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☆ China's economy will pick up pace following new COVID rules: CCTV cites Premier Li
▼ + stars: | 2022-12-08 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

FILE PHOTO: People walk across a street during morning rush hour, following the outbreak of the coronavirus disease (COVID-19), in the Central Business District (CBD) in Chaoyang District, Beijing, China November 21, 2022. REUTERS/Tingshu Wang/File Photo(Change the number of meetings in last paragraph from one to multiple)BEIJING (Reuters) - China’s economic growth will keep picking up pace with the implementation of the newly-announced anti-COVID adjustment measures, state media CCTV quoted Premier Li Keqiang as saying on Thursday. China will also keep the yuan exchange rate basically stable, and this is also conducive to safeguarding global supply chain stability, CCTV said. Li made the remarks during meetings with World Bank President David Malpass, IMF Managing Director Kristalina Georgieva and WTO Director-General Ngozi Okonjo-Iweala, CCTV said. (This story has been refiled to change the number of meetings in last paragraph from one to multiple.)

☆ World Bank's Malpass: Bill for rebuilding Ukraine rising, not detecting donor fatigue
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: 1 min

NEW YORK, Dec 1 (Reuters) - World Bank President David Malpass on Thursday said the expected cost for rebuilding Ukraine will go up "quite a bit" from the roughly $350 billion estimated earlier this year, given Russia's targeting of Ukraine's electricity grid and other infrastructure. He told the Reuters NEXT conference that he did not detect any "donor fatigue" in the international community despite the huge cost of the war, but there was "gigantic frustration" with Russia for continuing the war. "It's a grinding war, and hugely disappointing," Malpass said, adding that Russian officials were now outcasts when they came to international meetings. To view the Reuters NEXT conference live on Dec. 1, please click here. Reporting by Andrea Shalal and David Lawder; Editing by Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

☆ World Bank chief says poorest countries owe $62 bln on bilateral debt
▼ + stars: | 2022-12-01 | by ( David Lawder | ) www.reuters.com time to read: +1 min

[1/2] World Bank President David Malpass holds a news conference at the headquarters of the International Monetary Fund during the annual meetings of the two organizations in Washington, U.S., October 13, 2022. REUTERS/James Lawler DugganWASHINGTON, Dec 1 (Reuters) - The world's poorest countries now owe $62 billion in annual debt service to official bilateral creditors, an increase of 35% over the past year, World Bank President David Malpass said on Thursday, warning that the increased burden is increasing the risk of defaults. Malpass told the Reuters NEXT conference in New York that two thirds of this debt burden is now owed to China, providing some details of the development lender's annual debt statistics report due next week. "I'm worried about a disorderly default process where there's not a system to really address" debts for poorer countries," Malpass said. Reporting by David Lawder; Editing by Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

Central banks might make some progress toward their inflation targets by raising interest rates and managing demand, Morgan Stanley chief executive James Gorman said at the Reuters Next conference in New York. Central banks, by managing demand through interest rates, could probably "bring inflation down to around four percent. But he also nodded beyond the world's central banks to a needed supply-side solution to rising prices. So far, and particularly in the United States, the actions of central banks have not had an appreciable impact on core elements of the economy, particularly the job market. "I would be surprised if central banks officially moved the target, but they might decide to stay higher than it for some time."

☆ If the world avoids a recession, it’ll have India and China to thank
▼ + stars: | 2022-11-22 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN Business —Global growth will slow further in the coming year but the world will likely avoid a recession thanks to Asia’s biggest economies. “Persistent inflation, high energy prices, weak real household income growth, falling confidence and tighter financial conditions are all expected to curtail growth,” it added. If energy prices rise further or energy supply is disrupted, growth could be even weaker than expected. India is projected to have the world’s second highest growth rates, after Saudi Arabia, at 6.6% in 2022, followed by 5.7% in 2023. “Higher interest rates, while necessary to moderate inflation, will increase financial challenges for both households and corporate borrowers,” the OECD said.

☆ World Bank discusses energy crisis and US-China relations
▼ + stars: | 2022-11-16 | 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 EmailMuch burden is on China despite its rules-based system: World BankDavid Malpass, president of the World Bank, says that will be a "difficult conversation."

☆ India's Modi meets Biden at G20 summit, shakes hands with China's Xi
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +2 min

[1/3] President of the U.S. Joe Biden speaks with Prime Minister of India Narendra Modi at the G20 Summit opening session in Nusa Dua, Bali, Indonesia, Tuesday, Nov. 15, 2022. PRASETYO UTOMO/G20 Media Center/Handout via REUTERSNEW DELHI, Nov 15 (Reuters) - India's Prime Minister Narendra Modi discussed global and regional developments in a meeting with U.S. President Joe Biden on Tuesday at the Group of 20 (G20) summit in Indonesia, India's foreign ministry said. Modi also exchanged courtesies with Chinese President Xi Jinping at the end of a G20 dinner, according to government sources. Modi and Xi came face-to-face previously at a summit of regional security group Shanghai Cooperation Organisation in Uzbekistan in September. The Indian premier has also met British Prime Minister Rishi Sunak, World Bank president David Malpass, and International Monetary Fund (IMF) managing director Kristalina Georgieva, among other leaders, at the G20 summit on the Indonesian island of Bali.

He said any new strategy should not require new finance from donor countries or for the banks to accept a lower credit rating. Kerry said if the World Bank and regional development banks could increase their lending by the hundreds of billions of dollars, it could leverage trillions in capital from the private sector and other sources. These calls intensified after World Bank President David Malpass in September initially declined to say at a public event whether he accepts the scientific consensus on global warming, which drew condemnation by the White House. Kerry said he would work with German State Secretary for Economic Cooperation and Development Jochen Flasbarth to develop the plan. "We just need a leadership that's ready to stand up, do what the laws allow," he said.

☆ IMF says Chad debt deal cuts risks, protects against oil price fall
▼ + stars: | 2022-11-14 | by ( Andrea Shalal | ) www.reuters.com time to read: +2 min

WASHINGTON, Nov 13 (Reuters) - The head of the International Monetary Fund on Sunday welcomed a long-awaited debt deal by Chad's creditors and said it would reduce the African country's risk of debt distress while guarding it against downside risks, including lower oil prices. Chad on Friday said it had reached a debt agreement with Swiss commodities trader Glencore Plc (GLEN.L) and other creditors. Sources said the deal called for some debt relief in 2024 in the form of a reprofiled debt service schedule, but added that it would not reduce Chad's overall debt level. Sources familiar with the agreement said it would protect Chad if oil prices dropped again, while restoring confidence and opening the door to fresh resources. The automatic mechanism would protect Chad if oil prices fell again, eroding revenues, they said.

☆ Global debt levels rose 'substantially' in 2021 - World Bank's Malpass
▼ + stars: | 2022-11-12 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

WASHINGTON, Nov 12 (Reuters) - Debt levels among low- and middle-income countries rose sharply in 2021, with China accounting for 66% of lending by official bilateral creditors, World Bank President David Malpass said, underscoring the need to reduce the debt of poorer countries. The World Bank's annual report on global debt statistics, due out next month, makes clear that private sector creditors also needed to participate in debt reductions, Malpass told Reuters in an interview on Friday. Preliminary data released by the World Bank in June showed the external debt stock of low- and middle-income countries rose, on average, 6.9% in 2021 to $9.3 trillion, outpacing the 5.3% growth seen in 2020. Malpass said the bank's forthcoming International Debt Statistics report was troubling, but gave no specific numbers. Malpass also called for faster work on a debt restructuring for Zambia, which first requested help under the common framework in early 2021.

Criticism has grown of the bank's efforts to mobilise sufficient support for developing countries to shift to clean energy. The World Bank Group provided $31.7 billion in climate finance to countries in fiscal year 2022, its highest total to date. He later clarified his remarks and said it is clear greenhouse gas emissions are causing climate change. The World Bank uses cash from wealthy nations to offer loans and grants to poorer countries - offering a major route for climate finance to the developing world. We've engaged robustly and will continue to do so with a range of folks at the World Bank," she said.

Summary 85 insurers make pledge to extend climate coverComes as COP27 talks focus on issue of loss & damageAfrican Climate Risk Facility to cover 1.4 bln peopleSHARM EL-SHEIKH, Nov 9 (Reuters) - A group of over 85 African insurers has pledged to provide $14 billion of cover to help the continent's most vulnerable communities deal with climate disaster risks such as floods and droughts. Demand for compensation for the so-called 'loss and damage' caused by global warming has long been rejected by wealthy countries, wary of accepting liability for the emissions driving climate change. Against that backdrop, the African insurance plan is based around creating a scaleable, local market-based funding tool for resilience, the group said. "This is the African insurance industry saying let's come together and try and solve this ourselves," said Kelvin Massingham, director risk and resilience at FSD Africa, one of the partners behind the launch. The African Climate Risk Facility (ACRF) will provide protection for 1.4 billion people against floods, droughts and tropical cyclones by providing $14 billion of climate risk insurance by 2030 to African sovereigns, cities, humanitarian organisations and NGOs, the insurers said in a statement.

"We can now show that a meaningful pipeline of investible opportunities does exist across the economies that need finance most," Mahmoud Mohieldin, one of the U.N. appointed experts, known as U.N. After a year of meetings with stakeholders around the world, they released the initial list so that banks and others can assess the projects. "We now need a creative collaboration between project developers and public, private and concessionary finance, to unlock this investment potential and turn assets into flows," said Mohieldin, High-Level Champion for COP27. World Bank President David Malpass addressed delegates on Wednesday, running through the bank's climate efforts and involvement in a partnership under which Western nations would provide $8.5 billion to South Africa for its energy transition. For daily comprehensive coverage on COP27 in your inbox, sign up for the Reuters Sustainable Switch newsletter.

☆ World Bank disburses additional $500 mln to Ukraine
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, Oct 24 (Reuters) - The World Bank said on Monday it had disbursed an additional $500 million to help Ukraine meet urgent spending needs created by Russia's Feb. 24 invasion and the ongoing war. The financing by the International Bank for Reconstruction and Development, the bank's main lending arm, was supported by $500 million in loan guarantees from Britain that were announced on Sept. 30, the bank said. We stand firmly to support the Ukrainian people as they face this unparalleled crisis.”The World Bank has mobilized a total of $13 billion in emergency financing for Ukraine, of which $11.4 billion has been fully disbursed. Russia's invasion caused over $97 billion in direct damages to Ukraine through June 1, but it could cost nearly $350 billion to rebuild the country, the World Bank, Ukrainian government and the European Commission said in a report released in September. Register now for FREE unlimited access to Reuters.com RegisterReporting by Andrea Shalal; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

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.

☆ Ukraine's Marchenko to chair IMF, World Bank governing boards in 2023
▼ + stars: | 2022-10-14 | by ( Andrea Shalal | ) www.reuters.com time to read: +2 min

WASHINGTON, Oct 14 (Reuters) - The shareholders of the International Monetary Fund and World Bank on Friday selected Ukrainian Finance Minister Serhiy Marchenko as the next rotating chair of the boards of governors of both institutions in 2023. The decision, which was announced during the annual meetings of the IMF and World Bank in Washington, means that Marchenko will also chair next year's annual meeting of the institutions, which is scheduled to be held in Morocco. Russia is a member of the institutions and could have objected, but did not. World Bank and IMF members choose a new chair for the board of governors on a regional rotation basis. Egypt is in that role this year, but it will rotate in 2023 to Europe and Central Asia.

☆ Absolutely, absolutely!
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Ankur BanerjeeAll sides in the UK gilt markets are hanging tough. Prime Minister Liz Truss is 'absolutely' committed to her spending plans, the Bank of England is absolutely determined to end its bond-buying by Friday and the markets are absolutely unconvinced about stability and calm. If that wasn't enough cause for worry, August GDP data showed the United Kingdom is on the brink of recession. Yet, he points to how that may not mean the BoE continues buying gilts in conflict with its inflation objective. Meanwhile, investors anxiously await U.S. inflation data for September later on Thursday.

☆ Morning Bid: Absolutely, absolutely!
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +2 min

Companies The World Bank Group FollowWASHINGTON, Oct 11 (Reuters) - World Bank President David Malpass defended the institution's commitment to tackling climate change on Tuesday, telling civil society groups that have criticized his leadership on the issue that the bank is focused on global warming. "We are clearly prioritizing climate," Malpass told a town hall held during the World Bank Group's annual meetings, responding to several questions about the World Bank's climate change work. The World Bank spent a record $31.7 billion on climate-related investments, exceeding its goal of dedicating 35% of its investments to climate co-benefits, he added. And we are working very hard at the World Bank to reduce greenhouse gas emissions throughout all of our tools and programs." "We have not lent a single dollar in the World Bank and IBRD (International Bank for Reconstruction and Development) directly to fossil fuels last year," Juergen Voegele, vice president of sustainable development at the World Bank, said in addressing that report's findings.

Brent crude settled down $1.90, or 2%, to $94.29 a barrel while U.S. West Texas Intermediate crude settled down $1.78, or 2%, to $89.35. Register now for FREE unlimited access to Reuters.com Register"There is growing pessimism in the markets now," said Craig Erlam of brokerage OANDA. U.S. crude oil stockpiles were expected to have risen last week after having fallen the prior two weeks, a preliminary Reuters poll showed on Tuesday. A strong dollar makes oil more expensive for buyers with other currencies and tends to weigh on risk appetite. President Joe Biden is re-evaluating the U.S. relationship with Saudi Arabia after OPEC+ announced last week it would cut oil production, White House national security spokesman John Kirby said on Tuesday.

World Bank President David Malpass and International Monetary Fund Managing Director Kristalina Georgieva warned on Monday of a growing risk of global recession and said inflation remained a continuing problem. Brent crude was down $1.62, or 1.7%, to $94.57 a barrel by 12:14 p.m. EDT (1614 GMT). Oil also came under pressure from a strong dollar, which hit multi-year highs on worries about interest rate increases and escalation of the Ukraine war. A strong dollar makes oil more expensive for buyers with other currencies and tends to weigh on risk appetite. President Joe Biden is re-evaluating the U.S. relationship with Saudi Arabia after OPEC+ announced last week it would cut oil production, White House national security spokesman John Kirby said on Tuesday.

☆ Oil falls on recession fears and China COVID worries
▼ + stars: | 2022-10-11 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

World Bank President David Malpass and International Monetary Fund Managing Director Kristalina Georgieva warned on Monday of a growing risk of global recession and said that inflation remains a continuing problem. Register now for FREE unlimited access to Reuters.com Register"There is growing pessimism in the markets now," said Craig Erlam of brokerage OANDA. Those worries aside, fears of a further hit to demand in China also weighed. read moreOil also came under pressure from a strong dollar, which hit multi-year highs on worries about increases to interest rates and escalation of the Ukraine war. A strong dollar makes oil more expensive for buyers with other currencies and tends to weigh on risk appetite.

Companies The World Bank Group FollowWASHINGTON, Oct 10 (Reuters) - The World Bank said on Monday it is launching a trust fund aimed at pooling public funds to provide grants for projects to reduce carbon emissions, including decommissioning coal-fired power plants. The Scaling Climate Action by Lowering Emissions (SCALE) fund will provide grants to developing countries as they deliver pre-agreed results in reducing greenhouse gas emissions, World Bank President David Malpass said in a LinkedIn post. SCALE will be the new umbrella trust fund for the bank's results-based climate finance activities. Malpass said the World Bank was in the process of capitalizing the new fund, with the aim of launching it at the COP27 climate change conference in Egypt in November. The World Bank did not identify a projected size for the new fund.

☆ Gold flat as firm dollar, U.S. rate-hike outlook dent appeal
▼ + stars: | 2022-10-11 | by ( ) www.cnbc.com time to read: +1 min

Gold products are on display in front of a jewellery store at a shopping area in Elazig, Turkiye. Gold prices were flat on Tuesday, pinned near a one-week low hit in the previous session, as a firmer dollar and the prospect of further oversized rate hikes by the U.S. Federal Reserve sapped the zero-yielding asset's appeal. Spot gold was flat at $1,668.29 per ounce, as of 0143 GMT. While gold is considered a hedge against inflation and economic uncertainties, rising interest rates reduce appeal for the asset, which pays no interest. Spot silver fell 0.4% to $19.57 per ounce, platinum dipped 0.1% to $897.50 and palladium rose 0.2% to $2,176.00.

☆ JPMorgan CEO Dimon warns of recession in 6 to 9 months - CNBC
▼ + stars: | 2022-10-10 | by ( ) www.reuters.com time to read: +2 min

Oct 10 (Reuters) - JPMorgan Chase & Co (JPM.N) Chief Executive Jamie Dimon said the United States and the global economy could tip into a recession by the middle of the next year, CNBC reported on Monday. "These are very, very serious things which I think are likely to push the U.S. and the world — I mean, Europe is already in recession — and they're likely to put the U.S. in some kind of recession six to nine months from now," Dimon said. Register now for FREE unlimited access to Reuters.com RegisterHis comments come as the big U.S. banks are set to report their third-quarter earnings from Friday. Earlier this year, Dimon had asked investors to brace for an economic "hurricane", with JPMorgan, the biggest U.S. investment bank, suspending share buybacks in July after missing quarterly Wall Street expectations. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Niket Nishant in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

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