Low oil prices will not provide a sufficient updraught to dispel the clouds hanging over the world economy, the International Monetary Fund said on Tuesday.
In a sign of its increasing gloom about the medium term economic outlook, the IMF cut its world economic increase forecasts by 0.3 % points for both 2015 and 2016, despite believing cheaper oil represents a “shot in the arm”.
The richest 1 % are likely to control additional than half of the globe’s total wealth by next year, the charity Oxfam reported in a study released on Monday. The warning about deepening world inequality comes just as the world’s business elite prepare to meet this week at the annual World Economic Forum in Davos, Switzerland.
The 80 wealthiest people in the world all own $1.9 trillion, the statement found, nearly the same all shared by the 3.5 billion people who occupy the bottom half of the world’s gain scale. (Last year, it took 85 billionaires to equal that figure.) And the richest 1 % of the people, who number in the millions, control nearly half of the world’s total wealth, a share that is as well increasing.
The United Nations appropriate envoy on Ebola has said the outbreak of the disease in West Africa appears to be slowing down. However, he added that the battle against Ebola was not over.
UN appropriate envoy David Nabarro said on Thursday that the new figures released by the World Health Organization showed that the three nations hardest hit by the Ebola outbreak - Liberia, Guinea and Sierra Leone - had registered the lowest numbers of fresh cases in months.
- Key Facts
Ambassador : H.E Julio MoraisFull name: The Republic of Cape Verde
Population: 501,000 (UN, 2011)
Area: 4,033 sq km (1,557 sq miles)
Major languages: Portuguese, Crioulo (a mixture of archaic Portuguese and African words)
Major religions: Christianity
Life expectancy: 71 years (men), 78 years (women) (UN)
Monetary unit: 1 Cape Verdean escudo = 100 centavos
Main exports: Shoes, clothes, fish, bananas, hides, pozzolana (volcanic rock, used to make cement)
GNI per capita: US $3,270 (World Bank, 2010)
Internet domain: .cv
International dialling code: +238
At the same time as a statement by the world’s most influential development agency provides evidence that a lot of of its staff are “biased” in their perceptions of the poor and their needs, one may expect eyebrows to be raised. At the same time as the president of that institution — the World Bank, no less — acknowledges the flaw and goes on to call for “measures to mitigate these biases, such as additional rigorously diagnosing the mindsets of the people we are trying to help”, jaws should be dropping.
The World Bank has cut its estimate for world increase, warning that the world economy remained overly reliant on the “single engine” of the US recovery.
The Bank said it expected lower oil prices to provide a boost to world activity. But it warned several headwinds would mitigate the result of the falling cost of crude. These include weak confidence part consumers and businesses and the inability of large central banks to cut interest rates below their record-low levels to boost inflation expectations.
The re-opening of the Benguela railway in 2014 will remain as China’s flagship project in Angola, but as well as a symbol of a year in which the relationship between China and Portuguese-speaking nations continued to increase.
Chinese ties with Angola, Mozambique and Cabo Verde (Cape Verde) involve Macau and Portugal, which in 2014 saw Chinese investment in the country rise to 10 billion euros, with several new deals expected in 2015, this time in the financial sector.
Economic and trade cooperation between China and the Portuguese-speaking nations will be deepened, Chinese Vice Premier Wang Yang guaranteed on Tuesday in Macau, announcing an eight-point plan with specific measures to be implemented between 2014 and 2016.
In the opening speech of the fourth Ministerial Conference of Forum Macau, Wang said that the initial of those measures would be the Chinese government’s granting of subsidised loans worth 1.8 billion yuan (US$293 million) to the Portuguese-speaking African and Asian Forum member nations.
The climate is temperate with warm and dry summer; precipitation meager and very erratic.
Cape Verde to remain part the majority stable nations in Africa in 2012-13. Next internationally acclaimed presidential and parliamentary elections in 2011-which have led to a system of cohabitation with a parliamentary majority for the Partido Africano da Independência de Cabo Verde (PAICV) but the presidency held by Jorge Carlos Fonseca from the Movimento para a Democracia (MPD)-the country is presently moving towards municipal elections in May and June.
- Petroleum / Mining
- Art / Culture
- Banking / Investment
- Renewable energy
- Cape Verde News
- ECONOMY: Revised IMF forecasts signal gloom on global economic outlook
- SOCIAL / CSR: Oxfam Study Finds Richest 1% Is Likely to Control Half of Global Wealth by 2016
- HEALTH: UN Special Envoy Nabarro Sees Ebola Outbreak 'Slowing Down'
- BUSINESS / TRADE: Wang said it was significant to China to cooperate with developing nations
- HEALTH: West African countries sign US $152 million Fight Back Ebola
- AGRICULTURE: Cape Verde, CPLP countries to create law on the right to food
- Trending Articles
- CHINA: Iron ore below $60 as China promises changes
- TAJIKISTAN : Tajikistan sees drop in volume of remittances
- UZBEKISTAN: Tashkent, Abu Dhabi sign $120 million worth projects-deal
- GERMANY: Germany to invest $2.8 billion in Uzbekistan
- UZBEKISTAN: Tashkent, OSCE/ODIHR mull preparations for presidential election
- RUSSIA: The project Trans-Eurasian Information Super Highway
- PETROLEUM / MINING : Iron ore below $60 as China promises changes
- STOCK MARKET / FINANCE: Tajikistan sees drop in volume of remittances
- BUSINESS / TRADE: Tashkent, Abu Dhabi sign $120 million worth projects-deal
- BUSINESS / TRADE: Germany to invest $2.8 billion in Uzbekistan
- GOVERNMENT: Tashkent, OSCE/ODIHR mull preparations for presidential election
- COMMUNICATION / ICT: The project Trans-Eurasian Information Super Highway