Category: News Desk

World Bank, IFC Immune from Federal Lawsuits U.S. District Court Rules


When a coal-fired plant in India destroyed the health, livelihoods, and property of farmers and fishermen in the region, they turned to international interest groups for help. Those interest groups, in turn, devised the strategy of taking the matter to court.

Of course, the plant itself had no real assets, but the institutions that provided their financing might. Therefore, they decided to take the International Finance Corporation (IFC), a private lending arm of the World Bank Group, to court in the US District Court in Washington D.C.

American Workers Earn More, Spend More


Personal incomes and spending are on the rise as higher oil prices boost costs and higher employment lifts wages.  A new study by the Bureau of Economic Analysis showed that personal income rose $23.7 billion in total, or 0.2%, in the month of February. At the same time, personal consumption expenditures (PCE) rose 0.1%, or were up $11 billion.

Yellow Fever Outbreak Worsens in Angola as Economy Stalls


Medical professionals announced a worldwide vaccine shortage as 1,100 Angolans suffer from yellow fever, according to CNN. The disease has spread from Angola to neighboring countries, including China, and officials require all travelers to be vaccinated before entering the Southern African country.

World Bank: Creating 100,000 Jobs for Displaced Syrian Refugees in Jordan


The conflict in the Middle East has displaced millions, cost the world economy billions, and taken thousands of lives. While most of the solutions to these problems suggested in the media tend to focus on military action, the World Bank is taking steps to deal with the aftermath of these conflicts.

High GDP Growth Emboldens Optimists, But Job Data Remains Weak


A strong increase in America’s Gross Domestic Product supports optimistic forecasts for America’s economy, but weak jobs data indicates Americans are facing less job security than ever.

America’s GDP rose 1.4% in the 4th quarter of 2015, according to a new study by the Bureau of Economic Analysis. The third estimate for GDP was an improvement from the last estimate of 1.0% GDP growth, and is a result of stronger consumer spending in the American economy.

The Week in Review: Weak Housing, Manufacturing, Retail Data


Several signs of weak demand in the American economy appeared this week, and the bad news was compounded by an increase in jobless claims.  While Americans are buying less goods and services, especially less houses, Americans are also struggling to find and keep jobs. Initial jobless claims rose 6,000 to reach 265,000 this week, according to the Department of Labor, while continuing jobless claims fell slightly to 2.18 million.

Belarus President Torn Between the EU and Russia


President Alexander Lukashenko said this week that he does not wish to choose between Russia and the European Union, according to Reuters. Stronger EU ties would benefit the economy, but Belarusians rely on Russian business to sustain their economy. The EU issued sanctions on Belarus in 2010 in response to harsh crackdowns on political dissidents, but the sanctions were subsequently lifted in February 2016.

Malawi: IMF Aid Resumes after Government Embezzlement Scandal


The International Monetary Fund (IMF) has announced that it will resume a $150 million bailout (or “extended facility programme”) that was suspended last year following the revelation of an embezzlement scandal. The news was announced by Malawi’s Finance Minister on Thursday.

U.S. Housing Data Remains Weak


A tapped out American middle class is shying away from an increasingly expensive real estate market.  Several indicators of weak housing activity are pointing to a pause in the 6-year bull run in real estate. Most Americans, facing stagnant wages, job insecurity, and declining economic prospects, sour on the idea of being locked into one house for a long period of time.

Haiti Gets New Prime Minister amid Political Uncertainty


Haiti’s interim president Jocelerme Privert named Enex Jean-Charles as Prime Minister of a country undergoing political turmoil since January, according to AFP. Jean-Charles must submit his proposal for a new government to parliament, but his political fate hangs in the balance, as parliament must greenlight his package. Privert will not appoint additional cabinet members until parliament confirms the premier’s new vision.