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G-20

Closing of bank accounts of money transfer operators (MTOs) is raising remittance costs

Sonia Plaza's picture

As I mentioned in my previous blog, a renewed focus on Anti Money Laundering and Combatting the Financing of Terrorism (AML-CFT) regulations in Australia, the UK, and in the USA are impacting banks and MTOs.

Three effects on the remittance markets are observed. First, Banks stopped offering low cost remittance services. Second, banks closed accounts of MTOs. Two major banks, the Commonwealth Bank and the National Australia Bank, have closed already the accounts of MTOs in Australia. Recently, Westpac announced that it will close the bank accounts of MTOs serving Somalia by the end of this month. And third, small MTOs also closed since they could not any longer operate without bank accounts.  

Weekly Wire: the Global Forum

Kalliope Kokolis's picture

These are some of the views and reports relevant to our readers that caught our attention this week.

The Next Web
Facebook passes 1.06 billion monthly active users, 680 million mobile users, and 618 million daily users

“While sharing its financial results for the fourth quarter, Facebook on Wednesday announced a number of new milestones. The social network has now passed 1.06 billion monthly active users. Of those, daily active users passed 618 million on average during December 2012 and the number monthly active mobile users hit 680 million.

Here’s the breakdown from the release:

  • Monthly active users (MAUs) were 1.06 billion as of December 31, 2012, an increase of 25% year-over-year.
  • Daily active users (DAUs) were 618 million on average for December 2012, an increase of 28% year-over-year.
  • Mobile MAUs were 680 million as of December 31, 2012, an increase of 57% year-over-year.
  • Mobile DAUs exceeded web DAUs for the first time in the fourth quarter of 2012.”  READ MORE

Weekly Wire: the Global Forum

Kalliope Kokolis's picture

These are some of the views and reports relevant to our readers that caught our attention this week.

All Africa
Rwanda: Civil Society Organizations Which Promote Good Governance Rewarded

"The Rwanda Governance Board (GBV) on Monday has rewarded local civil society organizations which promote good governance.

The first phase, which concerned projects dating from July 2011 until today saw 14 projects rewarded, the top three being respectively Transparency International Rwanda (TI-Rw), COPORWA (Rwanda Potters cooperative) and Isango Star Radio.

The three best performers were selected based on indicators of promoting good governance, the ability of the project to attract partners and the direct impact of projects on citizens' lives, while others were evaluated over one indicator of good governance." READ MORE

Foreign Policy
Postcards from Hell, 2012

"What does living in a failed state look like? A tour through the world’s 60 most fragile countries.

The "failed state" label may conjure up undifferentiated images of poverty and squalor, but a range of troubles plague the 60 countries atop this year’s Failed States Index -- an annual collaboration between Foreign Policy and the Fund For Peace that assesses 177 countries. (Scores are assigned out of a possible 120 points, with higher numbers indicating poorer performance.) Yes, inadequate health care, paltry infrastructure, and basic hunger are the most fundamental culprits, but sometimes it is a ruthless dictator, ethnic tension, or political corruption that is most to blame. In photos and words, here is a glimpse of what life is like in each of the world's most failed states -- and just how it came to be that way." READ MORE

The challenge at hand is to reduce the wrong incentives

Daniel Kammen's picture

The last few days at COP16 have, in a low-key way, accomplished more than I have seen at the COP meeting for some time (and I have been attending them for over a decade now).

 

For example, there have been a series of business-led discussions and proposals on how to develop energy-efficiency master plans at all levels—company, municipality and country. An exciting aspect has been the presence of so many innovative industry partners and governments that have not only developed, but started practicing important renewable energy and energy-efficiency solutions.UN Secretary General Ban Ki-Moon in an electric vehicle. photo by IISD

 

I had the pleasure of moderating a stimulating event that the World Economic Forum hosted Monday that really got into the nuts and bolts of energy efficiency. This event included small NGO representatives, the venture capital community, Fortune 500 technology companies, utility CEOs from developing nations, and Energy and Environment Ministers from four nations. There have been fruitful discussions on specific mechanisms—from feed-in tariffs, community aggregation of clean energy purchase plans, to very large-scale government procurement of clean energy services.

Talking about the new ‘G’

Marwan Muasher's picture

 Potrait of men and children, Mali. Photo credit: World Bank

The other day Bob Zoellick, the Bank’s President, talked about a new “G.” The G-186, also known as the World Bank.

It’s good to see the G-20 assuming a more permanent structure and to note that their influence in the global financial architecture isn’t a blip in history to deal with the current economic crisis.

But at the same time, it’s very important to note that the G-20 doesn’t include the poorest countries. The G-186 brings the poorest voices to the table. And to really be part of the global recovery, which all countries must do for this to succeed, those countries hardest hit will need additional resources. Otherwise, we can forget full recovery.

Another essential ingredient of the recovery is to make sure we do not forget the human aspects of the crisis. We can’t look at recovery in purely numerical terms as the world did during East Asia’s financial meltdown in the late ‘90s. This has a punishing effect on employment, on lives. The world can’t fall into this trap again.

Watch Your Wallets, Protectionism is Back!

Zahid Hussain's picture

Protectionism is BackProtectionism is on the rise all over the world, thanks or should we say “no thanks” to the global economic crisis.  Last November, G-20 leaders pledged to fight protectionism. Yet, according to the World Trade Organization (WTO), 18 out of these 20 economies have since taken measures to restrict trade. With the global economy struggling to recover, political pressures demanding protection from import competition to sustain domestic employment are intensifying. It is likely to prove right the old adage that the only thing we learn from history is that we never learn from history.  One lesson from the experience of the 1930s that is currently most relevant is that raising trade barriers deepens and prolongs recession.