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First ever Indian-American to head World Bank

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Former Mastercard boss Ajay Banga has been elected to lead the World Bank as it strives to help low-income countries overcome debt and combat climate change.

Mr Banga, nominated by President Joe Biden for the post, is the first-ever Indian American to head the bank.

He will replace David Malpass, who had sparked outcry by appearing to question the role of humans in climate change.

He begins his five-year term on 2 June.

Now a US citizen, Mr Banga started his career in his native India, where his father was an officer in the army. He worked at Nestle and Citigroup before joining Mastercard where he stayed for more than a decade.

US President Joe Biden called him “a transformative leader” who had the experience to run the World Bank.

“He will help steer the institution as it evolves and expands to address global challenges that directly affect its core mission of poverty reduction — including climate change,” Mr Biden said.

In announcing Mr Banga’s confirmation, the bank’s executive directors said in a statement that they looked forward to working with him “on all the World Bank Group’s ambitions and efforts aimed at tackling the toughest development challenges facing developing countries.”

The US, the World Bank’s biggest shareholder, has traditionally been in charge of selecting the person to lead the institution, which lends billions of dollars to countries each year.

Developing countries have in the past complained about this, but Mr Banga was the only candidate for president.

“Ajay was elected with resounding approval from the executive directors, and will start his mandate with incredibly strong support from the membership of the World Bank,” a senior US official said about the vote.

Mr Banga’s appointment comes at a consequential moment for the development organisation.

The US and other wealthy nations have been pushing the bank to increase its lending to fight climate change. The bank’s $100bn (£80bn) per year or so of loans to help developing countries cope with climate change falls far short of the $1tn they say is needed.

Many developing nations are worried the focus on climate change will divert attention away from its anti-poverty efforts.

Developing countries have been hard hit by the pandemic, rises in food and in energy prices, and unsustainable levels of debt.

As president of the World Bank, Mr Banga will have to address these issues – all without any clear additional money on the table.

In an interview with the BBC in in March, when Mr Banga was on a listening tour in Africa, he said he wanted the bank to be a “catalyst” and “thought leader” for action,

“We also need to bring in the private sector to be able to reach these ambitious targets that we all have,” he said.

(BBC News)

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TikTok faces US ban as bill set to be signed by Biden

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The US Senate has approved a controversial landmark bill that could see TikTok banned in America.

It gives TikTok’s Chinese owner, ByteDance, nine months to sell its stake or the app will be blocked in the United States.

The bill will now be handed over to US President Joe Biden, who has said he will sign it into law as soon as it reaches his desk.

ByteDance has told the BBC that it did not have an immediate response to the move. Previously the firm said it would oppose any attempt to force it to sell TikTok.

If the US is successful in forcing ByteDance to sell TikTok any deal would still need approval from Chinese officials but Beijing has vowed to oppose any such move. Analysts say the process could take years.

The measure was passed as part of a package of four bills which also included military aid for Ukraine, Israel, Taiwan and other US partners in the Indo-Pacific region.

It had widespread support from lawmakers, with 79 Senators voting for it and 18 against.

“For years we’ve allowed the Chinese Communist party to control one of the most popular apps in America that was dangerously short-sighted,” said Senator Marco Rubio, the top Republican on the Intelligence Committee.

“A new law is going to require its Chinese owner to sell the app. This is a good move for America,” he added.

Fears that data about millions of Americans could land in China’s hands have driven Congressional efforts to split TikTok from the Beijing-based company.

Last week, the social media company said the bill would “trample the free speech rights of 170 million Americans, devastate seven million businesses, and shutter a platform that contributes $24 billion to the US economy, annually.”

TikTok has said ByteDance “is not an agent of China or any other country”. And ByteDance insists it is not a Chinese firm, pointing to the global investment firms that own 60% of it.

Its chief executive, Shou Zi Chew, said last month the company will continue to do all it can including exercising its “legal rights” to protect the platform.

Mr Shou was grilled by Congress twice in less than a year, and downplayed the app’s connection – and his personal links – to Chinese authorities.

The social media platform made efforts to rally support against the potential ban, including a major lobbying campaign.

It also encouraged TikTok users and creators to express their opposition to the bill.

University of Richmond law professor, Carl Tobias told the BBC that a prolonged legal battle is likely to follow and that “could take about two years”.

He also said if a buyer for ByteDance’s stake is not found within the nine-month period, it could delay any action against TikTok in the US further.

(BBC News)

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10 dead as 2 Malaysian Navy helicopters collide midair

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Two Malaysian navy helicopters collided in mid-air as they flew in formation during a rehearsal for a military parade, killing all 10 crew on board.
One of the aircraft clipped the rotor of the other before the two crashed into the ground, footage published on local media showed.

The incident took place at 09:30 local time (02:30 BST) in the Malaysian town of Lumut, which is home to a Royal Malaysian Navy base.

There are no known survivors.

“All victims were confirmed dead on site and the remains were sent to the [Lumut] Military Hospital for identification,” said the Royal Malaysian Navy.

It added that it would form a committee to investigate the cause of the incident.

One of the helicopters, a HOM M503-3 with seven people on board, is believed to have crashed onto a running track.

The other, a Fennec M502-6 carrying the other three victims, crashed into a swimming pool nearby.

The state’s fire and rescue department said it was alerted to the incident at 09:50 local time (01:50 GMT).

Malaysia’s Prime Minister Anwar Ibrahim said in a post on X, formerly known as Twitter, that “the nation mourns the heart-wrenching and soul-wrenching tragedy”.

“Condolences to all the families of the victims and prayers for strength to face this calamity,” he said.

In March, a Malaysian coast guard helicopter crashed into the sea off Malaysia’s Angsa Island during a training flight.

The pilot, co-pilot and two passengers on board were found and rescued by fishermen.

(BBC News)

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Indian elections begin

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Indians begin voting today to choose their next parliament in the first of seven voting days that end on June 01.
Almost a billion people are eligible to cast their ballot.

Prime Minister Narendra Modi is aiming for a rare third consecutive term in power.

Several key opposition parties, including the Congress, have formed an alliance in many states to take on Mr Modi’s party.

The big issues include a jobs crisis, rising prices, a crackdown on dissent and the opposition, and the politics of religion.

Results will be announced on June 04.

(BBC News)

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