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☆ The world could have its first trillionaire within 10 years, while most of us are getting poorer, report says
▼ + stars: | 2024-01-15 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +4 min

AdvertisementThe world could mint its first trillionaire within a decade as the majority of us gets poorer, according to a new report. The prediction came in Oxfam's annual inequality report, published on Monday to coincide with the World Economic Forum in Davos, Switzerland. The predicted trillionaire would represent an unprecedented high-water mark in levels of global inequality that even now are starker than ever, the report said. Oxfam makes regular headlines with its annual wealth inequality report, which in recent years has made some jarring assessments. The report's calculations are based on Forbes' "Real-Time Billionaires" list and UBS' Global Wealth Report of 2023.

Persons: —, Bernard Arnault, Jeff Bezos, Warren Buffett, Larry Ellison, Elon Musk, Rachel Riddell, Forbes, Charles Kenny Organizations: Oxfam, Service, World Economic, NPR, UBS, Global, Center for Global Development, World Bank Locations: Davos, Switzerland, Saharan Africa

☆ Sri Lanka, Argentina top list of most vulnerable economies -study
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +2 min

LONDON, Nov 8 (Reuters) - Sri Lanka and Argentina remain very vulnerable amid a worsening in global financial conditions while China has suffered a sharp deterioration in financial resilience since pre-COVID times, a think-tank study found on Wednesday. The study also showed that debt sustainability has declined over the last four years across emerging market economies. "In 2019, only Tunisia, Pakistan, Argentina, and Sri Lanka had ratios of external financing needs above 100%. The study calculated external financing needs by measuring short-term external debt plus current account deficits as a proportion of international reserves. Bolivia, Egypt, Turkey and El Salvador are also on the list of vulnerable countries, while the study shows that Indonesia, Peru and Bulgaria are the most resilient countries in the group.

Persons: Liliana Rojas, Suarez, Rojas, Jorgelina, Karin Strohecker Organizations: Washington -, Global Development, International Monetary Fund, World Bank, U.S, Thomson Locations: Sri Lanka, Argentina, China, Washington, Ukraine, Lanka, Britain, Tunisia, Pakistan, Bolivia, Egypt, Turkey, El Salvador, Indonesia, Peru, Bulgaria, Rosario, Lincoln

☆ Africa unlikely to follow East Asia's manufacturing growth path -study
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +3 min

The study's authors say that China will continue to dominate global manufacturing, moving into higher-value segments. The study projects global growth through the year 2050 and models changes in the economies of 59 countries accounting for about three quarters of the world’s GDP and population. Across all low-income countries, manufacturing jobs are projected to hold steady at below 8% of total employment, the study finds. It projects the share of manufacturing jobs in high-income countries will continue to fall, to 8.3% by 2050 from 11.4% currently. It said that private service sector jobs will make up roughly 37% of global jobs by 2050, and 26% in today’s low-income countries, up from about 12% currently.

Persons: CGD, Charles Kenny, Ranil, that’s, Kenny, David Lawder, Simon Cameron, Moore Organizations: Center for Global Development, Thomson Locations: China, Africa, Southeast Asia, Latin America, Agriculture, Bangladesh, Ethiopia, Asia

☆ US faces pushback on plan to bolster IMF funding without shareholding changes
▼ + stars: | 2023-10-06 | by ( David Lawder | ) www.reuters.com time to read: +5 min

[1/2] The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. Doing so, Ivory Coast President Alassane Ouattara said on Thursday, would "increase the voice and agency of member countries who are the most vulnerable" at the Fund. Martin Muhleisen, a former IMF strategy chief, said the plan "puts the Chinese on the spot to agree". A delay would be a major disappointment for the IMF after contentious 2019 negotiations left quota resources and shareholding untouched. "The Fund's not tight," said Mark Plant, a former IMF official now with the Center for Global Development.

Persons: Yuri Gripas, Joe Biden, Janet Yellen, Alassane Ouattara, Mark Sobel, Martin Muhleisen, Mark Plant, David Lawder, Andrea Shalal, Marcela Ayres, Peter Graff Organizations: Monetary Fund, REUTERS, Rights, International Monetary Fund, IMF, World Bank, Reuters, U.S . Congress, U.S, Treasury, U.S . Treasury, Brazilian, Center for Global Development, Thomson Locations: Washington , U.S, U.S, China, India, Brazil, Marrakech, Morocco, Ukraine, Saharan Africa, Coast, Washington, Beijing, Brasilia

A participant stands near a logo of IMF at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. U.S. Treasury Secretary Janet Yellen has said China, the world's largest sovereign creditor, has been a roadblock to debt relief. IMF member countries will discuss the crisis lender's shareholding structure at annual meetings in Morocco next week. The U.S. is pushing instead for IMF member countries to agree to contribute more funds to boost lending firepower, but keeping the U.S.-dominated shareholding structure unchanged. Without naming China, he said this would include doing more on debt relief and providing more exchange rate transparency -- longstanding Treasury criticisms of Beijing.

Persons: Johannes P, Nancy Lee, Janet Yellen, Lee, Jay Shambaugh, Shambaugh, Andrea Shalal, David Lawder, Andrea Ricci Organizations: IMF, International Monetary Fund, REUTERS, Rights, International Monetary, U.S, Treasury, Center for Global Development, U.S . Treasury, Thomson Locations: Nusa Dua, Bali, Indonesia, U.S, China, Morocco, India, Brazil, Beijing

☆ US Treasury official pushes IMF quota increase to bolster lending resources
▼ + stars: | 2023-09-07 | by ( David Lawder | ) www.reuters.com time to read: +4 min

The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. "We are making a commitment to reinvest in the IMF," Shambaugh said at a Center for Global Development event. A quota increase would require member countries, particularly its larger, wealthier shareholders, to contribute more funds at a time of slowing growth and tighter fiscal budgets following years of pandemic spending. The comment was partly a swipe at China's rampant lending to developing countries and reluctance to engage on debt restructurings. The IMF is aiming to complete a review of its quota resources -- which form the biggest part of its $1 trillion in total lending firepower -- by Dec. 15, and is seeking "considerable progress" by IMF annual meetings in Morocco in October.

Persons: Yuri Gripas, Jay Shambaugh, Shambaugh, Joe Biden, Janet Yellen, David Lawder, Andrea Ricci, Diane Craft Organizations: Monetary Fund, REUTERS, Rights, U.S, Treasury, Growth Trust, IMF, Global, World Bank, Thomson Locations: Washington , U.S, India, China, U.S, Brazil, Morocco

☆ When Politics Saves Lives: a Good-News Story
▼ + stars: | 2023-06-07 | by ( Amanda Taub | ) www.nytimes.com time to read: +2 min

Here is something I don’t write about very often: a situation in which unpredictable, seemingly irrational politics saved millions of the poorest and most vulnerable people on earth. The program, started by President George W. Bush, paid for antiretroviral medications for millions of H.I.V. “The conventional wisdom within health economics was that sending AIDS drugs to Africa was a waste of money,” Sandefur wrote. It wasn’t that the drugs didn’t work: Antiretroviral therapy had achieved revolutionary results in controlling H.I.V.-AIDS, and had the potential to save the lives of infected people and prevent new infections. transmission more likely, data suggested, would save more lives per dollar than treatment would.

Persons: Justin Sandefur, George W, Bush, ” Sandefur, Forbes, ” Emily Oster Organizations: Center for Global Development, Washington , D.C, AIDS Relief, Brown University Locations: Washington ,, Saharan Africa, Caribbean, Africa, H.I.V

☆ US World Bank nominee Banga endorses lending expansion, pledges more
▼ + stars: | 2023-04-05 | by ( David Lawder | ) www.reuters.com time to read: +3 min

"That's good, we should do it," Banga said of the $5 billion lending expansion plan proposed by departing World Bank President David Malpass. But he said that to raise the trillions of dollars needed annually to reach 2030 and 2050 global emissions reduction goals, the World Bank needs to help catalyze private capital. The World Bank cannot do this alone," he said. Banga is now in the final stages of the World Bank executive board's selection process after emerging from a March nomination period as the sole candidate. He is expected to be confirmed as World Bank president by early May.

☆ WHO fires director in Asia accused of racist misconduct
▼ + stars: | 2023-03-09 | by ( ) www.cnbc.com time to read: +5 min

Tedros did not refer to Kasai by name, referencing only his title as regional director in the Western Pacific. It is the first time in WHO's history that a regional director has been dismissed. He said that the process of naming a new regional director for the Western Pacific would begin next month, with the election to be held in October. In January, the AP reported that a WHO doctor hoping to replace Kasai as regional director in the Western Pacific had previously faced sexual misconduct accusations. With support of some WHO colleagues and his home country, Waqanivalu was preparing to run for the regional director job.

☆ Biden nominates former MasterCard CEO Ajay Banga to head World Bank
▼ + stars: | 2023-02-23 | by ( ) www.cnbc.com time to read: +2 min

U.S. President Joe Biden on Thursday nominated former MasterCard CEO Ajay Banga to become president of the World Bank, hailing his business experience in his native India and his commitment to mobilizing private funds to expand financial inclusion and help developing countries grapple with climate change. "Ajay is uniquely equipped to lead the World Bank at this critical moment in history," Biden said in a statement. "Raised in India, Ajay has a unique perspective on the opportunities and challenges facing developing countries and how the World Bank can deliver on its ambitious agenda to reduce poverty and expand prosperity." Biden singled Banga's decades of experience building global companies and building public-private partnerships to tackle urgent challenges such as climate change, and said he had a proven track record working with global leaders. "He can really be a force for change," Moreno said, noting that Banga enjoyed the trust of financial markets whose support was urgently needed to help raise the trillions of dollars needed to deal with global challenges.

☆ JPMorgan CEO says remote work isn't good for young people and managers, but can be 'perfectly reasonable' for coders and women with caregiver concerns
▼ + stars: | 2023-01-21 | by ( ) www.businessinsider.com time to read: +3 min

JPMorgan CEO Jamie Dimon said in a CNBC interview that remote work is "perfectly reasonable to help women." Remote work is reasonable for some jobs, Dimon said, but it doesn't work for "young kids" and managers. "I think it's perfectly reasonable to help women," Dimon said during an interview Thursday from Davos, Switzerland where the World Economic Forum is being held. Dimon also said there are jobs where remote work is "perfectly reasonable," like writing a book, or doing research or coding. "It doesn't work for young kids, it doesn't work for spontaneity, it doesn't really work for management," Dimon told Squawkbox of working remote.

The methods for counting COVID deaths have varied across countries in the nearly three years since the pandemic began. CAN CHINA'S COVID DATA BE TRUSTED? With one of the lowest COVID death tolls in the world, China has been routinely accused of downplaying infections and deaths for political reasons. Globally, the study estimated 18.2 million excess deaths in 2021-2022, compared with reported COVID deaths of 5.94 million. China actually cut its accumulated death toll by one on Dec. 20, bringing the total to 5,241.

☆ U.S. not expecting any big breakthroughs on debt issues this week -Treasury officials
▼ + stars: | 2022-10-11 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/IllustrationWASHINGTON, Oct 11 (Reuters) - U.S. Treasury Secretary Janet Yellen views debt restructuring as a key priority, but senior Treasury officials said they do not expect any major breakthroughs on debt matters at this week's meetings of the International Monetary Fund and World Bank. Aiding Sri Lanka, one of the most urgent such cases, would require a process with key creditors outside of the G20 framework, the Treasury official said. Yellen, who last week warned that some countries would need "considerable debt relief," would discuss the issue with her counterparts during the week, a second Treasury official said. The Zambian government told investors on Friday it hoped it would agree debt relief terms with official creditors by the end of the year or early 2023. Chad's creditors are also close to reaching a debt relief agreement, a French Finance Ministry source said on Monday.

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