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Public Institutions Data and Analytics Global Unit enhances governance through strategic data initiatives
By Globe Banner | Jul 23, 2024
The Public Institutions Data and Analytics Global Unit is responsible for enhancing the use of data and analytics in governance and institutional topics. It provides strategic support for cross-cutting engagements with a focus on how data and evidence can improve the functioning of public institutions. The unit delivers on three main programs: global trends in governance, country-level data and analytics, and climate change and institutions, including the political economy of climate change.
Jordan accepts WTO agreement aimed at curbing harmful fisheries subsidies
By Globe Banner | Jul 23, 2024
Jordan has formally accepted the Agreement on Fisheries Subsidies, as announced by Director-General Okonjo-Iweala. “I am happy to receive Jordan's formal acceptance of the Agreement on Fisheries Subsidies. Jordan, the fourth member from the Middle East region to have formally accepted the Agreement, is demonstrating its leadership in protecting our shared marine resources for future generations. This is a critical step towards ending harmful fisheries subsidies and ensuring a thriving and resilient ocean for all,” she stated.
World Bank partners with Japan on $2.76M project benefiting farmers
By Globe Banner | Jul 23, 2024
SAN SALVADOR, July 23, 2024—The World Bank, Japan, and El Salvador are collaborating on a project to improve market access, food security, and dietary diversity in the El Bálsamo mountain range in La Libertad department. This initiative will directly benefit 6,250 farming families and will be implemented by Catholic Relief Services (CRS) of El Salvador.
Trends show fragile states receive less climate adaptation funding
By Globe Banner | Jul 23, 2024
Global funds supporting climate adaptation are essential for low-income countries, particularly those experiencing fragility and conflict. Countries on the World Bank’s Fragile and Conflict-affected Situations (FCS) list are notably underserved in terms of adaptation finance from international funders. The scale and nature of this financing gap remain unclear, as does the allocation of adaptation finance across different fragile and conflict-affected settings.
World Bank reaffirms support to South Africa & Namibia amid developmental progress
By Globe Banner | Jul 23, 2024
A delegation of the World Bank Group’s (WBG) Board of Executive Directors (EDs) has noted South Africa’s and Namibia’s progress in achieving their development goals and reaffirmed the World Bank Group's commitment to providing support. The 11 EDs and Alternate EDs were hosted by the World Bank and International Finance Corporation (IFC) country offices during their visit from July 7-13.
US direct investments abroad rose to $6T+; foreign investments hit new highs
By Globe Banner | Jul 23, 2024
The U.S. direct investment abroad position, or cumulative level of investment, increased by $364.0 billion to $6.68 trillion at the end of 2023, according to statistics released today by the U.S. Bureau of Economic Analysis. The increase reflected a $147.1 billion rise in the position in Europe, primarily in Ireland, Switzerland, and the Netherlands. By industry, holding company affiliates had the largest increase.
FIFA-WTO study reveals significant economic impact from Women’s World Cup
By Globe Banner | Jul 23, 2024
Women's football has grown exponentially in recent years, leading to a significant shift in global sports consumption. The rise of world-class women players has resulted in increased media coverage, rapid commercialization, and heightened engagement worldwide. This growth was evident at the ninth edition of the FIFA Women’s World Cup 2023, which broke numerous records with a worldwide audience of 2 billion and 1.98 million spectators across ten stadiums.
Binance CEO on company's 7th anniversary: 'we continue to focus a lot on efforts on education, to work closely with regulators'
By Globe Banner | Jul 23, 2024
Binance CEO Richard Teng stated that the company will continue to prioritize education, collaboration with regulatory agencies, and supporting a balance between innovation and risk management in emerging fields such as artificial intelligence (AI). Teng shared his statement during a July 16 "ask me anything" (AMA) event on X celebrating the company's seventh anniversary.
France contributes EUR 6 million to aid trade expertise in developing economies
By Globe Banner | Jul 23, 2024
France's contribution will support four programs.
World Bank notes steady progress but calls for continued reform in Ghana
By Globe Banner | Jul 22, 2024
ACCRA, July 22, 2024 - The World Bank’s 8th Economic Update for Ghana, titled "Strengthening Domestic Revenue Systems for Fiscal Sustainability," indicates that despite recent increases in exchange rate depreciation and slower-than-expected inflation reduction, Ghana’s economic indicators remain on track for 2024 and beyond.
WTO discusses early start selection process Director-General
By Globe Banner | Jul 22, 2024
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
By Globe Banner | Jul 22, 2024
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
By Globe Banner | Jul 22, 2024
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
By Globe Banner | Jul 22, 2024
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
By Globe Banner | Jul 22, 2024
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
By Globe Banner | Jul 19, 2024
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
By Globe Banner | Jul 19, 2024
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
By Globe Banner | Jul 19, 2024
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.