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BEIJING (AP) — China's Belt and Road Initiative looks to become smaller and greener after a decade of big projects that boosted trade but left big debts and raised environmental concerns. Called “One Belt, One Road” in Chinese, the Belt and Road Initiative started as a program for Chinese companies to build transportation, energy and other infrastructure overseas funded by Chinese development bank loans. China became a major financer of development projects under BRI, on par with the World Bank. Chinese development banks provided money for the BRI projects as loans, and some governments have been unable to pay them back. Now, having learned the hard way through defaults, China development banks are pulling back.

Persons: Xi Jinping's, Xi, “, Alessia Amighini, Kevin Gallagher, Sri Lanka, Christoph Nedopil, Nedopil, Colleen Barry Organizations: BEIJING, Initiative, Silk, Italy, World Bank, Boston University Global Development Policy Center, U.S, Export, Import Bank of, Asia Institute, Griffith University, Associated Press Locations: Beijing, Africa, Asia, Latin America, China, Europe, Kazakhstan, Indonesia, Kenya, Laos, Pakistan, Italy, “ Italy, Sri Lankan, Zambia, Sri, Import Bank of China, Australia, BRI, Hungary, Milan

☆ World Bank's new chief asks staff to 'double down' on development, climate efforts
▼ + stars: | 2023-06-02 | by ( David Lawder | ) www.reuters.com time to read: +4 min

[1/2] World Bank President Ajay Banga arrives for his first day of work at World Bank headquarters in Washington, U.S. June 2, 2023. REUTERS/Jonathan ErnstWASHINGTON, June 2 (Reuters) - The World Bank's new president Ajay Banga on Friday asked the lender's 16,000 staff to "double down" on development and climate efforts as he seeks to accelerate the bank's evolution to tackle the most pressing global problems. The World Bank Group is being asked to lead the way, to double down on development and climate efforts and to deliver even more impact and results," he said. He added this would require "all shoulders to the wheel," and all of the World Bank's divisions working together to deliver solutions needed by the world. Banga, 63, was elected to a five-year term as World Bank president by the lender's board of governors in May.

Persons: Ajay Banga, Jonathan Ernst WASHINGTON, Banga, Janet Yellen, Yellen, Joe Biden, David Malpass, Kevin Gallagher, There's, David Lawder, David Holmes, Hugh Lawson Organizations: World Bank, REUTERS, Friday, Mastercard, Reuters, Thursday, U.S, Treasury, Boston, Global, Policy, Thomson Locations: Washington , U.S, Banga, Paris

☆ Analysis: No China, no deal: Bid to break sovereign debt logjams gets weary thumbs up
▼ + stars: | 2023-04-13 | by ( Libgeorge Marc Jones | Marc Jones | ) www.reuters.com time to read: +6 min

LONDON, April 13 (Reuters) - The latest bid by the world's leading institutions and creditors to speed up debt restructurings and get bankrupt countries back on their feet has been greeted by a mix of cautious optimism and weary scepticism by veteran crisis watchers. The somewhat loose framework around sovereign restructurings has seen Beijing seek to influence the traditional rules of engagement in these processes. The Common Framework platform introduced by leading G20 nations in 2020 aimed to bring all creditors, including China, together and streamline negotiations. Anna Ashton, director of China research at Eurasia Group, said this week’s developments underscored the benefits for China to give some ground on some of its concerns. "China is a difficult partner to talk to but we need China at the table for the solution of debt problems, because otherwise we won't see any progress," Lindner said.

☆ No China, no deal: Bid to break sovereign debt logjams gets weary thumbs up
▼ + stars: | 2023-04-13 | by ( Libgeorge Marc Jones | Marc Jones | ) www.reuters.com time to read: +6 min

☆ Big Oil’s old profligacy lives on Down Under
▼ + stars: | 2023-03-15 | by ( Antony Currie | ) www.reuters.com time to read: +4 min

Throw in dividends and Santos shareholders have received a measly 6% total return during that period. Santos’ 15% return on capital employed last year puts it at the bottom of the class; BP delivered almost 25%. It looks slated to stay in the basement, with analysts projecting a sub-8% return for 2025, per Refinitiv data. The bonus is mostly tied to successful “growth projects”, which arguably encourages him to overinvest. If that happens again at next month’s annual meeting, it would, under Australian rules, allow investors to boot the entire board.

☆ Analysis: Cash-strapped countries face IMF bailout delays as debt talks drag on
▼ + stars: | 2023-03-02 | by ( Jorgelina Do Rosario | ) www.reuters.com time to read: +7 min

IMF funding is often the sole financial lifeline available to countries in a debt crunch, and key to unlocking other financing sources, with delays putting pressure on government finances, companies and populations. Though staff agreements can be reached without financing assurances, the IMF board needs them to approve the programme. Chinese Premier Li Keqiang said on Wednesday the country is willing to "constructively" participate in solving debt problems of relevant countries under a multilateral framework. But Beijing has always emphasised all creditors should follow the principle of "joint action, fair burden" in debt settlements. Adding another layer of complexity to these debt talks, the Common Framework doesn't lay out precise rules on how a debt restructuring with bilateral creditors should work.

☆ Exclusive: World Bank may loosen loan ratio to free up $4 billion a year
▼ + stars: | 2023-02-16 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

WASHINGTON, Feb 16 (Reuters) - The World Bank, under pressure to do more to help developing countries cope with climate change, may change its internal lending guidelines to free up $4 billion in lending capacity each year, World Bank President David Malpass told Reuters on Thursday. Lowering the equity-to-lending ratio would free up more resources at a time of mounting global challenges such as the Ukraine war, he said. The board was expected to decide on the issue by the April meetings of the bank and the International Monetary Fund. Malpass announced his resignation from the bank on Wednesday amid mounting pressure from the U.S. Treasury to move faster on reforming the bank. The World Bank had long argued against changing its capital adequacy rules, worried that doing so would undermine its AAA credit ratings, but two of the three main agencies last year said some changes were possible without tarnishing the ratings.

[1/2] A woman takes pictures of the China Development Bank booth at the 2021 China International Fair for Trade in Services (CIFTIS) in Beijing, China September 3, 2021. Commitments made to 100 developing nations by the Export-Import Bank of China (China EximBank) and the China Development Bank (CDB) have fallen every year since hitting a record in 2016 as the lenders scaled back financing even before the COVID-19 pandemic hit in 2020. "We expect an overall shift toward lower volume, higher quality investment from China," Kevin Gallagher, director of the university's Global Development Policy Center, told Reuters. Reuters GraphicsWORLD BANK STEPS INWhile Chinese lending has been waning, World Bank lending has ramped up, the study found. Overall, China's commitments were 83% of the $601 billion lent by the World Bank from 2008-2021.

☆ Janet Yellen is staying put to oversee billions in climate spending
▼ + stars: | 2023-01-10 | by ( Andrea Shalal | ) www.reuters.com time to read: +5 min

WASHINGTON, Jan 10 (Reuters) - U.S. Treasury Secretary Janet Yellen is digging in to oversee billions of dollars in federal climate and infrastructure spending that she believes will transform the economy, close associates say, defying demands from Republicans to step down. Yellen told CNBC late last year that she was "in good company" in misjudging inflation, and that Biden's COVID spending plans were needed to boost the recovery. White House and Treasury officials say inflation was spurred by supply chain problems and exacerbated by Russia's invasion of Ukraine, but note that inflation is now easing and investments in manufacturing will reduce future supply chain log-jams. Treasury had no comment on the Republican concerns, but officials have previously said the department's policies are overdue and urgently needed. In addition to advancing Biden's domestic climate agenda, Treasury officials say another key priority for Yellen in 2023 will be advancing reforms of the World Bank and other multilateral lenders to free up more resources for countries to address climate change and other priorities.

☆ Australia's parliament approves gas price cap, $1 bln energy relief
▼ + stars: | 2022-12-15 | by ( Sonali Paul | ) www.reuters.com time to read: +3 min

MELBOURNE, Dec 15 (Reuters) - Australia's parliament on Thursday passed legislation setting a price cap on natural gas for one year and providing A$1.5 billion ($1.03 billion) in relief for households and small businesses hit by soaring energy costs due to Russia's war in Ukraine. The price cap will apply to new wholesale gas sales by east coast producers. The law also clears the way for the government to regulate gas sales when producers and buyers fail to agree on a contract price. The price cap met with fierce opposition from the gas industry but was supported by manufacturers and the Australian Workers' Union. Mining billionaire Andrew Forrest's private firm Squadron Energy, building a liquefied natural gas (LNG) import terminal, urged the government to require Queensland gas producers to make LNG available for the domestic market at "reasonable prices".

☆ Globalization has been breaking down for a while – here's what could end it
▼ + stars: | 2022-12-06 | by ( Tom Chitty | ) www.cnbc.com time to read: +1 min

It raised questions about whether the many benefits of globalization outweigh the geopolitical problems it has helped create. The latest wave of globalization has seen great resistance. Worker exploitation and a rise in inequality have also been at least partly attributed to globalization. "I think there's been a globalization bubble, and we're trying to correct it." Watch the video above to learn more about why economists think globalization is fragmenting – and what lies ahead.

☆ A major hedge fund fears 'hyperinflation' in some developing nations. This is why it could still affect America.
▼ + stars: | 2022-11-26 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +5 min

There are fears that some nations could be struck by hyperinflation, or uncontrolled price rises. The consequences could be disastrous for emerging economies — and have ramifications for the US. While hyperinflation is not about to strike the US, it could affect the American economy nonetheless. Another consequence of that policy was to send money out of emerging economies and back to the US. While Gallagher said hyperinflation wasn't happening yet, the frameworks in place to protect emerging economies from hyperinflation and a debt default were breaking down, leaving countries to fend for themselves.

☆ Wall Street has made serious strides to embrace crypto this year. But after FTX's implosion, a regulatory crackdown is imminent.
▼ + stars: | 2022-11-15 | by ( Morgan Chittum | Rebecca Ungarino | ) www.businessinsider.com time to read: +7 min

In a stunning downfall, crypto platform FTX filed for Chapter 11 bankruptcy protection on Nov. 11. Crypto sentiment from Wall Street giants has come a long way over the past few years. After FTX's disaster, a crackdown on digital assets is imminent. Prominent government officials quickly spoke out against the crypto platform last week. Gensler says that the agency's aggressive stance on digital assets is an effort to protect investors and may encourage further crypto adoption.

☆ Wall Street pushed into digital assets. Now investors are paying the price as FTX's crisis raises questions of a ripple effect in cryptoworld.
▼ + stars: | 2022-11-11 | by ( Rebecca Ungarino | Danielle Walker | ) www.businessinsider.com time to read: +8 min

FTX, the crypto exchange in crisis, found backers in BlackRock, VanEck, and Ontario Teachers. The solvency crisis facing the exchange and its famous CEO raises questions of a ripple effect. Now, in the middle of crypto winter, FTX is in the middle of a solvency crisis. Binance, a rival crypto exchange that was initially going to buy FTX, backed out. "What we like about it is that we're not really speculating on whether prices of crypto assets, bitcoin or otherwise, are going up or down.

☆ Santos flags gas output drop in 2023, modest long term production growth
▼ + stars: | 2022-11-08 | by ( Sonali Paul | ) www.reuters.com time to read: +2 min

The weaker near-term outlook came as Chief Executive Officer Kevin Gallagher outlined a new strategy, following nearly seven years at the helm during which he slashed costs and roughly doubled Santos' output through acquisitions. Asian buyers are looking to lock in gas supply for 10, 15 or 20 years, Vice President Jane Norman told analysts. The company's near-term production decline reflects the end of life at the Bayu Undan gas field off northwestern Australia and weaker gas production in Western Australia, but does not include its sell down of a 5% stake in PNG LNG, Santos said. Production in 2023 is expected to drop to between 91 mmboe and 98 mmboe, down from between 103 mmboe and 106 mmboe this year, the company said. Analysts' consensus for 2023 production was at 99 mmboe, according to Barrenjoey.

LONDON/WASHINGTON, Oct 23 (Reuters) - A failure to secure meaningful progress on a debt relief for the world's poorest nations at the International Monetary Fund and World Bank annual meeting in Washington has left policymakers, campaigners and investors frustrated. Two years ago the Group of 20 launched the Common Framework - a mechanism designed to provide a swift and comprehensive debt overhaul to nations buckling under debt burdens after COVID-19 shock that would reach beyond temporary debt payment moratoriums. The Common Framework is a good start, but you need some fixes." China's role as a lender to poorer nations and Beijing's foot-dragging on debt relief drew much ire at the Washington meeting. JPMorgan's Joyce Chang, whose bank held an investor seminar alongside the IMF World Bank gathering, said asset managers had more discussions on repayment challenges and restructurings for emerging markets than at any time since the 1990s.

International Monetary Fund Managing Director Kristalina Georgieva speaks during the Annual Meetings of the IMF and World Bank in Washington, U.S., October 14, 2022. World Bank President David Malpass said at the meeting that the bank would use the "full suite" of its financing and guarantee instruments "to unlock larger volumes of private finance for quality, sustainable infrastructure." Opposition from Russia stalled new agreements from the G20 and the IMF and World Bank steering committees. WORLD BANK REFORMSThe World Bank's steering committee on Saturday backed the U.S. call for change, and asked World Bank leadership to deliver a roadmap for revamping the bank's institutional and operational framework by the end of the year. It also asked Malpass to develop a plan for implementing the recommendations of an independent panel that reviewed the bank's capital adequacy rules, in time for next spring's IMF and World Bank meetings in April.

☆ Australia rules out curbs on gas exports after producer deal
▼ + stars: | 2022-09-29 | by ( Sonali Paul | ) www.reuters.com time to read: +2 min

MELBOURNE, Sept 29 (Reuters) - Australia will not put curbs on gas exports after reaching a deal with its three east coast producers of liquefied natural gas (LNG) to avert a forecast supply crunch, Resources Minister Madeleine King said on Thursday. The pact unveiled on Thursday provides for Queensland Curtis LNG, run by Shell, Australia Pacific LNG, run by ConocoPhillips (COP.N), and Gladstone LNG, run by Santos (STO.AX), to offer an extra 157 petajoules of gas to the domestic market next year. The terms require the LNG exporters to offer uncontracted gas to the domestic market before international buyers and ensure domestic buyers will not pay more for uncontracted gas than customers offshore. This is because it is the only east coast exporter to take more gas out of the domestic market each year than it supplies. GLNG agreed to step up domestic supply during Australia's peak winter demand period, Santos said.

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