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The Global Economy seems to respond in tandem to the Global Security and Index of Happiness, after the demise of Bin Laden, and the Wedding of William and Catherine!
This is truly a very interesting time, and the World Bank reports it as it is.
May President Obama use this positive energy towards his re-election campaign is what commentators are thinking and saying.
Now Pres Obama has roasted Trump at the Saturday White House Correspondents Dinner, visited Albama Torenodo Valley, and have Roasted Bin Ladin to oblivion, what next!
" Crown Him" and " I am In" is the name of the 2012 Campaign!
Who knows the Repulicans can come with some comedy and tragedy show of their own!
Such as asking the short form of Birth Certificate, Kindergarten, High School and College Record bonanza again?
Many critics and Congress Watchers of the Republicans claim that their performance indicates that may be most of them have not finished High School , yet they want to see IV League University Law School Performance of Obama. They do not know what it means to be an Obama, let them try him.
All the same, the World Bank is reporting the impact of the weekend Wedding of the Century and Bin Laden's trip to the Sea with the tool they know will improve the Economy!
Imagine what this means to the Price of Gas at the Pump, Gold price at Summer Weddings, and the Food shortage crisis in emerging economies.
May the Market show mercy to the people, some 7 Billion of us on planet earth.
Please read below.
Dr BMJesus
www.GlobalBelaiJesus.com
This summary is prepared by the External Affairs Department of the World Bank. All material is taken directly from published and copyright wire service stories and newspaper articles. The daily summary and other news can be found on the World Bank’s external website at http://www.worldbank.org/news. For inquiries call (202) 473-7660 or send a written request to the News Bureau.__________________________________________________________________________________
Monday, May 02, 2011
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Today’s Headlines:
- Gold And Oil Dip On News Of Bin Laden's Death
- World Bank President To Visit Tunisia, Morocco
- Food, Fuel Prices Slow Congo’s Economic Growth, IMF Says
- China Manufacturing Slows Down In April
- Corruption Must Be Cut To Protect Climate: Report
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Gold And Oil Dip On News Of Bin Laden's Death. “US stock futures rose modestly Monday and the price of oil and gold fell as news of Osama bin Laden’s death eased global security concerns, at least for the moment…. Some of the sharpest reactions to the news of bin Laden’s death were in the commodities markets. Oil prices slipped, with benchmark US crude for June delivery falling $1.62 to $112.31 a barrel on the New York Mercantile Exchange. Gold, which had hit a new record of $1,575.79 an ounce earlier on Monday, fell to $1,551.80 in European morning trading….” [The New York Times]
However, Reuters adds that “…a fall in the risk premium for commodity markets on the death of bin Laden will be short lived, with gold and oil in focus on new concerns that al Qaeda may seek retribution by attacking high-profile targets and fuel unrest in the Middle East. Oil markets have rallied by around a quarter so far this year, supported by civil war in Libya and anti-government protests in the Gulf, independent of any threat posed by al Qaeda. Ultra-loose monetary policy and demand for inflation-resistant investments including oil, and gold which is trading at record levels, have also underpinned the market and will not evaporate after bin Laden's death….” [Reuters/Factiva]
In related news, BBC writes that “…bin Laden has been killed by US forces in Pakistan, President Barack Obama has said. Bin Laden was killed in a ground operation in Abbottabad based on US intelligence. The US has put its embassies around the world on alert, warning Americans of the possibility of al-Qaeda reprisal attacks for bin Laden's killing….” [BBC News]
World Bank President To Visit Tunisia, Morocco. “World Bank President Robert Zoellick is visiting Tunisia and Morocco from May 2 - 6 with a special focus on how to support Tunisia during its political transition and to find out how economic and governance reforms can create jobs and opportunity in both countries. Zoellick will meet civil society representatives in both countries to learn about the new importance of social accountability and how civil society can play a role in helping citizens influence what they can get from economic development and gain better access to opportunities….” [African Press Organization]
Reuters adds that “… ‘We want to help Tunisians at this turning point in their history,’ Zoellick said in a statement…. The World Bank announced earlier this month it will lend Tunisia $500 million in budget support to increase transparency, improve basic services and create jobs. During his visit to Tunisia, Zoellick will meet with members of Tunisia's transitional government and local organizations, including farmers and women's groups….” [Reuters/Factiva]
Meanwhile, PANA reports that “…Tunisia's economic growth for 2011, estimated at between 1 and 2 percent, will not promote the needed economic recovery in the country, particularly in the provision of jobs, the Central Bank of Tunisia (BCT) Governor Mustapha Nabli announced. Insisting that the success of the democratic transition in Tunisia remained dependent on the economic stability, Nabli said ‘the fundamental problem lies in the uncertainty and mistrust prevailing in the country which had dampened enthusiasism among both companies and consumers.’ According to the governor, the interim government had planned a recovery plan which included increase in salaries, stimulate consumption and focus on investments in infrastructure….” [Pan-African News Agency]
Food, Fuel Prices Slow Congo’s Economic Growth, IMF Says. “The Democratic Republic of Congo’s economic growth will slow to 6.5 percent this year from about 7 percent in 2010 amid rising food and fuel costs, the International Monetary Fund said (IMF).‘These outside factors have created a challenge for the government,’ IMF country representative Samir Jahjah told reporters Friday in Kinshasa. The country’s central bank may need to use monetary policy to curb inflationary forces, he said….” [Bloomberg]
Reuters adds that “… ‘The government has expressed a desire to limit the impact (of price rises),’ Jahjah said, adding that the IMF was working with the authorities to help ensure stable fuel prices. Jahjah praised efforts by Congo's government to restructure the country's mining and financial sectors, saying he expected the central bank's foreign reserves to hit $1.5 billion by the end of the year….” [Reuters/Factiva]
In a separate article, Bloomberg writes that “…the Democratic Republic of Congo will hold presidential and parliamentary elections on November 28, said Pastor Daniel Ngoy Mulunda, head of the Central African country’s electoral commission. The elections will take place in one round after the government changed the constitution in January, allowing a candidate to win with a simple majority….” [Bloomberg]
China Manufacturing Slows Down In April. “China's manufacturing growth slowed in April, according to official figures. The country's purchasing managers' index (PMI), which is designed to provide a snapshot of conditions in the manufacturing sector, fell to 52.9 in April, from 53.4 in March. The fall, which was not expected, indicates the government's efforts to slow economic growth are working….” [BBC News]
Bloomberg adds that “…Zhang Liqun, a senior researcher at the State Council’s Development Research Center, said Sunday that the data show an increased likelihood that growth will slow. Gross domestic product expanded 9.7 percent in the first quarter from a year earlier and the World Bank last week forecast a full-year expansion of 9.3 percent….” [Bloomberg]
Reuters notes that “…the survey flashed worrying signals for the global economy, which has become increasingly reliant on Chinese demand as a source of growth with the US, Europe and Japan still struggling to recover from the financial crisis. ‘The fall may show that export growth will continue to slow down,’ Zhang said….” [Reuters/Factiva]
Meanwhile, FT reports that “…India’s manufacturing sector expanded strongly in April, adding fresh pressure to inflation, but the pace of growth cooled slightly in the big industrial centers of east Asia, according to the latest monthly data. The April PMI index showed a rise to 58.0, compared with 57.9 in March, indicating that the pace of growth in manufacturing activity strengthened slightly from its high level in March….” [Financial Times]
Corruption Must Be Cut To Protect Climate: Report. “Mechanisms to fight climate change need to be strengthened and made more transparent to reduce increasing risks of corruption, Transparency International (TI) said. The watchdog group released a report on Saturday, entitled Global Corruption: Climate Change, and based on contributions from more than 50 experts.
The World Bank estimates that $10 billion to $23 billion worth of timber is felled illegally or comes from suspicious origins each year. This needs to be tackled before a U.-backed forest preservation scheme, called REDD, can work, according to the report….” [Reuters/Factiva]
The Independent adds that “…TI warns that 20 nations most vulnerable to climate change – where millions in grants and aid will be targeted – are judged to be among the most corrupt in the world. None of the countries, which include Bangladesh, Zimbabwe, Egypt and Vietnam, scores higher than 3.6 on TI's influential Corruption Perception Index, where 0 is wholly corrupt and 10 very clean.
Carbon markets, the main financial tool for combating climate change, have already been hit by fraud, the report points out. The system has also been hit by repeated tax frauds….” [The Independent (UK)]
The Telegraph writes that “…the report also goes on to warn about ‘greenwashing’, companies giving themselves green credentials they don't really possess.
The report states: ‘better climate governance will ultimately require the genuine commitment and cooperation of all stakeholders, from governments and business to non-governmental organizations, scientists and society at large.’…” [The Telegraph (UK)]
Also in This Edition, Briefly Noted… Ivory Coast President Alassane Ouattara said Sunday that a former Prime Minister Charles Konan Bann will head a reconciliation panel aimed at healing divisions from the country's recent political crisis and unrest. [Agence France Presse/Factiva]
Southeast Asian palm oil firms are turning to Africa as land runs out back home and world demand for cheap cooking oil soars, but the continent's harsh weather, high costs and land disputes could derail their plans. [Reuters/Factiva]
The UN High Commissioner for Human Rights Navi Pillay urged the Ugandan government on Sunday to immediately halt the use of excessive force against opposition politicians and food and fuel price protesters, saying the crackdown was only fueling a crisis in the country. [Dow Jones/Factiva]
Kenya’s rising profile as an innovation hub in the global software scene has been bolstered after local developer Athman Ali won the just concluded World Bank Applications (apps) for Development challenge with an application that allows users to compete online to complete MDG challenges, which was dubbed FACTCHA: Stop Spam, Advocate for the MDGs. [Business Daily (Kenya)]
Chinese Premier Wen Jiabao said Saturday Beijing wants to boost cooperation in trade and security with the 10-member Association of Southeast Asian Nations (ASEAN). [Agence France Presse/Factiva]
Female workers in the Asia-Pacific region are more vulnerable to job loss, being seen as only secondary providers of income for households, studies by the International Labor Organization (ILO) and the World Bank showed. [The Philippine Star]
The World Bank has approved a new loan of $330 million for Vietnam to support the mid-sized multipurpose Trung Son Hydropower Project (TSHPP) which will help meet growing domestic demand for electricity and bring flood control and irrigation benefits to rural and poor communities in Thanh Hoa Province. [Vietnam News Service]
Pakistan increased fuel prices by up to 12 percent, reflecting the rise in global crude oil prices, the Oil and Gas Regulatory Authority (OGRA) has announced. [Reuters/Factiva]
More than 35,000 Libyan villagers have crossed into Tunisia through the Dehiba border crossing in the far south of the country, as fighting continues between rebels and forces loyal to Muammer Gaddafi, the Libyan leader, in the Nafusa mountain range of western Libya. [Financial Times]
The UN pulled its staff out of Tripoli on Sunday as the security situation in the Libyan capital deteriorated. [Agence France Presse/Factiva]
Israel froze $88 million in Palestinian funds Sunday, elevating tensions over an Egyptian initiative to broker a power-sharing agreement between Hamas and the Palestinian Authority and raising new concerns about the prospects for peace in the region. [The Wall Street Journal]
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