Forced displacement has become a growing problem around the world. Millions of people have been driven from their homes by conflicts, development, and political disputes. The situation has reached crisis levels, and the World Bank has sought innovative new ways to improve the lives of those affected by these forced displacements.
Persistently low interest rates are set to hit bank profits in America, triggering warnings from analysts across Wall Street. A number of notes released late last week and early this week to clients warned that Federal Reserve policy is likely to hinder bank profits for a long time, bringing to doubt both Wall Street’s ability to improve profitability and the future of employment in the financial sector.
The Rwandan government approved an energy-storage system that will provide 2.68 MW of energy to an irrigation project, according to The New Times. The equipment will be supplied by German company Tesvolt and will energize water pumps for irrigating crops. Authorities aim to mitigate stress on the national grid and secure food stability for struggling Rwandans.
The African nation of Zimbabwe has been in the depths of a cash shortage with crippling effects: Zimbabwean banks have been forced to limit the amount of cash they give to their customers; foreign currencies (particularly the United States dollar) have become more widely accepted than domestic currency; and money laundering and capital flight have skyrocketed.
New polls of UK voters show the Brexit vote remains uncertain. After several weeks of the vote to leave the European Union gaining, more recently the polls have become murkier, with a near-tie between the leave and remain camp. According to The Financial Times, a British financial newspaper, both sides have a 44% vote, while other polls show a spread of just 1% or 2% in favor of remaining.
Presidential hopeful Keiko Fujimori conceded defeat to winner Pedro Kuczynski, but he faces the daunting task of reaching out to the opposition while fixing Peru’s economic problems. Fujimori has vowed to lead the opposition in Congress, but shares some of his views on market-oriented reforms. Peru is a commodity-driven economy that has suffered from lower commodity prices.
In the wake of the infamous “Panama Papers,” nations around the world have felt extraordinary political pressure, both from within and from international economic organizations, to reform tax laws. These reforms are generally aimed at providing better transparency while closing loopholes that allow foreign organizations and individuals to funnel cash in an effort to avoid taxes in their home nations.
New data suggests home prices in America will keep climbing, despite continued weakness in the labor market causing unemployment to rise. Builders are increasingly confident about the single-family home market, according to a new study by the National Association of Homebuilders. The NAHB’s Housing Market Index rose by 2 points in June because of more buying activity and a limitation on places to build new homes.
President Mahamadou Issoufou has called on France to renew its commitment in fighting terrorist organization Boko Harm, according to Times Live. The Nigerien leader requested increased intelligence and other forms of military assistance. France intends to send more troops to the region to help African states counter terrorism.
On Wednesday, the remarkably poor African nation of Mozambique received a delegation from the International Monetary Fund (IMF). The IMF was invited to visit Mozambique to help the government find a way out of a crisis of debt that has crippled the nation and could lead to civil and political unrest.
The IMF delegation is scheduled to stay until June 24, but diplomats and analysts do not appear optimistic about the chances of a successful resolution. Mozambique acquired more than $2 billion in private debt deals while already indebted to a number of foreign nation donors.
