News from July 2024
World Bank appoints Ahmadou Moustapha Ndiaye as Country Director for Maghreb and Malta
By Globe Banner | Jul 9, 2024
The World Bank has announced the appointment of Mr. Ahmadou Moustapha Ndiaye as the new Country Director for the Maghreb and Malta, effective July 9, 2024. He succeeds Mr. Jesko Hentschel, who served in the position for five years.
WTO announces Kazakhstan's acceptance of the agreement on fisheries subsidies
By Globe Banner | Jul 9, 2024
The World Trade Organization (WTO) announced that Kazakhstan has formally accepted the Agreement on Fisheries Subsidies. Kazakhstan’s instrument of acceptance was presented by Ambassador Asset Irgaliyev to Director-General Ngozi Okonjo-Iweala, bringing the number of WTO members who have accepted the agreement to 78.
WTO announces Montenegro's acceptance of the agreement on fisheries subsidies
By Globe Banner | Jul 9, 2024
The World Trade Organization (WTO) announced that Montenegro has formally accepted the Agreement on Fisheries Subsidies. Montenegro’s instrument of acceptance was presented by Ambassador Slavica Milačić to Director-General Ngozi Okonjo-Iweala, bringing the number of WTO members to have accepted the agreement to 77.
Binance CEO on 200 million user milestone: 'Crypto has become too big to ignore and is not going away'
By Donna Rolando | Jul 9, 2024
While remaining steadfast in its race to reach 1 billion registered users, global cryptocurrency giant Binance took the time to celebrate a recent 200 million-user milestone and predicted a faster pace for future growth.
World Bank releases update on Chad's economy focusing on refugee inclusion
By Globe Banner | Jul 8, 2024
N'DJAMENA, July 8, 2024 - Enhancing the economic inclusion of refugees necessitates acknowledging their economic contributions, according to the World Bank Chad Economic Update 2024. The report dedicates a special chapter to examining the economic ramifications of refugee influxes.
World Bank appoints new country director for Nigeria
By Globe Banner | Jul 8, 2024
ABUJA, July 8, 2024 - The newly appointed Country Director for Nigeria, Dr. Ndiamé Diop, assumed his new position today. He succeeds Shubham Chaudhuri, who completed his term in the same capacity.
South Asian nations urged to adopt progressive universalism for better social protection
By Globe Banner | Jul 8, 2024
Countries in South Asia have seen substantial reductions in poverty over recent decades, yet a significant portion of households remains impoverished. Recent shocks such as the COVID-19 pandemic, economic crises, and climate-related disasters are estimated to have pushed millions more into poverty, severely affecting vulnerable groups like women, youth, and children. These impacts are further amplified by megatrends such as demographic shifts and technological disruptions, which if managed well, can present significant opportunities for the region.
Chair provides takeaways from WTO decision-making retreat
By Globe Banner | Jul 8, 2024
The retreat, held outside of WTO headquarters in Geneva at the Heads of Delegation level, involved 122 member participants with the objective of engaging in candid forward-looking discussions.
WTO reports mixed trends in global trade amid protectionist pressures
By Globe Banner | Jul 8, 2024
Commenting on the findings, Director-General Ngozi Okonjo-Iweala said: “This Trade Monitoring Update underscores the resilience of world trade despite the challenging geopolitical environment. Even in a context of rising protectionist pressures and signs of economic fragmentation, there are governments around the world still taking meaningful steps to liberalize and facilitate trade. This attests to the benefits of trade for people's purchasing power, business competitiveness, and price stability.
NCUA extends CDRLF grant application deadline to July 12
By Globe Banner | Jul 8, 2024
The National Credit Union Administration (NCUA) has extended the deadline for applying for 2024 Community Development Revolving Loan Fund (CDRLF) grants to July 12. The agency will administer more than $3.4 million in CDRLF grants to the most-qualified applicants, subject to the availability of funds. The grants page on the NCUA’s website contains all necessary information for submitting an application. A webinar explaining how to apply for a CDRLF grant is available on the NCUA’s YouTube Channel.
Binance CEO: Company co-founder 'took full responsibility for past mistakes'
By Globe Banner | Jul 8, 2024
Richard Teng, the CEO of Binance, expressed respect for Changpeng Zhao (CZ), the company's co-founder and former CEO, for taking responsibility for his mistakes and stepping away from Binance. Teng shared his statement during a June 17 episode of the Bankless podcast.
WTO concludes regional trade policy course for Asia-Pacific officials
By Globe Banner | Jul 5, 2024
Participants received extensive training from experts in the WTO and from the Asia-Pacific region, including from SUIBE. The programme aimed to deepen understanding of the WTO's work, its agreements, and their relevance to trade policy in the Asia-Pacific region. The course also sought to strengthen participants' ability to tackle WTO-related issues by improving their awareness of WTO resources, including WTO legal texts.
WTO thematic course highlights importance of global value chains
By Globe Banner | Jul 5, 2024
The WTO Thematic Course on Trade in Value Added and Global Value Chains concluded in Geneva on July 5, 2024. Opening the program on July 1, WTO Chief Economist Ralph Ossa emphasized the increasing significance of global value chains (GVCs) in international trade of goods and services. He noted that integration into GVCs and upgrading activities along supply chains have become crucial goals for investment, industrial, and trade policies in developing economies. Ossa stressed the need for policymakers to access comprehensive data to monitor changes in trade patterns and supply...
WTO explores options following stalled farm trade talks
By Globe Banner | Jul 5, 2024
With WTO members unable to agree on how to move ahead in the long-running talks on agriculture at the organization’s 13th Ministerial Conference (MC13) this February in Abu Dhabi, trade officials have recently been informally exploring options for restarting the talks.
WTO at crossroads: addressing climate change through sustainable trade policies
By Globe Banner | Jul 4, 2024
On July 4, 2024, the Honourable Minister, Excellencies, and distinguished guests gathered to discuss a pivotal moment in the nexus of trade and climate at the World Trade Organization (WTO). Deputy Director-General Paugam addressed the assembly, emphasizing that "we need to accelerate our efforts in leveraging trade policy for sustainable development."
WTO members renew focus on services trade following ministerial conference
By Globe Banner | Jul 4, 2024
WTO members have expressed a renewed commitment to advancing discussions on services trade, following the mandate from the 13th Ministerial Conference (MC13) held in February 2024. The Services Council, alongside other WTO bodies, has been tasked with addressing WTO reform, short-term challenges related to global and domestic crises, and responses to pandemics.
Goods Council reviews future work plans amid new trade concerns
By Globe Banner | Jul 4, 2024
The Chair of the Council for Trade in Goods (CTG), Ambassador Clare Kelly of New Zealand, reported on her bilateral conversations with over 20 delegations and group coordinators. These discussions focused on the Council's functioning, recent improvements, and future expectations. According to Ambassador Kelly, members expressed satisfaction with the significant reforms implemented by the CTG over the past two years. Notably, the introduction of digital tools such as the e-agenda and annotated agenda has enhanced access to information and facilitated meeting preparations.
India launches world's largest dam rehabilitation program
By Globe Banner | Jul 4, 2024
India has initiated the world’s largest dam rehabilitation program, addressing the challenges posed by aging infrastructure and changing precipitation patterns. The country, with over 6,000 dams crucial for irrigation, flood protection, and power generation, faces significant risks due to outdated designs and minimal maintenance.
Study urges swift EU action to close Europe's growing energy price gap
By Globe Banner | Jul 4, 2024
A new, in-depth study published today by BusinessEurope, developed with economic consultancy Compass Lexecon, indicates that a more competitive energy and climate transition is still possible but only if swift action is taken by EU legislators during the next EU cycle.
Lesotho's entrepreneurial growth spurred by targeted financial inclusion initiative
By Globe Banner | Jul 3, 2024
After a five-year struggle with unemployment following his tertiary education, Mosebetsi found inspiration in his name, which means ‘work’ in English. He realized he was destined to create work rather than wait for a job. In 2016, at age 27, he co-founded Iconics Clothing, a venture that gained instrumental support and guidance from the Lesotho Competitiveness and Financial Inclusion Project (CAFI).