Category: News Desk

Drought in Zambia Worsens Vital Sectors of the Economy


The Zambian government is considering asking farmers to make certain changes in crop production, such as importing maze from South America, to help with the deficit and rising irrigated crops, according to Reuters. The Southern African country also suffers from waning production in the mining sector due to declining commodity prices; moreover, a drought is causing the nation to lose a great deal of power. Much of Southern Africa has been ravaged by a severe drought that could cause mass starvation of 14 million people.

Cambodian Citizens Want to Throw World Bank out of Phnom Penh


Once welcomed for its financial aid, the World Bank is now feeling like a persona non grata in Phnom Penh. This week, current and former residents of the Boen Kak neighborhood in Cambodia’s Phnom Penh pelted the World Bank’s local office with raw eggs, demanding the bank withdraw from the nation.

Union Membership Declines to Lowest Point since the Great Depression


A continuing decline in union membership now means that there are less union workers in the United States than at any point in history since World War II.  Union membership fell to 11.1% of the total number of wage and salary workers in the U.S. as part of a trend that has been continuing since 1980, according to a new study by the Bureau of Labor Statistics (BLS).

Oil Market Dip Endangers Azerbaijan’s Economy


Standard & Poor’s Ratings Services (S&P) downgraded Azerbaijan’s rating as the ex-Soviet republic contends with a devalued currency and lacking revenue, according to AFP. The Central Asian country relies on oil revenue for 95% of its exports, and S&P expects the economy to shrink by one percent for 2016. Azerbaijan is located in the Caucus region near the Caspian Sea, located between Eastern Europe and Asia.

OECD Delivers Strangely Mixed Report on Israel


According to a report issued by the Organization for Economic Cooperation and Development (OECD) on Sunday, Israel ranks low for income, housing market, poverty, and public perception of government corruption, but, strangely, high for satisfaction with life, health, and education levels. The report on the nation’s “well-being,” was a surprising mix of results.

IMF, World Bank Expect Emerging Market Defaults


The International Monetary Fund (IMF) and the World Bank are meeting to discuss providing billions of dollars in funding to avoid corporate defaults on a global scale.

Zimbabwe Falters amid Severe Drought and Mismanagement


According to the U.N.’s World Food Program, Zimbabwe faces a severe food shortage as a prolonged drought plagues the economy, according to Reuters. The Southern African nation faces its worst drought in 25 years while recovering from unprecedented levels of inflation that brought the economy to its knees five years ago. Zimbabwe’s agriculture sector comprises 30 percent of exports and 19 percent of GDP.

IMF: Significant Governance Reforms Give Disenfranchised Nations Greater Say


Five years ago, a number of global powers struck a deal to overhaul the way the International Monetary Fund (IMF) conducts business. This week the IMF officially approved those governance overhauls and put the agreement into action, giving emerging economies more of a say in its operations. The agreement has been dubbed the “quota reforms.”

Mortgage Applications Rise as Treasury Yields Fall


Despite efforts from the Federal Reserve to drive interest rates higher, lower expected borrowing costs and sliding inflation are lowering Treasury yields and may make mortgages cheaper.  Mortgage applications rose as interest rates fell, according to a new report by the Mortgage Bankers Association (MBA), which noted a 6.2% increase in total mortgage applications from the prior week.

Norway Stays Afloat in a Tougher Oil Market


Norwegian officials met earlier this week to assess the state of Western Europe’s economy and Norway’s struggle in a low-priced oil market, according to Bloomberg. Leaders are choosing to highlight the positive aspects, which have enhanced Norway’s growth, such as a weaker kroner, increased stimulus, and low interest rates. Norway has a massive oil fund that sustains the welfare system, but the government is only allowed access to the fund’s investment returns.