Category: News Desk

Mongolia’s Opposition Parties Fail to Reach Consensus as June Elections Draw Near


The Mongolian People’s Revolutionary Party (MPRP) and the Mongolian People’s Party (MPP) severed a political alliance as negotiations over seating arrangements fell through, according to Channel NewsAsia. MPP aims to unite against incumbent Mongolian Democratic Party (MDP), as Prime Minister Chimed Saikhanbileg struggles to jumpstart an economy suffering from lower commodity prices and diminished foreign investment. According to recent polls, MPP is more popular than MDP, while MPRP takes third place.

Switzerland Joins Chinese Alternative to World Bank


The Chinese have been pushing hard to gain traction with their alternative to the World Bank, and the efforts appear to be paying dividends. Switzerland has become the 37th nation to join the newly created Asian Infrastructure Investment Bank (AIIB) as a “founding member.”

Much like the World Bank, headquartered in the United States, the Chinese-led AIIB will finance nations seeking to improve infrastructure and prevent poverty. The AIIB has a special interest in transport links and other large-scale construction projects, particularly in Asia.

From Britain to Greece: Economic Woes Plague Europe’s Four Corners


Every corner of Europe is seeing renewed economic struggles that are fomenting political strife and revolutionary reforms.

In the United Kingdom, a Conservative government that once promised a referendum on EU citizenship is scrambling to convince its own populace to vote to remain in the UK. Foreign leaders, such as U.S. President Barack Obama, and economists, such as MIT’s Nobel-Prize-winner Paul Krugman, are urging Britain to vote to remain in the union, despite its flaws and weak economic growth.

Thai Government Prepares for Monarch Succession: The First in 70 Years


The government has plastered images of Crown Prince Maha Vajiralongkorn throughout the public sphere, as the prince stands ready to succeed the throne when his father passes, according Channel NewsAsia.

King Bhumibol Adulyadej is a revered figure, but some leaders fear his death could cause further uncertainty as Thailand undergoes political and economic instability. The king has ruled since 1946 and remains in a hospital recovering from hydrocephalus, among other illnesses.

World Bank and IMF Team Up on Issue of Carbon Pricing


The World Bank and International Monetary Fund (IMF) have teamed up to address the issue of climate change. Their latest plan involves using economic leverage in harmony with the technical assistance of private organizations to effect changes that the United Nations simply cannot achieve on its own.

Nations around the world have begun to sign the Paris agreement on climate change. The Paris agreement was an initiative led by the United Nations by which the nations of the world are supposed to reduce their respective emissions of greenhouse gases.

Questions Surround Congo President’s Re-election: Violence Continues


Republic of Congo (ROC) President Denis Sassou Nguesso won re-election in 2016, but activists and political opponents have contested his legitimacy through the court system, and the government actively targets opposition members through violence and arrest, according to The Washington Post.

Pakistan, World Bank Collaborating on Modernized, Secure e-Payments


The State Bank of Pakistan (SBP) and the World Bank have announced plans to collaborate on a new electronic payment system designed specifically for use in Pakistan. SBP Executive Director Muhammad Ashraf Khan announced the collaboration Thursday.

The Week in Review: Sluggish Home Starts, Higher Existing Home Sales


Mixed data on housing surfaced this week as existing home sales saw a surprising upstart even as weak new home buying caused fear about homebuilders’ long-term profitability.  Existing home sales rose by 5.1% in March, according to a new study by the National Association of Realtor (NAR). The NAR said higher activity in the Northeast and Midwest, historically weak regions after the 2009 Global Financial Crisis, helped drive overall sales higher.

Colombian President Continues Fight against Drug Cartels


Colombian President Juan Manuel Santos spoke at a UN General Assembly meeting this week regarding international drug policy and his country’s fight against drug cartels, according to AFP. He outlined various proposals to strengthen campaign efforts, such as treating drug users instead imprisoning them and building a stronger international coalition against drug kingpins. The president hopes that a potential peace deal with FARC rebels would provide the perfect opportunity to cripple the drug trade in Colombia.

Bosnia Having Trouble Obtaining Much Needed IMF Financing


Bosnia is struggling with growing budget deficit problems and is in desperate need of a new loan from the International Monetary Fund (IMF). Therefore, Bosnia’s government is trying to meet the last few requirements necessary to access a new IMF program that could get the nation about 500 million euros. If it fails, Bosnia faces a serious liquidity crisis.