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Straits Times
a day ago
- Business
- Straits Times
World Bank urges aid for economies in conflict as US pushes cuts
FILE PHOTO: The World Bank logo is seen at the 2023 Spring Meetings of the World Bank Group and the International Monetary Fund in Washington, U.S., April 13, 2023. REUTERS/Elizabeth Frantz/File photo The goal of ending extreme poverty around the globe remains elusive partly due to compounding challenges faced by economies in fragile and conflict-affected situations (FCS) including food insecurity and weak government capacity, a report from the World Bank showed. The report released on Friday by the Washington-based lender calls on a scaling up of international support, debt relief and technical assistance at a time when the United States, the world's largest aid donor of the past decades, steps back. Extreme poverty is rising fast in economies hit by conflict and instability, according to the World Bank's first comprehensive report on FCS economies since the COVID-19 pandemic. Over 420 million people in conflict-ridden economies survive on less than $3 a day, more than the rest of the world combined, even as they are home to under 15% of the global population. The number is projected to rise to 435 million, or nearly 60% of the world's extreme poor, by 2030. "FCS economies have become the epicenter of global poverty and food insecurity, a situation increasingly shaped by the frequency and intensity of conflict," the World Bank report said. Economic output in FCS nations could stall or weaken further as conflict and violence have surged and intensified over the past years. The most high-intensity conflicts can shrink per capita GDP by some 20% after five years, according to the report. Conflict and war economies are home to 1 billion people and their populations average only six years of schooling, with life expectancy seven years shorter than in other developing countries. Since 2020, the per capita GDP in these economies has shrunk by an average of 1.8% per year, while it has expanded by 2.9% in other developing economies, the report said. 'Progress on poverty reduction has stalled since the mid-2010s, reflecting the compounded effects of intensifying conflict, economic fragility, and subdued growth,' it said. Targeted domestic reforms and coordinated, long-term global engagement are needed to lift those populations out of poverty, according to the World Bank. Measures need to focus on addressing root causes of conflict such as injustice and exclusion, as well as expanding access to education and healthcare, and improving infrastructure. Investment in tourism and agriculture could help create jobs for a growing working-age population. "With sound policies and sustained global engagement, FCS economies can chart a better path toward development," said the World Bank. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Miami Herald
16-06-2025
- Business
- Miami Herald
SWAC makes decision on NCAA House settlement
The Southwestern Athletic Conference (SWAC) has officially opted in to the House v. NCAA settlement. This move marks a major step forward in the future of college athlete compensation. The announcement came after the SWAC's 2025-26 Annual Spring Meetings held over the weekend. All twelve member schools voted to join the settlement. In addition, the conference will not place scholarship caps on any sport it currently sponsors. "This is undoubtedly a significant moment for the Southwestern Athletic Conference and our twelve member institutions," said SWAC Commissioner Dr. Charles McClelland. "As we move forward into a new era of intercollegiate athletics, the Southwestern Athletic Conference remains steadfast in our commitment to provide our membership with the resources needed to positively impact our student-athletes academically and athletically." House Settlement Finalized on June 6 The House settlement was officially finalized on June 6, 2025, marking a historic shift in college athletics. The agreement allows NCAA Division I schools to share up to $20.5 million per year in revenue directly with student-athletes. This ends the NCAA's longstanding amateurism model and introduces a new era of compensation and benefits. Other HBCUs Already Opted In Before the SWAC's announcement, several HBCUs had already opted in to the settlement. These include: Morgan StateMaryland Eastern ShoreTennessee StateNorth Carolina A&THampton University These early decisions reflect a broader trend within the HBCU community to adapt to a changing NCAA landscape. By opting in, these schools are taking proactive steps to support their athletes and remain competitive. The post SWAC makes decision on NCAA House settlement appeared first on HBCU Gameday. Copyright HBCU Gameday 2012-2025
Yahoo
13-06-2025
- Sport
- Yahoo
Bill Belichick says he's 'still learning''everyday at college level
Coaching at a new level of football is a challenge for anyone, even Bill Belichick, an 8-time Super Bowl Champion between his time with the New York Giants and New England Patriots. The North Carolina Tar Heels made offseason headlines in December 2024, when they hired Belichick to be their next head football coach. While Belichick hasn't coached at the college level before, UNC fans hope his NFL success will turn UNC into a consistent winning program. Advertisement Belichick is already generating national media attention, the kind North Carolina football hasn't experienced before. On Friday morning, Belichick's media tour continued on Good Morning America with Michael Strahan: a 7-time Pro Bowler, the 2001 NFL Defensive Player of the Year and Super Bowl XLII Champion, which he won against Belichick's Patriots. "I've learned so much being back in the college environment, whether it be recruiting, the college game, the rules, the hashmarks, some strategy and putting a team together," Belichick told Strahan. "I learn every day." Strahan also asked Belichick about his much-younger girlfriend, Jordon Hudson. Unlike the ACC Spring Meetings on Tuesday, where Belichick didn't want to talk about Jordon, he praised Jordon for her help. Advertisement "She's been terrific through the whole process, and she's been very helpful to me," Belichick said. "She does the business things that don't relate to North Carolina that come up in my life, so I can concentrate on football, and that's really what I want to do. I acknowledged her in the book. She was very helpful on that with the tribute pages and also giving a perspective of the book from kind of a business side. Sometimes I get a little football technical, and she did a good job of keeping me on balance there." There's plenty of anticipation building for the Tar Heels' 2025 season, which begins Monday, September 1 against the TCU Horned Frogs. Kickoff time was initially announced for 7:30 p.m., but got pushed back 30 minutes. Follow us @TarHeelsWire on X and like our page on Facebook to follow ongoing coverage of North Carolina Tar Heels news, notes and opinions. This article originally appeared on Tar Heels Wire: Bill Belichick says he's 'still learning' everyday at college level
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Business Standard
04-06-2025
- Business
- Business Standard
Moody's to review India's sovereign rating amid global, regional risks
Global rating agency Moody's will hold a meeting with officials in the Union government in New Delhi on Thursday to review India's sovereign rating—the first such exercise after the recent stand-off with Pakistan, subsequent ceasefire, and amid global trade tensions. 'Our reviews are ongoing, and we do have a semi-annual cycle for reviews, and we're taking this opportunity, while we're in India, to continue to engage with the government,' said Christian de Guzman, senior vice-president, Moody's Ratings, in response to a query from Business Standard. The current ratings on India factor in geopolitical risks, including conflict with Pakistan, de Guzman said. Moody's currently maintains India's sovereign rating at "Baa3" with a stable outlook, the lowest investment-grade rating. Agency officials had earlier met Indian counterparts in April in Washington, DC, during the Spring Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF). Asked whether the review would address the implications of the recent standoff with Pakistan, de Guzman said, 'I think when we engage with the government, we engage on everything.' He added that the recent escalation and subsequent de-escalation of tensions with Pakistan were consistent with Moody's view on India's political risk environment. On the impact of global tariff shocks on growth, de Guzman said, 'We have reviewed our expectations for growth across the G20, and we have adjusted those growth forecasts in a manner that is consistent with their exposure to the tariff shock. In the case of India, that exposure, in relative terms, is small.' In early May 2025, Moody's lowered its growth forecast for India by 30 basis points to 6.3 per cent for 2025. In a note dated May 21, 2025, Moody's stated that persistent tensions—such as the recent escalation between India and Pakistan—were already accounted for in its geopolitical risk assessment. 'In a scenario of sustained escalation in localised tensions, we do not expect major disruptions to India's economic activity because it has minimal economic relations with Pakistan,' the note said. Moreover, regions that account for most of India's agricultural and industrial output are geographically distant from the conflict zones. However, the note added that higher defence spending could weigh on India's fiscal strength and slow fiscal consolidation. India is better positioned than many other emerging markets to deal with US tariffs and global trade disruptions, thanks to strong domestic growth drivers, a large internal economy, and low reliance on goods trade, according to a Moody's note on the impact of tariffs on emerging markets. Significant government investments are expected to bolster sectors ranging from infrastructure to manufacturing, at a time when rapid urbanisation and a young population are driving structural demand for housing and consumer goods. The agency also said easing inflation offers the potential for interest rate cuts to further support growth.
Yahoo
04-06-2025
- Business
- Yahoo
Texas A&M head coach discusses portal additions at SEC Spring Meetings
Although there is still plenty of time before the Texas A&M basketball program steps on the court in Reed Arena, first-year head coach Bucky McMillan has worked overtime to bring in new additions from the portal and retain talent from last year's roster. One of those transfers is former Texas Tech and Creighton guard Pop Isaacs, who averaged 16.3 points per game and shot 41% from the field and 38% from beyond the arc before suffering a season-ending injury last season. Isaacs brings athleticism and an innate shooting ability that could significantly enhance the Texas A&M roster in 2025. Advertisement Following the announcement of his commitment to the Aggies, McMillan spoke with TexAgs at the Southeastern Conference Spring Meeting about the addition of Isaacs to this season's squad. Another incredible portal addition came in the form of Indiana forward Mackenzie Mgbako, who withdrew his name from the 2025 NBA Draft to compete for the Aggies this season in Bryan-College Station, Texas. The former McDonald's All-American from Gladstone, New Jersey, is the highest-ranked recruit to ever sign at Texas A&M. Through two seasons with the Hooisers, Mgbako averaged 12.2 points, 4.3 rebounds, and 1.2 assists per game. He was also one of five players to be invited to participate in this year's NBA combine due to his outstanding string of performances in the G League Showcase. Advertisement At the SEC Spring Meetings, McMillan also discussed his thoughts on Mgbako and what he brings to the table for the 2025-2026 roster. The Aggies are ranked as the No. 20 team in the country in transfer additions this spring, according to 247 Sports. With McMillan's first season coaching in the Maroon and White looming on the horizon, securing top-rated athletes like Isaacs and Mgbako is extremely integral in building a competitive squad with the astonishing depth in the conference. Bringing in guys through the transfer portal and showing them the film of what to expect from McMillan and his coaching style is another important part of what he is trying to build at Texas A&M moving forward. If there is one thing that is certain about McMillan, he is not shy of success. He boasts a 99-52 overall record as a head coach during his time at Samford, including two Southern Conference Championships and an NCAA Tournament appearance in 2023. Advertisement Contact/Follow us @AggiesWire on X (formerly Twitter) and like our page on Facebook to follow ongoing coverage of Texas A&M news, notes and opinions. Follow Dylan on X: @dylanmflippo. This article originally appeared on Aggies Wire: Texas A&M head coach discusses portal additions at spring meetings
