News from 2024
DDG Hill underscores re-globalization's role in building a resilient global economy
By Globe Banner | Oct 9, 2024
DDG Hill has highlighted the benefits of re-globalization in building a resilient and inclusive global economy. According to Hill, shifts in supply chains are being driven by risk management, cost factors, and emerging technologies. Recent crises such as the COVID-19 pandemic, geopolitical tensions, and extreme weather have exposed vulnerabilities in traditional supply chains. In response, businesses are diversifying suppliers, adopting "just-in-case" strategies, and strengthening local sourcing.
US commits $600K for trade expertise in developing nations
By Globe Banner | Oct 9, 2024
The United States has announced a contribution of USD 600,000 to bolster trade expertise in developing economies and least developed countries (LDCs). This funding aims to enhance understanding of World Trade Organization (WTO) agreements and improve participation in trade negotiations.
WTO conducts trade policy review for Malawi
By Globe Banner | Oct 9, 2024
The World Trade Organization (WTO) is conducting a Trade Policy Review for Malawi. This review process involves an independent report by the WTO Secretariat and a policy statement from the Malawian government. Both documents will be discussed by the WTO's full membership in the Trade Policy Review Body (TPRB).
Preqin releases a report on private equity in France 2024
By R. B. Pepalis | Oct 9, 2024
Preqin has released a fact sheet titled "Private Equity in France 2024," which highlights key sectors such as healthcare, technology, and energy following political shifts in 2024. The consolidation of private equity funds in 2023 contributed to increased capital raising with fewer funds, supported by government initiatives.
WTO calls for swift action on fisheries subsidies amid environmental challenges
By Globe Banner | Oct 8, 2024
The World Trade Organization's Deputy Director-General, Angela Ellard, has called for urgent action on fisheries subsidies to support the Pacific region's sustainability objectives. In a recent address, she emphasized the importance of multilateral efforts in addressing environmental challenges faced by the Pacific Islands.
U.S trade deficit narrows as exports rise and imports fall
By Globe Banner | Oct 8, 2024
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis have reported a decrease in the U.S. goods and services deficit for August 2024. The deficit stood at $70.4 billion, down from $78.9 billion in July.
World Bank aids DRC's fight against mpox with strategic investments
By Globe Banner | Oct 8, 2024
The World Bank has taken significant steps to support the Democratic Republic of Congo (DRC) in combating the mpox epidemic. According to Dr. Michel Muvudi, long-term investment financing has been provided for healthcare and diagnostic infrastructure, with over $2 billion invested in the health sector over the past decade. The World Bank is actively supporting the government's response plan by mobilizing funds for projects like REDISSE and PMNS.
Blinken discusses Middle East issues with Egyptian Foreign Minister
By Globe Banner | Oct 8, 2024
Secretary of State Antony J. Blinken engaged in a conversation with Egyptian Foreign Minister Badr Abdelatty to address various issues concerning the Middle East.
Axel van Trotsenburg discusses global finance challenges at Vienna conference
By Globe Banner | Oct 8, 2024
Thank you, Ms. Milborn, for your introductory remarks. I would also like to thank the financial supervision authority for the kind invitation, which was extended to me by Helmut Ettl and Eduard Müller.
World Bank raises $5 billion through sustainable development bond
By Globe Banner | Oct 8, 2024
The World Bank has announced the pricing of a five-year benchmark bond, raising USD 5 billion to support sustainable development activities in developing countries. The bond, which matures in October 2029, attracted over USD 11 billion in orders from 175 high-quality investors. These investors included bank treasuries, official institutions, and asset managers.
Off-grid solar aims to electrify nearly 400 million people globally by 2030
By Globe Banner | Oct 8, 2024
Off-grid solar power is positioned as a key solution for providing electricity to almost 400 million people globally by 2030, according to the latest Off-Grid Solar Market Trends Report (MTR) 2024. The report, published by the World Bank’s Energy Sector Management Assistance Program (ESMAP) and GOGLA, highlights the potential of off-grid solar as the most cost-effective method to supply energy access to those currently without it.
World Bank highlights need for fiscal tools in Equatorial Guinea's forestry sector
By Globe Banner | Oct 8, 2024
The World Bank released the 2024 Equatorial Guinea Economic Update on October 8, which examines the nation's recent economic trends and future outlook. The report emphasizes the significance of creating effective fiscal instruments to promote sustainable forestry and diversify the economy.
WTO begins search for new Director-General ahead of schedule
By Globe Banner | Oct 8, 2024
The World Trade Organization (WTO) has begun the process of selecting its next Director-General. This initiative is being overseen by Ambassador Petter Ølberg of Norway, who serves as the Chair of the General Council. The selection will follow the WTO's established "Procedures for the Appointment of Directors-General" (WT/L/509).
Pacific cities embrace sustainable mobility with World Bank's new car-lite initiative
By Globe Banner | Oct 8, 2024
In March 2024, Saint John Bosco Primary School in Tarawa, Kiribati, underwent a significant transformation. Students and community members collaborated to enhance the area by adding a crosswalk, narrowing the road at the crossing, clearing debris, painting murals on the road, planting coconut trees, and installing no-parking signs. These changes resulted in traffic speed reduction from 34.7 to 19.7 km/h and increased car stops for pedestrians from 9 percent to 81 percent. The initiative improved safety for students walking to school daily and beautified the neighborhood.
World Bank unveils strategy for inclusive growth in Zimbabwe
By Globe Banner | Oct 8, 2024
The World Bank Group has announced the approval of a new Country Engagement Note (CEN) for Zimbabwe, covering the period from 2025 to 2026. This strategy is designed to support Zimbabwe's immediate development priorities and aligns with the nation's Vision 2030 and the National Development Strategy 2021-2025. The CEN aims to contribute to the World Bank Group's overarching goals of ending extreme poverty and promoting shared prosperity.
WTO expands academic network with five new universities for 2025
By Globe Banner | Oct 8, 2024
The World Trade Organization (WTO) Chairs Programme is set to expand its academic network by including five new universities. This expansion will bring the total number of Chairs to 40, enhancing regional and global initiatives and fostering collaboration among academics, policymakers, and trade experts.
WTO discusses legal issues in e-commerce work programme
By Globe Banner | Oct 8, 2024
Members of the World Trade Organization (WTO) have convened to discuss legal and regulatory matters as part of the ongoing work programme on e-commerce. During this meeting, representatives shared insights from their national experiences in shaping a regulatory environment conducive to digital trade. They emphasized the importance of continuing these discussions through dedicated sessions and workshops.
World Bank approves $150 million fund to boost Nepal's disaster response
By Globe Banner | Oct 8, 2024
The World Bank has approved $150 million in contingent financing for Nepal to address natural or climate-induced hazards and health emergencies. The financial support, known as the Nepal Disaster Resilience Development Policy Credit with Catastrophe Deferred Drawdown Option (Cat DDO), aims to bolster policy and regulatory reforms that enhance disaster resilience and improve institutional mechanisms for effective disaster response.
Fubon Life honored as best insurance company in Taiwan by World Finance
By Globe Banner | Oct 7, 2024
Fubon Life has been named the "Best Insurance Company in Taiwan" by World Finance for the thirteenth time, marking a significant achievement in the life insurance industry.
WTO emphasizes role of trade policies in clean energy transition
By Globe Banner | Oct 7, 2024
DDG Ellard has highlighted the critical role of trade policies in facilitating a transition to clean energy. She pointed out that these policies can reduce costs, decarbonize supply chains, harmonize standards, and redirect subsidies towards sustainability. This approach aims to create economic opportunities in emerging low-carbon markets.