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World Bank chief calls Spanish bailout ‘wasted’
LOS CABOS, Mexico — The head of the World Bank said Sunday that Europe’s bail-out of the Spanish banking system had been handled very badly and amounted to a wasted opportunity to contain the debt crisis. Addressing business leaders on the eve of the G20 summit in Mexico, Robert Zoellick…
World Bank: Developing countries need bigger economic buffers
The World Bank on Tuesday urged developing countries to build up their buffers against financial storms arising from the high-income countries, especially in Europe. Developing countries have fewer means to weather shocks to their economies than they had in 2007, before the global financial crisis accelerated, and need to prepare…
World’s city dwellers face ‘garbage crisis’
The world’s city dwellers are fast producing more and more trash in a “looming crisis” that will pose huge financial and environmental burdens, the World Bank is warning. Urban specialists said the growing pile of trash from urban dwellers is as daunting as global warming and the costs will be…
World Bank: China must act to prevent hard landing
China’s economic growth will ease further this year, presenting policy makers in Beijing with the challenge of preventing an excessively abrupt slowdown, the World Bank said in a report Wednesday. The bank warned slower expansion in China would ripple acrossAsia and the Pacific, but said the region remained resilient toEurope’s economic woes,…
World Bank: Debt ‘still a huge issue’ for developing countries
Years after debt campaigners succeeded in persuading the International Monetary Fund (IMF), World Bank and G8 to abolish debts worth billions of dollars owed by developing countries, figures show total external debts are once again on the increase. Data in the World Bank’s global development finance 2012 report (pdf) shows…
World Bank helps corporations with land grabs in Africa: Environmental groups
The World Bank is helping corporations and international investors snap up cheap land in Africa and developing countries worldwide at the expense of local communities, environment and farm groups said in a statement released on Monday to coincide with the bank’s annual land and poverty conference in Washington DC. According…
U.S. nominee Jim Yong Kim chosen to lead World Bank
The World Bank chose Korean-American physician Jim Yong Kim as its next chief Monday in a decision that surprised few despite the first-ever challenge to the US lock on the Bank’s presidency. The Bank’s directors chose Kim, a 52 year old US health expert and educator, over Nigerian Finance Minister…
Geithner urges Congress to back IMF, World Bank
WASHINGTON — US Treasury Secretary Timothy Geithner on Tuesday urged a tight-fisted Congress laden with conservatives opposed to global institutions to keep up financial support for the IMF and World Bank. With the International Monetary Fund prodding members for more funding and Washington seeking support for its new nominee to…
World Bank nominee raps, dreamed of being a star quarterback
Singing rap, citing Buddhist teachings, and once dreaming of being a sports star, the likely next head of the World Bank may not be widely known — but he’s no faceless bureaucrat. Korean-born Jim Yong Kim is the president of Ivy League Dartmouth College, a medical doctor and, above all,…
US faces deadline to nominate World Bank chief
The United States faced a deadline Friday to nominate a new World Bank chief, as strong candidates backed by emerging countries ramped up the pressure on Washington to name a high-profile figure. The White House has until 6:00 pm (2200 GMT) to nominate a candidate to succeed Robert Zoellick at…
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