News from October 2024
Regional forum concludes five-year disaster preparedness program in Central Asia
By Globe Banner | Oct 15, 2024
The "Strengthening Financial Resilience and Accelerating Risk Reduction in Central Asia" program, funded by the European Union and implemented by the Global Facility for Disaster Reduction and Recovery (GFDRR) and the World Bank, held its final regional forum in Almaty on October 14-15, 2024. The event marked the conclusion of a five-year initiative aimed at enhancing resilience to climate change and natural hazards across Central Asia. The forum was organized with UNICEF's collaboration and supported by the Almaty-based Centre for Emergency Situations and Disaster Risk...
World Bank warns: Global poverty reduction could take over a century
By Globe Banner | Oct 15, 2024
The World Bank's recent report, "Poverty, Prosperity, and Planet," highlights the slow progress in reducing global poverty. It reveals that at the current pace, it may take over a century to lift nearly half of the world's population above the $6.85 daily poverty threshold. The report marks the first comprehensive post-pandemic evaluation of efforts to eradicate poverty and promote shared prosperity on a sustainable planet.
Standard Chartered hosts global family network forum in Hong Kong
By Globe Banner | Oct 15, 2024
Standard Chartered hosted its inaugural Global Family Network Forum in Hong Kong, bringing together around 200 international clients and guests from regions including Greater China, Southeast Asia, the United Arab Emirates, the United Kingdom, and...
IREX invites global leaders to apply for Community Solutions Program
By Globe Banner | Oct 15, 2024
Community leaders worldwide have an opportunity to enhance their skills and expand their networks through the Community Solutions Program (CSP) offered by IREX.
World Bank boosts lending capacity with new financial measures
By Globe Banner | Oct 15, 2024
The World Bank Group has unveiled a series of financial measures aimed at enhancing its lending capacity and making loans from the International Bank for Reconstruction and Development (IBRD) more accessible. These steps are expected to enable over $150 billion in additional financing over the next decade.
World Bank supports Lima's urban mobility transformation with $150 million loan
By Globe Banner | Oct 15, 2024
The World Bank has approved the first phase of a decade-long program aimed at transforming urban mobility in Lima. This initial phase involves a $150 million loan to implement modern traffic systems, including upgraded traffic lights, an advanced control center, and an automated system for detecting traffic violations. These improvements are intended to enhance road safety for pedestrians and cyclists and improve public transport flow at over 50 intersections.
Regulators offer support to banks hit by Hurricane Milton
By Globe Banner | Oct 15, 2024
The Federal Deposit Insurance Corporation, the Federal Reserve Board, the Florida Office of Financial Regulation, the National Credit Union Administration (NCUA), and the Office of the Comptroller of the Currency have issued a statement acknowledging the significant impact of Hurricane Milton on financial institutions. These agencies have pledged to provide regulatory assistance to affected institutions.
Gabon focuses on sustainable forestry amid economic challenges
By Globe Banner | Oct 14, 2024
Between 2022 and 2023, Gabon's economic growth declined from 3.0% to 2.4%. The country's oil and agricultural sectors remained robust, but global demand fluctuations, increased fuel costs, and weather-induced railway damages adversely impacted wood and manganese production. Although the trade surplus was substantial in 2023, it was influenced by declining oil prices and weaker performance in wood and manganese exports.
Aligning carbon measurement standards crucial for future global trade
By Globe Banner | Oct 14, 2024
The alignment of carbon measurement standards is crucial for the future of global trade, according to DDG Paugam. Speaking at a recent event, Paugam emphasized the importance of this topic in the context of globalization and the world trading system. He noted that approximately 30% of steel products are traded internationally, highlighting the resilience of global trade despite major economic crises like the 2008 financial crisis and the 2020 pandemic.
World Bank suggests policy changes for sustainable forestry in Gabon
By Globe Banner | Oct 14, 2024
Released by the World Bank, the Gabon Economic Update 2024 outlines fiscal policy reforms aimed at optimizing fiscal revenues while advancing the green growth potential of Gabon's wood industry. The report, titled "Designing Fiscal Policies for Sustainable Forestry," begins with an analysis of recent developments and outlook for Gabon’s economy. It then explores how fiscal instruments can foster sustainable forest management and economic growth.
World Bank urges urgent educational reform for inclusive growth in Sub-Saharan Africa
By Globe Banner | Oct 14, 2024
Despite signs of a fragile economic recovery, Sub-Saharan Africa remains in "low gear," with a large youth population at risk of being left behind. According to the latest edition of Africa's Pulse, the World Bank’s regional economic update released on October 14, two factors are critical for inclusive growth: stabilizing economies and transforming education to equip the region’s workforce with foundational skills and market-relevant expertise.
Malaysia anticipates economic growth amid agricultural modernization efforts
By Globe Banner | Oct 14, 2024
Malaysia's economy is projected to grow by 4.9 percent in 2024, an increase from the previous year's 3.7 percent, according to recent findings. This growth forecast is revised upwards by 0.6 percentage points due to strong performance in consumption, investment, and trade activities during the first half of 2024.
WTO chief stresses importance of trade for global food security
By Globe Banner | Oct 14, 2024
The Director-General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, addressed the World Food Forum, emphasizing the critical role of trade in ensuring global food security. She highlighted the collaboration between the WTO and the Food and Agriculture Organization (FAO) in food and agriculture sectors.
World Bank highlights digital tech's role in boosting Malaysia's agricultural economy
By Globe Banner | Oct 14, 2024
Widespread use and scaling of digital agriculture technologies (DATs) are expected to accelerate Malaysia's progress toward becoming a high-income nation, according to a World Bank report. The Malaysia Economic Monitor report, titled "Farming the Future: Harvesting Malaysia’s Agricultural Resilience through Digital Technologies," emphasizes that DATs can significantly boost economic growth by enhancing productivity in the vital agriculture sector.
World Bank outlines diverse agenda for CBD COP16 in Cali
By Globe Banner | Oct 13, 2024
The World Bank has released its schedule of events for the 16th Conference of the Parties to the Convention on Biological Diversity (CBD COP16), taking place in Cali, Colombia. The series of events will span from October 21 to October 31, focusing on various themes related to biodiversity, finance, and sustainable development.
Managing Partner at Oriza FOFs: 'We believe that China's capital market is returning to the essence of value investment'
By B. B. Urness | Oct 13, 2024
Qing Xu, Managing Partner at Oriza FOFs, said that emerging investment opportunities are present within China's evolving economic landscape. Despite global uncertainties, Xu emphasized the country's resilience and highlighted sectors like AI, healthcare, and sustainable development as key areas for future growth.
Preqin announces growth in India-focused real estate AUM
By B. B. Urness | Oct 12, 2024
Preqin has announced that India-focused real estate funds' assets under management (AUM) have grown from $12.7 billion in 2010 to $21.3 billion in 2023. Despite this growth, India represents just 8% of the Asia-Pacific (APAC) real estate AUM, indicating potential for further expansion.
WTO aims for accelerated discussions in dispute settlement reform talks
By Globe Banner | Oct 11, 2024
Ambassador Dwarka-Canabady, the facilitator for the dispute settlement reform talks at the World Trade Organization (WTO), emphasized the need to accelerate discussions among members. "We have been working steadily and making good progress, but I think we can all agree that we now need to further intensify our discussions at a more accelerated pace and focus specifically on finding convergence, in particular on appeal/review issues, to get to a final solution," she stated.
World Bank emphasizes investment in global education for vulnerable young women
By Globe Banner | Oct 11, 2024
With 122 million girls out of school globally, many in fragile and conflict-affected areas, the World Bank emphasizes investing in girls' education as part of its new Gender Strategy. The International Day of the Girl Child on October 11 highlights the need for equitable education for all children, particularly in these challenging contexts.
Fubon promotes sustainability through employee ecological activities
By Globe Banner | Oct 11, 2024
Fubon Financial Holdings has reinforced its commitment to sustainability by promoting ecological activities among its employees.