Canadian big banks continue to avoid crisis and top expectationsAugust 28th, 2009 Canadian big banks top expectationsTORONTO — Canada's major banks continue to show they largely avoided the financial meltdown experienced by banks south of the border and overseas. Canada's big five banks reported quarterly results this week and together they earned a combined total of $4.4 billion Canadian ($4 billion) in the third quarter, up $500 million Canadian ($458 million) from $3.9 billion Canadian ($3.6 billion) a year earlier.
NewStar Financial terminates acquisition of Southern Commerce BankAugust 19th, 2009 NewStar Financial won't acquire Southern CommerceBOSTON — Commercial finance company Newstar Financial Inc. said Wednesday it halted plans to acquire Southern Commerce Bank.
Global recovery has begun, says Bank of CanadaJuly 22nd, 2009 TORONTO - The Bank of Canada, the central bank of the most robust of the G8 economies, has said that global recovery from the financial crisis has begun. In its economic outlook report released Tuesday, the bank said: "There are now increasing signs that economic activity has begun to expand in many countries in response to monetary and fiscal policy stimulus and measures to stabilize the global financial system.
Financial imbalance major cause of meltdown: Lord DesaiJuly 20th, 2009 NOIDA - The financial imbalance in the world economy is one of the major causes of the current global meltdown, according to noted economist Lord Meghnad Desai. The message of Desai, Professor emeritus of London School of Economics, was read out at the brainstorming session organised by the Global Economic Forum (GEF) here Monday on After-effects of financial meltdown: World economy five years ahead.
Bill Clinton says fixing Haiti's problems depends on better coordination of aid effortsJuly 8th, 2009 Bill Clinton: Aid coordination needed to fix HaitiPORT-AU-PRINCE, Haiti — A lack of coordination among aid groups and Haitian leaders is hurting efforts to ease poverty in the Caribbean nation, Bill Clinton said Wednesday as he wrapped up his first trip here as a special U.N. envoy. The former U.S.
$100-mn World Bank loan for Madhya PradeshJune 25th, 2009 WASHINGTON - The World Bank has approved a $100-million IDA credit to address rural poverty in Madhya Pradesh, one of India's poorest states with the lowest rate of poverty reduction. The credit from the International Development Association (IDA), the World Bank's concessionary lending arm, approved Wednesday carries a 0.75 percent service fee, a 10-year grace period, and a maturity of 35 years.
Russia faces GDP decline of 7.9 percent this year, World Bank saysJune 24th, 2009 World Bank: Russian economy to shrink 7.9 pctMOSCOW — Russia's economy will shrink by 7.9 percent this year, plunging millions of Russians into poverty and pushing the unemployment rate to 13 percent, the World Bank said Wednesday. The contraction in gross domestic product has been "much larger" than anticipated, and growth is unlikely to pick up even with buoyant oil prices this year, said Zeljko Bogetic, the World Bank's lead economist for Russia.
World Bank rural finance scheme to help Indian farmersJune 9th, 2009 WASHINGTON - With a $20 million Bill & Melinda Gates Foundation contribution, the World Bank will establish an Agriculture Finance Support Facility to support the expansion of rural finance in the developing world including India. In a time of tight credit, the Facility will support grants to bank and non-bank institutions for activities to increase access to financial services, such as savings, credit, payments and insurance, in rural areas in developing countries as profitable business lines, the bank announced Monday.
ADB triples capital to $165B to respond to crisis, boost poverty reduction effortsApril 30th, 2009 ADB triples capital to $165B to respond to crisisMANILA, Philippines — The Asian Development Bank said Thursday it is tripling its capital to $165 billion to provide the resources needed to respond to the global economic crisis and push its long-term goal of cutting poverty in the region. The Manila-based bank's board of governors said an overwhelming majority of the ADB's 67 member countries voted to endorse the 200 percent increase to ADB's current $55 billion of capital.
World Bank: Nations should speed aid to poor countries hit by economic crisisApril 26th, 2009 World Bank: Nations should speed aid to poorWASHINGTON — The World Bank on Sunday urged donor nations to speed up delivery of the money they've already pledged — and to give even more — to help poor countries weather the steep global recession. The bank said developing countries face especially serious consequences as the financial and economic crisis turns into what it described as a "human and development calamity."
In a communique, the World Bank's policy steering committee said the crisis has already driven more than 50 million people into extreme poverty, particularly women and children.
Global financial crisis creates development emergencyApril 25th, 2009 WASHINGTON - The widening global financial crisis has created a development emergency, preventing many countries from achieving targets on reducing hunger, child mortality and major diseases, the International Monetary Fund (IMF)and World Bank have warned in a report. The Global Monitoring Report, released Friday on the eve of IMF and World Bank spring meetings in Washington, said it was unlikely that the eight Millennium Development Goals (MDGs), an ambitious programme adopted by governments in 2000, would be met by the target year of 2015.
World Bank to help poor countries build roads, other projects with infrastructure fundApril 25th, 2009 World Bank to aid poor countries with public worksWASHINGTON — The World Bank said Saturday it would provide poor countries with more than $55 billion for public work projects left in limbo when the recession dried up capital investment. The goal is to create jobs and lay the foundation for future economic growth and poverty reduction.
Global crisis imperils development goals: IMF-World BankApril 24th, 2009 WASHINGTON - The global financial crisis is imperilling the UN Millennium Development Goals and could hamper development, warned an International Monetary Fund (IMF)-World Bank report released Friday. Most of the eight globally agreed goals are unlikely to be met by the targeted 2015, including those related to hunger, child and maternal mortality, education and combating HIV/AIDS, malaria and other major diseases, the report said.
'Islamic financial system solution to meltdown'March 29th, 2009 ALIGARH - Greed and individualism must give way to a cooperative approach of Islamic financial system to rid the world of the current economic meltdown, a renowned Muslim scholar said Sunday. Nejatullah Siddiqui, the scholar, was speaking at the inaugural session of the conference on Islamic Finance and World Economy organised by the Department of Business Administration, Aligarh Muslim University in collaboration with the Taqwaa Advisory and Shariah Investment Solutions (TASIS).
World Bank announces $444 mn aid to OrissaJanuary 26th, 2009 NEW DELHI - The World Bank Tuesday announced $444 million aid to Orissa for infrastructure development and rural livelihood projects. The bank has signed an agreement in this regard with the state government.
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