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The Latest Breaking News from World Bank

Facing calls to resign, World Bank's Malpass changes answer on climate crisis

Under pressure to resign for declining to say whether he accepts the scientific consensus on global warming, World Bank President David Malpass said on Thursday it was clear greenhouse emissions are causing climate change and defended his record as bank chief.

Reuters

4 Stocks to Buy With Market-Beating Potential

The stock market has been under pressure amid the high inflation and the Fed’s hawkish tilt. The Fed launched another 75 basis-point rate hike on Wednesday and indicated that it would keep increasing rates to bring down inflation to the target level. Thus, we think fundamentally solid stocks AbbVie (ABBV),…

StockNews.com

3 No-Brainer Stocks to Buy if You Have Money to Spend

Raging inflation and the Fed’s commitment to bring it under control with rate hikes are raising recession worries. However, according to BofA, the market could see a rally later this year. Given the macro uncertainties, we think investors should add fundamentally solid stocks Microsoft (MSFT), Merck & Co. (MRK), and…

StockNews.com

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World Bank Calls on G5 Sahel Countries to Diversify Economies, Scale Up Reforms

The World Bank on Monday urged five West African countries to diversify their economies to adapt to climate change, warning they are extremely vulnerable to extreme weather patterns. A report said Burkina Faso, Chad, Mali, Mauritania, and Niger -- all in the arid Sahel region -- are among the world’s…

Asharq Al-Awsat

Lebanon: Gas Import Agreement from Egypt Disrupted by Unsecured WB Financing

An agreement to transport Egyptian gas to Lebanon via Syria is currently disrupted by Lebanon’s failure to meet the conditions for obtaining a World Bank loan and Washington’s reluctance to give an official approval confirming that the deal is not affected by the Caesar Act, sources told Asharq Al-Awsat on…

Asharq Al-Awsat

Kenya has breached its public debt ceiling – how it got there and what that means

Kenya’s newly elected president, William Ruto, has earned more legal space to borrow for his grandiose economic plan after parliament recently raised the country’s public debt ceiling to KSh10 trillion (US$100 billion). The new administration says the country is broke but Kenya is already living beyond its means and the…

The Conversation

IMF Adamant on Linking Agreement with Lebanon to Reform Laws

Lebanese caretaker Economy Minister Amin Salam affirmed on Tuesday that the International Monetary Fund (IMF) delegation visiting Beirut this week carries a very clear message stressing an urgency that Lebanon approves and passes reform laws. “The IMF carries a very clear message, which is the urgency in approving these laws;…

Asharq Al-Awsat

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Will China’s plan for a ‘green silk road’ live up to environmental promises?

China has pledged to make its Belt and Road initiative greener, but critics say environmental guidelines ‘nonexistent’

The Guardian - UK

3 Stocks Bullish Traders Tend to Fall in Love With

The Fed’s continued monetary policy tightening and consequent recession fears are expected to keep the stock market under pressure in the upcoming months. However, bullish traders could keep paying with fundamentally strong stocks The Coca-Cola Company (KO), AbbVie (ABBV), and Merck & Co. (MRK). Read more….

StockNews.com

Exclusive-Ukraine calls for bespoke IMF and World Bank programmes

Ukraine will push for unprecedented and bespoke International Monetary Fund and World Bank packages worth tens of billions of dollars in the coming weeks to shore up its war-ravaged finances, the country's top debt management chief told Reuters.

Reuters

U.S. Treasury official criticizes China's 'unconventional' debt practices

A top adviser to U.S. Treasury Secretary Janet Yellen warned on Tuesday that China's foot-dragging on debt relief could burden dozens of low- and middle-income countries with years of debt servicing problems, lower growth and underinvestment.

Reuters

It is the people of Pakistan who are suffering

A humanitarian act can also be part of smart diplomacy, and India ought to make a distinction between Islamabad and the people of the country

The Hindu

Tanzania and Zambia want to upgrade the 'Uhuru Railway' – but can they?

Half a century ago, the Tanzania-Zambia Railway (Tazara) stood out as a crucial symbol of Africa’s struggle for independence. The 1,860km-long railway connects Kapiri Mposhi in Zambia with Dar es Salaam at the Indian Ocean.

The Conversation

World Bank Urges PA to Implement More Administrative, Financial Reforms

The World Bank (WB) said in a report issued Sunday that Palestinian reforms are needed on both the revenue and expenditure sides for a more sustainable fiscal position, stressing that the Palestinian Authority’s (PA) progress in its reform agenda will be met with robust support from international partners. The World…

Asharq Al-Awsat

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Bangkok Post

Spot gold declines to lowest in over 2 years

The spot gold price dropped to its lowest level in more than two years, pressured by a strong US dollar and the rise of US government bond yields amid concerns about prolonged tightening monetary policy and the likelihood of recession.

Bangkok Post

Boost pandemic preparedness

The pandemic is not over. While the summer of this year is very different from the summer of 2020, because we now have vaccines, treatments, and a better understanding of the virus, it's not enough. Every week, 15,000 people still die from Covid-19. Poorer countries still struggle to deploy vaccines,…

Bangkok Post

Asian markets sell off amid recession worries

RECAP: Asian markets sold off sharply on Friday and Europe followed as investors braced for a hefty US rate hike next week amid growing concerns of a global recession following warnings from the World Bank and the International Monetary Fund.

The Guardian - UK

Sergio Perelberg obituary

Other lives: Civil engineer who led infrastructure projects, including for the World Bank and the EU, across five continents

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Newslaundry

Daily Dose Ep 1152: Kejriwal ‘doesn’t understand liquor policy scam’, World Bank warns of global recession

Anwiti Singh brings you the news from New Delhi, Maharashtra, Samarkand, the World Bank, and NASA.

Newslaundry

Who funds CPR, the ‘centrist’ think tank under Income Tax scanner?

The Centre for Policy Research, which has recently come under the tax scanner for alleged irregularities in funding, prides itself on staying true to its “non-partisan” and “independent” values. Since its inception in 1973, the think tank has undertaken studies on almost every topic under the sun, and its academic…

The Guardian - UK

Pound drops to fresh 37-year low against dollar, as retail sales fall sharply – as it happened

Risk of UK recession heightens with retail slump, while World Bank warns of global recession

ABC News

ASX dives again amid rate rise and recession fears, gold and oil stocks fall

The ASX and Wall Street stumble again on worries about steep interest rate rises next week by the Federal Reserve, and after the Reserve Bank governor says more rate rises are needed to curb inflation. The World Bank warns of a global recession because of higher rates.

Axios

How central banks are risking a global recession

Major economies are delivering interest rate increases to quash domestic inflation.

Reuters

World Bank earmarks $30 billion to help offset food shortages worsened by war in Ukraine

The World Bank is willing to provide up to $30 billion to combat global food shortages aggravated by Russia's invasion of Ukraine and has so far disbursed almost $10 billion in financial aid pledged to Kyiv, a senior bank official said on Thursday.

Reuters

Factbox-Just how bad is Lebanon's economic crisis?

Savers held up two banks in Lebanon on Wednesday to demand access to their own deposits frozen in the country's paralysed financial system, underlining desperation among citizens unable to access savings since an economic crisis began in 2019.

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