Finance & Economics | WPN World People News

Financing agreements signed between the World Bank Group and Djibouti will launch a project to tap into Djibouti’s volcanic riches as a source of geothermal power. IDA, the Bank’s arm for the world’s poorest countries, will provide a US$6 million highly concessional credit to the Geothermal Power Generation Project, which has the potential to reduce energy costs and boost access to electricity for all its citizens.

The Ninth WTO Ministerial Conference in Bali, Indonesia on 3-6 December 2013 offers an opportunity to conclude a WTO Trade Facilitation Agreement that will deliver tangible economic benefits for developing and least-developed countries. We urge WTO Members to seize this opportunity.

Hopes to avoid a U.S. debt default and reopen the federal government are being pinned on talks between the Democratic and Republican leaders in the Senate. The leaders consulted Sunday but did not indicate a breakthrough is near.

Under the name of "Asia Pivot," the Obama Administration continues to adhere to the imperial doctrine of no-development in the Asia Pacific region. Major nations of Asia are pitted against each other over the Trans-Pacific Partnership treaty negotiation, the Senkaku Island dispute, the North Korean conflict, and other issues. The heightened military tension adds to the turmoil: by 2020, 60% of U.S. naval ships will be moved to the Pacific. With new ABM systems, military bases, and deployment of nuclear submarines, a "ring around China" is now a virtual reality. This increased military and political tension in the region, if not resolved, can quickly

The European Central Bank (ECB) and the People’s Bank of China (PBC) have agreed to establish a bilateral currency swap arrangement to purchase and subsequently repurchase Chinese yuan and euro from each other.

Most Organisation for Economic Co-operation and Development (OECD) governments use tax incentives to encourage businesses to invest in research and development (R&D) to boost innovation and drive economic growth. Others, like China, India and South Africa, are doing the same. But reforming these incentives would give countries a better return on their investment and support young innovative firms that play a crucial role in job creation, according to a new OECD report.

One of the largest ever British-Chinese joint ventures has won the contract to develop Manchester’s £800 million ‘Airport City’, Chancellor George Osborne has announced.

Jordan and the World Bank signed a grant for US$10 million which is part of an over US$50 million support program aimed at strengthening local governments’ service delivery and the municipalities’ capacity to host Syrian refugees. The Jordan Emergency Services and Social Resilience Project will improve living conditions in cities and towns most affected by refugee inflows.

The global economy, financial stability and financing for investment formed the core items during the G20 Finance Ministers and Central Bank Governors’ Meeting, which was held in Washington DC on 10-11 October. Finance ministers and Governors agreed that there are plenty of ideas to foster growth; however, concrete actions are required in order to implement these ideas.