World Bank

World Bank sees protracted recession in Russia

Russia faces a protracted recession as the impact of Western sanctions lingers and oil prices stay low, the World Bank said in a report published on Wednesday.

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Denmark applies to join China-backed AIIB investment bank

Denmark has applied to join the Beijing-led Asian Infrastructure Bank (AIIB), China's Ministry of Finance said on Sunday, becoming the latest European power to join the institution despite misgivings of the United States.

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U.S. urges allies to think twice before joining China-led bank

The United States has urged countries to think twice before signing up to a new China-led Asian development bank that Washington sees as a rival to the World Bank, after Germany, France and Italy followed Britain in saying they would join.

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Defying U.S., European allies say they'll join China-led bank

Germany, France and Italy said on Tuesday they had agreed to join a new China-led Asian investment bank after close ally Britain defied U.S. pressure to become a founder member of a venture seen in Washington as a rival to the World Bank.

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Australia PM says to decide on China-backed bank membership soon

Australia expects to make a decision within weeks on whether it will seek to join the China-backed Asian Infrastructure Investment Bank (AIIB), Prime Minister Tony Abbott said on Saturday.

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Ethiopia bets on grand projects in drive for industrial power

Chinese workers mingle with Ethiopians putting the finishing touches to a metro line that cuts through Addis Ababa, one of a series of grand state infrastructure projects that Ethiopia hopes will help it mimic Asia's industrial rise.

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Gates, UK take lead in $7.5 billion pledge for children's vaccines

International donors pledged $7.5 billion on Tuesday to immunize 300 million children in poor countries against deadly diseases such as diarrhea and pneumonia.

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Low pay, few jobs cost women in poor countries $9 trillion a year: charity

Women in poor countries lose out on $9 trillion a year - more than the combined gross domestic products of Britain, France and Germany - because they are paid and employed less than men, ActionAid said on Friday.

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Copper suffers meltdown on growth anxiety, euro on defensive

Unease over the global economy engulfed commodities and dented Asian equities on Wednesday, while the euro loitered near nine-year lows as investors bet the European Central Bank was just a week away from launching a new stimulus campaign.

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Oil prices extend slide in commodities sell-off

Oil prices fell more than 1 percent on Wednesday after touching their lowest in nearly six years the previous session, extending losses alongside a sell-off in other commodities.

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Interest growing in emergency health fund: World Bank

The head of the World Bank said on Friday the idea of establishing a global emergency fund that could quickly respond to a health crisis has received interest and funds for it could be raised on the international bond markets.

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Tajikistan most improved in World Bank business ranks

Tajikistan made the greatest strides in business-friendly reforms in the past year, part of an overall trend of improving business regulations across Eastern Europe and Central Asia, the World Bank said in a report released on Tuesday.

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Rousseff will struggle to restore Brazil's economic good times

President Dilma Rousseff narrowly won re-election by spending heavily and promising to extend the fight against poverty but she will need to restore order to public finances in her second term to get Brazil's stalled economy back in gear.

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Trade engine shifts down just as global growth needs a boost

Policymakers scrambling to keep the world economy from settling into the "new mediocre" of sluggish growth can no longer rely on global trade to do the heavy lifting.

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China's central bank sees 'very low' risk of hard landing

The chance of a hard landing for China's economy is very small in spite of worries about the country's real-estate sector, the chief economist of the People's Bank of China said on Saturday.

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