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The Latest Breaking News from the World Bank

Palestinian Economy Severely Impacted By Israel-Hamas War: World Bank

The Israel-Hamas war in Gaza is having a severe impact on the Palestinian economy, according to the World Bank, which now estimates sharp economic contraction this year and next.

International Business Times

Myanmar's economy is deteriorating as its civil conflict intensifies, World Bank report says

The World Bank says Myanmar’s economy is forecast to grow only 1% in the fiscal year that ends in March

The Independent UK

Poor countries need trillions of dollars to go green. A long-shot effort aims to generate the cash

A major, long-shot effort is gearing up to mobilize money to save Planet Earth by helping poorer countries go greener

The Independent UK

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For Myanmar’s generals, energy crisis threatens shaky grip on power

Min Aung Hlaing’s administration is facing energy shortages as it struggles to quell opposition to its rule.

Al Jazeera

World Bank Faces Accusations of 'Turning Blind Eye' to Sexual Abuse in Kenyan Schools

The World Bank's failure to act on early warnings and reports of sexual abuse has perpetuated a culture of impunity.

International Business Times UK

Don't applaud the climate summit's loss and damage fund deal just yet – it might not warrant that standing ovation

Shortly after the opening ceremony of the 2023 United Nations climate negotiations in Dubai, delegates of nations around the world rose in a standing ovation to celebrate a long-awaited agreement to launch a loss and damage fund to help vulnerable countries recover from climate-related disasters.

The Conversation

Fossil fuels influence and other takeaways from Monday's climate conference events

The influence of fossil fuels was a focal point Monday at the United Nations annual climate conference known as COP28

The Independent UK

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World Bank accused of ‘turning blind eye’ to sexual abuse in Kenyan schools it funded

Calls grow for independent inquiry after the bank’s internal watchdog found 21 cases of child sexual abuse by teaching staff

The Guardian - UK

African countries lost control to foreign mining companies – the 3 steps that allowed this to happen

Within a few years of independence, African governments asserted sovereignty over their metal and mineral resources. Prior to this, the resources were exploited by European mining corporations. Since the 1990s, transnational corporations have once again become the dominant force as owners and managers of major mining projects.

The Conversation

‘My friends were amazed’: Nigerian women break ‘male’ jobs barrier amid cost-of-living crisis

Many women are fighting prejudice to take up better-paid work to make ends meet, from driving a taxi or rickshaw to barbering

The Guardian - UK

World Bank recalls paper on decline in toilet usage in India

The paper titled “Progress on Sanitation in Rural India: Reconciling Diverse Evidence”, was published in September this year.

The Hindu

Finding funds: On COP28 and the ‘loss and damage’ fund

In ensuring climate justice, the loss and damage fund’s contents need to be easily accessible to those who need it most without bureaucratic hurdles, and in sufficient quantities

The Hindu

World Bank To Operate 'Loss And Damage' Climate Fund

The World Bank will "operate" an ambitious new climate change fund, but donors and recipients will likely control how the money is actually spent, the head of the development lender said Friday.

International Business Times

McDonald's reworks classic burger with 50 tweaks

It's been seven years in the making, but McDonald's is now rolling out 50 tweaks to its classic hamburger in the US. The global food chain hopes to make its signature product taste better and less dry. Also in this business update, the World Bank increases its climate pledges at…

France 24

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International Business Times

Inflation, Unemployment Weigh On DR Congo Leader's Economic Gains

President Felix Tshisekedi, who once vowed to transform DR Congo into "the Germany of Africa", has promised to create jobs if he is re-elected, after a first term marked by economic growth but soaring inflation.

The Guardian - UK

Why loss and damage funds are key to climate justice for developing countries at Cop28

Nations contributing least to greenhouse gas emissions are least equipped to deal with climate-related destruction

The Conversation

COP28: oil pushers scrape the barrel as critical climate talks begin in Dubai

Days before the latest climate summit is due to begin in Dubai, the first flight powered entirely by “sustainable aviation fuel” landed safely in New York.

Radio France Internationale

Feud over 'loss and damages' fund risks derailing climate talks

Despite the so-called “breakthroughs” made ahead of this week’s Cop28 talks, ongoing disputes over a Loss and Damages Fund for poor countries battling climate disasters will prevent the financing tool from ever being workable, critics warn.

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Evening Standard

What is gas flaring? Toxic air affects millions in the Middle East

Flaring is a waste of a precious natural resource that could be conserved or put to better use, such as producing electricity

WEKU

Climate funding is in short supply. So some want to rework the financial system

Efforts to boost climate financing have moved beyond national pledges. Now the focus is on overhauling organizations like the World Bank and providing countries debt relief.

WEKU

FAQ: Annual climate negotiations are about to start. Do they matter?

World leaders, climate experts and oil company executives converge on Dubai later this week to talk about climate change at the United Nations COP28 meeting. Here's what you need to know.

The Conversation

Climate adaptation funds are not reaching frontline communities: what needs to be done about it

Communities around the world face increasingly severe and frequent impacts from climate change. They are on the “frontlines” of droughts, flooding, desertification and sea level rise.

International Business Times

Top Producer Ivory Coast Fears For Cocoa Output After Rains

"Thirty years I've been in cocoa -- and this is the worst season yet," said Siaka Sylla as he contemplated an almost empty warehouse at his cooperative in Ivory Coast, the world's top producer of the bean.

The Independent UK

Fund to compensate developing nations for climate change is unfinished business at COP28

A fund to compensate developing nations for the impacts of climate change was the supposed big breakthrough at last year's United Nations-led climate talks in Egypt

France 24

Malnutrition in Pakistan: Over 40% of children under five suffer from stunted growth

According to a recent World Bank report, more than 40 percent of children under the age of five in Pakistan suffer from stunted growth. The situation is especially worrying for some villages in Sindh province, where 66 percent of under-fives are affected. Stunting is closely linked to brain development and…

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