of Trade-Related Aspects of Intellectual Property Rights (TRIPS) at a recent meeting held on April 26, 2024.During the meeting, members agreed to rename the agenda item concerning intellectual property (IP) and COVID-19 to "IP, COVID-19, and Pandemic Preparedness" to better reflect the focus on pandemic preparedness moving forward.Delegations also addressed a communication from Bangladesh, Colombia, Egypt, and India regarding "TRIPS...
Proposed Agenda Items for the Dispute Settlement Body Meeting on April 26, 2024
By Globe Banner | Apr 26, 2024
Items proposed for consideration at the next meeting of the Dispute Settlement Body on April 26, 2024 include a range of topics. According to the agenda, the meeting will focus on addressing various issues related to international disputes and trade.The proposed agenda items were highlighted in a recent announcement, with one of the key points being, "." This suggests that a significant discussion will be centered around this particular subject during the upcoming meeting.Furthermore, the meeting is scheduled to delve into specific matters with the intention of...
Lao Economic Monitor, April 2024: Accelerating Reforms for Growth
By Globe Banner | Apr 26, 2024
In the latest Lao Economic Monitor released on April 26, 2024, several key findings shed light on the current state of the country's economy. The report highlights various challenges and opportunities that Laos is facing as it strives for economic growth and stability.According to the report, economic growth in Laos remains below 2019 levels due to macroeconomic instability. The Gross Domestic Product (GDP) grew by 3.7% in 2023, with positive contributions from sectors such as tourism, transport, logistics, and mining. However, high inflation caused by the depreciation of...
World Bank Provides Additional Support to Malawi for Food Crisis Response
By Globe Banner | Apr 26, 2024
WASHINGTON, April 26, 2024 — The World Bank has announced additional support for Malawi to assist in the response to the severe food crisis affecting millions in the country. The support comes in the form of a quick-release of $57.6 million through the Catastrophe Deferred Drawdown Option (CAT-DDO), aimed at providing immediate liquidity to address the pressing food security situation exacerbated by El Niño conditions and a series of intense disaster events.According to Hugh Riddell, World Bank Country Manager for Malawi, "Malawi, together with the wider Southern Africa...
Members welcome appointment of facilitator for WTO dispute settlement reform talks
By Globe Banner | Apr 26, 2024
New facilitator of dispute settlement reform processThe Chair of the DSB, Ambassador Petter Ølberg of Norway, noted that on 18 April he communicated to members that Ambassador Usha Dwarka-Canabady of Mauritius had accepted the role of facilitator for the dispute settlement reform talks following the departure of Mr Marco Molina, the convenor of the informal dispute settlement reform process.The Chair said the new facilitator will report at each regular meeting of the General Council, and to the DSB, as appropriate. She will present a work plan and a timetable for the...
International Monetary Fund launches regional office in Riyadh, Saudi Arabia during regional conference
By Globe Banner | Apr 25, 2024
The International Monetary Fund (IMF) has announced the establishment of a new regional office in Riyadh, Saudi Arabia. The inaugural director of this office will be Abdoul Aziz Wane, a Senegal national with prior experience at the IMF.
Asian Development Bank commits $23.6 billion to climate action, sustainable development in 2023
By Globe Banner | Apr 25, 2024
The Asian Development Bank (ADB) pledged over $20 billion of its resources to aid Asia and the Pacific in sustainable development endeavors, as per its 2023 annual report. The report elaborates on how the bank assisted developing member countries in addressing issues such as the climate crisis, conflict impacts, food insecurity, and other challenges.
Asian Development Bank, Buskowitz Solar sign $12 million contract for clean, affordable solar energy in the Philippines
By Globe Banner | Apr 25, 2024
The Asian Development Bank (ADB) and Buskowitz Solar have entered into an agreement that is expected to significantly reduce carbon dioxide emissions while generating clean electricity. The project aims to cut 54,000 tons of CO2 emissions and produce 88 gigawatt-hours of clean electricity annually by focusing on solar energy for commercial and industrial consumers.
Under Secretary Marisa Lago speaks at 2024 U.S. Hispanic Chamber of Commerce Legislative Summit
By Globe Banner | Apr 25, 2024
In her keynote address at the 2024 Hispanic Chamber of Commerce Legislative Summit, Under Secretary of Commerce for International Trade Marisa Lago highlighted the work of The International Trade Association (ITA) in finding international partners for business owners, including those who are Hispanic-owned. Lago, representing the U.S. International Trade Administration, also discussed the ITA's efforts to liaise with foreign governments and U.S. companies operating overseas to eliminate trade barriers and advocate for transparent business practices.
World Bank Issues Cat Bond to Provide Financial Protection to Jamaica
By Globe Banner | Apr 25, 2024
The World Bank has once again entered the catastrophe (cat) bond market, this time providing financial protection to the Government of Jamaica against named storm events. Priced at US$150 million, the cat bond will offer insurance coverage to Jamaica for four hurricane seasons. According to the World Bank, Jamaica was the first small island state to independently sponsor a cat bond, highlighting the country's proactive approach to disaster risk financing.Dr. Nigel Clarke, Minister of Finance and the Public Service for the Government of Jamaica, expressed gratitude for the...
Growth and New Opportunities Follow Boost to Surinamese Small Businesses
By Globe Banner | Apr 25, 2024
Entrepreneurs in Suriname, many of them women, are breaking down barriers and growing their businesses thanks to the World Bank-financed initiative SURGE, which is providing crucial support to small and medium enterprises in the country.The SURGE project has already made a significant impact, assisting more than 200 firms in improving their business operations and granting funds to 130 enterprises, with 60 percent of them being women-owned. One of the success stories emerging from this initiative is Regina Wachter Wijmans, a former small-scale farmer whose life...
World Bank Group Introduces Resilience Rating System to Enhance Climate Resilience
By Globe Banner | Apr 25, 2024
The World Bank Group has introduced a Resilience Rating System (RRS) to enhance climate resilience in projects, offering guidance and criteria for assessing resilience along two dimensions of project design.The RRS, as described by the World Bank Group, is unique in its approach to evaluating resilience. It focuses on assessing the confidence that expected investment outcomes will be achieved despite climate and disaster risks, as well as the project's contribution to the resilience of beneficiaries and communities. Projects are rated on a scale from A+ to C for each...
Global Commodity Prices Level Off, Hurting Prospects for Lower Inflation
By Globe Banner | Apr 25, 2024
Global commodity prices are leveling off after a steep descent that played a decisive role in whittling down overall inflation last year, which could make it harder for central banks to cut interest rates quickly, according to the World Bank’s latest Commodity Markets Outlook. The report also finds that a major outbreak of conflict in the Middle East could halt the inflationary decline that has occurred over the past two years."Global inflation remains undefeated," said Indermit Gill, the World Bank Group’s Chief Economist and Senior Vice President. "A key force for...
WTO Workshop Reviews Technology Transfer Incentives under TRIPS Agreement
By Globe Banner | Apr 25, 2024
A workshop held by the World Trade Organization (WTO) recently allowed participants to assess the incentives for technology transfer under the TRIPS Agreement, focusing on the challenges and experiences of Least Developed Countries (LDCs) in utilizing technological advancements for economic development.During the workshop, WTO Deputy Director-General Johanna Hill highlighted the significant efforts made by developed members in submitting 318 reports since 2003, detailing actions related to technology transfer in accordance with Article 66.2 of the TRIPS Agreement....
Bending Bamboo Shoots: Strengthening Foundational Skills
By Globe Banner | Apr 25, 2024
On April 25, 2024, a report was released focusing on the economic developments and outlook of Malaysia, as well as the efforts in strengthening foundational skills within the country. The report highlighted key findings and recommendations for the future.In terms of economic developments, Malaysia is projected to experience a higher growth rate of 4.3 percent in 2024, following weaker-than-expected growth outcomes in the previous year. The report emphasized that domestic demand will continue to be the main growth driver, supported by a partial recovery of global demand...
High-level dialogue marks 30 years of TRIPS Agreement
By Globe Banner | Apr 25, 2024
The 30th anniversary of the TRIPS Agreement was commemorated with a high-level dialogue that brought together key stakeholders to reflect on the past, present, and future of international intellectual property (IP) rights. The event featured insightful remarks from prominent figures in the field.Director-General Okonjo-Iweala emphasized the enduring relevance of the TRIPS Agreement in promoting social and economic welfare through a balanced approach to intellectual property rights. She highlighted the pivotal role of the Agreement during the HIV/AIDS crisis, where access...
Interview with World Bank Country Manager Emanuel Salinas on Pension Reform in Albania
By Globe Banner | Apr 25, 2024
Apr 25 2024Emanuel Salinas, the World Bank Country Manager, recently discussed the ongoing pension reform efforts in Albania in an interview with Monitor magazine. Salinas provided insights into the collaborative work between the World Bank and Albanian authorities to address challenges in the public pension scheme.Salinas highlighted the World Bank's involvement in the process, stating, "The value adds we bring to the discussion is the use of our actuarial-based model to carry out long-run financial projections of the pension scheme and the international experience on...
E-commerce negotiators finalize “technical discussions” and outline next steps
By Globe Banner | Apr 25, 2024
E-commerce negotiators have completed their "technical discussions" and are now outlining the next steps towards concluding the negotiations. Ambassador James Baxter of Australia expressed satisfaction with the progress made, stating, "I think it's safe to say that as a group, we achieved our objective for the week of resolving all the technical issues required to move this negotiation to the final decision-making phase."Ambassador Hung Seng Tan of Singapore emphasized the significance of the negotiations, highlighting, "Members have participated actively, contributed...
Improving Early Education Essential to Improve Skills in Malaysia, Support Long-term Growth, World Bank Report Says
By Globe Banner | Apr 25, 2024
KUALA LUMPUR, April 25, 2024— Malaysia's long-term growth prospects hinge on enhancing its human capital through improving learning outcomes for children, as highlighted in the World Bank Malaysia Economic Monitor report titled “Bending Bamboo Shoots: Strengthening Foundational Skills” released today.According to Malaysia's Minister of the Economy Mohd Rafizi Ramli, addressing the dual challenge of economic growth and ensuring public well-being requires a focus on education as a pathway to productive employment. Minister Ramli emphasized, "In the long run, it's about...