Thursday, December 19

Tag: World Bank

Hong Kong needs new solutions, legislation to rescue its money-losing plastic bottles recycling industry, expert says
7Apr By adminNo Comments
Money

Hong Kong needs new solutions, legislation to rescue its money-losing plastic bottles recycling industry, expert says

If the sorting and shredding can be done at the collection points, it would greatly enhance the financial viability, said Craipeau, a French entrepreneur with nearly two decades trading recycling machine parts and materials in the region, including establishing a plastics recycling plant in Indonesia.Max Craipeau, CEO of Greencore Resources, in Causeway Bay, Hong Kong. Photo: Jonathan WongHong Kong’s first food-grade plastic bottles recycling plant in Tuen Mun has been operating at about one-third of its capacity and has been unprofitable since its inception in December 2022, according to owners Swire Coca Cola and Baguio Waste Management and Recycling.Craipeau said Greencore is in discussions with beverage bottlers in Hong Kong, Philippines, Indonesia, Singapore, Poland, the US and Europ...
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South Asia’s Jobs Creation Lags Population Growth, Says World Bank
3Apr By adminNo Comments
Business

South Asia’s Jobs Creation Lags Population Growth, Says World Bank

Last Updated: April 02, 2024, 23:29 ISTIn absolute terms, the region created an average of 10 million jobs a year. (Representative image)During the period between 2000-23, employment grew 1.7% a year while the working-age population expanded 1.9% a year, data included in the report showedJob creation in South Asian economies is not keeping pace with the rise in the working-age population, putting the region on a path that risks “squandering its demographic dividend”, the World Bank said on Tuesday.“The danger is the demographic dividend is missed. It’s squandered,” Franziska Ohnsorge, World Bank Chief Economist for South Asia told Reuters.“If only they can be employed. It’s a fantastic opportunity to grow but until recently employment ratios have been falling.”During the period between 20...
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Debt: Africa hears pledges but little action at IMF-World Bank talks
14Oct By adminNo Comments
Business

Debt: Africa hears pledges but little action at IMF-World Bank talks

MARRAKESH: Pummelled by debt, poverty and natural disasters, African nations heard many pledges of support but saw little action at the first IMF-World Bank talks to be held on their soil since 1973.The myriad troubles facing the continent were front and centre at the week-long talks in Marrakesh, Morocco, which began Monday and end Sunday.The managing director of the International Monetary Fund, Kristalina Georgieva, said from day one that holding the meetings in Africa was "symbolically and substantively very important.""A prosperous world economy in the 21st century requires a prosperous Africa," she said.The IMF was moving towards giving sub-Saharan Africa a third seat on its executive board.The move, which will be effective next year, does not increase Africa's voting power within th...
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World Bank maps out plans to further boost lending by $100 bln-plus over a decade
28Sep By adminNo Comments
Business

World Bank maps out plans to further boost lending by $100 bln-plus over a decade

WASHINGTON: The World Bank on Thursday proposed steps that would boost its lending to developing countries by an additional $100 billion over a decade as part of an ongoing reform process aimed at helping the bank expand its mission to include climate change. In a 24-page report to the joint ministerial committee that oversees the bank and the International Monetary Fund, the bank's management said it would ask shareholders to approve a hybrid capital measure and a new portfolio guarantee platform that together could boost lending by over $100 billion. That amount would come on top of measures already being implemented that will boost the bank's lending to developing countries by up to $50 billion.!(function(f, b, e, v, n, t, s) { function loadFBEvents(isFBCampaignActive) { if (...
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PM Narendra Modi’s G20 Summit signoff
10Sep By adminNo Comments
Business

PM Narendra Modi’s G20 Summit signoff

After the two most important announcements on Saturday — the inclusion of the African Union into the G20 club and a consensus on the New Delhi Declaration — the concluding day of the Leaders’ Summit was meant for a few bilaterals and a trip to Rajghat to pay homage to Mahatma Gandhi. On a rainy Sunday morning, the last session of the Summit didn’t have a full house at Bharat Mandapam — the scene of action for the Summit in the capital. US President Joe Biden left for his next stop —Vietnam — soon after his Rajghat outing.At the end of the session, Prime Minister Narendra Modi announced the Summit closed, and proposed a virtual G20 session in November before the presidency officially goes to Brazil.   The ceremonial transfer was, however, marked by Modi handing over th...
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India’s G20 presidency set path for world: World Bank president Ajay Banga
10Sep By adminNo Comments
Business

India’s G20 presidency set path for world: World Bank president Ajay Banga

NEW DELHI: World Bank President Ajay Banga on Sunday said that India in its G20 presidency has set a path for the world and lauded that the G20 declaration was anonymously adopted by all G20 nations."I consider the fact that there was a declaration, a tribute to the fact that the G20 leadership found a way to give and take and negotiate and find a right way to agree and set a path for the world. The world is watching, the G20 has got the developed world and the developing countries,” Banga said.While speaking to ANI, Banga emphasised that challenges will always exist but India had shown the way by working out a consensus.He added, “80% of the world's GDP was sitting in the room. If they would not agree that would not give a good message. I actually compliment India, its leadership and the...
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More optimistic about India now than ‘in a long time’: WB chief Ajay Banga
17Jul By adminNo Comments
Business

More optimistic about India now than ‘in a long time’: WB chief Ajay Banga

Banga, who took over as president of the Washington-headquartered development lender in early June, noted that digitisation has allowed citizens to easily access multiple services online. Photo: Bloomberg World Bank president Ajay Banga on Monday said amid global challenges, he is more optimistic about India and its economy now than he has been "in a long time". Talking to the media on the sidelines of the third G20 Finance Ministers and Central Bank Governors meeting here, the first-ever Indian-American to head the top global financial institution said the world economy is in a difficult place. Banga (63) showered praises on India for its digital infrastructure, saying he is a "big fan" of such initiatives taken by the world's fifth largest economy. "I am more optimistic about I...
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World Bank Prez Ajay Banga to travel to India next wk to attend G20 meet
8Jul By adminNo Comments
Business

World Bank Prez Ajay Banga to travel to India next wk to attend G20 meet

World Bank President Ajay Banga will travel to India next week, his first visit to the country after taking over the helm of the global lender, to attend the G20 Finance Ministers and Central Bank Governors Meeting in Ahmedabad. Indian-American Banga, 63, took over as the President of the World Bank in June, making him the first person of colour to head either of the two global financial institutions, the World Bank and the International Monetary Fund. The Executive Directors of the World Bank selected Banga as the 14th President of the World Bank in May for a five-year term after being nominated by US President Joe Biden for the post. This would be Banga's first trip to India after he took over as the World Bank president. India is currently holding the...
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