News on Globe Banner

Members discussed the request from the African Group of members regarding the appointment of the Director-General (WT/GC/W/948). The African Group requests that the current Director-General make herself available to serve a second term and has proposed that the process of reappointing the Director-General should be started as soon as possible. The current term of DG Okonjo-Iweala finishes at the end of August 2025. She is eligible for a second four-year term.

Algeria moves up income classification amid modernization efforts

The most recent example of this was seen in the release of the World Bank's annual income classification report on July 1, 2024. Algeria was one of only four countries worldwide that moved across the threshold from a lower-middle-income to upper-middle-income classification. The remarkable aspect of this shift for Algeria is that it was primarily due to a modernization of systems to overhaul statistical capacity, which allowed a more accurate measure of the country’s GDP. While the Algerian economy grew by 4.1% in 2023, the main driver of the upward reclassification was a...

Comoros and Timor-Leste join World Trade Organization

WTO members officially approved the accessions of Comoros and Timor-Leste, both least-developed countries (LDCs), during a special ceremony at the 13th Ministerial Conference (MC13) in Abu Dhabi on February 26.

Fire prompts evacuation around Mount Trstelj in Slovenia

A fire has engulfed the area of Mount Trstelj in Slovenia's Karst Region, prompting local authorities to activate the National Defense and Rescue Service.

Binance CEO: Company collaborates 'with regulators and policymakers' on crypto frameworks

Richard Teng, the CEO of Binance, the largest cryptocurrency exchange in the world by trading volume, stated that the company collaborates with regulatory agencies and lawmakers globally to provide Web3 education and contribute to shaping crypto regulations. Teng shared his statement during a June 17 episode of the Bankless podcast.

Amazon improves workplace safety

By A. A. Sanchez | Jul 21, 2024

Amazon reports that the company’s recordable incident rate (RIR), which reflects work-related injuries requiring more than basic first-aid treatment, has improved by 30% since 2019 and by 8% year over year (YoY). Amazon has released the data as part of its pledge to be more transparent with its operations.

Guilherme Nazar moves to Head of Latin America at Binance

By Globe Banner | Jul 20, 2024

Guilherme Nazar was recently named Head of Latin America at Binance. He was the General Manager of Binance Brazil at the time of his appointment, according to the company's July 15 news release.

Federal agencies seek comments on updated anti-money laundering rules

Four federal financial institution regulatory agencies have requested public comment on a proposal to update requirements for supervised institutions to establish, implement, and maintain effective anti-money laundering and countering the financing of terrorism (AML/CFT) programs. These amendments aim to align with changes proposed by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), stemming from the Anti-Money Laundering Act of 2020 (AML Act).

World Bank approves $21M for financial stability and climate resilience in Marshall Islands

The World Bank’s Board of Executive Directors has approved a new support package aimed at strengthening fiscal management and enhancing disaster and climate resilience in the Republic of the Marshall Islands (RMI). The initiative, valued at US$21 million in grants, seeks to address long-term challenges posed by climate change, population decline, and a limited private sector.

Benin and Sierra Leone accept fisheries subsidies agreement

Benin and Sierra Leone have formally accepted the Agreement on Fisheries Subsidies, increasing the total number of World Trade Organization (WTO) members to 80. This milestone was announced by Director-General Okonjo-Iweala, who emphasized the significance of this support from least-developed members in promoting ocean sustainability and combating illegal fishing.

Bosnia marks three decades of partnership with World Bank

Since 1993, the World Bank Group has been a partner to Bosnia and Herzegovina, fostering a lasting collaboration. Bosnia and Herzegovina has witnessed the benefits of international development support, enabling it to achieve upper-middle-income status. Today, the World Bank Group and Bosnia and Herzegovina remain dedicated to advancing the economy, enhancing living standards, and supporting the country’s aspirations to join the European Union.

NCUA Board approves rules on incentive-based compensation; maintains loan interest rate ceiling

The National Credit Union Administration (NCUA) Board convened its fifth open meeting of 2024, approving several significant regulatory measures. These include a proposed rule on incentive-based compensation and a revised proposal on succession planning. Additionally, the board decided to maintain the current interest rate ceiling for federal credit unions at 18 percent.

U.S. issues safety advisory ahead of Bratislava Pride festival

Bratislava is set to host its annual Pride festival, including a march parade and related events, over the weekend from July 19 to July 21.

New program launched for rural land transformation in Côte d'Ivoire

The government of Côte d’Ivoire and the World Bank have officially launched the Rural Land Tenure Management Strengthening Program (PRESFOR) in Guiglo, located in the Cavally region. PRESFOR, implemented by the Rural Land Agency (AFOR), supports the $200 million National Rural Land Registration Program across 16 of the country’s 31 regions, focusing on efficiency, inclusiveness, and social cohesion.

Madagascar begins safeguard probe into certain edible vegetable oils

Madagascar has initiated a safeguard investigation into certain types of edible vegetable oils. The announcement, issued on July 18, 2024, outlines that interested parties must notify the ANMCC, the investigating authority, within 30 days from the investigation's commencement.

Iraq resumes WTO accession talks after sixteen-year hiatus

Mr. Atheer Dawood Salman Al Ghrairi, Iraq's Minister of Trade, led a high-level delegation from Baghdad at the third meeting of the Working Party. Ambassador Saqr Almoqbel of the Kingdom of Saudi Arabia, who chaired the Working Party for the first time since his appointment last year, welcomed Iraq's return to Geneva after many years, highlighting the significance of the formal resumption of Iraq's accession process. “The Minister's presence here, the first since 2008, sends a clear signal that Iraq's accession process is now back on track,” he remarked. The Working Party...

Federal agencies issue final guidance on reconsiderations of value for real estate valuations

On July 18, 2024, five federal regulatory agencies issued final guidance on reconsiderations of value (ROVs) for residential real estate transactions. The guidance advises financial institutions on policies and procedures to allow consumers to provide information that may not have been considered during an appraisal or if deficiencies are identified in the original appraisal.

Moroccan economy shows resilience amid global challenges but faces internal hurdles

RABAT, July 18, 2024 — Despite various obstacles, including a slowdown in the global economy, an inflation shock, and the Al Haouz earthquake, the Moroccan economy has shown resilience and accelerated with real output increasing by 3.4 percent in 2023, according to the World Bank's latest economic monitor for the country.

WTO updates progress on dispute settlement reform efforts

Ambassador Dwarka-Canabady addressed a Heads of Delegation meeting, the third since the formal dispute settlement reform process began earlier this year. "We know what we need to do," she stated. "We know we have to accelerate work. We need to find the best way of doing that to keep the process inclusive."

Uzbekistan empowers villages through community-driven development projects