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American World Bank president defends U.S. monopoly on World Bank presidency

Outgoing World Bank president Robert Zoellick said Friday that emerging markets were well represented among the Bank’s staff as he sought to deflect criticism of the US lock on the top job. A nearly seven-decade carve-up has seen Americans lead the World Bank and Europeans head its sister organisation the…

Bill Gates: Tax financial transactions to help poor nations

By Lesley Wroughton WASHINGTON (Reuters) – A report by Microsoft founder Bill Gates to Group of 20 ministers on Friday proposes raising new funding for poorer countries by taxing financial transactions, tobacco, and shipping and aviation fuels, according to details of a G20 report obtained by Reuters. The Gates Foundation…

Closing gender gap will boost growth: World Bank

Women in the developing world have made strides in education, but still lag far behind men in opportunities, a gender gap that is hampering growth, the World Bank said in a report. Calling on countries to work to shrink that gap, the World Bank said gender equality is important in…

High food prices threaten poorest: World Bank

WASHINGTON — Food prices near record peaks and volatility in commodity markets are driving the lives of the world’s poorest people to the edge of survival, the World Bank warned Monday. Global food prices in July were 33 percent higher than a year ago, while oil prices were up 45…

World Bank unveils $6 billion in funding for Egypt and Tunisia

WASHINGTON (Reuters) – World Bank President Robert Zoellick on Tuesday unveiled $6 billion in funding to help Tunisia and Egypt address budget and reserve shortfalls this year and next, following popular uprisings that ended years of dictatorships but which have caused economic stress. Zoellick said a Group of Eight meeting…

Rising food prices nearing danger point: World Bank

PARIS (AFP) – World Bank president Robert Zoellick warned leaders of the top global economies Saturday that the world is reaching a danger point where soaring food prices threaten further political instability. “I mentioned that we are reaching a danger point,” Zoellick said, adding that he had urged G20 finance…

Food prices push 44 million into poverty: World Bank

WASHINGTON – Rising food prices have pushed about 44 million people into poverty in developing countries since last June, the World Bank warned Tuesday. Food costs are continuing to rise to near 2008 levels, when price spikes in food and oil had devastating impacts on the poor, the development lender…

World Bank president calls for debate on global gold standard

Robert Zoellick, president of the World Bank, shook up the world of international finance and central banking on Monday when he called for consideration of tying currency values to the global trade of gold, in hopes of producing more stable economies. Basically, he called for the G20 to discuss establishing…

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