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☆ China faces ‘fork in the road,’ IMF chief says, urging Beijing to embark on pro-market reforms
▼ + stars: | 2024-03-25 | by ( Dylan Butts | ) www.cnbc.com time to read: +2 min

Kristalina Georgieva, Director of the International Monetary Fund (IMF), speaks during the China Development Forum 2024 at the Diaoyutai State Guesthouse on March 24, 2024 in Beijing, China. China has two choices right now: return to its old economic policies, or choose reforms to spur growth, according to the International Monetary Fund's Managing Director Kristalina Georgieva. "China is poised to face a fork in the road — rely on the policies that have worked in the past, or update its policies for a new era of high-quality growth," Georgieva said Sunday at the China Development Forum in Beijing. "With a comprehensive package of pro-market reforms, China could grow considerably faster than a status quo scenario," she said, according to prepared remarks by the IMF. The measures coincide with other moves Beijing has made in recent weeks to boost confidence among foreign investors and businesses as it pursues a growth target of about 5% this year.

Persons: Kristalina Georgieva, Georgieva, Li Qiang Organizations: International Monetary Fund, International Monetary Fund's, China Development Forum, IMF, World Bank Locations: China, Diaoyutai, Beijing, Bulgarian

And perhaps best of all, money — from selling the electricity generated by the wind turbines studding the flat green fields stretching out to the North Sea. A slice of the cash goes to the villagers themselves, with the local buy-in making this windy farming enclave near the border with Denmark a showcase for ways to push ahead with renewable energy projects. The S&P Global Clean Energy Index of shares in companies with clean energy-related businesses has fallen 26% over the past year, even as broader market indexes have surged to records. In sub-Saharan Africa, where half the population lacks access to electricity, renewable projects face even steeper challenges with financing. In Nigeria, where blackouts are an everyday event for about half of the country’s 213 million people, some 14 solar projects have stalled because the finances don’t add up.

Persons: ”, Astrid Nissen, moos, “, Mackenzie, it's, Nissen, Christian Andresen, Andresen, Orsted, Vattenfall, David Shepheard, Edu Okeke, Taiwo Organizations: U.S . Federal Reserve, European Central Bank, University College London, Solar, Energie Andresen GmbH, Energy, logjams, World Bank Locations: SPRAKEBUELL, Germany, Denmark, village's, Spain, Italy, Africa, Flensburg, Sprakebuell's, German, Danish, New Jersey, Swedish, North American, Saharan Africa, Nigeria, Katsina, Abuja

☆ Analysis: Europe is trying to fill a US-shaped hole in funding for Ukraine
▼ + stars: | 2024-03-23 | by ( Luke Mcgee | ) edition.cnn.com time to read: +7 min

CNN —Can Europe fill the gap left by the United States in Ukraine? Over the course of the war, European thinking has evolved. Should EU money be spent outside the bloc? So, can Europe fill the funding void in Ukraine left by Washington DC? Yes, Europe can fill the gap left by the US - and in some respects is trying to do just that.

Persons: Donald Trump, Alexander De Croo, Volodymyr Zelensky, Serhii, it’s, –, Vladimir Putin, Jens Stoltenberg Organizations: CNN, European Union, Ukraine, Belgian, Radio Free, Radio Liberty, Reuters, NATO, Diplomats, EU, Ukraine’s, Washington DC Locations: United States, Ukraine, European, Europe, Russia, Kyiv, Kiel, Radio Free Europe, EU, Moscow, Brussels, Russian, Zaporizhzhia, Czech Republic, Hungary, Czech, Eastern, Western Europe, Athens, Rome

☆ Little Expected of New Palestinian Prime Minister
▼ + stars: | 2024-03-15 | by ( Steven Erlanger | Adam Rasgon | ) www.nytimes.com time to read: +1 min

The appointment on Thursday of Muhammad Mustafa as the new prime minister of the Palestinian Authority was supposed to be a nod to international demands for a more technocratic and less corrupt administration. But Mr. Mustafa, 69, who was appointed by Mahmoud Abbas, the president of the authority, seems destined to fall short of producing the “revitalized Palestinian Authority” that President Biden has called for, several analysts said in interviews Thursday. A senior adviser to the president, Mr. Mustafa represents neither a break with the past nor a threat to the power wielded by Mr. Abbas, who at 88 is widely unpopular among Palestinians, particularly since the outbreak of the war in Gaza. “There won’t be any actual change,” said Nasser al-Qudwa, a former foreign minister of the Palestinian Authority who fell out with Mr. Abbas. Particularly critical, they say, will be the choices for ministers of the interior, finance and foreign affairs, all of whom are close to the authority’s president.

Persons: Muhammad Mustafa, Mustafa, Mahmoud Abbas, Biden, Mr, Abbas, ”, Nasser Organizations: Palestinian Authority, World Bank, Palestine Investment Fund Locations: Palestinian, Gaza, Palestine

☆ The government is spending so much money that it hurts production: Former World Bank President
▼ + stars: | 2024-03-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe government is spending so much money that it hurts production: Former World Bank PresidentDavid Malpass, former World Bank president, joins 'Squawk Box' to discuss the state of the economy, the cost of excessive government spending, what to do about the national debt, inflation outlook, and more.

Persons: David Malpass Organizations: World Bank

☆ Investigation Finds World Bank Failed to Police Abuse at Kenyan Schools
▼ + stars: | 2024-03-14 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

The World Bank’s internal watchdog on Thursday criticized the organization’s handling and oversight of its investment in a chain of Kenyan schools that were subject to an internal investigation after allegations that students were abused. The investigation, which started in 2020, has consumed World Bank officials and shareholders in recent months and led to scrutiny of its investment arm, the International Finance Corporation, which invested in the educational project a decade ago. While the scandal predates the tenure of Ajay Banga, the World Bank’s new president, it has emerged as one of the first tests of his management. Mr. Banga will be responsible for directing any changes related to how the bank invests in private-sector projects. was interfering in the investigation, and U.S. lawmakers have told him that the bank’s future funding could hinge on his handling of the matter.

Persons: Ajay Banga, Banga Organizations: Bank, International Finance Corporation

☆ Ghana: In deciding on anti-gay law, president is caught between a rock and a hard place
▼ + stars: | 2024-03-14 | by ( David Mckenzie | ) edition.cnn.com time to read: +5 min

CNN —Sam George, the driving force behind Ghana’s harsh anti-LGBTQ legislation, portrays himself as a guardian of gay Ghanaians. Making inequality legalWhatever its origins, the bill’s passage is terrible news for LGBTQ Ghanaians. “The sentiment and emotion we are expressing right now is sadness,” said Alex Kofi Donkor, the founder of LGBT+ Rights in Ghana, an advocacy group. On one side, you have politicians like George and a broadly conservative citizenry that will publicly goad the president to act. For Ghana’s president, navigating this intricate political landscape looks set to be a daunting – and unenviable – task.

Persons: Sam George, “, ”, It’s, ” George, George, Alex Kofi Donkor, Nana Akufo, it’s, Ghana’s Organizations: CNN, Rights, Ghana’s Ministry, Finance, Bank Financing, Monetary Fund, Bank, US State Department, Ministry of Finance Locations: Accra, Ghana, United States, Uganda, Ghanaian, “ Ghana, State

☆ Sex Abuse Inquiry Poses Leadership Test for World Bank’s Ajay Banga
▼ + stars: | 2024-03-13 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

At the World Bank’s annual meetings last year in Morocco, the organization’s new president, Ajay Banga, outlined a sweeping vision for how he wanted to rid the world of poverty while keeping the planet habitable. The challenge is related to an investment that the World Bank made a decade ago in a chain of schools in Kenya. The educational project was partially funded through the International Finance Corporation, the bank’s investment arm. It became a source of controversy when allegations emerged in 2020 about widespread sexual abuse at the schools, prompting an investigation by the bank’s internal watchdog. has been reviewing a revised “action plan” that could take effect as soon as this week.

Persons: Ajay Banga, Banga Organizations: World Bank, International Finance Corporation Locations: Morocco, Kenya

☆ The extravagant Ambani pre-wedding party was an affront to the millions of Indians in poverty, critics say
▼ + stars: | 2024-03-08 | by ( Joshua Zitser | Spriha Srivastava | ) www.businessinsider.com time to read: +5 min

But critics say it showed a telling disregard for the struggles of the many millions of Indians living in poverty. Spanning three days, the pre-nuptial event included a private performance by Rihanna, which estimates suggest cost up to $9 million. AdvertisementTripathi pointed out that 800 million of India's 1.4 billion population receive monthly food rations of wheat or rice. Sohini Kar, an associate professor at the London School of Economics, whose work focuses on urban India, told BI she agrees. Anant Ambani and Radhika Merchant serve traditional Gujarati food to villagers ahead of their pre-wedding celebrations on the outskirts of Jamnagar, India.

Persons: —, Anant Ambani, Asia's, Radhika Merchant, Rihanna, Nita Ambani, Shyam Bihari, WaterAid, Haldia, Rakhi Tripathi, Tripathi, Sohini Kar, Kar, St Louis Fed, Mukesh Ambani, Ratan Tata, Nita, Stringer Organizations: Service, Business, Bank, New, of Management, London School of Economics, BI, Oxfam International, St, Bloomberg, Architectural Digest, Reliance Foundation, Reuters Locations: India, Delhi, Asia, Mumbai, Jamnagar, Gujarat

☆ Eras Tour: Singapore defends Taylor Swift’s exclusive Southeast Asia stop after neighbors cry foul
▼ + stars: | 2024-03-05 | by ( Kathleen Magramo | ) edition.cnn.com time to read: +5 min

CNN —Singapore is drawing fans from all over Southeast Asia and beyond to Taylor Swift’s Eras Tour, much to the annoyance of the city-state’s regional neighbors. “[Our] agencies negotiated an arrangement with her to come to Singapore and perform and to make Singapore her only stop in Southeast Asia,” Lee said at a press conference in Melbourne while on a state visit to Australia. I don’t see that as being unfriendly.”“If we had not made such an arrangement, would she have come to more places in Southeast Asia? Southeast Asia fans dig deep to see SwiftThe Eras Tour is a multi-continent extravaganza that surged to become the highest-grossing tour of all time – and Swift is making Singapore a lot of money. I never really spent big like six-digit (Philippine peso) amounts for someone else, just Taylor Swift,” Suizo said.

Persons: Taylor, Swift, Joey Salceda, Lee Hsien Loong, “, ” Lee, Edward Tong, ”, Srettha Thavisin, Taylor Swift, hasn’t, Edmund Ong, Yun Liu, Errol De Asis, Gilliane, Christel Kaye Kuan, Yedda Mendoza, ” Suizo, it’s, Granada, That’s Organizations: CNN, Southeast, Singapore –, ”, Singapore, Coldplay, World Bank Locations: Singapore, Southeast Asia, Melbourne, Australia, Bangkok, Thailand, Philippines, Asia, Maybank, ASEAN, Gilliane Granada, China, Granada

Port-au-Prince, Haiti CNN —From above, Haiti’s capital city Port-au-Prince still looks serene, its white-washed homes climbing steep green hills that encircle a glittering bay. Police officers run holding their guns while confronting a gang in Port-au-Prince, Haiti March 1, 2024. Haiti’s gangs were once seen as thuggish instruments for powerful politicians and business elites. Haitian Prime Minister Ariel Henry at the United States International University Africa, in Nairobi on March 1, 2024. Anger toward the government for Haiti’s gangs problem is misplaced, he also said, emphasizing that the government has limited options.

Persons: Toussaint, Prince, Ariel Henry, Haiti’s, “, ”, Jimmy “, Robin Hood, Ralph Tedy Erol, Henry, “ Ariel Henry, Haiti Ulrika Richardson, Kraze Barye, John Bosco, Jeremie, CNN’s, Ariel kraze peyi, Ariel, Jovenel Moise, Guy Philippe, Odric Octina, Johnson Sabin, Shutterstock, Simon Maina, Henry’s, Jean Junior Joseph, –, Leinz Vales, Sean Walker Organizations: Haiti CNN, CNN, Police, United Nations, FBI, Global, Transnational, UN, National Police, Haitian, Canadian Embassy, Catholic, St, Bank, ”, Haitian Environment, Penitentiary, Reuters, Haiti, Caricom, United States International University Africa, Getty, Kenyan, United Nations Security Council, United Locations: Prince, Haiti, Port, Toussaint L’Ouverture, Kenya, New York, Delmas, Cité, Kizito, Jeremie, farmworkers, United States, Canada, It’s, Haitian, West, Nairobi, AFP

We used to go out on the weekends,” the displaced health worker told CNN. Palestinian siblings Ella Mohammed Hamouda (left) and Sila Mohammed Hamouda (right) ride a camel on a beach in northern Gaza, on October 6, 2023. Nearly five months into Israel’s offensive, Palestinian children in Gaza are living with violence, homelessness, starvation, and disruption to education. Several parents and carers told CNN they struggle to explain the war to children, who they say are psychologically terrorized by relentless bombardment. “I miss my room and my toys,” Ella told CNN in a voice message.

Persons: Mohammed Hamouda, Dina, “, Hamouda, Kareem, Ella, ”, Ella Mohammed Hamouda, Sila Mohammed Hamouda, ” Ella, ” Ella Hamouda, Amira, Mohamed, hasn’t, Waseem El, Helal, ” Ella Mohammed Hamouda, Yehia, Mohammed Abed, Hazem Saeed Al, couldn’t, Naizi, ” Hazem Saeed Al, Ayas, Al, –, Naizi Hamouda, Saeed Muhammad Al, – Siwar, Muhammad, ” Mohammed Hamouda, Aya, Saeed Al, Kahlot, “ bedwetting, ” Saeed Muhammad Al, ” Hamouda Organizations: CNN, World Bank, Ministry of Health, Humanitarian Affairs, UNICEF, Getty Images Health, Israel Defense Forces, Gaza UNICEF, UNRWA, UN, Global, WFP Locations: Gaza, Beit Lahia, Rafah, Sila, Israel, Yehia, Deir al, AFP, Gaza City, Palestine, Ayas, Saba, —, Al

☆ China PMI: Factories send mixed signals about the economy, pressing Beijing to do more
▼ + stars: | 2024-03-01 | by ( Laura He | ) edition.cnn.com time to read: +4 min

But the Caixin manufacturing PMI — which focuses on smaller, private companies — rose to 50.9 in February, up from 50.8 in January, according to S&P Global, which compiled the survey. The divergence in the output and new order sub-indexes is likely related to differences in geographic and sector coverage, as the Caixin PMI covers more southern regions, they said. “Overall, the manufacturing sector continued to improve in February,” said Wang Zhe, senior economist at Caixin Insight Group, in a statement that accompanied the Caixin PMI data. “Looking ahead, the focus should be on the effectiveness of the measures [announced previously by Beijing to boost growth],” Wang said. “Fiscal policy will lead the way,” HSBC analysts said Friday.

Persons: ” Goldman Sachs, ”, Wang Zhe, ” Wang, Xi Jinping, Lintao Zhang, “ Organizations: Hong Kong CNN, National Bureau of Statistics, P, National People’s Congress, PMI, Caixin Insight, “, of People, Communist Party’s Politburo, NPC, Xinhua, HSBC Locations: China, Hong Kong, Beijing, Southern China, Guangdong, Zheijang, ” China

☆ How much wealth you need to be in the top 1% in countries around the world
▼ + stars: | 2024-02-29 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +3 min

Americans need a minimum net worth of $5.8 million to be in the top 1% of US wealth. The number of ultra-high net worth individuals globally is expected to surge by 28% by 2028. AdvertisementAmericans need at least $5.8 million in net worth to be in the top 1% of wealth in their country — less than half of the 1% cutoff for Monaco. Wealth as measured by Knight Frank includes investments, cash, and assets such as residences. In 2022, the median net worth for the top 10th percentile was $2.56 million, whereas net worth was just $14,000 for those in the bottom 20th percentile.

Persons: —, Knight Frank, Liam Bailey, Frank, Bailey Organizations: Service, Monaco, US, Federal Reserve's Survey, Consumer Finances, Bank Locations: Monaco, Luxembourg, Switzerland, North America, India, China

☆ Trump’s View of America and the World Is Nothing New - The New York Times
▼ + stars: | 2024-02-29 | by ( David Brooks | ) www.nytimes.com time to read: +2 min

He seems to have been a very good father, but his political worldview was predicated on a deep pessimism. The Republican Party in the 1920s, ’30s and early ’40s was steeped in pessimism, and that pessimism showed up as it often does: as nativism, isolationism and protectionism. As World War II loomed, Senator Gerald Nye urged the passage of several neutrality acts to keep us from exporting arms to warring nations and opposed Lend-Lease to Britain. That version of the Republican Party ended in 1952, when Dwight Eisenhower defeated Taft for the Republican presidential nomination. Howard Buffett was so dismayed by the outcome that he refused to endorse Ike, his party leader.

Persons: I’ve, Warren Buffett’s, Howard Buffett, Franklin Roosevelt, George Marshall, Buffett, Johnson, Gerald Nye, Robert Taft, Dwight Eisenhower, Taft, Ike Organizations: Democrats, Republican Party, Reed, Lease, United States, Marshall Plan, NATO, World Bank, Republican, John Birch Society Locations: Nebraska, United States, Britain, America

☆ Leaders should consider using frozen Russian assets to bolster Ukraine’s military, EU's von der Leyen says
▼ + stars: | 2024-02-28 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +2 min

The European officials and Canada's Prime Minister are visiting the capital Kyiv on the second anniversary of the start of the Russian full-scale invasion in Ukraine. (Photo by STR/NurPhoto via Getty Images)European leaders should discuss using the profits from frozen Russian assets to boost Ukraine's military in its defence efforts against Moscow, European Commission President Ursula von der Leyen said Wednesday. "It is time to start a conversation about using the windfall profits of frozen Russian assets to jointly purchase military equipment for Ukraine," she said in a speech before the European Parliament. "There could be no stronger symbol and no greater use for that money than to make Ukraine and all of Europe a safer place to live," von der Leyen noted. Crucially, frozen assets are, by definition, temporarily retained rather than fully seized with the ability for reallocation.

Persons: Ursula von der, Belgium Alexander De Croo, Giorgia Meloni, Canada Justin Trudeau, Ukraine Volodymyr Zelensky, Ursula von der Leyen, von der Leyen, Von der, Janet Yellen, Russia's Organizations: Canada's, Getty Images, European Union, Treasury, . Security, Bank Locations: Belgium, Italian, Canada, Ukraine, Kyiv, Russian, Moscow, Europe, Kuwait

☆ Nigeria customs confirms deaths in stampede for discounted rice
▼ + stars: | 2024-02-27 | by ( Nimi Princewill | ) edition.cnn.com time to read: +3 min

Abuja, Nigeria CNN —The Nigeria Customs Service has paused the sale of seized bags of rice to needy residents amid growing hunger in the country, after confirming people were trampled to death during a deadly crowd surge at its Lagos office Friday. “The crowd became desperate and charged through our barricades in search of rice bags inside emptied containers. Nigeria is battling one of its worst cost-of-living crises that has seen inflation rise to nearly 30% - the highest in 30 years. ‘End hunger’ protestsFresh protests broke out on Tuesday as labor unions mobilized for nationwide demonstrations to rail against the economic hardships. The government also endorsed a 2012 recommendation from a presidential committee that recommended cuts to government staffing levels.

Persons: Abdullahi Maiwada, regrettably, ” Maiwada, EndHungerProtest, Bola Tinubu, Tinubu Organizations: Nigeria CNN —, Nigeria Customs Service, World Bank Locations: Abuja, Nigeria, Lagos, Africa’s, West, India

☆ Nigeria customs investigate deadly crowd crush during sale of seized bags of rice to stave off hunger
▼ + stars: | 2024-02-24 | by ( Nimi Princewill | ) edition.cnn.com time to read: +4 min

CNN —The Nigeria Customs Service says it is investigating reports people were trampled to death during a sale of bags of confiscated rice amid growing anger over skyrocketing prices of food in Africa’s most populous country. Long queues have formed outside the Lagos customs office since the commencement of the sale as thousands of locals struggle to grab a bag of the 25-kilogram rice selling at a discounted price of 10,000 naira ($6.80). The customs service said the distribution of the seized bags of rice was part of the government’s plan “to tackle the pressing issue of food insecurity.”The cost of rice, a staple food in Nigeria, has surged in recent months. The customs service says it has been confiscating contraband rice from smugglers following restrictions on foreign rice imports by the Nigerian government. Analysts welcomed the rice distribution initiative but questioned its viability in tackling Nigeria’s worsening food insecurity.

Persons: Abdullahi Maiwada, “, ”, couldn’t, Sam Amadi, Bola Tinubu, Tinubu, Babajide Sanwo, Olu Organizations: CNN, Nigeria Customs Service, World Bank, Analysts Locations: Africa’s, Lagos, West, India, Nigeria, Nigerian

☆ Americans aren't having enough kids. That's bad news for the economy — and immigration may be the answer.
▼ + stars: | 2024-02-21 | by ( George Glover | ) www.businessinsider.com time to read: +5 min

China, Japan, and Italy are all battling dwindling birth rates — and their struggles are a reminder of an issue that could eventually become a problem for the US. Elon Musk, with his three-year-old son X AE A-Xii at the 2024 Super Bowl, thinks low birth rates pose a risk to civilization. Meanwhile, economists have warned for years about plunging birth rates in Italy . AdvertisementChina has also struggled to raise its birth rate. Congress has also played up the potential for immigration to boost the economy over the longer term.

Persons: —, millennials, Zeds, Zers, you’ve, Marc Ostwald, That’s, Elon Musk, Musk, X, Rob Carr, Italy party’s, ”, ADM’s, Donald Trump, Joe Biden, “, ” Ostwald, Martin Heinrich Organizations: Service, United Nations, Business, ADM Investor Services International, Congressional, Republican, Democrat, Economic Committee Locations: China, Japan, Italy, India, “ Japan

☆ I'm an American who's lived in Nepal for 7 years. Adjusting to life here came with a steep learning curve.
▼ + stars: | 2024-02-20 | by ( Marielle Descalsota | ) www.businessinsider.com time to read: +5 min

Hayden Rue, an American traveler, shares what it's like to live in Nepal. AdvertisementThis as-told-to essay is based on a conversation with Hayden Rue, a 32-year-old expat who's lived in Nepal since 2016. Hayden Rue in Lumbini with World Bank Project. Hayden Rue in Patan Durbar Square. Hayden Rue lived in Kathmandu Valley when he first moved to Nepal.

Persons: Hayden Rue, Rue, —, who's, I've, Hayden, I'm Organizations: Service, Peace Corps, World Bank, Bank, Hayden Locations: American, Nepal, Salem , Oregon, West Coast, Lumbini, Patan Durbar, Kathmandu, Kathmandu Valley, Pokhara, Syangja, Khumai, Sri Lanka

☆ 'There is a serious gap when it comes to labour supply' in advanced economies, says World Bank economist
▼ + stars: | 2024-02-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'There is a serious gap when it comes to labour supply' in advanced economies, says World Bank economistAyhan Kose, deputy chief economist of World Bank, discusses geopolitical tensions and the global economy.

Persons: Ayhan Kose Organizations: Bank, World Bank

LONDON (AP) — Voters in two districts in England delivered new blows to beleaguered Prime Minister Rishi Sunak, electing opposition-party lawmakers in seats that Sunak’s Conservatives had held for years. Labour Party candidate Damien Egan won the House of Commons seats of Kingswood in southwest England, and Labour's Gen Kitchen took Wellingborough in the country’s center, results announced Friday showed. The Conservatives won both by large margins at the last national election in 2019 but saw support collapse in Thursday's special elections. The hard-right Reform party — formerly known as the Brexit Party — came third, putting more pressure on the Conservatives. The Conservatives pointed to the low turnout — less than 40% of eligible voters cast ballots — as a sign British electors are not enthusiastic about Labour.

Persons: Rishi Sunak, Damien Egan, Kitchen, —, Brexit Party —, Keir Starmer, Chris Skidmore, Peter Bone, Sunak, Liz Truss, Brexit, Boris Johnson, John Curtice, ” “, ” Organizations: —, Labour Party, Wellingborough, Conservatives, Brexit Party, Labour, Conservative, European Union, University of Strathclyde, BBC Locations: England, Kingswood, Wellingborough

As Prabowo Subianto looks set to succeed Joko Widodo as President, economic growth remains resilient and inflation has stayed low over the past year. But external risks, including Russia's war on Ukraine, continue to cloud the horizon. The World Bank warned in January that global growth will slow for the third consecutive year, to 2.4% in 2024, when the global economy may record the slowest half-decade of GDP growth in 30 years. The government remains hopeful of hitting its 5.2% target in 2024, said Coordinating Minister for Economic Affairs Airlangga Hartarto in early February, acknowledging the risks posed by global economic turmoil, such as the Ukraine-Russia conflict. Regional leadershipTo reach developed country status, a nation typically requires sustained annual economic growth of 7% for 15 consecutive years.

Persons: Prabowo, Joko Widodo, Krisna Gupta, Widodo, Economic Affairs Airlangga Hartarto, Sri Mulyani, Radityo Dharmaputra, Indonesia's Organizations: World Bank, State of, Global, Center, Indonesian, Center for Indonesian, Studies, Bank, Economic Affairs, for Economic Co, OECD, Universitas Airlangga, Ukraine, Insider Studios, Foreign, Commonwealth & Development Office Locations: Indonesia, Ukraine, State, Russia, Jakarta, Southeast Asia, Crimea, Subianto

☆ Why Singapore is quickly becoming the choice location for firms to support global carbon markets
▼ + stars: | 2024-02-15 | by ( Sponsor Post | ) www.businessinsider.com time to read: +7 min

Carbon credits continue to play an important role in the global transition towards net zero. As an innovative financing mechanism, carbon credits allow corporates to mobilize capital to support emission-reduction projects. The decision to anchor CAD Trust in Singapore stems from acknowledging that transparency and governance are rooted in its DNA. Why Singapore is a prime location for firms to support global carbon marketsSingapore has successfully attracted more than 100 carbon market and services players to establish the city-state as their home base in Southeast Asia. Singapore's expertise in carbon services and its trailblazing move implementing Southeast Asia's first carbon tax in 2019, also appealed to Calyx Global.

Persons: — Dinesh Babu, Grace Fu, Duncan van Bergen, Van Bergen, — Duncan van Bergen Organizations: Reuters, Singapore, for Nature, National University of Singapore, Data Trust, Government of, Emissions Trading Association, Singapore's, Sustainability, Meta, Trust, Insider Studios, Singapore Economic Development Board Locations: Dubai, Singapore, Government of Singapore, South Asia, Southeast Asia, Oceania, Africa, Paris, Bhutan, COP28, Asia

☆ Ukraine Needs $486 Billion to Recover, Rebuild After Nearly Two Years of War - World Bank
▼ + stars: | 2024-02-15 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +3 min

That 10-year cost estimate is up from $411 billion last March, with housing needs topping the list at $80 billion or 17%, followed by transport needs of $74 billion or 15%, and commerce and industry at $67.5 billion, or 14%. The new estimate excludes reconstruction needs already met through the Ukraine state budget or through partners and international support. He said the Ukrainian economy had proven remarkably resilient in the face of the war. Four of five firms continued to operate in Ukraine, despite the war, with many relying on digital operations or moving sites to stay in business, he added. The number of internally displaced persons had also gone down to around 3.7 million, compared with 5.4 million in spring 2023.

Persons: Andrea Shalal WASHINGTON, Arup Banerji, Banerji, Andrea Shalal, Jonathan Oatis Organizations: World Bank, United, European Commission Locations: United Nations, Eastern Europe, Donetsk, Kharkiv, Luhansk, Zaporizhzhia, Kherson, Kyiv, Ukraine, Ukrainian

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