World Bank

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March 2009
- G-20 Vows to Spur Lending
  
  Wall Street Journal | Mar 14, 09 1:53 PM CDT
  
  (Newser) - The world's top financial officials promised a three-tiered approach to battling the global economic slowdown today, the Wall Street Journal reports. At the G-20 summit in England, finance ministers vowed to inject money into the IMF and other institutions to lend to struggling countries, while tackling banks' toxic assets and regulating hedge funds. More »
- Geithner Urges G20 to Pump Up Global Economy
  
  Washington Post | Mar 12, 09 6:57 AM CDT
  
  (Newser) - Tim Geithner is calling on the other G20 nations to help the US get the global economy back on its feet, the Washington Post reports. The Treasury secretary, who leaves for a G20 summit tomorrow, said in a briefing yesterday the administration plans to ask Congress for another $100 billion to help the IMF aid the worst-hit economies, and urged other leaders to substantially increase their contributions. More »
- Bombed-Out US Economy Blasts Globe Into Recession
  
  Washington Post | Mar 9, 09 4:05 AM CDT
  
  (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 in poor countries, the Washington Post reports. Some 500,000 jobs in India vanished last fall, as did Eastern Europe's recently acquired investment fortunes. More »
February 2009
- Brown Calls for 'Global New Deal'
  
  CNN | Feb 23, 09 6:13 AM CST
  
  (Newser) - The world needs to unite on a "global New Deal" to end the economic crisis, Gordon Brown said yesterday at a European summit. The British prime minister, who is chairing April's meeting of the G20, joined colleagues from France and Germany to call for a major overhaul of the world's financial system, including greater international regulation. Brown estimated that global institutions like the IMF would need about $500 billion to do the job. More »
October 2008
- World Bank Vows to Stand Behind Poor
  
  Associated Press | Oct 13, 08 5:18 AM CDT
  
  (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 US and Europe struggle to bail out their own economies. More »
- IMF to US: Do Something NOW
  
  Guardian (UK) | Oct 1, 08 7:30 AM CDT
  
  (Newser) - The US must act swiftly to avoid economic meltdown and Europe's banks need to be ready with emergency plans of their own, IMF's managing director warns. European and Asian markets have bounced back on the prospects of a revived US bailout deal, but JP Morgan analysts warned yesterday that Europe's banks face another $45 billion in losses before the end of the year, the Guardian reports. More »
June 2008
- Celebs Earn Stripes Helping Save Tigers
  
  CNN | Jun 10, 08 11:39 AM CDT
  
  (Newser) - Actors Bo Derek, Harrison Ford, and Robert Duvall helped the World Bank kick off a tiger-preservation campaign yesterday in Washington, CNN reports, with efforts to save the endangered species' habitats atop the list. Derek, who works with the US State Department to fight trafficking, says the tiger initiative should stem "loss of habitat" and "demand for their body parts, mainly in Asia." More »
April 2008
- G-7 Leaders Offer No Fix for Credit Crisis
  
  Wall Street Journal | Apr 14, 08 7:31 AM CDT
  
  (Newser) - Group of Seven finance ministers ended 3 days of meetings in Washington yesterday by endorsing a plan to create greater transparency and oversight in financial markets to avert future crises, but no emergency measures to stem the current one. Despite a downbeat report on the likelihood of worldwide recession, and even hunger riots as the cost of food continues to soar, responses to the credit crisis remain national responsibilities, writes the Wall Street Journal . More »
- IMF OKs $11B Gold Sale
  
  Financial Times (UK) | Apr 8, 08 2:40 AM CDT
  
  (Newser) - The International Monetary Fund has approved the sale of 400 tons of gold from its massive reserves for an expected $11 billion, the Financial Times reports. The global lender also plans to slash up to 15% of its workforce to improve its finances, which have been hit by falling demand for emergency loans. The IMF is aiming to move away from lending to take on a more advisory role. More »
- Going Greener Won't Cut Much* Into Bottom Line: Study
  
  Wall Street Journal | Apr 3, 08 7:54 PM CDT
  
  (Newser) - Cutting greenhouse-gas emissions will put a dent in the world's bottom line, but the damage could be minimal with the right economic policies, the International Monetary Fund forecasts. A 60% reduction of 2002 emission levels will reduce global growth by 2.6% come 2040, but the world's economy would still double in size, the Wall Street Journal reports. More »
January 2008
- Bomb Threat Closes World Bank
  
  Reuters | Jan 17, 08 10:39 PM CST
  
  (Newser) - The Washington headquarters of the World Bank will be closed for business Friday as it investigates a bomb threat, Reuters reports. "The bank is working with law enforcement officials to determine the validity of the threat," said a statement from the bank. Few other details were released. The international lending institution is located about a block away from the White House. More »
December 2007
- Britain Tops US in Funding for World Bank
  
  New York Times | Dec 14, 07 3:15 PM CST
  
  (Newser) - Great Britain has supplanted the United States as the largest contributor to the World Bank, pledging $4.2 billion of the total $25.1 billion raised for the world's poorest nations, a record high. The shift in power reflects both the dollar's waning dominance as well as an end to US-Europe tensions following Paul Wolfowitz's resignation, the Times reports. More »
October 2007
- World Bank President Touts New Strategy
  
  Reuters | Oct 22, 07 8:25 AM CDT
  
  (Newser) - Robert Zoellick has outlined a new strategy for the World Bank, including giving the private sector a bigger role in development, speeding aid to countries coming out of conflict, and promoting green energy alternatives, Reuters reports. The new president has been quick to reposition the global bank's mission following the turmoil over former president Paul Wolfowitz's resignation under duress. More »
- New World Bank Head Stakes Out Own Ground
  
  Wall Street Journal | Oct 10, 07 1:50 PM CDT
  
  (Newser) - Though he's proven more popular with staffers than his predecessor, new World Bank head Robert Zoellick faces a greater challenge in setting a new path for the poverty-fighting lender, the Wall Street Journal reports. As shareholders meet today for the first time since Zoellick took over for the disgraced Paul Wolfowitz, the bank president aims to sell "inclusive and sustainable globalization." More »
August 2007
- Snubbing the West, Bolivia Waxes Red
  
  Washington Post | Aug 3, 07 10:18 AM CDT
  
  (Newser) - Bolivia’s populist president is traveling his country handing out aid—straight from his anti-American neighbor Hugo Chávez. The Washington Post reports that Evo Morales has been taking more than a cue from Chávez, using the Venezuelan leader's cash to fund social welfare programs and build clinics and schools, while balking at the investment in private enterprise favored by the West. More »
June 2007
- World Bank Confirms New Prez
  
  BBC | Jun 26, 07 5:48 AM CDT
  
  (Newser) - Declaring that he's looking forward to "encouraging hope, opportunity and dignity," Robert Zoellick was elected yesterday to succeed the embattled Paul Wolfowitz as new chief of the World Bank. The Goldman Sachs investment banker and former US deputy secretary of state will officially step into office July 1. More »
- World Bank Will Pay Countries to Spare Trees
  
  Wall Street Journal | Jun 11, 07 10:04 AM CDT
  
  (Newser) - The World Bank is planning a $250-million fund to pay countries to refrain from cutting down tropical forests. The plan, which won approval at the G-8 summit last week, depends on companies to contribute to the fund, but that's not likely to happen unless rules governing carbon emissions credits are changed to include spared forests, the Wall Street Journal reports. More »
- Next World Bank Prez Meets World
  
  Reuters | Jun 5, 07 11:33 AM CDT
  
  (Newser) - Former trade rep Robert Zoellick embarked on a world tour yesterday, in advance of his likely ascension to president of the World Bank this month. Zoellick will stop in Africa to visit the bank's largest beneficiaries, and Europe to schmooze with its largest donors. "I want to leave no stone unturned," he said. More »
May 2007
- Zoellick Vows to Mend World Bank
  
  Reuters | May 31, 07 7:37 AM CDT
  
  (Newser) - Robert Zoellick knows he has his work cut out for him, and he says he will try to "calm the waters" if he is confirmed as World Bank president. "This institution has been through a traumatic period and there is a lot of anxiety, some frustration and anger," says the designated successor to Paul Wolfowitz. More »
- Former Trade Rep to Head World Bank
  
  New York Times | May 29, 07 5:30 PM CDT
  
  (Newser) - President Bush will tap former US trade representative Robert Zoellick as the new World Bank prez, sources close to administration said this afternoon. Zoellick, who has spent over 20 years in government, served as deputy secretary of state and the country's top trade official until last year, when he joined Goldman Sachs. More »