Oil prices rallied on Thursday after Saudi Arabia and its allies started air strikes in Yemen, boosting demand for safe-haven assets from gold to Japanese yen. Brent crude surged more than $3 to close to $60 a barrel, and the price of U.S. crude saw a similar surge as it topped $51 a barrel. In the currency market, the dollar weakened against traditional safe-haven currencies such as the Swiss franc and the yen. Meanwhile, gold prices climbed 0.6% to pace gains among metals.
Cross posted from the Private Sector Development Blog
In 2013, investment commitments to infrastructure projects with private participation declined by 24 percent from the previous year. It should be welcome news that the first half of 2014 (H1) data – just released from the World Bank Group’s Private Participation in Infrastructure (PPI) database, covering energy, water and sanitation and transport – shows a 23 percent increase compared to the first half of 2013, with total investments reaching US$51.2 billion.
A closer look shows, however, that this growth is largely due to commitments in Latin America and the Caribbean, and more specifically in Brazil. In fact, without Brazil, total private infrastructure investment falls to $21.9 billion – 32 percent lower than the first half of 2013. During H1, Brazil dominated the investment landscape, commanding $29.2 billion, or 57 percent of the global total.
Gonzalo Castro de la Mata, Chairman of the Inspection Panel at the World Bank, shares his thoughts on the Panel's new Pilot for Early Solutions and describes its success in the Sustainable Agriculture and Rural Development Project in Paraguay.
Richard Branson believes in accountability. When he founded Virgin Galactic, the first company to offer commercial trips to space, he promised to be on board during the inaugural flight so that he would be the first saying “oops” if need be (let’s hope not). Similarly, the tradition is that the Captain of a ship is the last one to abandon it, if things go wrong, and to go down with it if necessary (the Captain of the “Costa Concordia” being a recent exception to this rule). In earlier times, Roman engineers stood under the arches they designed as the capstone was set in place, so that the full force of their mistakes would be unleashed upon their heads. Regardless of the definition of accountability used, spotting it is easy when it is there.
The Inspection Panel was designed more than 20 years ago, at a time when both the Bank and the world were quite different. Today, information travels instantaneously, and the challenges of development are ever more pressing and complex. This new world demands ever stronger levels of accountability. At the Panel, we define successful accountability as the process through which redress is provided to people that have suffered harm when things have gone wrong, and lessons are learned by the Institution so that the same mistakes are not repeated.
One example of successful accountability is the recently concluded Sustainable Agriculture and Rural Development Project (PRODERS) case in Paraguay. This is a Bank-financed project aimed at supporting participatory rural development with indigenous populations. Last July, we received a complaint from indigenous people from the Departments of San Pedro and Caaguazú in Paraguay claiming that consultation within the PRODERS project had broken down. Through discussions with World Bank management, we learned that the project team had developed an Action Plan geared to working closely with the government to resolve the impediments for effective indigenous participation. We also learned that the requesters wanted a quick solution to their participation problems, rather than to wait for the results of a potentially lengthy Panel process.
The past few decades have seen enormous changes in the global burden of disease. Although many people, especially those living in (or near) poverty and other privations, are familiar with heavy burdens and much disease, the term “global burden of disease” emerged in public health and in health economics only in recent decades. It was coined to describe what ails people, when, and where, and just as reliable quantification is difficult, so too is agreeing on units of analysis. Does this term truly describe the burden of disease of the globe? Of a nation? A city?
This is important because with the cost of renewable energy continuing to fall, VRE is looking increasingly attractive. Just consider the recent results from South Africa’s renewable energy auctions.
Why then does the discourse around renewable energy continue to view it as a pesky annoyance at best, and a costly gamble at worst? Terms such as “intermittent” and “backup” are often used to pour cold water on the contribution that renewable energy might provide or to question the reliability of solar or wind generation. In addition to the damage they inflict on efforts to promote clean energy, they hint at a very conventional view of electricity systems that is rapidly becoming outdated.
Taking these two particular terms in turn, let us explore them in more detail.
These are some of the views and reports relevant to our readers that caught our attention this week.
How democratic institutions are making dictatorships more durable
Voters in Uzbekistan, Sudan, Togo, and Kazakhstan will go to the polls in the coming weeks. Freedom House and others classify these countries as authoritarian and the elections are widely expected to fall short of being “free and fair.” How should we think about these elections — and the presence of other seemingly democratic institutions like political parties and legislatures — in non-democratic regimes? Why do leaders of authoritarian countries allow pseudo-democratic institutions? In a recent article in the Washington Quarterly, we use data on autocracies worldwide from 1946 to 2012 to show that authoritarian regimes use pseudo-democratic institutions to enhance the durability of their regimes.
Information Economy Report 2015 - Unlocking the Potential of E-commerce for Developing Countries
United Nations Conference on Trade and Development (UNCTAD )
The 2015 edition of UNCTAD’s Information Economy Report examines electronic commerce, and shows in detail how information and communications technologies can be harnessed to support economic growth and sustainable development. Electronic commerce continues to grow both in volume and geographic reach, and is increasingly featured in the international development agenda, including in the World Summit on the Information Society outcome documents and in the outcome of the ninth Ministerial Conference of the World Trade Organization. The Information Economy Report 2015 highlights how some of the greatest dynamism in electronic commerce can be found in developing countries, but that potential is far from fully realized. The report examines opportunities and challenges faced by enterprises in developing countries that wish to access and use e-commerce.