News from 2024
Foley Foundation: Binance employee denied bail 'despite meeting conditions for bail,' deteriorating health
By Globe Banner | Oct 15, 2024
The James W. Foley Legacy Foundation has reported that Nigerian authorities have denied bail to Binance employee Tigran Gambaryan, a former U.S. federal agent, despite his eligibility for bail and deteriorating health conditions. The Foundation shared this information in an October 11 post on X.
World Bank issues £700M sustainable development bond maturing in October 2034
By Globe Banner | Oct 15, 2024
The World Bank has successfully issued a 10-year sterling-denominated Sustainable Development Bond, raising GBP 700 million from global investors. The bond is set to mature in October 2034 and offers an annual coupon of 4.25% with an annual yield of 4.321%. It was priced at +11.3 basis points over the UK Gilt due September 2034.
World Bank calls for increased investment as Pacific growth slows
By Globe Banner | Oct 15, 2024
The World Bank has released its latest Pacific Economic Update, urging a significant increase in investment to counteract the region's slowing economic growth. The report, titled "Diminishing Growth amid Global Uncertainty: Ramping Up Investment in the Pacific," emphasizes the necessity for targeted investments to generate jobs, enhance infrastructure, and build resilience against climate change amidst global uncertainties. These measures are seen as vital for improving the livelihoods of Pacific communities and reducing the income disparity with wealthier nations.
World Bank supports Malawi with new emergency response project
By Globe Banner | Oct 15, 2024
The Malawi Contingent Emergency Response Project (CERP) is an initiative under the World Bank's Investment Project Financing (IPF). It allows for emergency response expenditures to be financed using funds repurposed through the Rapid Response Option (RRO). The CERP is part of the World Bank’s Crisis Preparedness and Response Toolkit (CPRT), providing the Government of Malawi with rapid access to financing during eligible crises or emergencies.
World Bank report warns eliminating poverty could take over a century
By Globe Banner | Oct 15, 2024
At the current rate of progress, it could take over a century to eliminate poverty for nearly half of the global population, according to the World Bank's "Poverty, Prosperity, and Planet Report."
World Bank urges reforms as Bangladesh faces economic challenges post-COVID
By Globe Banner | Oct 15, 2024
Bangladesh is facing a complex economic recovery in the wake of the COVID-19 pandemic, according to a recent report by the World Bank. The Bangladesh Development Update highlights that the country is grappling with high inflation, a balance of payments deficit, and limited job opportunities for its youth, particularly affecting women and educated individuals.
Okonjo-Iweala urges WTO members to maintain constructive negotiations
By Globe Banner | Oct 15, 2024
The Director-General of the World Trade Organization, Ngozi Okonjo-Iweala, has urged members to remain constructive in their negotiations to achieve meaningful outcomes. In a recent address, she highlighted ongoing discussions on several key issues.
BusinessEurope discusses challenges facing Europe's SMEs at Berlin roadshow
By Globe Banner | Oct 15, 2024
BusinessEurope held its fourth SME Roadshow event in Berlin, Germany, in collaboration with the Confederation of German Employers’ Associations (BDA) and supported by the Federation of German Industries (BDI). The event featured speeches from Roberta Metsola, European Parliament President, and Michael Kellner, German Parliamentary State Secretary and Commissioner for SMEs.
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.