World Bank

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Israel-Hamas War Could Hit You at the Gas Pump

If the war escalates, oil prices will shoot up, which means food prices will, as well

(Newser) - The World Bank reported on Monday that oil prices could be pushed into "uncharted waters" if the violence between Israel and Hamas widens, which the AP reports could result in increased food prices worldwide. The World Bank's Commodity Markets Outlook found that while the effects on oil prices...

World Bank Issues Bleak Forecast for Global Economy

It slashes predictions for growth all over, including the US

(Newser) - The global economy will come “perilously close" to a recession this year, led by weaker growth in all the world's top economies—the United States, Europe, and China—the World Bank warned Tuesday, per the AP . In an annual report, the World Bank said it had slashed its...

2 Gloomy Forecasts Sour the Market's Mood

Yellen worries about inflation, the World Bank about stagflation

(Newser) - The US stock market did not wake up in a great mood on Wednesday, with the Dow and the benchmark S&P 500 both down about half a percentage point in early trading. That might have something to do with two dour forecasts issued Tuesday about the US and the...

World Bank Rejects a Nation's Plea for Bitcoin Help

Institution says it won't help El Salvador due to 'environmental and transparency shortcomings'

(Newser) - The first country in the world to adopt bitcoin as legal tender recently made a big ask of the World Bank, requesting that the international financial institution help it implement its plans—but it's a no from the group to El Salvador. "This is not something the World...

Ivanka: Dad Asked Me About World Bank Job

First daughter won't say whether her father suggested other roles

(Newser) - White House senior adviser Ivanka Trump says her father asked her if she was interested in taking the job of World Bank chief but she passed on it. In an AP interview, President Trump's daughter said Wednesday she was happy with her current role in the administration. She spoke...

6 Nations Have Legal Equality Among Sexes. US Isn't Even Close

'A typical economy only gives women three-quarters the rights of men'

(Newser) - Women in Europe have it best, legally-speaking. Belgium, Denmark, France, Latvia, Luxembourg, and Sweden are the only countries that offer legal equality for men and women, according to a report by the World Bank. It looked at 35 indicators related to jobs, marriage, personal safety, property ownership, travel, inheritance, and...

World's 5 Most Unequal Countries on Same Continent

Effects of South Africa's apartheid still felt

(Newser) - Inequality was embedded in South African culture through its apartheid system. Nearly a quarter century after its end, the country still has a long way to go. "Inequality is high, persistent, and has increased since 1994" in South Africa, which is the most unequal country in the world when...

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...

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...

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...

Logging a $15B Racket for Organized Crime
 Logging a $15B Racket 
 for Organized Crime 
report says

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...

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...

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...

Japan's Death Toll Hits 18,000
 Japan's Death Toll Hits 18K 

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...

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...

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...

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,...

Banks, Energy Fall; Dow Off 201
 Banks, Energy Fall; Dow Off 201 

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...

Stocks Sink on World Bank Report
 Stocks Sink 
 on World Bank Report 

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...

Stocks Dip Again
 Stocks Dip Again 

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...

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