World

First ever Indian-American to head World Bank

Published

12 months ago

May 4, 2023

editor

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)

World

NY police arrest around 300 in campus raids

Published

6 hours ago

May 1, 2024

editor

Police arrested about 300 protesters during campus raids at Columbia University and CUNY in New York on Tuesday night, officials say.

Eric Adams, the city’s mayor, says the “massive operation” took place at Columbia’s request to remove those who were disrupting a peaceful protest.

Elsewhere, rival protesters have clashed at pro-Palestinian encampments in Los Angeles.

At the University of California, Los Angeles (UCLA), vice-chancellor Mary Osako said: “Horrific acts of violence occurred at the encampment tonight”.

She says the university “immediately called law enforcement for mutual aid support”.

Footage online appears to show masked counter-demonstrators – supporting Israel – attacking their rivals with sticks and attempting to dismantle barricades.

US universities have been gripped by protests over the war in Gaza, as students demand a boycott of companies and individuals with ties to Israel.

(BBC News)

World

AstraZeneca admits its Covid-19 jab could cause a rare side effect

Published

1 day ago

April 30, 2024

editor

Pharmaceutical giant AstraZeneca has for the first time admitted that its Covid-19 vaccine could cause a rare side effect that could lead to blood clots and death, according to court documents.
The company is fighting a class action lawsuit alleging that its inoculation, which was developed in collaboration with the University of Oxford, can result in death and serious injury.

The legal battle was initiated by Jamie Scott, a father of two, who suffered a blood clot that left him with brain damage after he was inoculated in April 2021 in the midst of the Covid-19 pandemic. He is seeking compensation over claims that the AstraZeneca vaccine is “defective” and less safe than expected, an allegation the company denies.

In May 2023, AstraZeneca also insisted that “we do not accept that TTS [Thrombosis with Thrombocytopenia Syndrome] is caused by the vaccine at a generic level,” as quoted by The Daily Telegraph.

TTS is a rare condition, in which a person has blood clots, which could reduce the blood flow, combined with a low platelet count, which could prompt difficulties in stopping the bleeding. TTS symptoms include severe headaches and abdominal pain.

Despite previous denials, AstraZeneca said in court documents, which were submitted to the UK High Court in February but received media attention only recently, that “it is admitted that the AZ vaccine can, in very rare cases, cause TTS. The causal mechanism is not known.”

“Further, TTS can also occur in the absence of the AZ vaccine (or any vaccine),” the company added, as quoted by the Telegraph.

At the same time, AstraZeneca insists the available data shows the drug has “an acceptable safety profile,” and that “regulators around the world consistently state that the benefits of vaccination outweigh the risks of extremely rare potential side effects.”

Dozens of Western countries suspended the use of AstraZeneca’s vaccine in the spring of 2021 over fears it may have caused some patients to develop blood clots. At the time, the head of the European Medicines Agency’s (EMA) vaccines strategy, Marco Cavaleri, said that there was an evident link between AZ vaccine intake and blood clots in the brain, but maintained that the benefits still outweighed the risks.

According to World Health Organization data, the AstraZeneca coronavirus vaccine has an efficacy of 72%. As of April 2021, over 17 million people had received the jab in the EU and the UK, with just under 40 cases of thrombosis, according to the company.

(Agencies)