World Bank, IMF spring meetings to get underway in complex economic environment

The IMF and World Bank’s spring meetings will focus on an ambitious reform and fundraising agenda, but concerns over high inflation, rising geopolitical tension, and financial stability are likely to overshadow discussions. The IMF predicts global growth to fall below 3% this year, with close to 90% of the world’s advanced economies experiencing slowing growth. The meetings also provide an opportunity to reform the World Bank to better tackle long-term issues like climate change, with the US pushing for changes to the bank’s mission statement and financial capacity.

Over 1 million European lawyers stand in solidarity with M Ravi, petition Singapore President to revoke suspension

The President of the Council of Bars and Law Societies of Europe (CCBE), Panagiotis Perakis, has written a letter to the President of Singapore, Mdm Halimah Yacob, expressing concerns over the recent suspension of human rights lawyer Mr M. Ravi and petitioning her to do everything in her power to address the unjust suspension against him. The CCBE represents the bars and law societies of 46 countries and over 1 million European lawyers. They place great emphasis on respect for human rights and the rule of law, and are particularly concerned with the situation of human rights defenders around the world. CCBE urges President Halimah to drop the charges against Mr Ravi, citing the United Nations Basic Principles on the Role of Lawyers. Commenting on the letter by CCBE, Mr Ravi said that he is glad to have received the support and solidarity of over 1 million lawyers across Europe on his unjust suspension. “I urge lawyers in Singapore to stand up for their rights as the confidence in the Bar is being eroded with the profession being cowed into fear.”

France hit by new protests after pensions deadlock

French demonstrators continue to protest against President Emmanuel Macron’s pension reform, including increasing the retirement age and working longer for a full pension. Talks between the government and unions have ended in deadlock, and protesters are hoping for a mass turnout on the 11th day of action since January. The Constitutional Council is set to deliver its verdict on the validity of the reform on 14 April. The government argues that the changes are necessary to prevent the pensions system from plunging into deficit, but critics say it is unfair for people in tough jobs and women who interrupt their careers to raise children.

Led by China, more countries targeting citizens abroad: US study

A US democracy research group, Freedom House, has reported that an increasing number of countries, including China, Turkey and Russia, are using abductions, violence and deportations to silence dissent among their citizens living abroad. The report identified 854 direct incidents of “transnational repression” carried out by 38 governments since 2014, with China responsible for 30% of all cases. The report calls for governments to develop plans to stop transnational repression, including targeted sanctions and restricting security assistance. Bangladesh and Djibouti were identified as first-time perpetrators in 2022.

Taiwan president says US bipartisan support shows island “not isolated”

Speaking to reporters after talks with US House Speaker Kevin McCarthy, Taiwanese President Tsai Ing-wen said the welcome from a large delegation of politicians from both sides of the aisle was proof Taipei had friends in the international community. “Their presence and unwavering support reassure the people of Taiwan that we are not isolated and we are not alone.”

Sanctions-hit Russian bank VTB reports huge loss

VTB, Russia’s second-largest bank, reported a $7.7 billion loss in 2022 due to Western sanctions imposed after Moscow’s offensive in Ukraine, resulting in its exclusion from the SWIFT global payments system and the individual sanctions against its chief, Andrei Kostin, by the UK and US.

Jacinda Ardern delivers final speech to NZ parliament

Former New Zealand Prime Minister Jacinda Ardern retired from politics after a career marked by empathetic leadership during crises. Ardern steered New Zealand through natural disasters, the COVID-19 pandemic, and the 2019 Christchurch mosque massacre. She will now devote herself to fighting online extremism as part of the Christchurch Call project and become a trustee of Prince William’s Earthshot Prize. Despite her reputation, Ardern faced escalating abuse online and was targeted 50 times more than any other high-profile figure in New Zealand.

China calls for WTO review of US-led chip export restrictions

Beijing demanded that the US, Japan, and the Netherlands confirm an alleged agreement to limit semiconductor exports to China during a regular meeting at the World Trade Organization. China has been seeking self-reliance in the semiconductor industry, while the US has been attempting to cut Chinese companies out of supply chains that provide access to advanced chip technology.

Book Depository to close its doors on 26 April 2023, leaving book lovers worldwide saddened

Book Depository, the popular online bookstore known for its vast collection of over 20 million books and free worldwide delivery, will be closing its doors on 26 April 2023, with orders accepted until midday on the closing date. The company had gained popularity for its unique mantra of “selling ‘less of more’ rather than ‘more of less’,” offering a wide variety of genres and topics.

UBS shareholders to weigh in on Credit Suisse mega-merger

UBS shareholders confront the bank’s leadership over the hastily arranged merger with Credit Suisse, engineered by the Swiss government, central bank, and financial regulators. Concerns arise about the risks and “bad culture” from Credit Suisse bleeding into UBS, as well as the disputes and risky business sectors UBS will inherit. Credit Suisse shareholders express disappointment as the value of their investment plunges, and some UBS shareholders seek a review of the exchange ratio. The AGM takes place in Basel, with former CEO Sergio Ermotti returning to handle the integration process. UBS becomes a banking colossus with $5 trillion of invested assets. UBS shares close slightly up, while Credit Suisse’s value has plummeted. The Ethos foundation considers legal action for a review of the exchange ratio.