April 9, 2013
Headlines in Monday's Inquirer incorrectly described the removals of three Archdiocese of Philadelphia priests. One was removed for sexual abuse of a minor. The others were removed for undisclosed violations of church standards involving ministerial behavior. An article Monday about the withdrawal of Robert Zoellick, former head of the World Bank, as commencement speaker for Swarthmore College incorrectly stated that a spokesperson for the college did not return calls for comment.
March 29, 2013 |
Leaders of five of the world's emerging economic powers agreed Wednesday to create a development bank to help fund their $4.5 trillion infrastructure plans - a direct challenge to the World Bank, which they accuse of Western bias. But the rulers of the BRICS group - Brazil, Russia, India, China, and South Africa - meeting in Durban, South Africa, were unable to agree on some basic issues. South African Foreign Minister Pravin Gordhan said there were differing views on how much capital the bank would need.
January 24, 2013
A.W. "Tom" Clausen, 89, who led San Francisco-based Bank of America before and after serving as president of the World Bank, died Monday, Jan. 21, at Mills-Peninsula Medical Center in Burlingame, Calif., of complications from pneumonia, said his wife, Helen. From his start as a part-time cash counter in a branch office in Los Angeles, Mr. Clausen rose through the ranks of Bank of America and its holding company, BankAmerica Corp., becoming president and chief executive officer in 1970.
July 30, 2012 |
Every year, Mexican immigrants in the United States send tens of billions of dollars to relatives still south of the border, and for their largesse are hit with billions more in fees. Born in Mexico and now an American citizen living in South Philadelphia, Rosalba Meneses, 24, knows the bite of commissions and foreign-exchange charges when she sends money three times a year, totaling $1,000, to an aunt in Puebla state. "She uses it for groceries, clothing and spending," said Meneses, who pays commercial services - including Western Union, Sigue, and the online Xoom - to make the transfers, known as remittances.
April 22, 2012 |
WASHINGTON - An infusion of hundreds of billions of dollars will give the International Monetary Fund a badly needed boost to tackle Europe's prolonged debt crisis. But global finance officials sent a strong message Saturday that struggling governments must speed reforms or risk spooking jittery markets and raising the economic danger. The lending agency said in a statement after its weekend meetings that financially strapped European countries must put in place bold changes to resolve their debt problems.
February 16, 2012 |
The Obama administration plans to nominate within weeks a candidate to replace World Bank president Robert Zoellick, who announced Wednesday that he would leave the institution when his five-year term ends June 30. "It is very important that we continue to have a strong, effective leadership in this important institution," Treasury Secretary Timothy Geithner said in a statement. "In the coming weeks, we plan to put forward a candidate with the experience and requisite qualities to take this institution forward.
December 6, 2011
By Pierre Buhler The winner of Sunday's legislative election in Russia was a foregone conclusion: Vladimir Putin's United Russia. Likewise, there is no doubt Putin himself will win the presidential election due in 2012. But the public enthusiasm that ratified Putin's rule for a decade has vanished, as demonstrated by the poor performance of his party in the elections to the Duma. Russia may look like an oasis of stability and continuity. But that continuity is reminiscent of the zastoi , or stagnation, of the Brezhnev era. Eight years of 7 percent average annual growth during Putin's presidency (2000-08)
December 1, 2011 |
FRANKFURT, Germany - The central banks of the wealthiest countries, trying to prevent a debt crisis in Europe from exploding into a global panic, swept in Wednesday to shore up the world financial system by making it easier for banks to borrow American dollars. Stock markets around the world roared their approval. The Dow Jones industrial average shot up 490 points. The stock market rose more than 5 percent in Germany and more than 4 percent in France. The action represented the most extraordinary coordinated effort by the central banks since they cut interest rates together in October 2008, at the depths of the financial crisis.
October 12, 2011 |
MONROVIA, Liberia - Even as she basks in praise from abroad after sharing the Nobel Peace Prize, President Ellen Johnson Sirleaf is facing an election at home that she may lose. She's credited with stabilizing Liberia after civil war, but most of the people voting in Tuesday's election have not been able to find a job since she took office nearly six years ago. Voters camped out overnight and formed lines that were dozens of people deep. Their faces were wet from the early morning downpour, yet they patiently waited their turn, huddled in groups of twos and threes under candy-colored umbrellas for a chance to either reelect Sirleaf, or choose from one of the 15 opposition candidates who say they'll do a better job. The Harvard-educated Sirleaf, 72, is credited with attracting donors and helping restructure the country's debt.
September 23, 2011 |
WASHINGTON - The head of the International Monetary Fund said Thursday that the global economy had entered a dangerous phase and that heavy debt burdens could "suffocate" a recovery. Nations must work together to meet the growing risks, IMF managing director Christine Lagarde said, adding that banks must provide more capital and that governments needed credible plans to get their debt under control. Lagarde said she worried that some governments lacked the political will to shrink rising deficits.