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Slideshow ( 2 images )WASHINGTON (Reuters) - James Wolfensohn, a former investment banker who pushed through debt relief for the poorest nations during a decade at the helm of the World Bank, has died, the Bank said Wednesday. Wolfensohn, a former Salomon Brothers partner, was appointed as president of the global development bank by then-U.S. President Bill Clinton and led the Bank from June 1995 through May 2005. Together with the International Monetary Fund, Wolfensohn in 1996 launched the Heavily Indebted Poor Countries Initiative, a program that eventually provided more than $53 billion in debt relief to 27 of the world’s poorest countries. “Jim transformed the world of development and he transformed the World Bank. In the process, he became, quite literally, the voice for the poor people on our planet.”
Persons: James Wolfensohn, Salomon Brothers, Bill Clinton, Lee Iacocca, Paul Volcker, Kristalina Georgieva, , , Jim Organizations: World Bank, Bank, Chrysler Corp, New York Federal Reserve, International Monetary Fund, Initiative, IMF Locations: WASHINGTON, Australia, U.S, Wolfensohn
James D. Wolfensohn, Former World Bank Chief, Dies at Age 86
  + stars: | 2020-11-25 | by ( James R. Hagerty | ) sentiment -0.97   time to read: 1 min
James D. Wolfensohn, an Australian-born investment banker who helped arrange a bailout of Chrysler Corp. in 1980 and was president of the World Bank for a decade starting in 1995, died early Wednesday at his home in Manhattan. Mr. Wolfensohn, who was 86 years old, had a variety of ailments in recent years and died of pneumonia, unrelated to Covid-19, said his son, Adam Wolfensohn.
Persons: James D, Wolfensohn, Adam Wolfensohn Organizations: Chrysler Corp, World Bank Locations: Australian, Manhattan
James D. Wolfensohn, who escaped a financially pinched Australian childhood to become a top Wall Street deal maker and a two-term president of the World Bank, died on Wednesday at his home in Manhattan. Mr. Wolfensohn was a force on Wall Street for years, helping to rescue the Chrysler Corporation while working for Salomon Brothers and running his own thriving boutique firm, before President Bill Clinton nominated him to lead the World Bank, the world’s largest economic development institution. He led fund-raising efforts as chairman of Carnegie Hall and headed a revival of the Kennedy Center for the Performing Arts in Washington. An accomplished cellist under the tutelage of the renowned Jacqueline du Pré, he performed at Carnegie Hall on his milestone birthdays. But his main legacy was his stewardship of the World Bank, to which President Clinton nominated him in 1995 after he had given up his Australian citizenship 14 years earlier to qualify for the job, only to be passed over.
Persons: James D, Wolfensohn, Naomi Wolfensohn, Salomon Brothers, Bill Clinton, Jacqueline du Pré, Clinton Organizations: World Bank, Wall, Chrysler Corporation, Carnegie Hall, Kennedy Center, Performing Arts Locations: Manhattan, Washington, Melbourne
Breakingviews - Ethiopia piles war risk on shaky economy
  + stars: | 2020-11-24 | by ( Ed Cropley | ) + 0.00   time to read: +2 min
Tensions between Addis Ababa and the northern Tigray region have simmered since 2018, when Abiy took the reins in the nation of 119 million. Farming accounts for half of Ethiopia’s $96 billion GDP and 80% of foreign exchange earnings. If Tigrayan guerrillas targeted the China-built railway linking Addis Ababa to Djibouti, a vital export corridor, dollars could become even scarcer. The boom years of heady investment have also left a $35 billion external debt pile, equivalent to nearly 40% of GDP. If Abiy allows the conflict to drag on, he may soon have a financial crisis to worry about too.
Persons: Abiy Ahmed, Abiy, Meles Zenawi Organizations: Ethiopian, Ethiopia's National Defense Forces, LONDON, Reuters, International Monetary Fund, World Bank, Aid, NKC, Ethio Telecom Locations: Amhara, Tigray, Addis Ababa, Ethiopia, China, Djibouti, birr
China announces eradication of extreme poverty in last poor counties
  + stars: | 2020-11-24 | by ( Reuters Staff | ) sentiment -1.00   time to read: +1 min
BEIJING (Reuters) - China has removed the last remaining counties from a list of poor regions, in what officials described as achieving President Xi Jinping’s longstanding political goal of eliminating extreme poverty by the end of this year. The milestone was achieved by lifting 93 million people out of poverty since 2013, China’s government said. China sets its own national standard of extreme poverty, based on a per capita income threshold of 4,000 yuan per year, or around $1.52 per day, and other factors such as access to basic healthcare and education. That compares with a threshold of $1.90 per day set by the World Bank to measure extreme poverty globally. On Monday afternoon, officials in one of China’s poorest provinces, Guizhou, announced that the last nine remaining counties had been removed from the nation’s list of poor regions.
Persons: Xi, Zhao Lijian Organizations: World Bank Locations: BEIJING, China, Guizhou, Xinjiang, Guangxi, Ningxia Yunnan, Sichuan, Gansu
Factbox: Global schemes put a price on carbon emissions
  + stars: | 2020-11-24 | by ( Susanna Twidale | ) sentiment -0.99   time to read: +2 min
LONDON (Reuters) - Faced with the challenge of converting pledges to slash planet-warming emissions into policies, some of the world’s biggest economies are turning to the same tool: a carbon price. REUTERS/Marko DjuricaGlobally, about 22% of global emissions are covered by the 46 national and 32 sub-national carbon pricing schemes operating today or in the planning stage, according to the World Bank. Carbon pricing can come in the form of a tax or under a an emissions-trading, or cap-and-trade, scheme where companies or countries face a carbon limitBelow are some of the major carbon emissions trading systems (ETS) around the world. CHINAA national ETS could be launched in 2021 following pilot schemes in provinces and cities including Beijing, Chongqing, Guangdong, Hunan, Shanghai, Shenzhen and Tianjin. KAZAKHSTANIts scheme, started in 2013.
Persons: Marko Djurica Organizations: REUTERS, World Bank, ETS, EU, NEW, SOUTH KOREA ETS, STATES, Regional Greenhouse Gas Initiative, Bank, Carbon Action Locations: Lukavac, Tuzla, Bosnia, CHINA, Beijing, Chongqing, Guangdong, Hunan, Shanghai, Shenzhen, Tianjin, Iceland, Liechtenstein, Norway, KAZAKHSTAN, MEXICO, QUEBEC, States, California, Connecticut , Delaware , Maine , Maryland , Massachusetts, New Hampshire , New York, Rhode Island, Vermont
The principle is simple: a carbon price establishes how much companies need to pay for their emissions. The biggest of those - the EU carbon market - is preparing for a major overhaul. But the trick for these markets is to get the carbon price right. “The idea of a global carbon price was built on the assumption there would be dozens of linked trading systems. “In the longer term, a global carbon price is desirable ... the fact we don’t see one immediately doesn’t mean it’s not moving in the right direction.”
Persons: Joe Biden, , Wendy Hughes, Frans Timmermans, Mark Lewis, Xi, Shawn He, Jos Delbeke, Huw Slater, David Hone, Biden, Bank’s Hughes Organizations: Future, REUTERS, European Union, Reuters, Carbon Markets, World Bank, ETS, The, EU, BNP, ICF Locations: BRUSSELS, Kyiv, Ukraine, China, Japan, South Korea, Paris, , Europe, Kazakhstan, EU, Beijing, United States
Israel has charged past the U.S. and Switzerland to rank as the world's best place to be a woman entrepreneur, according to a new report released Monday. The country has set out bold ambitions to double its number of female entrepreneurs within two years, rolling out targeted funding and networking initiatives to do so. The U.S. retained second place due to high female business ownership and favorable cultural perceptions. Ranking among the toughest places to be a woman entrepreneur were Saudi Arabia, Tunisia, Iran, Egypt, Algeria and Bangladesh — a list little changed from last year. Mastercard Index of Women Entrepreneurs
Persons: Israel, MIWE, , MoMo Organizations: Mastercard, Women Entrepreneurs, World Bank, OECD, U.S, States, New Zealand, Getty Locations: U.S, Switzerland, New Zealand, Poland, Sweden, Spain, Canada, Australia, Saudi Arabia, Tunisia, Iran, Egypt, Algeria, Bangladesh
CHONGWE (ZAMBIA), Nov. 13, 2020 (Xinhua) -- Zambian President Edgar Lungu delivers a speech at the launch of blueberry export to China in Chongwe, Zambia, on Nov. 13, 2020. On Wednesday, Fitch Ratings downgraded a key rating for Zambia from CC to Restricted Default. Besseling also noted that Zambia had made a repayment on a World Bank loan two days before defaulting on the eurobond, indicating where the government's priorities lie. "The World Bank is providing huge development funding which is important for the government to continue because that has an actual impact on people's lives and will be an electoral advantage for them." A man wearing a face mask selects clothes at a market in Lusaka, capital of Zambia, on Aug. 18, 2020.
Persons: Edgar Lungu, Martin Mbangweta, Fitch, Li Keqiang, Edgar Chagwa Lungu, Feng Li, Irmgard Erasmus, Erasmus, Robert Besseling, Besseling, Zambia's Organizations: Xinhua, Zambian, Getty, Wednesday, Fitch, CC, of, Monetary Fund, IMF, World Bank, AfDB, Development Bank, CNBC Locations: CHONGWE, ZAMBIA, China, Chongwe, Zambia, Africa, Xinhua, BEIJING, CHINA, Beijing, Johannesburg, Lusaka
Mexican president calls on rich countries to lessen debt for poorer nations
  + stars: | 2020-11-22 | by ( Reuters Staff | ) sentiment -0.99   time to read: +1 min
FILE PHOTO: Mexico's President Andres Manuel Lopez Obrador gestures during a news conference at National Palace in downtown Mexico City, Mexico November 13, 2020. REUTERS/Carlos Jasso/File PhotoMEXICO CITY (Reuters) - Mexican President Andres Manuel Lopez Obrador on Sunday called on the Group of 20 (G20) major economies to improve external debt conditions for poor and middle-income countries, as the global economy suffers a recession from the coronavirus crisis. The leftist president has warned against taking on debt and bailing out companies, even as Mexico’s economy is set to contract 10% this year, its worst slump since the Great Depression. “Our proposal consists in ... making a reality the commitment to remove sums of debt and debt-servicing to the poor nations of the world,” Lopez Obrador said in a video as part of the G20 summit. Lopez Obrador also said Mexico’s economy is meeting the government’s expectation of V-shaped recovery, and projected that by next March the number of formal jobs will bounce back to 20.5 million, the amount before the pandemic hit.
Persons: Andres Manuel Lopez Obrador, Carlos Jasso, ” Lopez Obrador, Lopez Obrador, Jose Luis de la Cruz Organizations: REUTERS, MEXICO CITY, World Bank, Institute for Industrial Development Locations: Mexico City, Mexico, United States, Europe
“I want Ukraine to be independent,” Mykola Mykytenko wrote on Instagram, hours before he set himself on fire in Kyiv’s central Maidan Square. His daughter Yulia told reporters at a memorial event shortly after his death that he was protesting against Ukrainian President Volodymyr Zelenskiy. “Also, he didn’t want anyone to stop him.”Ukraine's President Volodymyr Zelenskiy, who tested positive for coronavirus, chairs an online video-conference with governmental officials earlier this month. “Winners always lose the electoral support during the first year in power in Ukraine,” Volodymyr Paniotto, director general of the Kyiv International Institute of Sociology, said. Questioning the decision a day after the ruling, Zelenskiy said that Ukraine would lose the support of the World Bank, leaving “a big hole in the budget.”The same day, the European Union echoed his claim.
Persons: Mykola Mykytenko, Yulia, Volodymyr Zelenskiy, , , Petro Poroshenko, Zelenskiy, ” Volodymyr Paniotto, , Viktor Medvedchuk, Vladimir Putin —, ” Oleksandr Danylyuk, ” Zelenskiy, Dmytro Filimonenko, Mykytenko, Yuliya Organizations: Ukrainian, Ukrainian Presidential, Group, , Kyiv International Institute of Sociology, Zelenskiy, NBC, Constitutional, National Agency for Preventing, World Bank, European Union, People, Organization for Security, Cooperation Locations: Ukraine, Russian, Moscow, Russia, European, Europe, Kyiv, Zelenskiy
World Bank warns G20 against doing too little now to address debt problems
  + stars: | 2020-11-21 | by ( Reuters Staff | ) sentiment -1.00   time to read: 1 min
FILE PHOTO: A participant stands near a logo of World Bank at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. REUTERS/Johannes P. Christo/File PhotoWASHINGTON (Reuters) - World Bank President David Malpass on Saturday warned G20 leaders that failing to provide more permanent debt relief to some countries now could lead to increase poverty and a repeat of the disorderly defaults seen in the 1980s. Malpass said he was pleased by progress on debt transparency and debt relief, but more needed to be done. “The debt challenges are becoming more frequent, including in Chad, Angola, Ethiopia and Zambia where, in the absence of more permanent debt relief, the poverty outlook remains bleak,” he said in remarks to a summit of leaders of the Group of 20 major economies.
Persons: Johannes P, David Malpass, Malpass, Organizations: Bank, International Monetary Fund, REUTERS, WASHINGTON Locations: Nusa Dua, Bali, Indonesia, Chad, Angola, Ethiopia, Zambia
World Bank warns G20 against doing too little to tackle debt problems
  + stars: | 2020-11-21 | by ( Reuters Staff | ) sentiment -0.96   time to read: +2 min
FILE PHOTO: A participant stands near a logo of World Bank at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. “Debt reduction and transparency will enable productive investment, a key to achieving an earlier, stronger and more lasting recovery,” Malpass told G20 leaders during a videoconference meeting. Some countries, including China, have remained reluctant to embrace the need for debt cancellation, although top economists say that will likely be needed in some cases. Private sector creditors have also failed to join in, despite repeated calls by G20 leaders, civil society groups and the United Nations. In Sudan, he said he was hopeful that arrears clearance could move quickly, especially given the inflow of refugees from neighboring Ethiopia, which would allow substantial World Bank funding to begin flowing almost immediately.
Persons: David Malpass, Johannes P, Malpass, ” Malpass, Organizations: WASHINGTON, Bank, International Monetary Fund, REUTERS, Group, United Nations, West Bank, United Locations: Nusa Dua, Bali, Indonesia, Latin America, Chad, Angola, Ethiopia, Zambia, China, Somalia, Lebanon, Gaza, Sudan, United States
G20 leaders seek to help poorest nations in post-COVID world
  + stars: | 2020-11-21 | by ( Raya Jalabi | Ryan Woo | ) + 0.00   time to read: +4 min
"Family Photo" for annual G20 Summit World Leaders is projected onto Salwa Palace in At-Turaif, one of Saudi Arabia?s UNESCO World Heritage sites, in Diriyah, Saudi Arabia, November 20, 2020. G20 leaders are concerned that the pandemic might further deepen global divisions between the rich and the poor. To do that, the European Union urged G20 leaders to quickly put more money into a global project for vaccines, tests and therapeutics called Access to COVID-19 Tools (ACT) Accelerator. Extending the temporary debt relief could encourage some additional countries to ask for forbearance, experts say, but private sector creditors must also agree to participate. Debt relief for Africa will be an important theme of the Italian presidency of the G20 in 2021.
Persons: Shyoukhi, King Salman bin Abdulaziz, Emmanuel Macron, Ursula von der Leyen, , Vladimir Putin, ” Xi, Charles Michel, Antonio Guterres, David Malpass Organizations: Reuters, Heritage, REUTERS, Saudi, European Union, ACT, Twitter, International Monetary Fund, United Nations, World Bank Locations: BEIJING, DUBAI, Saudi Arabia, Diriyah, Moscow, China, pandemics, Africa
LIMA (Reuters) - Peru’s interim President Francisco Sagasti said he will not push for a referendum on changing the country’s constitution to solve a biting political crisis that has seen loud calls in street protests over recent weeks for major reform. Peru's interim President Francisco Sagasti talks to Reuters, in Lima, Peru November 19, 2020. Sagasti, however, cautioned in an interview with Reuters that there would be no rapid movement toward a referendum on the matter, as happened in neighboring Chile after violent protests last year. Sagasti promised there would be “no impunity” for those responsible for the deaths and injuries, but stopped short of committing to police reform. Sagasti says his interim administration is weighing the possibility of spending more on new cash transfers.
Persons: Francisco Sagasti, Sebastian Castaneda Sagasti, , Alberto Fujimori, Manuel Merino, Sagasti, ” Sagasti, Martin Vizcarra, Vizcarra Organizations: Reuters, REUTERS, Ipsos, carta, World Bank Locations: LIMA, Lima , Peru, Chile, Lima, Sagasti, Peru,
FILE PHOTO: World Bank President David Malpass attends the "1+6" Roundtable meeting at the Diaoyutai state guesthouse in Beijing, China November 21, 2019. REUTERS/Florence LoWASHINGTON (Reuters) - World Bank President David Malpass said on Friday that G20 countries need to move forward with “deep, permanent debt relief” and some may need to make legislative changes to push private-sector creditors to support sovereign debt restructurings for distressed countries. Malpass, in remarks to a G20 finance ministers and central bank governors meeting on Friday, said that“Major jurisdictions may need to look to legislative changes to support faster progress if private creditors aren’t able to move forward on their own,” Malpass said, referring to the bank’s call to require public creditor institutions to disclose debt contracts and make refinancing agreements public. “Where good faith efforts to reach agreement with creditors are underway, tolerance of arrears accumulation may be necessary to support COVID-related spending.”
Persons: David Malpass, Florence Lo WASHINGTON, ” Malpass, Organizations: Bank, REUTERS Locations: Beijing, China, Florence
China says has given $2.1 billion of debt relief to poor countries
  + stars: | 2020-11-20 | by ( Reuters Staff | ) sentiment -0.99   time to read: +2 min
REUTERS/Florence LoBEIJING (Reuters) - China has extended debt relief to developing countries worth a combined $2.1 billion under the G20 framework, the highest among the group’s members in terms of the amount deferred, the country’s Finance Minister Liu Kun said on Friday. The China Development Bank [CHDB.UL], as a commercial creditor, signed agreements with developing countries involving $748 million by the end of September, said Liu. However, that is tiny compared with the debt developing countries owe China. The poorest countries’ official bilateral debt to G20 countries reached $178 billion in 2019, with 63% of the total owed to China, a World Bank study showed. China will also consider making donations to a multilateral debt relief facility if the World Bank decides to set one up, Liu said.
Persons: Liu Kun, Florence Lo, Liu’s, Liu, prioritise Organizations: Chinese Finance, REUTERS, country’s Finance, The China International Development Cooperation Agency, Export, Import Bank of China, China Development Bank, DSSI, Institute of International Finance, World Bank Locations: Beijing, China, Florence, United States, Africa
And even in countries that do have period leave, feminists are split on whether period leave is a step back or a sign of progress when it comes to women's rights. Widely available, but rarely usedJapan introduced its period leave policy in 1947 to address labor rights concerns. Although all companies in Japan have to give women period leave when they request it, they are not required to pay. Hill says many of the arguments against period leave are similar to those that have been made against maternity leave. Why period leave hasn't taken off in the WestEvery few years, the topic of period leave hits the headlines in Western countries.
Persons: Sachimi Mochizuki, she's, Mochizuki, that's, Yumiko Murakami, Murakami, — they're, Deepinder Goyal, Elizabeth Hill, Hill, there's, Deepa Narayan, Guneet Monga, Zomato's, it's, Australia I'm, , Mary Crooks, Crooks, That's, aren't Organizations: CNN, Organisation for Economic Co, University of Sydney, World Bank, Parijat Academy, Washington Post, Victorian Women's Trust, Mail, Myna Mahila Foundation, British Medical Locations: Hong Kong, Japan, Asia, South Korea, China, India, United States, United Kingdom, Europe, Tokyo, Shibuya, Bikaner, Guwahati, Brisbane, Australia, Mumbai, Hill, Sydney, West
KABUL (Reuters) - In a small art gallery in the Afghan capital, Marzia Panahi watches as one of the young artists she has just employed applies paint to a framed felt canvas propped up against a easel. Slideshow ( 4 images )Panahi, 21, set up the Namad Gallery at the height of the coronavirus pandemic in September. Her aim was to revive the use of felt in art, to showcase her war-torn country’s creativity and to try to create jobs for young people hit hard by the pandemic and the economic crisis it has caused. In addition to generating jobs, Panahi said she wanted to find a way of reintroducing felt to traditional arts and crafts in Afghanistan. “When I paint, it is a kind of expression of my feelings on canvas, paper, or felt that I enjoy,” she said.
Persons: Panahi, , Faiqa Organizations: World Bank Locations: KABUL, Afghanistan
She says she'd still consider working for Amazon someday — and in fact has stayed in touch with the company. Next up was an invitation to interview at Amazon in Herndon, VA — a six-hour, day-long process, interviewing for a software position within Amazon Inspector. The Amazon offer had represented a lot of what she thought she wanted, but the promise of help to get permanent residency was enticing. "It is a big honor for me to receive the offer from Amazon and from such [an] amazing team as Amazon Inspector." But, she said, she'd still consider working for Amazon someday — and in fact has stayed in touch with the company.
Persons: Kholodova, she'd, Read, I've, who's, didn't, they'd, Bizy Organizations: Amazon, Washington D.C, Facebook, Google, Microsoft, World Bank, U.S, Bank, D.C, Services Software, Software, ATS Locations: Ukraine, Washington, United States, Herndon , Virginia, Herndon ,, Herndon, Bizy
Escalating conflict could threaten Ethiopia's economic success story
  + stars: | 2020-11-17 | by ( Elliot Smith | ) + 0.00   time to read: +6 min
Federal government forces loyal to Prime Minister Abiy Ahmed are making advances in the semi-autonomous northern Tigray region, which is currently controlled by the Tigray People's Liberation Front (TPLF). The TPLF led a coalition which ruled Ethiopia for almost three decades prior to Abiy taking office in 2018. On Friday, Human Rights Watch called on Tigray's regional authorities and the national government to protect civilians and property amid reports of mounting casualties. Economic implicationsThe prospect of a bloody and protracted conflict could dent Abiy's recent push to transform the country's economy. Reuters reported on Monday, citing military and diplomatic sources, that government forces had dropped bombs on the Tigrayan capital Mekelle.
Persons: EBRAHIM HAMID, Abiy Ahmed, Abiy, Robert Besseling, EDUARDO SOTERAS, Verisk Maplecroft, Ed Hobey, Isaias Afwerki, Stringer, Laetitia Bader, Horn Organizations: Getty Images, Rights, IMF, World Bank, International Monetary Fund, Getty, Reuters, Amnesty International, Ethiopia's, AFP, Getty Images Communications, UN Refugee Agency, UNHCR, Human Rights Watch Locations: Tigray, Gedaref, Getty Images Ethiopia, Federal, Ethiopia, Eritrea, Africa, Addis Zemen, Bahir Dar, AFP, Mekelle, Bole, Addis Ababa, Sudan
Peru to swear in new President to calm anger on the streets
  + stars: | 2020-11-16 | by ( Marco Aquino | ) sentiment -0.96   time to read: +2 min
LIMA (Reuters) - Peruvian lawmaker Francisco Sagasti is set to be sworn in as interim President on Tuesday after being voted for by Congress in a bid to help calm anger on the streets amid deadly protests and the departure of two presidents over the last week. The Andean nation has been shaken since the abrupt ouster in an impeachment trial of popular leader Martin Vizcarra last Monday. His successor, Manuel Merino, resigned on Sunday after two young people died in protests against his government. “I think that Sagasti is someone that gives democratic guarantees, that can get a transition towards a new government that will be adequate,” said one protester, Paloma Carpio. The recent turmoil has weighed on Peru’s markets, pushing the sol currency to record low and hitting bonds.
Persons: Francisco Sagasti, Martin Vizcarra, Manuel Merino, , , Paloma Carpio, Jose Murguia, Sagasti, Pedro Pablo Kuczynski, ” Sagasti, Kuczynski Organizations: Reuters, Congress, Purple Party, World Bank Locations: LIMA, Lima
The Andean nation has been shaken since the abrupt ouster in an impeachment trial of popular leader Martin Vizcarra on Nov. 9. The removal of Vizcarra, whose anti-graft agenda had caused tensions with Congress, triggered often violent protests in which two young people died. “It is absolutely necessary to remain calm, but do not confuse this with passivity, conformity, or resignation,” Sagasti said in an address to Congress after his swearing-in. Sagasti’s appointment has indeed appeared to calm tensions, though a deep mistrust of the country’s politicians remains. Peru's sol currency PEN=PE reacted positively to the news, rising around 1.75% on Tuesday, its biggest daily rise in seven months.
Persons: Francisco Sagasti, Martin Vizcarra, Vizcarra’s, Manuel Merino, ” Sagasti, , Paloma Carpio, Jose Murguia, , Sagasti, María Antonieta Alva, Pedro Pablo Kuczynski Organizations: Reuters, Congress, Purple Party, World Bank, PE Locations: LIMA, Lima, Peru
Gen Z is set to take over the economy in the next decade, according to a Bank of America Research report called "OK Zoomer: Gen Z Primer." That's despite a possible $10 trillion loss in lifecycle earnings for Gen Z due to the pandemic. In a little over a decade, Gen Z will be taking over the economy. The oldest of Gen Z turn 23 in 2020, and the oldest millennials turn 39 this year. Gen Z students could lose $10 trillion of lifecycle earnings due to Covid lockdowns, the World Bank has estimated.
Persons: Gen, Gen Z, Covid lockdowns, Zers, Hannes Schwandt, Schwandt Organizations: Bank of America Research, Bank of America, World Bank, Stanford, Northwestern University's School of Education, Social Locations: millennials, China
Across Latin America, the COVID-19 crisis has yielded a rare bright spot: Millions of people like Fierro who were long excluded from traditional banking have joined the financial system using digital banking services. In Colombia, at least 1.6 million people who never had a bank account have joined the nation’s financial network since April. Before the pandemic, she did not have a bank account and would have to go in person to pay bills with cash. The nation is also home to numerous virtual banking options. Brazil has also seen historically high levels of citizens signing up for banking services to access pandemic assistance.
Persons: Colombia — Sonia Fierro, , , Fierro, Mahesh Uttamchandani, Luis Alberto Rodríguez, Tatiana Gomez, DaviPlata, ” Movii, Hernando Rubio, , Liliana Casafranca, Martín Vizcarra, Uttamchandani, “ I’m, “ I’ve Organizations: World Bank, Cash Alliance, Department of National Planning, Davivienda, United Nations Economic Commission, Latin, Federal Savings Bank, Bank, Peru –, Bank of, NBC, Facebook, Twitter Locations: BOGOTA, Colombia, Colombia’s, America, Africa, Latin America, Caribbean, Brazil, Peru, Saharan Africa, Kenya, Uganda, Bogota
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