News from October 2024
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.
WTO concludes 2024 SPS Transparency Champions Course focusing on international trade
By Globe Banner | Oct 11, 2024
The World Trade Organization (WTO) recently concluded its 2024 SPS Transparency Champions Course in Geneva. The event focused on the importance of transparency within the Sanitary and Phytosanitary (SPS) Agreement, emphasizing notifications of health and safety regulations. Participants also received hands-on experience with the ePing SPS&TBT Platform, which aids in this process.
Trade policies key driver for clean energy transition says WTO Director-General
By Globe Banner | Oct 11, 2024
WTO Director-General Ngozi Okonjo-Iweala emphasized the importance of trade policies in driving renewable energy and efficiency at a high-level event during Trade and Environment Week. She stated that tripling renewable energy production and doubling energy efficiency by 2030 is crucial to meeting Paris Agreement goals. "We are at a pivotal moment where trade policies have become a powerful catalyst for environmental sustainability," she said.
Lithuania donates EUR 20k to boost trade skills in developing economies
By Globe Banner | Oct 11, 2024
Lithuania has contributed EUR 20,000 to the World Trade Organization's Global Trust Fund, aiming to support developing economies and least developed countries (LDCs) in enhancing their trade skills. The fund finances approximately 280 activities annually, providing training at both national and regional levels in areas such as agriculture, services, and trade facilitation. Over two decades, nearly 2,800 activities have been organized under this initiative.
WTO committee discusses boosting developing economies' integration into global trade
By Globe Banner | Oct 11, 2024
The first meeting of the Committee's negotiating session since the 13th WTO Ministerial Conference (MC13) focused on enhancing the integration of developing economies into global trade. At MC13, ministers adopted a Declaration on Special and Differential Treatment to ensure that developing economies, including least developed countries (LDCs), receive timely training and technical assistance for implementing standards or technical regulations.
WTO hosts training for accession countries on market access negotiations
By Globe Banner | Oct 11, 2024
A training course on market access for governments in the process of joining the World Trade Organization (WTO) has concluded in Geneva. The event saw participation from countries including Azerbaijan, Bahamas, Belarus, Bhutan, Iraq, Libya, Somalia, Turkmenistan, and Uzbekistan. The course aimed to guide these nations on preparing initial goods offers and consolidating bilateral market access agreements.
World Bank appoints new country manager for Romania and Hungary
By Globe Banner | Oct 11, 2024
Mr. Yasser El-Gammal has been appointed as the World Bank Country Manager for Romania and Hungary, effective from October 1, 2024. Based in Bucharest, he will oversee the World Bank's operations in both countries and lead discussions with government officials, private sector representatives, civil society, and other stakeholders.
China files WTO complaint against Türkiye over vehicle import measures
By Globe Banner | Oct 11, 2024
China has initiated a dispute complaint against Türkiye regarding measures on vehicle imports. The measures in question include additional duties on electric vehicles, an import certificate requirement, and additional duties on other types of vehicles, as well as investment certificate exemptions. China claims these measures appear to be inconsistent with various provisions of the General Agreement on Tariffs and Trade 1994 and the Agreement on Trade-Related Investment Measures.
World Bank urges reforms as South Asia's economic growth exceeds expectations
By Globe Banner | Oct 10, 2024
Growth in South Asia is anticipated to rise to 6.4 percent this year, surpassing earlier predictions and positioning the region as the fastest-growing globally. The World Bank's latest regional outlook suggests that increasing women's participation in the workforce and enhancing global trade and investment could further accelerate growth.
World Bank urges reforms for sustained recovery in Pakistan
By Globe Banner | Oct 10, 2024
Pakistan's economy is showing signs of stabilization following a recent economic crisis, with growth reaching 2.5 percent in the fiscal year ending June 2024, according to the World Bank's latest country economic update. The report, titled "The Dynamics of Power Sector Distribution Reform," highlights improvements in agricultural output, lower inflation, prudent macroeconomic measures, and reduced political uncertainty as factors contributing to this recovery.
World Bank urges Maldives to implement urgent economic reforms amid rising vulnerabilities
By Globe Banner | Oct 10, 2024
The Maldives is facing significant economic challenges that require immediate and comprehensive reforms, according to the World Bank's latest country economic update. The report, titled "Maldives Development Update: Seeking Stability in Turbulent Times," highlights vulnerabilities in the country's fiscal and external sectors.
World Bank forecasts stronger growth for South Asia amid challenges
By Globe Banner | Oct 10, 2024
The World Bank has released its latest economic outlook, focusing on the growth prospects for South Asia and analyzing how the region can capitalize on the green energy transition. According to the report, growth in South Asia is anticipated to surpass previous expectations, marking a broad-based upturn that outpaces other emerging market and developing economies.
World Bank issues SEK 3 billion bond supporting sustainable development goals
By Globe Banner | Oct 10, 2024
The World Bank has issued a Swedish krona-denominated bond, raising SEK 3 billion. The bond, which matures on October 10, 2034, was placed with Nordic investors and offers an annual coupon of 2.5%. Nordea Bank Abp acted as the lead manager for this transaction.
World Bank reports on Sri Lanka's stabilized economy amid ongoing reforms
By Globe Banner | Oct 10, 2024
Sri Lanka's economy is showing signs of stabilization, with growth projected to reach 4.4 percent in 2024, according to the World Bank. This forecast surpasses earlier predictions and follows four consecutive quarters of growth driven by the industrial and tourism sectors. The positive outlook has been supported by critical structural and policy reforms.
World Bank advises fiscal measures as Sierra Leone faces slower growth
By Globe Banner | Oct 10, 2024
Sierra Leone's economy grew by 5.7% in 2023, surpassing expectations, largely due to strong performance in the mining sector. However, a new report from the World Bank forecasts a slowdown to 4.3% growth in 2024, attributed to declining iron ore prices. The Sierra Leone Economic Update, released today, presents a cautiously optimistic medium-term outlook with growth anticipated to recover to its long-term average of 4.6%. This recovery is expected to be driven by a resurgence in the service sector, improved agricultural productivity, robust mining activity, and ongoing fiscal...
World Bank: Greater investment crucial as Pacific economy slows
By Globe Banner | Oct 10, 2024
The World Bank's October 2024 Pacific Economic Update offers a comprehensive evaluation of the economies in several Pacific nations, including the Federated States of Micronesia, Fiji, Kiribati, and others. This report is the first post-pandemic analysis to provide fresh insights into investment trends and forecasts for the region.
World Bank coordinates donor financing mechanisms to aid Ukrainian recovery
By Globe Banner | Oct 10, 2024
Since the Russian invasion in February 2022, the World Bank Group has been instrumental in providing essential financing to support Ukraine. This assistance comes through various mechanisms such as trust funds, financial intermediaries, guarantees, and co-financing aimed at sustaining public services, rebuilding infrastructure, and supporting private sector initiatives.
World Bank funds Philippine project for improved broadband connectivity
By Globe Banner | Oct 10, 2024
The World Bank has approved funding of EUR 268.22 million (US$287.24 million) for the Philippines Digital Infrastructure Project, which aims to enhance broadband connectivity across the country. This initiative is expected to benefit over 20 million Filipinos by improving internet access and infrastructure.
WTO reports gradual recovery in global merchandise trade
By Globe Banner | Oct 10, 2024
The World Trade Organization (WTO) has released its October 2024 update on the "Global Trade Outlook and Statistics," highlighting a 2.3% year-on-year increase in global merchandise trade for the first half of 2024. This growth follows a -1.1% decline in 2023, which was influenced by high inflation and rising interest rates. The WTO anticipates moderate expansion in trade through the rest of the year and into 2025, with world real GDP growth expected to remain steady at 2.7% during this period.
World Bank report outlines challenges for Mongolia amid global shift from coal
By Globe Banner | Oct 10, 2024
Mongolia is facing significant challenges from climate change and the global transition to a low-carbon economy, according to a new report by the World Bank Group. The Mongolia Country Climate and Development Report (CCDR) highlights the need for urgent actions to enhance climate resilience while reducing reliance on coal, a major economic driver.