News from October 2024
Congressman on constituent imprisoned in Nigeria: 'I don't know if they don't have the ability to treat him or they just don't wish to'
By Globe Banner | Oct 4, 2024
Congressman Rich McCormick, who is also a licensed physician, expressed concern about the physical and mental health of his constituent Tigran Gambaryan, detained in Nigeria since February. McCormick shared his statement during an October 1 podcast.
Fmr. Moldova Economic Minister: ‘Sovereignty bus tour highlights the struggle between holding onto identity and embracing change’
By Globe Banner Reports | Oct 3, 2024
The former minister of economy for Moldova said that a “sovereignty” bus tour that launched this week is a “reminder” that the country needs “more time to decide whether the EU is right” for Moldova.
Uber announces additional safety features for drivers, couriers
By M. N. Tirado | Oct 3, 2024
On September 17, Uber announced a number of new safety features to increase protection and security for its drivers and couriers.
World Bank approves $250 million project for renewable energy in Lebanon
By Globe Banner | Oct 3, 2024
The World Bank has approved a $250 million project aimed at enhancing renewable energy in Lebanon by restoring electricity grid services and supporting ongoing reforms. This decision comes as Lebanon's electricity sector faces significant operational and financial challenges due to recent crises.
World Bank report reveals gaps between regulations and public services in global economies
By Globe Banner | Oct 3, 2024
The World Bank Group's newly released Business Ready report highlights a disparity between regulatory frameworks and public services across 50 economies. While many nations have established regulations to enhance the business environment, they fall short in delivering the necessary public services to ensure tangible progress. The report evaluates each economy with 1,200 indicators, providing insights into areas requiring improvement and encouraging reforms.
World Bank launches plan targeting gender inequalities in Sierra Leone
By Globe Banner | Oct 3, 2024
The World Bank has introduced the Sierra Leone Country Gender Action Plan (C-GAP), a strategy aimed at reducing gender inequalities and promoting equality across various sectors in Sierra Leone. This initiative is aligned with the World Bank Group’s Sierra Leone Country Partnership Framework for 2021-2026 and the WBG Gender Strategy for 2024-2030.
U.S. Bureau reports rise in personal consumption expenditures across all states
By Globe Banner | Oct 3, 2024
Personal consumption expenditures (PCE) saw an increase across all 50 states and the District of Columbia in 2023, as reported by the U.S. Bureau of Economic Analysis. The changes varied, with Florida experiencing the highest increase at 8.1 percent, while Iowa had the lowest at 4.7 percent. On a national scale, current-dollar PCE rose by 6.4 percent in 2023 following a 9.8 percent rise in 2022.
Nuveen Real Assets Head of Strategic Insights: 'Demand for real assets is built on long-term megatrends'
By Globe Banner Reports | Oct 3, 2024
Abigail Dean, Global Head of Strategic Insights for Nuveen Real Assets said that demand for real assets is increasingly driven by megatrends like urbanization and energy needs. With inflation stabilizing and interest rates holding steady, she sees this as an opportune moment for investors to reenter the market, as corporate prices may be at a low point while natural capital shows continued value gains.
CEO of Arrow Global: As governments embrace populist fiscal policies 'there will be pressure on central banks to act as a force of restraint'
By Globe Banner Reports | Oct 3, 2024
Private credit is rapidly transforming the financial landscape as high interest rates and regulatory changes create new opportunities for investors. Zach Lewy, CEO of Arrow Global, warns that inflation and high interest rates, coupled with the rise of populist and expansionary fiscal policies, will pressure central banks to act as a force of restraint.
Private credit market surges: a $2 trillion opportunity in the global Financial landscape
By Globe Banner | Oct 3, 2024
A report released on September 24 by McKinsey & Company highlights the rapid growth of private credit assets, which have reached nearly $2 trillion globally. This expansion underscores significant opportunities for investors as nonbank lending solutions continue to proliferate across international markets.
Preqin announces report on resilience of private equity in India
By Globe Banner | Oct 3, 2024
Preqin has released a report highlighting the increasing significance of private equity in India, a market traditionally dominated by venture capital. Despite challenges posed by global economic conditions and declining investor sentiment, private equity investments have demonstrated resilience.
Binance announces full digital asset license in Kazakhstan
By Globe Banner | Oct 3, 2024
Binance has announced that its Kazakhstan branch has received a full Digital Asset Trading Facility (DATF) license. This approval allows Binance to operate a trading platform, offer broker-dealer services, and provide custody for digital assets.
Regulatory bodies provide guidance for financial institutions post-Hurricane Helene
By Globe Banner | Oct 2, 2024
The Federal Deposit Insurance Corporation, the Federal Reserve Board, the National Credit Union Administration, the Office of the Comptroller of the Currency, and state financial regulators have issued a joint statement acknowledging the significant impact of Hurricane Helene on financial institutions. The agencies are committed to providing regulatory assistance to those affected under their supervision.
World Bank projects Nepal's economic growth despite financial risks
By Globe Banner | Oct 2, 2024
Nepal's economic growth is projected to rise to 5.1 percent in FY25 from 3.9 percent in FY24, as stated in the World Bank’s latest report, "Nepal Development Update: International Migration and Well-being in Nepal." This growth is expected due to increased tourist arrivals, hydropower, and paddy production.
WTO discusses inclusive growth through trade amid global challenges
By Globe Banner | Oct 2, 2024
At the 13th Ministerial Conference held in February 2024, ministers emphasized the significant role of services in the global economy, noting that they contribute to more than two-thirds of global economic output and account for over half of all jobs. The conference highlighted the importance of advancing work on trade in services at the World Trade Organization (WTO). In response, the Council agreed to hold an informal discussion on a WTO-World Bank report titled "Trade in Services for Development." The ministerial mandate concerning this topic is detailed in paragraph 18 of...
World Bank reports Jordan's economic resilience amid regional challenges
By Globe Banner | Oct 2, 2024
Jordan's economy demonstrated resilience in 2023 and early 2024, as highlighted in a World Bank report released today. The report notes that real GDP increased to 2.7 percent in 2023, a modest rise from the previous year. This growth was achieved despite a challenging regional environment and was driven by diverse economic sectors, including manufacturing, agriculture, services, restaurants, and hotels.
World Bank supports vulnerable populations in Myanmar through community project
By Globe Banner | Oct 2, 2024
The World Bank has extended direct support to Myanmar's poor and vulnerable population through the Myanmar Community Support Project (MCSP). This initiative, financed by the Myanmar Partnership Multi-Donor Trust Fund with $22.4 million, was operational from January 2023 to September 2024. The project was implemented by two international partners: the International Committee of the Red Cross (ICRC) and the World Food Programme (WFP), aiming to channel resources directly to communities.
Investment framework aims to tackle global malnutrition with evidence-based strategies
By Globe Banner | Oct 2, 2024
The Investment Framework for Nutrition 2024 highlights the ongoing global nutrition challenges, despite progress in reducing child stunting. Currently, 148 million children worldwide are still stunted, and nearly half of the global adult population is either obese or overweight.
World Bank supports Myanmar's vulnerable population through community project
By Globe Banner | Oct 2, 2024
The World Bank has announced its support for Myanmar's poor and vulnerable population through the Myanmar Community Support Project (MCSP). The initiative is backed by financing from the Myanmar Partnership Multi-Donor Trust Fund, amounting to $22.5 million. Implemented between January 2023 and September 2024, the project was executed in collaboration with two international partners: the International Committee of the Red Cross (ICRC) and the World Food Programme (WFP). The project's aim is to provide resources directly to communities, focusing on food security and...
World Bank explores expansion of partnership with Uzbekistan
By Globe Banner | Oct 1, 2024
Antonella Bassani, World Bank Regional Vice President for Europe and Central Asia, recently visited Uzbekistan. Her visit spanned from September 26 to 30, 2024, during which she met with President Shavkat Mirziyoyev and other senior government officials in Tashkent. In Samarkand, she attended the Asian Infrastructure Investment Bank (AIIB) Annual Meetings and engaged in discussions aimed at enhancing cooperation with partner multilateral development banks.