Pakistan Affairs

Tag: world

  • Ajay Banga: The US nominee for World Bank president

    The Biden administration has nominated Ajay Banga as the U.S. candidate for World Bank president, signaling their belief that the Bank should scale up financial support to all clients, develop a new growth vision, and support national governments in developing cooperative multilateral partnerships with other official financing institutions and private investors.

    As the next president, Banga will have to navigate complex financial waters and find the right balance between scaling up lending and not jeopardizing the financial health of the institution. He will also need to persuade donors to provide more aid to the International Development Association and other World Bank-managed trust funds. Additionally, he must make the case for aid to middle-income countries without taking away from the poorest and most vulnerable countries.

    Banga’s experience as CEO of Mastercard, a large financial services firm, and his commitment to climate, equity, and development makes him qualified to be the next president. He is well-versed in modern business practices, has a vision for equitable and sustainable economic growth, and understands the art of persuading finance ministers and other government officials. His nomination is the first step in the Biden administration’s effort to make the World Bank fit-for-purpose in the 21st century.



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  • FirstFT: Former Mastercard chief nominated as World Bank president

    . Follow us on Twitter @FTFirstFT and join our Facebook group to stay up to date.

    This week, Joe Biden nominated former Mastercard chief executive Ajay Banga as World Bank president. The nomination comes as the US and other shareholder nations seek to expand the bank’s development remit to include the fight against global warming. With Banga\’s nomination, the US hopes to win the support of developing nations, which are uneasy about the shift in focus from poverty to climate change. Other news this week include China\’s Zhu Hexin in line to take the helm at PBoC, Alibaba\’s sales growth, Hong Kong\’s attempt to woo family offices, Sam Bankman-Fried\’s criminal charges, and a hacker group\’s attack on thousands of networks. Take our quiz to find out how well you kept up with the news this week! Sign up to FirstFT newsletters to stay informed of the latest news and join our Facebook group to stay up to date.



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  • Biden nominates former MasterCard chief Banga to head World Bank

    President Joe Biden has nominated Indian-American business executive Ajay Banga to become the next president of the World Bank. Banga’s nomination is a major step towards diversifying the World Bank’s leadership and bringing together public and private resources to tackle urgent challenges such as climate change. Biden praised Banga’s experience in forging public-private partnerships and his background growing up in India, which gives him a unique perspective on how the bank can reduce poverty and expand prosperity. His nomination is the first to be made public, but other countries have until March 29 to submit their own nominees. Banga is vice chair of General Atlantic and retired in 2021 after 12 years at the helm of Mastercard Inc. He has worked closely with Vice President Kamala Harris and has set a target to bring 1 billion people and 50 million micro- and small businesses into the digital economy by 2025. Treasury Secretary Janet Yellen said Banga’s experience would help the bank mobilize private capital and press for the reforms needed to meet their shared ambitions.



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  • Canada’s imports from Russia dipped nearly 80% since Ukraine invasion – National | Globalnews.ca

    Canada\’s trade with Russia has plummeted since the invasion of Ukraine a year ago. Ottawa has imposed economic measures that bar the export of a range of items, including forklifts, barbers\’ chairs and aircraft. Industry Canada data shows that imports from Russia fell 78% in the first 10 months of 2022, while exports dropped 91% over the same period. Despite the restrictions, certain sectors have emerged largely unscathed. Canadian companies can only export certain items if they secure a waiver, and the process is increasingly political. With Russia now standing as Canada\’s 53rd most valuable trading partner, the negative trend is expected to continue in the coming year.



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  • Chinese foreign minister visits Moscow amid Ukraine war anniversary – National | Globalnews.ca

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    Russia and China are deepening their ties as the war in Ukraine continues to upend the global diplomatic order. Relations between Russia and the West are at their lowest point since the Cold War, and ties between China and the U.S. are also under serious strain. Both countries are showcasing their defense ties, with military drills and the arrival of a Russian frigate in Cape Town. U.S. Secretary of State Antony Blinken has warned that any Chinese involvement in Russia\’s war effort would be a \”serious problem.\” China has refused to criticize the invasion and has echoed Moscow\’s claim that the U.S. and NATO are to blame for provoking the Kremlin.



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  • What the Ardern, Sturgeon resignations show about the ‘tightrope’ women walk in politics – National | Globalnews.ca

    The recent resignations of two prominent female world leaders – Nicola Sturgeon in Scotland and Jacinda Ardern in New Zealand – have raised questions about the additional pressures on female politicians and whether enough is being done to remove the hurdles they face. Women in politics face additional scrutiny and challenges, such as the pressure to balance family life with their political career, and are often subject to sexist attacks and misogyny. Canadian politicians and political observers have noted the problem of treating women leaders with respect in the Canadian context. Women like Catherine McKenna, Chrystia Freeland, Laurel Collins, and Karen Vecchio have all faced personal attacks, yet continue to strive for positive change and equality. To better support women in politics, Canada must continue to remove barriers and lift up female leaders.



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  • Mysterious sphere washes up on Japanese beach, triggering speculation – National | Globalnews.ca

    A mysterious metal ball was discovered on a beach in Hamamatsu City, Japan this week. Police sent a bomb squad to investigate the rusty, orangish sphere, which measured nearly 1.5 metres wide and was hollow, with two raised handles. Speculation has been rampant as to what the object may be, with guesses ranging from a \”Godzilla egg\” to a spy balloon. The most likely explanation seems to be that it is a detached mooring buoy, which are usually used to secure vessels in deep or shallow water. Local authorities are continuing to investigate and study the sphere, but its origin remains unknown. Follow our Facebook group for updates on this strange discovery!



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  • A vital moment for World Bank reform

    The World Bank is facing immense pressure to reform and finance global issues such as climate change and public health. The bank is expected to take a leading role in addressing climate change, while maintaining its existing goals of ending extreme poverty and boosting shared prosperity. To meet these demands, the World Bank must leverage its existing capital, draw on private sector finance and expertise, and operate at regional and subnational levels. The bank\’s next president must possess a deep knowledge of development, finance, and private sector experience, as well as a commitment to tackling climate change. Follow my Facebook group to stay up to date with the World Bank\’s reform efforts and the search for its new leader.



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  • Ukraine seeks Pakistan’s support over conflict with Russia | The Express Tribune

    President of Ukraine Volodymyr Zelenskyy recently called President Dr Arif Alvi to discuss Pakistan\’s support on the draft resolution being tabled in the United Nations General Assembly for ending the Ukraine-Russia conflict. The two leaders discussed Pakistan-Ukraine political and economic ties and the need for enhancing economic and trade relations for the mutual benefit of the two countries. Pakistan has maintained a delicate balance since Russia invaded Ukraine a year ago and Foreign Minister Bilawal Bhutto Zardari has emphasised for the early resolution of the Russia-Ukraine conflict through dialogue and diplomacy. Follow our Facebook group for the latest updates on the conflict between Ukraine and Russia.



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  • A four-day work week can be \’life-changing.\’ Should Canadians get one?

    A U.K. study conducted by researchers from the University of Cambridge, Boston College, and Autonomy found that a four-day working week trial significantly reduced stress and illness in the workforce compared to a five-day working week. Of the 61 companies that participated, 56 said they are continuing with the four-day working week, with 18 making it a permanent change. Joe O’Connor, the director and co-founder of the Toronto-based Work Time Reduction Center of Excellence, said the four-day working week can motivate employees to meet targets, while also streamlining operations and attacking wasteful processes. A survey found that 91 per cent of senior managers in corporate Canada polled would support a four-day work week for their team, with nearly three-quarters of workers saying they would put in four 10-hour days in exchange for an extra day off a week. O’Connor believes the future of work will be shorter and smarter. Follow my Facebook group for more updates on the four-day working week trend.



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