Connect with us

International News

World Bank Chief Warns As Mistrust Divides Global South, West

Published

on

The President of the World Bank, Ajay Banga, has expressed concern over the increasing mistrust that is driving a wedge between the Global South and the West.

He pointed out that the Global South’s frustration with the developed world’s response to climate change is entirely understandable.

During a crucial gathering of G20 finance ministers in India, the newly-appointed World Bank chief highlighted the perilous consequences of widening disparities between wealthy and impoverished nations.

He emphasized that such divisions could exacerbate poverty in the developing world, particularly as many countries continue to grapple with the aftermath of the COVID-19 pandemic and the impact of global fuel and commodity price fluctuations resulting from Russia’s war in Ukraine.

Climate change, meanwhile, is most painfully affecting some of the poorest countries least able to cope.

Ajay Banga, president of the World Bank, said he feared a lack of progress was in danger of splitting the global economy, to the detriment of the world’s poorest.

“The thing that keeps me up at night is a mistrust that is quietly pulling the Global North and South apart at a time when we need to be uniting,” Banga told the two-day meeting of finance ministers and central bank chiefs in Gandhinagar, Gujarat state.

“The Global South’s frustration is understandable. In many ways they are paying the price for our prosperity,” said Indian-born Banga, a naturalised American citizen who took up the bank post last month after being nominated by United States President Joe Biden.

“When they should be ascendant, they’re concerned promised resources will be diverted to Ukraine’s reconstruction, they feel energy rules aren’t applied evenly, constraining ambition, and they’re worried the grip of poverty will pull down another generation.”

The World Bank said it is working to increase its financial capability – including by raising hybrid capital from shareholders – to spur growth and jobs, but said the future economy could not rely on expansion at the cost of the environment.

“The simple truth is: we cannot endure another period of emission-intensive growth,” Banga said.

‘Balanced and inclusive growth’
Indian Finance Minister Nirmala Sitharaman, chair and host of the get-together, launched talks on Monday by reminding leaders of their responsibility “to steer the global economy towards strong, sustainable, balanced and inclusive growth”.

International News

US Diplomats In Israel For High-Stake-Talks On Lebanon Truce

Published

on

Senior U.S. officials are set to meet their Israeli counterparts on Thursday to negotiate a potential agreement aimed at stabilizing Israel’s northern border and reducing the escalating conflict with Hezbollah in Lebanon.

This high-stakes visit comes amid ongoing hostilities in Gaza, where the Palestinian militant group Hamas has rejected multiple ceasefire proposals as Israeli strikes persist.

ALSO READ: Nollywood Legend, Charles Olumo “Agbako” Passes Away At 101

Just days before the U.S. presidential election, American envoys Amos Hochstein and Brett McGurk are expected to arrive in Israel.

Their mission focuses on securing a framework that could see Hezbollah withdraw approximately 20 miles (30 kilometers) north, beyond the Litani River.

In exchange, Israeli forces would pull back from Lebanon, allowing the Lebanese army, supported by UN peacekeepers, to manage border security.

Under this arrangement, Lebanon would be responsible for preventing Hezbollah from rearming, while Israel would retain its right to self-defense under international law, according to Israeli media reports.

Lebanese Prime Minister Najib Mikati expressed hope on Wednesday that a ceasefire could be reached “in the coming hours or days.”

Newly appointed Hezbollah leader Naim Qassem has indicated that the group would consider a truce under certain conditions, saying Hezbollah could sustain its resistance but remains open to negotiation.

Qassem’s appointment follows the assassination of his predecessor, Hassan Nasrallah, in an Israeli airstrike last month.

In parallel, U.S. and Qatari mediators are attempting to negotiate a brief humanitarian pause in Gaza, where Israel’s campaign against Hamas is ongoing.

However, on Thursday, senior Hamas official Taher al-Nunu reiterated the group’s stance against a temporary ceasefire, stating, “The idea of a temporary pause in the war, only to resume aggression later, is something we have already expressed our position on.

Hamas supports a permanent end to the war, not a temporary one.”

This proposed pause would have allowed essential humanitarian aid to reach Gaza and opened up negotiations for a longer-term resolution, but Hamas’s rejection of the offer dims prospects for an immediate breakthrough.

As a result, attention remains firmly fixed on Lebanon, where efforts for a ceasefire along Israel’s northern front are likely to take precedence.

Last week, Israeli Chief of General Staff Lieutenant General Herzi Halevi spoke to the growing potential for resolution in Lebanon, saying, “In the north, there’s a possibility of reaching a sharp conclusion.”

Israel’s military has since intensified its strikes, particularly in southern Lebanon, where it issued evacuation orders in areas such as the Palestinian refugee camp of Rashidieh, warning of imminent action following previous strikes.

 

Continue Reading

International News

Deadly Super Typhoon Kong-rey Wreaks Havoc Across Taiwan

Published

on

Super Typhoon Kong-rey barreled into Taiwan on Thursday, bringing fierce winds, towering waves, and heavy rainfall that led to widespread destruction and the suspension of daily activities across the island.

Packing sustained winds of 184 km/h (114 mph) and waves reaching 10 meters high, the typhoon marked one of the most powerful storms to strike Taiwan in nearly three decades.

READ MORE: Technical College Land: Osun Govt Reassures Osogbo People

Kong-rey’s vast radius of 320 kilometers made it the largest storm to hit the island since 1995, surpassing Typhoon Gaemi earlier this year in both size and scope.

Officials say the storm could continue to impact the island through Friday morning, with flooding and dangerous winds expected to persist.

Fatalities and Damage as Taiwan Endures Kong-rey’s Wrath

Amid the chaos, one fatality was reported in central Nantou County, where a falling tree crushed a vehicle, while 73 others have been injured across Taiwan as the storm swept through.

Hundreds of rescue workers, including nearly 35,000 military troops, have been deployed island-wide to manage emergency responses, with ongoing rescues in the hardest-hit areas, like coastal Hualien County.

In Hualien, floodwaters rose quickly, prompting emergency evacuations. “The situation is very serious,” reported Wang Ming-chung, Hualien’s fire department chief.

First responders are grappling with multiple incidents involving fallen trees, downed power lines, and injuries from flying debris.

The typhoon has also led to power outages for more than 100,000 households, cancellations of over 400 flights, and suspension of all ferry services.

Four mudslides have been reported so far, and roads across Taiwan remain blocked by fallen trees and debris.

A Country on High Alert

Officials in Taiwan have evacuated more than 8,600 residents from high-risk regions, including Yilan, Hualien, and Taitung. Residents have been advised to stay indoors, and public schools and workplaces were closed as the storm approached.

Authorities have also managed to reach two Czech tourists who were reported missing while hiking in Taroko Gorge; they are now safely sheltering in the mountains.

Taiwanese President Lai Ching-te urged citizens to prioritize safety, emphasizing that Kong-rey’s effects would continue to be felt well into the night.

“This storm is extremely dangerous. Please avoid any unnecessary outings, especially near the coast,” he said.

Growing Storm Intensity a Sign of Climate Change

Scientists warn that climate change is contributing to stronger storms worldwide, with rising temperatures leading to heavier rainfall and intense winds.

Chu Mei-lin from Taiwan’s Central Weather Administration reiterated that Kong-rey’s size and strength are a clear sign of this trend, stressing the need for preparedness in the face of increasingly severe storms.

Economy on Alert, but Industry Resilient

As Taiwan mobilizes recovery efforts, the island’s crucial semiconductor industry remains largely unaffected.

Taiwan Semiconductor Manufacturing Company (TSMC), a global chip leader, announced it has activated storm preparedness measures, stating it does not expect significant disruptions at its facilities.

Kong-rey is the third typhoon to make landfall in Taiwan this year, following Typhoons Gaemi and Krathon.

Both previous storms caused fatalities, extensive injuries, and widespread property damage, adding to the urgency of Taiwan’s disaster response efforts.

 

 

Continue Reading

International News

Hezbollah Appoints Naim Qassem As New Secretary-General After Nasrallah’s Death

Published

on

Hezbollah has appointed Naim Qassem as its new secretary-general, following the killing of Hassan Nasrallah by Israeli forces last month.

The announcement was made by the group’s media office in a statement on Tuesday.

Hezbollah’s Senior Council stated that the selection of Qassem adhered to the group’s established leadership protocols.

READ MORE: Abusive Lawmaker Tenders Apologies, Commits To Justice

Known for his deep-rooted commitment to “Prophet Mohammed’s authentic Islam” and Hezbollah’s founding principles, Qassem brings decades of experience within the organization.

Qassem, who has long served as a prominent figure within Hezbollah, was a close associate of Nasrallah and previously held the position of deputy secretary-general.

The leadership change comes at a volatile time, with increased regional tensions and ongoing conflicts impacting Lebanon.

 

 

 

More to follow………. 

 

Continue Reading

Copyright © 2022. Biztellers, powered by Alphaxristi.