Finance & Economics | WPN World People News

A reform of the EU Emissions Trading Scheme (ETS), informally agreed with the Latvian Presidency of the Council of Ministers, was backed by the Environment Committee on Tuesday. The reform aims to reduce the surplus of carbon credits available for trading in order to support the price of the emission rights. The scheme would start operating in 2019.

Gross domestic product

Percentage change on the previous quarter, seasonally adjusted data

An International Monetary Fund (IMF) 2015 Article IV Consultation mission led by Chikahisa Sumi visited Manila during May 14−26. The mission met with the Governor of the Bangko Sentral ng Pilipinas, the Secretaries of Finance, Budget and Management, and the National Economic and Development Authority, senior government officials, private sector representatives, and the financial community in Manila and Cebu.

A mission from the International Monetary Fund (IMF), led by Mr. Markus Rodlauer, Deputy Director of the Asia and Pacific Department, visited Beijing, Shanghai and Taiyuan from May 14 to 27 to conduct discussions on the annual Article IV review of the Chinese economy. The mission held highly constructive and candid discussions with senior officials from the government, the People’s Bank of China, private sector representatives, and academics to exchange views on prospects for the economy, reforms and challenges ahead.

Projected workforce growth in sub-Saharan Africa, North Africa, China, India, Europe and the United States, 2010-50

The European Commission is providing assistance worth €34 million for immediate food aid for the most vulnerable people in Mauritania, Senegal, Gambia, Mali, Niger, Chad and Burkina Faso. Coming at the start of the lean season in the Sahel region, this funding will help bridge the gap until the next harvest.

UK official figures released on 21 May 2015 show that the proportion of 16 to 24 year olds recorded as NEET in January to March 2015 fell annually and is now at the lowest comparable rate since records began in 2001.

Struggling companies will be given a second chance to improve their financial situation under new rules on insolvency approved by MEPs on 20 May. Every year 1.7 million jobs are lost in the EU due to companies going bankrupt. Under the new legislation on cross-border insolvencies, companies in financial difficulties but otherwise sound are given another opportunity to turn the situation around.

Blockades, war and poor governance have strangled Gaza's economy and the unemployment rate is now the highest in the world according to the latest World Bank economic update. The report will be presented to the Ad Hoc Liaison Committee (AHLC), a forum of donors to the Palestinian Authority, at the bi-annual meeting in Brussels on May 27, 2015.

The European Commission, (EC) on behalf of the European Union (EU), and the International Monetary Fund (IMF) have signed a new Framework Administrative Agreement that allows the two organizations to continue their close and fruitful cooperation in capacity development. IMF Deputy Managing Director Carla Grasso and Neven Mimica, Commissioner for International Development and Cooperation, signed the agreement in New York City on May 20.