International News
World Bank Chief Warns As Mistrust Divides Global South, West
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
Bangkok Underwater: Nearly 4,900 Evacuated as Floods Hit Thailand Capital
Heavy rains have triggered severe flooding across parts of Bangkok, Thailand, forcing nearly 4,900 residents to evacuate to shelters as floodwaters swept through roads and residential areas.
The flooding has disrupted movement across parts of the Thai capital, with motorists and pedestrians forced to navigate submerged roads and seek alternative routes.
SEE ALSO: NAFDAC Warns Nigerians As Fake Cowbell Milk Floods Market
According to the Bangkok Metropolitan Administration, about 52,000 households have been affected by the flooding, prompting authorities to declare a flood disaster and intensify emergency response efforts.
Emergency teams have been deployed to assist affected communities and move residents from vulnerable areas to safer locations as water levels rise.
Bangkok is accustomed to seasonal heavy rainfall, but intense downpours can overwhelm drainage systems, particularly in low-lying areas, resulting in widespread flooding and disruption.
Authorities are continuing to monitor affected locations while coordinating evacuations and other emergency measures.
For thousands of residents, the immediate priority remains securing safe shelter and protecting homes and livelihoods as authorities work to manage the situation and restore normal activities once the floodwaters recede.
International News
‘They Are Dying’ — Trump Explains Why He Rejected Iran’s Hormuz Proposal
US President Donald Trump has explained his decision to reject Iran’s latest proposal to reopen the Strait of Hormuz, saying Tehran was seeking an agreement because it was losing revenue.
Speaking to reporters at the White House, Trump said Iran wanted to immediately reopen the strategically important waterway but argued that the proposal was not acceptable to his administration.
“They want to make a deal, and I think that’s fine. I like making a deal, too, but that deal would not be acceptable,” Trump said.
SEE ALSO: How the Strait of Hormuz Attack Could Trigger a Fresh Global Oil Shock
According to the US president, Iran’s push to reopen the strait was driven by the economic pressure it was facing.
“What they want to do is immediately open the Hormuz Strait. Do you know why? Because they are dying,” Trump said.
“You know why they’re dying? Because they have no money coming in, because they get their money from the Hormuz Strait.”
Trump also claimed that the US had established an unprecedented naval blockade against Iran, describing it as “a wall of steel.”
“So they outsmarted themselves. We put up the greatest blockade ever in military history. It’s a wall of steel,” he said.
“And guess what? They don’t have any money now because they wanted to close the strait.”
The Strait of Hormuz is a major global energy shipping route, and disruption to traffic through the waterway has significant implications for international oil markets and countries that depend on energy imports.
Trump’s remarks came amid continued tensions between Washington and Tehran over the reopening of the strategic waterway and negotiations involving Iran.
International News
‘Another Oil Shock Is Coming’ — Badenoch Calls for North Sea Drilling Amid Middle East Supply Disruptions
Conservative Party leader Kemi Badenoch has warned that another global oil shock could be looming amid disruptions to key energy infrastructure and shipping routes in the Middle East.
Badenoch made the warning in a post on X on Sunday, September 20, while pointing to the recent drone attack on Saudi Arabia’s East-West oil pipeline, restrictions affecting the Strait of Hormuz and threats to shipping around the Red Sea.
“Saudi Arabia’s East-West oil pipeline has been damaged by drone attacks. The strait of Hormuz is restricted, Houthi bandits threaten shipping routes into the Red Sea. Another oil shock is coming,” Badenoch wrote.
SEE MORE: Middle East Crises Pump Fuel Prices Upwards with Attacks on Iran, Saudi Arabia
She criticised the UK government’s handling of the situation and argued that Britain should increase domestic oil and gas production.
“Yet our Prime Minister and his Cabinet are behaving like a flock of ostriches, heads buried so deep in the sand they could strike oil themselves,” she added.
“The answer is simple: DRILL OUR OWN OIL AND GAS IN THE NORTH SEA.”
Saudi oil pipeline hit by drone attack
The warning comes after Saudi Arabia’s critical East-West oil pipeline was damaged in a drone attack earlier this month.
The 1,200-kilometre pipeline, operated by Saudi Aramco, transports crude oil across Saudi Arabia to the Red Sea port of Yanbu, providing an alternative export route when shipping through the Strait of Hormuz is disrupted.
Saudi officials said the September 11 attack involved drones coming from Iraq. No group had claimed responsibility for the attack in initial reports.
A subsequent Reuters analysis of satellite imagery found that three pumping stations, rather than two previously identified, had been damaged.
Industry sources disclosed that repairs could take between five and six weeks, although partial operations could resume sooner.
The pipeline had been carrying around 4 million to 5 million barrels of crude oil per day, equivalent to approximately 4% to 5% of global oil supply. Its shutdown has therefore raised concerns about additional pressure on already-disrupted global energy supplies.
The attack also affected Saudi oil exports.
Reuters reported on September 18 that Saudi Aramco had informed at least two European refining customers that they would receive no Saudi crude deliveries in October, following the pipeline disruption.
Hormuz and Red Sea disruptions
The pipeline attack has occurred against the backdrop of continuing disruption around the Strait of Hormuz, a major route for global oil shipments.
The East-West pipeline had become particularly important because it allowed Saudi Arabia to move crude to the Red Sea without relying entirely on the Strait of Hormuz. Reuters reported that the pipeline had served as a major alternative route while the strait was largely shut by the ongoing conflict.
Shipping through the Red Sea is also facing renewed security concerns following advances and attacks by Yemen’s Iran-aligned Houthi movement.
According to report on September 17, there is continued tensions involving the Houthis and Saudi Arabia were adding to concerns over regional energy infrastructure and shipping.
Earlier today, there are fresh Houthi claims of missile and drone attacks targeting strategic sites in Riyadh, with the developments contributing to renewed pressure on Saudi and Gulf markets.






253994 156599 Nice post. I learn something much more challenging on different blogs everyday. It will always be stimulating to read content material from other writers and practice a little something from their store. Id prefer to use some with the content on my weblog whether you dont mind. Natually Ill give you a link on your internet blog. Thanks for sharing. 660557
44593 522503Glad to be one of numerous visitants on this incredible internet site : D. 208781
941735 957866Hey! Im at work surfing around your weblog from my new apple iphone! Just wanted to say I adore reading through your blog and look forward to all your posts! Keep up the outstanding function! 805897
359186 195649Very good day! This post could not be written any far better! Reading this post reminds me of my previous room mate! He always kept chatting about this. I will forward this write-up to him. Fairly certain he will have a great read. Thanks for sharing! 885172
168322 85677What a lovely weblog. Ill surely be back again. Please preserve writing! 432636
825200 951390There is noticeably a bundle to locate out about this. I assume you produced certain good factors in options also. 282455
120216 431463Hey! Im at function surfing about your weblog from my new apple iphone! Just wanted to say I love reading through your blog and appear forward to all your posts! Keep up the outstanding work! 141251