News from August 2024
World Bank outlines policy recommendations for Mongolia's sustainable development vision
By Globe Banner | Aug 31, 2024
The World Bank Group has prepared a series of Policy Notes to address a range of issues and provide actionable recommendations for Mongolia's new government, formed in July 2024. These notes aim to assist the government in diversifying and strengthening national assets beyond the mining sector to meet the country's sustainable and green development goals, as outlined in Mongolia’s Vision 2050 and New Recovery Policy objectives.
Binance announces Hong Kong Police recognition for aid in kidnapping case
By Globe Banner | Aug 30, 2024
Binance announced receiving a letter of appreciation from the Hong Kong Police for assisting in a recent kidnapping investigation.
World Bank delegation emphasizes strong development engagement during visit to Haiti
By Globe Banner | Aug 30, 2024
Port-au-Prince, Haiti, 30 August 2024 — Director for the World Bank’s International Development Association (IDA) Resource Mobilization, Dirk Reinermann, completed a three-day visit to Haiti on Friday, August 30. During the visit, priorities of the new administration were discussed and the World Bank’s commitment to continue fighting against extreme poverty in Haiti was underscored.
Timor-Leste becomes World Trade Organization's newest member
By Globe Banner | Aug 30, 2024
Deputy Prime Minister Francisco Kalbuadi Lay of Timor-Leste handed to WTO Director-General Ngozi Okonjo-Iweala the instrument of acceptance of its Protocol of Accession at a meeting of the General Council on July 22, 2024.
World Bank announces $415 million aid for Ukrainian education amid ongoing conflict
By Globe Banner | Aug 30, 2024
WASHINGTON, August 30, 2024—A new $415 million education program to improve primary and secondary education in Ukraine will reach one million students, teachers, and school staff, the World Bank announced today.
US Bureau reports rise in income and consumer expenditures for July
By Globe Banner | Aug 30, 2024
Personal income increased by $75.1 billion, or 0.3 percent at a monthly rate, in July 2024, according to estimates released today by the U.S. Bureau of Economic Analysis. Disposable personal income (DPI), which is personal income less personal current taxes, rose by $54.8 billion (0.3 percent) and personal consumption expenditures (PCE) increased by $103.8 billion (0.5 percent).
NCUA prohibits former credit union employee from working in federally insured institutions
By Globe Banner | Aug 30, 2024
The National Credit Union Administration (NCUA) has permanently prohibited Luz Araceli Davila-Hernandez, a former employee of Magnifi Financial Credit Union in Melrose, Minnesota, from participating in the affairs of any federally insured depository institution. This action was taken through an Order of Prohibition.
World Bank warns against fraudulent scheme in DR Congo
By Globe Banner | Aug 30, 2024
KINSHASA, August 30, 2024: Following recent reports linking an entity calling itself "Pan-African Investment Program" to the World Bank in the Democratic Republic of Congo, the World Bank is warning the general public of ongoing scams. This entity claims to be recruiting local companies for a project to "build ten schools per province," falsely associated with World Bank financing.
Tokenization of real-world assets poised for rapid growth, report finds
By Globe Banner | Aug 29, 2024
A report by Roland Berger in October 2023 announced the market value of tokenized assets is projected to surpass $10 trillion by 2030, signaling significant growth and adoption.
Binance CEO on employee detained in Nigeria: 'authorities are refusing to provide him access to his legal counsel'
By Globe Banner | Aug 29, 2024
Binance CEO Richard Teng stated that Tigran Gambaryan, the company's head of financial crime compliance who has been detained in Nigeria since February 26, is being denied appropriate medical care, legal counsel, and consular access. Teng shared his statement in an August 27 post on Binance's website.
Digital technology's role in transforming global food systems
By Globe Banner | Aug 29, 2024
The global food system faces significant challenges, with inefficiencies and waste prevalent despite increased output. Abundance and hunger coexist, highlighting a core issue: unequal access to information among farmers and within markets. These inflexible systems result in high transaction costs.
FFIEC issues updated IT guidance for financial institutions
By Globe Banner | Aug 29, 2024
The Federal Financial Institutions Examination Council (FFIEC) has released a new booklet aimed at aiding examiners in assessing information technology practices within financial institutions. The "Development, Acquisition, and Maintenance" booklet outlines fundamental examination expectations related to development and acquisition planning and execution, governance and risk management, as well as maintenance and change management practices.
World Bank highlights gaps in climate finance among emerging market banks
By Globe Banner | Aug 29, 2024
WASHINGTON, August 29, 2024 — In almost 60% of banks in Emerging Market and Developing Economies (EMDEs), lending for climate-related investment accounts for less than 5% of their overall portfolios, and more than one-quarter offer no climate financing at all, according to a new World Bank report.
World Bank aids Batken region in post-conflict recovery
By Globe Banner | Aug 29, 2024
Баткенская область Кыргызской Республики, расположенная на юго-западе страны и граничащая с Таджикистаном и Узбекистаном, известна своими горными пейзажами и культурным разнообразием. Однако этот регион остается малоразвитым и сталкивается с серьезными вызовами, особенно после конфликта вдоль кыргызско-таджикской границы в сентябре 2022 года. Конфликт привел к гибели десятков людей и разрушению объектов социальной инфраструктуры, таких как школы, детские сады и медицинские учреждения. Этот кризис значительно повлиял на местных жителей, нарушив процесс обучения и ограничив...
U.S economy shows growth as GDP rises by three percent
By Globe Banner | Aug 29, 2024
Real gross domestic product (GDP) increased at an annual rate of 3.0 percent in the second quarter of 2024, according to the "second" estimate released by the U.S. Bureau of Economic Analysis. In the first quarter, real GDP increased by 1.4 percent.
World Bank aids Kyrgyz Republic's post-conflict recovery
By Globe Banner | Aug 29, 2024
The Kyrgyz Republic’s Batken region, located in the country’s southwest and bordering both Tajikistan and Uzbekistan, is celebrated for its mountainous landscapes and rich cultural diversity. However, this remote area remains underdeveloped and has faced significant challenges, particularly following conflict along the Kyrgyz-Tajik border in September 2022, which claimed dozens of lives and caused damage, destruction, and closure of public infrastructure like schools, kindergartens, and health clinics. This significantly impacted local children and families, disrupting...
US citizen’s 6 month detention in Nigeria alarms international business community
By Globe Banner | Aug 28, 2024
The six month detention of Tigran Gambaryan, a U.S. citizen and former federal agent, now employed by cryptocurrency exchange Binance, is raising concerns about Nigeria’s international business reputation and its attractiveness to foreign investors.
World Bank calls for better-targeted agricultural subsidies
By Globe Banner | Aug 28, 2024
The bulk of government support to agriculture provides short-term benefits that are often at the cost of long-term outcomes for people, economies, and the planet. Globally, agriculture receives more than $700 billion a year in public support. Much of this is poorly targeted: each subsidized dollar farmers receive generates only 35 cents in additional output. Agricultural policies play a critical role in the development of resilient food supply chains. But many policies create incentives that favor unsustainable production, increasing emissions, accelerating land degradation,...
Mobilizing capital for development in agriculture
By Globe Banner | Aug 28, 2024
Transforming food systems to reduce carbon emissions and achieve the Sustainable Development Goals requires a significant increase in investment across the agricultural value chain. Large, coordinated flows of public and private capital are needed to address decades of underinvestment and meet current and future challenges.
The Digital Chamber: Negative business sentiment in Nigeria could 'help lead the effort to bring Tigran home'
By Globe Banner | Aug 27, 2024
The Digital Chamber (TDC) has expressed concerns that the departure or potential departure of companies from Nigeria could pressure the Nigerian government to release Tigran Gambaryan, the head of financial crime compliance at Binance. Gambaryan has been imprisoned for nearly six months. TDC shared its statement in an August 22 post on X.