Stocks were headed for a higher opening on Tuesday morning as investors reacted to Moody's saying it will maintain the United States' credit rating at triple-A. They also awaited the beginning of the two-day meeting of the Federal Reserve.
Stocks sank Monday, ending at three-week lows, as the World Bank's weak outlook on global growth and a selloff in commodity prices sent investors heading for the exits.
Worldwide trade will plummet by nearly 10% this year, and output will fall by 2.9%, the World Bank predicted in a report released Monday.
Markets were looking for a fall when they open Monday, as the World Bank said a global recovery was 'unusually uncertain' and cut growth forecasts for most countries.
China can expect 7.2% growth in 2009, according to the World Bank, which says the country's fiscal policies in the face of a global financial slowdown have kept the Chinese economy "growing respectably."
India's prime minister, in a speech ahead of the G-20 economic summit, called for added funding to developing nations as a way to maintain demand in a troubled global economy.
The money that foreign workers send home will shrink by $15 billion this year, as the global economy limps along, the World Bank projects.
The World Bank cut China's economic growth forecast in 2009 to 6.5 percent Wednesday, down a full percentage point from November's projection.
The world economy is on track to post its worst performance since the Great Depression, with developing countries bearing much of the economic pain, the World Bank said Monday.
The World Bank announced its 'fast-track' economic assistance program Wednesday, which aims to make $2 billion in financial aid available quicker to countries in dire economic condition.
Stocks were headed for a higher opening on Tuesday morning as investors reacted to Moody's saying it will maintain the United States' credit rating at triple-A. They also awaited the beginning of the two-day meeting of the Federal Reserve.
Stocks sank Monday, ending at three-week lows, as the World Bank's weak outlook on global growth and a selloff in commodity prices sent investors heading for the exits.
Worldwide trade will plummet by nearly 10% this year, and output will fall by 2.9%, the World Bank predicted in a report released Monday.
Markets were looking for a fall when they open Monday, as the World Bank said a global recovery was 'unusually uncertain' and cut growth forecasts for most countries.
China can expect 7.2% growth in 2009, according to the World Bank, which says the country's fiscal policies in the face of a global financial slowdown have kept the Chinese economy "growing respectably."
India's prime minister, in a speech ahead of the G-20 economic summit, called for added funding to developing nations as a way to maintain demand in a troubled global economy.
The money that foreign workers send home will shrink by $15 billion this year, as the global economy limps along, the World Bank projects.
The World Bank cut China's economic growth forecast in 2009 to 6.5 percent Wednesday, down a full percentage point from November's projection.
The world economy is on track to post its worst performance since the Great Depression, with developing countries bearing much of the economic pain, the World Bank said Monday.
The World Bank announced its 'fast-track' economic assistance program Wednesday, which aims to make $2 billion in financial aid available quicker to countries in dire economic condition.
A group of nearly two dozen world leaders on Saturday reached agreement on a wide-ranging set of proposals to better regulate financial markets. Their goal is over the next several months to put rules and early-detection systems in place to head off another financial crisis like the one currently damaging economies worldwide.
Has your latest brokerage statement got you down? Maybe it's time to try something completely different: a $96 billion market built entirely on the certifiable absence of a colorless, odorless gas.
The West has a rescue plan for its financial system, but struggling emerging economies may have to go it alone
Organizations that have a role in the global financial system:
Following is a list of organizations that have a role in the global financial system and what that role is:
Singapore, New Zealand and the United States have the world's friendliest business climates for small companies, according to a World Bank report released this week.
Citing tiger population counts that have dwindled to a few thousand, several Hollywood stars have come out in support of a preservation campaign announced Monday by the World Bank.
The World Bank is making $1.2 billion available in grants and loans to combat the global food crisis, including $200 million for those most at risk in the world's poorest countries.
The World Bank says it is making available $1.2 billion to help overcome the global food crisis
As Myanmar began a three-day mourning period Tuesday, the World Bank reiterated that it cannot provide financial assistance or loans to the cyclone-ravaged country because of unpaid debts.
Cutting down trees is pretty much one of the worst things you can do when it comes to climate change. Deforestation, by varying accounts, contributes anywhere from 20 percent to 30 percent of all carbon dioxide (C02) emissions -- around 1.6 billion tons.
With over 200 public figures attending this year's World Economic Forum in Davos, the Swiss town is set to be a real-life who's who of international statesmen and politicians. Below we've profile a few of this year's big hitters.
The next time you fall sick and someone suggests it's because of something in the water, they could be right. According to the World Bank, 88 percent of all diseases are caused by unsafe drinking water, inadequate sanitation and poor hygiene.
A major donors conference to raise funds for the Palestinians has gone beyond expectations, with donors pledging $7.4 billion to help build a Palestinian state, organizers said Monday.
A siege mentality prevails at a World Bank unit that investigates allegations of misconduct and corruption in bank-financed projects, an independent panel says. It recommends the group reach out to other departments and outside advisers to deal with its problems.
The scandal-ridden departure of Paul Wolfowitz from the World Bank doesn't end its crisis. The trouble runs deeper.
Robert Zoellick, a seasoned player in international financial and diplomatic circles, won the unanimous approval of the World Bank's board on Monday to become the poverty-fighting institution's next president
The World Bank Monday unanimously approved Robert Zoellick as its president after a controversial two-year term by Paul Wolfowitz, who agreed to resign over a promotion scandal involving his companion.
Healing the wounds and conflicts at the World Bank will be a difficult task in the aftermath of an ethics scandal, Robert Zoellick, the bank's likely next president, said on Monday.
Bob Zoellick, Bush's new choice to head the World Bank, is no ideologue like his predecessor. An Administration stalwart, he's finally getting a chance at a top job he craved
When Rodrigo Veleso launched ONE World Enterprises in Los Angeles last year, he quickly grasped why entrepreneurship was surging in the U.S.
U.S. President George W. Bush said Wednesday he will nominate Robert Zoellick to be the 11th president of the World Bank, replacing Paul Wolfowitz, who was forced to step down.
World Bank President Paul Wolfowitz issued this statement Thursday:
The World Bank executive board issued this statement Thursday:
Embattled World Bank President Paul Wolfowitz and the White House were in talks Wednesday afternoon with World Bank officials to work out details of his resignation, senior administration officials told CNN.
Leading governments of Europe are willing to let the United States again choose the next World Bank president if embattled current President Paul Wolfowitz agrees to step down soon, according to a published report.
The world's second largest rainforest -- a haven of biodiversity and one of the planet's vital safeguards against runaway global warming -- is being devastated by illegal logging, environmentalists have warned.
1. Brazil
It's not the kind of milestone one wants to celebrate. On June 5, the 25th anniversary of the first published case of what was later identified as AIDS, an estimated 40 million people around the wo...
Nations attending a bird flu meeting in the Chinese capital of Beijing had pledged $1.9 billion to fight the disease, a U.S. official said, exceeding expectations set by the World Bank.
Last month's deadly quake in South Asia will cost Pakistan more than $5 billion -- more than twice the amount pledged so far, two international agencies have found in a joint report.
Global growth momentum has peaked but buoyant economic and financial conditions in most developing countries should continue, the World Bank said on Wednesday.
Paul Wolfowitz, Washington's nominee to head the World Bank, will be in Brussels Wednesday to meet with European Union officials, diplomats said.
Deputy Defense Secretary Paul Wolfowitz is best known as one of the architects of the Iraq war.
President Bush said Wednesday that Deputy Defense Secretary Paul Wolfowitz is his choice to be president of the World Bank.
Carly Fiorina, dismissed as chairman and CEO of Hewlett-Packard last month, has emerged as a candidate to head the World Bank, according to published reports Tuesday.
Don't like the policies of the World Bank?
When he first heard that Exxon Mobil would be drilling for oil a mile beneath his village of Mbanga, in southern Chad, Patrice Matangarti's head swam with expectations. Perhaps his village would fi...
Business conferences don't achieve real status these days, it seems, unless they attract throngs of rock-throwing, meat-eschewing, puppet-wielding antiglobalization protesters. And on the face of i...
Stop me if you've heard this one before: In Heaven, the cooks are French, the police are English, the mechanics are German, the lovers are Italian, and the bankers are Swiss. But in Hell, the cooks...
Around 1 P.M. on Monday, April 17, a woman with a foam evergreen tree on her head stood before a police barricade on Washington's Pennsylvania Avenue, picked up a bullhorn, and asked several hundre...
James Wolfensohn is a modern-day Santa Claus. The white-maned president of the World Bank has visited dozens of countries in his own private jet, bringing money--or rather, the promise of money--wh...
TWO WAYS TO MEASURE To compare incomes among countries realistically, you have to adjust for what a given sum of money can buy in each. That's what University of Pennsylvania economists Robert Summ...
Development economists used to be big fans of command-and-control management of the economy in poor countries. That kind of thinking has landed on the dustheap of history, replaced by the convictio...
DOUG GUSTAFSON, 52, in Poland on behalf of the World Bank's International Finance Corp., on the country's rush to capitalism: ''It's messy. But that's what freedom's about, and we may as well get o...
''Being in the microcomputer business is like going 55 miles an hour three feet from a cliff. If you make the wrong turn, you're bankrupt so fast you don't know what hit you.'' -GEORGE MORROW, 52, ...
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