World Bank

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Climate Change Could Drive 760M From Home

100M could be forced into extreme poverty: report

(Newser) - Not yet terrified by climate change? You're in for a rude awakening via two new reports. The first from the World Bank finds rising global temperatures will force 100 million more people into extreme poverty by 2030, and those in the poorest regions—sub-Saharan Africa and South Asia—will... More »

Dartmouth's Jim Yong Kim Tapped to Lead World Bank

(Newser) - Jim Yong Kim, an American who is president of Dartmouth College, has been chosen to be the next president of the World Bank. His selection extends the United States' hold on the top job at the 187-nation development agency. Kim, a surprise nominee of President Obama, was selected in a... More »

Obama Makes Surprise Pick to Head World Bank

Dartmouth president Jim Yong Kim expected to be announced today

(Newser) - President Obama will nominate Dartmouth College President Jim Yong Kim to head the World Bank, a surprise pick for the international financial institution's top job, senior administration officials say. The Korean-born Kim is a physician by training and a prominent figure in global health and development circles. Officials believe... More »

Logging a $15B Racket for Organized Crime

World Bank says illegal forest operations are big business

(Newser) - Ah, those classic gangster rackets: drugs, prostitution, gambling, and, of course, wood. Illegal logging has become a major endeavor for organized crime, raking in as much as $15 billion a year, according to a new report from the World Bank. Scofflaws with chainsaws are running wild in places such as... More »

IMF Hit by Cyberattack in 'Major Breach'

Nations' sensitive financial data compromised

(Newser) - The IMF has another problem to worry about: Hackers pulled off what the New York Times calls a "large and sophisticated attack" that compromises sensitive financial data from around the world. "This was a very major breach," says an anonymous official. It's not clear what the... More »

Hillary Clinton Considers Top Post at World Bank

Reuters: She could leave next year

(Newser) - Hillary Clinton swears she's done with elected politics, and Reuters thinks it knows where she's headed next: the World Bank. Quoting three unnamed sources, the news service says she has already talked to the White House about leaving her post at the State Department to assume the presidency... More »

Japan's Death Toll Hits 18K

Damage costs could top $235B

(Newser) - The numbers are grim—more than 18,000 dead and $235 billion in rebuilding costs. These are the estimates coming out of Japan today, as the police, World Bank, and other organizations weigh in on the extent of the damages from the March 11 earthquake, reports AP . Nationwide, 8,600... More »

Fearing War, France Urges Citizens to Flee Ivory Coast

Meanwhile, World Bank freezes loans to the country

(Newser) - The World Bank has frozen loans to Ivory Coast as France urged its citizens to leave the West African country amid heightened UN concerns the nation risks returning to civil war. A French government spokesman told reporters yesterday that it was urging citizens to leave the country, a former French... More »

To Help World's Poor, Hand Them Cash

Government 'cash-transfer' programs prove successful

(Newser) - It might seem counter-intuitive, but in some 45 countries across the globe, it’s working: Governments are handing cash to the poor to use at their own discretion, writes Christopher Werth in Newsweek . Some 110 million families are getting aid, and the World Bank has spent $5.5 billion on... More »

Bubbles Reinflating, World Bank Warns

Asian asset prices soaring as recovery takes hold

(Newser) - Efforts to boost economic recovery are having the dangerous side effect of creating new bubbles in property, stock, and currency markets, the World Bank warned yesterday. Commodity prices are also surging, with gold hitting a record price yesterday. The effect is most pronounced in Asia, where recovery has come soonest,... More »

Banks, Energy Fall; Dow Off 201

Dow, S&P 500 now negative for 2009

(Newser) - A global rout in materials and energy stocks combined with a sell-off in financials to wreak havoc on US markets today, the Wall Street Journal reports. The Dow closed down 200.72 at 8,339.01. The Nasdaq lost 61.28, closing at 1,766.19, and the S&P... More »

Stocks Sink on World Bank Report

(Newser) - Stocks tumbled this morning after the release of a grim forecast by the World Bank. The Dow tumbled about 100 points, while the Nasdaq and S&P each dropped 1.6%. The World Bank predicted the economy would shrink 2.9% this year, a big downward revision from its previous... More »

Stocks Dip Again

(Newser) - After four consecutive weeks of losses, stocks headed south yet again today, with the Dow down 40 points, and the S&P and Nasdaq sliding 0.5% and 0.2% respectively in early trading, the Wall Street Journal reports. The pessimism comes after the World Bank said that the global... More »

Bombed-Out US Economy Blasts Globe Into Recession

Developing nations hit especially hard in first world recession since World War II

(Newser) - The world economy is plunging into its first global recession since World War II, and sending 46 million people in developing countries back into poverty, warns a World Bank report. The global lender is urging leading nations to pledge a portion of their stimulus packages to stem the mounting crisis... More »

Bush Faithful Rewarded With Plum Jobs

No crony left behind in last-minute appointments

(Newser) - The Bush presidency lives on through more than 100 end-of-term appointments to a wide range of presidential panels, the Washington Post reports. The positions, many of which will outlast his successor's current term, have gone to George Bush's aides and political donors. Most are unpaid, although four top aides snagged... More »

Treasury May Require Matching Funds for Bailouts

Setting matching funds as a prerequisite for rescue cash puts investors back in the picture

(Newser) - Companies that take part in the second phase of the Treasury Department’s bailout plan could be required to raise private capital to match federal funds, reports the Wall Street Journal. The first phase of the Troubled Asset Relief Program, which has been buying up stakes in banks, has no... More »

From Carnage of Crisis Rises Vast Opportunity

World must act to overhaul finance for next era: Gordon Brown

(Newser) - The British plan to recapitalize world banks helped calm global markets, but Gordon Brown isn't done yet. In an op-ed for the Washington Post, the prime minister declares that we face "a defining moment for the world economy" on par with the aftermath of World War II, and that... More »

World Bank Vows to Stand Behind Poor

Aid to developing nations must be maintained, bank president warns

(Newser) - The head of the World Bank cautioned yesterday that the economic crisis could hit developing countries the hardest, and pledged the bank’s support in helping those nations protect their poor, reports AP. Bank president Robert Zoellick warned that aid to impoverished regions must continue to flow even as the... More »

The Crisis Dwarfs $700B

A US-centric band aid can't quell global markets as confidence plunges

(Newser) - As the financial crisis continues to grow, the $700 billion bailout passed by Congress last week may be too little too late, the Washington Post reports. The plan may not begin relieving banks of toxic assets for another month, and, meanwhile, the crisis has gone global, making $700 billion seem... More »

Malaria Fight Gets $3B Booster Shot

Initiative will focus on Africa, stress the need for persistence

(Newser) - The global fight against malaria will get an unprecedented $3 billion push from a global alliance of nonprofits, financial institutions, and governments, the Wall Street Journal reports, with a focus on prolonging the effort beyond initial successes. The Global Malaria Action Plan aims for multibillion-dollar yearly funding through 2020, and... More »

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