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NEWS
August 3, 2004 | By Shashank Bengali INQUIRER WASHINGTON BUREAU
Employees of the World Bank and International Monetary Fund were greeted yesterday with stiffer security at building entrances and in parking structures but said they were undaunted by intelligence reports that terrorists were targeting their workplaces. A day after federal homeland security officials placed those major financial institutions, as well as three others in New York and Newark, N.J., on heightened terrorism alert, Washington police increased patrols and vehicle searches throughout the city.
NEWS
May 21, 2007 | By Andy Borowitz
In yet another setback for embattled World Bank president Paul Wolfowitz, who agreed Thursday to depart in June, girlfriend Shaha Riza has announced she is resigning as Wolfowitz's girlfriend, "effective immediately. " While Riza's role in the conflict-of-interest scandal involving Wolfowitz and the World Bank had placed her in the eye of the media storm, few had expected her to relinquish her girlfriend post without a fight. But according to a source close to Riza, the increasing pressure on the high-profile couple had convinced her that she "could no longer function effectively as Paul Wolfowitz's girlfriend.
NEWS
July 23, 1994 | By CAM DUNCAN
This week marks the 50th birthday of the World Bank and the International Monetary Fund, but not everyone is celebrating. For the vast majority of people living in the Third World, these two enormously powerful institutions have brought economic hardship and ecological devastation. The World Bank financed highways through the rain forests of northwest Brazil, accelerating their destruction. The World Bank backed Indonesia's policy of forcibly relocating people into its undeveloped eastern islands, causing extensive disruption of indigenous communities and of the forest that supported them.
NEWS
March 31, 1993 | BY JACK MCKINNEY
To intelligence analysts, Iran may look like a prolific exporter of radical Islamic terrorism, but executives of the World Bank apparently don't worry about such things. Despite U.S. objections, the World Bank has just approved a $165 million loan to Iran, ostensibly for the purpose of upgrading that country's electrical power system. Questionable as the loan may seem, it's actually Iran's third such score with the World Bank in only a month. In earlier transactions, the fundamentalist Islamic republic wangled some $157 million to improve its irrigation systems and $145 million for health and family planning.
BUSINESS
March 13, 1986 | By Diana Henriques, Inquirer Staff Writer
Commercial bankers who think the World Bank is going to shoulder their pain of coping with the Third World's debt problems are dead wrong. That was the blunt message brought here yesterday by Eugene H. Rotberg, vice president and treasurer of the huge multinational development bank. In a sharply worded address at a conference here sponsored by the American Banker newspaper, Rotberg warned that banks are playing a dangerous game with the so-called Baker Plan for fostering economic growth in the debtor nations.
NEWS
May 20, 2007
Paul Wolfowitz is an extremely intelligent man. He may be a true humanitarian idealist. But right now, Wolfowitz is best known for being a master of disaster as he packs up and leaves the president's office at the World Bank. He announced late Thursday that he would resign effective June 30, after weeks of trying to rise above a personal drama that had a soap opera feel to it. His departure was negotiated with the bank's board: He would go voluntarily, and the board would not adopt a report that found Wolfowitz had broken ethical and governing rules.
BUSINESS
April 11, 1986 | By Diana Henriques, Inquirer Staff Writer
The president of the World Bank yesterday proposed that the bank nearly double its annual lending to Third World nations by the end of the decade. In a speech to the bank's policy-setting Development Committee, A.W. Clausen outlined plans to steadily increase the bank's annual loan volume over the four years, "with a lending level of up to $21.5 billion" in fiscal 1990. But Clausen warned that implementing this expanded lending plan would require an agreement on a new infusion of capital for the bank by no later than the spring of 1987.
NEWS
March 28, 2001 | By Ken Moritsugu INQUIRER WASHINGTON BUREAU
The World Bank indicted its own past practices yesterday when it said that aid given to poor countries with corrupt governments had failed and that future aid should be targeted at governments committed to reform. The bank's conclusion, based on case studies of aid to 10 African countries, echoed previous findings by bank and outside scholars that two decades of financial aid accomplished little in eradicating poverty in much of Africa. A consensus is growing that money alone will not solve Africa's problems.
NEWS
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.
NEWS
April 21, 2005 | By Trevor Manuel
When Paul Wolfowitz takes up his position as president of the World Bank, he will face many challenges. The most important challenge is reducing poverty in Africa. If his reign is to be marked by this achievement, he must take the lead in making the World Bank more effective, accountable and responsive. The Commission for Africa makes many recommendations on governance, peace and security, aid, trade, debt, and growth. We call on the international community to back African efforts to reduce poverty.
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NEWS
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.
BUSINESS
March 29, 2013 | By Michelle Faul, Associated Press
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.
NEWS
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.
NEWS
July 30, 2012 | By Michael Matza, Inquirer Staff Writer
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.
NEWS
April 22, 2012 | By Martin Crutsinger and Harry Dunphy, Associated Press
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.
BUSINESS
February 16, 2012 | By Sandrine Rastello, Bloomberg News
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.
NEWS
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)
BUSINESS
December 1, 2011 | By David McHugh and Paul Wiseman, Associated Press
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.
NEWS
October 12, 2011 | By Jonathan Paye-Layleh and Rukmini Callimachi, Associated Press
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.
BUSINESS
September 23, 2011 | By Martin Crutsinger, Associated Press
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.
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